Episode Guide

This episode focuses on valuable insights and strategies for achieving financial independence through personal development and effective negotiation skills. Jonathan and Brad share their curated reading lists for 2019, highlighting impactful books such as 'Atomic Habits' by James Clear and 'Can't Hurt Me' by David Goggins. They delve into the importance of negotiating from a position of strength, particularly in areas such as medical debt and expenses, emphasizing that most prices are negotiable. The hosts explore how being pleasant and prepared significantly influences outcomes in negotiations. The conversation also touches on various career paths and the shifts in technology usage among different generations. Listeners are encouraged to adopt actionable strategies to foster better financial decisions and personal growth.

Episode Timestamps

ChooseFI Podcast Episode Show Notes

Episode Summary

In this episode of ChooseFI, hosts Jonathan Mendonsa and Brad Barrett engage in a rich discussion centering on the importance of preparation and negotiation in financial matters. They cover how a simple mindset shift and taking the initiative can lead to significant savings, especially in healthcare expenses. The duo also explores digital minimalism, strategic career choices, and shares their personal reading lists, which include impactful titles like 'Atomic Habits' and 'Can't Hurt Me.'

Key Topics Discussed:

Reading List for 2019: Jonathan shares his planned reading list including 'Atomic Habits' by James Clear and 'Digital Minimalism' by Cal Newport.
The Importance of Digital Minimalism: Discussion about managing technology usage to enhance focus and productivity.
Negotiating Medical Bills: Insights on how understanding that "everything is negotiable" can lead to substantial savings on medical expenses.
Creating Connections in Negotiation: Effective strategies for enhancing personal interactions during negotiations.
Strategies for Success in Conversations: Engaging tips on how to frame discussions for better outcomes.

Actionable Takeaways:

SCHEDULE NO-TECHNOLOGY DAYS: Designate one day a week to unplug and focus on personal connections and self-improvement.
START A READING LIST: Continuously learn and grow by curating a list of impactful books to read.
USE A FRIENDLY APPROACH IN NEGOTIATIONS: Building rapport can drastically improve negotiation outcomes.

Key Quotes:

"Upgrade your mindset with 'Can't Hurt Me' by David Goggins."
"Negotiation is key: everything is negotiable."
"A simple name recall enhances your interactions."

Atomic Habits by James Clear - [Timestamp: 00:02:00]
Digital Minimalism by Cal Newport - [Timestamp: 00:04:04]

Discussion Questions:

"What are the most impactful books you've read recently?" - [Timestamp: 00:03:27]
"How do you approach negotiations in your everyday life?" - [Timestamp: 00:11:10]

Episode Mentions:

Episode /090: "Vegan Path to FI" [Timestamp: 00:10:20]
Episode /117: "Salesforce Opportunities" [Timestamp: 00:39:36]

FAQs:

What are good books to read for personal development?
- Consider 'Atomic Habits', 'Deep Work', and 'Can't Hurt Me' for impactful insights into personal and professional growth. - [Timestamp: 00:06:00]
How can I save money through negotiation?
- Be pleasant and prepared; creating a good rapport can lead to savings in many areas, such as medical or service bills. - [Timestamp: 00:16:01]
What is digital minimalism?
- Digital minimalism focuses on maximizing your technology's usefulness while minimizing distraction. - [Timestamp: 00:09:40]

Podcast Description

Dive into financial independence strategies with the ChooseFI Podcast. Explore negotiation tactics, personal development through books, and actionable life skills designed to improve your financial journey.

Timestamps

Podcast Intro:
"Upgrade your mindset with 'Can't Hurt Me' by David Goggins."
"Negotiation is key: everything is negotiable."
Podcast Extro:

Feel free to listen to the full episode for more insights and recommendations on achieving financial independence!

Unlocking Financial Independence Through Negotiation and Personal Growth

Achieving financial independence is not just about saving and investing; it also involves skills like negotiation, effective communication, and personal development. The insights shared in this article will empower you to take actionable steps toward achieving your financial goals while enriching your life.

The Power of Negotiation

Everything is Negotiable

One of the key takeaways from financial independence journeys is the principle that "everything is negotiable." This mindset can be a game changer when managing expenses, especially with significant financial responsibilities like medical bills or other service charges. Understanding that the prices presented to you are often just starting points means you can potentially save a substantial amount of money simply by asking for a better deal or clarifying the charges.

Actionable Strategy: Whenever you receive a bill, take the time to question it. Understand the service provided and look for discrepancies in pricing. Don't hesitate to negotiate; it could lead to considerable savings.

Mindset Shifts for Financial Success

Upgrade Your Mindset

Books like "Can't Hurt Me" by David Goggins teach valuable lessons about resilience and mindset shifts necessary for personal growth. Transforming your mindset can create a lasting impact on how you approach challenges.

Actionable Strategy: Dedicate time to read personal growth books. Not only will this enhance your mindset, but it will also inspire you to embrace challenges more tenaciously.

The Importance of Connection

Building Relationships in Negotiation

Effective negotiation often hinges on creating personal connections. When you engage with others—whether a customer service representative or a potential business partner—a simple smile or a cordial conversation can set the tone for a more fruitful interaction.

Actionable Strategy: In conversations, focus on building rapport. Initiating dialogues with warmth and mutual respect can lead to better outcomes than a purely transactional approach.

Embracing Digital Minimalism

The Value of Less Technology

In a world overwhelmed by screens, digital minimalism helps you focus on what truly matters. By cutting down on distractions, you can significantly boost your productivity and engagement in both personal and professional pursuits.

Actionable Strategy: Implement a "no technology" day in your weekly routine. Use this time to invest in hobbies, reading, or family, which fosters deeper connections and enriches your life.

Continuous Learning through Reading

Your Personal Reading List

Curating a well-thought-out reading list is an excellent strategy for personal and professional growth. Recommended books such as "Atomic Habits" by James Clear and "Deep Work" by Cal Newport provide frameworks for improving habits and focusing on meaningful work.

Actionable Strategy: Set a goal to read a certain number of books each year. Reflect on what you’ve learned and how you can apply these lessons to your life. A reading habit nurtures a continuous learning mindset that is greatly beneficial along your journey toward financial independence.

Effective Communication Skills

Remembering Names and Details

A small yet profound practice is remembering people's names. This simple act can open doors and create positive impressions in your interactions, whether personal or professional.

Actionable Strategy: Make an effort to remember names during interactions. Use note-taking before or after discussions to jot down important details for future conversations. This shows attentiveness and enhances your relationship with the individuals you engage with.

Taking Action in Your Career

Strategies for Career Growth

Career hacking, particularly in today's rapidly changing job market, is essential for financial independence. Skills in areas like coding or problem-solving are valuable and can lead to fulfilling career options that offer flexibility and the potential for high earnings.

Actionable Strategy: Consider upskilling through online courses or boot camps in high-demand fields. Positions like software development, digital marketing, or trade skills often lead to lucrative opportunities without needing a traditional degree.

Conclusion

Achieving financial independence encompasses more than just saving and investing; it requires a holistic approach that involves negotiation skills, personal growth, effective communication, and continuous learning. By integrating these strategies into your daily life, not only will you enhance your financial literacy, but you'll also enrich your personal journey toward a more fulfilling life. Remember, the journey toward financial independence is a continuous path—embracing these principles will pave the way for lasting success.

Jonathan and Brad discuss their favorite books from 2018, negotiating from a position of power, career hacking, and what they would do differently if they were recording episode 1 today.

[elementor-template id="143609"]

2019 Reading List

Books can be an amazing source of information for anyone pursuing FI. Whether you want to glean valuable information or enjoy a low-cost form of entertainment, books are a great option!

Try picking up an interesting title from the library or downloading it as an audiobook.

Here is a combination of books from Brad and Jonathan's reading lists:

Atomic Habits by James Clear

Deep Work: Rules for Focused Success in a Distracted World by Cal Newport

Ted Talks by Chris Anderson

Mindset: The New Psychology of Success by Carol Dweck

Open: An Autobiography by Andre Agassi

Factfulness: Ten Reasons We're Wrong About the World- and Why Things Are Better Than You Think by Hans Rosling

21 Lessons for the 21st Century by Yuval Noah Harari

Can't Hurt Me: Master Your Mind and Defy the Odds by David Goggins

Digital Minimalism: Choosing a Focused Life in a Noisy World by Cal Newport

Mistborn Series by Brandon Sanderson

Make Time: How to Focus on What Matter Every Day by Jake Knapp

How To Negotiate From A Position Of Power

Mr. Refined had some great practical advice on how to negotiate your medical debt. In the healthcare industry, many providers know that they will not be compensated for the complete amount of the bill. Once you know that, it opens the door to serious savings. When you receive a medical bill, you can use it as a starting point for negotiations instead of just temporarily solving the problem with a credit card.

Start that conversation with a smile.

After you have made the decision to negotiate, you need to approach it in the right way. It is crucial that you maintain a positive attitude and treat the customer service representative with respect. You will likely need to have several conversations with this person, so being nice can go a long way. If you are a jerk, then no one will want to help you. Think about it from their perspective, would you want to help someone that is yelling at you?

You can't afford to mic-drop every single phone call.

Also, it is important to take notes during each call. You will likely need to work with the company or the individual several times. Some basic things to note include the time, date, name of the customer representative, details of your conversation. When you call back the next time, make sure to mention these details. It is very obvious when you are prepared for the conversation.

If you are able to show that you have already done steps 1-5, then maybe this person will help you get to the next step.

With a positive attitude and detailed notes, it is more likely that your conversation will go well. Turn each conversation into a "we" problem, not a "me" problem by remembering their incentives.

The little things are the big things in life.

However, it is important to remember that you can apply these negotiation strategies beyond medical debt. You can use these strategies to save real money in your life across all spending categories.

Whatever you are negotiating, it is important to come from a position of strength.

As members of the FI community, you may have more power than you realize. When you have the ability to buy something in cash instead of relying on creative financing, you have the power to walk away. Salesmen do not want to see you leave the store because you are an ideal customer that is able to hand them the money today.

Having the assets to buy an item at once is especially powerful in high margin environments such as furniture stores and car lots.

If you know of other places were fellow FI members can negotiate from a position of strength, then let us know on Facebook or Twitter using #mailbag.

Feedback From The Community

Remember, if you want your question featured then use #mailbox in your posts.

Question from @AfricaFIRE

If you were to look back to your first episode, what one thing would you have done differently?

Hello @AfricaFIRE!

You do not need to wait for it to be perfect. Right now, 200 episodes in, I feel that we could do an awesome first episode. But you don’t get to episode 200 until you’ve done episode 1.

You have to start and take that first step. Don’t be afraid to record that episode and release it out into the universe. Continue to get better at podcasting (or anything) and continue to refine your message.

If you look at our show, we decided that we wanted to take another stab at our first episode, so we made it episode 100. Honestly, if I could, I would make episode 100 episode 1. You don't have to have your message perfect, just get started and then learn along the way. You always have the ability to hone your message as you go.

Originally, we thought this would be a showcase of experiments in financial independence. The plan was to become case studies for different approaches and report back to the audience. Clearly, that is not where we went with the show. As we realized the power of community, we had no idea how many people had this yearning for this information.

Of course, there are things we know now that we didn't know then but I wouldn't go back and change them.

We plan to do an episode about the biggest lessons learned some time this year!

Question from Justin:

Justin is looking for advice about choosing a new career path at 28. What suggestions do you have?

Hello Justin!

Although this is not all that's out there, here's what our community has been talking about lately.

Air Traffic Controllers
Coding Boot Camps--Learn more in episode 74!
Trade school opportunities--Learn more in episode 103!
Pick up schools with short online courses offered by Google--Find out more in episode 113!
Nursing can be a lucrative profession--Learn more in episode 112!
Accounting is a great major because it offers insight into how a business runs.
Salesforce training--Learn more in episode 117!

The best part about this community is that there are so many people that have experience in different fields. They can really help you to open your eyes to lucrative opportunities that you may have never found in your social circle.

For example, Roger asked, "What is the best trade job?" With over 150 comments, there are many different opportunities with starting salaries of over $100,000 a year!

It becomes a questions of what you really want to do. What sort of changes are you willing to make to realize this reality?

Shout out to Didier!

With the most encouraging post of the week!

Not a lot of people in my life I can share this with and have them understand. Found out about FIRE in August 2018 with NO emergency fund let alone retirement funds put away. Today I'm proud to say with a healthy emergency fund, I just bought my first share of VTSAX using my first ever Roth IRA account!! The FIRE is spreading my friends.

Local Group News

If you want to find a local group then get started here. If there is not a group in your area, then you can volunteer to organize one by sending an email to [email protected].

There are many meetings happening at the end of the month.

One event that we are particularly excited about is the Junior Achievement Meet Up in the D.C. area on April 8th. The event is from 8:20 to 3:30. We will be teaching kids about basic personal finance skills all day. If you would like to volunteer, then please join us! More information is in the D.C. local group, so find out more here.

Related Episodes:

New to FI? Be sure to check out Episode 100: Welcome To The FI Community!