Financial Independence

For Latinas

Tired of living paycheck to paycheck? It’s time to take control of your money and start your journey toward financial independence for Latinas! I’m sharing my thoughts on Choose FI—a book filled with practical tips to help you save, invest, and build lasting wealth. If you’re ready to ditch financial stress and make real progress, let’s dive in!

Why Financial Independence Matters

For years, I believed financial independence (FI) was synonymous with retirement—a far-off dream of not working. But it’s so much more than that. Financial Independence for Latinas is about freedom, options, and control over your time and life.

In our community, many people work until they can’t anymore and end up needing to rely on social services and family to stay afloat in their senior years. Multi-generational homes are common, and while this is a beautiful part of our culture, there are other paths. As the book reminds us, “You were born to do more than pay bills and die!”

My Journey to FI

I’ve been on my own financial transformation journey for years. I started by using the Dave Ramsey snowball method to get out of debt and even became a certified personal finance coach. But once I paid off my debt, I found myself stuck. Lifestyle creep took over, and I needed a new roadmap to stay on track. That’s when I rediscovered Financial Independence.

This book opened my eyes to the progressive nature of financial independence. It’s not an all-or-nothing goal but a journey where every step forward gives you more freedom and power

Key Takeaways from Choose FI

1. What is FI? FI is when your assets generate enough income to cover your expenses. It’s not just about retirement but gaining control over your time and choices. This is especially powerful when reframed as Financial Independence for Latinas.

2. The Seven Stages of FI:

3. Calculate Your FI Number: Using the 4% rule, multiply your desired annual income in retirement by 25. For example, if you need $50,000 annually, you’ll need ~$1.25 million in investments. This approach is empowering because it gives you a clear target—a key step toward Financial Independence for Latinas.

The Importance of Your Savings Rate:As the book explains, “Your savings rate is the engine that creates investable wealth.” Before you think about investing, focus on what you’re saving and spending.

4. Choose a Career Wisely: High earners achieve FI faster. While passion is important, understanding the financial potential of your career is critical. This resonated with me because I chose engineering to escape poverty and create a better life. For Latinas, choosing a financially sensible careers can accelerate the path to financial independence.

Why Choose FI Stands Out

• Ease of Reading: The book is packed with stories from the Choose FI podcast, making it engaging and easy to follow.
• Impactful Lessons: It goes beyond basic advice, diving into meat and potatoes subjects like taxes, investing, and insurance.
• Empowerment: The emphasis on actionable steps and mindset shifts is truly motivating.

But if you’re a complete beginner just learning to budget or pay off debt, there are other books that would be a better starting point on Financial Independence for Latinas.

My Rating

• Ease of Reading: 5/5
• Beginner Friendliness: 3/5
• Time Commitment: 4/5 (It’s about 300 pages.)
• Impact: 5/5

Overall: 4.3/5 stars. It’s one of my favorite finance books and a must-read if you are looking to dive deeper into financial independence.

Final Thoughts

Credits: Mamula, C., Barrett, B., & Mendonsa, J. (2019). Choose FI: Your Blueprint to Financial Independence. Choose FI Media, Inc.