Welcome back! Today we interview Sonia from the blog Money For the Modern Girl. We discuss the FI hierarchy of needs, what you need to reach FI in London and how to spread the word of financial education.
We also talk about:
- Debts and mortgages
- Investing strategies
- Uk’s ISA tax regime
- Passive income
- Being an independent contractor
- The commute factor
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Trusting ourselves through financial independence
Sonia moved to the UK 15 years ago, working in digital marketing, and has recently become a UK citizen along with her husband. Like many others, she came in contact with the FI movement through the Mr. Money Moustache blog, but found that the information was quite difficult to adapt to her situation due to the many differences between USA and Europe. She suddenly lost her job shortly after the birth of her daughter, and found that financial trust is a matter of utter importance, and aiming for FI can greatly help in this regard.
FI’s hierarchy of needs
In her blog Sonia develops a very interesting concept, adapting Maslow’s hierarchy of needs – a very well known concept in psychology and marketing – to the financial independence area. It becomes a great way to visualize a path to financial independence and organize it step-by-step, identifying the actions that make the most difference in each situation and helping define what FI actually means for ourselves.
Taking relative ones on board with FI
Sonia’s husband initially was quite dismissive about her research on financial independence and considered it more of a hobby or similar. After some time, she was able to show him tangible results, facts and numbers, and eventually convinced him that a FI goal makes for a very effective strategy to build a lifestyle on. But every situation requires a different tactic, because exposing another person to these concepts can produce different reactions in different people.
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