Adoption, FFLC & the House of FI | Wendy Mays

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Business, Investing, Careers

4.8 • 5.2K Ratings

🗓️ 25 February 2019

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A high-earning lawyer with six kids and mounting debt saw no way out — then discovered a community that changed everything. Wendy Mace was making excellent money as an attorney but had nothing to show for it. With six children, including four adopted, she felt trapped between a demanding career and her family's needs. After finding the financial independence community, she and her husband Curtis slashed their monthly expenses from $2,500 on food alone down to $1,000, eliminated unnecessary costs, and shifted to more sustainable income through real estate. Now they're seven and a half years from complete financial freedom. Key Topics & Timestamps [00:00:41] Wendy's Background and Struggles Initial struggles as a lawyer managing a large family and transitioning to the concept of financial independence. [00:05:03] Adoption Journey and Family Expansion The complex journey of adopting four children and its impact on financial decisions and lifestyle. [00:21:40] Budgeting Tips Drastic reduction of expenses from $2,500 on food to $1,000. Implementing effective budgeting strategies and eliminating unnecessary costs. [00:36:18] Future Plans Goals for financial independence in seven and a half years. Plans to sell their home and become renters to reduce expenses further. [00:44:15] Hot Seat Questions Rapid-fire questions, sharing experiences and advice. Actionable Takeaways Craft a manageable budget: Identify areas of unnecessary expenditures to increase savings. [00:21:40] Explore low-cost adoption options: Consider adopting through the foster care system as a financially feasible path. [00:43:20] Reduce monthly expenses: Look for essential expenses that can be optimized or eliminated. [00:27:01] Notable Quotes "Feeling trapped in debt made me realize the need for drastic change." — Wendy Mace [00:32:01] "High earnings don't equate to financial success without mindful budgeting." — Wendy Mace [00:21:40] "Finding community is key to achieving financial goals." — Wendy Mace [00:39:25] "Optimizing lifestyle without compromising quality of life is achievable." — Wendy Mace [00:33:40] Related Resources House of FI Podcast: houseoffi.com [00:43:20] J.L. Collins' Book: jlcollinsnh.com [00:12:30]

Transcript

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0:00.0	Your listening to Choose Appi Radio.
0:09.6	The blueprint for financial independence lives here.
0:20.4	If you're looking to unlock the secrets to financial independence and early retirement,
0:25.4	you're in the right place.
0:27.3	Stay tuned and join a community of like-minded people who are getting off the answer.
0:32.2	And taking control of their lives in the pursuit of financial independence.
0:36.3	Choose FI, your home for financial independence online.
0:43.2	Alright, I'm super excited to dive into this week's episode and talk with one of my favorite
0:55.2	people, Wendy Mays, who I actually have known now for a little bit over at least over
0:59.3	a year in internet life.
1:00.6	That is like, that's like a decade.
1:01.8	We're old friends.
1:02.8	But really, this episode is going to be so much fun.
1:04.8	We're going to get to dive into some really cool concepts.
1:06.8	One of the things to me, there's two things about Wendy's story that's fascinating.
1:09.8	And that is one, pursuing financial independence with a large family.
1:13.8	This is something that's very easy to say, well, financial independence only works if you
1:17.9	are two individuals making high incomes and you don't have kids.
1:21.1	When you have kids, all this goes out the window.
1:23.4	Wendy is crushing this game and is on the path to financial independence with not one
1:27.4	or two kids, but actually with a tribe of six children.
1:31.0	And her story just has so many actionable details because the strategy does change.
	...

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