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
Today’s guest, Taylor Mr. FI Guy:
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