026R - The Friday Roundup Paul Case Study Final Wrap

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Time Speaker Text Tags
0 - 25 Jonathan Mendonsa So let's go ahead and hop right in and talk about this past week's episode with physician on fire. It was a very powerful episode. I think it spoke to a different audience than Jacob from early retirement extreme would have. But I think there's value there to address this different framework which many people find themselves in the high income profession on in the case of the medical student the high income professional that's getting their first real job at the age of 30 to 34 40 years old. What did you think Brad.
highincome, medical
25 - 105 Brad Barrett Yeah I thought the episode with physician on fire was was a quality one for sure he is a real good guy and certainly good to get to meet him. And I think that perspective is important. And I know we've received a lot of e-mails from people who have significant incomes and we hear about a lot of the hacks that we're talking about and the different strategies and a lot of them are geared for people making let's say I don't know 100000 or 150000 or less which you know is still in a nice amount of money obviously but but it's a different ballgame from someone making 300 or or more. So I think it's it's very important. I still am not sure that that we have that perfect Aha answer because it might not exist. Right. And because these people are dealing with such high tax brackets that in a perfect world you'd put away a ton of money into as many tax deferred accounts as you can. And I think that's what POF's answer was. But the reality and I want to say you know jokingly The sad reality is they just make so much stinking money that it's hard to defer that many things are that high of a percentage of their overall income. So I think some people I know a buddy of mine wrote me an e-mail said he loved the episode but he's still wanting more. And I think at this point my answer is I'm not sure that there is that perfect answer for you. What are your thoughts on that.
tax
105 - 192 Jonathan Mendonsa I'm trying to think how many different scenarios do we really need to flush out before we've optimized it for everybody. And I think there are some there's a very different story for a very different brackets you have your Essentially your low income which is like you're 30000 below. And that's maybe one particular range and then you have your middle class income you know 50 to 100 thousand somewhere in there and they've got a very obvious set of tools that they can use and then you have this other bracket that's kind of in the 75-200. And if they make these right choices if they use enough of the deferred income then they're actually able to take advantage of these other tools that become available because they're able to move their AGI down and these other tools become available to them. And then you have the income bracket that essentially we're talking about today the 200000 plus 300000 plus it's all blows it all up. I mean it just completely blows it all up and there's nothing they can do to make those other tools available to them. They have to work within their specific framework. And so I think that over the next several years there's a good chance because of the way that our show rolls and the continuity that we provide we'll be able to provide a pretty streamlined path for those maybe five six seven or eight different scenarios. But that's kind of like my overarching view and you can only really focus on one at a time if you try to knock out two or three or too many all at once you just get lost. So the one that we didn't cover in those four different scenarios is how all of that changes when it's your own business. And so you almost need to completely separate different framework for when you're building your own business on the side because you have way more control over the tax cut.
highincome, lowincome, midincome, tax
192 - 310 Brad Barrett Yeah and I think speaking of that one of one of the most important quotes that I think POF said was a dollar saved is $2 earned at the 50 percent tax bracket. And I just thought that was absolutely brilliant and it's a really good way of looking at the problem. You know I kind of keep saying that sarcastically like the problem of making so much money that you get taxed so much so I think it still comes down to saving as much money as you can. Right. And the people who are earning 300 plus thousand have even though they're paying a lot in taxes they have a lot of margin there to save just a boatload of money and get to FI like POF did in in 10 years right or less potentially. So it still comes down to living a frugal lifestyle and whatever that means to you you know to him It's very different than what Pete at Mr. Money Mustache does with his you know $25000 spending a year and that's fine. We all like we always say this is personal preference. We're not here to dictate to you there's no there's no one way to do this right. You need to make value judgments for yourself and what works for your life. So I think that's really crucial. Remember it's like there's no perfect path there's no right path it's what's right for you and your family and that kind of ties into where he was saying he was interviewed on the white coat investor podcast and the white investor said. Doesn't your spouse deserve a really great lifestyle and POS response was perfect and he said well yes. And she'll have one but she deserves my time. And that again is that's what it's all about. It's all about just being there for your family being there for your spouse for your kids for whoever's in your life and fi affords you that opportunity. So is a really great lifestyle buying a BMW or buying expensive house or buying Maine lobsters and Kobe beef. You know maybe maybe it's good for some people. But but to me it's about time. And that that's where it all comes back to so. So yeah those two quotes were what really stuck out to me from this episode in particular.
families, savings, tax
311 - 365 Jonathan Mendonsa You know I really liked when you were talking to him specifically about how the savings calculators that you have online are not the savings the retirement calculators that you have online how inaccurate they are for the F-I community. And when I was thinking about that later on this week as I was relistening to the episode I was thinking that in the community the first half of it is that we focus on savings rate the savings rate is critical because it allows you get to FI but then once you're at fi you don't really care about your savings rate. Instead now you're focused on your spending and spending is what is incredibly powerful because when physician on fire says I have seventy thousand two hundred thousand dollars of spending available that goes so far that is different than income when you have income you have to then take off all the line items for your taxes you have to take off all the line items for your bills you know your your mortgage your car payments your student loan debt. He has 70 grand that he can just spend and it goes so much farther.
college-loans, debt, savings, tax
365 - 475 Brad Barrett Yeah you can live like a king on 70 to $100000 of actual expenses. And I'm glad you picked up on that Jonathan because I feel very passionately about certain things and I kind of chew your ear off sometimes. And one of those things is those retirement calculators. I thought of this for years. It's it's just like a fundamental flaw. So I hope someone out there listening to this works for Fidelity or any of those companies I hate to keep picking on fidelity but that's the one I always used works for any of these companies that make these retirement calculators. Your entire premise is flawed. It's it's ridiculous. It has nothing to do with your current income. That is not what is the basis of your retirement funds. It has nothing to do with it because there is there has to by definition in order to save the millions that these people are talking about needing according to these fundamentally flawed calculators you have to have savings and a huge huge amount of savings and your current income plus you're obviously paying taxes. And because we're looking at this through the FI lense it's obvious to us that this is not obvious to anyone else. It is not because these calculators continue to exist in their flawed manner so it is absurd in my opinion to look at OK my current income is 100000 I need X number of multiples of that in order to retire. That has nothing to do with it. It has to do with your expenses like we always talk about. And as you know Jonathan said on a previous podcast we are considering just for back of the envelope ease that you're at FI when you have 25 times your annual expenses saved up. Now we can always talk about safe withdrawal rates and I think you know I know from my own life I wouldn't up and retire at 25 times expenses I would probably be a little more conservative and you know we can we can argue about that at the margins. But again it's that starting point of expenses. That's the crucial point.
savings
475 - 535 Jonathan Mendonsa So one of the things that I'm really interested in Brad is just focusing on this this young medical professional So in my mind I'm in visualizing the twenty four year old that is you know they're starting med school or in the middle of med school they've got maybe eight more years ahead of them before they're really out and practicing maybe now as an attending they're coming out of school somewhere between the age of 30 years old to maybe you know if they're nontraditional as old as 40 years old and they're going to be making a perfect world. Three hundred plus thousand dollars a year which is going to put them in a pretty high marginal tax bracket. They're also going to have a fairly significant I would imagine $300000 plus in student loans. I know I've seen some numbers as high as 600000 or higher in some really tragic stories. But 300000 is very common for a medical student. What thoughts do you have. When I present that scenario to you you know obviously a lot of opportunities that they have but also a very unique set of challenges as well. What comes to mind in terms of general advice that maybe you would want to pass on to them.
college-loans, medical
535 - 629 Brad Barrett Yeah I mean I think I agree with what POF said about avoiding that just absolute blow up in spending where you go and you have all this repressed delayed gratification of not spending and quote unquote living like a resident for many many years and then people go crazy. In addition to their 300 K in student in student loans they go buy a big house and expensive cars and Jonathan's golf membership that he's always joking about. And I think just like always even for highly compensated people. The expenses are what drives everything. If you lock yourself into a five year $70000 car payment and a 30 year mortgage that's for a million dollar house or three quarter of a million dollar house those are not decisions that can be unwound very easily. Like POF said if you're going to splurge go on a nice vacation. You know I don't care if you go to Tahiti and stay in one of those bungalows that are over the water like that may cost you about 10 grand something like that. You know while I still think that's a little bit much because your can use travel rewards points like you know that's the way my mind always works. But but I mean it's 10 grand at the end of the day that's not going to that's not a long term game killer but it's just don't go crazy and don't subject yourself to years or decades of of high payments just because oh I'm a doctor and I deserve it. If you have that goal in mind if you have FI in mind keep those fixed expenses down as much as you possibly can and splurge at the margins splurge on meals from time to time. Splurge on a vacation. That's that kind of stuff is fine. But just don't lock yourself in.
college-loans, travelrewards
629 - 753 Jonathan Mendonsa Yeah I love that. And I also think you have these incredible advantages with this high income. What a waste for you to be working until you're 70. Paycheck to paycheck. You had this incredible hammer that you could just destroy your debt with if you needed to do something about that. Don't let that thing be an anchor around your lifestyle for the next 20 or 30 years. I'm not telling you that you need to live ERE lifestyle you do not need to live on 20 or 30 thousand dollars a year. I get it. You've been delaying the gratification you heard that in the episode I have so much sympathy for the amount of work that you have to do. And essentially the gauntlet that you have to run to be in the position that you are in your 30s but now you're on the other side and you've got this incredible salary that you can knock out your student loans with but you've also got a really high marginal tax bracket. And so you can make a lot of really small bad decisions and stumble into financial dependents. But a couple big bad decisions will lock you into a lifestyle. Like Brad said that you may not you may find that you don't like 10 15 years from now. So I don't even think you necessarily need to live like a resident or to pay off your student loans your income is so high that you could easily have an $80000 salary and still really put a major dent in your student loans within four or five years. But you don't necessarily have to go to a $300000 lifestyle. Figure out how to find the balance that gives you the most happiness. I mean you guys are 34 years old you've been delaying this whole time I get that. But take advantage of a few of the other life hacks that POF mentioned. One of the things that came to mind to me was there's intense pressure from your colleagues especially in big metropolitan cities to be have a certain lifestyle. I've seen it I understand it. And if you're trying to do that while paying down your student loans you will never be able to catch up. You maybe you can but it's going to be a long drawn out process if you can avoid that peer pressure either on your own just recognizing that it's there and coming up with another plan for it. Or you can take what POF said and I loved this be the big fish in the small pond. Go move into your middle class neighborhood where you don't feel the pressure to keep up with everybody around you. Maybe you go to the Midwestern town that he describe you don't feel the pressure to buy the sixty or seventy thousand dollar car increase your lifestyle but don't sacrifice your future for it.
college-loans, debt, highincome, lifeoptimization, tax
753 - 864 Brad Barrett Yeah and I think that geographic arbitrage just within the U.S. is something that's important. I know we've had a lot of people mention that in the Facebook group right Jonathan about about geographic arbitrage in the U.S. as a topic of conversation for the future. You know we're not prepared to fully discuss what are the top 10 cities in America to live in or small towns. That's not where I'm going with this but I think this is something we'd love feedback from the community. So if you have and it doesn't have to be of a medical profession it could just be in general like where do you live and what's the cost of living there. Is it a fun place to live. I know like Richmond I as I've said many times I'm from I'm from Long Island New York come from you know the suburbs of New York City like I'm not born and bred in Richmond Virginia. But but I love this place. I mean Lauren and I talked we wouldn't move back even if we had 20 million dollars. It's not about money anymore. Whereas you know it was when we moved down here. This truly was a geographic arbitrage decision to move to retirement for us. It was we could not have the life that we wanted on Long Island but we could in Richmond. And that really drove the decision. But now I know this is a really vibrant place. I mean it's I read articles constantly about how the beer scene here is the craft breweries scene and the local restaurants. I mean they're really getting on the map in terms of just the east coast certainly if not the U.S. and Richmond for a long time was this little place that nobody really cared about. Honestly and it's growing out so I know personally like I would put Richmond as as a really great place to live. It's very inexpensive but. But Richmond is one of probably hundreds of places that people would mention. So yeah I mean I know I'd be interested in hearing some of your options for geographic arbitrage in the U.S. So as always please send us e-mail to feedback at ChooseFI dot com or now we have our nice Facebook group which is even easier.
geoarbitrage, medical
864 - 911 Jonathan Mendonsa One of the things that I loved and we really hit on it at the end of the episode was this idea of a donor advised fund and the FI community we constantly look for ways to optimize everything and all of us at some point do some sort of charitable giving. If you go to church and in many cases it's a tie in many other cases just philanthropy or or causes that you really believe in. And most of us just write a check right and just and send it in every month or every week or however you end up doing that. But there's really no thought to how to optimize it in any sort of very clever tax advantaged way. And he has taken it to the next level and there's obviously preceded him but he I think he's really figured something out. And I think there's room to explore this concept as something that people in the FI community can use as they're looking for a more optimized way of doing their charitable giving.
tax
911 - 990 Brad Barrett Yeah this is really cool. I had actually heard of this donor advised fund previously from an article that Liz at frugal woods posted so I know Jonathan you said in the episode that this is the first time you were hearing about it. I think some people in the FI community are doing this which is just really incredibly impressive. First that POF is giving 50 percent of the profits from his Web site. I mean that's impressive in and of itself and B this is just such a cool hack on how to give more efficiently. So as I understand it you're allowed to donate appreciated stock and you get the full donation for the fair market value of it. But you don't actually have to sell it and incur a taxable event like normally as I would have understood it before I knew anything about these. Let's say I had $30000 worth of stock that I or mutual funds or whatever that I bought for $20000. I would have figured that I would have had to have sold it and that would have been a $10000 capital gain. Right. The difference between the fair market value of 30000 and the basis of 20000 that I bought it for. So I'd have to pay taxes on that. Then I you know I'd have my 30 grand and then I could make whatever donation I wanted. But the cool thing about this is that it enables you to just give that $30000 of stock. There's no taxable event. So it's just so much more efficient. What a cool way of doing this if you're going to donate to charity anyway right.
stocks, tax
990 - 1008 Jonathan Mendonsa Absolutely and in the F-I community we want to do everything and optimized way why would you just ignore such a major aspect of your financial life like your charitable donations. It seems silly to me but I'll be honest up until this episode I had never considered doing anything or even research in a better way of doing it. So I loved this I loved everything about it.
1008 - 1021 Brad Barrett Yeah agreed and I will link to the frugal woods article. I think Liz mentions there's four advantages to utilizing a donor advised fund that she described specifically and I think it will be very valuable for people to read.
1021 - 1112 Jonathan Mendonsa Okay. And then there's one other thing that I thought was really cool he was the first one to talk to us on this show about the back door Roth and that is a very cool idea. It is one that we are going to really explore in a future episode but I won't go super far into it today. But what's really interesting for this particular framework the high income professional these people are making 250 300000 400 500000 plus. What's great about this is they don't have to choose which one of the buckets that they use. Obviously they're going to throw as much as they can into tax deferred if they have access to an HSA they're going to use that if they have a 457 they can fill up that so that they've already fill up all their tax deferred and they have plenty left to go ahead and invest in taxable funds for them. There's absolutely no downside to go ahead and take advantage of this backdoor Roth. And it's it's a tax diversity play. So I know there's a lot of controversy out there about when it comes down to the wire and you have to pick between putting $5000 in a Roth versus $5000 in taxable. What should you do and I think there's a lot of value there. And if you listen to our episode 18 and 18 R when we talk about capital gains harvesting I think we kind of explore that idea a little bit and that's a great conversation to have. But for the high income professional there's really no downside to go ahead doing both because they can. Why not go ahead and take advantage of the backdoor Roth and then if the capital gains laws change down the road and they raise the rate or change something else about it they have this play and then the Roth which we'll explore more has some additional features especially when you look at doing a inheritance for your kids. There's some really cool features about the Roth that are worth exploring. So I like that he got a chance to really talk a little bit about the backdoor Roth with us.
457, gainharvesting, highincome, hsa, roth, rothbackdoor, tax
1112 - 1124 Brad Barrett Yeah that's cool and I know you Jonathan I've been doing a lot of research on this. I frankly don't know all that much about it. So I'm not going to expose my ignorance here but I'm excited to learn more about it as as we go through it.
1124 - 1161 Jonathan Mendonsa Yeah absolutely. And you know we talked about those different scenarios. I think at some point me and you will be forced to come to the conclusion that there's maybe six to eight different scenarios that are very distinct and you and everybody that's listening will find themselves identifying with one of those different scenarios and then being able to model it to their own purposes. The backdoor Roth people are going to be very interested in that once they're in that I think probably. I want to say 150 to 200 thousand range and then higher. That really starts to look more attractive as as an option. So alright guys let's go and take a pivot here and just take a few minutes to highlight what's going on in the community this week. Brad where should we start.
rothbackdoor
1161 - 1252 Brad Barrett And I think the first place to start is camp mustache so last week on the roundup we kind of alluded to the potential of a second event. And Steven the organizer has made it official. So if you go to choose FI dot com forward slash camp CA MP that'll just take you to the registration page. Figured that was a nice easy shortcut. And this is going to be in the same location as last year so it's basically the outskirts of Gainesville Florida. And as of today when we're recording this there's still 30 tickets left so when you're hearing this there should be somewhere in that vicinity left. So if you're interested in joining us we'd love to See you there. I know Stephen said he can announce that Carl from 1500 days will be there. And Doug Nordman from the military guide as well as our very own Keith the wealthy account. So that's a real star studded lineup. And you know more so than quote unquote famous bloggers. It's the community they're going to be 40 to 60 people in the community people in the mustachian community who are there. And it's just such a cool weekend to get to spend time with people of the same mindset because realistically we can't find that many of these people in our own real lives. If I could speak for people out there I know from my own life for the last handful of years it's hard to find people who are into this. And it's it's so empowering and exciting to be at an event like this. I. Jonathan you went to your first one a couple of months ago.
blogger, mindset
1252 - 1312 Jonathan Mendonsa So this last camp moustache was my first official FI event. And you're right it feels like home. You are not hiding this part of yourself that really thinks that excessive spending is just dumb especially when you're financing it with debt. And when you go and meet somebody for the first time especially in the United States a lot of times the first question you ask is What do you do. Right. It's just a go to default question because your identity is your job. But in the FI community frankly most the time we could care less. Right. That almost that question is almost an afterthought that comes up two hours later. Oh by the way what do you do. But that's just not our focus. You're actually able to engage people about what you have in common what have you already tried. Where have you failed where do you succeed. What are your frugal winds what are your life hacks What are your FI hacks and then you're able to share all these different ideas and then they're able to round them out and then you just come away feeling encouraged you come away with new information you come away feeling motivated which then allows you to hit your FI goal faster. So it's just a win. It's a lot of fun.
debt, lifeoptimization
1312 - 1340 Brad Barrett Yeah I completely agree. I mean at that event nobody cares what you do for a living. Nobody cares honestly how much money you have in your FIpod as you've talked about Jonathan. Right it's not there's no competition it's just about getting together with people who are similar to you and just enjoying a weekend and enjoying each other's company and it's just it's very unique. So I would highly recommend it. And yeah again choose FI dot com forward slash camp.
1340 - 1354 Jonathan Mendonsa And that sense of community we are trying to foster the same idea that that same idea of sharing ideas and learning from each other's ideas on our Facebook group which we just started. I think what now one week ago and it is blowing up.
1354 - 1421 Brad Barrett There we have I think 500 members as of today are were very nearly 500. And numbers aside it's just really vibrant. I mean I think Jonathan asked the question Monday night on what kind of topics do you want to see on the show. And when I woke up this morning there were 80 comments on that one post which is just crazy talk. So people are engaged there are many many threads and comments and questions just popping up every every hour. I personally can't even keep up. Jonathan I don't know about you. But but it's fun and it's really a community. And I think that is what we are all about here. At choose FI. I hope everybody really understands that we are excited about this. That's why we're constantly kind of cheerleading for the FI community and for Choose FI the podcast. It's not that we think we're great or we're doing anything that's revolutionary. We think we are bringing this community together and getting people excited about this and again bringing people and bringing in comments from the community. And I think that sense of community has really extended to the Facebook group better than we could have ever guessed.
1421 - 1476 Jonathan Mendonsa Yeah absolutely. I mean when you're on that Facebook group you are the show. I mean that that is that is more and more as we move past the basics of FI and we move into other stuff. Brad and I had a great baseline of knowledge in FI just from loving it soaking it up spending time reading blogs nonstop. You don't just know the stuff you're not born with this information you have to have a love of learning and you capture these ideas and you talk about them and you turn them into conversations. But at some point just like all of us you come to the end of your own baseline of knowledge and then from there you have to decide am I done or do I want to know more and Brad and I both said we want to know more we want to know all the things that we don't know and we just don't know what we don't know. Right. So the Facebook group gives us a way to get these ideas and then bring them to life and bring your input. And it's so valuable the show wouldn't exist long term without this Facebook group it's absolutely that valuable.
1476 - 1493 Brad Barrett Yeah and the easiest way to join in is just to go to choose FI dot com forward slash Facebook and just real quick. You put in your email address. Send you an email with the link to the private group and and your in. So yeah definitely Please join us. It's a really vibrant place and we'd love to see you.
1493 - 1545 Jonathan Mendonsa Guys. I know that talking about this to a total stranger can be daunting and seem like a very awkward conversation. But need to understand at the heart of this is a concept is an idea that's so powerful it has the ability to transform someone's life if they hear about it if it's presented in the right way and we say the fire is spreading more and more I think that this idea is is at the verge not because of anything that Brad and I have done but because it's time this idea has been simmering in the minds of thousands if not hundreds of thousands of people who got to the end of the Dave Ramsey steps and said you know what. There's got to be more to this and just being debt free there's got to be more to this picture. And they've been coalating and researching and sharing ideas. And right now we're at the we're at the beginning of something and this idea is spreading the fire is spreading. And I have some very exciting news that I'm going to set up to tell you go for Brad.
Jonathan_Catchphrases, ramsey
1545 - 1738 Brad Barrett Yeah we got a really great voicemail yesterday from a guy named Scott Ricans and he said that he is actually spending a year of his life putting together a documentary on the fi community and on FI in general. And this just absolutely blew our minds. Jonathan got the e-mail notification and sent me a text immediately he said drop everything and check this voicemail. It's going to just blow your head up. And it was really pretty amazing. And I actually got on the phone with Scott and spoke with him for over an hour today. And man it's just such a cool project that he's putting together it's in its infancy now. So you know we're still many months if not it over a year away from the finished product. But he has a really cool vision for this and he feels that the fire is spreading too. And actually he didn't know anything about the FI community before about four or five months ago when he heard Pete from Mr. Money Mustache on the Tim Ferriss podcast and it just kind of blew his mind. And he dove deep into this. He read every article and Mr. Money Mustache went to Jim Collins and he said he told me he bought ten copies of the simple path to wealth and sent them to ten of his friends and read every blog he could and he just feels like we do that. This is on the verge of a breakthrough in the public consciousness and the growth of ChooseFI really has nothing to do with us per se. It's just that we've hit on a way to bring in people who otherwise aren't affiliated with Mr. Money Mustache or the mad fientists are or don't know anything about FI. I think people hear two regular guys and people from all across America sending in voicemails and e-mails to choose FI and they hear them and say wow that that sounds very realistic. This is not some deprivation it's just regular middle class life just a little bit smarter. So you know again we don't think we're doing anything special here. We don't pat ourselves on the back. We're not thinking we're great. It's just that this community is great and it's just neat to see someone like Scott see that and decide that the FI community is something that people on a larger scale need to find out about. And what's cool actually is during my conversation with Scott he echoed something that almost verbatim what my buddy Matt who I actually had a conversation with about FI this past weekend. This is yet another person in my real life who has listened to the podcast knew nothing about FI but he's like all in now and he said that he had his wife listened to our pillars of FI episode which is Episode 21 and Scott echoed this as well that both their wives listened to this episode and were hooked almost instantly and they were telling their friends about and convincing their friends. I mean just from listening to this one episode because it just sounds relatable. I think that's the crucial point. I think we're at this inflection point and we need you as a community to stay involved and to keep this thing going. That's that is what it's all about. You are the lifeblood of choose FI and the FI community. It's not about bloggers it's not about podcasters you know we're just regular people. It's all of us together are creating this community. And it really is at that point where where this can go pretty mainstream I think.
Brad_Catchphrases, blogger
1738 - 1744 Jonathan Mendonsa And I know it's catching on Brad because I saw your mom on the Facebook group. Hi mom.
1744 - 1746 Brad Barrett Hi mom she's definitely listening. She is very cute.
1746 - 1750 Jonathan Mendonsa She's pursuing fi I love it. I love it.
1750 - 1763 Brad Barrett Pursuing FI 10 years after she retired. So now she's she's wonderful to listen to every episode and even though I made fun of her a handful of times she took it very good naturedly because I think I'm nicer on the podcasts than I am in real life.
1763 - 1769 Jonathan Mendonsa And frugal win I saw your frugal win mom. Well. Well done with the grill handle. Very impressive.
1769 - 1785 Brad Barrett Yeah. Yeah and she's like the handiest person in the entire world. So I don't know what the heck she was talking about. She said she was going to throw out her grill but then she figured out how to replace the grill handle. My first thought was like What the heck are you talking about she's the handiest person in our family. Like I'd figured she would just fix that so regardless.
families
1785 - 1788 Jonathan Mendonsa Well the fire is spreading even in your family so.
Jonathan_Catchphrases
1788 - 1792 Brad Barrett It is indeed very well done nonetheless.
1792 - 1892 Jonathan Mendonsa OK so in terms of feedback from the audience I want to give a shout out to Marc who goes by the moniker pastor fi moniker is a word I just learned in the the episode from POF that I love and I think I'm gonna continue use it going forward. So Mark has a college hack for us and this is on his radar as his eldest child is 15 years old and college looms on the horizon for his four kids. He has a buddy who is independently wealthy. His son is going to college in Flagstaff Arizona. He doesn't know the college. He says his buddy is looking at the cost of dorm living on campus and is shocked by how much it'll cost him for a son to stay on campus for four years. He heads over to Flagstaff and gets a real estate agent and looks for a three bedroom condo or a small house. He finds the condo and he buys it. He says to his son you're the property manager. Get two people one person for each room or four. They end up getting bunk beds. I'm not going to comment on laws and how many people you are going to house. I'm not really sure in this particular case. But anyways you get several people to rent out those other beds the son got the master bedroom well the son quickly found four of his best friends and they all moved in rent from the other four students more than paid the mortgage and the property tax and the buddy son ended up living just off campus for four years for free after he graduated his buddy sold the condo for a profit. So Pastor FI's take away most people are swamped by the high cost of housing a college student in a dorm room on campus. But in this case his buddy saw an opportunity for massive savings and where others are scratching their heads trying to figure out how they're going to pay for it. His son is living for free and that is a FI hack right there. That is a simple way of looking at a problem and then seeing an opportunity and capitalizing on it. So Pastor FI Thanks for sharing that with us. That was awesome. And he says I'm definitely going to be using this or planning on using this for my kids in college. How cool is that Brad.
college, savings
1892 - 1940 Brad Barrett Yeah I really like that it's definitely a house hacking thing. I'll coach Carson how he mentioned on our episode. I know when we've talked about college before especially in light of Pauls case study that we did. I know I was a little incredulous about can you do college for let's say $40000. I figured with the exact numbers 32000 somewhere in that. And you know my exact thought was wow. I mean. Room and board at most schools cost eight to $12000 a year. So if there is any way to cut that down I'm pretty sure that we can hack college tuition. And I know a lot of smart people like you Jonathan and Sunwoo and people who have been researching this know better than I. But for me that last concern has always been this remembered and so man if you can save a significant amount of money doing a hack like this This is fantastic. I love it.
college, househacking
1940 - 1977 Jonathan Mendonsa You know I love you giving me credit for this but I'll be honest I just I think I just dream these ideas into existence because I believe it's possible. Now I just go ahead and try and find people that can confirm it and then I just learn from them so sun Woo blew my mind. Edmund continues to blow my mind. I just believe that there is a smarter way and I just don't know it. And so then my thing is let me go find it. Can I find it and then figure out if I can turn into a conversation that means that I can understand it and if I can understand it enough to relay it to somebody else I can own it and use it myself that that is that's what I'm striving for when I'm looking for these ideas that I believe in initially and then I'm trying to turn them into reality.
1977 - 2006 Brad Barrett Yeah that's cool man. You know obviously you know I was skeptical about this about college and I think it was just my own ignorance. So just like anything in life you need to learn you need to do your research you need to find smart people around you. And yes sorry for leaving out Edmund who is as we've discussed is like the highest level FI hacker around and you find smart people you learn from them. You research you ask questions. That's what life is all about. So I am not one of those people who has ever set in my ways. And yeah I mean I think I think this is really doable. So I just love learning more.
college
2006 - 2009 Jonathan Mendonsa So let's go and talk about a little bit of controversy. You ready for this.
2009 - 2011 Brad Barrett Let's do it. I have no idea where we're going.
2011 - 2064 Jonathan Mendonsa All right. So last week we played that clip talking about how maybe there's some room there for permanent life insurance to be a good vehicle. And honestly I think that in the FI community and I'm one of all the sacred cows there is only one good insurance and that's term insurance. And for us to even have the nerve to mention any other vehicle on the show was enough to wake some people up and find out you know exactly what they thought about that vehicle. And I'm going to be honest with you guys even a week later. I love that we played it. I think it is incredibly important to challenge your belief systems in the context of you don't know what you don't know until you do. I think we stress this. I want to stress it again. That show was not a pitch for permanent life insurance but just by sticking that needle out there and needling belief systems. Brad How many emails did we get about the value or the negatives of the 529 that honestly we wouldn't have gotten if it'd just been agreeing with everybody else.
lifeinsurance
2064 - 2186 Brad Barrett Yeah you're right. You're absolutely right. I mean we got probably a dozen e-mails or certainly comments on the Facebook group. And I've got to be honest like that playing that bit from Mark at student loan freedom I was a little sketched out by it because maybe I wasn't ready to open my mind up and and that's never a good place to be. I am one of those true believers in term life insurance. But but the one thing that was sticking in the back of my mind was that was that Edmund who we constantly talk about had tried to explain this to me about six months ago how he found what he thought was the secret with this type of life insurance and smart guy obviously. And I have not had the time to research this but just knowing that he does it and then hearing Mark mention it that was enough that I thought there is some legitimacy to that. But you know what. Honestly even if it boils down to this is absolute b.s. and it's a terrible decision. I agree with you that it's worth that conversation. So that was not US tacitly approving this by putting it on the show. You know we're not going to put whack jobs on the show. I mean I don't think that we're not going to put wild opinions or anything like that. Mark is a real smart guy and he knows a lot about student loans. He may be right. He may be wrong about this permanent life insurance thing as it pertains to the FI community. But but that's neither here nor there at this point. It's getting that discussion going so I think that was really important. And yeah the cool thing is that that we have the ability to go back and address things and talk about it multiple times as as the information changes and as we get more advice and feedback from the community I mean this is not as I always say this is not US dictating to you from on high. That's not what this is about. This has nothing to do with Jonathan and Brad it's the communities. So we need to get these discussions started even if it does kind of upset these sacred cows even for me. Like term life. You know I would never think of going against them. But you know what a smart person has to open their mind. And I think that's what we did here. So I hope even the people who are vehemently opposed to this can at least appreciate that point of view.
college-loans, lifeinsurance
2186 - 2311 Jonathan Mendonsa And I think that's a great segue into us go ahead and addressing something that we did a couple of weeks ago where we introduced the idea of using your employee stock purchase plan to get up to an additional 2500 dollars in money from your employer that frankly was something that I had never considered I had access to it but I had never considered using it. And we fleshed out this idea with Ken from the option to sell and it was really a unique way of looking at a problem. And I think that it had a pretty big impact on our community. I know many of you actually went to your employer to see whether or not that was going to be a viable option for you. I think there was real value to putting it out there but now a couple of weeks later I do have some additional input and some feedback that came through and I wanted to go ahead read this. All right. So this is from Olof. Olof says Hi guys. I looked up the ESPP tax treatment after you discussed it. Now I do not have an ESPP available and there may be multiple varieties but this is what I found. And I think it needs to be clarified using the example in the show the 10 percent discount received on the purchase is treated as taxable income compensation. Therefore the $2500 total discount is $2500 that you would have to pay tax on without actually receiving the funds if you didn't sell the stock. Now that is $625 and federal tax that you have to be able to cover. Assuming a 25 percent tax bracket the basis is used to calculate your gain loss on the sale of the stock is the price you paid plus the amount of discount since you pay the tax on the discount you received. Presumably how long you hold the stock will determine if it's short or long term gains and the corresponding tax treatment if you hold it for over a year and then move it to vanguard for the more favorable long term rate treatment assuming you can handle the risk associated with holding the individual stock that long paying the tax on the discount isn't a reason not to proceed with this as 75 percent of the free money is way better than no free money. And the same logic applies to having a short term gain versus a long term if you can't hold it for that long. But it does require to be more thoroughly thought out. So one completely understands what one is getting into. Keep up the good work. Olaf thank you. You're exactly right. I would say that we able to present it 90 percent of what we needed to get out there and I think you rounded that out really well and I feel much better about that conversation with this addendum put on it.
ESPP, stocks, tax
2311 - 2366 Brad Barrett And yet this 75 percent of the free money. I love that point because I think a lot of people get lost in taxation sometimes and they kind of miss the forest for the trees when people always focus on oh grumble grumble grumble. I have to pay 40 percent marginal to the federal government but that still means you're getting the other 60 percent in your pocket. I always hear silly stuff like I need to have my mortgage so I can get a tax deduction. And for most people and this is kind of going off the rails here a little bit. But I think it's important of just framing a conversation where most people say I'm going to pay $1 in interest to get 15 percent or 20 percent back in benefit just to avoid paying taxes so that's a completely separate conversation obviously. But I think it's important to not let the tax decision keep you from making a smart overall financial decision. So yeah I definitely appreciated that point significantly.
tax
2366 - 2378 Jonathan Mendonsa I love that. And I even have a better way of putting it that's not mine. This is from Chris who has a blog over at keep thrifty. And he said the mortgage deduction is like getting a 25 percent off sale on pants. You still have to pay the other 75 percent.
2378 - 2380 Brad Barrett That's awesome. That's really really awesome.
2380 - 2399 Jonathan Mendonsa It's like I love it. So next in the show we really love the idea of thought leaders in our space in the FI space contributing FI hacks that they get passionate about something that they've figured out that they think that you can take this week and go do something with it so today. Noah. From money Meta game has one for you guys and I'm excited to share it. You ready for this Brad yeah let's do it.
2399 - 2515 Noah Hey Bret and Jennifer this is Noah from money meta game and I recently discovered a trick that the FI community might be interested in. For anyone that's currently paying off a mortgage a portion of their monthly payment is probably going into an escrow account this escrow account is managed by the mortgage company and typically takes care of paying both property taxes and homeowner's insurance depending on who your mortgage company is. It may be possible to remove the escrow account and instead handle that money yourself. My own mortgage company required at least one year of on time payments less than 80 percent loan to value and it couldn't be an FHA loan. But this may vary by mortgage company. After checking the requirements requesting to remove the escrow account from our mortgage was as simple as signing a piece of paper and emailing it to them. Aside from increasing the control of your finances by paying your own taxes and insurance. There's also a couple of ways you might be able to profit from this whole process. The first is gaining interest on the money that would normally be in the escrow account and some escrow accounts do pay interest but most of them pay nothing at all but instead putting that money in a 1 percent or higher savings account you get the profit off the interest instead of the mortgage company. The second one you may be able to make money is by paying your property taxes and home insurance with a credit card. Once again this will vary depending on your local laws and insurance providers but it may be possible to pay both of these without any kind of fee and profit via cashback or travel points especially if you're able to put these expenses towards signup bonuses if you happen to be paying more than one mortgage do to own the rental property. It may be possible to scale this out even further. One of my favorite parts about the Choose FI podcast is The actionable advice. So here's a task for the day. If you're currently paying a mortgage check if you're eligible to remove the escrow account from it it may be possible to find this out on your mortgage provider's website or you may have to call them then if you find out if you are eligible to remove it crunch the numbers on how much interest you can gain on your average escrow account balance over the past year. Next find out if you can make your property tax and insurance payments with a credit card and whether or not they charge a fee to do so. Finally you have all the numbers you need and can look at the potential profit for removing your own escrow account and then decide whether or not it's worth the effort of doing so. My own numbers showed that we could potentially save hundreds of dollars every year for the life of our mortgage. Keep up the great work on the podcast and hopefully this tip will be able to help some of your listeners discover some free money. Cheers.
insurance, savings, tax
2515 - 2639 Brad Barrett Noah. Thank you for that voicemail. That was awesome. I love how well he knows our show and our audience because this is all about taking action right. And you might do some research find out that your mortgage company doesn't let you do this or you might find out that they do allow you and maybe there's a fee to pay your property taxes or something and then you know you can make the decision whether it's worth or not. But there is a potential here to save hundreds of dollars. And like he said if you can put these items on your credit card with no fee. That was the crucial point that he said it with no fee then you could potentially get a signing bonus on a travel rewards credit card which could potentially be worth a thousand dollars in quote unquote free travel. So talk about doubling down on a huge win. And like we always talk about travel rewards. That's definitely a pillar of FI. And I know as big time and two into the travel rewards world and we have as we've discussed many times we have a really great intro podcast that show that episode nine. And we also have an entire travel rewards section on our site with a bunch of articles our top recommended cards to get started with. And that's at Choose FI dot com forward slash travel. But just in summation I wanted to say that this really is very timely for me because one of my frugal wins of the week is that I got introduced and I think I mentioned this on a prior Friday Roundup but I got introduced by a buddy of mine Blake to this homeowner's insurance company that's here in Richmond called the Mutual Assurance Society of Virginia and this company has been in existence I think since 1794 which is just bananas to me. But they charge a fraction of what a traditional for profit homeowner's insurance company charges. So I am going to wind up saving somewhere in the vicinity of like 75 percent of my homeowner's insurance So Jonathan you actually need to look into this. Anybody in in the Richmond area hearing this as well and it's actually much easier if I pay it directly just because of the structure. So I actually had to take Noah's advice and I've got to give my mortgage company a call and figure out how I can do this. So yeah it couldn't have come at a better time for me personally.
tax, travel, travelrewards
2639 - 2642 Jonathan Mendonsa I'm taking notes. I will be contacting them it's on my ToDoist.
2642 - 2646 Brad Barrett Nice. Very impressive.
2646 - 2697 Jonathan Mendonsa All ChooseFI. sponsored by todoist. I love that I'm absolutely going to I'm absolutely going to take action on that. All right guys for this next segment we want to just put a bow on the case with Paul so there's just a couple of final thoughts here. I wanted to share with you Paul's own plans for what he's going to do for his daughter for school. He's answering that question and then also come back and get his final thoughts on what we basically piece together for him so this is going to be part five of the Paul case study. This will just kind of wrap everything up put it all together and then at some point down the road we'll maybe take all those segments out and put them in their individual an individual audio file that way. For those of you that very much wanted to follow that journey from beginning to end. You will be able to do that in one place and that I'll just be on the Web site not on the podcast stream not as an episode without delaying any more let's go ahead and listen to Paul's feedback on what he plans to do for his daughters education. You ready for the spread.
2697 - 2698 Brad Barrett Yeah let's do it.
2698 - 2753 Paul Our plan for our daughter the question was about is 43000 enough for college. We're planning to do some of the college hacking tips that I've heard on this show before and we're aiming for a combination of scholarships dual enrollment classes and clep and AP for my daughter to get as much of a head start as she can. She starts high school this fall so it's a great time to look at this and since We homeschool we have the leeway to configure her curriculum to customize it towards college preparation. Our big goal for her. And hopefully she shares it as well is to have an associate's degree by the time she graduates high school so that way she's ready to go on in just two more years she's got her bachelor's degree whatever she hasn't finished she'll go to community college first to finish that before transferring to a local university. All of our schools are local that she would go to. So she can live at home that will help save some of the cost if she wants to go into nursing. She really doesn't need a big ivy league or a private school pedigree so public and state universities are probably our route to go for college.
clep, college, college-loans, homeschool
2753 - 2788 Jonathan Mendonsa How amazing is that. Like this guy is firing on all cylinders and you know we didn't coordinate this like when we did that little highlight on nursing the other week that was not with this in mind and when we talked about these ideas for these different approaches to hack college that was not with Paul's answers in mind he's just he's just rocking and rolling. And Paul you have an entire community of people that are who are invested in your daughter's success with this we are genuinely excited that you're just taking these ideas and she's implimenting them. She is literally the protege right now of second generation fire. How cool is that Brad.
2ndgenfi, college
2788 - 2807 Brad Barrett Yeah it's awesome. And that's a great way to put it the protege of second generation fire. Yeah she is. She's really rocking around on every aspect. I love the living at home the community college. I mean the AP classes it's just it's hitting on every aspect of college hacking. And so yeah I mean kudos to Paul and the whole family over there.
2ndgenfi, college, families
2807 - 2827 Jonathan Mendonsa OK. So as a wrap up you've heard us discussing Paul's case with all of the information that he provided us with. Paul has gotten a chance to actually listen to this feedback and figure out how he feels about it what does he want to do with this information. Does he choose FI. And he sent us a quick voicemail and we want to share it with you guys so just hold on a second for me we'll pull this up.
2827 - 2912 Paul Wanted to check back in with you guys after the last couple of episodes that you've done on my case study how awesome that was having the input from big Ern to enlighten about how to treat Social security in my scenario was really invaluable. Also hearing you guys walk through my spreadsheet on the Friday Roundup was what was really good to hear. I think both those things put together really puts us in a comfortable situation where we're probably ready to pull the trigger at almost any time. I'd love to call you back and give you that call that shout out that scream I've chose FI and can't wait to get that done here real soon. I'd like to do a follow up with you guys if that's something that you want to do at some point. I think it would be great to discuss this live if you're up for that. I'm honored and humbled that I was able to be the first case study on your show. I hope it gave you a good framework for how you want to do this in the future. And again I'm just very grateful that had you guys and big Ern Take a look at this from the outside and make sure that we really are on the right path. And I've joined the Facebook group as well to hopefully get some conversations going in there where I can interact with the rest of the folks. But anyway I just want to say thanks thanks much for all you've done here and all you continue to do for not only myself but for everybody who's seriously considering this journey of FI. You all have a good weekend and hope to talk soon.
socialsecurity
2912 - 2965 Brad Barrett Yeah Paul we really appreciate all your help. I mean Paul has just been an amazing sport with this. It frankly would have been a lot easier if we in theory if we just had him on the show live. But it would not have allowed us the opportunity to really think through this to bring Ern on to just go as in-depth as we wanted to. So while I know it was annoying for Paul I assume to send all these voicemails in and everything man. He just he was a really great sport and we could not have asked for a better first case study. So I know I feel that Paul's in amazing shape here and I'm just I'm just really impressed with the action they've taken. So you know just from from start to finish to Paul's Excel spreadsheet where he line itemed every single expense in his life I mean it was just really impressive. So I know Paul's going to be a huge success no matter what. So I just wish him and his family all the best.
families
2965 - 3141 Jonathan Mendonsa And Paul we absolutely would love to have you on the show we're going to have you come back on a Friday roundup at some point in the future here and we'll just kind of maybe talk about where you guys after you've made that pivot. What things are looking like what surprising you those are the sorts of questions once you've made that decision. What does life look like post FI and what does exactly what you thought it would be and what are the challenges that you're facing and where are you guys winning. That's a conversation that we would love to have with you as a follow up. So thank you so much for sharing your life with us. I mean it's not just us helping you. You are helping thousands of people that are finding themselves in a situation now or will find themself in that situation within the next several years or maybe are looking to a future in which that is a reality and you model it for them and you shared it and by you modeling it just the way that physicians on fire in that episode said because of the things that JD Roth did when he went in the van and basically went around the United States and coach Carson did and was able to live in Ecuador you modeling this for people is going to give them the confidence that they need to make a similar decision you are becoming one of their five and that's very powerful and we just appreciate you sharing that with us on this show. And just as kind of a quick follow up we wanted to let you know that big Ern from early retirement now it's just amazing. And he put so much effort into this and went to so much depth and we were not able to share with you all everything that he did just due to time and numbers on a show. But I wanted to let you know that big ern published an amazing Google sheet that we will link to where you can simulate your own safe withdrawal rate. And he went ahead and created two copies. Implementing Paul's exact situation so in the first situation it assumes that Paul bakes in social security into this whole scenario. So basically after 19 years you assume that him and his wife can reduce their withdrawals by a certain amount because Social Security will be Bufferin that or acting as a cushion. And then he did a second scenario where he modeled it without Social Security. And that is extremely in-depth. This particular spreadsheet adds all sorts of other cool stuff and like calculating failure rates or different Schiller Cape regimes it's very in-depth. It's extremely useful. And as you get into those spreadsheets and I'm talking to our audience as you really get a chance to explore those and apply your own information to it I really encourage you to actually reach out either by posting your questions or comments on our blog. Or going on to big urns blog at early retirement now. He loves answering your questions. He's very involved and he's very quick to respond. So if you have a question about how it works I think it benefits all of us for you to go ahead and send him your feedback send him your questions. And let's turn this complex math hopefully into a conversation that benefits all of us. So Big Ern is is an integral part of this team and he adds a level of depth that Brad and myself just frankly wouldn't be able to bring on our own so we're incredibly grateful for him for really adding that validity to this case study.
socialsecurity
3141 - 3174 Brad Barrett Yet one of Jonathan's favorite terms in life is next level. I hear this all the time and I just love it and Ern is truly next level. I mean that's not to denigrate Jonathan and I at all. It's you know no one is on the level of Ern. I mean he is he is the guy and just the fact that he's here helping this podcast out helping the community out and spending just an unbelievable amount of time and you wouldn't believe the e-mails that I get from him. It's just amazing. So a huge thank you again to Ern for all the assistance.
3174 - 3202 Jonathan Mendonsa All right guys. So this last segment what we want to do is just take a few minutes and highlight some of the frugal wins of the week from our community. And these are ones from our Facebook group and we love spending a few minutes to talk about these you know frugal wins are things that we get excited about. We're living vicariously through you in many cases we're taking your ideas and we're incorporating them in our own lives and they're just taking just a couple minutes just to highlight a few of these really I think adds value to my life and hopefully to you all's As well. Brad you ready to go and give a shout out to a few of those.
3202 - 3218 Brad Barrett Yeah you Bet. So we have Chris freezing bananas. I put them into pancakes but kept throwing them away when they go bad. Now I freeze them at the perfect time and can use them for months. Very excited about this genius idea. So and then we had a couple of people actually follow up that that they loved doing that as well.
3218 - 3224 Jonathan Mendonsa Yeah and I loved what Gabby said freezing fruit is a great way not to pay to grocery store to throw out their food for them. I love that.
3224 - 3242 Brad Barrett Gwen from Fiery Millennials said I brought my lunch to work every single day last week and we had a bunch of people chime in about something called the instant pot. I know Jack said his wife loves the instant pot and electric pressure cooker. Jonathan do you know do you know anything about that. I know you're kind of into some of these gadgets.
3242 - 3312 Jonathan Mendonsa You know actually I don't. And you're right I'm a gadget guy way more than you despise gadgets. I'm all about them. But this particular one really hasn't been on my radar but people are raving about this and apparently it's some sort of steam pressure cooker. And so it does what your little egg thing does. But on top of that it has all these other features added in as well and I know someone was talking about how they actually cooked chicken breast with it. I guess there's just a ton of features so it's something that I'll definitely look into. I don't know a whole lot about it. My favorite one was Nolly who says landscaping utilized home Depot's Memorial Day sale to get 60 bags of mulch and spent all day Sunday weeding and mulching and save $400 by not using the landscaping company all while getting some sun and some exercise. My wife has been demanding that I go ahead and start do the mulching. I mean I've been holding and stalling and stalling and stalling But Nolly I think I can even help you out even more if you're going to get 60 bags of mulch. You might want to look in to see what it would cost to actually get a truck because it's a fraction of the cost even when they're on sale it's a fraction of the cost just to have a like a dump truck brought in I found that a couple of years back and really definitely something looking for you might be to say $450. Maybe next time. So I'm going to try to take your Frugal win and I'm going to try to one up it so hopefully that helps.
3312 - 3340 Brad Barrett OK. And there's a really cool picture here in the Facebook group from Felisa who refurnish their patio furniture as she said it was still in good shape structurally but was faded and worn by the sun and rain $13 for new stain and $8 for a paint brush and some elbow grease from sanding two chairs a sofa and table. And I got to tell you these tables and chairs. It just looks fantastic. Looks brand new like something normal people would spend 1000 or 2000 dollars worth. So yeah I mean that's that's a huge win.
3340 - 3380 Jonathan Mendonsa Very cool guys thanks for sharing and please continue to share. It is really invaluable and it's motivating sometimes when you're in on this path and maybe you know you're getting really close to the finish line but close is maybe five years away. It's important to stay motivated to stay focused and that's where the value is for talking to and a couple minutes just to talk about these frugal wins. So your feedback your ideas please e-mail to us at feedback at ChooseFI dot com. And if you want go ahead and go to choose FI dot com slash Facebook and the other will be a simple opt in form to put your name and email address on there and then we will email you a link to join our Facebook group and you can join our community. So Brad let's go and take a couple of minutes with that in mind and go ahead read a couple of iTunes reviews you're ready for this.
testimonial
3381 - 3431 Brad Barrett Yeah let's do it. So we have two winners this week and the first winner is Brian and Brian said. So thankful for Brad and Jonathan Brad initially kick started my FI journey with his interview on the Mad Fientist podcast since I knew he was on the path to FI. Brad was the first person I trusted with traveler awards and several trips later. His work has changed my life while hunting for more Fi material I stumbled upon choose FI and was immediately hooked. The dynamic between Jonathan and Brad and the information they bring to the table is incredible because of them. My fiance is officially hooked on fire even though I tried for months at 24 years old choose FI is truly invaluable as we plan the road ahead. Thanks for helping us live with intentionality while embracing the good life. And yeah that was just a great review from Brian so thank you.
testimonial
3431 - 3478 Jonathan Mendonsa Arlight for a last one. This was by Karen and Karen says I've been binge listening to Brad and Jonathan for about two weeks. I've already made changes to my finances and have more to implement as I move forward. No other podcast has offered me such useful info. Thank you for letting me tag along on your journey and it is a journey and it's one that we're so grateful that you are a part of and that you're benefiting from. As usual every single week the Friday roundup. This is the place that we announce our weekly winners for the drawing of JL Collin's book the simple path to wealth. If you want to enter yourself in that drawing just write us. Go to choose FI dot com slash iTunes and that'll give you very easy instructions on how to leave a written review and once you do that just take a screenshot of it and send it to us so we know that's yours and we'll enter you in that drawing and we announce our winners every Friday.
3478 - 3510 Brad Barrett Yes. Just send an e-mail to feedback at Choose FI dot com. And you know honestly we have for a long time we said to send in a screenshot or a picture of your review and you know honestly that's that's a pain in the butt if you want to send in your screen name instead. We can match it up with your review that way. So we want to make this as easy as possible. It's the best way that you can support this podcast so leave you take one minute and leave a review so a sincere thank you. We don't want to make it any more difficult. We want to get this book in your hands so we appreciate this for it.
3510 - 3515 Jonathan Mendonsa Alright my friends the Fire is spreading. And we'll see you next time. As we continue to go down the road less traveled.
Jonathan_Catchphrases

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