Build a Business in the Military and Know When to STOP Saving for FIRE with Justin Peters #249
Everyone tells you to save more, but when should you save less?
Spencer talks with Justin Peters, host of the FI Minded podcast, about the heretical side of personal finance: dialing back your savings rate once you've won the game, and enjoying the money you worked for. They also dig into building a business while serving, from landing your first client to pricing, pivoting, and staying human in the age of AI.
Questions Asked:
- When does it make sense to decrease your savings rate?
- What monthly, quarterly, or annual money reviews do you run?
- How do you advise wannabe entrepreneurs to actually get started?
- How did you get your first client?
- How should people build side hustles in the age of AI?
Topics Covered:
- When to stop saving: career breaks, moves, pre-retirement, and reaching Coast FI
- Military-specific cash moves: separation, retirement, and commissioning (plus Career Starter loans)
- Security over optimization once you've built wealth
- Tracking spending and net worth (Monarch Money, YNAB, or a simple spreadsheet)
- Aligning spending with your values, and catching fraud or unused subscriptions
- Starting a business: sell first, skip the busywork
- Pricing strategy: raise prices until you hear "no"
- Never compete on price
- Why authenticity and human connection win in the AI era
Resources Mentioned:
- FI Minded podcast (Justin's show)
- Book: I Will Teach You to Be Rich by Ramit Sethi
- Apps: Monarch Money, YNAB
- Related: FI Minded ep. 198 with Jesse Cramer https://podcasts.apple.com/us/podcast/what-to-do-in-your-final-year-before-retirement-e198/id1496701179?i=1000770951756
- Spencer's Fi Minded episode on charitable giving https://podcast.militarymoneymanual.com/mini-retirements-and-sabbaticals-for-military-veterans-or-retirees-with-justin-peters-189/
Spencer and Jamie offer one-on-one Military Money Mentor sessions. Get your personal military money and personal finance questions answered in a confidential coaching call. militarymoneymanual.com/mentor
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In the Ultimate Military Credit Cards Course, you can learn how to apply for the most premium credit cards and get special military protections, such as waived annual fees, on elite cards.
Learn how active duty military, military spouses, and Guard and Reserves on 30+ day active orders can get your annual fees waived on premium credit cards in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual.
