ChooseFI

ChooseFI
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ChooseFI

How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.

  1. 2 DAYS AGO

    536 | Getting Personal With Personal Finance | Ron & Ginger

    Ron Babcock shares his multifaceted journey towards financial independence, combining his experiences as a TV editor, stand-up comedian, and family man. He discusses the value of long-term thinking in financial decision-making, the importance of community in the financial independence journey, and actionable budgeting strategies. Timestamps and Topics: 00:00:00 Introduction to Ron Babcock Ron introduces himself and shares how he got involved in the FI community. 00:00:58 Connection with the FI Community Ron reflects on meeting others who share similar financial goals and how this connection alleviates feelings of isolation. Key Quote: "Finding a community that shares your values can alleviate feelings of isolation on the financial independence journey." 00:05:59 Long-Term Thinking in Finance Discussing the importance of prioritizing long-term financial security over short-term desires. Actionable Takeaway: Surround yourself with long-term thinkers to influence your decision-making. 00:10:11 The Importance of Financial Security Ron shares his perspective on having a safety net and the peace it brings during uncertain times. Key Quote: "Having a safety net empowers us to handle difficult situations without resorting to family support." 00:14:12 Emergency Fund The value of having savings in place for emergencies; Ron shares personal experiences during a period of unemployment. 00:17:12 Understanding Generational Wealth Transfer Ron discusses the biggest transfer of wealth in human history and its significance for future generations. 00:31:48 Budgeting and Cost Management Strategies Ron talks about his budgeting strategies and emphasizes the importance of tracking expenses to identify spending habits. Actionable Takeaway: Track your expenses for a month to identify spending habits. 00:49:00 Travel Rewards and Exploring Opportunities Ron shares his insights on utilizing travel rewards for flights and vacationing with family.

    1 hr

  2. 24 FEB

    The Top 10 Ten Investing Mistakes We All Make | Cody Garrett | Ep 535

    Brad and Cody Garrett from Measure Twice Money dive into the ten most common mistakes that even savvy investors make. They cover essential topics from asset location to maximizing health savings accounts (HSAs), emphasizing a holistic approach to financial wellness. Key Takeaways: Understanding the impact of asset location on tax liabilities. Importance of auto reinvestment for maximizing investment growth. Weighing the hassle versus savings in financial decision-making. Strategies for maximizing charitable contributions tax-efficiently. The significance of holistic wellness in financial planning. Timestamps & Key Points: 00:01:50 Asset Location Understanding asset location and its effect on tax liabilities. Choosing the right types of investments for taxable vs. tax-advantaged accounts. 00:15:46 Investing Contributions Importance of logging into your accounts to avoid cash sitting uninvested. Enable auto reinvestment of dividends and capital gains distributions. 00:20:29 Return on Hassle Evaluate whether the savings from switching accounts justify the hassle involved. 00:24:14 Charitable Giving Donate appreciated securities rather than cash to avoid capital gains tax. Utilize donor advised funds for strategic charitable giving. 00:33:01 Family Giving Discuss the timing of financial support for adult children, focusing on "oops money" vs. "ooh money." 00:39:23 Maximizing HSA Contributions Ensure contributions match the latest limits; check both individual and employer contributions. 00:41:38 Understanding IRMAA Awareness of IRMAA’s impact on Medicare premiums and its effects in retirement. 00:43:02 Early Retirement Concerns Don’t let health insurance costs dictate retirement timing; explore ACA options. 00:47:25 Retirement Order of Operations Develop a strategy for tax-optimized withdrawal from investment accounts. 00:52:25 Holistic Wellness Balance financial planning with mental health, relationships, and physical wellness. Action Items: Review asset location to minimize tax liabilities. (Timestamp: 00:01:50) Enable auto reinvestment for dividends in your brokerage account. (Timestamp: 00:17:57) Consider the hassle vs. savings when chasing high-yield accounts. (Timestamp: 00:20:29) Maximize HSA contributions according to the current limits. (Timestamp: 00:39:20) Explore charitable donations via appreciated securities instead of cash. (Timestamp: 00:25:27) Related Resources: Measure Twice Money: measuretwicemoney.com/ChooseFI (Resources related to financial planning) Advice Only Network: adviceonlynetwork.com (Find fee-only financial advisors) Nectarine: hellonectarine.com (Affordable financial advice)

    58 min

  3. 17 FEB

    Inherited Account Deep Dive, Barista FI and Saving When Starting a Business | Rachael Camp | Ep 534

    This episode discusses financial independence strategies, including Barista FI and Coast FI, along with insights into inherited accounts post-Secure Act (2020). Listeners will learn about health insurance considerations in early retirement, the dynamics of inherited IRAs, and how to manage finances during entrepreneurial transitions. The discussion highlights the importance of treating business expenses as valid investments and navigating inheritance with strategic planning. Timestamps & Key Takeaways: 00:01:28 Introduction to Barista FI and Coast FI Key Insight: Barista FI allows early withdrawals from retirement savings while supplementing income through part-time work. Takeaway: Understand the mechanics of Barista FI to reduce stress from job pressure when planning retirement. 00:04:13 Health Insurance Challenges in Early Retirement Key Insight: Health insurance costs can significantly impact your early retirement plans. Actionable Takeaway: Assess your health insurance situation and potential subsidies if considering early retirement. 00:19:08 Understanding Inherited Accounts Post-Secure Act Key Insight: The Secure Act requires non-spouse beneficiaries to deplete inherited retirement accounts within 10 years. Actionable Takeaway: Ensure all retirement accounts have updated beneficiary designations to avoid complications. 00:23:39 Simplifying Inherited IRA Management Key Insight: Spouses can assume the inherited IRA as their own, providing greater flexibility and simpler management. Takeaway: Review spouse beneficiary options when dealing with inherited accounts for optimal tax outcomes. 00:26:11 Using a Brokerage Account for Inheritance Advantages Key Insight: Brokerage accounts benefit from a step-up in basis, allowing heirs to sell securities with no capital gains tax immediately. Actionable Takeaway: Explore how to effectively utilize brokerage accounts for tax efficiency in inheritance. 00:45:58 Freedom from Inherited Advisors Key Insight: Remember, you are not obligated to keep the inherited advisor when managing inherited accounts. Takeaway: Take time to assess whether to maintain or change financial advisory relationships after inheriting accounts. 00:50:09 Investment Approaches in Early Stages of Entrepreneurship Key Insight: Treat your startup costs as investments in yourself and factor in the inherent risks. Action Item: Give yourself permission to direct resources into your business, rather than traditional savings during early entrepreneurship. Actionable Takeaways: Health Insurance Planning: Run the numbers for potential health insurance options based on your anticipated income when planning for early retirement. Beneficiary Check: Verify that all retirement accounts have up-to-date beneficiary designations to prevent issues for heirs. Business as an Investment: Reflect on viewing your business endeavors as valid investments, allowing you to adapt your financial strategy accordingly during entrepreneurial journeys. Quotes to Note: "Health insurance costs can significantly impact your early retirement plans." - Rachael Camp 00:04:13 "Spouses should ideally assume the inherited IRA as their own for simplicity." - Rachael Camp 00:23:39 "You don't have to inherit an advisor when you inherit accounts." - Rachael Camp 00:45:58 Related Resources: The Secure Act Detailed Explanation Health Insurance Subsidy Calculator Discussion Questions: How can understanding Barista FI change your approach to work and retirement? What strategies can help when dealing with inherited accounts? How does the Secure Act impact your financial planning for generational wealth?

    58 min

  4. 10 FEB

    Getting Personal with Personal Finance: Brad & Ginger | Ep 533

    Ginger interviews Brad as they delve into the personal side of financial independence, focusing on the real struggles and triumphs behind the scenes of ChooseFI. The conversation emphasizes the importance of relatability and the idea that financial independence is accessible to everyone, not just experts. They discuss 'one more year syndrome,' the impact of financial independence on personal relationships, and how valuing experiences over material possessions enriches life. The ChooseFI Member's Platform is now live! 🎉 Join the movement and be part of the ultimate crowdsourced personal finance platform. 🔹 3,500 members have already joined in just the first week! 🔹 Your home for Financial Independence online starts here. 👉 Register Your Free Account Now Key Topics Discussed: 00:06:00 Failing Forward Brad discusses the importance of learning from failures and how they contribute to growth and success. 00:32:00 Intentionality and Structure The significance of establishing structure in life after achieving financial independence. 00:36:00 Divorce and Financial Independence Brad opens up about his divorce and its impact on his life and financial dynamics. 00:42:00 Lessons Learned Life’s unpredictability can affect even the best-laid plans. Key Insights: Relatability in FI: financial independence can be achieved by average individuals, not just experts. Small Changes Matter: "Small changes lead to extraordinary results over time." (00:07:01) Money vs. Happiness: "Net worth enhances life but doesn’t guarantee happiness." (00:27:52) The Importance of Minimalism: "Embracing minimalism has brought freedom." (00:55:22) Actionable Takeaways: Start identifying and making small 1% changes in your daily life that align with your financial goals. (00:07:15) Consider your life expenses and multiply them by 25 to establish a clear FI number. (00:15:50) Reflect on your spending patterns and prioritize experiences over material things. (00:25:00) Quotes to Share: "It's about being directionally accurate, like on a long enough timeline on a 10, 20, 30, 50-year timeline." (00:08:50) "Your net worth will never make you happy; it will make your life better, but it will never, ever make your life happy." (00:27:52) "Life can surprise you, even with the best plans." (00:41:12)

    1h 4m

  5. 3 FEB

    Wouldn't It Be Cool If ?? | Open the Aperture With Jonathan And Brad | Ep 532

    Introducing The 'Wouldn't It Be Cool If' Series Episode Summary: 2025 marks the start of an exciting new era for ChooseFI! In this episode, hosts Jonathan and Brad dive into the journey to financial independence—what it means, how to define your FI number, and why taking control of your finances is crucial. Plus, we’re evolving! This year, we’re harnessing the power of community to crowdsource the best personal finance strategies—with your help. Tune in and be part of the movement shaping the future of ChooseFI! Create an Account on the Choosefi Community Platform ChooseFI Platform   🎧 ChooseFI Podcast: A New Era Begins! 🚀 📌 Key Topics Discussed: 🟢 Launching the ‘Wouldn’t It Be Cool If’ (WIBCIF) Series (00:00:00) A fresh approach to exploring financial independence through new ideas and possibilities. 🟢 Personal Journeys in Financial Independence (00:01:00) Jonathan & Brad reflect on how FI and entrepreneurship have transformed their lives over the past decade. 🟢 Why Options Matter in Financial Independence (00:04:00) More financial options = more freedom. The importance of actively shaping your financial future. 🟢 How to Calculate Your Financial Independence Number (00:20:28) The simple FI formula: Annual expenses × 25 = FI number. How managing expenses can dramatically adjust your FI target. 🟢 Community Engagement & Crowdsourcing FI Strategies (00:40:14) The power of collective knowledge: How you can contribute to and benefit from the FI community. 💡 Actionable Takeaways: ✅ Find Your FI Number (00:32:24) Assess your annual expenses and multiply by 25 for a rough FI estimate. ✅ Cut Expenses & Lower Your FI Number (00:17:17) Every $100 you cut in monthly expenses reduces your FI number by $30,000. Small changes make a big impact! ✅ Reimagine Your Future (00:04:34) What would your life look like if financial independence was within reach? Start visualizing it now. 🔥 Key Insights & Mindset Shifts: 💡 More Options = Fewer Regrets (00:05:10) Expanding your choices creates more freedom and opportunities. 💡 FI is for the Middle Class (00:06:57) A disciplined approach to savings and investing makes financial independence achievable. 💡 The Small Stuff Adds Up (00:17:55) Tiny tweaks in spending habits can lead to massive long-term gains. ⏳ Episode Timestamps for Quick Navigation: ⏩ 00:00:00 – new series launch ⏩ 00:01:00 – Hosts reflect on their FI journeys ⏩ 00:04:00 – The power of having more options ⏩ 00:16:56 – The importance of actively managing personal finances ⏩ 00:20:28 – How to calculate your FI number ⏩ 00:40:14 – Crowdsourcing FI strategies & community engagement 💬 Discussion Questions: (Perfect for Community Engagement!) ❓ What does financial independence mean to you? (00:05:00) ❓ Do your current expenses align with your long-term goals? (00:32:00) ❓ What’s one small financial change you can make today? (00:17:00) 🔗 👉 Ready to Take Action? Join the conversation & create your account on the ChooseFI Community Platform today! 🎙 Listen now and be part of the movement redefining financial independence. 🚀

    46 min

  6. 27 JAN

    2025 State of the Stock Market | Brian Feroldi | Ep 531

    Explore the latest insights on the stock market performance and investment strategies with friend of the show and frequent guest Brian Feroldi. This episode dives deep into the trends that shaped 2024 and what to expect in 2025, discussing everything from the significance of the S&P 500 to long-term investing principles and the impact of emerging technologies on market growth. Key Topics Discussed: 00:00:44 Review of 2024 Market Performance S&P 500 Gains: The S&P 500 saw a 25% increase in 2024, following a 26% rise in 2023. Frequency of High Returns: 20%+ returns are uncommon but have occurred five times in the past decade. 00:03:27 Investor Policy Statement Investment Horizon: Key question - When do you need your investment to pay off? The stock market is not ideal for investments with a timeline less than five years. Actionable Takeaway: Assess your investment horizon and risk tolerance before investing in stocks. 00:06:02 The Expectations Game Managing Expectations: Investing is about understanding potential returns compared to what you expect. 00:06:15 Concentration of Returns Top 10 Companies: The top 10 stocks in the S&P 500 represent 39% of the index's total value, an all-time high. These include major tech firms referred to as the "magnificent seven." Investor Caution: Be cautious about concentrating investments solely in these companies as market dynamics can shift. 00:16:22 Valuation Insights Current Valuations: The forward price-to-earnings ratio for the S&P 500 stands at 21.5, which is above the 30-year average of 17. Future Returns: Be prepared for lower future returns, with predictions leaning towards low single digits based on historical data under similar valuation scenarios. 00:29:10 Market Concentration Concerns Current Market Dynamics: While the biggest companies dominate, many are strong businesses leveraging innovative technologies like AI. Investors should stay aware of the risks associated with market concentration. 00:37:03 Reasons for Optimism Innovation Potential: Despite high valuations, emerging technologies could justify current price levels and drive future growth. 00:39:12 Lifelong Learning Importance of Education: Continually educate yourself on investing principles and market trends. Key Insights & Actionable Takeaways: Focus on Time Horizons: If you need money in less than five years, avoid the stock market. Sustained High Savings Rate: A high savings rate can greatly enhance your financial security. Stay Agile: Continually update your investing strategy and be flexible in your approach as market conditions evolve. Monitor Valuations: Keep an eye on the market's valuation levels and adjust your expectations for future returns accordingly. Diversification: Consider diversifying beyond large-cap stocks into small caps, international stocks, or real estate for better risk management. Notable Quotes: "If the answer is any time period less than five years, I don't think the stock market is the place that you should put that capital." 00:03:27 "Investing is always an expectations game." 00:06:02 "Education is the first step to investment success." 00:39:12 Additional Resources: Brian's Website: View Here JP Morgan Asset Management Stock Market Presentation: View Here Episode Mention: Explore "The Role of Bonds in a Portfolio" Episode 194 Discussion Questions: What are your personal criteria for investing in the stock market? How should historical returns influence your current investment strategy? What are your thoughts on market concentration and its implications for investing?

    40 min

  7. 20 JAN

    The FI Case for Electric Vehicles | With Chris Terrell | Ep 530

    Chris Terrell shares his personal journey with electric vehicles (EVs) and discusses the financial implications of owning one. Highlighting key incentives like the Inflation Reduction Act and the benefits of home charging, the conversation delves into the affordability, practicality, and simplicity of EV ownership, providing insights for financial independence enthusiasts contemplating the switch to electric. Chapters 00:01:08 Introduction  Host Brad and guest Chris Terrell discuss the transition from gas vehicles to electric vehicles, emphasizing the financial independence perspective. 00:03:45 Benefits of EVs Chris highlights the increasing affordability of EVs, the practicality of home charging, and the advantages of a growing used car market. 00:22:33 The Impact of Inflation Reduction Act Chris explains the significance of the Inflation Reduction Act and how it provides substantial tax credits for new and used EV purchases. 00:40:21 Cost Comparison: EV vs. Gas In-depth analysis of the total cost of ownership, showcasing the long-term savings on fuel and maintenance. 00:51:31 Charging Options Discussion on the various charging methods for EVs, including level one and level two charging, and their impact on daily use. Key Takeaways: EV Affordability: The market for EVs has become more accessible; prices are declining with incentives, making EVs a viable option for many. Inflation Reduction Act: Offers up to $7,500 in rebates for new EVs and $4,000 for qualifying used EVs, significantly reducing upfront costs. Home Charging Benefits: Charging at home can lead to savings of approximately $8,000 on fuel costs over time compared to traditional gas vehicles. Lower Maintenance Costs: EVs generally require less maintenance, resulting in lower expected repairs and upkeep versus gas-powered vehicles. Used EV Market Growth: With the depreciation of EVs, many used models are available at prices significantly lower than new models, sometimes under $25,000, making them eligible for the $4,000 tax credit. Actionable Takeaways: Consider an EV: If you can charge at home, an EV can be a smart choice financially. Look for Used EVs: Take advantage of the growing used electric vehicle market and potential tax credits to save on purchase price. Calculate Savings: Before making a decision, calculate potential savings on fuel and maintenance based on your driving habits.

    1h 11m

  8. 13 JAN

    Getting Personal With Personal Finance | Laura And Ginger | Ep 529

    Laura's shares how she transitioned from a high-stress academic career to retirement. Discover the challenges of job identity, financial planning discussions with family, and the mental preparations for life after work. Laura’s career as an associate professor in genetics involved heavy grant writing and significant stress, particularly as a parent. The pandemic and her husband's early retirement influenced her decision to consider early retirement. Conversations about financial independence often spark reflections on personal values and identity. Preparing for retirement requires confronting not just financial readiness, but emotional adjustments as well. Resources and tools like 'The Simple Path to Wealth' and 'Quit Like a Millionaire' served as guides in her transition. Timestamps & Topics Discussed: Laura is 51, an associate professor in genetics, married, with two sons in college. 00:04:22 The Stress of Academia The pressures of running a lab funded by grants; the stress impacts both her work and family life. 00:08:28 Time Flexibility vs. Time Freedom Balancing demanding work with family responsibilities and feelings of inadequacy in both roles. 00:10:23 Deciding to Retire Early Laura’s husband Eric influences her thoughts about early retirement, compounded by COVID-19 challenges. 00:21:56 Future Uncertainty Questions about identity post-retirement and grappling with the loss of career-defined self-worth. 00:26:39 Embracing Uncertainty Discussions about accepting risks without guaranteed outcomes. 00:40:08 Financial Considerations and Planning Conversations on college savings for children, family financial responsibilities, and their shared journey to determine their FI number. “Balancing motherhood and a demanding career left me feeling inadequate in both roles.”  “While my job offered time flexibility, it was a constant struggle to balance work with family needs.” “Contemplating my identity post-retirement raises questions about who I will become next.”  “Embracing uncertainty is part of the journey toward financial independence.”  “Living life abundantly is more fulfilling than accumulating wealth alone.”

    55 min
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4.8
out of 5
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About

How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.

Information

  • Creator
    ChooseFI
  • Years Active
    2016 - 2025
  • Episodes
    697
  • Rating
    Clean
  • Copyright
    © 2019-2023 Choose FI. All Rights Reserved. Disclaimer: The information contained in this podcast is for general information purposes only. In no event will we be liable for any loss or damage derived from the information provided.
  • Show Website
    ChooseFI

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