Unfrugal Habits of the Wealthy, Auto Loans, Insurance - Mailbag | MHFI 226

Doug and Carl answer questions from the Facebook mailbag and read recent podcast reviews.

• Kristian – I was recently discussing the subject of financial independence with a friend, she sits in the business and entrepreneurial camp, and she has a strong opinion, regarding “having a FI number” as she thinks it is limiting my mindset.  She often says that she feels like it’s working towards a minimum standard rather than trying to maximize my potential.  Do you have any thoughts on this?
• Brett – Car loan pay-off is $7053; car loan is $446 a month, interest is 2.3%.  Have been paying $200 a week to get the car paid off ASAP.  Savings is paying 5.5% APY.  Should I continue paying the car off ASAP or would it make more sense to just pay the monthly payment due to the savings APY?
• Molly – I drive a really beautiful and sleek 2008 Honda Civic.  My insurance keeps creeping up.  I just spoke to the agent and I could raise my deductible to 1K or 2K for modest savings, but the 5K deductible gets me to around $60 a month. I like the sound of that – but is a 5K deductible insane?  I have zero desire to upgrade my car.  I like the older cars that aren’t fully computer chips at this point.  What do you guys think?
• Ben – Anyone else a very unfrugal FI individual?  I like to eat out, I like newer cars, I like new toys.
• Steven – Vanguard recently sent a letter stating that my Solo 401k is moving to Ascensus.  Ultimately it looks like the potential for a couple new fees that I would rather avoid.  So with that in mind what would you suggest?

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Answering all these questions makes us hungry.  Support us over at Buy Me A Coffee so we can afford some Taco Bell.

Links

• MHFI Facebook group
• Elizabeth on MHFI episode 212
• Early Retirement Now
• Chat GPT analysis for paying off car loan (Brett’s question)
• BiggerPockets Money podcast
• EconoMe Conference
• Downshift Financial
• Paula Pant/Afford Anything
• Allison on MHFI episode 220
• Jim Dahle/White Coat Investor
• Reddit, “Huberman struggling with very basic statistical concepts”
• Reddit, “Vanguard sells their Solo 401k business to Ascensus”
• CampFI