Today we’re talking about how you two can really review the big picture and make sure you hit YOUR big money goals! Financial Check-ups The first half of this year is about over, so how are you guys doing right now? It’s funny how time seems to speed up and slow down. Looking back […]
Want to retire early and be financially independent? Todd Tressider from Financial Mentor shows how you can create a path to wealth and ignore the noise.
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Finding Your Path to Financial Independence
While there are definitely circumstances which can stop us, there are many couples who could become financially independent.
Not saying they have perfect circumstances, but they do have an opportunity to make it.
We have Todd Tressider, founder of Financial Mentor, to help us out. He’ll share how you can gain a deeper understanding beyond the headline grabbing noise out there.
In this episode, we also get into:
- how to work together as a couple to become financially independent
- why so many budgets fail
- dispels some of the myths and misconceptions that can harm your finances
Hope you enjoy!
Meet Todd Tressider, Financial Mentor
Todd Tressider isn’t your usual personal finance writer. Many bloggers and columists have documented their journey, either starting when they are heavily in debt or when they’ve decided to begin to build their wealth.
Todd was financially independent when he began writing. He was able to retire at 35 because he followed the principles and advice he gives on Financial Mentor. There are plenty of resources including in-depth articles, his podcast, books, and courses.
Some of my personal favorites:
Want to retire early so you can enjoy spending more time with your kids? Simi, Mrs. Money Mustache comes on the podcast to share how she and her husband Pete have designed their lives to not just be financially independent, but be more involved parents.
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With parenthood comes all the joys and responsibilities. As we try our best to protect and prepare our kids for the world, there are plenty of things to worry over.
One huge source of stress for many parents is finances. How can we not only provide the necessities, but make sure our kids are thriving?
Another problem for parents is not having enough time in the day to enjoy the family time. For some of us, our schedules are maxxed out.
But what if there was a way to relieve pressure on both those problems? What if you could design your lifestyle to savor those moments and still have your finances alright?
Simi joins us on the show and shares her story. We look at:
- how she and her husband Pete set things up so they could retire early
- how they are passing on values including finances to their son
- getting relatives on board with intentional, more conscious spending
This show isn’t about how extremely frugal they are, but rather it’s example that we can learn and build from about designing your life around what you value most (and what it takes to get there).
Resources to Help You Simplify Your Finances as Parents
If you two are looking at having less stress with finances, here are some wonderful posts to read and discuss:
Jacob and Vanessa shared how they are living a debt free life and what they did to get there. It’s part of their plan to be financially independent by the time they’re 30.
I know plenty of couples who would love to do the same, but don’t think they’re capable of it.
It can be done – as many early retirees will tell you – but it takes a mindset and lifestyle adjustment. You don’t need live on the bare essentials, but you do need to evaluate what is essential for you.
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Most Important Factor for Early Retirement
Speaking with those retired or well on their way to it, I’ve found that for most of the them, the key wasn’t just earning more money (which is always nice), but rather getting their spending under control and then optimized so they can fund their investments.
We’re not talking about setting aside 5 or 10% of your income. These money masterminds are looking at 30% or more.
It sounds like a lot but you can do it.
Some people prefer to start with the big changes and wins. Jacob and Vanessa went down to one car. For us, we bought a house well within our means to keep costs manageable.
The money save is reallocated, helping us reduce debt, grow our savings, and build our investments.
You can also begin with smaller changes. Just today we were able to lower our internet bill by 15%. It didn’t take long, but I did have to set aside time to make that call.
Having a system in place to review bills occasionally allows us to fight against lifestyle inflation. You can visit Couple Money to get started and see how we did it.
But maybe you want to get information from those who have reached the finish line. One of the most popular early retirees is Pete from Mr. Money Mustache.
He’s created a community and resource for those already retired and those wanting to be financially free sooner rather than later.
That’s the power of web – you can get information you need. Podcasts like this can help you brainstorm ideas. You two can test out what works best for your family.
With that in mind, next week’s show will be about how IRAs can help you retire.