< DadBodfi >
Crack a Beer. Crack a Joke. Crack the code to Financial Independence.
Beer Selection: Ballast Point ALOHA SCULPIN IPA
We are all big craft brew guys, especially IPAs, so we were excited for this one. Their website calls it a “Hazy India Pale Ale” with “Brux Trois Yeast” that “adds mango, pineapple, and juicy guava notes”. Whatever all that means, I thought it was pretty good. It had a bitter, citrus taste which I like in IPAs. However the draft wasn’t as cold as I would have liked. Taco Mac needs to work on that. Score: 7/10
Sports: NFL Preseason Hall of Fame Game – Chicago Bears at Baltimore Ravens
Bet*: 50 Units on Bears Moneyline (+150) Results: LOSS Total +/-: -50 Units
I always get way too excited for this game. It’s a teaser because the off-season felt like forever and it’s nice to see football is just around the corner. Anyway, these games are hard to predict so I just took the underdog. The Bears were down 7 late in the 4th Quarter and driving. They scored a touchdown with a few seconds left on the clock. Being a preseason game, they went for 2 and the win. Pass attempt sails out of the back of the end zone – game over. Interested to see what happens with Lamar Jackson though, he looked decent.
*Obviously I do not use my own money to bet on sports, I have found over the years that it is impossible to win at this game. You simply cannot outsmart a professional Vegas Oddsmaker. Sure it makes the Akron vs. Middle Tennessee women’s volleyball game more interesting to watch on TV, but in the long-term it will slowly drain your accounts – and at DBF we want to minimize expenses and maximize savings. Instead, I found a website called “SportsPlays.com” where you can watch a couple of ads, and they will deposit $1.00 into your account. If you reach $200.00, they will send you PayPal. I’ve reached this once but it took quite a while. If you lose, you can watch another ad and they will replenish you (free money).
FI (Financial Independence) Topics – Goals for the Group, Books, What to do with our money
With this being our first meeting, we wanted to set clear goals for each of us. We decided that our main goal is to learn from each other’s financial experiences and figure out how we can stay on track to early retirement. We also want to be able to share these experience with the readers, to help them gain some knowledge before making these life changing decisions with their money. We started our journey by listening to a podcast entitled “ChooseFI” and became hooked very fast. We all have very similar family situations and live in the same area, but our financial situations vary quite a bit, which is a good thing.
Another topic we discussed was the value of libraries. I know – sounds boring right? But hear me out. One of us had just recently signed up for a library card (free of charge). The advantages of these are ten fold. This library has children’s story time, adult Yoga classes, and a large bin when you enter entitled “Free Books”. Here we found a copy of “Friday Night Lights” by H.G. Bissinger – one of the all time classics. As an example, this book is $15.95 on Amazon, or $2.99 at GoodWill. That’s a 100% savings wherever you look. Not to mention – libraries can order any book for you to borrow. I am currently waiting on “The Simple Path to Wealth” by JL Collins. Did I mention this all is FREE? That will be one of our key themes – Free or Near Free entertainment.
Home purchasing and mortgages, debt repayment, emergency funds, and investing in pre-tax and post-tax accounts were all topics we discussed. We wanted to come up with an ordered list of where our income should go that will shorten our path to retirement. Here was the verdict:
Our Action Items:
So there it is, Chapter 1 of DadBodFI. We will have monthly recaps of our meetings with other member postings in between. Let us know how you like it and where you may disagree. We also welcome beer reccomendations.
**Yes – this includes the beer we bought for this meeting and I’ll tell you why. One of the main points we discussed was the value of our spending. Does renting a movie on Demand ($5), ordering a pizza ($25), while you play games ($2) on your cell phone ($80/month), bring $112 worth of value to your life? It does not, but paying $15 dollars with my closest friends once a month to discuss how I can shave 15-20 years off of my working life makes a lot of sense. This will be a “fixed expense” from now on.