My Daughter's Mindset
Episode 138R
Episode Guide
Episode Summary:
Episode Timestamps
ChooseFI Podcast Show Notes
Episode Summary: In this episode, Brad shares a personal experience of earning $250 in under 10 minutes due to the Equifax data breach settlement. The hosts discuss the power of mental preparation through the inspiring story of a young swimmer, Anna, and explore actionable strategies for financial independence, including reevaluating college funding options and questioning unnecessary expenses like private mortgage insurance (PMI). Community feedback highlights collective triumphs within the financial independence movement.
Podcast Description: Explore actionable strategies for financial independence and hear inspiring stories of success from the community in this engaging episode of ChooseFI.
Key Topics Discussed:
- Podcast Intro
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Brad's Equifax Experience
- Brad and his wife earned $250 through the Equifax data breach settlement.
- Claiming compensation is encouraged as it requires minimal effort.
- Actionable Takeaway: Check eligibility for the Equifax settlement and claim compensation – .
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Anna's Swimming Achievement
- Anna visualized her success before a championship meet, illustrating the power of mental preparation.
- Key Quote: "Visualizing success can unlock great achievements." – .
- Actionable Takeaway: Encourage children to visualize their goals to enhance their performance – .
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Actionable Financial Strategies
- Discussed reevaluating college funding options and the significance of asking questions about expenses like PMI.
- Key Quote: "Never forget: everything is negotiable." – .
- Explored the dynamics of private mortgage insurance (PMI) and how to negotiate it.
- Actionable Takeaway: Contact your mortgage provider to explore options for eliminating PMI – .
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Community Feedback
- Feedback from listeners about their journeys toward financial independence, including a powerful story about the Playing with Fire documentary changing someone’s perspective.
Timestamps and Highlights:
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Claiming compensation from Equifax – It takes just ten minutes!
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The impact of visualization on achievement – a valuable technique for children.
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Understanding and negotiating PMI to improve home financing.
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The integral role of giving within the financial independence lifestyle.
Action Items:
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Check Equifax Settlement: Go to the Equifax Settlement Site to see if you can claim compensation – .
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Practice Visualization: Encourage your children to visualize their competitive activities to reduce anxiety and improve performance – .
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Negotiate PMI: Contact your mortgage provider to discuss potential options for eliminating PMI – .
Related Resources:
Discussion Questions:
- How do you handle unexpected financial compensation? – .
- What role does visualization play in achieving your goals? – .
- How can we challenge traditional views on college funding? – .
Key Quotes:
- "Claiming that $250 could take just ten minutes and is your moral duty..." – .
- "When you can take your precious resources and put them where you see fit with what you value, it changes everything." – .
Podcast Extro:
"You've been listening to ChooseFI Podcast, where we help middle-class America build wealth one life hack at a time."
Unlocking Financial Independence: Actionable Strategies from ChooseFI
Achieving financial independence requires a proactive mindset and a willingness to explore various strategies. In this article, we will discuss actionable recommendations drawn from the recent episode of ChooseFI, where hosts Jonathan Mendonsa and Brad Barrett shared their insights and success stories on how bold steps can lead to financial growth and life optimization.
Start by Claiming Your Compensation
One noteworthy takeaway from the episode is related to the Equifax data breach. Many individuals were affected, and as a result, there are possible compensations available.
- Action Item: Check if you are eligible to claim your compensation from the Equifax settlement. Claiming that $250 could take just ten minutes and is your moral duty. You can find out if your data was affected and submit your claim through this link.
The Power of Visualization
Visualization isn't just for athletes; it can apply to various aspects of life, including achieving financial goals. Hosts shared a compelling story about a young swimmer, Anna, who excelled through the power of visualization.
- Recommendation: Practice visualization techniques. Encouraging children (and yourself) to visualize success can significantly enhance performance and reduce anxiety. Spend a few minutes each day imagining what achieving your goals will feel like.
Reassess College Funding Strategies
Parents often face the daunting task of funding their children's college education. However, it's vital to challenge conventional views on college funding.
- Takeaway: Explore alternative options for college funding. Instead of solely relying on loans or large savings, investigate ways to help your children leverage scholarships, work-study programs, or financially strategic paths such as community college before transferring to a four-year university.
Negotiate Private Mortgage Insurance (PMI)
Private mortgage insurance (PMI) can add significant costs to homeownership. However, it's essential to understand that many aspects of finances are negotiable.
- Tip: Contact your mortgage lender to explore options for negotiating or eliminating PMI. It might be possible to prepay your PMI or determine if there's a settlement amount to clear it from your payment structure. Remember, everything is negotiable!
Pursue Intentional Living
The importance of intentionality was highlighted during the discussion about financial strategies. By purposefully deciding what you value most, you can design a life that aligns with those values.
- Action Item: Spend time reflecting on your values and priorities. Once understood, filter your financial decisions through this lens. Ask yourself, "What could we do if we really got intentional about it?" Adopt habits that reinforce your financial goals and eliminate unnecessary expenses.
Community Engagement and Giving Back
An essential facet of the financial independence journey is the acknowledgment that giving is integral to a fulfilling life. Cultivating a spirit of generosity can transform your perspective and experience.
- Recommendation: Seek out opportunities to give back, whether through time, money, or skills. Discovering the joy of giving is essential to the financial independence lifestyle. Volunteering can also fulfill you and strengthen your community ties.
Take Control of Your Financial Future
Throughout the episode, it was evident that successes often stem from taking control of financial decisions and seeking knowledge.
- Encouragement: Leverage available resources. Explore tools and podcasts that provide insights about personal finance. Educate yourself on topics like budget management, investment strategies, and cost-cutting measures that can significantly improve your financial situation.
Final Thoughts
Achieving financial independence is a journey filled with opportunities for growth and learning. By taking actionable steps such as claiming compensation, practicing visualization, negotiating expenses, and reflecting on your values, you can create a personalized path to financial success.
Embrace this journey with a community of like-minded individuals, and remember that financial freedom is not just about accumulating wealth; it's about living a life aligned with your values and aspirations.
Let this serve as a call to action—take the first steps towards your financial goals today!
Jonathan talks to Brad's daughter Anna about her can-do mindset and review Monday's episode with Anthony.
[elementor-template id="143609"]Equifax Data Breach
Jonathan and his wife made $250 for less than 10 minutes of work. The Equifax data breach affected over 140 million people. Each of those affected people is entitled to a settlement. It is worth taking the five minutes to check it out!
You can find out if you were affected here. If you were affected, then you can file your claim here.
Take action to claim this easy money.
Anna's Mindset
Brad's daughter, Anna, created the concept of building bricks to put into her wall.
Every time I hop in the pool, every time I swim a lap, what I visualize that I'm doing is that I'm putting a brick in a wall. I'm building my brick wall.
She came up with this concept because she saw the older kids had put in hard work to excel at swimming. She makes sure to think about all of the chances she has to achieve success and works hard to achieve those goals. Anna believes that anything is possible with hard work.
Anthony's Lessons
Anthony found a way to pay for college that challenged the normal line of thinking. If your parents can't pay for college, he showed that there are still options to go without taking on any debt. The best part of Anthony's experience is that it is completely replicable.
What Anthony highlighted for me seemed eminently replicable if you have seen someone pattern that behavior.
He showed that by learning the rules and making connections, it is possible to improve your situation.
Even in this digital world, maybe especially in this digital world, personal connections mean everything.
In addition to graduating from college with a positive net worth, Anthony was also able to buy out the PMI of his first home. Just by asking, he was able to save that monthly PMI payment.
What do you get by no asking the question? You get the same result as everybody else.
We are hoping that over the next few weeks, others will call their mortgage companies to see if this is an option. Please let us know what you find out!
Listen to the full episode with Anthony here.
Claire's Playing With FIRE Experience
Claire and her fiance have been working on FI for six months. They have been making plans to eliminate their debt and increase their investment portfolios.
What could we do if we got really intentional about it?
Every time they talked about their FI goals, her father in law was extremely skeptical. That all changed after the Playing with FIRE documentary.
After the showing, he was completely on board with their plans.
Cell Phone Insurance Via Credit Card Tip
On last week's Friday round-up, David shared how he gets his cell phone insurance for free through the Uber credit card.
Community member JB commented more information about how to get cell phone insurance for free through a credit card.
Email From Rachael
I know that the show has been wanting to highlight more stories of people hitting financial independence with lower incomes and it occurs to me that my grandparents did that. My grandpa moved from West Virginia to Cleveland and my grandma from Kentucky to Cleveland searching for better jobs. They met and married. And my grandpa supported the two of them and their five kids.
First, he worked at a factory that made springs by hand punching them. Then he got a job driving a truck, eventually saving enough to buy his own and learn how to do all of the mechanic work himself. My dad tells stories about riding to church in it because it was the only family vehicle. They had their own garden, they never bought anything new and saved every bit they could.
In his fifties, my grandpa was forced into early retirement. I don’t remember all the details but I believe he would have continued to work forever for only the security of a paycheck. But once retired, they lived off less than the interest their investments were growing. My grandpa passed away a few years ago but my grandma now is in an assisted living facility still living on just the interest. The baby boomers went through hard enough times that started many of them down the path to FI though it wasn’t called that at the time.
We've teased my grandparents over the years about not being able to throw away anything. But I think now that we are looking to downsize our house and make larger steps towards FI that my grandpa would be proud and I know my grandma is. At any rate, I thought it might be worth asking the audience if they have older relatives who are not bloggers and had normal incomes with interesting stories that might be guests on the show.
Brad and Jonathan would love to feature more stories like this on the show! If you have a relative that would like to share their story, then shoot us an email at feedback @ choosefi.com.
Mike's DIY Win
Mike was able to update his bathroom with only $26 of supplies! Check out the new look in the video recording of the podcast here.
Plus, you can find more DIY ideas in our ChooseFI DIY group. You can find that group here.
Noah's Questions About Funding A Child's Roth IRA
Noah suggested that it may be better to think of funding a child's Roth IRA as a way to divert a parent's higher tax bracket funds to the lower tax bracket of the child.
In this mindset, for 2019, only $6,000 of the $12,200 total possible deduction would be spent funding the child's Roth IRA. It could be possible to fund another account with the rest of their standard deduction or potentially use an employer match within a small business 401k. Plus, the child could open up a mega back door Roth IRA if they earned enough. Additionally, the parent could file for a qualified business income deduction to avoid FICA taxes. Although it is somewhat unlikely, it is possible.
However, Noah is unsure about how this would affect the child's FASFA application in the future. Luckily, there is an upcoming episode that will dive deep into the ins and outs of the FASFA. Look out for that in November. Plus, look for Sean's answers to Noah's scenario in a future Friday round-up.
Listen: How To Fund Your Child's Roth IRA And Other Tax Optimizations With The FI Tax Guy
Michele's Frugal Tip
If you are interested in reading ChooseFI: Your Blueprint to Financial Independence, a frugal way to do this is by requesting it through your library. The book is coming out October 1st, but libraries will be able to pre-order the book through their system.
You would be able to read the book for free. Plus, it would become available to everyone in your community.
If you would prefer to pre-order your own copy, you can do that here.
FI 101 Course
The FI 101 course is meant to support you as you develop an action plan for FI. The course will serve as a resource for the community.
If you are interested in trying out the course, click here.
New to FI? Be sure to check out Episode 100: Welcome To The FI Community!