Build the Life You Want, Then Save for It. 5 Minute Military Money 9/10 #227

Step 9 in our 10-part series: build the life you want and save for it. Spencer and Jamie step away from the spreadsheet to remind listeners that financial independence is a means to an end — not the end itself. Topics covered:

• Why high savers can lose sight of why they're saving and fall into a "scarcity mindset"
• The danger of grinding toward a 20-year retirement without enjoying the journey along the way
• How Spencer and Jamie made the deliberate choice to spend above BAH in Hawaii — and why it was worth it
• The concept of Coast FI: once you've saved enough, dialing back from a 40% to a 30% savings rate may only push your FI date back by a year
• The transition from scarcity to abundance mindset — and why you'll inevitably spend money on things that don't bring you joy (and why that's okay)
• How to "test" big splurges before retirement: try the business class upgrade once, see if it's worth it to you
• Why spending on experiences now is an investment in understanding what actually makes you happy
• Don't wait until 55 or 75 to enjoy your money — build the life you want intentionally, on the way to FI

Resources mentioned:

• The Golden Albatross by Grumpus Maximus (book on cliff-vested military pensions)

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

Over 22,000 military servicemembers and military spouses have graduated from the 100% free, Ultimate Military Credit Cards Course available at militarymoneymanual.com/umc3

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 like The Platinum Card® from American Express and the Chase Sapphire Reserve® Card.

• https://militarymoneymanual.com/amex-platinum-military/
• https://militarymoneymanual.com/chase-sapphire-reserve-military/

Military Money Manual may receive compensation from JPMC. Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines or hotel chain.

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.

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