You can afford anything but not everything. Every choice that you make is a trade-off

against something else and that doesn't just apply to your money. That applies to your

time, your focus, your energy, your attention. That applies to any limited resource that

you need to manage. And that opens up two questions. First, what matters most. Second, how

do you align your decision making around that which matters most? Answering those two questions

is a lifetime practice and that is what this podcast is here to explore and facilitate.

My name is Paula Pant. I am the host of the Afford Anything Podcast. Every other episode

we answer questions that come from you. And former Financial Planner Joe Salcihi joins

me to answer these questions. What's up, Joe? Not much, Paula. Just thought we might dive

into some questions today. We have some fantastic ones. Say it ain't so. It is so. I say it

is so. So the very first question that we are going to answer relates to the distinction

between FI and RE and for the sake of new listeners. Different letters. I know, right? For

the sake of new listeners, if this is your first time tuning into this podcast or maybe your

first time tuning into any money podcast, to very quickly define these letters so that

you understand what the caller is asking about. Fire, FI, RE is an acronym for Financial

Independence Retire Early. The FI part financial independence references having enough potential

passive income typically through investments such that you could support yourself or at

least support a bare bones version of your life. That is the traditional definition of

FI. The RE part is one of many options that you might choose if you reach FI. So the

RE stands for Retire Early. And many people once they've built that sufficient safety net

choose to retire early. But FI is the enabler. It is the foundation, the financial foundation.

And RE is one of many options that follow upon reaching FI. So with that context established

...