A couple opened a separate savings account and committed $50 weekly to it, using it only for vacations. By keeping these funds separate and avoiding credit card debt, they could see exactly what they could afford, which the speaker calls the real meaning of financial independence.
The very first account that Kris and I set up was a vacation account. I call them clarity accounts. And it was something we always talked about, can we really afford this vacation? Can we not? And we'd rank up credit card debt we pulled from different accounts. But we set up an account just for vacations and started saving. I think in the beginning, it was $50 a week. We log in to that account and know exactly what we can do or couldn't do. And when you know what you can do or can't do, that's control. That's financial independence.
