Unless you are much wealthier than me, you can’t literally give someone the gift of financial independence. But you can help set them on the path. To start, what do I mean by “Financial Independence”? There are many opinions about what this phrase means, but Wikipedia defines it as having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others. This concept is often tied to retiring early and the FIRE (Financial Independence Retire Early) movement. Until somewhat recently the concept was completely unknown to me. In fact, a few years back when I estimated what my 401k balance would be at age 65 I came to the conclusion I was saving too much and should cut back. The idea of continuing to invest so I could reach financial independence and retire earlier never crossed my mind. Fortunately, I didn’t cut back significantly or go on a spending spree before I found the Financial Independence (FI) community. I discovered FI through podcasts (see Podcast Recommendations) and this concept has opened my eyes to a world of new possibilities including early retirement, extended travel, reduced stress, and more financial and personal flexibility.

Although I wish I had discovered FI years ago, I’ve always been relatively frugal and I earn a good income, so it hasn’t been too difficult to get on track. But even if you are older or in a financial hole, it’s not too late. As I’ve learned more and made changes in my financial life, I’ve come to see how virtually everyone can benefit from the ideas embraced by the FI community. There are so many simple, yet impactful, things we can all do to save money without sacrificing the things we really care about. And there are so many more techniques you can employ if you are willing to make some temporary sacrifices. So this Holiday Season, I want to share some of the resources I have discovered and encourage all of you to do the same. If you are looking to help someone get on the path to FI, or improve your own financial life, here are some recommendations.

A Free Gift From ChooseFI

ChooseFI is the best podcast I have found for someone pursuing financial independence. They have great guests and provide very detailed technical information, which they are able to translate to actionable tips you can apply. You can check out their website at choosefi.com, read their book ChooseFI: Your Blueprint to Financial Independence, or join the ChooseFI Facebook Group. They recently released a ChooseFI 5-Day Challenge – this is a great introduction for those new to the concept of Financial Independence.

Take the ChooseFI 5-Day Challenge

choosefi.com/challenge

I completed the ChooseFI 5-Day Challenge and very highly recommend it to anyone interested in getting on the path to Financial Independence. Sign up with your email address and you will get access to a new module each day for five days. Each module consists of a 6 to 9 minute video featuring ChooseFI co-host Brad explaining one of the basic steps on the path to Financial Independence. He will give you one to three action items to complete. The action items do no take long, but can be very powerful. Each module also includes useful resources relevant to the lesson. Investing about three hours over five days could change your life. Sign up for the ChooseFi 5-Day Challenge today! And share with your friends!

The Gift of Knowledge: Books

The Simple Path to Wealth, Early Retirement Extreme, and Your Money or Your Life are three books which are widely recommended throughout the FI community. While I haven’t read any of these, the podcasts I listen to draw heavily on their material and reference them frequently. I’ve also listened to several interviews with each of the authors. These books would make a great gift for anyone starting on the path to Financial Independence.

The Military Guide to Financial Independence and Retirement would make a great gift for anyone in the military. The author, Doug Nordman, retired at age 41 after 20 years with the U.S. Navy’s submarine force. He wrote this book for the military and all royalties are donated to military charities. Raising Your Money-Savvy Family For Next Generation Financial Independence is a book Doug Nordman wrote with his daughter to answer the question “How Will Your Kids Reach Financial Independence?” It draws on their shared experience and gives actionable items for your family.

Free Gifts: Podcasts and Blogs

Check out my Podcast Recommendations Page; podcasts are how I do most of my personal finance learning. Below are some blogs that are highly recommended in the FI community. While I haven’t spent a ton of time reading their content, I have listened to each of them on various podcasts and can personally recommend each as a valuable resource for anyone on the path to FI.

• Mister Money Mustache – focuses on drastically reducing expenses and investing wisely; retired from the technology industry in his mid-thirties.
• J.L. Collins – author of The Simple Path to Wealth; recommend starting with the stock series.
• Frugalwoods – a couple who left their urban life and moved their young family to a 66 acre homestead in rural central Vermont.
• Go Curry Cracker – a couple in their thirties who use financial independence to travel the world year round.
• Rich and Regular – a couple who focus a good bit on real estate and seek to inspire better conversations about money.

I have found a wealth of knowledge I believe will truly change my life for the better and I want to share it with everyone I know. I encourage all of you to take some time this holiday season to explore the world of FI. Start with the ChooseFI 5-Day Challenge. If you are already on the path, share these resources and what you have learned. Give the gift of Financial Independence this year.

Happy Holidays!