341 | Smart Spending: When Splurges Are Worth It

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.8 • 5.2K Ratings

🗓️ 6 September 2021

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Spending $50 more on the right Airbnb location can transform an entire vacation—but most people in the FI community would never consider it. Jonathan and Brad share their experiences from Red X month, a dedicated period where they completely disconnected from work to focus on family and personal priorities. They challenge the scarcity mindset that often dominates personal finance discussions and explore how strategic splurges—from better-located accommodations to services that free up mental energy—can dramatically enhance life quality without derailing financial goals. Key Topics Discussed Red X Month [00:01:36] Taking a full month off to prioritize family and personal growth Completely disconnecting from work obligations and meetings Experiences of travel and intentional time with loved ones Worthwhile Splurges [00:10:00] How small financial upgrades (better Airbnb locations, quality-of-life services) enhance experiences Focusing on intentional spending that brings genuine joy Avoiding lifestyle inflation while still investing in meaningful improvements Mindset on Spending [00:20:00] Contrasting abundance versus scarcity mindset in financial independence Practical examples of spending that leads to greater happiness Balancing frugality with value-focused decisions Managing New Income [00:36:00] Navigating sudden income increases without structural commitments Tax obligations for freelancers and entrepreneurs Thoughtful financial planning to avoid lifestyle creep Key Quotes Brad Barrett [00:10:11]: "Splurging a little on location can significantly enhance the value of your experiences." Jonathan Mendonsa [00:12:26]: "Intentionality in spending leads to regret-free choices." Brad Barrett [00:37:07]: "Avoid locking yourself into inflexible financial commitments." [00:22:31]: "Embrace worthwhile splurges that pull you into real-world experiences." [00:06:06]: "Self-awareness is key to improving and making positive changes." Chapter Markers 00:00:00 - Introduction to Red X month 00:10:00 - Essence of Worthwhile Splurges 00:20:00 - Mindset on Spending 00:30:00 - Company for Junk Mail Solutions 00:36:00 - Tips on Managing New Income 00:55:00 - Closing Thoughts Terminology Red X month [00:01:36] - A month dedicated to prioritizing family and personal time over work commitments. Worthwhile splurge [00:10:00] - A small financial splurge that yields significant joy or value. Lifestyle inflation [00:37:07] - The tendency to increase spending as income rises, potentially leading to financial overextension. ▶ Listen Next: Ep. 342 — Avoiding Financial Complacency: Good vs Great Mindset | Essential Listening

Transcript

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0:00.0	Hello everyone, we are back from our Red X Month and we're going to be talking about worthwhile splurges.
0:06.0	Welcome to the Ultimate CrowdSource personal financial. This is ChooseFi.
0:10.0	You're listening to ChooseFi Radio.
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0:25.0	Stay tuned and join a community of like-minded people who are getting off the answer.
0:30.0	And taking control of their lives in the pursuit of financial independence. ChooseFi. Your home for financial independence online.
0:49.0	Are you guys very excited to be getting back into the saddle? And Brad and I just wrapped up our wonderful Red X Month.
1:05.0	Took the month of August off and I know we've been missing this platform missing you guys excited to be back.
1:09.0	So to help me with this side of my coast Brad, here's me today. How you doing buddy?
1:13.0	Hey, Jonathan, I am doing quite well. Yeah, September 2021, it's hard to believe. Our beloved Red X Month is over.
1:20.0	But yeah, it's always good to be back here with you chatting and yeah, sending this out to the world.
1:26.0	So I don't know, would you deem this your first Red X Month ever? And I guess also with that, explain to the people who may not have known about it. What the Red X Month is.
1:36.0	Yeah, I think people were surprised that the veracity with which I tackled veracity, tenacity.
1:42.0	Yeah, okay. With the zest, the amount of zest that I brought into this Red X Month, like I just shut down, I was unavailable.
1:50.0	You could not contact me. We could not do meetings. And the idea behind the Red X Month inspired by Vincent Paglisi from Freelance to Freedom and Total Life Freedom.
2:00.0	It was this idea that what if you could just, you know, look at your calendar and ahead of time, just take a month and just take a red marker and just put an X through it.
2:09.0	Just, and for that month, you're unavailable. You're unavailable to, you know, maybe the normal routine of life.
2:16.0	You just kind of prioritize whatever it is you want. You prioritize your family, prioritize, you know, things that you've been putting off.
2:22.0	It doesn't mean necessarily that you leave or go on vacation, but just you're not available for your normal routine.
2:28.0	You're not available for your job or for your corporation that you work for, etc.
2:32.0	And you and I had talked about this and you had done a better job implementing this in past years, but this was the first year that I kind of committed to it as well.
	...

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