- Claire and I catch up with our guest Katie from Along the Camel Ride.
- We first spoke with Katie back in October 2019, and we want to know what if anything has changed on her journey to FI. If you’d like to listen to that episode, here’s a link:
- Katie is on track to hit her FI number in 6 to 7 years
- She doesn’t plan to retire when she reaches FI. She really wants to lower her hours from four 10 hour days to three 12 hour days.
The Impact of COVID
- Katie’s a nurse and finds it challenging to deal with COVID because it’s hard to social distance and there’s a lack of PPE.
- Every day is the same for us in part because we can’t plan to travel.
- We avoid thinking about what we don’t have and instead focus on what we have and appreciate good moments.
- Katie does her best to support local businesses during the pandemic.
- Katie agrees it’s OK to continue to talk about FI because it’s normal and important part of life.
What’s New in Katie’s Ride to FI
- Katie is refinancing her house because interest rates are so low.
- Her house has appreciated $40k in two months in part because people are interested in leaving more expensive areas such as New York.
- Katie’s dad, who helps with her finances, advises that she have more money in cash.
- It seems like the stock market hasn’t processed all the bad news yet as bankruptcies and unemployment have increased.
- We are all holding more cash because of all the uncertainty surrounding the markets.
- Eventually, when markets stabilize, an infusion of cash from the sidelines could propel the markets higher.
- Ted has decreased his junk bond holdings (which offer higher yields) because they have an even higher risk of default due to the downturn in the economy.
- Ted is also concerned about a potential increase in the risk of default for municipal bonds because state revenues are down.
- The option to work from home may extend beyond the pandemic and change the business dynamics for companies such as airlines, corporate office leasing, hotels and more.
- As a nurse and former waitress, Katie has observed how typical restaurant server behavior is risky. For example, refilling water glasses from table to table without any intervening disinfectant.
- Katie says that she has learned to relax more because she is tracking to her FI plan. She’s OK not being overly frugal.
- Katie loves to write. She became interested when she was a kid.
- She’s not interested in monetizing her blog but in self-publishing fiction, specifically romance novels.
- Ireland is the setting for the book she’s working on. The location is inspired by a trip she took last year. Since she can’t travel now, she can at least write about it.
If you’re interested in how to get started on the road to financial independence, check out our Quick Start Guide.