Choosefi | Financial Independence Podcast For The Stealth Wealth Community

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

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

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 wo

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

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

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

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 Southwes

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 jum

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 i

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 t

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, thr

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 a

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