< DadBodfi >
Crack a Beer. Crack a Joke. Crack the code to Financial Independence.
Beer Review - Guinness Draught - Guinness Brewery, Ireland
It's officially Guinness Season. The only time of the year that I drink Guinness is when the temperature drops below 50 during the holiday season. There is something about coming home from a family walk after being all bundled up and enjoying one of these. I love the experience of pouring the tall can into a pint glass, hearing the that nitrogen filled capsule roll around, and watching the light brown color turn dark as the beer settles. It's all about the experience. Official Score (During Winter): 9/10
in-sourc-ing (noun) - Doing shit on your own rather than overpaying someone to do said shit
(Official DadBodFI Definition)
Insourcing is one of the staples in the financial independence community. After all, we do not say financial "dependence". Since I have started my path to FI, I have done everything in my power to mitigate expenses. This includes the monthly necessities like groceries and utilities - but also the variables such as unexpected home repairs or projects.
The picture above was taken after my wife and I redid our staircase. When we first moved into the home, the stairs had an olive green, floral design, plush carpet. It was the first thing you saw when you walked into our home. We knew we needed a change. After researching flooring contractors and looking at pricing for such a task, we decided to try it on our own. We have always loved doing smaller projects together but nothing on this type of scale.
We put the kids down one night and got to work. First we used utility knives to rip up the olive carpet. Under that beauty was hardwood with no less that 200 staples that a trusty pair of pliers pulled. Then we took a palm sander to smooth the surface and filled the gaps with expansion foam. We applied a few layers of paint and some anti- slip additive. Our finished product looked amazing and we had done this all on our own. This project taught us four main benefits of incourcing:
1. COST SAVINGS - This is quite obvious. You will spend substantially less when you do something on your own. There are no labor costs, just materials. Go check your last plumbing bill. They charge around $200 an hour for parts/labor. In 2017 I paid $227 to have my shower cartridge replaced. This year I did my own for a total cost of $12.
2. QUALITY TIME - As I mentioned earlier, my wife and I enjoy doing projects together. We interact much more when we are building a table vs. watching Netflix. My son is even starting to help my with small projects.
3. KNOWLEDGE - This is priceless. Once you master a household task, you will own that skill forever. Every time I complete a new project or fix, I add it to my list. By the way, you can find ANYTHING on YouTube these days, so there is no excuse for not knowing.
4. SENSE OF PRIDE - I cannot help but feel a sense of accomplishment when I do something on my own. Even if I build something that looks terrible or fix something that should be thrown away, I feel still good about it. A small reminder that you can really do anything if you work at it.
Now we insource whatever we can and we're saving a TON of money. Here's a small sample of what we saved recently:
So before you call someone for a quote on your next leaky sink repair or deck addition, try it yourself. You'll be happy you did.