022R - Friday Roundup

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These transcripts are a work in progress and the initial transcription occurred via automation, so transcription errors are not just possible but likely. Please report transcription errors by clicking the icon at the end of the stanza containing the error.


Time Speaker Text Tags
0 - 8 Jonathan Mendonsa Can you believe that we are in the middle of May 2017 this year is flying by. I mean it's like living in the future every single day. How you doing man.
8 - 20 Brad Barrett I'm doing quite well. Yeah everything's going well. It is hard to believe how fast the year is flying. Yeah we have our pool is actually opening up for the girls swim team next week which seems crazy but in time is fine.
20 - 30 Jonathan Mendonsa And I just found out that I have Memorial Day off so I don't have to worry about Justin teasing me on that day that I have to work because I am I am I'm going to be at home and just relax and maybe go to the pool just like you guys.
30 - 31 Brad Barrett Sounds like a plan.
31 - 108 Jonathan Mendonsa By the way Justin from Root of good you know guys how much he teases all of us that are stuck at work. Any time any time we have to be at work during the week. The manager just flaunting his financial independence so it is my personal goal to get to FI quickly as possible just so I can say shove it. Man I'm there too. So guys this past week we were talking about the true cost of car ownership and specifically we were looking at you know how you can win inside the margins. Brian and I are in the camp that most of us at the end of the day especially while we're not FI are going to have a car. Now you can certainly not do that. You could certainly bike to work or come up with a moped or use some other means of public transportation. And if you can get away with that great. But for the majority of us probably 90 plus percent of us that are listening to this show. We recognize that we're going to have at least a car in the family. And so then our own particular perspective on that is how do you win inside that construct. And we kind of came to the conclusion based on the math that we looked at that if you pick a car that's already taken the depreciation hit a five year or 10 year old car that's a gas sipper of the different scenarios that we put to you guys. That is going to be your best case scenario. It's going to cost you the least amount of money. What I came away with is even in a perfect world scenario where you do everything right. The cars still going to cost you about two grand a year minimum which is a lot of money.
commuting, workfromanywhere
108 - 180 Brad Barrett Yeah it certainly is. And I mean I know personally I don't drive that many miles each year and my car is sitting there and you have your insurance. You have to deal with the depreciation. I mean it definitely adds up. So even for people who think oh my car doesn't cost all that much it as Jonathan showed it really does. And I think one thing we've tried to get across through the first 30 odd episodes here at ChooseFI is that the structural expenses are what really move the needle on your path to fi. So whereas many people out there you might be saying Hey I've already bought this house that is a little more than I probably should of had I known about FI earlier but and you know that might be frustrating and you might not move up and sell the house tomorrow but with your car. That's something that you can actually change fairly readily. So to me like this is absolute essential pillar of FI here is dealing with your structural expense of your car. So I think everybody needs to pay attention to this and go back and listen to that episode. You know especially how much your car is costing you over 20 or 40 years if you're constantly buying new cars or as I said managing the payments and leasing a car or something like that. So this is this is a big dollar figure.
commuting, insurance
180 - 244 Jonathan Mendonsa We had some pretty cool feedback on this episode. Matt sent us a comment and he put it in the subject line he put FI teacher nerd alert but this is a really cool e-mail. He said I made a compound interest problem out of this episode and he used it in his algebra class today then him in this class they discussed the math behind why buying a brand new car is not a smart decision. So many people buy a new car right out of college but invest in the amount of a monthly car payment for five years turns into a staggering number when compounded over a 30 year working career. Even after you stop after five years that new car is cool right now. But is it worth not having $200000 later. And he said thanks for the information guys. Teenagers love the idea of FI but no one teaches it to them. How cool is that man that there is one class in America that got exposed to this math at the age of you know 15 to 18 and they're going to get a chance to do something with it. And you know when you really show them what the long term numbers look like there's a solid chance that a few of them will make that slightly better choice based on that math and it will just set them up for success down the road especially if they compound that knowledge with some of the additional stuff that we talk about.
2ndgenfi, teacher
244 - 310 Brad Barrett Yeah that's incredible. I mean talk about second generation fire and Matt is making an entire class of second generation fire people so that is really super cool. And what I always say to people is I've thought about this a lot. I remember my first job I worked at one of the big four accounting firms and some of my colleagues who were you know 22 23 year old kids at that point you know we were just getting started but we had a decent starting salary a couple of them actually bought BMW. And I remember at the time thinking just how utterly stupid that was but now looking back and thinking about the compounded cost of that insanely stupid decision. I mean that's as Matt said that's hundreds of thousands of dollars and it's just to look cool. Right. Like what 22 year old kid needs a 30 plus thousand dollar BMW it's just absolutely asinine. So if you get amazing teachers like Matt teaching you at 15 maybe you don't make that decision and maybe your at FI. at Thirty five. Just because a couple of decisions right. This car house hacking like Coach Carson mentioned to us. I mean those two things alone could essentially get you to FI by 35. Right.
2ndgenfi, commuting
310 - 342 Jonathan Mendonsa Yeah. And to me that's the mass appeal of the show. You know when you're Listen these episodes and you're thinking oh it's too late for me to apply this to myself. You've got to have kids. And how cool is that that you can mentor your kids. If I knew then what I know now. Teach your kids if you're a teacher. Teach your kids. You know this stuff will change their life. And honestly that single class that Matt had the other day that could be the one thing that they remember 20 years from now I mean Brad do you remember anything that you learned in high school like do you really remember anything you learned in high school. I would remember that.
342 - 345 Brad Barrett Yeah I would remember that. And no I remember just about nothing. Yeah.
345 - 478 Jonathan Mendonsa Yeah. And how often is that the case guys. I mean high school is important there's a lot of good stuff that's being taught in high school but we are failing our kids when it comes to some of the most important things. And I don't know why that is I don't know why we can't spend more time doing what Matt did and just giving them the tools they need to ensure their financial freedom and that of their future families and future generations. So this stuff is important and it applies to everybody. I think that's what we see more and more. Everybody needs a baseline of financial education and they're just not getting it. So just making a few changes and the information that we're giving our kids can have a massive impact on our next generation. So I stumbled around a couple of their mentions on the web on saverocity in the finance. He's been listening to a few of our episodes and he occasionally has some commentary on it and I thought this one was pretty interesting. I think it kind of rounds out our conversation. He basically posed the question is your car a cost center or profit center. And I'm going to quote just a small portion of this he said. Financial independence enthusiasts typically frame the question of car ownership. Something like this. Is it better to pay more in rent to live within walking or biking distance of work or pay less in rent but be forced to own a car in order to get to work. In other words you can tally up your total expenses for housing and car ownership. Under both circumstances and the one with a lower total cost is your best bet for achieving financial independence leaving as it does more residual income to invest. The problem with this framing is that it treats your cost as variables but your income is fixed and indeed this is how most people go through life given a job. What is the most cost effective way to build your life around that job. I think this is a really interesting perspective and good insight on his part I think. That and much of the FI community that the argument is just should you commute to work in your car or should you arrange your life to be in a position to be very close to your job where you can bike and make that extra money. And I think his position in that is your income is variable and your income is extremely important. In some cases driving to work will allow you to get a much higher income which is the engine that gets you to FI. And we're going to be talking about that actually this upcoming week on Monday with E.s.i. We're going to do an article called Career hacking how to supercharge your career. But I think that that's a very interesting perspective now in this particular episode. On Monday we were actually focusing on assuming that you're just going to have a car that's what you're going to do. How do you win inside that construct. But I think that's really insightful don't you Brad.
2ndgenfi, commuting
478 - 555 Brad Barrett Yeah I definitely do and I actually want to take a just a step back and talk about the bicycling for a second because I think this is one of those things like what we are all about here is people taking action and people understanding how easy this whole FI lifestyle is because as we've said repeatedly we A are not perfect and B we're just regular guys living a regular middle class lifestyle and you don't have to be that frugal weirdo who everybody kind of laughs at right like and to me the bicycling is the one aspect of the mainstream FI if you will that just isn't mainstream at all. And I think it's one of those things that could potentially turn people off honestly because it's just not realistic. If Mr. Money Mustache listens to this I can basically hear him face punching me now. Right. But realistically 35 year old suburban dad is just not going to ride his bike to work down. You know I have 45 mile per hour roads that I that I live off of. I'm just not taking my life into my hands because other people are driving their cars past me. It's just not happening honestly and I know this might sound a little extreme for me but that it's just not something that's going to happen. And I guarantee you. Ninety eight percent of people listening to this are saying yeah I'm not riding my bike to work. So if that's like a central tenant of FI. Well I'm not in.
555 - 562 Jonathan Mendonsa We need to make biking a pillar of FI. Maybe maybe we'll let the competition ride up for next year. Definitely didn't make the cut this year though.
562 - 639 Brad Barrett No I don't want to get me out of that area. And I think some people would put it as a pillar of FI now. I think it's fantastic exercise and if you can get to work safely and easily you know. Yes I absolutely do. But is it one of those things that if we make it a pillar of FI like are people going to be turned off. I legitimately think they will. Oh yeah for sure. So I think that's what you and I have gone out of our way to basically say like that's just not going to work for our lifestyle. Now it might work for Pete it might work for Jeremy from Go Curry Cracker. And that's great. You know more power to him but that is not something that's essential. So I agree with this article on saveracity and it's a very interesting point of view that you should do what you can to maximize. Now I would also throw in your life happiness is important and I think anybody who listens to the show regularly knows that that happiness is something that I'm trying to maximize in my life. To me that I don't want to be in a car for 45 minutes a day. I would lower my quality of life significantly. So I understand the point of living fairly close to work because like when I didn't have to commute to work it was it was an eight minute drive. It was four and a half miles and that was fantastic. So I definitely appreciate the concept of moving somewhat close to work. But again the bicycling is just a bridge too far for me personally.
639 - 739 Jonathan Mendonsa You know what. That actually sounds too close because in the perfect environment you would need enough time to listen to one podcast episode right. That's got to be built in your day. That is like I count for one podcast per commute so I get to podcast episodes per day. So I think like the perfect balance would be you'd have a commute. Yeah can't be an hour. So now you have minimum 10 hour to 12 hour days especially if you live in one of these urban areas where you've got a lot of traffic as well. Well that sounds horrible. Yeah that sounds tough. I mean the challenge was something though. I think that biking to me sounds horribly inconvenient if you've got to be somewhere at a certain time and I'm going to get some blowback on that because people are going to say Well traffic everything else but for me that sounds really inconvenient as I have to be a professional shirt tie have to be at work but on the flip side of that would if I were actually in Pete's shoes or Jeremey shoes were actually was FI and I'm picking locations that I've designed the life I want and this location is perfect for me. Would a bike make my life more fun or enjoyable then I could actually. For their specific scenario and if I were in a position post-FI where I've completely designed my life the way I want it so I rented in the exact spot that I wanted. I've got all the amenities and the exact locations that I want. And it's a very biking friendly area and I don't have to be at the job at a certain time because I've again designed that life. I could totally see that or an electric bike I know Pete talks about that or urban moped. Any of those locations. Like I'm not selling that to the person right now I'm just saying for me on post-FI would I go down potentially to one car and then maybe have a bike. I mean maybe just because they've gotten me excited about the idea and I'm not even particularly passionate about it but it clearly brings a lot of joy to Pete's life. Would I be willing to try that as a thought experiment for six months. Yeah I think I would.
739 - 751 Brad Barrett Yeah that's a very valid point. I would. I'm always up for trying anything and that does sound certainly better than than being and being in a car all the time. So yeah I'm definitely with you in that perfect world FI design life.
751 - 764 Jonathan Mendonsa We're building that perfect world. It's coming it's coming we're building it right now. I like it. This was from Orange lightning and they got excited about it a couple of weeks ago and they sent us they found these things called cargo bikes have you ever heard of these Brad did you see the picture.
764 - 765 Brad Barrett I did not actually.
765 - 821 Jonathan Mendonsa I'm going to send you the link for it. This thing is freaking cool. So they apparently get a lot of attention for in fact at one point they even created a Web site about it. But we'll put a link to it on the show notes. But these are like totally utilitarian bikes that's got room for their two kids on it. It's got storage on the back. I mean it just looks fun. It looks like fun with two wheels. And so we'll put a link to that in the shownotes if you all want to see something a little different that somebody else has figured out. And these are not frugal bikes I mean these are five hundred dollar plus bikes but I mean you can tell that they get a lot of enjoyment out of these things. And I haven't seen anybody else talking about it so you know $500 in the spectrum compared to maybe a car that's costs you seven grand a year is not that much money so definitely if you are interested in what somebody else is doing. Go check out we'll have a link to that in the show notes so you can see it. And very cool stuff. All right guys so we actually got a voicemail from Rebecca and she has a question about her car. And she left us a voicemail so we're going to get a chance to play it for you guys.
821 - 895 Rebecca - (voicemail contributor) Hey guys my name is Rebecca I live in Charlottesville not too far from you. I've really enjoyed listening to the podcast I have a question. About cars for your upcoming true cost of car ownership podcast episode. I bought twenty ten. How much does the RV this past fall. For about 13 hours and maybe a little more in taxes and fees. I currently owe just under 6000 on that the interest rate is pretty low somewhere around 2 percent. I'm trying to pay it off early. I'm wondering I'm a single person and I'm wondering about getting a different car and selling that one and instead getting maybe a 2009 Honda FIT. Which should be under $70000 probably probably closer to 6000 ideally wondering about the cost what you suggest. The CRV jsut feels like a lot of car for just one person. So I'd love your advice and opinion I'm not sure it's a good idea to turn around so quickly and get a new car but I feel like the FIT would be a better fit in my lifestyle. I'm not sure about the cost. Thanks so much.
895 - 999 Jonathan Mendonsa Alright Brad. I feel like this is definitely a doable question at least talk about it even if we can't necessarily get the perfect answer we're going to try and give you a little bit of an answer. I mean this one is probably just in the back of my mind is I'm thinking this is probably going to net even it sounds like you already made a pretty decent choice with your first selection. I don't know when you bought it but if you just bought it within the last couple of years I think you said your initial purchase price was $13000 and it was a slightly older vehicle which was you know as you listen our episode you'll come to the conclusion that's a pretty good choice right out the gate. It's also not a large SUV it's a smaller crossover SUV. So you're already getting slightly better gas mileage as well although you could certainly do better with the Honda Fit. So my initial thoughts are you're always going to lose on cars your are going to save some money immediately just by getting better gas mileage in the Honda Fit. I think the information you would need to know in order to really flesh this out or if you went on line and you took a look at the Blue Book value what could you sell your CRV for if you'd sold via a private seller. The cool thing is you know because you've been able to do this from from a good place. Now for an emergency place you can make sure you get a good buy on both ends of the equation. And so it's kind of inside the inside the margins. I think probably either of those is a decent vehicle there's not like a really a bad choice here. But the big thing is you essentially want to get to the you want at whatever car you end up settling on you want to drive this for a long period of time and because you have a Honda that's going to be very easy to repair either way. But if you can follow Brad's advice and just hold this thing for at least 15 years and I think honestly you're probably going to net even even if you switch it over to the FIT. But if you can hold this thing for at least 15 years before you end up going with your next vehicle you are just going to come out miles ahead.
999 - 1049 Brad Barrett Yes Jonathan said I think the one piece of misinformation is the actual bluebook value of the CRV. So maybe and you know honestly we could have looked that up after we got that voicemail. But that to me is the missing piece of information because I guess what I would take a step back and just say Rebecca clearly doesn't think that the CRV is perfect for her lifestyle at this point. So that might be the deciding factor for me that maybe the fit makes a little more sense. I would imagine so if she bought the CRV for $13000 this past fall and it was a 2010. So the vast majority of the depreciation would have already happened. So it's not like she bought a 20 17 or 16 CRV and then it would have been a probably a calamitous amount of depreciation. But I imagine she can probably sell this thing for I don't know ten thousand.
1049 - 1110 Jonathan Mendonsa Yeah and actually Brad while you were talking about that I went ahead and just took a second and pulled up the Kelley Blue Book. Now we don't have all the information on the model and all the features in the condition but just assuming it's a baseline and good condition it looks like private parties selling you should get to get somewhere between eight and nine thousand dollars so frankly what did you say you know you know six on this on this vehicle currently and you're looking at getting a Honda Fit that's going to cost about the same as what you know if you ended up selling this thing you're probably going I would say you're easily going to make minimum 7000 all the way up to right around 9000 which might even give you a little bit of equity backed it to decrease the cost of what you owe and you could apply that towards the fit and you could easily come out of this with a fit if that's going to make your lifestyle a little bit easier. The gas mileage is certainly going to be better. And as soon as you get this thing paid off then you can decrease your insurance down to just liability and between both those two things you will have dramatically decreased your total cost of car ownership. And then just drive that fit for the next 15 years as a little econo hatchback gas sipper and yeah you're going to win. How's that sound Brad.
1110 - 1123 Brad Barrett Yeah that sounds very good. I think that's that's good advice. It definitely comes down to lifestyle. So I think if she wants to move towards the fit then I think it makes some financial sense. I would definitely be onboard with that decision for sure.
1123 - 1166 Jonathan Mendonsa You know historically in my past the things that motivated me to get cars was more how the car looked. I think you know just in my pre FI life things that motivate you are just totally different. You know you're trying to keep up with the Joneses you're trying to keep up with your friends you know whatever those influences may be. But in our community and the community that we're building our goal is to get to financial independence and you start looking at vehicles as utilitarian pieces that will allow you to get there faster. And in that construct it makes sense to get a vehicle like the Honda Fit that may be the perfect vehicle. Right now you're going to have more storage super great gas mileage. I think that probably at some point we will determine that that is the favorite vehicle of the fi community.
1166 - 1205 Brad Barrett All right. So I think this was a great discussion about cars to add to our true cost of car ownership. Podcasts that came out on Monday. And just to put the finishing touches on this I basically just want to say don't buy a new car. I think that right Jonathan that's our biggest piece of advice. I know in my own life my my parents actually just recently bought a new car and this was like a double stake in my heart and I swear they not only did they buy a new car like a $30000 car but they actually sold their investments sold some of their mutual funds to buy this stupid car. That it's just as you can imagine. Like my head basically wanted to expload.
1205 - 1212 Jonathan Mendonsa And You were recording this podcast at that point you hadn't gotten quite as far down the road but I know you had already started this podcast when that it happened.
1212 - 1219 Brad Barrett Yes. So you had been waiting to come out for quite some time.
1219 - 1221 Jonathan Mendonsa Acountant rage.
1221 - 1228 Brad Barrett Yeah yeah. Talk about don't piss off the accountant but unfortunately your family and sometimes the people who listen least.
1228 - 1231 Jonathan Mendonsa you're never a prophet in your hometown for sure.
1231 - 1267 Brad Barrett Exactly. But at least my brother listens to me so he. He's well down the path to FI. So it's good stuff. But yeah just in summation it's don't buy a new car that's just about the stupidest thing you could possibly do. And as we've discussed these are real dollars especially compounded over 20 or 40 years in investing lifetime. This makes a huge difference on the tune of 500000 to a million dollars. So please be smart when it comes to cars. You're not trying to impress anybody. Nobody cares if you have some stupid BMW or Mercedes Benz. Like just buy a reasonable used car and drive it forever. That is my best possible advice.
1267 - 1406 Jonathan Mendonsa OK sounds good. All right guys. So we have some huge news so you guys know that we have been for a while trying to set up this place where we could start doing these case studies one at a time for people that are in different financial situations and we can bring in these in-house experts I mean get excited about this with me guys we have got right now for real estate coach Carson there is honestly in this world there's nobody that I would get more excited about to talk to about real estate and have him coach me through the process then coach Carson it's built into the name and then for accounting there is probably nobody that gets more excited about just accounts in general and using the tax code to win then wealthy account. He's on board we got an episode coming up with him very soon. And guys here's my third one. We got two huge announcements today and I cannot stress to you how big this is. We have two more in-house experts that are going be fleshing this out. So you know choose FI's becoming the hub of the financial independence community and it is a weekly gathering place where your voice is heard around the nation. But even more than that it is becoming the home to some of the premier experts in our space that may not have their own individual podcast but they have decided that they're willing to come on and share their knowledge with us. As it builds a story and so its ongoing continuity information that builds on itself. You're not going to get this anywhere else. I mean this is going to be huge. And so we have two more names to add to this list. The first one is Alan Donegan from pop up business school out of the UK. This guy has been crushing it and I can't wait for Brad to tell you a little bit more about what he's been doing and then the other one that is going to have such an impact on our case study this month is big Ern from early retirement. Now I'll be honest with you guys the idea of me being the one to explain sequence of turns to you you know especially as you're going be taking this information in your 50s and then just retiring with it. That is a lot of responsibility and frankly it scared me and frankly it scared Brad. But we wanted to do it so we went out and we got probably the best guy in the country. I'm serious. Literally the best guy in the country to come on to be an in-house expert or sequence of returns. Big Ern is going to come on and be our in-house expert for that and he's going to actually be walking us through this information one step at a time so that you can take it and make a plan with it actually use it and you can get the best information in this space and apply it to your life especially if you're ready to pull the trigger right now. Brad what are your thoughts on that.
1406 - 1497 Brad Barrett Yeah Jonathan I am so excited about this. This is what we have planned from the very beginning of Choose FI is not making you and I the center of this. We just help facilitate this conversation between the community of tens if not hundreds of thousands of people. And the real experts in this space and the fact that these four people so far have had decided to basically be our in-house experts and be there when we need them and when we receive questions it is just it's so huge. And it just says so much about what we're doing here. And more importantly what this community has shown how active you guys are. It really is a testament to you. So thank you all very very much. And just real quick. So Alan sent us this email and Jonathan we're basically doing backflips. I mean he had he brainstorm nine different ideas two of all these things to do for the next year or multiple years. So he's talking about coaching one of our listeners to build the second stream of income or business live workshops that we can record. Even us coming to England and doing a workshop. I mean I was that was pretty darn cool to me. So he has all these incredible ideas and we just cannot wait to have him on repeatedly and. And yet as Jonathan mentioned if you are going to pick one person to have on as your in-house expert on all things technical and safe withdrawal rates sequencer returns big earn from early retirement now is the person. So we are just in a really fortunate position where where we can bring these people to you. So as you can tell we're just incredibly excited.
1497 - 1573 Jonathan Mendonsa I don't think there's anything like this has ever been done. And you know of long before we knew this was actually going to happen I was slapping crowdsourced personal finance on our featured images for our Friday round ups. But you know why these people are willing to do this is because you guys is because of you all's engagement you've shown how excited you are you've shown how eager you are to participate. And just like Brad and I are super excited to share everything that we've learned over the past five 10 15 20 years these guys are too. You know they want to put it out there and I don't think any other community wants to share their secrets as much as the FI community does. We are desperate to get this knowledge out there and have an impact in someone's life just to help without without asking of anything in return. And it is just unbelievably rewarding that you all are responding to this and that these in-house experts are willing to join us continue to build the story about what the road less travelled looks like. And one thing I got a really big kick out of was Alan called us out he said Guys I love the pillars of FI episode. I thought it was fantastic. Where was building a side hustle. And I think that is epically awesome and that he is right to hold us to account on that and we will probably redo the pillars of FI every single year going forward to have one episode a year dedicated to it next year. Alan just because of that plug we will make sure the side hustles makes it into one of the pillars of FI and we're incredibly excited that this is going to happen.
1573 - 1600 Brad Barrett And we'll have the links to all of these experts Web sites in the show notes to today's show. You can check them out. And as always just if you have questions that's what makes this so interesting. Just send us your feedback and feedback at Choose FI dot com send us questions comments. Anything that's that's what's making this such a vibrant community and making all these people want to be a part of it. So the more that you do the more of these experts we can get on. So again as always thank you very very much.
1600 - 1645 Jonathan Mendonsa All right guys we had a travel rewards question today and this is from Noah who has a website at money metagame dot com. And this question is currently struggling with the ultimate First-World fire problem. I have tons of miles and points from credit card sign up bonuses with no near-term use for it and it's really tempting just to cash them out and throw them into VTSAX. That definitely sounds like somebody in the fire community. I'm almost certain I'll find a better use for most of them towards travel in 2018 and beyond. But it feels so inefficient having them sit there idle losing money to opportunity cost and in the meantime this guy's hardcore fire. I would not lose sleep over that anyways. I do think our credit card strategy will be shifting towards cash back in the short term so at least I have that figured out. Do you have any ideas for me. Brad what are your thoughts.
indexfunds, travelrewards
1645 - 1666 Brad Barrett Yeah this is this is a tough one and as Noah said this is the ultimate first world fire problem. I think some people you know Pete from Mr. Money Mustache being probably the most notable just don't love the travel rewards aspect. Right. I mean Jonathan we sat there with Pete at camp mustache and he was very anti travel rewards he just wanted the cash. right.
1666 - 1667 Jonathan Mendonsa Yeah he wasn't feeling it.
1667 - 1753 Brad Barrett Now so I can certainly understand noah's point of view I guess what I would say is you're generally only going to get one cent per point when you cash these things and so like Chase ultimate rewards for instance you're going to get one cent per point so 100000 points are only worth a thousand dollars. But in all likelihood you can get two to four cents per point in travel value out of them. So if you transfer them to travel partners these are Chase ultimate rewards we're talking about so you can transfer them to 11 different travel partners. And I believe you can very easily get 2 to 4 cents per points or 2000 to $4000. So while no is saying that you're loosing them to opportunity costs. I do understand that but the likelihood in a year of you if you invest that money the thousand dollars in all likelihood it's not going to turn into 2000 to 4000 dollars. So if you realistically are going to travel in the next year or two I think probably the most prudent financial decision for me personally and I think you can argue that. But for me personally is to hold on to them as ultimate rewards points and then cash them in for that. 2000 to $4000 of of actual travel. Now this is all predicated on you not just arbitrarily making up travel that you're doing just to use the points right. So if you're doing that then that's not a very financially wise decision but if you're going to be taking this travel anyway then I think your best bet is to hold on to the points.
1753 - 1858 Jonathan Mendonsa Now you guys I think this is an interesting place to talk about. One other play that you might have that is just so unique and different and nobody else is talking about it other than the one and only millionaire educator and he has a slightly different approach. I know he does some travel rewards but he also does he loads up all the credit cards gets all the bonuses and then he uses the bonus as he cashes them out and then he uses it to fund his ESA account for his child each year so he gets $2000 a year. And you know it is completely free money. He doesn't to pay any taxes on it. And then it goes into an ESA account where it grows you know tax free and then it can be used for his child's college fund. So for those of you that have zero interest in travel rewards and you're never going to travel that you're still interested in how you can game this thing out a little bit. We'll put a link to that in the show notes. But millionaire educator is talking about he does it every single year. So two grand a year. You know if you want to start working on your child's education fund his ESEA fund. This could be a really cool tip for you that you could use even if you just want to game this thing out on the margins. And so we'll put a link to that in the show notes. It is definitely unique and innovative. I love the travel aspect so much. I like having that in my back pocket that for me. I can't I'm don't think I'm probably going to do that because I have a plan for those points but if you don't have any plans to travel and that was holding you back but you still want to win. You can fund your child's college fund $2000 a year every single year with tax free money without even breaking a sweat. So definitely put that tip in your back pocket and we'll put a link to that in the show notes. And for those of you that subscribe you're getting the link to the shownotes in your e-mail as soon as it gets released every single week so you don't have to think about where to go to get that. And if you're not subscriber you want to be going forward. You can just text choose FI That's one word choose F-I to 4 4 2 2 2. Or go to chooseFI dot com slash subscribe.
college, tax, travelrewards
1858 - 2037 Brad Barrett And we do have another travel rewards Question here from Satya And the question is I opened the Chase Sapphire preferred card last year and earned fifty thousand points and my wife opened it and earn 50000 points as well I transferred my my choice points to my wife's account. And at this point my wife has about 110000 Chase ultimate rewards points. We are planning to go to India next year and will fly from Chicago to India. But I am totally clueless of what to do now. Typically Air India Emirates British Airways and ASEAN have flights from Chicago to India and I was wondering how should I plan this. Should I open a British Airways card. Seriously I don't know how Brad does it because when I look at those miles charts I'm totally confused. I would appreciate if you could provide some tips on this. All right. So yeah this is a great question. I think a lot of people it's fairly easy sometimes to earn these points that there's nothing too terribly complex. You know we're opening these very targeted credit cards and they started with the Chase Sapphire preferred which is which is a great option but actually redeeming them can be can be somewhat difficult sometimes or at least a little bit overwhelming at first. So what I did was just looked at the list of airlines and I said Air India what alliance is that in. So I literally just went to Google and type in Air India alliance and it came up immediately saying Star Alliance. Now that I am thrilled with that is that was the perfect answer because how this works is United is one of the transfer partners of Chase ultimate rewards. And when I am looking for international flights United is my first option because they have a very easy computer to use so they have a very easy search engine to use. So if you literally just go to United dot com you just go to the main homescreen screen and where it says book travel you just put in your airport the airport you're going to I usually click my dates are flexible. So I'm looking at essentially one month or really two months at a glance. And then you just literally click search. So what I did was we're recording this. You know this is obviously May of 2017. I just did may have 2017 from ORD To h y d. That's the airport in India. They're looking to travel to and every single day in May. There are saver award economy. There's a little legend here that just shows like this blue dash that says saver award economy and then you just literally click and I would argue like you should just click on every single date and just see what flight options are available just because there might be one amazing itinerary on May the 18th that doesn't exist on May the 19th. So unfortunately there's no more efficient way to do it than that. But but this is pretty cool. Just seeing that there's availability every single day this month and it looks like I'm looking here at just some random day on May 19th. There is a one stop flight from Chicago to India and it's forty two thousand five hundred miles one way. So what that means is a round trip to India is eighty five thousand miles.
2037 - 2039 Jonathan Mendonsa That's awesome. That's amazing.
2039 - 2191 Brad Barrett And it took it took two minutes. Right. So they can just click around and see what flights are available. So I think this is very plausible. I think the key clearly is just getting 170000 United Miles. Basically what they need to do at this point so they have over 110000. So they need about 60000 more. So there are many cards like that. Chase Inc. Business preferred is an option they could open. United credit cards that would be a very plausible option. There's both a united personal and a business card. There are other chase ultimate rewards cards like the sapphire reserve though that one does have a significant annual fee which you can offset with. There's a travel credit each year. So it's actually not that bad. But but it is difficult to lay out over $400 in an annual fee and in one fell swoop. But I think that should be very plausible for them and really pretty easy to put together. So that's definitely my first step when it comes to ultimate rewards. Just looking at United. Now there are other options but none of them are going to be are going to be that easy and I definitely would avoid since since he asked specifically should I open a British Airways card. I would definitely avoid British Airways. The ironic thing and I know I've mentioned on previous podcasts like on episode 9 which you can get to with choose FI dot com forward slash 0 0 9. That was our main episode on traveler awards I mentioned how much I love British Airways points. Now there's a caveat there which is ironically they are terrible to use flying to and from Europe. So you think British Airways Do you think London and then from there you can go anywhere in the world. But British Airways points are actually terrible for people in North America flying to Europe or through Europe because they clobber you with these kind of junk fees that they call fuel surcharges. So I would counsel very strongly not going the British Airways route for this particular trip. Now British Airways points can be great actually in the U.S. on American Airlines and Alaska Airlines. So we talked about that in-depth on episode 9 but that is a great use of points. But that's what's so interesting about travel rewards is there are lots of these little details and that's why we really do try to talk you through it on on these Friday around ups and just take one or two questions every week. So I would advise everybody out there go head over to choose FI dot com slash travel. That's our main page the Jonathon's puts together. It has our recommended cards it has a bunch of articles and it has that podcast so if you're looking to get started that's that's really the place to do it.
2191 - 2272 Jonathan Mendonsa And for those of you that are really passionate about travel rewards and you want to know everything that Brad has to teach he's been consistently almost every single Friday round up drop in a new little bit of knowledge on travel rewards. So if you haven't yet gone back and listen to all of our Friday around ups I think they're entertaining. I think they're fun. I definitely think there's value there. It is kind of a live update of the show but you know you are going to get a little extra piece of the travel rewards puzzle with almost every single episode. So you know feel free to go back to the beginning. You're not too far back now and you can just kind of roll through these things and you're going to be an expert by the end of this year. And to be honest think about when Brad started laying out that question how difficult it sounded and he makes it so easy. So I benefit from his answers and I know you all do as well. So definitely go check out those Friday write ups and you're going to get a lot of knowledge from that. All right guys this is an ongoing thing and so we interact with you guys on a regular basis and we learn from you as much as you learn from us. I mean really. Brad and I would both be honest with you about that. And we had this case study a while back we had this problem that Kevin presented to us and it was specifically had to do with him and his wife being in different places and his wife's background and there was a little bit of conflict there in terms of them both being on the same page with FI. And we gave an answer in one of our Friday round ups and I think it was episode the Friday roundup for episode 18 and Kevin got back to us with some feedback and we wanted to read that today. Brad do you want to tell us all about that feedback.
2272 - 2346 Brad Barrett Yeah you bet. This was one of the best pieces of feedback we've received to date which is saying a lot considering every single day we're were blown away with what you guys are sending. So you know just to set the stage a little Kevin had had this issue where his wife came from an ultra wealthy background and he said she has a quote Ruth's Chris palate where they spend $700 a month on restaurants and he's trying to make moves towards FI. And I think they did it with their car and and other things but it just seemed like this was a bridge too far for his wife and I really took a step back in that Friday around up and it was episode 18 round up and wanted to ask about happiness. And I said a lot of people substitute happiness in life for buying things. And my question to Kevin was what does your wife value and what does she get happiness and satisfaction from. What do you enjoy doing as a couple and all these little things find things you enjoy doing that don't cost a lot of money. So that was our challenge to Kevin was to find out what they could do together that could substitute for these really ridiculously expensive restaurants. So Kevin shot us a Facebook message and he said I just listened to the last Friday around. Thank you for all you guys do. I laughed out loud when Jonathan said I was totally screwed.
2346 - 2350 Jonathan Mendonsa That was my that was my opinion. I was like yeah you're toast man.
2350 - 2384 Brad Barrett And he said I appreciate the empathy. Last night I made an awesome Mediterranean chicken dinner to enjoy with my wife naan bread hummus rice pilaf fresh basil and tomato slices and a nice pinot noir. So I had a deep conversation with my wife about why she likes restaurants so much. It turns out it's mostly because I give her my undivided attention and really talk to her with no TV in the background or other distractions. It's so simple and I swear it. Jonathan I had chills up and down my spine when I read that I was the most amazing thing. I mean this literally just changed Kevin's life.
2384 - 2404 Jonathan Mendonsa I know I feel in him right now. That's how excited I get about this idea. I mean something clicked and it seems so simple but it clicked. And that's amazing. Kevin we're thrilled for you we're thrilled for your wife. We're thrilled for what this means not only for your financial future but also this deeper understanding you have of what motivates each other and what you all need as you grow this relationship. So and FI is certainly a component of that.
2404 - 2477 Brad Barrett Yeah. I mean just just to really underscore this Kevin and his wife were spending all this money every single month. Seven hundred dollars a month on restaurants and the motivating factor for his wife was not that she has some expensive you know rich girl habits. It was nothing like that. She just wanted to spend time with Kevin. That was what she enjoyed. That was what she got satisfaction out of. Right. It had nothing to do with the hundred dollar Ruth's Chris dinners. Nothing at all. It just had to do with he was paying attention to her just human connection. Think about how important this is right. I am constantly talking about happiness being at the root of these decisions and how FI can actually help motivate us and hone in on that happiness because we're not worried about wasting money frivolously or buying these expensive things to impress our dopey friends or neighbors. It's about finding what you enjoying life. And Kevin honestly took a really big leap there. Right. A lot of people would not have had the courage to have that conversation even with their own wife. And he had that conversation and she said it's just because I want your attention basically crying out put the phone down shut the TV off put the book away. Just pay attention to me. And that literally changed his life. And I just cannot be happier for them.
2477 - 2591 Jonathan Mendonsa Wow that's incredible. You know one of the things I've realized by doing this show and it goes back to what you said I mean you've had a lot of impact on my personal you know philosophy in life especially when it comes to stuff it is inevitable when you hang out with a pseudo minimalist stop bein an extravagant spender. Your model is going to get moved and I get a lot less happiness from buying stuff than I used to before I met Brad. I really do. There was a period in my life where there really were Amazon packages dropping out of the sky on my porch on a regular basis and that was my little crack rush of the week right. But you know over time that metric changes and as your target changes you replace that you replace that target and absolutely stuff is so boring it's so boring compared to relationships like what we're forming on this show like what we're doing. It's boring compared to ideas it's boring compared to knowledge it's boring compared to community and there's value there. So yeah and the side effect is even cooler that as you find stuff to be boring and you have more time to commit to these other things you also get to financial independence faster. I mean it's just it's a function of the math right. So this has been a really cool experience for me. It's changed my own world has change the way I view stuff you know quote unquote And as other people share their stories like Kevin what a win man what an absolute win and what great advice you gave is so much better than what I said. Right. But all of that picture is just so beautiful and I'm just glad to be you know at the perimeter of it a part of it is really cool. All right guys for our next segment. Fire in the news guys. I really need get like some cool music to go along with this like a simple plug like thunder dropping out of the sky something like that for this particular segment but the idea is the fire spreading. My friends and we just want to share with you when it hits so this past week or within the last two weeks. Washington Post actually set something up and I'm gonna send this over to Brad but we haveE-S-I coming in next week to talk to us about career hacking. And he was actually featured in business insider and in the Washington Post. Brad do you want to tell us a bit more about that.
2591 - 2649 Brad Barrett Yeah this was really cool. I had read each side from E.S. money's guest post on budgets are sexy and it was about the 10 things that surprised him about early retirement so it was a great article. I had actually seen it on business insider so I had a sense that it was going viral. But then I opened up my Washington Post and I saw an article from the nationally syndicated columnist on money. Michelle Singletary And this was an article about ESI's post on budgets are sexy. I mean how amazing is that. That means she or someone at her paper is reading. Budgets are sexy and saw this incredible article and she just featured it so. That was one of those things where were you kind of sit back and say as Jonathan didn't say the fire is spreading. I mean this is becoming a much more mainstream concept. So yeah I was really really cool. I mean to be featured in one of the most important papers in the country and then syndicated across the country I mean that is that's the real deal.
2649 - 2790 Jonathan Mendonsa So guys are going to link to that in the show notes. That is a it's just cool it's just someone that made all the right moves. ESI just makes the right moves and he puts the work in. I mean you can see it. So stay tuned. This upcoming Monday we got him on the show and honestly he is going to pull back the curtain and show you what it looks like to supercharge your career. And this is valuable guys. This is your career is what you have right now it's what you're using and if you do a good job or if you over perform and you get you know raises that is going to allow you to hit your FI goal faster. There's value there. There's value in it right now. You know unless you're on the other side of FI you have a career and you might as well game it and optimize it out just like you do every other aspect of your life. And I promise you by the end of this episode coming up on Monday you're going to appreciate why E-S-I is the guy to show you how to do it. So another fire in the news. This is from Britney and she says Hi Jonathan Brad. I came across this article last week and she gave us the link which we will put in the show notes. Now it's a little bit older it was actually written in 2014. But it's interesting because it's stated rich could be in terms of accumulated wealth instead of annual income. Now most of us on the FI path have thought this for a long time this is just an obvious statement. But the fire crowd was not the target audience and she says I think this is the defining character trait of fire members networth which would be defined as saved assets working for you versus an income that has blown on consumable goods and services. So she said my hubs and I have plenty of friends who brag about their annual salary yet are drowning in the installment lifestyle debt. Yeah not that impressive. It would be interesting to pose the idea of rich in terms of the fire mentality. Time hobbies health etc. These are the true indicators of wealth and richness in life. While Brad I think that is really astute I think obviously I mean you would agree with that over and over and over again. I look at myself and I earn a six figure salary. But it requires me to be there you know a certain number of hours a lot of hours and then the time that I'm not there I have to apply that mental energy and I compare it to maybe someone like Justin for of good that doesn't have to work and is he earning what I am know his salary would be less than mine but of the two of us which one of us is wealthier and not even just on a net worth perspective. But in terms of the time that you have the freedom that you have the flexibility that you have with your lifestyle Justin from root of. Good. Has it made you know and I am trying to be more like him. So I completely agree with what Britney is saying and most of the fire community does I believe.
career, debt, health, hobbies, networth
2790 - 2839 Brad Barrett Yes same here. I think it's all about networth. And I've said this repeatedly I talk about executives making $200000 a year but that goes quickly and those people if you're spending all your money you are poor in my estimation no matter what kind of income you have no matter what expensive car you're driving or McMansion you live in you are poor. If you're living paycheck to paycheck. So it really is that simple. It just comes down to living below your means saving money and putting it in index funds. I mean that is the most succinct way. When we spoke with Keith from the wealthy accountant which that episode will drop in a couple of weeks here. But he said his advice is save 50 percent of your money and invest it in Vanguard index funds. End of story. Everything from there is at the margins but you get wealthy by doing that. So I completely agree and thanks Birttney for sending this in.
accountant, indexfunds, networth
2839 - 3000 Jonathan Mendonsa You know one thing that I think is really it would be a really cool thing to do if you guys have read Thomas Stanley's book The Millionaire Next Door he talks about you know people being an accumulator of wealth and actually ranks it that way. It's based on your savings rate based on your age and then it does depend on what income bracket you're in I believe but there's actually a calculator that you can go to online and you can enter in just those few statistics and it can tell you whether or not your under average accumulator of wealth whether you are an average accumulator of wealth or whether or not you are a over average or really good accumulator of wealth. And I think that that is a much better metric of where your FI future is headed than just what is your annual salary as as Brad indicated. Have you ever seen that calculator read. No. Oh cool. All right well then I will get to share the link with you as well. See if I can find it. Yes I've got the calculator pulled up right now. And in order to do it you would just type in your age and I'll share the link with you Brad. You type in your annual salary and income and then you type in your net worth based on those three different things. It will tell you whether or not you are a under accumulator of wealth whether or not you're an average accumulator of wealth or a prodigious which you really would like to be a prodigious accumulator of wealth. So that is a pretty good metric. But even that aside that is just the underlying principle that sets you up for what Britney talked about which is time hobbies health flexibility rights simplicity flexibility that's Brad's mantra. If we were to get a t shirt somewhere on the T-shirt we need to put simplicity flexibility right and yet so very very very cool stuff. All right guys. Now I know some of you may be new with us maybe you just found us within one of the last one or two episodes and you know that we do this Friday round up it's just as weekly gathering place where we get to tell you about our ideas. But more importantly we get to incorporate your ideas and one of the things that we're doing right now is we're capturing your frugal wins of the week and your feedback on our Facebook page and on our Web site our Facebook page you can access by going to choose F I dot com slash Facebook. Brad and myself usually post one or two ideas or questions each week. Just to really capture what's working for you guys and this last week you know we ask What is your frugal win of the week. Now Louise he got back to us with this f w o T.W. so on on Twitter I guess that would be the hashtag hashtag F.W. O. T.W.. I'm sure that's going to go viral. Louie is this and he said moved into a new place about six months ago and the place came with its own fridge. This older fridge doesn't have a filter for water and it's hooked right into the tap. The tap is no bueno here. Then thinking that I need to hack a filter into the line into the fridge I thought it would be complicated. Once I looked into it super easy $40 investment savings. It's going to save him about 40 bucks a month on bottled water. How cool is that Brad.
FWOTW, health, hobbies, networth, savings
3000 - 3019 Brad Barrett Yeah that's a really cool. I like that as a nice little hack there. And Amanda said today I switched all of my retirement funds to Vanguard. I found out that I have the total stock market institutional fund available to me as an option which reduced my expense ratio from point two five to point zero four. So that is a heck of a frugal win.
3019 - 3023 Jonathan Mendonsa It's a massive savings over decades. Massive savings.
3023 - 3070 Brad Barrett And Jim actually just chimed in with one while we were recording. So luckily able to get this on the on the podcast. He said Costco quote household memberships can be shared with a friend. We split our yearly membership with another family earning ourselves a 50 percent savings for both families. Jonathan I think you do some some of that as you recall I actually give my other card to my mom who's in another area of the state and then she gives me her Sam's Club card so I have access to both Costco and Sam's Club essentially for the price of one membership and then I guess she has access to well so she maintains the one I maintain the other. Yeah that's a great tip. Yeah a lot of people don't think about especially if you and your wife both have a card. Well for me and my wife that's like one of our little things that we do together that's one of our routines so we don't need two cards so that's a great tip Jim. So Brad what about you. Do you have any frugal wins this week.
families, savings
3070 - 3159 Brad Barrett Yeah. I have a little one. It was actually for a couple of dinners that Laura and I cooked at home. And these were two of our favorite meals to go out to eat. So we have the opposite of Ruth's Chris palate as we talked about before some of our favorite meals are going out for wings and beer and for basically burgers and burgers and beer let's say. So you know pretty low key. But but any time you go out to dinner especially when you have a beer or two you're probably talking with the entrees and the beer and taxand tip it's going to be 40 bucks easily for two very very easily. So we actually frugal hacked both of those meals and they came out as well or better than anything we would have had out. Laura has absolutely perfected how to make buffalo wing sauce so I think my mom actually picked up a bag of wings at Sam's Club and I'll try to get a link for these if anyone's interested but they are fantastic. We just throw them through like 20 of these things into the oven for like an hour. No work at all. Just put it on a baking sheet. And Laura had the the wing sauce all made up and just lathered them and they were absolutely fantastic. And you know how to craft beer that we had bought for you know like a dollar a beer as opposed to five or six dollars when you go out. So we wound up doing each of these meals for less than $10 per meal. You know for the two of us so $20 as opposed to easily 80 and it satisfied those cravings that we had for these kind of special meals for us and that's a big savings.
mealplan, mindset, savings
3159 - 3161 Jonathan Mendonsa Does that make it into the top 50.
3161 - 3177 Brad Barrett That's a very good question. Yes. So the burgers probably wouldn't but those wings I think they will. I think that's nearing. We've been a little lax lately with the actual promoting and demoting things from the top 50 here.
3177 - 3197 Jonathan Mendonsa I know Laura listens to us every Friday. So I want access to the top 50. I want it in our in our Choose FI community wants that you guys have actually e-mailed me about it. Laura you told us you had to wait till tax season was over before we got you involved. We want a digital copy of the top 50. Trade secrets are not allowed. We share everything in the FI community.
3197 - 3199 Brad Barrett No pressure sweetheart sorry.
3199 - 3290 Jonathan Mendonsa I set him up for it. Erin had some feedback for us on on the true cost of car ownership episode and he said lifestyle creep is a real and dangerous thing especially when it comes to vehicles people drive. It's rare that you see someone move down in a car and when they do you can tell that there's been an ego hit. Jonathan I totally agree with your statement about being able to own nicer things with a positive total cost of ownership when you buy well below market value. I've actually done this with boats for the last five years or so with a simple 800 number and a website Erin that is not enough information. I want more how the heck are you winning with an 800 phone number and a website. Please tell us. That is super cool and I feel like that's a life that we could use so consider this US showing you that we are genuinely interested in this life hack that you've figured out and maybe there's something that the rest of us can use. As I was saying in the episode cars are an expense. Now I'm totally fine with the idea that a car allows you to earn more money. I get that but at the end of the day a car is costing you money and essentially the only way that you can win over a long enough period of time is you have to buy whatever it is a boat or car or whatever. Significantly below blue book drive it for a period of time probably shorter period of time two to three years and then sell it for significantly more than you bought it to recapture the cost of those expenses. I mean that's the only way that it would work. Now that's fine. I understand the math but Aaron saying that he has a system in place for doing this over and over again with a simple 800 phone number and a website I want to know about that because that sounds like something I could use.
3290 - 3295 Brad Barrett Yeah that's very intriguing. Hopefully Erin is listening to this and will send it in. So yeah we'll see.
3295 - 3337 Jonathan Mendonsa All right guys. This is an ongoing thing. It's the controversy regarding my pull ups this is I have. There's like two sides you know like back in the day with Twilight it was Team Edward and Team Jacob. It's like are 50 pull ups. Impressive or stupid if they're not done the right way and there are people that are defending me and people that are saying no it's a total crock as a joke. Which is fine either way but what we have determined is that there's gonna be a pool up competition at Camp mustache se next next spring and I have all sorts of people saying that they are in this thing to win it. Personally the only person that I plan on beating is going to be Mr. Money Mustache. That's my number one target. So that's what I'm training for. He has even said that he's going to do it. Yeah but if there's enough of us signed up for this you know he can't help but get involved the guy is competitive. So that's what I'm going for. What about you Brad.
3337 - 3374 Brad Barrett Yeah this whole thing is very funny. And this probably will be the last time we talk about pull ups so hopefully anybody out there who's rolling their eyes can not worry about that but it really is very very funny. And in fairness I was at Jonathan's house we were recording podcasts last week and he did 17 strict form pull ups which is impressive for anybody. I mean there are very very few people even fit people who can do that. So you know any kind of joking that I made about Jonathan and his kind of 50 weird pullups totally aside. He's he's the real deal so I have my money on Jonathan at this pull up competition next year.
3374 - 3381 Jonathan Mendonsa Thank you. This is what you call vindicated. I was like Brad I want to I want a second plug here you've got to come back and plug this for me. Thank you.
3381 - 3385 Brad Barrett You are legit. There's not 50 pullups but you are legit.
3385 - 3418 Jonathan Mendonsa All right. Well it's kind of like Tim Ferriss man when he he was at some point he. What did he do. He was like some sort of Mua Tai tie kickboxer title for a period of time in some crazy place. And what do you do. He looked at the rules and he found out what the rules actually said. And then he optimized it. So it was like him as this hundreds it's really a 200 pound guy that got his weight down to like 180 and then he was fighting to get some little dude that was like 120 pounds 130 pounds. I don't I don't know something crazy like that. And it was just not even you know it wasn't even close. So you just you said pull ups man. You didn't specify the rules. And so.
3418 - 3422 Brad Barrett I didn't say One tenth of a pullup.
3422 - 3498 Jonathan Mendonsa All right. We're done with it guys the pullups are over. Let's go ahead and move to iTunes or reviews and we'll wrap this thing up. So first of all guys this show we have like a 140 written reviews right now or it's something absurd and crazy for a show that's only been around for three months essentially you know three or four months. This show is on pace to be one of the biggest shows on iTunes within the next within the next two years. I mean it's just absurd how quickly it's going and I think it's because it's impacting people where they live. It's it's actually information that you can use every single week and it's entertaining and relatable which is what we've always gone for and we're right there in this thing with you we are learning these things we're applying them to our lives. And I think that's really cool as opposed to maybe the guru that's preaching at you from his you know upgraded class motto where he's always trying to upsize you into something else. We're just learning this stuff and enjoying it right along with you and sharing it. I think people relate to that which is really cool. So anyways what we have told you for a while now is we're going to be doing this ongoing thing every single Friday every single five written reviews that we get and all you got to do to get into this drawing is actually write us a written review and then take a screenshot of it and send it the feedback. Choose FI dot com we will enter you in a drawing to win a copy. In this case right now currently we're doing JL Collin's book the simple path to wealth. Phenomenal book. And we're excited to be able to offer this for you. But today we're going to announce two winners. And Brad do you want to go ahead and draw the first one.
3498 - 3559 Brad Barrett All right. So our first winner is Keenan and. And the review says I came across this podcast after reading a post on financial Panther dot com and was immediately hooked. Brad and Jonathan are fantastic hosts that come at financial independence from different mindsets. Brad being more conservative as well as different positions in life. Jonathan is getting rid of student debt and Brad has already fired which provides a wide and canvasing view of how financial independence affects someone as someone who is going to be completing college in the next year. This podcast is a total game changer for my financial future thanks to the topics they discuss and experts they bring in to talk with. I'm already well on my way to being financially independent by the age of 30. They really do break it down into simple habits that will not just guide you to financial independence but an abundance of wealth. Additionally the whole time that you're learning about how to optimize your future you are entertained by great stories people and hosts. I highly recommend this podcast and yet I was a really great review from Keenen and it's amazing. He's in college and is already on this path to financial independence. By 30.
college, college-loans, mindset, podcaster, testimonial
3559 - 3601 Jonathan Mendonsa Now that is super cool and he is going to absolutely crush this thing and the math really does work for you and if we can get this into mainstream if we can just plant the seed there's nothing more powerful than an idea this concept that yes you can retire at 35. If you start soon enough you can retire 45 and start soon enough and if you're already in your 30s already in your 40s you can still retire decades ahead of your peers. If you just implement a few of the ideas that we're talking about that idea has so much power and for those of you that have already you know you've made your decisions and you're fine with it. That idea has power for your kids and I just like being a part of it. I love sharing is so Keenan. Thank you so much for that review. And go ahead and send us your address so that we can go and get that book on out to you.
2ndgenfi, testimonial
3601 - 3606 Brad Barrett All right so our next winner is Julia. Jonathan you want to read this. Review.
3606 - 3625 Jonathan Mendonsa Yeah this one is supercool in fact Julia said this is my first review ever. I never leave reviews but the interview with GO Curry cracker was just mind blowing. That was episode 18 guys. I read most of the FI blogs but never came across the idea of capital gains harvesting. This was literally life changing Thanks for a great podcast.
gainharvesting, testimonial
3625 - 3657 Brad Barrett Julia thank you so much for that review. We really appreciate it. And yet to everybody out there the best way you can help us grow the best way that you could possibly support us is just take 30 seconds. Head over to iTunes search for choose FI and leave a written review even just a one sentence review and hopefully a five star rating where we actually set up a short link to get there it's choose F-I dot com forward slash iTunes. So yeah we really appreciate you taking the time. If I could said it is the absolute best way that you can support us and help this community grow.
3657 - 3668 Jonathan Mendonsa And guys this podcast is a weekly gathering place where your voice is heard now around the world. The fire's spreading my friends and we'll see you next time as we continue to go down the road less traveled.

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