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Dive into the complete episode list for ChooseFI. Each episode is cataloged with detailed descriptions, making it easy to find and explore specific topics. Keep track of all episodes from your favorite podcast and never miss a moment of insightful content.

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TitlePub. DateDuration
Cognitive Behavioral Tools for FI With Jasper Lee, PhD | Ep 57317 Nov 202501:06:31
Show Notes

Guest: Jasper Lee, PhD - Clinical Psychologist
Episode Summary: In this episode, Jasper Lee discusses the psychological elements that impact the journey to financial independence (FI). He provides actionable insights on dealing with emotions and behaviors that influence financial decisions, emphasizing cognitive restructuring and behavioral activation as key strategies.

Key Takeaways
  • Psychology in FI: 90-95% of the FI journey is psychological, with the remaining being about the mechanics of money.
  • Understanding Money Scripts: Early lessons about money shape adult attitudes; awareness of these scripts can help shift unhelpful patterns.
  • Cognitive Restructuring: Challenge unhelpful thoughts to foster a healthier money mindset.
  • Behavioral Activation: Engage in activities that bring joy and fulfillment to enhance emotional well-being.
Timestamps & Insights
  • 00:00:00 Introduction to Jasper Lee

    • Overview of Jasper's qualifications and focus on the intersection of psychology and FI.
  • 00:02:30 Psychology and Financial Independence

    • Key Quote: "Psychology comprises 90-95% of the FI journey."
    • Discussion on how our emotions and thoughts relate to financial strategies.
  • 00:20:50 Understanding Money Scripts

    • Key Quote: "Childhood experiences shape our adult relationships with money."
    • The Klontz Money Script Inventory helps identify personal money scripts.
  • 00:32:45 Cognitive Restructuring Explained

    • Key Quote: "Identify and challenge unhelpful thought patterns to reduce anxiety about money."
    • Techniques for restructing thoughts include evidence for vs. against, and balanced thinking.
  • 00:52:00 Behavioral Activation Insights

    • Key Quote: "Engage in activities that enrich your life."
    • Importance of balancing accomplishment, pleasure, social interactions, and physical activities.
  • 01:03:30 Closure and Resources

    • Suggested resource: The Happiness Trap by Russ Harris for further exploration of acceptance and commitment strategies.
Actionable Takeaways
  • Engagement Experimentation: Reflect on week-long activities and assess which bring joy. (Timestamp: 00:15:28)
  • Cognitive Restructuring Practice: Challenge and replace unhelpful thoughts with balanced perspectives. (Timestamp: 00:32:18)
Discussion Questions
  • What financial beliefs did you inherit from your childhood? (Timestamp: 00:20:00)
  • How do your thoughts affect your financial decisions? (Timestamp: 00:32:45)
Related Resources
Bias Towards Action: The Adventure List(s) | Ep 57210 Nov 202501:10:08

In this episode, hosts Brad, Emily W, and Emily C delve into the importance of building meaningful friendships and adding adventure to life. They discuss the concept of an "adventure list," embracing vulnerability, and the creativity that can stem from constraints. The conversation encourages listeners to engage in various levels of travel experiences, stepping out of their comfort zones to enrich their lives.

Key Topics Discussed
  • Introduction to the Episode 00:00:00
  • Meet the Emilys 00:01:05
  • The Concept of Friendship in FI 00:02:40
    • The depth and sincerity of friendships formed within the FI community.
  • Vulnerability as a Superpower 00:14:01
    • How sharing one's authentic self fosters deeper connections.
  • Creating an Adventure List 00:27:15
    • Techniques for brainstorming and planning new experiences.
  • Four Levels of Travel Experiences 00:31:01
    • A framework ranging from simple sightseeing to immersive living.
Timestamps for Key Moments
  • 00:09:19 - "Give yourself permission to be a beginner."
  • 00:25:56 - "How can I say yes?" - Emphasizing the importance of embracing opportunities.
  • 00:37:44 - "Constraints can indeed be a gift."
  • 00:53:29 - "The more you say yes, the more you'll want to say yes."
Key Insights
  • Deeper Friendships: The FI community encourages more profound connections by facilitating personal growth and adventure.
  • Adventure Lists: Creating a list of adventures helps focus intentions and set actionable goals for trying new experiences.
  • Vulnerability in Relationships: Sharing your true self invites deeper friendships and encourages others to do the same.
  • Travel Experience Framework: Understanding different levels of travel—from simple adventures to immersive experiences—can guide you in planning meaningful engagements.
Actionable Takeaways
  • Create your adventure list to enhance your life experiences. 00:27:15
  • Practice saying yes to new opportunities regularly. 00:25:56
  • Embrace vulnerability to strengthen friendships. 00:14:01
Related Resources Discussion Questions
  • What does your adventure list include? 00:27:15
  • How can constraints in your life lead to greater creativity? 00:37:44
  • What experiences have taught you the value of vulnerability? 00:14:01
Safe Withdrawal Rates, Drawdown Strategies, RMDs and 50 Year FI Timelines08 Sep 202500:57:25

ChooseFI unveils a new feature on the website that allows listeners to have their financial independence questions answered by experts. Featuring in-depth discussions with Karsten Jeske (Big Earn) and Fritz Gilbert, the episode explores the ramifications of potentially increasing the safe withdrawal rate and provides critical insights into retirement strategies, including cash flow considerations like Social Security and required minimum distributions (RMDs).

Key Topics Discussed:
  • Introduction to New Features (00:00:00)

    • Introduction of a Q&A functionality on the ChooseFI website for community engagement.
  • Listener Questions Segment (00:00:36)

    • Introduction to the expert answers provided by Karsten and Fritz.
  • Discussion on Safe Withdrawal Rates (00:05:26)

    • Explanation of the traditional 4% rule and its significance.
  • Karsten's Perspective on the 5.5% Rate (00:07:45)

    • Critique of Bill Bangan's proposed increase in the safe withdrawal rate and why it may be misleading.
  • Nuances of Early Retirement (00:34:25)

    • Insights on adjusting retirement strategies when planning for longer horizons, emphasizing the time value of money.
  • Fritz on RMDs and Safe Withdrawal Rate (00:36:16)

    • Explanation of how RMDs impact withdrawal strategies, highlighting that RMDs apply only to pre-tax accounts.
Actionable Takeaways:
  • Adjust SWR to account for extended Retirement horizons
  • Incorporate potential income sources such as Social Security into your retirement planning. (00:35:01)
  • Carefully consider your asset allocation to manage risks related to early retirement (e.g., sequence of return risk). (00:48:06)
Key Quotes:
  • "The proposed 5.5% withdrawal rate is misleading and overly optimistic." (00:09:21) - Karsten Jeske
  • "A safe withdrawal rate must not fall below 3.25% for financial security." (00:35:41) - Karsten Jeske
  • "Plan for additional income sources like Social Security in retirement." (00:35:01) - Karsten Jeske
  • "RMDs do not dictate your total spending in retirement." (00:39:00) - Fritz Gilbert
  • "Behavioral finance warns against the pitfalls of emotional investing." (00:51:16) - Brad Barrett
Timestamps:
  • 00:02 - Invitation to submit questions at choosefi.com/feedback.
  • 00:05 - Introduction of Karsten Jeske and Fritz Gilbert.
  • 00:09 - Discussion on the safe withdrawal rate controversy.
  • 00:35 - Required minimum distributions explained.
  • 00:49 - Dynamic withdrawal strategies overview.
Discussion Questions:
  • How do you view the proposed increase in safe withdrawal rates?
  • What strategies are you incorporating to prepare for early retirement?
  • In what ways can Social Security impact your withdrawal strategy?
  • How do you reconcile RMDs with your personal withdrawal goals?
Related Resources:
473 | Are We There Yet? 'Retire Early' Case Study22 Jan 202400:50:15

In this episode: calculating when you retire, tracking expenses, health insurance, the importance of planning, and health spanning.

This week we are rejoined by Teresa as well as Fritz Gilbert of The Retirement Manifesto to walk us through a case study of how to approach retirement while on your FI journey. It's a common question to ask when you can retire or when you can stop working? Luckily there are plans of action and resources available covered in today's episode that will leave you feeling better prepared to proceed with a plan for retirement, no matter what part of your FI journey you are on. While there are many factors to consider when planning for retirement, such as savings versus spending rate and repositioning your portfolio, all these factors are manageable when you have a good plan in place. Take the time now to feel confident for what life will be like leading up to and after you retire!

The Retirement Manifesto:

Timestamps:

  • 1:33 - Introduction
  • 2:37 - Calculating When You Can Retire
  • 7:46 - Does Retiring Early Effect Social Security?
  • 15:06 - Tracking Spending and Expenses
  • 20:55 - Health Insurance in Retirement
  • 29:49 - The Importance of Planning/Changing Your Assumptions
  • 40:17 - One More Year Syndrome/Your Health Span
  • 45:00 - The Second Phase of Retirement
  • 49:51 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

472 | The Cure for the Boring Middle | Fioneers15 Jan 202400:54:22

In this episode: the boring middle, lifestyle design, flow states, moving towards purpose, experiments, and experiences.

This week we are rejoined by friend of the podcast Jessica from The Fioneers to the discuss the point of your FI journey known as the "Boring Middle," and how through actionable steps and lifestyle design you can turn what feels like a stagnant stage in your FI journey, into one filled with growth and change! When you are well on your path towards reaching your FI goal, it is easy to feel like you're not doing enough. But what feels like a waiting game can actually be an important time for self growth and experimentation. Taking the time to do some introspection to figure out what your core motivations are can allow you to begin opening yourself up to newer experiences that bring value into your life. So if you feel like you are currently on autopilot, there are steps you can take to shake up your routine and usher in new opportunities into your life. While you may have to quiet your own limiting beliefs in this process, you will learn more about yourself and what you want out of your life! 

The Fioneers:

Timestamps:

  • 1:12 - The Boring Middle/Lifestyle Design
  • 7:19 - Determining Your Version of Success
  • 18:41 - Finding Your Flow State
  • 28:16 - Implementing Your Designed Lifestyle/Moving Towards Purpose
  • 36:09 - Questions, Experiments, and Experiences
  • 46:59 - Making Dreams Actionable
  • 52:09 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

471 | Mailbag: Inflation and FI, ACA Subsidies, Roth vs. Trad and More | Cody Garrett08 Jan 202400:45:40

In this episode: inflation, coast FI, early retirement planning, future tax liability, IRA's and 401k's, and diversification.

This week we are rejoined by founder of Measure Twice Money Cody Garrett for another installment of the Mail Bag, where we will be talking through questions from our listeners covering topics ranging from inflation and its implications on your FI number, ACA subsidies and early retirement, as well as the similarities and differences with Roth accounts and future retirement tax liabilities. Listen along while we dip into the listener mailbag this week and discuss topics chosen from YOU the listener!

Cody Garrett:

Timestamps:

  • 1:02 - Introduction
  • 1:35 - Inflation and Your FI Number
  • 11:41 - Early Retirement Planning
  • 21:55 - Calculating Future Tax Liability
  • 30:15 - Distinctions Between IRA and 401k
  • 33:37 - Diversification and Tech Stocks
  • 44:26 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

470 | The Spectrum of Financial Independence | Chris Hutchins01 Jan 202401:10:53

In this episode: FI versus FIRE, coast FI, lean FI, tools for FI, the skill of spending, dying with zero, and prioritizing health.

This week we are joined by our friend and host of the "All the Hacks" podcast, Chris Hutchins to discuss the "spectrum" of FI, and all that falls in between. From the evolution of FI over the years, to the changes we've made on our respective journeys, and even differentiating terms such as FI versus FIRE and Coast FI, we cover it all! We also found some time to share some tools and resources that can be beneficial to you and your FI journey. While the path to FI allows you to take control of your financials and future, this journey can usher in so many new perspectives and changes that affect all areas of your life! Allowing yourself flexibility and remembering that what you are working towards isn't just a number or early retirement, but rather a more fulfilling life! 

Chris Hutchins:

Timestamps:

  • 1:16 - Introduction
  • 3:19 - FI Versus FIRE
  • 10:11 - Lean FI
  • 17:11 - Coast FI
  • 30:20 - Tools for Tracking FI
  • 41:48 - Optimizing Accounts
  • 47:56 - The Skill of Spending and Dying With Zero
  • 60:12 - Prioritizing Health
  • 70:01 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

469 | A Tale of Action | Navish Bahl25 Dec 202300:55:49

In this episode: real estate, upskilling, taking action, tracking your expenses, setting goals, getting on the same page, and the hot seat.

This week we are joined by listener Navish Bahl to discuss his journey on the path to FI, the actionable steps he's taken in order to maximize his life, answer some questions in the HotSeat, and navigating your FI journey while your significant other or family may not be on board. There are many avenues you can utilize in order to achieve FI, and while it may be overwhelming at times to figure out what works for you and your journey, remember that the goal is to learn and go through life with more freedom and balance, not stress and burnout trying to chase a number. The path to FI is a personal one, and as you embark on your journey allow yourself some patience but also some flexibility, and don't forget to extend some patience to others in your life who may not be on the same path. 

Navish Bahl:

Timestamps:

  • 0:52 - Introduction
  • 2:30 - The Inspiration to Start and Taking Action
  • 11:44 - Real Estate and Rental Properties
  • 18:42 - Upskilling, Getting New Jobs, and Making Connections
  • 33:09 - Discovery, Education, and Action in FI
  • 39:52- Tracking Your Expenses
  • 46:34 - Getting on the Same Page
  • 50:21 - The Hot Seat
  • 55:18 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

468 | Year End Wins 202318 Dec 202300:48:28

In this episode: checking boxes, supplementing income, life by design, taking action, the value of time, and year end wins!

This week we are re-joined by Johnathan for our 7th annual year-end-wins episode! Together we tune into voicemails sent by you the listener and celebrate your victories from 2023! From confidently investing in your future, to finding new friends and support systems within the FI community, we are proud to be a part of your journey towards reclaiming your freedom and your time! There are many small and large goals you all met that deserve to be celebrated! Listen along as we discuss and commend you for taking action and making the most out of your FI journey this year! 

Timestamps:

  • 0:53 - Introduction
  • 3:03 - Katie, Supplementing Income, and Checking Boxes
  • 6:56 - Rakesh, Second Generation FI, and Investing
  • 9:02 - Stephanie, Life by Design, and the Health Snowball
  • 11:45 - Brian, Coast FI, Teaching FI, and Choosy Consulting
  • 16:16 - Boyd and Emergency Funds
  • 18:13 - International Coast FI, Taking Action, and Reclaiming Your Time
  • 21:25 - Anthony, Skilling Up, and Chasing Your Dream With FI
  • 25:35 - Donna, Helping Family, and Finding Peace Through FI
  • 30:24 - Bryan, The Value of Time, and Deciding to Change
  • 37:31 - Paul, FI Travel Wins, Healthcare, and College Hacking
  • 42:01 - Sabrina, Breaking the Cycle, Marginal Gains, and Being 1% Better
  • 47:52 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

467 | The Power of Community | Amy, Diania, and Stephen11 Dec 202300:54:21

In this episode: community, structuring FI events, unstructured time, the energy in the room, and vulnerability.

We all know that the online FI community can help you along the journey in a variety of ways, but the abundance and ease of access to that community can lead to us forgetting the impact live FI events can have on your life. Our Guests Stephen, Amy, and Diania from CampFI, FI Freedom Retreats, and The EconoMe Conference respectively can attest to the power of in-person communities as they are the ones who work so hard to put them together! Together with Brad, the foursome talk about the different benefits that can come as a result of joining these conferences, and how "the energy in the room" can help you find value and take in information in ways you never thought possible!

Amy, Diania, and Stephen:

Timestamps:
  • 1:04 – Knowing Versus Doing/The Benefit of Events
  • 8:32 – What Can Be Achieved Through Community
  • 14:02 – Being Vulnerable/The Effect of Multiple Days
  • 22:33 – The Evolution of FI Events
  • 31:23  – Structuring FI Events/The Energy in the Room
  • 43:00 – Attendees Finding Value
  • 51:10 – Conclusion
Resources Mentioned In Today's Episode: More Helpful Links and FI Resources:

466 | Journey to Financial Freedom | Jamila Souffrant04 Dec 202300:42:19

In this episode: finding a sustainable path to FI, adjusting your lifestyle, guac levels, mindset, and finding what you want.

Jamila Souffrant makes her long awaited return to the podcast to discuss building a sustainable path to FI, the importance of readjusting, financial freedom versus financial independence, as well as other topics detailed in her new book "Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness." While you may begin your FI journey with a set plan in mind, that doesn't mean the actions you take along the trail of your journey won't serve you at different stages. On this journey, you should never feel like you are depriving or overindulging, but rather finding a balance that works for you and brings you happiness in the present. Remember, reaching your FI goal should never be at the cost of your happiness, and while making necessary changes is part of FI, you shouldn't be sacrificing your happiness in order to reach your goal quicker.  Being mindful and willing to change your plans just as life can change will not only bring you more freedom, but allow you to make the necessary mindset changes that will serve you in ways well beyond your financial journey! 

Jamila Souffrant:

Timestamps:

  • 0:49 - Introduction/Update From Jamila
  • 5:02 - Finding Your Sustainable Path to FI
  • 11:55 - The Perks of Pursuing FI/Adjusting Your Lifestyle Levels
  • 17:17 - Diagnosing Your True Area of Need
  • 22:39 - Gaining Stability/Having Power From Your Money
  • 27:23 - The Importance of Mindset/Believing it's Possible
  • 31:10 - Finding What You Want
  • 38:59 - Setting Financial Goals
  • 41:18 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

465 | Jonathan Returns: Upside Down Economics and the Priceless Value of a Great Question27 Nov 202300:59:37

In this episode: lessons from failure, curiosity, mastering the small things, skilling up, and the value of time.

The return of Johnathan! Yes Jonathan is returning to the show to catch up on the work he's been doing behind the scenes over the last year and a half, the value of freeing up your time, skill spending, and the importance of focusing on the little things while keeping the bigger picture in mind. Whether it's when you're just starting your FI journey or if it's in other areas of your life, failure and mistakes can be inevitable. However, they should never keep you from trying to build and create the life you are working towards! One of the key lessons taught in FI is to change your mindset from one of scarcity to one of growth, and part of that challenge means identifying failures and taking action to learn from them. While you are working towards your own "big picture" on this journey, don't forget to focus on the smaller things. Not only will it allow you to pay closer attention to what you are doing right and wrong, but it makes it easier for you to pivot and reevaluate when necessary! This journey is not just about reaching that final goal, but about using the knowledge and lessons learned along the way to make life a little bit freer and a little bit easier!

Timestamps:

  • 0:22 - Introduction
  • 1:26 - Update From Jonathan/Lessons From Failure
  • 8:53 - The Curious Mindset
  • 17:57 - Failing Forward and The Small Things
  • 27:42 - The Importance of Skilling Up in Today's World
  • 36:30 - Your Most Valuable Non-Renewable Resource
  • 44:11 - Paying Off The Mortgage/Donor Advised Funds
  • 59:19 - Conclusion

Resources Mentioned In Today's Episode: More Helpful Links and FI Resources:
464 | Budgeting Masterclass | Tiffany "The Budgetnista" Aliche20 Nov 202300:55:18

In this episode: the make whole mindset, budgeting, grace and space, automation, and splitting it before you get it.

This week we are re-joined by Tiffany Aliche better known as "The Budgetnista" to discuss her new book "Made Whole: The Practical Guide to Reaching Your Financial Goals" which details her 10 step system towards financial wholeness, the ease of automating payments, the importance of accountability partners, as well as designing separate accounts to reflect your needs. It can be intimidating to begin addressing your finances and planning your financial future, but your past mistakes or lack of knowledge should never be the thing holding you back from beginning your FI journey. Building a financial foundation for yourself doesn't happen overnight. Everyday it requires you to make the necessary changes and instill new habits that get you closer and closer to your goals. And while personal finance is personal, there is no reason to go through it alone. No matter your background or what stage of life you begin FI, there is a large community of people on this journey that will embrace and celebrate the smaller milestones just as much as the bigger ones!

Tiffany "The Budgetnista" Aliche:

Timestamps:

  • 1:00 - Introduction
  • 2:06 - The Make Whole Mindset
  • 8:19 - Automation
  • 18:34 - Grace and Space For Learning
  • 28:29 - Split It Before You Get It
  • 37:43 - Splitting Your Saving Accounts
  • 44:41 - Emergency Savings/Personal Finance is Personal
  • 54:28 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

Navigating Financial Conflicts in Relationships | Ep 56201 Sep 202501:00:27

Brad and Ginger discuss the importance of asset flexibility, community building, and health savings accounts (HSAs). The conversation emphasizes maximizing contributions to HSAs while addressing financial conflicts that arise within relationships.

Key Topics Discussed:
  • Introduction and Community Building (00:00:00)

    • Ginger shares her growing efforts to engage with the community and incorporate more fun activities into her life.
  • Understanding HSA and Healthcare Expenses (00:32:00)

    • The benefits of maxing out an HSA are discussed, highlighting the importance of using it strategically for long-term healthcare expenses.
  • Importance of Asset Flexibility (00:19:00)

    • The discussion covers the flexibility of different asset types and how this can affect financial independence strategies.
  • Overcoming Financial Conflicts in Relationships (00:39:10)

    • Strategies for couples to align financial goals and values while avoiding conflicts are outlined.
  • Conclusion and Resources (00:57:10)

    • Brad shares exciting new developments in the ChooseFI community and invites listeners to engage.
Key Takeaways:
  • Maximize HSA Contributions (00:32:00)

    • Take advantage of tax-free growth in HSAs by maximizing contributions, as this can benefit long-term healthcare costs.
  • Engage in Open Discussions (00:44:00)

    • Successful financial planning requires transparent conversations about values and aspirations between partners.
  • Explore Various Account Types (00:19:00)

    • Have a mix of account types (taxable, Roth, traditional) for better flexibility and planning around future income and expenses.
Quotes of Note:
  • "Plan ahead to avoid complications later." (Brad, 00:39:00)
  • "Building connections leads to a richer life." (Ginger, 00:05:50)
  • "Your money is not trapped. It's just simply not." (Brad, 00:26:00)
  • "Save for freedom, not deprivation." (Ginger, 00:48:00)
  • "Engage in genuine conversations about finances." (Brad, 00:47:00)
Chapter Markers:
  • 00:00:00 Introduction and Community Building
  • 00:32:00 Understanding HSA and Healthcare Expenses
  • 00:19:00 Importance of Asset Flexibility
  • 00:39:10 Overcoming Financial Conflicts in Relationships
  • 00:57:10 Conclusion and Resources
FAQs:
  • How can I better communicate financial goals with my spouse?
    Engage in open discussions about values associated with finance and find common ground. (00:44:00)

  • What are the benefits of maxing out an HSA?
    Maxing out HSA contributions allows for tax-free growth and withdrawals for qualified medical expenses. (00:33:00)

  • Can I take money out of my retirement accounts before age 59 and a half?
    Yes, there are strategies that can allow you to access your funds early without penalties. (00:26:00)

Related Resources: Action Items:
  • Join a local FI group to enhance community involvement. (00:03:39)
  • Review your HSA contributions and expenses to maximize benefits. (00:32:00)
  • Discuss financial goals with your spouse to reach consensus. (00:44:00)
Discussion Questions:
  • How can we balance spending and saving in our relationship? (00:44:00)
  • What strategies can we use to engage more with our community? (00:01:00)
  • How do we effectively allocate our finances towards asset flexibility? (00:19:00)
463 | Superpower of Frugality | Frugal Friends13 Nov 202300:55:35

In this episode: frugality, value based spending, honoring your season, identity, budgets, financial goals, and minimalism.

When you think of the word frugal what comes to mind? To some it can mean spending on what you absolutely need and leaving little wiggle room for anything else, but to others frugality is not just a restrictive budget but a superpower! This week we are joined by Jen and Jill of the Frugal Friends podcast to discuss the intersectionality of frugality and the FI journey, as well as finding the balance between budgeting to invest in the future you want without depriving yourself in the present. Mindfulness and paying attention to the things you spend money on is an important part of the FI journey, but it is just as important to be mindful of the things that bring value and joy into your life. While budgeting and reducing your spending can help you reach the FI finish line a bit quicker, it should never be at the expense of cutting out the things in your life that are fulfilling! Implementing frugal habits and finding a budget that works and changes with your life can be an incredible tool while on the path to FI, because not only does it open up opportunities to invest monetarily, but also invest in yourself and the life you want to live! 

Frugal Friends:

Timestamps:

  • 1:11 - Introduction
  • 3:24 - Balancing Frugality
  • 12:38 - Frugality, FI, and How They Fit Together
  • 17:21 - Budgeting and Value Based Spending
  • 26:43 - Honoring Your Season
  • 29:22 - Financial Goals and Identity
  • 36:50 - Examining Budgets and Sinking Funds
  • 42:53 - The Intersection of Frugality and Minimalism
  • 49:37 - Prioritizing Value Based Spending
  • 53:44 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:
462 | Pathfinders | JL Collins06 Nov 202300:58:18

In this episode: the power of pursuit, FU money, index investing, investing the difference, and the simple path to wealth.

This week we are joined by the godfather of the FI movement himself JL Collins to discuss the themes of his new book "Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence―And How to Join Them." While there is no perfect blueprint to mastering your money, there can be confidence and motivation to be found in the stories of others who have been in your position regardless of what part of the path to FI you are on! Though this journey requires you to have to take action and make necessary financial changes, it is never about complexity and deprivation. But rather, this journey is about recognizing the freedoms gained while pursuing FI, not just when you reach your FI goal! The moment you begin to simplify your path to wealth, you will find yourself becoming a stronger and happier individual!

JL Collins:

Timestamps:

  • 1:25 - Introduction
  • 4:27 - The Power Of Pursuit And FI
  • 13:48 - Buying Your Freedom
  • 22:34 - There's No Secret To Money
  • 30:35 - The Power Of Index Investing
  • 43:29 - Spend Less, Avoid Debt, And Invest The Difference
  • 51:27 - Following The Simple Path To Wealth
  • 56:26 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

461 | Taking Space for Yourself and Community | October Roundup30 Oct 202300:58:25

In this episode: community, building fun into your life, college planning, fear, following threads, and travel rewards.

This week we are rejoined by Ginger for another installment of the Round-Up, where we catch up and discuss our favorite takeaways from this past month's episodes. From learning how to best prepare your child for the college application process, to the importance of introspection to pinpoint and work with your fears, and finally to re-framing your fearing relationship with money. It's been a great month with content full of information that all listeners can relate to, no matter what part of the FI journey they are in!

Timestamps:

  • 0:37 - Introduction
  • 3:23 - Community
  • 12:45 - Building Fun Into Your Life
  • 17:51 - Usage Of Travel Rewards
  • 29:51 - College Planning
  • 37:18 - Following the Threads, Fear, And Money
  • 49:32 - Retirement Investing/The Mailbag
  • 57:00 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

460 | Preparing for the Cost of College | Brian Eufinger23 Oct 202300:59:04

In this episode: financial aid, college planning, standardized tests, tests optional, need meeting, and preparation.

This week we are re-joined by Brian Eufinger to discuss ways to best prepare your children for college admissions, navigating the new changes to FAFSA and the CSS profile, and how you can maximize when prepping for your child's higher education. While college prep can be stressful for students, from maintaining their GPA to taking multiple standardized tests, it can be just as stressful for parents to figure out financial aid and how to best set up their child for success before and after graduation. However, knowing the factors to consider early on and having the knowledge in advance can make this process far less daunting! While stressful as it may be, remember that there are many different resources available to you and your child that give you the knowledge that may alleviate the pressures that come with college prep and financial aid! 

Brian Eufinger:

Timestamps:

  • 1:06 - Introduction
  • 4:53 - The Impact of Merit Aid
  • 11:49 - When, Where, and How to Think About Standardized Tests
  • 18:33 - The Intersection of The School, Price, Opportunity, and Comfort
  • 25:20 - Standardized Tests and The Reality of Preparation
  • 31:08 - Tests (Not) Optional
  • 37:32 - Governmental Forms and Financial Aid
  • 46:43 - The Variance of Need Meeting and Aid Changes
  • 51:13 - Preparation and Knowledge With College Planning
  • 55:23 - Non-Academic Path to Savings
  • 58:14 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

459 | Follow the Thread | Cory Muscara16 Oct 202300:49:54

In this episode: spiritual bypassing, curiosity, fear, wellbeing, inflection points, and what the body stores.

This we are re-joined by Cory Muscara to discuss the benefits of practicing mindfulness while embarking on the FI journey, the concept of spiritual bypassing, and the positive benefits that come from being present. An important part of the FI journey is learning to take actionable steps to better your life, and a large part of this requires introspection and honest reflection of where you are in your life. Through the practice of meditation and setting intentions, it may allow you to recognize patterns that harm you or keep you from enjoying life in the present. While working through triggers or anxieties can be uncomfortable, mindful practices can be the vehicle to move you from discomfort to a place of control and confidence in your life. So while you may be putting all your mental energy into reaching your FI goal, remember that getting to the finish line is not what this journey is about, but rather the positive effects and changes that come from taking control of your life and being present! 

Cory Muscara:

Timestamps:

  • 1:56 - Introduction
  • 2:34 - The Cost of Relocation
  • 6:28 - The Danger Of Spiritual Bypassing Through FI
  • 16:52 - Curiosity and Fear
  • 27:22 - What The Body Stores
  • 33:18 - Money and Well-being/Inflection Points
  • 40:46 - Taking Control and Following The Thread
  • 48:12 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

458 | A Healthy State of Panic | Farnoosh Torabi09 Oct 202300:50:42

In this episode: fear, anxiety, FOMO, talking about money, endings, self development, exposure, and the fear of loneliness.

This week we are joined by Farnoosh Tarabi where we will be discussing the topic of fear and anxiety, reinterpreting FOMO, and how to recognize and use your fears and anxieties to work with you in order to reach your financial goals. While we can sometimes interpret our own fear as a weakness, many times these fears and anxieties can be a secret weapon, ones that motivate us and usher in necessary change that can make a difference in the path that we are on. In some cases, it can be a fear of missing out on opportunities. Other times it can be a fear of endings. But no matter the fears, learning to recognize the underlying feelings and meanings can ultimately help you on the path to FI! Remember, an important part of this journey requires introspection, and while it may be uncomfortable to sit with your fears and anxieties, working with them, rather than against them may just be the superpower you didn't know you had. 

Farnoosh Torabi:

Timestamps:

  • 2:12 - Introduction
  • 3:24 - The Other Side of Anxiety's Coin
  • 8:23 - Fear and Finance/Talking About Money
  • 16:41 - The Fear of Rejection
  • 25:22 - The Fear of Missing Out/The Fear of Loneliness
  • 39:33 - The Fear of Exposure
  • 45:29 - The Fear of Endings
  • 50:03 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

457 | Mailbag: Cover Your Expenses | Rachael Camp02 Oct 202301:12:56

In this episode: the 4% rule, second generation FI, retirement saving, 529's, 401k's, and is it too late for FI?

This week we joined by Rachael Camp of Camp Wealth for another installment of Mail Bag, where we will be answering some questions sent in by our listeners. Together, we cover topics surrounding the 4 percent rule, starting the FI journey "late", the importance of tax diversity in your retirement accounts, and the potential benefits and drawbacks to 529 plans. On the path to FI, the community this journey brings can be the best resource, and answering any questions you may have is our way to ensure you're well on your way to FI, as well as help others in the community who may be navigating similar scenarios!

Rachael Camp:

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.

Timestamps:

  • 1:09 - Introduction
  • 3:22 - Can It Be Too Late For FI?/Credit Card Debt
  • 18:25 - The 4% Rule And Early Retirement
  • 27:02 - Withdrawing Earnings
  • 40:06 - Not Maxing Out Your 401k?
  • 50:03 - 529's and Financial Aid
  • 57:04 - Second Generation FI
  • 72:10 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

456 | Taking a Step to FI | September Roundup with Ginger25 Sep 202300:45:52

In this episode: the importance of starting, everything is negotiable, talentstacking, building your flywheel, and Ginger!

As September comes to a close, it's once again time for another Roundup episode! This week we are rejoined by Ginger, where we will be revisiting the topics of our September episodes and discussing our favorite takeaways and the talking points that stood out to us. From the importance of perseverance on your path to FI and embracing the community this journey brings, and negotiating salary with confidence, to finally skill stacking and the teaching opportunities it may bring for you and others! So lets look back on what FI can look like from the different points of view of our past month's guests, and move into October better informed and better prepared! 

Timestamps:

  • 0:35 - Introduction
  • 2:02 - Taxes And After-Tax Brokerage Accounts
  • 9:55 - The Importance Of Starting/Community
  • 19:52 - Decision Making Strategy/Focusing On The Future
  • 23:53 - Everything Is Negotiable/Being Prepared And Doing the Work
  • 31:31 - Talentstacking And Building Your Flywheel
  • 36:14 - What Your Money Can Do For You
  • 41:55 - Reviews And Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

455 | Creating Your Entrepreneurial Flywheel | Nathan Barry18 Sep 202301:12:06

In this episode: it's not easy it's simple, the flywheel, being consistent, skilling up, the gift of time, and what money can provide.

This week we are joined by founder and creator of ConvertKit, Nathan Barry to discuss his entrepreneurial journey and how the fundamentals of FI helped drive him to create and build a successful business. We often discuss the importance of skill stacking when on the journey to FI, but we sometimes forget to touch on the trial and error that comes with learning and creating something new for yourself. While you can't expect to start something new and be faced with little to no challenges, this leaves more opportunities for personal growth and important lessons! So whether it's learning a new side hustle or starting a business, it's important to remember that you may not always know how to do something perfect when you begin. You should not count yourself out or give up when you don't see instant results, but rather reach out to new communities and take the lessons in stride! Though it takes time and effort, it's worth it!

Nathan Barry:

Timestamps:

  • 1:23 - Introduction
  • 3:24 - Nathan and FI
  • 15:56 - Not Burning the Boats
  • 22:26 - It's Not Easy, But it's Simple/Unique Messengers
  • 33:00 - Being Consistent, Showing Up, and Skilling Up
  • 44:22 - The Flywheel
  • 58:01 - What Money Can Provide/The Gift of Time
  • 70:16 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

454 | Salary Negotiation & Early Retirement | Financial Mechanic11 Sep 202300:54:59

In this episode: salary negotiation, knowing your worth, doing your own research, anchoring, and facing job offers.

We often talk about the importance of shifting out of a scarcity mindset towards an abundant one, and this can mean leaving a job for a new one, or even asking for a higher wage. But how do you overcome the guilty feelings that can arise when wanting to level up? This week we are re-joined by the Financial Mechanic to discuss the art and steps to successful salary negotiating, from doing your research to collaboratively working with hiring managers, and learning to handle the discomfort and self doubt that can come when asking for more. While negotiating can make you feel uncomfortable or even intimidated, it's important to remind yourself that asking for what you want does not mean you are begging. Rather, it means you know your worth and are advocating for yourself and your future! Though it takes practice, learning how to confidently negotiate can make a difference in your present but make all the difference in your future and your FI goals! 

Financial Mechanic:

Timestamps:

  • 1:05 - Introduction
  • 5:21 - The Win-Win of Salary Negotiation
  • 14:40 - Delay Talking About Salary
  • 18:42 - Doing Your Research
  • 25:33 - Knowing Your Worth
  • 29:21 - The Negotiation
  • 36:44 - Negotiation is About More Than Salary
  • 41:10 - Accepting, Rejecting, and Making Your Decision
  • 44:49 - Updates From The Financial Mechanic
  • 53:25 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

Mini-Retirements: Test Driving Financial Independence | Ep 56125 Aug 202500:50:16

Brad Barrett welcomes Jillian Johnsrud, author of Retire Often, as they delve into the transformative concept of mini retirements. Jillian shares her insights on how taking intentional breaks from work can enrich life experiences, enhance personal growth, and help individuals navigate transitions on their journey towards financial independence.

Key Topics Discussed:

  1. Introduction to Mini Retirements

    • Overview of the concept and its significance within the financial independence community.
  2. What is a Mini Retirement? 00:02:43

    • Jillian defines mini retirements as intentional breaks of one month or longer focused on meaningful activities.
  3. The Importance of Seasons of Life 00:06:01

    • Discussion on recognizing and embracing life's unpredictable seasons and their relation to experiences.
  4. Practicing Early Retirement 00:17:34

    • The necessity of practicing life beyond work before transitioning into full retirement to build confidence.
  5. Overcoming the Fear of Retirement 00:25:36

    • Exploring common fears related to stepping away from work and how to leverage the fear of regret as motivation.
  6. Finding Balance in Life Experiences 00:35:53

    • Tips on focusing on one to two meaningful goals during a mini retirement to create a fulfilling experience.

Key Quotes:

  • "Mini retirements are intentional breaks to enrich life experiences." 00:03:39
  • "Embrace life's unpredictability; seize the moment for experiences now." 00:05:10
  • "Practice mini retirements to master the art of living beyond work." 00:45:44

Actionable Takeaways:

  • Attempt a mini retirement for a month to discover personal interests and break from routine. 00:03:39
  • Focus on one or two meaningful goals during your mini retirement for a fulfilling experience. 00:35:53

Discussion Questions:

  • What experiences resonate with you when thinking about a mini retirement? 00:36:46
  • How does understanding life's seasons impact your financial journey? 00:06:01

Resources Mentioned:

  • Retire Often Book - Jillian Johnsrud's guide on incorporating mini retirements into life. 00:48:42
  • Retire Often Group Coaching - A supportive resources for individuals seeking guidance on financial independence and lifestyle design. 00:48:42

Related Episodes:

453 | From Food Stamps to FI | Theresa04 Sep 202301:05:15

In this episode: the importance of community, finding financial literacy, pulling the levers of FI, and the hot seat.

We've heard incredible stories of FI from many of our listeners, but this week we are lucky to hear from someone who overcame so much in order to achieve the life she always wanted. This week we are joined by one of our listeners Teresa, where we discuss her incredible story of navigating and overcoming debt as a single mother to building a strong foundation of financial literacy and knowledge for herself and her daughters! Some of us on the path to FI may not have grown up surrounded by great financial models, and maybe some of our listeners may feel overwhelmed with the new tips and knowledge that FI brings, but please remember that feeling unprepared is no reason to count yourself out on this journey! Your past failures or mistakes shouldn't hold you back from building the life you want and the life you deserve, but rather they should motivate you to learn and grow into the best future version of yourself!

Timestamps:

  • 1:06 - Introduction
  • 2:52 - Theresa's Story
  • 9:02 - Awakening
  • 16:31 - Finding Financial Literacy and What Came With It
  • 22:22 - The Importance of Community
  • 31:36 - You've Recovered Financially, Now What?
  • 39:43 - Pulling The Levers of FI
  • 49:02 - The Opportunity FI Provides
  • 55:37 - Theresa Takes The Hot Seat
  • 64:41 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and FI Resources:

452 | This is Not a Dress Rehearsal | August Roundup with Katie28 Aug 202300:56:01

In this episode: spending for value, mastering your finances, what nourishes you, limiting beliefs, and getting the best out of yourself.

The end of August is rapidly approaching which means it is time for another round-up episode. To close out the month this time we are joined by Katie Gatti from "Money with Katie" to discuss all the lessons we picked up from the last month of ChooseFI! Whether it's planning a mini-retirement, designing what your want your life to look like, or forming your identity statements, our wonderful August guests have provided some amazing blueprints for you to start becoming the best version of yourself. So now that the summer is ending, it seems like a great time to take action on what we have learned together!

Katie Gatti:

Timestamps:

  • 1:11 - Introduction
  • 4:34 - Spending For What You Value
  • 9:59 - Getting The Best Out Of Yourself
  • 14:26 - Claiming The Life You Want
  • 24:59 - Mastering Your Financials First
  • 33:20 - Limiting Beliefs
  • 44:48 - It's Not Too Late To Start/What Nourishes You?
  • 50:42 - Identity Statements
  • 54:38 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

451 | Mini-Retirements to Accelerate Your Path to FI | Jillian Johnsrud21 Aug 202300:51:34

In this episode: mini-retirements, building fun into your life, structuring and planning mini-retirements, negotiating, and gaining momentum.

When pursuing your FI goal, it can feel like you are on a set trajectory, and picking up new habits or hobbies can seem overwhelming because you don't have the time to focus on them. However, you should never feel held back from starting something new! This week we are joined by Jillian Johnsrud to define and discuss the mini-retirement strategy, and how taking a break to recover, relax, and re-strategize can propel you towards your FI goals! Sometimes the thought of taking a break can seem scary, or even the thought of relaxing can be more stressful than it's meant to be. But, taking the time and space away from your usual structure can allow you the space and bandwidth to pursue other avenues that you are passionate about! While the thought of a mini-retirement can leave you feeling unstructured from your usual 9-5, it can usher in more time for hobbies, side hustles, or even new jobs! So, while your journey to FI may be filled with rules and guidelines set in place to help you reach your FI goal, remember that there is no harm in taking an active rest in order to restructure your goals and re-motivate you! 

Jillian Johnsrud:

Timestamps:

  • 0:59 - Introduction
  • 3:34 - Building Fun Into Your Life
  • 12:25 - The Purpose of Mini-Retirements
  • 19:35 - Structuring A Mini Retirement And Avoiding Mistakes
  • 28:25 - Gaining Momentum In A Mini-Retirement
  • 37:17 - Mini-Retirement Negotiation
  • 45:55 - Planning A Mini-Retirement
  • 50:42 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

450 | Catching up to FI | Becky Heptig & Bill Yount14 Aug 202300:49:29

In this episode: changing your mindset, starting FI at 50, the pros and cons of starting late, and facing your faults.

We always say on this show that FI is for everyone, but our guests Becky Heptig and Bill Yount really embody this message. As hosts of the "Catching Up to FI" podcast, Becky and Bill are a fantastic resource for those who have found FI later in life and still would like to give it a go despite the delayed start! While FI looks different for everyone and can be influenced by when you start, we agree with Bill and Becky in saying becoming intentional with your finances is always a positive decision, no matter when you do it in life. Although your path may look different from those who started earlier, you would still be taking steps to better your life inside and around your finances. Perfection isn't the goal, improvement is what we strive for, and a positive step is still a step in the right direction!

Becky Heptig & Bill Yount:

Timestamps:

  • 1:10 - Introduction
  • 4:29 - Changing Your Mindset and Facing Your Faults
  • 14:32 - Taking Late Action
  • 21:34 - Getting Stuck and Overcoming It
  • 24:28 - Starting FI at 50
  • 33:25 - Is It Ever Too Late To Start FI?
  • 40:00 - The Pros and Cons of Starting Late
  • 44:45 - The Growth of Those Catching Up to FI
  • 48:22 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

449 | Rubber Ducks and Systems for Land Investing07 Aug 202301:12:58

In this episode: determining your FI goals, real estate investing, land investing, liquidity, and proof of concept.

Whether you are new to FI or have achieved it, you have probably noticed a big change not only in how you live your life, but how you perceive yourself. You may be more intentional and strive to make changes in all areas of your life, not just financial ones. This week we are joined by our friend JT Olmstead to discuss the ins and outs of land investing, as well as talk about the importance of  having the right mentality to accomplish your goals and become the best version of yourself. While on the journey to FI, you may feel momentum and motivation to keep pushing towards your FI number, but oftentimes the journey doesn't end when you get to the finish line. A large part of this journey is learning from failures, changing your goals, and changing your plans as you change!  Though your plans and goals may not always be accomplished the way you think, having the right mindset throughout this journey will be just as beneficial to you as having plans in place. 

Timestamps:

  • 0:56 - Introduction
  • 5:20 - Determining Your FI Goals
  • 11:34 - The Top End of Your Capabilities/The Skill Of Saying No
  • 22:01 - Real Estate Investing
  • 27:43 - Transitioning to Land Investing
  • 32:16 - The Intersection of FI and Real Estate Investing
  • 42:12 - Personal Proof of Concept/Land Investing
  • 48:17 - Liquidity/Structuring Buying and Selling Systems
  • 59:52 - Resources For Land Investing/Where to Start
  • 62:59 - The Hot Seat
  • 72:12 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

448 | July Roundup: Working Backwards Into FI31 Jul 202300:56:28

As this month comes to a close, we think it's only fitting to reflect on what July's incredible guests have had to say, and what new knowledge and perspectives they've brought to the table. This week we are back with Ginger and introducing a more structured Round-Up, where we will be revisiting topics from this past month's episodes and discussing our favorite moments and takeaways. While the subjects of this month's episodes have varied from spending for happiness to understanding Roth conversions, there is still more to learn and unpack before moving onto August! 

Timestamps:

  • 1:44 - Introduction
  • 2:17 - Listener Updates/Travel Rewards
  • 7:08 - Spending for Happiness
  • 18:35 - Saving Addiction
  • 22:01 - The Fundamental Truths of Investing
  • 31:12 - The Small and Mighty Real Estate Investor
  • 41:11 - Roth Conversions/Breaking Up with Your Financial Advisor
  • 49:50 - Purposefully Not Optimizing
  • 55:58 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

447 | Mailbag: Breaking up with your Advisor, I Bonds, 4% Rule, Accounts for Kids, Roth IRAs | Sean Mullaney24 Jul 202300:57:56

In this episode: financial advisor breakups, I bonds, the 4% rule, second generation FI, Roth IRAs, and the listener mailbag.

Breakups are hard, but breaking up with financial advisor can be harder given the minutia that is often involved in doing so. It's good to have friends to lean on in times like this, which is exactly why we have the FI Tax Guy himself Sean Mullaney with us to help! Listen along as he and Brad dip back into the listener mailbag this week and discuss a plethora of topics submitted by YOU the listener!

Sean Mullaney:

Timestamps:

  • 0:43 - Introduction/Breaking Up With Your Financial Advisor
  • 15:13 - The Taxable Nature of Financial Breakups
  • 22:11 - I Bonds
  • 29:12 - The 4% Rule and Age
  • 35:40 - Second Generation FI and Accounts
  • 43:48 - Early Roth IRA Conversions
  • 48:18 - Roth IRA's and 5 Year Rules
  • 57:24 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

446 | Small and Mighty Real Estate Investor | Chad Carson17 Jul 202301:00:48

In this episode: designing your life, real estate investing, pain points, working backward, and finding your sweet spot.

This week we are rejoined by friend of the podcast Chad Carson to discuss his new book "The Small and Mighty Real Estate Investor: How to Reach Financial Freedom with Fewer Rental Properties," as well as cover some strategies he's picked up during his real estate investing journey. While investing in real estate can be a full time job, for many listeners it can also be seen as a way to generate additional income. Although getting started can seem a little daunting, Chad offers excellent insights on how to confidently begin real estate investing and stay motivated towards having your investments align with your personal goals and desired life!

Chad Carson:

Timestamps:

  • 1:02 - Introduction
  • 4:34 - Designing Your Life
  • 14:36 - Walkability and Location
  • 23:39 - Buying Around Pain Points
  • 28:08 - Working Backwards for Solutions
  • 34:55 - Transition From Buying to Paying Off
  • 43:52 - Working In Your Sweet Spot
  • 52:02 - What You Can't Outsource
  • 57:10 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

 

445 | Fundamental Truths of Investing | Brian Feroldi10 Jul 202300:38:22

In this episode: investing, losing money hurts, pessimism, optimism, index funds, psychology, history, and building wealth.

Whether you're a confident investor or weary of playing the market, there is still a lot to be learned when it comes to your investments. This week we are re-joined by friend of the podcast Brian Feroldi to discuss important truths and takeaways he's learned as a decades-long investor, from navigating the psychology and history of the market, to focusing on longevity and simplicity rather than getting rich quick. When listening to this episode, remember that playing the market doesn't have to be a complicated game, and no one should feel un-equipped to invest! Just be sure to understand that investing will never be a perfect journey, and preparing yourself for low points may help you make better decisions in the long run!

Brian Feroldi:

Timestamps:

  • 0:41 - Introduction
  • 4:27 - You Will Be Wrong
  • 9:45 - Losing Money HURTS
  • 12:54 - Humans Are Naturally Bad Investors
  • 16:09 - Pessimism And Optimism
  • 20:22 - The Power Of Index Funds
  • 22:31 - The Power Of History And Psychology
  • 24:45 - Avoiding Ruin Is A Skill
  • 28:56 - Keeping It Simple
  • 35:24 - To Build Wealth, You Need To Invest
  • 37:50 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

444 | Spending for Happiness | Carl Jensen & Doug Cunnington03 Jul 202301:01:07

In this episode: the phases of FI, your spending framework, dying with zero, changing your anchor points, and the value of time.

This podcast offers insight to what the path to FI can look like for listeners, and while we usually speak broadly to our listeners who are all at different stages of FI, it's important to look back, as well as look forward to see how this journey has changed for us. This week we are joined by Carl Jensen and Doug Cunnington of Mile High FI to talk about the evolution of the FI movement from when we all began this journey, as well as reflect and discuss the trends and important takeaways of where we see the FI movement going. While finding your own balance is important in all parts of life, finding balance while on the FI journey is just as important! Learning to become intentional with your spending is also important. It can be extremely beneficial to your life to learn healthier ways to spend rather than deprive yourself of some of the most important items or experiences that bring you joy! So remember, whether you are at the beginning or well on your way towards reaching your FI goal, you will evolve with FI over time and application, just as FI will evolve around you! 

Mile High FI:

Timestamps:

  • 1:25 – Introduction
  • 4:41 – The Phases of FI
  • 11:18 – Building Your Life-Spending Framework
  • 18:31 – What's Worth Spending On
  • 26:16 – Re-Evaluating Anchor Points
  • 33:43 – The Value of Saving Time
  • 42:22 – Dying With Zero
  • 51:02 – Why Wait For Death To Help Your Loved Ones Fiscally?
  • 56:32 – Buying A Concert
  • 59:30 – Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

Living Off the 4% Rule | Marla Taner | Ep 56018 Aug 202501:00:21

Marla Taner shares her journey of living off the 4% rule since her retirement in 2013. She discusses the financial strategies that have supported her abundant lifestyle, the emotional aspects of transitioning into retirement, and the importance of reassessing fixed costs. Marla's insights provide inspiration for those seeking financial independence.

Timestamps:

  • 00:01:26 – Marla's Background
  • 00:02:04 – Living off the 4% Rule
  • 00:09:39 – Psychology of Retiring Early
  • 00:24:33 – Managing Withdrawals
  • 00:25:51 – Market Timing and Cash Strategy
  • 00:28:46 – Travel Rewards
  • 00:49:10 – Lessons Learned
  • 01:00:17 – Conclusion
Key Takeaways:
  • 4% Rule: Marla retired in 2013 with a strategy based on the 4% rule, successfully navigating financial independence (00:02:04).
  • Psychology Matters: Transitioning from a saver to a spender can be psychologically challenging, but it's crucial for enjoying retirement (00:50:21).
  • Cash Cushion: Maintaining two years' worth of cash reserves provides peace of mind during market fluctuations (00:25:51).
  • Reassessing Fixed Expenses: Many perceived fixed costs can be more flexible than we realize—it's worth reassessing them regularly (00:43:12).
  • Travel Rewards Enthusiast: Marla curates her extensive travel experiences using travel rewards strategies that keep her costs low (00:28:46).
Actionable Insights:
  • Examine Fixed Costs: Reflect on your budget to identify which fixed costs you might be able to adjust or reduce (00:43:12).
  • Withdrawal Plan: Develop a thoughtful withdrawal strategy before retiring to reduce anxiety when selling investments (00:24:33).
  • Monitor Spending Habits: Track your spending for a year to understand your financial needs better and adjust accordingly (00:50:21).
443 | The Invisible Nature of Spending | Ginger Roundup26 Jun 202300:54:53

In this episode: travel rewards, credit cards, the true cost of buying a car, health, retirement, and community wins.

This week we are re-joined by Ginger for another Round-Up episode where we will briefly discuss travel rewards, updates on Ginger's credit card journey, the value of implementing new habits, and also dip into the listener mailbag! Over the course of this podcast we often discuss the importance of taking action and making changes in your life to not only achieve FI but also improve your life overall. While we know changes don't happen overnight, (just as no one can reach their FI goal overnight) it's important to remember that sometimes the best thing you can do is take action little by little. Sometimes this means budgeting, and other times it can mean breaking free from an unhealthy frugal mindset in order improve your quality of life! Whatever the changes you wish to make or habits you want to create are, remember it's never too late to begin! 

Timestamps:

  • 0:10 - Introduction
  • 0:29 - Travel Rewards
  • 6:52 - Global Entry/Credit Cards
  • 16:30 - The True Cost Of Buying A Car
  • 25:49 - Health, Fitness, and Habits
  • 39:44 - Pensions and Retirement Numbers
  • 48:22 - Community Wins
  • 54:34 - Conclusion

Resources Mentioned In Today's Episode:

More Helpful Links and Resources:

442 | Intermediate Travel Rewards19 Jun 202301:11:46

In this episode: the travelers triangle, booking early, flexibility, planning, hotels, and knowing you are getting a deal.

This week Suzy joins us for a new installment of travel rewards tips, where we will be diving deeper into how you can optimize your savings and travel points to get the most out of your travels. While the subject matter we are tackling today may be more useful to listeners who have already acquired the necessary credit cards and travel points, there is still a lot of helpful information you can use when planning your next trip! So whether that's learning to book early and play around with the sites mentioned on today's episode, or allowing flexibility to mitigate the stress of traveling, this episode is here to act as an additional resource to those learning to take advantage of what their travel points can offer.

Timestamps: 

  • 1:24 - Introduction
  • 6:09 - The Travelers Triangle
  • 12:31 - Booking Ahead Of Time
  • 23:28 - Tools For Travel Rewards
  • 33:14 - Flexibility And Planning
  • 45:10 - FI Booking Processes
  • 57:57 - Taxes,Fees, And Knowing Your Getting A Deal
  • 64:06 - Hotels
  • 70:45 - Conclusion

    Resources Mentioned In Today's Episode:

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    441 | The Valuist Returns | FI Roundup with Bo Loy12 Jun 202300:53:45

    In this episode: the continuum of FI, skilling up, chasing true value, the power of connection, and second generation FI.

    This week we are rejoined by friend of the podcast Bo Loy to talk about finding value on the FI journey, drowning out the "noise,"  and the importance of not depriving yourself of happiness in order to reach your FI goal. While the journey to FI does require you to make financial changes and pick up new habits that can launch you towards financial independence, the purpose of this journey is never to deprive or restrict yourself in order to reach your goal. No matter when you begin this journey, the goal in mind should be taking steps in order to improve your life both financially AND mentally. Not sacrificing the things that bring value to it! There's a lot to learn on the path to FI, but it's important to remember that what you are working towards is more than just a number, it's personal happiness, fulfillment, and more! 

    Timestamps:

    • 0:58 - Introduction
    • 4:37 - The Continuum of FI
    • 11:51 - Skilling Up
    • 15:44 - Life Updates
    • 25:59 - Chasing True Value
    • 34:55 - Meeting Your kids Where Their Interests Lie
    • 41:17 - The Power of Connection
    • 48:20 - Just Going For It
    • 52:24 - Conclusion

    Resources Mentioned In Today's Episode:

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    440 | Past Failure Does Not Define Future Success | Amy Minkley05 Jun 202300:53:40

    In this episode: money against mindset, fear setting, FI events, gap years, slow travel, and living intentionally.

    Everyone's relationship with money is different, just as everyones path to FI looks different, but how do you unlearn behaviors that could be holding you back? This week we are joined by Amy Minkley to discuss how finding FI changed her life while abroad, as well as the the importance of unlearning and breaking free of internalized stress when it comes to money. A large part of the FI journey is implementing new habits and the lessons you pick up along the way. However, an even larger and sometimes harder part of this journey requires you to be introspective and take an honest look at your relationship with money. While you can't go back and change the past, the beauty of FI is that you learn to make changes to ensure the future you want! No matter what your background, the path to FI is one that benefits everyone, because it not only gives you control of your life, but allows for independence to create the future you desire. So while it may feel comfortable to approach this journey by thinking of all the ways things can go wrong, remember to think of all the ways things can go right! 

    Amy Minkley:

    Timestamps:

    • 1:01 - Introduction
    • 4:29 - How Amy Found FI
    • 8:47 - Money Against Mindset
    • 16:24 - Making The Tough But Right Choices For You
    • 22:18 - International Teaching
    • 27:43 - Fear Setting
    • 36:20 - Living Intentionally
    • 42:25 - FI Events
    • 46:56 - Gap Years And Slow Travel
    • 52:19 - Conclusion

    Resources Mentioned In Today's Episode:

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    439 | Adjusting to Life After FI (Before You Get There) | Chris Terrell29 May 202300:58:15

    In this episode: success after FI, finding purpose, owning your time, investing in health, and spiritual pursuits.

    While reaching your FI number and subsequently retiring is an amazing achievement in itself, what are you supposed to do with yourself after getting there? Well, figuring that out is also a big step you are going to have to take on your FI journey. This week, we are once again joined by Chris Terrell to discuss the ways you can fill your time after achieving FI, and how to identify what gives you purpose in your post-work life. Earning back your time is only half the battle, putting that time to good use is up to you and you only!

    Timestamps:

    • 1:20 – Introduction
    • 3:02 – Success After FI
    • 9:01 – What Do You Want To Do In Retirement?
    • 16:06 – Finding Purpose
    • 22:02 – Prioritizing Important Relationships
    • 27:46 – The Benefits Of Owning Your Time
    • 31:28 – Investing In Your Health
    • 41:24 – Spiritual Pursuits and Volunteer Work
    • 47:09 – Unstructured Time, Calendar Tyranny, and Work?
    • 56:59 – Conclusion

    Resources Mentioned In Today's Episode:

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    438 | Dollars and Sense | Clint Murphy & Ginger22 May 202300:58:49

    In this episode: the pain of paying, anchoring, relative value, sunk costs, response to stimulus, and opportunity cost.

    On this installment of the Book Club, we are joined by Clint Murphy and Ginger to discuss some of our favorite takeaways from Dan Ariely and Jeff Kreisler's "Dollars and Sense: How We Misthink Money and How to Spend Smarter," We often mention on this podcast the importance of actionable steps you must be willing to take while on the journey to FI, and this book is chalk-full of actionable tips and examples that could possibly be applied to many areas of your life, not just personal finance. While we know that personal finance is not unilateral and there are no correct steps and decisions that ensure success for everyone, we believe this book can help you better understand the decision making processes that goes into taking actionable steps on your FI journey! 

    Book Club Selection:

    Timestamps:

    • 1:21 - Introduction
    • 4:20 - Reducing The Pain Of Paying
    • 11:42 - Anchoring
    • 19:01 - Opportunity Cost and Saying No
    • 25:40 - Relative Value
    • 30:20 - Why We Don't Understand Fairness and Value
    • 38:49 - Sunk Costs
    • 46:31 - Overvaluing What Your Already Have
    • 50:07 - Spreading The Gap Between Stimulus and Response
    • 57:21 - Conclusion

    Resources Mentioned In Today's Episode:

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    437 | Student Loan Forgiveness: Essential Update | Travis Hornsby15 May 202300:32:42

    This week we are re-joined by friend of the podcast, Travis Hornsby, to discuss some critical updates and deadlines pertaining to student loan forgiveness.

    While the thought of paying off student loans can feel daunting, there may actually be some ways to mitigate the stress entirely! Though this episode may not pertain to your situation specifically, we believe it can act as a resource for some you may know, or others on this journey who are looking to potentially have their loans forgiven.

    Travis Hornsby:

    Timestamps:

    • 1:14 - Introduction/Where Are We Today?
    • 9:45 - Irreversible Decisions
    • 11:55 - The PSLF and IDR Waiver
    • 17:34 - $300 vs $1500 a month
    • 23:30 - Searching and Patience, What Are The Action Steps?
    • 31:33 - Conclusion

    Resources Mentioned In Today's Episode:

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    436 | From Vision Board to Action: A FI Success Story | Rakesh08 May 202300:58:20

    In this episode: getting comfortable investing, the vision boards, salary negotiations, and the skill of spending

    Whether it's wanting to pay off your debts or get yourself set up for your future, there are many motivations for wanting to begin the path towards FI. This week we are joined by listener and fan of the podcast Rakesh to discuss how his journey to FI has been over the last 3 years, and the lessons he's learned along the way. We often stress on the podcast the importance of bold moves and taking action as an important step to achieving FI, and Rakesh is the embodiment of just that! Everyone on this journey starts from a different place, just as everyone's long term goals differ, but don't allow yourself to be bogged down by the little hiccups that come with this journey. By pushing ahead and being mindful of your short and long term goals, you may find yourself stepping out of your comfort zone towards the life you want to be living! 

    Timestamps:

    • 1:15 - Introduction
    • 4:50 - The Evolution Of The FI Journey
    • 12:52 - Getting Comfortable Investing
    • 22:09 - The Vision Board
    • 30:39 - The Skill Of Spending And Future Planning
    • 37:13 - Low Cost Of Living Areas
    • 43:05 - Salary Negotiating And Job Transitioning
    • 53:11 - The Impact Of Staying Put
    • 56:06 - Conclusion

    Resources Mentioned In Today's Episode:

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    435 | Tipped Finance | Barbara Sloan01 May 202300:54:01

    Oftentimes on our show, we talk to people on the FI journey with "regular" 9-5 jobs, and other times we talk to those who have achieved their FI goal and are able to retire from their careers. However, we rarely talk about money management and FI when it comes to those working in service industries, such as serving and bartending. This week we are joined by author Barbara Sloan to discuss taking control of your finances while in a variable income job, the importance of an emergency fund, and the attainability of retirement accounts and health insurance while in these types of industries. While it may seem unattainable to budget and financially plan for the long term when your income is non-fixed, you shouldn't count yourself out from this journey! Creating your dream life is possible for all, with the right systems in place to ensure it, that is an option possible for those in all career types.

    Barbara Sloan:

    Timestamps:

    • 1:03 - Introduction
    • 2:54 - Sub Minimum Wage And Tipping
    • 14:03 - The Importance Of Tracking
    • 21:06 - Tips, Taxes, and Social Security
    • 35:28 - Strategies For Health Insurance
    • 41:18 - Lifestyle Design/The Financial System
    • 48:44 - Emergency Funds
    • 54:27 - Conclusion

    Resources Mentioned In Today's Episode:

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    434 | The Transtheoretical Model of Change | Roundup with Ginger24 Apr 202301:04:20

    There can be points on the journey to FI where you feel that you may not be able to accomplish your goals, or even take advantage of some of the hacks we talk about on the show. But sometimes all it requires is for you not to limit yourself and just think outside the box. This week we are re-joined by friend of the podcast Ginger to discuss how the transtheoretical model of change can apply to those on the path to FI, as well as read your emails and answer some of your questions on this installment of Round-Up. Oftentimes, we forget how flexible and capable of change we really are, and its life's curveballs that make this journey different for everyone. While setbacks can put you off from pursuing your goals, or make you feel as if you don't belong on this path, they shouldn't deter you from attacking your goals.  When you can accept that changing and adapting does not equal failure, you not only open yourself up to new options and possibilities, but exceed your own expectations while on the path to FI!

    Timestamps:

    • 0:48 - Introduction/Economy Conference
    • 9:43 - Travel Wins
    • 21:23 - Ancillary Travel Rewards Benefits
    • 26:20 - Bold Move Update And The Transtheoretical Model of Change
    • 40:58 - Determining Your FI Number
    • 51:22 - The FI Pre-College Approach
    • 58:11 - Savings Account Interest Rates And Community Win
    • 63:11 - Conclusion

    Resources Mentioned In Today's Episode:

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    Zero-Based Everything: FI, Travel, and the Art of Starting Fresh | Katie & Alan Donegan | Ep 55911 Aug 202501:20:16

    Join Brad, Katie, and Alan in a candid conversation about financial independence, travel rewards, and lifestyle choices. They discuss the importance of zero-based thinking, share experiences as digital nomads, and challenge conventional views on net worth by introducing the concept of a "freedom fund." 

    Timestamps:

    • 00:03:48 - Zero-Based Thinking Discussion
    • 00:04:54 - Experiences as Digital Nomads
    • 00:11:04 - Traveling vs. Stability
    • 00:18:44 - Understanding Investments
    • 00:28:00 - Shifting Perspectives on Net Worth
    • 01:20:00 - Closing Thoughts

    Key Takeaways:

    • Zero-Based Thinking: Evaluate your decisions with the question, "Knowing what I know now, would I choose this again?"
      (Timestamp: 00:16:19)

    • Traveling vs. Stability: Digital nomads navigate the challenge of balancing fast-paced travel with the need for stability.
      (Timestamp: 00:11:04)

    • Freedom Fund Concept: Shift your focus from traditional assets to a 'freedom fund' that emphasizes financial independence over liabilities.
      (Timestamp: 00:28:44)

    • Probabilistic Nature of Life: Embrace the understanding that decision-making incorporates probabilities and not just outcomes.
      (Timestamp: 00:24:20)

    Actionable Takeaways:

    • Reflect on your choices: knowing what you know now, would you choose that option again? (00:18:36)
    • Consider categorizing your investments as a 'freedom fund' rather than traditional assets. (00:28:44)

    Key Quotes:

    • "Achieving financial independence allows us to control our time and pursue our desires." (00:17:43)
    • "Evaluate your choices: if you wouldn't choose them again, it's time for change." (00:18:36)
    • "Your entire net worth is in your freedom fund." (00:28:44)

    Discussion Questions:

    • How can you apply zero-based thinking in your life to evaluate choices? (00:16:19)
    • In what ways can we better balance travel experiences with financial stability? (00:11:04)
    • What does having a freedom fund mean for you? (00:28:44)

    Resources Mentioned:

    433 | Outside 36517 Apr 202300:49:28

    In this episode: the power of outside, overcoming adversity, the value of streaks, building momentum, and van life.

    As we've discussed many times on our show, creating and maintaining habits are an important part of the FI journey. Not only does it require you to prioritize what you value, but it can lead to success in many areas of your life. However, while we talk about the success that habits can lead to, sometimes we overlook that starting a habit can be stressful or overwhelming. This week we are joined by Gregg from Outside365 to discuss what your life can look like when you align with your habits, and the momentum and value that can be found when you start to prioritize your habits a little bit each day. While it may seem overwhelming at times to start something new, whether it's saving more and spending less, or even just picking up a new hobby, you may find that the more you do it, the easier it comes! Remember, while you may feel a sense of urgency to instill habits in your life, remember to be patient, and take it a day at a time! 

    Outside 365

    Timestamps:

    • 1:13 – Introduction
    • 7:51 – The Power of Outside
    • 12:53 – Overcoming Adversity
    • 17:02 – Building Momentum
    • 22:46 – Truly Being In Nature
    • 28:52 – Plausible Outside Experiences
    • 33:25 – The Value of Streaks
    • 37:20 – Van Life
    • 47:37 – Conclusion

    Resources Mentioned In Today's Episode:

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    432 | The Skill of Spending | Mr. Money Mustache10 Apr 202300:52:33

    In this episode: tackling the big issues, the everywhere effect, change and discomfort, and getting the most from what you have.

    On this Podcast in recent months, we have made a point to highlight the fact that FI isn't about deprivation. While we do think making a few cuts in some areas is a good thing, we believe in that idea because it acts as a means to an end, with the endpoint being living the most fulfilling life available to you. So how is it possible deprive ourselves in a manner that doesn't leave us feeling deprived? Well, we have to skill up out our spending abilities.! This week we have Mr. Money Mustache on the podcast to discuss the skill of spending and how to approach utilizing your resources to ensure your own happiness and wellbeing. Make cuts in your life where there us a lack of purpose so you can level up areas of importance and passion!

    Mr. Money Mustache:

    Timestamps: 

    • 0:51 - Introdcution
    • 4:15 - The Power Of Spending With Less Income
    • 9:24 - Tackling The Big Issues First
    • 17:06 - Change and Discomfort
    • 19:55 - The Everywhere Effect
    • 28:06 - The Power Of Community
    • 31:45 - Getting The Most From What You Have
    • 40:23 - Cost VS Comfort, Wheres The Line?
    • 45:34 - Early Cutting Is Essential
    • 50:53 - Conclusion

    Resources Mentioned In Today's Episode:

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    431 | Evolution of FI | Mad Fientist03 Apr 202301:03:21

    In this episode: forming habits, fulfilling goals, routines, the importance of health, restriction without deprivation, and working on life.

    While beginning your FI journey means having goals and taking necessary steps to achieve them, it may seem like you have to approach your life with discipline and absolute structure when it comes to money matters. While setting yourself up for success on this journey does mean creating different habits in regards to spending or investing, these habits should never seem absolute or deprive you from enjoying your life. This week we are joined by the Mad Fi-entist to discuss the evolution and the necessary changes he has made while on the journey to FI, and the beauty found with having a routine and creating meaningful habits. FI is a journey that requires you to experiment and change as the journey progresses. Not only will you learn about yourself on this journey, but you will pick up and exchange old habits for new ones that better suit the life you want to be living. Remember that while discipline is necessary for this journey, that does not mean you can't evolve and change up your routine for the better! 

    The Mad Fientist:

    Timestamps:

    • 0:57 - Introduction
    • 3:25 - Fulfilling Goals And Forming Habits
    • 10:16 - Routine
    • 15:25 - The Importance of Health
    • 23:01 - The Evolution Of FI For Us
    • 31:34 - The Skill Of Spending
    • 40:15 - Working On Life
    • 52:17 - Restriction Without Total Deprivation
    • 61:35 - Conclusion

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