The Financial Independence Show

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Entrepreneur vs. Employee Path to FI (Mad Fientist Replay) May 31, 2023

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We (Cody and Justin) have both achieved financial independence through drastically different paths. This episode was a takeover episode for The Mad Fientist's podcast where we break down the similarities and differences between an employee's path (Justin) and an entrepreneur's path (Cody) to FI! Highlights: Live-in flip vs. house hacking The sweet spot for buying used cars Why focusing on fixed expenses is important How to 5x your corporate income The unlimited upside of entrepreneurship How to get started investing if you're scared/nervous Nest-egging vs. cash-flowing your way to financial independence The benefits of a Solo-401(k) for entrepreneurs Why the corporate world is great for certain types of people Benefits and downsides of entrepreneurship Why it's important to not keep up with the FI Joneses either If you got value out of this episode, please share it with a friend! Links From the Episode The Mad Fientist's Podcast Our Mega Backdoor Roth Episode The Mad Fientist's Mega Backdoor Roth Article Mad Fientist's Twitter Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Diversification, Inflation, and The Economy | Marko Zlatic May 24, 2023

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Today, we're lucky enough to bring you Marko Zlatic from WhiteBoard Finance. Marko grew up in a middle-class household raised by immigrant parents and is completely self-taught when it comes to money, investing, and financial literacy. His investing journey began when he started flipping Pokemon cards and selling mixtape CDs as a kid. He then graduated to invest in stocks at 18 years old. In December 2010, Marko graduated with a Bachelor's degree in Finance and started working full-time. After working in tech startups, commercial real estate, and publicly traded banks, he decided to start his YouTube channel, WhiteBoard Finance, in November 2017. Marko walks us through his personal portfolio allocation, tips for building your own diversified portfolio, and lots of terrible advice to watch out for online. He also gives us his take on the current state of the economy as well as his insights on how Bitcoin could factor into all of this. If you enjoyed Marko's story then check out the links below for more content and don't forget to share this episode with a friend! Links From the Episode Whiteboard Finance YouTube Marko's Instagram Marko's Twitter The Bullish Case for Bitcoin Inventing Bitcoin The Bitcoin Standard YouTube Interview https://youtu.be/lzeMhthfg9g Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFiShow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Making Over $1 Million with One Property | Patrick McGrath May 17, 2023

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Patrick McGrath, one half of the dynamic duo known as The Rental Property Couple, is a successful real estate investor, entrepreneur, and co-host of the popular podcast, The Real FI Podcast. Alongside his partner, Patrick has built an impressive rental property portfolio in just 5 years that totals over $5M. He began his portfolio with a humble single-family rental property. Dedicated to achieving financial independence, he expanded his portfolio of rental properties, adding a triplex, quadplex, 6-unit, 7-unit, and 10-unit building. Today, Patrick and his partner own 35 rental properties, each contributing to their remarkable success. With this portfolio, Patrick was able to quit his successful career as a regional sales manager two years ago, fully dedicating himself to growing his real estate business. This decision further cemented his commitment to financial freedom and allowed him to focus 100% on expanding his investment empire. From property acquisition strategies to effective management techniques, Patrick's insightful content has become a valuable resource for those looking to build wealth and achieve financial freedom through real estate investing. If you enjoyed this episode or maybe know someone who would be inspired by Patrick's story, share this episode with your network! Links From the Episode The Real FI Podcast The Rental Property Couple (Instagram) The Real FI Podcast - YouTube Channel YouTube Interview https://youtu.be/VQDa5zVPdH8 Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFiShow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

The House Buying Checklist (What We Wish We Knew) May 10, 2023

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We've interviewed countless people on buying real estate, but that didn't mean we were prepared when we purchased our first properties. The reality is that people who have purchased a lot of real estate tend to skip past some of those tiny details. This episode is meant to slow down and cover all those details that a first-time home buyer needs to remember. In this episode, we cover: Understanding how much you can afford Setting your housing criteria Understanding fair market value Getting approved for a loan Building the right team Touring properties Getting an offer accepted Closing on the home Post-closing checklist We hope this is an episode you can always refer back to when you get ready for that first home purchase so you don't get surprised like we did. If you got value out of this episode, please share it with a friend! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Avoiding Financial Disaster from Divorce | Tracy Coenen May 03, 2023

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If you find yourself in the unfortunate reality that your marriage isn't going to work out, do you know how to ensure you'll exit the relationship fairly from a financial perspective? Or maybe you want some tools to help you avoid this situation in the first place. In this episode, Tracy Coenen, author of Find Me The Money, walks us through the ins and outs of financial protections you need to know involving the topic of divorce. We cover Money conversations Financial accounts Prenups Postnups Asset valuation Financial infidelity And more including some tactical tips and strategies. The topic of divorce is never fun, you'll feel better knowing this information if that day ever comes. If you enjoyed this episode or maybe know someone who could use the expertise Tracy brought us today, share this episode with your network! Links From the Episode Tracy's company, Fraud Coach Tracy's new book, Find Me The Money Tracy's LinkedIn YouTube Interview https://youtu.be/a2sQPw1VInU Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFiShow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Building, Buying, and Selling Websites | Chelsea Clarke Apr 26, 2023

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We say web address but why don't we think about sites more like physical addresses we might own in a real estate portfolio? Chelsea Clarke joins us today to show us just how powerful digital real estate can be (aka websites). Back in 2012, Chelsea was laid off from her corporate marketing job unexpectedly. This experience taught her that being an employee was too risky. So she set out to take responsibility for her own wealth and became an entrepreneur. She was determined to never have to return to working for anyone else again and launched HerPaperRoute as a way to share marketing and growth-hacking resources for other niche site investors. In 2019, she'd go on to create an online marketplace for buying/selling websites at Niche Investor. Chelsea found her niche and doubled down. She took a large but calculated risk and went all in on herself and building out this digital portfolio. If you enjoyed this episode or maybe know someone who could use guidance in building their site or a jumpstart by purchasing an established site, share this episode with your network! Links From the Episode Her Paper Route Niche Investor > You can do that by clicking here

Building Wealth on a Dime | Kimberly Hamilton Apr 19, 2023

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How do you map out your path to financial independence? And how can you find a persona you resonate with to mimic? Kimberly joins us today to provide answers to both of those questions. She created Beworth Finance and wrote Building Wealth on a Dime, to help empower everyone to find financial independence even if they're starting small. Kimberly hasn't always had her money figured out though. She moved to Washington, DC making $15/hour in 2012 and more student debt than she made in an entire year. This led to a lot of time being stressed about money. But through that process, she perfected a system that allowed her to pay off over $45,000 worth of student debt in three years, double her income in four, and buy her first home, before her 30th birthday, in five. Fast forward to today, and she's currently on track to be work-optional by age 45. Grab the link to her book below where you can learn things like: Six million-dollar habits Money mindset Building a budget Tackling debt Investing Renting vs buying and much more If you have someone in your life who could use some help mapping out their path to financial independence, share this episode with them! Links From the Episode Beworth Finance Build Wealth on a Dime > You can do that by clicking here

$100 on Groceries … Per Month Apr 12, 2023

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Spending too much on groceries each month? In this episode, Cody interviews Justin about his $107/mo grocery bill. For many years this number floated closer to $70, but with inflation and a larger focus on getting in great physical shape, that number has grown but is still insanely low. And not only do we cover meal ideas, but we also cover the basics of shopping. List or no list How often to shop What to buy Where to find deals How to navigate the store Take a look at this meal below which is a typical meal for Justin. This plate has 370 calories, 50.5 grams of protein, 30 grams of carbs, and 6 grams of fat. It's made up of 5.3oz of grilled chicken, 4.5 oz of green beans (125gr), and 3.5oz of sweet potato (100gr). This week chicken was $1.99/lb plus sweet potatoes and green beans were only $0.67 per lb. That means this lunch only costs: Chicken: $0.87 Green Beans: $0.25 Sweet Potato: $0.19 Total Cost: $1.31 Keep in mind that if you did calculations of the weights and prices, you'd get an even cheaper number but you have to remember to factor in the weight you lost in the food from the water being cooked off. We factored that in and still arrived at a killer price point. This is one of those episodes that everyone can utilize. Groceries are often one of our largest expenses month to month and just a few small tweaks can make a huge difference. If you got value out of this episode, please share it with a friend! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Roth vs. Traditional | Cody Garrett Apr 05, 2023

Show notes

Roth vs Traditional is one of the oldest arguments in the financial independence space. Today we're settling the debate! The reality is that there is no "right" answer but there is a right answer for you. Cody Garrett brings his expertise to help you decide which one fits your path. He is a fee-based financial advisor at Measure Twice Financial. Cody had already put together a great resource that breaks down Roth vs Traditional. But we're taking it a step further by peppering Cody with all the questions you could ask on this age-old debate. Have a friend you want to help educate or maybe settle a friendly debate? This episode is for you! Links From the Episode Measure Twice Financial Planning Cody's Roth vs Traditional Article Network of Financial Planners YouTube Interview https://youtu.be/kSD1tWokXuw Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFiShow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

Increasing Income to Reach Financial Freedom Faster | Tyler Wright Mar 29, 2023

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There's no doubt that being efficient with your expenses is a huge part of your journey to financial independence. However, maybe we focus a little too much time there and not enough time on increasing our income. That's exactly what Tyler Wright from Defining Wealth believes. And Tyler has some first-hand experience in doing just that. Tyler started out like a lot of us... age 22, a new college graduate, and $0 to his name. It didn't take long for him to realize that a 40-year career in a 9-5 wasn't for him. So he started finding ways to greatly increase his income while also investing in ways that would allow even more cash flow. By the time he was 28, he was earning $10k per month in passive income thanks to his rental properties and investment portfolio. And in just those 6 short years, he raised his net worth to $1.5M! Have you been looking for inspiration to increase your income? Or maybe you know someone who needs just that, if so, please share it with a friend! Links From the Episode Defining Wealth Tyler's Instagram Tyler's Twitter Tyler's TikTok YouTube Interview https://youtu.be/_KYZqBEkzwE Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Grab the Ultimate FI Spreadsheet Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFiShow [dot] com If you like what you hear, please subscribe and leave a rating/review! >> You can do that by clicking here

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