ChooseFI – Details, episodes & analysis

In this episode: entrepreneurship, side hustles, overcoming fear, community, sharing and maintaining passion projects.

This week we are joined by Kyle Nolan, creator and founder of ProjectionLab, where we will be discussing how he left his 9 to 5 to pursue a passion project, some of the challenges and realizations he’s faced while creating his software, as well as the importance of investing in your interests regardless of the risk or self-doubt you may feel. The journey to FI offers many things, such as freedom and autonomy to pursue new things, but it’s important to remember that you don’t have to wait until you reach FI to start investing in things that are of value to you! By pouring yourself into something that interests you will always guarantee a payback! 

• Kyle’s journey from traditional employment to entrepreneurship.
• The development and impact of ProjectionLab in the FI community.
• The role of personal passion in creating and growing a side hustle.
• Overcoming fear and indecision when launching a new venture.
• The importance of a supportive community in achieving financial independence.

• Introduction to Kyle Nolan and ProjectionLab
• Kyle’s background and the start of his FI journey
• The motivation behind creating ProjectionLab
• The challenges and rewards of entrepreneurship
• The pivotal moment of launching ProjectionLab on Hacker News
• The significance of mental headspace in pursuing side projects
• Brad’s reflections on proof of concept and personal finance journey
• How to encourage children to explore their passions in technology

• ProjectionLab (Use Code "CHOOSEFI" for 10% off!)
• Richmond Savers
• Subscribe to The FI Weekly!

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile

In this episode: debt and investing, the 4% rule, Roth 401k and traditional 401k, and total return investing.

This week we are back with a listener Mail Bag featuring returning guest Rachael Camp! Together, we will be answering questions and giving our feedback on nuanced topics asked by the community! Listen along for discussions about the 4 percent rule, how taxes are factored into your FI number, investing in dividends, paying down debt versus investing, and finally a shortlist of actionable steps one could take if they are young and beginning their FI journey. There is much to discuss and so much more to learn this week as we tackle your FI questions! 

Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

• Introduction to Financial Independence
• Debt vs. Investing
• The 4% Rule and Taxes
• Roth 401k vs. Traditional 401k
• Dividends vs. Total Return Investing
• Second Generation FI

• Getting Started with FI
• Debt vs. Investing
• 4% Rule and Tax Implications
• Roth 401k vs. Traditional 401k
• Dividends vs. Total Return Investing
• Second Generation FI

• Find Your Local ChooseFI Facebook Group
• Preparing for the Cost of College | Brian Eufinger | ChooseFI Ep 460
• How To Test Out of College While You’re Still In High School | Millionaire Educator | ChooseFI Ep 238
• How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney | ChooseFI Ep 475
• Subscribe to The FI Weekly!

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile

In this episode: roth versus traditional IRA, second generation FI, FI and newlyweds, and retirement planning optimization.

This week we are diving back into the listener Mail Bag with our returning guest Rachael Camp to answer questions from the community! Today we will be discussing the differences between Roth and Traditional IRAs and the future variables and factors you should consider, as well as discuss the new rules and considerations surrounding 529 plans and how to best financially plan when considering your children and your spouse. Listen along as YOU, the community, dictate the conversation with your hot-button FI questions! 

• Website: rachaelcampwealth.com
• Twitter: @camp_wealth
• YouTube: @CampWealth
• Instagram: @campwealth

Please note:

Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

• Mailbag: Spending Down to Zero, High Fee 401(k), Mini Retirements | Rachael Camp | ChooseFI Ep 485
• Limits Of Tax Diversification And The Tax Alpha Of Roth Optimization
• Love, Loss, and Money: The Shocking Financial Aftermath of a FI Spouse’s Death | Amy | ChooseFI Ep 476
• Becoming Work Optional
• Subscribe to The FI Weekly!

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile

In this episode: taking action, asking questions, navigating information, getting to where you want to go, the reason we learn, and growth mindsets!

Beginning your FI journey often means facing a lot of unfamiliar knowledge being thrown at you. With all the resources and alternative information provided, we know firsthand that it can be overwhelming. However, you should not feel intimidated to start your FI Journey! This week we are joined by an avid ChooseFI listener Josue to discuss the power that comes with learning new information, as well as the importance of taking action from information presented! No matter what financial or educational background you come from, your FI journey starts from a personal square one. Whether the information and knowledge presented from this journey is completely new or relatively familiar, there can be a sense of motivation that can be gained from continuing this journey! If you are searching for early FI excellence defined, then look no further than Josue!

Timestamps:

• 1:48 - Introduction
• 2:41 - 18 Months Ago...
• 5:53 - What Made You Chase FI?
• 10:43 - Taking Action and Asking Questions
• 17:30 - Growth Mindset and Changing
• 20:07 - Navigating Information/Combatting Echo-chambers
• 33:07 - Getting Where You Want To Go and How Josue Did It
• 39:40 - The Cost of Not Knowing
• 42:43 - Retirement Accounts
• 51:50 - This is Why We Learn/Life Insurance
• 56:36 - Leasing Cars
• 60:16 - Savings Rate Based On Value
• 65:47 - Josue Takes The Hot Seat
• 77:09 - Conclusion

Resources Mentioned In Today’s Episode:

• Flexible Spending Rules For Early Retirees | ChooseFI Ep 176
• JL Collins
• "The Simple Path to Wealth: Your road map to financial independence and a rich, free life" by JL Collins
• "Influence: The Psychology of Persuasion" by Robert B. Cialdini
• The Knowledge Project
• "Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones" by James Clear
• The Trades Path To FI | Captain DIY | ChooseFI Ep 103
• The 18-Year-Old Who Actually Listened | Ep 388
• Just Keep Buying | Nick Maggiulli | Ep 404
• Leasehackr
• "Four Thousand Weeks: Time Management for Mortal" by Oliver Burkeman
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: income-producing assets, REITs, the 4% rule, optimal spending, saving too much, and why you will never feel rich.

It is believed that in order to reach FI, cutting expenses and limited spending seems like the ideal way to your end goal, but are you missing out on ways to spend-to-earn because it feels right? Well, this week we are rejoined by friend of the show and guest host Brian Feroldi to interview Nick Magguilli, author of the excellent book Just Keep Buying: Proven Ways to Save Money And Build Your Wealth. Together we discuss using data to grow your wealth and fighting the stigmatization of spending your money. On the journey to FI it is easy to focus more on saving so much that we’re afraid to spend, however, by not spending we could be missing out on assets, both monetary and non-monetary, that could bring us greater fulfillment in the present and future! By rethinking your approach to spending, rather than looking at it as something that is negative, you may find that your money can go farther for you when its spent rather than saved! 

Nick Maggiulli

• Website: ofdollarsanddata.com
• Book: Just Keep Buying: Proven Ways to Save Money And Build Your Wealth
• Twitter: @dollarsanddata
• Instagram: @nickmaggiulli

Brian Feroldi

• Website: The Motley Fool
• Book: Why Does The Stock Market Go Up?
• Twitter: @BrianFeroldi

Timestamps

• 1:29 - Introduction
• 2:31 - Just Keep Buying
• 9:27 - Income Producing Assets
• 10:55 - Macro-Level Mind Changers
• 14:08 - REITs
• 16:57 - You Can Save Too Much?
• 21:40 - How Nick Thinks Through The 4% Rule
• 26:20 - Spending Optimally
• 30:59 - Catching Up Financially Through Exercise
• 34:01 - Examining 401k Maxxing
• 38:47 - Saving Raises
• 41:50 - Why You Will Never Feel Rich
• 46:16 - Investment Properties & Nick
• 47:55 - Conclusion

Resources Mentioned In Today’s Episode

• 3 words got me 3 MILLION SUBSCRIBERS
• "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins
• "The Tail End" By Tim Urban
• Peter Attia
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: balancing deprivation and happiness, making adjustments, everything is negotiable, the evolution of alignment, adjusted awareness, and intentionality in community.

Five years ago, Scott and Taylor Rieckens publicly began their path to FI by creating the fantastic documentary "Playing With FIRE." The documentary depicts their life as they start out and navigate the early stages of their FI journey, which is often the period of time when we act our most frugal, cut as many expenses as possible, and in turn save as much as we possibly can! While this kind of lifestyle is a great jumping off point early in the FI journey, oftentimes people find this lifestyle to be limiting and ultimately detrimental to their own happiness. Now that Scott and Taylor are significantly further down the path compared to the last time we heard from them, we decided to have them return to the show to discuss the adjustments they have made in their lifestyle in order to live in a manner that fully aligns with their idea of a happy life! Remember, FI isn't suppose to limit your ability to be happy, rather it exists to enhance your life and help you find fulfillment as progress down the road less traveled.

Scott and Taylor Rieckens:

• Website: playingwithfire.com
• Documentary: Playing With FIRE
• Book: Playing With FIRE

Timestamps:

• 1:59 - Introduction
• 2:38 - What Makes You The Most Happy?
• 8:41 - The Evolution of Alignment and Adjusted Awareness
• 18:30 - The Craziest 36 Months
• 23:13 - Revisiting What's Important After Evolution
• 35:05 - Balancing Deprivation and Happiness
• 37:58 - Making Adjustments
• 43:03 - Decisions Are Based On The Information You Have
• 49:57 - Wonderful Evolutions and Learning Together
• 51:23 - Everything is Negotiable
• 57:02 - Everybody is the Star of Their Own Movie / Intentionality in Community
• 66:34 - Conclusion

Resources Mentioned In Today’s Episode:

• Playing With FIRE | Documentary | Scott Rieckens | ChooseFI Ep 37
• "The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work" by Shawn Achor
• The Tim Ferris Show
• The Great Man Within
• "Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts" by Annie Duke

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Track your personal finances with Personal Capital
• Keep learning or start a new side hustle with one of our educational courses
• Slash your cell phone bill without sacrificing service with Mint Mobile

In this episode: the beauty of community, misleading expectations, doing what's best for your situation, and stress reduction.

The Journey to FI is hardly linear and is full of ebbs and flows. While it may seem easier to share your wins/successes within this community, we know it can be even harder to share the moments of this journey that feel like setbacks. On this week’s installment of the Households of FI series, we are joined again by Vivian to fill us in on how her FI journey is going, and the importance of finding support within this community. Everyone’s FI journey is unique to them, but it doesn’t mean that you are alone! The beauty of FI is that it offers you a community to share your successes, as well as share your struggles. By being vocal and unafraid to admit that you are having a hard time, you are not only sure to garner support from others facing similar battles, but can find a renewed sense of motivation to make you feel more accountable and present on this journey! 

Timestamps:

• 1:57 - Introduction
• 4:14 - The Beauty of Community
• 7:56 - Expectations Are Misleading
• 13:37 - It's Not Black and White, Do What's Best For You
• 18:30 - Ask For What You Deserve
• 22:10 - Reducing Stress and Addressing Your Situation
• 28:51 - Life Is Not A Straight Path
• 31:02 - Retirement Withdrawals and The Market
• 38:33 - You Are Not Alone
• 40:14 - Conclusion

Resources Mentioned In Today's Episode: 

• Introducing Our Households of FI!! Part 1 | Ep 221
• If People Can Do It I Can Do It Too | Vivian Connects With Leslie Tayne | Households Of Fi | Ep 255
• Navigating a Multigenerational Household | The Financial Tortoise | EP 302
• Brian Feroldi
• JL Collins
• "Just Keep Buying: Proven Ways to Save Money And Build Your Wealth" By Nick Maggiulli
• Mega Backdoor Roths: How They Work

More Helpful Links and Resources: 

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Track your personal finances with Personal Capital
• Keep learning or start a new side hustle with one of our educational courses
• Slash your cell phone bill without sacrificing service with Mint Mobile

In this episode: finding unknown opportunity, creating your lifestyle as you go, overcoming the down period, real estate renting, and what reaching FI looks like.

Once you’ve set your FI number and put plans into action, it’s tempting to want to do everything in your power to reach that goal as soon as possible, potentially by working longer hours or cutting out expenses in your life in order to save more. But by doing this are you cultivating the lifestyle you want to live after your goal is met? On this week's episode we are re-joined by Court from Modern FImily to update us on her FI journey, the changes she has made over the last few years, and her rewarding takeaways from being flexible on her journey. The beauty of FI is that it is a personal journey, and it’s one YOU create to reflect YOUR lifestyle! It is important to remember that by rushing to meet your goal, you may be adding more stress than needed, and missing out on the lessons, hacks, and new opportunities (or use experiences) that come with starting this journey! 

Court From Modern FImily

• Website: modernfimily.com
• Instagram: @modernfimily

Timestamps

• 1:51 - Introduction
• 2:28 - Update From Courtney
• 8:22 - Testing to Find Unknown Opportunity
• 14:19 - Creating Your Lifestyle on the Journey
• 20:10 - Overcoming the Down Period
• 25:27 - What Do You Want Your Life to Look Like?
• 28:30 - Finding Free Activities
• 37:03 - Annual Passes and Finding Groups
• 41:25 - Real Estate Renting and Simplicity
• 48:37 - Flexibility and Taking Advantage of Whats Available
• 52:04 - What Reaching FI Looks Like
• 64:23 - Conclusion

Resources Mentioned In Today’s Episode

• Modern FImily With Court | ChooseFI Ep 166
• Your Flex Rate: The Crucial Factor Behind A Successful Early Retirement
• Find Your Local ChooseFI Group!
• Early Retirement Now
• Living Frugal Frugalwoods | Save 75% Of Your Take Home Pay | ChooseFI Ep 12
• Subscribe to the FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Track your personal finances with Personal Capital
• Keep learning or start a new side hustle with one of our educational courses
• Slash your cell phone bill without sacrificing service with Mint Mobile

In this episode: house hacking, benefits and compensation packages, earning extra income and side hustles, and not setting perfection as your goal.

We know achieving FI doesn't happen overnight, and rarely does it happen perfectly according to plan. Life happens, changes happen, and uncertainty usually finds a way to throw you off your planned path. This shouldn’t be something to fear! Today in the Households of FI series we are joined again by Zach to fill us in on how his FI journey has progressed over the last couple years, as well as to discuss the importance of re-adjustment! While failure is never an easy thing to accept, the fear of failing may deprive you of some excellent learning opportunities. By remaining intentional with your FI plan rather than striving for perfection, you will allow yourself to overcome uncomfortable lulls and expand your journey to places you might not have thought were possible! 

Timestamps:

• 1:51 - Introductions
• 4:45 - Zach and Marilyn Update
• 7:16 - House Hacking and Limiting Expenses
• 13:30 - Life is Lumpy, Perfection Isn't The Goal
• 21:39 - Examining The Whole Compensation Package
• 31:40 - Earning Extra Income
• 40:15 - Zach's 6 Year Path To FI
• 46:21 - If You Weren't Afraid, What Would You Do?
• 53:15 - Being Open to Exploring
• 56:53 - Conclusion

Resources Mentioned In Today’s Episode:

• Households of FI-Zach and Marilyn Talk Real Estate Investing With Paula Pant | ChooseFI Ep 247
• Discovering the Power of FU Money | ChooseFI Ep 321
• Side Hustle Nation
• "$1,000 100 Ways: How Real People Make Real Money on the Side (and how you can too)" by Nick Loper
• The Unfair (FI) Advantage Of Teachers | 457b | ChooseFI Ep. 13
• Early Retirement Now
• "The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich" by Tim Ferriss
• Subscribe To The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Track your personal finances with Personal Capital
• Keep learning or start a new side hustle with one of our educational courses
• Slash your cell phone bill without sacrificing service with Mint Mobile