About this episode

The episode discusses the importance of tracking spending as a common habit among financially independent individuals.

Links to speak to today's guests: Thuy Lam: buildwealthcanada.ca/plan Alanna Abramsky: broadmoney.ca After conducting hundreds of interviews over the past 10 years with different financial experts and those who have been able to hit their financial independence number early, one of the common themes and best practices that I've noticed emerge time and time again is that those who are wealthy actually track their spending. At the end of the day, knowing what you spend every year on essential expenses versus discretionary expenses like vacations and fun activities lets you actually forecast with pretty good accuracy how much you need to become financially independent so that you can retire early if you wish. It's also one of the key, critical ingredients that you need to be able to know whether you can sustainably live off your portfolio, and for how long. Now, I will admit, tracking expenses is not something that I personally find fun. It's one more thing to do, and we're all busy enough as it is. But literally every single financial planner that I have ever worked with over the years who knew what they were doing, and every single person that I've talked to who was able to retire…

People in this episode

Host: Kornel Szrejber

Guests: Thuy Lam, Alanna Abramsky

Topics covered

• financial independence
• spending tracking
• wealth management
• early retirement
• financial planning

Keywords

• financial independence
• spending
• wealthy habits
• early retirement
• financial planning

Mentioned in this episode

Organizations: Build Wealth Canada, Broad Money

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