Podcast
ChooseFI | Financial Independence Podcast
Hosted by ChooseFI · EN
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.
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605 | Retire in Less Than 10 Years
Yesterday01:07:12Summary readyAt 21, Cody Berman appeared on ChooseFI as a college student discovering financial independence. Three years later, he retired at 26. Now 30 with a $5 million net worth, he's back to reveal exactly how he compressed a decades-long journey into a three-year sprint—and why the same principles work whether you're 25 or 55. The Journey from 22 to FI at 26 00:05:30 Cody's path to financial independence was methodical and aggressive. Between ages 22 and 25, he experimented with over 20 side hustles, scaling his income from $96K to more than $400K annually. The key? He kept expenses locked at just $24K per year—creating a massive gap of $625K over three years. That gap fueled three wealth-building engines: $500K in stock market investments (VOO, VTSAX, VTI) 13 rental properties generating $3,700/month in passive income Digital products businesses producing $10K/month By his 26th birthday, Cody had achieved "cashflow FI"—his passive income streams covered living expenses without touching his investment portfolio. The Psychology of Financial Independence 00:18:00 Brad and Cody explore why some people achieve FI while others with similar incomes stay stuck. The answer isn't math—it's psychology and awareness. Cody attributes his success to having a clear destination. When you know exactly where you're going and why it matters, spending $100 on something that doesn't serve that destination becomes harder than saying no. The infamous "second marshmallow" experiment demonstrates this: delaying gratification becomes easier when you're aware of what you're trading for. As Cody puts it: "Earn more, spend less, invest the gap. Very simple. That is financial independence in a nutshell." Passive Income Reality Check 00:28:00 Let's demolish the myth of truly passive income. Cody manages 13 rental properties—but spends just 4-5 hours per month on them. This represents the spectrum of passive income: not zero effort, but minimal effort relative to the returns. The secret? Working in seasons rather than constant hustle mode. Some months require more attention (tenant turnover, maintenance issues), while others are nearly hands-off. Cody's businesses also follow this pattern—periods of intense development followed by relative autopilot. Brad reinforces this with math: "Every $100 a month you can cut out of your budget is $30,000 less you need in your FI number." Over 20 years, that $100/month compounds to $60K invested. That's a $90K swing from a single optimization. Designing the Perfect Tuesday 00:42:00 Forget exotic vacations—FI is about winning on a random Tuesday. Cody and Lauren's ideal weekday reveals what financial independence actually looks like: Morning: Wake naturally, coffee together, workout (him: gym; her: Pilates), shower, work on creative projects they enjoy Midday: Lunch together, afternoon walk in their neighborhood, separate time for individual pursuits Evening: Dinner together, reading, quality time before bed Nothing dramatic. No yachts. Just complete autonomy over every hour of a normal day. They maintain this through monthly alignment meetings—typically at a restaurant over a nice meal—covering: Money and real estate Health and fitness Travel plans Relationships (with a safe space to address concerns) Friends and family A rotating category Goals for the next month They also record an annual video reviewing the year, creating a time capsule of their journey. Post-FI Life and the Book 00:58:00 What actually happens when you achieve FI? Cody shares the uncomfortable truth: "Anything that you say that you want to do and that you don't do is a Cody problem. Before FI, you can blame things on time. You can blame things on money." When those excuses disappear, you're left facing yourself. That can be liberating and terrifying. His new book, Retire by Thirty, addresses this and more. Like Tim Ferriss's The Four Hour Workweek, the title is provocative but the principles are universal. Whether you compress your FI journey from 50-55, 33-36, or any timeframe, the core concepts remain the same: maximize the gap, invest intelligently, build passive income streams, and design a life aligned with your values. Late Starters and Practical Advice 01:12:00 Brad poses the critical question: What if you're 50 and just discovering FI? Cody's answer: Hit expenses first. Housing is typically the biggest expense—and the most flexible. House hacking isn't just for 22-year-olds. Could you take in a roommate? Build an ADU? Downsize temporarily? The path to FI is littered with people who said "I can't do that." Those who achieve it ask instead: "How can I do that?" As Brad observes: "You should switch your I can't into how can I and then listen to podcasts like this, find people who are actually doing it." The excuse of "I can't because I have kids" or "I can't because of my age" falls apart when you find role models with your exact constraints who succeeded anyway. Roger Bannister didn't break the four-minute mile because he was superhuman—he broke it because he believed it was possible. Once he did, dozens followed within months. Key Takeaways Map out your top 10 values independently with your partner, then compare to ensure you're living in alignment with what truly matters Schedule monthly review meetings covering money, health, travel, relationships, and goals—make it special over a nice meal Calculate your gap: subtract monthly expenses from income and identify ways to increase this by 10-20% in the next 90 days Identify one housing optimization (house hack, downsize, roommate, ADU rental) that could reduce housing costs without sacrificing quality of life Start ONE side hustle this month—give yourself permission to experiment and fail, knowing most end up in the "side hustle graveyard" but one might change everything Design your perfect Tuesday: write out your ideal weekday schedule hour by hour, then identify 2-3 small changes you can implement this month Find your FI role model: identify someone with a similar background who achieved FI and study exactly what they did Notable Quotes "The path to FI is littered with people who said, I can't do that. And Cody turned around and said, how can I do that?" — Brad Barrett "Earn more, spend less, invest the gap. Very simple. That is financial independence in a nutshell." — Cody Berman "You should switch your I can't into how can I and then listen to podcasts like this, find people who are actually doing it." — Cody Berman "Anything that you say that you want to do and that you don't do is a Cody problem. Before FI, you can blame things on time. You can blame things on money." — Cody Berman "Every $100 a month you can cut out of your budget is $30,000 less you need in your FI number." — Brad Barrett Resources and Links Cody's Work: Book Website <a href="https://thefishow.com/?utm_sour...
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604 | Getting Personal With Personal Finance: Bill Yount
1w ago01:00:01Summary readyBill Yount reached financial independence at 60—then froze. His financial advisor confirmed 100% security, yet instead of relief, he felt disoriented fog. The emergency medicine physician who transformed from YOLO spender to 40% saver now struggles with a question that haunts many late starters: if I'm financially free, why can't I leave? Key Topics Discussed 00:05:30 The Wake-Up Call: From YOLO to Financial Awareness Bill's trifecta of mistakes at age 50: being house poor after an underwater renovation, maintaining a single-digit savings rate, and panic-selling stocks at market bottom. A lawsuit became the catalyst for confronting financial reality and transforming to a 30-40% savings rate within a decade. 00:15:00 The Emotional Journey: Anger, Shame, and Transformation Processing the emotional weight of starting late requires confronting anger, shame, and regret. Bill explains how downsizing from material excess created unexpected freedom, and why late starters must do the psychological work alongside the mathematical calculations. 00:22:00 The Partnership: Wife's Role and Family Dynamics Bill's wife became Chief Visionary Officer, returned to work full-time, and they saved her entire income through solo 401(k)s. Their journey debunks the "rich doctor syndrome" myth—25% of physicians at age 60 aren't even millionaires. 00:28:00 The Fog of FI: Reaching the Number and Not Knowing What's Next Sitting across from a financial advisor who confirmed complete financial security, Bill experienced unexpected confusion instead of celebration. This disorienting state—FOGO, or fear of getting out—reveals how identity and emotion don't automatically align with mathematical achievement. 00:35:00 One More Year Syndrome and Identity Struggles Despite being FI, Bill continues working twelve-hour emergency medicine night shifts. He candidly explores identity wrapped up in being a doctor, the meaning derived from patient care, and the difficulty of imagining life beyond the hospital. 00:42:00 The Glide Path: Cutting Shifts and Taking Action After Doc G asked for "one good reason" to keep his current schedule and Bill couldn't answer, he committed to cutting two shifts per month. This gradual approach offers an alternative to the all-or-nothing retirement cliff. 00:50:00 Lessons for Late Starters: Beliefs and Barriers Common limiting beliefs that paralyze late starters include "I'm too far behind," "I don't make enough," and "I don't know enough." Bill emphasizes it's always the right time to start, and the math works the same regardless of income level. 00:58:00 Health, Wealth, and Future Planning A frank discussion about neglecting physical health during wealth accumulation. Bill commits to refocusing on exercise and wellness to minimize the gap between healthspan and lifespan during the "go-go years" of early retirement. 01:05:00 Community, Travel, and What's Next Future plans include traveling to Norway with his sons, speaking at KiwiFi in New Zealand, and an ambitious mission: ensuring every medical resident receives a financial plan by 2035. Notable Quotes Bill Yount: "The emphasis, as we say, on late starter is on the starting and not being late." Bill Yount: "Between stimulus and response is a space. And we need to embrace that space because in that space, we need to regulate and choose our response." Bill Yount: "Relationships compound better than money, I think." Bill Yount: "It's better late than never. And we can catch up to FI together." Ginger: "I think a lot of people say, oh, that person is like me, right? And if they can do it, I can do it." Key Takeaways Track your money completely: Know your net worth, understand expenses, and identify where money goes before creating a plan Implement a reverse budget: Save your target percentage (30-40% if possible) off the top first, then spend the rest according to values Address the emotional work: Process anger, shame, and regret about past mistakes. Forgiveness matters as much as spreadsheets Find your community: Join FI groups, attend meetups, connect with others on the journey—you cannot do this alone Take incremental action on transitions: If struggling with one-more-year syndrome, start by cutting shifts or reducing hours rather than making it all-or-nothing Focus on health alongside wealth: Don't neglect physical and mental wellbeing in pursuit of financial goals Consider professional guidance: Working with a flat-fee fiduciary advisor can help navigate complex distribution phase decisions Create a written plan: Develop an investor policy statement, write it down, sign it, and commit to it with your partner Plan for giving: Once you've secured your own oxygen mask, consider how to help the next generation Recognize limiting beliefs: High income doesn't automatically create wealth, and it's never too late to start Resources and Links Podcasts and Communities: Catching Up to FI - Bill Yount and Jackie Cummings Koski's podcast for late starters Risk Parity Radio - Frank Vasquez's podcast Stacking Benjamins - Joe Saul-Sehy's podcast Camp FI - Financial independence retreat FinCon - Financial content creator conference Bogleheads - Investment community KiwiFi - New Zealand FI conference Books and Authors: Man's Search for Meaning - Viktor Frankl Falling Upward - Richard Rohr Humble Dollar - Jonathan Clements's blog Paul Merriman - Investment education People Mentioned: Doc G (Jordan Grumet) - Physician and FI mentor Fritz Gilbert - Retirement planning expert Alan and Katie Donegan - Rebel Finance School Bronwyn Candish - KiwiFi organizer Sarah Catherine Gutierrez - Financial advisor Andy Hill - Personal finance educator Brad Barrett - ChooseFI c...
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603 | 603: Crash Proof: The Science Of Stock Market Resilience | Brian Feroldi
2w ago00:51:22Summary readyThe stock market crashes about once every three years—at least a 20% drop. Most investors panic and sell. But if you understood why markets always recover, you'd do the opposite. Brian Feroldi reveals three mechanical forces that guarantee long-term market resilience, transforming market crashes from terrifying events into predictable opportunities. Key Topics Discussed Introduction to Market Resilience (00:00:00) Brad Barrett introduces the concept of understanding market recovery through fundamental mechanics rather than accepting it on faith. Understanding Market Crashes (00:05:00) Brian explains crash frequency: 10% drops every eleven months, 15% every two years, 20% every three years, 30% once a decade, and 40%+ drops two to three times per century. Force #1: Stocks Follow Earnings (00:10:00) The first fundamental force—stock prices track corporate earnings over time. Brian introduces the man-and-dog analogy: the man (profits) walks steadily uphill while the dog (prices) runs wild on an elastic leash. Watch the man, not the dog. Force #2: Earnings Always Recover (00:25:00) Brian breaks down the five-phase economic recovery process: cost-cutting, cleansing, government intervention, innovation, and emergence. The Forest Fire Analogy (00:32:00) Economic downturns function like forest fires—clearing deadwood, eliminating weak competitors, and creating optimal conditions for new growth. The COVID pandemic demonstrated this: remote work jumped from under 10% to over 90% in four months. Force #3: Profits Rise Over Time (00:48:00) Five systematic drivers cause profits to rise: productivity gains, inflation, innovation, geographic expansion, and population growth. These forces ensure long-term upward trajectory despite temporary setbacks. Investor Psychology and Closing Thoughts (00:55:00) Discussion about investor behavior during crashes and the importance of saving this episode for future market downturns when emotional fortitude matters most. Notable Quotes "Stocks follow earnings. As go the earnings of a company or an index, also goes the price or the market value of that same index." — Brian Feroldi "The best time to buy is at the period of maximum pessimism. And the period of maximum pessimism is precisely when you absolutely do not want to buy." — Brian Feroldi "Ninety percent of good investing is how you behave in the 10% of time that things are not going well." — Brian Feroldi "Think of the man walking a dog on an elastic leash. The man represents profits, the dog represents stock prices. Watch the man, not the dog." — Brian Feroldi "Innovation accelerates when times are tough. Necessity is the mother of invention." — Brad Barrett and Brian Feroldi Key Takeaways Google "S&P 500 earnings" and study the 100-year chart showing earnings rather than just stock prices to see the steady upward march of the "man" Save this episode in your investor policy statement to re-listen during the next market crash when you need psychological reinforcement Set up automatic dollar-cost averaging contributions to retirement accounts and commit to never stopping them during downturns Review your asset allocation if you're within 10 years of financial independence to ensure appropriate risk levels and cash cushions Markets typically bottom when news is worst because prices predict earnings recovery 6-9 months ahead Resources and Links Why Does the Stock Market Go Up? by Brian Feroldi The Simple Path to Wealth by JL Collins JL Collins Guided Meditation for Market Drops Afford Anything Podcast with Paula Pant Camp FI Brian Feroldi on YouTube Brian Feroldi on Twitter/X Brian Feroldi on Instagram Brian Feroldi on Threads Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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602 | FI 201 Beyond FI Basics: Asset Allocation & Market Psychology Mastery
3w ago01:01:39Summary readyMost investors lose to the market because they're trying to pick winners in a game where only 4% of stocks have created 100% of market wealth over the past century. The math isn't in your favor—but there's a simpler path that is. Key Topics Discussed Introduction to FI 201 (00:00:00) Jonathan introduces the concept of Financial Independence 201, explaining how it builds on FI 101 to help individuals progress from control to optimization and independence on their FI journey. The Genesis of FI 201 (00:05:30) Allen and Kristen explain how they identified the need for a 201-level presentation based on questions emerging from their St. Louis FI 101 sessions, particularly around investing concepts. Asset Allocation Fundamentals (00:15:00) Allen breaks down asset allocation as 'your money pie,' discussing how to balance growth, safety, and emergency funds while considering time horizons and diversification strategies. Risk Tolerance vs Risk Capacity (00:22:00) The team explores the critical difference between emotional risk tolerance and actual risk capacity, using examples from 2008 and 2020 market crashes to illustrate real-world application. Tax-Advantaged Account Strategies (00:35:00) Allen and Brad discuss the various tax treatments of investment accounts including 401(k)s, 457(b)s, Roth IRAs, HSAs, and taxable brokerage accounts, emphasizing lifetime tax optimization. Individual Stocks vs Index Funds (00:48:00) The hosts examine the data on individual stock picking, revealing that only 4% of stocks have contributed to 100% of market wealth over the past century, making a strong case for index investing. Dividends and Tax Control (00:55:00) Brad and Allen discuss why the FI community often prefers capital gains over dividend income, focusing on the importance of maintaining control over when and how you realize taxable events. Notable Quotes "You can't save your way to FI, you have to invest." — Allen Hansen "When there's a dip, you essentially get to buy the market on sale. If you love a bargain, this is it." — Brad Barrett "Why in the world do we not think that way when it comes to the market? Our brain completely flips. We're like, ah, we're scared." — Kristen Knapp "It's not what's my tax this year. It is what is going to be my tax burden over my lifetime." — Brad Barrett "The best investing lesson: stand there and do nothing. If you're invested, just don't do anything and you're going to be rewarded." — Allen Hansen Key Takeaways Assess your own risk tolerance and risk capacity honestly by considering how you would react to a 30% portfolio drop Review your current asset allocation across all accounts and determine if it aligns with your time horizon and financial goals Calculate the difference between your marginal and effective tax rates to understand your true tax burden Identify which tax-advantaged accounts you have access to (401k, 457b, 403b, HSA, IRA) and ensure you're maximizing employer matches Track every dollar of taxable income if you're on ACA subsidies or approaching any subsidy cliffs to avoid losing benefits Consider whether you have the right balance between taxable, tax-deferred, and tax-free accounts for maximum flexibility in retirement Join or start a local FI group to benefit from community wisdom and learn from others at different stages of the journey Review your portfolio for dividend-heavy investments and consider whether you'd prefer more control over when you realize taxable events Resources & Links FI Friends Travel The Simple Path to Wealth by J.L. Collins Tax Planning to and Through Early Retirement by Sean Mullaney and Cody Garrett ChooseFI Community App St. Louis FI Group BlackBerry Documentary (Netflix) Arizona State University Stock Market Wealth Study Brian Feroldi (individual stock investing advocate) Investopedia Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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601 | Travel Rewards 101 | Devon Gimbel from Point Me to First Class
4w ago01:17:29Summary readyDevon Gimbel just booked over $250,000 in travel last year using credit card points—but she's the first to tell you award travel isn't "free." It's a strategy for 10x-ing your existing travel budget by strategically matching your routine spending to the right credit cards. Since ChooseFI's original Travel Rewards 101 in 2017, the landscape has matured: annual fees are higher, issuer rules are stricter, and new players like Bilt have revolutionized the game by letting you earn points on rent and mortgage payments. Yet the fundamentals remain: with deliberate card selection and an understanding of transferable points currencies, it's still entirely possible to unlock one to two meaningful trips per year—whether that's economy flights to national parks or first-class seats to Tokyo. Key Topics Discussed 00:00:00 - Introduction and State of Travel Rewards in 2026 Brad introduces Devon Gimbel and discusses how travel rewards have evolved since ChooseFI's first Travel Rewards 101 episode in 2017. They address whether earning significant travel value is still possible despite higher annual fees and stricter rules. 00:05:30 - The Evolution of Award Travel Community Devon reflects on how the travel rewards community has matured since 2013-2014, moving from a monotone focus on premium cabin travel to showcasing diverse travel styles including domestic trips, family travel, and national park adventures. 00:11:45 - Getting Started: First Steps for Beginners Devon outlines how beginners should approach travel rewards by analyzing their top spending categories and selecting one or two intentionally chosen credit cards with strong bonus categories rather than immediately pursuing dozens of sign-up bonuses. 00:16:20 - Sign-Up Bonuses vs. Everyday Spend Strategy Discussion of the balance between chasing new card welcome bonuses and building a sustainable credit card portfolio with strong category bonuses. Devon explains why a hybrid approach works better for most people than constantly opening new cards. 00:22:15 - Understanding Bonus Categories Deep dive into how credit card bonus categories work, why they matter, and how strategic matching of spending patterns to bonus categories can dramatically increase points earning without changing spending behavior. 00:30:00 - The Power of Flexibility Brad and Devon discuss various dimensions of flexibility in travel rewards including travel dates, destinations, airports, cabin class, and types of points currencies. They share contrasting examples from their recent Japan trips. 00:38:45 - Transferable vs. Fixed Points Currencies Devon explains the critical difference between transferable points programs (Chase, Amex, Capital One, Bilt, Citi) and fixed airline/hotel programs, comparing them to Visa gift cards versus single-merchant gift cards. 00:47:30 - The Rise of Bilt Rewards Discussion of how Bilt has emerged as a major transferable points currency, offering the ability to earn points on rent and mortgage payments while providing strong transfer partners that directly compete with Chase Ultimate Rewards. 00:55:00 - Credit Card Issuer Restrictions in 2026 Devon outlines how credit card eligibility rules have tightened, including Chase's evolving restrictions and once-per-lifetime language similar to American Express, emphasizing the importance of deliberate card selection. 01:02:15 - Calculating Travel Value and Points Redemption Devon shares her methodology for calculating the value of points redemptions using her family's Lufthansa first class trip as an example, discussing the difference between 'free travel' and maximizing travel budget value. 01:12:30 - How Devon Earns 6 Million Points Annually Transparent discussion of Devon's points earning including business expenses, mortgage payments through Bilt, quarterly taxes, shopping portals, and strategic use of bonus categories, with acknowledgment that her situation differs from average users. 01:22:00 - Partnership Strategy for Couples Devon explains why couples should avoid automatically adding each other as authorized users and instead should each apply for cards individually to double welcome bonuses and access to certain benefits. 01:29:45 - Essential Tools and Resources Devon recommends key tools including Travel Freely for card organization, Card Pointers for tracking benefits and credits, SaveWise/GetSaveWise for shopping portal aggregation, and her Point Me to First Class podcast and community. 01:34:20 - Shopping Portal Strategy and SaveWise Detailed explanation of how shopping portals work and Devon's strategy of waiting for high-bonus periods (like 20x points on Viator) to book travel activities and tours, demonstrating patience-based optimization. Notable Quotes Devon Gimbel: "This is not about spending money that you don't have, that you don't want to spend. This is you just spending the money you were going to spend anyway, but really leveraging those expenses to maximize your points." Devon Gimbel: "I don't consider award travel free travel. I think there's certainly a way that you can do it where you defray as much out-of-pocket cash cost as possible, but I've always thought about it as how do I take my existing travel budget that is a cash-based budget, how do I actually 10x that or 20x that using points?" Brad Barrett: "This is the equivalent of paying for all of your expenses with a debit card, with checks, with an ACH transfer. It is not bad, but it is such a missed opportunity." Devon Gimbel: "Credit card companies do not tell you the best way to use your points. If you're ever going to redeem your points through the options they give you, their points are going to have a very low ceiling of value. You are never going to break through that ceiling." Devon Gimbel: "Transferable points are exceptionally flexible. Airline and hotel points and miles are not flexible." Key Takeaways Identify your top 1-2 spending categories over the past year and select credit cards with strong bonus categories that match those expenses. If you're new to travel rewards, prioritize getting one solid transferable points earning credit card (Chase, Amex, Capital One, or Bilt) before considering fixed airline/hotel cards. Set up automatic payments for all credit cards to ensure you pay statements in full every month and never carry a balance. If you're partnered, discuss applying for credit cards individually rather than adding each other as authorized users to maximize welcome bonuses. Download organizational tools like Travel Freely (free) or Card Pointers (paid) to track your cards, annual fees, and benefits. Install SaveWise or visit GetSaveWise.com to start comparing shopping portal bonuses before making online purchases. If you're a renter or have a mortgage, research Bilt Rewards to start earning points on your housing payments. Learn the difference between redeeming points through your credit card portal vs. transferring to partners—transfers typically offer 2-5x better value. Before applying for new cards, research issuer restrictions like Chase 5/24 to strategically sequence your applications. Create a running list on your phone of upcoming travel expenses (tours, activities, transport) and wait for high shopping portal bonuses before booking. Resources and Links Point Me to First Class Travel Freely Card Pointers SaveWise / GetSaveWise ChooseFI Credit Cards Page ChooseFI Episode 594 with Noah (tools discussion) Original ChooseFI Travel Rewards 101 (Episode 9, 2017) Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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600 | FI 101: Teaching Financial Independence to Your Community
May 2501:13:51Summary readyA dead local meetup group attracted just 5 people to its first gathering at a brewery. Two years later, that same group draws 70+ attendees to structured educational sessions, with newcomers driving across multiple states to participate. The transformation reveals something most personal finance education gets fundamentally wrong. Introduction and St. Louis Group Overview [00:00:00] Jonathan and Brad welcome Kristen Knapp and Allen Hansen to discuss how the St. Louis ChooseFI group became one of the most thriving communities in the country. Rebooting a Dormant Community [00:08:30] Kristen shares how she transformed a dormant St. Louis group after attending Camp FI, starting with brewery meetups and evolving to structured case studies that dramatically increased engagement. The Genesis of FI 101 [00:15:45] The hosts discuss how new members needed basic FI education, leading to the creation of a structured FI 101 program that attracted 70+ attendees and continues to grow. Kristen's Journey to Part-Time Work [00:22:10] Kristen shares her 30-year broadcast meteorology career and how the FI community gave her the confidence to negotiate a part-time arrangement, creating space for her FI Friends Travel venture. Allen's Perspective on Giving Back [00:31:20] Allen discusses his motivation to help others after reaching FI himself, emphasizing that anyone can make mistakes and still succeed on the path to financial independence. Structuring FI 101 Content [00:38:00] The group breaks down the essential components of FI 101: defining financial independence, the shockingly simple math of early retirement, and the financial order of operations. The Importance of Your Why [00:45:30] Jonathan proposes that understanding your personal why for FI should be the foundation of any FI 101 program, making it more compelling than traditional personal finance education. Investment Fees and Opportunity Cost [00:52:15] Brad delivers a detailed breakdown of how investment fees can cost millions over a lifetime, using concrete examples to illustrate the importance of low-cost index funds like VTI. Action Items and Next Steps [01:05:40] Allen outlines the two critical action items for FI 101 attendees: tracking net worth and monitoring spending, while the group discusses cadence for ongoing educational sessions. Preview of FI 201 and Future Plans [01:12:00] The hosts wrap up by discussing plans for a second episode covering FI 201 content and how local groups can iterate and improve their educational programming. Notable Quotes "I created what I wished existed. Nobody else is going to do it. Why not me?" — Kristen Knapp "After fifteen years of marriage, we finally hit broke. I think that resonates with people. We did it all wrong with credit card debt, you name it." — Allen Hansen "You can't save your way to FI. It's just almost impossible. You have to invest those dollars." — Allen Hansen "FI is not this passive endeavor and FI is not just about the nuts and bolts of money. This is about a constantly evolving mental framework." — Brad Barrett "Being around other people on the same path is one hundred percent the reason I've been able to create this life, because I would have never even had the idea or the courage to do any of this." — Kristen Knapp Key Takeaways Your savings rate matters more than your income. Someone earning $50,000 and saving 50% will reach FI faster than someone earning $150,000 but saving only 10%. Investment fees compound negatively. A 1% advisor fee plus 1% fund fees can reduce a potential $7.2 million portfolio to just $3.9 million over 40 years. Your FI number is calculated by multiplying annual expenses by 25, based on the 4% safe withdrawal rule. Understanding your personal "why" for pursuing FI is more compelling than traditional budgeting advice and provides the motivation needed for long-term success. Community makes the difference. Local FI groups provide accountability, education, and the courage to make life-changing decisions. You don't need to be perfect from day one. Allen reached broke after 15 years of marriage and still achieved early retirement. Action Steps Calculate your current savings rate: (Income - Expenses) / Income Determine your FI number by multiplying your annual expenses by 25 Complete an expense audit to understand where every dollar goes Track your net worth monthly to measure progress toward FI Review your investment fees and consider switching to low-cost index funds like VTI Write down your personal "why" for pursuing financial independence Join or start a ChooseFI local group by visiting chooseFI.com Apply the value matrix to your spending decisions to align expenses with values Consider volunteering to do a case study presentation at your local FI group If working part-time appeals to you, explore negotiating a flexible arrangement using your FI progress as leverage Resources and Links FI Friends Travel Mr. Money Mustache - The Shockingly Simple Math Behind Early Retirement ChooseFI Episode 021 - Pillars of FI ChooseFI Local Groups Camp FI The Simple Path to Wealth by JL Collins VTI (Vanguard Total Stock Market ETF) The Money Guys Podcast - Financial Order of Operations ChooseFI Episode 596 - Mistakes Were Made ChooseFI Episode 598 with Ginger Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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599 | ABLE Accounts: Major Update | Brynne Conroy
May 1800:36:04Summary readyBrynne Conroy joins to discuss 529A ABLE accounts and massive new changes that nearly double eligibility for these accounts for those with disabilities.Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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598 | Deep Dive Hot Seat with Brad and Ginger
May 1100:55:11Summary readyGinger asks Brad a series of hard hitting questions on life and FI.Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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597 | What if Your FI Life Started Tomorrow? | Adam Coelho | Ep 597
May 401:07:35Summary readyAdam Coelho stood on stage presenting to Google's CEO at a leadership conference, the culmination of his 14-year career training thousands of Googlers in mindfulness and emotional intelligence. One week later, he was placed on a performance improvement plan—the corporate equivalent of being told your time is up. His story reveals a fundamental truth about financial independence that most people miss until it's too late: having enough money to walk away isn't the same as knowing where to walk toward. Key Topics Discussed [00:00:00] Introduction and Adam's Return Brad welcomes Adam back to explore his transition from Google and introduce the central question: if FI life started tomorrow, what would you actually do? [00:03:30] The Necessary vs. Sufficient Framework Adam introduces the concept that FU money alone isn't enough for true resilience. Unexpected life events can thrust anyone into early retirement without warning, and financial preparedness without life preparedness leaves you directionless. [00:08:15] Identity Beyond Work How much of your identity is tied to prestigious roles and external markers of success? The challenge of discovering who you are when those markers disappear. [00:14:00] Adam's Story: From Peak to Performance Warning The journey from presenting at Google CEO's leadership conference to being placed on a performance improvement plan illustrates how quickly circumstances can change—and why preparation matters. [00:22:00] The Power of Vision and Envisioning The neuroscience behind envisioning: neuroplasticity, how our brains are prediction machines, and why the future we expect is the one we tend to create. [00:32:00] Practical Envisioning Exercises Step-by-step guidance on envisioning your FI life, including the FI Life Jumpstart exercise, journaling practices, and thinking bigger than your current constraints. [00:40:00] Client Success Story: Nick the Flight Doc How one client transformed his life by thinking bigger about his vision, leading to international medical mission trips and better work-life balance. [00:46:00] Planting Seeds: Vision Practices Specific practices for reinforcing your vision: visualization, mindset affirmations, talking about your vision, and mini experiments. [00:54:00] Day One of FI Life Adam describes his actual first day after leaving Google, the importance of giving yourself grace, and transitioning from corporate pace to entrepreneurial freedom. [01:02:00] Final Lessons and Closing Key takeaways about mourning old identities, avoiding the trap of hitting a number without a plan, and starting to live your FI life now. Notable Quotes "FU money is absolutely necessary, but not sufficient on its own. There's actually a second half to true resilience." — Adam Coelho "If FI life started tomorrow, what would you do? We're all on this path to financial independence, but if that life started tomorrow morning, are you ready to start living it?" — Adam Coelho "FU money gives you options and security, but vision gives you direction and momentum." — Adam Coelho "Our story creates our reality. Everything you think, feel, and pay attention to changes the structure and function of your brain." — Adam Coelho "FI number is necessary but not sufficient for a great financially independent life. I think the money without the plan of what does life look like, without the experimentation, without the resilience to take the ups and downs of how life throws things at you, I think if it's just the money, I think you're hopelessly lacking." — Brad Barrett Key Takeaways Download the FI Life Jumpstart exercise at mindfulfire.org/choosefi and complete the envisioning journaling prompt this week Identify one mini experiment you can try this month that aligns with your vision for FI life—something low-risk and low-cost Create 3-5 mindset affirmations based on who you want to become and practice them during meditation or quiet reflection Talk to at least one person about your vision for FI life this week to plant seeds and create accountability Start a daily or weekly practice of noticing unhelpful stories and asking "Is this useful?" before choosing to let them go Examine your current life through zero-based thinking: if you were starting over today, what would you keep and what would you change? Build FU money as a foundation, but simultaneously develop clarity on your post-FI vision so you're prepared regardless of when that transition happens Resources and Links FI Life Jumpstart exercise Mindful Fire podcast Atomic Habits by James Clear The Predicting Brain by Regina Polly Modern Wisdom podcast ChooseFI podcast episode 420 with Adam Coelho Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
Summary
596 | Mistakes Were Made
Apr 2701:08:14Summary readyEven financially independent people have lost fortunes to bad investments, high-fee funds, and speculation. Brad Barrett, Alan Donegan, and Katie Donegan lay bare their most expensive mistakes—from Alan's 90% dot-com crash loss to Katie's near-£1 million fee trap to Brad's decade-long real estate nightmare—proving that catastrophic errors don't prevent you from reaching FI if you learn the right lessons. Key Topics Discussed [00:00:00] Introduction: Why Share Mistakes? Brad introduces the episode concept, explaining why sharing financial and life mistakes can help others avoid similar pitfalls on their FI journey. [00:03:30] Alan's Dot-Com Bubble Disaster Alan shares how he lost 90% of his £7,000 life savings investing in high-tech managed growth stocks right before the dot-com crash, and how this scared him away from stock market investing for 13 years. [00:08:45] Brad's Early Investment Mistakes Brad discusses investing in WorldCom and other 'top picks' that went bankrupt, plus getting sold a mutual fund with horrible loads, highlighting that there's no secret investment knowledge reserved for the wealthy. [00:13:20] Katie's High-Fee Fund Trap Katie reveals how a financial advisor convinced her to invest in actively managed funds with 2.71% ongoing fees plus 3% entry charges, a mistake that would have cost her and Alan £1 million if they hadn't discovered index investing. [00:18:50] Brad's Real Estate Speculation Nightmare Brad shares his biggest mistake: speculating on golf course community properties with interest-only loans right before the 2008 crash, causing over a decade of stress and significant financial loss. [00:28:15] Alan's Career Mistakes: The Book Incident Alan reveals how he wrote a book called 'How Not to Run a Business' about his boss on the company laptop, got fired, and learned about speaking truth to power and the importance of FI for workplace freedom. [00:32:40] Katie's Confidence and Comparison Struggles Katie discusses how her fixed mindset and comparison with others held her back from pursuing opportunities like netball and football, and how building confidence is as important as building net worth. [00:42:30] The Power of Saying No and Setting Boundaries The trio discusses the difficulty of being direct and honest, the importance of saying no, and how people-pleasing can create more problems than it solves. [00:48:20] Business Mistakes: Email Lists and Sales Fear Alan shares his regret about never building an email list for his successful business and letting fear of rejection prevent him from scaling, emphasizing the importance of owning your platform. [00:54:10] Salary Negotiation and Final Thoughts Brad discusses not negotiating his salary when changing jobs, the hosts wrap up with reflections on learning from mistakes, and encourage listeners to share their own mistakes in the community. Notable Quotes Brad Barrett: "You can make mistakes and you can make catastrophic mistakes, and you can pick yourself back up and you can move on with your life. You're stronger and you're wiser." Alan Donegan: "Your success in life is directly related to how many mistakes you can make as quickly as possible and learn from them." Alan Donegan: "Spend as much time building your confidence as you do your net worth, because it is so powerful in everything you do going forwards." Katie Donegan: "To rinse the value out of the mistakes, it's a lot more valuable if we share them. I would love you to get the value out of my mistake because I've already paid the price." Brad Barrett: "There's no secret. There's virtually no genius. Don't get caught up in wild speculative behavior." Key Takeaways Invest in low-cost index funds like VTI instead of actively managed funds or individual stocks to avoid high fees and poor performance Build an email list from day one if you're starting a business—don't rely solely on social media platforms you don't control Always negotiate your salary when changing jobs or getting promoted Work on building your confidence alongside your net worth—practice saying no, setting boundaries, and being direct in difficult conversations Learn from others' mistakes rather than making them yourself Avoid speculation in real estate, stocks, or any investment—stick to boring, proven strategies like index fund investing for long-term wealth building Make mistakes quickly and learn from them—failure is part of the path to success as long as you extract the lessons and keep moving forward Resources and Links Mentioned 50 Ways to Say No by Elizabeth Andrews ChooseFI Episode 454 - Salary Negotiation with Financial Mechanic ChooseFI Episode 147 - Salary Negotiation with Tori Dunlap Rebel Finance School JL Collins and The Stock Series Vanguard Total Stock Market ETF (VTI) ChooseFI Community Platform Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.
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