Favorite AI Tool, 3 Money Metrics, Walk and Talk plus Community Wins

My New Favorite AI Tool

I found a new free AI tool called NotebookLM this week (a Google offering) and I am so impressed with it.

Okay, that’s a massive understatement: I am obsessed with it and think the tech is incredible.

Why should you care?

The killer feature is the “Audio Overview.” It takes whatever source document you upload (pdf, .txt, audio file, etc.) and summarizes it into a ~10-minute podcast, with two AI hosts.

I know podcasting, and this is entirely convincing as real dialogue and is genuinely entertaining. It’s probably better than 90% of podcasts already, and this is in its infancy.

Episode 100 example: If you want to listen to a great example, here’s the 12-minute NotebookLM podcast version of our ChooseFI Episode 100.

(You can even adjust the playback speed so it is more like listening to a podcast at 1.5x-2x speed.)

Think of this: Any document you have (book, presentation, transcript of anything, etc.) can be uploaded and then quickly summarized in that Audio Overview or the five other built-in summary options:

• FAQ
• Study Guide
• Table of Contents
• Timeline
• Briefing Doc

I don’t plan on using AI technology in my newsletter again after today, but I’m going to use some aspects of this tool to help with the next two sections because it is just too much fun.

[And for the avoidance of doubt for the few cynical people out there: No, obviously Google didn’t pay me to include this section! I never take paid advertising for this newsletter, so you never have to worry about that. I talk about things that interest and excite me and value my integrity above all.]

3 Money Metrics for Financial Freedom

Katie Gatti Tassin is one of my favorite people in the FI world and when she asked me to join her on an episode of the ‘Money with Katie’ show to talk about “The Only 3 Money Metrics You Need to Know for Financial Freedom,” I jumped at the chance.

Katie came up with her 3 essential money metrics and we also chatted through 4 ‘honorable mention’ items.

After reading the below list of metrics Katie came up with for the episode, I’m curious: what metric(s) do you think we missed that are truly essential for FI?

Top 3 Money Metrics per Katie:

1. What is my long-term savings rate?
2. What does my life really cost?
3. What percentage of my income am I spending on things that make me happy?

Honorable Mentions:

1. What is my credit score?
2. What is my asset allocation?
3. What fees am I paying on my investments?
4. What is my FI number?

How to Walk and Talk

I downloaded this interesting pdf from Kevin Kelly and Craig Mod that highlights multi-day “walk-and-talk” adventures they take with a small group of friends.

I probably sat on this pdf for 5 months and even though the concept appeals to me so much, I ultimately wouldn’t have explored it.

I had the bright idea to put the pdf into the AI and got this ‘briefing doc’ summary and now I want to plan one of these multi-day walking adventures ASAP:

Briefing doc from the AI (I know this is a bit detailed, so if it doesn’t interest you, just skip on by, but for those that are interested, this is going to be quite useful!):

Walk-and-Talk: A Comprehensive Guide to Hosting Transformative Walking Adventures

A walk-and-talk is a unique blend of physical activity and intellectual stimulation. It involves a small group (ideally 8-10 people) embarking on a week-long walking trip. During the day, participants enjoy casual conversations while walking through scenic, walker-friendly landscapes. Each evening culminates in a structured, hours-long discussion centered around a single, pre-selected topic.

Key Elements of a Successful Walk-and-Talk:

• People: Carefully curate a group of flexible, engaging conversationalists who can commit to the entire week. Prioritize new connections over established friendships and avoid inviting couples to minimize logistical disruptions.
• Duration and Distance: Aim for seven days of walking, covering roughly 100 kilometers at a pace that allows for easy conversation (around 13 kilometers per day).
• Meals: Keep meals simple and, crucially, ensure all participants can gather around a single table for the evening’s conversation.
• Central Conversation: This is the heart of the experience. Each night, engage in a moderated, single-topic conversation proposed by a different participant. Encourage active listening, thoughtful contributions, and strict adherence to the chosen theme.
• Lodging: Prioritize single rooms for individual comfort and “recharge” time. If sharing is unavoidable, pre-determine roommate pairings to alleviate on-site stress.
• Costs: Maintain transparency by dividing total expenses equally among all participants. Organizers should not profit from the event.
• Planning: Begin planning 6-12 months in advance. Utilize shared documents for itinerary details, participant information, and post-walk photo collections.
• Communications: Establish a dedicated WhatsApp group a week before departure to facilitate logistics, share relevant links during the walk, and foster ongoing connections afterward.
• Documentation: Audio recordings are discouraged as they can inhibit open dialogue. Instead, encourage note-taking and link sharing related to each evening’s discussion.
• Gear: Lightweight, broken-in trail running shoes are preferred over boots. Pack light daypacks and utilize luggage forwarding services. Merino wool clothing, trekking poles, and a reliable GPS device are essential.
• Routes: Prioritize off-road trails for safety, conversation ease, and scenic beauty. Consider starting in a remote location and walking toward a more urban area to heighten the sense of arrival. Utilize established outfitters like Macs Adventure or Walk Japan for self-guided tours.

Why This Format Works:

• Transformative Experience: Walk-and-talks go beyond casual trips. “You’d be shocked how few people have ever done such a thing before, and how transformative it can be for their self-worth,” say Kelly and Mod.
• Intimacy and Connection: The combination of shared physical challenge, extended conversation time, and single-topic focus fosters deep connections among participants.
• Disconnection and Presence: Encouraging “offline” time during the day allows participants to fully engage with their surroundings and each other, fostering a sense of “radical presence.”

ChooseFI Community Taking Action This Week

My 1% better this week was remembering everything is negotiable. I work shift work in a very dynamic job, and the schedule changes often. The last change moved my days off so I would no longer have a long weekend with my partner.

I simply asked if I could work the same amount but on different days, and voila – I was able to have the long weekend off with no fuss. It’s great to have this mindset for the small things as well as salary negotiations!

– Ben

I finally have enough 1% better items that I feel excited to reply. I’ve also been following Choose FI, reading The Simple Path to Wealth, and watching the Rebel Finance School sessions, and everything combined has motivated me to act.

• I reviewed my auto and homeowners policies, raised my insurance deductibles for each, and removed watercraft coverage (I don’t own a boat!) saving me hundreds of dollars each year.
• I streamlined and transferred funds from low-performing to higher-earning index funds in my 403b and went from 15 funds to the 2 strongest in a 401k plan from divorce 4 years ago. (so empowering!)
• I removed the escrow from my mortgage and will put $350/mo into a HYSA until taxes and insurance are due
• I opened an account for myself and a UTMA for my 13-year-old at Fidelity. We’ve allocated funds mostly into broad-based index funds, with a small amount into a single stock for a sports shoe company my teen loves.

– Kate

Our 1% ‘power move’ to live with the heat of summer was to switch our electricity from a level rate plan to a Time of Day version. We have a smart thermostat which was setup for daytime versus nighttime adjustments. We made the switch with our power supplier, then we tweaked the schedule to make sure we’re at the highest comfortable indoor temperature during peak hours.

I created a spreadsheet to compare the plans going forward. Changing the thermostat and avoiding peak hours use of our large appliances generated a 10% savings in the first billing cycle. This is good for us, and reducing peak hour usage helps everyone in our system. – Chris

After our homeowners insurance renewed with a 38% premium increase (and last year we had a 20% increase on our auto policy), I finally called an insurance broker to have them shop around and see what they could offer. We just switched to a new insurance company which is saving us 47% even though we added an umbrella policy. A big thank you to you and your community for teaching me that insurance brokers are the way to go and to shop around for insurance!

– Eileen

My one percent better is finally implementing a charitable contribution bunching strategy using a Donor Advised Fund (DAF). I use the DAF so that the cadence of my contributions won’t change for the organizations we support. I have been aware of this possibility for a number of years but never pulled the trigger on it.

Partly because I did not have enough liquidity and partly because I was being lazy! This strategy should help me save about $3500 in taxes every two years and really did not take too much effort. I also used appreciated stock this first year which was a $300+ bonus on the tax savings.

– Stephen

My 1% better happened at the furniture store yesterday. My husband and I were looking to buy a new sofa and loveseat. There was a sale on a group but you had to buy from a set selection of materials. We were pretty firm that we wanted an upgraded material, but that negated most of the special sale price.

Something possessed me to ask: “Can you do any better on the price?” The salesperson came back with an additional 10% discount! My husband said: “I didn’t know you could negotiate furniture prices!” Neither did I until I asked. You just have to ask-you might be rewarded.

– Mary