Episode Guide

Episode Summary:

Reflecting on the transition into a new decade, the hosts discuss building habits and setting realistic long-term goals in the pursuit of financial independence. Emphasizing the importance of achievable targets, they highlight that many people overestimate what can be accomplished in a year while underestimating what can be achieved in a decade. They advocate for crowdsourcing solutions and sharing community insights to help those feeling stuck find a path forward. The conversation also addresses the balance between earning more and spending less, exploring strategies for increasing income through skill development and leveraging personal strengths. Overall, the emphasis is on intentionality and the collective wisdom of the ChooseFI community as they enter a new chapter of their financial journeys.

Episode Timestamps

ChooseFI Episode Show Notes

Episode Summary

Reflecting on the past and looking ahead to the future, the discussion revolves around the significance of mindset shifts, particularly regarding time and achieving financial independence (FI). The conversation emphasizes that creating achievable and sustainable goals can transform lives. An exciting new direction for ChooseFI is introduced, focusing on community feedback and innovative resources.

Key Topics and Takeaways

Year-End Reflection

Reflection on memories and significant past events leading into the new decade.
Discussion about mindset shifts as people look toward their futures.

The Importance of Goals

Quote: "Most people overestimate what they can do in one year and underestimate what they can do in 10 years."
Emphasizes the value of focusing on long-term goals and sustainable habit formation for financial independence.

Future Planning Discussion

Plans to incorporate community feedback into future episodes.
Engaging listeners in their journeys to financial independence and highlighting the value of shared experiences.

Introducing Community Feedback

Call for listeners to participate and share their stories and financial milestones as part of a supportive community.

Building Wealth Tactics

Discuss strategies for increasing income through business building and side hustles.
Explore how small changes in habits can lead to significant impacts over time.

Actionable Takeaways

Set long-term goals instead of immediate ones to enhance motivation.
Engage with community feedback to uncover new solutions and alternatives to financial challenges.
Identify and implement small habits that can compound over time for greater impact.

Key Quotes

"Overestimating yearly goals can hinder your potential; focus on what you can achieve in 10 years."
"Cultivate habits today to see your success blossom tomorrow."
"Knowledge without action is just noise; implement what you learn."
"Focus on effectiveness over mere efficiency for real results."

ChooseFI: Your Blueprint to Financial Independence Read the book here
Jillian's New Podcast titled Everyday Courage Visit here

Discussion Questions

What are some habits you've developed that have positively influenced your financial journey?
How can community engagement enhance individual financial journeys?

Episode Mentions

Episode 125: Interview with Chelsea Brennan
Episode 157: James Clear on Atomic Habits

Action Items

Reflect on your financial goals and adjust them to align with a 10-year vision.
Consider participating in community conversations to share your financial journey.

Podcast Description

ChooseFI is your go-to podcast for unlocking the secrets to financial independence and achieving your dreams. Join us as we navigate personal finance with actionable insights, community support, and enduring strategies for wealth-building.

Podcast Intro:

Podcast Intro: You're listening to ChooseFI. The blueprint for financial independence lives here...

Podcast Extro:

Podcast Extro: You've been listening to ChooseFI Podcast, where we help middle-class America build wealth one life hack at a time.

Embracing the Journey to Financial Independence

In the quest for financial independence (FI), shifting your mindset is essential. Many individuals fail to grasp the profound potential of long-term thinking and habit formation, often underestimating what they can accomplish over a decade while overestimating what they can do in a year. This article provides you with actionable insights to help you cultivate a mindset and habits that will empower your journey towards financial independence.

The Power of Long-Term Goals

Setting long-term goals is a key strategy for successful financial planning. Rather than fixating on immediate achievements that can create unnecessary stress, allow yourself the grace of time by focusing on what you can accomplish in ten years.

Why Long-Term Thinking Matters

Reduced Pressure: When you set a decade-long goal, you alleviate the pressure that comes with shorter timeframes. This enables you to develop sustainable habits without the stress of an approaching deadline.
Room for Growth: With a ten-year vision, you are more likely to explore opportunities, pivot, and optimize your financial strategies as markets and your personal circumstances change.

Cultivating Effective Habits

Habits are the daily actions that compound over time, leading to significant results. To build the financial independence lifestyle, it’s crucial to recognize and cultivate the habits that will push you toward your goals.

Key Habits for Financial Success

Daily Reflections: Take time daily to assess your financial standing and consider actions that align with your long-term goals.
Consistent Learning: Engage in continuous education about personal finance. Knowledge is valuable, but actionable insights are what fuel your progress. Remember, “All the information in the world is worthless if you don't take action.”
Seek Community Support: Engaging with a community focused on financial independence can provide motivation and new perspectives. Consider sharing your journey to help inspire others while also receiving insights that may help you move forward.

The Importance of Intentional Action

It's not enough to set goals and form habits; intentional action is the bridge between your goals and reality.

Taking Action

Start Small: Implement small changes that can lead to significant outcomes over time. For example, if investing feels daunting, begin with a modest amount.
Manage Your Energy: Focus on tasks that will yield the highest returns for your time. Ask yourself, “Am I being productive, or am I merely busy?” Identify the essential tasks that drive progress towards your financial goals.
Utilize Resources: Take advantage of resources available in the ChooseFI community, including workbooks and podcasts designed to support your financial journey. For example, check out Jillian's new podcast and the accompanying workbook designed to guide you in building your best decade ever.

Engaging with Community Feedback

Community engagement can be a powerful tool in your journey to financial independence. By sharing your financial story and challenges, you can tap into a wealth of knowledge and experience.

How to Engage

Participate in Discussions: Whether online or in person, share your journey and encourage others to do the same. This can surface new ideas and strategies you might not have considered.
Use Social Media: Engage in online communities or make posts sharing your wins and challenges. Hashtags like #FinancialIndependence can connect you with others on similar journeys.

Financial Education Beyond Budgeting

As you embark on your journey to financial independence, remember that it encompasses more than just saving money and budgeting. It includes understanding the fundamentals of wealth building, investment strategies, and exploring entrepreneurial avenues.

Growth Through Entrepreneurship

Mindset Shift: Approach side hustles or business ideas not as jobs, but as opportunities to learn and grow.
Skill Development: Identify what skills you can develop that can lead to additional income. For example, areas such as digital marketing, SEO, or writing can often be learned through free online resources.
Networking: Build connections within your chosen field. Opportunities often arise from relationships forged within your community.

Recognizing Your Progress

As you strive for financial independence, regularly assess and celebrate your progress. Reflect on your financial goals, and don't hesitate to adjust them as needed.

Tools for Self-Assessment

Track Your Habits: Use apps or journals to keep a record of your daily habits and goals.
Set Milestones: Rather than viewing the journey to financial independence as a single endpoint, break it down into manageable milestones.

Conclusion: Your Path to Financial Independence Awaits

The path to financial independence is not a sprint; it's a marathon. Embracing long-term thinking, understanding the power of effective habits, taking intentional action, and engaging with a community are critical components of this journey.

In your pursuit of financial independence, remember to focus on cultivating a mindset centered on growth, community support, and actionable insights. Each small step you take today can lead to transformational changes for your future. Your decade of dedication and hard work will pave the way for not just financial independence, but a richer, more fulfilling life.

Start today by reflecting on your financial goals and considering how you can implement these strategies effectively. The journey is yours to navigate—let's make it remarkable!

It's the last Friday roundup of the decade! Learn how to level up your skills with Brad and Jonathan.

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New Year's Resolutions

Many people look to the start of a new decade as a clean slate. Although it can be a good time to start fresh, you shouldn't wait to get started on your goals.

It is interesting how we put these constraints on ourselves to achieve so much in a given amount of time.

For example, with FI, many of us put pressure on ourselves to achieve our number by a certain date. A different approach could be focusing on the goal and the systems instead of doing things based on the date.

It is completely possible to hit FI in a decade. However, setting the goal of hitting FI in a week or year is unreasonable. Don't let the construct of time get in your way.

If you have the goal of hitting FI this decade, then assess where you are now. Once you understand where you are, then use our book, ChooseFI: Your Blueprint to Financial Independence, to map out your next steps.

Focus on building the systems that will help you reach FI through long-term habits. Don't treat this like a binge diet, because those never seem to last.

These little little things that you can do, to put into place, so that not only is your day to day life better, but when you wrap these together, and you look over this longer period of time. 5, 10, 15 year period of time, you can change your entire life. You can change the trajectory of your family's entire future for generations.

For example, MK became a published writer through her habits. She wrote 500 words every single day. Although she never expected to become a published writer, she made it happen through her amazing habits.

https://www.youtube.com/watch?v=0F4fK02K89c

Everyday Courage

Jillian's first episode will be launching in January. We've built a workbook to help you go through the podcast with Jillian.

The workbook can help you take action on the information in an intentional way. You can find the free workbook here.

Building A Business With Intentionality

Earlier this week, Jamie Masters joined the show to share her insights on business coach. Here's the full episode with Jamie if you missed it.

Jamie broke down the steps she walks her clients through as they build their business.

Focus Your Efforts

As a business owner, it can be so easy to work in your business instead of on your business. Instead, you should focus on the big picture and your unique added value. Build a team to handle the other tasks that you don't necessarily need to do.

If you are interested in building wealth by building a business, then a side hustle can be the perfect starting point. You just need to build a skill set and crush it when the opportunity presents itself.

Here are a few side hustle and business ideas that Brad and Jonathan mentioned on the show:

Digital businesses
Writers for website content
Google analytics research for a particular business
SEO skills
Build Facebook or Google Ads
Become a virtual assistant
Edit YouTube videos
Edit podcasts

These are just a few of the skill sets that are needed at ChooseFI. Think of all the other websites and niches that need your skills. You can get started by simply learning a skill and continually learning more.

An Inflection Point Of Growth

Jamie pointed out that when you hit a revenue of $150,000/year, you will likely need to start tweaking things to grow more.

At this point, you will need to build out your team. Unfortunately, this means potentially firing people on your current team. Be honest with yourself. If you aren't honest, then it will be more difficult to grow your business.

Next, start to double down on the things that are actually working in your business. Often, a handful of things bring in the majority of your business. If you focus on what is working, then you can likely double your business.

Also, you cannot allow yourself to get caught up in checking things off your to-do list. Instead, focus on building out what will add value.

Do not mistake productivity for results. It doens't matter what it is if it isn't getting results... You can be the most efficient person in the world t something that is wholly unimportant, basically. And some people pat themselves on the back, 'Look at how efficient I am'... but it's important to look at what is effective and, again, what is adding value to the business.

Don't work just to work. Instead, track your time and find a way to bring more balance to your life. It is not a good thing to be busy all the time if you are focusing your efforts in the wrong direction.

Tackle 2020

If you have been focusing on the spend less side of the equation, make 2020 your year of earning more. Consider salary negotiations or starting something entirely new.

Community Feedback

Let's hear what the community has to say this week!

Advice From Jody

Jody wrote in to provide some advice for the community to avoid some headaches:

Ensure that your parents, your spouse, and you have all of your estate planning documents in order. Make sure that you know where everything is. In fact, create a single document that has all of the locations on it.
Start cleaning out and minimizing your possessions now.
Make and pay for your own funeral arrangments.

It might be an uncomfortable conversation, but it is important to have it sooner rather than later. Filling out the legacy binder is a good place to start. Grab your legacy binder here.

John

John wrote in with a life hack about rechargeable batteries. If you have kids or lots of toys, then consider rechargeable batteries. Although they are pricy up front, you can get thousands of charges from each one.

Eneloop batteries by Panasonic seem to work well.

Take Action

If you aren't sure where to start your journey, then start here. Remember, you have to take action in order to make your FI dreams a reality.

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