Goal Setting for 2026
Description
A 70% savings rate while buying a house? One listener proves it's possible — and their story is just one of many that'll make you rethink your 2026 financial plans. Brad and Jonathan turn over the mic to the community in this mashup episode, featuring listeners who called in with their goals, pivots, and breakthroughs for the year ahead. From creating local FI meetups to engineering a career transition into Barista FI, these real-world voices reveal what's working, what's changing, and where the rubber meets the road on the path to financial independence.
Key Tactical Takeaways
- Engage Locally: Create or join local FI community events to foster connections and support.
- Utilize TrueCar: Leverage the TrueCar platform to compare prices and negotiate car purchases effectively, potentially saving thousands.
- Practice Intentional Saving: Adopt strategies such as meal planning to reduce grocery costs and enhance savings rates.
- Set Clear Goals: Identify specific savings rates and actionable steps to strategically reach financial independence by 2026.
Core Rules & Formulas
| Rule/Formula | Description |
|---|---|
| 70% Savings Rate | Aim for a 70% savings rate while planning for major expenses (e.g., home purchase). |
| 30-Day Savings Challenge | Undertake a 30-day challenge to identify and cut 10% of discretionary spending. |
| Rule of 72 | To estimate how long it will take for money to double, divide 72 by your expected annual return (e.g., 72 / 8% = 9 years). |
| Lean FI Budgeting | Calculate what your essential annual spending would be to identify your lean FI number (expenses × 25). |
Tools, Accounts, or Strategies Mentioned
| Tool/Strategy | Purpose |
|---|---|
| TrueCar | Price comparison tool for car purchases |
| ChooseEvent | Platform for creating and joining local FI community events |
| Sinking Funds | Allocate specific savings for future purchases (e.g., cars) |
Resources & References
Clear Calls to Action
- Join Your Local FI Group: Create an account at chooseevent.com and get involved in local meetups.
- Start a 30-Day Spending Challenge: Commit to tracking and reducing your spending by 10% for 30 days to boost your savings.
Chapters
- 00:00:00 Podcast Introduction
- 00:00:46 Cohost Experiences at Camp FI
- 00:12:29 Voicemail Discussion Begins
- 00:13:13 Sam's Goals for 2026
- 00:22:17 Jenny's Goals for 2026
- 00:25:37 Dan's Transition to Barista FI
- 00:47:14 Wilson's Career Pivot
- 00:59:09 Closing Thoughts and Calls to Action
Terminology
| Term | Definition | Timestamp |
|---|---|---|
| FI | Financial Independence. A state of having sufficient personal wealth to live without having to work actively for basic necessities. | 00:00:00 |
| Barista FI | A financial independence strategy where individuals work in part-time jobs that may provide fulfillment rather than financial necessity. | 00:31:02 |
| Coast FI | A concept where individuals have saved enough to let their investment grow without contributing again until retirement. | 00:32:07 |
| Lean FI | A stage where individuals minimize expenses and live on a stripped-down budget, aiming to reach financial independence. | 00:39:41 |
Notable Quotes
"Saving money isn't deprivation, right? They are saving money very intentionally to buy their freedom." — Jonathan (00:19:06 )
"Create your local FI group and connect with like-minded individuals to achieve goals." — Brad (00:14:36 )
"Pursuing personal dreams like traveling to Japan enriches the FI journey." — Jonathan (00:52:56 )
Support the Show
We work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
United States
