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ChooseFI | Financial Independence Podcast

Cruise Control

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 8 September 2017

⏱️ 55 minutes

🧾️ Download transcript

Summary

A single millennial could retire at 30 by making a handful of smart money moves in their 20s β€” that's the math Brad and Jonathan break down in this week's roundup. But the conversation goes deeper: how do you pass those lessons to the next generation before they rack up debt? This episode explores listener stories of strategic early financial decisions that create outsized long-term wealth. Key topics include the "cruise control path" to FI, where minimal early investment sets you up for freedom decades later, and the case for opening Roth IRAs for kids who earn income. The hosts also touch on generational wealth shifts and the freedom that comes when your children start school and reclaim your daytime hours. Chapters: Introduction to the Roundup [00:00:00] Back to School Moment [00:01:03] Discussing Financial Independence [00:04:00] Gwen's Financial Journey [00:09:11] Explaining the Cruise Control Path [00:12:04] Examples of Compounded Growth [00:13:44] Closing Thoughts and Announcements [00:30:24] Key Takeaways: Early Choices Matter [00:09:11] Strategic decisions made during early adulthood can lead to substantial long-term wealth. Example shared of a millennial who could retire by 30 due to smart financial choices. Power of Time and Compounding [00:18:01] Capitalize on early investments to reap benefits in later years. Investing in Children's Future [00:16:10] Encouraging children to understand financial concepts can set them on a path to financial independence. Roth IRA for Children [00:19:58] Consider contributing to kids' Roth IRAs when they have earned income β€” a vital step in building their wealth. Terminology: Financial Independence (FI) [00:00:10] The state of having sufficient personal wealth to live, without having to work actively for basic necessities. Roth IRA [00:19:58] A type of retirement account that allows individuals to contribute post-tax income, with tax-free growth and tax-free withdrawals in retirement. Cruise Control Path to FI [00:12:04] A strategic approach where individuals facilitate financial independence by making smart early financial decisions and investing responsibly. Action Items: Consider starting a Roth IRA for your children if they have income [00:19:58] Related Episodes: Go Curry Cracker with Jeremy (Episode 018) [00:19:14]

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 unblocked as 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

Okay guys, welcome back. This is your Friday Roundup.

0:55.0

And to help me do the show today, I have my co-host Brad here with me in the studio. How you doing buddy?

0:59.0

I'm doing great Jonathan. We are back to school this week.

1:02.0

I was going to say and I think your youngest daughter is starting school right?

1:06.0

Yeah, little Molly started kindergarten today. We're actually recording on Thursday.

1:11.0

So yeah, today was her third day. It's pretty crazy. I mean, obviously it's wonderful that she's growing up and she's loving school.

1:18.0

So it's really cool to see. But now Laura and I are home alone, which is crazy.

1:24.0

I mean, Laura has basically been a stayed home mom for the last nine plus years.

1:28.0

And I kind of have jokingly said to a friend that we're like empty nesters now.

1:34.0

It's a crazy new world here. And obviously that was tongue in cheek because I know clearly know the definition is different.

1:40.0

But every single day now, we have from eight o'clock till three to just kind of hang out and live a five life in a sense.

1:47.0

So it's a whole new world for us.

1:49.0

Yeah, I think this is going to pose an interesting question for you guys.

1:52.0

I mean, what are you going to do with all this free time? Is it the library? Are you going to go find some coffee shops?

...

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