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Mistakes to Avoid in FI
Manage episode 407253283 series 3561782
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Reaching financial independence requires hard work and it’s imperative to avoid costly mistakes to ensure you enjoy the rewards you’ve earned.
In this episode, Ben and Andrew call out common missteps of financial independence and the benefits of combating your fears and acting with courage.
In this episode, you’ll also hear:
- The problem with playing it too safe
- Tackling the rent vs. buy conundrum
- Investment options, portfolios, and the need for accountability
Must-listen moments:
[00:04:00] Without the ability to give yourself permission to make that change, you wind up really missing out on what the whole point of pursuing FI was in the beginning, and that is to get out of the rat race, to live your life on your own terms.
[00:11:00] The transition into financial independence or the transition into entrepreneurship has the same attributes. We're still dealing with uncertainty, we're still dealing with fear, and really the response in either of these, whether you're transitioning into financial independence or into entrepreneurship, the response is courage.
[00:30:50] We gotta continue to combat fear and greed. Use that investment philosophy, the investment plan…to be your true north when either one of those pulls you too far astray. You gotta look at the plan. You gotta keep updating it, checking in with yourself.
Mr. Money Mustache: “Why You’ll Probably Never Run Out of Money” - https://www.mrmoneymustache.com/2022/07/18/never-run-out-of-money/
New York Times: “Is It Better to Rent or Buy” - https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html
Bona Fide Finance:
Website: https://bonafidefinance.com/
LinkedIn: https://www.linkedin.com/company/bonafidefinance
Facebook: https://www.facebook.com/BonaFideFinancialPlanning/
Fb Profile: https://www.facebook.com/profile.php?id=100069532276726
Student Loan Tax Experts:
Website: https://studentloantaxexperts.com
LinkedIn: https://www.linkedin.com/company/student-loan-tax-experts/
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