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051 | In today's podcast we discuss the Roller Coaster Path to FI with Lisa from Mad Money Monster, including a new term she coined: F.I.O.R

In Today\u2019s Podcast we cover: A conversation with Lisa from Mad Money Monster on the \u2018Roller Coaster Path to FI\u2019 Lisa grew up in a trailer, but in a great school district on the \u2018right side of the tracks\u2019 She only recently started telling people she grew up in a trailer as it impacted her self esteem She graduated from high school and didn\u2019t plan to go to college as she didn\u2019t think she was \u201csmart enough\u201d One meeting with an engineer at her first job let her to community college where she \u201csecretly\u201d applied The limiting beliefs and lack of a mentor behind her not even contemplating college

How her friend\u2019s parents told her to not even start college as she \u201cwasn\u2019t going to finish\u201d Lisa\u2019s belief that she is coachable as a major life talent She graduated with a scientific degree from a four year university and had $25,000 of student loan debt Her employer paid for 100% of her master\u2019s degree She then started saving significantly into her 401k, etc., but got into a bad relationship with a big spender She was still saving into her 401k, but her significant other\u2019s bad habits rubbed off on her They spent $60,000 on a pool in their backyard and had friends over every weekend She had \u201ccyclical credit card debt\u201d that she paid off and then racked up again and then kept cycling What was holding her back from leaving the relationship? She didn\u2019t want to move \u201cbackwards\u201d in her life How she left the relationship and unchained herself financially

This was a defining character moment for her and let her believe she could do anything She then bought a property at the height of the real estate bubble in 2007 and moved her parents out of the trailer and into this home Though she could have lived \u201cwith her parents\u201d at her house, she decided to move out into an apartment and stopped contributing to her retirement accounts How meeting Mr. Mad Money Monster was what put her on the path to Financial Independence They put an offer on a house they couldn\u2019t comfortably afford and after the inspection came back negatively, they actually backed out and changed course They quickly found the FI community after that inflection point They paid off all their debt and maxed out retirement accounts Their savings rate is between 50% and 70% and they are well on their way to Financial Independence Financial Independence Optional Retirement\xa0