696 avsnitt • Längd: 55 min • Veckovis: Måndag
How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.
The podcast ChooseFI is created by ChooseFI. The podcast and the artwork on this page are embedded on this page using the public podcast feed (RSS).
Brad and Cody Garrett from Measure Twice Money dive into the ten most common mistakes that even savvy investors make. They cover essential topics from asset location to maximizing health savings accounts (HSAs), emphasizing a holistic approach to financial wellness.
Key Takeaways:
00:01:50 Asset Location
00:15:46 Investing Contributions
00:20:29 Return on Hassle
00:24:14 Charitable Giving
00:33:01 Family Giving
00:39:23 Maximizing HSA Contributions
00:41:38 Understanding IRMAA
00:43:02 Early Retirement Concerns
00:47:25 Retirement Order of Operations
00:52:25 Holistic Wellness
This episode discusses financial independence strategies, including Barista FI and Coast FI, along with insights into inherited accounts post-Secure Act (2020). Listeners will learn about health insurance considerations in early retirement, the dynamics of inherited IRAs, and how to manage finances during entrepreneurial transitions. The discussion highlights the importance of treating business expenses as valid investments and navigating inheritance with strategic planning.
Timestamps & Key Takeaways:00:01:28 Introduction to Barista FI and Coast FI
00:04:13 Health Insurance Challenges in Early Retirement
00:19:08 Understanding Inherited Accounts Post-Secure Act
00:23:39 Simplifying Inherited IRA Management
00:26:11 Using a Brokerage Account for Inheritance Advantages
00:45:58 Freedom from Inherited Advisors
00:50:09 Investment Approaches in Early Stages of Entrepreneurship
Ginger interviews Brad as they delve into the personal side of financial independence, focusing on the real struggles and triumphs behind the scenes of ChooseFI. The conversation emphasizes the importance of relatability and the idea that financial independence is accessible to everyone, not just experts. They discuss 'one more year syndrome,' the impact of financial independence on personal relationships, and how valuing experiences over material possessions enriches life.
The ChooseFI Member's Platform is now live! 🎉 Join the movement and be part of the ultimate crowdsourced personal finance platform.
🔹 3,500 members have already joined in just the first week! 🔹 Your home for Financial Independence online starts here.
👉 Register Your Free Account Now
Key Topics Discussed:
00:06:00 Failing Forward
00:32:00 Intentionality and Structure
00:36:00 Divorce and Financial Independence
00:42:00 Lessons Learned
Key Insights:
Actionable Takeaways:
Quotes to Share:
Episode Summary: 2025 marks the start of an exciting new era for ChooseFI! In this episode, hosts Jonathan and Brad dive into the journey to financial independence—what it means, how to define your FI number, and why taking control of your finances is crucial. Plus, we’re evolving! This year, we’re harnessing the power of community to crowdsource the best personal finance strategies—with your help. Tune in and be part of the movement shaping the future of ChooseFI!
Create an Account on the Choosefi Community Platform🎧 ChooseFI Podcast: A New Era Begins! 🚀 📌 Key Topics Discussed:
🟢 Launching the ‘Wouldn’t It Be Cool If’ (WIBCIF) Series (00:00:00)
🟢 Personal Journeys in Financial Independence (00:01:00)
🟢 Why Options Matter in Financial Independence (00:04:00)
🟢 How to Calculate Your Financial Independence Number (00:20:28)
🟢 Community Engagement & Crowdsourcing FI Strategies (00:40:14)
✅ Find Your FI Number (00:32:24)
✅ Cut Expenses & Lower Your FI Number (00:17:17)
✅ Reimagine Your Future (00:04:34)
💡 More Options = Fewer Regrets (00:05:10)
💡 FI is for the Middle Class (00:06:57)
💡 The Small Stuff Adds Up (00:17:55)
⏩ 00:00:00 – new series launch ⏩ 00:01:00 – Hosts reflect on their FI journeys ⏩ 00:04:00 – The power of having more options ⏩ 00:16:56 – The importance of actively managing personal finances ⏩ 00:20:28 – How to calculate your FI number ⏩ 00:40:14 – Crowdsourcing FI strategies & community engagement
💬 Discussion Questions: (Perfect for Community Engagement!)❓ What does financial independence mean to you? (00:05:00) ❓ Do your current expenses align with your long-term goals? (00:32:00) ❓ What’s one small financial change you can make today? (00:17:00)
🔗 👉 Ready to Take Action? Join the conversation & create your account on the ChooseFI Community Platform today!
🎙 Listen now and be part of the movement redefining financial independence. 🚀
Explore the latest insights on the stock market performance and investment strategies with friend of the show and frequent guest Brian Feroldi. This episode dives deep into the trends that shaped 2024 and what to expect in 2025, discussing everything from the significance of the S&P 500 to long-term investing principles and the impact of emerging technologies on market growth.
Key Topics Discussed:
00:00:44 Review of 2024 Market Performance
00:03:27 Investor Policy Statement
00:06:02 The Expectations Game
00:06:15 Concentration of Returns
00:16:22 Valuation Insights
00:29:10 Market Concentration Concerns
00:37:03 Reasons for Optimism
00:39:12 Lifelong Learning
Chris Terrell shares his personal journey with electric vehicles (EVs) and discusses the financial implications of owning one. Highlighting key incentives like the Inflation Reduction Act and the benefits of home charging, the conversation delves into the affordability, practicality, and simplicity of EV ownership, providing insights for financial independence enthusiasts contemplating the switch to electric.
Chapters00:01:08 Introduction Host Brad and guest Chris Terrell discuss the transition from gas vehicles to electric vehicles, emphasizing the financial independence perspective.
00:03:45 Benefits of EVs Chris highlights the increasing affordability of EVs, the practicality of home charging, and the advantages of a growing used car market.
00:22:33 The Impact of Inflation Reduction Act Chris explains the significance of the Inflation Reduction Act and how it provides substantial tax credits for new and used EV purchases.
00:40:21 Cost Comparison: EV vs. Gas In-depth analysis of the total cost of ownership, showcasing the long-term savings on fuel and maintenance.
00:51:31 Charging Options Discussion on the various charging methods for EVs, including level one and level two charging, and their impact on daily use.
Laura's shares how she transitioned from a high-stress academic career to retirement. Discover the challenges of job identity, financial planning discussions with family, and the mental preparations for life after work.
Timestamps & Topics Discussed:
Laura is 51, an associate professor in genetics, married, with two sons in college.
00:04:22 The Stress of Academia
00:08:28 Time Flexibility vs. Time Freedom
00:10:23 Deciding to Retire Early
00:21:56 Future Uncertainty
00:26:39 Embracing Uncertainty
00:40:08 Financial Considerations and Planning
In this episode of ChooseFI, co-host Brad sits down with Jordan Grumet, author of The Purpose Code, to discuss the crucial differences between "big P" purpose and "little p" purpose. They explore how identifying small, meaningful activities can bring joy and fulfillment to life. Jordan elaborates on turning regrets and childhood joys into "purpose anchors" and emphasizes actionable strategies to create a life filled with purpose through clarity, agency, and incremental changes.
Key Topics Discussed:Introduction to Jordan Grumet and The Purpose Code (00:00:00)
Understanding Little P Purpose vs. Big P Purpose (00:01:43)
The Role of Meaning in Happiness (00:03:28)
Identifying Purpose Anchors (00:17:02)
Practical Strategies for Creating Purpose (00:16:37)
Creating Your Own Purpose (00:16:37)
Life Review and Reflection (00:18:06)
Engagement and Action (00:30:20)
Community and Connection (00:38:01)
Identify Your Purpose Anchors (00:17:32)
Reframe Past Regrets (00:18:30)
Make a Weekly Joy List (00:36:06)
Join Brad, Jen, and Jill as they navigate the intricate balance between frugality and financial independence. Explore creative alternatives for spending less, and the importance of aligning your finances with your core values.
Key Topics DiscussedIntroduction to Frugality (00:00:00)
The Extremes of Spending (00:02:00)
30-Day No Spend Challenge (00:08:20)
Understanding Dopamine (00:11:00)
The Four F's of Fulfilling Life (00:35:14)
Actionable Takeaways (00:49:30)
Embrace Life as an Experiment:
Conduct a 90-Day Transaction Inventory (00:25:41):
Start a 30-Day No Spend Challenge (00:10:13):
Define Your Four F's (00:35:14):
Engage in Creative Alternatives to Shopping:
Our Favorite episode of the year, listeners share their remarkable financial wins and transformations throughout the year. These stories highlight the power of financial independence (FI) and showcase actionable steps taken by individuals and families on their journeys.
Timestamped Key Topics:
00:00:25 Celebration of Listener Wins
00:02:44 Defining Financial Independence (FI)
00:18:16 Justin's Nomadic Journey
00:23:29 Heather's Second-Generation FI
00:25:02 Mike's Family Resilience
00:31:10 Crystal's Maxed Accounts
00:56:59 Rick and Kelly's Transformation
01:04:36 Jake's Entrepreneurial Leap
Brad shares insights from his life-changing trip to Asia and how it reshaped his perspectives on connection and gratitude. He highlights the importance of direct human interactions and how travel exposes the beauty of our shared humanity. Ginger emphasizes the value of taking risks to build relationships and the significance of continuous learning. Additionally, they discuss the upcoming changes at ChooseFI, including the ability to interact with experts and community engagement through questions. They also touch on upcoming changes with Southwest flights and the importance of utilizing travel rewards effectively.
00:00:55 - Brad’s Trip to Asia
00:05:53 - The Importance of Connection
00:08:07 - Travel as Personal Growth
00:20:02 - Community and Financial Independence
00:27:12 - Upcoming Changes in ChooseFI
00:31:10 - Southwest Flight Changes
00:49:00 - Public Service Announcement
01:07:11 - Listener Feedback
Join Brad Barrett and a panel of community members as they explore the transformative experiences at the FI Freedom Retreat . This episode dives into the importance of community connection, personal growth, and designing a balanced life centered around financial independence. Highlighted stories emphasize overcoming fears, embracing sabbaticals, and discovering that the journey to financial independence involves much more than numbers.
Key Takeaways:"Money does not make you happy. It does make life easier." 00:08:31
"Finding your tribe can be life-changing." 00:06:47
"Just do it. Absolutely worth it." 00:15:11
"Community leads to crafting your best life." 00:05:05
"Prepare for the worst; aim for the best outcome." 00:45:54
Consider Negotiating a Sabbatical: If you're feeling burnt out, take time to explore this option. 00:17:19
Reach Out to Local FI Groups: Find a supportive community near you to enrich your FI journey. 00:09:29
Katie Donegan shares her shift in perspective on the journey towards financial independence (FI), revealing the struggles she faced as a resistant partner and her eventual embrace of the FI lifestyle. She touches on the significance of personal development, overcoming internal blocks, the impact of comparison, and perfectionism on happiness. The conversation explores maintaining balance between work and leisure while finding purpose and practical advice for navigating financial independence.
Key Topics and Timestamps:
00:01:06 Katie's Journey to FI
00:03:25 Impact of Mr. Money Mustache
00:06:24 Living with Financial Independence
00:07:54 Balancing Enjoyment and Spend
00:08:10 Adjusting to Freedom
00:32:46 Comparison and Its Effects
00:39:22 The Power of Vulnerability
00:41:29 Overcoming Perfectionism
Kyle and Jamie Holmson paid off an astounding $123,000 in medical student loans in just three years—all while balancing a waitress’s salary and a resident’s income. Their journey highlights the importance of adopting simple, practical financial strategies while prioritizing essential relationships, health, and enjoyable experiences.
Debt Repayment Journey
Returning to Basics
Prioritizing Relationships
Finding Balance in Financial Independence
Health and Wellness Focus
Answering Listener Questions on asset allocation, retirement strategies, and the intricacies of real estate investing. With Brad Barrett and Rachael Camp. Whether you are pondering upon the backdoor Roth IRA strategy or seeking clarity on managing funds without a 401k, this episode is for you!
Public Service Announcement: Importance of filing the Beneficial Ownership Information form for legal entities by December 31st 00:01:21.
Mailbag Questions:
Questions:
What can I do if my employer doesn’t offer a 401k?
How do I manage sequence of returns risk in retirement?
What should I consider when investing in real estate?
Actionable Takeaways:
**Disclaimer
Please note: Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
Justin David Carl shares his remarkable journey from being $80,000 in debt and working in Hollywood nightlife to achieving financial independence and impressive fitness goals. He discusses key principles that guided his transformation, including the importance of environment, community, accountability, tracking metrics, and embracing a growth mindset.
Key Topics and Takeaways00:02:44 Justin's Awakening Moment
Overcoming Debt and Personal Challenges
The Role of Coaches in Growth
Tracking as a Tool for Success
Principles for Continuous Growth
Tim Ferris Article on Mr Money Mustache The Shockingly Simple Math of Early Retirement
Social MediaTJ shares his financial journey and experience reaching financial independence, focusing on intentional savings and the joy of family life. Early influences and educational backgrounds shaped his approach to finance, leading to a strategic path that included tracking net worth and undertaking regular financial meetings with his wife. The episode dives into the challenges they faced, especially when dealing with unexpected medical circumstances and highlights the delicate balance between enjoying life and making prudent financial decisions, ultimately aligning with their core values.
Key Takeaways:
Intentional Savings: Be proactive in saving and planning for financial independence. 00:03:37
Tracking Net Worth: Regularly evaluate your financial progress.00:10:02
Community Support: Rely on your community during tough times. 00:29:16
Flexibility in Planning: Adapt financial strategies as life changes occur. 00:36:02
Maintain a Positive Mindset: Approach challenges with optimism and agency. 00:42:08
Actionable Takeaways:
Implement regular financial meetings with your partner to track and discuss financial health.
Consider unexpected medical costs when planning for financial independence.
Maintain a positive and adaptable mindset when facing life challenges.
Action Items:
Start tracking your net worth regularly to understand your financial progress.
Set aside time for financial discussions with your partner every few months.
Plan for unforeseen medical costs in your financial independence calculations.
Related Resources:
Discussion Questions:
What aspects of financial planning do you think are most important?
How can community support impact your personal finance journey?
What strategies can you adopt to maintain a positive mindset during challenges?
How can tracking net worth change your financial perspective?
Episode Summary
Clint Murphy returns to ChooseFI, sharing his transformative journey labeled "FI and Choose," emphasizing the importance of choosing a lifestyle that values personal growth and meaningful connections. The hosts discuss their experiences at financial independence events, highlighting how these gatherings foster deep conversations that extend beyond finances. They explore the contrast between accumulating wealth and Pursuing a simpler, more intentional life filled with enriching experiences, including joy from low-cost activities and being present in relationships.
Key Topics DiscussedConnection Through FI 00:02:20
The Power of Vulnerability 00:06:00
Simplicity and Enjoyment 00:10:30
FI and Choose Philosophy 00:46:00
This episode dives into the strategy of capital gains harvesting, explaining how it can help individuals minimize taxes on investments and potentially realize tax-free income. We break down how this approach fits into financial independence planning, including key comparisons between capital gains and ordinary income, real-life scenarios, and important health insurance considerations for early retirement.
Chapter Markers:
In this episode: building muscle for health, sacropenia, consistency and proper form, routines, and recovery.
This episode is a deep dive into muscle-building strategies, with actionable advice for beginners and experienced fitness enthusiasts alike. Brad and Dean Turner share practical tips on workout programming, nutrition, and recovery, making it a perfect masterclass for anyone looking to improve their health and strength.
Dean Turner:In this episode: social engineering, pig butchering, cryptocurrency risks, scammer tactics, and avoiding being a victim.
This week Brad speaks with cyber security expert Tom who will be giving some updates on the landscape of cybersecurity, what targeted scams look like, as well as some actionable steps you can take to avoid these scams. Though it may seem that cybersecurity attacks are ever-evolving and may be harder and harder to avoid, there are ways to make yourself less vulnerable to attacks. Making sure you’re having open conversations about this topic with your friends, and especially your older family members is crucial and can make sure you avoid falling for these scams!
🔑 Key Themes Discussed:In this episode: simplifying your financial life, Jeremy’s journey, dividend versus reinvesting, and automation.
This week we are joined by Jeremy Schneider of Personal Finance Club and co-founder of Nectarine, where we will be discussing the beginnings of his personal investment journey and what that looks like now, striving for simplicity while adding value to your life, as well as discuss the ins and outs of his platform Nectarine. Part of the journey to FI is about finding hacks and ways to make your life a little easier in order to add value, sometimes by keeping it simple. Whether with your finances or in other areas of your life, it is the best option in order for you to thrive!
Jeremy Schneider:In this episode: getting started early with FI, the 4% rule, retirement accounts, real estate, and safe withdrawal rates.
This episode is packed with actionable information that can help with maximizing your financial future, from house hacking to Roth conversions, and strategies for living off your investments. Brad and Rachael dive into real-world listener questions to help you navigate your FI journey with confidence.
Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
🔑 Key Themes Discussed:In this episode: downsizing, coastFI, redefining your goals, overcoming material attachments, and building community.
This week Ginger is joined by community member Anne, to discuss her process of downsizing and navigating the physical and emotional attachments we associate with objects, places and people. Additionally, the pair discuss the importance of taking mini-retirements, cultivating gratitude, as well as share some podcasts and books that have helped them on their journey. We often say FI allows you the freedom and space to discover what more you want out of life, but that doesn’t mean you should wait until you reach your goal to actually start making the moves to get there! Whether you’re near the finish line or just beginning, don’t wait to explore other possibilities that can elevate not only your FI journey but your life.
🔑 Key Themes Discussed:In this episode: doing the hard things, travel rewards, the gap and the gain, health and wellness, and real estate.
This week we are back with another listener Mail Bag featuring Ginger. Listen along as we cover a range of topics from recents trips we’ve taken, facing and overcoming challenges, The Gap and the Gain, taxes in retirement and a realistic outlook on how much you’ll be paying, the rule of 72, as well as shout out some of your FI wins! So much to cover and much more to learn in this week’s episode.
🔑 Key Themes Discussed:In this episode: the lock in effect, renting vs buying, househacking in 2024, interest rate, and real estate investment.
In this episode, Scott Trench of BiggerPockets shares invaluable insights into the 2024 real estate market, breaking down everything from housing supply to interest rates, syndications, and investment strategies. Whether you’re a seasoned investor or just curious about real estate, this episode provides a window into the current state of real estate investing the FI way!
🔑 Key Themes Discussed:In this episode: surpriseFI, minimalism, frugality, emotional and psychological aspects of FI, and alternative lifestyles.
We often get a lot of great ideas and questions from the FI community, and what better way to answer some as well as inspire than bring in one of our own to discuss their journey! In this special Friday episode, Ginger is joined by member of the FI community, Kim, to discuss how she found herself on her “surpriseFI” journey. Together, the pair talks about balancing frugality and minimalism, the importance of designing the life you want, as well as share some resources and recommendations that helped her on her journey!
🔑 Key Themes Discussed:In this episode: 5% safe withdrawal rate, the three stories, psychology and personal finance, and community.
In this insightful episode of the ChooseFI Podcast, Brad chats with Frank Vasquez, a well-known figure in the financial independence community and the voice behind Risk Parity Radio. They delve into Frank’s journey from a career in law to becoming a personal finance expert, and explore topics like the 5% safe withdrawal rate, revealed preferences, and Frank’s three defining life stories. This conversation offers insight on approaching personal finance, investments, and life after achieving financial independence. Frank shares his unique blend of academic rigor, personal curiosity, and his thoughtful approach to living with purpose in the post-FI world.
🔑 Key Themes Discussed:In this episode: overcoming fears, the importance of community, community wins, reaching FI goals, and ripple effects.
This week Brad is re-joined by Ginger for another installment of the round-up, where we will be discussing topics such as new 529 plans, the importance of making connections within your community, and actionable steps for overcoming anxieties while on your FI journey! Additionally, it wouldn’t be a round-up episode without as well as shouting out some frugal wins from our wonderful community! While these episodes are not only a great way for us to give you personal updates and perspectives, it’s an even better way for us to highlight some of the tips and tricks you’ve picked up on your respective FI journeys!
🔑 Key Themes Discussed:In this episode: entrepreneurship, side hustles, overcoming fear, community, sharing and maintaining passion projects.
This week we are joined by Kyle Nolan, creator and founder of ProjectionLab, where we will be discussing how he left his 9 to 5 to pursue a passion project, some of the challenges and realizations he’s faced while creating his software, as well as the importance of investing in your interests regardless of the risk or self-doubt you may feel. The journey to FI offers many things, such as freedom and autonomy to pursue new things, but it’s important to remember that you don’t have to wait until you reach FI to start investing in things that are of value to you! By pouring yourself into something that interests you will always guarantee a payback!
🔑 Key Themes Discussed:More Helpful Links and FI Resources:
In this episode: debt and investing, the 4% rule, Roth 401k and traditional 401k, and total return investing.
This week we are back with a listener Mail Bag featuring returning guest Rachael Camp! Together, we will be answering questions and giving our feedback on nuanced topics asked by the community! Listen along for discussions about the 4 percent rule, how taxes are factored into your FI number, investing in dividends, paying down debt versus investing, and finally a shortlist of actionable steps one could take if they are young and beginning their FI journey. There is much to discuss and so much more to learn this week as we tackle your FI questions!
Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
🔑 Key Themes Discussed:This week on ChooseFI, Brad welcomes Devon, a 22-year-old National Guard member and aspiring mechanical engineer, to discuss the power of intentionality and personal finance! Together, Brad and Devon explore how small, deliberate actions can create a domino effect in shaping one's financial future. Devon shares his journey from joining the National Guard at 17 to discovering financial independence through ChooseFI, and how his disciplined approach to life has led him to save for his first home, maximize military benefits, and even inspire his peers.
🔑 Key Topics Discussed:
🕒 Chapters:
🔗 Devon's Links and Resources Mentioned in the Show:
In this episode: Roth IRA conversion ladder, starting with the end in mind, investing for growth or stability, and retirement planning.
While we have covered Roth IRA Conversion Ladders on ChooseFI before, we have never in the past taken such a deep dive into the subject like we do in this week's episode! Once again, we are joined by friend of the show Cody Garrett from Measure Twice Money, as we cover a high-level-FI approach to the Roth IRA conversion ladder and ways one could approach propelling themselves into a FI fueled retirement!
Cody Garrett:
Resources Mentioned In Today’s Episode:
More Helpful Links and FI Resources:
In this episode: travel rewards, frugality, companion passes, international travel, intentional spending, and listener questions.
This week Brad is re-joined by Ginger as together they go back to basics during our returning round-up segment! This time around, the pair will be talking about recent travels and hacks they’ve used, travel rewards tips, answering some community questions, and shouting out some of your FI wins of the week! This episode is a great way to crowd-source new tips for people just beginning their FI journey, from learning how to navigate companion passes when traveling, to learning how to both save and spend your money with intentionality!
Resources Mentioned In Today’s Episode:In this episode: travel rewards, IRA conversions, working with FAFSA, health insurance, and the FI journey.
This week we are joined by community member and listener Connie to discuss the beginning of her FI journey, and the transformative steps she’s taken to further maximize her journey for her and her family. With so many resources available to learn and assist you while on the path to FI, the influx of information may seem overwhelming. Knowing how to organize the information will allow you to utilize the hacks and tricks that take some of the pressure off, and grant the opportunity for you to adapt and create the life you want!
Resources Mentioned In Today’s Episode:In this episode: FI numbers, financial independence, approaching problems differently, and adjusting spending to accommodate FI.
This week join our host Brad in celebrating 500 episodes of Choose FI, as he talks about the start of his FI journey, and highlights topics and episodes from the last few years. The path to FI isn’t just about simplifying your life, but empowering yourself and taking action to design and create the life you want to be living. And while the list is endless for how FI can improve your life, the community you find while on this journey is just as rewarding. Thank you to our listeners and supporters for being on this journey with us!
Resources Mentioned In Today’s Episode:In this episode: limiting beliefs, flipping the script, looking for evidence, empowering beliefs, and imposter syndrome.
This week we are rejoined by Jessica from The Fioneers, to discuss the idea of limiting beliefs, from knowing how to identify and define them, to learning to work through and overcome them using her six strategy method. To put this method into practice we workshop two examples of limiting beliefs from FI community members, Samantha and Kyle. While having fears is natural and part of what makes us human, it’s important to be able to distinguish what fears are valid and what limiting beliefs are just holding you back. Whether it’s believing you’re not doing enough on your FI journey, or having a fear of failure, making sure you are continuously working to empower yourself and sift through the self doubt will ensure you live your life with more power and confidence!
The Fioneers:
In this episode, exercise, sleep, nutrition, mind body activities, social relationships, heat and cold exposure.
This week we are joined by Dr. Bobby DuBois author and host of Live Long and Well podcast, where we will be discussing health optimization and wellness by deep diving into each of what he calls the 6 pillars: Exercise, Sleep, Nutrition, Mind-Body Work, Heat and Cold Exposure, and Social Relationships, while also providing some actionable takeaways you can do in order to live your healthiest life! The best part of the FI journey is you can create and live the life the way you want, but neglecting your physical and mental health may not allow you to thrive the way you want as you inevitably age. Taking the time and the space to prioritize your health, whether it be big or small, can make such a difference over time, and can ensure you’ll be living long into your retirement and well after!
Dr. Bobby Dubois:In this episode: full retirement age, earnings, spousal benefits, survivor benefits, filing for benefits, and the earnings test.
This week, Mike Piper joins the show to talk all things social security and answer listener questions that arose from our last social security related conversation back in episode 474! Whether it is discussing the full retirement age, discussing when to file for benefits, and different situations and their correlating differing types of benefits, Brad and Mike cover your burning questions so when the time comes you can catapult yourself into retirement confident and comfortably. While the topic of social security can often be confusing, being informed and prepared based on you and your families situation can make approaching it a lot less formidable, so listen along now to be ready down the line when it is your time to file!
Mike Piper:
Resources Mentioned In Today’s Episode:
In this episode: roth versus traditional IRA, second generation FI, FI and newlyweds, and retirement planning optimization.
This week we are diving back into the listener Mail Bag with our returning guest Rachael Camp to answer questions from the community! Today we will be discussing the differences between Roth and Traditional IRAs and the future variables and factors you should consider, as well as discuss the new rules and considerations surrounding 529 plans and how to best financially plan when considering your children and your spouse. Listen along as YOU, the community, dictate the conversation with your hot-button FI questions!
Rachael Camp:Please note:
Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
Resources Mentioned In Today’s Episode:In this episode: real estate, lazy landlording, attracting the right tenants, finding ideal situations, and traveling.
This week we are joined by returning guest James Lowery to discuss his “lazy landlord” concept to streamline and simplify real estate investing as well as set processes in place that not only make your life easier as a landlord but make it easy for your tenets as well! If you are on the FI journey and curious about adding real estate into your portfolio, whether it be long or short term rental properties, there are ways to make it a more simple process than you might think. With some planning and intentional action, the lazy landlording life could be well within your grasp!
James Lowery:In this episode: financial freedom, starting your own business, you can't sprint forever, buying vs renting, and investing.
This week we are rejoined by host of Financial Feminist podcast and creator of Her First 100K, Tori Dunlap, to fill us in on her journey with FI over the last few years, discuss what financial equity and the importance of building financial foundation and literacy among marginalized groups, as well as discuss how financial advice can differ for men and women. While money can be linked with stability and ease in one's life, the real power that comes from personal finance and independence is the freedom it allows you to not only change your life, but instill change in the communities around you. Although there can be times you feel guilt or shame when discussing financial literacy, there are endless resources at your disposal to educate and have you feeling confident.
Tori Dunlap:
In this episode: doing everything but not at once, building your extraordinary life, optimizing your time, and what to do after FI.
This week we are joined by Alan and Katie Donogan as well as my guest co-host Ginger live from the Design Your Extraordinary Life Weekend event in Las Vegas, where we will be discussing their exercise of envisioning what an extraordinary life can look like in designated areas of your life, as well as learning how identify and overcome limiting beliefs that can hold you back from achieving your dream life. Reaching your FI goal can radically change your life and usher in new freedom, but it doesn’t necessarily mean all your problems go away. While you may be focused on taking actionable steps to to hit your FI number, it's just as important to take actionable steps to build and create the life you want to be living! By taking account of certain areas of your life and identifying the areas and mindsets that need to be changed in order to achieve your extraordinary life, you will not only be on track to living your best life on your FI journey, but continuing to live it well after you reach the finish line!
9 Life Snapshot Categories (Explained here.)
Alan and Katie Donegan:
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In this episode: RRTTLU, actual risk, actual return, balancing portfolios, understanding your timeline, taxes, and legal situations.
This week we are joined by Jesse Cramer of the “Best Interest" blog and podcast to discuss “RRTTLLU”, an acronym that provides a framework and guide of some of the factors one should consider when they start investing. While investing on your own can seem complex with many factors to consider such as your risk tolerance, the potential tax liabilities, and returns; being realistic about what you want to get out of your investment and what timeline you are on will only ensure your success. Considering some of these factors before you start investing can help you to choose your investments smartly, and give you the confidence and self-assurance for when changes or uncertainties come and go!
Jesse Cramer:In this episode: 72t, Roth 401k’s, Roth IRA’s, The Pro Rata Rule, PUQME, HSA’s, Retirement and Education, and Roth Conversions.
In one of our faster update episodes ever, friend of the show Sean Mullaney re-joins Brad to follow up on the episode we published back in February, “How to Access Your Retirement Accounts Before 59.5,” as well answer some of the questions our community had around the subject. We in the FI community know that retiring is an option way sooner than we were originally led to believe, so listen along as Brad and Sean shed some light on ways you could potentially access your retirement savings before facing the edge of your golden years.
Sean Mullaney:In this episode: events, community, travel rewards, medidations, mini retirements, travel wins, and travel points.
This week we are back with friend of the pod Ginger to discuss a mixed bag of topics, such as attending FI events, travel rewards and companion passes, as well as the idea of a “mini” retirements and what that can look like while on the path to FI. However, this episode isn't titled "The Ultimate Random Show" for nothing, as we branch off in quite a few different directions as we cover those topics. As opposed to having us try and describe it for you, it may be best to go ahead and hit play so you can see for yourself!
Timestamps:In this episode: connecting points, the power of FU money, the early retirement era, and enjoying the journey.
This week we are joined by returning guests, Steven and Lauren Keys from Trip of a Lifestyle, to update us on their FI journey and “early retirement era,” as well as discuss the importance of finding the courage and freedom to make radical lifestyle changes in the present. We all know that money can open up new opportunities in your life, whether it’s having the flexibility to leave your job for a better one or even relocating to a dream country, but most of us forget that these opportunities can be achieved sooner than you think! The journey to FI is about taking actionable steps to build and achieve the life you want, and you don’t have to wait until you’re fully retired to do it! While you’re starting to save and spend less, remember that you’re getting closer and closer to your goal, but even still that it’s not a poor decision to spend money on things that are important to you and can improve your life!
Trip of a Lifestyle:In this episode: courage from community, what to do next, overwhelm, finding community, and the evolution of FI.
Live from the EconoMe Conference in Cincinati Ohio, Brad is joined by Jordan "Doc G" Grumet and a room full of passionate members of our community to discuss finding the courage to take action in your FI journey. While we understand money can be a north-star for many early in your venture towards FI, what happens once money is no longer the root of your goals? Where do you shift your focus to next? Well, sometimes finding answers to these questions is a little easier when you have help from some of your friends. Listen along as Jordan, Brad and our community speculate on their ideas for what their next steps are.
Doc G:
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In this episode: survivor benefit plans, VA benefits, VSO's disability benefits, tax planning, healthcare, and blended retirement systems.
This week we are joined by Daniel Kopp, founder of Wise Stewardship Financial Planning, to outline ways you can best prepare for military retirement. Together we cover pensions, navigating the Survivor Benefit Plan and additional benefits, healthcare and disability resources, as well as other financial decisions you can consider as you begin to transition out of the military. When dealing with any kind of retirement planning, taking actionable steps to prepare and get a plan in place for you and your family is essential. While everyone's circumstances may be different as they transition out of the military, there are many resources available and benefit programs you are entitled to before and after you leave duty!
Daniel Kopp, CFP
In this episode: public service accounts, side hustles, making FI possible, frugality, giving yourself freedom, and side hustles.
This week we are joined by Chris Travers, a New York City public school teacher and FI community member, to discuss his journey from being a natural saver to becoming a savvy investor, talk advantages and disadvantages of some of the retirement accounts provided to teachers, as well as discuss some ways he has been able to grow his net worth in the last 10 years. Frugality is a term that often comes up while on the FI path, and finding a balance of saving and spending is crucial to reaching your financial goals. Remember that where you decide to save and spend and how you do so will evolve throughout your FI journey! While it can be hard to cut costs of the things you enjoy in the present, being willing to cut out what you don’t need can set you up for success in the future!
Chris Travers:In this episode: spending down to zero, the ratcheting rule, the guardrails approach, high fee 401k's, and mini-retirements.
This week we are diving back into the listener mailbag with Rachael Camp to address the pressing questions our community has! Whether it's curiosity towards the concept of dying with zero, determining whether it is a good time to take a mini-retirement, or working with high-fee 401k's, Brad and Rachael tackle it all! Listen along as YOU the community dictate the conversation with your hot button FI questions!
Rachael Camp:
Please note:
Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
Timestamps:
In this episode: wants vs needs, side hustles, tax planning, college hacking, travel rewards, mindset, and living your values.
This week we are joined by Joel and Emily Allen, a married couple with children based out of Iowa who truly embody what the FI movement is all about! Not only have they seized control of their life and finances, but have also managed to start a successful side hustle, provide incredible resources to the community around them, travel the world, and so much more! While the FI movement is about financially freeing yourself and your family, it is also important to remember why we want that freedom. Not stressing about money is just one piece of a fulfilling life, once you have that freedom, take advantage of it like the Allen’s have!
Timestamps:In this episode: building a giving framework, the giving pledge, compound impact, donor advised funds, and different ways to give.
Is it better to give to charity in a lump sum versus incrementally? What are the tax implications of donating? What are the benefits of using donor advised funds? This week we answer these questions and more with the help of Rebecca Herbst and Jack Lewars as we discuss charitable donations and effective giving while on the FI journey. A large part of FI is taking actionable steps to improve your life, but this journey also opens up opportunities to improve the life of others. While navigating donations while on the path to FI can seem tricky because we are so focused on attaining our FI numbers, there are still many ways you can give back and make a difference. Creating the habit of effective giving can help you leave an impact on yourself and the world at large! There are many resources available that can help calculate what you can give while remaining on the FI track, as well as help you see how your donations are making a difference!
Rebecca Herbst & Jack Lewars:In this episode: salesforce, lifestyle design, testimonials and verification, the hidden job market, and talentstacking.
Once again joined by friend of the show Bradley Rice, the owner and creator of TalentStacker, to update us on the value of SalesForce and career pivoting in 2024. While on the FI journey, you are actively creating the life you want to live. For many that means transitioning out of their life-long careers and opting for ones that offer something different and more accustomed to the life you’re creating. Learning a new skill or starting a side hustle can be the first step to finding that new career, and finding a program that works for you should offer more than just a certification, but assist you in finding new opportunities and a community that supports you!
Bradley Rice:In this episode: caregiving and FI, retirement planning, reverse mortgages, long-term care, and long-term care insurance.
This week we are joined by Danielle Miura to discuss how her experience as a caregiver has impacted her FI mindset, as well as answer listener questions pertaining to planning for your own long-term care while on the path to FI. As you and your loved ones get older, it’s important to start considering what additional finances they may require. From long-term healthcare to assisted living, there are many factors that not only impact their life financially, but could impact you and your FI plans. While it may be uncomfortable to have conversations with loved ones about their finances and expenses, it is imperative to have these discussions early and create a plan that works for you and your family.
Danielle Miura:In this episode: optimized exercise, recovering, machine use, increasing your healthspan, and long-term thinking.
This week we are joined by Brad’s friend and personal trainer, Dean Turner, to discuss the changing landscape of strength training, and how principles such as consistency and adherence coupled with rest and recovery can also be applied to both your fitness and FI journey. We often talk about how the path to FI is not just about working towards a monetary goal, but rather creating a better life for yourself. For some this can mean taking a personal account of your health, and taking actionable steps to improve it. Just as making financial changes requires consistency, making physical changes requires the same. While these changes don’t happen overnight, these actions continuously build off of one another and make you stronger!
Dean Turner:
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In this episode: FI in your 20s, the boring middle, compounding, fat FI, compounding, checkpoints, and building a life.
This week we are joined by Doug and Carl from the Mile High FI podcast to talk about their respective FI journeys and answer a listener question about pursuing FI in your 20s; as well share some tips for enjoying the experience and navigating times in the journey that can feel a bit slow. While figuring out your FI goal requires you to do some work to figure out your FI number, that number and the steps you take to reach that goal are all unique to the individual. That being said, it can be tricky at times to know if you are on the right track when the journey to FI is different for everyone. Remember, although this journey is about reaching financial independence, it’s also about changing and creating the life you want and joining a community that will always inspire you when times feel slow.
Mile High FI:
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In this episode: buy and hold, macroeconomics, interest rates, bond investing, when to sell, mindset, and thinking differently.
This week we are joined once again by friend of the show Brian Feroldi to discuss the stock market and investing as we head into 2024. As most of you know by now, keeping your head down and staying the course is a pretty typical investing strategy in the FI community, but it is important to remember personal finance is personal. Depending on your situation, life may require you to mold that strategy into something else as your mindset and seasons of life change! Make sure your are not only optimizing your financial situation, but also your life in the process!
Brian Feroldi:
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In this episode: the wonderful ChooseFI community shares advice by taking the hot seat through listener voicemails.
Ginger joins the podcast this week for a special “Hot Seat” episode to listen to some voicemails set in from our listeners, in which our community answered questions that we typically ask our guests when they take the Hot Seat! From discussing favorite books and podcasts, to learning some new tricks and takeaways that have helped you on your FI Journey, it’s incredible to hear the ways you are taking action and creating habits that are making your journey to FI meaningful and motivational! We often stress that living FI isn’t about chasing a number, but rather building up the life you want in the process of working towards your goals, and while there may be mistakes made, there are many learning opportunities and new perspectives of success that make this journey incredibly rewarding.
Timestamps:In this episode: what follows tragedy, the importance of wills and beneficiaries, intestate succession, and probate.
This week we are joined by Amy to discuss her personal account and experience with estate planning in the event of an unexpected passing, and what this can look like when plans aren’t in place. While death can be an uncomfortable topic to think about, it’s important to take time to garner a plan in place so that your loved ones are both prepared and not overwhelmed in the event of your passing. A large part of FI is about taking actionable steps to make your life easier, and estate planning is no different. From designating beneficiaries and setting up wills, to utilizing password verification methods on your accounts, there are many actionable steps you can take in order to make the process of passing easier for your family and loved ones. Amy’s story is not meant to be a cautionary tale, but rather a reminder to not ignore or avoid a personal subject matter just because it’s uncomfortable.
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In this episode: taxable accounts, the 72(T), inherited retirement accounts, 457B's, roth conversion ladders, and the rule of 55.
This week we are joined by the “FI Tax Guy” Sean Mullaney to walk through examples and discuss some strategies you could use when accessing your retirement funds early. No matter where you are on your FI journey, there can come a time where retiring early becomes a feasible option, but there can be many stipulations and tax implications that come with withdrawing your funds before the age of retirement. Tune in as we discuss several different options you can pursue in order access your money without having to wait until the 59 and a half year old threshold.
The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Brad and the ChooseFI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.
Sean Mullaney:
FIRE in Vegas:
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In this episode: social security, disability, calculating social security, claiming social security, and due diligence.
This week we are joined by listener and owner of Financial Security Advocates Dennis Shapiro, to talk thru some of the insights and misconceptions surrounding Social Security Benefits, and what factors and resources you should consider while approaching retirement. The beauty of FI is that it opens up opportunities for you to retire early, but oftentimes we don’t consider how retiring early or even starting your own small business can impact your Social Security. While there is no true way of mastering the system to get the most benefit, there are many ways to prepare and plan in order to get the most out of your social security benefits! Remember, these benefits are not just safety nets when it comes time to retire, but can be an additional tool for investment that keeps you comfortable in your FI.
Denis Shapiro:
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In this episode: calculating when you retire, tracking expenses, health insurance, the importance of planning, and health spanning.
This week we are rejoined by Teresa as well as Fritz Gilbert of The Retirement Manifesto to walk us through a case study of how to approach retirement while on your FI journey. It’s a common question to ask when you can retire or when you can stop working? Luckily there are plans of action and resources available covered in today's episode that will leave you feeling better prepared to proceed with a plan for retirement, no matter what part of your FI journey you are on. While there are many factors to consider when planning for retirement, such as savings versus spending rate and repositioning your portfolio, all these factors are manageable when you have a good plan in place. Take the time now to feel confident for what life will be like leading up to and after you retire!
The Retirement Manifesto:
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In this episode: the boring middle, lifestyle design, flow states, moving towards purpose, experiments, and experiences.
This week we are rejoined by friend of the podcast Jessica from The Fioneers to the discuss the point of your FI journey known as the “Boring Middle,” and how through actionable steps and lifestyle design you can turn what feels like a stagnant stage in your FI journey, into one filled with growth and change! When you are well on your path towards reaching your FI goal, it is easy to feel like you’re not doing enough. But what feels like a waiting game can actually be an important time for self growth and experimentation. Taking the time to do some introspection to figure out what your core motivations are can allow you to begin opening yourself up to newer experiences that bring value into your life. So if you feel like you are currently on autopilot, there are steps you can take to shake up your routine and usher in new opportunities into your life. While you may have to quiet your own limiting beliefs in this process, you will learn more about yourself and what you want out of your life!
The Fioneers:
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In this episode: inflation, coast FI, early retirement planning, future tax liability, IRA's and 401k's, and diversification.
This week we are rejoined by founder of Measure Twice Money Cody Garrett for another installment of the Mail Bag, where we will be talking through questions from our listeners covering topics ranging from inflation and its implications on your FI number, ACA subsidies and early retirement, as well as the similarities and differences with Roth accounts and future retirement tax liabilities. Listen along while we dip into the listener mailbag this week and discuss topics chosen from YOU the listener!
Cody Garrett:
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In this episode: FI versus FIRE, coast FI, lean FI, tools for FI, the skill of spending, dying with zero, and prioritizing health.
This week we are joined by our friend and host of the “All the Hacks” podcast, Chris Hutchins to discuss the “spectrum” of FI, and all that falls in between. From the evolution of FI over the years, to the changes we’ve made on our respective journeys, and even differentiating terms such as FI versus FIRE and Coast FI, we cover it all! We also found some time to share some tools and resources that can be beneficial to you and your FI journey. While the path to FI allows you to take control of your financials and future, this journey can usher in so many new perspectives and changes that affect all areas of your life! Allowing yourself flexibility and remembering that what you are working towards isn’t just a number or early retirement, but rather a more fulfilling life!
Chris Hutchins:
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In this episode: real estate, upskilling, taking action, tracking your expenses, setting goals, getting on the same page, and the hot seat.
This week we are joined by listener Navish Bahl to discuss his journey on the path to FI, the actionable steps he’s taken in order to maximize his life, answer some questions in the HotSeat, and navigating your FI journey while your significant other or family may not be on board. There are many avenues you can utilize in order to achieve FI, and while it may be overwhelming at times to figure out what works for you and your journey, remember that the goal is to learn and go through life with more freedom and balance, not stress and burnout trying to chase a number. The path to FI is a personal one, and as you embark on your journey allow yourself some patience but also some flexibility, and don’t forget to extend some patience to others in your life who may not be on the same path.
Navish Bahl:
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In this episode: checking boxes, supplementing income, life by design, taking action, the value of time, and year end wins!
This week we are re-joined by Johnathan for our 7th annual year-end-wins episode! Together we tune into voicemails sent by you the listener and celebrate your victories from 2023! From confidently investing in your future, to finding new friends and support systems within the FI community, we are proud to be a part of your journey towards reclaiming your freedom and your time! There are many small and large goals you all met that deserve to be celebrated! Listen along as we discuss and commend you for taking action and making the most out of your FI journey this year!
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In this episode: community, structuring FI events, unstructured time, the energy in the room, and vulnerability.
We all know that the online FI community can help you along the journey in a variety of ways, but the abundance and ease of access to that community can lead to us forgetting the impact live FI events can have on your life. Our Guests Stephen, Amy, and Diania from CampFI, FI Freedom Retreats, and The EconoMe Conference respectively can attest to the power of in-person communities as they are the ones who work so hard to put them together! Together with Brad, the foursome talk about the different benefits that can come as a result of joining these conferences, and how “the energy in the room” can help you find value and take in information in ways you never thought possible!
Amy, Diania, and Stephen:
In this episode: finding a sustainable path to FI, adjusting your lifestyle, guac levels, mindset, and finding what you want.
Jamila Souffrant makes her long awaited return to the podcast to discuss building a sustainable path to FI, the importance of readjusting, financial freedom versus financial independence, as well as other topics detailed in her new book "Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness." While you may begin your FI journey with a set plan in mind, that doesn’t mean the actions you take along the trail of your journey won't serve you at different stages. On this journey, you should never feel like you are depriving or overindulging, but rather finding a balance that works for you and brings you happiness in the present. Remember, reaching your FI goal should never be at the cost of your happiness, and while making necessary changes is part of FI, you shouldn’t be sacrificing your happiness in order to reach your goal quicker. Being mindful and willing to change your plans just as life can change will not only bring you more freedom, but allow you to make the necessary mindset changes that will serve you in ways well beyond your financial journey!
Jamila Souffrant:
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In this episode: lessons from failure, curiosity, mastering the small things, skilling up, and the value of time.
The return of Johnathan! Yes Jonathan is returning to the show to catch up on the work he’s been doing behind the scenes over the last year and a half, the value of freeing up your time, skill spending, and the importance of focusing on the little things while keeping the bigger picture in mind. Whether it’s when you’re just starting your FI journey or if it’s in other areas of your life, failure and mistakes can be inevitable. However, they should never keep you from trying to build and create the life you are working towards! One of the key lessons taught in FI is to change your mindset from one of scarcity to one of growth, and part of that challenge means identifying failures and taking action to learn from them. While you are working towards your own “big picture” on this journey, don’t forget to focus on the smaller things. Not only will it allow you to pay closer attention to what you are doing right and wrong, but it makes it easier for you to pivot and reevaluate when necessary! This journey is not just about reaching that final goal, but about using the knowledge and lessons learned along the way to make life a little bit freer and a little bit easier!
Timestamps:
In this episode: the make whole mindset, budgeting, grace and space, automation, and splitting it before you get it.
This week we are re-joined by Tiffany Aliche better known as "The Budgetnista” to discuss her new book "Made Whole: The Practical Guide to Reaching Your Financial Goals" which details her 10 step system towards financial wholeness, the ease of automating payments, the importance of accountability partners, as well as designing separate accounts to reflect your needs. It can be intimidating to begin addressing your finances and planning your financial future, but your past mistakes or lack of knowledge should never be the thing holding you back from beginning your FI journey. Building a financial foundation for yourself doesn’t happen overnight. Everyday it requires you to make the necessary changes and instill new habits that get you closer and closer to your goals. And while personal finance is personal, there is no reason to go through it alone. No matter your background or what stage of life you begin FI, there is a large community of people on this journey that will embrace and celebrate the smaller milestones just as much as the bigger ones!
Tiffany "The Budgetnista" Aliche:
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In this episode: frugality, value based spending, honoring your season, identity, budgets, financial goals, and minimalism.
When you think of the word frugal what comes to mind? To some it can mean spending on what you absolutely need and leaving little wiggle room for anything else, but to others frugality is not just a restrictive budget but a superpower! This week we are joined by Jen and Jill of the Frugal Friends podcast to discuss the intersectionality of frugality and the FI journey, as well as finding the balance between budgeting to invest in the future you want without depriving yourself in the present. Mindfulness and paying attention to the things you spend money on is an important part of the FI journey, but it is just as important to be mindful of the things that bring value and joy into your life. While budgeting and reducing your spending can help you reach the FI finish line a bit quicker, it should never be at the expense of cutting out the things in your life that are fulfilling! Implementing frugal habits and finding a budget that works and changes with your life can be an incredible tool while on the path to FI, because not only does it open up opportunities to invest monetarily, but also invest in yourself and the life you want to live!
Frugal Friends:
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In this episode: the power of pursuit, FU money, index investing, investing the difference, and the simple path to wealth.
This week we are joined by the godfather of the FI movement himself JL Collins to discuss the themes of his new book "Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence―And How to Join Them." While there is no perfect blueprint to mastering your money, there can be confidence and motivation to be found in the stories of others who have been in your position regardless of what part of the path to FI you are on! Though this journey requires you to have to take action and make necessary financial changes, it is never about complexity and deprivation. But rather, this journey is about recognizing the freedoms gained while pursuing FI, not just when you reach your FI goal! The moment you begin to simplify your path to wealth, you will find yourself becoming a stronger and happier individual!
JL Collins:
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In this episode: community, building fun into your life, college planning, fear, following threads, and travel rewards.
This week we are rejoined by Ginger for another installment of the Round-Up, where we catch up and discuss our favorite takeaways from this past month’s episodes. From learning how to best prepare your child for the college application process, to the importance of introspection to pinpoint and work with your fears, and finally to re-framing your fearing relationship with money. It’s been a great month with content full of information that all listeners can relate to, no matter what part of the FI journey they are in!
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In this episode: financial aid, college planning, standardized tests, tests optional, need meeting, and preparation.
This week we are re-joined by Brian Eufinger to discuss ways to best prepare your children for college admissions, navigating the new changes to FAFSA and the CSS profile, and how you can maximize when prepping for your child’s higher education. While college prep can be stressful for students, from maintaining their GPA to taking multiple standardized tests, it can be just as stressful for parents to figure out financial aid and how to best set up their child for success before and after graduation. However, knowing the factors to consider early on and having the knowledge in advance can make this process far less daunting! While stressful as it may be, remember that there are many different resources available to you and your child that give you the knowledge that may alleviate the pressures that come with college prep and financial aid!
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In this episode: spiritual bypassing, curiosity, fear, wellbeing, inflection points, and what the body stores.
This we are re-joined by Cory Muscara to discuss the benefits of practicing mindfulness while embarking on the FI journey, the concept of spiritual bypassing, and the positive benefits that come from being present. An important part of the FI journey is learning to take actionable steps to better your life, and a large part of this requires introspection and honest reflection of where you are in your life. Through the practice of meditation and setting intentions, it may allow you to recognize patterns that harm you or keep you from enjoying life in the present. While working through triggers or anxieties can be uncomfortable, mindful practices can be the vehicle to move you from discomfort to a place of control and confidence in your life. So while you may be putting all your mental energy into reaching your FI goal, remember that getting to the finish line is not what this journey is about, but rather the positive effects and changes that come from taking control of your life and being present!
Cory Muscara:
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In this episode: fear, anxiety, FOMO, talking about money, endings, self development, exposure, and the fear of loneliness.
This week we are joined by Farnoosh Tarabi where we will be discussing the topic of fear and anxiety, reinterpreting FOMO, and how to recognize and use your fears and anxieties to work with you in order to reach your financial goals. While we can sometimes interpret our own fear as a weakness, many times these fears and anxieties can be a secret weapon, ones that motivate us and usher in necessary change that can make a difference in the path that we are on. In some cases, it can be a fear of missing out on opportunities. Other times it can be a fear of endings. But no matter the fears, learning to recognize the underlying feelings and meanings can ultimately help you on the path to FI! Remember, an important part of this journey requires introspection, and while it may be uncomfortable to sit with your fears and anxieties, working with them, rather than against them may just be the superpower you didn’t know you had.
Farnoosh Torabi:
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In this episode: the 4% rule, second generation FI, retirement saving, 529's, 401k's, and is it too late for FI?
This week we joined by Rachael Camp of Camp Wealth for another installment of Mail Bag, where we will be answering some questions sent in by our listeners. Together, we cover topics surrounding the 4 percent rule, starting the FI journey “late”, the importance of tax diversity in your retirement accounts, and the potential benefits and drawbacks to 529 plans. On the path to FI, the community this journey brings can be the best resource, and answering any questions you may have is our way to ensure you’re well on your way to FI, as well as help others in the community who may be navigating similar scenarios!
Rachael Camp:Please note:
Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.
Timestamps:In this episode: the importance of starting, everything is negotiable, talentstacking, building your flywheel, and Ginger!
As September comes to a close, it’s once again time for another Roundup episode! This week we are rejoined by Ginger, where we will be revisiting the topics of our September episodes and discussing our favorite takeaways and the talking points that stood out to us. From the importance of perseverance on your path to FI and embracing the community this journey brings, and negotiating salary with confidence, to finally skill stacking and the teaching opportunities it may bring for you and others! So lets look back on what FI can look like from the different points of view of our past month’s guests, and move into October better informed and better prepared!
Timestamps:In this episode: it's not easy it's simple, the flywheel, being consistent, skilling up, the gift of time, and what money can provide.
This week we are joined by founder and creator of ConvertKit, Nathan Barry to discuss his entrepreneurial journey and how the fundamentals of FI helped drive him to create and build a successful business. We often discuss the importance of skill stacking when on the journey to FI, but we sometimes forget to touch on the trial and error that comes with learning and creating something new for yourself. While you can’t expect to start something new and be faced with little to no challenges, this leaves more opportunities for personal growth and important lessons! So whether it’s learning a new side hustle or starting a business, it’s important to remember that you may not always know how to do something perfect when you begin. You should not count yourself out or give up when you don’t see instant results, but rather reach out to new communities and take the lessons in stride! Though it takes time and effort, it’s worth it!
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In this episode: salary negotiation, knowing your worth, doing your own research, anchoring, and facing job offers.
We often talk about the importance of shifting out of a scarcity mindset towards an abundant one, and this can mean leaving a job for a new one, or even asking for a higher wage. But how do you overcome the guilty feelings that can arise when wanting to level up? This week we are re-joined by the Financial Mechanic to discuss the art and steps to successful salary negotiating, from doing your research to collaboratively working with hiring managers, and learning to handle the discomfort and self doubt that can come when asking for more. While negotiating can make you feel uncomfortable or even intimidated, it’s important to remind yourself that asking for what you want does not mean you are begging. Rather, it means you know your worth and are advocating for yourself and your future! Though it takes practice, learning how to confidently negotiate can make a difference in your present but make all the difference in your future and your FI goals!
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In this episode: the importance of community, finding financial literacy, pulling the levers of FI, and the hot seat.
We’ve heard incredible stories of FI from many of our listeners, but this week we are lucky to hear from someone who overcame so much in order to achieve the life she always wanted. This week we are joined by one of our listeners Teresa, where we discuss her incredible story of navigating and overcoming debt as a single mother to building a strong foundation of financial literacy and knowledge for herself and her daughters! Some of us on the path to FI may not have grown up surrounded by great financial models, and maybe some of our listeners may feel overwhelmed with the new tips and knowledge that FI brings, but please remember that feeling unprepared is no reason to count yourself out on this journey! Your past failures or mistakes shouldn’t hold you back from building the life you want and the life you deserve, but rather they should motivate you to learn and grow into the best future version of yourself!
Timestamps:In this episode: spending for value, mastering your finances, what nourishes you, limiting beliefs, and getting the best out of yourself.
The end of August is rapidly approaching which means it is time for another round-up episode. To close out the month this time we are joined by Katie Gatti from "Money with Katie" to discuss all the lessons we picked up from the last month of ChooseFI! Whether it's planning a mini-retirement, designing what your want your life to look like, or forming your identity statements, our wonderful August guests have provided some amazing blueprints for you to start becoming the best version of yourself. So now that the summer is ending, it seems like a great time to take action on what we have learned together!
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In this episode: mini-retirements, building fun into your life, structuring and planning mini-retirements, negotiating, and gaining momentum.
When pursuing your FI goal, it can feel like you are on a set trajectory, and picking up new habits or hobbies can seem overwhelming because you don’t have the time to focus on them. However, you should never feel held back from starting something new! This week we are joined by Jillian Johnsrud to define and discuss the mini-retirement strategy, and how taking a break to recover, relax, and re-strategize can propel you towards your FI goals! Sometimes the thought of taking a break can seem scary, or even the thought of relaxing can be more stressful than it's meant to be. But, taking the time and space away from your usual structure can allow you the space and bandwidth to pursue other avenues that you are passionate about! While the thought of a mini-retirement can leave you feeling unstructured from your usual 9-5, it can usher in more time for hobbies, side hustles, or even new jobs! So, while your journey to FI may be filled with rules and guidelines set in place to help you reach your FI goal, remember that there is no harm in taking an active rest in order to restructure your goals and re-motivate you!
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In this episode: changing your mindset, starting FI at 50, the pros and cons of starting late, and facing your faults.
We always say on this show that FI is for everyone, but our guests Becky Heptig and Bill Yount really embody this message. As hosts of the "Catching Up to FI" podcast, Becky and Bill are a fantastic resource for those who have found FI later in life and still would like to give it a go despite the delayed start! While FI looks different for everyone and can be influenced by when you start, we agree with Bill and Becky in saying becoming intentional with your finances is always a positive decision, no matter when you do it in life. Although your path may look different from those who started earlier, you would still be taking steps to better your life inside and around your finances. Perfection isn't the goal, improvement is what we strive for, and a positive step is still a step in the right direction!
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In this episode: determining your FI goals, real estate investing, land investing, liquidity, and proof of concept.
Whether you are new to FI or have achieved it, you have probably noticed a big change not only in how you live your life, but how you perceive yourself. You may be more intentional and strive to make changes in all areas of your life, not just financial ones. This week we are joined by our friend JT Olmstead to discuss the ins and outs of land investing, as well as talk about the importance of having the right mentality to accomplish your goals and become the best version of yourself. While on the journey to FI, you may feel momentum and motivation to keep pushing towards your FI number, but oftentimes the journey doesn’t end when you get to the finish line. A large part of this journey is learning from failures, changing your goals, and changing your plans as you change! Though your plans and goals may not always be accomplished the way you think, having the right mindset throughout this journey will be just as beneficial to you as having plans in place.
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As this month comes to a close, we think it’s only fitting to reflect on what July’s incredible guests have had to say, and what new knowledge and perspectives they’ve brought to the table. This week we are back with Ginger and introducing a more structured Round-Up, where we will be revisiting topics from this past month's episodes and discussing our favorite moments and takeaways. While the subjects of this month's episodes have varied from spending for happiness to understanding Roth conversions, there is still more to learn and unpack before moving onto August!
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In this episode: financial advisor breakups, I bonds, the 4% rule, second generation FI, Roth IRAs, and the listener mailbag.
Breakups are hard, but breaking up with financial advisor can be harder given the minutia that is often involved in doing so. It's good to have friends to lean on in times like this, which is exactly why we have the FI Tax Guy himself Sean Mullaney with us to help! Listen along as he and Brad dip back into the listener mailbag this week and discuss a plethora of topics submitted by YOU the listener!
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In this episode: designing your life, real estate investing, pain points, working backward, and finding your sweet spot.
This week we are rejoined by friend of the podcast Chad Carson to discuss his new book "The Small and Mighty Real Estate Investor: How to Reach Financial Freedom with Fewer Rental Properties," as well as cover some strategies he’s picked up during his real estate investing journey. While investing in real estate can be a full time job, for many listeners it can also be seen as a way to generate additional income. Although getting started can seem a little daunting, Chad offers excellent insights on how to confidently begin real estate investing and stay motivated towards having your investments align with your personal goals and desired life!
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In this episode: investing, losing money hurts, pessimism, optimism, index funds, psychology, history, and building wealth.
Whether you're a confident investor or weary of playing the market, there is still a lot to be learned when it comes to your investments. This week we are re-joined by friend of the podcast Brian Feroldi to discuss important truths and takeaways he’s learned as a decades-long investor, from navigating the psychology and history of the market, to focusing on longevity and simplicity rather than getting rich quick. When listening to this episode, remember that playing the market doesn’t have to be a complicated game, and no one should feel un-equipped to invest! Just be sure to understand that investing will never be a perfect journey, and preparing yourself for low points may help you make better decisions in the long run!
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In this episode: the phases of FI, your spending framework, dying with zero, changing your anchor points, and the value of time.
This podcast offers insight to what the path to FI can look like for listeners, and while we usually speak broadly to our listeners who are all at different stages of FI, it’s important to look back, as well as look forward to see how this journey has changed for us. This week we are joined by Carl Jensen and Doug Cunnington of Mile High FI to talk about the evolution of the FI movement from when we all began this journey, as well as reflect and discuss the trends and important takeaways of where we see the FI movement going. While finding your own balance is important in all parts of life, finding balance while on the FI journey is just as important! Learning to become intentional with your spending is also important. It can be extremely beneficial to your life to learn healthier ways to spend rather than deprive yourself of some of the most important items or experiences that bring you joy! So remember, whether you are at the beginning or well on your way towards reaching your FI goal, you will evolve with FI over time and application, just as FI will evolve around you!
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In this episode: travel rewards, credit cards, the true cost of buying a car, health, retirement, and community wins.
This week we are re-joined by Ginger for another Round-Up episode where we will briefly discuss travel rewards, updates on Ginger’s credit card journey, the value of implementing new habits, and also dip into the listener mailbag! Over the course of this podcast we often discuss the importance of taking action and making changes in your life to not only achieve FI but also improve your life overall. While we know changes don’t happen overnight, (just as no one can reach their FI goal overnight) it’s important to remember that sometimes the best thing you can do is take action little by little. Sometimes this means budgeting, and other times it can mean breaking free from an unhealthy frugal mindset in order improve your quality of life! Whatever the changes you wish to make or habits you want to create are, remember it's never too late to begin!
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In this episode: the travelers triangle, booking early, flexibility, planning, hotels, and knowing you are getting a deal.
This week Suzy joins us for a new installment of travel rewards tips, where we will be diving deeper into how you can optimize your savings and travel points to get the most out of your travels. While the subject matter we are tackling today may be more useful to listeners who have already acquired the necessary credit cards and travel points, there is still a lot of helpful information you can use when planning your next trip! So whether that's learning to book early and play around with the sites mentioned on today's episode, or allowing flexibility to mitigate the stress of traveling, this episode is here to act as an additional resource to those learning to take advantage of what their travel points can offer.
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In this episode: the continuum of FI, skilling up, chasing true value, the power of connection, and second generation FI.
This week we are rejoined by friend of the podcast Bo Loy to talk about finding value on the FI journey, drowning out the "noise," and the importance of not depriving yourself of happiness in order to reach your FI goal. While the journey to FI does require you to make financial changes and pick up new habits that can launch you towards financial independence, the purpose of this journey is never to deprive or restrict yourself in order to reach your goal. No matter when you begin this journey, the goal in mind should be taking steps in order to improve your life both financially AND mentally. Not sacrificing the things that bring value to it! There's a lot to learn on the path to FI, but it’s important to remember that what you are working towards is more than just a number, it's personal happiness, fulfillment, and more!
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In this episode: money against mindset, fear setting, FI events, gap years, slow travel, and living intentionally.
Everyone’s relationship with money is different, just as everyones path to FI looks different, but how do you unlearn behaviors that could be holding you back? This week we are joined by Amy Minkley to discuss how finding FI changed her life while abroad, as well as the the importance of unlearning and breaking free of internalized stress when it comes to money. A large part of the FI journey is implementing new habits and the lessons you pick up along the way. However, an even larger and sometimes harder part of this journey requires you to be introspective and take an honest look at your relationship with money. While you can’t go back and change the past, the beauty of FI is that you learn to make changes to ensure the future you want! No matter what your background, the path to FI is one that benefits everyone, because it not only gives you control of your life, but allows for independence to create the future you desire. So while it may feel comfortable to approach this journey by thinking of all the ways things can go wrong, remember to think of all the ways things can go right!
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In this episode: success after FI, finding purpose, owning your time, investing in health, and spiritual pursuits.
While reaching your FI number and subsequently retiring is an amazing achievement in itself, what are you supposed to do with yourself after getting there? Well, figuring that out is also a big step you are going to have to take on your FI journey. This week, we are once again joined by Chris Terrell to discuss the ways you can fill your time after achieving FI, and how to identify what gives you purpose in your post-work life. Earning back your time is only half the battle, putting that time to good use is up to you and you only!
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In this episode: the pain of paying, anchoring, relative value, sunk costs, response to stimulus, and opportunity cost.
On this installment of the Book Club, we are joined by Clint Murphy and Ginger to discuss some of our favorite takeaways from Dan Ariely and Jeff Kreisler's "Dollars and Sense: How We Misthink Money and How to Spend Smarter," We often mention on this podcast the importance of actionable steps you must be willing to take while on the journey to FI, and this book is chalk-full of actionable tips and examples that could possibly be applied to many areas of your life, not just personal finance. While we know that personal finance is not unilateral and there are no correct steps and decisions that ensure success for everyone, we believe this book can help you better understand the decision making processes that goes into taking actionable steps on your FI journey!
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This week we are re-joined by friend of the podcast, Travis Hornsby, to discuss some critical updates and deadlines pertaining to student loan forgiveness.
While the thought of paying off student loans can feel daunting, there may actually be some ways to mitigate the stress entirely! Though this episode may not pertain to your situation specifically, we believe it can act as a resource for some you may know, or others on this journey who are looking to potentially have their loans forgiven.
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In this episode: getting comfortable investing, the vision boards, salary negotiations, and the skill of spending
Whether it's wanting to pay off your debts or get yourself set up for your future, there are many motivations for wanting to begin the path towards FI. This week we are joined by listener and fan of the podcast Rakesh to discuss how his journey to FI has been over the last 3 years, and the lessons he’s learned along the way. We often stress on the podcast the importance of bold moves and taking action as an important step to achieving FI, and Rakesh is the embodiment of just that! Everyone on this journey starts from a different place, just as everyone’s long term goals differ, but don’t allow yourself to be bogged down by the little hiccups that come with this journey. By pushing ahead and being mindful of your short and long term goals, you may find yourself stepping out of your comfort zone towards the life you want to be living!
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Oftentimes on our show, we talk to people on the FI journey with “regular” 9-5 jobs, and other times we talk to those who have achieved their FI goal and are able to retire from their careers. However, we rarely talk about money management and FI when it comes to those working in service industries, such as serving and bartending. This week we are joined by author Barbara Sloan to discuss taking control of your finances while in a variable income job, the importance of an emergency fund, and the attainability of retirement accounts and health insurance while in these types of industries. While it may seem unattainable to budget and financially plan for the long term when your income is non-fixed, you shouldn’t count yourself out from this journey! Creating your dream life is possible for all, with the right systems in place to ensure it, that is an option possible for those in all career types.
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There can be points on the journey to FI where you feel that you may not be able to accomplish your goals, or even take advantage of some of the hacks we talk about on the show. But sometimes all it requires is for you not to limit yourself and just think outside the box. This week we are re-joined by friend of the podcast Ginger to discuss how the transtheoretical model of change can apply to those on the path to FI, as well as read your emails and answer some of your questions on this installment of Round-Up. Oftentimes, we forget how flexible and capable of change we really are, and its life's curveballs that make this journey different for everyone. While setbacks can put you off from pursuing your goals, or make you feel as if you don’t belong on this path, they shouldn’t deter you from attacking your goals. When you can accept that changing and adapting does not equal failure, you not only open yourself up to new options and possibilities, but exceed your own expectations while on the path to FI!
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In this episode: the power of outside, overcoming adversity, the value of streaks, building momentum, and van life.
As we’ve discussed many times on our show, creating and maintaining habits are an important part of the FI journey. Not only does it require you to prioritize what you value, but it can lead to success in many areas of your life. However, while we talk about the success that habits can lead to, sometimes we overlook that starting a habit can be stressful or overwhelming. This week we are joined by Gregg from Outside365 to discuss what your life can look like when you align with your habits, and the momentum and value that can be found when you start to prioritize your habits a little bit each day. While it may seem overwhelming at times to start something new, whether it’s saving more and spending less, or even just picking up a new hobby, you may find that the more you do it, the easier it comes! Remember, while you may feel a sense of urgency to instill habits in your life, remember to be patient, and take it a day at a time!
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In this episode: tackling the big issues, the everywhere effect, change and discomfort, and getting the most from what you have.
On this Podcast in recent months, we have made a point to highlight the fact that FI isn't about deprivation. While we do think making a few cuts in some areas is a good thing, we believe in that idea because it acts as a means to an end, with the endpoint being living the most fulfilling life available to you. So how is it possible deprive ourselves in a manner that doesn't leave us feeling deprived? Well, we have to skill up out our spending abilities.! This week we have Mr. Money Mustache on the podcast to discuss the skill of spending and how to approach utilizing your resources to ensure your own happiness and wellbeing. Make cuts in your life where there us a lack of purpose so you can level up areas of importance and passion!
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In this episode: forming habits, fulfilling goals, routines, the importance of health, restriction without deprivation, and working on life.
While beginning your FI journey means having goals and taking necessary steps to achieve them, it may seem like you have to approach your life with discipline and absolute structure when it comes to money matters. While setting yourself up for success on this journey does mean creating different habits in regards to spending or investing, these habits should never seem absolute or deprive you from enjoying your life. This week we are joined by the Mad Fi-entist to discuss the evolution and the necessary changes he has made while on the journey to FI, and the beauty found with having a routine and creating meaningful habits. FI is a journey that requires you to experiment and change as the journey progresses. Not only will you learn about yourself on this journey, but you will pick up and exchange old habits for new ones that better suit the life you want to be living. Remember that while discipline is necessary for this journey, that does not mean you can’t evolve and change up your routine for the better!
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In this episode: early financial conversations, what you truly value, house hacking, and the psychology of FI.
It can be scary to have to acknowledge the reality of your financial situation, especially if you feel you do not have the financial literacy to proceed with confidence. However, setbacks and failures can often be blessings in disguise. This week we are joined by The FI Couple to discuss the importance of perseverance and flexibility in the face of uncertainty, as well as the strength that can come from a united front. The journey to FI is deeply nuanced, and never perfect. While you may find yourself wanting to make your journey as optimal and expedited as you can, we know that life sometimes happens and your journey can be far from perfect. However, sometimes when we find ourselves at “rock bottom” and it seems like everything in our world is against us. Rather than feel defeated, allow the setbacks to act as momentum to charge ahead as you re-align and re-adjust!
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In this episode: finding your why, creating space, deprivation, board games, lesson learning, and decision making.
Whether you’re years into your FI journey or just beginning, evaluating your finances and spending, you may feel like you have to make some cuts into your favorite hobbies in order to reach your goal quicker. However, deprivation and cutting out the things that bring enjoyment into your life should never be the only option. This week we are joined by friend of the podcast Chris Terell to talk frugal hobbies, new experiences, and the parallels between strategies in board games and the strategies employed while on the journey to FI. While trying to optimize your experiences may mean changing hobbies and evolving, while doing so you may find new enjoyment, new communities, and values that come with these changes. Not everyone may have the same approach to a game, just as not everyone will have the same approach to achieving FI, but as long as you remember that being open to changes will allow you to not only optimize your experiences on that journey but optimize your FI.
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In this episode: personal investments, 401k contributions, FI is for everyone, travel rewards, task management, and taxes.
On what is considered a very personal journey, how do you handle changes that feel like setbacks? Whether its spending more when you feel you should be saving, or re-evaluating goals based on what needs immediate attention, do you feel equipped to handle it with confidence? This week we are having a weekly roundup, and are re-joined by Ginger to not only answer listener’s questions, but discuss travel rewards, retirement accounts, and breaking away from the ultra frugal caricature often depicted alongside FI. While saving is an important factor on this journey, the main purpose of FI is to learn and live your life with intention as it relates to your money, goals, and values. Remember that it’s okay if some of your goals and values will change along the way! Allowing yourself to be flexible as it relates to external factors, like market volatility and your investments, will give you more power and control to continue ahead with confidence and optimism!
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In this episode: the "average" withdrawal, Karsten's strategy, Fritz's strategy, fixed withdrawal rates, the bucket strategy, and refilling.
Preparing for retirement can look different for all on the journey to FI. All of our goals differ, but we are still in the mindset of positioning ourselves for the coming years. This week we are having a face-off between returning guests Karsten and Fritz, as they discuss their own receptive drawdown strategies, their advantages, and how you can best prepare yourself mentally and financially for your retirement. While a large part of preparing for retirement means saving, that does not mean you should be afraid to spend. Even in retirement, there are strategies that can allow you to not only spend comfortably within your means, but also spend confidently!
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In this episode: the 2.5 million dollar inversion, looking at the incentives, interest rates, your biggest asset, and potshots.
When you begin your FI journey, you may feel like you must follow a certain path or plan in order to achieve your desired outcome. However, the longer you are this journey the more you realize that it is a personal one that requires adaptability when so many factors can affect your bottom line. This week we are back with Scott Trench from BiggerPockets as he shares his insights on investing and looking at your portfolio from an “outset” perspective, as well as touch on the shape of the real estate market. It is important to remember that there is a lot of push and pull on this journey, and it is not meant to be perfect. While you may have expectations for your portfolio and your long term plans, there will be times where you will have to make tradeoffs. Just as the markets change and may signal uncertainties to come, remember that flexibility while maintaining your long term goals will allow you to feel more equipped to move through these times.
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In this episode: the value of time, what are you optimizing for, bold moves, increasing your kid's odds for success, and balancing deprivation.
Because we have put so many leaders, members, and experts in our community on the hot seat here at ChooseFI, we figured it was finally time we played fair and put Brad on the hot seat himself! With the assistance of Aaron Lee, a longtime listener, friend, and host of "The Next Generation Leader Podcast," we ask Brad all the burning questions related to his FI journey. If you've ever been curious how Brad discovered FI, what led Brad to begin his FI journey, or what lessons Brad learned along the way, listen along as we re-live the path that helped form this amazing community!
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In this episode: budgeting, the power of FI, different funds, living in the present, and the power to make your choices.
No matter your background or the hardships you’ve endured, you should never rule yourself out for success! Ruminating over your past mistakes can make you feel undeserving of the life you want, but those same mistakes can actually serve as motivation to propel you further on your journey! This week we are joined by returning guest Deanna to discuss how her FI journey has progressed in the last 4 years, the freedom and power she gained from budgeting, and an update on her journey of overcoming adversity. Just because you feel you’ve hit a rock bottom doesn’t mean this journey isn’t for you. A large part of FI is making mistakes, learning, and changing. An even larger part of this journey is learning to forgive yourself and others and continue on! For those who do not think they are capable of achieving FI because of their past, let Deanna and this episode serve as an example of what this journey can look like when you act with forgiveness and intentionality!
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In this episode: what sparks goals, what are you optimizing you, valuing your time, and money prioritization.
Sometimes on the journey to FI, we ask ourselves the following; do I really need to spend money on this? Do I really have the time and resources for that? These questions may be easy to dismiss by saying no in order to stay on track with your financial goals, but by dismissing them, you could be missing out on something that is beneficial to your personal journey! This week we are joined by friend of the podcast, Chris Hutchins, to talk about the hacks for optimizing your life, the differences between cheapness and frugality, and the importance of valuing your time and what it can lead to. Saving money is an important part of achieving FI, but you should never feel so restricted that you miss out on investing your time and money in things that bring joy and value into your life. While saving is important, it’s okay to spend money. Whether it’s on a trip or investing in something new, there are ways to make it work without feeling guilt or shame. Prioritizing and valuing your time can introduce new experiences and provide happiness as well as perspective while on this journey!
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In this episode: taking the unconventional path, the price of time, early entrepreneurship, talent stacking, and the pursuit of learning.
At least once in most of our FI journeys, we have pondered what our life would look like if we started earlier. Maybe you have even wondered what value could've been gained if you had started in your teenage years. Well, for some context into the possibilities decision that could provide, we decided to have 17 year old listener Devin on the podcast to discuss what life can look like when you go against the cultural norm of going to college, and instead opting for an entrepreneurial and FI friendly lifestyle. Oftentimes we mention that there are rewards that come with stepping out of your comfort zone, and the same can be said for going against the societal norm and carving out your own path! For our younger audience who may be interested in getting started with their FI journey, let this episode be a useful resource and reassurance that this journey can begin no matter your age!
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In this episode: taxes, the secure act 2.0, the best news, roths, 529's, catch-up contributions, and the new options you have.
On December 29th 2022, Joe Biden signed into law the Secure 2.0 Act. As this law may have ramifications on your retirement tax planning, to stay ahead of the curve we decided to have The FI Tax Guy Sean Mullaney back on the show to discuss what this law is and ways one may be able to approach and utilize it going forward with there retirement planning. While laws and regulations may change, staying prepared and aware can keep us worry free as we prepare for the tail end of our FI journey!
The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual.
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In this episode: mindfulness, removing judgement, thoughts creating reality, envisioning, awareness, and the hot seat.
Oftentimes on our show we like to remind listeners that achieving FI isn’t an end all be all to one’s problems, and that reaching financial independence doesn’t automatically equate to happiness. An important part of the journey is the work you do inward along the way, and this week we are tackling what that can look like. This week we are joined by coach and host of Mindful Fire podcast, Adam Coelho, to discuss the important link between mindfulness and FI, and the power our brains have to envision the life we want, and put dreams into action. Taking the time to be aware of how you’re thinking and feeling can be an effective tool. It will not only keep you centered, but allow for you to be open to experiences you might not have thought were achievable. So whether you are familiar with mindfulness practices or are curious where to begin, allow this episode to serve as a resource to begin or strengthen your practice!
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In this episode: bold moves, building bold moves, dreams, themes, uncomfortable awareness, and finding energy.
For most people, a new year can signify new goals that we hope to accomplish. Regardless of where you are on the FI journey, the new year ushers in a time for change and welcomes the opportunity to learn and grow! In this episode we are re-joined by Dominick Quartuccio to discuss navigating new beginnings and designing your “Bold Move” as we enter the new year. Instead of having a new year’s resolution which may remind you of what you didn’t accomplish the year before, try making a bold move that can act as a quantifiable metric for designing the life you want to live! The journey to FI is filled with ebbs and flows, and with that comes lessons that allow you to grow and learn as you find your way towards the life you want to live!
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In this episode: the federal reserve, interest rates, buying the hype, the problems with effortless earning, and narrative follows price.
It’s suffice to say this past year has been one of distinct changes from a financial perspective, with investment techniques and former practices no longer working the same as they did two years ago. However, there is much to be learned and a lot to be gained as we move forward into 2023. This week we are re-joined by a friend of the show Brian Feroldi to discuss his observations on the market changes, and lessons he learned over the course of 2022. Settle into the new year and tune in as we share our thoughts on the macro impact of the federal reserve, psychology of investing, inflation and interest as it relates to different kinds of assets, and so much more!
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Happy Holidays! As the year's end approaches, it's only natural to look back and think of all that you’ve accomplished. Whether you just began your FI journey this year or are well on your way, recognizing the improvements you’ve made throughout the year is essential and worth celebrating! This episode is our 6th annual year-end wins episode, and we are re-joined by MK Williams to listen and read submissions from our listeners and celebrate the progress of our audience through different stages of their FI journeys! This episode is meant to not only inspire but remind us how personal this journey is, and remind you to take some time and reflect on the progress you have made this year. Celebrate the wins of your own, no matter how big or small!
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In this episode: using your resources to create change, your employer is your customer, identifying discrimination, and abundance mindsets.
For some on the journey to FI, it may seem like you must at all cost continuously strive to meet your monetary goal as quickly as possible. However, staying in toxic and unfulfilling work environments to hold the course with your goal is not what this journey is about. This week we are re-joined by Diania Merriam to have an intimate conversation about leaving a toxic work environment, navigating internalized beliefs, and the power and control gained while on the journey to FI. The greatest part of this journey is not only the earning and having more financial resources, but rather learning that your money is a tool you can use to reclaim your time! Remember, striving for FI is never about deprivation or devaluing yourself, nor does it mean tolerating poor treatment in order to stay on track!
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In this episode: slowing down, stoicism, finding something to neglect on purpose, focusing on the present, flow states, and actionable steps.
Throughout the history of this podcast we have had many guests discuss books that have offered great advice and education to them on the Journey to FI, and with the large selection to choose from we can't think of a better time to start working down the list! On today’s episode we are joined by Josue and Ginger in our new series The Choose FI Book Club. This week, we’ll be sharing our thoughts and takeaways from the book "4,000 Weeks: Time Management for Mortals" by Oliver Burkeman, as well as share some opinions on the book from our listeners who shared their opinions with us! While many of us on the Journey to FI feel that this lifestyle can be very future-driven, it can be overwhelming to want to accomplish so much with only so much time. This book reminds us that time is finite, and you can’t spend it worrying about what you have or haven't yet accomplished. Instead, it may be best to live in the present and appreciate the day to day as it relates to your journey. Having a timeline and working towards the finish line is part of the journey, but remember that the decisions you are making in your life and the experiences that come with it are just as important as the end result!
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In this episode: the value of a door, the hour FIRE method, tax breaks, focusing on income, and return on hassle.
Many of our listeners have tuned in to hear our guests discuss the real estate market, mortgages, and taxes as it relates to obtaining property. However, many of us on the road to FI may not realize how scaling the properties you own can actually act as a mutual fund-like portfolio. On this week’s episode we are joined by our new in-house real estate expert, author, and podcaster, Alan Corey. Alan sheds light towards what expanding your real estate portfolio can look like from from a larger standpoint, and how approaching investment from a spreadsheet rather than lifestyle point of view can ultimately offer greater returns in the long run. While we know many listeners may be apprehensive to consider investing in multiple or larger real estate properties, or how this may not seem like a feasible option, this episode is available to you to educate and offer the mental framework on how to approach real estate in a way that it can be achievable!
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In this episode: success on paper, building the life you want, therapy, craving progression, and what leads to change.
When beginning and well into your FI journey, it may seem like reaching and achieving your end goal of financial independence will somehow leave you feeling happier and more fulfilled. However, reaching this end goal doesn’t automatically solve all your problems. On this week’s episode we are joined by founder of FindMoreBalance.com and host of "The Mental Wealth Show" Rich Jones to have a conversation about mental health, rebuilding mindset and behaviors, and importance of finding your network of support in life. The FI journey is a great one because it allows you to introduce changes into your life, and no matter how big or different the changes are, they are still significant! The best part of this journey is that it is a personal one, so try to remember that! While the end goal may be reaching a monetary number, it is also about rebuilding and progressing into the person you want to be in all areas of life!
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In this episode; global funds, it's not doctrine, index funds, VTSAX, what is in index funds, and the opposite of active investing.
If you've been in the FI community for a while now, you've probably at one point have heard of index Funds. However, whether you are familiar with this concept of investing, have invested in index funds, or are unfamiliar entirely, you may not necessarily know the mechanics and specifics of what certain types of index funds can actually do for you on your FI journey. This week we are rejoined by Alan and Katie Donegan, co-founders of The Rebel Finance School, to dive into the topic of index funds. Together, we discuss the differences between certain types of index funds, fee structures and returns, self-regulating funds, as well as break-down the benefits of what certain types of index funds can provide for you regardless of market and economic fluctuations! While we are not giving direct financial advice on what invest in, this week’s episode is meant as a resource to our listeners who may be curious to learn more about index funds and passive investing!
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In this episode: VTSAX funds, bonds, cap-weighted funds, finding your ballasts, staying the course, and the simple path to wealth.
This week, we are getting back to the basics! While many of you who have been in the FI community for a while now have definitely heard of JL Collins, those who are new should absolutely be prepared to absorb the wealth of information he provides every time he decides to grace our podcast! Listen along as he and Brad review the basic information that can put you on the simple path to wealth that so many in the FI community have walked! Believe it or not, creating wealth for yourself can be simple!
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In this episode: finding mentors, the superpower of making less, traveling while making less, rental properties, and the one percent rule.
For some who begin the FI journey, it's about doing all they can to reach that FI number, but for many people the journey to FI is about the people you meet and learn from along the way! On this week’s episode we are joined by longtime listener Kelly Cronin to discuss the importance of mentorship, her interesting take that gives a new meaning to traveling while working, and the importance of pursuing what drives you and leads to a life filled with with intentionality. In Kelly's case, a passion towards travel lead to a fascinating side-hustle that affords her the opportunity to make money while seeing the world, who knows where a passion could end up leading you?
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In this episode: w2 employment to self-employment, s-coporations vs self-employment, avoiding penalties, megas backdoor roths, retirement planning, and health insurance.
Most of us are familiar with a W2 job, and there is a certain level of convenience that comes with working a W2 job as it relates to retirement planning and taxes. So much so that it can be daunting to want to embark out on your own journey and have to figure it all out on your own. This week we are re-joined by our “in-house tax expert” Sean Mullaney to discuss the tax and retirement sphere as it relates to being self-employed. While we are not offering advice, this week's episode is meant to act as a resource to listeners curious about the steps and unknowns that come with the self-employment territory. With the same excitement and motivations gained from getting to run your own business, those same motivations and excitements can still be applied to navigating your retirement and taxes once you remember that it is now within YOUR control! The fear of the unfamiliar may not be as daunting and complicated as you may think, and figuring out these factors requires you to take the same initiative and action that is required throughout your entire FI journey!
The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual.
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In this episode: taking action, travel rewards, career progression, the mission to net zero, and value propositions for college.
Whether you were raised to live frugally or if the lessons and lifestyle of FI are just now being introduced into your life, the journey to FI is full of ebbs and flow, not only with your finances, but with the knowledge you pick up along the way. This week we are joined by Audrey to talk about her journey with FI, her path to intentionality, and to discuss the power of optimization. Everyone who begins the FI journey comes from a different place of financial literacy, and a lot of the times we may grow up following the “do’s and don’ts” of financial planning that we were raised with. However, you may be missing out on new ways to optimize your FI journey! The best part about FI is that it's a personal journey that allows you to learn new ways to plan, as well as new ways to reallocate your savings and spending in order to live your best life in the present and future!
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In this episode: growth during the job hunt, exploring entrepreneurship, tips for career growth, and second generation FI.
It's only natural that on the journey to FI you will want to pivot. Whether it is your financial outlook or even your career outlook, it's only natural to have reservations about making a change that could benefit you in the long run. On this week’s episode of The Households of FI, we are joined by Kristi to fill us in on how her FI journey is going, as well as discuss the topic of “leveling-up”. Changing jobs or moving on to the next career chapter while on the journey to FI can seem farfetched, because often times we want to stick to what is familiar and what is more in line with our plan. However, there is no shame in expanding your network and your options in terms of finding better employment that is more aligned with your values! Don't be afraid to be “un-stuck” and see what career options you have, and make sure you are surrounded by those who are aligned with the same principles as you are!
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In this episode: taking action, asking questions, navigating information, getting to where you want to go, the reason we learn, and growth mindsets!
Beginning your FI journey often means facing a lot of unfamiliar knowledge being thrown at you. With all the resources and alternative information provided, we know firsthand that it can be overwhelming. However, you should not feel intimidated to start your FI Journey! This week we are joined by an avid ChooseFI listener Josue to discuss the power that comes with learning new information, as well as the importance of taking action from information presented! No matter what financial or educational background you come from, your FI journey starts from a personal square one. Whether the information and knowledge presented from this journey is completely new or relatively familiar, there can be a sense of motivation that can be gained from continuing this journey! If you are searching for early FI excellence defined, then look no further than Josue!
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In this episode: income-producing assets, REITs, the 4% rule, optimal spending, saving too much, and why you will never feel rich.
It is believed that in order to reach FI, cutting expenses and limited spending seems like the ideal way to your end goal, but are you missing out on ways to spend-to-earn because it feels right? Well, this week we are rejoined by friend of the show and guest host Brian Feroldi to interview Nick Magguilli, author of the excellent book Just Keep Buying: Proven Ways to Save Money And Build Your Wealth. Together we discuss using data to grow your wealth and fighting the stigmatization of spending your money. On the journey to FI it is easy to focus more on saving so much that we’re afraid to spend, however, by not spending we could be missing out on assets, both monetary and non-monetary, that could bring us greater fulfillment in the present and future! By rethinking your approach to spending, rather than looking at it as something that is negative, you may find that your money can go farther for you when its spent rather than saved!
Nick Maggiulli
Brian Feroldi
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In this episode: balancing deprivation and happiness, making adjustments, everything is negotiable, the evolution of alignment, adjusted awareness, and intentionality in community.
Five years ago, Scott and Taylor Rieckens publicly began their path to FI by creating the fantastic documentary "Playing With FIRE." The documentary depicts their life as they start out and navigate the early stages of their FI journey, which is often the period of time when we act our most frugal, cut as many expenses as possible, and in turn save as much as we possibly can! While this kind of lifestyle is a great jumping off point early in the FI journey, oftentimes people find this lifestyle to be limiting and ultimately detrimental to their own happiness. Now that Scott and Taylor are significantly further down the path compared to the last time we heard from them, we decided to have them return to the show to discuss the adjustments they have made in their lifestyle in order to live in a manner that fully aligns with their idea of a happy life! Remember, FI isn't suppose to limit your ability to be happy, rather it exists to enhance your life and help you find fulfillment as progress down the road less traveled.
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In this episode: the beauty of community, misleading expectations, doing what's best for your situation, and stress reduction.
The Journey to FI is hardly linear and is full of ebbs and flows. While it may seem easier to share your wins/successes within this community, we know it can be even harder to share the moments of this journey that feel like setbacks. On this week’s installment of the Households of FI series, we are joined again by Vivian to fill us in on how her FI journey is going, and the importance of finding support within this community. Everyone’s FI journey is unique to them, but it doesn’t mean that you are alone! The beauty of FI is that it offers you a community to share your successes, as well as share your struggles. By being vocal and unafraid to admit that you are having a hard time, you are not only sure to garner support from others facing similar battles, but can find a renewed sense of motivation to make you feel more accountable and present on this journey!
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In this episode: finding unknown opportunity, creating your lifestyle as you go, overcoming the down period, real estate renting, and what reaching FI looks like.
Once you’ve set your FI number and put plans into action, it’s tempting to want to do everything in your power to reach that goal as soon as possible, potentially by working longer hours or cutting out expenses in your life in order to save more. But by doing this are you cultivating the lifestyle you want to live after your goal is met? On this week's episode we are re-joined by Court from Modern FImily to update us on her FI journey, the changes she has made over the last few years, and her rewarding takeaways from being flexible on her journey. The beauty of FI is that it is a personal journey, and it’s one YOU create to reflect YOUR lifestyle! It is important to remember that by rushing to meet your goal, you may be adding more stress than needed, and missing out on the lessons, hacks, and new opportunities (or use experiences) that come with starting this journey!
Court From Modern FImily
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In this episode: house hacking, benefits and compensation packages, earning extra income and side hustles, and not setting perfection as your goal.
We know achieving FI doesn't happen overnight, and rarely does it happen perfectly according to plan. Life happens, changes happen, and uncertainty usually finds a way to throw you off your planned path. This shouldn’t be something to fear! Today in the Households of FI series we are joined again by Zach to fill us in on how his FI journey has progressed over the last couple years, as well as to discuss the importance of re-adjustment! While failure is never an easy thing to accept, the fear of failing may deprive you of some excellent learning opportunities. By remaining intentional with your FI plan rather than striving for perfection, you will allow yourself to overcome uncomfortable lulls and expand your journey to places you might not have thought were possible!
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In this episode: finding purpose, misaligned values, being the product of your environment, the stock market as a source for wealth building, and modern two-player mode.
We encourage our listeners that there is no wrong age to start your FI journey, but for those of you starting your FI journey as a young adult, the firehouse of foreign information can feel overwhelming. Sometimes it may even seem as if you’re too far behind to even start! The good news is, you're not! Today we are joined by Katie Gatti from Money With Katie to talk about how she navigated FI in her early 20s, and how she used a lack of knowledge as a motivator to get to a place of financial independence. Everybody starts this journey at a different place in their life and no two people are the same. By being patient and finding value in learning something new, you are certain to find yourself more motivated on your FI journey!
Katie Gatti
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In this episode: career changes, up-skilling, re-prioritizing, accruing debt for value, childcare, and emergency funds.
The journey to FI is never linear. Sometimes we can find ourselves thinking the only way to meet our goals is to follow a strict plan, which can make adjusting said plan feel like a daunting set back. Well, our returning Households of FI guests Troy and Lindsay believe that flexibility during ones journey to FI can provide you with tremendous value! Making changes in your life, whether it's accruing temporary debt or changing careers, can actually lead to big time payoffs! While it may feel more secure to have a set trajectory with your financial goals, we know life gets in the way! So instead of sticking with a plan that isn't making you happy, try to stay flexible and evaluate all your options!
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In this episode: cybersecurity, password managers, two-factor authentication, safely navigating the internet, and more hot-seat questions!
Have you ever considered how secure your finances are in the modern world? Within the cyber-dominated world we are all living in, it can be tough to stay on top of updates, passwords, and other necessary resources that help us keep our digital footprints safe. Well in order to provide you all with some high-level tips and tricks to stay ahead of the curve, we decided to have long time listener and cybersecurity expert Tom on the show this week to discuss how you can secure your online life. Keeping yourself secure and your assets safe is one of the best ways to ensure a progressive future as you move forward in the digital era while on your FI journey!
You can find the link to Tom's Facebook thread here!
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In this episode: evolution, knowing the rules, making purposeful decisions, automation, and the return of the hot seat!
In the advent of making money, oftentimes we can find ourselves torn between a state of over-saving through budgeting and cutting expenses, and over spending just because we have the means to. But is that what we really are looking for in our respective FI journeys? With thoughtful planning and proper action maybe we can happy medium between the two that doesn’t feel over invasive. Today we are joined by Bo Loy to discuss the concepts of finding adventures that don't break the bank, purposeful decision making, and the perks of automating your money. Also we heard your feedback! Back by popular demand this week, Bo Loy will be answering questions in our freshly renewed segment, The Hot Seat!
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In this episode: student loans, the impact of knowing, navigating the pandemic, the power of planning, and the freedom of FI!
Tens of millions of people deal with student loan debt, and even with the recent news of loan forgiveness, there are still many who are left unequipped with the knowledge of the best ways to repay these debts without sacrificing from their lifestyle. Today we are rejoined by Samm, aka “The Debtist,” to get an update on how she has been navigating paying off her student loans, as well as how her financial mindset has changed over the last 4 years. Just because you take on debt does not mean you have to deprive yourself of the life you want until the debts are paid off! By changing your mindset to one of abundance of opportunity rather than scarcity of opportunity, the path to FI can open many doors for you! Paying down your loans, entering into new professions, and not letting your money control your ability to find happiness are all just examples of what is possible while getting yourself out from debt!
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In this episode: resilience, making good choices, letting go of limiting beliefs, attracting the energy you put out, and winning at life!
What would you do if you were given a terminal cancer diagnosis? While it might not be the first thing that comes to mind, if you're able, the Boyd Dunleavey option is to develop a new positive outlook on life and the energy your omitting into the world, win your fight with cancer, and then proceed to run 11 marathons. Bad news comes to every single one of us, but how we process and handle that news is entirely up to us! Choose to handle it the right way, move forward with your life, and prioritize the things that matter to you. Despite what you may have been told, you have no idea where it could lead you ten years down the road!
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In this episode: Travel Rewards, Credit Cards, and The Value of Rewards Points.
We all know that it can be expensive to travel, and sometimes the joy and excitement of taking that long-awaited family vacation can be overshadowed by the cost of taking the trip. But what if there was a more efficient way to travel that doesn’t feel like you are breaking the bank? Well, with effective planning and the right tools this is entirely possible! This week we are once again joined by Lyn Mettler who will discuss to maximizing your spending in a way that does not deprive you, but rather rewards you!
Lyn Mettler:Check Out Lyn's Free eBook How to Earn the Southwest Companion Pass!
Timestamps:In this episode: Unlocking Freedom, The Optimized Path, Skilling Up, The Perpetual Money-Making Machine, and a New Era of ChooseFI.
It is truly the end of an era at ChooseFI. After six years, over 400 episodes, and all the laughs shared along the way, Jonathan is taking a step away from show to explore a new chapter in his life. On his way out, he and Brad hopped on the microphones as co-hosts one last time to discuss the lessons they have learned making this podcast, some key points of consideration for your FI journey, and the absolutely amazing community that has been built around this podcast. This audience truly embodies the word crowd in the word crowdsourced. Best of luck to Jonathan on all his new endeavors, and be sure to tune in next week as Brad carries the podcast into its new era!
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In this episode: student loan forgiveness, public service loan for forgiveness, and getting closer to loan forgiveness.
How would you respond to finding out your looming student loan debts could be forgiven? Well for some of you that could be possible, but you need to act quickly! Travis Hornsby from The Student Loan Planner joins the show this week to discuss public service loans for forgiveness, and how a massive opportunity to tackle your student debt could be available to up to 25% of people with student loans, but only for a limited window of time! The deadline for applications for this waiver is currently October 31st, 2022 so listen along to see if this option can be applicable to you, and if so visit the link to book a consultation with The Student Loan Planner team ASAP!
The Student Loan Planner
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In this episode: marginal gains, prioritizing your present, purposeful living, impacting others, and goal setting.
Whether you like it or not we all will eventually die someday, and when that time comes the last thing we want to do is to look back on our lives with regret. Oftentimes in life we let expectations, outside obligations, and future ambition rule over us in the present, without fully realizing we could be living our dream life in the present! Nobody understands this more than former hospice doctor Jordan Grumet (aka Doc G) who comes back to the show to discuss the importance of finding meaning in the way we approach our goals, and how becoming more intentional and present could lead to a more fulfilling and purposeful life!
Jordan "Doc G" Grumet
In this episode: interpreting financial statements, utilizing financial statements, balance sheet statements, income statements, cash flow statements, and valuing a business for its purpose.
Have you even wanted to learn the language of business? Not in a literal sense, by that we mean understanding the ways businesses communicate what their real value is to the general public and potential investors? Well if you have had this incredibly niche thought, you're definitely a member of the FI community, and you're also in luck! Brian Feroldi is back on the show to discuss financial statements and the information certain financial statements indicate, as well as act as your translator for the language of business! Understanding this language can be a massive help in your own decision making going forward!
Brian Feroldi
In this episode: college hacking, career hacking, the power of starting early, trade jobs, and salesforce careers.
How many times in the past have you been listening to this podcast and thought, "I wish I knew about this when I was younger." Well today's guest Zach actually had the foresight to start using the lessons he learned from this podcast at the ripe age of 18, and the results may be envy inducing! It's worth noting that not starting your FI journey at the age of 18 doesn't discredit you from a happy and financially independent life. But it's also worth noting that the sooner you start, the sooner you'll be able to reap the rewards, so start today!
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In this episode: real estate investing, the fundamentals of real estate investing, real estate investing variables, interest rates, and private money financing.
With today's real estate market is it even possible to get some skin in the game as an investor? While thing's aren't exactly optimal for buyers right now, if you are creative and informed with your decision making, it is absolutely possible to get in the game! Listen along as Coach Carson joins the show to discuss how this is still possible and ways the small and mighty investors continue to succeed in the real estate market!
Chad Carson
In this episode: College Hacking, College Credits for less, ACE Courses, CLEP Exams, and The Most Cost Efficient Bachelors Degree
A college education may be the most daunting expense members of the FI community have on their horizon. As we all know by now, the cost of modern higher education has skyrocketed and has shown virtually no signs of decreasing or even leveling off! However Gerry Born, also know as the Millionaire Educator, may have found a way to reduce the overall cost of said education while still retaining the aspect of freedom we in FI community hold so dearly. Listen along to see if this alternative path to a college degree could be applicable towards you or your loved one's futures!
Millionaire Educator
In this episode: Time as a Luxury, The Power of F-U Money, The Cost of DIY, Planning, and Decision Making.
Even though time is our most precious non-renewable resource, the society we live in tends to take that fact for granted. Is working more to earn more really the most efficient use of your time? Possibly, but effective planning and delegation of your resources can help you find a much better balance between the things you have to do to support your lifestyle, and the things you want to do throughout your life! Once time is spent you can't get it back, so plan accordingly so you can make the most of it!
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In this episode: functionality with numbers, the rule of 74, decision making, free roles, and tilting the odds in your favor!
Setting yourself up for success is one of the FI community's main ideals, but what is the best way to go about doing that? Well, to put it simply, math. While the mention of math may be enough to put some people off entirely, what if we told you basic math could be enough to prime yourself up for success? Simple addition, subtraction, multiplication, and division when applied right can have a huge impact on your personal finances! Listen along and see if there are any ways you could apply basic math into your own decision making going forward!
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Topics in this episode: lifestyle design, coast fi, slow fi, identity, career, and creating the life you want.
Sometimes it can be hard to separate what you do for a living from who you are as a person. Also, financial situations and limited resources can make you feel stuck living a life that doesn't align with your interests and values. But fear not for this is a cycle that can be broken! Listen along as Lauren from "The Fioneers" joins the show and walks through steps you can take to potentially unlock some more freedom in your life!
Jessica From The Fioneers
In the week's episode, Brad and Jonathan examine the current state of the housing market and discuss different ways in which risk can be controlled.
It seems like we are currently living in some of the most interesting financial times ever to have occurred. Crypto currencies are seemingly disappearing overnight, interest rates are shooting up, and the inflation rate continues to climb! While all of these examples can cause one to be fearful, preparation and attention to detail are two traits that allow those in the FI community to stay calm! Identify your fears, control situations where you are taking on risk, and continue crushing your journey down the path to FI!
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In this week's episode, Brad and Jonathan discuss different guidelines that can help ensure your mortgage won't infringe on your FI goals!
Becoming an home-owner doesn't have to mean the collapse of your own financial stability! By planning ahead and working within your personal limitations, your journey to a happy, healthy, and simple life can continue unabated! Listen along to see if the common sense guidelines mentioned can be beneficial to your situation!
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In this week's episode, Brad and Jonathan discuss different routes you can take in order to create options for yourself with limited resources.
Everyone has a finite amount of financial resources at their disposal and everyone is always questioning what they should be doing with what they have. While nothing is guaranteed, thankfully there are steps you can take to protect your resources and make informed decisions. Listen along as the guys discuss creating options for yourself and hopefully the information can be helpful towards dealing with uncertainty!
Timestamps
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In this week's episode, Brad and Jonathan welcome back Bradley Rice and Anita from Talent Stacker to discuss the hidden job market and how you can break into it!
Many consider the best path to a successful career getting an education, claiming a certification or degree, and working your way up the corporate ladder. But what if there could be an alternative? Utilizing your current skills, developing some new skills, and successfully networking could be your key to unlocking the hidden job market and leveling up your career! Listen along to learn how Bradley and Anita took this path less traveled and see if it can be applicable to your life and career!
Bradley Rice and Anita
In this week's episode, Brad and Jonathan dissect the idea of earning power being used as a weapon to combat inflation, and strategies you can implement to level up your income!
One of the best ways to reduce the impact inflation has on your life is to out-earn the inflation rate. While that solution can easily fall under the umbrella phrase of, "easier said than done," there are actions you can take to make that process easier for yourself! Listen along as the guys discuss different strategies to approach raising your income and see if any of them can apply to you and your FI journey!
Timestamps
In this week's episode, Brad and Jonathan welcome Sean Mullaney back onto the podcast to discuss the four backstops of the Four Percent Rule! While many in the FI community consider the Four Percent Rule to be a pillar for retirement planning, these relatively unknown backstops could save or enhance your retirement as you continue along the path less traveled! Listen along to see if any of these backstops could apply to you and your own future planning!
As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation. Sean Mullaney and ChooseFI Publishing are currently under contract to publish a book authored by Sean Mullaney.
Sean Mullaney
In this week's episode, Brad and Jonathan continue along their, "Financial Independence A to Z," journey by examining savings rate and the many different ways it can be calculated! One of the pillars that sets the FI community apart is the emphasis on saving money in order to unlock more in your life. So, by having the right tools needed to calculate your savings rate, you can begin to make adjustments and hopefully start the process of taking back your time!
Timestamps
In this week's episode, Brad and Jonathan discuss a variety of tools that can help you stay on-top of your budget. Whether you create your own tracking systems or don't have any expense tracking systems in place yet, there likely is a tool mentioned in this episode that can help you get one step closer to your financial goals! Remember, keeping your expenses organized can help you take drastic steps forward in your FI journey!
Timestamps
It's officially tax season! In this week's episode, Brad and Jonathan discuss tax extensions and share some of their experiences paying taxes in the past. No matter what walk of life you are in, at the end of the day we all have to pay taxes. As members of the FI community, we should do our best to stay calm and tackle the task!
Timestamps
In this week's episode, Brad and Jonathan are joined by author and friend of the show Brian Feroldi. After spending two years writing the book, Why Does The Stock Market Go Up? Brian is returning to the show once again to share with you the valuable lessons he has along the way! Join the trio as they discuss why the stock market goes up, down, and everything in-between!
Brian Feroldi
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In this week's episode, Brad and Jonathan sit down with Joe Saul-Sehy, co-author of the book "Stacked" and co-host of the "Stacking Benjamins" podcast. Together, the trio discuss how to properly set goals for yourself and ways you can continue to move that needle along! If you stick to your timeline and ask the right questions, before you know it you could be on the right track!
Joe Saul-Sely
In this week's episode, Brad and Jonathan unpack the problems that lie within modern retirement calculations and provide examples of how you can work around these flaws. As opposed to focusing on income, maybe it is better to learn how much our lives cost us. Expenses appear and disappear as life goes on, it is important to factor that in to your FI number!
Timestamps
In this week's episode, Brad and Jonathan discuss the importance behind moment you decide it is time to make a change in your life. While making the decision to alter your life for the better is often easy, actually consistently carrying out that goal can be tough to do. We all hit road blocks, we all stray from our goals, but being able to correct your path is vital to actually changing for the better! Keep track of your progress and set yourself up to success!
Timestamps
In this week's episode, Brad and Jonathan question the notion of needing to escape from your life. While we all get tired of the mundane nuances that life throws at us, we often escape these constrictions by frivolously spending money during the hours in which we own our time. Taking a break isn't the worst thing on earth obviously, but reclaiming our time and spending it with who or what we love can help erase the feeling of needing to escape from the world! Take a look outside, it doesn't look too bad right?
Timestamps
In this week's episode, Brad and Jonathan fixate on many different areas in life where improvements can be made and ways you could go about doing it! Whether it's your own cybersecurity, managing anxiety, or physical health, it is important for us to take care of ourselves in order to fully enjoy the life we are setting out to live. There are easy ways to make changes that could snowball into a brighter future for you!
Resources Mentioned In Today’s Conversation
https://www.sheeksfreaks.com
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In this week's episode, Brad and Jonathan discuss different ways in which you can position yourself to experience as many positive outcomes in your life as possible. Whether it's building credit, saving, investing, education, understanding the true meaning behind the word "compounding," or really any other aspect of your life, by knowing the rules and planning accordingly you can experience success in a manner that feels automatic at times. Carefully consider the ROI that comes with the decisions you make!
Resources Mentioned In Today’s Conversation
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Now that you've done your beginning of the year audit, it's time to look at your finances through the lens of a SWOT analysis! In this week's episode, Brad and Jonathan examine the strengths, weaknesses, opportunities, and threats that may arise as you continue along your FI journey. By getting a strong grasp on the current state of your finances, hopefully you can begin to work towards turning your weaknesses into strengths, and your threats into opportunities!
Resources Mentioned In Today’s Conversation
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Welcome to 2022! In this week’s episode, Jonathan and Brad discuss starting your year by doing an audit of your current financial situation to highlight areas in which you can improve! It is critical to know how much you’re taking home in income and what your expenses over the coming year will look like. That way you can start molding your journey to FI over the course of 2022!
Resources Mentioned In Today’s Conversation If You Want To Support ChooseFI:Want to start your own journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!
In our final episode of 2021, Brad and Jonathan pick up where they left off last week as they continue to listen to your end of year wins! It is truly amazing to hear about all the accomplishments our listeners met in 2021, and we hope you continue to ride that momentum into 2022! Thank you for an amazing year, and we hope the future is full of many more wins within our amazing community!
Resources Mentioned In Today’s Conversation
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Happy Holidays! However, the holidays are not the only reason we are festive around this time of the year. Join Brad and Jonathan as they celebrate your end of the year wins! This episode is dedicated to all the amazing steps our community members have made throughout 2021, and we hope you continue to make strides on your FI journey as we move into 2022! Congratulations to everybody who has made progress this year and stick around for part two coming out next Monday!
Resources Mentioned In Today’s Conversation
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In this week's episode, Brad and Jonathan are joined by Dominick Quartuccio from "The Great Man Within" to discuss making bold moves while on the path to bettering yourself. Although it may be inconvenient, making one bold move can snowball into a life full of adventure, self-development, and unexpected happiness! Join the trio as they discuss what can dictate a bold move, signs that you may be ready to level up an area of your life, generating ideas for bold moves, and so much more!
Dominick Quartuccio
Resources Mentioned In Today’s Conversation
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In this week’s episode, Brad and Jonathan discuss planning your short and longterm FI goals in a manner that is realistic to your current situation. By taking an approach that favors longterm success as opposed to rapid growth, you can position yourself in a manner that will allow for luck to strike as you continue your FI journey! Be sure to plan for the probable and possible outcomes in your life!
Resources Mentioned In Today’s Conversation
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In this week's episode, Brad and Jonathan are joined by Lyn Mettler from "Families Fly Free" to discuss optimizing your travel rewards when traveling with family! Join the trio as they discuss different ways to utilize travel rewards programs so you can be one step closer to finally taking the vacations of your dreams!
Lyn Mettler
Resources Mentioned In Today’s Conversation
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In this week's episode, Brad and Jonathan are joined by Measure Twice Money's founder Cody Garrett! Together, they discuss important details about DIY financial planning, such as identifying where you do and don't need help with your financial planning, exercising the rational and reasonable approach when financial planning, and ways you can properly prioritize your spending! Also, the trio shares important information you should know before selecting a financial planner.
Cody Garrett
Measure Twice Money's Data Gathering Checklist
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In this week's episode, Brad and Jonathan are joined by Sean Mullaney to get a jump start on 2021's tax planning season. Together, they discuss managing Backdoor Roth IRAs before the 12/31 deadline, changes to the relevant tax regulations, amended returns, solo 401k's for contractors and entrepreneurs, and so much more! Listen along to see if any of the information shared can be applicable to your own tax planning this season!
Sean Mullaney
Resources Mentioned In Today’s Conversation
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As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation. Sean Mullaney and ChooseFI Publishing are currently under contract to publish a book authored by Sean Mullaney.
With volatile assets like Tesla stock, Ethereum, and Bitcoin, how do you keep a level head while investing? In this week’s episode, Brad and Jonathan are joined by friend of the show Brian Feroldi to discuss managing your runaway winner investments and balancing your portfolio! Listen along as Brian shares his strategies for evaluating stocks, creating guidelines for yourself as an investor, and mentally preparing yourself for the highs and lows of investing!
Resources Mentioned In Today’s Conversation If You Want To Support ChooseFI:Want to start your own journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!
this week's episode, Brad and Jonathan discuss the importance of knowing the difference between paper returns and real returns. If an asset has a certain value in the market, it does not mean that said value will exist once an attempt to liquidate the asset is made! Later in the episode, they dip into the mailbag and answer listener questions about episode 332 and tax planning!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan discuss the rules that financially dictate how we all play the game of life. Together, they point out that knowing the rules can allow you to experience the beneficial side of tax planning, maximizing your benefits, and utilizing your travel rewards! The rules may seem complicated on the surface, but once you understand them, you can start absolutely crushing your path to FI!
Resources Mentioned In Today's Conversation
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In this week’s episode, Brad and Jonathan discuss how critical it is to fully understand what the statistics and numeric values describing your investment returns actually represent. They do so by describing what compound annual growth rate is, explaining the logic behind the 4 percent rule, and by referencing helpful insights gained in previous episodes of ChooseFI! Later in the show, the guys are joined by Rob Phelan from “The Simple Startup” to discuss second generation FI, the benefits of teaching children and teenagers about entrepreneurship, and Rob’s new children’s book M is for Money!
Rob PhelanWant to start your own journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!
In this week's episode, Brad and Jonathan examine the concept of assets and where they fit in your general tax strategy. Together, they discuss the different factors that effect how and when you pay your taxes, compare the differences between Roth IRA's and 401k's, and explore potentially beneficial ways in which after-tax investments and 401k's overlap!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan talk about the benefits behind creating the space needed in life for you to challenge yourself. While it may be tempting to relax in place with your new-found free time, you should be using it as an opportunity for growth! Who knows, you could even find yourself in a career you never thought you'd be in, making more than you ever thought you could earn! Listen along as the guys tell you the steps needed to execute a masterful career pivot!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan discuss how risk avoidance can weigh down your returns in the form of opportunity costs. While your savings may be safe, you could be missing out on opportunities for your money to work on your behalf! Join the guys as they discuss the rule of 72, inflation, and diversifying as opposed to "deworsifying!"
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan are joined for the "many-ith" time by Jillian Johnsrud to discuss her new book, "Fire The Haters." Together, they dissect some of the themes from Jillian's book, which leads to discussions about overcoming imposter syndrome, taking action, acknowledging valid feedback, and identifying the difference between procrastination and preparation!
Jillian Johnsrud
Resources Mentioned In Today's Conversation
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When things are good, is it the right move to settle in place? In this week's episode, Brad and Jonathan discuss the nature of good, and how things being good is often the biggest obstacle standing in the way of things being great. After all, there is no opportunity for growth if you linger in a state of complacency!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan discuss the benefits of slightly diverting from the FI mindset and spending more on meaningful purchases. While splurging can be a slippery slope, calculated splurging can yield large returns in terms of enjoyment, opportunity, and time!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan reopen the mailbag which prompts a discussion examining the true monetary value behind collectable items, and why finding that diamond in the rough could inherently be more valuable than actual diamonds! We also hear about some fantastic wins the community has experienced, plus some insight on how to operate a high-earning lemonade stand with your kids!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan dive into the mailbag and respond to listener emails! Throughout the episode, you'll hear about some of the wins those in our community have experienced, ranging from having the power to take back and optimize personal time, to 2nd graders discussing the FI movement with their teacher!
Resources Mentioned In Today's Conversation
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While slashing your expenses can certainly accelerate your path to financial independence, what if it also begins to slash at your own happiness and wellbeing? In this week’s episode, Brad and Jonathan are joined by Alan Donegan from the Rebel Entrepreneur podcast, who attempts to solve this dilemma by discussing 10 ways in which you can increase your income. This way, you can still enjoy the smaller luxuries in your life while maintaining a strong roadmap to financial independence!
Alan Donegan
Resources Mentioned In Today's Conversation
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Does settling down and starting a family really mean that your days of adventuring are over? In this week's episode, Brad and Jonathan are joined by Heidi Dusek from the Ordinary Sherpa Podcast, who firmly believes that having a family doesn't mean that your ability to adventure disappears! Heidi shares with the guys strategies that you can implement with your family to ensure you continue to exercise your "adventure muscle!"
Heidi Dusek
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan are joined by author, podcaster, and entrepreneur Nick Loper from Side Hustle Nation. In their conversation, Nick emphasizes that thinking creatively when looking to start an entrepreneurial journey can lead to a surprisingly successful endeavor. Nick also cited examples he has came across after starting his "1k, 100 ways" project, and how the right idea for a side-hustle could evolve into a full time business!
Nick Loper
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan get introspective and examine the choices that everybody has laid out for them in their lifetimes. Together, they ponder why so many choose only the cookie-cutter options in life, and how taking the path less traveled can lead to happiness you never even knew was possible.
Resources Mentioned In Today's Conversation
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In this week's two-part episode, Brad and Jonathan provide personal examples and insight on relatively safe ways to experiment with your FI investment plan! Later in the show, Sean Mullaney joins the guys to discuss revocable living trusts and how they can fit in with the, "hard to think about," side of future tax planning!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan are joined by Jillian Johnsrud, the host of the Everyday Courage podcast and fellow FI guru. Jillian shares with the guys the concept behind a mini-retirement, or in other words taking an extended period of time off outside of the so called "golden years." Together, the trio discussed the benefits of mini-retirements, strategies for optimizing your time while mini-retired, and how to properly prepare for a mini-retirement!
Resources Mentioned In Today's Conversation
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In this week's episode, Brad and Jonathan are joined by none other than the "FI Tax Guy" himself, Sean Mullaney. Together, they highlight reasons why your tax return may not be such a great thing, and the different ways you can leverage your tax planning to your own advantage!
Resources Mentioned In Today's Conversation
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Big ERN (a.k.a. Karsten) from "Early Retirement Now" makes his return to the podcast in this week's episode! With Brad and Jonathan, Big ERN gives us the lowdown on what inflation is, the role inflation plays in the world economy, and the effect inflation can have on a variety of investments!
Resources Mentioned In Today's Conversation
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In this episode, Brad and Jonathan sit down with Paula Pant, author of the ebook Escape and creator of the blog and podcast Afford Anything. As a group, the trio discuss the current landscape of the housing market, whats different between it now and 14 years ago, some tips and ticks for buyers, and whether or not the current housing market is in a bubble!
Resources Mentioned In Today's Conversation
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In this episode, Brad and Jonathan take a look at popular portfolios in the financial independence community and lay down a structure of comparison for them in a fashion similar to that of a horse race! Join us during the longitudinal study to find out which of these various investment strategies is the right fit for you!
Resources Mentioned In Today's Conversation
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In this episode, Brad and Jonathan discuss investment strategies with Brian Feroldi, a seasoned veteran of the stock market and author for The Motley Fool. Brian shares with Brad and Jonathan some insight into the current landscape of the market, why some stocks perform the way they do, and why it is important to take a look at the business behind the stock and not just the value of that company's shares.
Resources Mentioned In Today's Conversation
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In this episode, Brad and Jonathan are joined by Alan Donegan, an entrepreneurial guru and host of the "Rebel Entrepreneur" podcast. Together, the trio discuss their own entrepreneurial journeys, tips and strategies for up and coming entrepreneurs, and where entrepreneurship could fit within your FI journey!
Resources Mentioned In Today's Conversation
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In this episode, Brad and Jonathan reexamine the stages and checkpoints of Financial Independence. In our community, many people are just trying to figure out where they are on this path to FI. While every individual’s journey will be unique, when you can gamify the process, the journey can be more rewarding and enjoyable.
Resources Mentioned In Today's Conversation
Want to start your own Journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!
In this episode, Brad and Jonathan reexamine the stages and checkpoints of Financial Independence. In our community, a lot of people are just trying to figure out where they are on this path to FI, and while every individual's journey is going to be unique, when you can gamify the process, the journey can be more rewarding and enjoyable.
Want to start your own Journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!
Dennison, a member of the FI community and recent Salesforce success story, joined the guys today for a special interview. He expressed to us that being adaptable and willing to change your world viewpoints on the fly (especially in the face of the COVID pandemic) has allowed him to achieve great financial and personal success.
Resources Mentioned In Today’s Conversation
Resources Mentioned In Today's Conversation
As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. Please consult your own advisors regarding your own unique situation.
Resources Mentioned In Today's ConversationAs always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. Please consult your own advisors regarding your own unique situation.
Resources Mentioned In Today's Conversation
To watch the video highlights, click on ChooseFI.com/252
RESOURCES MENTIONED IN TODAY'S CONVERSATION
To watch the video highlights, click on ChooseFI.com/251
RESOURCES MENTIONED IN TODAY'S CONVERSATION
To watch the video highlights, click on ChooseFI.com/249.
RESOURCES MENTIONED IN TODAY'S CONVERSATION
To watch the video highlights, click on ChooseFI.com/248
RESOURCES MENTIONED IN TODAY'S CONVERSATION
To watch the video highlights, click on ChooseFI.com/247
RESOURCES MENTIONED IN TODAY'S CONVERSATION
To watch the video highlights, click on ChooseFI.com/245
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Progress Coach, Jillian Johnsrud, meets with Households of FI member, Corinne, to review the two exercises designed to help her understand how she can prioritize her life to focus on the things that matter the most.
For video highlights from the episode, check out choosefi.com/240.
RESOURCES MENTIONED IN TODAY'S CONVERSATION
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Gerry Born, the Millionaire Educator, joins the show to talk about strategizing college via online classes, dual enrollment, and CLEP Testing.
For more information, visit the show notes at https://ChooseFI.com/238
Today we talk about asset allocation versus information allocation. What are you doing with all the information you are taking in? Are you making intentional steps to build your talent stack? Tune in to today's Friday Roundup!
For more information, visit the show notes at https://ChooseFI.com/237
The guys talk about their journey toward financial independence and fitness and how closely the two correlated to one another.
For more information, visit the show notes at https://ChooseFI.com/236
Jacques Hopkins shares how he built an online course and some of the skills he had to learn along the way. If you have been sitting on an business idea you definitely want to listen to this episode!
For more information, visit the show notes at https://ChooseFI.com/235
Brad's children learn a valuable lesson on running a business and some of the associated difficulties. As Tesla becomes a potential candidate for the S&P500, the guys take the opportunity to touch a bit on questions you might have about this aforementioned index. And the pronunciation of our Brand: ChooseF.I. or ChooseFI? Or is there even a potential dark horse in this race as a third alternative? Find out on today's Friday Roundup!
For more information, visit the show notes at https://ChooseFI.com/234
Jordan Harbinger shares his tips and techiques for managing and expanding your network
For more information, visit the show notes at https://ChooseFI.com/233
Doug Nordman and Carol Pittner Join the show to talk about how to raise your children to think about the potential of money in a positive way
For more information on the show and for shownotes visit https://www.choosefi.com/232
Jonathan makes a bet, the secret to wealth lies in the Casserole, and the guys share their thoughts on college planning
For more information, visit the show notes at https://ChooseFI.com/231
Jonathan, Brad, and MK have collected tips, comments, hacks, and feedback from the community for crushing college debt free.
For more information, visit the show notes at https://ChooseFI.com/230
Corey and Jess from The Fioneers join the show to tell share their story of getting on the same page financially. They talk about incremental freedom, habitual spending triggers, and stress management.
For more information, visit the show notes at https://ChooseFI.com/229
The guys talk about their strategies for public speaking, and Brad shares how podcasting has played a key role in learning to play into his strengths in order to overcome his fear of public speaking.
For more information, visit the show notes at https://ChooseFI.com/228
Grumpus Maximus has partnered with ChooseFI Publishing to release his book The Golden Albatross. While pensions can seem like a dry topic, Grumpus has created an in-depth guide to the subject while simultaneously making it enjoyable to read. Today Grumpus is on the show to talk with us a bit about his story.
For more information, visit the show notes at https://ChooseFI.com/227
Lauren and Steven Keys from Trip of a Lifestyle join the show to share their story of frugalality to live a life doing the things they love.
For more information, visit the show notes at https://ChooseFI.com/226
Today we're talking about staycations, traveling the world ~$1,200/month, and community wins!
For more information, visit the show notes at https://ChooseFI.com/225
Today we are introducing the second 4 households in our on-going case study project where we follow 8 households on their journey towards FI. Each household is just starting their journey to FI, and each of which ultimately have the same goal: achieving FI.
For more information, visit the show notes at https://ChooseFI.com/224
The Nomads join the show to talk about their system for perpetual travel, and all the nuances that go into a nomadic lifestlye.
For more information, visit the show notes at https://ChooseFI.com/223
A lot of people think FI is about having as much money as possible, but that is a fundamentally flawed supposition. Jonathan and Brad saw plenty of "successful" people in the workforce who were miserable. Today we talk about the Oh-so-dreaded mid life crisis, and what FI is really about.
For more information, visit the show notes at https://ChooseFI.com/222
Today we are introducing the first 4 households in our on-going case study project where we follow 8 households on their journey towards FI. Each household is just starting their journey to FI, and each of which ultimately have the same goal: achieving FI.
For more information, visit the show notes at https://ChooseFI.com/221
Nancy Bachety worked as a school teacher for and was deeply dissatisfied with the 403b retirement fund that was being offered to teachers. On this episode Nancy shares her story and how she fixed her 403b account.
For more information, visit the show notes at https://ChooseFI.com/220
Today we talk about using skills to pivot when laid off using MK as a fantastic case study of this concept. Additionally we have some announcements and awesome community wins in the mailbag today.
For more information, visit the show notes at https://ChooseFI.com/219
Brandi joins us and shares her story on another case study episode. After sharing her finances, Brandi sees the big difference that small changes can make for retirement.
For more information, visit the show notes at https://ChooseFI.com/218
David from Greenback Expat Tax Services explores the basics of taxes for expats. Learn about the rules surrounding expats taxes and strategies to consider.
Chris Browning joins the ChooseFI podcast to have a vital conversation about systemic racism in America and what we in the FI community can be doing to help.
For more information, visit the show notes at https://ChooseFI.com/216
Audrey Bellis, joins us for a Wednesday case study. Audrey shares with a us a story of empowerment and self-motivation.
For more information, visit the show notes at https://ChooseFI.com/215
Today Ashley Barnett from the ChooseFI team joins the show to share her story and teach us how to make a blog that stands out!
Jonathan makes one the Barrett Top 50 for some "FI-ne Dining", the guys detail this little known tax credit, got some community Feedback, Brad was on Jillian's latest episode of Everyday Courage, and ChooseFI case Studies will be coming regularly to a podcast player near you.
For more information, visit the show notes at https://ChooseFI.com/213
Today Jonathan and Brad are doing a case study with Kashia Palmer. Kashia shares her story about getting out debt and has the guys look through her budget to find out her time frame for financial independence.
Jessica, The Financial Mechanic, shares how she created a ten-year path to financial independence through a career shift and salary negotiations.
For more information, visit the show notes at https://ChooseFI.com/211
Today on our mailbag episode we have exciting news from MK, information on 401K's to Roth IRA's, news from Choosefi Publishing, an alternative summer camp possibility, and more from our community
Fritz from Retirement Manifesto is back to dig a bitter deeper into the minutiae of the numbers behind retirement, and the use of the bucket strategy.
Bianca, a flight attendant, reached Financial Independence in her late 30’s after many bumps in the road.
She shares her story of financial resiliency.
Today we have a bonus episode featuring an episode from Everyday Courage with Jillian Johnsrud and JL Collins.
Figuring out how to invest is a challenge for many, including Jillian. By the time she and her husband started investing, they had paid off all their debt and saved up a lot of cash. Like many people, Jillian waited far too long to start investing. She was scared, intimidated and didn't really understand it. JL Collins says this is all too common, and he is here to make investing simple.
Today is community mailbag, and we are taking a look into some corrections, criticism, and feedback from previous episodes . Next we have a Frugal Win of the Week from Will for his brother Matt. Before all that though, Jonathan talks about his 2020 health challenge, and the power of incremental progress.
Fritz from Retirement Manifesto joins the show to talk about the mentality you should have when entering retirement.
Today Sean Mullaney is back to talk about 5 money moves to make during a financial crisis, and digs deep on what it looks like to make back money on a realized loss when you panic sold.
On today's episode we have the long awaited Barrett top 50 recipes(well, top ~30), the guys talk about ideas for Mother's day, the new Podcast for all things business called the Rebel Entrepreneur has launched, and a thought provoking mailbag question
Coach Carson comes on the show to provide some insight on the current real estate investing market, and what to look for when starting out.
Travis Hornsby is back on the show to share a bit of knowledge on his specialty: Student Loans. Travis digs into some details that could potential save you thousands of dollars on your student loans.
It's mailbag time, and today we answer a question about the rule of 55 and how some are able to access their 401k penalty free at 55. We also have a segment with Jillian from Everyday Courage
On a recent episode we gained a better understanding bonds. Today Brian Feroldi who writes for the Motley Fool joins us to give us a deeper understanding for stocks and how they are valued.
Big Ern joins ChooseFI again this week to discuss making necessary adjustments to your portfolio when the economy takes a downturn.
Today is community mailbag where the team answer questions and listens to feedback from you our listeners, but first they talk about Big ERN's optimism.
After 40 days of quarantine, we are beginning to adjust to this new normal. We're talking groceries, working remotely more permanently, creative socializing in quarantine, and finding your lost money.
Big Ern joins the show to talk about possible scenarios for the recession we find ourselves in, and markers to look out for on the horizon for the recovery of our economy.
Brad and Jonathan talk with Alan Donegan about possible ways for how you can pivot during this time. Additionally, listen until the end for the special announcement from Alan and the ChooseFI Team.
Frank Vasquez joins the show to talk about portfolio diversification with bonds, and the important value that they can add.
Other ChooseFI Media:
Support our YouTube channel by subscribing at: https://www.youtube.com/choosefi?sub_confirmation=1
Listen to other episodes from our Financial Resilience Daily Show at: https://www.choosefi.com/financial-r/
Dig deeper into Financial Independence by reading our Blog at: https://www.choosefi.com/all-articles/
About us:
Everything we do, we do to help you slash your expenses, crush debt, and build ways to earn a living remotely by starting online businesses. Then we help you invest in the safest way we know how, despite the ups and downs of the stock market.
We take the hits, so you don't have to, because ultimately, we want you to become financially resilient during these trying times, and get you started on the path towards Financial Independence.
Please SUBSCRIBE and enable notifications to see NEW EPISODES.
CONNECT:
►OUR WEBSITE: https://choosefi.com
►BUSINESS EMAIL: [email protected]
We all know the market always goes up, but it is still nice to get that reminder. Brad and Jonathan talk about the market's history and how time in the market is always better than timing the market.
Links from the show:
Our Podcast: https://www.choosefi.com/episodes/
Financial Resilience Daily Show: https://www.choosefi.com/financial-r/
Blog: https://www.choosefi.com/all-articles/
About us:
Everything we do, we do to help you slash your expenses, crush debt, and build ways to earn a living remotely by starting online businesses. Then we help you invest in the safest way we know how, despite the ups and downs of the stock market.
We take the hits, so you don't have to, because ultimately, we want you to become financially resilient during these trying times, and get you started on the path towards Financial Independence.
Please SUBSCRIBE and enable notifications to see NEW EPISODES.
CONNECT:
►OUR WEBSITE: https://choosefi.com
►BUSINESS EMAIL: [email protected]
Travis Hornsby from the Student Loan Planner joins the show to talk about the Paycheck Protection Program for small business and independent contractors.
More resources:
Our Podcast: https://www.choosefi.com/episodes/
Financial Resilience Daily Show: https://www.choosefi.com/financial-r/
Blog: https://www.choosefi.com/all-articles/
About us:
Everything we do, we do to help you slash your expenses, crush debt, and build ways to earn a living remotely by starting online businesses. Then we help you invest in the safest way we know how, despite the ups and downs of the stock market.
We take the hits, so you don't have to, because ultimately, we want you to become financially resilient during these trying times, and get you started on the path towards Financial Independence.
Please SUBSCRIBE and enable notifications to see NEW EPISODES.
CONNECT:
►OUR WEBSITE: https://choosefi.com
►BUSINESS EMAIL: [email protected]
Financial Educators Rob Phelan, Danielle Mendonsa, and Mandy Bert have created a financial literacy program for anyone and everyone. Today they join the show to talk about its inception and release.
When it comes to talking about money and the future with both your parents and kids, tactfulness is everything. Jean Chatzky joins the show to help us navigate these strange waters.
Jonathan outlines his investor policy statement, and his process for how he thought it out.
Rick Ferri joins Brad and Jonathan back on the show to teach us how to make a cake. During this process you may just learn a thing about asset allocation. Whatever you decide to do with today's knowledge just remember, stay the course.
https://www.choosefi.com/start
Learn More about Rick Ferri
https://rickferri.com Follow on Twitter @rick_ferri https://www.bogleheads.org
Mandy shares how teachers are pivoting in this difficult time, and gives her advice for teachers and parents who are thrust into this new era of learning. Additional information is provided for accessing Accidental Homeschooler and K-12.
Tae, from the Financial Tortoise, shares his money story from the perspective of the sandwich generation.
For more information, visit the show notes at https://ChooseFI.com/186
What is Normal? Normal is the baseline our minds establish for as a reference point for everything that comes into our lives. This baseline is not immutable however. Dominick joins us on the show today to talk about some of these ideas in these very "un-normal" times.
https://www.choosefi.com/
Sean Mulaney weighs in on the 2020 Stimulus Package via voicemail, and gives some pro tips for your filing process. Jonathan and Brad share some of their insight on the Cares Act as well.
https://www.choosefi.com/start
Jonathan and Brad Discuss the implications of the pandemic on the Financial Independence Movement. Jonathan and MK discuss Skill Stacking & Brad shares what his idea of the perfect education would look like
What does investing in Index funds look like in 2020? Rick Ferri from the Boglehead Podcast comes on the show to talk about his story, and how he left Wall St to invest in Index funds.
https://www.choosefi.com/start
Learn More about Rick Ferri:
https://rickferri.com/ Follow on Twitter @rick_ferri https://www.bogleheads.org/
Joanna Penn shares her story of building multiple income streams and becoming a writer.
She outlines how anyone with the passion to be creative can do the same.
For more information, visit the show notes at https://ChooseFI.com/172
Looking at this through the lens of opportunity we explore how businesses are pivoting in difficult times.
Continuing on this daily podcast journey we talk about what happens when you life decides it is time to home school for a bit
https://www.choosefi.com/Vincent https://www.choosefi.com/start https://www.choosefi.com/CIT
Continuing the daily episode series, Jonathan and Brad talk about some tax info from Sean Mulaney.
In light of current events, We are temporarily switching to a daily show to support the community. Access Community, Resources and More
https://www.choosefi.com/start
Michael Kitces joins the show to share his research on flexible spending rules as they apply to Financial Independence.
His call for flexibility could impact your path to FI by several years.
For more information, visit the show notes at https://ChooseFI.com/171
Be Creative With Your Social Distancing Resources for Accidental Home Schoolers Opportunity for People with Student loans
Student loans
Michael Kitses interview on Monday - very timely
Accidental Homeschooler - our resources are out, we will have more with Vincent next week
https://www.choosefi.com/credible https://www.choosefi.com/start
In light of current events, We are temporarily switching to a daily show to support the community.
Is your Emergency Fund in place
Our Favorite Taxable Investment Tool
Access Community, Resources and More
https://www.choosefi.com/start
In light of current events, We are temporarily switching to a daily show to support the community. Is your Emergency Fund in place?
https://www.choosefi.com/start
Bear Market vs Recession and why you can't panic sell
To get started on your path to Financial Independence go to https://www.choosefi.com/start
In light of current events, We are temporarily switching to a daily show to support the community
Learn more about the implications of capital gains and the mechanics of tax optimization for these gains.
We use two case studies to help you realize the power of optimizing your capital gains strategy.
For more information, visit the show notes at https://choosefi.com/170R
Rob Phelan, author of The Simple Startup joins the show to share more about this new resource that can help anyone learn how to build a business.
Plus, he shares the path of creating a financial literacy course for all grade levels that brings in the concepts of Financial Independence.
For more information, visit the show notes at https://ChooseFI.com/170
With a week of market scares, this episode revisits the importance of being prepared, not scared.
Plus, you’ll hear about some exciting announcements from the ChooseFI community.
For more information, visit the show notes at https://ChooseFI.com/169R
The anonymous blogger behind, A Purple Life, joins Brad and Jonathan to share her journey to financial independence.
With the helpfulness of anonymity, she shares exact numbers including her income, salary negotiations, expenses, and more.
For more information, visit the show notes at https://ChooseFI.com/169
With the principles outlined in Make Time, you have the potential to dramatically improve your life in a short period of time.
Plus, hear an inspiring FI story and tips for teachers.
For more information, visit the show notes at https://ChooseFI.com/168R
John Zeratsky, author of Make Time, joins Brad and Jonathan to share actionable tips to build a framework that cuts through your perpetual state of busyness.
For more information, visit the show notes at https://ChooseFI.com/168
Dropping mortgage rates prompt a conversation that explores the pros and cons of refinancing your mortgage at a lower rate.
Plus, Steve Chen from NewRetirment joins the show to share the comprehensive retirement planning tools that his company has to offer.
For more information, visit the show notes at https://choosefi.com/167R
Rob and Reshawn from Learn Hustle Grow discuss combining their finances and building a real estate portfolio.
They talk about money mindsets, building a life together, paying down their home, working in sales and more.
For more information, visit the show notes at https://choosefi.com/167
Find out more about the upcoming ChooseFI documentary series, Andrew and Zach's experiments in financial independence, and community corrections.
For more information, visit the show notes at https://ChooseFI.com/166R
Court joins the show to share how she and her wife tackled six figures of student loan debt and achieved financial independence in their early 30s with a family.
For more information, visit the show notes at https://ChooseFI.com/166
Answers to several reader questions about investing efficiently for your financial freedom. Learn more about low-cost broad-based index funds or if you should max out your 401k early.
Recent market volatility has provided an opportunity to test your investment resolve. Any low-cost broad-based index fund is a solid investment strategy, VTSAX is not the only option.
Understanding the difference between Roth vs traditional options can help you plan your tax-efficient retirement.
Fee-only advisors that act as fiduciaries in every area can be helpful. However, many financial advisors are not fiduciaries and have an assets under management fee structure.
For more information, visit the show notes at https://choosefi.com/165R
The founder of YNAB, Jesse Meacham, shares his story about:
For more information, visit the show notes at https://ChooseFI.com/165
Learn about the five love languages and how they can help you communicate with your partner better.
For more information, visit the show notes at https://ChooseFI.com/164R
Amon and Christina join the show today to share their journey to Financial Independence as two federal employees with young children.
The couple was able to retire early in just eight years!
For more information, visit the show notes at https://choosefi.com/164
An updated case study of the Roth IRA conversion ladder and a challenge for the community are some of the topics that Brad and Jonathan tackle today.
For more information, visit the show notes at https://www.choosefi.com/163R
Liz grew up with a single mom that struggled financially after getting divorced. Due to that, she had to learn how to budget at a very young age. She helped her mom pay off some debt over a period of years.
Braden had a completely different relationship with money. He grew up in a well-off family, so he never had to worry about money. He did get a job at 16 because his parents wanted him to learn the value of hard work.
Liz and Braden share their story of:
• Landing over $100k in scholarships • World Travels • Finding FI • Staying at Home
For more information, visit the show notes at https://choosefi.com/163
Half full? Half Empty? Ehh... There's some water in the cup. Medical bills are never fun, but at least you met your deductible... at the very end of the year. Brad and Jonathan discuss building credit from ground zero, and reflecting a bit on Gretchin Rubin's "The 4 tendencies". In addition, we share a segment with Larry Hagner from the Dad Edge Alliance discussing the importance of financial intimacy. This is your Friday Roundup!
For more information, visit the show notes at https://choosefi.com/162R
Although finding the path to FI can be exciting, it can be frustrating to have difficulty communicating this vision to your family and friends.
Gretchen Rubin joins the show to shed some light on the four tendencies or people and how to communicate with each tendency.
For more information, visit the show notes at https://ChooseFI.com/162
Welcome to the first Roundup of 2020! Brad and Jonathan share exciting announcements like:
• Launch of Everyday Courage by Jillian Johnsrud • FI101 and the ChooseFI International Foundation • Updates To The Tax Code
For more information, visit the show notes at https://choosefi.com/161R
Jackie Cummings Koski shares her story of a single mom that made FIRE a reality. She proves that there is no one way to achieve FI.
The goal can be accomplished by people from all walks of life and Jackie offers a unique perspective of FI.
For more information, visit the show notes at https://choosefi.com/161
The ChooseFI family is launching a new podcast today. Everyday Courage is officially live!
Please take a moment to subscribe to Jillian Johnsrud's new podcast https://www.choosefi.com/everyday-courage
As we ring in the new year, it is time to celebrate our community’s wins.
This episode is dedicated entirely to the wins that have happened throughout the community this year. The goal is to congratulate everyone on a fantastic year and inspire the community to continue to achieve amazing things next year.
For more information, visit the show notes at https://choosefi.com/160
It's the last Friday roundup of the decade! Learn how to level up your skills with:
For more information, visit the show notes at https://ChooseFI.com/159R
Jaime Masters has been a part of the personal finance space since 2011. It all started with a desire to share her story.
Listen as she talks about time management, building a business, sales and marketing, and more.
For more information, visit the show notes at https://choosefi.com/159
Learn how to calculate your real hourly wage and savings rate. We discuss Kim’s story shared on Monday’s episode, meal planning, and more.
For more information, visit the show notes at https://choosefi.com/158R
Kim from The Frugal Engineers shares her journey and the importance of determining your real hourly wage.
Kim’s story goes from Boarding School to College to a real hourly wage to quitting her day job and building a business.
For more information, visit the show notes at https://choosefi.com/158
After learning more about habits with James Clear this week, Brad and Jonathan discuss the compounding interest of self improvement and turning intention into action.
What’s covered in today’s show:
• Building Habits • Identity Statements • Find Your Tribe
…and more.
For more information, visit the show notes at https://choosefi.com/157R
James Clear, author of Atomic Habits , shares his story. The conversation dives into the difference between systems and goals.
For more information, visit the show notes at https://choosefi.com/157
A gap year might seem unthinkable for some but Noah and Becky share exactly how they navigated their gap year. Plus, Brad and Jonathan discuss emergency funds and your risk tolerance.
For more information, visit the show notes at https://www.choosefi.com/156R
Rob Berger, founder of Dough Roller and Retire Before Mom and Dad, talks about the simple math of early retirement and more essential FI lessons that are important to talk about.
For more information, visit the show notes at https://ChooseFI.com/156
Sean Mullaney joins the show to discuss year-end tax planning.
He goes into deductions, self-employment income, and how to get the most from your deductions.
For more information, visit the show notes at https://ChooseFI.com/155r
Leslie Tayne opens up about her journey as a single parent, financial problems in her first marriage, and how to move forward from debt.
For more information, visit the show notes at https://choosefi.com/155
Tim and Amy from Go With Less join Brad and Jonathan to discuss their unique travel strategy. Plus, tips on how to design your dream life.
Some of the topics in today’s show:
For more information, visit the show notes at https://www.choosefi.com/154r
Graduating from college debt-free can accelerate the path to FI dramatically. Brian Eufinger and Seonwoo Lee share their best tips on hacking the FAFSA on today's episode.
For more information, visit the show notes at https://choosefi.com/154
On today’s Friday Roundup, Jonathan's shares his experience with health coverage after his wife welcomed a new baby into their family. We also discuss Healthshare plans and Healthcare After FI.
For more information, visit the show notes at https://choosefi.com/153R
Medical debt has the power to seriously hurt your financial future. Many Americans are faced with unavoidable medical debt that has crippled their financial situation.
RIP Medical Debt is a nonprofit working to forgive medical debt for pennies on the dollar. Today on the show, they share their background and the amazing progress they've made.
For more information, visit the show notes at https://choosefi.com/153
Big ERN comes on the show today to break down the numbers of Becky’s retirement plan.
He works through their real numbers to determine how solid their retirement plan is.
For more information, visit the show notes at https://choosefi.com/152R
Becky Heptig shares her personal story to show that FI is an attainable goal at any age.
It is an encouraging story because it shows no matter what age you find FI at, it is not too late to change your life for the better.
For more information, visit the show notes at https://choosefi.com/152
Using David Hauser’s framework from last week of decision making through split testing, Brad and Jonathan look at their sleep, fitness, and diet.
For more information, visit the show notes at https://choosefi.com/151R
As a successful start-up founder, David Hauser felt mercilessly driven to create success through extreme measures.
Today, he opens up to Brad and Jonathan about his drive to succeed and how he has applied an experimentation framework to his health and wellness.
For more information, visit the show notes at https://choosefi.com/151
Building your blueprint to FI starts with the basics. A simple thing like tracking your spending can set you on a path that will change your life forever.
Today, we get back to FI 101 and uncover the stark difference between goals and systems.
For more information, visit the show notes at https://choosefi.com/150r
Diania Merriam discusses accountability, shifting perspectives, and community.
She has a great perspective on building community and life with balance.
For more information, visit the show notes at https://ChooseFI.com/150
How to break Old Navy and cockamamie life insurance schemes are just two of the topics Brad and Jonathan cover in today's episode.
For more information, visit the show notes at https://ChooseFI.com/149r
Tyson Koska shares his On Trajectory tool and what led him to his own path of Financial Independence.
Brad and Jonathan discuss how Tyson got started with FI and how On Trajectory tools cover net worth tracking and digital options.
For more information, visit the show notes at https://choosefi.com/149
Craig Curelop, author of The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom, shares his house hacking strategies.
We also discuss Expense Ratios and the new book, ChooseFI: Your Blueprint to Financial Independence.
For more information, visit the show notes at https://ChooseFI.com/148R
Andréa has committed her life to social studies and taking FI information to people experiencing poverty. She grew up in a similar situation.
At age seven, Andréa saw her first violent murder. Throughout her childhood, being raised by a single mother, she struggled with food insecurity and housing insecurity. However, she was also a student in the elite private school system, which led to an Ivy League education.
After coming such a long way, she has a unique perspective on the relationship between poverty and reaching FI.
For more information, visit the show notes at https://ChooseFI.com/148
Compounding vs total return, envelopes vs simplifying your finances, and the potential value you could get from working with a “assets under management” financial advisor.
Also, Tori Dunlap reached her goal to save her first $100k by age 25 on the day her interview aired!
For more information, visit the show notes at https://choosefi.com/147r
Tori Dunlap about starting a business as a kid and tips for negotiating your salary.
She is on a mission to help women earn their first $100k.
For more information, visit the show notes at https://ChooseFI.com/147
This week’s Friday Roundup includes a discussion with Chuck Jaffe about why he can’t be part of the FIRE movement because he has no plans to retire.
Also, a recap of Shannyn’s story from Monday and ChooseFI Book Launch Parties.
For more information, visit the show notes at https://choosefi.com/146R
A Guided Meditation for When the Stock Market Is Dropping
The market is plunging. You’re starting to panic. You want to hit the “sell” button! DON’T! Tune into this relaxing meditation, and let the soothing voice of JL Collins help you embrace this wonderful market cycle
We interviewed JL Collins on episode 19 of our podcast
https://www.choosefi.com/019-jlcollinsnh-stock-series-part-1/
Check out JL Collins Website JLcollinsNH where you can read the entire Stock Series
https://jlcollinsnh.com/stock-series/
and his book the Simple Path to Wealth
https://www.amazon.com/gp/product/1533667926/
Shannyn Allan joins us to discuss "embracing the suck"--when life just doesn't go as planned.
Listen to Shannyn's stories about graduate school, calling off a wedding, and wire fraud during the purchase of her first home.
...and how she found FI at the right time in her life.
Listen to the whole story at https://ChooseFI.com/146
A discussion of what to do with a windfall, a review of turnkey real estate investing, and a meditation for stock market investors when the market is falling.
For more information, visit the show notes at https://ChooseFI.com/145R
Paula Pant of Afford Anything returns to dive deeper into real estate investing. In this second conversation, Paula covers turnkey, deal syndication, and building a team.
For more information, visit the show notes at https://ChooseFI.com/145
A recap from Jonathan and Brad's visit to FinCon, FI Military, YNAB, and "what if my finances are like a dumpster fire?".
For more information, visit the show notes at https://ChooseFI.com/144r
Crystal Law, Director of Financial Literacy Experiences, and Laura Goodman, VP of Volunteer Engagement join us to discuss Junior Achievement.
For more information, visit the show notes at https://choosefi.com/144
As most have probably seen, the news is calling for a recession soon. Specifically, Peter Schiff, a prominent economist, is warning of an impending financial disaster. However, this market volatility is nothing new.
Join us today as we talk about Market Volatility, going Beyond FI, and Andrew Luck Embraces FI?
For more information, visit the show notes at https://choosefi.com/143r
Edmund Tee talks about reaching FI and the goals of teaching more people worldwide about Financial Independence.
For more information, visit the show notes at https://choosefi.com/143
How to simplify personal finance and discussing Paula Pant’s take on real estate from Monday’s show.
For more information, visit the show notes at https://www.choosefi.com/142r
Paula Pant discusses real estate as a path to FI as Brad shares his biggest financial mistake of his life - a speculative property in North Carolina.
For more information, visit the show notes at https://choosefi.com/142
David Sawyer comes back on to discuss the UK path to FI, and Jonathan makes a big personal announcement.
For more information, visit the show notes at https://ChooseFI.com/141r
David Sawyer released his book, Reset.
The book is aimed at helping people who feel stuck in their careers as well as an optimization strategy for Financial Independence in the UK.
For more information, visit the show notes at https://choosefi.com/141
Diving into the costs of a financial advisor and Nick from Mapped Out Money returns to discuss college hacking.
For more information, visit the show notes at https://choosefi.com/140r
Nick True from Mapped Out Money talks about designing an FI lifestyle before reaching an FI number.
Currently, Nick and his wife live in an Airstream trailer with the flexibility to live wherever they want to be.
For more information, visit the show notes at https://ChooseFI.com/140
Last week, Jonathan ended up at the DMV on a Friday afternoon with a crazy wait time. What should have been a quick trip turned into an ordeal worth avoiding.
Today Jonathan and Brad discuss:
For more information, visit the show notes at https://ChooseFI.com/139R
Sunny and his wife are 88.92% of their way to FI at only age 28 while living just 15 minutes outside of New York City.
How did they do it?
They share ow to pay for collect, the Department of Defense SMART Scholarship, car flipping, and more.
For more information, visit the show notes at https://choosefi.com/139
Brad and Jonathan talk about Brad’s daughter's mindset, plus a review of Monday's episode with Anthony.
For more information, visit the show notes at https://choosefi.com/138R
Anthony talks about the strategy he used to go to college for profit in his senior year.
The strategies he outlines could be used as early as freshman year to make college a profitable experience.
For more information, visit the show notes at https://choosefi.com/138
Brad and Jonathan discuss the Richmond Screening Of Playing With FIRE, FI 101, and how to be a storyteller.
For more information, visit the show notes at https://ChooseFI.com/137R
Christine and her husband, Jack, rebuilt a life that they love after an 85% reduction in pay 6 weeks into their marriage.
For more information, visit the show notes at https://choosefi.com/137
Jonathan and Brad discuss a case study on funding a child's Roth IRA and listen to feedback from the community.
For more information, visit the show notes at https://choosefi.com/136R
A dive into taxes with Sean Mullaney, the FI Tax Guy, who talks about FI tax-efficient strategies and career paths in accounting.
For more information, visit the show notes at https://ChooseFI.com/136
Another look at whether you should pay off your mortgage or invest, plus:
For more information, visit the show notes at https://www.choosefi.com/135r
Joel from How to Money talks about how he has pursued FI on a relatively low income, how he is reaching FI with five rental properties, and working on the Clark Howard Show.
For more information, visit the show notes at https://choosefi.com/135
Kristy Shen and Bryce Leung talk about their new book, Quit Like a Millionaire. Plus, Brad and Jonathan give updates on solar panels and YNAB.
For more information, visit the show notes at https://choosefi.com/134r
Jim from Route To Retire talks about about life after retirement and geo-arbitrage. His path to FI didn’t start with a community, it began when he was testing for Y2K bugs with Quicken.
Don’t know what we’re talking about? You’ll just have to listen to find out.
For more information, visit the show notes at https://www.choosefi.com/134
Possibly the most burning questions of FI:
Should you Invest or Pay off your Mortgage early?
We go through the numbers in today's show.
For more information, visit the show notes at https://choosefi.com/133R
Zeona McIntyre built a successful AirBNB business and shares her best strategies, including
For more information, visit the show notes at https://ChooseFI.com/133
Find out what kinds of insurance you actually need and where to find them.
Jennifer Fitzgerlad, the CEO of Policy Genius walks us through everything you need to know.
For more information, visit the show notes at https://ChooseFI.com/132R
Lisa Duke talks about her mindset shift and turning liabilities to assets.
On today's show:
...and more.
For more information, visit the show notes at https://ChooseFI.com/132
A recap of our conversation with Mr. Money Mustache and Mr. 1500. Plus, Jonathan and Brad answer listener questions about compounding and drawdowns during retirement.
For more information, visit the show notes at https://ChooseFI.com/131R
Mr. Money Mustache and Mr. 1500 discuss community building and second generation FI.
For more information, visit the show notes at https://ChooseFI.com/131
Brad and Jonathan just returned from the world premiere of Playing with FIRE in San Diego.
They discuss future showings (visit choosefi.com/tugg) and then get into the ultimate buy and hold portfolio strategy.
For the entire show notes, go to https://choosefi.com/130R
Today we talk to Paul Merriman. The goal is to contrast the "Simple Path to Wealth Approach" with the "Ultimate Buy and Hold Portfolio."
Paul is a proponent of the Ultimate Buy and Hold strategy and a legend in this space. The insights Paul provides about this strategy are priceless.
For more information, visit the show notes at https://choosefi.com/130
Earlier this week, Liz from Chief Mom Officer explained how she leveraged her work ethic and will to succeed into a successful six-figure career. Today we dig deeper into the work ethic topic with John, a 24 year old currently making 6-figures.
We also announce our newly created Travel Rewards Course.
For more information, visit the show notes at https://choosefi.com/129r
Liz from Chief Mom Officer.org talks about working moms building careers from the ground up.
In this episode we learn:
⁃ How To Grow Your Salary ⁃ Figure Out What You Should be Paid ⁃ Work Hard Strategically ⁃ How To Negotiate
For more information, visit the show notes at https://choosefi.com/129
Multi-level marketing, side hustles, energy audits, and expanding your "Zone of Awareness" -- all in today's Friday Roundup! For more information, visit the show notes at https://choosefi.com/128r
Alan Donegan joins us to discuss leveraging the power of FI to pursue your dreams with the ability to be free to fail.
For more information, visit the show notes at https://choosefi.com/128
Gina Pogel joins us to discuss different types of debt and how to tackle them.
We also dive into tactics to optimize both your health and your debt.
The goal is to simplify your finances and your health by stacking multiple optimization tactics together.
For more information, visit the show notes at https://ChooseFI.com/127R
Brad and Jonathan discuss health optimization strategies with Dr. Scott Sherr.
This episode is packed full of useful information, however, do not make life altering medical decisions based on this show alone.
Although we are talking to a real doctor, do not take this as medical advice. Consult with your own physician before making any major medical decisions.
For more information, visit the show notes at https://ChooseFI.com/127
Brad and Jonathan tackle a listener question about annuities and discuss some updates to the travel rewards landscape.
For more information, visit the show notes at https://ChooseFI.com/126R
Last week, Brad and Jonathan talked to Chelsea Brennan about her Family Emergency Binder.
In the same theme of planning for your family's future, today we talked to Mark Moss about estate planning.
For more information, visit the show notes at https://choosefi.com/126
Ways to optimize your grocery shopping, the family emergency binder, and sharing stories from the community.
For more information, visit the show notes at https://choosefi.com/125R
Chelsea Brennan from Smart Money Mamas and creator of the Family Emergency Binder is here to talk about her unconventional choices that led to a happier life.
For more information, visit the show notes at https://choosefi.com/125
Brad and Jonathan discuss the release date of a ChooseFI book, finding the best auto insurance rates, and Lynn Frair's path to FI.
The book, "ChooseFI: Your Blueprint to Financial Independence" will be released on October 1, 2019. The goal of the book is to outline options for your path FI. Everyone's journey will be different because the concept of FI is really based on choosing your own adventure. However, there are common threads between all of the success stories. We pull that together so that you can make your own journey a successful one.
To pre-order the book, go to https://www.choosefi.com/book
The complete show notes can be found at https://choosefi.com/124R
Chris Mamula, the "Dirtbag Millionaire," describes the mistakes he made on the way to FIRE, the challenges he facing in his early retirement, and the origin story of a book that will outline a Blueprint to financial independence based on the information shared by members of the ChooseFI community.
For more information, visit the show notes at https://ChooseFI.com/124
Brad and Jonathan give us an update about the "Playing with FIRE" documentary, hail mary FI and how to build an escape route from the corporate hierarchy that doesn't make room for you.
For more information, visit the show notes at https://choosefi.com/123R
Kiersten and Julien from Rich and Regular talk about the specific challenges that the black community faces on their journey to FI.
Recognizing the fact that not everyone starts from the same spot is important, so we are diving deep into the differences today.
For more information, visit the show notes at https://choosefi.com/123
Brad and Jonathan are joined by Brian Feroldi and Karsten from Early Retirement Now.
With the goal of gaining a deeper understanding of dividend investing, Brad and Jonathan ask the hard questions.
As the devil's advocate, they uncover more information about dividend stocks from passionate investors.
If you are ready to learn more about dividend investing, then let's dive in.
For more information, visit the show notes at https://ChooseFI.com/122R
Dividend investing has been a hotly debated topic in the FI community.
Brad and Jonathan dive into the details of dividend investing with Craig from Retire Before Dad.
For more information, visit the show notes at https://choosefi.com/122
Brad and Jonathan sleep habits, energy efficiency, and the best ways to land a job with Chris Hutchins from Grove.
For details, visit the show notes at https://ChooseFI.com/121R
Angela from Tread Lightly Retire Early has been an active member of the ChooseFI community for around two years. She has built a life that combines FIRE with sustainability.
Additionally, she is a leader that recognizes the women in the FIRE movement. Brad and Jonathan learn about Angela's journey and practical sustainability advice that could help the FI community.
For more information, visit the show notes at https://ChooseFI.com/121
Jonathan and Brad discuss wielding the flexibility of money, how to move to the upper end of your salary range, and hunting with eagles in Mongolia.
For more information, visit the show notes at https://ChooseFI.com/120R
Jean Chatzky is a well-respected figure in the personal finance community.
The financial editor of the NBC Today Show and author of several books is recognized for a specialized understanding of the relationship between women and their money.
However, both men and women can learn something for Chatzky's insights.
On today's episode, Brad and Johnathan will delve into the relationships that each of us has with money.
For more information, visit the show notes at https://ChooseFI.com/120
Jonathan and Brad discuss their favorite books from 2018, negotiating from a position of power, career hacking, and what they would do differently if they were recording episode 1 today.
For more information, visit the show notes at https://ChooseFI.com/119R
Mr. Refined from Refined by Fire has overcome a staggering amount of debt that accumulated from student loans and medical bills.
After finding the FI community, he was able to triple his net worth!
Mr. Refined talks openly about his debt, how he negotiated his way out of debt, and why he is pursuing FI.
For more information, visit the show notes at https://ChooseFI.com/119
Talent stacking, becoming a renaissance man, and financial infidelity: We recap Monday's show and highlight some listener comments.
For more information, visit the show notes at https://ChooseFI.com/118R
118 | Talaat McNeely from His and Her Money talks about how his money mistakes led to financial infidelity.
Most importantly, he shares how he was able to rebuild trust with his wife Tai and successfully work towards common financial goals together.
Through Talaat and Tai’s story, you will learn practical ways to build the financial trust that many couples hope to achieve.
For more information, visit the show notes at https://choosefi.com/118
Brad and Jonathan discuss "the Kleenex" of low-cost mutual funds, Bradley Rice's story about choosing to move towards part-time work, and make an announcement about a new voice on the podcast.
For more information, visit the show notes at https://choosefi.com/117R
Bradley Rice has successfully reclaimed the hours in his day by transitioning to part-time work.
He made this unconventional choice to take back his time when his daughter was born to spend more time with her.
Bradley works 20 hours a week, while still earning a high salary. Bradley openly talks about the path that allowed him to reclaim his time and how you can recreate a similar journey.
We All Have Choices Along The WayEach of us makes different choices throughout our lives. We do so hoping to march closer to our long-term goals. Everyone has to make choices that align with their values, so each person’s journey will be different.
Having a high paying job certainly helps you reach your FI goals, but if it's taking away time from your life, you may question its true value. In Bradley’s opinion, time is our most valuable resource because it truly is finite. Many of us would prefer to use that time to enjoy the important things in life, like our family. The pressure becomes especially noticeable if you have young kids because the time you have to spend with them while they are young is limited.
Even if you agree that that time is your most valuable resource, you may feel trapped in the mindset that there is no way to earn your current income while transitioning to part-time work. Caught between the fact that you have to work to provide for your family and the need to spend more time with them, the dilemma continues to grow more real every day.
Our guest, Bradley Rice, was faced with the same dilemma when he had his daughter. He knew that he didn't want to continue working full-time while his daughter was growing up. He needed to find a way to spend more time with her during her childhood. Bradley was able to make the switch to part-time and maintain a high salary in the process. It was an unconventional choice, but it worked out exceptionally well for his family. Let’s dive into his inspiring story!
For more information, visit the show notes at https://ChooseFI.com/117
Karen Hoxmeier joins the show to share how and why she built a coupon-sharing website, Brad and Jonathan talk about optimizing food, taxes and home insurance, and a review of Monday’s episode with Wendy Mays.
For more information, visit the show notes at https://ChooseFI.com/116R
116 | Wendy Mays, from House of FI, tells the story of growing her family from 4 to 8 through adoption all while moving states and changing careers, and ultimately kickstarting her family’s pursuit of financial independence.
For more information, visit the show notes at https://ChooseFI.com/116
115R | A how-to conversation about strategies for tackling consumer debt, a review of Monday’s episode with Bonnie Traux, and a few updates about the ChooseFI community.
For more information, visit the show notes at https://ChooseFI.com/115R
115 | Bonnie Truax, a blogger and early retiree, shares her story of growing up below the poverty line, scraping her way out of inherited debt, reaching financial independence without knowing what it was, and understanding how to talk about money with your spouse.
For more information, visit the show notes at https://ChooseFI.com/115
114R | Brian Eufinger returns to fill the gaps and address questions from the community about PSATs and National Merit Scholars, Brad and Jonathan discuss the benefits of creating a college-hacking strategy early, and the ChooseFI community responds to Monday’s episode.
For more information, visit the show notes at https://ChooseFI.com/114R
114 | Brian Eufinger, co-founder of Edison Prep, dives deep into the college admissions process and explains how a student should approach grades and test scores to give themselves the best college options, and how to pay for college without collecting a huge student loan debt.
For more information, visit the show notes at https://www.choosefi.com/114
113R | Tanja Hester retired early 15 months ago and joins the show to share her experience of being work optional, Brad makes a decision about solar panels, and a review of Monday’s episode with Grant Sabatier.
For more information, visit the show notes at https://ChooseFI.com/113R
113 | Grant Sabatier from Millennial Money and author of Financial Freedom, shares his story of unemployment and entrepreneurship, and his strategies for increasing your income and optimizing your finances.
For more information, visit the show notes at https://ChooseFI.com/113
112R | An evaluation of the long-term savings that result from driving old cars, a review of how Naseema McElroy has optimized her finances and reversed lifestyle creep, and a series of voicemails and messages from the ChooseFI community.
For more information, visit the show notes at https://choosefi.com/112R
112 | Naseema McElroy, a registered and practicing nurse and blogger at Financially Intentional, explains how to accumulate $1 million in debt, and how she earned her freedom through financial independence.
Links:
For more information, visit the show notes at https://ChooseFI.com/112
111R | Jillian from Montana Money Adventures gives advice for laying out roadmap in your life, right after and Brad and Jonathan review Monday’s episode and highlight activities from several local groups around the globe.
For more information, visit the show notes at https://ChooseFI.com/111R
111 | Billy B., a writer, entrepreneur and blogger at Wealth Well Done, shares his story of finding freedom in prison, starting over in his 30s and pursuing financial independence despite the setbacks.
For more information, visit the show notes at https://ChooseFI.com/111
110R | Voicemails from the ChooseFI community about saving on grocery bills, making life changes to optimize your circumstances, and a travel suggestion, as well as a review of Monday’s episode and updates from Brad and Jonathan about bills, travel, solar panels and more.
For more information, visit the show notes at https://ChooseFI.com/110R
110 | Rocky Lalvani, blogger at Richer Soul, shares his story of growing up as an immigrant’s child, learning how to save money in his early years, and how he’s teaching his own children about finances now.
For more information, visit the show notes at https://ChooseFI.com/110
109R | Big ERN from Early Retirement Now joins the show to talk about the current market climate: How is it impacting investors, who could benefit, and what markers he uses to evaluate its actual condition? We also share a voicemail from Abby, who provides a few more helpful hints for teaching abroad. Highlights from the show:
Links:
109 | Scott, a math teacher in Santiago, Chile, and Rob, a blogger at Getting Canned, share their experiences teaching abroad, including the financial and lifestyle benefits, and the how-to for making it happen.
For more information, visit the show notes at https://ChooseFI.com/109
For more information, including links mentioned in today's show, visit the show notes at http://ChooseFI.com/108R
108 | William McVey, ChooseFI’s Chief Technology Officer, walks through investment options available to meet the financial demands of special needs children, and the strategies he’s used to prepare for his children’s future.
For more information, visit the show notes at https://ChooseFI.com/108
107R | A year-end episode featuring voicemails and messages from the ChooseFI community sharing successes, progress, exciting discoveries, and hopes for next year of our journey toward financial independence.
For more information, visit the show notes at https://ChooseFI.com/107R
107 | Craig Attkinson, owner and founder of Green Side Up, a landscaping company in Richmond, Va., explains how he started his business in his mid-20s, what it took to grow and optimize the business, and how he’s optimized other aspects of his life as well.
For more information, visit the show notes at https://choosefi.com/107
106R | A series of suggestions and questions from the ChooseFI community, including HSA funds, capital gains distributions, and Traditional versus Roth IRAs, and follow up from Monday’s episode with Deanna.
For more information, visit the show notes at https://choosefi.com/106R
106 | Deanna, blogger at msfiology.com, shares her journey from drug and alcohol addiction to recovery, paying off six-figures of personal debt, and getting started on her path toward financial independence.
For more information, visit the show notes at https://choosefi.com/106
105R | Brian Feroldi joins the show to talk about the costs and benefits of installing solar panels and answers questions about his investment strategies, and Brad and Jonathan recap Monday’s episode with Paula Pant before announcing a new ChooseFI project on the horizon.
For more information, visit the show notes at http://ChooseFI.com/105R
105 | Paula Pant, creator of Afford Anything podcast and blog, dives into her love for travel, her rejection of the traditional 9-5, and how she built an income to match her lifestyle.
For more information, visit the show notes at https://ChooseFI.com/105
104R | An update from Marla Taner on 2018’s best travel reward options, a hack for keeping your bills low, a review of Monday’s episode with Doc G.
104 | Doc G, writer at DiverseFI.com, shares his experience and mindset as he considers stepping away from his career as a doctor, and highlights the value of building purpose, identity and connection.
For more details, visit the show notes at https://ChooseFI.com/104
103R | Captain DIY returns to recommend some accessible projects for the beginning DIYer, Jonathan highlights two recipe and meal organization apps, and several messages from the ChooseFI community.
For more details, visit the extensive list at https://ChooseFI.com/103R
103 | Tinian Crawford, blogger at DIY2FI and licensed electrician, talks about his path to licensure, the advantages of trade jobs and his transition to pursuing financial independence.
Links:
DYI 2 FI
DIYCaptain - Twitter
“Eliminating the Excuse” – Saving Sherpa
102R | Brad and Jonathan explain the long-term tax benefits of using a Health Savings Account to pay for medical expenses, discuss the benefits of new index fund investing options, review Monday’s episode with Timika Downes.
Links:
102 | Blogger and podcaster Tamika Downes reveals how she went from $94K of debt to owning a six-figure income-earning side hustle while continuing her job as a school nurse and raising three children.
Links:
The Road to Retirement: (Re)Learning to Love Work
For more information, visit the show notes at https://ChooseFI.com/102
101R | Brad and Jonathan talk about their experiences with W2 jobs and building side hustles, Jose shares his own side hustle tip, and Alan and Tallis wrap up the 4-part Side Hustle Coaching Series.
Side Hustle Coaching Call
Links:
10 Big Chain Stores That Will Secretly Match Amazon's Low Prices
101 | Nick Loper, founder of Side Hustle Nation, talks about the benefits of developing a side hustle, and methods to actually develop a good side hustle idea.
Links:
100R | Brad and Jonathan explain how simply knowing the rules can save you thousands on taxes and college financing, Brad talks through the IRA Conversion Ladder and Capital Gains Harvesting, and a few updates from the community.
For more information, visit the show notes at https://choosefi.com/100R
100 | Brad and Jonathan look back at the ChooseFI’s growth during the past 100 episodes and hit the highlights of financial independence for new community members and recap their own financial independence journeys.
Links:
099R | Brad and Jonathan review Monday’s episode about generous giving and resource stewardship, then catch up on voicemails and updates from the community about dental school, fall activity ideas, and the recent dip in the stock market.
Links mentioned in this episode:
For more information, visit the show notes at https://ChooseFI.com/099R
099 | Michael Peterson, owner of a bacon-themed concession stand in California, talks about downsizing his family expenses, spending 8 months of the year managing a non-profit in El Salvador, and why generous giving is important to him.
For more information, visit the show notes at https://ChooseFI.com/099
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
098R | An exciting conversation with Jared about his path to FI as a traveling physical therapist and his current 5-month trip abroad, as well as a voicemail about healthcare planning and a review of Monday’s episode.
For more information, visit the show notes at https://ChooseFI.com/098R
098 | Samantha Keith, author of The Debtist blog, explains what it means to have more than half a million dollars of student debt, and how she plans to pay it off in less than 10 years.
For more information, visit the show notes at https://ChooseFI.com/098
097R | A conversation with Larry Hagner from The Good Dad Project updating Brad on the recent financial changes he’s made in pursuit of more financial independence and his family’s budgeting strategies, as well as highlight’s from Monday’s episode from The White Coat Investor.
For more information, visit the show notes at https://ChooseFI.com/097R
097 | Dr. James Dahle, founder of The White Coat Investor, talks about getting his start as a doctor and a blogger, setting up inheritance funds for his children, thinking through his investing strategies, and the motivation that keeps him working on the White Coat Investor.
For more information, visit the show notes at https://choosefi.com/097
096R | An in-depth conversation with JL Collins about a recent controversial interview given by Suze Orman, and clarification of what concepts are truly at the heart of the financial independence movement.
For more information, visit the show notes at https://ChooseFI.com/096R
096 | Dominick Quartuccio defines life ‘drift’, advises Brad & Jonathan on how to take inventory of their habits, and evaluates the role technology plays in helping or hindering progress toward our goals.
For more information, visit the show notes at https://choosefi.com/096
095R | Brad and Jonathan get an update about the “Playing with FIRE” documentary, they recap FinCon 2018, and review feedback from the community about Monday’s episode with the Military Dollar.
For more information on this episode, visit the show notes at choosefi.com/095r
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
095 | The author of the Military Dollar joins Brad and Jonathan to discuss the various ways that service members can optimize their finances and choose financial independence, including retirement plans, financial planning, health care benefits and the GI Bill.
For more information, visit the show notes at https://ChooseFI.com/095
094R | The logistics of estimating and paying taxes as an entrepreneur, Brad’s frugal win of the week, and emails from the ChooseFI community.
Links:
“How to retire in your FORTIES without earning a fortune” – Daily Mail
094 | Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally.
For more information, visit the show notes at https://ChooseFI.com/094
093R | Brad, Jonathan and Joe Saul-Sehy, from Stacking Benjamins, talk about what is rewarding to your soul, give feedback to a ChooseFI community member who’s considering selling his business, and recap Harry, the Ride Share Guy’s strategies for become the center of a niche.
For more information, visit the show notes at https://ChooseFI.com/093R
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
093 | Harry Campbell, The Rideshare Guy, talks about what it takes to be a successful Lyft and Uber driver, the strategies he used to start his blog, and how he transitioned from aerospace engineering to full-time blogging.
For more information, visit the show notes at https://ChooseFI.com/093
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
092R | Plans for ChooseFI to support education, the value of a life resume, travel rewards tips for active duty military, and hurricane preparation.
For more information, visit the show notes at https://ChooseFI.com/092R
092 | CarLotz co-founder Will Boland talks about making the leap from investment banking to entrepreneurship, the challenges and benefits of leading a growing company, and what it means to build a life resume.
For more information, visit the show notes at https://ChooseFI.com/092
091R | An overview of how to own a house with an IRA, Jonathan attempts to optimize his recipes and shopping list, a list of the top 5 ChooseFI episodes and a travel rewards win.
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
091 | Rich Carey, officer in the U.S. Air Force, talks about learning to live frugally, buying his first townhouse, and building his real estate empire from one to 20 houses in Montgomery, AL.
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
090R | Brad gets back from vacation, Jonathan talks about bringing vegetarianism into his diet, and voicemails from the community highlighting CLEP tests and a 401k win.
Link to Jonathan's InstaPot:
090 | James and Steven pull back the curtain on veganism, talking about the health, lifestyle and financial benefits of veganism, alongside the practical details of how to actually make it work.
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
089R | An introduction to the Family Bank and what ChooseFI’s accountant-on-call thinks about it, as well as how to navigate rental car insurance, and what soft skills are crucial to a career in retail?
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
089 | Robert, from The College Investor, talks about his lucrative job as a Target store manager, building his blog into a highly profitable side hustle, his relationship with frugality, and the keys to success in a retail interview.
For more information, visit the show notes at https://ChooseFI.com/089
088R | Cities that are the best for pursuing financial independence, how to hack your career, ideas for building a side hustle and how to assess the return on your college investment.
For more information, including resources, visit the show notes at https://ChooseFI.com/088R
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
088 | Millennial Boss and FIRE Drill podcaster, J talks about becoming a creator, career hacking, and salary negotiation, alongside of pursuing FI, side hustles, and a growing podcast.
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
For more information, visit the show notes at https://ChooseFI.com/088
087R | How to teach children lessons that set them up for success, discussion about using duel-enrollment and university co-ops to optimize college, and a strategy for cash flow balance transferring.
For more information, visit the show notes at https://ChooseFI.com/087R
087 | Don Wettrick, CEO and co-founder of StartEdUp Innovation program, and a current high school teach, talks about the cultivating innovation and creativity in the classroom, harnessing a learner’s internal motivation, and giving students opportunities to solve problems they’re passionate about.
Links:
086R | A live-recorded conversation with Roger Whitney, the Retirement Answer Man, from Podcast Movement, questions for a potential accountant, and takeaways from Monday’s live case study with Allison Goddard.
Links:
086 | Allison Goddard, a dermatologist from Chattanooga, Tenn., chats with ChooseFI and Physician on FIRE to review her journey through medical school and receive advice to clarify the next steps in her path toward financial independence.
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
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For more information about FI, go to https://choosefi.com/086
085R | Catch up with Alan and Tallis as they zero in on the key elements of a successful pitch, and the importance of uncomfortable silence, as well as a home improvement update from Jonathan and review of Monday’s episode with author M.K. Williams.
What you'll hear in this episode:
Links:
My $3,500 Tiny House Explained
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
085 | Science-fiction author M.K. Williams talks about her journey toward financial independence, the decisions she’s made along the way, and self-publishing her first three novels.
For more information, visit the show notes at https://ChooseFI.com/085
——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
084R | The essential steps to a FI mindset, travel rewards updates from Brad, voicemails from the community, and highlights from Monday’s episode with Jillian with Montana Money Matters.
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
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For more information, visit the show notes at https://ChooseFI.com/084R
084 | Jillian, from Montana Money Adventures, talks about simplifying her life while raising five children, valuing grit and resilience, taking risk, and the value of financial independence.
What you'll hear in today's episode:
Links:
Essentialism, by James Latham
The One Thing, by Gary Keller
083R | A checklist to optimize your hobbies, a highlight on the San Diego local group, and messages from the ChooseFI community: All of this while we recap Monday's episode with Cody Berman.
For more information, visit the show notes at https://ChooseFI.com/083R
083 | 22-year-old recent college graduate and second generation FI, Cody Berman, talks about embracing frugality, saving and investing in his youth, optimizing a path through college, and getting his Disc Golf business off the ground.
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
082R | Discussion of Brad and Jonathan’s purchasing habits, messages from the ChooseFI community, benefits and drawbacks of roboadviors, and a summary of capital gains harvesting.
Links:
_______________________________________
For more information, visit the show notes at https://ChooseFI.com/082R
082 | Brad and Jonathan’s wives, Laura and Dani (respectively), talk about their introduction to FI, combining finances, budgeting with children, and maintaining balance.
Links:
081R | Strategies for decluttering and living with less (reflecting on Cait Flander's interview with us on Monday), life hacks from the community, and a winner for the free ticket to CampFI in Joshua Tree!
Links:
081 | Cait Flanders, author of “The Year of Less”, talks about building $30k of consumer debt, challenging herself to go two years without shopping, and learning how to be comfortable in her own skin without the distractions of consumerism.
For more information, visit the show notes at http://ChooseFI.com/081
080R | Conversation about teaching your children to save and invest, healthcare options, and an argument in favor of home gardening and composting.
Links:
080 | Khai Shing, a former contestant on The Amazing Race, and blogger at ALABA+MA+LAYSIA, talks about balancing her pursuit of FI while finding ways to travel, worldwide, at discount prices.
Links:
For more, go to http://ChooseFI.com/080
079R | Highlights of Monday’s episode with Tim & Amy Rutherford, discussion about healthcare, additional podcast recommendations, and voicemails from the ChooseFI community.
For more information, visit the show notes at http://ChooseFI.com/079R
079 | Tim & Amy Rutherford talk about early retirement, living with lower expenses and a busier schedule of fun, free activities, and what life changes they made to get there.
For the links to resources mentioned in this episode, go to http://ChooseFI.com/079
078R | Lots going on in this episode with a recap of Episode 78 with Travis Hornsby about Student Loan Debt Repayment Options.
But also, Brad sold his house and Jonathan has become a “rockstar” at selling things on Craigslist.
For more information, visit the show notes at http://ChooseFI.com/078R
078 | Travis Hornsby, founder of StudentLoanPlanner.com, talks early retirement, traveling Europe, and developing a passion for helping people crawl out of student loan debt.
What you'll hear on today's show:Resources mentioned:
Mr. Money Mustache: From Zero to Hero
For more information, visit the show notes at http://ChooseFI.com/078
077R | An second part to the conversation between ChooseFi community member Tallis, who teaches dance classes in retirement facilities, and Pop-Up Business School founder Alan Donegan, to help get Tallis’ side hustle off the ground.
077 | Experienced travel hacker and world traveler Marla Taner shares story of reaching financial independence, and her best tips for getting to Hawaii, Costa Rica and the Caribbean with minimal expenses, using credit cards points and air miles.
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
076R | Brad and Jonathan brainstorm ways to implement local adventure into their own lives and the lives of the ChooseFI community. Also, achat about high school reunions, local libraries, and a few clarifications about 401k contributions.
Additional links:
076 | Mrs. Adventure Rich talks about making the choice to live an adventurous life, her family’s pursuit of financial independence, and finding a balance between maximizing financial opportunities and living a happy, fulfilling, high quality of life.
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
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There are a lot more details over at http://ChooseFI.com/076
075R | “Personal finance is becoming financial independence.” Financial independence doesn’t necessarily mean retiring early; it means allocating your resources in the way you see fit.
This is just a taste of what we discuss in this recap from Monday's interview with Brian Feroldi from The Motley Fool.
For more information, visit the show notes at http://ChooseFI.com/075R
075 | Brian Feroldi talks through the advantages and disadvantages of individual investing, the realistic expectations for performance, and his strategies for beating Wall Street.
...and more at https://ChooseFI.com/075
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
074R | An update the community on recent activities, discussion about the opportunity cost of college and potential alternatives, a ChooseFI scholarship announcement, and a few voicemails from the ChooseFI community.
...and more can be found at http://ChooseFI.com/074R
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
074 | Ryan Carson’s tech-education company, Treehouse, teaches computer coding as a trade skill, giving students an opportunity to enter the work force, or change careers in nine months, at a fraction of the cost of a four-year degree.
Links to resources:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
073 | How do you make money online? We discuss the 7 most common ways to make money online, plus a review of Monday's interview with Jamila Souffrant from Journey To Launch.
We dive deep into making money with:
For more information, visit the show notes at http://ChooseFI.com/073R
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
073 | Jamila Souffrant tells us about college internships, buying real estate right out of college, a few failed business ventures, and her decision to pursue FI, starting by saving $85,000 in the first year.
We talk to Jamila about:
...and more at https://ChooseFI.com/073
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
072R | Lively discussion about cryptocurrencies as investments, review of last week’s MidAtlantic Camp FI, and several exciting contributions and questions from the ChooseFI community.
What you'll hear in today's roundup:It’s Like Summer Camp for Money Nerds: My CampFI Review
The Revolutionary Giant Ocean Cleanup Machine Is About To Set Sail
072 | Bitcoin, should you Buy it? Myles Wakeham tells us how he discovered Bitcoin, how and why cryptocurrencies have to value, and gives us a nuanced perspective of where cryptocurrency might go in the future.
How did Myles, a software developer, come to invest in Bitcoin?
Myles spent years figuring ways to pay his Bangladeshi software developer, until mid 2011, when his contractor discovered Bitcoin as a more effective method of payment.
There's much more to this story - and to learn about cryptocurrencies, so check out the extensive list of notes at http://ChooseFI.com/072
071R | Brad and Jonathan compare their college experiences to Chris Hutchins’ from the Monday episode, they discuss the importance of owning your own FI decisions, and we get updates from several members of the ChooseFI community.
Links:
Scott’s Blog: Simpli [FI] nances
Fifth Wheel Physical Therapist
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
071 | Chris Hutchins, founder/CEO of Grove, a new, optimized financial planning company based in San Francisco, talks about how a life and career of entrepreneurship led him to the FI community, and his current business venture. And, how his new company meets the needs of the average person better than a traditional financial planner.
What you'll hear in this episode:
Resources mentioned in this episode:
070R | Updates from Brad and Jonathan, review of Vickie Robin’s episode, discussion of how ChooseFI aims to handle politics, and more updates from the ChooseFI community.
Highlights:
...and more can be found at https://ChooseFI.com/070R
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
070 | Author and FI pioneer Vicki Robin discusses the cultural development of overconsumption, how much is enough, and what else, besides good investments, contributes to successful financial independence?
Book on Amazon: Your Money or Your Life
Book on Amazon: Dying for a Paycheck
Website: Millennial Money
069R | We discuss why and how of starting a blog or website.
What you’ll hear on today’s show:
Links from the show:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
069 | Michelle has a very successful blog, Making Sense of Cents. She shares her lifestyle as a digital nomad and how she currently manages not just her blog, but her whole life living full-time in an RV.
What you’ll hear on today’s show:——————-
Thank you for being a part of the ChooseFI community! If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
068R | The next steps after Dave Ramsey’s Peace University, the importance of being present and food budget hacks.
What you’ll hear on today’s show:Links from the show:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
068 | Bringing your spouse on with FI, the benefits of paying off your mortgage early and how to follow Dave Ramsey’s steps
Highlights from the show include:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
067R | Getting comfortable with being uncomfortable, hacks to save money on everyday electronics and using donor advised funds to optimize tax payments.
What you’ll hear on today’s show:——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
067 | David and Helene talk about consumerism, getting out of one’s comfort zone and the importance of simplicity.
What you’ll hear on today’s show:
Links from the show:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
066R | Understanding emergency funds, investing in your house and some college and library hacks.
What you’ll hear on today’s show:——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
066 | Big Ern reveals his identity, explains the different risks when retiring and why a home is a good investment.
Highlights from the show include:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
065R | College hacks, a great credit card debt hack and the importance of not wasting your privileges.
What you’ll hear in today’s show:
Links from the show
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
065 | Mrs Frugalwoods talks on her book and blog, frugality as a lifestyle and the great benefits of being frugal.
Highlights from the show include:
For more information, visit the show notes at http://ChooseFI.com/065
064R | Chautauqua plans, board game recommendations and a discussion on optimizing travel rewards
Highlights from the show include:
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For more information, visit the show notes at http://ChooseFI.com/064R
064 | Chautauqua organizers join us on a call to share what the event is about, the great community that attend Chautauqua, and plans for its future.
Highlights from the show include:How Chautauqua got started
The structure of the event and what a typical day looks like
The amazing community
Examples of the exceptional people who attend
What the future plans look like
For more information, visit the show notes at http://ChooseFI.com/064
063R | How to create your own luck, the glidepath to success and some life lessons from Brad.
Highlights from the show include:
For more information, visit the show notes at http://ChooseFI.com/063R
063 | An interview with Scott Trench from Bigger Pockets on the creation of good luck, his background and journey to FI and using house hacks to reach wealth.
This episode covers:1) Scott’s book and background
2) His definition of luck
3) The stages of wealth creation with real estate
4) Becoming a life long learner
5) The core message of FI and the community
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
062R | We review Monday’s episode with Travis on the Playing with FIRE documentary, a voicemail about the new tax law and a discussion about tracking business expenses.
On today’s show we cover:
Links from the show:
For more information, visit the show notes at http://ChooseFI.com/062R
062 | Travis Shakespeare is creating the Playing with FIRE documentary.
He talks about discovering FI, how FI has the power to change the world, and how one misinterpretation caused him to reach FI much sooner than he should have.
On today’s show we cover:——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
061R | We recap Monday’s episode with Cory Mascara about mindfulness with FI, a voicemail about a medical tourism hack and a method to teach your kids money management at a young age.
This episode covers:——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
061 | Mindfulness Coach Cory Muscara shares his background as a monk, how mindfulness links with FI and the process of meditation.
This episode covers:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
060R | We roundup Monday’s episode about medical tourism with a discussion on more hacks, having more power over your job and the importance of the talent stack.
This episode covers:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
060 | Myles Wakeham shares the little-known advantages of medical tourism, how he covers his medical bills and his personal journey to FI.
This episode covers:——————-
Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
059R | A review of Vincent Pugliese's interview, the satisfaction of DIY projects, and voicemails about financial coaching and international teaching.
On today’s show we cover:
Links from the show
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
059 | Vincent Pugliese shares his journey to reaching FI after changing his mindset towards life and starting a business.
This episode covers:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
058R | A review of the CampFI episode as well as a discussion on pensions and some thoughts on the value of CFPs.
This episode covers:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
058 | A roundtable discussion with two CFPs, Kyle Mast and Danny Kenny, on what financial planning looks like in practice, the importance of talking to a CFP and managing different types of risk.
On today’s episode we cover:
Links from the show:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
057R | A roundtable discussion at CampFI including talks on the military, the flexibility of the FI plan and reaching FI before your partner.
On today’s episode we cover:
Links from the show:
For more information, visit the show notes at https://choosefi.com/057R
057 | Grumpus Maximus shares his military background, his blog about understanding pensions, and his path to FI.
In this episode we coverLinks from the show
056R | We review Monday’s "Side Hustle Coaching Series Part 1" with some talk on the workings behind ChooseFI, as well as several voicemails on travel and career hacking.
In today’s episode we cover:
Links from the show:
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
056 | A slightly different episode as it consists of a coaching call between Alan Donegan from the PopUp Business school and Tallis, who wishes to grow her business and make it profitable.
In this episode we cover:• First episode the year: coaching call • Call between Alan Donegan and Tallis on her new business idea • Alan will walk her through ideas to grow her business • Tallis’ business: dance classes for people with Parkinson’s disease • Reasons why dance classes work • Defining who are the customers • Defining who would fund the business • Planning out Tallis’ business model • Alan’s advice to find funding using examples • How to use reports as a pitch for funding • Alan’s tips: finding social value, building an email list, scaling the system • How to show that the business idea works • The importance in adding value to people who fund the business • Where to start with PR • The branding process • The importance of having a website • How ChooseFI will check in every so often • Why and how Talis will start the business frugally • The importance of being very clear who your customer is and how you can help them • How FI helps us become entrepreneurs
Alan’s key questions:• Who’s the customer? • Who’s going to fund your business? • What proof do you have that your business works? • What makes your business different to other similar ones? • Don’t sell workshops to people without money • Sell to people who have the same desire to fix the problem as you • How can you give back to the institution/company funding you? • Use a report/survey as data to support your business • What social good does your business achieve? • How could you measure whether the idea works? • Build credibility by involving other people’s stories • Build a list of contacts of your possible customers • How will you brand your business? • How can you minimize the cost? • Are you clear on who your customer is and how you’re helping them?
Links from the show:• Episode 30: The Unspoken Lever of FI • Alan Donegan from the PopUp Business School
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
055R | A review of ChooseFI’s 2017 on the great progress of the community, several voicemails on FI successes and plans for 2018
This episode covers:
• How far the ChooseFI community has come • Eric’s great successes on his path to FI • How everyone in the community is helping each other out • The idea of building the community offline • Colby’s college hack to graduating debt free • How FI is about living a life of intention • Huge thank you to everyone __________________
Thank you for being a part of the ChooseFI community! :)
If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
055 | Live from Fincon 2017 in Dallas Texas, it's ChooseFI!
Hey there everyone,
We recorded a special minisode that we wanted to share with you today.
For those of you that found us this year and have been following us on this journey over the last 12 months. Thank you :)
We recorded this at the #Amazing FINCON in Dallas that we attended at the end of October, the conference was an epic experience and they gave us the opportunity to record a short 20 minute episode using a VW Bug (in the featured image for this episode).
It was a cool experience all the way around and we thought you might get a kick out of hearing it.
ImportantWe are collecting your feedback for an end of the year episode. If you found the FI community through ChooseFI or you have been in the FI community but this year you have finally taken action. We would love to share your progress with the larger FI community.
If you want to share the progress that you have made over the last 12 months leave us a voicemail by the end of monday or early tuesday morning and we will play it on the show. To leave us a voicemail go to our home page at choosefi.com and click on the voicemail button https://www.choosefi.com/voicemail.
The FIRE is spreading my friends and we will see you next time as we continue to go down the road less traveled!
Fritz from The Retirement Manifesto joins Jonathan to cover the topic of risk tolerance and capacity, Jonathan taking action to make ChooseFI happen, voicemails about college hacking, and ESI Money taking over Rockstar Finance.
This episode covers:
Links from the show
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Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards
Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)
As Jonathan would say, "The FIRE is spreading my friends!"
054 | Jonathan has a BIG announcement. We also discuss the power dynamics behind FI and the financial transition of quitting a job. This episode covers: Jonathan announces quitting his job Why Jonathan is in a good situation to make this decision The position of power in being FI The financial steps of transitioning out of a job Why you should deal with FU money responsibly
——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways:
1) Leave an iTunes review: http://www.choosefi.com/itunes
2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page
3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"
053R | We discuss the importance of building trust and creating a tribe as well as how to use your talent stack for business. In today’s episode we cover: Another side hustle: narrating books Review of Monday’s episode with Bobby from Millennial Money Man How blogging is a way to give back to the community Why you just need true fans to be successful Having a good audience starts with adding value and building trust How the key to making money blogging is solving your audience’s problem Why having a tribe is essential for success How Brad’s limiting belief affected him Jonathan will write an article on Chipotle as an example to solving a problem How using your talent stack will help you online as well as offline How travel rewards are a pillar of FI Feedback from Mindy with the idea of an end of year checklist Facebook thread on ways to optimize tax payments and planning Voicemail from Chris about small life hacks for post FI people Voicemail from Lindsay about generating a second income stream J & A ask a question about distributing savings between real estate and retirement accounts and Coach Carson weighs in. iTunes review and book giveaway Links from the show: Monday’s episode: Do You Want to be Rich? A Thousand True fans with Kevin Kelly Tax Caster: Income tax calculator SmartAsset: Calculating taxes in each state How to avoid Underpayment Penalties SkillShare: Online classes Facebook post on End of Year To-do List Bigger Pockets Podcast Coach Carson’s Real Estate Course
053 | This episode was an interview with Bobby from Millennial Money Man on attacking debt, becoming a full-time blogger, methods to teach finance in schools and how to scale side hustles.
In today’s episode we cover: Bobby’s story starting as a high school music director Him quitting his job to be a full-time blogger How he paid off his student loans His mentor teaching him the basics of managing money
The lightbulb moment which brought him to start Millennial Money Man Bobby’s rule on talking about money with friends and family
How he hasn’t changed even though he has more money The FI lifestyle Being a valuist Questioning the traditional narrative that everyone has to go to college
At which age should kids start learning about personal finance
How the world would change if everyone knew more about finance Bobby’s method to get kids interested in finance Bobby’s initial idea to do teaching seminars in schools
How he decided to quit his job Getting started with side hustles Advice for new bloggers: using your blog as a portfolio Scaling your blog/side-hustle
052R | We review Monday’s episode featuring Todd Tresidder discussing the different ways to reach FI through different asset classes, goals for 2018 and how to invest in yourself to create a happier life. What we cover: Recap of Monday’s episode with Todd: our most commented podcast How Todd makes us rethink FI and the way his mind works Why things are not as simple as the FI community make it out to be What other assets there are apart from index funds The 2 ways of getting into the entrepreneur game How FI is not a lottery ticket, the work to be put in. Why starting a business does not mean reaching FI How to choose which asset class is your path to FI How Brad’s bad experience in real estate makes him nervous about starting again 2018 goals: taking the next step with real estate The importance of not being dogmatic and broadening horizons Feedback from Trent on real estate, stocks and bonds How real estate can be a good plan for retirement Big Ern’s thoughts on Monday’s episode Active asset allocation: can it work for FI? Why investing in yourself will always make you win Christian’s voicemail on his 2018 goals The 80/20 analysis: why reaching level 2 understanding doesn’t have to be necessary How we’re now learning more about FI with our audience, not just teaching A voicemail from Jason about his big change: FIPE (Financial Independence Partial Retirement) iTunes review and book giveaway Links from the show: Monday’s episode: FIRE State of the Union Coach Carson’s episode: House Hacking Guide Mr Money Mustache Millennial Money Man Coach Carson’s new investing course: Real Estate Start School Sign up to our email list to send feedback Big Ern’s website: Early Retirement Now The Choose FI t-shirts Subscribe on iTunes ------------------- Thank you for being a part of the ChooseFI community! :) If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"
052 | Todd Tresidder from Financial Mentor comes on the show to share his perspective on the traditional way FI is taught ( FIRE State of the Union) and where it could be improved. We discuss the unique characteristics of all three asset classes and the advantages and disadvantages of each. Create a framework for your wealth plan and understand the importance of risk management.
In Today’s Podcast we cover: An in-depth conversation with Todd Tresidder from the Financial Mentor on the State of the FIRE Union The math behind financial independence and how traditional FI-thought is about lowering expenses and investing in low-cost passive index funds Todd believes there’s more to the situation than commonly believed Todd does not want to optimize relentlessly based on price
What is Todd’s definition of Fat FIRE? There are multiple paths to FI such as pursuing the business and real estate asset classes to get you to FI quicker in Todd’s opinion Where does Risk Management come into play? Risk management also needs to be discussed in the FI community A nuanced, dynamic, “Level 2” understanding Finding the right plan for different people and different situations
The point of FI is happiness What Todd values: Experiences not stuff, and buying conveniences How Todd disconnects when he is on vacation with his family Todd has focused on all three asset classes in his life and background info on his history Todd is always focused on risk vs. reward at different points in time Todd’s on the ground view of the housing bubble as an apartment owner Paper assets do not lead to a “predictable” return
As an investor you always want to look for the “obvious thing nobody else is looking at.” Todd’s discussion of inflation Todd doesn’t predict the future, but he manages risk Manage the downside and risk management.
Buffett quote on not losing money What situation would it make sense for someone to invest in index funds, real estate, business, etc.? Everyone needs their own plan for wealth building The business asset class – inventing equity out of ‘thin air’
The downside characteristics of each of the three asset classes
051R | In this podcast we do a recap of episode 51 with Mrs Money Monster discussing the importance of getting past limiting beliefs as well as how to use the community to your benefit and take action in pursuing FI. In Today’s Podcast we cover: Recap of Monday’s episode with Mrs Money Monster. The importance of getting past those limiting beliefs Why we should learn to embrace the growth mindset, to always be willing to learn The value of having mentors Why FI is acknowledging that I am more than the sum of my stuff Having more control over your finances means making retirement optional Choose FI local groups are growing, making the Camp FI and FI Festival possible Voicemail from Lori about educational IRAs answered by Ed Mills from the Millionaire Educator Voicemail from Michelle about her journey to FI. All about taking action and keep working towards your goals. Matthew’s post from the Facebook Choose FI group: how one person changed his life by introducing him to FI Voicemail from Haidi about her preparing for retirement. By choosing to be half retired she will always continue learning. How to work out the wonderful problem of having so much choice when it comes to financial freedom. Voicemail from Lance after attending Alan’s Popup Business School and who wants to give back to the community. Teaser of Monday’s episode: Challenging our beliefs iTunes review and Book Giveaway Links from the show: The Choose FI T-shirts Our Facebook Group All our Choose FI groups About the FI Festival Ed Mills from The Millionaire Educator Radical Personal Finance Episode 106: A Comprehensive Guide to the Ultimate Education Account House Hacking with Coach Carson Bright Future Scholarship Episode 30 with Alan: Starting a business without going into debt Contribute to our show by sending us an email
051 | In today's podcast we discuss the Roller Coaster Path to FI with Lisa from Mad Money Monster, including a new term she coined: F.I.O.R
In Today’s Podcast we cover: A conversation with Lisa from Mad Money Monster on the ‘Roller Coaster Path to FI’ Lisa grew up in a trailer, but in a great school district on the ‘right side of the tracks’ She only recently started telling people she grew up in a trailer as it impacted her self esteem She graduated from high school and didn’t plan to go to college as she didn’t think she was “smart enough” One meeting with an engineer at her first job let her to community college where she “secretly” applied The limiting beliefs and lack of a mentor behind her not even contemplating college
How her friend’s parents told her to not even start college as she “wasn’t going to finish” Lisa’s belief that she is coachable as a major life talent She graduated with a scientific degree from a four year university and had $25,000 of student loan debt Her employer paid for 100% of her master’s degree She then started saving significantly into her 401k, etc., but got into a bad relationship with a big spender She was still saving into her 401k, but her significant other’s bad habits rubbed off on her They spent $60,000 on a pool in their backyard and had friends over every weekend She had “cyclical credit card debt” that she paid off and then racked up again and then kept cycling What was holding her back from leaving the relationship? She didn’t want to move “backwards” in her life How she left the relationship and unchained herself financially
This was a defining character moment for her and let her believe she could do anything She then bought a property at the height of the real estate bubble in 2007 and moved her parents out of the trailer and into this home Though she could have lived “with her parents” at her house, she decided to move out into an apartment and stopped contributing to her retirement accounts How meeting Mr. Mad Money Monster was what put her on the path to Financial Independence They put an offer on a house they couldn’t comfortably afford and after the inspection came back negatively, they actually backed out and changed course They quickly found the FI community after that inflection point They paid off all their debt and maxed out retirement accounts Their savings rate is between 50% and 70% and they are well on their way to Financial Independence Financial Independence Optional Retirement
050R | The Impact of FI, A New FI Curriculum being piloted in a university, and holiday hacks just in time for Christmas. In today’s Friday Roundup we talk a bit about Thanksgiving and how to work on being thankful for all we have (yes it’s about your family). We also look back on our previous episode with Mr Groovy about moving out of an expensive living area to reach FI faster and the value of a local FI community (the FIRE really is spreading). We received some really inspiring messages which we share on today’s episode to show you the power FI has to transform an entire life. And of course, we finished off with some great Christmas hacks for the holidays! What we cover: 1. The Importance of Community There are ChooseFI communities all over the world now (62 and counting!) and it’s an enormous network. This means more and more people have communities with similar mindsets and goals just at their doorsteps. Imagine the opportunities when visiting another city and making contact with those other FI communities? The huge amount of knowledge shared? Our goal is to have these communities in every single city, so we can all help each other out to reach FI. If you feel there isn’t enough of a community in your own city, reach out to us on Facebook to become an admin of the Facebook page. There is a team in each area to help you out and we share the best practices to support the local groups 2. Circle Back to the Ongoing Buy vs Rent Debate Through the feedback voicemail from Charles we revisit the episode on buying vs renting and the fact that it doesn’t cover many of the aspects of home ownership. It was a good episode, but there was no counterpoint. Whether you want to buy or rent a house really depends on your situation and takes into account many different lifestyle factors. The most important is to look at it from an objective point of view: don’t just buy a house because that’s what you’ve been told all your life, buy it because it works for your situation. Do the math and analyze the situation. In honor of this huge and important debate, we pledge to do another proper episode where we have a proper sit down, do the math and have an in depth discussion. 3. The Impact of FI Thanks to everyone for sending those inspiring and in-depth voicemails in. Wendy, our first voicemailer, explains that FI is also about removing the parts that make you unhappy, removing the alligators and working towards what will improve your life and your future. Cassandra shares her goal to pay off $260,000 in debt and reach FI! This journey has changed her outlook and perspective on finance and entrepreneurship Phil rediscovered a zest for life by grabbing hold of Financial Independence he shares his 9 year plan to reach FI and what he plans on doing after FI Laurie shares her lightbulb moment, and how this podcast lifted the mental fog that kept her from appreciating the soundness of her husband's financial plan This truly goes to show the HUGE impact reaching Financial Independence can have over your life. We need to spread this message and we need to take action now. Start small. Start this week. And in 10 years you will have reached a state of independence you did not know was possible. This episode will inspire you to keep working towards FI and to build a community of like-minded individuals. One of our stated goals is to see a FI curriculum at the K-12 and collegiate level and Zack is piloting the first ever college level course at the University of Iowa Links Episode 50: Domestic GeoArbitrage Facebook Group: ChooseFI ChooseFI: Local Groups Episode 16: House Hacking with Coach Carson Episode 48: The Happy Philosopher Episode 9: Travel Hacks
050 | In this podcast we discuss domestic geographic arbitrage with Mr. Groovy from Freedom is Groovy. In Today’s Podcast we cover: A conversation with Mr. Groovy from Freedom is Groovy to discuss domestic geographic arbitrage How Brad made a similar decision to Mr. Groovy to move from Long Island to a lower cost of living area How Mr. Groovy was a “financial moron” until he was in his 40s until Mrs. Groovy found Dave Ramsey What did their financial lives look like before finding Dave Ramsey and the concept of an emergency fund How creating a budget and putting it on paper was a game changer for them
What changes did they make after creating a budget? Their debt situation: They had about $30,000 in consumer debt How they created a “transition fund” to help them move off of Long Island to a lower cost of living area They managed to pay off debt and save $80,000 in cash for this transition fund by 2008 Their families were supportive of their move off of Long Island The peculiarities of living on Long Island and getting off the island How Mr. Groovy’s cost of living shaped up on Long Island and how the property tax burden is significant there
What other costs are smaller when moving out of a high cost of living area besides mortgage and property taxes? How the Groovy family bought a $70,000 condo in Long Beach in 1997 and sold it for $340,000 in 2006 They decided to move to North Carolina and happened upon Charlotte where they ultimately purchased They bought a condo for $88,000 in cash in Charlotte and banked nearly $250,000 from the sale of their home Their dollar cost averaging strategy to enter the stock market
How Mr. Money Mustache’s article The Shockingly Simple Math Behind Early Retirement change their outlook on life In 2014 they were basically at the 25x expenses definition of Financial Independence Even though the housing situation helped them significantly, they still would have hit FI by moving to a lower cost of living area just because of lowered expenses
Takeaways and advice from the geographic arbitrage decision How Mr. Groovy’s family wound up following him to Charlotte How Brad’s brother did both US and international geographic arbitrage Did Mr. Groovy and Brad have “freak out moments” after making the move?
049R | In the Friday Roundup we discuss our big takeaway from Episode 49: The Aggregation of Marginal Gains. Plus, upcoming plans for the ChooseFI website, a FI Festival and local meetups. In Today’s Podcast we cover: A review of Episode 49 with Alan Donegan and Barney from The Escape Artist The growth of the FI community throughout the US and now the world Jonathan just returned from his 2 week trip to South Africa with his family How did Jonathan fare with his use of electronics on his trip? Jonathan used travel rewards points to book his flights for free and he stayed with family so his entire trip was free Brad’s upcoming travel for summer 2018 to Europe where he used travel rewards points and then his trip to Santiago, Chile for 2019 The power of the Aggregation of Marginal Gains and how important it is for the FI journey How small examples can make a huge difference over time We were voted the #1 most popular Personal Finance Podcast at Rockstar Finance The benefits of fasting and why Jonathan does multi-day fasts The spreading of the FI message throughout the UK and how we’ve seen a significant number of people in our ChooseFI community The important of local groups and how we’re going to do everything we can to facilitate local ChooseFI groups throughout the US How we can all benefit from local meetup groups of like-minded people How the FIRE really is spreading and how we want to help grow the community A future FI Festival as a large-scale FI meetup event The Hall of FI idea that Jonathan wants to see as a featured component of a FI Festival People connect with stories and that’s what makes a successful blog and podcast We are looking for writers to tell their stories at the ChooseFI website as full contributors to the site Announcement: Joel from FI 180 is our first ChooseFI blogger Voicemail from Joel announcing that he left his job! Upcoming episodes on ChooseFI Itunes reviews and book giveaways Links from the show: PopUp Business School The Escape Artist The Aggregation of Marginal Gains Rockstar Finance: The Most Popular Financial Podcasts Winning Personal Finance Local ChooseFI Facebook groups Playing With FIRE documentary
049| We discuss The UK Path to FI with Barney of The Escape Artist and Alan Donegan of PopUp Business School, plus much more in the way of life optimization hacks from both Alan and Barney. In Today’s Podcast we cover: An interview with Barney from The Escape Artist and Alan Donegan from PopUp Business School Voicemail from Sarah from the UK with questions about reaching FI outside the US Barney started the website after he put his notice in at work once he reached FI How Barney found the financial independence community Barney’s story on what his financial upbringing was like and how his parents had financial issues because of a large mortgage payment How the ‘keeping up with the Jones’s’ is alive and well in the UK Alan’s family doesn’t understand why they don’t spend more money and why they don’t work in the traditional sense Is there a FI community in the UK? There is a London Facebook group, but not a thriving community in the UK The different options of choosing a job you love versus one that pays a lot of money and you don’t necessary enjoy Creativity and how Barney “underestimated what was possible” for him when he had the time It’s a lot easier to be creative both when you have a “safety harness” but also if you “burn the boats” Debt is a form of handcuffs that keeps you in your current life The differences between the US and the UK: Starting with housing Property ownership is a significant part of the culture in the UK Barney’s thoughts on what he would have done differently with real estate had he started today Seeing a business opportunity in Barney’s idea to live in someone else’s home Health care in the UK and how it is more favorable for those pursuing FI Investing options in the UK and how it differs from the US Discussion of taxation on retirement funds and marginal tax brackets Differences in the cultural understanding of pursuing personal freedom through financial independence The program on FI on tv in the UK that Barney appeared on and the negative reaction and press Alan and Barney’s advice for those pursuing FI in the UK [skipto time=1:05:00]skip to[/skipto] Hot Seat Questions How incremental improvements can make a big difference in life, sports and financial independence Reading books as Barney’s favorite life hack Focus on self-improvement and doing something different and tackling fears Links from the show: The Escape Artist PopUp Business School Alan on Twitter Monevator blog in the UK Mr. Money Mustache JL Collins NH Halifax (for your ISA in the UK) The Share Centre (ISA in the UK) James Altucher An Interview With The Man on The Escape Artist Are Diamonds Really a Girl’s Best Friend on The Escape Artist The Aggregation of Marginal Gains on The Escape Artist This Coach Improved Every Tiny Thing by 1 Percent and Here’s What Happened Life Changing Books List on The Escape Artist FITV: The Top 10 TV Shows of Financial Independence Financial Independence and the Zombie Apocalypse Books Mentioned in the Show: Your Money or Your Life The Millionaire Next Door Invest in Yourself Walden
048R | In this podcast we recap Episode 48 with Jeff from The Happy Philosopher plus a life hack update from Brad and a question on how to present the FI concept to others. In Today’s Podcast we cover: Recap of Episode 48 with Jeff from The Happy Philosopher Jonathan and Brad’s recap of the Fincon conference How Brad and Jonathan brainstormed the future of ChooseFI at Fincon How the FI community is growing significantly at Fincon and how people were coming up to us saying they were listening How much value we can get from FI-centric events going forward, such as Camp FI How taking action is essential with the pursuit of happiness Happiness through subtraction and the process and mindset necessary Removing news and television from your life as well as sports How Jeff cultivated happiness in his life by “adding kittens” Finding the little moments that add value to your life How important gratitude is in life and how Jeff introduced that to us Decluttering and how it impacts Brad psychologically Jonathan’s experiment with his three closets of clothes and how little he actually wears Karen’s feedback on how to document your donations for clothing and such How essential it is keep organized and how you should do it along the way Brad’s life hack using unroll.me to organize all his subscription emails Email from Paul who is facing a challenge to introduce FI to his children Jonathan’s thoughts on how to present FI to someone else The information we have available in our ChooseFI Vault on how to present FI to others Email from Jennifer on a Bloomberg article that shows how even if you invested at the worst time in 2007 that your money would have doubled since then Itunes review and book giveaway Links from the show: The Happy Philosopher Fincon Conference JK Wedding Dance on Youtube How to Be The Happiest Person in the Room Camel Camel Camel Unroll.me The Shockingly Simple Math Behind Early Retirement How to Go From Middle Class to Kickass Bloomberg article: You Just Doubled Your Money If You Invested at the 2007 Market Peak
048 | Jeff from The Happy Philosopher joins us on the show to discuss the pursuit of happiness including how he reached a burn out point in his job as a radiologist and how his focus on happiness helped him find a path forward. In Today’s Podcast we cover: A discussion with Jeff from The Happy Philosopher An introduction to Jeff’s background story Jeff found himself burned out about four years into his full-time profession and he was stressed out and anxious and just not happy He reached a breaking point where he discussed with his wife his plan for five more years of work He had shortened his “prison sentence” but hadn’t made his “cell any more comfortable” (we discussed suicide in the episode and Jeff asked that we include a phone number for the National Suicide Prevention Lifeline) He couldn’t wait five years to be happy – he had to experiment now to find that happiness Was there something about his job that led him to this breaking point or was it that he hadn’t found what made him happy? Early Retirement Extreme was mind-blowing for him intellectually and led him to FI How medical professionals can feel “trapped” in their job because of sunk costs Did Jeff experience lifestyle inflation once he became a full-time physician? What did Jeff’s path out of burnout look like? How Jeff’s consumption of news led to much of his stress What else has Jeff cut out of his life? Happiness through subtraction Decluttering and getting rid of the negatives in your life Cutting down on commitments that aren’t necessary in our jobs and lives How Jeff pursued a job sharing part-time work during his peak earning years The Marginal Utility of Money and how your spending impacts your happiness The concept of trading your time for money How does Jeff approach how to spend money in his own life? The concept of utility versus value The importance of gratitude and how happiness is a skill Make a conscious decision to place a space between stimulus and response Hot Seat Questions Jeff suggests you experiment with cutting out alcohol entirely from your life for a set period of time as an experiment (Jeff also wanted us to mention: "Anyone who is a heavy drinker should probably consult with a doctor or someone familiar with alcoholism and alcohol withdrawal before quitting cold turkey.") Links from the show: The Happy Philosopher Early Retirement Extreme Mr. Money Mustache Happiness Through Subtraction at Mad Fientist Alligators and Kittens at The Happy Philosopher The Power of No at The Happy Philosopher How Understanding the Marginal Utility of Money Will Make Your Happier at The Happy Philosopher How to Be The Happiest Person in the Room at 1500 Days 7 Ways to Be Insufferable on Facebook at Wait But Why Books Mentioned in the Show: 13 Things Mentally Strong People Don’t Do The Life-Changing Magic of Tidying Up by Marie Kondo Your Money or Your Life
047R | In today's podcast we recap Episode 47 with Bryce and Kristy from Millennial Revolution including talk of home ownership and world travel, but a reader case study and voicemail. In Today’s Podcast we cover: A recap of our main takeaways from Episode 47 with Kristy and Bryce from Millennial Revolution How Brad explained the concept of compound interest to his daughter Anna and it was a lightbulb moment How Brad’s daughter immediately took action and invested her money in Vanguard index funds Brad’s moment where he found the concept of compound interest as a 19 year old Calling for tips on how other parents have introduced financial skills to their kids How your house is not a great investment and for people in the FI community it isn’t “your biggest investment” Your home may be a terrible investment but it doesn’t mean it’s a terrible decision Home appreciation seems “magical” to people but it actually represents well below the 8% return benchmark we use as a guide Brad’s example of a $300,000 house and the expected future value How Bryce and Kristy have these amazing hacks to travel for little money Their entire lives cost $30,000 for a full year Time averaging in low and high cost of living areas A reader case study that was sent in to Bryce and Kristy on the rental property they have that’s underwater and how they should move forward Voicemail from ChooseFI community member Jack on finding FI and making amazing changes up to a 58% savings rate How everyone can pursue FI and it isn’t limited to certain incomes, professions, etc. Itunes review and book giveaways Links from the show: Millennial Revolution Why Your House is a Terrible Investment Friday Reader Case Study: My Mortgage is Underwater. Am I Screwed?
047 | Today we have Kristy and Bryce from Millennial Revolution on the podcast to discuss home ownership, international geographic arbitrage and much more... In Today’s Podcast we cover: A discussion with Kristy and Bryce from Millennial Revolution They initially were contemplating buying a house and were shocked by the process This is what led them to finding the Financial Independence community Home ownership seemed like a “cult” to them What did their financial life look like before finding financial independence and how did they save so much money previously? Who might be naturally included to FI and how everyone can be open to it FI opens up creativity that you otherwise wouldn’t have the time for Voicemail from David from Canada How difficult it is societally to not purchase a house You need to do the math behind home ownership and don’t succumb to the ‘fear of missing out’ All the other costs that are involved in home ownership that eat into your paper gains A house is not an investment, it’s a place to live The power of compounding and the Rule of 72 How would someone do the math to compare renting versus buying? The 1% rule Introducing leverage into the scenario of buying a home What do they invest in? Low-cost index funds How often they rebalance their portfolio and how they came up with their 60/40 split It is less expensive for them to travel the world than live in Toronto Their annual spending their first year of travel was $40,000 but they were able to cut that to roughly $30,000 in year 2 How they believe everyone could live the same lifestyle if they were willing to break their mental block with owning a home How would they recommend people get started with international travel and geo arbitrage? Budget airlines and bus companies help them travel throughout Europe for a fraction of the expected costs What do they do with lodging when first visiting a city? The ‘secret’ location they’ve found in London to stay for a fraction of the cost How nobody else in the world worries about health costs like Americans do How much could you reasonably spend for a year of living in Thailand The little enclaves of expats that exist throughout the world where they’ve found to live for less Their summarized advice for David from Canada Hot Seat Questions They actually have a financial advisor, but they don’t outsource their knowledge to someone else Links from the show: Millennial Revolution JL Collins NH Mr. Money Mustache Would We Be Richer if We Had Bought a House at Millennial Revolution Afford Anything Airbnb Why Your House is a Terrible Investment at JL Collins NH
046R | In today's podcast we discuss our takeaways from Episode 46 with Ms. ONL from Our Next Life plus community feedback and voicemails and a discussion of travel rewards. In Today’s Podcast we cover: A recap of Episode 46 with Tanja from Our Next Life Brad and Jonathan are on their way to Fincon – the annual financial bloggers conference Jonathan’s upcoming trip to South Africa with his family using travel rewards points Tanja’s reveal of her identity after being anonymous for the entirety of the blog’s life What do you want out of life and how are you going to approach that question in the leadup to FI? The ‘internet retirement police’ and people making money in early retirement ‘We are some of the luckiest people in human history’ as Tanja described The safety Mr. and Mrs. ONL have built into their FI plan The different stories and plans our various guests have and how there is no ‘one size fits all’ plan for Financial Independence How they are selectively hardcore about certain things like their heating bill Corrections and feedback from episodes 43 and 43R Updates on Mega Backdoor Roth options including feedback from William Brad’s feedback on Keith from The Wealthy Accountant’s thoughts on the Mega Backdoor Roth and the Roth IRA conversion ladder going away Discussion of Roth versus traditional IRA and marginal tax brackets plus info on the Earned Income Tax Credit Email from Giselle from our ChooseFI community and her question about spending now versus the future and frugality versus enjoyment Brad and Jonathan’s response to Giselle about how we view the path to FI as a positive and gives us more control over our lives Giselle’s question about using travel rewards points for a 2 week trip to Europe and when to get started and how to avoid issues with mileage expiration Voicemail from community member Joel listing all the incredible changes he has made since finding the ChooseFI podcast Itunes review and book giveaway Links from the show: Our Next Life Get Rich Slowly The Wealthy Accountant The Frugal Professor Frugalwoods
046 | In today's podcast we have a wide-ranging conversation with Ms. ONL from Our Next Life on her decision to stop being anonymous on the blog to what their journey looked like to FI plus what they expect life to be like after FI and much more. In Today’s Podcast we cover: A financial independence discussion with Ms. ONL from Our Next Life The big reveal: Their names are Tanja and Mark What does it feel like for them to come out behind the veil of anonymity? Why have they been so strict about remaining anonymous?
How do they view the concept of early retirement? How they can pursue the aspects of their jobs that they still enjoy How is early retirement different than working for yourself?
One of the best parts of early retirement is that you can try so many different things Their friends and family are extremely supportive of their early retirement plans Finding their ‘why’ behind early retirement
A discussion of how silly the notion of being “bored” in early retirement truly is The Endless Winter: Following the snow to ski for an entire winter How they try to save money on their heating costs
How difficult the transition could be from working to not working and to mentally prepare yourself in advance for life after retirement How to mentally prepare yourself for future situations with “disaster drills”
The value of finding progress in difficult things in life The questions you need to consider when pondering early retirement:
045R | In this podcast we discuss our takeaways from Episode 45 with JD Roth of Get Rich Slowly, including the big news that he just purchased GRS back, as well as our frugal wins of the week and the elegance of simplicity. In Today’s Podcast we cover: A review of Episode 45 with JD Roth from Get Rich Slowly and Money Boss Jonathan’s frugal win of the week on purchasing a new stove/oven What is the utility of Jonathan’s new oven over a standard oven? Jonathan’s insourcing to install the oven himself Brad’s frugal win of the week: Laura stained the deck on the back of the house JD’s big news of buying back Get Rich Slowly How JD’s story helped change the world for so many people and how much impact he has had on potentially millions of people JD’s impact on Brad’s life with travel rewards What a unique point in time to be able to start a blog for so little money and the positive impacts you can experience The power of the blog is in the story of the blogger and that individual’s personality JD’s concept of the internal locus of control and how you can direct your life Don’t complain about the forces that are impacting your life – take control JD’s concept of having to do the work and that there are no shortcuts How strategy and cost-benefit analysis factors into your actions and goals What’s not worth putting the work in for? This is as important strategy-wise as picking what you do want to spend your time on Investment strategies of VTSAX versus other options, and Brad’s thoughts on the cost-benefit analysis of spending time trying to beat the market Part of the strategy is determining where to put your time and effort in life and investing It’s all about taking action in investing and life and how it separates successful vs. unsuccessful people The elegance of simplicity in getting people to take action A future roundtable with people of different opinions on investing Voicemail from Melissa on how she “channeled her inner Laura” in saving time and money on cooking Laura’s tips on how to cook more efficiently Jonathan’s experiment with his first vegetarian meal Itunes reviews and book giveaway Links from the show: Get Rich Slowly Money Boss DIYtoFI.blog Early Retirement Now FI180 Sign up for CampFI tickets Budget Bytes recipe: Slow Cooker Coconut Curry Lentils Books Mentioned in the Show: The One Thing Tools of Titans
045 | Today we discuss JD Roth's backstory behind his financial journey, Get Rich Slowly and Money Boss, plus JD's philosophy AND a very special announcement...
In Today’s Podcast we cover: A discussion with JD Roth from Money Boss and Get Rich Slowly How JD impacted Brad’s life and put him on the trajectory to becoming a travel rewards expert JD’s backstory and how he found the personal finance community JD started Get Rich Slowly to document his process to clawing out of $35,000 worth of consumer debt and becoming financially literate and successful
JD started his ‘credit card habit’ in college Any actionable tips the audience could take away from JD earning a scholarship to college? JD focuses on being self-directed with an ‘internal locus of control’ JD started a blog before the word blog even existed and started his first webpage in 1994 and his first web journal in 1997
JD’s plan to get out of debt in 3 years and the article he wrote called ‘Get Rich Slowly’ April 2006 was when Get Rich Slowly started JD was looking for a ‘magic bullet’ but quickly realized he needed to put in the effort and spend less money Dave Ramsey’s Debt Snowball and how it helped JD succeed psychologically
JD as an ‘accidental personal finance expert’ and how that journey progressed The audience and community around Get Rich Slowly helped make it a great site and inclusive JD’s frustration with the thought that there’s a “right” way to go about things in the personal finance world
Action is the number one thing that separates successful people according to JD
The methodology behind financial independence according to JD: The Six Stages of Financial Freedom Your level of control increases as you progress down the path towards financial independence When JD personally progressed through the six stages
How does JD spend his days and what is his philosophy? How JD sold his comic book collection and made $28,000 which funded their RV trip JD’s insight on the future of the financial independence movement Hot Seat Questions JD’s big announcement about
044R | Today we discuss our takeaways from Episode 44 with Brandon Pearce from Pearce on Earth plus feedback from the community and our thoughts on international travel with our families. In Today’s Podcast we cover: A discussion of Episode 44 with Brandon Pearce from Pearce on Earth Jonathan’s frugal win of the week by having a potluck dinner and a movie in the backyard for his friends and neighbors Jonathan is on a 3-day fast and his explanation The importance of mentally anchoring when undertaking something difficult Jonathan wanted to prove to himself that he could do it and to help with his impulse control Brandon realized early that you don’t have security as a 9-5 employee The power in your life shifts when you start saving money and that margin increases with each paycheck The concept of ‘burn the boats’ in motivating you to success Jonathan’s thoughts on safety vs. burn the boats How your business can take over your life if you let it, so you need a work-life balance Where are the pain points in your life and how can you make them better? Brandon’s lightbulb moment when you have that first sale They knew there was more to life that they could experience outside their ‘bubble of life’ by travelling the world Jonathan’s story of visiting an international food store in Richmond Looking for areas of fear and discomfort in life and leaning into them Finding community both abroad and here in the United States Brad’s thoughts on taking an international trip with his own family and what is potentially holding them back Brad tracking his time and will report back with his progress next week The value of telling other people about goals you intend to hit and how it keeps you motivated Also, the value of telling a ‘story about yourself’ and how that will keep you motivated to do what fits that story Voicemail from Vicky about getting out of their 9-5 lives and pursuing slow travel with their two kids plus how they used 120,000 miles to get 4 one-way tickets to Europe for only $20 The “one way journey” of life Feedback from Andrew on the episodes Different types of learning opportunities for your children Voicemail from Kevin how he explained FI to the HR department at his company and how motivated it made him to keep going down this path Itunes review of the week and book giveaway Links from the show: Pearce on Earth Music Teacher’s Helper You Need a Budget Money Metagame Impact Theory Nomad Together Podcast Books Mentioned in the Show: Tools of Titans
044 | Today we discuss how Brandon Pearce went from a call center job to being a full time entrepreneur, traveling the world with his wife and children and how he started the Family Adventure Summit. In Today’s Podcast we cover: Episode 44 with Brandon Pearce, who was recommended to us by Andrew from the ChooseFI community
Discussion of geo arbitrage, starting your own business and designing your future all wrapped up in one person Brandon realizing that you have no control over your future as a regular employee and it started him thinking about getting moving with his own business His software for organizing piano lessons was what led to his business How he got his first sale and realized this could be a successful business How Brandon considered making this a full-time venture and that inflection point where he took the leap
Did Brandon contemplate not going full time with his software or was this a slam dunk decision? The value of hiring from inside your own community to find someone who is passionate and knowledgeable
How Brandon wouldn’t be happier or more fulfilled with more ‘stuff’ Was the plan for this to be a ‘lifestyle business’ originally? They replaced a focus on stuff with a focus on growth, travel and service Their six week “test trip” to Panama as a family Looking at life through your children’s eyes
How difficult it was to replicate this experience in the United States Travel as one of the biggest catalysts for growth How liberating it was to not have any of their stuff on the trip to Panama Their first long-term trip was to Costa Rica and they were there for 1.5 years where their daughter was born
How do you find a community when travelling abroad?
Their current location in San Miguel de Allende in Mexico and how close the community is there
Schooling types: Homeschooling, world schooling and un-schooling and an explanation They follow an interest-led learning approach with their children to inspire the love of learning What do you tell someone who is afraid to take the leap to family travel?
Slow travel has the ability to be transformative and immersive Questions about safety and health care in foreign countries A discussion of health care in the countries Brandon has lived in and how inexpensive it is
Brandon’s time tracking experiment The 1st annual Family Adventure Summit Documentary: Into the Wind about families travelling the world Hot Seat Questions
043R | In this podcast we discuss our takeaways from Episode 43 with Fritz from the Retirement Manifesto plus an in-depth discussion of the Roth IRA conversion and Mega Backdoor Roth, and taxable income scenarios for retirement contributions. In Today’s Podcast we cover: Our big takeaways from Episode 43 with Fritz from Retirement Manifesto Brad as a ‘Mystery Reader’ for his daughter’s class plus their trip to Natural Bridge State Park and a FI lesson for his daughters How to tackle drawdown strategies and how that opened our eyes The concept of balance that Fritz brought up in Episode 43 How we each have a different path to Financial Independence and we have to find what we each value and how much safety we require How important the math is, but also how the personal side is an important part of the equation Jonathan’s decision to pay off his student loans early and how this may not have been optimal mathematically, but was the “right” decision for him Feedback from the audience on the episode, but specific points from Danny Questions surrounding inflation on your safe withdrawal rate and early retirement Feedback from the audience about delaying social security The distinction between the Roth IRA conversion and the Mega Backdoor Roth IRA The tax issues surrounding the Roth IRA conversion Practical Application of the Mega Backdoor Roth Vishal and Brad share the nuances of trying to navigate the Mega Backdoor Roth: They need to allow for after-tax contributions and in-service distributions/withdrawals Explanation of the Mega Backdoor Roth Email from Zac about the value of using pre-tax or post-tax retirement contributions when you’re already in a low tax bracket Where is the line where we’d consider putting into a pre-tax or post-tax retirement account? A scenario of someone with a $25,000 income and where they’d fall in the tax brackets and how to lower that A scenario of an individual with a $60,000 gross income and what they should consider with their retirement contributions How would Brad and Jonathan choose if they were in this situation? Itunes reviews and book giveaways The Vault is live Click Here for Access Links from the show: Retirement Manifesto FI by 40 Millionaire Educator Mega Backdoor Roth article by the Mad Fientist Post from Vishal from Everything about Education about Mega Backdoor Roth The Wealthy Accountant Books Mentioned in the Show: Hiking to Waterfalls in Virginia
043 | In this podcast we have a far-ranging conversation with Fritz from the Retirement Manifesto about retirement drawdown strategies, his 'buckets' system, and his upcoming retirement.
In Today’s Podcast we cover: Retirement drawdown strategies with Fritz from Retirement Manifesto How Fritz focuses on what life is about after retirement such as how you’re going to spend your time Fritz is 9 months away from retirement himself
A background on his story in corporate America and his path to FI and early retirement The difference in perspectives between retirement dates and savings rates between the FI community and the population at large What would Fritz’s path have looked like if he found the FI community decades earlier
Fritz stayed with the same company for 32 years and has a traditional pension Where did his interest in retirement spreadsheets and the blog come from? How writing a blog helps develop and formalize your own thoughts and plans What to consider when building your own retirement drawdown strategy
The Three Bucket Strategy for retirement drawdowns and how Fritz separates his own holdings by these buckets What a simplification strategy looks like and how to avoid taxation with this simplification How you can create a net neutral taxable position by specifically identifying losses and gains to sell when trying to simplify How Fritz plans to use Roth conversions while he is in a zero-income position for a 2 year period and pay $0 in tax on the conversions
Explanation of the Mega Backdoor Roth and how Fritz is utilizing it The equity to bond split that Fritz uses plus how to consider asset allocation and risk Why does Fritz use a 60/40 Stock to Bon split when he has a pension and social security coming?
Why Fritz believes you shouldn’t take more risk than you have to Fritz’s thoughts on delaying a pension and social security to get a guaranteed return A hypothetical early retiree example and how Fritz would think through this example and advise them
The uncertainty of health care in early retirement How they can track their annual spending by putting money into “Bucket 1” What annual tasks do they do with a ‘year in review’? The variable approach to withdrawal rates and flexibility
The value of protecting your Roth accounts to let them grow as long as possible Life insurance policy discussion The flexibility to take fun seasonal jobs if you wanted an adventure Health Insurance and long-term care insurance discussion
042R | In today's Friday Roundup we discuss Episode 42 with JW from The Green Swan, plus various discussions about community and feedback from the audience. In Today’s Podcast we cover: A discussion of Episode 42 with JW from The Green Swan Scott Rieckens and his crew from the documentary Playing With FIRE were in Richmond this week filming our podcast, lives and a Richmond FI get together The importance of community in the Financial Independence world and the volunteers we’ve received to be ‘community leaders’ for Choose FI meetups How we’re going to setup Slack for the Choose FI community and we need someone to help organize it The future Choose FI Vault that will be a digital locker for useful files for the community The decision JW made to buy a business with his brothers and how unconventional that is How you need to consider all possibilities when going into business with anyone Brad and Jonathan didn’t have the discussion of all future possibilities and didn’t put together an operating agreement, but are now going to do so thanks to JW’s advice Feedback from Lucas on the Green Swan episode about not relating to a high dollar value acquisition A question from Lucas on how this differs from buying an individual stock and if they had an unfair advantage by being CPAs and MBAs We all have a unique path to FI You need to see how different investment and business opportunities fit into your life and with your own risk profile Calculation based on getting a return of 8% versus 16% over a 15-year period How hustle can be as or more important than any skills or certifications you have How putting skills from various areas together will help you succeed dramatically in life Different ways to improve a business from Jonathan if you’re a lifelong learner Announcement of the next Camp FI in Williamsburg, Virginia in April 2018 “Collect skills not stuff” motto from Jonathan and how he wants to explore a “Maker space” for a community of learners The sharing possibilities of having pooled resources with neighbors or communities The new Mr. Money Mustache World Headquarters for people with the FI and entrepreneurial mindset Buy Nothing Project and how it relates to “the alley will provide” Travel Rewards update on changes to card opening options Itunes reviews of the week Links from the show: The Green Swan Playing With FIRE Slack ChooseFI Vault Camp FI mid-Atlantic in Williamsburg, VA from April 13-April 16 2018 Mr. Money Mustache Buy Nothing Project
042 | In Episode 42 we have a wide ranging discussion with JW from The Green Swan about his FI path, going into business with family, buying an existing business and much more.
In Today’s Podcast we cover: A discussion with JW from The Green Swan about financial independence and busing buying and ownership How JW got involved in the FIRE community A discussion of life insurance and how much someone in the FI community really needs to think about
They were already on a path to financial independence even before finding the FI community online How JW approached college with the mindset of graduating early JW’s dad passed many of the tips and tricks of the FI community to him in his teens JW’s relationship with his older brother made a big difference in his FI journey and they long talked about buying a business
The concepts discussed in the book Rich Dad, Poor Dad and how it could help you get multiple streams of income JW and his brothers were saving for many years in anticipation of buying a business How they researched the options of buying a business How they could step in and grow the business they intended to purchase What did they do to fix the culture in the business and reassure their employees about the future of the business How did they know they could add value to this or any other company? How they structured their legal entity to optimize most efficiently
They are investigating purchasing a similar business to expand their business What does the path look like for each of the four brothers and how have they navigated the sibling dynamic? They entered the business with ‘eyes wide open’ to the potential to damage their family relationships
They built an operating agreement with all potential future possibilities so they could navigate future issues. It was important that they did this from the outset The unexpected joys and crazy things that happen when you own a small business with many employees and JW’s examples How are they funding a future potential acquisition? How do these businesses impact JW’s financial independence number?
He is calculating his FI number without even considering the income or equity in the businesses Hot Seat Questions Favorite life hack is listening to podcasts and audio books at 2x speed He wishes he would have done ‘house hacking’ like his father did when he was younger
In this Friday Roundup we discuss Episode 41 with Paige and Sam on extreme frugality, radical insourcing and the high cost of living path to FI plus a voicemail from Big Ern and members of our community. In Today’s Podcast we cover: The discussion of Episode 41 with Paige and Sam about reaching early retirement through extreme frugality and radical insourcing in a high cost of living city like Los Angeles Jonathan’s story about visiting his childhood library and trying to find old computer games Book recommendations from the ChooseFI Facebook group The list of obstacles that could have stopped Paige from reaching financial independence, but she overcame anyway It’s easy to make excuses, but your journey almost invariably will be easier than Paige’s The aspects of high cost of living that would be universal to other people: Defraying the costs of housing by sharing an apartment “The alley will provide” as a perfect quote for ChooseFI and a way to think about not buying new items Making a fun game out of buying “new” items (new to you) at a garage sale The important of collecting skills instead of stuff plus a list of random skills you can pick up Don’t be complacent with the knowledge and skills you have. Always look to learn. There are so many free ways to get entertainment in a big city A big takeaway was that Sam’s parents cut the friction and helped him get started investing The hardest part is to take action, so helping other family members can help their lives dramatically. Jonathan thinks about this with his siblings Don’t let the perceived complexity of task overwhelm you and cause you to not take action. Just break it down into steps and take action. Andrew shared how he and his wife break down the ChooseFI podcast every Monday where they discuss with their kids in a fun way How Brad setup a Vanguard investment account for his kids in 2017 Are there tax implications for investing for your children? Discussion of Paige and Sam’s housing situation Paige’s “mistake” that was right for her You have many levers to potentially pull and not everyone needs to make the same choices, but you need to not make excuses Cutting expenses is the low hanging fruit of the path to FI. Changing your income is not as immediate Buying used takes the mental anguish out of purchasing and perfection Jonathan’s life hack for purchasing at Amazon: Camel Camel Camel Case study for how to use Camel Camel Camel Don’s call that he officially reached financial independence! Call from our in-house expert Big Ern about how to mitigate sequence of returns risk Winner of the side-hustle competition: Tallis who is providing dance classes to those with Parkinson’s Disease Call from Dave about the business he created Itunes review book winner Links from the show: Classic Reload video games Freecycle Frugalwoods Camel Camel Camel Early Retirement Now Case Study in Part 11 of the Safe Withdrawal Series The Stock Series at JL Collins NH PopUp Business School Books Mentioned in the Show: The Lies of Locke Lamora Tools of Titans by Tim Ferriss
041 | In today's podcast we discuss the High Cost of Living Path to FI with ChooseFI community members Paige and Sam who live in Los Angeles and have been pursuing FI in a HCOL with sub-$50,000 per year jobs. I
n Today’s Podcast we cover: Episode 41: A conversation with Paige and Sam about pursuing Financial Independence in a high cost of living area on a lower income Paige pushed back on our limiting belief that you “can’t” achieve financial independence on a low income in a high cost of living area Sam introduced Paige to MMM but Paige ran with it from there Paige’s back story Paige had a negative net worth in her mid-40s Since Paige has earned and lived in the $30,000 range she is used to that and now that she’s making more she can save that difference Paige intends to hit early retirement in 2025 and has a 50% savings rate She uses her Roth IRA as an “emergency fund” since she can withdraw the contributions at any time tax and penalty free Sam’s story behind retiring “early and often”
He did not have student loans and also his parents modeled investing for him well before he was earning income himself Sam’s parents always put gifts and other money into his investing account instead of giving it to him to spend Sam is technically at his FI number, but he does still continue to work Sam’s history of his apartment renting in Los Angeles and sharing apartments with roommates to lower the costs (over a 20+ year period) Sam has never made more than $50,000 in a year Having to be slightly more intense to reach FI in a low cost of living area.
The best way being to live with roommates and not having a car payment They don’t buy new items – the “alley provides” and they can find free stuff on the street or at Goodwill, etc. They are very deliberate and intentional about saving money on food and groceries Limiting beliefs on why people like Paige and Sam couldn’t retire early and pursue financial independence and why they rejected them The big three items they can control: Housing, Transportation and Food
There are so many free activities in a big city, so it is easy to keep a nearly $0 entertainment budget in a city They are not minimalists at all, but they just don’t buy new things. Sam is an extreme DIY-er and picks How did Sam become a DIY-er?
You don’t have to agonize over decisions when you aren’t trying to maximize or perfect each buying decision How they approached their home buying decision differently with the mindset of people who can fix essentially anything Buy a house that is just bad enough that the flippers don’t want it – per Paige What is the long-term play for their new house? Do they intend to buy other homes to fix and sell? Extreme ownership of your decisions and knowing what you want Paige’s plan for early retirement and how to make it to 65 and social security where she’ll get a ‘big raise’ Hot Seat questions
040R | In today's Friday Roundup we discuss our takeaways from Episode 40 with Noah and Becky from Money Metagame, plus voicemails from the ChooseFI community and our in-house expert Keith from the Wealthy Accountant. In Today’s Podcast we cover: Discussion of Episode 40 with Noah and Becky from Money Metagame about the Gap Year Jonathan took action and followed Geoff’s advice to start culling his closet and decluttering his life Jonathan is struggling with how to categorize and track his donations For tax purposes you definitely do want to track your noncash donations It’s always easier to track things along the way as opposed to doing it all at the end of the year How is Jonathan mentally approaching the process of decluttering his life? How Brad would approach cleaning out closets by making a game out of it Noah and Becky found FI at a young age and incredibly have not made any major financial mistakes in their lives You have more and more power in your life as you go along your FI path and reach your Milestones of FI. It isn’t an all or nothing thing. Becky realized she was getting burned out and was able to make a decision to leave her job based on a position of strength Becky and Noah have no fear moving forward and that is incredibly inspiring You don’t have to maximize every dollar but can focus on what brings you happiness How a ChooseFI app would add value to the community and an ask whether this would provide people value Announcement of the two finalists for the Startup Business Competition with Alan Donegan: Rachel and Tallis Discussion of the phrase ‘Side Hustle’ and how Brad hasn’t liked that phrase Voicemail from Alex with a question for Keith from the Wealth Accountant on retirement plans available to self-employed individuals Response voicemail from Keith from the Wealthy Accountant Life hack from Noah from Money Metagame on how to save on movie tickets Voicemail from Nicholas about the positive changes he’s made in his life in the last 5+ weeks since he found ChooseFI Discussion about the value you receive from cards on an ongoing basis Itunes review for the winner of the book drawing Links from the show: Money Metagame Sell My Comic Books website ESI Money Frugal Professor PopUp Business School The Wealthy Accountant Advance Screenings for movie tickets The Points Guy: How Closing a Credit Card Impacts Your FICO Score
040 | Today we have Noah and Becky from Money Metagame on the podcast to discuss their story, their upcoming 'Gap Year' of travel plus an incredible college hack they used to get full-tuition scholarships. In Today’s Podcast we cover: A discussion with Noah and Becky from Money Metagame Noah and Becky’s history behind their path to FI Travel Rewards was what initially got them into the world of Financial Independence How Noah introduced this idea to Becky originally Becky was originally hesitant but after seeing some stress in their lives became more open to it How the personal finance and financial independence sub-Reddits became Noah’s go-to sources for information The story behind the name Money Metagame How Noah and Becky both got full-tuition scholarships to Purdue University through the Evans Scholars program How they found out about this program to get these college scholarships The background on how others can benefit from this scholarship opportunity What was the thought process behind them buying a house in Seattle upon moving there? The mortgage on their house was actually less than what they were paying in rent What was the process behind them getting rid of PMI (Private Mortgage Insurance) on their home? After they found the concept of FI they started maxing out their 401ks, HSAs and Roth-IRAs, plus regular brokerage accounts Their savings rate went from 6% in 2014 to 58% in 2015 after finding FI. It has since gone up from there
Becky wasn’t happy in her job and that gave them the push to quit their jobs and take a ‘Gap Year’ to travel around the United States They are past “Half FI” on the list of FI Milestones What do they plan to do with their home in Seattle? What did the conversation look like when they told their family and friends? Could Becky dial back certain aspects of the nursing profession and only focus on the parts of the job she loves? Noah’s decision to leave his particular company and job What do they have to consider when embarking on a trip like this?
There is room for FI optimization since they’ll have minimal income in 2018 How does the interplay work between realizing “income” through capital gains and getting subsidized health care What does their trip look like in general and what are their plans for the actual travel? They will be focusing on lower level redemption hotels through Hyatt, Starwood and IHG How will they get their mail while on the road? What scares them about this trip and experience? This was all possible because they found FI Information on their honeymoon to Fiji as their best travel rewards win Does it make sense to use miles for business class or first class? Hot Seat Question
039R | In today's podcast we discuss Episode 39 with Gwen from Fiery Millennials, plus a 'Cruise Control Path to FI' case study example and voicemails from our community members. In Today’s Podcast we cover: The Friday Roundup after Episode 39 with Gwen from Fiery Millennials A whole new FI world for Brad and Laura after their youngest daughter went to kindergarten They have the opportunity to live more of a FI lifestyle and have to now figure out what that looks like Second Generation FI and examples of Brad’s kids exhibiting their behaviors ChooseFI is an opportunity for Brad and Jonathan to share these stories with their kids and also document their FI paths Gwen’s lightbulb moment she had during college and how that changed her trajectory How intelligent Gwen was with her college decision and pursuing a full scholarship Brad should have focused his own college search on places where he could have gotten a full merit scholarship The concept of the ‘cruise control path to FI’ Second Generation FI Case study example of how savings would work maxing out their 401k from 22 to 32 The value of compounding over decades The importance of starting to save early and the concept of time as a Pillar of FI The ability to put money into your kid’s Roth IRAs even if they are under 18. We need to do more research on this to document what’s allowed Example of putting $5,500 into a Roth IRA for a five year stretch from 13 to 18 and what it would be worth at age 60 Jonathan’s example of contributing to a 401k from 32 to 60 You have to get started and take action today, even if you’ve made the “wrong” decisions in the past Gwen’s desire to build up the FI community is incredibly impressive Announcement of the last three finalists for the PopUp Business School competition with Alan Donegan Voicemails from the three finalists Voicemail from Justin about the career path of an air traffic controller as a path to FI making significant money without a college degree Itunes book giveaways Links from the show: Fiery Millennials Go Curry Cracker The Wealthy Accountant PopUp Business School USAJobs.gov
039 | In today's podcast we have a conversation with Gwen from Fiery Millennials about her millennial path to FI plus some hacks that she used to save on college and increase her savings rate. In Today’s Podcast we cover: Our guest on Episode 39 is Gwen from Fiery Millennials Was Gwen from the generation that grew up with electronics from day 1? A background on Gwen’s story saving money when she was younger.
She saved 50% of her income Gwen pursued dual enrollment classes and entered college with 23 college credits Gwen did the research with the college first to determine what credits would count Brad’s example of programs that exist in Virginia and likely other states where you can attend a community college and transfer to a state university Gwen joined the Air Force in the Air National Guard to pay for college, but actually got a merit scholarship from her college Gwen still has 8 semesters of free college remaining for the future due to these dual scholarships
How did Gwen find the concept of Financial Independence? Finding FI helped Gwen keep on the path and be conscious of her consumerism and save more Gwen’s search for an internship via job hiring boards or job fairs What’s the difference between searching on the job board and the job fairs? How to look professional and make a positive impression at a job fair
Your FI path is dramatically easier when you do things right from the beginning Gwen was maxing out her retirement contributions How you can be on cruise control if you do the right things the first 10-15 years of your career Gwen had a roommate when she got out of college so she was only paying $450 per month in rent Gwen pursued rental real estate after attending the Chautauqua She landed on the idea of ‘house hacking’ for her rental property She bought a triplex and the rental from the 2 other units more than pays for her rent, so she is paying $0 out of pocket for living expenses
Gwen feels she may have rushed into buying a property since she bought the second property she looked at Gwen is maxing out her 401k, HSA and Roth IRA and then additional savings go towards future down payments Gwen’s savings rate should be around 80%, but extraordinary expenses on her rental home bring it down around 50% Gwen still has her car from college and she intends to hold it for years to come What are Gwen’s plans for the future? Hot seat questions
038R | In today's podcast we discuss Episode 38 The Why of FI plus we announce three of the finalists for the business building competition with Alan Donegan of PopUp Business School and a voicemail from community member Geoff. In Today’s Podcast we cover: Discussion of Episode 38 on the Why of FI Jonathan’s Frugal Win of the Week at Costco by saving on protein bars Jonathan’s nutrition goals and the underlying concepts of simplicity and removing decision fatigue How unusual it is that the FI community is outside the mainstream by saving money whereas the norm is spending every dollar you have The elevator pitch for Financial Independence Brad believes the psychology behind the Why of FI is more important than the actual numbers Numbers will always be a focus as is saving money, but the psychology is essential How has Jonathan’s focus changed since the beginning of his FI journey and since the beginning of ChooseFI Jonathan has latched onto the ideas of simplicity and happiness The new concept of the FireWalker, as coined by our community member Cody Has Jonathan shifted from being a spender fundamentally? How has the journey impacted Brad? Brad’s thought about community and connection matter more than he even thought The connections that are made possible due to the ChooseFI community Local community meetups and our request for community leaders throughout the country and world Everything is connected with FI as a life optimization strategy Voicemail from Geoff about sequence of return risk and working towards a minimalist lifestyle and how to optimize life What do you have control over? Focus on that Cutting expenses and getting your lifestyle creep under control The 4% rule explained Geoff’s plans for different scenarios and his budgets Geographic arbitrage for moving to low cost of living area Think in advance for different situations you may face in the future Competition with Alan Donegan from PopUp Business School: We play 3 of the finalists that were picked by our panel Giveaway winner for the free Camp ticket in Florida in January Book giveaways Vote for the Plutus Awards to support the many bloggers who are active members of our community Links from the show: Impact Theory Quest Nutrition Retirement Manifesto JL Collins Stock Series The Shockingly Simple Math Behind Early Retirement Dominick Quartuccio PopUp Business School FI 180 Vote for the Plutus Awards
038 | In today's podcast we discuss one of our most important topics: The Why of FI. Why we pursue this path, why we think it's a life 'superpower' and how it can help you escape the hamster wheel of life decades earlier than most people could ever dream.
In Today’s Podcast we cover: Discussion of the Why of FI as an introduction to the concept of Financial Independence and why we’ve chosen this path and this community Jonathan’s explanation of the “hamster wheel” and what the normal ‘American dream’ looks like and why this will keep you chained to this treadmill for decades to come This is not a pursuit of freedom, but a pursuit of “stuff” You’re working full-time to afford these things that you can’t use because you’re working all the time
The important thing to focus on is what makes you happy Time is your most important resource This is not about liking or hating your job. This is about freedom and taking the power back in your life The concept of drifting and Jonathan’s questions that can help you highlight this feeling in your life
It is so hard for most people to find a way out of this life because they don’t have the time, energy or resources to figure a way out. But FI is the path out! FI is a truly optimistic message where everyone can make a difference going forward in their lives Instead of buying stuff, we’re looking to buy our magic ‘perpetual money making machine’ We try to keep our savings rate as high as possible and investing in low cost index funds
This is not a get rich quick scheme. You need to learn what you don’t know to get on the path to Financial Independence FI is about math and your savings rate FI is not about deprivation through frugality, but about making smart choices and optimizing things in life
How Brad saves a significant amount of money by being smart about a handful of things like house, car, cell phone, cable and food Jonathan is a ‘reluctant frugalist’ but he has seen the value in pursuing FI FI gives you the power to choose what you do with your time and if you intend to work going forward
You can start tomorrow to save money and pursue this path Now you can focus on what you actually want to do with your time in the future Most people’s lives would collapse within 3 months if they lost their jobs, but pursuing FI changes that entirely and gives you power to choose what you do You also have flexibility that would have been previously impossible
037R | Today we discuss Episode 37 with Scott Rieckens, the filmmaker behind the FI documentary Playing with FIRE, plus emails and voicemails from the community and a discussion of reaching FI in a high cost of living area.
The great American Eclipse and our viewing Brad’s vacation and how they spent $0 on hotels for 16 nights The value of slow travel and why it makes vacation dramatically better.
Vacation doesn’t have to be stressful How expectations management is so crucial to life and on vacation Time is such a crucial tool Scott’s slow travel with his family and the yearlong adventure they are on visiting family and friends while filming the documentary There should be creativity and excitement in your future and your decisions The list of things that made Scott’s wife happy on a weekly basis and how this was an inspired decision by Scott
Sell your value first and then grow your network. How Scott did a masterful job at this by creating a network and even leaning on our network How Brad connected instantly with Scott and wanted to help him
This documentary can help take the concept of FI to the mainstream Email from Paige on limiting beliefs and how it isn’t “impossible” to live in a high cost of living area for under $50,000 per year Paige thinks that you may need to be a “little more intense” to hit FI on a low income, but that it is certainly possible and it is all about savings rate
How we all have limiting beliefs that we need to work through to “think about a problem a little bit differently” Brad’s decision to leave Long Island, and how that helped the path to FI. But could they have been more intense and stayed and still reached FI?
You can be on the path to FI moving forward no matter where you’ve been or what “bad” decisions you’ve made in the past There’s no perfect person or situation for FI – just try to be a little better going forward to make positive changes Email from Art Vandelay and how they love the show and have made a lot of positive changes since listening.
Should we stop the FIRE from spreading? We need local leaders for ChooseFI local meetups so please reach out to us
Voicemail from James about his successful trip from Nashville to Europe using travel rewards points
Voicemail from Rachel about how to hack your TSP to save money on your student loans
037 | In today's podcast we speak with Scott Rieckens, the creative force behind the upcoming FI documentary called 'Playing With Fire' and we learn about his FI journey and this exciting project. In Today’s Podcast we cover:
A discussion with Scott Rieckens, the creative force behind the upcoming FI documentary ‘Playing With Fire’ we’ve discussed on previous episodes Scott is devoting the next year of his life to create this documentary about the FI community Scott’s background story and how he found FI How they were on the ‘hamster wheel’ just working to pay for the lifestyle they were living The importance of a side hustle or entrepreneurship Scott consumes a lot of media, including podcasts and found the Tim Ferriss show especially valuable Lifestyle creep in their living arrangements in Coronado How Scott found Mr. Money Mustache and the FI community through the Tim Ferriss podcast Living a life of happiness while pursuing Financial Independence
You don’t need $10 million (or a similar amount) to retire early How Scott enjoyed the positive nature of the FI community How Scott presented the FI concept to his wife and the thought of ‘why isn’t everyone doing this?’ How Scott framed FI to his wife with the focus on happiness Looking at expenses in the framework of a 10-year timeline Scott’s wife’s list of the things that make her happy on a weekly basis Considering moving out of Coronado and California generally:
Geographic arbitrage How your entire life costs less when you leave a high cost of living area How they approached the decision to move out of Coronado and what that process looked like How moving allowed Scott to take a year of his life to create the FI documentary Playing With Fire Scott’s wife was not only on board with the decision, but she wanted to travel in a camper and go on an adventure Pursuits that matter to them that they now can pursue on the journey to FI
The timeline behind Scott’s FI journey and decision to create the FI documentary Scott’s surprise that no FI documentary already existed and his start approaching us at ChooseFI to discuss the project How the idea of FI can be life-changing for so many people How this documentary can help spread the message of FI
How he decided to call the documentary ‘Playing With Fire’ Hot seat questions Scott’s biggest financial mistake was taking on too much student loan debt Scott would have ‘house hacked’ to buy property in his college town if he could do it all over again
036R | In Today’s Podcast we cover: Discussion of the community aspect of Episode 36 with JL Collins There is a yearning and desire for community meetups with other members of the Financial Independence community
The spread of these community meetups and longer Chautauqua and Camp events throughout the world The ever growing FI community in the Richmond, VA area where Jonathan and Brad live How much money could we all save if we had like-minded people in our communities?
Discussion of Millennial Revolution’s article The Five Types of People You’ll Meet on Your Way to FI Spreading the concept of FI with people who may be predisposed to it who are already in your life
The new MMM Headquarters in Longmont, CO that Pete just opened and the value of that community Voicemail from Chris from our community on how he has saved over $146,000 since listening to ChooseFI a few months ago just by making small changes in his life Voicemail from Aaron in San Diego on VTSAX and potentially diversifying with other index funds for small and mid-cap funds Hard L’s comment on the Vanguard Wellington fund and why he thinks it compares favorably to VTSAX and Jonathan’s response to this actively managed fund and why we don’t necessarily recommend it Voicemail from Tinian from Life Outside the Box on using a daily journal each morning to set his intentions for the day and to express gratefulness How to support ChooseFI Travel Rewards voicemail from Marilyn on how travel rewards helped her imagine possibilities for her future Explanation of the show notes for the ChooseFI podcast Frugal Win of the Week from Gwen from Fiery Millennials Frugal win of the week from Sara Itunes Reviews of the Week and book winners Links from the show: The Five Types of People You’ll Meet on Your Way to FI at Millennial Revolution Introducing the MMM World Headquarters Building Life Outside the Box.me Marilyn’s episode on Radical Personal Finance Marilyn’s Infant Dental Center Fiery Millennials Zenni Optical Books Mentioned in the Show: The Five Minute Journal
036 | In today's podcast with Jim Collins from The Simple Path to Wealth and JL Collins NH, we discuss the Chautauquas, in-person events plus an 'Ask Me Anything' series of questions from our ChooseFI community. In Today’s Podcast we cover: Part 3 with JL Collins from JLCollinsNH, the Simple Path to Wealth and Stock Series fame Jim’s discussion of Alan from PopUp Business School and how the UK Chautauqua came to be The value of in-person events like Camp Mustache and the Chautauquas Ask Me Anything segment with Jim with questions from our audience and private Facebook group Question from Amber from our Facebook group about the value of annuities, reverse mortgages and fixed income items Jim only recommends investing in stocks and bonds. The goals that Jonathan spoke of in the question can be balanced by allocating different percentages to stocks and bonds Jim believes annuities and reverse mortgages are laden with fees that make them poor investment vehicles Annuities pay a guaranteed income which appeals to many people, but since you are buying them from an insurance company you are buying this contract and you will never see your principal ever again. That is the annuity contract The insurance company is betting on your death essentially based on actuarial tables for the annuity
Question from Emily on international equity allocation Jim doesn’t see the need to hold international funds because VTSAX contains a significant international allocation with US multinationals, the expense ratios are higher and there is more risk because of lack of transparency in emerging economies
Question from Jeff on when to move from 100% equities to holding some bonds
Question from community member Brad on how to mechanically rebalance your funds Jim does his rebalancing within his IRAs so there is no taxable event He rebalances approximately once per year
Question from David on being too aggressive and Japan’s prior decades performance Jim believes what Japan is going through is a “Black Swan” event and this is theoretically possible this will happen to the US
Questions from Felisa on Jim’s thoughts on inflation Some inflation is normal and to be expected, but runaway inflation is extraordinarily scary
Question from Matt on why Jim is in a different bond fund than he recommends on his site The Key to the Simple Path to Wealth is buying and holding for the long term You always need to approach your life and FI journey with an open mind and be willing to be flexible and change as the facts change Simplicity and flexibility
035R | In today's podcast we discuss our takeaways from Episode 35 with Big Ern from Early Retirement Now, plus paying off mortgages and student loans early and frugal wins of the week from the community. In Today’s Podcast we cover: The Friday Roundup after Episode 35 with Big Ern from Early Retirement Now This episode was long awaited, but was necessary to wait for until we provided the background of FI for the audience Ern’s information made us both feel more hopeful for the future of FI and sequence of returns risk Both ‘savers’ and ‘early retirees’ can’t both simultaneously win with the sequence of returns risk Savings rate is the most important part of living a FI lifestyle and succeeding with long-term savings The concern with sequence of returns risk is only when you see a prolonged and significant drop in the markets. To the tune of 5+ years and 20%+ drop Question from the audience to Big Ern about inflation being included in the safe withdrawal rate and Ern’s response Ern does indeed take inflation into account when he performs his calculations How does preserving your capital factor into “success” when looking at your FI plan? How does inflation factor into it? Your personal look at what constitutes success – it always depends on “facts on the ground” for your personal situation Should you pay off your mortgage early? How sequence of return risk factors into this decision The math suggests you should always invest the money and not pay off your mortgage early However, there is a great psychological allure to paying off your mortgage What would have happened if Jonathan had invested his money in VTSAX instead of paying off his student loans? Dollar cost averaging versus lump sum investing Input from Danny from our Facebook group on flexibility and early retirement The value of mentally rehearsing what would happen in a downturn to avoid selling at the bottom How are people taking action in our ChooseFI Facebook community this week to improve their lives in one simple way Travel Rewards voicemail from Andrew about his successful trip to Argentina How to win with travel rewards: flexibility with your dates of travel, plus planning far enough in advance, being ready to pull the trigger when you find availability and then looking at all your options when booking with UR points Frugal win of the week from Ashley: 300,000 miles on her Toyota in 18 years! The value of finding a trustworthy mechanic ChooseFI meetups are popping up across the country Itunes reviews of the week Links from the show: Early Retirement Now JL Collins NH Dominick Quartuccio (link for the book Design Your Future)
035 | In today's conversation with Big Ern from Early Retirement Now we discuss safe withdrawal rates, sequence of returns risk and much more.
In Today’s Podcast we cover: A wide ranging discussion with Big ERN from Early Retirement Now on sequence of return risk and safe withdrawal rates
This is Big Ern’s first podcast! And a thank you to him for helping with Paul’s case study Ern’s thoughts on social security Ern’s origin story and his thoughts on early retirement He had a student loan that he invested since he went to college for free. So he ended up with a positive net worth after graduation Why do we need to be concerned with sequence of return risk?
Ern says that sequence of returns risk is the “reason why people run out of money in retirement” from getting unlucky with low returns in the first 5-10 years What are “real returns”? Adjusted for inflation
The years to worry about having poor returns are the first 5 to 10 years and it has to be prolonged and significant Hypothetical example of the 4% rule and what Ern thinks about it
Resources to game out your chances of success Example of sequence of returns risk for an early retiree who is withdrawing money from the portfolio How sequence of return risk impacts the saver and buy-and-hold investor If you’re a saver during downturns, you benefit significantly
Buy and hold investors should not be impacted as long as they didn’t sell during the downturn Talking through the ‘stubborn’ 4% withdrawals and the impact on success of early retirement. Ern’s look at the real-world ramifications of a market drop and withdrawals ‘If you’re unlucky, you can get screwed twice by sequence of return risk’ example
How to alleviate sequence of return risk Mortgaging your future contributions by buying on margin and front-loading Spreading out your contributions to the equities market over years lowers your sequence of returns risk Ern’s thoughts on front-loading and a description of his investments
Thoughts on Bogle’s prediction that 4% returns can be expected in the near future The “4% rule of thumb” What worries Ern about someone retiring early in the next 10 years? What do you do if you inherit $100,000? Ern’s thoughts on 30x expenses saved up and what his safest safe withdrawal rate would be
034R | In today's podcast we discuss our thoughts on Part 2 of the Stock Series conversation with JL Collins, risk tolerance, doomsday scenarios and rebalancing.
In Today’s Podcast we cover: The Friday Roundup and the episode Part 2 of our discussion with JL Collins from The Simple Path to Wealth and JLCollinsNH
What do you do when there’s a large crash in the stock market? Big takeaway from Jim’s episode You can’t sell at the bottom, so you need to steel yourself mentally beforehand
If you’re starting investing, one of the best thing that can happen to you is a market crash You can’t time the market There are doomsday scenarios, but since they are so rare it is silly to plan for the absolute worst case and ignore the other 99.9% likelihood
Follow the math when making the best decision with the information at hand Question from Kevin about when to “take all your chips off the table” That event would have to be extraordinary and destructive for our country and economy
Spend less than you earn and invest in broad based index funds Feedback from Nancy on asset allocation and comfort with volatility and her belief that you shouldn’t take a lot of risk if you don’t need to Jonathan’s example of rebalancing and a hypothetical $1,000,000 portfolio and a 50% market crash
Equities will return significantly higher than bonds over the long term. Bonds do “smooth the ride” but lower long-term returns You want to rebalance in accounts like IRAs, 401ks that won’t trigger a taxable event Brad’s example of his parents investing strategy Over the long term which option is truly riskier?
Investing in stocks and facing volatility or lowering your expected return by investing in cash or bonds The 4% rule is based on getting a return while pulling out money each year, so you can’t just stick it in cash and expect the money to last forever
The power of the ‘perpetual money making machine’ to last forever
ChooseFI was mentioned on Forbes as one of three financial podcasts for people of all ages to listen to
We need panelists to select the finalists for the business building contest with Alan Donegan Lance on our Facebook group pulled the trigger on FI today – congrats!
What did Brad and Jonathan put into place this week as one life optimization? Jonathan’s salad hacks Jonathan is now saying “stimulus and response” out loud when finding something habitual in his life ChooseFI is not just limited to finances. It is a life optimization project Voicemail from Scott (Brad’s brother) Frugal wins of the weeks Itunes reviews of the week
034 | This podcast is Part 2 of the Stock Series discussion with JL Collins, author of The Simple Path to Wealth and the website JLCollinsNH; we discuss the Great Depression and the mindset you need to be a successful long-term investor, plus how to allocate between equities and bonds.
In Today’s Podcast we cover: Part 2 of the Stock Series conversation with Jim Collins If you have not yet listened to Part 1 you can listen to it here Be sure to check out the associated Friday Roundup here for Brad and Jonathan's take-aways
A discussion of what happened during the Great Depression and the Crash of 1929 A large portion of the crash was due to many people buying stock on margin Jim’s explanation of leverage and buying stocks on margin Jim’s Four Lessons to watch out for Making peace in your mind when a crash/correction happens. What caused it? Psychology or something legitimate?
Unless you believe the US economy has permanently collapsed, then “the market always goes up” over time according to Jim Jim says the best thing that can happen to a young investor is a market crash as you get to purchase stocks “on sale” for potentially years Savings rate is the most crucial aspect for the FI community since it allows you to continually invest in good markets and bad Bull markets and bear markets are a part of life.
We need to toughen up mentally to prepare for both Jim’s explanation of the 40 year period starting in 1975 showing the calamities that happened and yet how far the market increased Nobody knows what the next 40 years will hold, but we have a dynamic economy What stage of investment life are you in? It varies depending on your age Wealth building and wealth preservation stages and the discussion surrounding both When you’re in the wealth building stage you need to have your psychology correct: Keep pumping money into the market and take advantage of sales when the market goes down 100% equities in the wealth building stage per Jim When you stop working for money you are in the wealth preservation stage What percentage should you have in stocks and bonds in the wealth preservation stage
The more you have in bonds the smoother your ride will be, but the lower your return will be Your tolerance for volatility will determine your percentage in equities and bonds Would Jim ever consider going back to 100% equities? Mathematically you are always better off in stocks than bonds over the long-term
Even Jim contemplated selling during recent market plunges, so everyone is susceptible to this
033R | In Today’s Podcast we cover: Unpacking Episode 33 with Dominick Quartuccio and our takeaways from the episode
Intentionality allows you to purchase your freedom, and we want to expand that intentionality beyond just personal finance
Our focus on living a happier, more content and optimized life The ultimate luxury is the ‘perpetual money making machine’ to provide time and focus on what matters in life
How Dominick spent $28,000 this year on personal development. Have you spent any time or money on your own personal development?
Spending on things that you value, and directing money and resources as such How to improve your life for $0 and learn and grow Brad’s challenge: Make one change in your life this week that will make your life better
Break some negative habit and disrupt it in your life this week Jonathan’s change this week: Eating carrots and salad without salad dressing Meditation and breathing.
Take one deep breath. Brad’s description of his meditation practice What gets you excited or nervous about life coming up in the near future? How are you expanding your horizons?
How Jonathan has learned by starting ChooseFI and how it has been the excitement in his life this past year Discussion surrounding guilt over not feeling content with your “perfect” life Limiting beliefs: Don’t let them hold you back and also go back and analyze the beliefs and stories you have been carrying with you your entire life
The value of making small changes over time to improve your health Jonathan’s search for better tea
Feedback from the audience on Episode 33 with Dominick
033 | In today's podcast we speak with Dominick Quartuccio from DominickQ.com and the author of the book Design Your Life about disrupting your behaviors and 'creating a future you can't wait to live into.'
In Today’s Podcast we cover: Our guest is Dominick Quartuccio the author of Design Your Future who is here to talk about ‘designing a future you can’t wait to live into’ This is a very personal episode for Brad, as Dom is a close friend and the person Brad goes to for advice and motivation FI is focused on freedom and that is what Dominick focuses on, but with an emphasis on energy People in Dominick’s world were asking questions about ‘where to go from here’, even though they seemingly have everything
Community is such an essential aspect of life We all need to be intentional and not drift through life Dominick’s explanation of the term ‘drift’ as defined by Napoleon Hill and what happens if you live an unintentional life How to know if you’re drifting in life? Are you reacting based on fear? Progress is an essential aspect of being a human
What is on your life horizon that gets you ‘excited like a kid on Christmas morning’? How beliefs impact how you live your life and how Dom’s belief held him back from leaving his corporate job Systemic spending. How Dom’s gym impacts his entire system An awakening: Most are unintentional, but Dominick advises looking for intentional awakenings
Disrupting: How to disrupt your behaviors, stories, etc. Possible disruptions would be to abstain from a behavior for a period of time (“no Netflix for 60 days”, etc.) ‘The space between a stimulus and the response’ How to interrupt your normal response after a standard stimulus How 95% of your thoughts, feelings, behaviors, etc. fall below your conscious thinking
How the 5% of conscious thought can impact and change the 95% of habits, behaviors and become habitual How to design the future you can’t wait to live into Writing your own eulogy to focus on the ‘celebration of life’ How long do you want to live? What do you want to experience in life?
What did you leave behind – what lives on beyond you? Shifting your focus to realize you have ‘ultimate authority’ over your life Dominick’s Eulogy A 90 day action plan to set a defined goal to help design your future
The value of small changes and process improvements over time What happens to your energy when working through a 90 day plan and tips to sustain the plan How to curate an internal state that makes you stronger Hot Seat Questions Meditation is Dom’s favorite life hack Dom’s biggest financial mistake: spending too much money launching his business
032R | In today's Friday Roundup we discuss Episode 32 with Joel from FI 180 on the 'Milestones of FI', plus a life hack voicemail from Noah and Frugal Wins of the Week from our Facebook community.
In Today’s Podcast we cover: The Friday Roundup after the Milestones of FI episode with Joel from FI 180 We’re having a FI get together in Richmond and hope to expand beyond Richmond
The gamification aspect of personal finance and the milestones When your ‘financial freedom clock’ starts and discussion of where certain types of debt plays into the calculation Financial freedom clock equals positive net worth and all junk debt is paid off Milestone two is when you have a $100,000 net worth (when Personal Capital starts calling you for a personal consultation)
The next milestone is ‘FU Money’ and there is discussion on where this fits into the continuum as the concept is nebulous
Should there be a milestone before $100k net worth and FU money? Adding in ‘checkpoints’ along the way on the journey to FI in addition to milestones Milestone four is ‘Half FI’ which means you have 12.5x your annual expenses saved up
Milestone five is ‘Lean FI’ which means you have enough to cover all your core expenses for life (not including your discretionary expenses) The discussion surrounding the math and psychology of paying off your mortgage or not paying it off The next milestone is the “crossover point” where your investments earned more than you did from working in a given month
The many catchphrases of Brad and Jonathan Milestone 7 is Flex FI, followed by Financial Independence as Milestone 8 and Milestone 9 is Fat FI The power of the concept of Flex FI and how you have an 82% chance of succeeding even at this milestone
The conversation surrounding where Brad is on the path to Financial Independence and where the side hustle factors into the calculation Our ask that the community helps us refine the milestones and checkpoints
How Joel’s FI journey and drawdown strategies can be a case study going forward Voicemail from Noah from Money Metagame on hacks to save on utilities
Take action and make the calls to compare prices on auto insurance, utilities, etc. Frugal win of the week from Michelle about unclaimed property Frugal win of the week from Vicki about Magical Iced Coffee Input from Don and Scott about buying cards and gift giving
Focus on our discussion about gift giving from a prior episode and the Five Love Languages
032 | In today's podcast we discuss the Milestones of FI with Joel from FI 180; this is a new look at the path to FI and the milestones along the way. In Today’s Podcast we cover: The ‘Milestones of FI’ with Joel from FI 180 We welcome Joel as our first repeat guest on Choose FI The Milestones of FI as a ‘master’s degree’ journey after Dave Ramsey’s baby steps Joel plans to be fully FI in January 2018 Joel is completely debt free and is shooting for $25,000 per year in other spending FI creates a “magic money making machine” that spits out yearly ‘checks’ (the 4% rule) FI is the ultimate luxury purchase to save for this ‘magic money making machine’ The Dave Ramsey Baby Steps explained To get started on the Milestones of FI: Debt Free and/or $1 of positive net worth First FI Milestone: $100,000 net worth when you first start getting calls from Personal Capital to setup a phone consultation 2nd FI Milestone: ‘FU Money’ set; 2-3 years of yearly expenses saved up 1st and 2nd milestone can be similar depending on your yearly spending The 3rd milestone is ‘Half FI’ which puts you halfway to FI in total spending, but actually more than that in terms of time on your FI path The path to FI is not linear and Joel explains Milestone #4 is ‘Lean FI’ which means you have enough money to stop working forever if you cut out the discretionary aspects of your budget (about 30% of Joel’s budget) Lean FI is an ‘emergency fund that would last forever’ as it covers your housing, food and other essentials Lean FI is perfect for people with a side hustle to do it with no risk The ‘crossover point’ could be another Milestone of FI. This is where your portfolio increase is more than the income you’re earning from your job The next milestone is ‘Flex FI’: This is a ‘5% rule’ or 20x your annual spending in your total net worth Flex FI is only viable for people who can build flexibility into their lives from year to year depending on the market returns, etc. FI is not one milestone but a smooth continuum towards this goal Flex FI has an 82% chance of success according to the Trinity Study (75% stocks, 25% bonds) Financial Independence is the 7th 25x your annual spending. All the work you do after you reach FI is completely optional. Now you can do what you want with your time. When you reach FI you can pick and choose what you want to do at work and in life The 8th milestone is ‘Fat FI’: This is 30x your annual spending which is the “closest thing to a sure thing” you can get in life Where is Brad in milestone continuum? Where is Jonathan? What does Alexis and Joel’s milestone celebration look like? Links from the show: The Milestones of FI at FI180.com Mad Fientist’s FI Laboratory cFireSim Early Retirement Now Fiery Millennials Personal Capital (affiliate link) Slowly Sipping Coffee
031R | In today's Friday Roundup we discuss travel rewards, flipping holidays upside down, buying presents, the upcoming FI Documentary and much more.
Submit your applications for the contest to win a one-on-one business coaching relationship with Alan Donegan from PopUp Business School
Brad’s slow travel vacation through New York State this August How we’ll publish episodes while on vacation and living a FI lifestyle
Discussion of Episode 31 on travel rewards What to do with your strategy after Chase cards Clarification of Brad’s past and future travel rewards strategy Noah’s feedback about an alternate option for staying under the Chase 5/24 rule Feedback from the audience:
Pastor FI on how he switches Mother’s Day and Father’s Day
Feedback from Frank on not doing things on holidays or other busy times. Don’t wait in line “with the lemmings” If you’re busy all the time, you need to come up with strategies to make your life better
How Jonathan feels that buying cards for holidays are a terrible waste of money
Brad and Laura don’t exchange presents for any holidays/birthdays/etc. Jonathan’s spending habits for presents for his friends and family
How essential the concept of progress is in the pursuit of FI and the pursuit of happiness
Voicemail from Scott Rieckens on how he’s starting a documentary about the FI community How we can grow the FI movement through this documentary and by spreading the word We’re going to have Scott on the podcast and he’s going to tell us about his Kickstarter campaign for the documentary
Question from Bonnie about tax implications in early retirement Response from Keith from the Wealthy Accountant Follow up from
Brad on action he took to sell his comic book collection Email from
David how he wants to hire Jonathan’s wife Dani to do an audio book version of the book he intends to publish
Frugal wins of the week from our community Can you share items with your neighbors and save money?
031 | In today's podcast we discuss Part 2 of our Travel Rewards series including what to do after you've focused on Chase credit cards plus whether you should focus on one trip or a general strategy.
In Today’s Podcast we cover: Part 2 of the travel rewards podcast series on where to go when you’re done with the Chase credit card options Does it make sense to go after cards for a particular trip like Walt Disney World or should you focus on Chase cards while you are under the “5/24 rule?” Brad and his wife Laura are both trying to get back under 5/24 and waiting to open up cards
If you are doing this with a spouse you can realistically open 10 Chase credit cards (5 each) What cards would you get from other banks such as American Express, Citibank, Barclaycard and Capital One? American Express has a one bonus per card per lifetime rule Amex has a transferable points program called Membership Rewards that is a quality program (similar to Chase Ultimate Rewards)
The transfer partners we like from Chase Why we like “fixed value” cards such as Arrival Plus and Venture To branch out beyond Chase cards or not? If you’re a member of the FI community it would be hard to ignore the Chase cards to focus on a specific trip like Disney
For people not aware of travel rewards, a “quick win” like booking the Disney Dolphin hotel is a great way to get huge value from your points Buying Disney tickets from Disney does not count as “travel” for credit cards, so you need to use Undercover Tourist (or aRes Travel for Disneyland)
Orlando International Airport is a huge hub for Southwest, which is our favorite airline rewards program Southwest does not limit award ticket availability – it is just based on cash price You have a lot of flexibility with Southwest Airlines miles Flexibility will help you succeed with travel rewards
030R | In today's podcast we have the biggest announcement in the history of ChooseFI thanks to Alan from PopUp Business School, so be sure to listen and get your responses in ASAP.
Brad’s thoughts on not doing what everyone else is doing: July 4th, Valentine’s Day, Mother’s Day, etc.
Jonathan’s wife loved the episode with Alan and she is going to use these skills on a side hustle herself
You don’t need a lot of money to start a business – the big takeaway from the episode for Brad Bartering skills and maximizing unused resources were two takeaways for Jonathan’s wife
Mutual benefit from establishing relationships even when you can’t see where the value might come from Sell your value first and then create the product or service You won’t know if your product or service is legitimate until you actually make people buy. That’s the only real feedback Feedback from Luis on the ChooseFI private Facebook group on his wife’s side hustle
How Brad’s business history set him up for success, as he failed and learned along the way
How to find low-cost ways to attempt new businesses
The different mental approach when using a side hustle as a means to get to FI Brad’s personal approach to his side hustles and what would happen if they ‘went away’ Huge announcement of a competition: Alan will work with one winner one-on-one for 12-24 months to help them build their own side hustle business Submit your voicemail submission on our website and tell us why we should select you How this will impact the entire ChooseFI community We’ll bring in our other in-house experts on this project as well Small world stories of meeting other members of the FI community Email from Evan from Bellingar Estates Winery in Oregon What to think about mentally in good times and bad in the financial markets
030 | In Today’s Podcast we cover: How Alan Donegan of PopUp Business School has turned starting businesses on its head similar to how FI has turned personal finance on its head and caused us to think differently
How starting a business is truly one of the ‘pillars of Financial Independence’ Brad and Jonathan started up their own business with ChooseFI based on similar principles to what Alan is teaching You need to know what you’re running to in FI and not just what you’re running from with your old job Alan’s FI journey and his goal to get to FI by the age of 40
How Alan was nearly scared off from starting a business by the course he took through the British government with Business Link Started up PopUp Business School with his business partner Simon Why Alan believes you don’t need any startup capital, business plans, etc. to start a business Story of a popup café/restaurant in London and how this person didn’t spend a dollar to get started
The value of networking and genuine human connection What stops you from starting a business? Money is the biggest issue. Confidence and scared that it will fail are two others and knowing what to do on a day-to-day basis
The value of learning with no risk 5 ways to start a business with no risk
#1: What can you get for free? Actionable steps: Search on Google “where can I get X for free”
#2: What can you borrow? Story of minivan rental business and how they borrowed the minivan and saved 99% of the original business plan amount The only way to truly test your business and get an honest response is if you ask for a sale and see if they buy
#5: Sell Your Value Before You Create It: Sell the idea first, get the money, then produce the content/product Story of Dennis selling lasagna and collecting the money first in order to purchase the ingredients
#3: Could you barter instead of using money? In order to feel comfortable asking for things, focus on relationships and giving value. We all have skills that others would value
#4: Sell stuff you already have Another option is to sell someone else’s stuff and split the profits! Brad’s idea for an online consignment store
How passion and helping others motivates you to work on your business How Alan’s business is helping those who most need the support and how people pay $0 to attend PopUp Business School Hot Seat Questions Favorite life hack: Geographic Arbitrage
029R | In today's Friday Roundup we discuss our key takeaways from Episode 29: The Reluctant Frugalist vs. the Aspiring Minimalist, plus feedback from the audience as well as two of our in-house experts.
How Jonathan used travel rewards points to book two round-trip flights to South Africa to visit his wife’s family. Only 128,000 points! How to think through a travel rewards redemption and where to start
The essential nature of the psychology when considering financial independence
How to approach your spouse/significant other about FI and what to avoid – namely the word “retirement” What is Brad willing to spend significant money on? Email from Bo about a new term: A ‘Valuist’ and how this applies to Brad Feedback from our Facebook group from Christopher about a ‘false dichotomy’ Feedback from Jessica – there are no rules of being a minimalist, it’s a journey and a mindset Voicemail from Geoffrey about reducing stuff and choice with a cool challenge with your clothes How the KonMari method tidying has transformed lives How to have a conversation with friends and coworkers about FI when they know nothing about it The difficulties of talking about FI at work and how to navigate that Know your audience when discussing FI and figure out an approach that will resonate with people Update from in-house experts: Millionaire Educator released his 2017 Free Money tables Big Ern responds to Mark’s question on the pluses and minuses of ETFs and mutual funds and how to choose between the two New in-house expert: Noah from Money Metagame who will share life hacks Voicemail from Noah about how to save on purchases using discount gift cards as payment Voicemail from Marilyn challenging the ‘sacred cow’ of always buying used cars and how it can be a smarter decision to buy a less expensive new car that you plan to keep for a long time Can a car loan make sense if you have a lower interest rate? How to negotiate on purchases by mass emailing multiple competitors and Brad’s challenge to the audience Frugal wins of the week from our private Facebook group Book giveaway and iTunes review Links from the show: Decision Fatigue article at Wikipedia Headspace Mad Money Monster: Early Retirement Resistance - When Friends Push Back 1500 Days ESI Money Mr. Money Mustache Millionaire Educator’s 2017 Free Money! Tax tables Early Retirement Now Money Metagame Gift Card Wiki Books Mentioned in the Show: The Life Changing Magic of Tidying Up
029 | In today's podcast we go through a discussion of the mindset differences between a 'reluctant frugalist' like Jonathan and an aspiring minimalist like Brad. In Today’s Podcast we cover: The reluctant frugalist (Jonathan) vs. the mindset of the aspiring minimalist (Brad)
How both these mindsets are valid and strong approaches to the concept of Financial Independence How do you talk to your spouse or significant other about financial independence? Voicemail from Royce about how he can get his wife on board with FI? You need to have a conversation with your significant other about what you want out of life and where you want to go as a team
The pursuit of FI can bring you closer together as it can make you wealthier and happier Jonathan’s story about FI and his wife plus a story of the ‘addictive nature’ of buying stuff How Jonathan changed his entire life with the pursuit of FI FI as the ultimate life hack
You need to see the other person’s motivation and incentives when trying to persuade them Being near or at FI transforms your relationships with your family and friends
How Brad aspires to be a minimalist and live in a hotel Excerpt from Physician on Fire’s article: Minimalism vs. Frugality Frugality and the scarcity mindset How people outside the FI community have to deal with a cash flow scarcity mentality
The differences between a minimalist and a frugal person How free your brain becomes when you remove the clutter from your rooms and your life How Brad’s daughters are different by nature regarding minimalism and clutter
Would you throw out all the items in your house that you haven’t used for some set period of time? 90 days? 1 year? The sharing economy has changed the value of ownership Jonathan’s board game obsession and the value he gets from buying things What a week in Jonathan’s FI future life looks like A minimalist buys one item that fulfills multiple purposes, but is quite expensive and high quality Brand names: Is there any value?
Can you actually find a break-even point on certain purchases? The wardrobe differences between minimalists and frugal people How your brain operates better when you don’t make as many decisions and avoid ‘decision fatigue’ A minimalist doesn’t want a lawn/yard whereas a frugal person enjoys doing it themselves
028R | In today's Friday Roundup we discuss tax-deferred accounts, the Roth IRA conversion ladder, frugal wins of the week, an 'expert answer' from the Millionaire Educator as well as the Hot Seat with community member Chad!
In Today’s Podcast we cover: The Friday Roundup after Episode 28 where we discussed the order of operations for savings as well as the available ‘buckets’
Brad’s discussion of his new health targets: CrossFit and Gracie Jiu-Jitsu and how he saves money through a Gracie Garage
Our preference is to fill your tax-deferred buckets as much as possible Message from Amy on the Facebook group on maxing out Roth IRAs
How the FI community thinks differently in regard to Roth IRAs and investing in general Explaining the Roth IRA conversion ladder
Voicemail from Stephen about the Roth IRA conversion ladder and how the calculation changes when you are making income in FI The essence is living a frugal lifestyle and everything else takes care of itself
Brad’s explanation of how to mentally approach having income in FI and even having a higher income than you anticipated Frugal wins of the week: Call from Eric from our Facebook group about how he saved big on his Chicago apartment The love for the InstantPot from the ChooseFI community Anne Marie raised the deductible on her insurance and saved money on her premiums;
Brad saved on car insurance with Geico Congrats to Eli on his new baby and the newest 529 account!
Question from Scott about 457s and pensions to help with early retirement and the expert answer from the Millionaire Educator
Voicemail from SaraEllen about how to save as a solo entrepreneur in the legal profession and by extension to other professionals as well How you can save on office space by using a coworking space
The Hot Seat with ChooseFI community member Chad How people in the FI community can consider giving back Favorite life hack: Using Swagbucks
The danger of cosigning on someone else’s loan If Jonathan loans someone money he mentally writes it off as never being paid back and that’s how he approaches the decision to loan money
Voicemail from Eron from San Diego on financial advisors and the potential benefits A fee only financial advisor would be the best option for most people (especially in the FI community)
028 | In today's podcast we discuss the four different "buckets" available to savers plus an in-depth look at the Roth IRA and the 'Backdoor Roth.' In Today’s Podcast we cover: The order of operations for how you should approach the different “buckets” available to you both for retirement accounts and for your taxable savings Four basic ways for your retirement and investment funds to be taxed Best case is an account similar to the HSA which is not taxed when you put the money in nor when you pull it out
Option 2 is the Roth IRA which is taxed upfront but not when you pull the money out
Option 3 is a traditional IRA, 401k, etc. where it is not taxed when you contribute but is taxed when you withdraw
Option 4 is your regular savings/investment accounts We focus mostly on tax-deferred retirement accounts because that is the best way to lower your taxable income in the current year and reduce your tax liability.
Because of advanced FI concepts such as the ‘Roth IRA conversion ladder’ there is a chance you can pull this money out nearly tax free once you reach financial independence You want to max out your tax-deferred options The FI community looks at this problem differently than traditional financial planners and doesn’t focus on the Roth IRA generally Roth IRA makes sense if you are nearly certain that your tax rate will be higher in retirement than it currently is now (think children under 18)
The issue is this is unknowable at the time of contribution (unless you are at a 0% rate) You can pull out your Roth IRA contributions at any time tax and penalty free Flexibility of your bucket
#4 (taxable savings) is a big positive of that investing option over a Roth IRA The concept of a marginal tax bracket and an understanding of how your income is taxed Financial planners focus on the ‘tax diversity’ play of the Roth versus traditional retirement accounts Income limitations do exist for the Roth IRA
There are also contribution limitations yearly for these accounts How to reduce your Adjusted Gross Income on your tax return to qualify for a Roth IRA The Backdoor Roth IRA option for high income individuals
Discussion of the White Coat Investor article on the Backdoor Roth IRA and how you can convert your money from a nondeductible traditional IRA to a Roth IRA (the ‘backdoor’ Roth) Avoiding the pro-rata calculation How to contribute to the traditional IRA account as a nondeductible contribution and then convert it to a Roth
027R | In today's podcast we highlight our takeaways from Episode 27 with Jay from Slowly Sipping Coffee, plus we discuss the 'Mount Rushmore' of FI and help debunk a lot of the misinformation surrounding the value of the mortgage interest deduction.
In Today’s Podcast we cover:
The Friday Roundup bringing in many aspects of our audience and community plus our thoughts on the Episode 27 with Jay from Slowly Sipping Coffee How to join the Choose FI Facebook group Looking at the great team of Mr. and Mrs. Slowly Sipping Coffee and how they gained flexibility and freedom How they made a game out of personal finance and that enabled them to save big on their credit card bills Just by being more conscious of their spending allowed them to save over 50% of their discretionary spending How ‘grazing’ by shopping at stores like Target can help fuel lifestyle inflation
It’s important how we spend our time. Batch processing with intentionality is a way to fix our inefficient use of time How Jonathan can come up with a system in his life to find a work/life balance between the ChooseFI site and podcast and his ‘real’ life Multitasking is not a real thing What does your life look like post-FI? And when do you start thinking about that life? The Mount Rushmore of Financial Independence: Who do we put on that list? Who would you as the community put on the Mount Rushmore of FI? What do you want to do with your time when you reach FI? Fully Funded Lifestyle Change as an alternative to “retirement for the sake of quitting work” Risk tolerance and cFiresim Article submitted by Luis on CNNMoney on a couple who achieved FI Hot Seat conversation on the Facebook group The power to spread the message beyond of FI beyond this community Message from Austin who is a former student of the Millionaire Educator Voicemail from Ed Mills from the Millionaire Educator on ways to get your children involved in saving money Voicemail from Juan from Finance Clever about the value (or lack thereof) of the mortgage interest deduction and only getting value from it if your itemized deductions are above the standard deduction Brad’s example of the benefit of itemized deductions Feedback from the audience from Grumpus Maximus about retirement calculators and one in particular from Darrow Kirkpatrick at CanIRetireYet.com Voicemail from Kris with incredible feedback about the action she took after hearing Noah’s voicemail about removing escrow accounts Voicemail from Steve about the importance of umbrella insurance policies plus feedback from Tiffany about the same More information from Ken about ESPPs and call options
027 | Today we welcome Jay from Slowly Sipping Coffee to the podcast to talk about his reluctant path to FI, the amazing Mrs. SSC and a Fully Funded Lifestyle Change. In Today’s Podcast we cover: Our interview with Jay from Slowly Sipping Coffee How they came up with the name of their blog and how they’d enjoy ‘slowly sipping coffee’ in a more relaxed and free Friday morning
The origin story of their Financial Independence journey: SSC googled and found Mr. Money Mustache SSC already had a spreadsheet where she tracked everything and believed they could retire at 45 before finding the concept of FI How Jay resisted the concept of financial independence because he thought living off $25,000 would be absolute deprivation
The Lightbulb Moment where Jay finally saw the light and started believing in the spreadsheet They set up challenges to cut credit card spending and they reduced spending just by being intentional Eating food at restaurants was a huge portion of their prior budget that they were able to cut Costco can be a great way to save money or it can be an expensive indulgence
How Mrs. SSC is the CFO of their household and the ‘best financial decision’ Jay has ever made How the possibility of layoffs made them consider their lifestyle and what that would look like in FFLC The psychological value of knowing they will ‘come out on top’ even if something bad does happen Have they spoken about Financial Independence and their blog in their real lives? How their friends, family and coworkers react to their FI plans Jay’s mentees and how he is trying to educate them on all things financial How to balance risk with a safe withdrawal rate – Mrs. SSC’s thought process as compared with Jay’s
How you can always keep working due to fear and wanting to pile on your nest egg, but Mrs. SSC’s rebuttal to that You can get to FI without having a six-figure salary Hot Seat questions Favorite life hack: Roasting his own coffee Biggest financial mistake: Cashing out a 401k for absolutely no reason
Advice to your younger self: Don’t spend more than you earn and don’t use student loans for additional expenses
026R | In today's podcast we discuss our takeaways from Episode 26 with Physician on FIRE plus some exciting developments in the Financial Independence world as well as feedback, questions and comments from the ChooseFI community. In Today’s Podcast we cover: The Friday Roundup after the Physician on FIRE interview from Episode 26 Information for the high income professionals and how it’s important to give details for that aspect of our audience Does the perfect answer exist for high income professionals pursuing FI? It might not be possible to defer enough money to get them out of that high marginal tax rate “A dollar saved is two dollars earned in the 50% tax bracket.” A brilliant quote from Physician on FIRE Everything comes down to living a frugal lifestyle “Doesn’t your spouse deserve a really great lifestyle?” asked the White Coat Investor. “Well yes, and she’ll have one, but she deserves my time.” Responds PoF. The fundamental flaw in the ‘retirement calculators’ that are published online for “normal people.” Your current income is not relevant when considering your retirement number. It is all about your expenses. For new physicians, you need to avoid the blowup in spending on cars and expensive homes when you get that first big paycheck You need to keep your fixed expenses down to a manageable level and you can splurge at the margins on other things Don’t fall into peer pressure to live an expensive lifestyle. Maybe move to a smaller town and practice geographic arbitrage in the US Brad’s own geographic arbitrage in his life moving from Long Island to Richmond, VA Optimized charitable giving with a ‘donor advised fund’ Discussion of the ‘backdoor Roth’ that Physician on Fire mentioned on the episode and the applicability for high income earners A new Camp Mustache event was announced for January 2018 and the tickets are available The ChooseFI private Facebook group is running and extremely vibrant and we’d love for you to join us Scott Rieckens contacted us about a documentary on the FI community that he is embarking on The FI community is on the verge of a breakthrough in the US Brad’s mom is listening to the podcast and had a frugal win of the week Feedback from PastorFI: College hack for student housing Discussing the call from Mark from Student Loan Freedom from Episode 25R about permanent life insurance Feedback from about Ken’s prior call about the ESPP from Olaf. He clarified the tax treatment on the purchase through the Employee Stock Purchase Plan Don’t let paying taxes get in the way of making a smart financial decision Noah from Money Metagame’s call about how to remove escrow to potentially save hundreds of dollars per year Part 5 of the case study with Paul including Paul’s feedback on his daughter’s college plans plus Paul’s summary of the case study Frugal Wins of the Week from the ChooseFI Community Itunes Reviews of the Week and Book Winners Links from the show: Physician on Fire Frugalwoods article on Donor Advised Funds Camp Mustache tickets Join our private Facebook group Scott Rieckens website Mr. Money Mustache on the Tim Ferriss podcast Student Loan Freedom KeepThrifty.com Money Metagame Mutual Assurance Society of Virginia ToDoIst Early Retirement Now Google Docs from Big Ern at Early Retirement Now: Google Doc master file for Safe Withdrawal Rates Big Ern's explanation on how to use this file Doc with Paul's case study numbers with Social Security Doc with Paul's case study numbers without Social Security Fiery Millennials
026 | Today we welcome the Physician on FIRE to the podcast to talk about his path to FI as well as tips and hacks for other high income and medical professionals to get on the path to Financial Independence.
In Today’s Podcast we cover: Our guest on the show today is Physician on Fire, who is here to tell us his story as well as some Financial Independence hacks for doctors and other high income individuals His message is for people with high incomes who aren’t looking to live an ultra-frugal lifestyle
What does a conversation look like with a fellow physician in person or on his blog? How difficult is it to delay gratification and not spend significantly when physicians get their “first big paycheck” after many years of not making much money
He recommends physicians paying down their student loan debt so it isn’t hanging over your head Physician on Fire’s own personal history and path towards Financial Independence
He took a “permanent” job at a hospital, which went out of business after 4 years when he lost his job He was financially independent on paper after about a decade of working as an anesthesiologist, but didn’t realize it until he read an article about Mr. Money Mustache How Brad and Physician on Fire each had moments early on in life where a compound interest calculation opened their eyes to the power of compounding over decades
What was Physician on Fire’s plan before he read that article about Mr. Money Mustache? He has a “bigger” FI number than many people, but he wants a margin of safety and wants to potentially spend more in early retirement than he spends now Could he potentially “retire” from medicine and still come back if he so desired?
Are there ways he could make his job better and focus on the aspects of the job that he enjoys? Dealing with high marginal tax brackets and working additional time How does FI impact his “real” life? His wife is excited about the FI lifestyle of living abroad and having more time with POF. Physicians who don’t live in the high cost of living areas on the coasts actually make more money and have lower cost of living Strategies for high income earners pursuing FI: lower your taxable income as much as possible with tax-deferred retirement and HSA accounts Backdoor Roth for high income earners.
You can do this for yourself and your spouse up to $5,500 each His distinction between financial independence and financial freedom and the plan to get there
How he is donating half the profits from the blog through a Donor Advised Fund Hot Seat questions Favorite life hack: Geographic Arbitrage Biggest financial mistake: Building their ‘dream home’ and losing $200,000 upon selling it
Advice for someone starting out in the medical profession: Be smart with the large expenses like housing and cars
025R | In today's Friday Roundup we discuss Episode 25 with Keith from the Wealthy Accountant, Part 4 of the case study with Paul including a look at his line-by-line expenses, plus questions and feedback from the audience. In Today’s Podcast we cover: Friday Roundup after Episode 25 with Keith from The Wealthy Accountant The firehose of information that Keith unleashed was incredible! Feedback from the audience about Keith’s episode The value of an S-corp election for small businesses How to find a top tier accountant with passion for helping you When should you form an LLC when starting a side business and are there any benefits of doing so? Danielle’s feedback about our working of “taxable savings.” She used “post-tax savings” which we really like Dominic’s feedback about reinvesting dividends Careers that help you get to FI: Nursing and feedback from the audience on why this is such a positive career on the path to Financial Independence Announcing the ChooseFI private facebook group! Discussion of Camp Mustache Brad’s FI conversation in real life with his friend Justin about $2 per person per meal for dinners How to portion out dinners to save money Laura is going to share her recipes in the new private Facebook group Frugal wins of the week from Jake and Brad Mark Resnick from Student Loan Freedom: Voicemail with a hack on saving money on student loans Discussion of Mark’s voicemail and our request to get one audience member to work with Mark on student loan forgiveness programs Voicemail from Bryce on hacking college How Brad and Jonathan wish they had the knowledge Bryce passed along when they went to college How to start planning early to apply for these scholarships Case study update: Going through Paul’s expenses and analyzing them. What does his post-FI expenses look like? Paul’s expenses drop significantly in his post-FI life $23,000 of his $73,000 annual expenses were on vacations and this can drop significantly in a post-FI life by using travel rewards points and pursuing slow travel Looking at Paul’s actual expenses and what else is “fluff” on top Our update on future case studies: We can’t do these once per month. More likely 3-5 per year. Jason from Winning Williams is putting together a ‘crowdsourced FI plan’ excel sheet Travel rewards question on how to save on cruises. You can use a ‘fixed value’ card to offset cruise expense Itunes reviews of the week and book giveaway Links from the show: Wealthy Accountant Aubrey’s blog: moneyenergyfreedomlife.com Dominic’s link from Bogleheads on reinvesting dividends Emiko: Beetsandlilacs.com ChooseFI.com/Facebook to get access to our private Facebook group Winning Williams Money Metagame Seonwoo’s site: FIby40.com FI180 Popup Business School Dash Go Rapid Egg Cooker Student Loan Freedom
025 | In today's podcast we have Keith from The Wealthy Accountant on the show to discuss tax optimization for individuals and small businesses with plenty of tax tips for your FI tool chest.
In Today’s Podcast we cover: Keith from the Wealthy Accountant presents his tax optimization strategies for individuals and small business owners Keith is the most knowledgeable accountant we have ever met.
We met him in Florida at Camp Mustache and his exuberance for tax optimization was infectious Keith became the official accountant of Mr. Money Mustache after a presentation at Camp Mustache in Seattle A discussion of how to save FICA taxes by being taxed as an S-Corporation instead of as a pass through entity such as an LLC Keith’s discussion of potential tax law change based on the President’s proposal
For people starting a business, where would Keith start? Business structure, getting kids and spouses involved, etc. Keith believes when you have business income over $50,000 that you should be an LLC taxed as an S-Corp Is there value for someone over the FICA cap in their ‘day job’ for their business to be treated as an S-Corp? Home office deductions vs. renting part of your home to your business entity and how to make it official with a formal contract
What Keith recommends for retirement savings and the rules you need to understand whether you are an employee or if you own a business Keith’s recommendation to speak with your HR department to max out your 401k if they only seemingly offer a certain percentage of your income
Tax optimization strategies for real estate investors including the tangible property rules and how to benefit from expensing items that would have otherwise needed to be depreciated Cost segregation studies and how that can save you money on depreciations Healthcare for small business owners and the lack of options
Discussion of Keith’s writing at The Wealthy Accountant. The goal was for people to “think like an accountant” and to live your life ‘right.’ He believes in saving half your income and investing in broad-based index funds. If you do those 2 things you’ll be successful
024R | In today's Friday Roundup we discuss Episode 24 with Joel and Alexis from FI180 as well as some expert voicemails from Chad Carson about real estate plus Ken talking about ESPP options. In Today’s Podcast we cover: Friday Roundup after Episode 24 with Joel and Alexis from FI 180 Camp Mustache tickets for January 2018 are available for sale, so come and join us! The letter Joel wrote to his younger self and the emotional value of it The sacrifice for living an opulent lifestyle is too great in our opinion as you have finite resources and have to make the best choices Joel and Alexis had a true choice and inflection point where they chose Financial Independence They looked at FI as a game and had fun trying to gain a quicker path to FI. It made them happier and brought them closer together The 72 hour no buying rule that Liz from Frugalwoods informed us about Brad’s new favorite card game: Monopoly Deal Feedback from the audience: Austin’s email about his path to FI with a career that didn’t require a Bachelor’s Degree. He is now earning 6-figures at 25 years of age Itunes review from Derek who is teaching his 5th grade students how to look at money, index fund investing and much more. Geri’s question about reinvesting dividends when you invest in mutual funds. You generally want to reinvest the dividends Question from John about investing in VTSAX in a “taxable” investment and what bucket to put it in? Our advice is to open a standard brokerage account and invest in VTSAX Index fund investing is the most tax efficient investing since there is low turnover and thus lower capital gains that would be taxed in the current year Email from Matt describing how he’s thinking more deeply by listening to our show and reading FI blogs ChooseFI mentions on other blogs FI hack from Ken on ESPPs and Jonathan’s response since he can benefit from it at his job and purchase his company stock at a 10% discount Follow up from our in-house expert on real estate: Chad Carson who gives us a background on how to evaluate the financials behind a rental real estate purchase Travel rewards question about how to review flight and alliance award options. Our thought is to look at traveling differently and build in flexibility and find saver award availability Travel rewards question about combining Chase Ultimate Rewards points Hot Seat intro music update Itunes reviews and The Simple Path to Wealth book giveaway Links from the show: FI 180 Monopoly Deal card game Winning Williams The Green Swan article: Never Pay Taxes Again Done by Forty article: Spending is Arbitrary Ken’s blog: TheOptionToSell.com Chad Carson’s articles: How to Run the Numbers for Rental Properties How to Travel & Invest in Real Estate - 10 Essential Tools of the Trade Award Hacker
024 | Today we have Joel and Alexis from FI180.com on the podcast.
They changed their financial lives dramatically, going from spending over $100,000 per year to having an 85% savings rate and on the path to FI in just a few short years. In Today’s Podcast we cover: Joel and Alexis from FI180.com tell their story of how they went from spending over $100,000 per year to having an 85% savings rate FI can only be a few steps away and this story is the perfect example
They bought new cars, a new house and didn’t track their spending at all In 2014 Alexis was in a terrible car accident and that led to the awakening that changed their financial lives. They took the $10,000 they received from the car and invested it in Vanguard
The costs (financial and health) and opportunity costs of a long commute Every month they tried to make one change to improve their finances Their savings rate was only 7% at their lowest and last year it went up to 85% (since lowered to about 75%-80% to add happiness) Joel’s brother is also on a path to FI now and is “racing” them to FI It isn’t a race though – it’s about enjoying the journey and finding happiness
Their happiness has increased after finding this path to FI. “Happiness is the goal” “We were using our spending as a way to try to numb the effects of a workday” They have learned how to cook at home and save money and eat better.
Previously were going out to eat twice per day! Line items from their ‘Our Savings Snowball’ article on what they were previously spending and what they are spending now The awakening when they chose to pursue FI after the car accident in 2014 There are certain things that are in your control and others that aren’t.
Focus on what is in your control Hot Seat Questions Favorite blogs: Mr. Money Mustache and The Wealthy Accountant Favorite life hack: Alexis was not allowed to go shopping without a list and couldn’t buy anything not on the list.
As well as not using a shopping cart or basket Food shopping game called the “$3 rule” where they tried to see how many “luxury items” they had over $3 at Aldi each week How to save big at Aldi on your food bill
023R | In today's Friday Roundup we discuss career hacking with ESI Money, Big ERN's analysis of Paul's case study, plus hear our answers to an interesting question posed by audience member Jason about the value of frugality.
In Today’s Podcast we cover: Friday Roundup after Episode 23 with ESI from ESI Money Looking at compound interest on the earnings side of a career instead of just on the savings side ESI is now an author on Business Insider. Our question of how he made that connection What jumped out to us from the episode with ESI? Starting at a higher salary, managing the boss, etc. Commonalities of career paths for people pursuing FI and for Second Generation FIRE? Options for seasonal work (such as tax preparation) while pursuing FI Managing the boss: Telling your boss you want to be a high performer and how to quantify it How this sets you up to ‘win’ either in this current job or to land a better job elsewhere The power of networking for Choose FI and our growth Personal relationships matter, even in a digital and connected world Itunes review about us “mainlining the secret truth of the universe”
Our definition of FI being 25x your annual expenses. There is also the conversation of ‘safe withdrawal rates’ Big ERN’s feedback on Paul’s case study and his in-depth analysis of Paul’s early retirement plan ERN’s calculations plus his look at the real-world implication of social security on Paul’s plan Paul’s response to our question about his $70,000 per year of expenses. A full $23,000 is based on travel they took last year With “slow travel” and intentionality they can reduce the cost of their travel while actually traveling more Excluding travel their post-FI expenses are actually only $37,000 Many expenses are reduced once you reach financial independence and Paul has actually identified many of those reductions Feedback from the community: Jason posed a question to us about what we’re “missing out on” by pursuing FI and if the finer things in life are something we should pursue Brad thinks that pursuing FI is a ‘superpower’ that enables him to live a life he enjoys. And if that means “sacrificing” BMWs and Maine Lobster to get there, it is a trade he’s more than willing to make If money is no longer an issue, what changes then? That is the real question Responses from the community on Jason’s question and how they would spend their money College hacking article coming from Edmund Tee on Choose FI Frugal wins of the week from the community Life hack from Steve on life insurance Itunes reviews and winners of The Simple Path to Wealth Links from the show: ESI Money ESI’s article on Business Insider: I retired at 52 with a $3 million net worth — here are the 10 worst money mistakes anyone can make Early Retirement Now
023 | ESI from ESI Money is on the podcast today talking about Career Hacking and how you can set yourself up to earn millions more over a working career with seven simple steps. In Today's Podcast We Cover: ESI from ESIMoney.com is here to discuss ways you can increase your earnings through Career Hacking ESI retired at 52 and reaching “financial independence” in his early 40s. He lives in Colorado, which is where many FI bloggers live
Your career is a multi-million dollar asset and it is important to focus on maximizing your earnings There are steps you can take to increase your lifetime earnings while in the same job Start with a higher beginning pay and how to get there Start with a career that has a higher opening pay; negotiate your starting salary; increase your pay through education/degrees How we can use this knowledge and apply it to our kids for ‘second generation fire’
How to get higher than 3% raises per year and how that can lead to millions of dollars of extra income through a career Seven actionable steps to earn more money on yearly raises and grow your career
Step 1: Perform as well as possible in your job Sit down with your boss and discuss expectations and make them quantifiable Document your success and keep your boss informed, which helps “manage your boss”
Step 2: Be likeable or ‘more likeable’ People like to reward and promote people they like, so be nice and considerate
Step 3: Networking is essential You need to help others as much as possible so they will be willing to help you in the future ESI’s actionable tips on how to use LinkedIn to create and foster a network of valuable connections. How ESI reached out to his network when he was looking for a new job and he landed a job in Colorado through the network
Step 4: Be more attractive Dress a little bit nicer and pay a little more attention to your appearance; “date your career”
Step 5: Continue learning and developing your skills How Warren Buffett believes public speaking increases your career value 50% Scott Adams’ ‘talent stack’ to create a valuable set of skills for your life and career Trying to get better at life skills a little bit at a time every day
Step 6: Manage Yourself Life skills you need to navigate life and your company politics, etc. Create a system to getting things done in life for personal motivation and drive Find yourself a mentor to guide you How ESI uses a system he learned early on in his career to manage himself How Brad and ESI both use ToDoIst to manage their lives
Step 7: Market Yourself How you can get huge pay increases when you move to a new job and how to find new options Hot Seat
022R | In today's Friday Roundup we discuss the True Cost of Car Ownership, how to maximize your travel rewards points plus a big announcement on a new in-house 'expert' for ChooseFI! In Today’s Podcast we cover: Episode review of our podcast Episode 22 on The True Cost of Car Ownership Your best-case scenario is buying a 5 to 10 year old gas sipping car Even a low cost car is going to cost you at least $2,000 per year Your fixed structural expenses move the needle significantly on your path to FI, and the car is the easiest one to change.
Comment from Matt on how he introduced this to his algebra class on why buying a new car is a bad decision and what it amounts to when compounded Second generation Fire: Starting out right and not buying an expensive car (plus house hacking) will set people up for Financial Independence by 35
Question on Saverocity about living close or far from work and how that impacts your path to Financial Independence Is bicycling a pillar of FI or is it unrealistic for the vast majority of people and might even turn people off from pursuing FI? In a post-FI lifestyle, does bicycling make more sense? Comment from the audience on Cargo Bikes Voicemail from Rebecca on what to do with her car situation Our thought is that it makes sense for Rebecca’s life and financial situation to move towards the Honda Fit Our final thought on cars: Don’t buy a new car; buy a used car and drive it into the ground Choose FI is bringing on in-house experts on real estate, taxes, business building and all things number crunching Alan’s brainstorming ideas for helping the community build businesses
Should building a side hustle be a Pillar of FI?
Travel Rewards question from Noah: Should he cash in his miles & points and invest them in VTSAX or save them for future travel? Brad’s advice is to save them for future value where the value can be 2x-4x or more How the Millionaire Educator takes his rewards points to invest in an ESA fund Travel rewards question from Satya on travel to India using Chase
Ultimate Rewards points Feedback from the audience: Kevin’s follow up to Friday Roundup 18. He spoke with his wife and she just wants to spend more time with him where she gets his full attention Human connection is the most important aspect of happiness FI in the news: Our upcoming guest ESI from ESI Money was featured on the Washington Post FI in the News: Article that Brittinni sent in about net worth being the key to wealth, not income Frugal Wins of the week from the audience Aaron’s feedback about the true cost of car ownership and he teased us with how he sells boats for a profit Final word on Jonathan’s pullups
022 | Do you know what your car is actually costing you each year? What about over an investing lifetime? In this episode of the ChooseFI Radio Podcast we cover the True Cost of Car Ownership and you'll be absolutely amazed at the numbers.
In Today’s Podcast we cover: ChooseFI: The Ultimate Guide to the True Cost of Car Ownership Your car payment is a terrible way to spend your hard earned money
We’ll present two different perspectives: Brad will show the long-term compounded cost of buying/leasing new cars continually versus holding a car for 15 years while Jonathan is going to present the yearly cost of your car Brad wanted to see what it was costing someone to constantly “manage their car payments” at a set number forever by buying/leasing new cars
This example is too conservative so a FI person would actually save even more money! In Brad’s example the FI person is buying a new car every 15 years.
They have payments for the first 5 years and $0 car payments the final 10 years. Person B is constantly paying $300 per month. This is a 45 year study, so Person A bought 3 new cars in the 45 year period At the end of the 45 year period, Person A’s savings compounded to be worth $742,000 versus Person B who was constantly paying $300 per month.
Takeaways: Don’t buy new cars and continue to drive your car as long as possible with no car payment! Most people can’t truly afford an expensive car and house even on a large salary. This is a true key to FI Astounding that $300 per month for 30 out of 45 years are ending up with $742,000 while most people don’t have anywhere near that much money after a lifetime of working and “saving.”
That also shows how little money most people are saving Jonathan’s bad track record with buying cars in his life
The True Cost of Car Ownership Calculator Jonathan’s example for yearly car cost compared a new car for $30,000, a 5 year old car for $15,000, and a 10 year old car for $5,000
Went through yearly depreciation calculation for Jonathan’s three examples Went through a calculation of annual opportunity cost of the year-by-year amount lost at 8% annual return if you would have invested based on these 3 examples Calculation of maintenance, insurance, taxes, inspections, etc.
Also calculate the cost of gas each year depending on the type of car The 20 year difference from having a used car versus a new car is almost $250,000 Jonathan’s determination is you should buy a ‘gas sipper’ that’s at least 5 or 10 years old
021R | In today's episode of the Friday Roundup we review our discussion of the Pillars of Financial Independence, take questions and comments from the community and go in-depth on Paul's live case study. In Today’s Podcast we cover: Review of Episode 21, the Pillars of Financial Independence What areas of financial independence did we leave out of the episode? Might have under-discussed savings rate as a pillar of FI Choose FI as one of the ‘5 people you spend the most time with’ The value of $100 savings per month after 20 years or 40 years Can Jonathan really do 50 pullups? Comment from the audience: Charlotte mentioned Geographic Arbitrage as a pillar of financial independence Comment from the audience: Mary suggests that taxes are the largest line item in your budget, not housing like we mentioned Comment from Frank: He thinks we can do an entire episode on how to educate your children on money Comment from Matt: The expense ratio on Vanguard’s VTSAX fund was just lowered to 0.04% FIRE in the News: Anti-frugal event that Isaac showed us and Financial Panther’s list of best new podcasts The value of travel rewards for people in the FI community Frugal wins of the week from the audience: Andrew starting his own Gracie Garage, Tom’s list of incredible life changes, Cassie’s reduction in car insurance, Neal maximizing gift cards that were lying around the house, Tanner saving on free and used items, Heidi cutting cable Live case study from Paul – his responses to our questions from last week’s episode Paul’s response to “how much do your expenses cost you each year” Paul’s response to the question, “do you want to quit your job?” Paul’s response to “what does your post-FI life really look like?” Brad’s thought that the pursuit of FI is not about money – it’s what you value in life and finding happiness both in the journey and post-FI Frank’s question to Paul about what they have planned for his daughter’s college education Will $43,000 of savings be enough to fully fund a four year college education? Thoughts on college education and the value of that education Question to Paul about what is psychologically holding him back Question to Paul about his plans to include Social Security into his FI plan Question to Paul about the breakdown of his investment accounts between different ‘buckets’ Paul’s plan for a Roth-IRA conversion ladder Paige’s comment about the ‘Age of 55’ rule for distributions from your 401k if you are 55 or older after your separation from service Our follow up questions for Paul based on his case study Itunes reviews and book giveaways Links from the show: Money Confident Kids article: Parents are likely to pass down good and bad financial habits to their kids Article from Isaac: Fyre Festival: When a $12,000 luxury festival in paradise turns into chaos Financial Panther article: 9 Best New Personal Finance Podcasts Seonwoo’s article about FAFSA: How a Millionaire Retiree Could Get as Much Aid for College as Someone Who’s Broke
021 | In this episode of the Choose FI Radio Podcast we focus on the essential Pillars of Financial Independence including index investing, affordable housing, the psychology of FI, tax optimization and more.
In Today’s Podcast we cover: ChooseFI Episode 21: The Pillars of Financial Independence While we intend to focus on the roughly 10 pillars of FI, we assuredly have missed some so we hope the audience sends us the ones we’ve missed Low-cost index fund investing is the way to go with investing in the stock market over decades and the best way to grow your wealth We love Vanguard and VTSAX but Schwab and Fidelity have similar funds with similar expense ratios
Even the Mad Fientist realized that he couldn’t out-research the market and stuck with index funds while he pursued tax optimization strategies to grow his wealth even faster Another sub-pillar is to not try to time the stock market. You will screw it up since you need to be right on the buying and selling side Affordable housing as a pillar of Financial Independence, since this is the largest line item in your budget Even if you live in a high cost of living area, you can still pursue FI. You just might need to think a little bit differently
Sometimes pursuing FI requires tough decisions Car ownership as a pillar of Financial Independence We do not believe in buying new cars – let someone else pay for the depreciation the first few years Look for fuel efficient cars that are inexpensive to repair Your food budget as a pillar of Financial Independence
You should focus on $2 per person per meal as a guideline for home cooked dinners Most pillars of FI come down to thinking a little bit differently and being a little bit smarter Jonathan lost 25 pounds during his 3 month challenge to lose weight before his son’s birth Tax Optimization as a pillar of Financial Independence
Max out your tax-deferred accounts is the advice for the FI community since you theoretically can take it out without paying taxes on it if you use the strategies we’ve previously described Hacking your college education as a pillar of Financial Independence Ways to save a significant amount of money on a college education Travel Rewards maximization as a pillar of Financial Independence Use rewards points to help travel the world for nearly free.
You must pay your cards off on time and in full every single month Cutting the cord on your cable subscription as a pillar of Financial Independence Intentionality and how you choose to spend your money is important when assessing FI Reducing your cell phone bill as a pillar of Financial Independence Making a small ‘hard choice’ to save big money and have an ‘easy life’
The 4% Safe Withdrawal Rate explained Philosophy as a pillar of Financial Independence Unconventional thinking – looking at a problem differently that can help you live the same lifestyle as everyone else while getting wealthy instead of living paycheck-to-paycheck Maximizing the rules: Knowing the rules of the game and planning in advance Planning and creating a framework for life makes everything easier Patience is what makes FI “incredibly difficult.” This is the simplest concept but it takes many years For every $100 you can cut from your budget each month, if you invest that money and earn an 8% return over 20 years it is worth $60,000.
Understand the math behind the decisions and know that even small decisions can earn you large results
020R | In today's Friday Roundup we introduce our first crowd sourced case study from a listener and we have a challenge to you: Implement one life hack this week that will make your life easier and less stressful and send it to us at [email protected] (or leave a voicemail on our homepage!) and we'll read it on next week's Friday roundup. In Today’s Podcast we cover: Our first Friday roundup after a non-guest episode which leaves lots of time for audience input, questions and voicemails We want the podcast to be ‘By FIRE for FIRE’ and make it truly crowdsourced Jonathan and Brad are living a normal middle class lifestyle, just smarter. We aren’t doing anything especially different – just optimizing Brad and his wife Laura had a conversation about what makes their spending different than their friends and neighbors While the fixed expenses are essential (home, cars, cell phones, cable, etc.) the discretionary expenses also make the difference between a non-FI mindset and one pursuing FI How Brad’s kids are not constantly ‘wanting’ new toys, to redecorate their rooms, etc. It wasn’t intentional on the parent’s part, so the thought is that they saw the lack of wanting modeled in the house Jonathan’s frugal win of the week: He superglued a broken lamp in his house and it is still working 1.5 years later! Upgrading your house not only wastes money, but it wastes a ton of valuable time searching for these items and getting it “perfect” Stressed lives and an ask of the audience: Implement one life hack this week that will make your life easier and let us know about it! It’s so easy to get bogged down in the details of life, business, etc. that you miss the truly essential items that could move the needle and make a difference Brad focuses on things he can get better at over a period of many years such as Brazilian jiu-jitsu and stretching/mobility “You are going to be the average of the 5 people you spend the most time with” and discussion surrounding it Feedback from Deidra: She recommended SBLI for life insurance after hearing our Episode 20 show Brad had a conversation with a friend of his this past weekend on FI and on his plan to retire in 16 years with a pension, fully paid off rental homes and his primary residence paid off, plus 401k and 457 balances Voicemail from Harrison: Info on an alternative to Vanguard and VTSAX. He recommends SWTSX which has a lower expense ratio and no minimum balance Voicemail from Paul: Part 1 of 3 as a live case study with his life Our questions for Paul for Part 2 of the case study Voicemail from Isaac with a question on travel rewards and how to deal with Chase’s 5/24 strategy Feedback from Nia – international perspective and info for UK listeners Itunes reviews and the 2 winners of The Simple Path to Wealth Where ChooseFI is going: Ideas from the audience and future episodes Links from the show: Todoist SBLI life insurance Mutual Assurance Society of Virginia UK Monevator Blog - How to Invest Books Mentioned in the Show: The One Thing by Gary Keller The Simple Path to Wealth by JL Collins
020 | The Entry Level Middle Class Lifestyle is a tool that you can use to supercharge your path to FI. Jonathan and Brad go through their expenses one line item at a time. Then they start the conversation about a FI approach to insurance, with an emphasis on life insurance
In Today’s Podcast we cover: What Jonathan and Brad’s lifestyle and budget look like. We go in-depth into our actual spending and budget line items What have we talked about previously? How to crush your food budget, how to get fit while being frugal, basics of investing, how to save 75% of your income, tax loss and tax gain harvesting, travel rewards and the unfair advantage for teachers. Housing prices and mortgages for Brad and Jonathan
Jonathan was looking for an older neighborhood with a generational shift going on with kids coming in Brad’s net cost per month is under $800 per month on his house in a great school district in the Richmond-metro area
How to maximize insurance: be sure to shop around and get quotes and don’t be complacent. Also determine realistically how much coverage you need and don’t just follow the advice of your agent. Increase your deductible as much as possible to save money.
Life insurance: Get term life insurance until you don’t need the insurance any longer (when you’re at Financial Independence). The insurance agent will always attempt you to buy whole life insurance; in the vast majority of cases term life is the best possible option. Once you’re at FI, you can self-insure since you don’t need the lump sum Car expenses: Jonathan mentioned the forthcoming ‘true cost of car ownership’ article Jonathan does currently have a car payment
Brad has not had a car payment on either car for well over 5 years Cell phones: Jonathan has Project FI and Brad has Republic Wireless By being smart about your cell phone you should easily be able to save $100 per month “Easy choices, hard life; hard choices, easy life” Cable bills and internet packages from Comcast and Verizon
Jonathan buys an internet-only package from Verizon What happens when you give up screen time entirely? Talk, play board games, etc. Gym memberships: Brad pays $20 a month for Crunch fitness. Jonathan does not have a membership any longer.
He paid $1,000 to build a top-notch home gym for a one-time cost Brad now does Brazilian Jiu Jitsu through Gracie University and the free Gracie Garages Take a step back and see what you can work on long-term to get better at life?
Keep track of your food and alcohol budget and it will help you cut down Where do we spend that might be “frivolous” but where we get a lot of value? Financial independence is not deprivation. It is about being intentional
019R | In our Friday roundup Jonathan and Brad discuss the highlights and takeaways from the Monday episode with JL Collins. Then the podcast is opened up and crowd sourced to the community. Find out the specific travel reward perks that are available for active duty military and how to get started with VTSAX if you don't have $10,000 to invest The Friday Roundup #8: Review of podcast with Jim Collins Jonathan’s baby was born! And he’s here recording the Friday Roundup two days later 2nd Generation FIRE and the impact on Jonathan with his new son The value of starting a child on the path to FIRE from the very beginning Index investing as one of the main ‘pillars of Financial Independence’ Jim’s Stock Series changed the trajectory of Brad’s investing life and will benefit him to the tune of millions of dollars in his lifetime There are no investing gurus out there who will help you outperform the market over decades when including fees into the calculation Jim is such a fantastic storyteller Fidelity study of the classes of investors who do the best: dead people and those who forgot they had accounts The best thing that can happen to someone who is young is for the market to drop while they are pumping money into the market. Index investing: Losers can only go down 100%, but winners can go up indefinitely. The index is self-cleansing Why stock picking contests promote the wrong behavior The stock market always go up over decades. You only lose money in the market when you try to “dance in and out of the market” Warren Buffett will invest in a Vanguard S&P 500 index fund Vanguard is growing faster than all of its 4,000 competitors combined (to the tune of 8.5x) Feedback Stitcher reviews – thank you for leaving them and letting us know they exist! Sharing ChooseFI with friends and family Feedback from Steve and Amy on the action they’ve taken since first listening to ChooseFI How police officers and firefighters can access their 401K’s without penalty Travel Rewards and Investing Questions Travel rewards question about travel in Europe for hotels and Ryanair from Anthony and Abby Question from Alyssa about different retirement account options and different investing options and how to get started for younger listeners who don’t have $10,000 to invest in VTSAX in one lump sum The standard advice doesn’t apply for people on the path to FI, so they should max out traditional IRAs and 401k instead of Roth-IRAs Links from the show: The Stock Series at JLCollinsNH.com ChooseFI podcast with JL Collins Vanguard is Growing Faster than Everyone Else Combined at the NY Times Neal Landfield article HR2146 how cops, firefighters and EMS can access their 401Ks without the 10% penalty Friday Roundup 7 talk about hotel redemption options including Hyatt and Starwood AwardMapper to see reward hotel options Award Wallet to track rewards programs for free Books Mentioned in the Show: The Simple Path to Wealth by JL Collins
019 | In Today’s Podcast JL collins from JLcollinsnh.com joins Jonathan & Brad on the podcast to bring the Stock Series to life. The Power of Index Investing is one of life's greatest secrets & JL Collins is the ultimate travel guide. This multi part series turns the stock series into an interactive audio companion and this first part is sure to compel you to stick around for each additional entry
The Stock Series | Part 1 Our guest: Jim Collins from JLCollinsNH.com
The Stock Series Part 1: “There’s a Major Market Crash Coming!!!! And Dr. Lo Can’t Save You” Lo claimed that “buy and hold investing doesn’t work anymore” and that raised Jim’s ire quite a bit which led to the Stock Series
An overview of the Stock Series and how Jim would explain it Jim’s eight rules that you need to understand in order to succeed with long-term stock market investing
“The Market Always Goes Up” which is very counterintuitive to people, but over the long-term it invariably does The market is always going to stumble or have corrections and you can’t predict when they are going to happen and you have to accept them. Nobody can possibly predict or time the market
The stock series came out of a series of letters to his daughters on financial education When it comes to investing (once you get the basics down correct) the less you pay attention, the better off you’ll be. Fidelity study of the best classes of investors based on performers: Dead people and those who lost their accounts!
You can’t panic when the stock market goes down significantly. You must “know yourself.” If the market is already down 50% would you still be able to hold the course and not sell if you still thought it was going to do down an additional 2/3’s? Quotes from Warren Buffett about not being fearful and buying when others are selling
For a new investor who is investing significant money each month, the best thing that can happen is a huge plunge in the market because they get to purchase new shares on a huge sale In a wealth-preservation state, you should consider buying a percentage of your portfolio in bonds Jim has a 25% bond allocation, which is actually considered very aggressive for his age Warren Buffett quotes about investing in low-cost mutual funds from Vanguard
How does index investing deal with winners and losers in the index? Downside of each company is limited to them losing 100%, but the upside is unlimited The Dow Jones is not the “market.” Just an index with 30 large companies
Stock picking contests in schools in the US are fundamentally looking at it the wrong way and are incentivizing short-term thinking Hot Seat Questions Favorite blogs: Mad Fientist, Go Curry Cracker, Millenial Revolution, The Wealthy Accountant Favorite life hack: Public Libraries and geographic arbitrage Biggest financial mistake/advice you’d give your younger self: Understand the power and value of index fund investing much earlier
018R | In Today’s Podcast we cover how to harvest long term capital gains tax free. Friday Roundup 7 Review of Monday’s episode with Jeremy from Go Curry Cracker Brad and his family just visited Washington DC for the weekend and used Chase Ultimate Rewards points to stay at the Hyatt Place National Mall Brad’s trip to Walt Disney World with his family, parents and in-laws Jonathan now understands harvesting capital gains and losses after the episode with Jeremy Unconventional choices: Jeremy and Winnie haggling at the farmer’s market near the close of business. Brad going to Disney World before Molly turned 3 so they could get her park ticket for free. Jeremy taking his son on a flight the day before he turned 2 so he could be a lap child on a business class flight Quick hit takeaways from the Jeremy episode: He told his mom he had a ’60 year emergency fund’; he opened a Roth-IRA for his son for earned income on the website. The power of having money and financial independence enabled Jeremy to walk out of his job instead of doing something that he didn’t want to do. Brad’s story of when he left his job and taking the power back from corporate America Investing philosophy and the importance of taking your brain out of financial decisions His financial freedom clock started when he ‘got to broke’ and paid off his student loans Capital Gains Harvesting | Avoiding long term capital gains tax Case study: Married couple with one child. 30 years old. $120,000 of income and maxing their 401k ($36k in total) Qualified dividends and long-term capital gains are taxed at 0% if you’re in the 10% or 15% marginal tax bracket Understanding how marginal tax rates work for income taxes The definition of FI: having 25 times your annual expenses saved up and invested The long term capital gains tax The long term capital gains tax defined & explained How the Roth-IRA conversion ladder would work for this couple and how they can harvest long term capital gains tax free by using advanced FI techniques Itunes reviews and questions from the community Reader case study from Kevin: How to work with a spouse from an ultra-wealthy lifestyle and bring them over to the FI lifestyle Find what makes you happy in life and what you value and spend accordingly Kevin’s scenario is almost exactly like our case study on this episode Travel Rewards question: How to maximize hotel points with Hyatt and Starwood hotels What’s coming up on ChooseFI: JL Collins talks about the Stock Series, the Stapes of FI, JD Roth and Kristy from Millennial Revolution, the true cost of car ownership Links from the show: Podcast episode with Jeremy from Go Curry Cracker Hyatt Place Washington DC National Mall How to take a nearly free trip to Disney World with rewards points from Richmond Savers Personal Capital signup link – free net worth and financial tracker JL Collins’ Stock Series Podcast episode: Travel Rewards points Hyatt House Emeryville, CA Recommended Content Introduction to Free Money Part 1 of the Never Pay Taxes Again series
018 | In Today’s Podcast we cover: Our guest: Jeremey from Go Curry Cracker Jeremy and Winnie are living the geo-arbitrage life: currently in Taipei, Taiwan and then on to a four month trip to Europe They are using travel rewards points to get nearly free business class flights from Taipei to Europe. Using Alaska Airlines miles on Cathay Pacific they got nearly 20 cents per point in value! “Retiring in your 30s is simple but not necessarily easy” The biggest contributing factor is saving a high percentage of your income It’s easier to save a high percentage of your income when you have a larger income Make unconventional choices to save a high percentage 2nd Generation FIRE and how college costs can be lowered Jeremy had $40,000 in debt when he came out of college They have already opened a Roth-IRA for their son and used the income he earned from ‘modeling services’ for Go Curry Cracker He used the 80/20 rule to look at where 80% of their spending was going Sold his car and rode a bicycle Winnie made it so her cooking was the best food in town and they never wanted to go out to eat They spend approximately $2 per person per meal for delicious gourmet home cooked meals Most of their entertainment was community based with friends where they weren’t spending money How did he get started on his FI journey? He took the first 6 years to pay down his $40,000 in debt. Didn’t take vacation, worked overtime to earn more money. On his first vacation he realized he didn’t want to work forever and started formulating his plan He set a 10 year plan and retired in 10 years plus 1 day from when he started! What was it like when he actually quit his job? The power of FU money and not needing to work plus how much more power it gives you while you are actually working How is he investing his money? 100% of his money is in 2 index funds Wait for compound interest to take hold so you can benefit over decades Unpacking his article ‘Never Pay Taxes Again’ Harvesting Capital Gains and how it enables you to get up to $90,000 in tax free income each year and increase the basis in those funds so you are never paying taxes on the gains Wash sale rules aren’t relevant to harvesting capital gains, only capital losses Harvesting capital gains actually makes it easier to harvest capital losses in the future They also do the Roth-IRA conversion ladder to effectively make their regular 401k tax free Harvesting capital losses to offset other income Avoiding the wash sale rules: Need to buy back another fund (example: Sell Total Stock Market Index fund and buy S&P 500 Index fund) Hot Seat questions Favorite blog: JLCollinsNH.com Favorite life hack: credit card rewards points Links from the show: Go Curry Cracker Frugalwoods Podcast Episode: Introduction to Maximizing Travel Rewards points Jeremy’s guest post on Budgets are Sexy Stock Series on JLCollinsNH.com Mad Fientist Never Pay Taxes Again on Go Curry Cracker Favorite articles: How to Give Like a Billionaire on JLCollinsNH.com They Will Kill You for Your Shoes! on Go Curry Cracker Favorite purchase: Iphone 7 Plus Google Project FI Go Curry Cracker on: Facebook Twitter Instagram Books Mentioned in the Show: The New Artisan Bread in Five Minutes a Day
017R | In Today’s Podcast we cover: Friday Roundup # 6 This is our 23rd episode and providing a home for the FIRE community Thank you for our 50th review on Itunes (from Chad Carson!) – we plan to implement the voicemail feature on the website so we can use your input on the show Episode with Brandon from the Mad Fientist This podcast humanized Brandon and you got to hear his story “Early retirees are such a different breed…I’m looking at this through the very focused lens of early retirement.” The built-in benefits of financial independence aside from just the dollars and cents: College, health care, taxes The Roth IRA Conversion Ladder The Roth IRA conversion ladder is the key to early retirement and accessing your 401k/retirement funds and pay little to no taxes on the money It was amazing how open and honest Brandon was: depression, ‘quarter-life crisis’, deprivation period Brad went to a retreat over the past weekend for “designing the life you want to live into” Quote from Keith: “I never dreamed past here.” Dream bigger and find what brings you joy and happiness in life Money is not the end goal. It is a tool to let you live a better life How Brandon tested the upper limits on their spending and how it impacted their happiness (and only a couple of thousand dollars per year) Brad thinking differently: How could he spend a little more money to bring more joy to his life Roth IRA conversion ladder step-by-step scenario: 20 year old guy earns $60,000 per year, has $30,000 of expenses per year and is on a 20 year plan for FI. How does he take advantage of the Roth IRA conversion ladder to pay little to no tax and still fund his early retirement. The Key for the Roth IRA Conversion is to max out the 401K Itunes reviews – thanks to the audience! Question from the audience: Heather about what to do with her 401k after leaving her job. Should she leave it in her company’s 401k or roll it out to Vanguard and her own IRA? Question from Bryan: How the 4% rule works on pulling out money from Roth, 401k, IRA, etc. and how to manage your tax liability in early retirement When you reach FI, you aren’t going to sit back and do nothing when “retired” Where ChooseFI is going: college hacking from Edmund Tee and Seonwoo Lee Tax hack from an audience member: if you can’t itemize every year, consider putting all deductions (donations, state taxes, etc.) into every other tax year so you can itemize every other year and in the off year you get the standard deduction Frugal hack of the week: Jonathan created a standing desk for his treadmill For More Tax Related Content Tax Optimization for FI Links from the show: Mad Fientist Dominick Quartuccio – Take Command Subscribe to Chad Carson’s email list Dual Enrollment article on college hacking Oristand standing desk
017 | In Today’s Podcast we cover: Today’s guest: Brandon from MadFientist.com and the origin story of the Mad Fientist How did the Mad Fientist website come about? He first stumbled on the Early Retirement Extreme website He thought there’d be investing strategies to get him to financial independence more quickly, but he realized index funds were the best way to go about it Then he stumbled upon tax optimization and tax avoidance strategies Finding Get Rich Slowly and other personal finance blogs got him interested, but he looked at it through the eyes of an early retiree and realized the standard advice didn’t necessarily apply “Early retirees are such a different breed” and optimizations can be had when looking at the problems differently for FIRE He took a core tax strategy and pivoted it to the best way to optimize for early retirees
He uses his audience feedback to help come up with ideas for new posts or as ways to update and augment posts The Roth IRA conversion ladder changed the entire game for him and made him max out as many pre-tax accounts as possible How to get retirement money out earlier than the traditional 59.5 age without a penalty? Building a 5-year conversion ladder with traditional savings to cut your effective tax rate down to almost 0% on your traditional IRA and 401k Brandon’s college choice and how it impacted his financial life with minimal student loan debt Brandon took a software developer’s position at an Ivy League University and worked towards a free Ivy League master’s degree
Did Brandon max out his 401k his very first year? What’s the most expensive car Brandon every bought? He leased a Toyota RAV4 but other than that every car he has ever owned is at least 10 years old What financial mistakes has Brandon made or where does he not follow his own advice?
Timing the market and sitting with too much cash Take your brain out of your investing decisions once your plan is set What type of investing does Brandon do? All index funds from Vanguard and cash How has Brandon evolved psychologically as he has approached Financial Independence? Reaching your FI number doesn’t by definition make you happier. You have to find your passion in life They actually loosened up their spending for a year to enjoy life as much as possible.
Total tally: $35,000 of yearly spending. As compared to their normal $30,000 - $33,000 spending. An insignificant increase in money spent for such a large increase in satisfaction What is the most surprisingly positive aspect of post-FI life?
What does his life look like 5 years from now/what does he want to do with his life? Hot Seat Questions Favorite life hack: Find out what makes you happy Advice to your younger self: Just get started today
016R | In Today’s Podcast we cover: Friday Roundup #5 Recap of house hacking episode with Chad Carson from CoachCarson.com Real estate investing is one of the pillars of Financial Independence ‘Keep it super simple and try to do the fundamentals well’ quote by Chad Chad put in the extra effort to walk neighborhoods on Saturday mornings to learn about real estate House hacking is essential knowledge for someone getting started with FI The main levers to pull to get on the path to financial independence Housing is the biggest line item in most budgets and this can be a game changer House hacking for ‘2nd generation FIRE’ Brad lived at home after college graduation and saved many thousands of dollars instead of renting an apartment If you have a solid income and you aren’t saving money then you aren’t a “success” Moving forward ChooseFI will bring in other real estate mentors to help educate all of us Itunes reviews Feedback from Libertarian Investments about our appearance on Radical Personal Finance on earning more than $100,000 income and how it makes paying down debt much easier Can you earn $100,000 a year without going to college? That wasn’t what we were arguing on Radical Personal Finance Unconventional choices: Brad and his wife Laura decided to pick up their entire lives and move 400 miles south to Richmond, VA. This was a long-term play to afford the FI lifestyle on one income. Message from Ken on the benefits of libraries and the assortment of ways you can get value out of your local library. He also thought the 10 year timeline to reach FI was unrealistic We agreed and thought 10-15 years is much more realistic. And even if people take 20-25 years it is still a huge win over where they would have been otherwise Debt-free isn’t the goal – it is financial independence Comment from Tallis on how the podcast has been “life changing” for them. They already put a plan on paper for early retirement! Feedback from Isaac that the Roth IRA is the “worst” investment vehicle and we’re going to unpack this in the future Jonah said dollar cost averaging provides far below average market return. While we agree mathematically, it is still difficult psychologically for people to dump a bunch of money into the market at one time Travel rewards question from Ben on the timing of the Southwest Companion Pass Travel rewards question about hotel rewards and how to maximize Hyatt and Starwood Episode 17 coming up: Behind the scenes look at the Mad Fientist Links from the show: Podcast episode: Coach Carson Coach Carson’s website Sign up for Chad's email list Article about Chad as a Clemson Tiger football player Chad’s first house hack & house hacking guide ChooseFI podcast episode on travel rewards
016 | In Today’s Podcast we cover: Real estate investing and house hacking with Chad “Coach” Carson. On the path to financial independence, how much of your own budget is going towards housing? After Chad graduated college at Clemson, he got started with real estate investing in his college town. How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years. When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years. When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money. This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely Easy to become rich saving the money you’d otherwise be paying for your house and car payments Keep it simple and pay attention to the fundamentals with your financial life How do you get started with real estate? Where do you find a multi-family unit to buy? What to look for: neighborhoods with charm, safe, public transportation nearby Avoid cookie-cutter neighborhoods on the outskirts of town with new construction Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings. It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price) Chad was able to pull his equity out and invest in another deal Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units How to get started finding financing if you have no money saved and no contacts? Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan Building relationships with local real estate investors and private lenders Real estate debt snowball to fully own these properties as a path to wealth and financial independence Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing Chad and his business partner have approximately 90 rental units currently Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal Hot Seat Questions Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble Links from the show: CoachCarson.com Root of Good House Hacking Guide - How to "Hack" Your Housing, Live For Free, & Start Investing in Real Estate How to Retire Rich With Ugly Houses and Embarrassing Old Cars Stock Series at JLCollinsNH.com The Debt Snowball Plan - How to Get Free & Clear Rental Properties The All-Cash Plan - How to Get Free & Clear Rental Properties How Many Rentals Do I Need to Retire FHA 203k Loan information
Keeping up with the Joneses' will cost you
1. Allocation when Investing in a Bubble? Kyith points out that allocation matters as the Early Retiree approaches their FI date 2.Paul wants to know where he should put his emergency fund 3. Should Brad Pay off His Mortgage? Kevin challenges Brad & Jonathan on whether they should pay off their mortgage using the Dave Ramsey litmus test 4. Matt would like to see ChooseFI tackle Effective Altruism 7. Sharing Resources
Links Mentioned in Show
https://www.choosefi.com/start
https://www.choosefi.com/Disney
Travel Rewards | Southwest companion pass and how to travel to Disney
015 | In Today’s Podcast we cover: Our guest: Justin from Root of Good Justin had access to 401k and the 457 retirement plans 457 plan is an extremely valuable took for early retirement as there is no 10% early withdrawal penalty
Justin’s early retirement journey: Retirement at 33 Saved over 60% of his income to help retire early Justin has a wife and 3 kids and was still able to retire early What does a day in the life look like for Justin and the Root of Good family? “Optimal spouse selection” is important on the path to early retirement.
You both need to align and be compatible with the savings mindset Being early retired gives you the flexibility to spend your time as you choose and live like a billionaire from a prior era Justin followed the Early Retirement Forums to model the behavior as he was learning about the path to financial independence Does it really cost $300,000 to raise a child?
They spend $29,000 to $34,000 per year including luxurious vacations Quote of the day: “If you want to be average, it’s going to cost 300 grand” How they save money on cruises for the family: Go in the off season, look for deals online and book through a shopping portal like Ebates, don’t book excursions through the cruise line How does early retirement impact your children?
Great lesson to teach your kids: I worked really hard for 10 years, saved money, and now can enjoy life for the next 50 For people who save money, it isn’t a stressor, it’s a tool to live a better life You have so much extra time to spend with your children when you are early retired Significant tax savings from having children 2nd Generation FIRE: How to pass this concept on to our children and to teach them to get started even before we did
Planning for children’s college while early retired How to get college credit while still in high school (AP classes, classes from local university, etc.) Once you get to college, how do you pay for it? How to hack the FAFSA: they don’t look at retirement savings or home equity for calculation Don’t pay sticker price for college! Financial aid and scholarships are plentiful Some elite schools offer full scholarships to “lower income” people of which early retirees may qualify Will college still be relevant in 10 years and how will you pay for it?
Control your Tax Rate by understanding how our marginal brackets work and eliminating consumer debt and taking advantage of tax deferred accounts Get Started on Path to FI https://www.choosefi.com/start Free Travel Course https://www.choosefi.com/travel For Net worth Tracker https://www.choosefi.com/pc
Community Questions 1. Brian has a question about separation of service 2. Jason questions whether to use Vanguard vs Schwab 3. Kristen wants to know why she was denied for a premium credit card despite having 700+ credit score 4. Tyler shares how he used geoarbitrage to supercharge his path to FI
Jonathan and Brad introduce a new segment with the FWOTW of the week (Frugal Win Of The Week)
014 | The Phases of FI with 1500 days (Mr 1500) Our Guest: Carl from 1500 Days The Phases of Financial Independence Close-knit community at Fincon and FI generally, Its amazing how much you have in common with somebody when you share a philosophy about money
What is your philosophy about money? It isn’t about money – it’s a tool to a better life The goal of his site 1500 Days to freedom Their real estate investing experience Buying a McMansion and selling it within 2 weeks How one bad day at work led him to MMM and the concept of early retirement
The importance of health Surrounding yourself with the best possible people Live in a place that has outdoor pursuits, the best possible library and a strong community
Raise your children to be good, hardworking people and raise your knowledge every day Explore the world and give back by volunteering Time is the most essential resource, and it's slipping away from you unless you plan for it Develop passions to design the life you want to live with the time available.
Without passions, FI would be a prison The Four Phases of FI Financial independence doesn’t mean not earning money. It means following your passions Hot Seat Questions
Control your Tax Rate by understanding how our marginal brackets work and eliminating consumer debt and taking advantage of tax deferred accounts
Get Started on Path to FI https://www.choosefi.com/start Free Travel Course https://www.choosefi.com/travel For Net worth Tracker https://www.choosefi.com/pc
Community Questions 1. Brian has a question about separation of service 2. Jason questions whether to use Vanguard vs Schwab 3. Kristen wants to know why she was denied for a premium credit card despite having 700+ credit score 4. Tyler shares how he used geoarbitrage to supercharge his path to FI
Jonathan and Brad introduce a new segment with the FWOTW of the week (Frugal Win Of The Week)
013 | Our guest: Millionaire Educator shows us how to invest your money. He shows how teachers, firefighters, police officers and public employees can leverage the power of pretax savings to supercharge their retirement , and become millionaires.
Take this information to learn how to invest your money and retires decades before your peers Ed’s journey from a college basketball player to a Spanish teacher Graduate school led to $45,000 total debt at age 33 Taught ESL in Saudia Arabia and paid off debt Returned to the US from Saudia Arabia with a $110,000 net worth Had to figure out the concept of FIRE before it even existed Taught in public school in Georgia for the next 7 years
The two retirement plans available to public sector employees: 403(b) and 457 Teachers can fully fund both of these accounts ($18,000 to each in current year) Putting away this money helps dramatically decrease your taxes
In 2007 his net worth was $400,000 2009: Next phase of their retirement journey 403(b) fees are significant, so it was to their benefit to move jobs to roll their 403(b) accounts to a lower fee (‘separation of service’ clause) 457b is a special account as it doesn’t have the 10% penalty for pre-59.5 age withdrawals
Phase 3 of retirement plan: Starting in 2014 they worked for 2 years and saved $238,000 What they are living on: a) $90,000 from 457s b) 72-T withdrawals from IRAs How to control your tax bracket for big savings (potentially down to $0)
Debt avoidance: debt is paid with after-tax dollars Geo-arbitrage and living abroad or even just a lower cost state 457b account is an emergency fund that is pre-tax dollars
How Brad and Ed are not “perfect” with their investing Pay increases for teachers when attaining new degrees. Raises that last a lifetime Earning extra money for coaching and extended day teaching to max out retirement accounts How they saved over $100,000 in a year towards retirement accounts
The Friday Roundup acts as a way to connect the FI community bringing in your feedback questions, and corrections. https://www.choosefi.com/Start
Text choosefi to 44222 for FI made simple Ebook
On Todays episode Feedback on the Frugalwoods episode Email from Isaac: How have others responded to you being “openly FIRE” in your real life? Email from Evan: Has some tax hacks he wants to pass along Questions about travel rewards – do Chase points expire and how to transfer? Update on Jonathan’s goal to lose 30 points by April 22nd Jonathan and Brad's Favorite networth tool
FI made Simple Ebook Travel Course Personal Capital Review
012 | Living Frugal is a Powerful FI Tool Liz from Frugalwoods coaches us through the ultimate guide to frugal living The benefits of minimalism and living frugal Frugalwoods family saving 70%+ of their income Their conscious decision in March 2014 to pursue financial independence
Entirely possible to pursue living frugal anywhere including large metro cities. In fact these cities may have built in advantages like transportation What is the difference between someone who saves 70%+ and everyone else?
First ask ‘where you want to be’ Not a sacrifice but a reorientation of how you spend and your priorities The benefits of living frugal: happiness & joy How they actually moved forward in March 2014 with their newly ultra-frugal lifestyle
How the Frugalwoods family saves on food & groceries Does it make sense to pay off your mortgage? How they spend nearly $0 on entertainment Bring your own food to work every day and save $20+ per day No car payments & buying used cars
Buying nearly everything used No impulse buying – wait 72 hours after you want to make a purchase Embracing imperfection: why & how they cut each other’s hair living frugal can simplify and streamline life
The Frugalwoods homestead in Vermont Educating yourself when making a major purchase You don’t need to spend money to be happy: frugal substitutions Hot Seat Questions Favorite Life Hack Hacking the soda stream
011 | In Today’s Podcast we cover: Future guests and how our interviews will be different than other podcasts
Introduction to the “hot seat”
010 | In Today’s Podcast we cover: Fitness and nutrition from a financial independence mindset Jonathan’s quest to lose 30 pounds in the 3 months leading up to his son’s birth JD Roth’s talk at the Camp Mustache event to create a personal mission statement Jonathan’s post-it note goals for his next 3 months of losing weight Be intentional about your goals Eating to live, not living to eat
The dangers of carbs and processed sugar Frugal, ripped, lean and wealthy
009 | In Today’s Podcast we cover: Why Jonathan started with travel rewards: Wife’s family in Zimbabwe: $6,000 in flights every two years
https://www.choosefi.com/travel
What is this travel rewards strategy all about?
Minimum spending requirement defined Options to meet minimum spending requirement
Return on investment: instead of 1.5% rewards, you can earn upwards of 33%
Impact on credit score and Brad’s personal experience Is this strategy right for you?
The Chase Gauntlet and why you want to focus on Chase cards first Where to start? Chase Ultimate Rewards
How to earn the Southwest Companion Pass (and the value of the pass) Business credit cards Ultimate Rewards points and three ways to redeem them
Jonathan’s trip to Zimbabwe: Helping him save $6k in 5 minutes How to search for flights at United’s website
If this strategy can take Jonathan to Zimbabwe, it can take you anywhere! Other destinations with ‘sweet spot’ options: Costa Rica, Hawaii, Europe
If you want to take 1-2 nearly free vacations per year, this strategy is right for you
008 | In Today’s Podcast we cover: Don’t piss off the accountant: Bank Fees Americans spent $32 Billion in overdraft fees in 2016
Bank accounts and credit cards should be financial tools you use for free Overdraft fees mean you have no money and the bank is loaning you money for $35 at a time
If you don’t have $1,000 in savings you have an emergency Jonathan had one overdraft in 2016 but his system for putting it on a credit card avoided a fee
One fee leads to another. Come up with an action plan to avoid them If you get hit with a fee, call your bank to ask them to waive it
If you threaten to leave your bank over a fee, they will almost always waive it
Determine if you need a local branch for your bank to save more money If you’re getting hit with any fees, you need to sit down with your banker to come up with a plan
007 | In Today’s Podcast we cover: America’s food obsession: We’re fat and broke How Brad’s family saves money on food Being smart with ingredients.
How often does Brad’s family go out to eat? Go out for lunch instead of dinner Emergency meals in extra freezer Being efficient shopping at one store.
Cut down on business Plan out the 2-3 meals you want to cook for the week Index of Top 50 recipes (A++ recipes) to cook Getting five nights of dinner out of cooking two meals Jonathan’s plan: cook for multiple nights and don’t waste food
The waistline test and the fridge test Food budget programs Making food prep psychologically easy. Simplicity is key
The Ultimate Costco Meal Plan and 10 items Jonathan buys 31 loaves of bread from one 25-pound bag of flour, 18 cents per loaf Find out your price per unit on your staple foods
Jonathan doesn’t eat out at restaurants where he needs to leave a tip (goes to Chipotle and Panera) Health consequences – don’t overeat To cut down on portions, plan for leftovers Take willpower out of decision-making Small tweaks to make your life better over years Healthy lifestyle saves money on healthcare
006 | In Today’s Podcast we cover: The Power of Partnerships How Brad and Jonathan met Our decision to partner up on Choose FI The importance of taking action
The value of personal relationships in an online world What to look for in a partner Complementary skills and how it can help beat the learning curve How to find a partner in your niche
Find people you connect with and meet in person if possible
Split up the duties in the partnership to create an effective partnership Partnerships likely aren’t going to be 50%/50% in time spent, but you can still add value
Have an understanding from the outset what the partnership will entail to avoid problems down the road
005 | In Today’s Podcast we cover: Dave Ramsey and Jonathan’s history following him Dave’s unyielding stance on debt: don’t do it Review and evaluate Dave’s teaching philosophies Baby Step 1: Get an emergency fund of $1,000
Baby Step 2: Pay off all your debt except for your mortgage Explanation of the Debt Snowball Our hybrid approach to the Debt Snowball vs. Debt Avalanche Advice isn’t “one size fits all.” You need to figure out what works for you! The 4% rule explained and the impact on financial independence
Dave Ramsey says to not take advantage of 401k match if you’re paying off debt The math of personal finance vs. the psychology of personal finance
Baby Step 3: Get 3-6 months of expenses in savings Our personal emergency fund strategies
Baby Step 4: Invest 15% of household income into Roth IRAs and pre-tax retirement funds
Baby Step 5: College funding for children Baby Step 6: Pay off your home mortgage early
Baby Step 7: Build wealth and give Please leave us a written review on Itunes to help the podcast grow
Corrections from the show Roth's do not require any seasoning period. You can withdraw your initial contributions tax free at any time for any reason. It does not have to season for five years. Practically this makes the Roth even more powerful as a possible savings vehicle during your teens and college years when your tax rate is very low
004 | In Today’s Podcast we cover: Interviewing Jonathan to hear his story August 2013 Jonathan graduated from Pharmacy School with $168,000 student loan debt
How did he get to that point? ‘Followed the rules’ to get his pharmacy degree but came out owing $1,000 per month in interest You don’t have as much money as you think: the impact of taxes
How many years of work he gave up to pursue advanced degree and then pay down the debt just to get back to $0 net worth Would there have been a more efficient way to earn a $100k+ income?
How Brad saved 90% of his income the first 2 years living at home and how it set him up for life Jonathan paid off his $168k of student loan debt in 3.5 years (!)
What it takes: Incredible focus & intensity Create metrics to track to make paying down debt a fun game He looked at every single monthly expense to see if they could save money
They were able to cut their cost of living from $60k per year to $38k per year Is there a need for an emergency fund?
Differences in financial personality types When loans are paid off where does he go from here? Plans for 2017: emergency fund, create blog and podcast, create new streams of income
Do understand how expensive your investments are?Jonathan and Brad explore how Expense Ratios and Assets Under Management Fees Erode your Returns and Portfolio over time.
And why avoiding them is the difference of millions of dollars.
Resources Mentioned Investment Calculator https://apps.choosefi.com/calculators/
https://apps.choosefi.com/start
Check out our Book
https://apps.choosefi.com/book
Brad shares how he iterated out of failure to a online business success and how you can too!
The skills learned, even from ‘failures’: ability to create websites, The value of personal relationships, even in an online world.
The value of being a “real” person and how people relate to that Aligning your incentives with your audience to create a successful site and a win-win Turning an online website into a “real” business
Resources mentioned in show
https://www.choosefi.com/disney
https://www.choosefi.com/travel
What if you could get to the point where working is optional not just in your golden years but in your best years and have fun doing it.
Welcome to the Financial Independence Community In the Original First Episode of the ChooseFI Podcast Brad and Jonathan share their objectives for the show and what they want you to get out of it.
Welcome to the Show! Jonathan & Brad are not gurus. They are 2 average guys who are figuring out the rules of Financial Independence and sharing what they find with millions of other like minded people.
En liten tjänst av I'm With Friends. Finns även på engelska.