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146 Do you need to know your Financial Independence Number?
The sisters FI-ght over the importance of the FI number
The financial independence number is the amount of money a person needs to retire or not work again. Using information from the Trinity study, linked in the show notes below, we can find out our FI number by taking our annual spending and multiplying by 25.
I’ve found knowing my FI number incredibly motivating in saving and knowing what my financial goals are. Michelle, on the other hand, feels that people place too much importance on the FI number. She finds that people use the FI number to trap themselves in a job or stay in a mediocre situation.
Today on the podcast, Michelle and I discuss the FI number and debate its importance. Don’t worry, there will be no hair-pulling or kicking each other’s shins.
What do you think? Is the FI number a helpful tool and a false prison? Or something else, let us know below!
Photo of the Financial Independence meeting at Stanford which Michelle referred to during today’s episode. As you can see, it’s a beautiful day to learn about FIRE.
Mr. Money Mustache’s take on the Trinity Study- The Shockingly Simple Math Behind Early Retirement
Grant Sabatier author of Financial Freedom
Cody Berman co-host of The Financial Independence Show
Kelly Davis: I feel the same about moving from Asia to Europe. Start a walking group! Or schedule an activity you love to do regularly on meetup and find friends to join you.
Emily Hill: “I love the term friendship recession. And I’ve found that “I just moved here!” is the best way to get around it”
Shane Breslin: “Spent time in London recently. Very noticeable was how vibrant the community still is in parts of the city close to the center. Community is essential. We're wired for human connection. And while the internet can help, it is certainly not a replacement.”
Thank you, Jeremy Ginn, Jordan Blackwell, PJ Milani, Jordan Blackwell, Miche Priest for adding to the conversation
AirHelp: Partner For This Episode
Check out our partner for this episode, AirHelp. AirHelp is a part of the Association of Passenger Rights Advocates (APRA) whose mission is to promote and protect passengers' rights. Click this link if you've had a cancelled or delayed flight as well as support our podcast: AirHelp Affiliate Link
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