Episode #11: How to Become Financially Independent and…Fulfilled?

Jerry and Maria Smith are a fantastic couple pursuing financial independence in Canada. Jerry is an engineer while Maria is a full-time teacher. They are accompanied by their one-year old daughter on this journey to financial independence. Their pursuit of financial independence started 5 to 10 years ago. They prioritized their money to buy their freedom. They have managed to pay off all their mortgages and at the same time, travel and enjoy their lives. Maria has her blog, "Handful of Thoughts", a place where she shares her journey on being a financially independent mamma. Highlights of the show: Why having a child and the “pause” of COVID-19 has altered their view of financial independence for Jerry and Maria?How their perspective of time and money is changingHow they paid down their personal mortgage in 5 years and still traveled!How the concept of financial independence has change how they spend their moneyHow the pursuit of financial independence is not just about eating rice and beansSteps you can take to join the financial independence journeyHaving a strong WHY keeps you focused on your journeyHow Maria convinced Jerry to pay off their mortgage in 5 years!How this couple has been able to create a healthy money relationship togetherWhat benefits they experience from “consciously” spending their money on things that align with their valuesHow they travel “hack” to dramatically cut their travel costWe explore their past money stories and the impact they play on their lives todayHow they deal with “money control” to maintain a health balance in their relationship Take Aways: Financial Independence “From a number to what will fulfill us ” Jerry“We don’t want to live like everyone else” Maria“How the pursuit of financial independence is not just about eating rice and beans” Maria Maria: Maria’s Blog: https://handfulofthoughts.com/ Money Motto: “Do today what others won’t, so tomorrow you can do what others can’t” – Maria & Jerry Books: Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike MichalowiczYour Time of Life by Vicki RobbinsThe Wealthy Barber: The Common Sense Guide to Successful Financial Planning by David Chilton Wealthing Like Rabbits: An Original and Occasionally Hilarious Introduction to the World of Personal Finance by Robert BrownThe Simple Path to Wealth: Your road map to financial independence and a rich, free life by J L Collins and Mr. Money Mustache Details Notes: Jerry and Maria explain what financial independence means to them [02:20] Maria gives the official definition of what financial independence is [04:00] Jerry gives his opinion on how to live a happy life, and how to balance working hours and money [06:14] Jerry explains how "mindset shift" works, and how to change the " I can't save millions of dollars " attitude [12:51] Jerry and Maria share their "financial why", the reason why they make money [17:15] Jerry explains how he and Maria took the decision to save up and pay off their mortgages [18:38] Jerry and Maria share the measures and tactics that helped them make mindful decisions about money [23:00] Jerry and Maria share their individual money stories [26:48] Maria and Jerry discuss their communication strategies, and how Jerry's mother being the breadwinner of the family influenced his character [36:03] Maria explains how they developed their individual roles inside family, and how they manage to communicate effectively [39:27] Maria explains what financial planning is for her, and how they have managed to propel themselves to financial independence [43:41] Maria explains what is more important, simply saving money or understanding the technical nuances involved in that process [47:45] Jerry and Maria explain how their "monthly checkups" helps them to improve the control over their money [52:07] Maria explains the reason why people become stressed about money [54:42] Maria and Jerry explain the 3 things that they are bound to look back in life, which will make them feel happy about what they did [56:44]