Finding Your Perfect Work-Life Balance|Lauren&Steven from Trip of a Lifestyle - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-12-17T08:00:28
In today's episode, you'll hear from Lauren and Steven who write over at Trip of a Lifestyle.
This awesome couple took a six-month honeymoon to Hawaii and that changed everything.They got a taste of traveling on a budget and earning along the way.
We can't wait to showcase how they took control of their work-life balance and living life to the fullest.
Listen, learn, and let us know what you think.Episode Summary
Discovering Financial IndependenceLauren started paying attention to income in college
She worked her way through college with scholarships and jobsThen when her and Steven moved together to California they started talking to advisors
Steven's started getting interested in investing after he started working
They ended up getting sold some really bad investments from a bank investorAlthough it was a bad situation it was a big learning moment
They actually came up with this idea of having investments covering your expenses before formally discovering FIIt was also really helpful that they started early before they had faced lifestyle inflation
The big change for them after finding FI/RE was just saving with more of a purposeThey end up moving back to Florida to take advantage of a free master's program for Steven
This program was based on a requirement that Steven would teach for a bit in FloridaDuring his teaching commitment, they got married and started brainstorming their honeymoon
Long Term HoneymoonThey had a goal of really driving down the cost per day for a Hawaii trip
Instead of a week or two, they would stay six monthsThey bought a used car, rented an apartment, and worked 10hrs per week
When the trip was over, they had broken even and their net-worth actually grewThis trip supercharged their will to retire early
Lauren&Steven were actually more excited about work because they knew what they wanted now
When they returned to Florida they also bought a small condo for cashEven though they owned their house, they brought in roommates to bring in more money
Finding Work-Life BalanceTo enable this type of travel they leveraged their skills to earn money while on the go
Steven picked up some private tutoring jobsThey both also do photography
Lauren negotiated with her employer for a part-time remote job which they agreedWhen they would go on trips after buying their condo, they'd sign short term tenants
Lauren will also help out small business with social mediaAll 61 National parks in seven months
After a period of working after returning from the honeymoon, work started taking a toilThey felt really burnt out and felt like they should just be doing more of this travel
So they came up with this idea of seeing all 61 national parksTotal cost of the trip including van depreciation, healthcare, chartering planes etc was $37k
That's total for two people and seven months
It would have only cost $21k if they skipped a couple of the really remote onesOver that seven month period between side jobs and rent, they earned $37k
So their income matched their expenses while taking an incredible tripYou can get the full breakdown of this trip here
Their SpendingThey have spent $18k-$27k per year
They are comfortable not chasing a specific FI numberLauren&Steven look to continue their side jobs but have no interest in starting a business
Key TakeawaysTest driving FI/RE: Lauren and Steven talk about how their trips are a test run at what financial independence will look like.
Avoid burnout at all cost: It's so important to enjoy the journey on your way to retirement
It's ok to not be a boss: I think it was very insightful that Lauren&Steven would rather use businesses than create one
Call to ActionTake a mini-FI/RE vacation and take some control over your work-life balance.
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Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa