Ep 58 | KonMari + Financial Freedom with House of FI

Spark Joy

Co-hosts of House of FI podcast join us to explore a simpler path to wealth, shifting our awareness and mindfulness from the pursuit of more stuff to the pursuit of financial freedom.

There’s one thing we know for sure. We put our time, energy, and our money towards the things that we value. But what happens when our values are incongruent with our consumption behaviors, placing us in danger of missing out on the freedom associated with living the life of our dreams?

Here to help us explore the intersection between the KonMari Lifestyle and Financial Independence are co-hosts of the House of FI podcast - Wendy and Timika. House of FI helps families who dream of retiring early, but are unsure how to do so AND raise a family, figure out a plan. Their guests share their journey to financial independence, early retirement, and debt freedom.

We want to hear from you! Tell us your burning tidying questions or share stories about how KonMari has impacted your life. Find us at www.sparkjoypodcast.com and click “Ask Spark Joy” to leave a question or comment for a chance to be featured on next week’s show.

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In this episode, you’ll enjoy:

• The true definition of Financial Independence (FI) or Financial Independence Retirement (FIRE)
• What led Wendy and Timika to start down the path to FI
• Common myths and misconceptions associated with FI
• Timika's marathon KonMari tidying experience with Kristyn and how it relates to her financial journey
• The "eels" that attach to us, as mentioned on John Roderick's podcast
• The end goal: How do you know when you've reached FI?
• How influencers such as Mr. Money Mustache or The Dough Roller have calculated fees associated with actively managed retire accounts
• How to the get over the getting started hurdle when it comes to FI
• The importance of using a tool like Personal Capital to track and manage your net worth
• How the FI community handles healthcare coverage
• The importance of taking and celebrating the small steps
• Podcast's that House of FI recommended to extend your FI community: Journey to Launch and ChooseFI

Wendy's favorite FI tip: Tracking your fixed and discretionary expenses
Timika's favorite FI tip: Wendy's meal planning tips; Refinance your mortgage to a lower rate when appropriate to free up money for debt pay off; Get a roommate, move from a single family home to a multi to generate rental income, or buy a car that's not brand new. Use travel credit cards to generate reward points.

What sparks joy for Wendy: Launching House of FI!
What sparks joy for Wendy: Launching House of FI!!

To hear more from House of Fi, check out their podcast via houseoffi.com or connect with them on Facebook. After catching up on their latest episodes, leave a review of House of FI on iTunes for a chance to win a copy of Kids Money Habits by Amy Koit.

Gems:

• "...essentially, setting yourself up so you're in a position to have choices."
• "People are also beginning to think more about how to optimize their lives so they can do more things that bring them joy on a regular basis."
• "The idea that you have to be extremely frugal to the point of deprivation is one myth."
• "When you add it all up, you see the huge mound of money that's exiting your bank account; just like I saw the huge mound of clothes that my three year old climbed on top of when we put it all in one place and went through it one by one."
• "What is it that you're doing this for? What are you going to retire to? What does financial independence look like?"
• "It's really being more intentional about our money...the balancing of each financial decision..really sticking to the goal."
• "Don't be an island. Make sure that you're connected with other people and a community."

You can find Karin Socci at The Serene Home
You can find Kristyn Ivey at For the Love of Tidy

Special Guest: House of FI.