ChooseFI

110R | Voicemails from the ChooseFI community about saving on grocery bills, making life changes to optimize your circumstances, and a travel suggestion, as well as a review of Monday's episode and updates from Brad and Jonathan about bills, travel, solar panels and more. For more information, visit the show notes at https://ChooseFI.com/110R

110 | Rocky Lalvani, blogger at Richer Soul, shares his story of growing up as an immigrant's child, learning how to save money in his early years, and how he's teaching his own children about finances now. Rocky's parents came to the U.S. in 1968, when Rocky was 2 years old. Among Rocky's parents' friends and their community, money was an open topic, and in pursuit of the "American Dream" his family consistently climbed the financial ladder. When Rocky was 7 his father became a single dad, and Rocky started learning how to be more independent, personally and financially. Paying attention to what customers and supervisors actually wanted helped Rocky advance at work. How much was Rocky saving when he was working in his youth? Rocky worked through college by delivering pizza and working at the university, finishing without any student debt. When he got his first post-college job, his dad helped him set up all the available automated savings accounts – 401k, company stock, etc. After realizing he needed to get out of consumer debt, what was Rocky's strategy? Rocky's plan was always to be a millionaire – he had been calculating and trying strategies since early on. Seeing people lose their life savings in an economic downturn motivated Rocky to get himself into a steady financial position. What steps did Rocky take to get himself to FI? Started saving early. Always spent less than he made. Rocky paid off his mortgage as early as possible. How is Rocky teaching his children about money? At this point, Rocky's children are young adults – they don't need things to be confident. Rocky wishes that in addition to teaching how to save money, he had also taught his children to earn money. Rocky's strategy to help his daughter do well on the SAT, and hopefully earn a good scholarship, was to download an app on her phone and answer one SAT question a day for three years, prior to taking the exam. Earning a scholarship to college is a sliding scale – a student might earn scholarship at a lower tier school, when they would not earn anything at a "better" school. Rocky and his son went a step further and did their best to figure out how to pay for college with the lowest price tag. For more information, visit the show notes at https://ChooseFI.com/110

109R | Big ERN from Early Retirement Now joins the show to talk about the current market climate: How is it impacting investors, who could benefit, and what markers he uses to evaluate its actual condition? We also share a voicemail from Abby, who provides a few more helpful hints for teaching abroad. Highlights from the show: Brad maxed out his HSA for 2019, and talks about how he's prioritizing fitness. Easy choices, hard life. Hard choices, easy life. Preview of who will be at the coming CampFI that Brad plans to attend. Review of Monday's episode about teaching abroad, and the wide variety of opportunities available. A voicemail from Abby H., who is currently teaching in China and has experience in several other countries as well. Abby tried teaching in Kuwait, but found that despite a high salary the cost of living was also extremely high. Suggestions from Abby: Don't just look for jobs in the Middle East, or other "high salary" locations. Try negotiating your salary/benefits offer. Look for options that don't require purchasing a car. How did Rob and Scott, from Monday's episode, replace fear with flexibility in each of their lives? Big ERN joins the show to talk about the current market situation: What is "sequence of returns" risk, and why does it matter? Under the assumption that the great recession or the dot-com bust will not repeat, Big ERN thinks it's too early to worry about the current market climate. The 4% rule isn't as untouchable as people think. With a small market downturn, it's possible that some people will need to draw as much as 5%. If someone's portfolio decreased this year, should they work a few more years to rebuild it, or count on the market recovering? If someone is still many years away from retirement, they shouldn't worry too much about the market, and might actually be benefit from low stock prices. If you have a 50% or higher savings rate, you are going succeed financially, regardless of this drop in the market. The U.S. economy is still strong, so the value of the market isn't necessarily going down – the price is just down. If someone has a sum of money ready to invest, should they invest it all at once, or employ "dollar-cost averaging"? Who should be concerned about the market and what should they be looking for? Look at the fundamentals of the U.S. economy to evaluate the conditions of the market. Big ERN just retired. His family is just settling in to a new house in Washington. Links: ChooseFI Local Groups are helping to build on-the-ground community TeachAway Early Retirement Now

109 | Scott, a math teacher in Santiago, Chile, and Rob, a blogger at Getting Canned, share their experiences teaching abroad, including the financial and lifestyle benefits, and the how-to for making it happen. For more information, visit the show notes at https://ChooseFI.com/109

108R | Brad and Jonathan talk through the various methods of calculating a yearly savings rate and the numbers necessary to do so, and review Monday's episode about setting up special needs accounts. Jonathan is back from 20 days with family in Zimbabwe, and Brad recaps his Christmas vacation. Brad and his family added 12 board games to their collection. William, from Monday's episode, set out a road map for people who want or need to safe guard finances for special needs children or other dependents. Key: fund your trust as a part of executing your will to minimize tax liability. Start with a 529 Able, but as you reach $100k, begin to look at the next steps. Comment from Rebecca, that the 529 Able accounts in Nevada have higher fees than she preferred, so she's funding a traditional 529 Plan and will eventually rotate it into a 529 Able. Every state currently has its own set of 529 Able options. Voicemail from Penny, who has a special needs trust and was on disability for 16 years, but has been back to work for the past 12 years and is now working to help her parents with their healthcare and financial needs. Financial independence is the ability to do the things that bring you joy, whether they bring in money or not. In 2019, ChooseFI is bringing in experts to answer specific, technical questions. William is helping to build the website, and a more user-friendly local group site. Brad is going to Camp FI in Florida soon. How to calculate your savings rate: Three different ways to calculate: Gross total compensation divided by how much you saved or invested. Take-home pay divided by how much you saved or invested. After-tax compensation divided by how much you saved or invested. Brad uses an excel sheet with three tabs: Profit & Loss (P&L), Net Worth, Accounts. In the Accounts tab, Brad records savings in each account at the beginning and end of the year, and totals up monthly expenses (cost of electric in Jan., Feb., Mar., etc.). Does Brad track every one of his credit card expenses? Net worth = add up all your assets and all your liabilities. For more information, including links mentioned in today's show, visit the show notes at http://ChooseFI.com/108R

108 | William McVey, ChooseFI's Chief Technology Officer, walks through investment options available to meet the financial demands of special needs children, and the strategies he's used to prepare for his children's future. For more information, visit the show notes at https://ChooseFI.com/108

107R | A year-end episode featuring voicemails and messages from the ChooseFI community sharing successes, progress, exciting discoveries, and hopes for next year of our journey toward financial independence. For more information, visit the show notes at https://ChooseFI.com/107R

107 | Craig Attkinson, owner and founder of Green Side Up, a landscaping company in Richmond, Va., explains how he started his business in his mid-20s, what it took to grow and optimize the business, and how he's optimized other aspects of his life as well. Craig started out his career on a golf course, with a degree from Virginia Tech in turf grass and horticulture. Green Side Up started in one weekend when Craig bought a truck, a trailer and a mower all at once. Craig mowed lawns since he was 10 years old and saved it all until he bought his supplies. Jumping straight into landscaping required Craig to do everything himself, and learn on the go. When Craig brought on his first partner, he gave him 50% of the company, and guaranteed a salary, knowing that they would have to build up that amount of business. How did Craig get contracts in the mid 2000s? Craig has a marketing company now that helps now, but early marketing for Green Side Up involved phone books, purchasing ads and a lot of networking. Having a partner to build ideas, and watching to see how other similar businesses function is helpful to build efficiency. Finding a good system for managing the work processes and clarifying expectations for employees hugely increased the business' efficiency. How can Craig build the company to a point that he can step away? As the business gets bigger, purchasing things in bulk, or at higher volumes, helps Craig get better prices. How did Craig find the FI community? Craig's goal in life is to not have to ever worry about money. Craig's saving rate is about 70-80% because he benefits from company vehicles, cell phone plan, etc., which makes his personal expenses much lower. Craig's family farm houses the equipment for the business. How and why did Craig design his own tiny home, next to his sister's house? Craig loves life optimization; what aspects of his tiny home are most optimized? Took advantage of a 4' x 6' nook for his office. Used leftover granite from someone else's kitchen remodel for his own small kitchen. Built a bed with drawers underneath for his closet. Craig is technically FI, but is still loving his work, so he's not retiring anytime soon. His next adventures are climbing in Patagonia and biking in Norway. For more information, visit the show notes at https://choosefi.com/107

106R | A series of suggestions and questions from the ChooseFI community, including HSA funds, capital gains distributions, and Traditional versus Roth IRAs, and follow up from Monday's episode with Deanna. Jonathan raves about battery-powered chain saws, and a great bonding experience with his dad. Brad's in-laws enjoy helping Brad's family with landscaping and gardening. Pursuing financial independence gives Jonathan the opportunity to plan his family's schedule first and work around that. The people pursuing FI aren't just single, white software designers; FI gives everyone the opportunity to prioritize family. We get to pick our story. Our mindframe changes the trajectory of our lives. No matter how bad you've had it, there is someone with more obstacles than you had, who found a way through. ChooseFI isn't about Brad and Jonathan, it's about the community. Voicemail from Danny Kenny, a CFP, who recommends rolling HSA funds out of your employee account and into an external HSA custodian account that will have lower costs associated (allowed once a year) and explains how capital gains distributions can hurt long-term holders. Another voicemail, from Hillary, who enjoys hearing about the fundamentals of financial independence. Lee asks why someone would choose a Traditional IRA versus a Roth IRA, since neither are funded by truly "pre-tax" money? A 401k comes out of your W2 paycheck, before it's taxed, while Traditional IRA contributions come from a personal decision to contribute post-paycheck money to a retirement account. When someone uses a Traditional IRA, contributions are deductible and lower your taxable income to decrease your tax liability. A Roth IRA does not come with a tax deduction. Taxable investments are just a different way to store your money aside from just keeping money in the bank – either an investment account, or investment properties. Ruth points out that it's important to check our accounts and protect ourselves from recurring and unwanted charges. James shares a frugal win – offering graphic design services in exchange for a $500 discount to his favorite coffee shop, so he can work there and drink coffee for free. For more information, visit the show notes at https://choosefi.com/106R

106 | Deanna, blogger at msfiology.com, shares her journey from drug and alcohol addiction to recovery, paying off six-figures of personal debt, and getting started on her path toward financial independence. For more information, visit the show notes at https://choosefi.com/106

105R | Brian Feroldi joins the show to talk about the costs and benefits of installing solar panels and answers questions about his investment strategies, and Brad and Jonathan recap Monday's episode with Paula Pant before announcing a new ChooseFI project on the horizon. For more information, visit the show notes at http://ChooseFI.com/105R

105 | Paula Pant, creator of Afford Anything podcast and blog, dives into her love for travel, her rejection of the traditional 9-5, and how she built an income to match her lifestyle. Paula moved to the U.S. as a baby, just after being born in Nepal. Her only travel growing up was between Ohio and Nepal. Travel has become a large part of Paula's life, but her desire to travel only grew in her adult life. Rebellion is a form of seeking identity. Once Paula started traveling did she fall in love with travel immediately? What does Paula consider a legitimate visit to a foreign country? Two weeks of vacation in Paula's first few years of work after college felt too limiting. Paula made a lifestyle change, and then figured out how to fund it. Learning about and trying out freelance work introduced Paula to the idea that someone could work outside of the traditional 9-5 work. Did Paula receive criticism when she quit her job to travel? When Paula traveled for her first few years, she budgeted about $1,000 a month for expenses and chose to visit countries where the dollar goes far. Paula's tips for building connection while traveling: Stay at hostels – more economical, and more social. Meet the American, Australian, British, etc., ex pats, and meet their friends (build relationships, and travel slowly). How did Paula restart once she returned to the U.S. after her 27-month adventure? In pursuit of writing what she wanted to read, Paula became a personal finance writer. When did Paula begin to feel imposter syndrome? Default to saving, instead of default to spending. Why does spending money create anxiety for Paula, and how did the scarcity mindset actually push Paula toward financial independence? Passive income (real estate) was primarily meant to give Paula some financial cushion, instead of a means to financial independence. Humans crave autonomy, purpose and mastery. Reading about potential scientific advances motivates Paula to be healthier because she wants to be around to see it. Self-care is work care. For more information, visit the show notes at https://ChooseFI.com/105

104R | An update from Marla Taner on 2018's best travel reward options, a hack for keeping your bills low, a review of Monday's episode with Doc G. Jonathan tries out a new service to ensure that his bills are staying low. Billfixers.com is fixing a 'pain point' for Jonathan. How can someone balance simplicity, and a willingness to say yes to opportunities? Review of Monday's episode: Purpose, Identity and Connection. Finding your identity – the story you tell yourself, about yourself – is crucial to finding your space in the world. Why was Brad was given singing lessons as a gift from a couple at Chautauqua? Marla Taner joins the show to update about travel rewards: She's traveling to Hawaii for New Years with 9 friends. Flight reward deals are not as good during Christmas, but hotels are usually consistent. What is the Southwest Companion Pass and what is the strategy to get it? Earn the ability to bring someone with you for free on every Southwest flight for up to 2 years. Must earn 110,000 Southwest rewards points in one calendar year. Current strategy: Southwest's Business card comes with 60k points. Southwest's Personal card comes with 40k points. Southwest has good sales on right now. What does it take to apply for a business card? Barclay Arrival Plus – Marla's recommendation for beginners. Capital One Venture card has added a transferrable-points feature. Don't overspend, look for opportunities to front-load some of your normal expenses to hit minimum spends (i.e., utility bills, or internet, grocery gift cards). Marla is joining Tim and Amy Rutherford from ChooseFI Episode 79 in Tempe, AZ for a few days. Want to join? Best way to connect with Marla, Tim and Amy is via the Go With Less blog. Join them in Tempe .

104 | Doc G, writer at DiverseFI.com, shares his experience and mindset as he considers stepping away from his career as a doctor, and highlights the value of building purpose, identity and connection. For more details, visit the show notes at https://ChooseFI.com/104

103R | Captain DIY returns to recommend some accessible projects for the beginning DIYer, Jonathan highlights two recipe and meal organization apps, and several messages from the ChooseFI community. For more details, visit the extensive list at https://ChooseFI.com/103R

103 | Tinian Crawford, blogger at DIY2FI and licensed electrician, talks about his path to licensure, the advantages of trade jobs and his transition to pursuing financial independence. What jobs are represented in the FI community? Base salary for an electrician is $70 minimum. Many people go to trade school in high school or immediately after, so there's very little financial education in the trade-work community. Tinian's father built his childhood house, and Tinian was enlisted to help with construction projects on their property. Does Tinian find value in the graphic design education he received in community college? Tinian's first job was building signs – many of which were lighted signs – which piqued his interest learning about electrical work. What education do you need to start electrician licensure training? Tinian's one-year program cost $25k. To be fully licensed, an electrician has to do a 5-year apprenticeship. Making $70 an hour comes when you work for yourself. Do most electricians jump right into owning their own business? Tinian's recommendation: stick with a contractor you can learn from for your day job, and start taking jobs on the side. Additional trade jobs that would be great for FI: Garden landscaping and design Plumbing Tinian's wife suggested that they save $20k by the time their first child was born. In order to avoid high childcare costs, Tinian and his wife split their schedules as much as possible. Tinian hopes to leave his day job at some point, but still needs to learn more about managing benefits and figuring out exactly how much he needs to support his family. In order to prepare for leaving a day job, it's important to identify how much life will cost after the change. Beginning their investing with a local financial advisor and a socially conscious portfolio was a mistake for Tinian. Links: DYI 2 FI DIYCaptain - Twitter Burrito Bowl Diaries "Eliminating the Excuse" – Saving Sherpa

102R | Brad and Jonathan explain the long-term tax benefits of using a Health Savings Account to pay for medical expenses, discuss the benefits of new index fund investing options, review Monday's episode with Timika Downes. Brad and Jonathan are getting back to traditional health insurance, and excited about the Health Savings Account (HSA). Most companies offer health insurance options, typically including: Low monthly premium + high deductible High(er) monthly premium + low(er) deductible. The IRS defines a high deductible plan as anything higher than $1,350 for an individual, or $2,700 for a family. Employees with high deductible plans have access to an HSA (eligible accounts). An FSA (Flex Savings Account) is a reloadable account, that is primarily use-it or lose-it Putting money in an HSA is tax free, and rolls over to future years, and drawing it out for medical purposes is tax free. 2018 HSA contribution limits: $3,450 for individuals $6,900 for families After 65, if you have unused money in your HSA, you can draw it out like a traditional IRA and just pay your normal tax. Brad intends to save his receipts and wait to be reimbursed until later, as HSAs will earn interest the same as any investment account. ChooseFI community members recommend Lively or Fidelity. Review of Monday's episode with Timika – similar concepts and action points as the recommendations from Alan in the Side Hustle Coaching Series. You don't need permission: just take action. Dan writes in to report that he's reached FI! ChooseFI has listeners across the globe – although not all the tax and investment information are relevant to international listeners, the lifestyle conversations are. Brad and Jonathan highly recommend Vanguard because they have low fees, which means investors keep more of their returns. In last few months, Fidelity began offering zero-fee funds and Vanguard has lowered its minimum investment from $10k to $3k for several funds. Investments abroad can have very high fees. Zero fees are not the only thing to consider when picking accounts: tax efficiency is very important as well. Links: Vanguard Ratchets Up Index-Fund Price Battle

102 | Blogger and podcaster Tamika Downes reveals how she went from $94K of debt to owning a six-figure income-earning side hustle while continuing her job as a school nurse and raising three children. Timika's early financial experiences came through immigrant parents, from Barbados, hustling and saving. Having a side hustle was common place in Timika's family. Despite her family's habit of saving, Timika finished her education with $94K of debt. After her undergraduate Timika had $24K in debt. Student loans for her master's cost $35K A second, nursing degree, cost another $30K Choosing to pursue something that you're not quite ready for can often lead someone to pay more than necessary. Nursing degrees don't have to cost $30K; immediately after high school students can become qualified Certified Nursing Assistants (CNAs) working in hospitals or nursing homes while starting at a community college and finishing through a bridge program at a 4-year school. Nursing is a trade; find the most efficient way to get qualified. Many universities offer tuition assistant to the children of faculty/staff, often including tuition at other universities. What options did Timika consider in order to decrease her student loan debt? Timika's mindset changed when she started to own her life circumstances; taking responsibility for her finances was a natural result. Instead of buying a $20K car, Timika bought a $20K business – a lice clinic. Timika spoke with out-of-state clinic owners and did her homework before deciding to invest in the set up for her clinic. Since opening the business, Timika has increased her talentstack to include: Securing a business lease Blogging Website management Business finance management Timika went to coding bootcamp, for 75% discount as a female minority. The lice clinic is now almost passive income: Timika only devotes three hours a week and has hired employees who manage the rest. Links: House of FI Reluctant Frugalist Saving Sherpa The Road to Retirement: (Re)Learning to Love Work For more information, visit the show notes at https://ChooseFI.com/102

101R | Brad and Jonathan talk about their experiences with W2 jobs and building side hustles, Jose shares his own side hustle tip, and Alan and Tallis wrap up the 4-part Side Hustle Coaching Series. Brad and Jonathan are jumping into planned spontaneity. Do your actions align with your values? Brad recounts how the accounting firm he worked for right after college, one of the biggest in the U.S. at the time, folded and within 9 months no longer existed. W2 jobs aren't all that risk-free after all. Having a side hustle is about diversification. Jonathan talks about how Dani is building an audiobook side hustle, using some of the techniques and strategies that Nick Loper talked about in Monday's episode. Willingness to pivot your side hustle idea gives you a better chance at building a side hustle that actually works. Voicemail from Jose with a side hustle tip from Task Rabbit – sign up to help others with random tasks, and add a little extra cash to your pocket. Brad's opting to rent a car through Turo, through which customers rent someone's personal car, similar to AirBnB. Side Hustle Coaching Call Episodes to review: Episode 30, Episode 56 (Part 1), Episode 77R (Part 2), Episode 85R (Part 3) Tallis reviews how her initial cold calls, starting from further away geographically and becoming increasingly local as she refined her sales pitch. Tallis has 4 dance classes she'll be teaching soon! Tracking results and feedback from the start of your business is important. Measuring results, and using valid tools respected within the medical community will be important to Tallis' business. Where does Tallis want her business to go in the next 2 years? Keep pressing forward – it's impossible to know how the business might grow, but Tallis is building entrepreneurial skills and opening options for her future. Links: 10 Big Chain Stores That Will Secretly Match Amazon's Low Prices

101 | Nick Loper, founder of Side Hustle Nation, talks about the benefits of developing a side hustle, and methods to actually develop a good side hustle idea. You can only cut so much from your expenses; a side hustle helps you expand your earning potential. Nick thinks working just a 9-5 job is risky – what happens if you get fired? Nick advocates several methods for developing side hustle ideas. Method 1: Intersection Method Write out three columns with lists that include what you can do, what you like to do, and the people in your network. Nick used the Fiverr website to test out his first side hustle idea. How important is it to pivot, instead of being discouraged by failure? Some of the best ideas are developed once a business is already in motion. Method 2: What sucks? Find simple sticking points in life and solve the problems. Some people find things on Amazon that suck, and find a way to make them better. There are manufacturing companies in China and the U.S. that work with small orders and require minimal up-front investment. You don't need a brand-new idea, you just need a different market. Recommended episodes from Side Hustle Nation: Episode 173: How to Turn Your Ideas Into Recurring Revenue, with Stephen Key Episode 263: The Top 3 Amazon FBA Private Label Product Research Strategies for 2018 and Beyond Method 3: Rip, Pivot and Jam Find a business model that's working, pivot it to a new market, product, etc., and then do the work. Are there side hustles that Nick no longer recommends? Sometimes the opportunity cost for a side hustle may not be worth the cash. One of the best side hustle ideas Nick has heard: Flea Market Flipper. How difficult is it to develop a passive-income side-hustle? Think Maids: found a category of businesses on Yelp that had really poor reviews, and found a way to provide better customer service. Links: Alibaba.com Smart Passive Income GoCurryCracker

100R | Brad and Jonathan explain how simply knowing the rules can save you thousands on taxes and college financing, Brad talks through the IRA Conversion Ladder and Capital Gains Harvesting, and a few updates from the community. The financial independence movement is growing, and seeing a lot more press coverage. Messaging matters: The Wall Street Journal published one article with two different headlines. Pursuing financial independence isn't about buying brown bananas, despite what some media would suggest. Brad reached financial independence with intentionality about his priorities in his life. Brad and Jonathan don't aim to tell people what decisions to make in their life, just give options and information. What did Brad's family do to reach financial independence? Housing: chose to move to a less-expensive cost of living area Cars: Brad & his wife drive 15-year-old cars Food: don't go to restaurants often Set up a life that doesn't cost that much. Pursuing financial independence actually allows people to pursue jobs that they love. If life costs a lot and someone is in debt, it's very hard to walk away without taking major risks. Knowing tax rules is a huge component of pursuing financial independence. Knowing the rules in regards to paying for college makes a huge difference in how much financial aid your student might be eligible to receive. A message from Matt about researching the actual requirements necessary for a job in nursing – the cost of nursing school can range from a few thousand dollars to more than $100k. Studying nursing in a less expensive area still gives you qualifications to practice anywhere in the U.S., with a potentially huge payoff. Roth Conversion Ladder & Capital Gains Harvesting – the goal is to pay little or no tax. Roth IRA Conversion Ladder: Starts with traditional IRA/401k. If you want to retire before 59.5, taking money out is taxable income. If you're not collecting significant income, taking money from an IRA is unlikely to push you into a high tax bracket. Capital Gains Harvesting If you're income is low, your tax bracket can be incredibly low. Email from Dan explaining how he and his wife paid off many of their debts, found a way for his wife to be a stay-at-home mom, and started a small side hustle. Brad shares a frugal win of the week at the optometrist. For more information, visit the show notes at https://choosefi.com/100R

100 | Brad and Jonathan look back at the ChooseFI's growth during the past 100 episodes and hit the highlights of financial independence for new community members and recap their own financial independence journeys. Jonathan considers himself a reluctant frugalist, but the idea of not having to work won him over. Brad and his wife were natural savers, but chose to move from Long Island, NY, so that they could save more and work toward financial independence. If you want to take back your years and have the option to stop working before your 60s, you're going to have to live differently and make different choices. The key to long term freedom is saving money. The benefits of pursuing financial independence are felt long before reaching FI. Jonathan put himself in a position to leave his pharmacy job when it stopped working for him and his family. A huge quantity of life's stresses can go away if you've got some money in the bank. What you earn minus what you spend = the gap. The goal of the ChooseFI community is to help you grow the gap, and pursue what you're most interested in. ChooseFI isn't about the money, it's a life optimization strategy. Small sacrifices add up in the long term. What is a talent stack, and how did it change Brad's life? Starting with current income is the wrong place to start calculating the number you need for retirement. FI number = 25 x annual expenses (4% rule of thumb) If you're only saving 1%, it'll take you 100 years to replace on year of expenses. Getting as close to possible to a 50% savings rate is when things really start to move quickly. Being rich isn't watches and cars – it's money saved and pursuing what's more important to you in life. What major decisions put Brad on the path to FI? Links: Mr. Money Mustache www.choosefi.com/start

099R | Brad and Jonathan review Monday's episode about generous giving and resource stewardship, then catch up on voicemails and updates from the community about dental school, fall activity ideas, and the recent dip in the stock market. Jonathan recaps his recent family vacation and travel to FI Chautauqua Greece. Chautauqua was most importantly about community. Jonathan saved nearly $1,200 on a bill for his son's broken leg just by asking for an adjusted cash-pay price. The Playing with FIRE Kickstarter event far surpassed expectations. More than 1,000 supports More than $100k Review from Monday's episode with Michael Peterson. Michael continues to work because he wants to be able to give. Geoarbitrage might not always be what we think; moving to 'less expensive' countries also usually involves a big lifestyle change. Considering oneself to be a steward of resources, not just an accumulator of money, puts members of the FI community in a unique position to be generous and consider their impact on world. Voicemail from Brian Feroldi from Motley Fool: stock market is down about 10%, but no need to panic, as drops in the market are normal and bound to recover in the long term. Buying stock when it's down is like buying stock that's on sale. Voicemail from Chris who tries to support 2nd and 3rd generation FI by supporting childhood entrepreneurship. Hansi asks the community for help brainstorming 31 free/inexpensive things for couples to do in the fall. Drive to look at fall foliage Toast pumpkin seeds Backyard fire pit Josh, a dentist in Oregon, opted to go to dental school in Oklahoma for half the cost of a school in Boston, and then chose to work in a rural group practice to significantly increase his income. Using money he put into his 401k, he purchased a practice in Bend, OR and improved his lifestyle. Expects to pay more than $1.2 million of loans in the next 5 years. In the medical industry, working in more remote locations tends to increase income. Voicemail from Matthew who is a military dentist – military pays for the cost of dental school, plus a stipend, in exchange for a few years of service to the military, and a guaranteed job. Links mentioned in this episode: FI Chautauqua usafdds.blogspot.com For more information, visit the show notes at https://ChooseFI.com/099R

099 | Michael Peterson, owner of a bacon-themed concession stand in California, talks about downsizing his family expenses, spending 8 months of the year managing a non-profit in El Salvador, and why generous giving is important to him. For more information, visit the show notes at https://ChooseFI.com/099 ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

098R | An exciting conversation with Jared about his path to FI as a traveling physical therapist and his current 5-month trip abroad, as well as a voicemail about healthcare planning and a review of Monday's episode. For more information, visit the show notes at https://ChooseFI.com/098R

098 | Samantha Keith, author of The Debtist blog, explains what it means to have more than half a million dollars of student debt, and how she plans to pay it off in less than 10 years. For more information, visit the show notes at https://ChooseFI.com/098

097R | A conversation with Larry Hagner from The Good Dad Project updating Brad on the recent financial changes he's made in pursuit of more financial independence and his family's budgeting strategies, as well as highlight's from Monday's episode from The White Coat Investor. For more information, visit the show notes at https://ChooseFI.com/097R

097 | Dr. James Dahle, founder of The White Coat Investor, talks about getting his start as a doctor and a blogger, setting up inheritance funds for his children, thinking through his investing strategies, and the motivation that keeps him working on the White Coat Investor. For more information, visit the show notes at https://choosefi.com/097

096R | An in-depth conversation with JL Collins about a recent controversial interview given by Suze Orman, and clarification of what concepts are truly at the heart of the financial independence movement. Frugal wins of the week from Brad & Jonathan: garbage pickup and cell phone batteries. What questions did Dominick Q, from Monday's episode, ask that were most impactful for Jonathan? Jonathan explains how he uses a planner at night to set himself up for success the next day. What three things does he want to accomplish tomorrow? Shutting off notifications on his phone allows Brad to step away from him phone more effectively. One of Dominick's strategies for breaking the tie to various technology is a 'digital detox'. Leaving his phone at home during a family walk each morning helps Jonathan give quality, undivided attention to his family. JL Collins, a.k.a., the Godfather of FI, talks about two recent interviews on the "Afford Anything" podcast with Suze Orman (personal finance expert and former CNBC talk show host). Although Suze opposes the overall idea of FIRE, she advocates for many similar personal finance concepts and principles. Brad and Jonathan wonder whether anyone would ever be able to retire based on the FI numbers that Suze suggested. JL suggests that fear of what might happen in the future informs Suze's mindset more than necessary. Continuing to work doesn't mitigate uncertainty about the future. The only truly non-renewable resource is wasting decades of your life. Is the FI community more prepared than most for bad things that might happen in the future? Jonathan and JL wonder if Suze's wealth has been accumulated through sound investing, or from a variety of businesses and her work as a TV personality. It's easy to sell books and products based on fear. Was Suze's interview actually good for the FI community? The amount of money someone actually needs to retire is entirely dependent on the lifestyle that someone chooses to live. Does the "FIRE" acronym add some concern and confusion about the FI community? Being financially independent just means that you can do whatever you want. Trying to pick individual stocks is a loser's game. For more information, visit the show notes at https://ChooseFI.com/096R

096 | Dominick Quartuccio defines life 'drift', advises Brad & Jonathan on how to take inventory of their habits, and evaluates the role technology plays in helping or hindering progress toward our goals. For more information, visit the show notes at https://choosefi.com/096

095R | Brad and Jonathan get an update about the "Playing with FIRE" documentary, they recap FinCon 2018, and review feedback from the community about Monday's episode with the Military Dollar. For more information on this episode, visit the show notes at choosefi.com/095r ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

095 | The author of the Military Dollar joins Brad and Jonathan to discuss the various ways that service members can optimize their finances and choose financial independence, including retirement plans, financial planning, health care benefits and the GI Bill. Working in the military can set someone up to retire after 20 years with a pension and the ability to pursue whatever interests them. Why do many young members of the military actually have financial problems? Has Military Dollar ever seen any specific education for new servicemen? How could a young person change his/her mindset to make more frugal choices and pursue FI? Why did Military Dollar decide to pursue financial independence? How did she get started? What was MD's savings rate early on? How has MD set herself up to potentially retire by 41? What was the moment that changed MD's mindset and approach toward finances? How do most military members approach debt? What does the optimized path to FI look like in 2018. What's the difference between the old Legacy Retirement and new Blended Retirement System? What advantages does the Blended Retirement System have for people who don't stay in the military for 20 years or more? What is the biggest difference between the enlisted and the officer's route to FI? How can people plan for and understand relatively predictable promotions and pay raises? If someone starts young and doesn't increase their lifestyle spending, getting to a 50% savings rate is very possible. Within the military retirement system, what investment options are available? Active duty health care = free for you and your family. How does the GI Bill work, and how does that help with college expenses? The GI Bill can be passed onto family members, but does include a service commitment. If the GI Bill is used by a service member's children, or after separating from the military, there is a housing allowance available. GI Bill will cover all tuition and fees as an in-state student for public universities. GI Bill will cover approximately $22k for private universities. What is the Yellow Ribbon program, and how does it help cover the difference? What is the minimum time of service to qualify for the GI Bill? What's next for the MD whenever she retires from the military? How does MD balance her commitment to the military with her interest in serving her community? How will MD know when it's time to retire? For more information, visit the show notes at https://ChooseFI.com/095

094R | The logistics of estimating and paying taxes as an entrepreneur, Brad's frugal win of the week, and emails from the ChooseFI community. Brad and Jonathan are at FinCon in Orlando, Fl. Brad describes his family's frugal win of the week at Old Navy. Review of the tax implications of winning a non-cash prize. How do some entrepreneurs put themselves in a position to fail because of taxes? Case study: how to make estimated tax payments as a new entrepreneur. Brad wants to pay the least amount of money in taxes, but ensure that he definitely pays the minimum amount to avoid incurring penalties. Knowing due dates and technicalities is important. It's key to have money set aside in case you do owe more at the end of the year. What is the safe harbor provision? If you have blended W2 and non-W2 incomes, you do have to estimate based on previous pay stubs. Why would someone owe payroll tax? Brad uses a different bank account to reserve money he thinks he'll need for taxes, and uses an eftps.gov account to submit his taxes. It's important to know that you'll owe a lot of money on April 15 every year. Email from Ally reporting two life wins: Keeping an inventory for what's in her freezer by writing on the front like a white board. Using checkboxes to keep track of the three things she accomplishes every day. Is FI getting to the UK? Playing with FIRE documentary has been submitted the film to Sundance. Scott, writes an email, to explain how pursuing financial independence and information from ChooseFI has changed his life. Links: "How to retire in your FORTIES without earning a fortune" – Daily Mail

094 | Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally. How did Ray win on the Price is Right, and what did he win? What were the tax implications of his winning? How was Ray's experience at the IRS building in Los Angeles? Why did Jonathan receive a tax penalty last year, and how did he respond? How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name? Why do we have to just live for weekends? How did Ray win-over Mrs. WoW to financial independence? What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence? How did the pursuit of FI change their careers? What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income? What is a Solo 401K and why did Mr. WoW choose that option? What is the advantage of a Solo 401K for owner and spouse, and how does the math work? How important is it to control your tax rate? What happened to the Mr. & Mrs. WoW's retirement accounts when they opted to bring on an employee? What is a Mega Backdoor ROTH? How did Mr. WoW find a plan administrator who could help him set up his accounts? Does Mr. WoW manage his own taxes, or use an accountant? What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life? How does someone volunteer for international aid organizations? Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do? How do they plan for these trips? For more information, visit the show notes at https://ChooseFI.com/094

093R | Brad, Jonathan and Joe Saul-Sehy, from Stacking Benjamins, talk about what is rewarding to your soul, give feedback to a ChooseFI community member who's considering selling his business, and recap Harry, the Ride Share Guy's strategies for become the center of a niche. Hurricane Florence's path didn't go near Brad and Jonathan, but there were tornadoes. FU money is better than FI money. Meet up in Florida during the week of FinCon 2018. How did Harry (from Monday's episode) become the go-to guy for ride-share drivers? What strategies would help someone become the go-to person in a particular niche? How can you solve a problem that you, and other people, have? Find people who like and trust you. How is retail changing in 2018? How did Harry pursue unusual opportunities to make extra money? Could the "destination filter" as an Uber or Lyft driver and the potential to deduct you commute drop someone into a lower tax bracket? How did Joe from Stacking Benjamins become a financial advisor? What did the phrase "other mountains to climb" mean to Joe and how did it impact his career? What did Joe value about going back to school to be a teacher, but not actually becoming a teacher? What does it mean for something to be "rewarding for your soul"? How did Joe need to adjust his business in order to sell it? Where does financial independence stand within the personal finance world? Is financial independence about playing defense or offense? Voicemail from Jon, looking for advice about whether he should sell his business to become FI, or continue working with a few side hustles. Could Jon restructure his business to reduce stress and create a more positive working environment? What's wrong with a life well worked? Is there value in purchasing a business that is inextricably tied to a single person? Coming up soon, Stacking Benjamins is doing live shows in Orlando, Kansas City and Ferndale, Mich. For more information, visit the show notes at https://ChooseFI.com/093R ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

093 | Harry Campbell, The Rideshare Guy, talks about what it takes to be a successful Lyft and Uber driver, the strategies he used to start his blog, and how he transitioned from aerospace engineering to full-time blogging. For more information, visit the show notes at https://ChooseFI.com/093 ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

092R | Plans for ChooseFI to support education, the value of a life resume, travel rewards tips for active duty military, and hurricane preparation. For more information, visit the show notes at https://ChooseFI.com/092R

092 | CarLotz co-founder Will Boland talks about making the leap from investment banking to entrepreneurship, the challenges and benefits of leading a growing company, and what it means to build a life resume. How did Will become an entrepreneur? What was the inspiration for CarLotz? What experience during his work in investment banking gave Will the motivation to become an owner/manager? Will is 2nd generation FI. What did his journey look like? How did Will present and convince his family that it was a good idea to pursue entrepreneurship instead of continuing with his well-paying job? Did Will accumulate significant student loans while completing his undergraduate degree and master's? What is a life resume, and does Will keep track of his? What role have mentors played in Will's career? Will has been very open and honest with mentors and co-workers about his specific goals. How does he create an environment at CarLotz to encourage the same from his employees? Why didn't Will's mentor want to see his business plan? What was the thought process when Will and his co-founders could only secure small startup investments? What is the advantage of selling a car on consignment? What hiccups did CarLotz overcome in their early days of business? "If you aren't embarrassed by the first iteration, you're launching too late." How does Will encourage employees to share good ideas? Why do pursuing FI and starting a business complement each other well? How did Will and his co-founders create space to share work-place challenges within their partnership? Has Will caught up, financially, to where he'd be if he had continued his job in investment banking? Is he happy with where he's at? Does CarLotz need to be a financial success in order to keep Will on track to reach financial independence? Why is running Will's favorite life hack? For more information, visit the show notes at https://ChooseFI.com/092

091R | An overview of how to own a house with an IRA, Jonathan attempts to optimize his recipes and shopping list, a list of the top 5 ChooseFI episodes and a travel rewards win. ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

091 | Rich Carey, officer in the U.S. Air Force, talks about learning to live frugally, buying his first townhouse, and building his real estate empire from one to 20 houses in Montgomery, AL. ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

090R | Brad gets back from vacation, Jonathan talks about bringing vegetarianism into his diet, and voicemails from the community highlighting CLEP tests and a 401k win. Brad is back from a month-long vacation in the U.K. Is this Brad's first experience with "slow travel"? Where will Brad's family go next? If you can optimize small things, they add up. Brad joined a ChooseFI meet up in London, with Barney from The Escape Artist and Ken from The Humble Penny. Is there a more efficient way to be active than slaving away on the treadmill? Are your health and exercise habits actually adding value to your life? Brad thinks maybe he'll try a vegan diet for a short time, as was recommended on Monday's episode. How has Jonathan incorporated additional spices into his family's meals? "Eat food, not too much, mostly plants" – Michael Pollan How much money could Jonathan save if his family went vegetarian? What is intermittent fasting? Email from Alex, confirming the advantage and benefits of veganism. Does veganism have a PR issue? What tools will Jonathan use to increase his vegetable diet during the next few weeks. Voicemail from Ben, about using CLEP tests, which are free for members of the military, to decrease the time it takes to complete a university degree. Voicemail from Michael: strategically moving money from taxable investment accounts into non-taxable accounts will move him into a 0% tax bracket. Link to Jonathan's InstaPot: Instant Pot

090 | James and Steven pull back the curtain on veganism, talking about the health, lifestyle and financial benefits of veganism, alongside the practical details of how to actually make it work. ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

089R | An introduction to the Family Bank and what ChooseFI's accountant-on-call thinks about it, as well as how to navigate rental car insurance, and what soft skills are crucial to a career in retail? ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

089 | Robert, from The College Investor, talks about his lucrative job as a Target store manager, building his blog into a highly profitable side hustle, his relationship with frugality, and the keys to success in a retail interview. For more information, visit the show notes at https://ChooseFI.com/089

088R | Cities that are the best for pursuing financial independence, how to hack your career, ideas for building a side hustle and how to assess the return on your college investment. For more information, including resources, visit the show notes at https://ChooseFI.com/088R ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!"

088 | Millennial Boss and FIRE Drill podcaster, J talks about becoming a creator, career hacking, and salary negotiation, alongside of pursuing FI, side hustles, and a growing podcast. ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!" For more information, visit the show notes at https://ChooseFI.com/088

087R | How to teach children lessons that set them up for success, discussion about using duel-enrollment and university co-ops to optimize college, and a strategy for cash flow balance transferring. For more information, visit the show notes at https://ChooseFI.com/087R

087 | Don Wettrick, CEO and co-founder of StartEdUp Innovation program, and a current high school teach, talks about the cultivating innovation and creativity in the classroom, harnessing a learner's internal motivation, and giving students opportunities to solve problems they're passionate about. Why and how did Don create an Innovation course at his school, and ultimately the StartEdUp Innovation program? What was challenging about getting his students involved during the early stages, when it was just extra time during his class? When do students lose their curiosity or learning? How much does a reward really motivate students? What would the process look like to develop and nurture internally motivated learners through elementary school? What's the difference between creativity and imagination? How can a parent help their child be more innovative outside of school? What does Don recommend as a good consumption v. production ratio? How does changing consumption habits – how much, and what – impact the way Don's students and own children think? How does building community within a cohort of "creators" impact a student's relationship? Does participation in Don's high school class impact his students other grades? How do mastery, autonomy and purpose mix together best? What does it look like to be in Don's Innovation Class? 6-7 weeks of class Basics of innovation How to think creatively Building a professional social media presence Remainder of class is "open source learning" Volunteer with struggling non-profits, to see problems close up Statewide student "Pitch" competition Helping struggling local businesses What sort of projects have his students build? What story do you tell yourself, about yourself? Is there a difference between improvement and new opportunity? How would Don hope to integrate innovation development into schools in his 10-year dream? Contact: @DonWettrick on Twitter What did Don's father mean when he told him to "Pay himself first"? Why does Don think it's important to fail? Links: "Daniel Pink: The Puzzle of Motivation" Freakonomics You Will Lose Your Job to a Robot—and Sooner Than You Think

086R | A live-recorded conversation with Roger Whitney, the Retirement Answer Man, from Podcast Movement, questions for a potential accountant, and takeaways from Monday's live case study with Allison Goddard. Brad is departing for a month-long family vacation to the U.K. What is "global entry" and how/why did Brad get it before his trip? Jonathan had a chance to meet up with Allison., from Episode 86. If money was no longer an option, what would change for Brad and Jonathan? Brad and Jonathan are super impressed with Allison's grit and tenacity, to change the trajectory of her life. Sometimes encouragement from someone else is the motivation we need. You don't have to know where your life is going to go, you just have to get started. How can someone overcome "imposter syndrome"? Voicemail from Angela at Tread Lightly/Retire Early – if Allison's house is a place that makes her happy and brings her joy, maybe there are other ways that she can adjust her spending to be more efficient. An article in the "Journal of Accountancy" addressing specific strategies for those pursuing financial independence: FIRE-d up for early retirement. At what point is Turbo Tax not sufficient for your taxes? What questions would Brad ask of a potential CPA? Brad and Jonathan participated in Podcast Movement in Philadelphia, and participate in a ChooseFI meetup. Brad is attending a ChooseFI meet up in London as well. A live recording from Podcast Movement, with Roger, the Retirement Answer Man: The tension between wanting to have a good life and wanting to enjoy today never really goes away. Most baby-boomers don't really want to never work again, but rather they want freedom in their time. What are people running toward in retirement? Instead of comparing retirement to a light switch, think of it more like a dimmer switch. How does Roger talk to someone about making adjustments to move toward the life that you want? Roger's suggestion for have conversations: go for a walk, or a road trip, or something that creates space and time to have conversation. Pretirement: what can you do now to start setting yourself up for what you want? Strong relationships with your colleagues and superiors can give you the ability to adjust your job to meet your needs. Five things to do with money: Give it away, spend it, pay down debt, save it, or invest it. Links: U.S. Customs Global Entry Building My Castle Tread Lightly, Retire Early Rock Retirement

086 | Allison Goddard, a dermatologist from Chattanooga, Tenn., chats with ChooseFI and Physician on FIRE to review her journey through medical school and receive advice to clarify the next steps in her path toward financial independence. ——————- Thank you for being a part of the ChooseFI community! 🙂 If you want to support us, here are some easy ways: 1) Leave an iTunes review: http://www.choosefi.com/itunes 2) Use our page to sign up for travel credit cards Note: We may receive a commission if you are approved for cards on this page 3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place) As Jonathan would say, "The FIRE is spreading my friends!" ——————- For more information about FI, go to https://choosefi.com/086