Podcast #2 – First steps on the path to FI

Show notes for episode #2 

Financial Independence Retire Early. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and build on their first episode by discussing how to get on the path to FI. We outline the directions you’ll need to take on the way to FI.

Beer #1 – Czechvar Original – Brewed & Bottled in Ceske Budejovice

What’s in the News?
https://www.cbc.ca/news/business/heloc-debt-fcac-1.4978987
– 25% of respondents said they pay interest only
– Only half of respondents knew basic facts about the terms of HELOCs
– Over 3,000,000 Canadians have a HELOC, average of which is $65,000
http://www.victoriabuzz.com/2019/01/the-average-british-columbian-thinks-they-will-need-1-07m-to-retire-poll/
– Average Person in BC says they need $1.07M to retire
– 51% of the 2,000 people surveyed in Canada felt they would never have enough to retire

How to get on the path to FI

2nd Beer –  Hoyne Pilsner – Brewed & Bottled in Victoria, BC

Stupid Money Move

  • Putting money in highly speculative stocks instead of paying high interest debt.
  • Using a HELOC on your house and paying interest only
  • making minimum payments of credit cards

Recent Posts
– See the Economist’s article on Worry-Free Money

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4 Comments

  1. Great episode guys! Good way to lay out the first steps into FI. I love the Canadian content via the sharing of recent news articles. Your show is much-needed for this type of content and commentary!

  2. I like the ‘fork in the road’ photo!
    Thanks for the interesting chat and encouragement to make a plan to choose the right ‘path’ to FI
    It sounds like the three of you have learned some cool stuff from each other and have a lot of personal experience to share…..so, my suggestion to those who may have no idea where to start to set goals, make it fun and do it with a group of good friends, you just might be quite inspired by others….whatever you do, just make a start.

    1. I think you’re absolutely right, that just starting is the key. There’s no exact path, it’s going to be unique to each person and situation. You may try something that doesn’t work, that’s okay. Try another method, the journey to FI is a choose your own adventure. We think it’s important to share the many options that we come across in our reading and research, and of course, the things we have tried ourselves.

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