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ChooseFI | Financial Independence Podcast

If People Can Do It I Can Do It Too | Vivian Connects With Leslie Tayne | Households Of Fi

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Business, Careers, Investing

4.85.2K Ratings

🗓️ 25 September 2020

⏱️ 58 minutes

🧾️ Download transcript

Summary

A single pharmacist faces cancer, a custody battle, and $300,000 in student loans—yet she's on track to save $60,000 this year. Vivian discovered financial independence through the ChooseFI podcast after dismissing Grant Sabatier's book as unrealistic. Her story reveals how she manages a six-figure income while navigating life-altering challenges, cultural obligations to support her parents, and the demands of single motherhood. Financial attorney Leslie Tain joins to address Vivian's specific legal and financial questions, covering budgeting under stress, debt management during separation, 529 plan strategies, and capital gains tax implications when selling a primary residence. Key Topics Discussed Introduction to Vivian's Story [00:00:41] Jonathan and Brad introduce Vivian's journey and the challenges she faces. Vivian's Financial Journey [00:01:11] Vivian reflects on her sudden introduction to financial independence through ChooseFI and her significant savings potential as a pharmacist. Interview with Leslie Tain [00:04:40] Financial attorney Leslie Tain shares her knowledge and helps Vivian address legal and financial challenges. Tips on Budgeting and Childcare [00:09:55] Insights on budgeting effectively, especially concerning childcare expenses and managing financial risks during tough times. Understanding 529 Plans [00:16:36] Leslie explains how 529 plans work for saving for children's education. Final Thoughts and Next Steps [00:53:40] Reflecting on Vivian's journey and discussing next steps. Key Insights Inspired Action: Vivian realized that if others could achieve financial independence, so could she. "If people can do it, then I can do it too." [00:01:59] Disciplined Savings: With a targeted savings approach, Vivian aims to save $60,000 annually. [00:03:00] Life's Balance: Finding balance between saving and enjoying life while pursuing financial goals. [00:51:01] Action Items Evaluate expenses to find areas for cost-cutting [00:51:23] Set up a 529 plan for future education savings [00:17:30] Create room for enjoyable experiences while saving for the future [00:51:01] Related Resources Tain Law Group Grant Sabatier's Book: Financial Freedom Key Quotes "Life has its ups and downs." [00:06:39] "Slow and steady wins the race." [00:48:01]

Transcript

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0:00.0

your listening to Choose Appi Radio.

0:09.6

The blueprint for financial independence lives here.

0:20.4

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

0:25.4

you're in the right place.

0:27.2

Stay tuned and join a community of like-minded people who are getting all fans to hear

0:32.0

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

0:36.3

Choose Appi, your home for financial independence online.

0:41.4

Alright everyone, we're back.

0:51.7

We're picking up with our five household series.

0:54.0

We're featuring Vivian on the show today and we'll quickly happen to and kind of remind

0:58.2

you what the series of challenges that she was working through is, but I think her story

1:01.8

is going to have a lot of hope.

1:02.8

It's going to be very inspiring for many of you and I think most importantly, you're going

1:06.2

to find it actionable and relatable to help me with this.

1:08.9

I have my co-host Brad here with me today.

1:10.5

How you doing, buddy?

1:11.5

Hey Jonathan, I am doing quite well and yeah, you're absolutely right.

1:15.0

Vivian's story has a little bit of everything and like we say, stories make the world go

1:18.8

around.

1:19.8

I know there are a lot of people who are going to see themselves in Vivian's story and

1:23.8

frankly, the challenges that Vivian has.

1:25.8

In her intro video, she laid out a bunch of the challenges, but first just like a little

...

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