012R - Friday Roundup

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Time Speaker Text Tags
1 - 65 Jonathan Mendonsa Hey guys I'm back in the studio today you know Brad and I love this so much that we want to occasionally when we can maybe even on a weekly basis come in for a second episode just to get you guys and us through the weekend. We we do a lot of these episodes at the same time and then we batch release them on Monday. But a lot of stuff happens even in between those weeks and we don't want to record four episodes and then really only get a chance to interact with you a month or two down the road. We wanted to do something that's a little bit more real time. So Brad and I decided that we wanted to come into the studio once a week and maybe just do a short second episode. I say short we can talk forever. Y'all probably already figured that out and we love this stuff so it's really not a challenge but we just want to kind of go over what we learned this week what we took away from it maybe let you know what's going on behind the scenes here what our plans are. Keep you updated on maybe past projects and those really don't work when we're taking the time to dig the new concepts. Hopefully you all enjoy this and it's something you look forward to like we do. But you know just give us feedback like let us know what's working for you. And yeah thanks for tuning in for this. First of many Friday round ups. Brad welcome to the studio.
65 - 72 Brad Barrett Hey Jonathan good to be here. This is exciting we've talked about making a Friday around for a while and it's nice to make it happen.
72 - 89 Jonathan Mendonsa You know I think part of it was when you first get started you don't even really know if anybody else is going to enjoy this like I know I enjoy it. I know you enjoy it. But you know it's amazing to me just the responses we've gotten we've literally been doing this for maybe a month and a half now and just this month the month of February we had 20000 downloads.
89 - 101 Brad Barrett Yeah. That is that is mind boggling. And yeah I mean it certainly picked up dramatically probably most of those were the second half of February. So we're getting at this point we're getting a couple of thousand downloads a day.
101 - 120 Jonathan Mendonsa I know man sometimes it seems totally ludicrous. I'm not totally surprised because to me financial independence is the ultimate life hack I saw fifteen hundred say that on Twitter the other day and that's exactly the way I felt about this for a long time. Go find life hacks that's fine but then figure out how to fit it into the ultimate life hack which is financial independence right.
lifeoptimization
120 - 150 Brad Barrett Yeah for sure for sure. Yeah I mean it's cool it's amazing how many emails we're getting tweets we're getting it's definitely this passion project that we're putting together here that you know you and I live. this right. I mean we talk all the time and we always talk. We should record our phone calls. You know people might want to hear them and I really just love that stuff. Right. And it's how that resonate with people out there has really been extremely gratifying and I just honestly I love this. This is the the best part of my week here is talking to you and just chatting about this and hopefully helping people out there.
150 - 157 Jonathan Mendonsa Absolutely. And it is it's cool. When you feel like what you're doing is making a difference even in a small way. You just want to keep doing that.
157 - 170 Brad Barrett Yeah for sure. For sure and yeah we had our our first guest this week Liz from frugal woods and I thought that episode. I've listened to it probably three to five times at this point and you probably listened to it more. She just really brought it.
170 - 190 Jonathan Mendonsa Absolutely yeah. You know I've been reading her stuff a little bit just prepping for that going into it. But I was blown away. She has thought these things through such a deep level and maybe I fell into some of them by accident. But when I got done listening to her it was a total reorientation of why I'm spending my money so I just loved having her come on and just getting a chance to just hash out some of those ideas with her.
190 - 225 Brad Barrett Yeah. Oh for sure and she Yeah I mean she is just so thoughtful. And as you said like she's just thought this through at such a level that she looks at it as about it. Like she said it's frugality is not deprivation and it's not sacrifice. And I think that was one point where that really struck me in the podcast when you said something like oh we'll sacrifice for 10 years and not get the golf membership and so as an aside I didn't know you wanted it. I've never heard of an actual normal human being who wants the golf membership other than that. But anyway that might be my whole life.
frugality, podcaster
225 - 228 Jonathan Mendonsa But I thought that you did man I thought that's what you did
228 - 309 Brad Barrett Rich people get golf memberships. Right. Throw away hundreds of thousands of dollars. No no. I'm just kidding with you. But yeah I mean she immediately said you know I'd like to turn that on its head and say frugality is not about deprivation it's not about sacrifice and that has really struck me. You know she said quote It's a reorientation of spending with an emphasis on delayed gratification and going after your goal. I was writing notes absolutely furiously while we were going through the podcast with Liz and certainly afterwards and the multiple times that I listened to it and I was just sitting there just literally closing my eyes just taking it all in. I really was just so impressed with what she had to say. And I really want to stress and I don't want to beat this into the ground but frugality is not about deprivation. It's about taking your same middle class lifestyle as everybody else or at least this is how I look at it from my own life. It's just kind of outsmarting it in a sense it's just taking what everybody else is doing it's kind of like Mr. Money Mustache's how to go from middle class to kick ass article. You know and just looking at every line item in your budget and just doing it a little bit smarter. And if you just do that it can turn you from the regular keeping up with the Joneses person next door who's living paycheck to paycheck it to someone who's going to become wealthy over a period of years and almost on that certain path to wealth and that that is just so powerful to me.
Brad_Catchphrases, frugality, podcaster
309 - 372 Jonathan Mendonsa Yeah probably more of you identify already just because you're the type of person that listening to this type of podcast you identify already as being fairly frugal. But there some of you all listening that are probably more like me and you're the reluctant frugalist you just. Yeah but it's sacrifice. It's like anything in life you can train yourself. You can retrain yourself to look for different things that I think for me. I like spending money. I really do. But my ultimate goal is not to spend money it's not to have a bunch of nice stuff. It is freedom is financial independence. And so even for you big spenders out there just make sure you're analyzing what you're trading for those expenses you know and if you're happy with that if you're happy with the golf membership but would you rather retire in your 30s and 40s and not have a golf membership or would you rather retire in your in your 60s or 70s and be able to go play golf two times a year. And I think it's a pretty easy tradeoff when you when you think about things in that perspective and the problem is most of America isn't thinking about that. They're just doing you know whatever the marketing machine tells them which is spend everything that comes in and when you can't afford it put it on a credit card.
frugalist, frugality, podcaster
372 - 458 Brad Barrett Yeah. No that's for sure and you know I think this is interesting for me honestly because most people don't talk money right. I mean that's just one of the maybe the last great taboo in American culture and we certainly maybe in the fire community we do talk money but a lot of the people that I know are the natural naturally frugal. So for me it's very interesting honestly Jonathan to talk to you about money because it is such a different perspective which fascinates me honestly because the people that I speak with about money like I said are are naturally frugal and you clearly are not. And that is not good bad or indifferent it's just. We joke about this site and this business that we're putting together and you buy a lot of things. And again that's not a not a bad thing for you you're doing just the most amazing job building this site that I've ever seen. So like the last thing I want to do is like mess with your mojo in any way shape or form but like it'll be new the next morning it's like oh I bought a step counter and in my mind I'm like holy cow I never would have spent money on that just because I'm so naturally frugal like I buy so few things. And again like I think everything you bought is of value added in no way am I saying anything about that but it's just that different perspective. So what I think we really do need to unpack this at a later later episode is really kind of talk through this. I think it will add value to the audience to have our different perspectives because there are a lot of people like me and there are a lot of people like you. So it's fascinating to me and hopefully to the audience.
valuist
458 - 521 Jonathan Mendonsa What I love about our show and our podcasts and our two different perspectives last year kind of ripped America in half and people just couldn't talk to each other anymore and it's interesting. And we're not going to ever really go into politics in the show but live from a political perspective are very very different people. And from a natural frugality perspective we're very very different people but we love talking to each other about finance about personal finance. And I think that this show in some ways can be transcendent because when you do it the right way when you focus on freedom and flexibility gets rid of all that crap that keeps you from you know to communicate and make connections with other people. And you can just focus on this concept because everybody you know financial independence doesn't care about politics it is about your freedom and flexibility and it doesn't matter about how you feel about other issues. All of us want freedom for our family and so I hopefully find that empowering. You know it's something that I've just appreciated as I talk to other people that come from different world views on this one thing we can come together and we can enjoy it we can share it with each other. And I think that's powerful.
families, frugality, podcaster
521 - 603 Brad Barrett Yeah I think it's I think it's fantastic that people from different backgrounds different political views or whatever you want to talk about you know we can put all that nonsense aside and just just talk about stuff that's of this mutual interests and you know honestly like I think people would be a lot more secure. And I don't want to let my politics seep into it but a lot less angry if they just save some money. I think I've talked about this before like everything else becomes easier. And politics aside let's forget about that nonsense like you're just so much less stressed when you have money in the bank. Even a couple of thousand dollars and you're not living paycheck to paycheck and worried that if you get a flat tire that your life is up ended I mean like what a horribly stressful way of life. So I don't just going back to where it was from frugal woods said This is not about deprivation. This is about taking control of your life. And when you have money you have a degree of control that you simply don't have or didn't have when when you had no money. So like I cannot I cannot emphasize this enough. You need to have money saved up. You have control over your life and then obviously the goal at the end of the rainbow is fire. That's the goal. But even just having a couple thousand bucks in the bank will make such a difference in your life and you can focus on things that are important to you as opposed to can I afford aluminum foil this week or can we.
banking
603 - 608 Jonathan Mendonsa I'm sure that's been. I'm sure that's been the biggest stressor for most people.
608 - 645 Brad Barrett Can I fill up the gas tank right. I mean think about how stressful it would be to go to the food store. You don't have to worry about literal cash flow on a day to day basis. When am I going to get paid when is that electric bill going to come out of my bank account. Can I go get gas today. I mean think about how stressed your life is normally. And then add all that extra stuff and like for me it's all about just reducing needless stress and needless things that I have to worry about just on a day to day basis. But that's kind of one of my guiding lights is not to live a life with no stress. I mean it's to eliminate needless worry. So I guess that's how I'd sum that up.
banking
645 - 743 Jonathan Mendonsa There were a couple takeaways that I had from the Frugal woods episode and one of my favorite things that I've noticed in my own life is that instead of always going out and spending money I love that she actually brought neighbors into the home and it's forming this sense of community and frugality when you do it that way is going to make it possible for you to interact with other people and most of America is spending far beyond their means their paycheck to paycheck and they try to cover it up by putting what they can't afford on a credit card and in hers. I can just see it when when I invite my neighbors into our home or we go over to their home and instead of us going out to a bar or going to a restaurant we invite them into our home to share a meal or a potluck or just spent an afternoon afternoon together. They love it you form you form better connections. You're saving them money. Especially if you're doing it with your neighbors where they don't have to get a babysitter bringing a home when she was talking about that. I was just living with her and so because of the marketing machine that we have and people having to work 40 50 hours a week and both parents having to work to pay for their oversized mortgage and their two car payments and they don't have any time at home and they're stressed out and they're paycheck to paycheck. If you can just help them by providing a low cost time activity that increases the sense of community that's powerful you know and you're benefiting from it. They're benefiting from it. Your Friendships are deepening. It's taking a place that you didn't expect to go. And so her idea of just her word for it was luxurious frugality and it makes sense to me that her life is happier and less stressful. I could understand her decision tree why she got there. And in fact I came away from it wanting to emulate her.
frugality, relationships
743 - 778 Brad Barrett Yeah I totally totally agree and yeah I mean that kind of leads into a quote that I'm going to read from Liz which is my biggest take away. And it's when you have unlocked the magic of being content and happy with the simple things in life you are setting yourself up for success over and over again because when you can be joyful just with looking forward to a regular Tuesday you are vastly happier person. And if you're only looking forward to that treat on Friday night of going out. So it's a wholesale restructuring of where you find joy in life and what makes a meaningful life for you.
778 - 780 Jonathan Mendonsa That is absolutely incredible.
780 - 788 Brad Barrett Yeah I've got nothing nothing to add to that. So again thank you for being on. We really really appreciate it. And it was it was a wonderful episode.
788 - 877 Jonathan Mendonsa All right guys so this is our Friday round up we're just kind of this is like an open segment. This podcast is by the fire community for the fire community. This is a place where we round up your ideas and thoughts and we put it out there. So we already told you there were 20000 downloads this month in 20 different countries. People are this content is resonating with people. And there are 22 people that have left us five star reviews on iTunes 17 of those were written reviews. We really do want to get this content out there we want to make this a more mainstream idea. So if you want to help us with that please consider going on to iTunes and leaving us a five star review you know letting us know what you like about the show iTunes places a lot of weight on written reviews and so you know if you think you know this is something that you want to share and you'd like to see it grow and get out there more and more please consider just going on there leaving us a short written review that really does absolutely help us out in that same kind of train of thought. Now I wanted to tell you guys that Brad does actually take the time as we're doing both the guest interviews and also as we're doing the Friday roundups to make a note of all the links that we mentioned. All the resources that we mentioned and he actually compiles and then puts them into show notes which are at the bottom of each episode. And two people on our e-mail list. We do actually send you those show notes by e-mail. So if you find yourself trying to keep track of all the different thoughts and tidbits and resources and links that we mentioned or episode. Let me just take some time just to save you the trouble. Just get on our e-mail list today and to try to make that as easy as possible. Brad has actually set up this really cool feature which I will let him tell you about.
podcaster, testimonial
877 - 936 Brad Barrett Yeah this is a really cool thing called Lead digits so we just set this up. You can text the word chooseFI one word chooseFI to 4 4 2 2 2 and that will get you on our e-mail list so when you text chooseFI to 44222 it'll just send you back to saying hey thanks for signing up just send us your email address and we'll put you on the list. So you just reply with your e-mail address and that's that's so for all of you that you know can't get to a computer when you're listening to this on your phone or in the car. Just you know text that real quick and you'll be on the list so yeah we really hope to provide you value not only on this podcast but certainly like Jonathan said through e-mail and through our Web site we think where we're really trying to build the most comprehensive resource for the the fire community and for financial independence in general. And you know we really hope you join us.
podcaster
936 - 964 Jonathan Mendonsa All right. So next what we want to do on this Friday round up is we just kind of want to actually collect some of the comments and the questions and the feedback that we're receiving and then provide them to you because we think that they add a level of depth that you might not get if we were just talking nonstop about our own ideas. So this first was a an email that we got from Isaac and he had a specific question about interacting with people about financial independence and Brad you want to go ahead and put that out there.
964 - 1012 Brad Barrett Yeah you bet. And we love getting feedback from the audience so you know please shoot us an email and go to their contact form. Send us a tweet on on Twitter. You know just just get in touch. And what's actually very cool. Talking about how real time this is is literally as we were writing this. Isaac just wrote us another e-mail. So he'll hear this on Friday. Just wrote us another e-mail with another idea. So we love getting this kind of feedback. So what he said was I'd love for you guys to talk about this topic a bit further. How have others responded to you guys being so quote openly fire. It's very challenging and often feels lonely on the fire journey and I'm curious how you guys have been received by friends family coworkers along the way. Being so out in the public between the blogs podcasts Web sites etc.. So yeah Jonathan do you want to start with that or you want me to go.
blogger, families, podcaster
1012 - 1099 Jonathan Mendonsa Yeah no I think probably for me I have more at stake than you because you're essentially there already. But I could be wrong. For me it's really interesting. One the values that we're promoting are universal. So we're talking about work ethic. So everybody at some point in time has to trade time for money and while you're in that space we encourage you to be the best you can be. You've got you want to get your one to three percent raises you want to absolutely be a hardworking employee. There's nothing illegal or unethical about what we're encouraging people to do. And so I think that's a universal value honesty transparency trust good work ethic. Those are things that everybody should be able to relate to. And then the other part of that is where you put your values and that is where it gets challenging. And I think to some degree you're going to find what friends you're going to have long term and which ones you just won't be able to spend as much time with because when you get into a conflict of values your idea of spending money is or your idea of where you want to spend your money is putting into your 401k and then you want to focus on more frugal activities. That's one value and then if your other set of friends wants to go to Vegas you know and then go put it all on black. That's a different set of values and so there's kind of a a little bit of a battle being waged out that entire time and so I think the nice balances as you start to develop new friends look for people to share your new values and then always you know maintain relationships but figure out where that where that line is and what what point you're not willing to go past because I'm not going to sacrifice two or three years of work in order to do some of those extra activities. I'm not going to get the golf club membership.
401k, needsvswants, relationships, valuist
1099 - 1113 Brad Barrett Yeah that makes sense. As you started this podcast and the blog have you actually had conversations with family so like extended family about what you're doing what fire even is. Has this been an actual topic of conversation for you.
families, podcaster
1113 - 1164 Jonathan Mendonsa Yeah that's a great question. I have I don't mind talking about it you know I don't always frame it in terms of the ideas for me not have to not have to work. That's the part that I don't get into. Instead I focus more on the we're going to get out of debt. We're going to get rid of our student loans which most people appreciate with you're just doing it with a bit more intensity. I also don't throw other people's purchases in their face so if someone has you know a new car or you know I'm not walking around judging people for the decisions that they made. It's more when someone is telling me that they're thinking about purchasing a new car then I kindly encourage them or motivate them to maybe look at their alternatives. So you never want to go out there and just judge people people that have already made their choices and are therefore it. I mean who am I to tell you what to do. I've certainly made my own mistakes. So those are kind of the two different I guess guiding philosophies that I have mentored people when possible. Don't try to make anybody feel bad for a choice that they've already made.
college-loans, debt
1164 - 1328 Brad Barrett Yeah I totally agree. You can't you can't walk around judging people because then you're the jerk that nobody wants to talk to. So you know we're already kind of a little bit out there. While I think what we're doing is perfectly normal and what everybody should be doing it is on the fringe if you will just by sheer virtue of you know not a tiny sliver of the population or are living this lifestyle. So the last thing you want to do is be the jerk walking around telling people they can't go out to eat in full disclosure like and maybe this is one of those things where you're kind of you know sometimes the nicest or meanest to your closest and it's my parents just bought a new car and I tried to talk them out of it I been annoyed since they did it and they're about the only ones that I'll ever like flat out tell it to their face like Man I really wish you didn't do that. But you know it also kind of ties into Isaac's question which is I find that not everybody is ready for this information and people don't want it shoved down their throat. They just want to live their lives. And it's hard to change people's behaviors. But you know you just try to model it in your own life by being frugal like Liz does with the potlucks having friends over instead of going out for a $200 dinner or something like that. And maybe that'll help. Laura and I and this is to Isaac's question. We don't talk about this with our friends. We don't talk about fire. I think most people in my social circle if you will like know that I have web sites and that I do the travel rewards stuff. So I'm not 100 percent sure that most people know that I'm as hardcore on this fire path as I am or that we do save a huge percentage of our income. I suspect some people do but I don't know who and you know it's just not something that we talk about that often. If it came up in conversation I'd love to chat about it but it's not something I ever go around. Like oh I'm saving a lot of money and you know that's not you're not going to have a lot of friends if you do that necessarily. But Laura and I had some friends over a couple of weeks ago and like we made it where instead of going out to a brewery which you know there are a ton of craft breweries here in Richmond and you know we do that a lot with our friends but instead of doing that we just had like what we call like a beer tasting at our house so everybody literally brought over like six or 12 years you know each couple and six years you know of all different kinds and we just each we had some tastings and it was like six or seven bucks to get or for craft six pack of ten bucks let's say instead of going out and buying you know $6 beers at a brewery. So something like that was little. But is that going to change behavior for our friends and our group of friends. You know maybe maybe not. But we had a lot of fun doing it and it was so much less expensive than our normal. Let's go to the brewery and spend 20 bucks on three beers you know what I mean.
savings, travelrewards
1328 - 1371 Jonathan Mendonsa Yeah it's very cool. I think that most of the stuff that we're talking about is actually pretty non-controversial once you get into it. I think the part for me that I can see the part that I find myself avoiding is a part that I say that I want to I'm essentially going to retire in the next five years. Right. You know that's that's the part that if you do that suddenly everything else you did. Now people are looking at you like well why do you get to and I still have to work for the next 20 years right. I mean that's the that's probably the hang up that some people have and I don't know if that's really true. But in my own mind I think of everything I do. That's the only thing that I would probably hold back is hey I'm actually going to pull the trigger and hey I'm just going to be a stay at home dad or I'm going to work from home or all these other things. That's a part I could see myself avoiding to some degree.
20yearstogo
1371 - 1456 Brad Barrett Yeah that makes sense. That's just opening up a whole can of worms on the face of it. an Odd and controversial thing if people have never heard what you know retiring early most people are retired I think retiring early is 60 or 62. You know like whereas you're thinking about doing in your mid-30s so I can understand that being a very odd topic of conversation. I think it's just safer to talk about conscious or smart frugality not going out to eat all the time just in little ways like the ways that people might actually change their behavior. Many families are spending thousand bucks or more on food you know or going out to eat every month. And whereas you said you can do it for three hundred maybe everybody is not going to go down to 300. But if they can shave a couple hundred bucks off like that gives them a lot of breathing room. Not buying that new car every couple of years like these things that can make huge differences whereas like you know people are not most people that you know are not going to retire early. You know they're not going to read Choose FI and listen to the podcasts and just change their lives. There might be a couple and that's going to be extremely gratifying for you to you know to have made that difference. But I mean if you can even make a little difference that would save somebody a thousand bucks a year you know which they could do in their sleep. That is huge. I mean we talk about people living paycheck to paycheck. If they had a thousand or two extra dollars a year for it just a couple little life hacks like that makes the difference all the difference for people. So yeah I mean I think that's a smart strategy personal.
families, frugality, lifeoptimization, podcaster
1456 - 1457 Jonathan Mendonsa Cool.
1457 - 1461 Brad Barrett All right Jonathan I think you got a couple of e-mails that you wanted to mention on the air as well.
1461 - 1564 Jonathan Mendonsa Yeah absolutely. So this first one I got came in actually this morning as a recording this from Evan and Evan says hey guys I heard you on the radical personal finance podcast I just got done doing my taxes for the year and I think I may have stumbled on to something I haven't read anyone doing this before although I'm sure people have. But I think he'd be helpful for folks to hear about. Here's a short story. Self-employed. Last year I paid around eight thousand dollars in taxes this year making the exact same amount and we paid around 2000 taxes and my technique involves fully utilizing SEP and individual 401k plans in addition to the traditional IRA and Evan apparently has made a bunch of spreadsheets to optimize what what he earned in terms of income salary and to minimize his Social Security and Medicare payroll tax. And he also was able to maximize his Earned Income Tax Credit and a saver credit while paying $0 in federal tax So Evan says Hey let me know if you would like for me to send over the full article or talk about this in detail. And so this is my open segue to say yes Evan we want to talk to you about this stuff. And in fact that's what Brad and I had in mind for this. We keep saying it. This is by the fire community for that fire community. So we're going out and grabbing people that have been doing this for five six 10 years and have just tons and tons of content and they note a lot of stuff and they've packaged it really well and we're bringing them on the show and they're sharing it with us and we're learning from them. But there are millions of new articles that are being written every single month and some of them are game changers. And so what we want to do is if you have a good idea or you know someone has a really good idea we want to find that content and we want to talk to you and we want to get those ideas out there so we can all benefit from them. So Evan is our way of saying absolutely send it all over let's have a conversation and talk about it.
401k, ira, podcaster, sepira, socialsecurity, solo401k, tax, traditional
1564 - 1605 Brad Barrett Yeah. Just to add to that we're not just looking to have on famous bloggers here on the Choose FI podcasts. This is for the fire community by the fire community as Jonathan said. So if you have an idea I don't care if you have a blog or not. If you've been living this life and you have some hack that you think would help our audience and help the community get in touch with us. We'd love love to publicize it and love to get it out there and helping other people is what this is all about. So please don't think that we're snobs here about oh you have to be some big blogger to get on our site. That is not it at all. We love love the input so thank you.
blogger, podcaster
1605 - 1637 Jonathan Mendonsa Alright Brad and we had another comment come in and this one was directed at our travel rewards episode how to travel the world for free the easy way and this is from Sarah and Sarah says we just found your podcast. We're really enjoying it. I have checked out various travel rewards sites in the past and I quickly got overwhelmed. But listening to you guys talk it out sounds much more achievable. And my question is do the points earned. Do they stay with the Chase Sapphire card etc or do they. Do they expire after a certain amount of time or do they just expire when you close the card. Brad you want to give her an answer on that one.
podcaster, travel, travelrewards
1637 - 1802 Brad Barrett Yeah for sure this is a really great question. So with the Chase Sapphire preferred the points do you reside in your credit card account. And as I talked talked about on our travel rewards podcast The great part about those points are that they're so flexible because you can transfer them out so you can transfer them to 11 different airline and hotel partners and then from that point on they are no longer related to your Chase account at all. So for instance if you logged into your Chase account transfer at all your points over to your southwest airlines account then those points are no longer chase points. They are Southwest miles and they are subject to the expiration policy of southwest. OK so Same with all the other. All 11 partners. Now each of those partners have different expiration policies so theoretically they could expire. But let's just say let's just game this out so you open up the sapphire preferred today beginning of March and you get your bonus points a couple of months from now and it's coming up on a year and you're contemplating whether to leave the card open or close it. And you know that's not my business at all whether you do. But let's say you want to make that decision you can transfer the points to let's say British Airways and then I think British Airways off the top of my head has a three year expiration policy. So that would give you essentially from the time you open the credit card for years to use those points because you have the year where you kept it a chase and then you sent them over to British Airways and you have another three years. So it's also very easy to extend the expiration when they're in the airline or hotel rewards accounts because generally speaking any activity resets the clock on the expiration so that theoretically make those points last forever. So that's probably the easiest way. Then just real quick the other way is if you have another chase ultimate rewards account you can combine them into that other card. So you know again hypothetically if you are going to close this sapphire preferred since that's your question and you had let's say the Chase Bank business card open you could or the Chase Sapphire reserve you could combine those points into the other account that you're leaving open and then they stay there at the Chase level where they're transferable. So those are basically your two main options but just the final word on answer your question is if you did close the credit card while you still had the points in that account you would lose them by the very easy way is to just transfer them out before you close the card. So Hope that helps and thanks for the question.
podcaster, travelrewards
1802 - 1823 Jonathan Mendonsa And we had a second question kind of in the same line. This is from Chris and he wanted to know you know him and his wife both have been building up points ultimate rewards points and each have about 100 and some odd thousand and they want to transfer it for one flight and they wanted to know Can Chris transfer his rewards to a transfer partner in his wife's name. Or do they always have to stay in Chris's name.
1823 - 1910 Brad Barrett OK so if they both had the ultimate rewards accounts you and the details get pretty specific here. You can combine chase points with a member of your household. They can combine them into one Chase ultimate rewards account and then transfer from there to let's say it's Chris's account that they transfer that they combine them into. They could then transfer them out to Chris his United account or British Airways account or whatever whatever airline they decide now it comes becomes a little more complicated when you try to transfer to a travel partner from your spouse's credit card accounts. And again this is getting into the weeds here but with Chase ultimate rewards let's say Chris had his Chase account but they wanted to transfer the points to his wife's British Airways account. They could not do that unless she was an authorized user on Chris's account. OK. So that's what Chase says to transfer them to a travel partner. You have to be a household member and you have to be an authorized user. So as we discussed in the travel rewards podcast it's not ideal to and authorize users just because it chases 5/24 rule. It kind of loses some of your future flexibility so we don't advise that unless you have to show. The easiest way for them would be to combine them at the Chase level and then transfer them out.
travelrewards
1910 - 1920 Jonathan Mendonsa So that's the simplest way if you both have chase cards you combine them at the Chase level and then use that one big pot to move them where you want to go. All right great. I think the answer that question very well.
1920 - 1931 Brad Barrett All right Jonathan So moving on I wanted to get an update on how your your quest to lose 30 pounds before April 22nd when your son is born is going.
1931 - 2120 Jonathan Mendonsa Yeah man looking at look at that ultrasound right now. I'm I'm crushing it right isn't that what and Vanderchuck says I am crushing it. I am down let's see so I started around. I was around one hundred ninety seven hundred ninety eight pounds. I'm down to just under 182 pounds so I'm right about where I need to be 16 or 17 pounds in and about seven weeks six or seven weeks in just over two pounds a week. I am right on track. You know it's actually been really challenging because I'm I'm I work full time and then I am pushing this blog and this podcast I'm trying to get to a certain level before I even slow down at all. So every free minute I have is going to either responding to an email or creating new content or creating. It's not a pity party but it's just this is the reality of where I'm at 40 hours or more at work and then probably another 20 or 30 in creating this thing. And so that's that has meant that I don't have as much time to do the exercise component which meant I have to be hundred percent dialed in on the diet component. And actually this has probably been the easiest I've ever had it with dieting. I cut out all the process sugar that I told you I was going to get rid of. And my energy levels have been just perfect for three weeks and that never happened. I mean I'm always crashing highs and lows highs and lows but just from cutting out all the process sugar. I wake up every morning around 6:00 a.m. usually Brad and I are texting by 7:00 to figure out what the plan is for the day. And I mean I have just unbelievable energy levels and a couple of things that I think are key to my success. I've really invested for a while now and just making good coffee. That's one that's a great source of caffeine. This is my one little vice. I do buy these large 24 packs of monsters these zero calorie monsters and about once every two or three days I will have one just for an extra kick and that is like that is it. Everything else is 100 percent clean food food. I am going to bed on an empty stomach more or less. You know I have that. I think that question before was well when you stop eating. I just do dinner. So you know whatever dinner is. And it's usually a very clean dinner so sweet potato or chicken or a salad or something else. And then one day a week I am doing a fast day. And so it's usually there on a Thursday or Friday. I one day a week do a 12 hour shift at work so I usually time in around that. And on that day I'll still have caffeine. I have one of those monsters I'll start off my day with some coffee. I'll try to make sure I drink plenty of water and you know just grind your way through it. But I am yeah I am absolutely going into new territory now so if I can keep this up for another I don't know whatever it is. Eight weeks I guess is what I have left. Six to eight weeks I should absolutely hit my goal there and I think it's pretty cool. Now for those of you that have sent us messages asking about some of the other content that we promised recipes meal plan ideas all that stuff is coming it's in the pipeline. Once we get this content down for you we anticipate that it's what we like to call evergreen content it's always going to be applicable it's going to be here as this living resource for you that you'll be able to access anytime anytime you want. And so you know part of that was this little three month transformation and I hope that you find what I'm doing to be something that's relatable you do not need to lose three pounds a week and do it. What I'm doing in this three month process. But if you wanted to you could.
blogger, followup, mealplan, podcaster
2120 - 2130 Brad Barrett That's so awesome. And I mean what you just said there where you're not were you just feeling better. Right. And it's not just losing the weight it's not having those crashes right.
weightloss
2130 - 2134 Jonathan Mendonsa You can stop wearing sweatpants. Right.
2134 - 2139 Brad Barrett So it's so huge so yeah I mean that's that's absolutely phenomenal. Congrats man.
2139 - 2149 Jonathan Mendonsa Thanks. Thanks I'm feeling pretty good Alright Brad so what about you. I wasn't the only one that made a health commitment you said you are going to get your way to a six minute mile and 15 pull ups How's that going.
health
2149 - 2228 Brad Barrett Yeah it's it's going it's not going quite as well as yours. To be honest but this might this might actually make one of the outtakes for one of our guests that we just recorded recently. But I I've been learning actually Brazilian Jiu Jitsu which is something that didn't make our health episode but something that I've just been really really into. It's just such a phenomenal discipline and such a neat thing to learn. But this is so pathetic. But we were practicing this one particular type of submission hold and my throat got kind of screwed up a little bit so I have not been exercising the last like week or two as much as I'd like. So that's my little excuse for the day. But what I decided to do was so I'm up I'm up to now 10 pull ups which is not bad. Yeah. And on the six minute mile I am so unbelievably lazy that I just like can't go out to a track like that just. It's such a mental hurdle for me. But I do go to the gym. So what I decided to do was to try to do this and this might be cheating honestly but I'm ok with it for now at least which is go on the treadmill and set it to 10 miles per hour which is a six minute mile. So if I can run for six minutes at 10 miles per hour on the treadmill that to me is a six minute mile I'm sure you know I'm it. Does that sound right.
health
2228 - 2229 Jonathan Mendonsa That's a hundred percent, that's a good starting place.
2229 - 2288 Brad Barrett somewhat reasonable. Yeah. I mean the real track athletes out there might scoff at that but. But I'm OK with that for now. So I'm up to the last time I went. I got to I think two and a half minutes straight. At that pace I probably could have went for more but just decided to kind of stop there. So what I'm going to try to do is every time I go to the gym just add on to that. And to me you know psychologically that's that's a nice way to go about this show. If you notice over the podcast like I'm always talking about like the psychological impacts of things like for me like maybe I have a lot of mental hurdles that I have to overcome but you know I think I'm probably a pretty pretty normal but financial independence I think is a lot about psychology and I think exercise is too. So if I can set up these little things if I can just beat that two and a half minutes by five seconds the next time it's not going to be too long from now that I'm up to that six minutes so that's kind of how I'm approaching it. So the short answer your question is two and a half minutes 10 pull ups right now.
podcaster
2288 - 2312 Jonathan Mendonsa All right. Let's see. So what else do we need to catch up on here. another thing we said we were going to do is I going to pay off my student loans and I estimate that I have about five paychecks left four or five paychecks left now. I get paid biweekly. And so the way that I always track it is how many weekends of work do I have left before I'm done with my student loads. And so yeah I got about five more before I'm no longer sending anything to the government. So.
college-loans
2312 - 2313 Brad Barrett That is amazing.
2313 - 2337 Jonathan Mendonsa Yeah. Yeah. It's going to feel pretty good man it's going to feel really good and I use um know when you doing it for that long period of time I actually use personal capital I use that to track a lot of my expenses plus my debt reduction and Man that little thing has been going down one tick mark at a time for the last three to four years so it is going to feel really good to see that that part level off and then it just be you know investments in taxable accounts from there. So very cool stuff.
debt
2337 - 2358 Brad Barrett And you know just a quick quick thing here is you know Jonathan mentioned personal capital that's a free tool that we use to track our income expenses net worth. And I think it's well worth signing up for. It's really phenomenal. And you can sign up for it for it through choose F-I dot com forward slash personal capital.
networth
2358 - 2371 Jonathan Mendonsa Yeah I've been using this for a long time but I found out recently that they do have an affiliate program so it's pretty cool. We were actually able to get an affiliate link for that so if you want to support what we're doing. Yeah. Please consider using that link when you set it up and you won't regret it. Brad.
2371 - 2379 Brad Barrett Yeah it's a phenomenal tool and yeah it's it's free. No reason not to sign up so choose FI dot com slash personal capital.
2379 - 2416 Jonathan Mendonsa So you know this was our first Friday round up this is we have promised you all that this is interactive and this is what it looks like. We want to open it up to you send us your comments your e-mails you know we're going to get this voicemail feature set up at some point let us know what you're enjoying. But this is this is for the fire community. Isaac was saying you know in that comment that it feels lonely. You know it feels lonely in your neighborhood maybe but that doesn't mean that there's not millions of other people out there that are looking for the same freedom that you're looking for. And we just want to provide essentially this playground where we can throw these ideas out there and see what works and then get feedback on it and figure out how to make them better together.
2416 - 2478 Brad Barrett Yeah I totally agree. This has been a really fun first. First Friday episode I'm glad we recorded it. And you know like Jonathan said you know we need your input we want your input so you know please get in touch. That's that's what this is all about for us. We love talking about this. We love interacting with you. So get involved and and yeah just you know the last thing is the best way that you can support this podcast is to listen is to subscribe on iTunes or stitcher or whatever podcast app you use. And please rate and review us on iTunes. I know we say it a couple of times but we are really just getting started. And while we have really struck a chord with people and we're getting you know more downloads and we could have ever imagined at this point like the best way for us to get this word out is through iTunes and through appearing you know higher up in their rankings and the way that that happens is when you go there you rate and review it and more people can see us. So as always we really appreciate your listening. We really appreciate you being involved so thank you.
testimonial
2478 - 2485 Jonathan Mendonsa All right guys. Well this brings us to the end of our first but definitely not our last Friday roundup. We'll see you next time as we continue to go down the road less traveled.
Jonathan_Catchphrases

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