ChooseFI

By The Unstuck Network

Listen to a podcast, please open Podcast Republic app. Available on Google Play Store.


Category: Investing

Open in Apple Podcasts


Open RSS feed


Open Website


Rate for this podcast

Subscribers: 1893
Reviews: 6

marius
 Feb 4, 2020
awesome podcast a lot of very useful information I got from it

John
 Oct 9, 2019
Monday episodes: 4. Friday episodes: 2. I usually skip after the third time I hear the word 'community'. Too many rah-rah life stories from other bloggers/podcasters in the FI echo chamber, not enough actionable tips.

Chuck S
 May 10, 2019
This is one of two podcasts (the other being The Jordan Harbinger Show) that I tell everyone they should be listening to on a regular basis. Take a break from music and get the knowledge you need to level up your life.


 Nov 18, 2018

Emil
 Oct 22, 2018
Great podcast with real personality and vast various information in regards to financial independence.

Description

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.

Episode Date
253 | Back to Basics
56:16
  • Going back to the basics of ChooseFI being a crowdsourced show, Brad and Jonathan address what's going on in the FI community with a wild card Friday episode.
  • Why revisit content that's already been discussed? After several years of introducing new ideas, the ChooseFI audience may be in a different place financially and ready for a refresher on some of the more advanced concepts presented earlier in the show's history. And newer listeners may not have combed through the archives and missed out on topics relevant to their situation. This episode back to basics provides an orientation of what ChooseFI hopes to deliver.
  • Goals for the podcast are to introduce a new idea or story during the Monday episode. But not every strategy or tactic works for everyone. Friday's Roundup episode looks at that idea from different perspectives, incorporates audience feedback, and seeks to answer additional questions.
  • The FI Weekly is the email Brad sends out every Tuesday where he provides subscribers with ideas to ponder, inspire, and motivate people on their own journey and shares what actions he is taking to make his life a little bit better. Opt in to receive Brad's email, The FI Weekly, at ChooseFI.com/start.
  • Financial independence means different things to different people. For Jonathan, it means he has options allowing him to choose what he does during the best years of his life. For Brad, it means freedom, giving him the ability to live life on his terms, spending time with his family.
  • Pursuing financial independence doesn't mean living a life of deprivation. It's about choice. No one should tell you how to spend your time, your freedom, or what to spend your money on. You have the freedom to spend money on an expensive car if you choose, as long as you understand the impact of that decision.
  • It's not even about being at financial independence or not. Simply being on the path to FI gives you options. Whether you're in a toxic situation at work or want to pursue a passion project, just working toward FI gives you options those on the standard path cannot afford to take.
  • Sharing stories from the community and discussing the decisions they have made broadens and brings to light the scope of options available to the variety of personal challenges you may have.
  • The pursuit of financial independence is not necessarily about hitting that FI number. It's a life optimization strategy.
  • If you are working in a low-wage job and don't see the path, you can be trained in a new industry and be making $60-80K within six months. Check out the Talent Stacker podcast.
  • Shane recently posted in the ChooseFI Facebook Group, “I'm a recent college graduate, 23 years old. What advice would you give yourself when you were my age regarding investments, retirement/401K, and student loans? I want to invest, but I also have about $30,000 worth of student debt, but I'm only making around $41,000 a year.”
  • Brad notes that a lot of people like Shane are looking for tips or special advice that will get them to financial success, but that there's nothing complex about it. It comes down to savings rate and time.
  • Increasing savings rate is easier when you reduce your structural expenses. If your life doesn't cost much, you can increase your savings.
  • When first starting out, Brad and Laura weren't making high salaries, but they set themselves up for success by moving to a city with a lower cost of living, purchased a home with a reasonable mortgage, and have driven the same car since 2003. These choices allowed them to have a 50% savings rate and meant if Laura decided to stop working once they had kids, they would be fine.
  • Brad and Laura became wealthy because they didn't care about looking wealthy.
  • With some quick math, Jonathan calculates for Shane to have a 50% savings rate, his monthly expenses will need to be $1,700 a month. With a mortgage and expensive car payment, that may be difficult. He might do well trying something like house hacking.
  • Shane could purchase 4 bedroom house, rent out rooms to friends and cut his housing expenses down to $300 a month.
  • 40% of most people's expenses go to housing and transportation. Optimizing in just those two high-cost areas can make a huge difference in your savings rate.
  • Anchoring yourself to a food budget of $2 per person per meal per day in another way to reduce a major expense category. Laura sits down once a week to plan out several meals for the week, making enough to have as leftovers on a second night. The meals she cooks average that $2 per person per meal goal which helps them save over $1,000 on eating out and picking up convenience foods at the grocery store.
  • A rough target for housing expenses is 25% of your take home pay.
  • For investing, Brad recommends Shane begin with low-cost index fund investing and JL Collins' book The Simple Path to Wealth.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Sep 18, 2020
252 | Life Rebuilt | Julia Harder
55:51
  • Everyone's path to FI is going to look a little bit different and there is so much we can learn from each other. Hoping to inspire and share lessons learned through conversations with community members, Brad and Jonathan speak with Julia Harder, an active duty member of the Coast Guard, is already well on her path to FI.
  • Always a natural saver, Julia was influenced by her dad, who stressed the importance of investing, and Dave Ramsey's teachings that debt is bad. She was on a good financial path, yet she still felt something was missing.
  • Though it sounds counterintuitive, Julia's path to financial independence began with divorce. Prioritization to her marriage, she rarely spent money on anything she didn't absolutely need. During her marriage, her husband helped her learn that some spending can be a good thing. Unfortunately, he was an irresponsible spender and there were months Julia found she couldn't pay all of the bills.
  • Although she knew something was wrong, she failed to listen to her instincts and all of the red flags that kept popping up. she just assumed everything would be okay rather than taking a step back and thinking about it critically.
  • Following her divorce, she was left with a $300,000 mortgage, a $20,000 car loan, no savings, and was feeling like she had hit rock bottom financially. Following Dave Ramsey's advice, Julia began to follow his steps to get back on her feet and find herself and her financial objectives again.
  • Julia was all in on Dave Ramsey's strategies. She cut up her credit cards, began using cash for everything, and made a budget every month. It gave her discipline and solidified her habits.
  • She found ChooseFI in May 2019 after she began teaching personal finance to other members of her Coast Guard unit. The thought of optimizing investments and taxes really caught her attention. It was exciting to begin taking action to optimize her money in these areas as well.
  • It was more difficult to come around with respect to travel rewards credit cards, but because she had learned to be disciplined with her budget, she could spend money on a rewards credit card and begin optimizing her travel spending too.
  • Before ChooseFI, Julia thought she was killing it with her 15% savings rate. She assumed 59 and a half was the earliest she could retire because that's the age her finical advisors had given her. She was blown away when a ChooseFI guest discussed their 70% savings rate. It was then that she realized she could control so much more than current her zone of awareness concerning savings and retirement.
  • Julia plans on remaining in the Coast Guard until eligible for a pension at 20 years of service. While others often ask if she'll be bored, she has a list of passion projects she can't wait to pursue without having to worry about how to pay the bills.
  • As someone who always enjoyed public speaking, last Fall, she took up book narration after reaching out to a friend with audio experience for help getting started. She's also joined Jonathon's Talent Stacker class and looking to start a podcast.
  • Julia keeps a list of all the things she wants to accomplish and FI will give her the freedom to pursue them without being obligated to a job or other people's expectations.
  • Between Julia's pension, TSP, Roth IRA, and a taxable brokerage account, she plans to hit Fat FI in 2027 when she becomes eligible for her pension.
  • Calculating a FI number with a pension is a bit different than multiplying annual expenses by 25. Julia estimated her pension using the military's pension calculator. She multiplied the difference between her pension and her expenses to calculate her FI number.
  • While she still follows the tenants of Dave Ramsey's Baby Steps and has met the minimum standards, she believes she has moved on from the standard path of working for 40 years and is more in line with ChooseFI.
  • Jonathon stressed that like Julia, members of the military with a pension, the Roth Conversion Ladder is not going to be a good option since it requires a few years with little to no income.
  • When exploring the idea of a talent stack, some people may have a difficult time identifying what they are really good at. It might start with identifying a pattern in what others tell you you are good at.

To watch the video highlights, click on ChooseFI.com/252

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Sep 14, 2020
251 | Should I Pay off the Mortgage on the Path to FI? | Brad Connects with Martin and Ayesha
01:02:09
  • Martin and Ayesha are both natural savers who have been great about living below their means but lacked a real plan. Their goals are to maximize investments for retirement and finding ways to utilize dividend funds.
  • After stumbling across the ChooseFI podcast, they felt like their financial independence number and retirement seemed obtainable which has helped push them to commit and make even bigger changes.
  • While Martin and Ayesha had a 20-25% savings rate before finding FI, Brad commended them on what a great job they were doing. He also stressed that FI is about living a better life and having the financial security to get you there, not what your savings rate is.
  • Despite the inclination to save, Ayesha always resisted the thought of meticulousness and restrictive budgets. However, she found that she could get behind the idea of focusing on spending on what they truly valued, so they began using Personal Capital as a less obtrusive method of tracking their spending and gaining insight into their habits.
  • Something that Martin and Ayesha place considerable value on are experiences, particularly travel, spending time with friends and family, and being healthy. Instead of getting together at restaurants and spending money on pricey meals out, they began hosting monthly potlucks.
  • Ayesha has found the website Budget Bytes to be incredibly economical when it comes to low-cost recipes and efficient for discovering uses for the ingredients she already has in her refrigerator. It's helped to cut their grocery bill to around $600 per month for their family of 4.
  • Due to quarantine restrictions, Ayesha was out of work for months, which she calls a blessing in disguise. During that free time, they were able to take a deep dive into their spending and immediately saved $500. It also allowed them to slow down and spend more time with family enjoying the outdoors, playing games, and eating all three meals together.
  • Following the time off from work, Ayesha has realized that it does cause her some stress which made her want to buy things. It also strengthened her conviction to reduce her workload within 5 years to perhaps just one day a week so that she can find more joy in the moment.
  • Although Martin enjoyed his two-hour daily commute, working from home during the pandemic has made him more aware of the importance of time. He now strives to make the most of his time and focus on using it in ways that bring him the most value.
  • While their monthly expenses are not constant because life is lumpy, it runs around $3,500 but can go as high as $5,000 a month when home repairs are needed.
  • Martin and Ayesha have a goal of reaching FI in seven years and are looking at exploring several different options to help get them there.
  • With option one, they would withdraw money from an investment account to pay off the mortgage on their home. The money saved on the mortgage payment would then be invested for the next seven years.
  • In option two, they would use their investment account to pay off half of the remaining mortgage and continue to make the monthly mortgage payments which result in a mortgage pay off in seven years.
  • Their third option is to refinance their current mortgage which has 17 years left at 3.3% interest rate to a 15-year loan at 2.6%, but that refinance incurs $7,000 in fees. The payments would remain the same, but the home would be paid off two years earlier.
  • Ayesha likes the idea of not having a mortgage but doesn't want to do it if the numbers don't make sense. However, Martin is okay with a lower net worth if it means they can get rid of their mortgage because he feels they would have more options.
  • Brad admits this is an issue he and many others in the FI community struggle with. With such low-interest rates on mortgages, it's almost always a better option mathematically to keep the money invested, but it doesn't mean it's the right decision for everyone. The psychological aspect needs to be considered.
  • If they would like to pay the mortgage off in seven years, the best thing they can do it to use an amortization calculator and see how much extra they will need to pay each month to have the mortgage paid off in seven years. Martin and Ayesha can then see how that payment fits into their current lifestyle.
  • As a fourth option, Brad pointed out that they can drastically reduce their FI number if they were to pay off their mortgage. With a FI estimate of 1.25 million, using the 4% rule, they would have $4,000 per month. If the mortgage was paid off, they could reduce their monthly expenses by $1,600, and then their FI number is only $750,000.
  • After living through the 2008 housing market crash and not having a plan, and then this most recent market downturn, Martin and Ayesha have realized they may not be as risk-tolerant as they used to believe. Brad suggested having an investor policy statement that they've written down to help them stay the course in times of uncertainty.
  • The biggest takeaway is the being on the path to FI gives you options when you have the freedom and flexibility to create a plan that works to meet your goals and live a better life, even if it isn't always mathematically optimized.
  • It's a common problem to be overwhelmed with all the information we consume about optimizing various aspects of our lives that we end up with analysis paralysis. It's important to remember that we're trying to live better lives. They don't have to perfect or 100% optimized.
  • One final concern Martin and Ayesha have is funding their children's education. Brad admits it may be wishful thinking that the higher education system goes through some sort of dramatic change in the coming years, but he and Laura consider paying $50,000 a year for college to be unpalatable and have stopped putting money into their girls' 529 accounts. Instead, they have tried to normalize the conversation about money in their house and have discussed lower-cost options for college.

To watch the video highlights, click on ChooseFI.com/251

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Sep 11, 2020
250 | Money Lessons From My Grandparents | Anne Zonca
41:28
  • Once you realize financial independence is possible for you, how do you ensure the money lessons you've learned are consistently passed down to future generations?
  • Anne Zonca's family is well ahead of their time when it comes to financial independence. When many are focused on second-generation FI, Anne herself is third generation FI working to pass along her family's lessons to her own children.
  • Children of the Great Depression, Anne's grandparents were deeply effected by having lived through it. Starting out in marriage with literally nothing, they worked hard and saved so that they never had to live through a financial situation like that again. Understanding that saving was not enough, they began investing in the stock market in the 1950s.
  • With a formal education, her grandfather stayed informed with the Wall Street Journal and sharing stock tips with his brother. They invested in individual stocks, picking ones they felt were stable, like oil and gas, or utility companies. For stocks that paid dividends, they reinvested the dividends. with this strategy, they were able to build a substantial amount of wealth.
  • Anne's mom recounted stories about how her grandfather got into stock investing, but Anne became more aware of her grandparents investing prowess around 14 when they began gifting stock to their children and grandchildren.
  • While the value of the gifted stock wasn't necessarily a large sum, it was substantial considering they were regularly gifting to 4 children and 11 grandchildren.
  • The gifted stocks were paying decent dividends, but rather than receive a lot of checks for small amounts, the dividends were all reinvested.
  • Though the growth on the stocks gifted to Anne was not enough for her to reach FI, she definitely had a heart start and was learning about stocks and investing at a young age.
  • Her grandparents gifting stock to the family was a win-win scenario as her grandparents did not have to sell the stock and pay capital gains on the appreciated value. Though the recipient bears a tax burden, children are entitled to a certain amount of capital gains each year tax-free.
  • Currently, children can have up to $2,000 of capital gains before being subject to capital gains taxes.
  • Following the example set by her grandparents, Anne's parents were able to achieve financial independence as well through entrepreneurship and real estate.
  • Although preceding generations had reached financial independence, it wasn't wealth being passed on from generation to generation that got them there. It was the lessons of spending less than you make and smartly investing the extra that perpetuated generational success and wealth.
  • Despite her grandparents' success in the stock market, there was remarkably little conversation about investing until the grandkids were older and showed an interest in having such conversations.
  • As a result of the gifted stocks and her parents being good stewards of it for her, Anne was able to use it and graduate from college debt-free.
  • As life is often bumpy, Anne experienced her own financial setback when she divorced her husband and the courts gave her ex-husband half of everything her grandparents had gifted to her. Luckily, the money lessons she had learned allowed her to be in a financial position to leave behind the marriage and move on with her life.
  • Although not everything has gone fairly or smoothly since the divorce, Anne has adopted a great attitude by understanding that it's only money, she will be able to move on, and that she will still reach FI.
  • The advice she would give to anyone else going through a divorce is to work with the things that are burdening you, follow your heart, and don't sacrifice your life, happiness, or the person you want to be over a bad decision. You can work hard and invest. There are still a lot of opportunities to save money, meet goals, and find love.
  • Having been a stay-at-home mom and yoga teacher, Anne needed to get back into the workforce to support herself. A friend advised her to do it scared. The first year was hard, but she built up her skills and got her CPA certification renewed.
  • Anne's grandparents lived long enough to begin gifting stock to their great-grandchildren, so her kids have been the fortunate recipients of these gifts and their associated money lessons.
  • In addition to the stock gifts, Anne started a program of investing pocket change with her kids. Now that they are are in high school, they listen to ChooseFI with her and she's established stock accounts for them so that they can become comfortable investing in stocks and mutual funds.
  • To impart a FI mindset in her children by being an example. Anne drives used cars. She also has them responsible for paying their own car insurance, which incentivizes them to get good grades to earn a discount. And she gives them some say in how Anne she invests money for them.
  • Anne says financial independence means freedom. She can make decisions independent of the financial impact.
  • Second, third, and fourth generations have a distinct advantage when starting out in life with the information, language, and a framework to make their path to FI easier.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Sep 07, 2020
249 | Carol connects with The Retirement Answer Man Roger Whitney
01:05:30
  • Brad is back after taking August off of work as his Red X month. Though his original vacation plans were changed because of COVID, he made the best of it. They spent three weeks in Long Island visiting family, enjoying the pool, board games, and a digital detox.
  • While Brad was away relaxing, Jonathan used that time to work on a couple of big passion projects. During the month of August, Jonathan created a podcast course and membership group. He also started a new podcast as a way to demonstrate to the group how you start one. The Talent Stacker podcast uses the content discussed on ChooseFI but then goes even further and fills in the holes to focus on skills, certificate programs, and career paths that don't require the high cost of college.
  • The first episode of Talent Stacker has already been released and this coming Monday's episode will feature Bradley Rice where he and Jonathan discuss a carer path you can start for free with no talent stack, no career, and no experience and after 6 months of training, you can make a minimum of 60-80K with the ability to scale for an even higher income.
  • The Talent Stacker membership program has lifetime guaranteed access where they will work with you to as long as it takes to get you working in that new job earning $60,000.
  • Programs such as the one discussed on next Monday's Talent Stacker episode are becoming more popular with examples like Google's new career certificate program which also takes about 6 months to complete at a fraction of the cost of traditional college. The Vice President of Global Affairs at Google, Kent Walker, stated they consider the certificate to be the equivalent of a four-year degree for related roles.
  • The next Households of FI family featured this week is Carol, sho found FI in 2020. In her mid-50s, Carol claims she is financially illiterate and does not want to end up being a burden to her child. Her goals are to change her deprivation mindset when it comes to money, retire with financial security, and kick her lifelong issues with credit cards. Carol was introduced to financial planner, Roger Whitney, to come up with a financial plan of attack.
  • Since finding FI, Carol has jumped right in reading and listening to as much as she can. In that time, she has cut her debt in half. She believes her first steps should be to pay off debt, start an emergency fund, and begin saving aggressively for retirement. She also knows she needs a mindset shift.
  • Carol struggles with budgets, but she's contributing to her 401(k) for the first time and is only giving herself a small amount of spending money with everything extra going to savings after her bills have been paid.
  • Roger suggests there are two ways to tackle the mindset issue, either toughen up and do it, or set up a system to capture her excess money.
  • Rather than focus on the big hill Carol needs to climb, Roger wants her to focus on what little thing she needs to do next to begin to create momentum. He also suggests that having a community like ChooseFI is great for providing encouragement, assistance, and being a virtual mentor.
  • Carol wants to know which is more important paying off her credit cards or building her emergency fund. Because she's been good about not using her credit cards and they have a high-interest rate, Roger wants her to focus on paying off her cards with every extra dollar she has.
  • Second, Carol should set up a system for how she manages her money. It can be helpful to have income deposited into a savings account we don't see and then transfer spending money to checking accounts at another bank.
  • After paying bills and buying groceries and gas, Carol has about $200 leftover at the end of the month before she receives her commissions from sales. With her commission checks, she would like to save 50-60% of her income.
  • Carol's company offers both a traditional 401(k) and a Roth 401(k), but she is unsure what the differences are. Roger explains with a traditional 401(k) contributions and growth are tax-deferred until withdrawn, while Roth 401(k) contributions are made from post-tax income and grow tax-free.
  • The next two levers Carol needs to focus on are earning as much as she can in commissions which is the most effective way to make the plan work. The next lever is to hang on to the money she is earning.
  • Side hustles are another area Carol is looking at to increase her earnings. She's already published two books and is working on a third, as well as looking for another side hustle.
  • Since she enjoys writing, Roger suggested that Carol could share her journey on her blog and collect readers and be an inspiration.
  • Mentioning that seeing her M1 Finance account grow, Roger thinks it would be useful to set up a system around that kind of excitement for continued encouragement.

To watch the video highlights, click on ChooseFI.com/249.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Sep 04, 2020
248 | You Are More Than Your Financial Capital | Laura Oldanie
47:31
  • What does it look like when you are invested in building wealth, environmentalism, and sustainability? How do you combine raising your net worth while optimizing these other areas of your life? You build a holistic approach to the different types of capital.
  • Laura learned about the different forms of capital through her experiences with permaculture, which is a design science that looks to nature as an example of a closed-loop, no waste system.
  • Her introduction to permaculture through her gardening interest in sustainability. The permaculture flower has seven petals, with each petal representing concepts like Land in Nature, Stewardship, and The Built Environment. In addition, 12 guiding principles can be applied to each petal, such as Catch and Store Energy. She became intrigued after learning permaculture could be applied to more than just the landscape.
  • Not pleased with the investing options available through her employer's retirement account investment options, Laura turned to the permaculture space around money, investing, and finances.
  • Financial permaculture got off the ground around 2010-2013 where permaculture principles were applied to finances.
  • While much of the thinking done early on has been at the macro level, Laura has been working to bring it down the personal finance level.
  • Socially responsible investing is something that Laura does at the local level. She looks for investment opportunities in her local community, like purchasing a share in a local permaculture farm. But she recognizes local investments are few and far between, so she casts a wider net for meaningful investments outside of the stock market, like with the American Homeowner Preservation Fund which buys distressed mortgages and works to keep people in their homes.
  • While it may sound like a charitable contribution, Laura is investing in these opportunities through her retirement account. Though she recognizes these investments may be riskier, she believes there are far greater risks to the environment with many other investments.
  • Anyone considering investing in this way should do their due diligence and understand the risk before investing in a non-diversified portfolio.
  • Laura tries to mitigate this risk using multiple forms of capital as a safety net.
  • In addition to financial capital, there are material capital, intellectual capital, experiential capital, social capital, living capital, cultural capital, and spiritual capital. Other forms of capital sometimes discussed are time, health, and attention.
  • Within social capital, Laura discussed communities helping each other through mutual aid societies and time banks and how they have been springing up since the pandemic began.
  • Understanding these various forms of capital has shaped how Laura thinks about retirement planning. Financial capital is how we access the other forms of capital and they are where our quality of life comes from. Laura has been thinking about how to build and develop her other forms of capital so that she will require less financial capital.
  • Long-term care is extremely expensive as is the insurance to cover it. Building social capital is one way to defer those long-term care costs but may not be a substitute for everyone.
  • Thinking about some of these issues as a system versus a singular item brings more joy and focuses on quality of life instead of a number on a spreadsheet.
  • Jonathan acknowledged that when describing his investor policy statement, he was looking at his options through the various forms of capital he has not solely his net worth and that changes his investing approach.
  • Laura believes it's not necessary to have balance across all forms of capital. It may be more effective to specialize in several and looks to our networks, friends, family, and community to find who is rich in the areas where we are deficient.
  • Though asset mapping, some communities may be poor in financial capital, yet wealthy in other forms which, when tapped, can be converted into financial capital.
  • These forms of capital are not limited to homeowners. They are still accessible to those living a nomadic life, who are renting or not thinking about retirement yet. Community gardens, volunteering, and online communities are several ways to build capital.

To watch the video highlights, click on ChooseFI.com/248

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 31, 2020
247 | Zach and Marilyn Talk Real Estate Investing | Paula Pant
57:23
  • Continuing the financial independence case study series, Households of FI family, Zach and Marilyn are a married couple with young kids. Using Dave Ramsey's baby steps, they no longer have any debt but have wondered what to do next. Looking to explore investing in real estate, ChooseFI connected them with real estate expert, Paula Pant.
  • Though Zach and Marilyn once lived below the poverty line, they managed to pay off their debt, including student loans, a car loan, credit cards, and medical debt. During that time, they gained a little experience with buying and selling property. Since that time, Marilyn has gone back to work and their income almost doubled.
  • Having earned a profit on some previous homes they flipped after living in and renovating them, it's encouraged them to use the skills they've acquired on future investment properties.
  • Where they currently live in Cedar City UT, the market is a bit inflated and are concerned about the 1% rule where monthly rent should equal 1% of the total purchase price.
  • Paula explains that if a property rents for 1% of the purchase price, that is 12% per year at full occupancy. Since it is estimated that operating costs will be roughly 50% of the monthly rent, 6% of the purchase price is what if leftover as an unleveraged dividend on the property. Assuming no increase in the value of the property, but keeps pace with inflation, that's roughly another 3% based on historical averages, the property gives a 6% dividend and 3% inflationary increase, for a total return of 9%. It is a rough way to determine if a property is worth looking into further
  • Exceptions for the 1% rule of thumb may be made when operating costs are expected to be less than the 50% average, such as if property taxes are extremely low or if it is a newer home.
  • Other exceptions to the 1% rule can also be made when buying a multi-unit home where you live in one unit and rent out the others. In those cases, personal criteria for where you want to live also come into play and the 1% rule can be thrown out the window.
  • Because property values are a little inflated where they live, Zach and Marilyn are interested in buying properties in markets where they don't live. Paula believes that it's easier being an out-of-state landlord because it forced her to treat it like a business when she couldn't just pop over and take care of issues herself.
  • Zach and Marilyn were also interested in what criteria they should consider regarding properties that are fixer-uppers versus being move-in ready. Paula says what she teaches the students in her real estate investing course includes a graph where on the x-axis represents a spectrum with “You Find Deals” at one end and “Your Create Deals” at the other. On the ends of the Y-axis are “Move-in Ready” and “Not Even Habitable”. There are tradeoffs between effort and reward, but as effort increases, generally, reward increases as well. If you don't have time to devote to the hardest quadrant of the graph, then it might be easier to find deals in the move-in ready quadrant instead.
  • Since they are debt-free, Marilyn I feeling anxious about taking on additional mortgage debt, but Paula views the mortgage from an investment property differently from personal property. An investment property mortgage is a tool that allows you to cashflow positive.
  • Paula doesn't have a specific price range she won't exceed but says there is a balance of equity to debt that she tries not to exceed across her entire rental property portfolio. She tries to keep a 50/50 ratio where for every $1 of debt she has, she also has $1 of equity which is conservative by most real estate investor standards.
  • To ensure that enough funds are on hand to take care of emergency maintenance and other unexpected household repairs, Pauls advises having 3-6 months' worth of rent on hand to cover these expenses.
  • Zach and Marilyn are wondering if they should cut back on retirement investments and divert to real estate to help them acquire property faster. Paula suggests instead look at how much from their overall budget they want to save and then decide how to divide up the savings.
  • Considering what happened in 2008 with the real estate market, and unsure how the pandemic will impact real estate today, they are unsure when to jump in and purchase an investment property. Similar to trying to time the stock market, Paula encouraged them to look at the numbers to decide if it's a good deal right now. If in the future, the market shifts and no longer makes sense, then sell. When this is done repeatedly over a lifetime, you win.
  • Since they have done well in the past with live-in flips, Paula cautioned them to be aware of their emotions and to be careful about separating what they want from a home they live in with what makes sense as a good investment.
  • A 1031 Exchange allows you to avoid paying capital gains when selling an investment property and reinvest the proceeds from the sale within certain time limits in properties of like-kind and equal or greater value.
  • Living in a property for two of the last five years qualifies you for a capital gains exclusion of up to $250,000 or $500,000 for couples filing jointly.
  • Brad has been an out-of-state landlord like Paula for more than a year. He purchased a couple of properties in Georgia for $50-55,000. The market rent for these properties is about $750-800 so Brad is above 1% at around 1.4%.

To watch the video highlights, click on ChooseFI.com/247

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 28, 2020
246 | Overcoming and Battling Financial Abuse | Rachael Partleton
50:03

To watch the video highlights, click on ChooseFI.com/246

  • What happens when someone is using your finances to prevent you from making decisions that are in your own best interest? What does financial abuse look like and can you reclaim your financial life? Rachael shares her story and how she's become passionate about economic empowerment.
  • Although she had a successful career and what appeared to be a healthy relationship from the outside, Rachael found herself in a relationship with someone who walked all over her.
  • Slowly over time, Rachael's boyfriend began chipping away at her confidence and inserting himself into her finances, putting his name on all of the bills, slinking bank accounts, opening joint accounts, and pushing to have his name on the mortgage to the property she had purchased on her own.
  • Your instincts and feelings are worth paying attention to. Had Rachael explored her feelings more, she believes she would have listened to them better. Not knowing what's happening with your bills or financial accounts is a red flag. Sharing accounts is only good when both people are acting in good faith.
  • The drive to take over control finances may start as a result of insecurity in the relationship, but it can take a turn and be used against the other person as a form of punishment.
  • Rachael describes financial abuse as a psychological assault where your trust is so broken that it can damage the relationship you have with yourself. If you aren't making decisions willingly and freely, you are giving up bits of your power and it's then a slippery slope to giving away too much.
  • There's nothing inherently wrong about merging finances but there's needs to be a conversation it.
  • After 10 years, the relationship ended, Rachael found herself in a legal battle over the property, was experiencing PTSD and unable to do her job.
  • The systemic assault she experienced during the relationship and in its aftermath destroyed her trust in society. All the business, government, legal, and social systems she sought help from had failed her.
  • The bright light in her experience is that Rachael has now become an agent of change to have new laws passed in the UK to help other victims of financial abuse.
  • Learning to tell her story and fight for herself was incredibly difficult, but also a skill-building endeavor. She channeled her anger, found her voice, and learned how to speak clearly and with confidence.
  • Always a fan of journaling and understanding the power of words, Rachael started a blog as an unfiltered outlet for her feelings. The positive feedback she received from family and friends also helped build her confidence.
  • Not wanting to return to teaching, Rachael attended one of Alan Donegan's PopUp Business Schools to possibly become a personal fitness trainer. When hearing about using your experiences to build an authentic business, Rachael realized she wanted to help other victims of financial abuse.
  • Rachael wants to become a consultant to banks, housing associations, and lawyers and tell them what they need to do to stop financial abuse from happening, protecting both themselves and their customers.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 24, 2020
245 | Matt & Megan get International Tax Tips | Dave McKeegan
01:02:54

To watch the video highlights, click on ChooseFI.com/245

  • Matt and Megan are a dual military family on the path to FI. Matt is serving in the UK Royal Navy and Megan is serving in the US Navy, their tax situation is unique.
  • Currently, they plan on having Matt get a green card, allowing him to work in the US, while Megan finishes out her Navy career to earn a pension and then move abroad in about seven years.
  • Once Matt gets his green card, he will be taxed like any other US citizen. He owns an apartment in the UK that he would like to sell. Dave McKeegan notes that since there is no wealth tax in the US, Matt will not be taxed on his assets, but once he gets a green card or meets the substantial presence test, he would potentially have to pay capital gains tax on the sale of the apartment so it would be best to sell it first.
  • Due to the Foreign Account Tax Compliance Act (FATCA), every bank around the world is required to report US citizen account information to the US Treasury Department. US citizens are also required to report accounts on a FinCEN 114 form and assets held overseas are subject to capital gains taxes.
  • Dave wanted Matt and Megan to be aware that mutual funds held outside of the US can often be viewed as passive foreign investment companies. Any investments overseas should be US compliant as well. Vanguard has a number of retirement funds that report correctly to both the US and UK and are exempt from taxes.
  • Matt and Megan are interested in how the can best take advantage of the US tax system and simplify it for themselves. To reduce their taxes, Dave advises Matt to physically give up his green card once they move abroad so that they can place money in international investments under Matt's name and he won't be taxed like he is a US citizen anymore.
  • As long as their assets are less than $2 million, leaving the US will not trigger an exit tax.
  • Depending on income, where their assets are held, and if they have children, their US tax filing status may change to take advantage of higher exemptions, but they should sell the UK property before filing “married filing jointly” as long as he doesn't already meet the substantial presence test.
  • Matt may qualify for a tax-free UK pension when he retires from the Royal Navy but if he has a green card, he will need to pay US taxes on his pension until they move overseas and he gives up the green card.
  • Dave McKeegan has moved around the world and is currently living in Costa Rica. Costa Rica is one of a number of countries that only tax sources of income earned within that country. As his business is located in the US, Dave pays US taxes. If Matt and Megan were to move to a country with tax laws like Costa Rica, they would not pay income tax to that country on their UK and US pensions.
  • Other countries have income tax rules that depend on how much time is spent in that country. So it's possible to slow travel or split the time spend in a few countries and not pay income tax to the countries visited.
  • Countries that tax their citizens living abroad are the United States, Eritrea, and North Korea.
  • While there may be tax advantages to living abroad and giving up US citizenship, Dave has decided that he benefits of retaining citizenship far outweigh the benefits of not paying taxes and the risk of not being let back into the country.
  • Wyoming is an easy state to incorporate a business and there's no state income tax. If also living outside of the US for 330 days a year, you can be eligible for the foreign income exclusion and exclude $100,000 of income from taxation.
  • Alternatively, Matt could set up an online business overseas and pay Megan a salary up the foreign income exclusion amount and also avoid self-employment taxes.
  • Living in Costa Rica, Dave's children have been learning through a combination of the local international school, homeschooling, and the Simple StartUp entrepreneurial program he's been running for a home school group. He is able to have conversations about business and money with his kids about money and they have become interested in investing as well.
  • Though Dave and his family primarily rented homes while moving around the world, the rental market in Costa Rica made conditions more advantageous to buy. When they travel back to the US for extended periods, they can rent their home in Costa Rica out.
  • Diversification doesn't just apply to a stock portfolio. You can be diversified in passports, income streams, and properties from other countries. Spreading your bets around different countries can make sense.
  • Dave discussed some of the issues expats have opening local bank accounts as US citizens. Matt and Megan have been using Revolut to more easily move money around between countries.
  • Opening up a Roth IRA is something Dave suggested Matt and Megan could do to stash away some tax-free money and have ready access to the principal later.
  • Health care coverage overseas was another area Dave suggested they look into, although health care is frequently more affordable overseas. International policies are always an option to look into as well. The policy Dave has for his family cots $7,000 a year and provides coverage everywhere except for the United States.
  • Another helpful tip Dave has for expats is to always have a couple of different bank accounts to avoid issues with expiring cards or the need to access larger amounts of cash.
  • Opening and using US credit cards and travel rewards is also possible overseas. Dave uses a company called Mailbox Forwarding to receive and scan his mail.
  • It can be a hassle to try and say you aren't a resident of some states anymore avoid paying state income taxes. South Dakota does not have a state income tax and only requires residents to be there one day per year to maintain residency.

To watch the video highlights, click on ChooseFI.com/245

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

Aug 21, 2020
244 | Mentorz : A Second Generation FI Success Story | Ava and Don Wettrick
51:49

 

WHAT YOU'LL GET OUT OF TODAY'S SHOW

  • Who do young people look up to today? The lifestyles marketed on MTV and social media not exactly something to aspire to, but where can the next generation go to find something different?
  • Inspired by the work of her father, Don Wettrick, and feeling like she needed to take charge of the issue, Ava Wettrick created MentorZ, a platform designed to introduce great people to Generation Z.
  • As a young child, Ava thought her dad was the smartest guy in the world. It wasn't until she got older that she realized he wasn't necessarily smart, he just read a lot. She's witnessed his transition from teacher to owning a non-profit and embrace the experience.
  • Being a voracious reader, it didn't take much pushing from her dad to begin consuming content from the likes of Tom Bilyeu, Simon Sinek, and Victor Franco and having an influence over her peers.
  • Since getting to know several entrepreneurs, Ava questioned whether or not college is worth the time and expense. She was surrounded by highly successful people telling not to go to college, but she is attending college and has found it helpful to have the financial support of her parents and scholarships while growing, learning and choosing the information she wants to consume.
  • Don acknowledges that for some majors, college is still relevant, and for those who have the money should go, but have a plan. He thinks the best thing students can do is to start doing the thing they might love and begin to shadow people to determine if it is a good fit.
  • Majoring in entrepreneurship at Ball State, Ava is learning about accounting, marketing, running a business, and being a CEO which has only accelerated her drive to make the podcast a success and provides quality content and great messages.
  • Interviewing guests for her podcast has been a significant personal learning experience and changed her perspective on the power of an interview. She waited a year to release the episode recorded with Tom Bilyeu because she feared it wasn't good enough and yet people think it was one of her best. And following her interview with Dov Baron, she received feedback that he believed in her and wanted to mentor her.
  • While there are ways of doing things to make them appear more important than they are, “fake it til you make it” can have its drawbacks. Don believes humility can be key when it comes to Imposter Syndrome.
  • When it comes to second generation FI, Don says it happens by osmosis. His kids have been raised under a frugal lifestyle.
  • Since his last appearance on the podcast, Don left his teaching job to take the non-profit to the next level, growing both the team starting chapters in co-working spaces and tech hubs.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 17, 2020
243 | Corinne and Jillian Johnsrud | Households of FI
58:07

 

WHAT YOU'LL GET OUT OF TODAY'S SHOW

  • 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.
  • After taking a quiz to reveal which of the Four Tendencies she is, Corinne discovered that she is an Upholder. She has many things that she would like to do but struggles with feeling guilty about doing non-work related things that are important too.
  • Corinne would like to find more time for meditation and develop better awareness and confidence with her finances.
  • Though Corinne always felt like she was decent with money, beyond investing in a 401k, she would like a better understanding of what her baseline expenses should be and where she can make improvements with a budget and investments.
  • When it comes to learning, Corinne feels that she learns best by practice, repetition, and talking through things, but would love to make her processes as automated as possible. Jillian suggested that Corinne may learn about investing best through a book club, class, or mastermind group.
  • Her goals for mediation are to be more in tune with her body, realize when she needs to step away from work and take a break plus try and have mediation become a part of a daily routine.
  • Jillian divides priorities into two categories, the things we want to make progress on and the action steps to take. There is a huge return on the investment when taking those actions, but things that help with progress are foundational and make life easier.
  • As habits develop in stages, Jillian suggests Corinne first try to find a place in her life for a two-minute meditation habit, before getting started and trying to optimize it. This will help test out when mediation might be appropriate and get through the learning curve. Then focus on any hesitation resistance to doing those two minutes.
  • Creating habits can be more successful when added to an existing routine or by creating a prompt.
  • Corinne would also like to make progress in her career. She needs to stay focused better during working hours to make the most out of them and make progress with communication and executive presence.
  • Exercise, eating healthy, and socializing with friends are other areas where Corinne would like to reduce friction and make doing them easier.
  • Since starting a new habit is so difficult, Jillian likes to divide the year up into six-week chunks and focus on one of the new habits in each of the six weeks. The synergy between the habits begins to build momentum.
  • For the exercise “Challenges and Motivations”, Corinne felt making partner at work was her biggest motivation because she values being part of a team or community and having a sense of belongingness. Other motivations she has are security and autonomy.
  • To increase Corinne's sense of her top three motivations, she feels that she hasn't done well lately with maintaining relationships and connections with people. Jillian likes to use her understanding of the five love languages as a framework to strengthen relationships with others.
  • The biggest challenge to meeting the goal of becoming partner is balancing the expectations of her time at work with her personal life which is why she would like to be more focused at work. Additionally, she would like to stop comparing herself to others at work and concentrate on what works for her.
  • Options for tackling challenges include self-correction, finding a more helpful perspective, and problem solve it. In Corinne's case, Jillian thought she would benefit by actively looking for leaders who were more like her rather than the hard-charging partners in her workplace.
  • Regarding Corinne's challenge with setting boundaries at work with her time, people who work for her sometimes find it difficult to connect with her. Jillian suggested creating a specific time or better communicating what times she is available.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 14, 2020
242 | The Financial Gym | Shannon McLay
44:14

To watch the video highlights click on ChooseFI.com/242

WHAT YOU'LL GET OUT OF TODAY'S SHOW

  • For those on the path to financial independence, finance, fitness, and life optimization all intersect.
  • During her career in the banking industry, Shannon McLay found it didn't work for the people she wanted to help. She set out to use her skill set and training to change the coaching industry and founded Financial Gym.
  • Even for those who not physically fit, they know what it looks like and there are many resources available for achieving it. The path the financial independence is similar in that it is a long journey. You have to work up to it, will experience setbacks, and take breaks.
  • Much like diets, budgets don't work long-term. Making lifestyle changes is the key to success.
  • At the Financial Gym, clients hit 90% of the goals set for themselves by examining their money behaviors and constantly working to figure out what's will work for them.
  • The two largest emotions people have regarding money are fear and shame. Once people drop these highly charged emotions and understand the financial numbers don't define them, they can break through and embrace moving forward.
  • After turning 30, Shannon realized she didn't want the life she was leading. Her life's trajectory changed when she came to understand that to have long-term sustainable happiness is to help other people and not expect anything in return.
  • During her work as a financial advisor for Merrill Lynch, she discovered she enjoyed helping out her pro bono clients far more than the wealthy ones. It allowed her to see there was a need for a service where it didn't matter what you looked like financially, you just needed to get financially healthy.
  • Much like going to the gym to get healthy, her concept of a financial gym was a place to meet with financial trainers for a monthly membership fee.
  • Following the model of H&R Block, Shannon believed people wanted to meet with a financial advisor face-to-face. She was advised to prove the model would work before looking to raise money.
  • Experimenting with different plans and prices, she had great success with her first clients increasing their net worth. Clients wanted to keep working with her, but she was running out of money to continue investing in her business. When a former boss invested $100,000 in her concept, she rebranded using the gym concept.
  • The physical environment of the Financial Gym created a community where clients had a shared goal and a safe space to talk about money.
  • Shannon was able to scale her business by developing a training program and teaching compassionate and empathetic people what she knew.
  • Those contemplating becoming an entrepreneur should ask themselves, “Am I a good problem solver?” because running a business is like solving a lot of word problems.
  • No one's financial situation is so bad that it can't be fixed. The trainers at the Financial Gym have seen and fixed it all.
  • On average, clients pay $70-80 a month for membership, but they offer a six-month money-back guarantee which they've never needed to pay out on. The average client increases their net worth by $2,500, increases their credit score by 60 points, and negotiates a $5,000 a year salary increase within the first 3 months of membership.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

Aug 10, 2020
241 | Troy & Lindsay Calculate Their FI Number with Brad | Households of FI
01:00:03

WHAT YOU'LL GET OUT OF TODAY'S SHOW

  • The Ingrams are new on their journey, finding FI several months ago after making a budget and realizing they had no money left over at the end of the month. Compared to other systematic approaches to becoming debt-free, they felt FI was creative and adaptable to a variety of lifestyles.
  • The first step Troy and Lindsey took was to determine where all their money was going using a budget tracker, which enabled them to cut monthly expenses and continue to do the things they enjoyed doing, like going to happy hours.
  • Except for their mortgage, the Ingrams have paid off all of their debt, contribute to a 401k, and have an $80,000 net worth, including a $15,000 emergency fund.
  • Though they both enjoy their jobs now, Lindsey is a teacher, so Brad suggests considering her pension's “worth vs worth it” as Grumpus Maximus has discussed on the podcast and in his book, The Golden Albatross.
  • Use the 4% rule of thumb to determine what your net worth should be to reach FI. Using the 4% rule, you can withdraw 4% of the balance each year to live off of and reasonably expect it to last for the rest of your life. To calculate your FI number, multiply your annual expenses by 25. For every $100 cut from your monthly expenses, is $30,000 less you need to save to reach FI.
  • Troy and Lindsey recently refinanced their mortgage from 4.75% to 3.25% and are investing the $500 a monthly savings into 401ks and Roth IRAs.
  • When wondering about paying off their mortgage, Brad acknowledges that there is a real psychological satisfaction the goes along with it, but he looks at it in this way. The interest portion the payment is the true expense, while the principal payment is a reallocation of net worth going from your checking account into home equity.
  • Brad suggests taking the time to document a year's worth of expenses and look at different scenarios for what life may be like in retirement to come up with a range of possible annual expenses.
  • When calculating their FI number, Troy realized the number was double if he included a mortgage payment. Brad suggests looking at the mortgage amortization schedule for prepayment options.
  • Food expenses have been cut with a goal of $500 a month. Lindsey checks to see what's in the pantry before shopping and meal preps one day a week to avoid eating out, but she isn't penny-pinching when it comes to quality.
  • Removing mortgage and childcare from their expenses, Troy and Lindsey's monthly expenses are about $3,500 per month, which puts their FI number at just around 1 million dollars.
  • They are currently saving roughly $50,000 per year to add to the $80,000 net worth but are wondering where they go from here.
  • Brad acknowledges there can be a lot of initial excitement upon finding FI and making changes, but then there can be a lull. He challenges Troy and Lindsey to figure out what they want their lives to look like rather than compare their FI journey to anyone else's.
  • It's important to understand that life is fluid and wants may change over time. Test small before making big decisions or changes. Flexibility and communication with your partner are critically important pieces of the process.
  • The next steps Troy and Lindsey will be taking are to build a spreadsheet with different retirement expenses scenarios and talk about what they really want their lives to look like.
  • Anyone interested in FI should understand that you don't need to be perfect, but you do need to get started.

RESOURCES MENTIONED IN TODAY'S CONVERSATION

IF YOU WANT TO SUPPORT CHOOSEFI:

 

 

Aug 07, 2020
240 | The Budgetnista
01:10:57

Tiffany "The Budgetnista" Aliche shares her incredible story of financial education from a young, steep descent into debt, and how she turned it back around while helping hundreds of thousands of people in the process.

 

Additional Resources:

https://www.stamps.com/ - Promo Code: CHOOSEFI

https://www.choosefi.com/1000 - For info on $1000 of free cashback money.

 

For more information, visit the show notes at https://ChooseFI.com/240

Aug 03, 2020
239 | The Gatekeepers are Gone
45:31

Future proofing your career and an uncertain economy on today's show. Google weighs in on skills versus degrees. Brad shares with us how he is helping people future-proof their career by changing careers and the options that are available. Chris shares the massive action he's taken with the community and Brad, well, he gets it done and he's going to go behind the scenes and share how he's using one of his favorite tools, to-doist. This is your Friday roundup

For more information, visit the show notes at https://ChooseFI.com/239

Jul 31, 2020
238 | Half Price College with the Millionaire Educator
58:31

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

Jul 27, 2020
237 | Build Your Talent Stack
45:16

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

Jul 24, 2020
236 | The Intersection of Fitness and Financial Independence
49:43

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

Jul 22, 2020
235 | How I Built a 7-Figure Online Course | Jacques Hopkins
56:51

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

Jul 20, 2020
234 | What's in Your Index?
55:40

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

 

Jul 17, 2020
233 | You Need to Start Building Your Network | Jordan Harbinger
01:09:51

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

Jul 15, 2020
232| Raising a Money-Savvy Family for Next-Generation Financial Independence | Doug Nordman and Carol Pittner
01:06:20

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

Jul 13, 2020
231 | Are You Too Good for Casserole?
50:05

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

Jul 10, 2020
230 | College Hacks from the ChooseFI Community
55:58

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

Jul 08, 2020
229 | Managing Stress by Leveraging FI | The Fioneers
46:54

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

Jul 06, 2020
228 | Overcoming the Debilitating Fear of Public Speaking
33:51

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

Jul 03, 2020
227 | The Golden Albatross | Grumpus Maximus
41:07

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

Jul 01, 2020
226 | Trip Of A Lifestyle To All US National Parks
01:14:10

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

Jun 29, 2020
225 | The Power of the Staycation
48:16

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

Jun 26, 2020
224 | Introducing our Households of FI
37:02

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

Jun 24, 2020
223 | Slow Traveling the World the FI Way | Nomad Numbers
01:01:02

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

Jun 22, 2020
222 | The Mid LIfe Crisis
40:58

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

Jun 19, 2020
221 | Introducing our Households of FI
33:59

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

Jun 17, 2020
220 | Fix My 403b | Nancy Bachety
01:00:19

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

Jun 15, 2020
219 | I was Laid Off, Now What?
45:38

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

Jun 12, 2020
218 | COVID Budget Awakening | Brandi Sellers
57:00

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

Jun 10, 2020
217| How to Save Thousands in US Federal Taxes Using Geo-arbitrage | David McKeegan
53:19

David from Greenback Expat Tax Services explores the basics of taxes for expats. Learn about the rules surrounding expats taxes and strategies to consider.

 

Jun 08, 2020
216 | How to make FI more inclusive | With Chris Browning of Popcorn Finance
44:31

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

Jun 05, 2020
215 | Your Self-Worth is Not Your Net Worth | Audrey Bellis
52:26

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

Jun 03, 2020
214 | How to Rock a Blog Without The Painful Learning Curve | Ashley Barnett
37:16

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!

Jun 01, 2020
213 | Is The Retirement Saver's Credit Worth It In 2020?
42:18

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

May 29, 2020
212 | Kicking off our FI Case Study Series | Kashia Palmer
36:35

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.

May 27, 2020
211| How to Negotiate a Higher Salary without Burning Bridges | Financial Mechanic
01:18:47

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

May 25, 2020
210 | Little Known Roth Hacks
42:23

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

May 22, 2020
209 | What Happens When the Paycheck Stops? - Keys to a Successful Retirement with Fritz Gilbert (Part 2)
41:11

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.

May 20, 2020
208 | There Is No Failing With FI | Bianca DiValerio
51:54

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.

 

May 18, 2020
Bonus With Everyday Courage
14:19

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.

May 16, 2020
207 | 2020 Health Challenge
39:27

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.

May 15, 2020
206 | What Happens When the Paycheck Stops? - Keys to a Successful Retirement with Fritz Gilbert
31:19

Fritz from Retirement Manifesto joins the show to talk about the mentality you should have when entering retirement.

May 13, 2020
205 | Tax Loss Harvesting with Sean Mullaney
54:43

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.

May 11, 2020
204 | Join the Rebellion
48:53

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 

May 08, 2020
203 | Real Estate Investing During a Recession or Financial Crisis with Coach Carson
41:20

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.

May 06, 2020
202 | Student Loan Planner with Travis Hornsby
25:29

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.

May 04, 2020
201 | The Rule of 55
58:23

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

May 01, 2020
200 | Stock Fundamentals with Brian Feroldi
40:46

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.

Apr 29, 2020
199 | Making Portfolio Adjustments with Big ERN
46:38

Big Ern joins ChooseFI again this week to discuss making necessary adjustments to your portfolio when the economy takes a downturn.

Apr 27, 2020
198 | Living Your Story
56:06

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.

Apr 24, 2020
197 | Introducing: Casual Wednesdays
27:59

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.

Apr 22, 2020
196 | Have We Seen the Bottom? An Economic Outlook with Big ERN
35:24

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.

 

Apr 20, 2020
195 | The Rebel Entrepreneur - What Can You Build?
41:46

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.

Apr 17, 2020
194 | The Role of Bonds in a Portfolio | With Frank
51:22

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: feedback@choosefi.com

Apr 16, 2020
193 | The Market Always Goes Up
24:32

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:

https://www.choosefi.com/cit

https://www.choosefi.com/M1

 

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: feedback@choosefi.com

Apr 15, 2020
192 | Freelancers and the Paycheck Protection Program with Travis Hornsby
27:21

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: feedback@choosefi.com

Apr 14, 2020
191 | K-12 Financial Literacy Curriculum
31:45

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.

Apr 13, 2020
190 | The Sandwich Generation with Jean Chatzky
25:16

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.

Apr 10, 2020
189 | Jonathan's Investor Policy Statement
37:34

Jonathan outlines his investor policy statement, and his process for how he thought it out.

Apr 09, 2020
188 | Stay the Course | Rick Ferri Part 2
27:38

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

Apr 08, 2020
187 | Distance Education
38:51

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. 

 

Apr 07, 2020
186 | Multiple Generations Under One Roof With Financial Tortoise
57:29

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/173

Apr 06, 2020
185 | Adapting to the New Normal with Dominick Quartuccio
40:54

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/

 

Apr 03, 2020
184 | Stimulus Package Breakdown: The Cares Act
32:46

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

Apr 02, 2020
183 | Is The FIRE Movement Over?
30:58

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

Apr 01, 2020
182 | Escape from Wall Street | Rick Ferri Part 1
33:27

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/

Mar 31, 2020
181 | The Creative Penn | Joanna Penn
01:04:24

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

Mar 30, 2020
180 | The Art of the Pivot
24:57

Looking at this through the lens of opportunity we explore how businesses are pivoting in difficult times.

 

https://www.choosefi.com/start

Mar 27, 2020
179| Accidental Homeschooler
34:01

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

Mar 26, 2020
178 |Important Tax Update
18:13

Continuing the daily episode series, Jonathan and Brad talk about some tax info from Sean Mulaney.

https://www.choosefi.com/start

Mar 25, 2020
177 | This is Not a Drill
20:25

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

https://www.choosefi.com/CIT

 

Mar 24, 2020
176 | Flexible Spending Rules For Early Retirees
01:24:45

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

Mar 23, 2020
175 | Social Distancing with Style
23:13

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

Mar 20, 2020
174 | Looking Out For Our Community
16:41

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/CIT

Our Favorite Taxable Investment Tool

https://www.choosefi.com/M1

Access Community, Resources and More 

https://www.choosefi.com/start

 

Mar 19, 2020
173 | Emergency Fund
16:05

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/CIT

https://www.choosefi.com/start

Mar 18, 2020
172 | Bear Market
15:57

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

Mar 17, 2020
171 | Financial Resilience
14:43

In light of current events, We are temporarily switching to a daily show to support the community

Mar 16, 2020
170R | A Capital Gains Case Study for 2020
51:14

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

Mar 13, 2020
170 | The Simple Startup
01:00:36

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

Mar 09, 2020
169R | Prepared, Not Scared
56:42

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 

Mar 06, 2020
169 | A Purple Life | Early Retiree Case Study
50:00

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 

Mar 02, 2020
168R | Prioritize Your Priorities
52:47

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

Feb 28, 2020
168 | Make Time
01:16:12

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

Feb 24, 2020
167R | Should I Refinance My Mortgage?
01:06:06

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

Feb 21, 2020
167 | Learn Hustle Grow
01:18:56

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

Feb 17, 2020
166R | It's a Small World After All
45:41

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 

Feb 14, 2020
166 | Modern FImily With Court
01:02:50

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

Feb 10, 2020
165R | Do You Realize What You're Doing
54:54

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

Feb 07, 2020
165 | Do You Need a Budget? | YNAB
01:11:36

The founder of YNAB, Jesse Meacham, shares his story about:

  • Finding your "non-negotiable"
  • Introducing your spouse to FIRE
  • Do you really need a budget?

 

For more information, visit the show notes at https://ChooseFI.com/165

Feb 03, 2020
164R | What are the 5 Love Languages
50:47

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

Jan 31, 2020
164 |Our Rich Journey | Amon & Christina Browning
01:02:14

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

Jan 27, 2020
163R | Roth IRA Conversion Ladder Case Study
54:29

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

Jan 24, 2020
163 | Finding FI | Liz and Braden
51:05

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

Jan 20, 2020
162R | There's Water In The Cup
01:18:19

Credit building, travel rewards, and Larry Hanger from the Dad Edge discusses Financial Intimacy.

For more information, visit the show notes at https://choosefi.com/162R

Jan 17, 2020
162 | The 4 Tendencies and FI
56:49

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

Jan 13, 2020
161R | Reignite
01:08:05

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

Jan 10, 2020
161 | Money Letters 2 My Daughter | Jackie Cummings Koski
01:04:33

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

Jan 06, 2020
160R | Everyday Courage
17:43

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

Jan 03, 2020
160 | End of Year Wins 2019
59:29

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

Dec 30, 2019
159R | From Solopreneur to Entrepreneur
54:46

It's the last Friday roundup of the decade! Learn how to level up your skills with:

  • Everyday Courage
  • New Year's Resolutions
  • Building A Business with Intentionality

For more information, visit the show notes at https://ChooseFI.com/159R

Dec 27, 2019
159 | The Business Coach Approach to Double Your Revenue | Jaime Masters
01:03:33

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

Dec 23, 2019
158R |Your Real Hourly Wage and Savings Rate Calculation
59:22

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

Dec 20, 2019
158 | Real Hourly Wage | The Frugal Engineers
57:51

Kim Frith 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

Dec 16, 2019
157R | The Compound Interest Of Self Improvement
44:27

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

Dec 13, 2019
157 | Atomic Habits | James Clear
48:20

James Clear, author of Atomic Habits , shares his story. The conversation dives into the difference between systems and goals.

  • How To See Through The Short-Term For The Long-Term
  • The Compounding Effect
  • How Identity Drives Your Habits
  • Goals, Systems, and more

For more information, visit the show notes at https://choosefi.com/157

Dec 09, 2019
156R | Coming Back From A Gap Year
01:00:00

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

Dec 06, 2019
156 | Retire Before Mom And Dad | Rob Berger
01:00:24

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

Dec 02, 2019
155R | Year End Tax Planning
01:12:51

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

Nov 29, 2019
155 | Boundaries As A Single Parent On The Path To FI | Leslie Tayne
57:37

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

Nov 25, 2019
154R | Inception
57:45

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:

  • House Sitting With Tim And Amy
  • Build Your Dream Life
  • FI 101
  • and more

For more information, visit the show notes at https://www.choosefi.com/154r

Nov 22, 2019
154 | Hacking The FAFSA | Brian Eufinger and Seonwoo Lee
54:25

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

Nov 18, 2019
153R | Navigating Health Insurance
53:30

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 

Nov 15, 2019
153 | RIP Medical Debt | An Inside Look At Debt Collection And Forgiveness
56:26

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

Nov 11, 2019
152R | Can I Retire Yet | A Case Study With Early Retirement Now
01:04:22

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

https://choosefi.com/becky

Nov 08, 2019
152 | Is it too late? | Becky Heptig
57:04

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 

Nov 04, 2019
151R | Fit Waist Fat Wallet
56:15

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 

Nov 01, 2019
151 | Unstoppable | Creating A Framework For Decision Making With David Hauser
59:28

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

Oct 28, 2019
150R | Goals vs Systems
58:03

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

Oct 25, 2019
150 | Accountability | Diania Merriam
47:28

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

Oct 21, 2019
149R | Whole Life Insurance
55:54

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

Oct 18, 2019
149 | On Trajectory With Tyson Koska
45:32

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

Oct 14, 2019
148R | FI101 | Expense Ratios and House Hacking
01:05:27

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

Oct 11, 2019
148 | Struggle | The Psychology of Poverty with Andréa Motenko
47:14

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

Oct 07, 2019
147R Contributions, Corrections and Criticisms
56:26

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

Oct 04, 2019
147 | Negotiate Your Salary With Tori Dunlap
58:57

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

Sep 30, 2019
146R | Fork in the Road
59:24

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

Sep 27, 2019
Bonus Episode - Guided Meditation for Stock Market Volatility With JL Collins
12:39

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/

 

Sep 25, 2019
146 | Embrace The Suck With Shannyn Allan
57:50

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

Sep 23, 2019
145R | Stuck
01:04:58

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

Sep 20, 2019
145 | Turnkey Real Estate Investing and How to Build a Team With Paula Pant
43:29

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

Sep 16, 2019
144R | Guard Rails and Dumpster Fires
54:24

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

Sep 13, 2019
144 | Junior Achievement: 100 Years Of Financial Education With Crystal Law And Laura Goodman
45:16

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

Sep 09, 2019
143R | Is This the Top?
52:19

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

Sep 06, 2019
143 | Beyond Financial Independence With Edmund Tee
45:14

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

Sep 02, 2019
142R | Envelope Overwhelm
59:33

How to simplify personal finance and discussing Paula Pant’s take on real estate from Monday’s show.

  • Personal Finances Made Simple
  • Jonathan’s Budget Evolution
  • How ChooseFI Makes Money

For more information, visit the show notes at https://www.choosefi.com/142r

Aug 30, 2019
142 | Real Estate Investing Strategies with Paula Pant
57:26

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

Aug 26, 2019
141R | Translating FI for the UK
01:06:45

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

Aug 23, 2019
141 | Reset: An Unconventional Guide for Getting Unstuck with David Sawyer
01:17:33

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

Aug 19, 2019
140R | The Real Cost Of A Financial Advisor
45:04

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

Aug 16, 2019
140 | FI Lifestyle Before FI Number With Nick True
54:44

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

Aug 12, 2019
139R | Time is on Your Side
56:01

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:

  • How to Reclaim Your Time
  • Side Hustling through the Secondary Market
  • and how Sunny funded a Roth IRA for his child

For more information, visit the show notes at https://ChooseFI.com/139R

Aug 09, 2019
139 | Reaching FI With Real Estate | Sunny Burns
56:54

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

Aug 05, 2019
138R | My Daughter's Mindset
44:33

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

Aug 02, 2019
138 | How To Get Paid To Go To College | Anthony Gary
48:09

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

Jul 29, 2019
137R | An Evening of Financial Independence
53:56

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

Jul 26, 2019
137 | Rebuilding a Life You Love with Christine
49:01

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

Jul 22, 2019
136R | Silver Spoon or Skills
48:11

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

Jul 19, 2019
136 | How To Fund Your Child's Roth IRA with the FI Tax Guy
59:30

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

Jul 15, 2019
135R | The Plot Thickens
53:20

Another look at whether you should pay off your mortgage or invest, plus:

  • Spam Caller Life Hack
  • Life Hack for Small Business Owners
  • Achieving FI on a Modest Income

For more information, visit the show notes at https://www.choosefi.com/135r

Jul 12, 2019
135 | How to Leverage A Modest Income to FI with Joel from How to Money
48:00

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

Jul 08, 2019
134R | Quit Like a Millionaire | Kristy Shen and Bryce Leung
01:04:16

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

Jul 05, 2019
134 | Early Retirement Case Study With Route To Retire
56:10

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

Jul 01, 2019
133R | Should I Pay off My Mortgage Early Or Invest
01:03:39

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

Jun 28, 2019
133 | How To Get Started Making Money With Airbnb | Zeona McIntyre
01:04:43

Zeona McIntyre built a successful AirBNB business and shares her best strategies, including

  • Buying Properties
  • Scaling the Business
  • and Best Practices for an AirBNB Business

For more information, visit the show notes at https://ChooseFI.com/133 

Jun 24, 2019
132R Insurance | A Framework
01:01:33

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 

Jun 21, 2019
132 | Downsizing Your Life And Financial Coaching With Lisa Duke
56:49

Lisa Duke talks about her mindset shift and turning liabilities to assets.

On today's show:

  • Second Home--Asset Or Liability?
  • Action Steps To Renting Out Your Home
  • Getting off the "hedonic treadmill"

...and more.

For more information, visit the show notes at https://ChooseFI.com/132 

Jun 17, 2019
131R | Building a Brick in Your Wall
54:50

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 

Jun 14, 2019
131 | Mr. Money Mustache & Mr. 1500 | Past, Present, Future
01:16:23

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 

Jun 10, 2019
130R | Simplifying The Ultimate Buy And Hold Strategy With M1 Finance
47:34

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 

Jun 07, 2019
130 | Paul Merriman | The Ultimate Buy and Hold Portfolio
01:15:00

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 

Jun 03, 2019
129R | Focused Work Ethic
47:15

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 

May 31, 2019
129 | Breaking the Glass Ceiling | Liz, Chief Mom Officer
47:47

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 

May 27, 2019
128R | Zone of Awareness
59:01

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

May 24, 2019
128 | Building Your Suit of Armor on the Path to FI | Alan Donegan
53:22

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 

May 20, 2019
127R | Cut through the Noise Diet and Debt Consolidation
51:15

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 

May 17, 2019
127 | Scott Scherr | Health Optimization
01:17:27

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 

May 13, 2019
126R | What is an Annuity
01:02:46

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 

May 10, 2019
126 | Estate Planning Wills vs Trusts | Mark Moss
57:28

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 

May 06, 2019
125R | Grocery Store Wars
51:31

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 

May 03, 2019
125 | The Family Emergency Binder | Chelsea Brennan
59:40

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 

Apr 29, 2019
124R | Choose FI Your Blueprint to Financial Independence
58:58

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 

Apr 26, 2019
124 | Dirtbag Millionaire | Chris Mamula
50:42

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 

Apr 22, 2019
123R | Hail Mary FI
49:33

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 

Apr 19, 2019
123 | Rich & Regular
50:35

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 

Apr 15, 2019
122R | Dividend Deep Dive
01:04:28

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 

Apr 12, 2019
122 | Intro To Dividend Investing
01:05:55

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 

Apr 08, 2019
121R | How to Get Any Job
55:00

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 

Apr 05, 2019
121 | Tread Lightly on the Path to FI
01:08:42

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 

Apr 01, 2019
120R | Find the Range
54:08

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 

Mar 29, 2019
120 | Your Money and Your Relationships | Jean Chatzky
01:04:55

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 

Mar 25, 2019
119R | Position of Strength
54:21

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 

Mar 22, 2019
119 | Everything is Negotiable | Mr. Refined by Fire
01:10:20

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

Mar 18, 2019
118R | What is Socially Responsible Investing?
49:30

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 

Mar 15, 2019
118 | From Financial Infidelity to His & Her Money
53:40

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 

Mar 11, 2019
117R | Build a Portfolio
55:20

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 

Mar 08, 2019
117 | Making the Case for Part Time | Bradley Rice
01:00:15

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 Way

Each 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 

Mar 04, 2019
116R | Escape
59:22

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.  

 

  • Brad and Jonathan are excited about a chicken shawarma recipe they hope Laura will add to the ChooseFI Vault soon.
  • Wendy, from Monday’s episode, tackled her family’s grocery bill when she started pursuing financial independence.
  • Food shouldn’t just be cheap; it should also be good.
  • What is Brad’s strategy for decreasing his phone usage and dependence?
  • For taxes, what matters the most is your tax liability, not your tax withholding.
  • While tax refunds are currently decreasing in the U.S., that’s actually because the withholding tables have changed and people are sending less extra money to the government throughout the year.
  • Estimating your taxes throughout the year so that your tax return is about $100 is pretty extreme tax optimization, but a minimal tax return means you’ve had access to all your money for saving and investing throughout the year, instead of loaning it to the government.
  • Brad signed a contract to install solar panels on his house and paid half the cost, then realized that he hadn’t contacted his home insurance company.
  • Wendy tackled one thing at a time, optimizing a little bit at a time, until she was saving her family $6,000 a month, without a significant decrease in lifestyle.
  • Spend money on what brings your life value, then cut everything else ruthlessly.
  • ChooseFI community member Karen Hoxmeier joins the show:
    • Karen worked in a wide variety of jobs in her youth and early adulthood, until becoming a stay-at-home mom in 1994.
    • In 1999 Karen started sharing coupon deals with friends, via email, until that became too taxing, and she decided to build a website.
    • How did Karen learn html code to build her website?
    • Karen realized she could start making money from her website when she discovered Amazon’s affiliate program.
    • Karen’s advice for someone who wants to make money blogging:
      • Make content that is valuable
      • Set up an email list
      • Treat your customers like they’re your friends
    • If you’re interested in an affiliate relationship, Karen recommends starting a conversation with a representative from the company.
    • Companies are often willing to pay a higher commission to advertise or link with blogs or websites that will provide high-quality leads.

 

For more information, visit the show notes at  https://ChooseFI.com/116R 

Mar 01, 2019
116 | Adoption, FFLC & the House of FI | Wendy Mays
53:44

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.

 

  • Wendy and her family first learned about financial independence about 4 years ago.
  • Wendy was commuting from Phoenix, Az., to San Diego, Ca., as her husband was living in California in pursuit of a new teaching job.
  • Wendy now has a family of six children, four of whom are adopted.
  • During her husband’s job search Wendy’s law practice in Phoenix was the family’s primary income, so she made significant changes to balance keeping her job with the family’s logistical challenges, including a shift in the type of legal work she did.
  • In the midst of this hectic commuting lifestyle, Wendy and her husband finalized the adoption of three of their children, including a 4-day-old baby.
  • Once the adoptions finalized, Wendy finally moved fully to San Diego.
  • In March 2017, Wendy started adjusting their financial lifestyle to begin pursuing financial independence.
  • First step was understanding where their money was really going.
  • Wendy dropped her average food/grocery expenses from about $3,500 to about $1,000.
  • By eliminating a few unnecessary big-ticket items, and optimizing smaller expenses, Wendy cut about $6,000 from their monthly expenses.
  • Beginning in 2018, Wendy’s husband maxed out his savings and retirements accounts, increasing their family savings rate to about 28%.
  • In October 2018, Wendy transitioned from legal work in Phoenix to real estate in San Diego.
  • Having a large family impacts Wendy’s financial commitments:
    • Larger housing expenses
    • Larger vehicles – a Suburban
    • Bigger clothing expenses
  • Financially reasonable family activities require creativity.
  • Currently, Wendy’s family is on a 7-year path to financial independence.
  • Making these changes has been really challenging for Wendy, but tracking progress and looking back is encouraging.
  • There are several different types of adoption
    • Domestic private adoption – using courts, lawyers, very expensive
    • Private international adoption – using courts, lawyers, very expensive
    • Adoption via foster care – usually low cost
  • After adopting through foster care, there are ongoing financial assistance programs that help Wendy and her husband to offset the costs associated with raising adopted children.
  • Wendy is hopeful she might pay off her student loan debt in 5 years.

 

For more information, visit the show notes at https://ChooseFI.com/116 

Feb 25, 2019
115R | How to Get Out of Debt
54:35

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.  

 

  • Brad’s wife no longer working as a CPA – although she was technically laid off, she’s excited for the extra time in her schedule.
  • Being at FI gave Laura the ability to be happy for her previous employer and move on with a smile.
  • Bonnie Traux, from Monday’s episode, is an ultimate side hustler.
  • If you’re stuck, you’ll have to do something different if you want a different result.
  • Bonnie reached financial independence in about 13 years.
  • Before starting to save, Bonnie spent years paying down consumer debt as her husband was continuing to build it.
  • The journey towards financial independence doesn’t start at zero – it often starts with tackling debt.
  • How to tackle debt
    • Use account-tracking software - examples: Mint.com, YNAB (You Need A Budget), or even Excel or a pen and paper.
    • Know what’s coming in, and what’s going out.
    • List out all the debts you have, their payments and interest rates.
    • Reasonable interest rates are somewhere near or below 6%.
    • The Debt Snowball – take all your debts and organize them from smallest balance to largest. Continue making minimum payments for all debts, and commit any extra to paying off the smallest debt. When it’s paid off, roll that payment into paying off the next smallest.
      • The Debt Snowball is a psychological win, but ignores interest rates.
    • The Avalanche – the interest rate is the most important thing. Always pay toward the balance with the highest interest rate.
    • The Hybrid Method – combine these two strategies to pay off a few smaller debts at first, then commit to paying toward the highest interest debt.
    • You could earn more – start a side hustle, work a little extra
    • A no-spend month
    • Optimize regular monthly expenses
    • A credit card balance transfer
    • Consolidating debt
    • Part 1: Know where to find your account information
    • Part 2: Acknowledging that you can’t afford debt.
    • Part 3: Debt Payoff Strategy
    • Part 4: Creating the Margin

 

 

For more information, visit the show notes at https://ChooseFI.com/115R 

Feb 22, 2019
115 | Poverty, Divorce and FI by 43 | Bonnie Truax
55:33

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.

  • Bonnie grew up with family income that was technically half of the poverty level, but always debt free.
  • In a town of only 35 people, W2 jobs were hard to come by, so Bonnie worked any odd job that she could find – mowing lawns, decorating cakes, roofing.
  • What did Bonnie do with the income from her side hustles?
  • Bonnie got married shortly after college and inherited significant debt.
  • The first step to getting out of that debt, was learning spreadsheets and prioritizing which debt she would tackle first.
  • Bonnie was managing thousands of dollars of debt and got back to broke, even as her spouse was actively spending and maxing out credit cards.
  • What is Bonnie’s financial advice for people before they get married?
  • Financial literacy isn’t distributed evenly throughout the country – not everyone understands how to manage finances.
  • Not everyone is comfortable talking about money, even with their spouse. If Bonnie could do it again, she would start by talking about fears associated with money.
  • When Bonnie started over she was 30, earning about $25k.
  • Bonnie learned IT with her free time at a reporting job, eventually becoming the manager of an IT team.
  • Before she got remarried, Bonnie and Trin had become very close friends at work and had already talked about finances, so she was confident about their joint approach to money as a couple.
  • Trouble doesn’t have to be a disaster.
  • Getting out of debt on a low income is possible – you shouldn’t have to eat rice and beans your whole life, but if you’re getting out of debt, you might have to them for a while.
  • Bonnie and her husband automated their finances and didn’t give much attention them; they found a comfortable way to live regardless of their increasing incomes.
  • Bonnie didn’t plan to retire, but when work became toxic, their savings gave them the freedom to leave work.
  • Instead of just leaving money in their savings account, Bonnie and her husband began purchasing foreclosed home and renting them out.
  • Without a knowledge of the financial independence community, how did Bonnie determine that she and her husband were financially ready to leave their jobs to retire?
  • Bonnie and Trin are traveling the world for a few years before they decide where to retire abroad.
  • It’s never too late to make tomorrow better.
  • Anything that comes into Bonnie’s blog goes to support a safehouse in Ecuador.
  • Fear of missing out is just an excuse; you are always choosing what you miss out on.

 

For more information, visit the show notes at https://ChooseFI.com/115 

Feb 18, 2019
114R | Fine Tuning the College Equation
01:05:15

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.

  • Financial independence is generally about knowing the rules and making decisions according to what you value in life.
  • Many colleges use an equation to award merit aid --> a specific GPA + a specific test scores = a certain amount of merit aid.
  • With a better strategy to studying for the SAT or ACT, even a small bump could save someone tens or hundreds of thousands of dollars.
  • Is it better to get a summer job, or spend the summer studying for the SAT/ACT?
  • With the Common Application, it’s beneficial to apply to a few extra schools because the merit aid packages available are hugely varied.
  • Just being aware of the rules gives you the best opportunities to succeed, and to opens up as many options as possible.
  • How has Brad’s mindset toward paying for college changed during the past two years of ChooseFI interviews?
  • A message from Paul in the Facebook group, who appreciated that Brian presented college scholarships with a realistic perspective about the challenges.
  • A comment from Rayanne, who shares the process her daughter is navigating as a graduating senior in California, looking for the best scholarship opportunities.
  • Lynn is grateful for Brian’s realistic suggestion that students don’t start studying for the SAT until the end of their sophomore year; in New Jersey even sixth graders are being asked to consider future standardized tests.
  • Julie messaged to remind parents that students should also study for the PSAT, as the PSAT is what determines a student’s National Merit standing.
  • Brian Eufinger, from Monday’s episode, returns to talk about the PSAT and National Merit Scholars:
    • CLEP credits and dual enrollment are good options for high school and current college students.
    • Academic Common Market – in some states, students can pay in-state costs at an out-of-state school if they’re majoring in a subject unavailable in-state.
    • Making a college-transfer strategy early will help students transfer from a community college to a four-year institution without any hiccups.
    • “There’s no greater financial aid than finishing in four years.”
    • Bringing AP credits into college gives a student more flexibility to change majors, study abroad, work internships or co-ops, or study for post-grad tests.
    • In rural areas that don’t offer as many AP courses, many states offer online AP courses.
    • The reward for being a National Merit Scholar varies widely between universities, but can be as much as a full ride, books, etc.
    • PSAT is offered in sophomore and junior year.
    • If your sophomore student scores higher than 1300 on a PSAT, it’s a disservice to not study for the PSAT in their junior year.
    • Only 50,000 students get National Merit status:
      • Top 16,000 students are awarded “semi-finalist” status
      • Next 34,000 get “commended” status
    • Many campuses offer cash for participating in graduate research projects.
    • Being a Resident Advisor (RA) at most schools earns you free room and board, which can be as much as $20k a year.
    • Becoming an RA is typically competitive, so start planning your application earlier.
    • Being an RA is potentially the biggest scholarship you can get.
  • The financial independence group in Scandinavia just surpassed 1,000 members.
  • The Houston ChooseFI Local Group is hosting Alan Donegan from the Pop Up Business School, along with the San Diego and Los Angeles local groups.
  • Jonathan will join the Washington, D.C., Local Group for a meet up soon.

 

For more information, visit the show notes at https://ChooseFI.com/114R 

Feb 15, 2019
114 | Demystify College Admission & Aid | Brian Eufinger | Edison Prep
01:16:30

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.

 

  • Most merit aid that students earn comes directly from the university.
  • Brian attended Washington University in St. Louis, earning about 2/3 merit scholarship and pieced together other scholarships and on-campus jobs to pay for his education.
  • Many states or schools give merit scholarships for students who earn high test scores and high grades.
  • Brian is surprised by the vast differences in aid packages among schools with similar academic profiles.
  • Many schools will offer a few high school classes in the 8th grade year.
  • Brian’s advice for helping students get into the best college and find the best merit aid is to sign up for challenging classes, starting in middle school if you can, earn the highest GPA possible, and find a few extracurricular activities you are passionate about.
  • A super high SAT score will not offset a bad GPA; you can repeat a test, but not a class from 9th grade.
  • The Common Application has made it more difficult for universities to evaluate an overwhelming number of applications, which is why a students’ numbers are so important when admissions officers are making initial evaluations.
  • Grade inflation makes it difficult to understand GPAs; your student just needs to stand out among their school peers.
  • Earning a “C” in their junior years is one of the bigger mistakes a student can make.
  • The No. 1 academic risk for high school students is over committing to extracurricular activities, including sports, when they should be focusing on academics.
  • Division I schools are able to give out athletic scholarships, while Division 3 schools typically don’t offer athletic aid. However, there are still options for earning scholarships at Division 3 schools for student-athletes.
  • Merit aid is based on evaluation of your grades, test scores, application, etc.
  • Need-based financial aid is based on perceived financial need.
  • Students don't need 1,000 hours to study for SAT/ACT tests; if they treated tests like a sport for one season, they would have all the hours they need.
  • The perfect time to start studying is after sophomore year, before junior year is complete.
  • Sophomores should make sure to take a full-length practice test, created by the actual test makers, to determine whether they’ll be more successful on the ACT or SAT.
  • It’s better to focus on one test than to try to be good at two.
  • Practice is crucial.
  • The best calculator for these tests is the TI-84 Plus CE, followed by a TI-84 and TI-83.
  • It’s best to find a local tutoring company, with a small number of employees, that hires full-time professional tutors.

 

For more information, visit the show notes at https://www.choosefi.com/114 

Feb 11, 2019
113R | Making your Retirement Plan Bullet Proof | Tanja Hester
01:07:50

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.

 

  • Brad shares some updates with his car malfunctions and follows up about his solar panel cost analysis.
  • Brad anticipates a 9.6% return on his solar panel investment, compared to Brian’s 12.5% return in Rhode Island.
  • Solar panels are expected to last for about 25 years.
  • Message from Dan, who realized while listening to Monday’s episode with Grant Sabatier, that he is charging too little for his side hustle work, and paying too much in taxes.
  • Sales is story telling – Grant figured out how to tell his story right and understand potential client’s needs.
  • A message from Ben, who feels like building relationships with recruiters is more likely to get you job options that is $10-15k, compared to the $60-80k Grant mentioned.
  • You’re unlikely to get a big pay bump by staying with the same company; getting a significant jump usually requires moving jobs.
  • Maybe you don’t need a budget, but you do need to know what your life costs.
  • Tanja Hester, author of Work Optional, joins the show:
    • How did Tanja change from wanting to stick with her career forever, to choosing early retirement?
    • Took Tanja and her husband about 6 years to reach early retirement.
    • It’s hard to know your “why of FI”, but moving into early retirement requires some life planning.
    • After 15 months, is early retirement meeting Tanja’s expectations?
    • Whether you’re retiring at 45 or 65, the transition is still very similar; we all have a desire to matter and contribute.
    • What are Tanja and Mark pursuing now that allows them to contribute?
    • What things should people be considering in order to make their retirement plan bullet proof?
      • A variety of different retirement options, aside from full retirement.
      • One-phase or two-phase retirement – should you plan differently for your expenses and savings before and after the traditional retirement age?
      • Does 25x and/or 4% work for you?
      • When and how to cut your spending?
    • It’s always better to over save.
    • Tanja’s FI calculations don’t include social security, as there’s a possible it could change.
    • Most retirees spend about $300k on medical expenses, beyond Medicare.

For more information, visit the show notes at https://ChooseFI.com/113R

Feb 08, 2019
113 | Swing for the Fences | Grant Sabatier
01:04:00

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.

  • In 2010, with a college degree in philosophy Grant had been laid off twice and found himself living at home as 24-year-old.
  • Grant sent out more than 200 resumes without a single callback before he found the information he needed to start learning Google Ad campaigns.
  • The certification process took about 30 days and he received a job offer almost immediately.
  • The first step to getting out of a rut is being honest enough to admit that you’re stuck.
  • Most people are only 2 or 3 steps away from a life that they’d love.
  • A million dollars could be 10 years away; just take the next step.
  • When Grant looked at all his friends and his parents’ friends, they were stressed about money so he decided to learn how to do it differently.
  • Grant learned how to build Wordpress websites and began selling his services to law firms, quickly securing large contracts at lower prices than large agencies.
  • Grant’s first client became his most valuable client because he served as a credible reference for more than a year.
  • How does Grant recommend getting your first client?
  • What matters is helping your client look good to their boss.
  • Selling is story telling – who you are as a person is more important that what you’re selling.
  • The paradox of the gig economy is that many people are actually less flexible and more stressed about getting their next client than they would be working a 9-5.
  • Whether you’re happy with your current job or not, optimizing your finances through your full-time job is where you need to start.
  • Talking to recruiters in your particular industry will give insight into the direction the industry is moving, what parts of your resume might be lacking, and the market value of your work.
  • How does Grant maintain relationships with recruiters?
    • Face-to-face meetings
    • Taking people out to lunch
    • Form an actual relationship, don’t just try to get something from them.
  • For Grant, forcing someone into a budget that cuts out small things like wine and coffee just reinforces a scarcity mindset.
  • The only way to get from a 5% to a 30% savings rate is to decrease your housing, transportation and food costs.
  • There is a limit to how much someone can cut back, but making money is unlimited.
  • Grant invested 100% of his side hustle income.


For more information, visit the show notes at https://ChooseFI.com/113 

Feb 04, 2019
112R | Planned Obsolescence
55:19

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 

Feb 01, 2019
112 | Zero Based Budgeting | How I paid off 1 million in Debt | with Naseema from Financially Intentional
49:00

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.

  • How does someone accumulate $1 million of debt?
  • Naseema is from West Oakland, Ca., where she was taught to either join the military or go to college.
  • She attended the University of Southern California for both her undergraduate and graduate degree, then later completed an accelerated nursing certification program at the University of California in San Francisco.
  • Floor nurses where Naseema works earn above $200,000.
  • How could Naseema have been significantly more efficient with her college education?
  • Many nurses have two jobs: Naseema works part time with benefits (three eight-hour shifts), and a per diem job (two 12-hour shifts) without benefits, at a higher pay rate.
  • Even after finishing her education and working full time, Naseema accumulated more than $1 million in debt, and was living paycheck to paycheck.
  • Most of her debt was student loans and Bay-Area mortgage costs.
  • What inspired Naseema to move from a 5002ft apartment closer to the city into a 40002ft home in the suburbs?
  • Even with the house and the car and the seemingly perfect set up, Naseema did not feel secure, and even owed her family money.
  • Dave Ramsey set Naseema on the course to pay off her debt.
  • What was her first step?
  • Once Naseema began tracking her expenses, she was an early user of Dave Ramsey’s Every Dollar app.
  • A zero-base budget is projecting how much you’ll earn and set aside how much is intended for paying off debt, then adjust the remaining numbers to reflect other obligations and other adjustable expenses.
  • What inspired Naseema to begin blogging at Financially Intentional?
  • Before Naseema sold her suburban house, she had already paid $300k of debt.
  • Naseema chose to leave one of her jobs when it became an unhealthy environment, because living debt-free gave her the room in her budget to do so.
  • Currently, Naseema has moved out of the Bay Area and commutes back into the city 6 days a month for work.
  • Building wealth is a mindset. You have everything it takes to be successful.

 

Links:

Clever Girl Finance

The Stock Series

For more information, visit the show notes at https://ChooseFI.com/112 

Jan 28, 2019
111R | Make the Impossible Possible
58:21

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.

 

  • Brad and Jonathan reflect on last week’s episode with Billy Banholzer.
  • A video inspires Brad to learn swimming from his daughter.
  • Your current behavior or mistake doesn’t have to define you for the rest of your life.
  • One of the first steps to Billy’s success was setting goals.
  • What are Brad’s suggestions for developing into a better writer?
  • Billy found ChooseFI while he was looking for a community of people who were pursuing the same things he wanted to pursue.
  • Getting started on the path to financial independence can be really hard at first, but it gets easier as you move further down the path.
  • Brad shares excitement about a local meet up and changes people are making locally.
  • Highlight reel of local group activities:
    • Combined Southern California and San Diego groups have a sold-out meeting where Jillian from Montana Money Adventures will speak.
    • The Nebraska local group is meeting every two months with specific topics.
    • A new group in The Netherlands has more than 20 members.
    • The local group in Portland, Ore., met every week in 2018.
    • A Northern Ireland local group doubled its membership in the past month.
    • Alex, an admin from the Baltimore group, is setting up mastermind groups.

 

  • Jillian, from Episode 84, talks about building a life roadmap:
    • Focusing on your values is the first step to building a better life.
    • How did Jillian and her husband create space to talk about their values and what they wanted their life to look like?
    • Be. Have. Do.
    • Jillian uses sticky notes to brainstorm her ideas and organize her thoughts.
    • What is a Quit List?
    • How does Jillian consider seasons of life?
    • Each person’s superpower includes:
      • What you’re passionate about.
      • What you’re naturally good at.
      • What activities you get caught up in and find really fun.
    • Brad talks about listening to where there’s resistance in your life.
    • Could. Should. Want.
    • Writing down your thoughts helps clarify and anchor them.
    • Tickets for Chautauqua 2019 will go on sale soon.

 

For more information, visit the show notes at https://ChooseFI.com/111R 

Jan 25, 2019
111 | The Lost Decade | From Prison to FI | Wealth Well Done
48:28

111 | Billy Banholzer, 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 

Jan 21, 2019
110R | Change the Input
58:05

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 

Jan 18, 2019
110 | A Millionaire Next Door Case Study | Rocky Lalvani
01:03:53

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.

 

  • Rocky’s parents came to the U.S. in 1968, when Rocky was 2 years old.
  • Among Rocky’s parents’ friends and their community, money was an open topic, and in pursuit of the “American Dream” his family consistently climbed the financial ladder.
  • When Rocky was 7 his father became a single dad, and Rocky started learning how to be more independent, personally and financially.  
  • Paying attention to what customers and supervisors actually wanted helped Rocky advance at work.
  • How much was Rocky saving when he was working in his youth?
  • Rocky worked through college by delivering pizza and working at the university, finishing without any student debt.
  • When he got his first post-college job, his dad helped him set up all the available automated savings accounts – 401k, company stock, etc.
  • After realizing he needed to get out of consumer debt, what was Rocky’s strategy?
  • Rocky’s plan was always to be a millionaire – he had been calculating and trying strategies since early on.
  • Seeing people lose their life savings in an economic downturn motivated Rocky to get himself into a steady financial position.
  • What steps did Rocky take to get himself to FI?
    • Started saving early.
    • Always spent less than he made.
    • Rocky paid off his mortgage as early as possible.
  • How is Rocky teaching his children about money?
  • At this point, Rocky’s children are young adults – they don’t need things to be confident.
  • Rocky wishes that in addition to teaching how to save money, he had also taught his children to earn money.
  • Rocky’s strategy to help his daughter do well on the SAT, and hopefully earn a good scholarship, was to download an app on her phone and answer one SAT question a day for three years, prior to taking the exam.
  • Earning a scholarship to college is a sliding scale – a student might earn scholarship at a lower tier school, when they would not earn anything at a “better” school.
  • Rocky and his son went a step further and did their best to figure out how to pay for college with the lowest price tag.


For more information, visit the show notes at https://ChooseFI.com/110 

Jan 14, 2019
109R | “Bear” Perspective
01:10:25

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:

  • Brad maxed out his HSA for 2019, and talks about how he’s prioritizing fitness.
  • Easy choices, hard life. Hard choices, easy life.
  • Preview of who will be at the coming CampFI that Brad plans to attend.
  • Review of Monday’s episode about teaching abroad, and the wide variety of opportunities available.
  • A voicemail from Abby H., who is currently teaching in China and has experience in several other countries as well.
  • Abby tried teaching in Kuwait, but found that despite a high salary the cost of living was also extremely high.
  • Suggestions from Abby:
    • Don’t just look for jobs in the Middle East, or other “high salary” locations.
    • Try negotiating your salary/benefits offer.
    • Look for options that don’t require purchasing a car.
  • How did Rob and Scott, from Monday’s episode, replace fear with flexibility in each of their lives?
  • Big ERN joins the show to talk about the current market situation:
    • What is “sequence of returns” risk, and why does it matter?
    • Under the assumption that the great recession or the dot-com bust will not repeat, Big ERN thinks it’s too early to worry about the current market climate.
    • The 4% rule isn’t as untouchable as people think. With a small market downturn, it’s possible that some people will need to draw as much as 5%.
    • If someone’s portfolio decreased this year, should they work a few more years to rebuild it, or count on the market recovering?
    • If someone is still many years away from retirement, they shouldn’t worry too much about the market, and might actually be benefit from low stock prices.
    • If you have a 50% or higher savings rate, you are going succeed financially, regardless of this drop in the market.
    • The U.S. economy is still strong, so the value of the market isn’t necessarily going down – the price is just down.
    • If someone has a sum of money ready to invest, should they invest it all at once, or employ “dollar-cost averaging”?
    • Who should be concerned about the market and what should they be looking for?
    • Look at the fundamentals of the U.S. economy to evaluate the conditions of the market.
    • Big ERN just retired. His family is just settling in to a new house in Washington.

Links:

Jan 11, 2019
109 | Exploring International Teaching Opportunities | Scott & Rob
01:03:17

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 

Jan 07, 2019
108R | How to Calculate Your Savings Rate
01:00:30

108R | Brad and Jonathan talk through the various methods of calculating a yearly savings rate and the numbers necessary to do so, and review Monday’s episode about setting up special needs accounts.

 

  • Jonathan is back from 20 days with family in Zimbabwe, and Brad recaps his Christmas vacation.
  • Brad and his family added 12 board games to their collection.
  • William, from Monday’s episode, set out a road map for people who want or need to safe guard finances for special needs children or other dependents.
  • Key: fund your trust as a part of executing your will to minimize tax liability.
  • Start with a 529 Able, but as you reach $100k, begin to look at the next steps.
  • Comment from Rebecca, that the 529 Able accounts in Nevada have higher fees than she preferred, so she’s funding a traditional 529 Plan and will eventually rotate it into a 529 Able.
  • Every state currently has its own set of 529 Able options.
  • Voicemail from Penny, who has a special needs trust and was on disability for 16 years, but has been back to work for the past 12 years and is now working to help her parents with their healthcare and financial needs.
  • Financial independence is the ability to do the things that bring you joy, whether they bring in money or not.
  • In 2019, ChooseFI is bringing in experts to answer specific, technical questions.
  • William is helping to build the website, and a more user-friendly local group site.
  • Brad is going to Camp FI in Florida soon.
  • How to calculate your savings rate:
    • Three different ways to calculate:
      • Gross total compensation divided by how much you saved or invested.
      • Take-home pay divided by how much you saved or invested.
      • After-tax compensation divided by how much you saved or invested.
    • Brad uses an excel sheet with three tabs: Profit & Loss (P&L), Net Worth, Accounts.
    • In the Accounts tab, Brad records savings in each account at the beginning and end of the year, and totals up monthly expenses (cost of electric in Jan., Feb., Mar., etc.).
    • Does Brad track every one of his credit card expenses?
    • Net worth = add up all your assets and all your liabilities.

For more information, including links mentioned in today's show, visit the show notes at http://ChooseFI.com/108R

Jan 04, 2019
108 | Setting up a Special Needs Trust
01:01:45

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 

Dec 31, 2018
107R | The One Thing 2018 | End of Year Episode
01:04:44

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 

Dec 28, 2018
107 | Entrepreneur Case Study | Craig Attkinson | GreenSide Up Landscaping
46:19

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.

  • Craig started out his career on a golf course, with a degree from Virginia Tech in turf grass and horticulture.
  • Green Side Up started in one weekend when Craig bought a truck, a trailer and a mower all at once.
  • Craig mowed lawns since he was 10 years old and saved it all until he bought his supplies.
  • Jumping straight into landscaping required Craig to do everything himself, and learn on the go.
  • When Craig brought on his first partner, he gave him 50% of the company, and guaranteed a salary, knowing that they would have to build up that amount of business.
  • How did Craig get contracts in the mid 2000s?
  • Craig has a marketing company now that helps now, but early marketing for Green Side Up involved phone books, purchasing ads and a lot of networking.
  • Having a partner to build ideas, and watching to see how other similar businesses function is helpful to build efficiency.
  • Finding a good system for managing the work processes and clarifying expectations for employees hugely increased the business’ efficiency.
  • How can Craig build the company to a point that he can step away?
  • As the business gets bigger, purchasing things in bulk, or at higher volumes, helps Craig get better prices.
  • How did Craig find the FI community?
  • Craig’s goal in life is to not have to ever worry about money.
  • Craig’s saving rate is about 70-80% because he benefits from company vehicles, cell phone plan, etc., which makes his personal expenses much lower.
  • Craig’s family farm houses the equipment for the business.
  • How and why did Craig design his own tiny home, next to his sister’s house?
  • Craig loves life optimization; what aspects of his tiny home are most optimized?
    • Took advantage of a 4’ x 6’ nook for his office.
    • Used leftover granite from someone else’s kitchen remodel for his own small kitchen.
    • Built a bed with drawers underneath for his closet.
  • Craig is technically FI, but is still loving his work, so he’s not retiring anytime soon.
  • His next adventures are climbing in Patagonia and biking in Norway.

 

For more information, visit the show notes at https://choosefi.com/107 

Dec 24, 2018
106R | Agency
46:13

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.

  • Jonathan raves about battery-powered chain saws, and a great bonding experience with his dad.
  • Brad’s in-laws enjoy helping Brad’s family with landscaping and gardening.
  • Pursuing financial independence gives Jonathan the opportunity to plan his family’s schedule first and work around that.
  • The people pursuing FI aren’t just single, white software designers; FI gives everyone the opportunity to prioritize family.
  • We get to pick our story.
  • Our mindframe changes the trajectory of our lives.
  • No matter how bad you’ve had it, there is someone with more obstacles than you had, who found a way through.
  • ChooseFI isn’t about Brad and Jonathan, it’s about the community.
  • Voicemail from Danny Kenny, a CFP, who recommends rolling HSA funds out of your employee account and into an external HSA custodian account that will have lower costs associated (allowed once a year) and explains how capital gains distributions can hurt long-term holders.
  • Another voicemail, from Hillary, who enjoys hearing about the fundamentals of financial independence.
  • Lee asks why someone would choose a Traditional IRA versus a Roth IRA, since neither are funded by truly “pre-tax” money?
  • A 401k comes out of your W2 paycheck, before it’s taxed, while Traditional IRA contributions come from a personal decision to contribute post-paycheck money to a retirement account.
  • When someone uses a Traditional IRA, contributions are deductible and lower your taxable income to decrease your tax liability.
  • A Roth IRA does not come with a tax deduction.
  • Taxable investments are just a different way to store your money aside from just keeping money in the bank – either an investment account, or investment properties.
  • Ruth points out that it’s important to check our accounts and protect ourselves from recurring and unwanted charges.
  • James shares a frugal win – offering graphic design services in exchange for a $500 discount to his favorite coffee shop, so he can work there and drink coffee for free.

 

For more information, visit the show notes at https://choosefi.com/106R 

Dec 21, 2018
106 | From Addiction to Financial Independence | Ms Fiology
55:40

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 

Dec 17, 2018
105R | Solar Panel Cost Analysis
59:50

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 

Dec 14, 2018
105 | You can Afford Anything but not Everything | Paula Pant
01:10:14

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.

  • Paula moved to the U.S. as a baby, just after being born in Nepal.
  • Her only travel growing up was between Ohio and Nepal.
  • Travel has become a large part of Paula’s life, but her desire to travel only grew in her adult life.
  • Rebellion is a form of seeking identity.
  • Once Paula started traveling did she fall in love with travel immediately?
  • What does Paula consider a legitimate visit to a foreign country?
  • Two weeks of vacation in Paula’s first few years of work after college felt too limiting.
  • Paula made a lifestyle change, and then figured out how to fund it.
  • Learning about and trying out freelance work introduced Paula to the idea that someone could work outside of the traditional 9-5 work.
  • Did Paula receive criticism when she quit her job to travel?
  • When Paula traveled for her first few years, she budgeted about $1,000 a month for expenses and chose to visit countries where the dollar goes far.
  • Paula’s tips for building connection while traveling:
    • Stay at hostels – more economical, and more social.
    • Meet the American, Australian, British, etc., ex pats, and meet their friends (build relationships, and travel slowly).
  • How did Paula restart once she returned to the U.S. after her 27-month adventure?
  • In pursuit of writing what she wanted to read, Paula became a personal finance writer.
  • When did Paula begin to feel imposter syndrome?
  • Default to saving, instead of default to spending.
  • Why does spending money create anxiety for Paula, and how did the scarcity mindset actually push Paula toward financial independence?
  • Passive income (real estate) was primarily meant to give Paula some financial cushion, instead of a means to financial independence.
  • Humans crave autonomy, purpose and mastery.
  • Reading about potential scientific advances motivates Paula to be healthier because she wants to be around to see it.
  • Self-care is work care.

 

For more information, visit the show notes at https://ChooseFI.com/105 

Dec 10, 2018
104R | Travel Rewards | End of Year Planning
01:01:00

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.

 

  • Jonathan tries out a new service to ensure that his bills are staying low.
  • Billfixers.com is fixing a ‘pain point’ for Jonathan.
  • How can someone balance simplicity, and a willingness to say yes to opportunities?
  • Review of Monday’s episode: Purpose, Identity and Connection.
  • Finding your identity – the story you tell yourself, about yourself – is crucial to finding your space in the world.
  • Why was Brad was given singing lessons as a gift from a couple at Chautauqua?
  • Marla Taner joins the show to update about travel rewards:
    • She’s traveling to Hawaii for New Years with 9 friends.
    • Flight reward deals are not as good during Christmas, but hotels are usually consistent.
    • What is the Southwest Companion Pass and what is the strategy to get it?
      • Earn the ability to bring someone with you for free on every Southwest flight for up to 2 years.
      • Must earn 110,000 Southwest rewards points in one calendar year.
      • Current strategy:
        • Southwest’s Business card comes with 60k points.
        • Southwest’s Personal card comes with 40k points.
    • Southwest has good sales on right now.
    • What does it take to apply for a business card?
    • Barclay Arrival Plus – Marla’s recommendation for beginners.
    • Capital One Venture card has added a transferrable-points feature.
    • Don’t overspend, look for opportunities to front-load some of your normal expenses to hit minimum spends (i.e., utility bills, or internet, grocery gift cards).
    • Marla is joining Tim and Amy Rutherford from ChooseFI Episode 79 in Tempe, AZ for a few days. Want to join?
    • Best way to connect with Marla, Tim and Amy is via the Go With Less blog. .

 

Dec 07, 2018
104 | Ultimate Advice To my Younger Self | DiverseFI
52:19

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

Dec 03, 2018
103R | The Apprentice
52:00

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 

Nov 30, 2018
103 | The Trades Path to FI – Captain DIY
54:50

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.  

 

  • What jobs are represented in the FI community?
  • Base salary for an electrician is $70 minimum.
  • Many people go to trade school in high school or immediately after, so there’s very little financial education in the trade-work community.
  • Tinian’s father built his childhood house, and Tinian was enlisted to help with construction projects on their property.
  • Does Tinian find value in the graphic design education he received in community college?
  • Tinian’s first job was building signs – many of which were lighted signs – which piqued his interest learning about electrical work.  
  • What education do you need to start electrician licensure training?
  • Tinian’s one-year program cost $25k.
  • To be fully licensed, an electrician has to do a 5-year apprenticeship.
  • Making $70 an hour comes when you work for yourself.
  • Do most electricians jump right into owning their own business?
  • Tinian’s recommendation: stick with a contractor you can learn from for your day job, and start taking jobs on the side.
  • Additional trade jobs that would be great for FI:
    • Garden landscaping and design
    • Plumbing
  • Tinian’s wife suggested that they save $20k by the time their first child was born.
  • In order to avoid high childcare costs, Tinian and his wife split their schedules as much as possible.
  • Tinian hopes to leave his day job at some point, but still needs to learn more about managing benefits and figuring out exactly how much he needs to support his family.
  • In order to prepare for leaving a day job, it’s important to identify how much life will cost after the change.
  • Beginning their investing with a local financial advisor and a socially conscious portfolio was a mistake for Tinian.  

 

Links:

DYI 2 FI

DIYCaptain - Twitter

Burrito Bowl Diaries

“Eliminating the Excuse” – Saving Sherpa

Nov 26, 2018
102R | The Triple Tax Savings of Health Savings Account
50:20

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.

 

  • Brad and Jonathan are getting back to traditional health insurance, and excited about the Health Savings Account (HSA).
  • Most companies offer health insurance options, typically including:
    • Low monthly premium + high deductible
    • High(er) monthly premium + low(er) deductible.
  • The IRS defines a high deductible plan as anything higher than $1,350 for an individual, or $2,700 for a family.
  • Employees with high deductible plans have access to an HSA (eligible accounts).
  • An FSA (Flex Savings Account) is a reloadable account, that is primarily use-it or lose-it
  • Putting money in an HSA is tax free, and rolls over to future years, and drawing it out for medical purposes is tax free.
  • 2018 HSA contribution limits:
    • $3,450 for individuals
    • $6,900 for families
  • After 65, if you have unused money in your HSA, you can draw it out like a traditional IRA and just pay your normal tax.
  • Brad intends to save his receipts and wait to be reimbursed until later, as HSAs will earn interest the same as any investment account.
  • ChooseFI community members recommend Lively or Fidelity.
  • Review of Monday’s episode with Timika – similar concepts and action points as the recommendations from Alan in the Side Hustle Coaching Series.
  • You don’t need permission: just take action.
  • Dan writes in to report that he’s reached FI!
  • ChooseFI has listeners across the globe – although not all the tax and investment information are relevant to international listeners, the lifestyle conversations are.
  • Brad and Jonathan highly recommend Vanguard because they have low fees, which means investors keep more of their returns.
  • In last few months, Fidelity began offering zero-fee funds and Vanguard has lowered its minimum investment from $10k to $3k for several funds.
  • Investments abroad can have very high fees.
  • Zero fees are not the only thing to consider when picking accounts: tax efficiency is very important as well.

 

Links:

Vanguard Ratchets Up Index-Fund Price Battle

Nov 23, 2018
102 | From 90K of Debt to 6-figure Side Hustle | Timika
48:02

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.

  • Timika’s early financial experiences came through immigrant parents, from Barbados, hustling and saving.
  • Having a side hustle was common place in Timika’s family.
  • Despite her family’s habit of saving, Timika finished her education with $94K of debt.
    • After her undergraduate Timika had $24K in debt.
    • Student loans for her master’s cost $35K
    • A second, nursing degree, cost another $30K
  • Choosing to pursue something that you’re not quite ready for can often lead someone to pay more than necessary.
  • Nursing degrees don’t have to cost $30K; immediately after high school students can become qualified Certified Nursing Assistants (CNAs) working in hospitals or nursing homes while starting at a community college and finishing through a bridge program at a 4-year school.
  • Nursing is a trade; find the most efficient way to get qualified.
  • Many universities offer tuition assistant to the children of faculty/staff, often including tuition at other universities.
  • What options did Timika consider in order to decrease her student loan debt?
  • Timika’s mindset changed when she started to own her life circumstances; taking responsibility for her finances was a natural result.
  • Instead of buying a $20K car, Timika bought a $20K business – a lice clinic.
  • Timika spoke with out-of-state clinic owners and did her homework before deciding to invest in the set up for her clinic.
  • Since opening the business, Timika has increased her talentstack to include:
    • Securing a business lease
    • Blogging
    • Website management
    • Business finance management
  • Timika went to coding bootcamp, for 75% discount as a female minority.
  • The lice clinic is now almost passive income: Timika only devotes three hours a week and has hired employees who manage the rest.

 

Links:

House of FI

Reluctant Frugalist

Saving Sherpa

The Road to Retirement: (Re)Learning to Love Work

For more information, visit the show notes at https://ChooseFI.com/102

Nov 19, 2018
101R | Side Hustle Coaching Series Part 4
51:34

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.

 

  • Brad and Jonathan are jumping into planned spontaneity.
  • Do your actions align with your values?
  • Brad recounts how the accounting firm he worked for right after college, one of the biggest in the U.S. at the time, folded and within 9 months no longer existed.
  • W2 jobs aren’t all that risk-free after all.
  • Having a side hustle is about diversification.
  • Jonathan talks about how Dani is building an audiobook side hustle, using some of the techniques and strategies that Nick Loper talked about in Monday’s episode.
  • Willingness to pivot your side hustle idea gives you a better chance at building a side hustle that actually works.
  • Voicemail from Jose with a side hustle tip from Task Rabbit – sign up to help others with random tasks, and add a little extra cash to your pocket.
  • Brad’s opting to rent a car through Turo, through which customers rent someone’s personal car, similar to AirBnB.

 

Side Hustle Coaching Call

  • Episodes to review: Episode 30, Episode 56 (Part 1), Episode 77R (Part 2), Episode 85R (Part 3)
  • Tallis reviews how her initial cold calls, starting from further away geographically and becoming increasingly local as she refined her sales pitch.
  • Tallis has 4 dance classes she’ll be teaching soon!
  • Tracking results and feedback from the start of your business is important.
  • Measuring results, and using valid tools respected within the medical community will be important to Tallis’ business.
  • Where does Tallis want her business to go in the next 2 years?
  • Keep pressing forward – it’s impossible to know how the business might grow, but Tallis is building entrepreneurial skills and opening options for her future.

 

Links:

10 Big Chain Stores That Will Secretly Match Amazon's Low Prices

Nov 16, 2018
101 | Finding your Side Hustle Idea | Nick Loper
55:15

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.

 

  • You can only cut so much from your expenses; a side hustle helps you expand your earning potential.
  • Nick thinks working just a 9-5 job is risky – what happens if you get fired?
  • Nick advocates several methods for developing side hustle ideas.
  • Method 1: Intersection Method
    • Write out three columns with lists that include what you can do, what you like to do, and the people in your network.
  • Nick used the Fiverr website to test out his first side hustle idea.
  • How important is it to pivot, instead of being discouraged by failure?
  • Some of the best ideas are developed once a business is already in motion.
  • Method 2: What sucks?
    • Find simple sticking points in life and solve the problems.
  • Some people find things on Amazon that suck, and find a way to make them better.
  • There are manufacturing companies in China and the U.S. that work with small orders and require minimal up-front investment.
  • You don’t need a brand-new idea, you just need a different market.
  • Recommended episodes from Side Hustle Nation:
  • Method 3: Rip, Pivot and Jam
    • Find a business model that’s working, pivot it to a new market, product, etc., and then do the work.
  • Are there side hustles that Nick no longer recommends?
  • Sometimes the opportunity cost for a side hustle may not be worth the cash.
  • One of the best side hustle ideas Nick has heard: Flea Market Flipper.
  • How difficult is it to develop a passive-income side-hustle?
  • Think Maids: found a category of businesses on Yelp that had really poor reviews, and found a way to provide better customer service.

 

Links:

Alibaba.com

Smart Passive Income

GoCurryCracker

Nov 12, 2018
100R | Know the Rules
43:45

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.

  • The financial independence movement is growing, and seeing a lot more press coverage.
  • Messaging matters: The Wall Street Journal published one article with two different headlines.
  • Pursuing financial independence isn’t about buying brown bananas, despite what some media would suggest.
  • Brad reached financial independence with intentionality about his priorities in his life.
  • Brad and Jonathan don’t aim to tell people what decisions to make in their life, just give options and information.
  • What did Brad’s family do to reach financial independence?
    • Housing: chose to move to a less-expensive cost of living area
    • Cars: Brad & his wife drive 15-year-old cars
    • Food: don’t go to restaurants often
  • Set up a life that doesn’t cost that much.
  • Pursuing financial independence actually allows people to pursue jobs that they love.
  • If life costs a lot and someone is in debt, it’s very hard to walk away without taking major risks.
  • Knowing tax rules is a huge component of pursuing financial independence.
  • Knowing the rules in regards to paying for college makes a huge difference in how much financial aid your student might be eligible to receive.
  • A message from Matt about researching the actual requirements necessary for a job in nursing – the cost of nursing school can range from a few thousand dollars to more than $100k.
  • Studying nursing in a less expensive area still gives you qualifications to practice anywhere in the U.S., with a potentially huge payoff.
  • Roth Conversion Ladder & Capital Gains Harvesting – the goal is to pay little or no tax.
  • Roth IRA Conversion Ladder:
    • Starts with traditional IRA/401k.
    • If you want to retire before 59.5, taking money out is taxable income.
    • If you’re not collecting significant income, taking money from an IRA is unlikely to push you into a high tax bracket.
  • Capital Gains Harvesting
    • If you’re income is low, your tax bracket can be incredibly low.
  • Email from Dan explaining how he and his wife paid off many of their debts, found a way for his wife to be a stay-at-home mom, and started a small side hustle.
  • Brad shares a frugal win of the week at the optometrist.

For more information, visit the show notes at https://choosefi.com/100R 

Nov 09, 2018
100 | Welcome to the FI community
49:06

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.

 

  • Jonathan considers himself a reluctant frugalist, but the idea of not having to work won him over.
  • Brad and his wife were natural savers, but chose to move from Long Island, NY, so that they could save more and work toward financial independence.
  • If you want to take back your years and have the option to stop working before your 60s, you’re going to have to live differently and make different choices.
  • The key to long term freedom is saving money.
  • The benefits of pursuing financial independence are felt long before reaching FI.
  • Jonathan put himself in a position to leave his pharmacy job when it stopped working for him and his family.
  • A huge quantity of life’s stresses can go away if you’ve got some money in the bank.
  • What you earn minus what you spend = the gap.
  • The goal of the ChooseFI community is to help you grow the gap, and pursue what you’re most interested in.
  • ChooseFI isn’t about the money, it’s a life optimization strategy.
  • Small sacrifices add up in the long term.
  • What is a talent stack, and how did it change Brad’s life?
  • Starting with current income is the wrong place to start calculating the number you need for retirement.
  • FI number = 25 x annual expenses (4% rule of thumb)
  • If you’re only saving 1%, it’ll take you 100 years to replace on year of expenses.
  • Getting as close to possible to a 50% savings rate is when things really start to move quickly.
  • Being rich isn’t watches and cars – it’s money saved and pursuing what’s more important to you in life.
  • What major decisions put Brad on the path to FI?

 

Links:

Mr. Money Mustache

www.choosefi.com/start

Nov 05, 2018
099R | Market Fluctuations | Stick to Your Plan
01:05:25

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.  

 

  • Jonathan recaps his recent family vacation and travel to FI Chautauqua Greece.
  • Chautauqua was most importantly about community.
  • Jonathan saved nearly $1,200 on a bill for his son’s broken leg just by asking for an adjusted cash-pay price.
  • The Playing with FIRE Kickstarter event far surpassed expectations.
    • More than 1,000 supports
    • More than $100k
  • Review from Monday’s episode with Michael Peterson.
  • Michael continues to work because he wants to be able to give.
  • Geoarbitrage might not always be what we think; moving to ‘less expensive’ countries also usually involves a big lifestyle change.
  • Considering oneself to be a steward of resources, not just an accumulator of money, puts members of the FI community in a unique position to be generous and consider their impact on world.
  • Voicemail from Brian Feroldi from Motley Fool: stock market is down about 10%, but no need to panic, as drops in the market are normal and bound to recover in the long term.
  • Buying stock when it’s down is like buying stock that’s on sale.
  • Voicemail from Chris who tries to support 2nd and 3rd generation FI by supporting childhood entrepreneurship.
  • Hansi asks the community for help brainstorming 31 free/inexpensive things for couples to do in the fall.
    • Drive to look at fall foliage
    • Toast pumpkin seeds
    • Backyard fire pit
  • Josh, a dentist in Oregon, opted to go to dental school in Oklahoma for half the cost of a school in Boston, and then chose to work in a rural group practice to significantly increase his income.
    • Using money he put into his 401k, he purchased a practice in Bend, OR and improved his lifestyle.
    • Expects to pay more than $1.2 million of loans in the next 5 years.
  • In the medical industry, working in more remote locations tends to increase income.
  • Voicemail from Matthew who is a military dentist – military pays for the cost of dental school, plus a stipend, in exchange for a few years of service to the military, and a guaranteed job.

 

Links mentioned in this episode:

FI Chautauqua

usafdds.blogspot.com

 

For more information, visit the show notes at https://ChooseFI.com/099R

Nov 02, 2018
099 | Generous Giving on the Path to FI | Michael Peterson
57:25

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

 

——————-

 

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!"

Oct 29, 2018
098R | A Cautionary Tale in HyperDebt
57:37

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

Oct 26, 2018
098 | HyperDebt | The Debtist
55:25

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

Oct 22, 2018
097R | The Good Dad Project
01:05:13

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

Oct 19, 2018
097 | The White Coat Investor | Origin Story
01:06:11

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

Oct 15, 2018
096R | The Money Matriarch of the World & the Godfather of FI | Suze Orman & JLCollinsNH
57:44

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.

 

  • Frugal wins of the week from Brad & Jonathan: garbage pickup and cell phone batteries.
  • What questions did Dominick Q, from Monday’s episode, ask that were most impactful for Jonathan?
  • Jonathan explains how he uses a planner at night to set himself up for success the next day.
    • What three things does he want to accomplish tomorrow?
  • Shutting off notifications on his phone allows Brad to step away from him phone more effectively.
  • One of Dominick’s strategies for breaking the tie to various technology is a ‘digital detox’.
  • Leaving his phone at home during a family walk each morning helps Jonathan give quality, undivided attention to his family.
  • JL Collins, a.k.a., the Godfather of FI, talks about two recent interviews on the “Afford Anything” podcast with Suze Orman (personal finance expert and former CNBC talk show host).
  • Although Suze opposes the overall idea of FIRE, she advocates for many similar personal finance concepts and principles.
  • Brad and Jonathan wonder whether anyone would ever be able to retire based on the FI numbers that Suze suggested.
  • JL suggests that fear of what might happen in the future informs Suze’s mindset more than necessary.
  • Continuing to work doesn’t mitigate uncertainty about the future.
  • The only truly non-renewable resource is wasting decades of your life.
  • Is the FI community more prepared than most for bad things that might happen in the future?
  • Jonathan and JL wonder if Suze’s wealth has been accumulated through sound investing, or from a variety of businesses and her work as a TV personality.
  • It’s easy to sell books and products based on fear.
  • Was Suze’s interview actually good for the FI community?
  • The amount of money someone actually needs to retire is entirely dependent on the lifestyle that someone chooses to live.
  • Does the “FIRE” acronym add some concern and confusion about the FI community?
  • Being financially independent just means that you can do whatever you want.
  • Trying to pick individual stocks is a loser’s game.

 

For more information, visit the show notes at https://ChooseFI.com/096R

Oct 12, 2018
096 | Drift | Dominick Quartuccio
01:16:27

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

Oct 08, 2018
095R | Call to Action
46:17

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 

——————-

 

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!"

 

Oct 05, 2018
095 | A Military Path to FI | Military Dollar
01:01:11

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.

 

  • Working in the military can set someone up to retire after 20 years with a pension and the ability to pursue whatever interests them.
  • Why do many young members of the military actually have financial problems?
  • Has Military Dollar ever seen any specific education for new servicemen?
  • How could a young person change his/her mindset to make more frugal choices and pursue FI?
  • Why did Military Dollar decide to pursue financial independence?
  • How did she get started?
  • What was MD’s savings rate early on?
  • How has MD set herself up to potentially retire by 41?
  • What was the moment that changed MD’s mindset and approach toward finances?
  • How do most military members approach debt?
  • What does the optimized path to FI look like in 2018.
  • What’s the difference between the old Legacy Retirement and new Blended Retirement System?
  • What advantages does the Blended Retirement System have for people who don’t stay in the military for 20 years or more?
  • What is the biggest difference between the enlisted and the officer’s route to FI?
  • How can people plan for and understand relatively predictable promotions and pay raises?
  • If someone starts young and doesn’t increase their lifestyle spending, getting to a 50% savings rate is very possible.
  • Within the military retirement system, what investment options are available?
  • Active duty health care = free for you and your family.
  • How does the GI Bill work, and how does that help with college expenses?
  • The GI Bill can be passed onto family members, but does include a service commitment.
  • If the GI Bill is used by a service member’s children, or after separating from the military, there is a housing allowance available.
  • GI Bill will cover all tuition and fees as an in-state student for public universities.
  • GI Bill will cover approximately $22k for private universities.
  • What is the Yellow Ribbon program, and how does it help cover the difference?
  • What is the minimum time of service to qualify for the GI Bill?
  • What’s next for the MD whenever she retires from the military?
  • How does MD balance her commitment to the military with her interest in serving her community?
  • How will MD know when it’s time to retire?

For more information, visit the show notes at https://ChooseFI.com/095

Oct 01, 2018
094R | Transitioning to Entrepreneurship | A Case Study in Estimated Taxes
53:33

094R | The logistics of estimating and paying taxes as an entrepreneur, Brad’s frugal win of the week, and emails from the ChooseFI community.

  • Brad and Jonathan are at FinCon in Orlando, Fl.
  • Brad describes his family’s frugal win of the week at Old Navy.
  • Review of the tax implications of winning a non-cash prize.
  • How do some entrepreneurs put themselves in a position to fail because of taxes?
  • Case study: how to make estimated tax payments as a new entrepreneur.
  • Brad wants to pay the least amount of money in taxes, but ensure that he definitely pays the minimum amount to avoid incurring penalties.
    • Knowing due dates and technicalities is important.
    • It’s key to have money set aside in case you do owe more at the end of the year.
  • What is the safe harbor provision?
  • If you have blended W2 and non-W2 incomes, you do have to estimate based on previous pay stubs.
  • Why would someone owe payroll tax?
  • Brad uses a different bank account to reserve money he thinks he’ll need for taxes, and uses an eftps.gov account to submit his taxes.
  • It’s important to know that you’ll owe a lot of money on April 15 every year.
  • Email from Ally reporting two life wins:
    • Keeping an inventory for what’s in her freezer by writing on the front like a white board.
    • Using checkboxes to keep track of the three things she accomplishes every day.
  • Is FI getting to the UK?
  • Playing with FIRE documentary has been submitted the film to Sundance.
  • Scott, writes an email, to explain how pursuing financial independence and information from ChooseFI has changed his life.

 

Links:

“How to retire in your FORTIES without earning a fortune” – Daily Mail

Sep 28, 2018
094 | Solo 401K vs SEP with Waffles on Wednesday
01:14:40

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.

  • How did Ray win on the Price is Right, and what did he win?
  • What were the tax implications of his winning?
  • How was Ray’s experience at the IRS building in Los Angeles?
  • Why did Jonathan receive a tax penalty last year, and how did he respond?
  • How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name?
  • Why do we have to just live for weekends?
  • How did Ray win-over Mrs. WoW to financial independence?
  • What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence?
  • How did the pursuit of FI change their careers?
  • What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income?
  • What is a Solo 401K and why did Mr. WoW choose that option?
  • What is the advantage of a Solo 401K for owner and spouse, and how does the math work?
  • How important is it to control your tax rate?
  • What happened to the Mr. & Mrs. WoW’s retirement accounts when they opted to bring on an employee?
  • What is a Mega Backdoor ROTH?  
  • How did Mr. WoW find a plan administrator who could help him set up his accounts?
  • Does Mr. WoW manage his own taxes, or use an accountant?
  • What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life?
  • How does someone volunteer for international aid organizations?
  • Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do?
  • How do they plan for these trips?

 

For more information, visit the show notes at https://ChooseFI.com/094

Sep 24, 2018
093R | Other Mountains to Climb | With Joe Saul-Sehy from Stacking Benjamins
01:09:19

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.

 

  • Hurricane Florence’s path didn’t go near Brad and Jonathan, but there were tornadoes.
  • FU money is better than FI money.
  • Meet up in Florida during the week of FinCon 2018.
  • How did Harry (from Monday’s episode) become the go-to guy for ride-share drivers?
  • What strategies would help someone become the go-to person in a particular niche?
  • How can you solve a problem that you, and other people, have?
  • Find people who like and trust you.
  • How is retail changing in 2018?
  • How did Harry pursue unusual opportunities to make extra money?
  • Could the “destination filter” as an Uber or Lyft driver and the potential to deduct you commute drop someone into a lower tax bracket?
  • How did Joe from Stacking Benjamins become a financial advisor?
  • What did the phrase “other mountains to climb” mean to Joe and how did it impact his career?
  • What did Joe value about going back to school to be a teacher, but not actually becoming a teacher?
  • What does it mean for something to be “rewarding for your soul”?
  • How did Joe need to adjust his business in order to sell it?
  • Where does financial independence stand within the personal finance world?
  • Is financial independence about playing defense or offense?
  • Voicemail from Jon, looking for advice about whether he should sell his business to become FI, or continue working with a few side hustles.
  • Could Jon restructure his business to reduce stress and create a more positive working environment?
  • What’s wrong with a life well worked?
  • Is there value in purchasing a business that is inextricably tied to a single person?
  • Coming up soon, Stacking Benjamins is doing live shows in Orlando, Kansas City and Ferndale, Mich.

 

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!"

Sep 21, 2018
093 | Look at the Problem Differently | The RideShare Guy
01:11:21

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!"

Sep 17, 2018
092R | It's not the Idea, it's the Process
52:47

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

Sep 14, 2018
092 | Will Boland | CarLotz and Entrepreneur Case Study
01:13:39

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.

  • How did Will become an entrepreneur?
  • What was the inspiration for CarLotz?
  • What experience during his work in investment banking gave Will the motivation to become an owner/manager?
  • Will is 2nd generation FI. What did his journey look like?
  • How did Will present and convince his family that it was a good idea to pursue entrepreneurship instead of continuing with his well-paying job?
  • Did Will accumulate significant student loans while completing his undergraduate degree and master’s?
  • What is a life resume, and does Will keep track of his?
  • What role have mentors played in Will’s career?
  • Will has been very open and honest with mentors and co-workers about his specific goals. How does he create an environment at CarLotz to encourage the same from his employees?
  • Why didn’t Will’s mentor want to see his business plan?
  • What was the thought process when Will and his co-founders could only secure small startup investments?  
  • What is the advantage of selling a car on consignment?
  • What hiccups did CarLotz overcome in their early days of business?
  • “If you aren’t embarrassed by the first iteration, you’re launching too late.”
  • How does Will encourage employees to share good ideas?
  • Why do pursuing FI and starting a business complement each other well?
  • How did Will and his co-founders create space to share work-place challenges within their partnership?
  • Has Will caught up, financially, to where he’d be if he had continued his job in investment banking?
  • Is he happy with where he’s at?
  • Does CarLotz need to be a financial success in order to keep Will on track to reach financial independence?
  • Why is running Will’s favorite life hack?

 

For more information, visit the show notes at https://ChooseFI.com/092

Sep 10, 2018
091R | Real Estate Inside an IRA
59:59

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!"

Sep 07, 2018
091 | Rich Carey Real Estate | Building a Rental Real Estate Snowball Machine without Debt
01:18:35

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.

——————-

 

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!"

Sep 03, 2018
090R | Longest Vacation Ever
51:46

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.

  • Brad is back from a month-long vacation in the U.K.
  • Is this Brad’s first experience with “slow travel”?
  • Where will Brad’s family go next?
  • If you can optimize small things, they add up.
  • Brad joined a ChooseFI meet up in London, with Barney from The Escape Artist and Ken from The Humble Penny.
  • Is there a more efficient way to be active than slaving away on the treadmill?
  • Are your health and exercise habits actually adding value to your life?
  • Brad thinks maybe he’ll try a vegan diet for a short time, as was recommended on Monday’s episode.
  • How has Jonathan incorporated additional spices into his family’s meals?
  • “Eat food, not too much, mostly plants” – Michael Pollan
  • How much money could Jonathan save if his family went vegetarian?
  • What is intermittent fasting?
  • Email from Alex, confirming the advantage and benefits of veganism.
  • Does veganism have a PR issue?
  • What tools will Jonathan use to increase his vegetable diet during the next few weeks.
  • Voicemail from Ben, about using CLEP tests, which are free for members of the military, to decrease the time it takes to complete a university degree.
  • Voicemail from Michael: strategically moving money from taxable investment accounts into non-taxable accounts will move him into a 0% tax bracket.

 

Link to Jonathan's InstaPot:

Instant Pot

Aug 31, 2018
090 | Vegan Path to FI
01:12:55

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!"

Aug 27, 2018
089R | Let Me Check With My Accountant
01:03:06

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!"

Aug 24, 2018
089 | Retail Path to FI with College Investor
01:01:23

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

Aug 20, 2018
088R | What Have You Built?
56:00

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!"

Aug 17, 2018
088 | Career Hacking the Tech Industry | Millennial Boss
01:10:47

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

Aug 13, 2018
087R | Autonomy Mastery Purpose
48:55

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

Aug 10, 2018
087 | Education Through Innovation | Don Wettrick
56:07

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.

 

  • Why and how did Don create an Innovation course at his school, and ultimately the StartEdUp Innovation program?
  • What was challenging about getting his students involved during the early stages, when it was just extra time during his class?
  • When do students lose their curiosity or learning?
  • How much does a reward really motivate students?
  • What would the process look like to develop and nurture internally motivated learners through elementary school?
  • What’s the difference between creativity and imagination?
  • How can a parent help their child be more innovative outside of school?
  • What does Don recommend as a good consumption v. production ratio?
  • How does changing consumption habits – how much, and what – impact the way Don’s students and own children think?
  • How does building community within a cohort of “creators” impact a student’s relationship?
  • Does participation in Don’s high school class impact his students other grades?
  • How do mastery, autonomy and purpose mix together best?
  • What does it look like to be in Don’s Innovation Class?
    • 6-7 weeks of class
      • Basics of innovation
      • How to think creatively
      • Building a professional social media presence
    • Remainder of class is “open source learning”
    • Volunteer with struggling non-profits, to see problems close up
    • Statewide student “Pitch” competition
    • Helping struggling local businesses
  • What sort of projects have his students build?
  • What story do you tell yourself, about yourself?
  • Is there a difference between improvement and new opportunity?
  • How would Don hope to integrate innovation development into schools in his 10-year dream?
  • Contact: @DonWettrick on Twitter
  • What did Don’s father mean when he told him to “Pay himself first”?
  • Why does Don think it’s important to fail?

 

 

Links:

“Daniel Pink: The Puzzle of Motivation”

Freakonomics

You Will Lose Your Job to a Robot—and Sooner Than You Think

Aug 06, 2018
086R | Pretirement | Roger Whitney
01:05:02

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.

 

  • Brad is departing for a month-long family vacation to the U.K.
  • What is “global entry” and how/why did Brad get it before his trip?
  • Jonathan had a chance to meet up with Allison., from Episode 86.
  • If money was no longer an option, what would change for Brad and Jonathan?
  • Brad and Jonathan are super impressed with Allison’s grit and tenacity, to change the trajectory of her life.
  • Sometimes encouragement from someone else is the motivation we need.
  • You don’t have to know where your life is going to go, you just have to get started.
  • How can someone overcome “imposter syndrome”?
  • Voicemail from Angela at Tread Lightly/Retire Early – if Allison’s house is a place that makes her happy and brings her joy, maybe there are other ways that she can adjust her spending to be more efficient.
  • An article in the “Journal of Accountancy” addressing specific strategies for those pursuing financial independence: FIRE-d up for early retirement.
  • At what point is Turbo Tax not sufficient for your taxes?
  • What questions would Brad ask of a potential CPA?
  • Brad and Jonathan participated in Podcast Movement in Philadelphia, and participate in a ChooseFI meetup.
  • Brad is attending a ChooseFI meet up in London as well.
  • A live recording from Podcast Movement, with Roger, the Retirement Answer Man:
    • The tension between wanting to have a good life and wanting to enjoy today never really goes away.
    • Most baby-boomers don’t really want to never work again, but rather they want freedom in their time.
    • What are people running toward in retirement?
    • Instead of comparing retirement to a light switch, think of it more like a dimmer switch.
    • How does Roger talk to someone about making adjustments to move toward the life that you want?
    • Roger’s suggestion for have conversations: go for a walk, or a road trip, or something that creates space and time to have conversation.
    • Pretirement: what can you do now to start setting yourself up for what you want?
    • Strong relationships with your colleagues and superiors can give you the ability to adjust your job to meet your needs.
    • Five things to do with money: Give it away, spend it, pay down debt, save it, or invest it.

 

Links:

U.S. Customs Global Entry

Building My Castle

Tread Lightly, Retire Early

Rock Retirement

Aug 03, 2018
086 | A Live Case Study with Physician on FIRE and Allison Goddard
01:15:06

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!"

——————-

For more information about FI, go to https://choosefi.com/086

Jul 30, 2018
085R | Sidehustle Coaching Series Part 3 | Learn to Pitch and Lean into the Uncomfortable Pause
01:23:14

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:

  • Jonathan reports a wallpaper challenge/ DIY fail in his kitchen.
    • Recommendation: use drywall mud to fix blemishes in drywall after removing wall paper.
  • What home-improvement projects are worth hiring out?
  • MK, from Monday’s episode, noticed that through persistence she has not only produced more content, and that with each release, her previous work sells even better.
  • How to build your personal brand and get start building your sidehustle and/or passion?
  • Sidehustle Coaching episodes so far:
    • Episode 30: Introduction to Alan Donegan
    • Episode 56: Part 1 – meet Tallis and hear about her new business idea
    • Episode 77: Part 2 – check in about Tallis’ progress and initial feedback
  • Update since the previous episode:
    • Chris, from the fundraising department at the Northwestern Hospital, is interested in hearing Tallis’ pitch.
  • If you can’t sell your business, you don’t get any customers, and therefore you don’t get any money.
  • “Sales” is the process finding someone with a problem you can solve and explaining that you can fix that problem.
  • Why did Alan struggle to sell his own business at the start?
  • What is the problem that Tallis’ business is solving?
  • How has Tallis clarified her business’ goal?
  • The triad: include three points when you make your pitch.
  • How do people accidentally overwhelm listeners during their pitch?
  • What’s the best way to start a pitch?
  • Never end your pitch with Q&A.
  • How can you set up a strong close if you have to include Q&A?
  • At the close, it’s important to actually ask the potential customer to buy the product.
  • “If you don’t ask, you don’t get.”
  • What does Tallis want to ask at the close of her pitch to Northwestern?
  • How did Alan help a group of students pitch for an advertisement with a really strong open?
  • How to deliver a strong pitch on the phone?
  • Your moments of impact as a speaker are actually when the audience is thinking.
  • How does Alan get someone’s attention at the start of his pitch conversation?
    • Creative intro
    • Confirm he’s talking to the right person
  • Tallis’ product isn’t right for everyone. It’s important to ask questions to determine whether her product meets the need of a potential client.
  • How and when does Alan suggest delivering the price?
  • What part does the uncomfortable pause play in selling a product?
  • Why doesn’t lowering prices always equate to increased sales?
  • Tallis sets a measurable goal for number of pitches and sales.
  • Want a copy of MK’s book? Leave a review!

 

Links:

DIY to FI

My $3,500 Tiny House Explained

Caboose Rental

 

——————-

 

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!"

Jul 27, 2018
085 | From Passion to Profit | M.K. Williams
01:07:07

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!"

Jul 23, 2018
084R | Mindset of FI
01:04:40

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.

——————

 

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/084R

Jul 20, 2018
084 | Montana Money Adventures
01:13:13

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:

  • What does Jillian mean by “big family minimalism”, and why did she consider it a survival tool?
  • How did Jillian decide to adopt several children?
  • What role do grit resilience play in her story, and how does that play out in her life?
  • How does Jillian manage the chaos that she invited into her live?
  • What is a “Quit List”?
  • What is the process for deciding what things to quit?
  • How does Jillian pursue minimalism with children?
  • What does life minimalism look like to Jillian?
  • How much involvement do Jillian’s children have in the decision-making process?
  • What does the ideal day look like to Jillian’s family?
  • How does good conversation become a part of Jillian’s life?
  • What did Jillian’s combined income look like during their journey toward financial independence?
  • What was Jillian’s “flash point”?
  • How did her childhood experiences impact the way she approached life and finances as a young adult?
  • What are the highlights of Jillian’s journey toward financial independence?
  • How did Jillian and her husband get to the point of purchasing a house with cash?
  • What did friends and family think of Jillian’s $50k home purchase?
  • How does Jillian teach people to lean into discomfort and own their choices?
  • What does Jillian think about a culture that values comfort and safety?
  • How many things can go wrong before someone will walk away from a pursuit?
  • When did Jillian start to plan her life?
  • Best way to connect with Jillian: email list.
  • How is Jillian learning to be more generous?

 

Links:

Montana Money Adventures

Big Family Minimalism

Sportive Cyclist

Essentialism, by James Latham

The One Thing, by Gary Keller

 

 

Jul 16, 2018
083R | The Hobby Checkbox
54:26

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

Jul 13, 2018
083 | A Second Generation FI Case Study | Cody Berman
59:13

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.

——————-

 

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!"

Jul 09, 2018
082R | The Paradox of Choice
01:04:32

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.

  • Jonathan gives a review of some travel hacks on a recent trip to Chattanooga, TN.
  • Capital One Venture Card allows users to redeem miles for nearly any travel cost.
  • PSA: bring a copy of your child’s birth certificate if you’re traveling.
  • Review of Monday’s episode with Dani and Laura, Jonathan and Brad’s wife.
  • Jonathan is excited about the way Brad and Laura cut down on choices, purchases and decisions for themselves and their children.
  • Brad aims to keep his life simple, particularly in regard to purchases.
  • Enjoying the journey is crucial; obsessing over small purchases probably takes away from someone’s enjoyment of life.
  • During your pursuit of FI, it’s important to remember your “why”.
  • Laura shops for the future, by purchasing clothes, presents, etc., way before they’re necessary, often finding items for a fraction of the normal cost.
  • Batch processing: blocking your time off to maximize efficiency.
  • Facebook Message from Jimmy:  met a friend on airplane, introduced him to ChooseFI, and that friend reduced expenses and put himself on the path to FI in less than a month.
  • There are options for almost every financial position, to get yourself moving in the direction of FI.
  • Jeff, on Facebook, reports that he’s paid off $105k of student loans.
  • ChooseFI San Diego has a real estate meeting recently – informing people about real estate options and discussing rent vs buy, among other topics of conversation.
  • ChooseFI local groups will be as good as the participants want them to be.
  • Voicemail from Ryan: question about using roboadvisors?
  • Fees matter: managing accounts directly saves money.
  • Benefits of a roboadvisor – automated services can help with some calculations that it’s difficult to do yourself, and it sometimes make investing more accessible  
  • Jonathan prefers and recommends M1 Finance.
  • Voicemail from Bonnie: selling used items through the online Varagesale platform helps her bring in a little extra income as a stay-at-home mom.
  • Voicemail from Anthony with questions about increasing your capital gains basis.
  • Capital gains are typically taxes, but if you’re in a low tax bracket, long-term capital gains are not taxed.
  • Previous episode about capital gains harvesting in episode 18 and 18R.

 

Links:

The Paradox of Choice

Betterment

Wealthfront

The Simple Path to Wealth

Design Your Future

Freelance to Freedom


_______________________________________


For more information, visit the show notes at https://ChooseFI.com/082R

Jul 06, 2018
082 | A Wife's Perspective | Laura Barrett and Dani Mendonsa
01:11:01

082 | Brad and Jonathan’s wives, Laura and Dani (respectively), talk about their introduction to FI, combining finances, budgeting with children, and maintaining balance.

  • How did Dani and Laura approach saving before meeting Jonathan?
  • How did Laura’s parents change careers to improve their financial status?
  • How was growing up in Zimbabwe different from a typical American upbringing?
  • What did saving money mean to Dani when she started working?
  • How did Dani respond to Jonathan’s initial proposal to combine finances?
  • When and how did Brad and Laura merge finances?
  • What does a typical day in Dani and Laura’s lives look like?
  • How does “busy” look different from when Dani and Laura were working full-time jobs?
  • Are kids expensive?
  • How do Laura and Dani budget with the extra and unexpected costs of children?
  • What is a “Buy Nothing” group?
  • How does Laura advance purchase things for her children?
  • Do Brad and Laura give their children many choices?
  • How do Brad and Laura create space in their lives to not be consumed by FI?
  • By saving money on unnecessary expenses, Brad and Laura can be generous and unconcerned with some of the smaller expenses that come up in life.
  • How does the 72-hour-rule, introduced by the Frugalwoods, make a difference for Dani and Jonathan?
  • How did Laura and Dani respond when Brad and Jonathan decided to leave their jobs and start ChooseFI?
  • Does the pursuit of FI ever get too intense?
  • How do Dani and Laura plan their meals and prepare ahead of time?

 

Links:

Stay at Home Chef

Smitten Kitchen

Kitchn

Why (and how) I Became a Work-At-Home Mom – The Frugalwoods

A letter to my 22-year-old self – Joel from FI 180

Jul 02, 2018
081R | The Fear of Letting Go
58:15

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!

  • The ChooseFI community is growing and gaining national attention.
  • Local Groups are really effective in some parts of the ChooseFI community.
  • Jonathan joined some members of the Richmond local group to purchase a mosquito fogger to share between them.
  • What else could be a shared purchase?
  • Cait Flanders, from Monday’s episode, talked about taking control of your life, and decluttering her whole life.
  • How do you take control of your life?
  • Could you live with less?
  • Why doesn’t Brad use a budget, and how does he still manage his finances well?
  • Why does Brad hope his daughter reads Harry Potter?
  • Voicemail from Kristyn, from fortheloveoftidy.com and the Spark Joy podcast, talks about her FI progress, and tips for decluttering:
    • Map out your ideal living environment; think about how your clutter fits into that.
    • Ask yourself tough questions about the clutter in your life.
  • What is tough about decluttering for Jonathan?
  • How does Kristyn keep track of her “bit-sized wins”?
  • Why did Jonathan finally get rid of his grad-school notes?
  • Voicemail with a suggestion based on advice from The White Coat Investor, to employ children as models for his website, to add legitimate money to his kids’ retirement accounts.
  • Facebook post from Heather about how her son found a job without a car.
  • Message from Louima, who was inspired by Cait’s Monday episode, and is contemplating a reduction of her FI number.
  • Email from Mark with some FI hacks:
  • Update: Brad is working to establish a scholarship for a Treehouse student to learn coding, in partnership with Every Child’s Hope.
  • Winner of the ticket to CampFI in Joshua Tree: Danielle!

 

Links:

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

Jun 29, 2018
081 | The Year of Less | Cait Flanders
01:06:19

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

Jun 25, 2018
080R | A Case for Survivor Compost and 2nd Generation FI.output
01:06:47

080R | Conversation about teaching your children to save and invest, healthcare options, and an argument in favor of home gardening and composting.

  • Brad contemplates applying for “Survivor”.
  • Review of Monday’s episode with Khai from AlabaMalaysia.
  • How does Jonathan use the idea of “anchoring” in his own life: setting big goals so that even if he misses, good things still happen?
  • Brad and Jonathan talk about how they would set li