Essential Listening Guide

Listen as JL Collins discusses the key themes from his book, The Simple Path to Wealth, focusing on how individuals can effectively manage their finances and build wealth over time. This episode emphasizes avoiding debt, living below your means, and capitalizing on the benefits of compounding. Collins also addresses common misconceptions about investing, illustrating why his approach resonates with so many aspiring to reach financial independence.

Zach and Marilyn share their powerful journey towards financial independence, highlighting how strategic house hacking allowed them to turn their living situation into a profitable venture. By leveraging their experiences and insights gained from experts like Paula Pant, they've not only secured a comfortable home but also created a reliable source of income. Their story embodies the transformation that comes from adopting a growth mindset, showcasing the potential for financial success even with modest earnings.

In a world increasingly filled with financial jargon, acronyms like NGMI (Not Gonna Make It) and HFSP (Have Fun Staying Poor) can leave many feeling bewildered. This episode breaks down these terms and their significance in the context of investing, especially in rapidly changing markets like those involving cryptocurrencies. Understanding such acronyms is the first step towards becoming a more informed and confident investor.

Master the essential rules for achieving financial independence through effective income optimization and tax strategies. This episode delves into maximizing employer benefits, utilizing health savings accounts, and implementing travel rewards as tax-free income. Understand the fundamentals of the tax code to ensure progressive gains and avoid costly mistakes in financial planning. Discover how minor adjustments can lead to incremental but significant overall wealth-building strategies.

Unravel the complexities surrounding return percentages in investing, particularly the often misunderstood concept of a 200% return. This insightful discussion breaks down how returns are calculated and emphasizes the importance of recognizing the limits of average returns. Whether you’re a seasoned investor or just starting, understanding this concept is crucial for your financial planning.

Maximizing tax efficiency is crucial for achieving financial independence. This episode uncovers effective strategies for managing taxes on various retirement accounts, including tax-deferred and Roth accounts. Understanding the different tax treatments of your investments can significantly influence your overall tax strategy, allowing you to capitalize on tax rules to optimize withdrawals and minimize liabilities. Explore the best approaches to align your financial goals with smart tax planning to build wealth intelligently.

Unlocking new opportunities through career pivots is essential for personal growth. This episode delves into the mechanics behind making successful changes in your professional life, highlighting the importance of personal branding and exploring non-traditional ways to secure job offers. An inspiring listener success story illustrates the transformative potential of becoming a notary loan signing agent, detailing impressive earning capabilities and work flexibility. The conversation emphasizes community and mentorship as critical support systems during these transitions, urging individuals to recognize their self-worth beyond their immediate income.

Take control of your financial future with ten powerful strategies designed to increase your income. From negotiating raises to building side hustles, this episode dives deep into effective techniques for financial growth. The conversation emphasizes the importance of self-advocacy and understanding your worth in the workplace, encouraging listeners to take proactive steps in increasing their earnings while enjoying life along the way.

Inflation is a critical concern for investors today, significantly impacting financial strategies across the board. Understanding the nuances of how inflation rates affect different asset classes—like equities, bonds, and real estate—is essential for preserving purchasing power. In this episode, we explore the current inflation landscape, discussing historical benchmarks and offering expert advice on maintaining a robust investment portfolio amidst changing economic conditions. As an investor, being proactive and informed will ensure you are better equipped to handle inflationary pressures on your financial independence journey.

Market volatility often creates disparities between stock prices and the actual health of businesses. In this insightful episode, we examine the significant lessons learned from high-profile funds like ARK. Guest expert Brian Faraldi sheds light on why understanding business fundamentals is crucial for investors aiming to achieve financial independence. Don't miss the deep dive into strategies that help navigate investment choices, particularly in a tumultuous market environment.

Entrepreneurship can be a powerful vehicle for achieving financial independence. This episode explores how to leverage your skills and seize opportunities, even in challenging times. With insights from expert Alan Donnigan, you'll learn about geo-arbitrage and how to enhance your financial situation by recognizing the value of your skills.

Unlocking your unique skill set can be the key to advancing your career in 2021 and beyond. This episode dives deep into the importance of self-awareness and understanding your talent stack. Hosts Brad and Jonathan Mendonsa share actionable strategies to effectively communicate your skills during job applications and interviews, moving beyond the outdated resume approach. They emphasize adaptability and ongoing learning as essential components for success in an increasingly dynamic job market.

Unlocking financial independence requires understanding its stages and checkpoints. This episode dives into the gamification of financial independence, offering actionable insights that make this journey less daunting and more engaging. Learn how to identify your current status, whether in a hair-on-fire scenario or drifting through life, and take steps to establish a solid foundation for financial awareness and growth.

This episode delves into the intricate dynamics of cryptocurrency trading, focusing on avoiding pump and dump schemes. Hosts Jonathan Mendonsa and Brad Barrett analyze the emotional psychology behind investing and how speculation can lead to significant financial risks. The conversation reinforces the importance of understanding the fundamentals of cryptocurrency rather than falling prey to trends and market hype.

Grumpus Maximus shares vital insights into understanding pensions and the significance of cost-of-living adjustments (COLA). This episode emphasizes the importance of being proactive in financial planning, particularly in navigating pension systems like the Virginia Retirement System. With guests Troy and Lindsay, they explore essential factors impacting retirement decisions, from monetary aspects to emotional considerations, ensuring listeners can align their career choices with their long-term financial goals.

Gain insights into risk parity as a crucial strategy for building a diversified investment portfolio. This approach emphasizes uncorrelated assets to mitigate risk while maximizing potential returns. Understanding these concepts can significantly impact your journey toward financial independence and help you make informed decisions about asset allocation.

Join us in this interactive episode as we explore the roadblocks to financial independence. Discover what often holds people back and how understanding your financial goals can transform your perspective. Participants will be able to submit questions live as we delve into actionable steps towards achieving your financial dreams and unlocking the possibility that working becomes optional. During the discussion, we break down misconceptions about financial independence and share empowering strategies for creating a personalized finance plan. Practical examples help demystify investing, saving, and preparing for a financially secure future, all while engaging directly with our audience.

Transitioning from military service can be daunting, especially when it comes to financial planning. This episode dives into the unique challenges and opportunities faced by dual military couples on the path to financial independence. With expert insights and real-life examples, listeners will learn how to navigate their journey and secure a stable financial future.

Join Jonathan Mendonsa and Brad Barrett as they delve into the influential philosophies of Jl Collins, author of The Simple Path to Wealth. Discover how his work has transformed the financial independence community, advocating for simplicity and accessibility in investing. Learn why sticking to low-cost index funds can yield superior long-term results, despite market fluctuations.

Setting up your financial life is crucial for achieving financial independence. This episode walks you through the foundational steps, including banking basics, fee avoidance, and budgeting strategies. Learn how to start investing wisely and automate your finances to minimize stress and maximize savings.

As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. Please consult your own advisors regarding your own unique situation. 

Transform your approach to financial independence by adopting the alligators and kittens metaphor. This episode explores how to identify and eliminate negative influences in your life—those alligators—that prevent you from embracing positivity and growth. The discussion highlights the importance of controlling your surroundings, especially in challenging times, and emphasizes long-term investing strategies for sustainable financial wellness.

Unlock the keys to financial independence by mastering the art of talent stacking. This episode explores how aligning personal passions with professional pursuits can redefine career success. With engaging anecdotes and actionable insights, discover how to break free from traditional employment mindsets, maximizing your potential beyond monetary metrics. Talent stacking is not just a buzzword; it’s a life-changing strategy that can lead you toward autonomy, mastery, and fulfillment.

Financial independence isn't just a dream; it's a reachable goal through actionable steps. This episode outlines essential tactics to identify your financial numbers, strategize your expenses, and steadily work towards achieving your FI number using the 4% rule. The discussion emphasizes how even minor adjustments in spending can yield long-term benefits, guiding listeners toward a mindset of abundance rather than deprivation. Join us as we delve into the nuanced world of budgeting and financial planning, equipping you with the tools for a secure financial future.

Explore how mastering your Health Savings Account (HSA) can significantly impact your financial independence journey. This episode delves into actionable strategies for effective HSA management, emphasizing the importance of understanding the withdrawal process and maintaining meticulous records. Join Brad and Jonathan as they offer essential tips for maximizing the benefits of your HSA and planning for future health expenses, ensuring that your HSA serves as a powerful tool in your financial arsenal.

This episode highlights the importance of community in the journey towards financial independence. Join Brad and Jonathan as they explore foundational concepts and practical strategies that support both new and seasoned listeners alike. From engaging stories to actionable advice, the focus on house hacking and optimizing structural expenses sets the stage for an enlightening discussion about making financial choices that align with personal goals.

Future-proofing your career is essential in today's uncertain economy. This episode emphasizes the importance of skills over traditional degrees, showcasing how to harness online learning opportunities to thrive in the job market. The discussion features personal stories from the ChooseFI community, illustrating transformative journeys toward financial independence and the empowerment that comes with learning without permission from traditional gatekeepers.

Jerry Born redefines the college experience by sharing how he completed two years of coursework in just 59 days for a staggering total of $30. By leveraging innovative online platforms and CLEP testing, Born’s approach is not just about speed but optimizing the educational pathway to minimize debt. His strategies are a game-changer for students and parents facing rising college costs, emphasizing resourcefulness and proactivity in achieving educational goals.

Building a talent stack is essential for those looking to achieve financial independence and personal growth. In this episode, the hosts delve into the importance of diversifying your skill set rather than mastering a single area. By sharing personal experiences, they illustrate how understanding your unique combination of skills can lead to enhanced opportunities in life and financial success. Listeners are encouraged to identify their skills and consider how to leverage them effectively.

Jordan Harbinger shares his tips and techiques for managing and expanding your network

Graduating debt-free is possible with the right strategies in place. This episode dives deep into proven methods to reduce college costs, focusing on community contributions and crowd-sourced tips that can change your financial future. Discover techniques such as tuition reimbursement programs, scholarships, and CLEP testing to keep student debt at bay. Unlock the potential to graduate with minimal financial burden by leveraging these essential hacks.

Grumpus Maximus, a pension expert and author, shares critical insights on navigating pension planning and evaluating the promise behind your pension. Learn about key variables that can affect your financial independence journey, and how factors like cost of living adjustments and healthcare options can sway your decisions. Grumpus emphasizes the importance of understanding the underlying value of your pension before facing potential career changes.

Staycations are more than just a trend; they are a powerful tool for achieving financial independence. By engaging with local communities and utilizing travel rewards points for hotel stays, you can create memorable experiences without the stress of long-distance travel. This episode emphasizes the significance of smart budgeting and community support in these challenging times.

This episode features Jessica, the Financial Mechanic, who reveals how she successfully navigated her career from a mechanical engineer to a software engineer, doubling her salary in the process. Her insights on salary negotiation are invaluable for anyone looking to enhance their financial independence. Learn the key strategies that enabled her to understand her market value, set clear expectations, and leverage outside offers to negotiate better compensation. With Jessica's actionable tips, you'll gain the confidence to negotiate your next raise effectively.

Bianca's journey to financial independence during a crisis showcases resilience and strength. While market disruptions challenge financial plans, core principles of saving and living below one's means remain intact. Her story serves as a beacon of hope for those feeling disheartened about their financial paths in these turbulent times.

Fritz Gilbert shares invaluable strategies for managing retirement income, emphasizing the importance of the bucket strategy. This method divides assets to minimize sequence of return risk, ensuring retirees maintain financial stability amid market volatility. Key insights include anticipating unexpected expenses, maintaining a cash cushion, and effectively transitioning from accumulation to withdrawal phases.

Bianca de Valerio's journey to financial independence is nothing short of inspiring. Through relentless hard work and unwavering perseverance, she navigated significant personal and financial hurdles, including three short sales and a challenging divorce. Despite the odds, she proved that financial freedom is achievable without a college degree, transforming her life as a flight attendant into a platform for economic stability.

The journey to a successful retirement is more than just financial stability; it's about the mental and emotional preparations that lay the foundation for fulfillment. Fritz Gilbert shares key insights on how to transition smoothly, emphasizing the importance of embracing one's identity beyond the paycheck. As he explores challenges like boredom, loss of identity, and depression, Gilbert encourages retirees to engage in community service and creative pursuits to enhance their sense of purpose and joy in this new phase of life.

Financial crises demand strategic thinking and clarity. This episode delves into five essential money moves that can safeguard your financial future, focusing on long-term planning and tax-efficient strategies. Tax loss harvesting stands out as a prime tactic for leveraging market downturns while maintaining financial objectives, alongside the security that Roth IRAs can provide in emergencies. Empower yourself with knowledge that ensures not just survival but strategic advantage in fluctuating markets.

Strong tenant relationships can make all the difference during economic downturns. This episode dives into strategies for managing these vital connections, stressing the importance of open communication and empathy as landlords navigate uncertainties. The ability to understand tenant needs and provide support not only fosters loyalty but can also ensure rent is collected even during challenging situations. Tune in to learn how to build and maintain these crucial relationships.

The Rule of 55 is a game-changer for those facing unexpected job changes, allowing you to withdraw from your 401(k) penalty-free starting at age 55. This episode dives into personal finance stories that highlight the importance of mindset and actionable steps. Listeners will discover how ordinary individuals have achieved financial independence through perseverance and community support.

Stocks represent more than just transactions; they symbolize ownership in companies and their profits. This episode dissects how stock prices reflect the underlying profit generation that companies deliver. Understand the difference between stock price and valuation metrics, and learn how index funds leverage profit growth for long-term success. Insights from Brian Faraldi provide a foundational perspective on why investing in stocks goes beyond the numbers, highlighting the vital interplay between profits and market performance.

Adjusting retirement strategies is crucial in volatile markets. This episode dives into the impact of unprecedented economic changes and how to adapt your portfolio accordingly. Learn from expert Karsten about the significance of understanding sequence of return risk to safeguard your retirement savings.

Bonds play a vital role in creating a resilient investment portfolio. They offer stability, income, and diversification, making them essential during market volatility. This episode explores how to select and manage bonds effectively, ensuring your investments remain robust in uncertain times.

Investing with a long-term perspective is crucial, especially during turbulent market times. Emotional responses to fluctuations can undermine solid financial planning. This episode emphasizes choosing an investment strategy that aligns with a long-term mindset and ignoring daily market noise to maintain confidence in your financial future.

An investor policy statement is crucial for anyone aiming for financial independence. It clarifies your investment goals, manages emotional responses, and guides financial decisions, especially in turbulent times. This episode provides insights into creating your own policy statement, with a focus on case studies, including Brad's journey from debt to financial freedom. Brad's practical approach includes understanding your expenses, building a robust emergency fund, and maintaining flexibility in investments. Listeners will be empowered to develop a clear financial roadmap.

Anxiety is a common response during unprecedented times, but it can be managed effectively. This episode guides listeners through practical strategies for navigating feelings of anxiety and uncertainty. Co-hosts Brad and Jonathan Mendonsa emphasize the need to acknowledge one's emotions, create healthy routines, and limit information overload. With insights drawn from personal experiences, they equip listeners with tools to foster resilience and mental well-being amidst life’s disruptions.

In light of current events, We are temporarily switching to a daily show to support the community. Is your Emergency Fund in place?

The world has changed dramatically, and it’s essential to navigate financial independence amidst market volatility. This episode breaks down strategies for maintaining perspective and building resilience in uncertain economic times.

Capital gains tax strategies can significantly impact your journey to financial independence. This episode dives into the nuances of capital gains tax harvesting, allowing individuals and families to take action and optimize their financial plans. Understand how to navigate different tax brackets and implement strategies that allow you to realize gains without incurring hefty federal taxes. By effectively managing your income and capital gains, you can maximize your wealth while minimizing your tax liabilities.

Market downturns can stir anxiety, especially for those pursuing financial independence. This episode delves into how to navigate these challenges effectively, emphasizing preparation over panic. With insights drawn from a real-life case study, hosts Jonathan Mendonsa and Brad Barrett discuss strategies for managing your financial plans and maintaining composure during market drops. They advocate for a mindset that views downturns as investment opportunities rather than setbacks, helping listeners frame their approach to financial independence positively.

N updated case study of the Roth IRA conversion ladder and a challenge for the community

Unlock the secrets to financial independence by adopting a long-term mindset. Many individuals overestimate short-term achievements while underestimating their potential for change over a decade. This episode delves into the transformative power of gradual habit building and sustainable goal setting. Discover how creating a supportive community environment can amplify your desire for financial success and empower your journey toward wealth.

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.

Kim from The Frugal Engineers shares her journey and the importance of determining your real hourly wage.

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.

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.

Sean Mullaney joins the show to discuss year-end tax planning.

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.

Becky Heptig shares her personal story to show that FI is an attainable goal at any age.

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.

How to break Old Navy and cockamamie life insurance schemes are just two of the topics Brad and Jonathan cover in today's episode.

Craig Curelop, author of The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom, shares his house hacking strategies.

Tori Dunlap's wealth of experience at a young age illustrates the impact of financial literacy. Discover her emphasis on time, negotiation tactics, and the true power of understanding one's worth, and how these skills can alter your financial landscape.

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.

David Sawyer comes back on to discuss the UK path to FI, and Jonathan makes a big personal announcement.

Diving into the costs of a financial advisor and Nick from Mapped Out Money returns to discuss college hacking.

Jonathan and Brad discuss a case study on funding a child's Roth IRA and listen to feedback from the community.

A dive into taxes with Sean Mullaney, the FI Tax Guy, who talks about FI tax-efficient strategies and career paths in accounting.

Find out what kinds of insurance you actually need and where to find them.

Dividend investing has been a hotly debated topic in the FI community.

Brad and Jonathan sleep habits, energy efficiency, and the best ways to land a job with Chris Hutchins from Grove.

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.  

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.

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.

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.

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.

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.

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.

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.

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.  

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.

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

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.

Plans for ChooseFI to support education, the value of a life resume, travel rewards tips for active duty military, and hurricane preparation. 

Highlights of Monday’s episode with Tim & Amy Rutherford, discussion about healthcare, additional podcast recommendations, and voicemails from the ChooseFI community.

Lots going on in this episode with a recap of Episode 78 with Travis Hornsby about Student Loan Debt Repayment Options.

076 | Mrs. Adventure Rich talks about making the choice to live an adventurous life, her family’s pursuit of financial independence, and finding a balance between maximizing financial opportunities and living a happy, fulfilling, high quality of life.

075 | Brian Feroldi talks through the advantages and disadvantages of individual investing, the realistic expectations for performance, and his strategies for beating Wall Street.

How do you make money online? We discuss the 7 most common ways to make money online, plus a review of Monday's interview with Jamila Souffrant from Journey To Launch.

Brad and Jonathan compare their college experiences to Chris Hutchins’ from the Monday episode, they discuss the importance of owning your own FI decisions, and we get updates from several members of the ChooseFI community.

Understanding emergency funds, investing in your house and some college and library hacks.

066 | Big Ern reveals his identity, explains the different risks when retiring and why a home is a good investment.

063 | An interview with Scott Trench from Bigger Pockets on the creation of good luck, his background and journey to FI and using house hacks to reach wealth.

We roundup Monday’s episode about medical tourism with a discussion on more hacks, having more power over your job and the importance of the talent stack.

057 | Grumpus Maximus shares his military background, his blog about understanding pensions, and his path to FI.

054 | Jonathan has a BIG announcement. We also discuss the power dynamics behind FI and the financial transition of quitting a job. This episode covers: Jonathan announces quitting his job Why Jonathan is in a good situation to make this decision The position of power in being FI The financial steps of transitioning out of a job Why you should deal with FU money responsibly

049| We discuss The UK Path to FI with Barney of The Escape Artist and Alan Donegan of PopUp Business School, plus much more in the way of life optimization hacks from both Alan and Barney.    In Today’s Podcast we cover: An interview with Barney from The Escape Artist and Alan Donegan from PopUp Business School Voicemail from Sarah from the UK with questions about reaching FI outside the US Barney started the website after he put his notice in at work once he reached FI How Barney found the financial independence community Barney’s story on what his financial upbringing was like and how his parents had financial issues because of a large mortgage payment How the ‘keeping up with the Jones’s’ is alive and well in the UK Alan’s family doesn’t understand why they don’t spend more money and why they don’t work in the traditional sense Is there a FI community in the UK? There is a London Facebook group, but not a thriving community in the UK The different options of choosing a job you love versus one that pays a lot of money and you don’t necessary enjoy Creativity and how Barney “underestimated what was possible” for him when he had the time It’s a lot easier to be creative both when you have a “safety harness” but also if you “burn the boats” Debt is a form of handcuffs that keeps you in your current life The differences between the US and the UK: Starting with housing Property ownership is a significant part of the culture in the UK Barney’s thoughts on what he would have done differently with real estate had he started today Seeing a business opportunity in Barney’s idea to live in someone else’s home Health care in the UK and how it is more favorable for those pursuing FI Investing options in the UK and how it differs from the US Discussion of taxation on retirement funds and marginal tax brackets Differences in the cultural understanding of pursuing personal freedom through financial independence The program on FI on tv in the UK that Barney appeared on and the negative reaction and press Alan and Barney’s advice for those pursuing FI in the UK [skipto time=1:05:00]skip to[/skipto] Hot Seat Questions How incremental improvements can make a big difference in life, sports and financial independence Reading books as Barney’s favorite life hack Focus on self-improvement and doing something different and tackling fears Links from the show: The Escape Artist PopUp Business School Alan on Twitter Monevator blog in the UK Mr. Money Mustache JL Collins NH Halifax (for your ISA in the UK) The Share Centre (ISA in the UK) James Altucher An Interview With The Man on The Escape Artist Are Diamonds Really a Girl’s Best Friend on The Escape Artist The Aggregation of Marginal Gains on The Escape Artist This Coach Improved Every Tiny Thing by 1 Percent and Here’s What Happened Life Changing Books List on The Escape Artist FITV: The Top 10 TV Shows of Financial Independence Financial Independence and the Zombie Apocalypse Books Mentioned in the Show: Your Money or Your Life The Millionaire Next Door Invest in Yourself Walden

048 | Jeff from The Happy Philosopher joins us on the show to discuss the pursuit of happiness including how he reached a burn out point in his job as a radiologist and how his focus on happiness helped him find a path forward. In Today’s Podcast we cover: A discussion with Jeff from The Happy Philosopher An introduction to Jeff’s background story Jeff found himself burned out about four years into his full-time profession and he was stressed out and anxious and just not happy He reached a breaking point where he discussed with his wife his plan for five more years of work He had shortened his “prison sentence” but hadn’t made his “cell any more comfortable” (we discussed suicide in the episode and Jeff asked that we include a phone number for the National Suicide Prevention Lifeline) He couldn’t wait five years to be happy – he had to experiment now to find that happiness Was there something about his job that led him to this breaking point or was it that he hadn’t found what made him happy? Early Retirement Extreme was mind-blowing for him intellectually and led him to FI How medical professionals can feel “trapped” in their job because of sunk costs Did Jeff experience lifestyle inflation once he became a full-time physician? What did Jeff’s path out of burnout look like? How Jeff’s consumption of news led to much of his stress What else has Jeff cut out of his life? Happiness through subtraction Decluttering and getting rid of the negatives in your life Cutting down on commitments that aren’t necessary in our jobs and lives How Jeff pursued a job sharing part-time work during his peak earning years The Marginal Utility of Money and how your spending impacts your happiness The concept of trading your time for money How does Jeff approach how to spend money in his own life? The concept of utility versus value The importance of gratitude and how happiness is a skill Make a conscious decision to place a space between stimulus and response Hot Seat Questions Jeff suggests you experiment with cutting out alcohol entirely from your life for a set period of time as an experiment (Jeff also wanted us to mention:  "Anyone who is a heavy drinker should probably consult with a doctor or someone familiar with alcoholism and alcohol withdrawal before quitting cold turkey.") Links from the show: The Happy Philosopher Early Retirement Extreme Mr. Money Mustache Happiness Through Subtraction at Mad Fientist Alligators and Kittens at The Happy Philosopher The Power of No at The Happy Philosopher How Understanding the Marginal Utility of Money Will Make Your Happier at The Happy Philosopher How to Be The Happiest Person in the Room at 1500 Days 7 Ways to Be Insufferable on Facebook at Wait But Why Books Mentioned in the Show: 13 Things Mentally Strong People Don’t Do The Life-Changing Magic of Tidying Up by Marie Kondo Your Money or Your Life

We recap Episode 47 with Bryce and Kristy from Millennial Revolution including talk of home ownership and world travel, but a reader case study and voicemail. A recap of our main takeaways from Episode 47 with Kristy and Bryce from Millennial Revolution How Brad explained the concept of compound interest to his daughter Anna and it was a lightbulb moment How Brad’s daughter immediately took action and invested her money in Vanguard index funds Brad’s moment where he found the concept of compound interest as a 19 year old Calling for tips on how other parents have introduced financial skills to their kids How your house is not a great investment and for people in the FI community it isn’t “your biggest investment” Your home may be a terrible investment but it doesn’t mean it’s a terrible decision Home appreciation seems “magical” to people but it actually represents well below the 8% return benchmark we use as a guide Brad’s example of a $300,000 house and the expected future value How Bryce and Kristy have these amazing hacks to travel for little money Their entire lives cost $30,000 for a full year Time averaging in low and high cost of living areas A reader case study that was sent in to Bryce and Kristy on the rental property they have that’s underwater and how they should move forward Voicemail from ChooseFI community member Jack on finding FI and making amazing changes up to a 58% savings rate How everyone can pursue FI and it isn’t limited to certain incomes, professions, etc. Itunes review and book giveaways Links from the show: Millennial Revolution Why Your House is a Terrible Investment Friday Reader Case Study: My Mortgage is Underwater.  Am I Screwed?

We discuss our takeaways from Episode 43 with Fritz from the Retirement Manifesto plus an in-depth discussion of the Roth IRA conversion and Mega Backdoor Roth, and taxable income scenarios for retirement contributions.   Our big takeaways from Episode 43 with Fritz from Retirement Manifesto Brad as a ‘Mystery Reader’ for his daughter’s class plus their trip to Natural Bridge State Park and a FI lesson for his daughters How to tackle drawdown strategies and how that opened our eyes The concept of balance that Fritz brought up in Episode 43 How we each have a different path to Financial Independence and we have to find what we each value and how much safety we require How important the math is, but also how the personal side is an important part of the equation Jonathan’s decision to pay off his student loans early and how this may not have been optimal mathematically, but was the “right” decision for him Feedback from the audience on the episode, but specific points from Danny Questions surrounding inflation on your safe withdrawal rate and early retirement Feedback from the audience about delaying social security The distinction between the Roth IRA conversion and the Mega Backdoor Roth IRA The tax issues surrounding the Roth IRA conversion   Practical Application of the Mega Backdoor Roth Vishal and Brad share the nuances of trying to navigate the Mega Backdoor Roth: They need to allow for after-tax contributions and in-service distributions/withdrawals Explanation of the Mega Backdoor Roth Email from Zac about the value of using pre-tax or post-tax retirement contributions when you’re already in a low tax bracket Where is the line where we’d consider putting into a pre-tax or post-tax retirement account? A scenario of someone with a $25,000 income and where they’d fall in the tax brackets and how to lower that A scenario of an individual with a $60,000 gross income and what they should consider with their retirement contributions How would Brad and Jonathan choose if they were in this situation? Itunes reviews and book giveaways The Vault is live Click Here for Access Links from the show: Retirement Manifesto FI by 40 Millionaire Educator Mega Backdoor Roth article by the Mad Fientist Post from Vishal from Everything about Education about Mega Backdoor Roth The Wealthy Accountant Books Mentioned in the Show: Hiking to Waterfalls in Virginia

043 | In this podcast we have a far-ranging conversation with Fritz from the Retirement Manifesto about retirement drawdown strategies, his 'buckets' system, and his upcoming retirement.

038 | In today's podcast we discuss one of our most important topics: The Why of FI. Why we pursue this path, why we think it's a life 'superpower' and how it can help you escape the hamster wheel of life decades earlier than most people could ever dream.

Sequence of returns risk can make or break your early retirement plans. In this episode, hosts Jonathan Mendonsa and Brad Barrett discuss how the timing of market returns can influence your success. With insights from financial expert Big ERN, this episode unpacks mathematical strategies for safe withdrawal rates and emphasizes the critical first few years of retirement. Engage with our community and learn how to navigate these challenges effectively.

035 | In today's conversation with Big Ern from Early Retirement Now we discuss safe withdrawal rates, sequence of returns risk and much more.

We discuss our thoughts on Part 2 of the Stock Series conversation with JL Collins, risk tolerance, doomsday scenarios and rebalancing.

034 | This podcast is Part 2 of the Stock Series discussion with JL Collins, author of The Simple Path to Wealth and the website JLCollinsNH; we discuss the Great Depression and the mindset you need to be a successful long-term investor, plus how to allocate between equities and bonds.

032 | In today's podcast we discuss the Milestones of FI with Joel from FI 180; this is a new look at the path to FI and the milestones along the way. In Today’s Podcast we cover: The ‘Milestones of FI’ with Joel from FI 180 We welcome Joel as our first repeat guest on Choose FI The Milestones of FI as a ‘master’s degree’ journey after Dave Ramsey’s baby steps Joel plans to be fully FI in January 2018 Joel is completely debt free and is shooting for $25,000 per year in other spending FI creates a “magic money making machine” that spits out yearly ‘checks’ (the 4% rule) FI is the ultimate luxury purchase to save for this ‘magic money making machine’ The Dave Ramsey Baby Steps explained To get started on the Milestones of FI: Debt Free and/or $1 of positive net worth First FI Milestone: $100,000 net worth when you first start getting calls from Personal Capital to setup a phone consultation 2nd FI Milestone: ‘FU Money’ set; 2-3 years of yearly expenses saved up 1st and 2nd milestone can be similar depending on your yearly spending The 3rd milestone is ‘Half FI’ which puts you halfway to FI in total spending, but actually more than that in terms of time on your FI path The path to FI is not linear and Joel explains Milestone #4 is ‘Lean FI’ which means you have enough money to stop working forever if you cut out the discretionary aspects of your budget (about 30% of Joel’s budget) Lean FI is an ‘emergency fund that would last forever’ as it covers your housing, food and other essentials Lean FI is perfect for people with a side hustle to do it with no risk The ‘crossover point’ could be another Milestone of FI. This is where your portfolio increase is more than the income you’re earning from your job The next milestone is ‘Flex FI’: This is a ‘5% rule’ or 20x your annual spending in your total net worth Flex FI is only viable for people who can build flexibility into their lives from year to year depending on the market returns, etc. FI is not one milestone but a smooth continuum towards this goal Flex FI has an 82% chance of success according to the Trinity Study (75% stocks, 25% bonds) Financial Independence is the 7th 25x your annual spending. All the work you do after you reach FI is completely optional. Now you can do what you want with your time. When you reach FI you can pick and choose what you want to do at work and in life The 8th milestone is ‘Fat FI’: This is 30x your annual spending which is the “closest thing to a sure thing” you can get in life Where is Brad in milestone continuum? Where is Jonathan? What does Alexis and Joel’s milestone celebration look like? Links from the show: The Milestones of FI at FI180.com Mad Fientist’s FI Laboratory cFireSim Early Retirement Now Fiery Millennials Personal Capital (affiliate link) Slowly Sipping Coffee

We have the biggest announcement in the history of ChooseFI thanks to Alan from PopUp Business School, so be sure to listen and get your responses in ASAP.

030 | In Today’s Podcast we cover: How Alan Donegan of PopUp Business School has turned starting businesses on its head similar to how FI has turned personal finance on its head and caused us to think differently

029 | In today's podcast we go through a discussion of the mindset differences between a 'reluctant frugalist' like Jonathan and an aspiring minimalist like Brad. In Today’s Podcast we cover: The reluctant frugalist (Jonathan) vs. the mindset of the aspiring minimalist (Brad)

028 | In today's podcast we discuss the four different "buckets" available to savers plus an in-depth look at the Roth IRA and the 'Backdoor Roth.' In Today’s Podcast we cover: The order of operations for how you should approach the different “buckets” available to you both for retirement accounts and for your taxable savings Four basic ways for your retirement and investment funds to be taxed Best case is an account similar to the HSA which is not taxed when you put the money in nor when you pull it out

We discuss our takeaways from Episode 26 with Physician on FIRE plus some exciting developments in the Financial Independence world as well as feedback, questions and comments from the ChooseFI community. The Friday Roundup after the Physician on FIRE interview from Episode 26 Information for the high income professionals and how it’s important to give details for that aspect of our audience Does the perfect answer exist for high income professionals pursuing FI? It might not be possible to defer enough money to get them out of that high marginal tax rate “A dollar saved is two dollars earned in the 50% tax bracket.” A brilliant quote from Physician on FIRE Everything comes down to living a frugal lifestyle “Doesn’t your spouse deserve a really great lifestyle?” asked the White Coat Investor. “Well yes, and she’ll have one, but she deserves my time.” Responds PoF. The fundamental flaw in the ‘retirement calculators’ that are published online for “normal people.” Your current income is not relevant when considering your retirement number. It is all about your expenses. For new physicians, you need to avoid the blowup in spending on cars and expensive homes when you get that first big paycheck You need to keep your fixed expenses down to a manageable level and you can splurge at the margins on other things Don’t fall into peer pressure to live an expensive lifestyle. Maybe move to a smaller town and practice geographic arbitrage in the US Brad’s own geographic arbitrage in his life moving from Long Island to Richmond, VA Optimized charitable giving with a ‘donor advised fund’ Discussion of the ‘backdoor Roth’ that Physician on Fire mentioned on the episode and the applicability for high income earners A new Camp Mustache event was announced for January 2018 and the tickets are available The ChooseFI private Facebook group is running and extremely vibrant and we’d love for you to join us Scott Rieckens contacted us about a documentary on the FI community that he is embarking on The FI community is on the verge of a breakthrough in the US Brad’s mom is listening to the podcast and had a frugal win of the week Feedback from PastorFI: College hack for student housing Discussing the call from Mark from Student Loan Freedom from Episode 25R about permanent life insurance Feedback from about Ken’s prior call about the ESPP from Olaf. He clarified the tax treatment on the purchase through the Employee Stock Purchase Plan Don’t let paying taxes get in the way of making a smart financial decision Noah from Money Metagame’s call about how to remove escrow to potentially save hundreds of dollars per year Part 5 of the case study with Paul including Paul’s feedback on his daughter’s college plans plus Paul’s summary of the case study Frugal Wins of the Week from the ChooseFI Community Itunes Reviews of the Week and Book Winners Links from the show: Physician on Fire Frugalwoods article on Donor Advised Funds Camp Mustache tickets Join our private Facebook group Scott Rieckens website Mr. Money Mustache on the Tim Ferriss podcast Student Loan Freedom KeepThrifty.com Money Metagame Mutual Assurance Society of Virginia ToDoIst Early Retirement Now Google Docs from Big Ern at Early Retirement Now: Google Doc master file for Safe Withdrawal Rates Big Ern's explanation on how to use this file Doc with Paul's case study numbers with Social Security Doc with Paul's case study numbers without Social Security Fiery Millennials

We discuss Episode 25 with Keith from the Wealthy Accountant, Part 4 of the case study with Paul including a look at his line-by-line expenses, plus questions and feedback from the audience. Friday Roundup after Episode 25 with Keith from The Wealthy Accountant The firehose of information that Keith unleashed was incredible! Feedback from the audience about Keith’s episode The value of an S-corp election for small businesses How to find a top tier accountant with passion for helping you When should you form an LLC when starting a side business and are there any benefits of doing so? Danielle’s feedback about our working of “taxable savings.” She used “post-tax savings” which we really like Dominic’s feedback about reinvesting dividends Careers that help you get to FI: Nursing and feedback from the audience on why this is such a positive career on the path to Financial Independence Announcing the ChooseFI private facebook group! Discussion of Camp Mustache Brad’s FI conversation in real life with his friend Justin about $2 per person per meal for dinners How to portion out dinners to save money Laura is going to share her recipes in the new private Facebook group Frugal wins of the week from Jake and Brad Mark Resnick from Student Loan Freedom: Voicemail with a hack on saving money on student loans Discussion of Mark’s voicemail and our request to get one audience member to work with Mark on student loan forgiveness programs Voicemail from Bryce on hacking college How Brad and Jonathan wish they had the knowledge Bryce passed along when they went to college How to start planning early to apply for these scholarships Case study update: Going through Paul’s expenses and analyzing them. What does his post-FI expenses look like? Paul’s expenses drop significantly in his post-FI life $23,000 of his $73,000 annual expenses were on vacations and this can drop significantly in a post-FI life by using travel rewards points and pursuing slow travel Looking at Paul’s actual expenses and what else is “fluff” on top Our update on future case studies: We can’t do these once per month.  More likely 3-5 per year. Jason from Winning Williams is putting together a ‘crowdsourced FI plan’ excel sheet Travel rewards question on how to save on cruises. You can use a ‘fixed value’ card to offset cruise expense Itunes reviews of the week and book giveaway Links from the show: Wealthy Accountant Aubrey’s blog: moneyenergyfreedomlife.com Dominic’s link from Bogleheads on reinvesting dividends Emiko: Beetsandlilacs.com ChooseFI.com/Facebook to get access to our private Facebook group Winning Williams Money Metagame Seonwoo’s site: FIby40.com FI180 Popup Business School Dash Go Rapid Egg Cooker Student Loan Freedom

023 | ESI from ESI Money is on the podcast today talking about Career Hacking and how you can set yourself up to earn millions more over a working career with seven simple steps. In Today's Podcast We Cover: ESI from ESIMoney.com is here to discuss ways you can increase your earnings through Career Hacking ESI retired at 52 and reaching “financial independence” in his early 40s. He lives in Colorado, which is where many FI bloggers live

022 | Do you know what your car is actually costing you each year? What about over an investing lifetime? In this episode of the ChooseFI Radio Podcast we cover the True Cost of Car Ownership and you'll be absolutely amazed at the numbers.

In today's episode of the Friday Roundup we review our discussion of the Pillars of Financial Independence, take questions and comments from the community and go in-depth on Paul's live case study. Review of Episode 21, the Pillars of Financial Independence What areas of financial independence did we leave out of the episode? Might have under-discussed savings rate as a pillar of FI Choose FI as one of the ‘5 people you spend the most time with’ The value of $100 savings per month after 20 years or 40 years Can Jonathan really do 50 pullups? Comment from the audience: Charlotte mentioned Geographic Arbitrage as a pillar of financial independence Comment from the audience: Mary suggests that taxes are the largest line item in your budget, not housing like we mentioned Comment from Frank: He thinks we can do an entire episode on how to educate your children on money Comment from Matt: The expense ratio on Vanguard’s VTSAX fund was just lowered to 0.04% FIRE in the News: Anti-frugal event that Isaac showed us and Financial Panther’s list of best new podcasts The value of travel rewards for people in the FI community Frugal wins of the week from the audience: Andrew starting his own Gracie Garage, Tom’s list of incredible life changes, Cassie’s reduction in car insurance, Neal maximizing gift cards that were lying around the house, Tanner saving on free and used items, Heidi cutting cable Live case study from Paul – his responses to our questions from last week’s episode Paul’s response to “how much do your expenses cost you each year” Paul’s response to the question, “do you want to quit your job?” Paul’s response to “what does your post-FI life really look like?” Brad’s thought that the pursuit of FI is not about money – it’s what you value in life and finding happiness both in the journey and post-FI Frank’s question to Paul about what they have planned for his daughter’s college education Will $43,000 of savings be enough to fully fund a four year college education? Thoughts on college education and the value of that education Question to Paul about what is psychologically holding him back Question to Paul about his plans to include Social Security into his FI plan Question to Paul about the breakdown of his investment accounts between different ‘buckets’ Paul’s plan for a Roth-IRA conversion ladder Paige’s comment about the ‘Age of 55’ rule for distributions from your 401k if you are 55 or older after your separation from service Our follow up questions for Paul based on his case study Itunes reviews and book giveaways Links from the show: Money Confident Kids article: Parents are likely to pass down good and bad financial habits to their kids Article from Isaac: Fyre Festival: When a $12,000 luxury festival in paradise turns into chaos Financial Panther article: 9 Best New Personal Finance Podcasts Seonwoo’s article about FAFSA: How a Millionaire Retiree Could Get as Much Aid for College as Someone Who’s Broke  

021 | In this episode of the Choose FI Radio Podcast we focus on the essential Pillars of Financial Independence including index investing, affordable housing, the psychology of FI, tax optimization and more.

We introduce our first crowd sourced case study from a listener and we have a challenge to you:  Implement one life hack this week that will make your life easier and less stressful and send it to us at [email protected] (or leave a voicemail on our homepage!) and we'll read it on next week's Friday roundup. Our first Friday roundup after a non-guest episode which leaves lots of time for audience input, questions and voicemails We want the podcast to be ‘By FIRE for FIRE’ and make it truly crowdsourced Jonathan and Brad are living a normal middle class lifestyle, just smarter. We aren’t doing anything especially different – just optimizing Brad and his wife Laura had a conversation about what makes their spending different than their friends and neighbors While the fixed expenses are essential (home, cars, cell phones, cable, etc.) the discretionary expenses also make the difference between a non-FI mindset and one pursuing FI How Brad’s kids are not constantly ‘wanting’ new toys, to redecorate their rooms, etc. It wasn’t intentional on the parent’s part, so the thought is that they saw the lack of wanting modeled in the house Jonathan’s frugal win of the week: He superglued a broken lamp in his house and it is still working 1.5 years later!   Upgrading your house not only wastes money, but it wastes a ton of valuable time searching for these items and getting it “perfect” Stressed lives and an ask of the audience: Implement one life hack this week that will make your life easier and let us know about it! It’s so easy to get bogged down in the details of life, business, etc. that you miss the truly essential items that could move the needle and make a difference Brad focuses on things he can get better at over a period of many years such as Brazilian jiu-jitsu and stretching/mobility “You are going to be the average of the 5 people you spend the most time with” and discussion surrounding it Feedback from Deidra: She recommended SBLI for life insurance after hearing our Episode 20 show Brad had a conversation with a friend of his this past weekend on FI and on his plan to retire in 16 years with a pension, fully paid off rental homes and his primary residence paid off, plus 401k and 457 balances Voicemail from Harrison: Info on an alternative to Vanguard and VTSAX. He recommends SWTSX which has  a lower expense ratio and no minimum balance Voicemail from Paul: Part 1 of 3 as a live case study with his life Our questions for Paul for Part 2 of the case study Voicemail from Isaac with a question on travel rewards and how to deal with Chase’s 5/24 strategy Feedback from Nia – international perspective and info for UK listeners Itunes reviews and the 2 winners of The Simple Path to Wealth Where ChooseFI is going: Ideas from the audience and future episodes Links from the show: Todoist SBLI life insurance Mutual Assurance Society of Virginia UK Monevator Blog - How to Invest Books Mentioned in the Show: The One Thing by Gary Keller The Simple Path to Wealth by JL Collins

020 | The Entry Level Middle Class Lifestyle is a tool that you can use to supercharge your path to FI. Jonathan and Brad go through their expenses one line item at a time. Then they start the conversation about a FI approach to insurance, with an emphasis on life insurance

Index investing is one of the main ‘pillars of Financial Independence’ and Jim’s Stock Series changed the trajectory of Brad’s investing life and will benefit him to the tune of millions of dollars in his lifetime

019 | In Today’s Podcast JL collins from JLcollinsnh.com joins Jonathan & Brad on the podcast to bring the Stock Series to life. The Power of Index Investing is one of life's greatest secrets & JL Collins is the ultimate travel guide. This multi part series turns the stock series into an interactive audio companion and this first part is sure to compel you to stick around for each additional entry

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.

In Today’s Podcast we cover how to harvest long term capital gains tax free. Friday Roundup 7 Review of Monday’s episode with Jeremy from Go Curry Cracker Brad and his family just visited Washington DC for the weekend and used Chase Ultimate Rewards points to stay at the Hyatt Place National Mall Brad’s trip to Walt Disney World with his family, parents and in-laws Jonathan now understands harvesting capital gains and losses after the episode with Jeremy Unconventional choices: Jeremy and Winnie haggling at the farmer’s market near the close of business. Brad going to Disney World before Molly turned 3 so they could get her park ticket for free. Jeremy taking his son on a flight the day before he turned 2 so he could be a lap child on a business class flight Quick hit takeaways from the Jeremy episode: He told his mom he had a ’60 year emergency fund’; he opened a Roth-IRA for his son for earned income on the website. The power of having money and financial independence enabled Jeremy to walk out of his job instead of doing something that he didn’t want to do. Brad’s story of when he left his job and taking the power back from corporate America Investing philosophy and the importance of taking your brain out of financial decisions His financial freedom clock started when he ‘got to broke’ and paid off his student loans Capital Gains Harvesting | Avoiding long term capital gains tax Case study: Married couple with one child. 30 years old.  $120,000 of income and maxing their 401k ($36k in total) Qualified dividends and long-term capital gains are taxed at 0% if you’re in the 10% or 15% marginal tax bracket Understanding how marginal tax rates work for income taxes The definition of FI: having 25 times your annual expenses saved up and invested The long term capital gains tax The long term capital gains tax  defined & explained How the Roth-IRA conversion ladder would work for this couple and how they can harvest long term capital gains tax free by using advanced FI techniques Itunes reviews and questions from the community Reader case study from Kevin: How to work with a spouse from an ultra-wealthy lifestyle and bring them over to the FI lifestyle Find what makes you happy in life and what you value and spend accordingly Kevin’s scenario is almost exactly like our case study on this episode Travel Rewards question: How to maximize hotel points with Hyatt and Starwood hotels What’s coming up on ChooseFI: JL Collins talks about the Stock Series, the Stapes of FI, JD Roth and Kristy from Millennial Revolution, the true cost of car ownership Links from the show: Podcast episode with Jeremy from Go Curry Cracker Hyatt Place Washington DC National Mall How to take a nearly free trip to Disney World with rewards points from Richmond Savers Personal Capital signup link – free net worth and financial tracker JL Collins’ Stock Series Podcast episode: Travel Rewards points Hyatt House Emeryville, CA Recommended Content Introduction to Free Money Part 1 of the Never Pay Taxes Again series

018 | In Today’s Podcast we cover: Our guest: Jeremey from Go Curry Cracker Jeremy and Winnie are living the geo-arbitrage life: currently in Taipei, Taiwan and then on to a four month trip to Europe They are using travel rewards points to get nearly free business class flights from Taipei to Europe. Using Alaska Airlines miles on Cathay Pacific they got nearly 20 cents per point in value! “Retiring in your 30s is simple but not necessarily easy” The biggest contributing factor is saving a high percentage of your income It’s easier to save a high percentage of your income when you have a larger income Make unconventional choices to save a high percentage 2nd Generation FIRE and how college costs can be lowered Jeremy had $40,000 in debt when he came out of college They have already opened a Roth-IRA for their son and used the income he earned from ‘modeling services’ for Go Curry Cracker He used the 80/20 rule to look at where 80% of their spending was going Sold his car and rode a bicycle Winnie made it so her cooking was the best food in town and they never wanted to go out to eat They spend approximately $2 per person per meal for delicious gourmet home cooked meals Most of their entertainment was community based with friends where they weren’t spending money How did he get started on his FI journey? He took the first 6 years to pay down his $40,000 in debt.  Didn’t take vacation, worked overtime to earn more money. On his first vacation he realized he didn’t want to work forever and started formulating his plan He set a 10 year plan and retired in 10 years plus 1 day from when he started! What was it like when he actually quit his job? The power of FU money and not needing to work plus how much more power it gives you while you are actually working How is he investing his money? 100% of his money is in 2 index funds Wait for compound interest to take hold so you can benefit over decades Unpacking his article ‘Never Pay Taxes Again’ Harvesting Capital Gains and how it enables you to get up to $90,000 in tax free income each year and increase the basis in those funds so you are never paying taxes on the gains Wash sale rules aren’t relevant to harvesting capital gains, only capital losses Harvesting capital gains actually makes it easier to harvest capital losses in the future They also do the Roth-IRA conversion ladder to effectively make their regular 401k tax free Harvesting capital losses to offset other income Avoiding the wash sale rules: Need to buy back another fund (example: Sell Total Stock Market Index fund and buy S&P 500 Index fund) Hot Seat questions Favorite blog: JLCollinsNH.com Favorite life hack: credit card rewards points Links from the show: Go Curry Cracker Frugalwoods Podcast Episode: Introduction to Maximizing Travel Rewards points Jeremy’s guest post on Budgets are Sexy Stock Series on JLCollinsNH.com Mad Fientist Never Pay Taxes Again on Go Curry Cracker Favorite articles: How to Give Like a Billionaire on JLCollinsNH.com They Will Kill You for Your Shoes! on Go Curry Cracker Favorite purchase: Iphone 7 Plus Google Project FI Go Curry Cracker on: Facebook Twitter Instagram Books Mentioned in the Show: The New Artisan Bread in Five Minutes a Day

Keeping up with the Joneses' will cost you

Control your Tax Rate by understanding how our marginal brackets work and eliminating consumer debt and taking advantage of tax deferred accounts

013 | Our guest: Millionaire Educator shows us how to invest your money. He shows how teachers, firefighters, police officers and public employees can leverage the power of pretax savings to supercharge their retirement , and become millionaires.

The Friday Roundup acts as a way to connect the FI community bringing in your feedback questions, and corrections. https://www.choosefi.com/Start

The ChooseFI podcast introduces its exciting new segment, the Hot Seat, designed to delve deeper into the insights and strategies of renowned personal finance figures. In this innovative approach, hosts Jonathan Mendonsa and Brad Barrett aim to move beyond typical guest backgrounds and engage listeners in meaningful discussions fueled by community involvement.

Bank fees can silently drain your finances, costing Americans billions annually. This episode dives deep into the different types of bank fees, sharing effective strategies to avoid overdraft and ATM charges. What to know about your banking services and how to seek competitive options. Discover how simple changes in your banking habits can lead to significant savings. Don't let bank fees eat away at your financial goals—take control now!

Dave Ramsey and Jonathan’s history following him. Review and evaluate Dave’s teaching philosophies Baby Step 1: Get an emergency fund of $1,000

Brad Interviews Jonathan to hear his story: In August 2013 Jonathan graduated from Pharmacy School with $168,000 student loan debt

Do understand how expensive your investments are?Jonathan and Brad explore how Expense Ratios and Assets Under Management Fees Erode your Returns and Portfolio over time.

Brad shares how he iterated out of failure to a online business success and how you can too!

What if you could get to the point where working is optional not just in your golden years but in your best years and have fun doing it.