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ChooseFI | Financial Independence Podcast

Your Real Hourly Wage and Savings Rate Calculation

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.85.2K Ratings

🗓️ 20 December 2019

⏱️ 59 minutes

🧾️ Download transcript

Summary

Most people never calculate what they actually earn per hour — and that blind spot is costing them years of freedom. Brad and Jonathan unpack a mashup of listener questions and key concepts, from the hidden math of your real hourly wage to why a $2-per-person meal plan can unlock thousands in savings. They revisit Kim's story (episode 158, "The Rescue Ladder Out of Poverty") and explore how mentorship and education can break the cycle of poverty. Along the way, they check in with Cassandra's debt-free success story and field questions on savings rates, budgeting, and mindset shifts. If you've ever wondered whether small changes actually matter, this episode lays out the numbers. Chapters 00:00:00 Introduction and Recipe Discussion 00:00:53 Interview with Kim 00:06:41 Impact of Mentorship 00:15:30 Understanding Real Hourly Wage 00:23:27 Savings Rate Importance 00:45:03 Cassandra's Success Story 00:57:10 Conclusion and Book Drawing Key Concepts Real Hourly Wage The actual income earned per hour after accounting for all expenses and time spent working. [00:16:14] Savings Rate The percentage of an individual's income that is saved rather than spent. Understanding and improving your savings rate is crucial for reaching financial independence. [00:29:10] Budgeting Recipes Having a meal budgeting anchor point of $2 per person can lead to significant savings. [00:03:35] Notable Quotes "Leverage others' experiences to pave your own path." [00:06:29] "Education can be your key to breaking free from financial struggles." [00:07:01] "Understanding your true hourly worth can transform your life." [00:16:34] "Your mindset shapes your reality." [00:54:42] "Minor adjustments lead to monumental outcomes." [00:42:24] Action Items Apply budgeting strategies to discover your meal cost anchor point. [00:03:35] Calculate your savings rate using the provided resources. [00:28:54] Evaluate your real hourly wage to make informed financial decisions. [00:16:34] Related Resources Your Money or Your Life [00:16:34] ChooseFI, Your Blueprint to Financial Independence [00:57:19] Related Episodes Episode 158: The Rescue Ladder Out of Poverty [00:00:53] Episode 147: Salary Negotiation Strategies [00:50:08] For more community updates and resources, visit ChooseFI.com.

Transcript

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0:00.0

Hello, you made it to the weekend. Welcome to the ultimate crowdsource personal financial. This is your Friday round

0:06.3

You're listening to Choose FI radio

0:10.9

The blueprint for financial independence lives here

0:21.5

If you're looking to unblocked as secrets to financial independence and early retirement

0:26.6

You're in the right place. Stay tuned and join a community of like my people who are getting all fans to

0:33.1

And taking control of their lives in the pursuit of financial independence choose FI your home for financial independence on life

0:41.8

All right, we're gonna dive into this past week's episode with Kim from the frugal engineers that episode if it was titled the rescue ladder out of poverty

1:01.1

I think was one that needs to be heard by the universe

1:05.0

So I hope first of all that if you haven't yet listened episode 158

1:08.2

You will start there that episode will make your life better and it's something that even if you don't necessarily need it at your stage of life

1:14.8

I guarantee you that you know someone that does and you should share it with them

1:19.7

So really excited to dive into this and to help me with this. I have my co-host Brad here with me today

1:23.6

How you doing buddy? Hey Jonathan? I am doing quite well

1:26.0

And yeah, I cannot wait to talk about this episode with Kim

1:28.8

But first I wanted to compliment you on a new recipe that you've introduced and shown me and now it's

1:37.1

I think this is in our top 50 less so tell the world about the bear at top 50. That's amazing

1:42.6

We might not even be number 40 more 49 we might have cracked the top 30. I think it's that good right is it is delicious

1:48.4

So I was given a recipe a while back for a vegetarian enchilada. So this is a meatless dish

1:53.4

It does have cheese because come on cheese

1:56.1

But it is amazing. So it's a sweet potato enchilada

1:59.1

And I think it was actually initially shared with us by Allison Goddard who we interviewed way back a belief episode 83

2:05.4

I'm sticking away that we'll come back and buy double check Jonathan. It was 86

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