A Cautionary Tale In HyperDebt

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Careers, Business

4.8 • 5.2K Ratings

🗓️ 26 October 2018

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The best checking account for international travel reimburses every ATM fee—but most travelers still don't use it. Foreign transaction fees can drain hundreds from your budget without you noticing, yet a simple account switch eliminates them entirely. This roundup tackles listener questions on optimizing travel finances, negotiating down retirement plan fees, and planning for FI with chronic health conditions. Jordan shares how a single conversation with his employer saved 401(k) participants thousands of dollars in fees. Jared from Fifth Wheel PT breaks down how he and his girlfriend visited 11 countries across six months for under $6,000 by combining travel rewards, strategic destination choices, and budget-conscious planning. Key Topics and Timestamps: [00:00:41] Foreign Transaction Fees: Overview of foreign transaction fees and their impact on travel budgets. [00:08:20] Avoiding ATM Fees: The Schwab high-yield investor checking account eliminates foreign transaction fees and reimburses all ATM charges worldwide. [00:21:06] Listener Call: Jordan Jordan negotiated with his employer to reduce 401(k) fees, saving participants thousands of dollars. [00:25:46] Chronic Health Care Planning: How chronic health conditions affect financial independence and the importance of healthcare cost planning. [00:32:39] Interview with Jared: Traveling on a Budget Jared details his six-month, 11-country trip for under $6,000 using travel rewards and smart budgeting. [00:53:56] Conclusion and Community Highlights: Wrap-up of key insights and community contributions. Key Quotes: [00:03:25] "There's a much better way to withdraw cash!" [00:08:20] "No fees and easy access to cash—what's not to love?" [00:22:09] "Simple conversations can lead to impressive savings!" [00:42:06] "Travel smart: prioritize experiences and use your points wisely!" [00:53:37] "Maximize your freedom—work less and live more!" Related Resources: Schwab High Yield Investor Checking Fifth Wheel PT Blog

Transcript

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0:00.0	On today's episode Brad and I get a chance to talk about foreign transaction fees.
0:04.8	Have you ever wondered how should I be withdrawing money when I need it while traveling internationally?
0:10.0	We're going to share the right way to do it and I will also share how I have been doing it wrong this entire time.
0:16.0	Jordan calls in to share how he was able to drastically reduce his 401k fees,
0:20.0	Jennifer and Cara weigh in on five if you have a chronic healthcare condition,
0:24.0	and Jared from 5th wheel PT shares how him and his girlfriend are traveling the world for five months visiting 11 countries per a total of get this less than $6,000.
0:35.0	Welcome to the ultimate crowd source personal finance show. This is your Friday roundup.
0:41.0	You're listening to Choose Appi Radio.
0:44.0	The blueprint for financial independence lives here.
0:55.0	If you're looking to unlock his secrets to financial independence and early retirement, you're in the right place.
1:03.0	Stay tuned and join a community of like-minded people who are getting off the answer.
1:08.0	And taking control of their lives in the pursuit of financial independence. Choose FI, your home for financial independence online.
1:25.0	Alright guys, really excited to hop into this episode.
1:29.0	As I kind of talked about in the beginning, we did bring Jared on to highlight some actionable tips that he used to travel the world at a fraction of the cost of what you would actually expect.
1:38.0	We're going to be rolling out. I wanted to say unpack. Could you hear how badly I wanted to say unpack?
1:43.0	We're going to be rolling out that entire segment later on in this episode.
1:47.0	But I think it's a great time to have this conversation because Brad and I are releasing this while we're actually in Greece for Shatakwa.
1:55.0	And this is going to be a lot of fun. But I think it presents a lot of opportunity to talk about some very small optimizations as you plan to do some foreign travel.
2:03.0	Help me with this. I have my co-host Brad here with me today. How you doing, buddy?
2:06.0	Hey Jonathan, I'm doing well. Yeah, that's so funny. It reminds me of the the great unpack scandal of 2017.
2:12.0	When I realized that that was my go-to default word, I still love it. But now I hold it in reserve.
2:18.0	Like one, I can use it one time every like two to three episodes. That's that's kind of what I try to average now.
	...

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