Transcripts Including Tag: firefighter

Description: Careers :: firefighter

These are the transcripts that include the tag firefighter.

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013: The Unfair Advantages of Being a Teacher Jonathan Mendonsa I'm back in the studio today with Brad and today we also have with us millionaire educator. This guy is just killing it and he's doing something that no one else is talking about. And every single teacher firefighter police officer and other state employee should be imitating this guy because he has got something that nobody else is discussing. And specifically I'm talking about his free money article that he post every single year. I heard him eight months ago on a mad fientist podcast and he literally blew my mind and I haven't heard anybody else talk about tax optimization the way he talks about it. And if you follow his advice you can be a teacher a firefighter a police officer and there is like zero chance that you can't retire a millionaire if you start implementing just a few of the principles that he goes over and we're going to start talking about those today. So I'm very excited to have him here. Welcome and welcome to the studio.
013: The Unfair Advantages of Being a Teacher Millionaire Educator I think it took about two years to get that done. OK. You know I still was probably spend too much money. I wasn't very frugal at the time. Wasn't the worst case scenario but I could have done it better in hindsight. But once that was paid off I remember returning to the States I had a net worth of roughly a hundred or maybe a hundred and ten thousand dollars. So I mean going from negative 45000 to up a hundred and ten that was an amazing feeling. And I want to mention another thing in Saudi Arabia there's not a lot to do. So you end up reading a lot. I came across two books there that kind of changed my life in a sense. I came across bogles what was on mutual funds. And that's where I understood the importance of low cost investing and also passive investing. And it became very clear to me what I need to do with my money at that point and then I also came across a book called tearhorse cashing in on the American Dream How to retire at 35 and the guy is an accountant a CPA and he retired at 35. He explained how he did it and that really gave me a vision. Those two books really got me thinking on what I needed to do. Keep in mind this would have been around 1990 -6-7. There was no such concept as fire. So we were kind of figuring out on our own just I was wanting to have enough money to go live in Mexico in Brazil and have a good time. This got me on the path to do that. So let's say after Saudi Arabia come back to the United States 2002 my wife and I took teaching jobs in a small town LaGrange Georgia. Initially our our idea was to get her certified as a teacher so that we could go teach on the International School circuit. And well one year led to seven years and we ended up teaching and public school in Georgia and that's where I learned about investing as a teacher in the various teacher specific products, our retirement plans, and these retirement plans namely the 403 B and 457 plans. Not only teachers have these but also other people that work in the public sector like policemen, firemen, government employees. These are typical plans that most state employees will have access to.
013: The Unfair Advantages of Being a Teacher Jonathan Mendonsa That's awesome. So that is a specific audience. You know we try to figure out who is each one of these episodes that we're trying to do helping. So right now what we have millionaire educator he is going to basically go from a networth in the negatives in his 30s to now has reached it as a millionaire and specifically I think that information we're about to uncover would be very helpful for all state employees. So firefighters police officers teachers that is a massive segment in fact if I think about my friends back home I have probably 15 friends from back home and of those 10 of them that applies to that specific group of people. So that is a large segment and there is no reason that what you're doing could be replicated right.
013: The Unfair Advantages of Being a Teacher Jonathan Mendonsa OK well Ed I have absolutely loved what you've put together here. I have so many friends that I want to hear this specific podcast because I believe this information can be so valuable for them. Like I said at least 10 of my friends are state employees at least five of those are firefighters. I have five friends that are teachers I probably have some more there in like the sheriff's department that sort of thing. But I want every single one of my friends to retire a millionaire and I think it's totally doable and I think that you are someone that they should be able to relate to. I don't think I mean would you say that there's anything that you've done that is not something that can be replicated.
013: The Unfair Advantages of Being a Teacher Jonathan Mendonsa So much valuable information here. It really is hard to even figure out where to begin and end with it. But I hope you got something out of this. I hope that if you are in one of these categories the state employees so the teachers the firefighters the police officers. I hope you latched onto this fact that there are tools in place for you already that almost give you an unfair advantage at crushing this game of financial independence. Go today go find out whether or not you have access to the 457. Go dig into Ed's content over at millionair educator and come up with your own FI plan that will allow you to absolutely crush this game and supercharge your path to fi. Hope you enjoyed this episode my friends and we'll see you next time. As we continue to go down the road less traveled.
013R: Friday Roundup John - (voicemail contributor) I love the question. I'm going to crush my tax bill this year I'm going to absolutely just annihilate it. I'm going to cut it in half at least. I am going to. And literally what I do is I'm going to go out and find people like millionaire educator who have something to teach me on how I can reduce it. And I'm just going to take every opportunity possible just to just tuck it away. So yeah I'm going to max out my 401k this year for sure. I'm going to have my wife max out her 403 B. She works at a private school so doesn't have access to the 457 But if you work for a public school or you're a firefighter police officer or state employee you probably do. So make sure you look into that. But for those of you that don't have access to 4:57 as you do probably have access to other vehicles and Brad and I kind of have a plan for how we're going to impact this for you over the next year. But one of the biggest opportunities for tax shelter is to start a business and I've started two to three of them so far and I have some really cool ideas that I'm going to try to use to basically keep that money on my side of the ledger and I'm excited to do some of this with Brad and be able to talk about it with you on the show.
013R: Friday Roundup John - (voicemail contributor) I love that there is this supercharged tool that can just send your retirement plan into overdrive and it's only available for the select group of teachers firefighters state employees people that have just given so much back to us and specifically in case of teachers to our kids. You know my wife's a teacher I know that that job she easily puts in you know 60 hours a week and sometimes you can feel like there's very little thanks for that. And I love how awesome this financial planning tool is and I hope that this gave you some ideas on how you can just take that and just use it to supercharge absolutely supercharge your retirement.
014R: Friday Roundup Jonathan Mendonsa Yeah. No absolutely. I can't believe that Carol has over 300 articles in his draft folder on his word press. I mean I have like I just can't even imagine the brain that can just come up with all these ideas sets him aside and then just gets to choose on trickling them out. I have like a 100 percent execution rate. So I think of one idea that I have to focus on that until it's done. And then I move on to the next one. But Karl is just amazing how many ideas he has and so much knowledge to share. So I know he just came up with an e-mail list he's just started developing it. I was the 11th person to subscribe. He can't have that spot. But if you want to get more of his really insightful ideas and articles you should go to fifteen hundred days and check out his subscribe list and I think ya'll will appreciate the content that he puts out on a weekly basis so go check that out. All right guys so as you know as Brad may have started to figure out what works on these Friday round ups we started to kind of put them into segments we view two shows a week is what we're always going to try to do. I can't guarantee that. So if one week you don't get a second episode Don't hate on us too much. Just really look forward to the next Monday one right. But what we're going to try to do is on Monday we'll unpack just a ton of actionable content and we'll either bring on a guest for that to help us to help us present those ideas or if it's something that we really feel like we want to do ourselves. We'll just we'll just go and do it ourselves. And then either way on Friday Fridays is going to be really our crowdsourced roundup where we bring in the best of your ideas your comments from the past week. And then we just unpack those in a way that makes sense and tells the story as well. And our idea was really that this has kind of become this hub for all ideas. You know fire and you know it's from bloggers and it's from contributors but it's also from you our audience so if you have a really good idea or story and you want to participate in that get your thoughts out there. This is your chance to do that and so we set up the e-mail address feedback at Choose F-I dot com feedback. at Choose F-I dot com so you can do that. And so you know please take advantage of that that's there for you this Friday episode really is for you. We learn as much from your ideas as we do from our own. And so we really tried to do our best to grab those and incorporate them into the show as you're about to find out. OK so in this first segment that we want to do we think it makes sense to do one called corrections. Now this is the part of the show where I insert the legalese that Brad and I are not lawyers and I would say we are not accounts but Brad is an accountant but in this case we're just entertainers we're not financial advisors you know we're not financial advisers so we're just relating the information that we know the way that we interpret it and we use it you know if and from a legal perspective you should always consult your lawyer or legal advice or financial adviser before implementing any changes. But these are our opinions. At any given time and we hope that you enjoy them and learn from them. Having said that we can make mistakes and we will try to be transparent honest when we find out that we have made a mistake and will relay that to you as quickly as possible. So sometimes it's omission and sometimes it's just a straight correction. And in this case the first one I'm going to talk about one thing and this is an omission from our millionaire educator. It was pointed out to us by two people one of them was R CAD so want to give you a shout out thank you for this edition of affirmation. He said something that is very important that people are investing into the 457 plan. Be aware of is that this is not protected by creditors. If the company goes bankrupt you could lose this money therefore this is not risk free. Now this has not stopped me and many others from using this vehicle. But whenever discussing the 457 you need to discuss this risk also. And then we have one more and this is by Sun Woo Lee and Sun Woo has a website at FI by 40 FIBY 40 dot com. And he's been going through a lot of articles and pointed out things where I may have been inaccurate or could have been more exact. And in this case he says I think it's important to point out that there exist non-governmental 457 BS which can be provided by non governmental tax exempt organizations like hospitals and charities. This has a significant downside as compared to the governmental 457 B's assets are not held in trust for the employees their employer assets until they're paid out to the employee. So if the employer goes under creditors can take money from your 457. So I think if you put those two together what I came away with is that you have 457 for you know states schools you know teachers at a public school system firefighters that sort of thing and that's kind of what we were getting at with this with this latest one with millionaire educator. But there are also four for the sevens for hospitals and charity groups. I think that goes back to the one where you said those are not you know guaranteed. So you know just keep that in mind.
017R: Roth Conversion Ladder Jonathan Mendonsa And this is your next level. That's the more complicated way. Well you know how to make it even easier. You just go ahead and become a teacher and find a job that's a teacher that pays 60000 maybe that's doable maybe it's not doable but if you're a teacher in a public school system and you can make $60000 a year then you have access to the 457. Right. I mean or if you're a firefighter and you can make 60 if you can get a $60000 income as a firefighter or a police officer for your state you have access to the 457. That's the simple math right there my friends. Yeah
019R: How to Start with VTSAX Jonathan Mendonsa And the other cool thing is that this story constantly builds Brad and my idea was that no episode is pointless like you literally should start with Episode 1 and then listen to every single one up through now you will not regret it because each episode has unique content that's being presented and it always builds we relay the content to you as we get it. And so we start with this baseline. We get a guest on that has this idea that they have essentially packaged in a way that it should crystallize it for you. They can they can talk about it describe it and describe how to implement it in your life and then you get to go do something with that. But then you know what that is going to inspire another member of our audience or maybe they came up with another way to tweak that and optimize it even further and then they will bring that idea to us and then we can share that with you as well. So this is Neal Lancefield and Neal Lancefield has a Web site and he just sent this to me on Twitter that he had. It's Neal Lancefield dot com. And he specifically said to me Hey once you finish listening to Episode 13 of the Choose F-I podcast which is the unfair FI advantage of teachers and specifically focused on the tax advantages that teachers firefighters and police officers has. Go check out this article that he has. We're going to put a link to it in the show notes. And it's a bill called H.R. 2 1 4 6 and specifically it it even optimizes that further for police officers and firefighters as well. And so if you're a police officer and you're pursuing FI and you're listening to this this will make it even easier you'll be able to retire 50 and access your 401k without the 10 percent penalty and he will walk you through how to do that. So it's a these really cool laws that are only applicable to certain people once you have a baseline the tools that we're laying out for you then someone else can show you how to go even farther at that. So we'll put a link to that in the show notes. If you are a police officer or firefighter go check this one out. If I find out anything that I can give to you that will get you to fire faster. I'm going I'm going to tell you. And so that's why I'm giving you all like 30 seconds on the show just to make sure I get you that information. Go check out that link and speed up your path to FI and let me just mention that if you want to access the show notes for this episode of particular you can just go to choose FI dot com slash 0 1 9. So next we're going to go ahead take a question from the audience and specifically we're going to be doing a travel hacking question first and someone decided to use our voicemail feature so we got our first live audience question. Hold on just a second.
020: Entry Level Middle Class Lifestyle and a FI approach to Insurance Jonathan Mendonsa So let's just real quick let's catch up what all have we talked about so far what sort of what sort of things have we unpacked. We walk through how to crush your food budget. We walk through fitness while being frugal. We walked through investment the basic principles of investing with William Collins. We've talked about building a money framework with Mr. 1500. We've unpacked how to save 75 percent of your take home pay with frugal woods. We unpacked tax loss harvesting capital gains and capital losses with go Curry cracker. And we've talked about how to oh my goodness we talked about one of my favorite was millionaire educator how to save 100 grand a year in pretax buckets and the unfair advantage for teachers firefighters police officers. And then we unpack travel rewards how to travel the world for free. So you know it feels like that was so long ago. But at the same time it feels like it was yesterday. And Brad and I had this goal from the very beginning of telling a story and kind of walking you through all these completely different ideas and then building a story and showing you how it fits together so you can figure out how to take all this stuff and put it in your own personal framework and I think at least to that point you know I believe we've accomplished that. But I believe y'all are telling us that we are doing that we are we are we are giving you that content so this is the episode where we just pat ourselves on the back for that and then we keep on going right.
025R: Friday Roundup Case Study Part 4 Brad Barrett And I think his his second point on avoiding the private loans that that's very interesting and I actually met with Mark this past week a friend of a good friend of mine connected me with him and just said he is a real expert on student loans and helping people navigate this this really complex system which a lot of people just don't know the rules. And again what we always talk about here is at choose FI is once you know the rules. You can learn how to utilize them to the best of your possible abilities. So I think that is where Mark is going to come in handy as a real expert here on understanding student loan forgiveness programs. There are. He as he described to me I had no idea any of this stuff. And he's describing all these loan forgiveness programs especially for as we talked about with like millionaire educator with teachers and firefighters and police and all public employees he said. Mark said that the people with the best options are those public employees. So what we're going to do actually is Mark's company and its student loan freedom of Virginia. He wanted me to reiterate because evidently there's some sketchy company I think out in California that has a similar name so he wanted to to be sure but we want to open this up to the audience to kind of test out Mark's service. So if there's anyone out there that especially is a public employee that has student loans it can be a significant amount of moderate amount whatever it may be. Shoot us an e-mail at feedback at choose FI dotcom and just let us know that you're interested in potentially working with Mark and we're going to help facilitate this entire thing. You know he accepts no payment before it is entirely locked down and you'll see exactly what benefits show he's going to work on your behalf to basically find out how you can maximize and just to be clear we have no monetary relationship here with Mark in any way shape or form. So we just want if this is something that can benefit our community we want to tell you guys about it so so but we really need to have this one test subject to go through and figure out what the process looks like how much money you can save and hopefully come on and give a quick testimonial or voicemail of how the service was and then we can open up to the entire community and just say you know Mark is our guy for student loans. So you know again just if you're interested in working with him and working with us on this shoot us an e-mail. So thank you.
078R: College Hacking Toolbox Jonathan Mendonsa And we can all think as we think about the last 60 70 episodes we've done we can think of people that highlighted different paths a few ones that come to mind. We had Noah talk about the Caddy scholarship that was amazingly awesome. We had another Noah from Georgia and Noah's are really good at the scholarship game. He highlighted this firefighter scholarship program that was really incredible and then Gwynn highlighted doing the rotci and basically joining the armed forces and using that path as a way to get college for free. And I know that there are so many more and we don't want to stop this conversation even though you can find them online even though you can google them. There is a benefit to us making this public knowledge on this show so that people can share these ideas with someone that can benefit from these alternate paths. Let's think a little bit differently together. Brad let's go ahead and move into actually a little bit more on Travis's story and let's go. I mean honestly at this point we should probably go ahead and pivot and talk about the program so we have spent the first half of the show talking about avoiding it. I think it is very obvious if you listen to our show long enough that's where our heart is on this how can we help you avoid the student loan fiasco altogether and do it by just being willing to look at things a little bit differently. That is where I would want to put all my emphasis. But you know what you found us now you didn't find us 10 years ago and there are many people in this audience that have six figures of student loan debt. And in fact in the month of March I think we mentioned this earlier. Our community as a whole paid off over two hundred thousand dollars in student loan debt and recorded it on Robert the college investors challenge. The Student Loan Debt movement and that was incredibly empowering but it really that is just that is just an indicator of how much student loan debt is actually out there and honestly wasn't represented by this. There are probably hundreds of thousands if not millions of dollars of student loan debt in our community. This episode spoke directly to that.

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