Today’s guest is Chrissy Kay.
- Click above or listen to the episode on your favourite podcast platform here (Apple Podcast, Spotify, Google Podcasts, Stitcher, Podchaser, Overcast, Castbox, etc)
Chrissy is the blogger behind Eat Sleep Breathe FI and previously co-hosted the podcast Explore FI Canada. Chrissy is a FIRE fanatic and loves sharing everything she knows about FIRE, documenting their journey and helping others in their own FIRE journey along the way. Chrissy and her husband both reached FIRE in 2021 in their 40’s. And they did it on one income, with two boys living in beautiful, but high cost Vancouver, BC in Canada.
- What Chrissy’s childhood was like as it related to money and finances, and how her parents set an example for her and her siblings
- Chrissy’s money philosophy growing up
- What sparked Chrissy’s initial interest in pursuing FIRE
- How the reality of being financially independent matched up with her expectations of when she was striving for FI, including some unexpected surprises
- The one house hack that everyone on the journey to FI should consider
- The unexpected benefits of hosting homestay students on her journey to FI
- The key things you should do to build good, strong money habits in your kids
- The importance of building financial literacy and financial conversations into everyday life and modelling good habits
- How learning about delayed gratification is such an important life skill, and one of the best ways to teach it
- Pros and cons of opening up a youth savings account vs. Parent’s savings account
- How to setup an informal trust account to use for investment purposes for your child, including the tax treatment of various income streams on that account
- Avoiding (bad) debt and the importance of teaching our kids
- The distinction between good and bad debt and the conversations we should have with our kids on the difference
- How Chrissy was able to shave years off her path to financial independence by remortgaging her house and using the proceeds to invest in stock market index funds
- What the Smith Maneuver is and how you can make your principal residence mortgage tax deductible in order
- How you can turbo charge your asset base
- Mr Money Moustache
- Canadian Couch Potato
- JL Collins
- EQ Bank – Use referral code https://join.eqbank.ca?code=JUSTIN7635 (Referral link) to get rewarded once you setup an EQ bank account and fund your account with a min $100 within 30 days of signing up
- Smith Maneuver
- Quit like a Millionaire, by Kristy Shen and Bryce Leung
- The Wealthy Barber, by David Chilton
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Thanks to Chrissy for joining me this week!
In case you missed it, make sure to catch up on last week’s episode “Episode 036: Make Finance Fun and Easy Peasy for your kids with 13-year old Rishi Vamdatt”!