Yes, I also recommend finding a better savings account. We use a local credit union for our checking and keep at least $2000 in there at all times in case of an urgent emergency that we need cash for right away. Also, the convenience of a local branch, plenty of ATMs around is nice. The rest of our emergency fund is in an online only high yield savings account (Ally Bank) that we can easily transfer to our checking within a couple days.

1. Have you confirmed that you’re maximizing your tax deductions? Mileage, square footage for your office, etc. I have a full list I can send you so please ask Mrs. FW for my contact information if you’d like. Here’s a good list to get you started.

2. Do you have a business credit card? If not, you can do the Chase Business Ink + Chase Sapphire & Chase Freedom Unlimited for personal spend. You can then combine the points from all three and apply that towards flights or hotel, which can offset your travel budget.

Hope those help, best of luck!

Thanks for your insights & all the best for your future endeavours. I agree working for a good cause can be very rewarding.

That’s a fascinating question, Daisy. Thank you for bringing it up. If you’re willing to be a Reader Case Study, I think it would be very helpful for a lot of folks who find themselves in a similar situation. If you’re interested, you can sign-up here.

…and I have no idea why this posted twice (here and below)…..

Apologies.

I appreciate that the money piece is a good problem to have, but it’s also very difficult to talk about. As well, the inheritance wasn’t “good fortune” and I have great difficultly seeing, or framing it that way. The inheritance was the result of losing someone very, very important to me at a painfully young age. Navigating the emotional and financial path after receiving the money has been complicated and I would be very grateful for a conversation if someone is willing to tackle it.

I appreciate your comment, Eric. I have been very hesitant to post this thought, but I would be grateful for posts or case studies that land on the other side of financial independence, or post-inheritance. I am someone who spent a good chunk of her twenties, thirties, and forties counting pennies and embracing the Uber-frugal life – I own a very well-thumbed copy of “The Tightwad Gazette.” A few years ago, in my early fifties, my life substantially changed. The story is complicated (as they often are), but my husband and I inherited a large chunk of money. We were already on a path to be FI by early fifties, but this money was a total game changer. My husband and I have set aside a significant chunk in a donor-advised fund (thanks for that post Mrs. F), and gave a number of family members cash gifts, some large – helping others was, and has been, life giving. But talking about sustaining an intentional lifestyle after a significant windfall of cash doesn’t often happen.

I appreciate that the money piece is a good problem to have, but it’s also very difficult to talk about. As well, the inheritance wasn’t “good fortune” and I have great difficultly seeing, or framing it that way. The inheritance was the result of losing someone very, very important to me at a painfully young age. Navigating the emotional and financial path after receiving the money has been complicated and I would be very grateful for a conversation if someone is willing to tackle it.

Me, too!

Thanks, Jess! I actually spent the hours of 2 to 6 am last night feeling absolutely furious and rotten and out of (financial) control and wishing that I’d gotten to FI before having the brilliant idea to get divorced 😂 but then I woke up and … everything was ok.
Best of luck to you, too.

Hi Danielle!

I feel the same about other case studies!

I incorporated all kinds of habits, like paying more attention to small expenditures and trying to make more money. I also did not go back to the States, did not finish my PhD, and wound up lucking into a super job at an art museum in my small town. But the position got eliminated during COVID, and I haven’t found anything I’m ready to trade my free time for just yet!

My husband and I paid off our house a year or so ago (which was super satisfying and our priority!) and invested in some land. I had more savings but some unexpected health concerns for a family member in the US kind of wiped it out.

I actually feel like my comment above was from a very emotional place haha and yet I think if I’ve learned anything about finances it’s that FI is awesome and financial peace of mind is like having great health. Takes work and can be kind of a pain, but so relaxing in the end!

What’s next is buying my own house, figuring out a new job situation, going back into maximum budgeting mode to pay off the house asap, and trying my best to embrace the transition!

I have also taken a fresh look at money and ways to need less of it as an act of ecological solidarity, and I’m really into the concept of degrowth. I have gotten to the point where I’m less interested in not working and more interested in doing work that treats the climate transition as an opportunity to reevaluate how we spend our time.

That said, FI (like degrowth and frugality and moneyless économies etc) makes it way easier for people to become more politically active, which is awesome! So basically I’d like to do a mix of it all.

Anyhow, my best to you!