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ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Investing, Business

4.8 • 5.2K Ratings

🗓️ 10 March 2017

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You've spent a decade screwing up your finances — and that might be perfectly fine. Public employees have access to retirement accounts most people have never heard of, and these tools can turn even the worst financial start into a million-dollar finish. Brad and Jonathan tackle listener questions spanning retirement plan optimization, crushing student debt, and unconventional moves like geo-arbitrage. Key Topics Millionaire Educator Reflection [00:01:01] Transition from negative net worth to financial independence Starting your financial journey later in life Understanding 403B and 457 Plans [00:02:30] Tax advantages for public employees Strategies for effective use Tax Strategies for Public Employees [00:03:49] Lowering structural expenses for tax savings Keeping taxes low while building retirement savings Structural Expenses and Financial Flexibility [00:06:07] Importance of keeping core expenses below $30K annually How low expenses create financial options Debt Control and Financial Freedom [00:12:26] Impact of debt on financial control Strategies for tackling student loans Listener Questions and Feedback [00:17:53] Community engagement and topic suggestions Frugal Wins of the Week [00:38:00] Personal frugal successes and insights Terminology 403B [00:02:30] A retirement savings plan for certain employees of public schools and tax-exempt organizations. 457 Plan [00:02:30] A non-qualified, tax-advantaged retirement savings plan for state and municipal employees. Geo-arbitrage [00:37:12] The practice of taking advantage of differing costs of living in various geographic areas to maximize savings. Notable Quotes "You can always start today, regardless of past mistakes." [00:01:27] "Lowering your core expenses creates financial flexibility." [00:06:07] "Financial independence isn't about sacrifice, it's about smart choices." [00:09:42] "Debt erodes your financial control." [00:13:25] Resources Financial Independence Made Simple Infographic [00:17:47] Community Actions Email feedback at ChooseFI.com with topics or guest suggestions [00:16:47] Text 'ChooseFI' to 44222 to join the mailing list [00:44:36] Related Episodes Episode 009: Introduction to Travel Rewards [00:24:30]

Transcript

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0:00.0	Welcome to the ultimate crowd sourced personal financial. This is your Friday Roundup.
0:06.0	You're listening to Choose Applied Radio.
0:10.0	The blueprint for financial independence lives here.
0:21.0	If you're looking to unlock this secrets to financial independence and early retirement,
0:26.0	you're in the right place.
0:28.0	Stay tuned and join a community of like-minded people who are getting off the answer.
0:33.0	And taking control of their lives in the pursuit of financial independence.
0:37.0	Choose FI, your home for financial independence online.
0:41.0	All right, and we're back.
0:53.0	Brad, welcome back to the studio for our second Friday Roundup.
0:56.0	Hey, Jonathan, very excited to be here. This should be a fun conversation as always.
1:01.0	Millionaire educator came in the studio earlier this week and that episode just rocked.
1:07.0	Yeah, man, it was so inspiring. I definitely listened to that one a couple times.
1:12.0	It's really quite a story. Like he said, he had basically a lost decade from his early 20s to early 30s where he had negative net worth.
1:21.0	And that's really remarkable. Now he is the millionaire educator and you don't have to do everything right.
1:27.0	I mean, I think that's one thing we really want to get across to the audience here is you didn't have to have this figured out at 18 and have done everything right along the way.
1:36.0	You can screw up for 10, 15 years and just start start today.
1:41.0	You know, I think that that to me was the biggest lesson from that episode.
1:44.0	And you're going to be amazed at what kind of progress you can make in fairly short order.
1:49.0	I love that there is this supercharged tool that can just send your retirement plan into overdrive.
1:56.0	And it's only available for the select group of teachers, firefighters, state employees, people that have just given so much back to us and it's been a great pleasure.
2:05.0	And it's back to us and specifically in the case of teachers to our kids, you know, my wife said teacher, I know that that job she easily puts in 60 hours a week.
	...

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