Episode 64

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Published on:

6th Jun 2022

Reaching Financial Independence Without a 6-Figure Salary | E64 Jackie Cummings Koski

You all know I’m a sucker for a good early retirement story. Jackie Cummings Koski retired at 49 years old and now spends her time creating a financially literate society.

 

Retiring in your 40s is impressive in itself but Jackie did this with no head start. She grew up in poverty with her dad and 5 siblings. She barely graduated college with passing grades because she had to work full-time. Then Jackie went on to raise her daughter as a single mom after an early divorce.

 

Does that sound like a candidate for early retirement? I don’t think so but Jackie made it happen through a lot of self-education and hustle.

 

Speaking of education, Jackie became quite the expert in healthcare and in this episode, Jackie shares a lot of methodologies for cutting your healthcare costs.

 

Of course Jackie is a huge advocate for my favorite tax-advantage account: the HSA. I have never seen a health savings account as well-funded as Jackie’s. Last we spoke, her HSA had over $150,000 in it..

 

Show Notes:

[1:43] Jackie’s story from poverty to financial independence

[19:40] How Jackie retired by 49 year olds without ever making a 6-figure salary

[22:57] Is an HSA right for you?

[32:06] How Jackie grew her HSA to $150,000

[39:14] Tips for cutting healthcare costs

 

Mentions:

Why You Should Consider Having a Health Savings Account (HSA) | E40 Sean Mullaney

CostPlus Drugs (Mark Cuban's pharmacy company)

goodrx.com

 

More of Jackie:

Jackie’s Linktr.ee

VisuallyAmber.com

 

More of TSIR:

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About the Podcast

FI Minded - Financial Independence, Early Retirement & Lifestyle Design
Achieve Financial Independence & Have Fun Doing It
Pursuing financial independence, financial freedom, or early retirement often leads to the same questions: How do I become financially independent? How much should I save? What happens after I reach FI?

FI Minded helps you use money to create more freedom, without turning your entire life into a financial optimization project.

Host Justin Peters explores the decisions behind building a flexible, work-optional life, from reaching financial independence and navigating Coast FI and Slow FI to spending your money, changing careers, stepping away from work, and figuring out what comes after FI.

Each episode combines practical personal finance with conversations about early retirement, lifestyle design, work, spending, healthcare, self-employment, and life after financial independence. The goal isn't simply to reach FI as quickly as possible. It's to make progress toward financial freedom while actually enjoying your life along the way.

On FI Minded, you'll learn how to:
- Reach financial independence without burning out
- Build a flexible, work-optional lifestyle
- Navigate Coast FI, Slow FI, and other paths to FI
- Make smarter decisions about spending and saving
- Prepare financially and emotionally for early retirement
- Figure out what life can look like after financial independence
- Think through the tradeoffs behind major money and lifestyle decisions
- Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), Maggie Tucker (Inside Out Money), Cody Berman (The Financial Independence Show), Joe Saul-Sehy (Stacking Benjamins), Doug Cunnington (Mile High FI), and and others helping you rethink how to approach financial independence.
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