085R | Sidehustle Coaching Series 3 | Learn to Pitch and Lean into the Uncomfortable Pause

085R _ Side Hustle Coaching

Catch up with Alan and Tallis as they zero in on the key elements of a successful pitch, and the importance of uncomfortable silence, as well as a home improvement update from Jonathan and review of Monday’s episode with author M.K. Williams.

What you'll hear in today's show:

  • Jonathan reports a wallpaper challenge/ DIY fail in his kitchen.
    • Recommendation: use drywall mud to fix blemishes in drywall after removing wall paper.
  • What home-improvement projects are worth hiring out?
  • MK, from Monday’s episode, noticed that through persistence she has not only produced more content, and that with each release, her previous work sells even better.
  • How to build your personal brand and get start building your sidehustle and/or passion?
  • Sidehustle Coaching episodes so far:
    • Episode 30: Introduction to Alan Donegan
    • Episode 56: Part 1 – meet Tallis and hear about her new business idea
    • Episode 77: Part 2 – check in about Tallis’ progress and initial feedback
  • Update since the previous episode:
    • Chris, from the fundraising department at the Northwestern Hospital, is interested in hearing Tallis’ pitch.
  • If you can’t sell your business, you don’t get any customers, and therefore you don’t get any money.
  • “Sales” is the process finding someone with a problem you can solve and explaining that you can fix that problem.
  • Why did Alan struggle to sell his own business at the start?
  • What is the problem that Tallis’ business is solving?
  • How has Tallis clarified her business’ goal?
  • The triad: include three points when you make your pitch.
  • How do people accidentally overwhelm listeners during their pitch?
  • What’s the best way to start a pitch?
  • Never end your pitch with Q&A.
  • How can you set up a strong close if you have to include Q&A?
  • At the close, it’s important to actually ask the potential customer to buy the product.
  • “If you don’t ask, you don’t get.”
  • What does Tallis want to ask at the close of her pitch to Northwestern?
  • How did Alan help a group of students pitch for an advertisement with a really strong open?
  • How to deliver a strong pitch on the phone?
  • Your moments of impact as a speaker are actually when the audience is thinking.
  • How does Alan get someone’s attention at the start of his pitch conversation?
    • Creative intro
    • Confirm he’s talking to the right person
  • Tallis’ product isn’t right for everyone. It’s important to ask questions to determine whether her product meets the need of a potential client.
  • How and when does Alan suggest delivering the price?
  • What part does the uncomfortable pause play in selling a product?
  • Why doesn’t lowering prices always equate to increased sales?
  • Tallis sets a measurable goal for number of pitches and sales.
  • Want a copy of MK’s book? Leave a review!

 

Links:

DIY to FI

My $3,500 Tiny House Explained

Caboose Rental

084R | Mindset of FI

084R The Mindset of FI

The essential steps to a FI mindset, travel rewards updates from Brad, voicemails from the community, and highlights from Monday’s episode with Jillian from Montana Money Matters.

  • Brad’s 15-year-old Honda might breakdown soon. How much should he be willing to spend on repairs?
  • How much does depreciation impact specific cars, and how much should that weigh into Brad’s decision?
  • Review of Monday’s episode with Jillian from Montana Money Matters. Discipline equals freedom.
  • How can we train ourselves to withstand fear?
  • What was Jillian’s strategy for creating the life she wanted?
  • Chad, from Facebook, was excited by how relevant and relatable Jillian’s story is, even for people with vastly different life circumstances.
  • Voicemail from Tay, who is hoping to find a step-by-step guide to getting from zero to FI.
  • Mindset recommendations from Jonathan:
    • Exposure yourself to the right information – podcasts, books, articles, etc.
    • Practice a growth mindset – be willing to make changes.
    • Accept and celebrate marginal gains, as they compile.
  • Nuts and bolts recommendations
    • Evaluate your current financial landscape – what’s going in and out?
    • Which scenario describes you?
      • Are you in debt?
      • Do you live paycheck to paycheck?
      • Is your income higher than necessary, but not achieving your goals?
    • What you earn – what you earn = The Gap
    • Increasing “The Gap” comes from optimization.
    • Getting to a 50% savings rate is a different scenario for every person.
    • Finding ways to create passive income through real estate, side hustles or investments.
  • Maxing out your retirement accounts decreases your taxable income.
  • Message from Carrie, is looking forward to minimizing.
  • Voicemail from Jason, hoping for an update on travel rewards.
    • Chase Sapphire rewards have decrease the rate at which you can get rewards
    • Brad still recommends as the best travel rewards
    • Chase Ink Business cards are a great choice for someone with a business.
    • Generally, best use is to transfer points to an airline partner for airline miles.
    • Starwood Preferred Guest program is end on Aug. 1, 2018
    • Barclaycard Arrival Plus just returned as a fixed-value, personal card.
  • Voicemail from Tyler, suggesting that doesn’t have to be an expensive hobby, and talking through his method for optimizing his golf hobby.

 

Links:

The Beginner’s Guide to FI

The 10 Pillars of FI

Arsenal Discs

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

083R | The Hobby Checkbox

083R The Hobby Checklist

Recap of Monday’s episode with Cody Berman, a checklist to optimize your hobbies, a highlight on the San Diego local group, and messages from the ChooseFI community.

  • What great present did Brad receive from his mother for his birthday this past week?
  • Brad recaps his first local adventure with his family.
  • Jonathan presents an idea for a small business for Brad’s daughters.
  • Will Brad be on the next “Survivor”?
  • Jonathan remarks about the advantages of taking challenging courses in high school and earning early college credits.
  • How can students finish college early, to minimize the opportunity costs of college?
  • Brad recommends setting up “canned responses” in Gmail to optimize your emailing.
  • Review of the value of jobs in college, and what types of jobs could be the best for a student.
  • How can one job help develop your FI potential in multiple ways?
  • How can you optimize your hobbies?
  • Jonathan’s checklist for hobbies
    • 1. Enjoyment: it’s bringing enjoyment to your life.
    • 2. Cost: it fits within a price range that you’re comfortable with.
    • 3. Networking: brings you into a community.
    • 4. Fitness: it makes you healthier.
    • 5. Skillset: it adds to your current skillsets.
  • Brad mentions the importance of pursuing mastery.
  • Brad and Jonathan practice evaluating hobbies, determining whether they’re productive hobbies.
  • Brad and Jonathan will be at Project Movement in Philadelphia. Catch up with them for a ChooseFi meet up on Sunday, July 22 at Yard Brewing Co. at 6 p.m.
  • The San Diego ChooseFi group has begun using real-life submitted scenarios to develop FI plans for group members.
  • Dan, from Facebook, is excited about replacing the air filter in his car – learning a new skill and saving money on car maintenance.
  • Charlene is excited that her 15-year-old son requested setting up a Roth IRA for her son.
  • Daniel, an active ChooseFi listener, mentions that the Navy Federal Credit Union just opened a new platform called “Easy Start Investor” for Navy Federal members, which shares some similar advantages as M1 Finance.
  • Jonathan summarizes some of the benefits of M1.
  • Message from Prussant, spoke with a group of new, young-adult recruits at work to introduce them to the concepts of financial independence.
  • Leave a ChooseFI review by Monday, July 16, to win a set of discs from Cody Berman.

 

Links:

M1 Finance

Arsenal Discs

Firedrill Podcast

Stacking Benjamins

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

082R | The Paradox of Choice

082R the Paradox of Choice

Discussion of Brad and Jonathan’s purchasing habits, messages from the ChooseFI community, benefits and drawbacks of roboadviors, and a summary of capital gains harvesting.

  • Jonathan gives a review of some travel hacks on a recent trip to Chattanooga, TN.
  • Capital One Venture Card allows users to redeem miles for nearly any travel cost.
  • PSA: bring a copy of your child’s birth certificate if you’re traveling.
  • Review of Monday’s episode with Dani and Laura, Jonathan and Brad’s wife.
  • Jonathan is excited about the way Brad and Laura cut down on choices, purchases and decisions for themselves and their children.
  • Brad aims to keep his life simple, particularly in regard to purchases.
  • Enjoying the journey is crucial; obsessing over small purchases probably takes away from someone’s enjoyment of life.
  • During your pursuit of FI, it’s important to remember your “why”.
  • Laura shops for the future, by purchasing clothes, presents, etc., way before they’re necessary, often finding items for a fraction of the normal cost.
  • Batch processing: blocking your time off to maximize efficiency.
  • Facebook Message from Jimmy:  met a friend on airplane, introduced him to ChooseFI, and that friend reduced expenses and put himself on the path to FI in less than a month.
  • There are options for almost every financial position, to get yourself moving in the direction of FI.
  • Jeff, on Facebook, reports that he’s paid off $105k of student loans.
  • ChooseFI San Diego has a real estate meeting recently – informing people about real estate options and discussing rent vs buy, among other topics of conversation.
  • ChooseFI local groups will be as good as the participants want them to be.
  • Voicemail from Ryan: question about using roboadvisors?
  • Fees matter: managing accounts directly saves money.
  • Benefits of a roboadvisor – automated services can help with some calculations that it’s difficult to do yourself, and it sometimes make investing more accessible
  • Jonathan prefers and recommends M1 Finance. Here is a M1 FinanceReview
  • Voicemail from Bonnie: selling used items through the online Varagesale platform helps her bring in a little extra income as a stay-at-home mom.
  • Voicemail from Anthony with questions about increasing your capital gains basis.
  • Capital gains are typically taxes, but if you’re in a low tax bracket, long-term capital gains are not taxed.
  • Previous episode about capital gains harvesting in episode 18 and 18R.

 

Links:

The Paradox of Choice: Why More Is Less, Revised Edition Price: $9.48 The Paradox of Choice: Why More Is Less, Revised Edition Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you.

Betterment

Wealthfront

M1 Finance Review

 

——————-

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!”

081R | The Fear of Letting Go

081R Fear of Letting Go

Strategies for decluttering and living with less (reflecting on Cait Flander's interview with us on Monday), life hacks from the community, and a winner for the free ticket to CampFI in Joshua Tree!

  • The ChooseFI community is growing and gaining national attention.
  • Local Groups are really effective in some parts of the ChooseFI community.
  • Jonathan joined some members of the Richmond local group to purchase a mosquito fogger to share between them.
  • What else could be a shared purchase?
  • Cait Flanders, from Monday’s episode, talked about taking control of your life, and decluttering her whole life.
  • How do you take control of your life?
  • Could you live with less?
  • Why doesn’t Brad use a budget, and how does he still manage his finances well?
  • Why does Brad hope his daughter reads Harry Potter?
  • Voicemail from Kristyn, from fortheloveoftidy.com and the Spark Joy podcast, talks about her FI progress, and tips for decluttering:
    • Map out your ideal living environment; think about how your clutter fits into that.
    • Ask yourself tough questions about the clutter in your life.
  • What is tough about decluttering for Jonathan?
  • How does Kristyn keep track of her “bit-sized wins”?
  • Why did Jonathan finally get rid of his grad-school notes?
  • Voicemail with a suggestion based on advice from The White Coat Investor, to employ children as models for his website, to add legitimate money to his kids’ retirement accounts.
  • Facebook post from Heather about how her son found a job without a car.
  • Message from Louima, who was inspired by Cait’s Monday episode, and is contemplating a reduction of her FI number.
  • Email from Mark with some FI hacks:
  • Update: Brad is working to establish a scholarship for a Treehouse student to learn coding, in partnership with Every Child’s Hope.
  • Winner of the ticket to CampFI in Joshua Tree: Danielle!

Timex Men's T5E901 Ironman Classic 30 Gray/Black Resin Strap Watch Price: Timex Men's T5E901 Ironman Classic 30 Gray/Black Resin Strap Watch Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you.

Links:

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

080R | A Case for Survivor, Compost, and 2nd Generation FI

080R Survivor Compost and 2nd Gen FI

Conversation about teaching your children to save and invest, healthcare options, and an argument in favor of home gardening and composting.

  • Brad contemplates applying for “Survivor”.
  • Review of Monday’s episode with Khai from AlabaMalaysia.
  • How does Jonathan use the idea of “anchoring” in his own life: setting big goals so that even if he misses, good things still happen?
  • Brad and Jonathan talk about how they would set little, achievable goals, to reach a larger, long-term goal.
  • Jonathan talks about answering the question “What do you do?”, with comments from the Facebook group.
  • How does Brad have bank account and investment accounts set up for his children?
  • Is there a better way to have those accounts set up?
  • Blain, from the Facebook group, wonders whether his son should start investing with a Vanguard account, or an M1 account?
  • Contributions made to a Roth can be withdrawn penalty free.
  • What are the best ways to support your children and help them save money, as 2nd generation FI?
  • Voicemail from Jacqueline asking about financial education apps for youth.
  • “7 Fun Money Apps for Kids” from U.S. News
  • How important is it to teach your children about not only budgeting to save money, but to be generous?
  • What is Brad considering in regards to his family’s health insurance: HSA, health share, or considering health insurance for a small business?
  • What are some complications with a health share?
  • Email from Karen, about the value of gardening and composting.
  • Is composting addicting?
  • Jonathan tries to convince Brad that gardening and compositing is simple enough to start now.
  • Leave a ChooseFI review to enter the drawing for a ticket to CampFI in Joshua Tree, or to receive a book.

 

Links:

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

 

——————-

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!”

079R | Personal Brand

079R Personal Brand

Highlights of Monday’s episode with Tim & Amy Rutherford, discussion about healthcare, additional podcast recommendations, and voicemails from the ChooseFI community.

  • Jonathan’s trying out gardening, and DIY projects around the house.
  • What are the advantages of composting?
  • Review of Monday’s episode with Tim & Amy Rutherford.
  • FI is mostly about finding a simple way to live and enjoying the people around you.
  • Housesitting is essentially creating a community and leveraging relationships.
  • Brad is impressed by the level of trust established through the housesitting community.
  • Building a personal brand, with a reputation of being trustworthy, can start now.
  • How does Amy manage healthcare in early retirement?
  • Three strategies for healthcare in the US
    • Low-income strategy: ACA is still in place.
    • Middle option: health-share
    • High-cost option: paying for full healthcare out of pocket
  • Having a job that creates additional stress in your life and can long-term health implications.
  • Brad and Jonathan talk about ways they build healthy habits into their lives.
  • Voicemail from Greg: update about how he’s trimming extra spending out of his budget, and wonders what other podcasts Brad and Jonathan recommend?
  • Podcasts Jonathan recommends: FIRE Drill Podcast, Mad FIentist, Radical Personal Finance.
  • Podcasts Brad recommends: Journey to Launch, Tim Feriss Show, Impact Theory, Jocko Willink Podcast.
  • Update from Justin about air traffic control as a great potential job for someone pursuing FI – opportunities to apply will open on usajobs.gov soon – and suggestion to use the ChooseFI community to help people find places to stay while traveling.
  • The ChooseFI team is growing:
    • Ashley is an editor, helping produce content on the ChooseFI website
    • William, reached FI, and will become the ChooseFI chief technology officer
  • Voicemail from Miriam: many universities offer Young Scholars Programs or scholarships to first-generation college students.
  • Miriam talks about potential loan-forgiveness for teachers.
  • How can local groups connect people with scholarships available more regionally?
  • Rick, from Austin, realized that he’s reached financial independence and now has an opportunity to step away from work for a while, or many permanently.
  • Building up some savings gives people power to make life decisions differently.
  • How can Anthony manage the slow progress toward FI?
  • CampFI Update: last option is in Little Rock, Arkansas.
  • Sign up for a chance to win a free ticket to CampFI Southwest (Aug. 3-6) in Joshue Tree, California, by following Jonathan’s instructions. Winner will be announced on June 29.

 

Links:

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

 

078R | College Hacking Toolbox

078R _ College Hacking Toolbox
  • Discussion of Episode 78 with Travis Hornsby and the positive feedback we received
  • Jonathan has become a “rockstar” at selling things on Craigslist
  • Tips from Jonathan on how to earn more money selling on Craigslist, including how to write a better product description
  • Brad also decluttered his life by selling his old home and now has to determine how to spend the money that was just deposited into his bank account
  • The FI calculation behind Brad paying off the mortgage on the property he had in North Carolina
  • 2nd Generation FIRE and how Brad and Laura took their girls to the bank to deposit cash and then moved it to Vanguard to buy more Total Stock Market Index Fund shares
  • The amazing ownership Travis took over his path to college and the desperation he showed in getting a full merit scholarship
  • Discussion of how Brad and Jonathan would explain college savings strategies to friends and family based on the information they’ve picked up in past episodes of ChooseFI
  • Tips on going to a community college and having credits transfer to a four-year university
  • Taking action by going after scholarships large and small
  • Discussion of student loans and options to repay including Jonathan’s personal example
  • Orthodontist Mike Meru and how his $1,000,000+ of student loan debt has been in the news lately
  • Case student on student loan repayment and the response from Travis
  • Thoughts and feedback from our ChooseFI community plus milestones
  • The Digital Dialogue Brad and Jonathan did with NBC12 in Richmond

 

Additional Links:

College Confidential

The College Investor

Article on Dr. Meru at the Student Loan Planner

Big Small Choices

 

77R | Side Hustle Coaching Series Part 2 | Alan & Tallis

077R Side Hustle Coaching

An second part to the conversation between ChooseFi community member Tallis, who teaches dance classes in retirement facilities, and Pop-Up Business School founder Alan Donegan, to help get Tallis’ side hustle off the ground.

  • Precursors to this episode: Episode 30 and Episode 56.
  • Tallis gives an update on her side hustle to-do list.
  • Client feedback: the questions you ask impact the results you’ll get.
  • What is the best way to sell Tallis’ dance classes to the retirement facilities.
  • Tallis continues to wonder how to best monetize her service?
  • Tallis hopes to facilitate workshops to train dance-class teachers.
  • Alan and Tallis previously discussed securing sponsorship, potentially from pharmaceutical companies.
  • Currently, Tallis’ dance class is endorsed (and paid for) by the American Parkinson's Disease Association, so classes are free for participants.
  • Could Tallis collect a fee from participants?
  • Most important considerations right now: how is going to pay, and how much to charge?
  • Different payment models can impact clients’ commitment to the classes.
  • Training an organization to facilitate its own courses will pay significantly more than providing courses directly to individuals.
  • How can Tallis decide on a price for her workshops?
  • People equate cost to value: if you charge too little, they’ll think the product isn’t valuable.
  • Alan recommending contacting potential clients (retirement communities) that are well outside her target geographical location in order to practice her pitch and get feedback on potential pricing.
  • Pricing has a lot to do with confidence.
  • Successful business models have repeatability.
  • Marketing is rarely starting from the ground up: find other businesses in a similar space, or businesses that are doing something that you think would be really effective the space you’re targeting and start there.
  • Pitch tip: don’t allow your voice pitch to go up when giving your price. Use a statement tone that sounds confident – even from beginning to end of your sentence.
  • What’s up next: get feedback from local contact about other offerings.
  • Go big! Don’t offer your service to just a few potential clients.
  • Expect that it’ll take 1-5 months to get the program from start to point of sale.
  • The only way to know if your business will be successful is to ask people to buy; before that moment, feedback is hypothetical.
  • Tallis is part of the Des Moines ChooseFI local group – contact her there.

——————-

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!”

076R | Race or Journey

076R Race or Journey?

Brad and Jonathan brainstorm ways to implement local adventure into their own lives and the lives of the ChooseFI community, chat about high school reunions and local libraries, and offer a few clarifications about 401k contributions.

  • Jonathan's 26-year-old sister just hit an 85% savings rate.
  • Living at home can be super helpful to the recent college graduate, or young person entering the workforce.
  • Getting to $100k net worth is the hardest part: after that, compounded interest starts working for you.
  • Brad signed up his daughter for www.code.org, a website that teaches coding paired with Minecraft.
  • Review of Monday’s episode with Mrs. Adventure Rich.
  • Getting the right mindset is the most important part of getting on the path to financial independence.
  • How does Brad feel about not having a FI number or date?
  • Is the pursuit of financial independence a race or a journey?
  • What was positive about the way Mrs. Adventure Rich’s coworker introduced her to FI.
  • How has Mrs. AR lowered the barrier of entry for local adventures?
  • How can local ChooseFI groups apply these ideas to exploring their own cities?
  • How does the idea of exploring your own city connect with the idea of intentionally creating memorable moments, as introduced by Chris in ChooseFI episode 71.
  • Adventure is anything that makes you feel like, “Hey, this is really living.”
  • Have we traded adventure for convenience?
  • How can someone plan for those things that truly bring value to their life?
  • Check out ChooseFI episode 37, with Scott, talking about rolling out the red carpet for the valuable things in your life.
  • Follow up from Robert, from The College Investor: how much student loan debt has the ChooseFI community paid off?
  • Voicemail from Suzanne: in addition to physical books, her local library often provides access to online newspapers, to online language programs, STEM programs for students, as well as actual after-school programs for students from the public schools.
  • Voicemail from the Peerless Money Mentor : the local library in Baton Rouge, LA, provides some access to Treehouse coding courses.
  • How would Brad or Jonathan describe their lives at a high school reunion?
  • Once you have all your financial needs taken care of, what do you want to do? What's your purpose?
  • Email from Danny: how do employer contributions impact a 401k?
  • Employer matched contributions do not count toward the $18,500 yearly limit for your 401k.
  • There are some additional ways to maximize full contributions to your 401k, up to $55k a year.

Additional links:

The Reluctant Frugalist

House of FI Podcast