In this episode, the guys in the FI Garage sample some fresh beers and discuss how to locate yourself on the path to Financial Independence by assessing your knowledge and analyzing your financial situation with our Canadian twist. We outline the directions you’ll need to take on the way to FI. 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.
Beer #1 – Juicy Juice – Brewed & Bottled in Qualicum Beach, BC by Loveshack Libations
What’s in the News? The Mechanic has been finding new friends on scoial media:
- Late Starter Fire – Great FIRE blog from Australia. We talk about her article, ‘Why 40’s is the PERFECT time to pursue FIRE’.
- Financial Mechanic – Absolutely not related to Money Mechanic, however, another good blog out of the USA. We talk about her article about ‘On Love and Money—The Mechanics of Shared Finances’.
Locating Yourself on the path to FI
- Find motivating and educational content (figarge.ca)
- track your spending: TD Myspend, spreadsheets, Mint, YNAB
- Mad Fientist Tracking Tools
- track your net wealth: Wealthica, Personal Capital (US only)
- MMM Article – How Rich are You
- Set goals so you can start walking the path.
- It’s an uphill path but the path gets less steep as you go
2nd Beer – Jug Island -Brewed & Bottled in North Vancouver by Deep Cove Brewers and Distillers
Stupid Money Move
- paying for multiple services that provide the same thing or forgetting about subscriptions that you are paying for
- Netflix, Crave and/or Amazon Prime
- Spotify, Apple Music and/or Amazon Prime