Last week I had the pleasure of being a guest on the Man Overseas podcast! Huge THANK YOU to Brad for having me on his show!
The Man Overseas Podcast discusses self development, financial independence & other life lessons. We talked for almost an hour and went over some of our story as well as some other finance related topics.
Here are some of the things we discussed.
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Figuring Out Our Finances While in College
- How we found Dave Ramsey & why we steered away from some of his teachings
- Since we’re constantly furthering our education & seeking new ideas – we discovered the FIRE community in 2014
Discussing Our Savings and Investing Strategy
- How we’re allocating our funds & what we’re investing in
- How much money we’re able to save each year
Personal and Professional
- Why we created How To FIRE
- Why are we saving in a 529 if we don’t have kids yet
- Time In The Market > Timing The Market
- Applying an engineer’s mindset to finances
Other Topics Covered
- Why do so many Software Engineers purse FIRE
- The 4% Rule
- Read more about that here in our FIRE Guide
- VTI vs VTSAX
- We’ll likely need to dive into this further in a future post 🙂
- FIRE local communities
However, these aren’t the only topics we discussed. If you want to read the show notes, or give the episode a listen please head over to Manoverseas.com
We love discussing how much we’re saving as a means to encourage others to do the same. It’s important to focus on your own individual savings rate though.
Maybe you’re not saving as much as you would like to be, most people shoot for 50%+ savings rate while pursing FIRE. For us, one way we have been able to stay focused on our finances is by setting achievable goals. Maybe that means $10k milestones. If you’re just starting out, consider even setting $1k goals to help you stay motivated.
The important thing to remember here is that you’re taking steps in the right direction. Tracking your progress along the way helps you gain momentum and a sense of achievement.
You can’t expect to flip a switch and start saving half of your income immediately if you’re currently barely saving anything. Instead, focus on the small wins, stay motivated and slowly work on getting closer to your goals each month.
People get discouraged easily when they’re starting to get their finances in order because they play the comparison game, and that is not what you should be thinking about. Instead play a comparison game with yourself. Compare yourself to where you were a month ago, 6 months ago or even a year ago.
Have you listened to the podcast? Let us know your thoughts in the comments!