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ChooseFI | Financial Independence Podcast

Quit Like A Millionaire

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Investing, Business, Careers

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 5 July 2019

⏱️ 64 minutes

🧾️ Download transcript

Summary

What if the path out of poverty isn't what you think it is? Bryce and Christy from Millennial Revolution grew up in poverty in China, where throwing money at problems wasn't an option β€” creativity was their only currency. That scarcity forced a mental framework most people never develop: viewing every decision through the lens of return on investment, including their education and careers. In Quit Like a Millionaire, they argue this mindset gap β€” not income β€” is what separates those who achieve financial independence from those who don't. Bryce and Christy share how education became their pathway from poverty to financial freedom, but not just any education β€” they calculated the ROI of their degrees before committing. The couple discusses the tension between a scarcity mindset (which fuels creativity and resilience) and an optimizer mindset (which enables long-term financial planning). They reveal how they achieved FI while maintaining a rich travel lifestyle, living on a budget across multiple countries, and ultimately why they believe mastering money is the key to an easy life. Key Topics: Introduction to Bryce and Christy's Journey [00:15:02] Their background growing up in poverty in China and the lessons learned. The Importance of Education [00:21:02] Education as a pathway out of poverty and how Bryce's family prioritized it. Scarcity Mindset vs. Optimizer Mindset [00:24:30] How scarcity can foster resilience and creativity, and transitioning to an optimizer mindset for better financial health. Transitioning to Financial Independence [00:41:00] How Bryce and Christy achieved FI through planning, budgeting, and smart investing. Current Travels and Adventures [00:48:00] Experiences from traveling the world while living on a budget. Key Quotes: "Master money, master life. Fail to understand money, and life becomes a struggle." [00:52:02] "Education serves as the golden ticket from poverty." [00:22:01] "Embrace scarcity; it can fuel your creativity and resilience." [00:24:30] "Don't let a job rob you of your life; find freedom." [00:42:05] "Creativity trumps money when solving problems." [00:23:46] Actionable Advice: Use the pot score concept to evaluate potential degrees based on their return on investment [00:29:27] Consider the long-term impact of career choices on happiness and financial freedom [00:36:02] Cultivate a scarcity mindset to spark creativity in financial problem-solving while building toward an optimizer mindset for lasting success [00:24:30] Related Resources: Playing with FIRE Documentary [00:56:05] Episode Mentions: Episode /047: The Cult of Home Ownership [00:19:50] Episode /105: Solar Panel Cost Analysis [00:02:06] Episode /133R: Should I Pay Off My Mortgage or Invest? [00:12:59] Episode /012: 72-Hour Rule with Liz from Frugal Woods [00:07:30]

Transcript

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0:00.0

Welcome to the ultimate crowd sourced personal financial. This is your Friday Roundup.

0:06.0

You're listening to Choose Applied Radio.

0:10.0

The blueprint for financial independence lives here.

0:21.0

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

0:26.0

you're in the right place.

0:28.0

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

0:33.0

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

0:37.0

Choose FI, your home for financial independence online.

0:41.0

All right guys, super excited about the episode today, Brice and Christy from Millennial Revolution

0:48.0

are joining us on the show to talk about their new book, Quit Like a Millionaire.

1:00.0

This is going to be a fantastic episode. But before we go to that, we actually have several things

1:05.0

that we wanted to talk about. First and foremost, I want to check in with my co-host, Brad. How you doing, buddy?

1:09.0

Hey, Jonathan. I am doing quite well. Yeah, I actually have a quick update.

1:13.0

So as we speak, there are solar panels going up on my house.

1:17.0

I'm spying for all. You'll be so proud.

1:19.0

Yeah, it's been a long, long wait. I mean, there have been, I guess, a ton of people

1:25.0

signing up for solar panels here in Richmond. And it certainly got pushed out a little bit farther than I hope.

1:30.0

But these things are going in. They were there all day yesterday installing.

1:34.0

And they should be done today. I think once the energy company comes and, and inspects it and gets us a new meter

1:41.0

we'll be up and running next week. And I will be producing power.

1:44.0

Yeah, this is really cool, Brad. So we actually talked about this in episode 105

1:48.0

or a solar panel cost analysis. At that point in time, I mean, your action was, I'm going to go do it.

...

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