Tim and Amy were frugal—or so they thought. They spent less than they earned, so they figured they were doing it right. Then one day, they happened upon the concept of financial independence.
Turns out, they had a LOT of room in their budget to cut back. Once they did, it took them less than one year to hit their financial independence number. They’re now able to retire (if they so choose)!
What catapulted them down the path to financial freedom? Namely, it was downsizing their 6,000-square-foot home.
Once their daughter graduates from high school, they’ll rid themselves of their current 1,800-square-foot home and house/pet sit around the world full time. They plan to stretch their retirement dollars even further by travel hacking their way between cities.
Tim and Amy have combined their passion for travel (and pet sitting) into a full blown retirement plan. In this episode, the couple shares tips for getting started as a house or pet sitter, so you can stay for free when you travel, just like they do.
We also explore different options for post-retirement life. Tune in to hear what Tim and Amy cut out of their spending to make early retirement a reality.
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They rarely do anything like this but they’re doing it just for us!
In This Episode We Cover:
- Tim and Amy’s money journey
- Treasuring experiences over stuff
- Making money decisions based on fears
- Discovering financial freedom by accident
- Being good savers and good earners with high income
- How they downsized their spending from $115,000 a year to just $36,000 a year
- Their emotional state was after quitting their job early and downsizing significantly
- How they designed their portfolio to produce income in their early retirement
- Low-cost investments and mutual funds
- House sitting as a huge travel hack
- What house sitting is and how it works
- The importance of being flexible
- Things they miss and want to go back to
- And SO much more!
Links from the Show
- Email Us!
- ChooseFI Facebook Group
- Military Dollar
- Waffles On Wednesday
- BiggerPockets Money Podcast 28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper
Books Mentioned in this Show
- How to Stop Worrying and Start Living by Dale Carnegie
- How to Win Friends & Influence People by Dale Carnegie
- “We don’t have to be spending $115,000 every year for the rest of our lives. If we could dial in our spending, we don’t have to work ever again if we don’t want to.” (Tweet This!)
- “Getting too close to 50 and being on the other side of my career thrilled me into somewhat of a midlife crisis that I didn’t expect at all.” (Tweet This!)
- “It’s gonna take a lot to fix the problem.” (Tweet This!)