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ChooseFI | Financial Independence Podcast

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ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.85.2K Ratings

🗓️ 31 March 2017

⏱️ 78 minutes

🧾️ Download transcript

Summary

Your biggest financial win might not be in your portfolio — it's in your housing. A 25-year-old paying $200/month in rent (or nothing at all) while building equity sounds impossible, but it's exactly what house hacking makes possible. Brad Barrett and Jonathan Mendonsa tackle listener questions on everything from the fundamentals that actually matter in FI to how a single unconventional real estate decision can reshape your entire financial trajectory. Key Topics The Importance of House Hacking [00:02:27] House hacking involves purchasing a multi-unit property and renting out additional units to cover the mortgage. This strategy can dramatically reduce living expenses and accelerate the journey to financial independence. Key Insights on Financial Choices [00:10:41] Even a single smart decision can vastly alter one's financial trajectory. The hosts discuss making unconventional choices to redefine financial success. Quote: "It starts with one unconventional choice, and that's how I view FI. It's about thinking a little differently." [00:09:40] Visualization of Financial Benefits [00:12:26] The potential impact of living with minimal rent as a 25-year-old, and turning one's first home into a significant asset for future cash flow. Quote: "Can you imagine a scenario though, where you're 25 years old and your first home, your rent is either free or maybe you're only paying $200 a month?" [00:12:26] Key Quotes "Life does not have to be complicated. If you do those fundamentals well and show up day after day and put the hard work in, good things are gonna happen even if it might not be instant gratification." [00:06:10] Related Resources Chad Carson's Website - Resource for learning more about real estate investment and house hacking strategies

Transcript

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0:00.0

Welcome to the fifth edition of the Friday Roundup. Today we're going to talk about the importance of gold in your investment portfolio

0:07.3

reverse mortgages and all the benefits of breastfeeding.

0:11.2

You're listening to Choose Appi Radio.

0:15.8

The blueprint for financial independence lives here.

0:18.8

If you're looking to unlock the secrets to financial independence and early retirement, you're in the right place.

0:33.8

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.

0:49.8

The

0:58.8

April Fools guys welcome to spring. Jonathan couldn't resist. Yeah, he's a big April Fools fan. So we have to toss that in there. Yeah, and I actually have my wife is due here and I had to go to a breastfeeding class last night.

1:11.8

So if I had to deal with it so to y'all.

1:15.8

Yeah, man. So you're a couple weeks away from the due date. Congratulations. It must be getting pretty exciting over there.

1:21.8

We are ready, man. That nursery is good to go. If I have to assemble one more thing, I just I'm not going to have any hair left and I have a solid. I had a solid head of hair.

1:31.8

It is it's been fun though. It's super exciting. The room's painted. The nursery stuff's assembled. My wife did tell me that the crib was too low and that she's demanding that I raise it. So I may have one more assignment coming my way.

1:42.8

But yeah, I think the bags are packed. We're just we're just in go mode. So when it's here, it's here and we're ready for it. Nice. Very, very cool. Yeah, as you know, I have two two kids. They're not it's funny in my head. I always want to say young kids, but you know, my youngest is almost five and a half now. It's it's amazing how.

2:00.8

How the time flies by so you know, definitely obviously it's hard. Those first couple weeks when you know they send you home with this child and you have no idea what you're doing, but you're going to have to start worrying about grading soon. Just try to enjoy what's up. You're going to have to start worrying about dating soon.

2:15.8

Oh, yeah. Oh, geez. Don't start. I don't have any hacks for you with that one, man. I got I got absolutely nothing. Good luck. Yeah. Yeah. We're not looking forward to that. But hopefully we've got a we've got a couple years. So we'll see.

2:26.8

All right. Well, yeah. So life's good, man. Rape role is going to be an awesome month. It's going to be a transformative month for me and many, many ways. So we're we're super excited about it. But this week, this past Monday, we dropped our we we dipped our first toe into the real estate world with Chad Carson and it was an awesome episode. And it was on house hacking. So if you haven't listened to it yet, I'm sure you have. But if you haven't, that is one to check out. I mean, there's different like pillars in the five community that we rely on.

2:55.8

We always talk about index investing, frugal living as a vehicle to, you know, get to buy and Brad and I our big fans of travel rewards using that as a way to decrease expenses. And so just doing everything a little bit smarter.

3:09.8

We've started the conversation about college hacking. How to, you know, get that degree without going six figures in debt. And this particular conversation is another pillar that so many people that have achieved financial independence have used.

3:24.8

And it's probably one of the scariest ones, you know, because there's so many unknowns about it. And one of the things that Brad and I have really committed ourselves to is to try to simplify this just a little bit.

3:37.8

But there's someone out there that I think that has already done that, you know, extremely well. And all we really have to do is just point you to him. And that's Chad Carson and his website at coachcarson.com is absolutely fantastic. And he is just as good on a podcast as he is with his own.

3:53.8

Extremely relatable, extremely understandable. ABCs it for you. You know, gives you the 101 the high level and the low level picture. And I figure I feel like if you spend enough time with him and with his content, you're going to be able to go and take action with that. I know that's how I felt after finishing that conversation.

4:11.8

Yeah, same here for sure. I thought, you know, he was the perfect co-host. And you know, that's how we like to view our quote unquote guests as co-host. You know, this is this is a conversation. And yeah, he just did a really wonderful job. He's just, you know, I've had the good fortune of meeting him and just a really wonderful guy.

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