Sometimes life can be so hectic and overwhelming.  We get so involved in planning and checking off goals that the WHY of why we do it all anyway can get drowned out.  In today's episode, Wendy and Curtis will be sharing about their week at the FI Chautauqua in Portugal and how being in the quiet of such a beautiful country surrounded by like-minded fellow-FIers helped them come to some hard decisions.  Chautauqua also allowed Wendy and Curtis to look back and see how far they have come in the 365ish days since the last FI Chautauqua in Greece.  In this past year, they have made some pretty out-of the box moves and well as some HUGE progress on their financial goals.  They have paid off all their consumer debt. YES!  They have cut their expenses by about $6500.00 A MONTH.  A MONTH! You read that right.  Wendy was able to close her law practice.  Curtis and Wendy are able to support their 8 family household on one income for the first time in their lives.  They are also under contract on four investment properties which will add another $1,100.00 of cash flow into their monthly budget.  And finally, Curt and Wendy have increased the amount of Curt's contributions to his 403b and his 457.  They are committed to increasing his contributions quarterly until both accounts are maxed out.  What a difference one year makes.  The difference is COMMUNITY.   It has been widely quoted that you are a compilation of the five people you surround yourself with.  YOU are this community and together we can all make a difference in each others lives.  Lastly, Curt and Wendy share a major change for House of FI.  We encourage you to listen to this episode and find out how you can stay informed about the future of the House of FI Podcast.    There are several ways you can stay connected with Curtis and Wendy.   1. Join their Private Facebook Group 2. Join their newsletter    

House of FI

You Matter - Prioritizing Your WHY Even When It's Hard

There is no one way to Financial Independence. However, if you want to speed up your timeline to Financial Independence and Early Retirement - one of the best ways to do that is to increase your income via a side-hustle or a small business.  Today we share one of our favorite side-hustler extraordinaires, Julie, from the Millennial Boss blog and The Fire Drill Podcast.  Not only is Julie killing it in her regular jobs, but she blogs, podcasts and has found multiple ways to add income into her budget via other side-business, like an ETSY shop.  We have been SUPER inspired by her story and hope you are too!  AND you are listening just in time to hear that the courses she has mentioned will be opening up again soon in November.  If you would like to get on the list to be notified of when they open, follow the links below.  When you use our links, it is tracked and we get credit for a portion of the sale if you eventually decide to take one of their courses.  SIGN UP WITH OUR LINK HERE The proceeds help you support our show and we thank you in advance for showing us a little love. As a show of our gratitude, when you sign up using one of our links, we will email you a copy of our printable Financial Planner Bundle for FREE.  (You must have a confirmed purchase via the link to receive the download for free.)  If you would like to purchase our Money Foundations Financial Planner Bundle, you can do that HERE.

ENCORE Episode Creating a $45,000 a Year Side-Hustle

Patrick Aime grew up in poverty and unrest in Rwanda but he had a dream of coming to the United States to make his own destiny.  His pathway to the United States was via sports. First, he finished high school in Belgium and then came to the United States to play basketball in college. In this Encore Episode, you will hear how Patrick achieved made his way to America - achieved success, made a lot of money and then lost it all.  It was devastating, but Patrick used the grit and determination that got him to the U.S. to rebuild himself a second time.  This time he understood the value of money and what he needed to do to rebuild his future. He saved and spent well. Now Patrick has retired in his forties, he is Financially Independent and spends his time between one of his residences in Cabo San Lucas and San Diego.       

1st Generation Immigrant - the Climb from Poverty to Financial Independence

This week, we speak with Dan Shaw.  In this encore episode, we will hear how Dan engineered his retirement in just five years.  He was working 60-70 hours a week and was miserable.  He decided he had had enough and after a particularly hard day at work began executing a plan to become Financially Independent.  He and his wife buckled down on their spending, ramped up their retirement accounts, optimized their taxes and increased their income via rental properties. He and his wife hit their goal in five years! Now Dan is retired and gets to spend most days with his two daughters as manage his rental properties and projects at home.  It's a really great episode to hear some excellent tactics you can apply to your own FI/RE journey.   

Encore Episode - From 70 Hours a Week to Stay at Home Dad

In today's bonus episode, Wendy and Curtis discuss the fourth tenet of the FIRE (Financial Independence Retire Early) Movement - which is to increase your savings rate.   In previous episodes we discussed the previous three tenets which are:  1. Rejecting Consumerism 2. Redefining Retirement  3. Tax Optimization  A good portion of the United States population has saved less than $200,000.00 towards their retirement.  Many will simply have Social Security as their only means of income upon retirement.  In a recent CNBC article, they state that many experts recommend people save seven times their annual income for retirement.  This is stark contrast to the minimum suggested by the FIRE community, which is at least 25 times your living expenses.  To achieve that number, it is not unusual for members of the community to save upwards of 40%, 50% or even 75%.  If you are not able to save that much, does that mean you are excluded from the FIRE community?  OF COURSE NOT.  The point is to strive to increase your savings rate as much as you are able to.  One step we have taken to increase our savings rate is to allocate all raises and extra income earned to our retirement.  This automatically increases your savings rate.  We hope this episode has been helpful to you.  If you want to help create a solid money foundation and get your financial house in order, we invite you to participate in our FREE 7-step Money Foundations Course.   

Increase Your Savings Rate the Fourth Tenet of the FIRE Movement

Eleven years ago Dawn Holley found herself single after the unexpected death of her husband.  As anyone can imagine, her world was turned upside down. In this episode, we have a candid discussion with Dawn about the challenges of parenting and picking up the pieces of her life financially unprepared.  With no safety net, Dawn had to make very quick decisions about what items she could sell in her home - just to survive.  She packed up what was left and moved herself and her son into her parents home.  As she and her son attempted to pick up the pieces, Dawn took the first job she could find, but the pay was not much and covered just enough for daycare for her son and for food.  Dawn knew that she needed to increase the income she was earning at the time, of about $20,000.00 to at least six figures.  From there she was very deliberate in deciding what type of career she wanted.  Some of the requirements Dawn decided on were:  1. They had to be within driving distance of her parents so she could continue to live for free.  2. She had to have the ability to earn six figures.  3. The program had to be free - so she would not incur any debt.  Dawn eventually found an accelerated federal program that was one year and was free. (AMAZING RIGHT?)  She then treated every clinic she worked in while she was in the program as a job interview.  Her thought was that she was building relationships that could help her after she graduated.  After several years of hard work and of strategically moving her way up - Dawn reached her goal of six figures.  She is now focusing on creating multiple streams of income as she pursues Financial Independence.  In addition to her income from wages, she is building her rental income portfolio and other business endeavors.   Where Can You Find Dawn:  Stepping Stones to FI  Dawn's Favorite Read:  The One Thing    

Suddenly Single - Parenting and Financial Insecurity

In this encore episode, we discuss how to use real estate investing as a means to Financial Independence.  As we dive into our first go at real estate investing (well, really our second - but that's a whole notha' story), we thought this was a perfect show to come back to as we update you on our progress.   David Greene of Bigger Pockets was our guest on this episode and it is a great overview of the BRRRR method of real estate investing. It's a really great show.  We will see you all back here on Friday!  Where you can find David:  His Website Instagram  Facebook  

Investing in Real Estate to Reach Financial Independence

In today's show, we discuss the Second Tenet of FI which is Redefining Retirement. For some, that means retiring in the traditional sense and not working at all; for others, it simply means choice or freedom to do what you want.  This may mean working on passion projects or just working less.  It also means rejecting the traditional retirement age of between 65 and 75.  Choice, Freedom and Retiring "to" something were the common themes when others were asked what Financial Independence means for them.  Financial Independence means you have enough passive income via investments to cover your living expenses when you choose to retire.  For many, that means they have saved at least 25 times their annual expenses.  Then, based upon a safe withdrawal rate of 4%, you are free to withdraw that amount every year to live on. If you want to get a more in-depth explanation, this article from Kiplinger is one we refer back to often. It is important to remember that the 4% rule is simply a guideline and you may need to adjust up or down depending on a variety of factors. Another way, and the one we plan to use to retire at 55, is to have income properties that generate an annual income at least equal to our living expenses. Our plan is to continue to invest in low-cost index funds but we do not intend to draw upon them if we don't have to.  If all goes as planned,  our index funds will be left as a legacy for our children.   

BONUS Episode - Redefining Retirement, How We Plan to Retire at 55

Is it your dream to travel the world, but the one thing that prevents you is that you have children? In today's episode, we talk to Vicki Van Essen, who has traveled the world full time with her husband and children for the past year.  When asked if it was everything she dreamed of, she responded... ...you'll have to listen to the full episode to hear her response!  IT BEGAN WITH AN IDEA The dream began percolating several years ago before Vicki's second son was born.  She and her husband, who is from Morocco, each had family ties to other countries and really wanted to travel more. The more the desire grew, Vicki began researching whether or not it was even possible.  GETTING CONNECTED One of the first things Vicki did was to get connected with other people who were traveling the world or who wanted to travel the world with children.  She connected with other parents in a Facebook group. It was through this group that she began to develop the idea and really begin to think of what it would take to implement such a wild plan.  Would her husband truly be on board?  DEVELOPING A PLAN To her elated surprise, her husband very quickly was on board with the idea. They would need to think about several things:  Income Cost Housing  Visa/other travel restrictions Healthcare and other insurance Schooling  Lack of family friends  Alone time In the episode, you'll hear how Vicki and her husband tackled each one of these issues.  We also discuss the most family-friendly countries as well as whether or not they had any cause for concern as a multi-cultural family.  VICKI'S TIP FOR MAKING THIS LIFESTYLE WORK:  It is important to check-in with every family member to make sure they are ok with the arrangement.  Because if it's not working for one family member, it's not working for anybody.  STAGES OF FI  Before leaving to travel the world, Vicki and her husband were "Coast FI" this gave her and her husband assurances that they would be OK financially.    DO YOU WANT TO TRAVEL THE WORLD AS A FAMILY?  Vicki suggested checking off some of these boxes first:  Passports Where you want to go and how long you can stay there Health insurance and/or travel insurance  Know your budget and expected budget while traveling   VICKI ON THE FINAL QUESTIONS Money lessons from childhood?  Vicki remembers her mother asking, "do you really need that?"  This has helped her in life and during travel.    Lessons she would like to pass on to her children:  Money translates into freedom.   WHERE TO FIND VICKI Instagram - onewayticketfamily Onewayticketfamily.com  Other Resources Mentioned: Worldschoolers Facebook Group   VICKI'S FAVORITE READ Blog: Our Next Life    

How to Travel the World with Kids

As the FI/RE movement becomes more mainstream, explaining what the core values and beliefs are can be daunting.  In this episode, Wendy and Curtis explain six of the core tenets of the community.  Each tenet also embraces specific actions, mindsets, and strategies that flow from the core tenet.  THE SIX FI/RE TENETS 1. Rejection of Consumerism 2. Redefining Retirement  3. Tax Optimization  4. Increased Savings Rate 5. Community  6. Life-Optimization    In this episode, we discuss the first tenet,  REJECTION OF CONSUMERISM  Embracing frugality - but not at the expense of things that bring value or joy (not deprivation) Not keeping up with the Joneses Minimalism Materialism does not equate to happiness Elimination of Debt Reduction of Spending (cutting cable, reducing housing costs, buying used cars, cutting grocery/food  expenses)   YOUR WHY  One of the first steps to embracing this journey is to really understand WHY you want to obtain Financial Independence.  What is your reason?   For us - it is Legacy and creating a different future for our children.  We are doing that by saving more, spending less and increasing our income.   

BONUS Episode - The Tenets of FI/RE

In today's show, we are investigating a hot topic in the real estate investing world, we are looking at Airbnb investing and asking the question, "is it still a viable option for short-term rental investing."  You cannot have a conversation about real estate investing without, eventually, having it turn to people wondering if they can take advantage of the popularity of Airbnb and VRBO as options.  Erin has been renting out properties as short-term rentals since 2014.  At that time she and her, now husband, decided to serve the market and become experts in the short-term rental market.  We wanted to know if Erin thought the market is saturated.  She says it really depends.  You have to know your area and it varies from city to city.  One of the reasons for this is due to city codes and ordinances that prohibit short-term rentals (rentals 30 days or less).  If you are considering diving into the short-term rental market Erin suggests the following:   1. Do your due diligence.  Know the law Contact your city planner office  know the HOA and other community requirements  Get insurance quotes for short-term investments Include utilities and other services into the calculations  Know your upfront investment and long term costs 2. Research the Market  Research the vacancy rates Research rental rates  OTHER TIPS If you are going to be a "hands-off" - hire a property manager and KEEP THEM and TREAT THEM WELL if they are good at what they do. Provide a 24/7 way to get in touch with you in case of emergencies  Make sure you have the correct insurance for short-term rentals   OTHER RESOURCES  AirDNA - is a paid service that can give you projections on Airbnbs  Mint - great for tracking your spending Personal Capital - tracks your spending and track your net worth ERIN ON THE FINAL QUESTIONS One Money Lesson Erin Has Carried Over Into Her Financial Journey Erin's Favorite Lifehack That Brings Her Joy  Be engaged with your hobby and if you can find a way to make money doing it - DO IT!  HOW TO REACH ERIN:  James Carlson Real Estate - erin@jamescarlsonrealestate.com  Denver Graffiti Tour - erin@denvergraffititour.com Erin's Favorite Read  7 Habits of Highley Effective People     

The Future of Airbnb as a Short-term Rental Investment Option

Brandon Cunningham has an incredible story of determination, second chances and of finding financial freedom after divorce and two close calls with death. At 27 years old, already a husband and a father, Brandon had a devastating stroke.  His recovery was slow.  But he was still able to finish college without significant delay and then began a career.  Sadly, over the years he and his wife grew apart and the marriage did not survive.  After the divorce, Brandon found himself in debt and raising two children.  It was at about that time that he found Dave Ramsey and he began working very hard, living frugally and making sacrifices and eventually paid off his debt.  He remarried and he and his new wife combined their family and finances.  Unfortunately, his wife was still paying off debt, so Brandon found himself, once again paying off debt.  The fortunate thing was that his wife was on board with becoming debt-free and building a financially independent life.   Brandon suggests, that if at all possible, do not enter a marriage with debt.  At the very least make sure you and your potential spouse are on the same page.  He and his wife worked very hard to become debt-free and invested consistently over the years to become financially free.  Last year, Brandon began feeling a pain in his shoulder that would not go away.  Eventually, he went to the emergency room after some convincing from his wife.  It was a very good thing his wife insisted he go because he passed out in the hospital and it was soon discovered he had a 99% blockage in his arteries.  The blockage was serious, it is commonly referred to as the "widowmaker."  Brandon underwent surgery pretty quickly and thankfully made a full recovery.   Having two significant life-threatening health events, helped Brandon and his wife to understand the importance of having their affairs in order.   It has also given them an appreciation for life and the desire to experience time with their family.  Brandon spent a little time after his surgery getting his coworkers prepared for his departure and after about six months he was able to retire at age 49 - one year prior to a life long dream of retiring by 50. What Bradon savors now are the special moments he is able to spend with his children and grandchildren. He appreciates the importance of being able to spend time with his family.   Financial freedom has given him the ability to spend whatever time he has left with the people that matter the most.  BRANDON ON THE FINAL QUESTIONS:  Lessons he wants his children to carry over into adulthood:  Take risks now while you are young. Be all in.   Time is on your side.  Money lessons from his own childhood that he has carried over into his Financial Independence Journey:  He did not have good financial education growing up. However, he did learn that ignoring finances will not make things better.   Favorite Reads:  Automatic Millionnaire - David Bach The Millionaire Next Door - Thomas Stanley   Where can you find Brandon:   beyondtherut.com    

Second Chances in Life, Marriage and Money

In this episode, we update listeners on how the sale of our home has added $2800.00 back into our budget and payoff all our consumer debt.  The decision to sell the house was difficult but after much thought and running the numbers, it was the one decision that could super-charge our progress and help us achieve our long term financial goals.  With the proceeds from the sale, we paid off all of our consumer debt.  This included our cars and all of our credit accounts.  The only debt that remains is our student loan debt.  Added back into our budget: $1700.00 The other big decision that came from selling the house was the decision to rent instead of purchasing another home.  Not only would we be paying  $790.00 less in rent, but we would also save on energy costs since the rental has solar and a whole house fan.  Added back into our budget: $1110.00 What remains in a fairly good chunk in our savings account.   Next Steps For this next phase of our journey, we are focusing on two things:  1. Purchasing investment properties that cash flow, and  2. Increasing Wendy's income.  WHAT WE HAVE ACCOMPLISHED IN TWO YEARS In the two years since discovering the FIRE (Financial Independence Retire Early) community, we have eliminated $10,000.00 from our monthly budget.  This has not only helped us increase our savings rate and pay off debt, but it has also allowed me to quit my law practice and be home with my kids.  Giving them the best of us and being able to leave them a legacy is what matters the most.  We are so grateful to this community for giving us hope.   If we can help you on your journey to become Financially Independent, we have several resources to help you.  RESOURCES 7-Step Money Foundations FREE e-mail Course Our no-nonsense workbook, Shut-Up and Budget Downloadable and Printable Workbook, Budgeting Sheets and Saving/Debt Payoff Trackers Our Private Facebook Group    

BONUS Episode - Let's Talk Numbers

On this week's show, we have a wonderful conversation with Alan and Katie Donegan, who have reached Financial Independence and are now doing work that brings them happiness and fulfillment.  Alan and Katie tell us steps you can take to find that happiness for yourself. Discovering the FIRE movement….. Alan and Katie initially thought they would achieve financial independence through real estate investments.  They read Rich Dad Poor Dad and began purchasing real estate.   As Alan became more involved in this own personal development, he read  Tony Robbins, Money - Master the Game.  This book introduced to him index investing.  When he mentioned his investment plans to a friend, he introduced him to Mr. Money Mustache and, JL Collins, The Simple Path to Wealth.    Coming together to share a passion for FIRE….   Alan was always more open and entrepreneurial - able to try unchartered ideas.  Whereas Katie needed to learn, digest and understand before coming fully on board with the FIRE concepts.    Likewise, Wendy identified with Katie’s desire to thoroughly dive into learning about new concepts.  Curtis, on the otherhand, is more hands-on and learns by experiencing and doing.    DESIGNING A HAPPY AND FULFILLING LIFE Alan suggests conducting Mini-Experiments.  Try things out before you dive in 100% then it is not really a risk.   SUNSHINE - AVACADOS - AND CREATIVE PROJECTS Now that they have freedom, do they ever worry about wasting time and not doing anything?  Alan says the more scary thing is unlimited choice.  For them - they chose to pursue creative endeavors.  To them, these did not feel like work. They say - "if in doubt - go to L.A."  They find the creative energy and sunshine in Southern California has been very satisfying.    The solution to being overwhelmed by choice once you have reached Financial Independence is to understand, there’s more to be done than you can ever do and it's deciding what’s important and trying some balance of having fun.    The traditional mindset - Work is Work and relaxing is relaxing. For Alan, work is fun.  Now all of their work is projects that they want to do.    HOW DOES FIRE CHANGE THE RELATIONSHIP   It has forced them to confront things. Now there is no distraction - to avoid conflict.  It's learning to communicate better.    Alan gives some great advice - Put your thinking on the outside.  CONDUCTING MINI - EXPERIMENTS   Lots of people view entrepreneurship as a risk.    Alan likes to conduct low-risk experiments instead.    For instance - set up a website, sell a service.  If it sells, you have a business.    If you have an idea - what’s the ZERO financial risk version, ask people to buy and do the experiment to get a result.    What about being perceived as flighty - or as someone who cannot commit to one thing?  Alan suggests changing the language to experiment.    If you endlessly plan without starting - you are going to be stuck forever   With an experiment - you are looking to see the result.  It doesn’t matter whether it is successful or not   It makes failure more palatable - more an UNsuccess.    Getting Your Partner on the Same Page   On subjects that are important - you have to go on the journey together. Go to conferences together. Read books together.    ALAN AND KATIE ON THE FINAL QUESTIONS:    Katie’s one lesson from childhood she has carried over into her FIRE journey, don’t spend everything you have and to pay of your credit cards in full every month.    Alan learned from his father what was possible in business - but also what NOT to do.     Favorite Life Hack:    Being on the same page about projects, creating an action list, doing the action, then coming back after the step is complete.  This has helped their relationship but also their productivity.    FAvorite Read    Katie   Miracle Morning    Six habits to make your life better:    Silence Affirmations Visualization Exercise Reading  Scribing/journaling    Alan    4 Hour Work Week    Simple Path to Wealth    Quit Like a Millionaire  WHERE TO FIND ALAN    Pop-Up Business School  alandonegan.com 

Episode 54 - Getting UNstuck, Creating Work You Love

Hello House of FI Family!  As you know we are on the move this week and beginning a new adventure as renters again. So, we are taking a week off. But, don't go anywhere!  We are excited to come back next week as we celebrate our One Year Anniversary!  Woo Hoo!  In the meantime, we have several great episodes to go back and listen to - or if you have not, to give them a try.  Episode 32 with Curtis and I as we discussed his journey from Reluctant to Spouse to On Fire Fully Committed FIRE-walker.  Episode 39 with Tim and Amy Rutherford who travel the world just about FREE! And finally, get some inspiration on your journey in Episode 41 with Patrick Aime.  He is an immigrant - lost it all - and is now living the FI - life.  This conversation was a lot of fun.  Patrick is the nicest guy you'll ever meet.    HAVE A WONDERFUL WEEK!  WE WILL SEE YOU BACK HERE NEXT WEDNESDAY! 

We'll Be Right Back

Welcome to House of FI! We are glad you're here. Our mission is to help other families on the road to financial independence. If you dream of retiring early but are unsure how to do that AND raise your family, you are in the right place. Our guests will share their journey to financial independence, early retirement and debt freedom. Our guest experts will share valuable information that will help you get to your financial goals sooner. Come on in!

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House of FI

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