051R - BeCoachable

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Time Speaker Text Tags
0 - 6 Welcome to the ultimate crowdsourced personal finance show. This is your Friday round-up.
6 - 47 You're listening to ChooseFI radio. The blueprint for financial independence lives here. If you're looking to unlock the secrets to financial independence and early retirement, you're in the right place. Stay tuned and join a community of like minded people who are getting off the hamster wheel. And taking control of their lives in the pursuit of financial independence. Choose FI. Your home for. Financial independence. online
47 - 55 OK congratulations you've made it to the weekend. And this is your Friday roundup and to help me with this day I have my cohost Brad here with me in the studio. How are you doing buddy.
55 - 58 I am doing quite well Jonathan. What's going on in your life.
58 - 68 Well we made it through Black Friday I did not end up making any major purchasing decisions. So little kudos pats on the back there. But it was a wonderful time and excited to be back.
68 - 85 Yeah I did not go out as well. I don't think I actually purchased anything on either Black Friday or Cyber Monday. I don't know why or why it's such a shock to me. But I was kind of expecting some amazing Cyber Monday deal that I might jump on but didn't see anything so yeah didn't purchase.
85 - 120 I will say this is actually pretty cool. We actually fight. We've been kind of kicking the can down the road. But we've finally got our t shirts made. Jason from our community was helping us put that together. And now you can get the official choose FI T-shirt on Amazon. So it's now available. I should go and say that we're just selling these at cost. So although we did release it on Black Friday and I could see how that amazing value you could assume that it is just a Black Friday steal that we're just selling them at cost and so if you want to get a hold of some Choose FI merchandise that is now available the link is on our home page.
120 - 148 And yeah Jonathan you took some flack for that when you posted it on Black Friday on the Facebook group and people like no I don't want to buy anything today. And you know just to be clear we're not looking to make any money off this. I know we had a bunch of people ask us for Choose FI t shirts when there were pictures of Jonathan in them and and Yeah we were able to make it so that it goes through Amazon it's free two day shipping and yeah I think it's like 12 dollars and a little bit of change. So if you're interested you know you can check it out. Jonathan should we put a short link in.
148 - 151 Yeah. Choose FI dot com slash T-shirt.
151 - 158 So yeah if you're interested you can check it out just head either to the homepage or choose FI or just choose FI dot com slash T-shirt.
158 - 240 So Brad let's go ahead and take a few minutes and talk about this past week's episode with Mrs. Mad Money Monster who came on the show to share her story which we appropriately labeled the rollercoaster path to FI. And this episode was a little bit different. You know it really dove into the personal details of someone's journey to get progressively better to essentially have this light bulb moment I know and many other people's cases that backstory is a lot shorter than maybe they had the moment right out of college or maybe they were already doing a lot of the right things and then slowly or subtly shifted this over. But with Lisa she had this incredibly impactful story of the highs and lows that come with honestly most people's life. I mean many of us can identify with individual aspects that she had to tease from maybe that side of it where she didn't have a single financial mentor in her life that could even point her in the right direction. Maybe the aspect where she didn't believe that she was even capable of something like college. All those limiting beliefs that baggage that you hold on to that just holds you back. And then the relationship the relationship that goes south and pulls you down with it all these different factors. This is what makes up most of our lives, to be able to see someone have those experiences walk a mile in your shoes and then be able to pull yourself out of that and get on this optimized path to FI and that was inspirational and it struck a chord with their audience that frankly I think I was even surprised by.
backstory, college, relationships
240 - 334 Yes I think that's an important takeaway for me is that people relate to all sorts of different stories like this is not the traditional path to FI but this is a path to FI that many people take. And just hearing Lisa talk about it that resonated with a significant portion of our audience. And they say if she can do it we can too. And I think that's that's really important. Also you talked about this we titled this the rollercoaster path defy it easily could have been overcoming limiting beliefs. Right. Like we talked about so many of them that then Lisa came up against. It was growing up poor. It was growing up in a trailer. It was her saying I'm not smart enough to go to college. I mean that is crazy talk. Right. Like I'm not smart enough to go to college. That's something that would never cross my mind. Growing up you know me Brad growing up in middle or upper middle class family on Long Island like that would have never crossed my mind. But Lisa growing up in the family that she did. That was something nobody had ever gone to college before. So I'm not smart enough is maybe a realistic thought in her mind even though it is not realistic. She clearly is smart enough she's done extraordinarily well in her life but she had to overcome that limiting belief. Nobody had ever done it before. She had this friend of hers who when she spoke to the parents they said Oh don't even bother. You're not going to finish. So why even start. Why waste your money. What a ridiculous comment I know I was kind of apoplectic over that.
college, families, traditional
334 - 342 Like you were so angry for her just in the episode. I was I was cracking up on my end because I could hear the righteous indignation.
342 - 386 I mean and that was half of it. Like I mean it makes my blood all that somebody would say that to a child. You know a kid who would do that. What kind of awful human beings you have to be that to say that to someone or even think that thought not less verbalize it to an impressionable young person like you're not going to finish. It makes me infuriated I cannot get over that. And you know it she said I'll show you. And she went out and she did finish right. And that is the important part where she says I'm coachable. I can learn anything. I have a growth mindset. It's not Oh I grew up poor. Oh I have these people in my life telling me that I can't do it. I can do it. I'm coachable.
386 - 415 I love that that was my single biggest moment. I'm coachable you know that's my that's my thing Brad. I I can learn this. I am willing to put the time and I'm willing to grab new skill set and I'm coachable you can criticize me and I can figure out what part of that I can learn from and I can get better. And it's this constant iteration not just on like a published work like a document but on your own life iterate my life and get continually better in every single aspect.
415 - 468 Yeah there's no question. I mean Jonathan you I know you were talking about Lisa there but you personally talked about learning. Right. Like think about the last year of your life where you've gone from and where you are now as far as learning how to podcasts learning how to create a website create this choose FI community throughout the world. I mean have you really reflected on like what you've what you've learned and the skills you've picked up in your life. Just in the last year in your 30s if you took the limiting belief of oh I'm a pharmacist and that's what I went to school for and that's what I'm going to do. Well now you're a podcaster with a podcast it's been downloaded over a million and a half times. Right. And you did that. That is all you all of us production. All the editing the reason why the show sounds so good is because of you. And you learn that on the fly because you said I can learn anything.
468 - 556 You know it's going to be it's going to take me a while to kind of sift through this and figure out is there a process here or was this you know predestined. Because I don't think it was. I think that it starts with that line that I'm coachable and let's say you're the person that says oh I'm bad with technology. Well I guess I could have said I'm bad with websites a year ago because I'd never tried to do a Web site before. But the question is are you just going to sit on that one single sentence. Are you going to say no I think this might actually be fun. It might be worth my time to go watch a couple of youtube videos. Take Alan's advice and look up what can I build for free. You know insert your keyword there. How can I learn this for free and then just constantly add to your toolbox and just reject any belief that says I'm bad at this and embrace a mindset that says how can I learn this skill set. Where do I go if I want to be coached. Where do I go if I want to learn something that I had never even considered before. That's where I landed. And honestly Brad the place that we've kind of set ourselves up for is to always be learning. That's what the show is about. Right. I mean basically we Brad and Jonathan have projected a traditional 9 to 5 and said our goal our life's goal is to continually learn everything that we don't know distill it into a story and share it with the tens of thousands if not hundreds of thousands or millions of people down the road that also want to learn everything that they don't know that they don't know. That's become my life's work.
556 - 601 Yes it truly is about that life optimization and you can always learn. Just think about YouTube you can learn anything you need to learn in the entire world on YouTube. In some senses I could learn more from YouTube than I could from a university. You can truly learn anything you need to learn in the entire world on YouTube. And there are probably 500 videos on fixing your faucet or learning how to create a podcast or learning the proper technique for the deadlift in weightlifting or whatever it is. I've looked at many of these videos you know and those couple of topics. There's anything you need to learn if you have that growth mindset that I can learn anything if I'm just willing to try. And that's the crucial point.
601 - 747 You know it's actually funny as you're saying that I'm imagining what it would look like to go look at like my youtube history and it's all DIY videos. Every single one. Over the last six months or so is some sort of instructional video. Now it could be something simple like making a new recipe like a recipe that I've searched up or honestly this is this is crazy and this goes back to the pain and the tale that homeownership is in the last six months I've had my oven crap out. I've had the microwave go I've had the wash machine go I've had the three toilets need to have the mechanism replaced and I've either fixed or replaced manually myself. All of those. That is 100 percent not because I know how to do something although now I can say I could probably handle it but because I'm willing to go learn how to repair these things and do it myself and insource the work. Now I'm not telling you you have to do that. I mean there's a time value of money sometimes it's worth it to outsource something but the fact that I was willing to go learn a new skill set is rewarding to me and I have the time to do it. And it goes the fact that you can constantly pick up this new skill set. You can constantly learn something new and it's just it opens up the floodgates to Yeah. Yes. If you can do it in the handyman space why can't you learn something new in the digital space. Why can't you learn something new that you could turn into a small business. Why can't you learn something that can become an income stream for your family why can't you pursue a passion project that's in a field that you had never considered. Why can't you become a scuba diver instructor you know in Hawaii. There's no reason that you can't. What do you want to do and and FI the pursuit of FI. In many cases makes all of these choices possible makes it something that now you can actually visualize and you can consider and you're trying to figure out how can you dapt it into your life it makes life more interesting it makes life more colorful. And I love talking about it. I love thinking about it and I love sharing stories from people in our audience that have actually done it because once you have somebody else model it for you the bar is immediately lowered as to what's possible because now you're not going off into the void and doing something for the first time you're saying wow Jerry did this and he seems like me and I bet you that if he can do it I can do it. That's the value of having a show like this where we're collecting the best ideas from different people all over the world. And we're saying OK I get it. That choice makes sense. I want to try that.
families, smallbusiness
747 - 880 Right it truly is a life optimization strategy and that's that's what we've tried to focus on here. And also you're highlighting the value of mentors right. Like having someone that you can take under your wing and say hey this is a viable strategy. This FI path that if you just read about it on some website somewhere it might sound a little crazy but like when you see people in real life modeling this it becomes real. And also the value of mentors generally. Right. We talked about Lisa and her just having that one random conversation with one young engineer at her first job who said of course you can go to college and that person believing in her and saying Are you ridiculous with that limiting belief of I'm not smart enough. Of course you can changed her entire life Lisa's path could be dramatically different and would be dramatically different if she didn't have that one conversation. So you just never know in life how you're positively going to impact someone with just some random thing. And we affectionately called FI a superpower if you out there in the audience can find people who you can guide and help and try to make their lives better. Like you just never know who this is going to stick with. So I think that concept of mentoring is important. And just to keep going with the Lisa episode it was amazing how many of these little mindset issues she had and overcame in her life. She didn't want to leave that relationship and quote go backwards in her life. And that was just again another limiting belief that like I'm a 30 year old I have a successful job etc etc. I can't go backwards on my life and live with my parents or go to an apartment or all these things. She had the quote nice house in the nice neighborhood that she always looked up to when she was living in a trailer and it's hard to leave that. But sometimes you have to make the decision that's right for you and not what's societally correct or maybe what you thought would be this light at the end of the tunnel or light at the end of the rainbow as a mixed metaphor. As Jonathan said on the.
college, mindset, relationships
880 - 884 It was a beautiful mix sation.
884 - 937 You just have to get over that. She knows looking back that she had this perfect house hack set up with this house that she had bought for her parents. Her parents were living there she could live there essentially for free. It would have cost her zero extra dollars because she was already paying eight hundred dollars a month. But she didn't want to because she didn't want to go backwards in her life. And that was that was a mistake. You just sometimes you can't worry about what other people think. I think that was my big takeaway and something that I've always tried to model in my life. I just don't care what other people think about me. I do my own. I do my own thing. I make my own decisions no matter how wacky or or normal they may look and that's fine with me like you just get so caught up in worrying about what other people think and looking good and doing all this stuff. And that's the path to really running out of money pretty quickly and that's the Keeping Up with the Joneses right. Like that's what people do.
937 - 1047 I think this was almost an exaggerated look at it. What I really latched onto is for her what a powerful imprint. Growing up in a trailer on her life now I think it's such an obvious point to say that growing up in a trailer in no way defines your value as a person. It apse it's crazy to even think that. But you could tell even reading into our article that it was ingrained into her DNA. And I think what's so interesting is once you move away from the specific aspect of exactly where you grew up how many of us carry some level of our socio economic upbringing into the choices that we make as an adult and overcompensate for it in many ways. And what a self destructive path that can actually end up being. And I think what FI does is it almost gives us the ability to look back at that, place it in perspective and then rejected out of hand and say that is ridiculous. I am more than the sum of my stuff. And then once you actually can get some perspective on that and you realize I don't care and you say you know what. Practically speaking I don't need the Gucci handbags. I'll be perfectly happy with my sandals might. Two to three pairs of super comfortable shorts and my five t shirts and that basically could take care of me for years. Once you realize that you're more than the sum of of your stuff you know fi almost allows you to put it back in perspective and say I'm wildly happy with the belongings that I have that are high value high quality items that do what they need to do for my life. And I no longer need to make purchasing decisions based on my view of my identity as a child or as a young adult. And once you can get to the place where you're content you're satisfied and you're not always craving the next dopamine hit from the next purchase that upgrades your life in some small way. It adds balance and it allows you to be more creative with your life energy if you will.
1047 - 1171 Yeah and truly focus on what's important in your life not just the typical keeping up with the Joneses. I know I said it before but but it's not about that. It's about finding what you value in life. And we don't want to beat this up here but it's a very important topic. And just my last thing and Jonathan you may have something out about the Lisa episode but I love the concept of Fi or financial independence optional retirement. And I think that's a really cool take and I think that's where we've kind of landed on. I know we talked about it a couple of minutes in the Monday episode. But I really did want to reiterate that like we are not about the retiring early the traditional fire. You can do that if you want. You don't have to. It's up to you. It's your decision. And I think that's where the the option comes in. And I really like that that Lisa kind of renamed it in this cutesy manner and I think what she focused on was every month she gets a little bit more power. I think that was her quote from the episode and that's the important part here that she is taking this power back in her life and accruing more and more of it. Every month she has a 50 to 70 percent savings rate right like she is just getting more and more power in her life. Eventually she'll get to the point where she's at FI and she can decide to do whatever she wants. Then it truly is optional. You can work for money if you want. You can work in that job you can work in any of the other millions upon millions of jobs that hey maybe I wanted to try this some day but I never was going to because I'm living paycheck to paycheck. Like that's how a normal person goes through life. But with that optionality. Lisa or whoever out there pursuing FI you can do things that you never dreamed were possible and that could be work it could not be. It doesn't matter. It's having those options so just a little extra touch on that is it's just so important to have options to have this freedom to have this power in your life and really you do that just by having savings and by increasing your net worth every single month. It's not any more complicated than that.
networth, savings
1171 - 1406 Love it guys super quick update about the Choose FI local. First of all those are blowing up most of the groups have well over 30 people in them some of the groups with higher concentration areas have more than 100 people in them. The power of these local groups is this idea of community and they're going to continue to add more and more value 1. Once you join it and to once we figure out what's working how to best add value to the local community. And so a lot of the ideas that Brad and I were spit balling back and forth. Our community really has already developed and taken to the next level. And so those ideas are being shared on the local groups. If you're interested in joining one of those local groups just go to choose FI dot com slash local it will give you a list of all the groups that are active to date. If you don't see one that fits your specific location or you would like to start or admin one just tag or message Brad or myself on our Facebook group if you want to join the facebook group. There's over 6000 people in that group. Now it's probably closer to 7000 by the time this airs. You can just go to chooseFI dot com slash Facebook to join the group. We would love to include you in the conversation and help you find a local community. This. I mean this is very exciting and I think it's the fact that there's an infrastructure in place already there's a level of consistency that's going to make these so valuable going into 2018. So anyways to everybody that's already participating in one of those groups are awesome because you're there. Thanks for joining us this give me a lot of fun. The other thing I want to mention is we talked to you about Camp FI many times. There's two of them in Florida. There's one in Virginia. Next year there's probably going to be one in the Midwest and we'll probably see some in California. These groups are what make those camps possible. That's going to add infrastructure in place so we can quickly get those things up and running for you to give you a larger venue and then we also talked about the idea of doing a FI festival. These groups will very likely make a FI festival a possibility where we can get potentially hundreds of us from all across the country together for local a larger event. So it's exciting to see this thing grow it's exciting to see how much enthusiasm there is in this idea and you could see I can already see once the light bulb goes off and you realize the possibilities of having a tribe of people in your own local community. How much value that adds. We're getting messages literally 20 messages a day about how can we get involved. How can we get one of these started. So thank you for reaching out to us that feedback is invaluable and we're going to keep making this better. All right. So I want to go and dip in the mailbag. We have a couple of voicemails that we want to play today and this first one started out as a question from Lori and she says I have a question about educational IRAs. We have three kids ages 13 14 18 our son just started freshman year today at Florida State University. My parents started educational IRAs with a financial adviser for each of them when they were born putting 600 to 800 dollars a year in each. I have just now discovered FI your podcast and all the talk of VTSAX can the IRAs be put in an index fund. I'm so confused. The son has nineteen thousand dollars. One daughter has seventeen thousand dollars and the last daughter has sixteen thousand dollars. P.S. Our son did part time dual enrollment. He took AP classes as junior and senior year. He's going into college with 22 credits. We also have a program in Florida called Bright Futures. If you score at or above 29 on your ACT or 12 90 on your S.A.T. as well as get at or above a three point five GPA you will get 100 percent of your tuition. Now that's tuition only not room and board covered at a state school. Something to shoot for. For second generation fires. So Laurie thank you for that extra information and asked your question. We sent this over to the millionaire educator and he has gotten back to us with a response and yet we're going to go and play that. And also I should clarify that with the dollar amounts that she mentioned I did check with her that money is in an ESA.
2ndgenfi, college, indexfunds, ira, localgroups
1406 - 1678 Hello this is Ed Mills from the millionaire educator calling in to answer Laurie's educational IRA question. This is also referred to at times as a Coverdell educational savings account. There is some confusion with the name of the savings vehicle but we're talking about the same thing here. She wants to know can she move her current ESA balances to an index fund namely the VTSX that we all seem to know and love. Let me say yes you can move to an index fund but you're not going to be able to go directly to Vanguard and open up a new ed savings account. Vanguard no longer opens those accounts I'm grandfathered in because I opened one in 2006. Nonetheless Laurie you have two good low cost options here. First thing you could do is roll your money to Schwab and use their total stock market index and that is S W T S X and they charge three basis points at Schwab. Another low cost option would be to roll your money to T.D. Ameritrade. There you would be able to access their commission free ETF. And you would go to Vanguard's VTI the VTI is the ETF equivalent of the VTSAX sorry for those confusing acronyms there but VTI is essentially the same thing. Okay. Has the same cost four basis points. So they're at Schwab and T.D. Ameritrade. You have two low cost index fund options. The second part of Lauries e-mail describes a scenario that I think I will be faced with. She mentioned her son as a college freshmen he arrived in college was 22 hours of credit hours he's almost a college sophomore and he seems to have to be a member of the Bright Futures program in Florida which will pay for his instate tuition. Let me just say right off the bat. Nicely done. He obviously had a high S.A.T. or a C T and he had over 3 5 gpa excellent performance young man. So here's a scenario Let's say he doesn't need all this money for tuition since it's covered. What can we do with his ed savings account. Laurie be aware the first thing is that you can use the ed savings account money to cover room and board. So if he has those costs at Florida State you can tap into those funds to cover that as long as he said. Going to school at least half time he can access that money. I imagine he's gone full time another thing you might want to think about and this is kind of a long term view. Let's say your eldest graduates and he has a lot of Ed savings account money leftover. Well as long as you change the beneficiary on that account before he turns 30. I believe it is. You can basically move that money to say a nephew a niece or granddaughter or there's a number of family members you could change the beneficiary on this and pass that money to them. What I'm envisioning doing I don't really like the idea of just flat out giving the money to a nephew or a niece or grandchild. I want a skin in the game component to it. So what I'm thinking about doing possibly is a zero percent interest educational loan to my nephew or niece and just be you know something an agreement between us and they would pay me back that money. And that way they would have money to go to school and there would also be a financial education component to it. You know hopefully they wouldn't borrow too much from me and they will learn the value of managing your money. You know I'd make them pay me back potentially. So that's what I'm thinking about. If you want to take a deeper dive into the Ed savings account I recommend listening to Joshua sheets radical personal finance. Episode 1 0 6 where he really talks about some things you can you can use the ESA money for little outside the box ideas there for example you could use that money to potentially buy real estate. You know that that room and board money let's say you pull that out and maybe use it as a down payment on a property and then like Coach Carson would suggest could do a little house hacking you know roommates and you're paying off a duplex or you know a single family residence. There's a lot of things you can do with this money. There are a lot of options so take a look. I hope this answer helps you. All right frugal on.
college, families, househacking, indexfunds, ira, savings, stocks
1678 - 1700 Frugal on I love it. And dude that's a great idea. So if you can use it for room and board then let's say you get twenty thousand dollars in this account over a period of 10 15 years. That is your downpayment on your fourplex. That's your gateway to househacking. You've gotten all the money in there pre-tax. I mean that's that's a game plan right there right.
househacking, tax
1700 - 1780 Yeah that's neat. I mean I obviously don't know the rules behind it but if that's been vetted by Joshua Sheets and coach Carson then it certainly sounds like a pretty cool way to move forward. Unquestionably. And yeah this is the neat part about having all these in-house experts here that we can call up and hey we had a question. Ed Mills come and give us an answer or we have an answer from Coach Carson coming up in the next week or two on a Friday roundup. It's just so valuable having these people who are really experts in their field. So a huge thanks to the millionaire educator and yeah we really appreciate it. I also wanted to just mention that Bright Futures scholarship. Wow that is incredible that the state of Florida does that. I had never heard of that program before. But those are the type of little college hacks that I'd love to accumulate if you know of other programs like that in your state or even just like the caddie scholarship that we talked about with Noah and Becky like these kind of off the wall things if we can somehow accumulate a repository of these then it can help our entire community. So I mean that's now a running list of two I'm sure there are many hundreds of these things. But if you have an idea or you come across a scholarship that is really beneficial send it to us go on our Facebook group and posted or send it to us at feedback choose FI dot com and and let us now.
college, scholarship
1780 - 1786 All right so we got a voicemail from Michelle and she's sharing some changes that she's made over the last several months. Wanted to go and play this for you.
1786 - 1881 Hi Brad and Jonathan My name is Michelle. I'm so happy I found your community. I've listened to about half your podcast in the last two weeks. I wanted to share a little of how far my husband and I have come over the last 10 months. We started this journey towards theye in January well before we ever actually heard the term. My husband was preparing to retire in March at age 49. And I wanted to be prepared to retire with him within three to four years. I realized that the first step was reducing our outflow. We were hemorrhaging money. I started with an Excel spreadsheet and listed all of our debts a discretionary budget items that were in our control to reduce. We came up with 23 in total adding them as we went we began working through these items one by one tracking the monthly payments we were making and the new monthly cost which in most cases was zero. We paid off all of our credit cards. One of our vehicles all my student loans and in total made changes in 19 of the 23 so far saving monthly on each between three dollars and nine hundred dollars. This morning I added my 19th item as we refinanced our vehicle to a lower interest rate saving two hundred dollars. This brought our monthly total money saved to four thousand seven hundred and eighty five dollars. We literally went from living paycheck to paycheck to a point where beginning next month my whole paycheck will be going towards investments. I am now an avid listener to your podcasts. We've hit FI simply by reducing our spend and I have my retirement date set for December 15th of 2020. Thank you for all that you do. I feel like I've learned so much from your podcasts and community and I can't wait to see what's in store for our future. Thanks so much.
college-loans, debt, savings
1881 - 1883 Doesn't that just blow your mind Brad.
1883 - 1926 That is mind blowing it true. I mean wow. Forty seven hundred dollars a month and her entire paycheck is saved. And that's that's incredible and truly incredible. And the fact that her fire date is three years from now right. Thirty six and a half months from that time are recording this that's truly truly incredible. Michelle I cannot thank you enough for that voicemail. It just warms my heart when I hear stuff like that and that you've taken action just from listening to podcasts like that's all on you. It's about taking action. Everyone out there you have to hear this. You can listen to the podcasts you can read articles until you're blue in the face but you have to take action. And Michelle sat down and did it and that is really incredible.
1926 - 1931 And we're just seeing this over and over again. Did you see that post from Matthew in our Facebook group the other day.
1931 - 1932 Yes I did.
1932 - 2101 It just blew my mind. So like just for our audience if you remember last week we played the voice mail from Cassandra totally separate voicemail not related to this but Matthew just posted on the Facebook group and I'm going to read. I have to read this I have to share it with you he said. Hi everyone. I just wanted to share my brief experience with FI. This started about six weeks ago my brother in law Kirk informed my wife of this podcast he was listening to. He said that I would either hate it or be 110 percent. All in I am definitely stubborn of an all or nothing type of person. If you wanted an example of my stubbornness My wife has been preaching to me for the past 10 years that we need to do something about our spending. I feel horrible about wasting the last 10 years but I can't dwell on the past. I listen to my first choose FI podcast with my wife and the rest is history. I now listen to this podcast every day when I workout. Our first full month of being into fi was this month November 2017. To say the last six weeks have been life changing is a massive understatement. This month we will spend 1500 dollars less than we did in October. Please don't tell me how much money I wasted over the last 10 years. I don't know what I was doing. Honestly I would take the kids to target because I was bored on the weekend. Every day was Starbucks and every weekend I took the kids there for breakfast. I'm embarrassed to say this but I was spending around five hundred dollars a month at Target and Starbucks. I don't even know what I purchased our grocery bill was out of control. This month we will spend over five hundred dollars less on our grocery bill. I cut our cable. This will save about a hundred dollars a month. I rarely even watch TV. Given that I have a 1 year old and a 5 year old. I was just wasting money for the hell of it. I would blow through my quarterly bonuses on garbage. I had the mentality that I worked hard so I should be able to spend whatever I want. I had no plan and figured that one day my salary increases would solve the problem. Fortunately I've always had a 401k and IRA which I've contributed to for the last 18 years some starting this late at 40 but I still have the 401k and the IRA to fall back on. It makes me feel a little bit better about this but I wanted to give a shout out to the guys at choose FI and this group. Specifically the Facebook group for changing my family's path in life and also to my brother Kirk. I will always be grateful for this. I mean guys were talking about who is that one person in your life your that one person who's the one person that could benefit from from fi from this idea. Because in many cases people are paycheck to paycheck by choice. They're paycheck to paycheck because they didn't realize that there is another way. There is another lane. They're assuming that today is the only day that you have and there's really no point to putting anything aside if you can reframe things if you can give them just another an alternate future and one that they can get excited about. Design your lifestyle type future people can change on a dime. And so yes it's a concept but honestly if it were just enough to say spend less than you earn then everybody would have had to figure this out. It is messaging. It's sharing your story and it's letting someone see the power of an alternate choice.
401k, Jonathan_Catchphrases, families, ira
2101 - 2169 And yeah the cool thing the reason why Jonathan brought up Cassandra is that Kirk Matthew's brother in law is Cassandra's husband. So they've been now featured on two straight friday roundups and and that is just so cool. Like Cassandra had this amazing voice mail last week and now Kirk spread the fire to his brother in law Matthew and Matthew had this epic post on the Facebook group. And like Jonathan was alluding to him Matthew said I don't know what I was doing honestly I don't even know what I purchased. It was hundreds of extra dollars at Target and on food at the grocery store for nothing. He couldn't even point to it. And that's 10 years of doing that. Matthew obviously like I always say like Don't stuff up about past decisions. You found this today. Your life has changed forever. You're saving 1500 dollars more per month now than you were just last month. That's just going to get better and better and it's going to compound. And you are just ready in a dramatically better place. It's truly remarkable. So to Kirk and Cassandra thank you for spreading the fire and to Matthew and your family. Well done.
families, savings
2169 - 2172 All right guys this next voicemail that we're going to play is from Heidi.
2172 - 2410 Hi Jonathan and Brad. My husband and I are loving your of our podcasts and are very grateful for this amazing community. I feel strongly that this Fi framework can help stay at home parents validate their important lifestyle choice leaving the paid workforce for whatever reason even when it's your choice is a major challenge to your identity. It's hard to reframe both how you perceive yourself and how others perceive you. When I became a stay at home parent 11 years ago I put into motion the life I designed and wanted to provide for my new son. Yet it was very challenging to explain that decision to co-workers friends and even family members. I was constantly asked when are you going to start working again. Or do you think it's a waste of your expensive education and talent. Sadly it was only my mom's cancer diagnosis a week before my son's birth that seemed to make it more palatable for people somehow being a caregiver to my mom was more acceptable than being a caregiver to my newborn baby. I realized four months later why literally at my mom's wake service a former boss said to me so now that your mom is gone when are you coming back. Caring for a cancer patient were short term staying home for a child was a long term gig. Fast forward to spring 2017. I had reached the Promised Land with both kids in full time school. The comments of when they were going to get a job or what to do with all your time started back up in force during Lent 2017. I took a deep dive into some self reflection. This included intentionally thinking about my life now my dreams and what retirement can look like for my husband and I had not yet heard of the fi concept or movements. Being an avid reader and planner I headed to my favorite place the library and checked out some books on Retirement How to Retire Happy Wild and Free. By Ernie Zelinsky. And what color is your parachute for retirement. By John Nelson and Richard. I wanted to learn about what issues we would face in the future and see what we could do to prepare Ernie's book about retirement focused very little on financials and instead of identifying who you want to be and what will bring you fulfillment. His book also introduced me to the idea of semiretirement. I used this to reframe my current time as a stay at home mom with two kids in all day school. My background is in accounting so naturally I looked to the numbers for guidance. Your typical 40 hours per week job is about 2000 work hours per year. Once my kids were in school full time time I had to myself added up to about a thousand hours or so. I concluded I'm half retired. I resolved I would work diligently to engage in pursuits that excite me restore me use my creativity to continue my passion for learning. Amazingly it was at this very same time that my engineer husband discovered articles about fire movement and the chooseFI podcast. After going down the rabbit hole especially once the kids went back to school this fall. I can also now reframe my choice to be a stay at home parent using the fi model at age 29. We were financially independent enough for me to leave the paid workforce though we weren't full. FI then we were far enough along the path to pull the trigger for me to stay home. By maintaining high savings rates and managing expenses carefully we are currently about two thirds FI and have a very clear track to full FI. Knowing that there is an overarching framework we can follow brings not only relief but validation of our choices and actions. Thanks again for your continued efforts to share your passion and knowledge with the FI community. Keep up the great work.
families, library, savings
2410 - 2417 Brad I feel like this one is going to really hit home for you on multiple levels. And for Laura so was super excited to play this voicemail from Heidi.
2417 - 2518 Yeah I cannot wait to hear Laura's response when she listens to the Friday roundup. Because I know this does hit home for us. This is really eerily similar to our lives so Heidi thank you for the voicemail. Laura is also at that point where our youngest daughter just went to kindergarten and her life is dramatically different now. Laura's life she has 35 hours a week as Heidi said she's kind of half retired because Laura is still a stay at home mom. Otherwise when the kids get home but she's half retired and she has easily a thousand extra hours this year that she has to fill and find what she wants to do with her life. Now this is the ultimate first world fire problem right. Like Laura and I are out fighting. She has the time and resources to do what she wants with her life but she needs to decide what that is and her identity has been an accountant and then a stay at home mom for the last nine plus years and now she has to figure out what she wants to do with the next 50 years of her life and her life looks like. So that type of introspection is really important. And that's something that we're so fortunate. We in the community are so fortunate that we can focus on what we want out of life. What makes us happy what we derive satisfaction and pleasure from. But it does lead to this extra layer of complexity that most people don't have to worry about when they're just kind of going through the regular motions of their lives. So it is a blessing. Obviously 99 percent but you have to figure out what that means to you. Right. And this truly is a wonderful problem to have to grapple with but grapple nonetheless.
2518 - 2533 I love it. All right so this next voicemail that I'm playing is from Lance now this is actually a little bit of a throwback voicemail because Lance actually went to the pop up business school at the world headquarters of Mr. Money Mustache. About a month or two ago. So very excited to play this one.
2533 - 2583 Hey guys this is Lance from Denver. I just wanted to leave you a quick message and let you know how amazing the pop up business school workshop was. I absolutely loved every minute of it. Allen and his team are phenomenal public speakers. They Take it to a whole new level. And they kept me 100 percent engaged for two solid weeks and that has never ever happened in my life. In addition to that I got to meet the most fantastic people ever in the workshop that had great ideas for me for starting my business and I feel so much more comfortable about doing and about helping others. If I get questions on I'm starting a business on their way to FI so just let you guys know that we love. Love your show and keep up the good work. Thanks.
2583 - 2622 There's so many things that I'm excited to talk about this voicemail. One is that I'm so passionate about what Alan is doing over a pop up business school and I love that Lance was actually there and he was able to share his take on it. I love it. Allen has been on the show. That was episode 30 which was the the unspoken lever of the FI community featuring the side hustle where Allen walked us through a general framework of how to start a business without going into debt. There were so many different dimensions. Did you notice Brad were Lance was talking about how not only was he excited with everything that he learned but now how he could take that same information and give back to the community.
debt, hustle
2622 - 2628 Yeah that's what it's all about right. Spreading that fire and mentoring people like we talked about earlier in the episode.
2628 - 2712 And that goes back to the idea of local communities. That's what these communities become. Right it becomes mastermind groups it becomes entrepreneur groups it becomes real estate groups it becomes really exploring all the different ways that you can optimize your city for financial independence with your tribe of people. That is that is just amazing. Taking it one step back and going back to Alan you guys know that we did that contest to find someone that Alan was going to give one on one coaching to help them build their business from scratch. Talis won that competition and she's creating a business to offer dance classes to people with Parkinson's. We've already had our first coaching conversation and we're about to schedule our second one. We're actually taking those conversations and turning them into episodes which we are going to be featuring on a Monday show. We're going to give you full behind the scenes access to that so that you can kind of walk through this thought process on taking a business model any business model. But specifically in this case we're helping Talis with hers and we're walking you through Alan's process. I mean this is this is really really valuable information. So you're going to get some access to kind of how Aoun works through this stuff and just super excited to share it. I'm trying to figure out when those are going to be released. One of them will either be released the very end of this year or the very beginning of next year. So those are coming up shortly but I just wanted to let you know that that is actually happening. And Brad I also love how active Alan is in our local communities.
2712 - 2762 Yeah Alan is just such a rock star in every possible way. We constantly get e-mails from him just how excited he is and how he gets feedback from people from ChooseFI and just how thrilled he is and we are thrilled that Alan is a member of our community and he's actually stepped up and he's the admin for the Choose FI local London group. And that is just so cool like Alan Donegan is the head of the ChooseFI local London group and I know personally I'm travelling to London next August and I can't wait to meet up with them at a pub have a couple of beers and just sit and chat about fi and life and everything and it's just so cool now that we have this entire community throughout the world that really whatever city you go to you can find a local choose FI group and yeah a big thanks to Alan for stepping up and doing that.
localgroups, travel
2762 - 2764 Can I tell you about my new bucketlist goal.
2764 - 2765 Of course.
2765 - 2778 OK I want to go on a world tour with Alan Donnegan choose F.I. popup business school world tour go to Melbourne Australia. That's that's on the list. I'm going to try and find a way to make it happen within the next several years.
2778 - 2782 OK. Sounds like a good bucket list. I'm not sure where that came from but I love it.
2782 - 2789 He doesn't know about it either. We'll find how he feels about it. I'm just planning on ambushing him with it but my life goal is to go on a world tour with popup business school.
2789 - 2794 Nice ambush you will I'm sure.
2794 - 2843 All right guys this Monday we are going to be doing the state of the Union of fire and this episode we brought in Todd Truster. This is a powerful episode. I think it's one that's going to challenge all of us on our sacred cows on our firmly held beliefs in the FI community and maybe even on our pillars of fi. And I'm incredibly excited about it. I'm incredibly excited about it both to listen to the episode with you guys collect your feedback and then to go back in and our Friday roundup and figure out what the next step is for every single person that says you only have people on that agree with you. Well yeah because it's a podcast for the fi community but obviously not everybody does agree with us and it's important to challenge what you believe and then figure out where you can improve and that's what this episode does in every single way. I hope you're as excited for it as I am.
2843 - 2864 Yeah I know I'm excited. Personally I'm I'm actually going through and doing the show notes for him right now and Todd just brings it on every possible level. I mean he is one of the smartest people I've ever spoken with. And yeah it's just a really great episode. So we very rarely tease the Monday episodes on on the Friday roundup. This is one you guys have to be there for. It's a good one.
2864 - 2918 All right guys unfortunately that's going to bring this episode to a close. Now as you know we like to finish every episode by doing a drawing for a copy of a book that we found useful. We have two books that we normally do one of them is JL Collins book the simple path to wealth. The other book is Dominic Quartuccio's book design your future and as you guys know we just mentioned the choose FI official T-shirt if you would rather have a T-shirt instead of a book. Just let us know if you win the drawing. That's fine. We'd love to hook you up with the T-shirt instead. But either way the way to enter the drawing all you need to do just go to choose FI dot com slash iTunes. Just follow the instructions there and leave us a short written review and then send us an e-mail to feedback at choose fi dot com. Letting us know that you left your review and then what screen name you left under so we can match up and we would love to enter you in that drawing. We give away one book or T-shirt for every five written reviews that we get and then we announce the winners on the Friday roundups so Brad how many winners do we have today.
2918 - 2978 All right Jonathan we have one winner today and the winner is Liz and she said choose FI will change your life. I've always been one to save because that's what my father taught me. I also always thought I'd be working until the day I die because I never have enough money to live. This too was taught to me by my father and reinforced by the consumer society we live in today. Until I encountered this podcast then the lens through which I saw my future changed 180 degrees. Who said you have to have the Jaguar who said you have to be the CEO who said you have to dot dot dot no one that's who the freedom to release yourself from the obligatory societal climb and to do it so easily. Simple Steps simple hacks simple levers that when pulled make it all come together Jonathan and Brad helped me realize that there is an end to the hamster wheel an endless opportunity when we get off of it. Don't miss this podcast. It will likely change your life.
2978 - 3006 Wow that's awesome. That blows my mind. Hey guys can you give me one favor before you go enjoy your weekend date. It would really help us out just take one second press the subscribe button on the platform that you're listening to this on iTunes. Overcast player FM pressing the subscribe button just lets the platform know that you get value from the show it helps us rank higher in iTunes and it lets them know that you want to be there whenever we produce additional content. Thank you so much the fire spreading my friends will see you next time as we continue to go down the road less traveled.
3006 - 3015 You've been listening to choose FI radio podcast. where we help middle class America build wealth. One life hack at a time.

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