Ep. 468 — Year End Wins 2023

One listener in Japan quit a toxic job — not because of a side hustle, but because she hit her FI number. Another family maxed out every investment account they have for the first time ever. A third person increased their net worth by $123,000 in a single year. The year-end wins episode captures the ChooseFI community sharing their biggest financial victories of 2023, from first-time homebuyers to people achieving Coast FI. These aren't hypothetical strategies — they're real results from people who took action.

Chapters:

• 00:00:00 Introduction to Year-End Wins
• 00:03:07 Voicemail from Katie
• 00:07:22 Voicemail from Rakesh's Son
• 00:09:01 Voicemail from Stephanie
• 00:11:01 Voicemail from Brian
• 00:16:50 Voicemail from Boyd
• 00:20:22 Voicemail from Kaori
• 00:26:23 Voicemail from Anthony
• 00:29:37 Voicemail from Donna
• 00:42:04 Voicemail from Sabrina
• 00:48:23 Conclusion

Key Moments:

• 00:01:58 Importance of outlining financial goals at the beginning of the year to provide direction.

• 00:02:14 Celebrating victories, both big and small, helps maintain motivation.

• 00:03:07 Katie shares her family's financial wins, including a successfully maxed-out Roth IRA and a taxable brokerage account. "This year, we checked every single box!" 00:05:40

• 00:05:10 "I can now share valuable financial knowledge with the next generation."

• 00:07:22 Reflection on reaching all investment buckets and the value of community in the FI journey.

• 00:09:01 Stephanie highlights her journey: improved health, financial growth, and family experiences. Net worth increase of $123,000 through various strategies.

• 00:14:00 Discussion of Coast FI — having enough savings to retire comfortably without needing to save more, as long as investments continue to grow.

• 00:16:50 Boyd shares a life-changing experience involving a car accident and the security of having a financial plan in place.

• 00:20:22 Kaori from Japan shares achieving her financial independence number and leaving a toxic job because of the support from ChooseFI.

• 00:21:11 "Your most valuable asset is your time."

• 00:26:23 Anthony shares his wife's journey from burnout to finding career fulfillment while managing finances effectively.

• 00:37:17 "Take action! Elevate your life."

• 00:42:04 Sabrina shares her remarkable transition from financial instability to homeownership and effective budgeting strategies.

• 00:47:12 Discussion of the aggregation of marginal gains — making small improvements consistently to achieve significant results over time.

Resources:

• The Total Money Makeover by Dave Ramsey 00:32:18
• Why You Need a Budget (YNAB) 00:29:03

Terminology:

• Coast FI: A state where you have enough savings to retire comfortably without needing to save more, as long as your investments continue to grow. 00:14:00
• TSP: Thrift Savings Plan; a retirement savings and investment plan for federal employees. 00:07:07