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.
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.
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.
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.
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:
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.