ChooseFI Podcast Episode Summary: "Wouldn't It Be Cool If ?? | Open the Aperture With Jonathan And Brad | Ep 532"
Release Date: February 3, 2025
In Episode 532 of the ChooseFI podcast, hosts Jonathan and Brad embark on an exciting new series titled "Wouldn't It Be Cool If" (WIBSIFF). This episode marks the beginning of a collaborative journey aimed at deepening the Financial Independence (FI) community's engagement through interactive and crowd-sourced content. Below is a comprehensive summary capturing the key discussions, insights, and conclusions from the episode.
1. Introduction to the New Series: "Wouldn't It Be Cool If"
The episode kicks off with Jonathan introducing the launch of a new series, playfully abbreviating it as WIBSIFF. The concept revolves around exploring "what if" scenarios within the FI journey, encouraging listeners to envision alternative paths and possibilities.
Notable Quote:
“Wouldn’t it be cool if ...” – Jonathan [00:10]
2. Brad’s Personal Journey to Financial Independence
Brad shares a significant milestone—marking a decade since he left his corporate job as a CPA on January 31, 2015. Reflecting on his 12-year career, Brad discusses the interplay between FI and entrepreneurship, emphasizing the empowerment and autonomy gained through pursuing financial independence.
Notable Quotes:
“This is the one reliable way for middle class people to get wealthy. Just very simple, hard stop, end of story.” – Brad [02:24]
“For every 100 dollars that you cut out of your monthly expenses, your financial independence number decreases by 30,000.” – Brad [06:35]
Brad also recounts the serendipitous nature of life’s paths, likening his transition from corporate life to entrepreneurship to the alternate realities depicted in the movie Sliding Doors. He underscores the importance of staying open to unexpected opportunities that arise from diligent saving and investing.
3. Philosophy Behind Financial Independence: Intentionality Over Frugality
Jonathan and Brad delve into the evolving philosophy of FI, moving beyond traditional frugality to emphasize intentionality in financial decisions. They argue that FI is not about being miserly but about making conscious choices that align with one’s life goals and values.
Notable Quotes:
“Are you working in your life or on your life?” – Jonathan [09:16]
“We’re living the same middle or upper middle Class lifestyle as everybody else around us, but we're getting wealthy in the process.” – Jonathan [14:28]
The hosts highlight that FI offers more options and flexibility, allowing individuals to pursue passions and interests without the constraints of traditional employment.
4. Calculating Your Financial Independence Number
A significant portion of the episode is dedicated to explaining how to calculate one's FI number—a cornerstone of the FI journey. Brad elaborates on the simple yet powerful formula:
Formula: [ \text{FI Number} = \text{Annual Expenses} \times 25 ]
This calculation is based on the 4% safe withdrawal rate, ensuring that investments can sustain one's lifestyle indefinitely.
Detailed Explanation: Brad emphasizes the importance of accurately assessing annual expenses rather than focusing on income. He advocates for an "anti-budget" approach—tracking where money goes without rigid constraints—and encourages listeners to audit their expenses to identify areas for optimization.
Notable Quotes:
“The financial independence number encapsulates a rethink, it is not about how much you make.” – Jonathan [34:39]
“If you have a spend of $5,000 a month, so that's what, $60,000 a year, you would multiply that times 25 and that would give you 25 years of expenses.” – Brad [40:32]
5. Building a Community Platform: Moving Beyond Facebook
Jonathan and Brad unveil plans to develop a new, dedicated platform for the ChooseFI community, moving away from Facebook. This platform aims to foster a more interactive and organized environment where members can collaborate, share knowledge, and contribute to the podcast content.
Key Features Discussed:
- Crowdsourced Episodes: Engaging the community in building podcast episodes through real-time feedback and contributions.
- Knowledge Repository: Creating an organized archive of presentations, case studies, and expert Q&A sessions.
- Local Groups Integration: Facilitating local meetups and enabling the sharing of best practices across different geographical communities.
- Interactive Tools: Incorporating calculators and other financial tools directly into the platform for easy access and use.
Notable Quotes:
“We want a platform for us. And what I mean by that is we want a platform not to highlight the last comment, you know, and the Latin, and to just kind of increase clicks, etc. But really to curate the best answers to these topics in an organized way...” – Jonathan [27:02]
“If you have a question on safe withdrawal rates, we're going to send it to Big Earn and he's going to answer it and we're going to have an article written up for that.” – Jonathan [23:11]
The hosts express enthusiasm about the potential for the new platform to become a vibrant and dynamic resource, leveraging the collective intelligence and experiences of the FI community.
6. Call to Action: Engaging the Community
Towards the end of the episode, Jonathan and Brad extend an invitation to listeners to join and contribute to the new platform. They stress the importance of community involvement in shaping the resources and tools that will aid everyone in their FI journeys.
Notable Quotes:
“If you're hearing this, trip to choose a Vicom and right there, smack in the middle of the homepage, you're going to see to sign up and create an account.” – Brad [40:32]
“What we want is to smooth the ride to financial independence. We want to make it easier to talk about. We want to make it easier to share.” – Jonathan [27:02]
They also highlight the significance of minor adjustments in monthly expenses, reinforcing that small, intentional changes can lead to substantial reductions in the FI number, thereby accelerating the path to independence.
7. Conclusion: Embracing the Journey Together
In closing, Jonathan and Brad reiterate their commitment to building a supportive and resource-rich community. They emphasize that achieving financial independence is a collective endeavor, enriched by shared knowledge and mutual support.
Notable Quote:
“This is our first Wouldn't it be cool if today we're going to only spend five minutes here and we're wrapping up the episode.” – Jonathan [45:53]
They thank the listeners for their participation and encourage continued engagement, setting the stage for future episodes that will further explore and expand the FI community’s capabilities.
Final Thoughts
Episode 532 of ChooseFI serves as both a milestone and a launchpad for a more interactive and community-driven approach to financial independence. By introducing the WIBSIFF series and outlining plans for a new platform, Jonathan and Brad demonstrate their dedication to evolving the FI movement. Listeners are encouraged to actively participate, share insights, and collaborate in building a comprehensive resource that supports everyone’s journey toward financial freedom.
For more information and to join the community, visit ChooseFI's website and follow their latest updates.