Choosefi | Financial Independence Podcast For The Stealth Wealth Community

040 | Today we have Noah and Becky from Money Metagame on the podcast to discuss their story, their upcoming 'Gap Year' of travel plus an incredible college hack they used to get full-tuition scholarships. In Today’s Podcast we cover: A discussion with Noah and Becky from Money Metagame Noah and Becky’s history behind their path to FI Travel Rewards was what initially got them into the world of Financial Independence How Noah introduced this idea to Becky originally Becky was originally hesitant but after seeing some stress in their lives became more open to it How the personal finance and financial independence sub-Reddits became Noah’s go-to sources for information The story behind the name Money Metagame How Noah and Becky both got full-tuition scholarships to Purdue University through the Evans Scholars program How they found out about this program to get these college scholarships The background on how others can benefit from this scholarship opportunity What was the thought process behind them buying a

039R | In today's podcast we discuss Episode 39 with Gwen from Fiery Millennials, plus a 'Cruise Control Path to FI' case study example and voicemails from our community members. In Today’s Podcast we cover: The Friday Roundup after Episode 39 with Gwen from Fiery Millennials A whole new FI world for Brad and Laura after their youngest daughter went to kindergarten They have the opportunity to live more of a FI lifestyle and have to now figure out what that looks like Second Generation FI and examples of Brad’s kids exhibiting their behaviors ChooseFI is an opportunity for Brad and Jonathan to share these stories with their kids and also document their FI paths Gwen’s lightbulb moment she had during college and how that changed her trajectory How intelligent Gwen was with her college decision and pursuing a full scholarship Brad should have focused his own college search on places where he could have gotten a full merit scholarship The concept of the ‘cruise control path to FI’ Second Generation FI Case study

039 | In today's podcast we have a conversation with Gwen from Fiery Millennials about her millennial path to FI plus some hacks that she used to save on college and increase her savings rate. In Today’s Podcast we cover: Our guest on Episode 39 is Gwen from Fiery Millennials Was Gwen from the generation that grew up with electronics from day 1? A background on Gwen’s story saving money when she was younger. She saved 50% of her income Gwen pursued dual enrollment classes and entered college with 23 college credits Gwen did the research with the college first to determine what credits would count Brad’s example of programs that exist in Virginia and likely other states where you can attend a community college and transfer to a state university Gwen joined the Air Force in the Air National Guard to pay for college, but actually got a merit scholarship from her college Gwen still has 8 semesters of free college remaining for the future due to these dual scholarships How did Gwen find the concept of Financial In

038R | In today's podcast we discuss Episode 38 The Why of FI plus we announce three of the finalists for the business building competition with Alan Donegan of PopUp Business School and a voicemail from community member Geoff. In Today’s Podcast we cover: Discussion of Episode 38 on the Why of FI Jonathan’s Frugal Win of the Week at Costco by saving on protein bars Jonathan’s nutrition goals and the underlying concepts of simplicity and removing decision fatigue How unusual it is that the FI community is outside the mainstream by saving money whereas the norm is spending every dollar you have The elevator pitch for Financial Independence Brad believes the psychology behind the Why of FI is more important than the actual numbers Numbers will always be a focus as is saving money, but the psychology is essential How has Jonathan’s focus changed since the beginning of his FI journey and since the beginning of ChooseFI Jonathan has latched onto the ideas of simplicity and happiness The new concept of the FireWalk

038 | In today's podcast we discuss one of our most important topics: The Why of FI. Why we pursue this path, why we think it's a life 'superpower' and how it can help you escape the hamster wheel of life decades earlier than most people could ever dream. In Today’s Podcast we cover: Discussion of the Why of FI as an introduction to the concept of Financial Independence and why we’ve chosen this path and this community Jonathan’s explanation of the “hamster wheel” and what the normal ‘American dream’ looks like and why this will keep you chained to this treadmill for decades to come This is not a pursuit of freedom, but a pursuit of “stuff” You’re working full-time to afford these things that you can’t use because you’re working all the time The important thing to focus on is what makes you happy Time is your most important resource This is not about liking or hating your job. This is about freedom and taking the power back in your life The concept of drifting and Jonathan’s questions that can help you highli

037R | Today we discuss Episode 37 with Scott Rieckens, the filmmaker behind the FI documentary Playing with FIRE, plus emails and voicemails from the community and a discussion of reaching FI in a high cost of living area. The great American Eclipse and our viewing Brad’s vacation and how they spent $0 on hotels for 16 nights The value of slow travel and why it makes vacation dramatically better. Vacation doesn’t have to be stressful How expectations management is so crucial to life and on vacation Time is such a crucial tool Scott’s slow travel with his family and the yearlong adventure they are on visiting family and friends while filming the documentary There should be creativity and excitement in your future and your decisions The list of things that made Scott’s wife happy on a weekly basis and how this was an inspired decision by Scott Sell your value first and then grow your network. How Scott did a masterful job at this by creating a network and even leaning on our network How Brad connected instantl

037 | In today's podcast we speak with Scott Rieckens, the creative force behind the upcoming FI documentary called 'Playing With Fire' and we learn about his FI journey and this exciting project. In Today’s Podcast we cover: A discussion with Scott Rieckens, the creative force behind the upcoming FI documentary ‘Playing With Fire’ we’ve discussed on previous episodes Scott is devoting the next year of his life to create this documentary about the FI community Scott’s background story and how he found FI How they were on the ‘hamster wheel’ just working to pay for the lifestyle they were living The importance of a side hustle or entrepreneurship Scott consumes a lot of media, including podcasts and found the Tim Ferriss show especially valuable Lifestyle creep in their living arrangements in Coronado How Scott found Mr. Money Mustache and the FI community through the Tim Ferriss podcast Living a life of happiness while pursuing Financial Independence You don’t need $10 million (or a similar amount) to retire

036R | In Today’s Podcast we cover: Discussion of the community aspect of Episode 36 with JL Collins There is a yearning and desire for community meetups with other members of the Financial Independence community The spread of these community meetups and longer Chautauqua and Camp events throughout the world The ever growing FI community in the Richmond, VA area where Jonathan and Brad live How much money could we all save if we had like-minded people in our communities? Discussion of Millennial Revolution’s article The Five Types of People You’ll Meet on Your Way to FI Spreading the concept of FI with people who may be predisposed to it who are already in your life The new MMM Headquarters in Longmont, CO that Pete just opened and the value of that community Voicemail from Chris from our community on how he has saved over $146,000 since listening to ChooseFI a few months ago just by making small changes in his life Voicemail from Aaron in San Diego on VTSAX and potentially diversifying with other index funds

036 | In today's podcast with Jim Collins from The Simple Path to Wealth and JL Collins NH, we discuss the Chautauquas, in-person events plus an 'Ask Me Anything' series of questions from our ChooseFI community. In Today’s Podcast we cover: Part 3 with JL Collins from JLCollinsNH, the Simple Path to Wealth and Stock Series fame Jim’s discussion of Alan from PopUp Business School and how the UK Chautauqua came to be The value of in-person events like Camp Mustache and the Chautauquas Ask Me Anything segment with Jim with questions from our audience and private Facebook group Question from Amber from our Facebook group about the value of annuities, reverse mortgages and fixed income items Jim only recommends investing in stocks and bonds. The goals that Jonathan spoke of in the question can be balanced by allocating different percentages to stocks and bonds Jim believes annuities and reverse mortgages are laden with fees that make them poor investment vehicles Annuities pay a guaranteed income which appeals to

035R | In today's podcast we discuss our takeaways from Episode 35 with Big Ern from Early Retirement Now, plus paying off mortgages and student loans early and frugal wins of the week from the community. In Today’s Podcast we cover: The Friday Roundup after Episode 35 with Big Ern from Early Retirement Now This episode was long awaited, but was necessary to wait for until we provided the background of FI for the audience Ern’s information made us both feel more hopeful for the future of FI and sequence of returns risk Both ‘savers’ and ‘early retirees’ can’t both simultaneously win with the sequence of returns risk Savings rate is the most important part of living a FI lifestyle and succeeding with long-term savings The concern with sequence of returns risk is only when you see a prolonged and significant drop in the markets. To the tune of 5+ years and 20%+ drop Question from the audience to Big Ern about inflation being included in the safe withdrawal rate and Ern’s response Ern does indeed take inflation

035 | In today's conversation with Big Ern from Early Retirement Now we discuss safe withdrawal rates, sequence of returns risk and much more. In Today’s Podcast we cover: A wide ranging discussion with Big ERN from Early Retirement Now on sequence of return risk and safe withdrawal rates This is Big Ern’s first podcast! And a thank you to him for helping with Paul’s case study Ern’s thoughts on social security Ern’s origin story and his thoughts on early retirement He had a student loan that he invested since he went to college for free. So he ended up with a positive net worth after graduation Why do we need to be concerned with sequence of return risk? Ern says that sequence of returns risk is the “reason why people run out of money in retirement” from getting unlucky with low returns in the first 5-10 years What are “real returns”? Adjusted for inflation The years to worry about having poor returns are the first 5 to 10 years and it has to be prolonged and significant Hypothetical example of the 4% rule a

034R | In today's podcast we discuss our thoughts on Part 2 of the Stock Series conversation with JL Collins, risk tolerance, doomsday scenarios and rebalancing. In Today’s Podcast we cover: The Friday Roundup and the episode Part 2 of our discussion with JL Collins from The Simple Path to Wealth and JLCollinsNH What do you do when there’s a large crash in the stock market? Big takeaway from Jim’s episode You can’t sell at the bottom, so you need to steel yourself mentally beforehand If you’re starting investing, one of the best thing that can happen to you is a market crash You can’t time the market There are doomsday scenarios, but since they are so rare it is silly to plan for the absolute worst case and ignore the other 99.9% likelihood Follow the math when making the best decision with the information at hand Question from Kevin about when to “take all your chips off the table” That event would have to be extraordinary and destructive for our country and economy Spend less than you earn and invest in bro

034 | This podcast is Part 2 of the Stock Series discussion with JL Collins, author of The Simple Path to Wealth and the website JLCollinsNH; we discuss the Great Depression and the mindset you need to be a successful long-term investor, plus how to allocate between equities and bonds. In Today’s Podcast we cover: Part 2 of the Stock Series conversation with Jim Collins If you have not yet listened to Part 1 you can listen to it here Be sure to check out the associated Friday Roundup here for Brad and Jonathan's take-aways A discussion of what happened during the Great Depression and the Crash of 1929 A large portion of the crash was due to many people buying stock on margin Jim’s explanation of leverage and buying stocks on margin Jim’s Four Lessons to watch out for Making peace in your mind when a crash/correction happens. What caused it?  Psychology or something legitimate? Unless you believe the US economy has permanently collapsed, then “the market always goes up” over time according to Jim Jim says the

033R | In Today’s Podcast we cover: Unpacking Episode 33 with Dominick Quartuccio and our takeaways from the episode Intentionality allows you to purchase your freedom, and we want to expand that intentionality beyond just personal finance Our focus on living a happier, more content and optimized life The ultimate luxury is the ‘perpetual money making machine’ to provide time and focus on what matters in life How Dominick spent $28,000 this year on personal development. Have you spent any time or money on your own personal development? Spending on things that you value, and directing money and resources as such How to improve your life for $0 and learn and grow Brad’s challenge: Make one change in your life this week that will make your life better Break some negative habit and disrupt it in your life this week Jonathan’s change this week: Eating carrots and salad without salad dressing Meditation and breathing. Take one deep breath. Brad’s description of his meditation practice What gets you excited or nervo

033 | In today's podcast we speak with Dominick Quartuccio from DominickQ.com and the author of the book Design Your Life about disrupting your behaviors and 'creating a future you can't wait to live into.' In Today’s Podcast we cover: Our guest is Dominick Quartuccio the author of Design Your Future who is here to talk about ‘designing a future you can’t wait to live into’ This is a very personal episode for Brad, as Dom is a close friend and the person Brad goes to for advice and motivation FI is focused on freedom and that is what Dominick focuses on, but with an emphasis on energy People in Dominick’s world were asking questions about ‘where to go from here’, even though they seemingly have everything Community is such an essential aspect of life We all need to be intentional and not drift through life Dominick’s explanation of the term ‘drift’ as defined by Napoleon Hill and what happens if you live an unintentional life How to know if you’re drifting in life? Are you reacting based on fear? Progress is

032R | In today's Friday Roundup we discuss Episode 32 with Joel from FI 180 on the 'Milestones of FI', plus a life hack voicemail from Noah and Frugal Wins of the Week from our Facebook community. In Today’s Podcast we cover: The Friday Roundup after the Milestones of FI episode with Joel from FI 180 We’re having a FI get together in Richmond and hope to expand beyond Richmond The gamification aspect of personal finance and the milestones When your ‘financial freedom clock’ starts and discussion of where certain types of debt plays into the calculation Financial freedom clock equals positive net worth and all junk debt is paid off Milestone two is when you have a $100,000 net worth (when Personal Capital starts calling you for a personal consultation) The next milestone is ‘FU Money’ and there is discussion on where this fits into the continuum as the concept is nebulous Should there be a milestone before $100k net worth and FU money? Adding in ‘checkpoints’ along the way on the journey to FI in addition to

032 | In today's podcast we discuss the Milestones of FI with Joel from FI 180; this is a new look at the path to FI and the milestones along the way. In Today’s Podcast we cover: The ‘Milestones of FI’ with Joel from FI 180 We welcome Joel as our first repeat guest on Choose FI The Milestones of FI as a ‘master’s degree’ journey after Dave Ramsey’s baby steps Joel plans to be fully FI in January 2018 Joel is completely debt free and is shooting for $25,000 per year in other spending FI creates a “magic money making machine” that spits out yearly ‘checks’ (the 4% rule) FI is the ultimate luxury purchase to save for this ‘magic money making machine’ The Dave Ramsey Baby Steps explained To get started on the Milestones of FI: Debt Free and/or $1 of positive net worth First FI Milestone: $100,000 net worth when you first start getting calls from Personal Capital to setup a phone consultation 2nd FI Milestone: ‘FU Money’ set; 2-3 years of yearly expenses saved up 1st and 2nd milestone can be similar depending on

031R | In today's Friday Roundup we discuss travel rewards, flipping holidays upside down, buying presents, the upcoming FI Documentary and much more. Submit your applications for the contest to win a one-on-one business coaching relationship with Alan Donegan from PopUp Business School Brad’s slow travel vacation through New York State this August How we’ll publish episodes while on vacation and living a FI lifestyle Discussion of Episode 31 on travel rewards What to do with your strategy after Chase cards Clarification of Brad’s past and future travel rewards strategy Noah’s feedback about an alternate option for staying under the Chase 5/24 rule Feedback from the audience: Pastor FI on how he switches Mother’s Day and Father’s Day Feedback from Frank on not doing things on holidays or other busy times. Don’t wait in line “with the lemmings” If you’re busy all the time, you need to come up with strategies to make your life better How Jonathan feels that buying cards for holidays are a terrible waste of mone

031 | In today's podcast we discuss Part 2 of our Travel Rewards series including what to do after you've focused on Chase credit cards plus whether you should focus on one trip or a general strategy. In Today’s Podcast we cover: Part 2 of the travel rewards podcast series on where to go when you’re done with the Chase credit card options Does it make sense to go after cards for a particular trip like Walt Disney World or should you focus on Chase cards while you are under the “5/24 rule?” Brad and his wife Laura are both trying to get back under 5/24 and waiting to open up cards If you are doing this with a spouse you can realistically open 10 Chase credit cards (5 each) What cards would you get from other banks such as American Express, Citibank, Barclaycard and Capital One? American Express has a one bonus per card per lifetime rule Amex has a transferable points program called Membership Rewards that is a quality program (similar to Chase Ultimate Rewards) The transfer partners we like from Chase Why we l

030R | In today's podcast we have the biggest announcement in the history of ChooseFI thanks to Alan from PopUp Business School, so be sure to listen and get your responses in ASAP.   Brad’s thoughts on not doing what everyone else is doing: July 4th, Valentine’s Day, Mother’s Day, etc. Jonathan’s wife loved the episode with Alan and she is going to use these skills on a side hustle herself You don’t need a lot of money to start a business – the big takeaway from the episode for Brad Bartering skills and maximizing unused resources were two takeaways for Jonathan’s wife Mutual benefit from establishing relationships even when you can’t see where the value might come from Sell your value first and then create the product or service You won’t know if your product or service is legitimate until you actually make people buy. That’s the only real feedback Feedback from Luis on the ChooseFI private Facebook group on his wife’s side hustle How Brad’s business history set him up for success, as he failed and learned