EPISODE · Jul 30, 2024 · 59 MIN
Unfrugal Habits of the Wealthy, Auto Loans, Insurance - Mailbag | MHFI 226
from Mile High FI Podcast · host Doug Cunnington, Mr. Money Mustache, & Carl Jensen
Doug and Carl answer questions from the Facebook mailbag and read recent podcast reviews. Kristian – I was recently discussing the subject of financial independence with a friend, she sits in the business and entrepreneurial camp, and she has a strong opinion, regarding “having a FI number” as she thinks it is limiting my mindset. She often says that she feels like it’s working towards a minimum standard rather than trying to maximize my potential. Do you have any thoughts on this? Brett – Car loan pay-off is $7053; car loan is $446 a month, interest is 2.3%. Have been paying $200 a week to get the car paid off ASAP. Savings is paying 5.5% APY. Should I continue paying the car off ASAP or would it make more sense to just pay the monthly payment due to the savings APY? Molly – I drive a really beautiful and sleek 2008 Honda Civic. My insurance keeps creeping up. I just spoke to the agent and I could raise my deductible to 1K or 2K for modest savings, but the 5K deductible gets me to around $60 a month. I like the sound of that – but is a 5K deductible insane? I have zero desire to upgrade my car. I like the older cars that aren’t fully computer chips at this point. What do you guys think? Ben – Anyone else a very unfrugal FI individual? I like to eat out, I like newer cars, I like new toys. Steven – Vanguard recently sent a letter stating that my Solo 401k is moving to Ascensus. Ultimately it looks like the potential for a couple new fees that I would rather avoid. So with that in mind what would you suggest? Be sure to check out the new GhostBed Massage Topper. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Answering all these questions makes us hungry. Support us over at Buy Me A Coffee so we can afford some Taco Bell. Links MHFI Facebook group Elizabeth on MHFI episode 212 Early Retirement Now Chat GPT analysis for paying off car loan (Brett’s question) BiggerPockets Money podcast EconoMe Conference Downshift Financial Paula Pant/Afford Anything Allison on MHFI episode 220 Jim Dahle/White Coat Investor Reddit, “Huberman struggling with very basic statistical concepts” Reddit, “Vanguard sells their Solo 401k business to Ascensus” CampFI
What this episode covers
Doug and Carl answer questions from the Facebook mailbag and read recent podcast reviews. Kristian – I was recently discussing the subject of financial independence with a friend, she sits in the business and entrepreneurial camp, and she has a strong opinion, regarding “having a FI number” as she thinks it is limiting my mindset. She often says that she feels like it’s working towards a minimum standard rather than trying to maximize my potential. Do you have any thoughts on this? Brett – Car loan pay-off is $7053; car loan is $446 a month, interest is 2.3%. Have been paying $200 a week to get the car paid off ASAP. Savings is paying 5.5% APY. Should I continue paying the car off ASAP or would it make more sense to just pay the monthly payment due to the savings APY? Molly – I drive a really beautiful and sleek 2008 Honda Civic. My insurance keeps creeping up. I just spoke to the agent and I could raise my deductible to 1K or 2K for modest savings, but the 5K deductible gets me to around $60 a month. I like the sound of that – but is a 5K deductible insane? I have zero desire to upgrade my car. I like the older cars that aren’t fully computer chips at this point. What do you guys think? Ben – Anyone else a very unfrugal FI individual? I like to eat out, I like newer cars, I like new toys. Steven – Vanguard recently sent a letter stating that my Solo 401k is moving to Ascensus. Ultimately it looks like the potential for a couple new fees that I would rather avoid. So with that in mind what would you suggest? Be sure to check out the new GhostBed Massage Topper. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Answering all these questions makes us hungry. Support us over at Buy Me A Coffee so we can afford some Taco Bell. Links MHFI Facebook group Elizabeth on MHFI episode 212 Early Retirement Now Chat GPT analysis for paying off car loan (Brett’s question) BiggerPockets Money podcast EconoMe Conference Downshift Financial Paula Pant/Afford Anything Allison on MHFI episode 220 Jim Dahle/White Coat Investor Reddit, “Huberman struggling with very basic statistical concepts” Reddit, “Vanguard sells their Solo 401k business to Ascensus” CampFI
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Unfrugal Habits of the Wealthy, Auto Loans, Insurance - Mailbag | MHFI 226
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