041 | Financial Independence Series | Part 1 | The Gap
Show Summary:
In today’s show, we help you get started on your financial independence journey by building space between what you make and what you spend. In Part 2 of our FI series, we will discuss debt and emergency funds.
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Intro:
We attempted to play after our last episode and realized we are all old.
Win/Fail:
Gary:
Gary has been more social lately. WIN.
Sarah:
Sarah has started training for her half marathon and has been sticking to the schedule. WIN.
Peter:
Peter needed a new boiler. He capitalized on the current Chase Sapphire Preferred 100,000 bonus point offer by getting a card for him and his wife. Together they will get over 200,000 points just by using it to buy the boiler they need anyway. That equals about $2625. We also discuss other perks of using credit cards. WIN.
Main Discussion:
Gary leads the discussion for Part 1 of our Financial Independence Series: The Gap. The main takeaways and talking points are as follows:
- Step 1 is to build the gap between money coming in and money going out.
- Start with a full reset. Stop everything except what has to be paid. Then slowly add things back in.
- Track your money in & money out using Mint, YNAB, or any other system you want.
- You CAN and SHOULD try and make changes to the big three: Shelter, Transportation, Food.
- Eliminate the little expenses you forgot about or don’t value.
- Pick the things you spend on that you value and want to keep. It can’t be everything!
- Pick one of the budgets that work for you, and stick with it.
- Make more money.
Fan Feedback:
None
Key Topics:
- Mint
- YNAB
- Assets
- Liability
- Lifestyle Inflation
- Track and change
- Financial Reset
- Spend on What You Value
- Income
- Expenses
- Budget
- Side Hustle
Resources Mentioned In This Episode:
Next Show:
What Is Now (W.I.N.) | August 19, 2021
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