May 13, 2021

Financial Independence Without a Six Figure Salary


Financial independence (FI) expert Brad Barrett joins Chris to discuss how you can achieve FI no matter how much you make, including how much money you need to hit FI, savings hacks you can use along the way, and the power of intentionality.

Brad Barrett is the co-host of ChooseFI, the top podcast on financial independence with more than one million monthly listeners. Brad became financially independent and quit his job at 35 years old, without ever earning a six-figure salary. He also runs Travel Miles 101 and Richmond Savers.

Full show notes available at: https://www.allthehacks.com/financial-independence-brad-barrett/

 

Selected Links From The Episode

Brad Barrett: LinkedIn

ChooseFI: Podcast | Instagram | Local groups

The shockingly simple math behind early retirement article: Mr. Money Mustache

Automate your savings strategy: Wealthfront

eBooks from your library: Overdrive

Cheaper mobile phone plans: Republic Wireless | Mint Mobile 

Learn how to travel the world for pennies: Travel Miles 101

Hotels mentioned: Disney Swan Hotel | Fairmont Bermuda Hotel

Book a personal trip through rewards with: Flight Fox

Track price history and set price alerts on your favorite products: Camel Camel Camel

 

Show Notes

Who is Brad Barrett the financial independence expert? [00:20]

What is financial independence (the one hack to rule them all)? [01:25]

Mistakes Brad has made [03:25]

The ultimate definition of financial independence [04:22]

Is financial independence something anyone can achieve? (it’s a simple equation) [05:48]

The choices Brad made that set him up well for financial independence  [09:19]

Does financial independence mean you have to give up everything while you save? [10:45]

The greatest hack is this mindset shift: what do you value more?  [11:50]

Proof that Brad is not living in deprivation19:03 Do you have to save 90% of your income?  [13:41]

Does saving mean you have to spend 30 hours a month tinkering with your finances? [20:44]

Step one to financial independence is finding out how much your life costs.  [23:27]

Even Brad makes mistakes where he can be more aware.  [26:02]

Figuring out how much you are saving on a sheet of paper v. using a savings app [28:07]

If you know you want to work forever, use this advice [30:57]

How do you figure out how much you need to save to achieve financial independence (4% rule of thumb) [31:41]

The 4% rule isn't perfect, this is Chris’s issue with it  [35:39]

Hacks beyond saving money from your income [37:29]

How to get free eBooks from the public library [40:29]

Saving on mobile phone plans and controlling what you do on data  [42:25]

Finding tiny sacrifices that work for you  [43:51]

How Brad spent $150 instead of $5,000 on a vacation using reward points  [44:09]

How to find out the price history of your favorite products and turn buying into a fun game [50:20]

The big takeaway from today’s episode (intentionality and optimizing without sacrifice). [53:00]

Connecting with Brad and ChooseFi [54:00]

 

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