055R | End of Year 2017 Review

055R_End of Year Review 2017.wordpress

A review of ChooseFI’s progress over 2017 about the great community, how open everyone is to helping each other and several voicemails on people’s paths to FI.

In today’s episode we cover:

  • A walk through the past 12 months
  • How to help the second generation FIRE
  • Richmond’s article on how far the ChooseFI community has come
  • The different processes of FI
  • How FI is about getting a bit better every day
  • ChooseFI is a community but FI is a movement
  • Voicemail from Eric about how far he’s come on his journey to FI
  • The creation and value of the ChooseFI Vault
  • How far the Facebook group has come
  • The importance of leaving our backgrounds at the door and helping each other
  • Voicemail from Cody on his plan to repay his parents for everything they’ve sacrificed
  • How great it is that people who have reached FI turn back and help others
  • Voicemail from Andrew about building the community offline
  • Why the plan is to travel the world meeting local ChooseFI communities
  • The CampFI retreat
  • Voicemail from Jimmy on how he has been able to focus on things that bring value and happiness
  • Voicemail from Colby on a college hack he used to graduate debt free
  • ChoseFI is introducing 30+ writers to post on the website
  • Voicemail from Deanna on how she is now living a life of intention
  • Sara sends in her Hotseat answers
  • Jonathan takes a second look at his limiting belief about biking and gets a bike recommendation from Mr Money Mustache and Physician on FIRE
  • Voicemail from Greg on how he now views spending money in a different light
  • Huge thank you to everyone who has participated and listened to the show

 

Links from the show:

____

Thank you for being a part of the ChooseFI community! 🙂

If you want to support us, here are some easy ways:

1) Leave an iTunes review: www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

Note: We may receive a commission if you are approved for cards on this page

3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)

As Jonathan would say, “The FIRE is spreading my friends!”

055 | Live from Fincon 2017 Dallas Tx

ChooseFI Live From FINCON DALLAS

Live from Fincon 2017 in Dallas Texas, it's ChooseFI!

Hey there everyone,

We recorded a special minisode that we wanted to share with you today.

For those of you that found us this year and have been following us on this journey over the last 12 months. Thank you 🙂

We recorded this at the #Amazing FINCON in Dallas that we attended at the end of October, the conference was an epic experience and they gave us the opportunity to record a short 20 minute episode using a VW Bug (in the featured image for this episode).

It was a cool experience all the way around and we thought you might get a kick out of hearing it.

Important

We are collecting your feedback for an end of the year episode. If you found the FI community through ChooseFI or you have been in the FI community but this year you have finally taken action. We would love to share your progress with the larger FI community.

If you want to share the progress that you have made over the last 12 months leave us a voicemail by the end of Monday or early Tuesday morning and we will play it on the show. To leave us a voicemail go to https://www.choosefi.com/voicemail.

The FIRE is spreading my friends and we will see you next time as we continue to go down the road less traveled!

 

054R | And the Guest Host is…

054R _ And The Guest Host Is_ youtube

Fritz from The Retirement Manifesto joins Jonathan to cover the topic of risk tolerance and capacity, Jonathan taking action to make ChooseFI happen, voicemails about college hacking, and ESI Money taking over Rockstar Finance.

This episode covers:

  • Review of Monday's episode with Fritz
  • The financial love letter
  • How ChooseFI is now happening in real time
  • The different risk tolerances in the FIRE community
  • Sam from the Facebook group: Jonathan's risk by quitting his job
  • How the risk capacity varies from person to person
  • Why Jonathan has a high risk capacity
  • The more you start doing what you love, the more opportunities you get
  • Dylan and Kimberly ask Fritz a question about the drone and prepping for emergencies
  • Voicemail from Accidental FIRE about Fritz living in a cabin
  • Richmond's asks for advice for college graduates
  • Jessie's college hack on getting a graduate degree
  • Ben asking about the power of clep testing
  • Francis' career hack as a sales rep
  • Monday's big event: J Money handing over the Rockstar Finance reins to ESI Money
  • Felisa's voicemail on why not to buy and hold company stock
  • The end of year checklist and how Christine was able to cut taxes
  • iTunes review and book giveaway

Links from the show

——————-

Thank you for being a part of the ChooseFI community!  ? If you want to support us, here are some easy ways:

1) Leave an iTunes review: http://www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

Note: We may receive a commission if you are approved for cards on this page

3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)

As Jonathan would say, “The FIRE is spreading my friends!”

 

054 | Fully Funded Lifestyle Change

054 _ Fully Funded Lifestyle Change

Jonathan makes a HUGE announcement about quitting his job. We discuss this big transition, how Jonathan will be planning for the future and the power dynamics behind FI.

In today’s episode we cover:

  • Huge announcement: Jonathan quitting his job
  • The reasons for doing this change
  • His thought process before taking action
  • Why Jonathan is able to take this decision
  • How his situation is optimal to take this leap
  • What has changed in his life over the past year
  • What triggered Jonathan to quit
  • How FI allows you to take decision in your best interest
  • The power dynamics involved
  • Jonathan’s path to FI
  • The importance of keeping relationships: quitting the job on good terms
  • How FU money should be operated from a place of power
  • The financial steps Jonathan is taking as he transitions out of his job
  • The importance of shopping around for life insurance when young
  • The dilemma with health insurance
  • How FI is about planning for eventualities
  • Teaser on a future episode about managing taxes as an entrepreneur

Links from the show:

——————-

Thank you for being a part of the ChooseFI community!  ? If you want to support us, here are some easy ways:

1) Leave an iTunes review: http://www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

Note: We may receive a commission if you are approved for cards on this page

3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, “The FIRE is spreading my friends!”

053R | End of Year Checklist

053R End of year Checklist

We discuss Monday’s podcast featuring Bobby from Millennial Money Man, the importance of building trust and creating a tribe as well as how to use your talent stack for business.

In today’s episode we cover:

  • Another side hustle: narrating books
  • Review of Monday’s episode with Bobby from Millennial Money Man
  • How blogging is a way to give back to the community
  • Why you just need true fans to be successful
  • Having a good audience starts with adding value and building trust
  • How the key to making money blogging is solving your audience’s problem
  • Why having a tribe is essential for success
  • How Brad’s limiting belief affected him
  • Jonathan will write an article on Chipotle as an example to solving a problem
  • How using your talent stack will help you online as well as offline
  • How travel rewards are a pillar of FI
  • Feedback from Mindy with the idea of an end of year checklist
  • Facebook thread on ways to optimize tax payments and planning
  • Voicemail from Chris about small life hacks for post FI people
  • Voicemail from Lindsay about generating a second income stream
  • J & A ask a question about distributing savings between real estate and retirement accounts and Coach Carson weighs in.
  • iTunes review and book giveaway

Links from the show:

053 | Millennial Money Man | Do you want to be rich?

053 Millennial Money Man

This episode was an interview with Bobby from Millennial Money Man on attacking debt, becoming a full-time blogger, methods to teach finance in schools and how to scale side hustles.

In today’s episode we cover:

  • Bobby’s story starting as a high school music director
  • Him quitting his job to be a full-time blogger
  • How he paid off his student loans
  • His mentor teaching him the basics of managing money
  • The lightbulb moment which brought him to start Millennial Money Man
  • Bobby’s rule on talking about money with friends and family
  • How he hasn’t changed even though he has more money
  • The FI lifestyle
  • Being a valuist
  • Questioning the traditional narrative that everyone has to go to college
  • At which age should kids start learning about personal finance
  • How the world would change if everyone knew more about finance
  • Bobby’s method to get kids interested in finance
  • Bobby’s initial idea to do teaching seminars in schools
  • How he decided to quit his job
  • Getting started with side hustles
  • Advice for new bloggers: using your blog as a portfolio
  • Scaling your blog/side-hustle
  • The path to earning good money with a blog
  • Hot Seat Questions

 

Links from the show:

——————-

Thank you for being a part of the ChooseFI community!  ? If you want to support us, here are some easy ways:

1) Leave an iTunes review: http://www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

Note: We may receive a commission if you are approved for cards on this page

3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, “The FIRE is spreading my friends!”

052R | Bring It | We Are Just Getting Started

052R _ Bring It

We review Monday’s episode featuring Todd Tresidder discussing the different ways to reach FI through different asset classes, goals for 2018 and how to invest in yourself to create a happier life.

What we cover:

  • Recap of Monday’s episode with Todd: our most commented podcast
  • How Todd makes us rethink FI and the way his mind works
  • Why things are not as simple as the FI community make it out to be
  • What other assets there are apart from index funds
  • The 2 ways of getting into the entrepreneur game
  • How FI is not a lottery ticket, the work to be put in.
  • Why starting a business does not mean reaching FI
  • How to choose which asset class is your path to FI
  • How Brad’s bad experience in real estate makes him nervous about starting again
  • 2018 goals: taking the next step with real estate
  • The importance of not being dogmatic and broadening horizons
  • Feedback from Trent on real estate, stocks and bonds
  • How real estate can be a good plan for retirement
  • Big Ern’s thoughts on Monday’s episode
  • Active asset allocation: can it work for FI?
  • Why investing in yourself will always make you win
  • Christian’s voicemail on his 2018 goals
  • The 80/20 analysis: why reaching level 2 understanding doesn’t have to be necessary
  • How we’re now learning more about FI with our audience, not just teaching
  • A voicemail from Jason about his big change: FIPE (Financial Independence Partial Retirement)
  • iTunes review and book giveaway

 

Links from the show:

 

——————-

Thank you for being a part of the ChooseFI community!  🙂 If you want to support us, here are some easy ways:

1) Leave an iTunes review: http://www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

Note: We may receive a commission if you are approved for cards on this page

3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, “The FIRE is spreading my friends!”

052 | FIRE State of the Union | Todd Tresidder | Risk Management

Risk Management

Todd Tresidder from Financial Mentor comes on the show to share his perspective on the traditional way FI is taught ( FIRE State of the Union)  and where it could be improved. We discuss the unique characteristics of all three asset classes and the advantages and disadvantages of each. Create a framework for your wealth plan and understand the importance of risk management.


In Today’s Podcast we cover:

  • An in-depth conversation with Todd Tresidder from the Financial Mentor on the State of the FIRE Union
  • The math behind financial independence and how traditional FI-thought is about lowering expenses and investing in low-cost passive index funds
  • Todd believes there’s more to the situation than commonly believed
  • Todd does not want to optimize relentlessly based on price
  • What is Todd’s definition of Fat FIRE?
  • There are multiple paths to FI such as pursuing the business and real estate asset classes to get you to FI quicker in Todd’s opinion

Where does Risk Management come into play?

  • Risk management also needs to be discussed in the FI community
  • A nuanced, dynamic, “Level 2” understanding
  • Finding the right plan for different people and different situations
  • The point of FI is happiness
  • What Todd values: Experiences not stuff, and buying conveniences
  • How Todd disconnects when he is on vacation with his family
  • Todd has focused on all three asset classes in his life and background info on his history
  • Todd is always focused on risk vs. reward at different points in time
  • Todd’s on the ground view of the housing bubble as an apartment owner
  • Paper assets do not lead to a “predictable” return
  • As an investor you always want to look for the “obvious thing nobody else is looking at.” Todd’s discussion of inflation
  • Todd doesn’t predict the future, but he manages risk
  • Manage the downside and risk management. Buffett quote on not losing money
  • What situation would it make sense for someone to invest in index funds, real estate, business, etc.? Everyone needs their own plan for wealth building
  • The business asset class – inventing equity out of ‘thin air’
  • The downside characteristics of each of the three asset classes
  • Hot Seat questions
  • Todd exercises and eats local and organic food to stay healthy
  • Todd’s lifestyle play to sell his hedge fund. He was already financially independent before the sale as he didn’t raise his lifestyle expenses after college
  • Todd’s safe withdrawal rate is higher than 4% due to his investment management and risk management skills
  • Todd would have went back and invested in rental real estate if he could advise his younger self
  • Todd wants to stay liquid with his assets

Links from the show:

051R | Be Coachable

051R _ Be Coachable

The importance of getting past limiting beliefs as well as how to use the community to your benefit and take action in pursuing FI.

In Today’s Podcast we cover:

  • Recap of Monday’s episode with Mrs Money Monster.
  • The importance of getting past those limiting beliefs
  • Why we should learn to embrace the growth mindset, to always be willing to learn
  • The value of having mentors
  • Why FI is acknowledging that I am more than the sum of my stuff
  • Having more control over your finances means making retirement optional
  • Choose FI local groups are growing, making the Camp FI and FI Festival possible
  • Voicemail from Lori about educational IRAs answered by Ed Mills from the Millionaire Educator
  • Voicemail from Michelle about her journey to FI. All about taking action and keep working towards your goals.
  • Matthew’s post from the Facebook Choose FI group: how one person changed his life by introducing him to FI
  • Voicemail from Haidi about her preparing for retirement. By choosing to be half retired she will always continue learning.
  • How to work out the wonderful problem of having so much choice when it comes to financial freedom.
  • Voicemail from Lance after attending Alan’s Popup Business School and who wants to give back to the community.
  • Teaser of Monday’s episode: Challenging our beliefs
  • iTunes review and Book Giveaway

Links from the show: