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ChooseFI | Financial Independence Podcast

Longest Vacation Ever

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.85.2K Ratings

🗓️ 31 August 2018

⏱️ 52 minutes

🧾️ Download transcript

Summary

One listener slashed his tax rate to nearly zero using strategies most people overlook—and he's not alone. This mashup episode tackles everything from Michael's capital gains harvesting win to Brad's month-long European escape, plus a deep dive into whether a plant-based diet can actually save you money while improving your health. Along the way, you'll hear about CLEP testing shortcuts for college and why both hosts are rethinking their relationship with food. Tax Strategies Listener Michael shares how he dropped his tax rate to nearly zero by maxing out his 401k and utilizing tax-efficient withdrawals. [00:44:01] Capital gains harvesting allows selling appreciated assets in a low tax bracket to avoid taxes on gains. [00:44:00] Slow Travel Brad recounts his month-long vacation in Europe—the first time in his adult life taking more than 10 days off in a row. [00:01:03] The experience highlighted financial independence's core benefit: flexibility and freedom to embrace experiences without time pressure. [00:04:04] Plant-Based Diets Both hosts explore the connection between diet and finances, noting that plant-based eating can reduce grocery costs significantly while providing health benefits. [00:21:54] Engaging with plant-based recipes can lead to a more sustainable and enjoyable eating experience. [00:26:45] Flavor is key in plant-based cooking—it's all about the spices. [00:24:02] Educational Shortcuts CLEP testing can significantly expedite degree completion, at little to no cost for military members. [00:42:44] Timestamps [00:01:03] Brad's European vacation and its implications for financial independence [00:04:04] Insights on the experience of slow travel [00:22:51] Exploration into veganism and its parallels with financial independence [00:44:01] Overview of tax strategies and capital gains harvesting [00:42:44] Community feedback and discussion on CLEP testing Key Quotes "Moving money to reduce tax liability is essential." [00:44:01] "A long vacation reveals the benefits of financial independence." [00:04:04] "Financial independence allows freedom to pursue passion." [00:08:09] "Flavor is key in plant-based cooking." [00:24:02] "Embrace small changes for significant life improvements." [00:37:44] Resources James and Steven's Vegan Recipes: http://choosefi.com/vegan-recipes [00:21:35] The Game Changers Documentary: http://choosefi.com/the-game-changers [00:37:44] Terminology Capital Gains Harvesting: Selling appreciated assets to minimize taxes on the gains earned. [00:44:00] Slow Travel: Taking extended vacations to immerse oneself in local cultures without the rush. [00:04:02] CLEP Testing: Exams that allow students to earn college credit for knowledge in specific subjects, often reducing time to degree completion. [00:42:12] Veganism: A lifestyle choice that excludes all animal products, emphasizing a plant-based diet. [00:21:51] Action Items Max out 401k and IRA contributions to reduce taxable income. [00:44:30] Try a week of plant-based meals and track how you feel. [00:39:15] Look into CLEP testing as an educational shortcut. [00:42:12] Connect with local ChooseFI groups for support and ideas. [00:12:03]

Transcript

Click on a timestamp to play from that location

0:00.0

Today on the show, Michael calls into share how tax-deferred vehicles and capital gains harvesting

0:04.3

allowed him to massively decrease his tax rate. Ben calls into share how club testing can be used

0:09.9

both for civilians and for the military to massively advance your college position. And we welcome

0:15.7

my co-host Brad back from what has to be the longest vacation of his adult life. Welcome to the

0:22.0

ultimate crowdsource personal finance show. This is your Friday Roundup.

0:30.7

The blueprint for financial independence lives here.

0:42.4

If you're looking to unblocked his secrets to financial independence and early retirement,

0:47.4

you're in the right place. Stay tuned and join a community of like-minded people who are getting

0:52.8

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

0:58.4

Choose FI your home for financial independence on live.

1:12.4

All right guys I'm really excited to hop into this episode for multiple reasons. One we're going

1:16.3

to get a chance to talk about this past week's episode talking about this vegan approach to

1:20.2

financial independence. A lot of parallel overlap there. Parallel overlap that might be a little

1:24.6

bit duplicative. But we're going to roll with it. And then also I get a chance to welcome back my

1:30.1

co-host Brad who's been gone for almost a month climbing mountains all around Europe. Welcome back

1:35.4

buddy. Thanks Jonathan. Good to be back in the US. Like you said we got back from nearly a month

1:42.4

month long trip to the UK. We spent a lot of time in London and then touring around Scotland.

1:48.7

It was really wonderful. It was this first time that I got truly to take advantage of this

1:54.2

FI lifestyle and I think that was what was so neat about it. That's awesome. So walk us through

1:59.1

your travels just a little bit here because I know you spent you went to England first right?

2:02.6

Yeah so we went to London and we spent the first roughly eight or so days of our vacation there

2:09.9

and actually Laura's sister Jenny and her family just moved to London about a year ago and they

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