Episode 103 is great for people who are just starting to learn about the FIRE movement, need to see examples of FIRE that aren’t just about extreme frugality, and want to start reflecting on how their relationship to money, their career, and their lifestyle is tied to their upbringing.
Mahi Amaha is a First Gen ER Physician turned Investing Coach on a mission to help Black Womxn be wealthy AF. She is passionate about educating Black Indigenous Womxn of Color and Femmes on her platform ‘Black Womxn Are Wealthy’, on how to invest in the stock market, build wealth, and create generational wealth. Her own family is currently pursuing the path of becoming financial independent and creating a work optional life, with the hopes to achieve this within the next 8 years. You can follow Mahi on Instagram.
In episode 103, Mahi and I talk about:
- The basics of FIRE—Mahi breaks down WTF FIRE even is, some of the typical characteristics of FIRE-followers, and even some studies
- Why FIRE doesn’t need to look like extreme frugality—if you have heard of FIRE, perhaps you’ve seen it in the context of extreme frugality. While some people that ascribe to FIRE do practice frugality, Mahi reminds us that this does not have to look like your version of FIRE. The core component of FIRE? Intentionality.
- Money and control—as she was reflecting on her money journey and experiences, she realized that having somewhat of a financially unstable childhood lead her towards wanting to exercise a level of control over her life. The saving practices that she learned from her dad now allow her to feel a sense of control. To hear more about how your childhood experiences can impact your financial habits, we love Episode 87 with Araceliz Gomes.
- Having a mini-career identity crisis—from a young age, Mahi’s family instilled in her the idea that she would be a doctor. And she was. Until she realized she actually wasn’t pursuing it for her own desire. Listen to hear Mahi’s thought process when she realized this, and what she did to pivot.
- The process she recommends for people getting their money in order—we ask this episode to each of our guests, to present you all with a variety of different paths towards getting your finances under control. Mahi’s involves conducting a personal finance audit to understand your financial landscape, building a cash emergency fund, paying off toxic debt, and starting out with something like a Roth IRA.
- Generational wealth—as first-generation wealth-builders, we are often not just building wealth for ourselves. For Mahi, she thinks about her mother and in-laws, as well as her own kids. If you wonder why all of us finance people always talk about time in the market, THIS is the part of the conversation that will make it make sense to you. Listen to hear how investing your annual child tax credit for your child (aka $2,000 a year) can secure them a multi-million dollar retirement fund.
And as always, #StayPoderosa!
Partners mentioned in this episode:
M1 Finance – investing, borrowing, and cash management in one easy-to-use platform. Open a Roth IRA for FREE!
BetterHelp – Professional Support When You Need It, At The Fraction Of The Cost Of In-Person Therapy. Get 10% off your first month by using our link, BetterHelp.com/dinero!