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ChooseFI | Financial Independence Podcast

Coming Back From A Gap Year

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 6 December 2019

⏱️ 60 minutes

🧾️ Download transcript

Summary

Would you really trade your next decade for a $70,000 golf club membership β€” or is that just the life script you've been handed? Brad and Jonathan challenge the default choices of the "normal" American financial path, using that exact question from a listener to unpack how most people drift into expensive lifestyles without ever asking what they actually want. This episode covers listener voicemails and mailbag questions on topics ranging from managing risk tolerance to rethinking expensive memberships. Rob Berger from Retire Before Mom and Dad discusses how working backward from financial freedom reshapes your decisions β€” he wasn't pursuing "debt-free," but freedom itself, which became his filter for every choice. The episode also features Noah and Becky, who share the logistics of taking a gap year after walking away from corporate jobs: how they unwound their lives, managed health insurance on the road, and regained clarity on what actually mattered. Key Topics Discussed Golf Club Membership Costs [00:00:00] A $70,000 membership prompts a deeper conversation about whether luxury spending aligns with your real goals or just societal expectations. Financial Freedom Discussions [00:01:01] Rob Berger's approach: start with financial freedom as the end goal, then work backward to inform every financial decision. Drift vs. Stuck [00:03:36] The difference between drifting through default choices and feeling stuck with a destination in mind β€” why "stuck" is actually progress. Gap Year Experience [00:27:00] Noah and Becky detail the practicalities of taking a year off: leaving jobs, managing health insurance, and what they learned by stepping off the treadmill. Key Quotes [00:01:01] "Begin with your ultimate destination in mind." [00:02:27] "Missing your 401(k) match is a missed opportunity; it's essentially free money." [00:04:19] "Being stuck is better than drifting; at least you have a goal." [00:07:50] "We have only one life; choose your path wisely." [00:10:45] "If it doesn't work, I can always revert my decision." Actionable Information Write down your ultimate financial goal and use it to filter every spending decision. [00:01:01] Reassess current spending for misalignments: are you paying for someone else's definition of success? [00:13:11] Consider a gap year or sabbatical to gain perspective and refocus on what you actually value. [00:28:01] Related Resources Rob Berger - Retire Before Mom and Dad [00:01:01] CIT Bank - Savings Account [00:20:02] Related Episodes Noah And Becky's Awakening [Episode /033] [00:03:36] Take a Gap Year [Episode /040] [00:27:41] Emergency Funds Episode [Episode /066] [00:21:05] Rob Berger's Financial Insights [Episode /034] [00:15:42] FAQs What is risk tolerance? Risk tolerance is the degree of variability in investment returns that an individual is willing to withstand. It's essential for aligning financial goals with your investment strategy. [00:14:04] How can taking a gap year impact my career? Taking a gap year can provide vital reflection time and opportunities for new experiences, which can positively influence future job prospects. [00:40:54] Is it worthwhile to challenge societal norms about spending? Yes, questioning societal norms can lead to a more intentional spending strategy and help prioritize what truly matters in life. [00:08:42]

Transcript

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0:00.0

Today on the show, we take a hard look at $70,000 golf club memberships.

0:03.6

We take a look at how to handle and assess your wrist tolerance,

0:06.6

and we reassess the value of the gap year.

0:09.4

Welcome to the Ultimate Crown Source Personal Finance Show.

0:12.2

This is your Friday Roundup.

0:14.8

Your listening to Choose Applied Radio.

0:19.4

The blueprint for financial independence lives here.

0:30.1

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

0:35.2

you're in the right place.

0:37.0

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

0:41.9

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

0:46.1

Choose FI, your home for financial independence online.

1:00.7

All right, last to cover, we're going to dig through this past week's episode with Rob

1:03.7

Berger, reportedly from Doe Roller, now writing it, retire before mom and dad, and Brad,

1:07.9

one of the things that I loved about this episode, one of the statements that stood out to me is

1:13.6

start with the end goal. Where do you want to end up? And then he made the choice to work

1:17.6

his way backwards. And for him, that was a framing decision that allowed him to realize his goal

1:22.2

was not to be debt-free. Debt-free might be a metric that he would hit along the way,

1:26.3

but his ultimate goal was freedom, financial independence, options, and working towards that

1:31.2

actually helped inform his strategy. Yeah, I really love the mindset here with Rob. And like you

1:36.2

said, he said, I always start with where I want to end up. The ultimate goal was financial freedom.

1:41.9

We term it financial independence, Rob calls it financial freedom, but it's the same goal ultimately.

...

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