Introducing The 'Wouldn't It Be Cool If' Series

Episode Summary:
2025 marks the beginning of a new series focusing on the concept of financial independence and the idea of exploring options for achieving it. Hosts Jonathan and Brad reflect on their journeys, emphasizing the significance of understanding one’s financial independence number and taking ownership of personal finances Importantly this episode kicks off a new era for Choosefi and layouts how we will approach crowdsourcing personal finance with your help into the future.

Create an Account on the Choosefi Community Platform

ChooseFI Platform

Key Topics Discussed:

• Introduction to the New Series (00:00:00)

  • Launch of the 'Wouldn’t It Be Cool If' (WIBSF) series as a way to explore various aspects of financial independence.

• Personal Journeys in Financial Independence (00:01:00)

  • Reflection on the transformative power of pursuing FI and entrepreneurship over the past decade.

• Importance of Options in Financial Independence (00:04:00)

  • Emphasizing that more options in life come from active engagement in financial choices.

• Understanding and Calculating Your Financial Independence Number (00:20:28)

  • Discussing how to determine your FI number by multiplying annual expenses by 25 and ways to adjust that number through expense management.

• Community Engagement and Crowdsourcing Ideas (00:40:14)

  • The importance of building a community around financial independence to support and guide each other, and an invitation to participate in the resources being created.

Actionable Takeaways:

• Calculate Your FI Number
  Assess your annual expenses and multiply by 25 for a preliminary estimate of your FI number. (00:32:24)

• Cutting Expenses
  Understand that for every $100 you cut from monthly expenses, you reduce your FI number by $30,000. (00:17:17)

• Open Yourself to New Possibilities
  Entertain the thought of what life would look like if financial independence were on the table. (00:04:34)

Key Insights:

• Never Regret More Options (00:05:10)
  Expanding your options provides greater freedom and opportunities in life.

• Believing in Financial Independence (00:06:57)
  Financial independence is a reliable pathway for the middle class through disciplined savings and investment.

• The Little Things Matter (00:17:55)
  Small adjustments in spending can lead to significant changes in long-term financial stability.

Timestamps:

• 00:00:00 - Podcast intro and new series launch
• 00:01:00 - Reflection on the journey to financial independence
• 00:04:00 - The importance of having more options
• 00:16:56 - Importance of active engagement in personal finance
• 00:20:28 - How to calculate your FI number
• 00:40:14 - Engaging with the community for financial resources

Discussion Questions:

• What does financial independence mean to you? (00:05:00)
• How do your personal expenses align with your financial goals? (00:32:00)
• What small changes can you implement to reduce your spending? (00:17:00)

Related Resources:

• **Register Account on Choosefi **
  ChooseFI Platform