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ChooseFI | Financial Independence Podcast

The Friday Roundup | How to Hack Your ESPP

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.85.2K Ratings

🗓️ 26 May 2017

⏱️ 60 minutes

🧾️ Download transcript

Summary

Most people think you need a six-figure income to reach financial independence. Joel and Alexis proved them wrong — they rocketed from a 7% savings rate to 85% without changing jobs. Their story, featured in a recent listener roundup, sparked one of the biggest response waves of the year. What made it resonate? They didn't hide the messy parts: the budget fights, the false starts, the vulnerability of admitting they'd spent years on autopilot. Brad and Jonathan unpack their journey alongside listener questions on everything from Employee Stock Purchase Plans to making budgeting feel less like punishment and more like a game you actually want to play. [00:01:55] Joel and Alexis' Journey Transforming savings from 7% to 85%. Recognizing the difference between fleeting pleasures and long-term financial freedom. [00:09:30] The Importance of Collaboration Successful financial planning requires teamwork, especially between partners. Making budgeting enjoyable by incorporating games and strategies into the process. [00:32:40] Employee Stock Purchase Plan (ESPP) Overview of ESPP and its benefits as a financial strategy. Potential for a guaranteed return of 10-15% on investments through employer stock purchases. Key Takeaways: Transform Your Savings Rate: Aim for a savings rate of 50% or higher for financial independence. Make Financial Independence Fun: Involve partners to create joy in the budgeting process. Utilize ESPPs: Take advantage of employee stock purchase plans to boost your financial position. Actionable Insights: 72-hour Rule for Impulse Purchases: Implement a waiting period before making impulse buys to avoid regret. Explore Local Workshops: Attend local workshops on financial independence for networking and education. Key Quotes: "Transform your savings rate and change your financial future!" [00:02:15] "Choose experiences over materialism for true fulfillment." [00:07:15] "Engage in shared experiences for a fulfilling life." [00:10:30] Related Resources: ESPP Guide: [choosefi.com/espp] (timestamp [00:33:30])

Transcript

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0:00.0

Because talking about five is the reason I wake up in the morning.

0:04.3

Welcome to your Friday roundup.

0:07.0

You're listening to Choose FI Radio.

0:14.3

The blueprint for financial independence lives here.

0:25.0

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

0:30.0

you're in the right place.

0:31.8

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

0:36.7

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

0:40.9

Choose FI, your home for financial independence online.

0:55.0

It's a rainy week and an all-too-short season of spring.

1:03.8

And this morning Brad and I are going to be talking about financial independence.

1:06.4

Hey Brad, how you doing today, buddy?

1:08.0

I am doing quite well, Jonathan.

1:09.6

As I keep talking about my pool opens this weekend so hopefully it's been a little bit

1:14.3

rainy here in Richmond for a couple days now.

1:16.7

So hopefully this sky is clear and we'll be just hanging out at the pool like we intend

1:20.7

to do for the next three months.

1:22.0

So yeah, good times for sure.

1:23.6

And yeah, what's going on with you?

1:25.2

Actually have this upcoming Memorial Day off so four day weekend and I fully plan on

1:29.2

enjoying it.

1:30.2

Well you know this past Monday we had the episode with Jolenelexus from fi180.com and their

...

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