Joney Talks!

Can You Become FI After 40?

In today’s episode, we will speak to my friend Ben from FI after 40.

We connected through Twitter, I read some of his blog posts and listened to some of his podcast episodes and I thought he had a compelling story to tell. Ben discovered the FI (Financial Independence) movement at a later stage of his life (after 40) and managed to turn his finances but most of all his mindset around to work towards his goals.

Ben will share his story with us: How he went from living paycheck to paycheck, even going through a divorce to turn his life around after the age of 40.

Listen here:

…or listen on Apple Podcasts

This episode is for you if you are interested in all things related to Financial Independence but think you are too late to start (hint: you’re not)

Key Takeaways:

• It is easy and comfortable to try to avoid money stress and live as if it did not exist: Living in the moment, being used to pay off a portion of your credit card debt,… The stress of the money will unfortunately not go away and can even lead to dramatic consequences for your household.
• Is it possible to become FI after 40?
  • The younger you are, the easier, but at 40 there are still things that play in your favor: You are in a more stable situation, some large expenses have already been taken care of and you make more –> You can focus on saving/investing more.
  • Retirement is closer and can act as an extra motivator.
• How to get to FI?
  • Focus on debt: Get it out of the way (Don’t be afraid to make unconventional choices).
  • Investing: Retirement savings through a company plan, stock markets, or through Real Estate.
  • Automate investing even if you start off with small amounts.
  • Ben is also looking at House Hacking as we discussed a couple of weeks ago with Andrew. (listen here).
• The most important thing during this process: The Mindset shift.
• Progress is not a straight line, there will be ups and downs on the way there, and as the Fioneers motto says “The journey should be as remarkable as the destination”.

Who is Ben?

Ben is the host of the FI after 40 Podcast and blog at www.fiafter40.com. He lives in New Hampshire in the US and has two young children. His focus is on helping people turn around their financial situation no matter their age. You can follow him on Twitter and Instagram.

RESOURCES 

• Website: FI after 40
• Twitter: @FIafter40
• Instagram: @fiafter40
• Book recommendations: The Princess Bride
• Best purchase under 100 dollars: A Good Chef’s knife!

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