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Time Is On Your Side

Podcast

Ep. 139R Time Is On Your Side

Planning ahead saves time and money, overcoming excuses that prevent financial action, using time management lessons.

Brad Barrett, Jonathan Mendonsa · · 101,724 plays
56m 0s
  1. Introduction and DMV Anecdote
  2. Discussion on Grit and Entrepreneurship
  3. Sonny Burns' Story
  4. Roth IRA for Children
  5. Listener Feedback and Wrap-Up

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may earn compensation from card issuers when a customer clicks on a link, when an application is approved, or when an account is opened. Opinions, reviews, analyses & recommendations are the author's alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser.

Most people lose money on cars — Sonny Burns turned car flipping into a repeatable profit machine in just three hours. Brad and Jonathan unpack how a listener's side hustle story reveals hidden opportunities in everyday transactions, plus practical wins like timing your DMV visit and opening a Roth IRA for your kid.


Timestamps & Topics:

  • 00:00:41 – DMV strategy: How to skip the wait by avoiding Fridays and peak hours
  • 00:06:20 – Grit and the gig economy mindset
  • 00:12:10 – Sonny Burns' car flipping story: buying low, selling high with minimal capital
  • 00:16:04 – Setting up a Roth IRA for children and why early investing matters
  • 00:36:30 – Listener questions on balancing debt paydown vs. investing

Key Quotes:

  • "Planning ahead can save you hours of waiting at the DMV." (00:02:08)
  • "Look for market inefficiencies to unlock potential income streams." (00:10:03)
  • "Own your time; design your life around financial freedom." (00:05:12)

Terminology:

  • Roth IRA (00:16:04): A retirement account where contributions are after-tax and qualified withdrawals are tax-free.
  • Market Inefficiency (00:10:03): When an asset's price doesn't match its true value, creating profit opportunities.
  • Car Flipping (00:07:20): Buying vehicles below market value and reselling them for a profit.

Action Items:

  • Research off-peak times for your local DMV to minimize wait (00:03:00)
  • Identify market inefficiencies in your area for side income opportunities (00:10:03)
  • Open a Roth IRA for your child if they have earned income (00:16:04)

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