Aug. 16, 2021

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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We attempted to play after our last episode and realized we are all old.



Gary has been more social lately.  WIN.


Sarah has started training for her half marathon and has been sticking to the schedule.  WIN.


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.

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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:

The Fat & Broke Book List

Next Show:

What Is Now (W.I.N.) | August 19, 2021 

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