Coast FI Case Study Update: Frances | MHFI 246

Doug chats with Frances a year after her and her husband’s initial appearance on the show.  She provides updates on her and Peter’s job situations as well as updates on all things financial – current housing situation, savings & investing strategies, spending, and expense tracking.  Frances also shares some personal updates while asking listeners to provide feedback to some questions that she’s working through.

Listener Questions:

• Continue to dollar-cost-average $10k per month from savings into investments or just do a lump sum?
• With $18k in an emergency fund, is having an additional $40K-$48K in short-term savings practical or too much?  If expenses do come up, is it better to cashflow these items instead of keeping so much in savings?
• Any suggestions for budgeting apps besides Monarch Money?
• Looking for a crossover or hatchback with lots of trunk space, 30K-40K miles, ideally $15K-$20K ($30K max), preferably a Honda or Toyota but doesn’t seem to be many options out there.  Okay to buy a new vehicle in this situation or stick with something used?  How much is the right amount to spend on a car?

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Links

• Modern Bookkeeping Services
• Frances & Peter on MHFI episode 245
• Ramit Sethi
• Monarch Money
• MHFI Facebook group
• Doug’s site
• Check out Producer Chris’s new blog: Epic Financial Journey

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**Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.**

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0:00 Introduction

5:52 Updated housing situation

12:10 Cash position & emergency fund

17:43 Investments & Frances’ business

24:38 Spending

32:22 Paying off the mortgage & Peter’s job

38:17 Personal updates

45:16 Budgeting & tracking expenses

51:19 Car suggestions