Millennials are often mischaracterized as being lazy and wanting things handed to them. I can’t tell you how far from the truth that is, especially when it comes to Gwen & J from the FIRE Drill Podcast who came on the podcast today to talk about pursuing FI and the different aspects of paying off debt and being financially stable. Both bloggers have their own informative and successful blogs that share their specific paths to FI and are set on inspiring others to do the same.
I’m also super impressed by what they’ve been able to accomplish so far at such young ages. Gwen has saved $100k by age 25 and purchased her first rental property, a triplex, earlier this year. J has paid off nearly $100k of debt in two years and has saved over $200k towards retirement by age 28.
On the episode today, we explore the importance of savings and increasing your income. J explains how essential it is to have an emergency fund after what happened to her while she was paying off debt, and Gwen talks about why she has FU money. It was also interesting to hear their takes on real estate and how to get started with house hacking. This is a great episode on the importance of working towards FI and achieving financial goals.
Now here are the main topics we talk about in the episode:
- The FIRE Drill podcast
- What the podcast is about
- Their specific interests in finance
- How FI allows a life of options
- An interesting way to pursue FI
- How their opinions have evolved since the beginning of the podcast
- J and Gwen’s journey
- How Gwen found FIRE in college
- Why Gwen plans on quitting her job and be her own boss
- The sacrifices involved
- How J got inspired to pay off all her student debt
- J’s methods to pay off debt
- Career hacking
- Reaching FI
- How savings give you freedom and options
- What is FU money
- The importance of having an emergency fund
- Getting started with real estate
- 2 methods to achieve FI: savings and monthly cash flows
- The irony once you achieve FI
- Having a back up plan
Share:I'm listening to Episode 23 of the #JourneyToLaunch podcast, The Millennial Path To Financial Independence w/ @FieryMillennial & @MillennialBoss from the @FIRE_podcast Click To Tweet FI is about pursuing a life of options - @FieryMillennial & @MillennialBoss Click To Tweet How to get started paying off debt: Find something that gives you that kick in the butt to stay motivated- @FieryMillennial & @MillennialBoss Click To Tweet You might have to live where you work but you don't have to live where you invest when it comes to finding potential real estate investment properties -@FieryMillennial & @MillennialBoss Click To Tweet
Other related blog posts/links mentioned in this episode:
Grab your seat at the Budget Boot Camp
Sign up for the 2018 Q1 Launch To Financial Freedom Mastermind Waitlist
Paula Pant: Afford Anything
Mad Fientist: HSA – The Ultimate Retirement Account
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