087R | Autonomy Mastery Purpose

087R Autonomy, Mastery, Purpose

How to teach children lessons that set them up for success, discussion about using duel-enrollment and university co-ops to optimize college, and a strategy for cash flow balance transferring.

  • Autonomy, mastery and purpose are what motivate people.
  • How much more productivity and enthusiasm does autonomy create?
  • What would it look like to instill these values and develop them in young children?
  • Where do things suck – how can we fix them?
  • Should parents be willing to let their kids work outside the system – risking a decrease in productivity and achievement at school – in order to let them develop an entrepreneurial outlook?
  • Why might it be valuable to forget about fixing the school system, and instead implement these values at home?
  • Josh, from Facebook, wonders how people are teaching their children important traits such as problem-solving, creativity, integrity, etc.?
  • Suggestions from the community:
    • Lawn mowing business
    • Car washing business
    • Selling copies of drawings
    • Refereeing soccer
  • How did Brad’s daughter become a data analyst?
  • Why is “what have you built?” a powerful question as society moves forward?
  • Voicemail from Nathan about credit card balance transfers.
    • You don’t need a specific balance transfer credit card.
    • Look for cash-flow transfer opportunities
  • Renata calls to talk about duel-enrollment for high school students in Arizona, to help students earn college credit before actually starting college.
  • When is duel-enrollment a greater benefit than an AP course?
  • Charlotte, from Facebook, talks about co-op programs through universities, which extends a student’s school timeline (5yrs), but includes intermittent semesters of internships and work experiences.
  • Join the ChooseFI Educators group on Facebook to brainstorm with other community members ways to incorporate entrepreneurship and creativity into the classroom.

Links

ChooseFI Educators Group 

——————-

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!”

087 | Education Through Innovation | Don Wettrick

087 | Education Through Innovation | Don Wettrick

Don Wettrick, CEO and co-founder of StartEdUp Innovation program, and a current high school teach, talks about the cultivating innovation and creativity in the classroom, harnessing a learner’s internal motivation, and giving students opportunities to solve problems they’re passionate about.

What you'll hear from Don Wettrick:

  • Why and how did Don create an Innovation course at his school, and ultimately the StartEdUp Innovation program?
  • What was challenging about getting his students involved during the early stages, when it was just extra time during his class?
  • When do students lose their curiosity or learning?
  • How much does a reward really motivate students?
  • What would the process look like to develop and nurture internally motivated learners through elementary school?
  • What’s the difference between creativity and imagination?
  • How can a parent help their child be more innovative outside of school?
  • What does Don recommend as a good consumption v. production ratio?
  • How does changing consumption habits – how much, and what – impact the way Don’s students and own children think?
  • How does building community within a cohort of “creators” impact a student’s relationship?
  • Does participation in Don’s high school class impact his students other grades?
  • How do mastery, autonomy and purpose mix together best?
  • What does it look like to be in Don’s Innovation Class?
    • 6-7 weeks of class
      • Basics of innovation
      • How to think creatively
      • Building a professional social media presence
    • Remainder of class is “open source learning”
    • Volunteer with struggling non-profits, to see problems close up
    • Statewide student “Pitch” competition
    • Helping struggling local businesses
  • What sort of projects have his students build?
  • What story do you tell yourself, about yourself?
  • Is there a difference between improvement and new opportunity?
  • How would Don hope to integrate innovation development into schools in his 10-year dream?
  • Contact: @DonWettrick on Twitter
  • What did Don’s father mean when he told him to “Pay himself first”?
  • Why does Don think it’s important to fail?

 

Links:

“Daniel Pink: The Puzzle of Motivation”

Freakonomics

You Will Lose Your Job to a Robot—and Sooner Than You Think

——————-

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!”

 

https://www.choosefi.com/087-education-through-innovation-don-wettrick/

086R | Pretirement | Roger Whitney

086R Pretirement

A live-recorded conversation with Roger Whitney, the Retirement Answer Man, from Podcast Movement, questions for a potential accountant, and takeaways from Monday’s live case study with Allison Goddard.

What you'll hear in today's episode:

  • Brad is departing for a month-long family vacation to the U.K.
  • What is “global entry” and how/why did Brad get it before his trip?
  • Jonathan had a chance to meet up with Allison., from Episode 86.
  • If money was no longer an option, what would change for Brad and Jonathan?
    • Jonathan Tracks Down a Castle
  • Brad and Jonathan are super impressed with Allison’s grit and tenacity, to change the trajectory of her life.
  • Sometimes encouragement from someone else is the motivation we need.
  • You don’t have to know where your life is going to go, you just have to get started.
  • How can someone overcome “imposter syndrome”?
  • Voicemail from Angela at Tread Lightly/Retire Early – if Allison’s house is a place that makes her happy and brings her joy, maybe there are other ways that she can adjust her spending to be more efficient.
  • An article in the “Journal of Accountancy” addressing specific strategies for those pursuing financial independence: FIRE-d up for early retirement.
  • At what point is Turbo Tax not sufficient for your taxes?
  • What questions would Brad ask of a potential CPA?
  • Brad and Jonathan participated in Podcast Movement in Philadelphia, and participate in a ChooseFI meetup.
  • Brad is attending a ChooseFI meet up in London as well.
  • A live recording from Podcast Movement, with Roger, the Retirement Answer Man:
    • The tension between wanting to have a good life and wanting to enjoy today never really goes away.
    • Most baby-boomers don’t really want to never work again, but rather they want freedom in their time.
    • What are people running toward in retirement?
    • Instead of comparing retirement to a light switch, think of it more like a dimmer switch.
    • How does Roger talk to someone about making adjustments to move toward the life that you want?
    • Roger’s suggestion for have conversations: go for a walk, or a road trip, or something that creates space and time to have conversation.
    • Pretirement: what can you do now to start setting yourself up for what you want?
    • Strong relationships with your colleagues and superiors can give you the ability to adjust your job to meet your needs.
    • Five things to do with money: Give it away, spend it, pay down debt, save it, or invest it.

Rock Retirement: A Simple Guide to Help You Take Control and be More Optimistic About the Future Price: $11.34 Rock Retirement: A Simple Guide to Help You Take Control and be More Optimistic About the Future Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you.

Links:

U.S. Customs Global Entry

Building My Castle

Tread Lightly, Retire Early

Roger's Latest Youtube Video on why LTC Premium's are skyrocketing ( with Pictures from Podcast Movement 2018 )

 

086 | A Live Case Study with Physician on FIRE and Allison Goddard

086. A Live Case Study with Physician on FIRE and Allison Goddard

Allison Goddard, a dermatologist from Chattanooga, Tenn., chats with ChooseFI and Physician on FIRE to review her journey through medical school and receive advice to clarify the next steps in her path toward financial independence.

What you'll hear in this episode:

  • Allison Goddard, a physician from Tennessee, is getting started on her financial freedom, having paid off $270,000 of loans.
  • When and why did Allison decide to become a doctor?
  • How did Allison get started with her education and how old was she when started medical school?
  • To what does Allison attribute to her success in medical school?
  • What does medical school in the Caribbean look like?
  • What role did mentors, former employers and colleagues play in Allison’s journey through school and getting her residencies?
  • Starting salary as an attending dermatologist in Boston $240,000, but when in Allison moved to Tennessee her pay increased nearly $100k.
  • How did Allison get started paying off her student loans, and pay them off in just a few years?
  • How has Allison increased her income through productivity and even a side hustle?
  • Has Allison thought about how she will adjust her career to create better life balance in both the short and long term?
  • Cutting costs from Allison’s lifestyle will be more effective than trying to increase her income.
  • What are the first things Allison can get rid of to decrease her yearly costs?
  • How does Allison intend to manage her three mortgages?
  • What recommendations does Physician on FIRE have for Allison’s retirement accounts, health savings and investment portfolios?
    • Fill up her 403b with tax deferred contributions – about $18k a year
    • Contribute to the 457b – similar to the 403b or 401k.
    • PoF recommends contributing to a health savings account, although Allison doesn’t have access to that through her current employer.
    • Contribute to a Backdoor Roth account – $5,500 a year.
    • Buy mutual fund, ETFs, etc., through a taxable brokerage account.
  • How does PoF manage his assets? Property or Investments?
  • How long does Jonathan project that it’ll take for Allison to reach FI?
  • Is it ever “too late”?

 

Links:

Physician on FIRE

Physician on FIRE: Calculators

Grit: The Power of Passion and Perseverance

Lume Deodorant

 

https://www.choosefi.com/086-a-live-case-study-with-physician-on-fire-and-allison-goddard/

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

085 | From Passion to Profit | M.K. Williams

085 | From Passion to Profit | M.K. Williams

Science-fiction author M.K. Williams talks about her journey toward financial independence, the decisions she’s made along the way, and self-publishing her first three novels.

  • How did Mary Kate and her husband get started on their path to financial independence?
  • What adjustments did they make while sticking close to the Early Retirement Extreme plan, and why did they choose to make those decisions?
  • How did MK’s house hack work?
  • What did MK and her husband do with their income after they had paid off their mortgage and student account?
  • Where did MK and Jason keep their savings?
  • What suggestions does MK have for listeners?
    • Don’t let assumptions of your community hold you back.
  • How much did MK save by not having a car, and walking to work?
  • What choices did MK make to save money during college and keep her student debt low?
  • High school students: Spend more time writing scholarship essays.
  • What gift did MK’s parents give her, in regards to student loans, that helped her pay off her loans quicker?
  • How did Jason’s college experience differ?
  • What is MK’s side hustle and how did she get started?
  • Why did MK decide to self-publish?
  • What advantages does a traditional publishing company have?
  • How does someone get access to MK’s book?
  • What does marketing a self-published book involve? Check out MK's article about self-publishing.
  • What is MK’s preference: digital, paperback or audiobook?
  • How does MK get reviews?
  • Is writing financially profitable yet, and what is the ultimate goal?
  • How many books would it take to fully fund MK’s lifestyle?
  • What is MK’s perspective on grammar, and how has she worked to improve her writing?

 

Links:

Enemies of Peace – digital book

Enemies of Peace – audio book

Nailbitersnovel.com

Mr. Money Mustache

Sell your crap. Pay your debt. Do what you love. – Adam Baker

 

From Passion to Profit | M.K. Williams

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

084 | Montana Money Adventures

084 Montana Money Adventures Jillian Johnsrud financial independence

Jillian, from Montana Money Adventures, talks about simplifying her life while raising five children, valuing grit and resilience, taking risk, and the value of financial independence.

What you'll hear in today's show:

  • What does Jillian mean by “big family minimalism”, and why did she consider it a survival tool? <– LINK
  • How did Jillian decide to adopt several children?
  • What role do grit resilience play in her story, and how does that play out in her life?
  • How does Jillian manage the chaos that she invited into her live?
  • What is a “Quit List”?
  • What is the process for deciding what things to quit?
  • How does Jillian pursue minimalism with children?
  • What does life minimalism look like to Jillian?
  • How much involvement do Jillian’s children have in the decision-making process?
  • What does the ideal day look like to Jillian’s family?
  • How does good conversation become a part of Jillian’s life?
  • What did Jillian’s combined income look like during their journey toward financial independence?
  • What was Jillian’s “flash point”?
  • How did her childhood experiences impact the way she approached life and finances as a young adult?
  • What are the highlights of Jillian’s journey toward financial independence?
  • How did Jillian and her husband get to the point of purchasing a house with cash?
  • What did friends and family think of Jillian’s $50k home purchase?
  • How does Jillian teach people to lean into discomfort and own their choices?
  • What does Jillian think about a culture that values comfort and safety?
  • How many things can go wrong before someone will walk away from a pursuit?
  • When did Jillian start to plan her life?
  • Best way to connect with Jillian: email list.
  • How is Jillian learning to be more generous?

 

Links:

Montana Money Adventures

Big Family Minimalism

Sportive Cyclist

Essentialism: The Disciplined Pursuit of Less Price: $12.53 Essentialism: The Disciplined Pursuit of Less Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you.

The One Thing, by Gary Keller

 

Montana Money Adventures

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

083 | A Second Generation FI Case Study | Cody Berman FlytoFI

083 FlytoFI.Cody Berman

Cody Berman, a 22-year-old recent college graduate and second generation FI, talks about embracing frugality, saving and investing in his youth, optimizing a path through college, and getting his Disc Golf business off the ground.

What you will learn:

  • How did Cody get started down the path the FI?
  • How did Cody become familiar with the concepts of compound interest and the Rule of 72?
  • How did Cody’s dad encourage saving money when he was really young?
  • When did Cody start his first job?
  • How did Cody’s mom encourage his understanding of time as his most valuable asset, instead of money?
  • Why did Cody turn down the highly competitive, high paying internships in college, and how did people respond?
  • What advice would Cody give to peers or someone a few years younger than him, to get an even better start toward financial independence?
  • What are the long-term financial benefits of CLEP tests and AP exams?
  • Cody recommends applying for one scholarship a day. Where should someone start?
  • What hack does Cody recommend for someone who needs to apply for a large number of scholarships or jobs?
  • What advice would Cody give to a student beginning college?
  • How much research did Cody do prior to choosing a job during college?
  • What makes a great college job?
  • What inspired Cody to start a side hustle and how did he settle on what?
  • What makes Disc Golf a great FI hobby?
  • How did Cody identify the niche that his business fits into?
  • Is Arsenal Discs what Cody hoped it would be?
  • What’s the time commitment to maintain the business?
  • What is Cody’s frustration with the current FI conversation, and why doesn’t he have a FI number?
  • Why not follow your passions now?
  • Was Cody able to finish college early with AP credits?
  • What is the benefit of ride-sharing and house-sharing businesses, and how does Cody take advantage of these opportunities?

 

Resources and links mentioned in the show:

Scholly

Scholarships.com

Arsenal Discs

FlytoFI.com

MadFIentist

Mr. Money Mustache: Money & Confidence are Interchangeable

——————-

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!”

 A Second Generation FI Case Study | Cody Berman FlytoFI