385 | Time is Your Ultimate Luxury

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Investing, Business

4.8 • 5.2K Ratings

🗓️ 11 July 2022

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most people work tirelessly for money, but what if you're trading the one thing you can never get back? Jonathan Mendonsa and Brad Barrett break down why time—not wealth—is your most valuable asset, and how strategic financial decisions can help you reclaim it. [00:00:00] Introduction and Theme of the Episode Time as a luxury and its role in financial independence. [00:01:00] Discussion of Financial Independence Financial independence isn't just about wealth; it's about living a meaningful life. [00:02:00] The Importance of Time Time as a non-renewable resource that should be valued. [00:04:30] Tax Abatement Strategy Tips for potentially reducing tax penalties through IRS negotiations. [00:11:39] Fraud Protection using Credit Cards Benefits of using credit cards for fraud protection on purchases. [00:25:00] Work-Life Balance Discussion Balancing high income with personal time and commitments. [00:45:24] Flexible Financial Planning Adapting financial strategies to individual situations for better life balance. Key Insights [00:07:01] Consider writing to the IRS to request tax penalty abatement if you receive a tax notice. [00:11:49] Use credit cards responsibly for benefits, including fraud protection against undelivered items. [00:38:19] Evaluate the value of your time; consider outsourcing tasks to reclaim it. Notable Quotes [00:01:47] "We're trying to build rich lives, right? We're trying to look at the things that matter." [00:02:22] "Once you have your finances set, you're freed up to think about how to spend your time." [00:03:19] "Time is your ultimate luxury." [00:46:14] "Financial decisions should be personalized and flexible." [00:52:51] "Having that flexibility gives you power." Resources ChooseFI Newsletter ▶ Listen Next: Ep. 392 — Jonathan's Farewell: Reflections on Six Years of ChooseFI | Essential Listening

Transcript

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0:00.0	Hello everyone, picking up from last week time is your ultimate luxury. Welcome to the ultimate
0:04.5	crowdsource personal finance show. This is Choose a Buy.
0:07.7	You're listening to Choose a Buy Radio.
0:12.4	The blueprint for financial independence lives here.
0:23.1	If you're looking to unlock the secrets to financial independence and
0:26.8	early retirement, you're in the right place. Stay tuned and join a community of like-minded people
0:32.8	who are getting all finance to be here and taking control of their lives in the pursuit of
0:37.8	financial independence. Choose FI, your home for financial independence online.
0:46.3	All right guys, very excited to dive into this week's episode and tell you what Brad and I just
0:58.6	had so many notes. So much we wanted to cover that we hit stop for last week's episode and then
1:04.0	immediately started recording it again just because we there's just so much stuff going on
1:08.2	and so much that we just want to share with you guys and that's what the show is. It is a wonderful
1:12.4	round table for us to have these discussions and help me with this. I am my goes Brad,
1:16.0	here's the new day. How you doing buddy? Hey Jonathan, I'm doing quite well. Yeah, feels like we're
1:20.8	in a flow, you know, and it's just fun to talk about this kind of stuff and yeah one thing just
1:25.9	blends into another. There are all these ways to approach life and I think that's what's so fun
1:31.0	about financial independence is it's not just about the money and how do we become wealthy.
1:37.7	If that was just the goal, I feel like it would be boring. It would be just about being rich and
1:44.0	that's not what we're doing here. We're trying to build rich lives, right? We're trying to look at
1:50.6	the things that matter and when we have time, which as you always say is our most precious non-renewable
1:58.4	resource and it's such an important way to look at it. When we have time, we can focus on other
2:04.7	things. We're not constantly in that state of fight or flight of can I pay the bills? When do I
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