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ChooseFI | Financial Independence Podcast

ProjectionLab

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Investing, Business

4.85.2K Ratings

🗓️ 26 August 2024

⏱️ 66 minutes

🧾️ Download transcript

Summary

Most financial planning tools show you a single path to retirement. Kyle Nolan built ProjectionLab because he saw a blind spot: what if your life doesn't follow the script? He started as a software engineer listening to ChooseFI on neighborhood walks, tinkering with a side project after hours. Now he runs the tool full-time, serving a community that shaped its development from the start. Brad sits down with Kyle to explore the messy middle between stability and risk—how to know when to jump, how to bootstrap without burning out, and why flexibility matters more than precision when you're planning decades ahead. Kyle's Background and Career Start [00:01:06] Kyle transitioned from working as a software engineer to creating ProjectionLab, initially as a side project. He credits the ChooseFI podcast with giving him the courage to turn his idea into reality, listening to episodes during walks after work. The Journey to Build ProjectionLab [00:04:34] Kyle bootstrapped ProjectionLab, growing it slowly and consistently before committing to it full-time. He emphasizes the value of building something useful over time rather than seeking external funding or rushing the process. Mental Framework for Entrepreneurship [00:18:30] Kyle reflects on the mental shift required to leave a stable job and pursue a passion project. He realized in hindsight that he should have made the leap to full-time work on ProjectionLab sooner than he did. Community and User Feedback [00:36:00] User feedback has been critical in shaping ProjectionLab's features and direction. Kyle actively engages with the community through Discord, using their input to guide development and ensure the tool meets real-world needs. Future Plans for ProjectionLab [01:00:05] Kyle discusses potential team expansion and ongoing development. He remains focused on maintaining the tool's accuracy, reliability, and user-centric design while considering how to scale sustainably. Notable Quotes: "I should have transitioned to full-time sooner for this project." [00:18:30] "Effective tools with clear pricing create value for users." [00:44:31] "Consistency in pursuing your passions leads to great outcomes." [00:58:21] "We aimed to avoid deprivation on our path to financial independence." [00:21:12] "Accuracy and reliability are paramount in financial planning." [00:45:02] Resources: ProjectionLab - Seven-day trial available [01:01:35] ProjectionLab Discord community [01:00:36] Terms Explained: Financial Independence (FI): The state of having sufficient personal wealth to live without having to work actively for basic necessities. [00:20:18] Bootstrapping: Starting a business with little to no external funding; growing it through its own earnings. [00:04:34] Sandbox: A testing environment where users can experiment with features without making permanent changes. [00:33:10]

Transcript

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0:00.0

Hey this is Brad. I wanted to jump in real quick with an update before we get started with the episode.

0:04.8

Two of my top three Traveler Awards Credit Cards right now are at what I believe to be their all time high bonuses.

0:11.7

So if you have a small business and you've been looking for a credit card,

0:16.2

the Inc. Business Preferred Card has the best bonus I've ever seen. So as I'm recording this on August 11th 2024 it has a 120,000 point bonus offer

0:26.3

after you spend 8,000 dollars in the first three months there is a 95 dollar annual fee and

0:31.2

for personal cards the Capital One venture card also has the best

0:36.4

bonus I've ever seen so it's a 75,000 mile bonus when you spend $4,000 in the

0:41.3

first three months but now Capital One is offering a $250 travel

0:46.4

credit in your first year that you have the card. So those points are actually similar

0:51.2

to the chase points that you get with Inc.

0:53.2

Business Preferred, these Capital One Venture Miles are now

0:56.9

transferable points.

0:58.6

So this is an incredibly, incredibly valuable offer. If you want to find more information about this go to

1:04.8

choose-of-I.com and on our travel rewards page you'll see my top 10

1:09.4

recommended travel cards these are number two and number three right now and when you use our

1:14.4

links to sign up for credit cards we do receive an affiliate commission so thank you for

1:18.7

your support it really means the world to us and now let's get on with the show.

1:23.0

Hello and welcome to ChooseFI.

1:26.0

Today on the show we have Kyle Nolan who's the founder of Projection Lab

1:30.0

which is an incredible new piece of modeling software that I've heard multiple of my closest friends talk about.

1:37.7

People like Brandon, the Mad Fianists, Chris Hutchins, people that I really trust and it just got on my radar, Kyle and I got connected, and his story is incredible.

1:48.0

It is such an interesting mix of FI and entrepreneurship entrepreneurship and I know I deeply resonate with it because it

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