I am a voracious reader, but not one to sit down to knock out a book in short order. I usually read books in small doses, reading a chapter or two at a time. However, this book grabbed me from the start and I was totally consumed by ChooseFI: Your Blueprint to Financial Independence by Chris Mamula in partnership with the hosts of ChooseFI, Brad Barrett and Jonathan Mendosa of www.ChooseFI.com.
Throughout the book, the author makes reference to the Canadian-born blogger Peter Adeney of Mr. Money Mustache at https://www.mrmoneymustache.com/ who started writing about FIRE in 2011 and is generally regarded as the expert on this topic and how to leverage frugality to reach and maintain FIRE. Timothy Farris of 4-Hour Work Week fame is also cited frequently for his life hacking advice and how to leverage his expertise in pursuing FIRE and the use of mini-retirements.
I found this book to be extremely organized covering the critical aspects of becoming Financially Independent, both from first-hand experience as well as leveraging the experts in Financial Independence and investing communities. The book effectively highlighted the difficulty most individuals and couples face in their quests for Financial Independence along with effective tools for overcoming the many barriers encountered on the FI journey.
The facet of the book that most resonated with me was the multiple sources sited across the Financial Independence Retire Early (FIRE) community. The author had full access to the historical treasure trove of Podcasts from ChooseFI and cited many guests from these sessions throughout the book.
Above all, the book is an easy read for anyone interested in what it takes to pursue and achieve Financial Independence and does a great job of highlighting what it really takes to become and stay financially independent. He highlights the need to keep your investing strategy simple, stay the course through market ups and downs while being tenacious and patient.
A couple of topics I did not see that I would like to see covered in a future edition:
- The power of self-directed IRA’s when coupled with Real Estate and other types of non-traditional investing.
- Pursuing Financial Independence is more likely to succeed as a team effort with all family members aligned. It would be helpful to highlight the impact of two salary family vs. single income family, selection of the right spouse, and the impact of Divorce/marriage problems in the pursuit of Financial Independence.
I highly recommend this book as it does a great job providing the blueprint to obtain the first level F-You fund then carrying on toward Financial Independence.
To Your FIRE life,