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ChooseFI | Financial Independence Podcast

A Second Generation FI Case Study | Cody Berman FlytoFI

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.85.2K Ratings

🗓️ 9 July 2018

⏱️ 59 minutes

🧾️ Download transcript

Summary

Most people discover financial independence after making costly mistakes. Cody Berman found it in high school. Cody shares how his mother's influence and a chance encounter with "The Four Hour Work Week" led him to evaluate job offers by time—not salary—and build a college strategy around minimizing costs and maximizing freedom. He explains the Rule of 72, his approach to scholarship hunting, and why he chose to launch a side business selling disc golf equipment instead of waiting to hit a magic financial number. Cody's reverse 4% rule offers a fresh lens on reaching financial independence faster by focusing on what you can control today. Key Takeaways Time is your most valuable asset—prioritize it over salary when evaluating job offers. [00:10:15] Apply for at least one scholarship a day to maximize funding opportunities. [00:20:17] Take AP and CLEP exams to earn college credits early and reduce costs. [00:15:47] The Rule of 72 estimates how long it takes to double your money at a given return rate. [00:05:28] Timestamps [00:02:40] Introduction to Cody Berman [00:04:19] The Importance of Time [00:07:54] Cody's Early Influences [00:15:11] Evaluating Career Options [00:20:23] Scholarship Applications [00:36:11] Cody's Side Hustle: Arsenal Discs [00:43:12] The Reverse 4% Rule Action Items Set a goal to apply for scholarships regularly and track applications to increase your chances of securing funding. [00:20:17] Evaluate job offers based on hours worked versus salary to assess the true value of a position. [00:10:15] Quotes "Understanding that time is your most precious asset is crucial for financial independence." [00:05:05] "Prioritize time over money to truly value your life." [00:09:29] "Embrace risks and pursue your passion without waiting for financial milestones." [00:43:46] "Consider if the time spent for a specific career aligns with your financial goals." [00:15:11] Resources The Four Hour Work Week by Tim Ferriss [00:09:06] Mr. Money Mustache article [00:49:16]

Transcript

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0:00.0

Your listening to Choose Appi Radio.

0:09.6

The blueprint for financial independence lives here.

0:20.4

If you're looking to unlock the secrets to financial independence and early retirement,

0:25.4

you're in the right place.

0:27.3

Stay tuned and join a community of like-minded people who are getting off the answer.

0:32.2

And taking control of their lives in the pursuit of financial independence.

0:36.3

Choose FI, your home for financial independence online.

0:42.4

Alright guys, today we are going to have a long awaited second generation FI conversation.

0:57.2

And for those of you that have kind of been listening at the parameters but haven't

1:01.9

realized this, a huge focus of Choose FI and of our community is talking about and highlighting

1:07.0

the power of capturing these ideas at a younger age.

1:11.1

You know, it's that what if I knew then what I know now?

1:14.7

And if it's too late for you to act on some of these principles, how powerful would it

1:18.4

be to show these to your kids?

1:21.3

And what if they were as inspired as you are now and were able to start taking action

1:24.7

on it?

1:26.2

In many cases, the second generation fire population, these are the early adopters.

1:30.8

In many cases, we tend to latch onto these concepts after we've already made a few big

1:35.2

mistakes.

1:36.2

But time is the most precious resource that you have.

1:38.4

And if you can find examples of people that have grabbed these concepts at an earlier

1:43.0

age and adopted them and are crushing it due to that adoption, then it is incredibly

...

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