ChooseFI | Financial Independence Podcast

ChooseFI
  • 4.7 (5.1K)
  • Investing
  • Weekly

Jonathan & Brad explore the world of Financial Independence. They discuss reducing expenses, crushing debt, building passive income streams through online businesses and real estate. How to pay off debt, Crush your grocery bill and travel the world for free. No topic is too big or small as long as it speeds up the process of reaching financial independence.

  1. 4d ago

    625 | Zero-Based America (Part 1) | Aubrey Williams & the Donegans

    Starting a financial life from scratch isn't just for expats—it's a lens through which anyone can examine whether their current accounts, insurance policies, and systems actually serve them or simply persist out of habit. When Alan and Katie Donegan decided to move from the UK to the US after winning the diversity visa lottery, they faced a rare opportunity: building an American financial life with $2.3 million to invest and zero existing accounts. Their challenge mirrors what happens when you leave a corporate job, relocate states, or simply wake up one day wondering why you're still banking where you opened your first checking account at age 16. Key Topics Discussed Introduction and Extraordinary Visa (00:00:00)Brad introduces the Zero-Based America series. Alan and Katie explain their diversity visa win and EB-1A extraordinary ability visa, and why they're moving from the UK to the US. Why America? Cultural Fit and Community (00:05:30)Alan discusses not fitting UK culture and being drawn to American entrepreneurship and creativity. Katie shares excitement about stability, community, and having belongings again after seven years of nomadic life. UK vs US Money Assumptions (00:12:00)The group explores differences in investing culture, banking inertia, state taxes, and payment systems. Alan and Katie express confusion over checks, Venmo, and the alphabet soup of retirement accounts. Zero-Based Thinking Defined (00:18:00)Alan and Katie explain zero-based thinking: asking 'knowing what I know now, would I choose this again?' They frame the move as an opportunity to design their financial life intentionally from scratch. Starting Point: Brokerage and Checking Accounts (00:23:00)Aubrey recommends Fidelity for its ease of use, automatic money market settlement, and integrated accounts. Brad explains the two-step investing process and the importance of simplicity. The Mechanics of Moving Money (00:35:00)Discussion of wire transfers, paper checks, and international transfer services like WISE. The group acknowledges the need for expert advice on safely moving $2.3 million across borders. Joint vs Individual Accounts (00:42:00)Explanation of individual retirement accounts vs joint brokerage and checking accounts. Brad recommends joint accounts for simplicity and estate planning ease. Credit Cards and Payment Systems (00:48:00)Introduction to American credit card rewards, autopay setup, Venmo, Zelle, and ACH transfers. Alan and Katie express excitement about finally being able to travel hack. Insurance: Auto, Renters, Umbrella (00:55:00)Aubrey and Brad walk through auto insurance, renters insurance, and umbrella liability coverage. They recommend roughly $2 million umbrella to cover assets and discuss broker relationships. Health Insurance Reality Check (01:03:00)Brad delivers a frank assessment of US healthcare costs: expect $600-1000/month premiums for catastrophe coverage. He explains the ACA marketplace and reframes health insurance as budget necessity. Life Insurance and Wrap-Up (01:12:00)Brief discussion of term life insurance and why the Donegans likely don't need it. Brad closes by inviting community input and outlining the multi-part series ahead. Notable Quotes "The idea is for everyone, if you were starting from zero, how would you set it up today?" — Alan Donegan "Simplicity really earns its stripes when you're already FI. You want to be out there living." — Aubrey Williams "In my experience, stress mitigation is a really important part of my overall financial sanity." — Brad Barrett "Health insurance in the US is just catastrophe insurance. If you get cancer or hit by a bus, you're not going to go bankrupt." — Brad Barrett "Most of us, our lives have evolved by accident over decades. Zero-based thinking lets you redesign intentionally." — Brad Barrett Key Takeaways Ask yourself for every financial account: 'Knowing what I know now, would I choose this again?' If not, consider switching Open a checking and brokerage account…

  2. Nov 2

    624 | The Rules of College Have Changed | Brian Eufinger

    The college your teenager attends today could be the difference between an eight-figure net worth by age 30 and six figures of crushing debt. One student turned down MIT for a full ride at Georgia Tech, used the savings to buy rental properties, and achieved financial independence before most people finish paying off their loans. That's the stakes—and the rules just changed. Key Topics Discussed 00:00:00 Introduction and Landscape ChangesBrad Barrett introduces Brian Eufinger from Edison Prep to discuss sweeping changes in college admissions, financial aid, and why assumptions from even five years ago are now dangerously outdated. 00:03:45 The Test Optional ReversalThe pendulum has swung back hard. Seventy-five of the top 100 colleges now require or strongly prefer SAT/ACT scores, reversing the COVID-era test-optional trend. At Duke, 93% of admitted students submitted scores. For merit aid especially, testing matters more than ever. 00:06:30 Grade Inflation and Course RigorGrade inflation has reached absurd levels. The bottom 25% of UCLA admits held a 3.95 unweighted GPA. The average University of Georgia applicant now completes nine AP courses by graduation—up from 4-7 being exceptional just years ago. Taking rigorous courses (AP, IB, dual enrollment) isn't optional for competitive schools. 00:09:15 The UC System Math CrisisA UCSD report revealed that 25% of students couldn't solve elementary problems like "6+3=7+?" Brian's seven-year-old daughters aced the same quiz. California professors are now demanding the return of mandatory testing because test-optional policies masked profound skill gaps. 00:15:20 Merit Aid Grids and Automatic ScholarshipsMerit aid remains alive and well. Many universities publish automatic scholarship grids: if your GPA is X and test score is Y, you're guaranteed specific amounts. Check meritaidgrids.com for comprehensive lists. Schools are also expanding need-based aid for families earning under $200K-$250K. 00:18:40 Financial Aid for FI FamiliesThe fine print matters. "Typical assets" language in aid offers refers to families with retirement accounts—not significant taxable investments or rental properties. Money in retirement accounts generally doesn't count against you. If you have substantial non-retirement assets, consult a fee-only financial planner about restructuring strategies. 00:22:10 Personal Finance Education RevolutionMandatory personal finance education has exploded from 8 states in 2019 to 33 states today. The new AP Business and Personal Finance course combines entrepreneurship (Shark Tank-style) with money management skills like compound interest and budgeting. 00:26:50 Three Essential Financial ConceptsBrian identifies the most important money concepts for graduating seniors: compound interest (retirement accounts), side hustles (entrepreneurship), and understanding how one college decision ripples across decades of wealth building. 00:28:30 The MIT vs Georgia Tech DecisionReal example: a student declined MIT for a full ride at Georgia Tech, used the $140K savings to buy rental properties, and built an eight-figure net worth by age 30. One strategic choice, generational wealth impact. 00:30:15 Sticker Price vs Net PricePrivate school sticker prices aren't what families actually pay. Deep endowments at schools like Vanderbilt, Washington University, or Emory often result in lower net costs than flagship public universities. Google "average net cost" for any school on your list. 00:33:00 College Closures and Financial HealthColleges are closing at roughly one per week. Before enrolling, check Forbes or Wall Street Journal rankings that include financial health metrics and days-cash-on-hand reports. Your degree's value depends on the institution surviving through graduation and beyond. 00:35:40 SAT and ACT Testing StrategyStart testing after completing Algebra 2 (typically sophomore year). The tests are now shorter but score ranges are more volatile. Plan to take the test 3-4 times. …

  3. Oct 26

    623 | 20 Things to Do Before You Retire | Fritz Gilbert

    Most people treat retirement as a numbers game. Hit your target, claim victory, and coast into the sunset. But 85% of retirees crash into a wall of disorientation two years in—not because they ran out of money, but because they never planned for what comes after the paycheck stops: identity, purpose, structure, relationships. The spreadsheet can't solve those problems. Key Topics Make Your Numbers Real (3 Years Out) 00:05:30 Track every dollar for a full year to capture one-off expenses spreadsheets miss. Project retirement costs with granularity—model RV trips, healthcare scenarios, travel frequency. Build cash flow projections to age 95, not just to retirement day. The goal: eliminate guesswork and replace fear with data. Start to Experiment (3 Years Out) 00:18:45 Test potential retirement activities now. Don't wait until you retire to discover what you actually enjoy versus what sounds good in theory. Experimentation builds identity beyond work before the structure disappears. Most retirees skip this step and pay the price in phase two disorientation. Prepare for Withdrawals (2 Years Out) 00:28:20 The psychological shift from accumulation to spending is brutal after decades of saving. Build liquidity buckets to handle sequence of return risk. Develop a drawdown strategy that accounts for market volatility. Practice spending before you retire—buy the RV or boat while you still have paycheck confidence. Schedule a Mini-Retirement and Build Your Dream (2 Years Out) 00:38:10 Take a week-long break with your partner to envision retirement together. Discuss "he time, she time, we time"—how much individual versus shared activity each person wants. Align expectations before conflicts arise. This conversation prevents the retirement disappointment that ends marriages. Pursue Your Four C's (1 Year Out) 00:48:00 Dan Hallett's framework: Contribution (being needed), Creation (making things instead of consuming), Curiosity (exploring and learning), Connection (relationships). These four pillars replace what work provided beyond money. Retirees who nail the Four C's thrive; those who don't struggle. Build a Life Outside of Work (1 Year Out) 00:55:30 Work gives you 60+ hours of weekly structure. When that disappears, what fills the void? Design your post-work life intentionally—hobbies, volunteering, learning, relationships. The transition only works if you've built something to transition to. Fill Your Activity Jar (1 Year Out) 01:02:15 A practical exercise: each week, both partners write one retirement activity idea on an index card. After a year, you have 100 things to do in retirement. Planning is half the joy. The jar becomes a tangible reminder that retirement is abundance, not void. Enjoy Crossing the Starting Line 01:08:40 Retirement isn't the finish line—it's the starting line. Savor your final month of work. Express gratitude to colleagues. View retirement as the beginning of your best years, not the end of your productive ones. Notable Quotes Fritz Gilbert: "Only five of the twenty steps are financially related. The other fifteen are about everything the spreadsheets cannot solve." Fritz Gilbert: "Retirement isn't the finish line—it's the starting line." Fritz Gilbert: "My two favorite words in retirement are curiosity and experiment." Fritz Gilbert: "Both physical fitness and FI get you more years of freedom." Fritz Gilbert: "Eighty-five percent of retirees go through phase two—loss and disorientation—because they haven't thought about replacing what work gave them beyond a paycheck." Brad Barrett: "Much of FI success is psychological, not mathematical. Conservative estimate stacking often stems from fear rather than necessity." Key Takeaways Track a full year of spending three years before retirement to understand actual costs and project expenses accurately Start experimenting with potential retirement activities now—don't wait until you retire to discover what you enjoy Schedule a mini-retirement with your partner to envisi…

  4. Oct 19

    622 | Before Burnout Makes You Quit, Know About FMLA | Leah Kaylor, Alison & Em

    When your Apple Watch alerts you that your heart rate is spiking while simply parking outside your workplace, your body is screaming a message you can't ignore. For high-achievers in the financial independence community, burnout often manifests physically before we acknowledge it mentally—and pushing through can cost far more than taking a strategic pause. What Is FMLA and How Does It Protect Mental Health? 00:00:00 Introduction to FMLA and Mental Health FMLA (Family and Medical Leave Act) provides up to twelve work weeks of job-protected leave during a twelve-month period while maintaining your health insurance. Unlike quitting or suffering in silence, it creates a legally protected pathway to address mental health challenges without torpedoing your career. 00:05:30 FMLA Basics: Eligibility and Benefits To qualify, you must have worked for your employer for at least twelve months, logged 1,250 hours in that period, and work for a company with 50+ employees within a 75-mile radius. The leave is generally unpaid but can run concurrently with vacation time, sick leave, or short-term disability benefits. 00:12:00 Mental Health as a Qualifying Reason Mental health conditions that interfere with essential job functions qualify for FMLA—and you don't need a formal diagnosis, years of treatment history, or prescription medication. Just documentation from a healthcare provider that mental health is impacting your work performance. Continuous vs. Intermittent Leave 00:18:00 Leave Structure Options Continuous leave means taking twelve weeks consecutively. Intermittent leave allows smaller blocks of time—perhaps working reduced hours, taking specific days off, or scheduling around therapy appointments. The structure should match what supports your recovery, not what seems least disruptive to your employer. Real Stories: When FMLA Became Essential 00:25:00 Em's Story: From Concussion to Burnout Recovery Em first used FMLA for a concussion, then later for severe burnout. The scariest part wasn't the paperwork—it was overcoming internalized fear of being judged as someone who "gave up." Having financial independence made the decision less terrifying, removing the panic of losing income while trying to heal. 00:40:00 Allison's Journey: High Blood Pressure and Mental Health Allison's body manifested stress through elevated blood pressure and heart rate spikes—physical symptoms her primary care physician connected directly to mental health. Her doctor encouraged using accumulated sick time alongside FMLA to address the underlying burnout rather than just treating symptoms. Navigating the Process 00:55:00 The Paperwork Process and What to Tell Your Employer The FMLA application is roughly four pages. You share minimal information with your employer—no diagnosis required. Your healthcare provider simply certifies that a condition is interfering with essential job functions. The specifics remain between you and your medical team. 01:08:00 Addressing Common Fears: Job Loss and Retaliation FMLA provides federal legal protection. You cannot be retaliated against for taking leave, and you're entitled to return to the same position or an equivalent role with equivalent pay and benefits. However, FMLA doesn't protect against company-wide layoffs or pre-existing performance issues unrelated to your leave. 01:20:00 Finding Care Providers and Resources Many large employers offer Employee Assistance Programs (EAP)—typically five to six free counseling sessions per issue. Psychology Today's therapist finder helps locate providers, and fmlahelp.com provides comprehensive guidance on the entire FMLA process. Life After Leave 01:32:00 Long-Term Benefits Both Allison and Em reported sustained improvements: lower blood pressure, restored creativity, better work-life balance, improved parenting, and renewed engagement with their careers. Taking time away didn't derail their financial goals—it protected them. 01:45:00 Closing Thoughts and Action Steps The FI commu…

  5. Oct 12

    621 | The Math Says You're Fine. Why Don't You Feel Fine? | Cody Garrett

    You've reached financial independence. The spreadsheet says you're ready. But you still can't pull the trigger on retirement—or spending. A couple with $10 million sits paralyzed, unable to retire despite every calculator saying they're fine. What's happening isn't a math problem. It's a psychology problem. Key Topics Discussed 00:00:00 Introduction and Guest Background Cody Garrett shares his journey from musician to CFP® and his deep dive into financial psychology, including CBT, ACT, motivational interviewing, and financial therapy—exploring why people who've reached FI still can't enjoy it. 00:08:30 The Paradoxical Pattern: Objective Reality vs. Subjective Identity Case study of a couple with $10 million who feel paralyzed about retiring. Your financial reality can change much faster than your identity, and more information often makes the problem worse rather than better. 00:15:00 Five Sources of Information-Seeking Behavior Why FI-minded people default to seeking better analysis, conservative assumptions, hiring authorities, optimization, and indefinite research when stuck—and when learning becomes postponement rather than progress. 00:24:00 What Creates Ambivalence: Seven Push-Pull Factors Permission, control, identity, responsibility (the invisible balance sheet), protection, values and time (the values vacuum), and flexibility—how these factors create decision paralysis even when the numbers work. 00:35:00 The Invisible Balance Sheet and Open-Ended Obligations Most people carry invisible obligations to family members that create endless anxiety. Cody asks: would the people you feel responsible for actually agree with your obligations? Brad reflects on responsibilities to his kids and parents. 00:45:00 Six Therapeutic Approaches That Actually Help Values clarification, decisional balance, acceptance and willingness, behavioral experiments (exposure therapy), mechanical devices (systems and structures), and hiring support without outsourcing agency. 00:55:00 Live Decisional Balance Exercise: Buying vs. Renting Brad and Cody work through a real decisional balance exercise exploring Brad's decision to rent versus buy after his divorce. Brad discovers how location and proximity to his daughters fits both options, challenging his initial mental model. 01:15:00 Behavioral Experiments and Progressive Exposure How to design small experiments to build confidence through action rather than waiting for certainty. Examples include selling investments, withdrawing cash, and spending it to complete the psychological loop. 01:22:00 Mechanical Devices: The Retirement Paycheck Creating a retirement paycheck system that mimics working paychecks makes spending easier and less dependent on willpower. Discussion of dedicated accounts and mental accounting made real. 01:28:00 Closing Thoughts and Resources Resources available at measuretwicemoney.com/choosefi including values clarification and decisional balance worksheets. Notable Quotes "The behaviors that helped you become financially independent can eventually become the behaviors that prevent you from enjoying financial independence." — Cody Garrett "How much money does your identity think you have?" — Cody Garrett "Someone will spend your money. It's you, family and friends, charitable organizations, or the government." — Cody Garrett "More information doesn't resolve those emotional goals of wanting to feel confident and secure and free moving into retirement." — Cody Garrett "Confidence often comes after action rather than before it." — Brad Barrett Key Takeaways Download the values clarification exercise at measuretwicemoney.com/choosefi and complete it individually, then with your partner if applicable Identify one open-ended obligation on your invisible balance sheet and define it in specific dollar terms or timeline Design one small behavioral experiment to test a spending decision you've been avoiding, documenting your predictions beforehand Set up a retirement paycheck system …

  6. Oct 5

    620 | Book Club: Happy Money — When Is Enough, Enough? | Jillian Johnsrud & Ginger

    Your FI number is a calculation. "Enough" is a feeling. They're not the same thing—and confusing them keeps people working years past their actual financial independence. Ginger and Jillian Johnsrud unpack this crucial distinction while discussing Ken Honda's Happy Money, a book that frustrated both of them yet yielded surprising insights. Key Topics Discussed Introduction and Book Overview (00:00:00) Mixed reactions to Happy Money's structure and how to extract value from challenging reads. Separating Money and Emotions (00:08:00) Why spreadsheet numbers and emotional security don't move in tandem, illustrated through examples of wealthy clients paralyzed by spending anxiety. The Concept of Enough (00:15:00) How "enough" operates as an emotional state rather than a mathematical calculation, and why paying off debt creates profound shifts that incremental net worth increases don't. Challenging Passages and Mindset (00:22:00) Critical examination of the book's claims about energy and money manifestation, separating mindset work from wealth building. Practical Applications and Mini Steps (00:30:00) Testing freedom assumptions through mini retirements, flexible work arrangements, and small experiments before major life transitions. Generosity, Morrow, and Creating Your Environment (00:42:00) Positive takeaways including the concept of morrow (selflessness), generosity practices, and the "yellow smoke bomb" metaphor for shaping your desired environment. Notable Quotes "Freedom can't be bought with money. Even if you have all the money in the world, if your mind is not free you lose the real advantages of that wealth." — Ken Honda "The numbers on the spreadsheet and how you feel about the numbers on the spreadsheet are two separate works." — Ginger "If you were scared at eight hundred thousand, you're probably going to be pretty scared at nine hundred thousand." — Jillian Johnsrud "Confidence and clarity come in doing, doing the thing." — Ginger "You don't receive what you deserve. You receive what you accept." — Jillian Johnsrud Key Takeaways Identify one small experiment representing 10% of your retirement vision—flexible Fridays, breakfast out on Wednesdays, monthly long weekends—and try it now Examine a money belief driving your current behavior: Where did it come from? How did it serve you? Does it still serve your next chapter? Practice a small act of generosity or spending that feels slightly uncomfortable but is well within your means, building evidence that you'll be okay Write down what "freedom" or "enough" actually means to you in concrete terms, beyond just a number If nearing FI, stop adding to the spreadsheet for 3-6 months and focus exclusively on emotional and confidence work Resources and Links Retire Often by Jillian Johnsrud Retire Often website ChooseFI forums Happy Money by Ken Honda ChooseFI local groups ChooseFI newsletter

  7. Sep 28

    619 | The Student Loan Rulebook Was Rewritten | Travis Hornsby

    The federal government just split student loan borrowers into two groups: those who borrowed before July 2026 keep access to income-driven repayment and forgiveness strategies, while everyone after gets strict caps, fewer options, and tax bills on forgiven debt. If you're on the wrong side of that line—or helping someone navigate it—the math on graduate school, Parent PLUS loans, and even retirement contributions just changed. The July 2026 Dividing Line – 00:05:30 The One Big Beautiful Bill Act created two distinct classes of borrowers. Pre-July 2026 borrowers retain access to Income-Based Repayment (IBR) with payments at 10-15% of discretionary income and forgiveness after 20-25 years. Post-July 2026 borrowers get the new Repayment Assistance Plan (RAP) with 1-10% payments based on income but forgiveness only after 30 years. Anyone who takes out even one loan after the cutoff loses access to the old system entirely. New Borrowing Limits – 00:12:00 Federal loans are now capped at approximately $65,000 total for undergraduates (via Parent PLUS), $20,500 per year for graduate students, and $50,000 per year for professional programs like medical, dental, and law school—with a $200,000 lifetime cap for professional degrees. These limits fundamentally change which graduate programs remain financially viable without substantial family wealth or private loans. The Death of Parent PLUS Loans – 00:35:00 Parent PLUS loans have become a loan of last resort. They now carry roughly 9% interest rates, offer zero income-driven repayment options, and place all legal responsibility on parents alone. Students are morally but not legally obligated. For parents with good credit, private loans offer better rates and the option to cosign, putting responsibility on both parties. Private Loans About to Surge – 01:10:00 With federal borrowing caps forcing graduate students to seek alternative funding, the private loan market is poised for massive growth. Rate spreads can reach 7 percentage points between best and worst offers. Students should establish credit history at least three years before grad school by opening a credit card early and rate shop aggressively across multiple lenders. IBR vs RAP: Know Your Repayment Plan – 00:18:00 Pre-July 2026 borrowers can access IBR with payments capped at 10% or 15% of discretionary income and forgiveness after 20 years for undergrad debt or 25 years for graduate debt. Post-July 2026 borrowers get RAP, which starts at 1% of income for those earning under $15,000 and scales up to 10% for higher earners, with forgiveness only after 30 years. The difference in both payment structure and timeline is substantial. The Tax Bomb Returns – 00:28:00 Forgiveness through income-driven repayment in the private sector is once again taxable as income starting in 2026, after being tax-free from 2021-2025 under the American Rescue Plan. Public Service Loan Forgiveness (PSLF) remains tax-free. For someone who has $100,000 forgiven while earning $75,000, they could face a tax bill on $175,000 of income in the year of forgiveness. PSLF and Current Litigation – 00:52:00 PSLF remains the strongest forgiveness option for qualifying public service and nonprofit employees, requiring 120 qualifying payments while working full-time. The PSLF Buyback program allows workers to purchase credit for months spent in forbearance or deferment. Current litigation primarily affects niche groups rather than broad populations, though ongoing challenges to Department of Education rules create uncertainty. AGI Manipulation as Tax Strategy – 01:02:00 Since income-driven repayment calculates payments based on Adjusted Gross Income, maximizing pre-tax 401(k) contributions, HSA contributions, and other above-the-line deductions directly reduces required loan payments. For borrowers paying 24% federal tax + 5% state tax + 10% to student loans, that's a 39% effective marginal rate—making traditional pre-tax contributions far more valuable than Roth accoun…

  8. Sep 21

    618 | You Learned How to Save. Now Learn How to Spend | Jesse Mecham

    Every dollar you save is just money you're planning to spend later—so why does no one talk about the skill of spending well? Jesse Mecham, founder of YNAB, couldn't justify buying a fifty-cent donut despite being objectively "good at money," and that moment of extreme frugality sparked a crisis that would reshape how he thinks about every financial decision. Key Topics Discussed What's Money For? 00:02:30 Jesse explains why the fundamental question "What is this money for?" is more important than any budgeting technique, and why "for investing" isn't a sufficient answer. The Fifty Cent Donut Story 00:08:45 The pivotal moment when Jesse couldn't justify buying a donut despite financial stability, revealing how extreme frugality becomes suffocating and leads to a financial crisis of meaning. The Evolution of YNAB 00:15:20 Twenty years from selling a spreadsheet for $9.95 to building a comprehensive budgeting philosophy, including key business decisions and inflection points. The Skill of Spending 00:25:00 Why spending is actually the core skill with money, not saving, and how to develop intentionality around spending decisions through naming what money is for. Breaking the Paycheck to Paycheck Cycle 00:35:15 The concept of asymmetric stress and how creating breathing room between earning and spending can eliminate the unnecessary financial anxiety that 80% of Americans carry. What Is Enough? 00:42:30 Brad and Jesse explore the definition of "enough" from both minimalist and abundance perspectives, discussing health, safety, comfort, and the role of external possessions in happiness. Extravagances and the Tuesday Project 00:48:00 Jesse shares his current extravagances including building a wood shop and creating outdoor sanctuaries, while Brad discusses his minimalist experiment and the concept of building a remarkable Tuesday. Advice to Your Younger Self 00:58:00 Jesse reflects on what he would tell his 25-year-old self, praising his willingness to take risks while offering grace around parenting and being less judgmental about money decisions. Processing Financial Worry 01:03:30 Jesse's process for responding to financial worry when it appears, even when you have enough, by returning to the fundamental question: what is this money for? Notable Quotes Jesse Mecham: "Saving money isn't inherently virtuous. It isn't, because ultimately every dollar you save is simply money you're planning to spend later." Jesse Mecham: "When you're bad at money, inconveniences are emergencies. And when you're good at money, emergencies are inconveniences." Brad Barrett: "It's for buying your freedom with every single one of those dollars." Jesse Mecham: "The one thing money is meant to do at the end of the day is to be spent, and we're really bad at doing the one thing money is meant to do." Brad Barrett: "Nothing good in life comes from the easy path. You have to have a little bit of effort, you have to have a little bit of hardship." Key Takeaways Ask yourself "What is this money for?" and label your savings with specific, meaningful purposes rather than generic categories Create breathing room between earning and spending by saving enough to cover all bills if they landed on the same day Design your ideal Tuesday—envision your perfect average day and identify what you can do to make it happen Review your spending without judgment, looking for alignment with your values rather than simply trying to spend less If you've reached financial independence, practice the skill of spending by naming specific ways you want to use your money Eliminate asymmetric stress by building a financial buffer so inconveniences don't become emergencies When financial worry appears, return to the fundamental question and review what your money is specifically for Resources and Links Never Worry About Money Again (book) YNAB (You Need A Budget) Reddit r/onebag community Reddit r/BuyItForLife community Buckeye Farms (Erin's dust collector bag business) The Millionaire Ne…

See All (708)

Hosts & Guests

4.7
out of 5
5,119 Ratings

About

Jonathan & Brad explore the world of Financial Independence. They discuss reducing expenses, crushing debt, building passive income streams through online businesses and real estate. How to pay off debt, Crush your grocery bill and travel the world for free. No topic is too big or small as long as it speeds up the process of reaching financial independence.

Information

More From The Unstuck Network

You Might Also Like