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ChooseFI | Financial Independence Podcast
Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc
4.8 • 5.2K Ratings
🗓️ 12 May 2017
⏱️ 62 minutes
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Transcript
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| 0:00.0 | In a world where you're not supposed to be living for the weekend, we're still glad it's Friday. Welcome to the Friday Roundup. |
| 0:07.0 | You're listening to Choose Appi Radio. |
| 0:14.0 | The blueprint for financial independence lives here. |
| 0:18.0 | If you're looking to unlock the secrets to financial independence and early retirement, you're in the right place. |
| 0:32.0 | Stay tuned and join a community of like-minded people who are getting all fans to be here and taking control of their lives in the pursuit of financial independence. Choose FI, your home for financial independence online. |
| 0:48.0 | All right, Brad. Can you believe it? We are in the middle of May 2017. This year is flying by. I mean, it's like living in the future every single day. How you doing, man? |
| 1:08.0 | I'm doing quite well. Yeah, everything's going well. It is hard to believe how fast the year is flying. Yeah, we have our pool is actually opening up for the Girls Swim Team next week, which seems crazy, but time is flying. |
| 1:20.0 | Yeah, and I just found out that I have Memorial Day off, so I don't have to worry about Justin teasing me on that day that I have to be at work because I am going to be at home and just for relaxing. Maybe go into the pool just like you. |
| 1:30.0 | Nice. Sounds like a plan. |
| 1:31.0 | By the way, that's Justin really good. You know guys how much he teases all of us that are stuck at work anytime anytime we have to be at work during the week. The man is just flaunting his financial independence. |
| 1:40.0 | So it is my personal goal to get to FI's quickly possible just so I can say shove it, man. I'm there too. |
| 1:46.0 | So guys, this past week we were talking about the true cost of car ownership and specifically we were looking at, you know, how you can win inside the margins. |
| 1:55.0 | Brad and I are in the camp that most of us at the end of the day, especially while we're not FI are going to have a car. Now you can certainly not do that. |
| 2:03.0 | You could certainly bike to work or come up with a mo pet or use some other means of public transportation. And if you can get away with that great, but for the majority of us, probably 90 plus percent of us that are listening to the show, we recognize that we're going to have at least a car in the family. |
| 2:17.0 | And so then our own particular perspective on that is how do you win inside that construct and we kind of came to the conclusion based on the math that we looked at that if you pick a car that's already taken the depreciation hit a five year or 10 year old car that's a gas zipper of the different scenarios that we put to you guys. |
| 2:35.0 | That is going to be your best case scenario. You it's going to cost you at least amount of money and what I came away with is even in a perfect world scenario where you do everything right car is still going to cost you about two grand a year minimum, which is a lot of money. |
| 2:48.0 | Yeah, certainly is. And I mean, I know personally I don't drive that many miles each year and my car is sitting there and you have to ensure it you have to deal with the depreciation. |
| 2:57.0 | I mean, it's it definitely adds up so even for people who think, oh, my car doesn't cost all that much it as Jonathan showed it really does and I think one thing we've tried to get across through the first 30 odd episodes here at Tuesday. |
| 3:11.0 | So I think the most important thing is that the structural expenses are what really move the needle on your path to fire. So whereas many people out there, you might be saying, hey, I've already bought this house that is a little more than I probably should have had I known about fire earlier. |
| 3:27.0 | And you know, that might be frustrating and you might not move up and sell the house tomorrow, but with your car, that's something that you can actually change fairly readily. So to me, like this is absolute essential pillar of fire here is dealing with your structural expense of your car. |
| 3:43.0 | I think everybody needs to pay attention to this and go back and listen to that episode, you know, especially how much your car is costing you over 20 or 40 years if you're constantly buying new cars or as I said, managing the payments and leasing a car or something like that. So this is this is a big dollar figure. |
| 4:01.0 | We had some pretty cool feedback on this episode. Matt sent us a comment and he put in the subject line he put, bye teacher nerd alert, but this was a really cool email. |
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