Looking for financial independence and early retirement? Justin shares how he was able to retire at 33 and which expenses were the big wins.
I have a millionaire next door…okay, not next door, but really close.
This week Justin from Root of Good came on the podcast to discuss how he was able to retire at 33, with three kids at home.
How Big Wins Lead to Financial Independence
Justin was gracious enough to go into detail how he and his wife have built their lives frugally while stealing having fun.
Yes, you do need to adjust your daily habits, but if you’re looking to make real in-roads and progress towards financial independence go for the big wins.
Justin shared that the three biggest wins you can get are housing, transportation, and food.
Housing: More Than Location
Location, location, location, is the mantra of many real estate agents and it’s certainly something to keep in mind, but you need to go deeper and know the neighborhoods.
You’re not looking for swanky and popular, those neighbors usually mean you’re paying a lot for not much in actual benefits.
What you want are the gems in the rough – the neighborhoods with what you care about (good groceries and schools nearby), residents who care (their properties are maintained), and safe, at an affordable price.
Justin and his wife found a place not far from downtown Raleigh and near family. Besides a great location, their place also allow them to further reduce their living expenses around the house and much more by trading skills and supplies.
Now if you’re nowhere near relatives you can still do something similar by being near your network of friends or by creating your own neighborhood tribe.
Transportation: No Debt, Less Problems
After homes, cars can be a huge expenses. When we were first married, I had a car loan on my Jetta and it was a weight on our tight budget.
Justin’s also in the no car loan camp. They keep their cars until they are worn down.
Food: Master Chef
There’s really no joy in only eating rice and beans just to save money.
As you work towards financial independence, you can still have awesome meals like homemade tamales or beef curry without draining your wallet.
The trick is mastering some essential skills such as meal planning and cooking.
Thoughts on Big Wins
I hope these tips help you two build up your savings and get closer to your goals. How many of you are working towards early retirement or financially independence?
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