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ChooseFI | Financial Independence Podcast

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 β€’ 5.2K Ratings

πŸ—“οΈ 25 February 2019

⏱️ 54 minutes

🧾️ Download transcript

Summary

A high-earning lawyer with six kids and mounting debt saw no way out β€” 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." β€” Wendy Mace [00:32:01] "High earnings don't equate to financial success without mindful budgeting." β€” Wendy Mace [00:21:40] "Finding community is key to achieving financial goals." β€” Wendy Mace [00:39:25] "Optimizing lifestyle without compromising quality of life is achievable." β€” 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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