Market Fluctuations | Stick to Your Plan
Episode 099R
Episode Guide
Episode Timestamps
Episode Show Notes: ChooseFI Podcast
Episode Summary
In this episode, hosts Jonathan Mendonsa and Brad Barrett share insights from their recent experiences at the Chautauqua event, reflecting on community, financial independence, and the significance of generous giving. Brad recounts a personal story about negotiating a medical bill, which saved him over $1,200. The conversation also highlights the successful Kickstarter campaign for the documentary "Playing With Fire," which raised nearly $102,000. The hosts stress the importance of community building, taking action, and the emotional rewards associated with giving back.
Key Topics Discussed
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Recap of Chautauqua Experience
- Jonathan and Brad discuss their time at Chautauqua, emphasizing lifelong connections formed within the FI community.
- Actionable Takeaway: Embrace the community aspect of financial independence to enhance your journey.
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Negotiating Medical Bills
- Brad shares how he successfully negotiated a medical bill down from over $2,000 to $826 by asking for a self-pay discount.
- Key Quote: "Asking for a cash discount on medical bills saved me over $1,200!"
- Actionable Takeaway: Always inquire about self-pay discounts on medical bills.
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Kickstarter Success for Documentary
- Highlights from the Kickstarter campaign for "Playing With Fire," which exceeded its goal, raising nearly $102,000.
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Importance of Community
- Discussion on how community interactions provide support and motivation in financial independence journeys.
- Key Quote: "The true value at Chautauqua was all about connection and community."
- Actionable Takeaway: Engage in community activities to foster connections.
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Generosity and Legacy
- The hosts explore the connection between stewardship, generosity, and the financial legacy one leaves behind.
- Key Quote: "Generosity and stewardship are deeply interconnected."
- Actionable Takeaway: Reflect on how your financial stewardship impacts future generations.
Timestamps and Highlights
- 00:01:26 Recap of Chautauqua Experience
- 00:12:30 Negotiating Medical Bills
- 00:15:05 Kickstarter Success for Documentary
- 00:06:54 Importance of Community
- 00:28:21 Generosity and Legacy
Action Items
- Ask for medical bill discounts to save money before making payments. (Timestamp: 00:12:30)
- Engage regularly with your local financial independence community or group. (Timestamp: 00:06:54)
- Reflect on the impact of your financial stewardship on future generations. (Timestamp: 00:28:21)
Discussion Questions
- What does financial independence mean to you, and how can community support play a role in your journey?
- How do you approach negotiating medical bills or other costs? What strategies have worked for you?
- What is the significance of stewardship in your financial conversations?
Related Resources
- CamelCamelCamel.com - Price tracking for Amazon products
- Playing With Fire Documentary - More about the documentary
- Effective Altruism - Discover how to give effectively
Conclusion
This episode captures the essence of community support, the practicality of negotiating medical expenses, and the emotional fulfillment derived from generous giving. As discussed by Jonathan and Brad, the path to financial independence is enriched by these experiences, which not only contribute to personal growth but also create a lasting legacy for future generations.
Podcast Intro: You're listening to ChooseFI. The blueprint for financial independence lives here. If you're looking to unlock the secrets to financial independence and early retirement, you're in the right place. Stay tuned and join a community of like-minded people who are getting off the hamster wheel and taking control of their lives in the pursuit of financial independence. ChooseFI, your home for financial independence online.
Podcast Extro: You've been listening to ChooseFI Podcast, where we help middle-class America build wealth one life hack at a time.
Harnessing the Power of Community for Financial Independence
The Transformative Impact of Chautauqua
If you're on a journey toward financial independence, consider immersing yourself in community experiences like Chautauqua. Attending events that bring together like-minded individuals can be life-changing. These experiences facilitate connections that extend far beyond the event itself. The friendships formed here often blossom into robust support networks that play a crucial role in your financial journey.
Sharing experiences, learning from one another, and benefiting from the collective wisdom is invaluable. Take the opportunity to engage with attendees and contribute actively to the conversation. You’ll find that these interactions can inspire you to take committed actions toward your personal financial goals.
Action Steps to Take After Community Experiences
After attending an event like Chautauqua, focus on tangible outcomes from your experiences:
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Create a List of Connections: Write down the names and contact info of those you met. Make it a goal to reach out every few months, as maintaining these relationships can provide ongoing support and inspiration.
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Accountability Partners: Find a few individuals who resonate with your financial journey, and establish accountability partnerships. Discuss your goals and set regular check-ins to maintain progress.
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Seek Opportunities to Share: Whether through blogging or social media, share your learnings and successes with your network. This not only reinforces your commitment but also inspires others to take action.
Negotiating Medical Bills: A Simple Yet Powerful Strategy
A noteworthy takeaway from the discussion involved negotiating medical bills. It's easier than you think to save substantial amounts simply by asking for a cash discount. In one enlightening personal story, one host shared that by inquiring about a self-pay adjustment, he reduced a $2,090 medical bill to just $826, saving over $1,200.
Here are actionable steps for tackling medical bills:
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Be Proactive: Before you make any payments, call your healthcare provider to inquire about discounts. Frames your question confidently.
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Understand Your Terms: Familiarize yourself with terms like "self-pay discount." Knowing what to ask for can boost your confidence during negotiations.
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Document Everything: Keep accurate records of communications and agreements, ensuring clarity in your dealings with medical facilities.
Embracing Generosity and Stewardship
Generosity is a core aspect of a fulfilling financial journey. Consider how your financial choices impact your ability to give back to your community and create a lasting legacy. The podcast hosts discussed how giving significantly boosts emotional fulfillment and aligns deeply with financial independence.
To incorporate generosity into your financial life:
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Set Giving Goals: Determine a percentage of your income that you can consistently donate to causes that resonate with you. This helps maintain your focus on giving while supporting your financial independence.
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Engage in Community Service: Volunteering your time and skills can be as rewarding as financial donations. It strengthens community ties and helps fulfill the innate desire to make a positive impact.
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Reflect on Your Legacy: Consider what you want to leave behind and how you can share your wealth with future generations. Start conversations about stewardship with your family to instill a sense of responsibility.
The Importance of Travel Rewards
Utilizing travel rewards effectively can enhance your financial independence journey. By acquiring rewards strategically, you can save significantly on travel expenses. Here’s how to maximize your travel rewards:
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Use Credit Cards Wisely: Select credit cards that offer beneficial rewards for travel purchases. Ensure you pay off your balance each month to avoid interest charges.
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Join Loyalty Programs: Create accounts with airlines, hotels, and car rental companies to earn points that can be redeemed for free travel or accommodations.
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Be Flexible with Travel Plans: Use tools to track fares and be open to changing your travel dates. Being flexible can lead to unexpected savings and eye-opening travel opportunities.
Conclusion: The journey toward financial independence can be a rewarding experience enriched by community interaction, actionable strategies, and a mindset of giving. Engage with others, negotiate effectively, and embrace stewardship that can enhance not only your life but also the lives of future generations. Take these insights and actions to heart as you work toward a brighter financial future.
- 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.
