97: Intentionally Choosing the Path to Financial Independence with Financial Mechanic

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 4 November 2019

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Financial Mechanic started saving. Everything! Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund. Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.” For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options. She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid! In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier. In This Episode We Cover: Financial Mechanic's journey with money Saved money to buy a puppy The importance of focusing on your future opportunities Graduated college debt-free Her money situation during her first internship Earning a lot of money before she discovered financial independence How his mindset changed the moment she found financial independence How her money journey evolved On her career Did research on glassdoor for salary range How she got her signing bonus What her end-goal is How she lived $20,000 a year And SO much more! Links: Glassdoor Personal Finance on Reddit Mr. Money Mustache Forum - Bogleheads Personal Capital Achieving FI Before 40 Despite Breaking Every Financial “Rule” with Tanja from Our Next Life BiggerPockets Money Podcast 10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames Every Dollar I Spent Last Year How to Effectively Ask for a Raise (from Someone Who's Done It Twice) How To Make Your Significant Other Hate FIRE The Psychology of Money– 4 Ways Your Brain is Working Against You Connect with Financial Mechanic: Financial Mechanic Financial Mechanic's Twitter Financial Mechanic's Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the BiggerPockets Money Podcast show number 97 with Financial Mechanic from Financial Mechanic.com.
0:08.0	I don't really think of the money that I save as saving money.
0:12.4	I'm actually spending it on freedom and
0:14.8	would I rather spend my money on a shirt or would I rather spend my money on freedom
0:20.9	from work so have that why. The why of five, the why of saving, the why of
0:27.6	keeping your money where it is. It's time for a new American dream, one that doesn't involve working in a cubicle for 40 years, barely scraping by.
0:37.0	Whether you're looking to get your financial house in order, invest the money you already have, or discover news for Wealth Creation, you're in the right place.
0:45.9	This show is for anyone who has money or wants more.
0:48.9	This is the Bigger Pocket Money Podcast.
0:51.7	How's it going everybody? I'm Scott Trench, and I'm here with my co-host and Mindy.
0:55.0	How you doing today, Mindy?
0:56.0	I am doing fantastic, Scott. I am super excited for today's show because the Financial Mechanic is our guest today and she has a lot of really
1:05.2	amazing things to say. Yeah I think this is a great story and it's just a lifetime
1:10.9	of really good sound decision-making and being good with money and it's just
1:15.2	enabled her to become really wealthy at a really young age and she's going to fire by what
1:21.1	30-32 really conservatively so extremely conservatively and I want to jump in and head off any of the internet retirement police and well you know what internet retirement police isn't the right one I want to
1:33.8	head off anybody who is going to say oh well she's young yeah she's young this is
1:38.5	an interview with somebody who is just making every right decision and you people are going to say, oh, well,
1:44.8	she makes so much money.
1:46.2	Yeah, she purposely makes so much money.
1:49.7	She designed a career, she designed a college path so that she would have a degree that
1:55.8	would allow her to make a lot of money. I don't think there's anything wrong
	...

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