53 min
Revealing the Life and Career-Changing Benefits of Financial Freedom with Maggie and Mike from Friends on FIRE FI after 40 Podcast
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- Investing
There are obvious financial benefits gained through pursuing financial independence. But don't overlook the intangible benefits to your life, both personally and professionally. I speak to Maggie and Mike from the Friends on FIRE Podcast to hear their perspectives on how their work in corporate America has both allowed them to achieve financial independence, and also how their path to FI has improved their confidence and performance in their careers.
Mike and Maggie’s background stories
Mike
Has always been frugal and wanted to retire early
Wrote a book about personal finance: Your New Relationship with Money
Approaches spending in a disciplined way, values travel over other expenses
Maggie
Grew up fairly frugal, appreciated earning money on her own at a young age
Parents encouraged her to save money, paid many of her own expenses at a young age
Learned about the FIRE movement as she got older and connected with the message
Has avoided lifestyle inflation, enjoys finding ways to save money
Frugality – is it a learned behavior?
What you’re exposed to can influence you growing up
Developing a “why” with your savings makes it rewarding since there’s a purpose behind the behavior
Maggie considers herself more of a minimalist
Frugality is more focused on value over lowest price
Joining forces to start the Friends on FIRE Podcast
Work together as finance partners at the same company
Started to discuss taxes and saving for retirement and realized they had a common interest in finance
Decided to work together and opted to develop a podcast
They feel talking openly about money allows a deeper connection between people
People’s spending habits tell a story about what they value in life
There’s also value in hearing other perspectives and being challenged on spending choices
Working in corporate America
The earnings potential actually allows for a better work-life balance if managed correctly
Increased financial flexibility also opens up time for passion projects and other meaningful life experiences
The Fioneers have a good message that has helped guide Maggie recently
“The journey should be as remarkable as the destination.”
Developing good financial habits in your personal life can help increase your confidence in your career
Having that cushion alleviates the stress of going after every promotion and the stress that goes with that
Maggie feels like having financial freedom means she doesn’t need to operate from a place of fear with her job
There are many intangible benefits of pursuing financial independence
Advice for others
Important to not be too hard on yourself and realize it’s never too late to make changes
All of the same concepts apply later in life when it comes to good habits
If you’re starting later it’s important to be aggressive and make big changes
Don’t ease into changes, you need to make up ground in a shorter period of time
Make sure you have a vision for what you’re trying to achieve to keep yourself motivated
Podcast website: https://friendsonfire.org/
Instagram: https://www.instagram.com/friends.onfire/
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Support this podcast: https://podcasters.spotify.com/pod/show/fiafter40/support
There are obvious financial benefits gained through pursuing financial independence. But don't overlook the intangible benefits to your life, both personally and professionally. I speak to Maggie and Mike from the Friends on FIRE Podcast to hear their perspectives on how their work in corporate America has both allowed them to achieve financial independence, and also how their path to FI has improved their confidence and performance in their careers.
Mike and Maggie’s background stories
Mike
Has always been frugal and wanted to retire early
Wrote a book about personal finance: Your New Relationship with Money
Approaches spending in a disciplined way, values travel over other expenses
Maggie
Grew up fairly frugal, appreciated earning money on her own at a young age
Parents encouraged her to save money, paid many of her own expenses at a young age
Learned about the FIRE movement as she got older and connected with the message
Has avoided lifestyle inflation, enjoys finding ways to save money
Frugality – is it a learned behavior?
What you’re exposed to can influence you growing up
Developing a “why” with your savings makes it rewarding since there’s a purpose behind the behavior
Maggie considers herself more of a minimalist
Frugality is more focused on value over lowest price
Joining forces to start the Friends on FIRE Podcast
Work together as finance partners at the same company
Started to discuss taxes and saving for retirement and realized they had a common interest in finance
Decided to work together and opted to develop a podcast
They feel talking openly about money allows a deeper connection between people
People’s spending habits tell a story about what they value in life
There’s also value in hearing other perspectives and being challenged on spending choices
Working in corporate America
The earnings potential actually allows for a better work-life balance if managed correctly
Increased financial flexibility also opens up time for passion projects and other meaningful life experiences
The Fioneers have a good message that has helped guide Maggie recently
“The journey should be as remarkable as the destination.”
Developing good financial habits in your personal life can help increase your confidence in your career
Having that cushion alleviates the stress of going after every promotion and the stress that goes with that
Maggie feels like having financial freedom means she doesn’t need to operate from a place of fear with her job
There are many intangible benefits of pursuing financial independence
Advice for others
Important to not be too hard on yourself and realize it’s never too late to make changes
All of the same concepts apply later in life when it comes to good habits
If you’re starting later it’s important to be aggressive and make big changes
Don’t ease into changes, you need to make up ground in a shorter period of time
Make sure you have a vision for what you’re trying to achieve to keep yourself motivated
Podcast website: https://friendsonfire.org/
Instagram: https://www.instagram.com/friends.onfire/
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Support this podcast: https://podcasters.spotify.com/pod/show/fiafter40/support
53 min