ChooseFI Episode 550: Getting Personal with Personal Finance – Megan & Ginger

Release Date: June 9, 2025

In Episode 550 of ChooseFI, hosts Jonathan and Brad delve into a candid conversation with Megan Combs, the host of the Everyday FI podcast. This episode offers an intimate look into Megan’s personal finance journey, her ambitious goals for financial independence (FI), and the practical strategies she employs to achieve them. Below is a comprehensive summary of the key topics discussed, enriched with notable quotes and timestamps for reference.

1. Megan’s Wedding Budgeting and Financial Decisions

The discussion begins with Megan sharing insights about her recent elopement and her strategic approach to budgeting for her wedding.

• Eloping to Save Costs: Megan and her partner chose to elope to manage wedding expenses effectively.

  "We eloped... We're going to try to keep it under ten grand." (00:50)

• Cost-Saving Measures: They prioritized essentials like a beautiful venue and good food while opting for DIY elements to stay within budget.

  "The venue was the easy part... It was 1500 bucks for like six hours." (01:40)

• Guest List Management: Megan emphasizes keeping the guest list tight to control catering costs.

  "The way to keep it under 10 grand... is to keep your guest list as tight as possible." (02:19)

2. Megan’s Financial Situation and Goals

Megan provides an overview of her current financial standing and her aspirations for financial independence.

• Net Worth Transparency: Megan openly shares her combined net worth of approximately $527,000, highlighting the importance of understanding both assets and liabilities.

  "Our guest list down, then you can get your cost down." (06:50)

• Future Plans: By 2030, Megan and her husband aim to leave their corporate jobs to pursue more fulfilling work, such as running a rock climbing gym and engaging in barista work.

  "Our goal is by 2030 to quit corporate so no longer have full time high stress jobs." (07:52)

• Impact of IVF on Finances: Megan discusses the financial implications of undergoing IVF treatments, which require reallocating funds from her Health Savings Account (HSA) to cover medical expenses.

  "We're going to have to use that for IVF and potentially donor egg." (07:52)

3. Transitioning Careers into Tech

Megan narrates her career pivot from art history to product management in the tech industry, offering valuable lessons for those considering similar transitions.

• Starting Point: Megan transitioned by attending a coding bootcamp in 2017, which initially led her to a role in quality assurance before moving into product management.

  "I pivoted to tech by taking a coding boot camp in 2017." (15:07)

• Securing Her First Tech Job: Megan recounts attending a tech fair, volunteering as an unpaid intern, and eventually securing a full-time position thanks to her proactive approach.

  "If you see something you love, get into it, ask if you can do it and tell the people who matter what your goals are because they might want to help you." (19:32)

4. Personal Finance Strategies for FI

Megan shares the financial habits and strategies that have propelled her toward financial independence.

• Automated Savings: She emphasizes the importance of automating savings to ensure consistent contributions.

  "Automating it out of my paycheck, just making sure that it comes out of the paycheck before I see it, that's the biggest thing." (40:19)

• Maximizing Tax-Advantaged Accounts: Megan actively maxes out her 401(k) for Roth laddering and contributes to her HSA for tax benefits.

  "I max out my 401k because I wanna do the Roth ladder. I max out the HSA... because it's the tax benefit." (41:40)

• Building an Emergency Fund: She allocates $1,000 monthly to cash savings, intending to transition these funds into a brokerage account once a six-month emergency fund is established.

  "I'm doing that thousand dollars a month to cash savings because I don't have as much cash savings as I should." (42:10)

5. Perspectives on Budgeting and Behavioral Finance

The conversation explores the effectiveness of traditional budgeting methods and the role of behavioral science in personal finance.

• Limitations of Budgeting: Megan critiques budgeting as a tool that lacks enforceable guardrails, suggesting that automating savings is more effective.

  "Budgets are an indicator of, okay, here's where I want to go. But it's not actually putting any guardrails in place." (35:09)

• Behavioral Insights: She draws parallels between budgeting and behavioral science, highlighting how automatic savings have proven more reliable than manual tracking.

  "Behavioral science is one of my passions... It's the same for health." (35:30)

• Accountability Mechanisms: Megan discusses how having someone review your financial habits, like her husband monitoring her expenses on Monarch, enhances accountability.

  "There's something to be said for accountability... Now you're accountable to that one." (38:37)

6. Fluid Identity and Money Management

Megan introduces the concept of maintaining a fluid identity with money rather than adhering to fixed labels like "frugal" or "spender."

• Fluid Identity: She rejects the notion of a rigid money identity, advocating for adaptability as life circumstances change.

  "I like to say that I'm money fluid. And I literally just came up with all that bull right now." (32:44)

• Avoiding Comparisons: Megan advises against comparing one’s financial behavior to others, emphasizing personal benchmarks instead.

  "The only comparison that we can ever do and it still robs you of joy, of course, is to yourself." (33:31)

7. Aligning Spending with Values

The episode concludes with Megan discussing how she chooses to spend on things that resonate with her values, such as travel and gardening.

• Values-Aligned Spending: Megan and her husband prioritize spending on travel experiences, finding joy in exploring new places within their budget.

  "Travel... we like to get out of town and do stuff... travel on a budget." (42:49)

• Gardening as a Hobby: While not primarily a money-saving activity, Megan enjoys gardening for personal satisfaction and the pleasure of growing her own food, despite occasional setbacks like pest issues.

  "I try. They always get eaten by bugs... But I do plant vegetables because I love eating kale." (44:32)

8. Final Thoughts and Community Engagement

Megan wraps up by sharing where listeners can find her and her podcast, Everyday FI, encouraging community engagement.

• Podcast and Community: Megan directs listeners to everyday-fi.com for her podcast and upcoming events like CampFI Spain.

  "You can find like the Spotify, the Apple and the... recording." (46:07)

• Mental Health and Social Media: She notes her decision to step away from social media to improve mental health.

  "I'm not on social media anymore. I got off social media. So much better for my mental health." (46:39)

Key Takeaways

• Proactive Financial Planning: Automating savings and maximizing tax-advantaged accounts are crucial for building wealth.
• Career Flexibility: Megan’s career pivot underscores the value of adaptability and proactive learning in achieving professional and financial goals.
• Behavioral Finance Insights: Understanding the psychological aspects of spending and saving can enhance financial discipline beyond traditional budgeting.
• Values-Driven Spending: Aligning expenditures with personal values contributes to sustained financial well-being and happiness.
• Community and Accountability: Engaging with financial communities and having accountability partners can significantly bolster one’s FI journey.

Notable Quotes

• "We're going to try to keep it under ten grand." – Megan (00:50)
• "Our goal is by 2030 to quit corporate so no longer have full time high stress jobs." – Megan (07:52)
• "If you see something you love, get into it, ask if you can do it and tell the people who matter what your goals are because they might want to help you." – Megan (19:32)
• "I like to say that I'm money fluid." – Megan (32:44)
• "Budgets are an indicator of, okay, here's where I want to go. But it's not actually putting any guardrails in place." – Megan (35:09)

For those inspired by Megan’s journey and seeking actionable personal finance strategies, tuning into ChooseFI Episode 550 offers invaluable insights into balancing financial independence with personal fulfillment.