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ChooseFI | Financial Independence Podcast

Don't Waste It

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 9 March 2018

⏱️ 51 minutes

🧾️ Download transcript

Summary

Most people think getting a big tax refund means they're doing something right β€” but what if it actually means you've been giving the government an interest-free loan all year? This listener-packed roundup tackles everything from optimizing your W-4 withholding to creative college funding strategies that could save tens of thousands of dollars. Tax Withholding vs. Tax Liability [00:00:00] Understanding the difference between what's taken from your paycheck and what you actually owe is crucial, especially for those earning bonuses or commissions. [00:39:23] Kelly shares insights on how bonus structures affect tax withholding. The supplemental rate (typically 25%) applied to bonuses often doesn't match your actual tax liability. [00:45:40] Use tools like Tax Caster to estimate your real tax liability and adjust your W-4 accordingly. Aim to break even at tax time rather than getting a large refund. College Funding Hacks [00:06:41] Listener voicemails highlight unconventional methods for reducing college costs. [00:27:07] Noah introduces the student firefighter program, which pays tuition in exchange for work β€” offering both education funding and valuable career training. [00:31:11] The Millionaire Educator shares additional strategies for minimizing college expenses. Managing Debt Strategically [00:32:30] Nicholas details his balance transfer strategy for minimizing interest payments on credit card debt. [00:36:50] Balance transfers can save thousands in interest if used wisely β€” consolidate debt onto cards with 0% introductory rates and pay down aggressively during the promotional period. [00:25:33] Community members discuss the student loan debt reduction movement aimed at collectively paying down significant debt. Life Hacks [00:09:04] Contact manufacturers directly when products break β€” many will replace items for free without requiring extended warranties. Notable Quotes "You shouldn't have to buy extended warranties for quality products." [00:09:43] "Every day is an opportunity; don't waste it." [00:19:50] "A tax refund is just your money returned without interest." [00:48:22] Resources ChooseFI Website [00:22:29] The Millionaire Educator [00:31:11] Tax Caster by Intuit [00:46:25] Key Terminology Balance Transfer [00:32:07]: Moving debt from one credit card to another to take advantage of lower or 0% interest rates. W-4 Form [00:39:28]: A form that tells your employer how much tax to withhold from your paycheck. Tax Liability [00:41:14]: The total amount of tax you actually owe to the government. Supplemental Rate [00:41:45]: The tax withholding rate applied to bonuses and commission payments, typically 25%. Student Firefighter Program [00:27:07]: A program allowing students to work as firefighters while having college tuition paid for.

Transcript

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0:00.0

Hello and welcome to the ChooseFI radio podcast.

0:03.9

Today we're going to be talking about tax liability versus withholding and we have an awesome

0:07.3

voicemail that we're going to feature from Kelly.

0:09.2

Noah is sharing a college hack on how to get college for free by using the Firefighter

0:12.9

program.

0:13.9

We're working with Robert from thecollegeinvestor.com to promote the student loan debt movement,

0:19.0

the goal to pay off a million dollars in student loans during the month of March.

0:24.2

Millionaire educators also stepping up to the plate with the college hack and necklace

0:27.5

is sharing how he used balanced transfer cards to save literally thousands and thousands

0:33.1

of dollars of interest.

0:34.6

And with that, welcome to the ultimate crowd sourced personal finance show.

0:39.3

This is your Friday Roundup.

0:41.3

You're listening to ChooseFI radio.

0:46.1

The blueprint for financial independence lives here.

0:56.8

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

1:01.8

you're in the right place.

1:03.8

Stay tuned and join a community of like-minded people who are getting all finance through

1:08.1

your and taking control of their lives in the pursuit of financial independence.

1:12.8

ChooseFI, your home for financial independence online.

1:20.8

All right, Brad.

1:27.2

Well, this is going to be a fun show.

1:28.3

We're trying this idea of really letting you know upfront what you're getting into when

...

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