Frugal Your Way to Financial Independence with Taylor the FI Guy

Taylor is on the way to FI (financial independence). He also likes the idea of retiring early, which completes the acronym FIRE. So he and his wife are putting away more than 70 percent of their income.

Before his journey, Taylor liked saving money. Then met a woman who brought more frugal habits into their relationship – and more income.

He also read The Richest Man in Babylon, which furthered his desire to spend wisely and invest a ton of money for the future.

Taylor get up with 7 siblings in a small town. His upbringing included his mom taking all of them to the mall in order to get all the shopping done in one trip.

His wife, on the other hand, grew up with parents who shopped for the best deal. She will drive to three grocery stores in one day to secure the lowest cost for food.

They started saving 40 percent of their income every year. As they got raises and increased their take-home pay, they kept expenses low so they could increase their savings to 70 percent.

Some of the frugal habits they continue to have are:

• Get great deals on their cell phones and data plans
• Maintain their vehicles and keep them for a long time
• Live in an affordable house

“We try to get the big things right, and then it’s not a decision every single day how to save money.”

They use Mint.com to watch their spending and look for opportunities for where to cut spending.

Taylor does have some single stocks in his investing portfolio. He believes there is some room to pick individual stocks for those who are interested.

This caused a big discussion with our panel after the interview, so make sure you listen all the way through.

 

Our show sponsors

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Today’s guest, Taylor Mr. FI Guy:

You hear the back story of Mr. FI Guy in the interview.

Check out his blog at www.mrfiguy.com
Check him out on Facebook www.facebook.com/mrfiguy
Follow him on Twitter www.twitter.com/mrfiguy

 

Today’s Panelists

Joe Saul-Sehy | Money in the Morning
Miranda Marquit | Adulting.tv
Doug Goldstein | Goldstein on Gelt
Linda P. Jones | Be Wealthy and Smart

 

For a quick bio of each of our show participants, head on over to our panelists page.

Send us your questions for a future Listener Letters episode

 

About our sponsor, BUZZ Index

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Comments

  1. Awesome podcasts. Always great interviews and I love the way you all recap the covered topic. Not sure how Doug G. made the leap from FIRE and the flexibility to “work” in a different way to not giving back to the world. Sounded like it came from left field but maybe Doug G. has insight into the FIRE community that I haven’t seen yet. A good portion of the outspoken leaders in the FIRE community simply talk about building passive streams of income so you can “transition” to doing the most meaningful things in life 10/20/30 years before the normal retirement age (65). That transtion is where the flexibility comes into play. Simply stated, it is about making strategic/focused investment and spending decisions that give you the flexibility to choose what kind of work you do, for whom, and where. Keep up the good work!

  2. Enjoyed the interview but the post-talk commentary was a bit condescending towards the FI community. As some of you pointed out, most people are looking to stop their W2, employed positions to pursue other passions. Many volunteer and do plenty for society without having traditional jobs is what they would argue. Furthermore, for many the point of FI is to find contentment with what they have. They aren’t looking to be “wealthy” in the traditional sense but feel grateful and content with what matters most to them. Maybe you should interview Vicki Robin.

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