I’ve always been frugal – savings is in my DNA! No splurging on clothes, no Lu-Lu lemon or designer threads. I don’t get giddy about shoes, have worn the same Target flats for the past several years and will most likely wear them until the soles wear out. No expensive makeup or beauty products, in fact don’t wear anything but Burt’s Bees face lotion and sunscreen. My hair cuts are few and far between and don’t include coloring, and pedicures are an annual affair (and in my opinion, take too long). On vacations, we try to pick Airbnb’s that have kitchens, so we can eat breakfasts and a few meals in, while still enjoying the wonders of being in a new local.
Why do I feel the need to refrain from indulging in any of the above? Multiple reasons, including that I’d rather spend my time outside doing something badass then in a beauty salon, but mostly because I’d rather spend my money on more meaningful things. Things that will give me experience and will add to my overall happiness. With this mindset, and the aggressive saving of more than 40% of my income, I have been able jump fully into real estate feeling comfortable not having that W2. It’s taken years though….and much of the above frugalness.
Please do not mistake this admittance as judgment. The more I dive into the glorious world of personal finance, I’m constantly reminded that it is just that. Personal. What you choose to spend your money on is entirely, and rightfully, up to you. But have you ever considered the notion of exchanging an hour of your time chained to your desk for that item? Leading up to leaving the corporate world, I became accutely aware of this notion of income being tied to your time. And one of the things that allowed me to explore these very thigns was my badass financial group: The Money Minded Mavens.
The Money-Minded Mavens hatched out of conversations with several of my girlfriends out in Colorado, girls who are like-minded, outdoorsy, and had one goal in mind: to share information, tips, research about all things financial. Now, this is not a ‘hey, how much money/debt/investments do you have?’ kind of group. It is a circle of trust formed to empower each other, dive into the intimidating world of index funds, HSA’s, tax deferred accounts, hold ourselves accountable for moving the needle towards Financial Freedom, FIRE, and working towards being debt free.
These are concepts we dive into each month, bringing our own perspective, takeaways, insight and experience. Each member of the group came with different goals in mind, unique life perspectives and positions (some married, some with kids, some who rent, some own), but we all had the desire to learn more. One of my best girlfriends, Janine, has been on the frugal path for quite a while, and has been a dedicated Mr. Money Mustache fan for years, and really helped make the group a reality.
For those who are not familiar, and don’t want to dive into the Mustachian madness, he is THE FIRE Guru, a man who retired at 30 by living frugally, investing aggressively, and thinking about the world with an efficient, non-spending mindset. The principals and practices he writes about often align with how I’ve lived my life, how the girls in the Money-Minded Mavens are living theirs. But he has only been the tip of the iceberg! The number of mentors, financial ninjas, Retired-Early podcasters I’ve been introduced to in the past few years (our first meeting was in October 2018) has been motivating beyond my wildest imagination. The conversations held in our group have led to life-altering decisions, eye-opening discoveries, jaw dropping realizations.
Ready to start your own financial group? Here are a few steps to get you started….
- Reach out to friends, family, people in your network who you think may be interested. It’s good to have different perspectives, so don’t limit yourself to those in your income level/on your career path.
- Create a list of topics you’d like to delve into, questions you have about finances, investing, real estate, building wealth, savings….anything money related is game!
- Each month, select a group member to lead that month’s meeting – they get to pick a topic of interest, pass over articles, podcasts or audio books that go into said topic. You can even invite guests with specific expertise to speak on the topic
- Everyone does their homework and gets together on the agreed upon date to discuss.
This type of information sharing has proven, for me, to be absolutely life changing. I highly encourage you form your own group & get your mind on your money! Would love to hear how it goes if you do form your own group!