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Journey To Launch

035- The Power of Frugality and Simple Living To Reach Financial Independence w/ Mrs. Frugalwoods

Journey To Launch

Jamila Souffrant

Finances, Business, Realestateinvesting, Entrepreneurship, Earlyretirement, Investing, Budgeting, Wealth

5 • 1.7K Ratings

🗓️ 7 March 2018

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When it comes to saving, frugality is so more than just a habit, it’s a lifestyle choice. Liz Thames, affectionately known as Mrs. Frugalwoods, allowed a frugal lifestyle to help fuel her family toward Financial Independence and a simpler lifestyle in the woods of Vermont. Retired at 32, Liz and her husband made it a priority to make tough decisions on spending in order to save 70-80% of their income. She shares much of her wisdom on her blog, Frugalwoods, and we are delighted to have her be a part of this show. Their new book, Meet the Frugalwoods: Achieving Financial Independence Through Frugal Living Book is set for release and readers that pre-order by March 13, 2018, will receive a signed bookplate! Details are listed in the links below.

(Also, YNAB, my favorite budgeting app is giving Journeyers a 2-month free trial, no credit card required to try their amazing budgeting system, check it out here!)

In this episode, we talk about:

  • How frugality can simplify your life and catapult your savings goals
  • How important it is to consider what makes you happy in making savings/retirement plans
  • The simple formula for achieving financial independence
  • How to cut your expenses to achieve the lifestyle you desire
  • The significance of understanding the opportunity cost of the money that you are spending.
  • The importance of remaining mentally connected to your financial goals
  • How finding meaningful hobbies can help to keep you focused during the wait of finding financial independence

Other related blog posts/links mentioned in this episode:

Connect with The Frugalwoods on:

Connect with me:

Transcript

Click on a timestamp to play from that location

0:00.0

You're listening to episode 35 of the Journey to Launch Podcast, the power of frugality and simple

0:07.6

living to reach financial independence.

0:11.1

T minus 10 seconds.

0:13.0

Welcome to the Journey to Launch Podcast with your host Jamila Sufrant as a money expert who

0:19.0

walks her talk.

0:20.0

She helps brave journeys like you get out of debt, save, invest, and build real well.

0:27.0

Join her on the journey to launch to financial freedom in...

0:31.0

Five, four, three, two, four, three, two, one. in five four three two one

0:40.1

hey hey everyone everyone welcome back to another episode of The Journey to Launch Podcast. I'm

0:46.5

Jamila, your host. Today's episode is going to be a good one. I know I say that every time,

0:51.6

but it is. It is really going to be a good one. I'm really excited to talk to today's

0:56.4

guest Elizabeth Willard Thames, also known as Mrs. Frugal Woods from the very popular blog Frugal Woods.com and her story I think is just

1:09.3

pretty fascinating because she went from a normal everyday spender who did not really have intentions of financial independence when she first started in the workforce to quickly realizing that working and be laboring in a job with her husband in the city life,

1:27.9

so she was in Boston, was not for her.

1:30.2

She quickly realized she needed to find a way out and she found that way through financial independence and reached it through extreme

1:37.2

Frugality. So she and her husband were saving 70% of their income at certain points to be able to reach

1:46.0

financial independence. They have now moved from the city of Boston to a

1:50.6

homestead in Vermont with their children and I think you're going to find her story pretty just fascinating and inspiring because again

1:59.9

Whether you are on the frugal path or not, so you know there are different ways to reach financial independence.

2:05.2

There's income, there's expenses and what you do with the rest. What do you do with that difference is how you reach financial independence?

2:11.8

So some people choose to try to make more

2:14.8

money which is always good. I recommend that anyway so always try to increase your

...

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