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FI Garage

FI Garage

Author: @FI_Garage

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The FI Garage opens the toolbox and shows you the tools you'll need on your journey to Financial Independence in Canada.
10 Episodes
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Today on the FI Garage The Economist and The Accountant have a beer with Shane Dillon, author of The Franklin FI. He managed to get himself up at 3:00 am from Malaga, Spain so he could have a beer with us and tell us about his new book. What we’re DrinkingShane – Alhambra Reserva 1925 [1:10]The Accountant & The Economist – Axe & Barrel’s Langford Lager [2:27]Interview QuestionsYou had art exhibited in the louvre? [3:06]Was Photography Leisure or Side Project? [4:20]Where do you currently live?  [4:54]Malaga, SpainBirthplace of Pablo Picasso and Antonio BanderasWhat is your cost of living like? [5:50]One month of rent in Malaga= 10 months of rent in San FranciscoWhat was your inspiration for FIRE? [6:40]Treating life like a Human CorporationTracking Profit and Loss, Savings rate, etc.You took some time off for travel? [8:10 and 10:08]Wasn’t happy at workBackpacked across South AmericaWhat is your favorite investment vehicle? [9:10]Start investing with a littleIndex Funds are hard to beatYou had a second career? [11:20]The travel bug bit you again [12:40]Biked across the USA – learned what you need to be happy when carrying 2 bags for 4 monthsMoved to EuropeWhen did you start on The Franklin FI? [14:15]Going to write 3 pages per day and end the summer with a novel.Breaking large goals down into simple tasks.Feel fulfilled after achieving simple goals.Finished first novel in first 60 days.2 novels finished and plan to write 3rd this summer.Tell us more about the actual book?The Franklin Fi: A Personal Finance Adventure for Next Generation InvestorsIs the idea you presented in the book for how a young person might get their first job with an ideal career path resume based on your own experience? [18:32]Tell us a little more about the characters, especially Sam Smooth and his similarity to Denny Crane? [21:03]Why did you want to write a book for young adults? [22:05] Average college student graduates with $40,000 in debt and it takes 21 years to pay off.70% of Americans are living pay cheque to pay cheque.80% of Americans die with some kind of debt.
Show notes for episode #7In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and discuss their transportation choices and expenses. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. Beer #1 – Cutthroat Westcoast Ale – Brewed & Bottled in Kelowna by Tree Brewing Co [0:45]What’s in the News? Cost of Living Rising in B.C. [2:40] Look at insuring for less than a year expiring before August so you can insure for a full year before the new rates come in – do your own research and satisfy yourself this a right for you [3:25] Transportation ChoicesShorten Your Commute [5:05]Recapturing commute time [7:25] Public Transportation [8:15]Carpool [9:50]Poparide [11:15] Self Propelled Transportation [13:45]Scooter [15:10]Carshare [17:30]ModoCar2GoPlanning your route for errands [18:30]Taxi/Rideshare [21:15]Be conscious of your transportation expenses [29:10]Hypermiling [29:30]2nd Beer – Function Junction Northwest Pale Ale Brewed & Bottled in Whistler by Whistler Brewing Co [25:00]Reading List Your Money or Your LifeStupid Money Move [31:15] – Not Having Reasonable ExpensesFears of a market drop cloud retirement plansCase Study: How Not to Retire on 3.57 Million (Financial Uproar) [33:25] Recent Posts What’s in the Accountant’s Wallet? [34:25]
Show notes for episode #6In this episode, the Mechanic, the Accountant, and the Economist begin tackling the huge subject of transportation costs. We’ll sample a few new beers as usual too. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. Beer #1 – Sweet Leaf IPA – Brewed & Bottled in Duncan by Red Arrow Brewing Company [1:11]What’s in the News? Longtime FIRE member, Kevin O’Leary, getting FIRE all wrong [1:59]Freedom 101 – So I’ve Retired Early – Now What? [3:36]Minimizing Vehicle ExpensesDIY repairs [6:50]Going to the dealer while under warranty: might not be mandatory, check your warranty and document [40:05]Making Smart Buying Decisions [11:40] Negotiation Tactics [17:50]Lemons and Getting the Car Checked Out [21:40]What to Watch Out for When Buying a Used Car [36:10] Budgeting for Maintenance [37:57]Insurance [44:45]When to Get Rid of a Car [48:10]The Money Mechanic’s Jetta [43:49]:2nd Beer – Devil’s Elbow IPA Brewed & Bottled in Squamish by Howe Sound Brewing [31:00]Seinfeld – the Michigan Deposit Bottle Scam [34:40]Reading List Ninja Budgeter – 15 Simple Car Maintenance Tips [35:20]Ninja Budgeter – How to Buy a New Car (Without Getting Screwed)
Well the Financial Independence Garage finally got their collective technical shit together and lined up an interview! Today we are very excited to welcome Chrissy to the show. Chrissy is a Canadian and the author at eatsleepbreathfi.com where you will find a collection of great articles and her FI School series.We chat about what inspired her to join the FI community, favorite books and lots more about working towards FI in Canada. Enjoy the interview.FI garage podcasts can also be found on your favorite audio service including:
Show notes for episode #5In this episode, we tackle the #1 expense in most peoples month spending. Housing costs, and how both renters and owners can reduce and save. As usual the Mechanic, the Accountant, and the Economist sample a couple of beers. This week we’re trying some ‘low cost’ options. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. If not, welcome to the movement! Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. Beer #1 – Bowen Island – West Coast LagerWhat’s in the News? B.C. man builds ‘home on wheels’ to find personal, financial freedomWays to Minimizing Your Housing ExpenseRent out part of your house (including parking or storage) Beware of Lifestyle Creep – evaluate your needs and don’t let your wants drive your housing decisions (purchases) Consider Renting vs BuyingAirbnb when you are away – Generating Extra Income With Your Home by The EconomistHouseswapGet roommatesDownsize / rent a cheaper placeNegotiate rent reductions for services provided or long term leasesDIY your home maintenance expenses (look on YouTube for assistance)Sourcing used or leftover building materialsNegotiate good mortgage termsSaving money with a variable rate mortgage but keeping the difference in payments in an emergency account.Homestay students, here is Chrissy’s storyPut in a suite to generate extra income Alternative Housing (Tiny House, Converting Vehicles) like the Mindful ExplorerShow Note ConfirmationsWe found a good article on Implicit Rent or Notional Rent or Imputed Rent here. It is taxed in Switzerland as well as a number of other countries and should be considered by owner-occupiersHere is an article on the updated tax changes in the US. The mortgage interest deduction rules weren’t fully eliminated but they were reduced. 2019 Tax ChangesRegarding the solar argument (1) BC Hydro net metering program has changed.
Show notes for episode #4In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and discuss how they have decided to invest within the limitations of the Canadian investment system. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional.Beer #1 – Snowblind – Brewed & Bottled in Fernie by Fernie Brewing Co.What’s in the News?Sudden new B.C. Government Rules Aim to Stave off ICBC Insolvency California Engineer Loses $422,000 in Life Savings after Using QuadrigaCXMan Lost $127 Million Worth of Bitcoins and City Won’t Let Him LookInvestingBrokerages: Canada’s Best Online Brokerages 2018 Comparison Tool Canada’s Best Online Brokerages 2018QuestradeWealthsimpleTD Direct Investing Index Mutual Funds
Show notes for episode #3 In this episode, the guys in the FI Garage sample some fresh beers and discuss how to locate yourself on the path to Financial Independence by assessing your knowledge and analyzing your financial situation with our Canadian twist. We outline the directions you’ll need to take on the way to FI. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. Beer #1 – Juicy Juice – Brewed & Bottled in Qualicum Beach, BC by Loveshack LibationsWhat’s in the News? The Mechanic has been finding new friends on scoial media:Late Starter Fire – Great FIRE blog from Australia. We talk about her article, ‘Why 40’s is the PERFECT time to pursue FIRE’.Financial Mechanic – Absolutely not related to Money Mechanic, however, another good blog out of the USA. We talk about her article about ‘On Love and Money—The Mechanics of Shared Finances’.Locating Yourself on the path to FIFind motivating and educational content (figarge.ca)track your spending: TD Myspend, spreadsheets, Mint, YNABMad Fientist Tracking Tools track your net wealth: Wealthica, Personal Capital (US only) MMM Article – How Rich are You Set goals so you can start walking the path.It’s an uphill path but the path gets less steep as you go2nd Beer –  
Show notes for episode #2 Financial Independence Retire Early. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and build on their first episode by discussing how to get on the path to FI. We outline the directions you’ll need to take on the way to FI. Beer #1 – Czechvar Original – Brewed & Bottled in Ceske BudejoviceWhat’s in the News?– https://www.cbc.ca/news/business/heloc-debt-fcac-1.4978987 – 25% of respondents said they pay interest only – Only half of respondents knew basic facts about the terms of HELOCs – Over 3,000,000 Canadians have a HELOC, average of which is $65,000 – http://www.victoriabuzz.com/2019/01/the-average-british-columbian-thinks-they-will-need-1-07m-to-retire-poll/ – Average Person in BC says they need $1.07M to retire – 51% of the 2,000 people surveyed in Canada felt they would never have enough to retire How to get on the path to FIEducate yourself – FIgarage Blog Roll,Tracking Spending – mint, personal capital, YNAB Reducing Spending – 40 Ways to Save MoneyPaying off debt, Tackling Debt – Debt AvalancheSetting Goals –
Financial Independence Retire Early. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and have a discussion about what FI is and what it means to us. It’s a philosophy you can action now to improve your personal finances and ultimately improve your happiness.Show notes for episode #1 January 15th, 2019Beer #1 – Yellow Dog Hazy IPANewshttps://www.ctvnews.ca/world/woman-drinking-wine-from-pringles-can-banned-from-walmart-1.4252340EatSleepBreatheFI.com The Why of FIFreedom from consumerism and the rat raceTime is the most important thing –Your money or your lifeThis is also a lyric in Last Night by the Traveling WilburysMake your money decisions wiser, so your money goes further and makes you happier FI isn’t just about quitting your job, it’s about designing the life you want.FI is a mindset, the decision to use math for everything.FI isn’t about being so frugal you live a deprived life, it’s about making smart decisions with your money.Choose FI – Pillars of FI World’s youngest FIRE.Beer #2 –  Vancouver Island Hazy IPAStupid Money MovePaying too much for cell phones, the fact that people are paying almost $100 per month for the exact same services they can get for $50 or lessRecent PostsHello, Telco Calling Overpaying for cell phones We’re new to this podcasting thing so we
Intro to the FI Garage

Intro to the FI Garage

2019-01-0800:04:39

Here to tune up your finances are the Mechanic, the Accountant and the Economist.
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