Impact | The Stealth Wealth Community
Episode 050R
Episode Guide
Episode Timestamps
Embracing Financial Independence Through Community: A Thanksgiving Reflection
The Importance of Gratitude
As you gather with family and friends during the Thanksgiving season, take a moment to reflect on the blessings in your life. Gratitude can play a pivotal role in your financial journey. By recognizing what you have and expressing appreciation, you set a positive mindset that can influence your decisions and relationships with money.
Discovering Geo-Arbitrage
Explore the concept of geo-arbitrage, a financial strategy involving living in a location with a lower cost of living while earning an income from a higher-paying area. This strategy can significantly increase the gap between your income and expenses, accelerating your path to financial independence (FI). Imagine relocating to a more affordable area without sacrificing your career prospects. It can be a life-changing decision that sets the stage for a more relaxed and financially stable lifestyle.
Engaging in the ChooseFI Community
Joining the ChooseFI community can greatly enhance your FI journey. Local groups are springing up worldwide, fostering connections among individuals who share similar financial aspirations. By participating in these groups, you can exchange practical advice, share resources, and cultivate a network of support. This engagement is essential not only for knowledge-sharing but also for providing motivation on challenging days.
Starting Your Journey with Local FI Groups
If there isn’t already a local group in your area, consider starting one! Organize meetups to discuss financial strategies, share experiences, and support each other. You might find common ground with others on the same path, making your journey feel less isolating and more collaborative.
Real-Life Transformations Through Community Support
More than just networking, the ChooseFI community has propelled individuals into action with inspiring success stories. Listeners like Wendy and Cassandra share their journeys, where community support helped them confront challenges and make significant life adjustments. Such testimonials showcase the impact financial empowerment can have on personal lives, leading to happier and healthier lifestyles.
Actionable Steps Toward Financial Independence
Take concrete actions to move closer to your financial independence. Here are a few strategies to implement right now:
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Reflect on Your Financial Goals: Write down what financial independence means to you. Establish specific, tangible goals to keep you focused.
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Consider Geo-Arbitrage: Evaluate the cost of living in different areas and calculate how relocating might boost your savings. Research potential job prospects in these locations.
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Join or Create a Local FI Group: Look for existing groups or consider starting a new one to tap into local resources and support systems. Go to choosefi.com/local to get started.
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Communicate Your Goals: Have open conversations about financial aspirations with your partner and family. Sharing your journey can enhance understanding and support.
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Engage with the FI Community: Share your story, ask questions, and seek advice from others in the community. The power of collective knowledge is invaluable.
Practicing Gratitude Year-Round
Incorporate gratitude into your daily life. Regularly remind yourself of your progress, however small it may seem. Not only does this improve your mental health, but it creates a positive environment conducive to financial growth. As you approach the holidays, instilling gratitude can transform your mindset—helping you became more amenable to making financial decisions that align with your goals.
Conclusion: Moving Forward Together
As we move forward, recognize that the road to financial independence can be a challenging yet rewarding experience. Embrace the opportunities that come through community engagement, gratitude, and proactive financial planning. By committing to your goals and supporting others, you’ll not only transform your life but also contribute to a broader movement toward financial liberation. The inspired journey begins this Thanksgiving—start taking actionable steps today and watch as your dreams of financial independence become a reality.
The Impact of FI, A New FI Curriculum being piloted in a University, and holiday hacks just in time for Christmas.
[elementor-template id="143609"]In today’s Friday Roundup we talk a bit about Thanksgiving and how to work on being thankful for all we have (yes it’s about your family). We also look back on our previous episode with Mr Groovy about moving out of an expensive living area to reach FI faster and the value of a local FI community (the FIRE really is spreading). We received some really inspiring messages which we share on today’s episode to show you the power FI has to transform an entire life. And of course, we finished off with some great Christmas hacks for the holidays!
The Importance of Community
There are ChooseFI communities all over the world now (62 and counting!) and it’s an enormous network. This means more and more people have communities with similar mindsets and goals just at their doorsteps. Imagine the opportunities when visiting another city and making contact with those other FI communities? The huge amount of knowledge shared? Our goal is to have these communities in every single city, so we can all help each other out to reach FI.
If you feel there isn’t enough of a community in your own city, reach out to us on Facebook to become an admin of the Facebook page. There is a team in each area to help you out and we share the best practices to support the local groups
Circle Back to the Ongoing Buy vs Rent Debate
Through the feedback voicemail from Charles we revisit the episode on buying vs renting and the fact that it doesn’t cover many of the aspects of home ownership. It was a good episode, but there was no counterpoint. Whether you want to buy or rent a house really depends on your situation and takes into account many different lifestyle factors. The most important is to look at it from an objective point of view: don’t just buy a house because that’s what you’ve been told all your life, buy it because it works for your situation. Do the math and analyze the situation.
In honor of this huge and important debate, we pledge to do another proper episode where we have a proper sit down, do the math and have an in depth discussion.
The Impact of FI
Thanks to everyone for sending those inspiring and in-depth voicemails in.
- Wendy, our first voicemailer, explains that FI is also about removing the parts that make you unhappy, removing the alligators and working towards what will improve your life and your future.
- Cassandra shares her goal to pay off $260,000 in debt and reach FI! This journey has changed her outlook and perspective on finance and entrepreneurship
- Phil rediscovered a zest for life by grabbing hold of Financial Independence he shares his 9 year plan to reach FI and what he plans on doing after FI
- Laurie shares her lightbulb moment, and how this podcast lifted the mental fog that kept her from appreciating the soundness of her husband's financial plan
This truly goes to show the HUGE impact reaching Financial Independence can have over your life. We need to spread this message and we need to take action now. Start small. Start this week. And in 10 years you will have reached a state of independence you did not know was possible.
This episode will inspire you to keep working towards FI and to build a community of like-minded individuals. One of our stated goals is to see a FI curriculum at the K-12 and collegiate level and Zack is piloting the first ever college level course at the University of Iowa