The Value of Soft Skills

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 • 5.2K Ratings

🗓️ 20 April 2018

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

A high-income dental specialist boosted his savings rate from 60% to 70% — not by slashing spending, but by questioning a single housing decision. This episode stitches together listener stories that prove financial independence isn't about having the biggest shovel; it's about knowing where to dig. Jonathan and Brad unpack voicemails from Tim, who earns well but wrestles with lifestyle creep, and Luke, a military member who traded rent for a vintage camper trailer. They also revisit their conversation with Chris Hutchins, whose grandparents' frugal choices sparked a different kind of rebellion: one that prioritizes relationships and intentional living over blind cost-cutting. And they spotlight M1 Finance, a commission-free platform they're increasingly excited about for fractional shares and leveraging invested assets. Key Topics Discussed Chris Hutchins' Journey [00:06:26] Chris's grandparents' frugal lifestyle inspired him — but also taught him that rebellion has limits Relationships are critical in achieving financial goals, often more so than strict frugality Balancing intentional spending with financial discipline creates sustainable progress M1 Finance Discussion [00:41:11] Commission-free investment platform for fractional shares of ETFs and individual stocks Offers loans against invested assets, letting users access funds during emergencies without selling Keeps investors fully deployed while maintaining liquidity when needed Listener Stories [00:49:10] Voicemail from Tim: High-income dental specialist shares his path to FI and the challenge of lifestyle creep Financial independence isn't income-dependent — it's about calculated expense management and savings discipline Voicemail from Luke: Military member lives in a vintage camper trailer to slash housing costs Yearly housing expenses drop significantly, freeing up savings and creating personal satisfaction Chapters [00:00:00] Intro and Overview [00:06:26] Chris Hutchins' Journey [00:41:11] M1 Finance Discussion [00:49:10] Listener Stories [00:49:10] Voicemail from Tim [00:55:42] Voicemail from Luke [01:03:36] Closing Remarks Key Quotes "Rebellion has limits; find balance." [00:10:49] "FI is a mindset, not just a number." [00:30:40] "Stand out: leverage your unique skills!" [00:27:41] "From 60% to 70% savings rate is powerful!" [00:59:06] Terminology FI: Financial Independence, the state of having sufficient personal wealth [00:00:07] M1 Finance: A commission-free investment platform allowing fractional share purchases [00:42:09] Talent Stack: Combining various skills to create unique competencies for career advantage [00:24:19] Action Items Reflect on your current savings rate and find one area to improve it [00:59:06] Explore potential relationships that could help advance your career opportunities [00:11:15] Consider your skills and how they can assist others in the FI community for mutual benefit [00:27:41] FAQs What is M1 Finance and how does it work? M1 Finance is a commission-free investment platform allowing users to purchase fractional shares of stocks and ETFs with a focus on user-friendly design. [00:42:09] How can I boost my savings rate? Evaluate your expenses and find creative solutions, such as minimizing housing costs or embracing frugal practices. [00:59:06] What are some unique options for housing on a budget? Consider alternatives such as vintage campers or tiny homes for affordable living solutions, particularly in high-cost areas. [00:56:12] Why is relationship-building important in personal finance? Cultivating relationships can provide valuable opportunities and connections that facilitate career growth and financial success. [00:11:15] What steps can I take to achieve financial independence? Focus on intentional spending, explore multiple income streams, and adopt a mindset of continual learning and adaptation. [00:52:02]

Transcript

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0:00.0	Hello and welcome to the ChooseFI radio podcast and today's show we're going to explore takeaways on the episode with Chris Hutchins from Grove.
0:06.6	Tim shares his path to five which involves a great income shovel but the ever present lifestyle creep.
0:12.4	Luke shares his house hack while being in the military and then we discuss what is quickly becoming our favorite financial tool M1.
0:19.7	Welcome to the ultimate crowdsource personal finance show this is your Friday roundup.
0:26.1	You're listening to ChooseFI radio.
0:30.9	The blueprint for financial independence lives here.
0:41.7	If you're looking to unlock the secrets to financial independence and early retirement you're in the right place.
0:48.4	Stay tuned and join a community of like-minded people who are getting all fans to hear and taking control of their lives in the pursuit of financial independence.
0:57.7	ChooseFI your home for financial independence on live.
1:11.2	Alright man lots of cover today's episode is one of those things that we have set ourselves up to try to constantly be learning new information, finding new tools, finding new life optimization strategies both on the financial side and on the personal side.
1:24.7	And you realize that it's not just easy to do this but man the journey is so much fun and I'm excited to dive into this past week's episode.
1:33.7	Yeah I totally hear you Jonathan this was a great one with Chris Hutchins from Grove just enjoyed meeting him enjoyed getting a chance to kind of pick his brain and find out about his story and yeah it sounds like a very cool.
1:46.1	Company they put together and done it for the right reasons so yeah we'll certainly dive into that in a couple minutes but yeah what's going on about you.
1:54.0	Well the biggest thing is my son he is growing up man like I kind of you know I remember him being born and I remember him crying through the night and was trying to figure out that whole situation but just yesterday he literally had a hand on one toy and then he picked up the other toy and just for a second he didn't realize it but he was standing on his own he had his own bounce and then he realized that he freaked out and he sat down but we are right at the cusp of watching him walk and this is amazing because he was born.
2:23.6	About this time last April and if you remember the day after he was born we came and we recorded a show for the podcast so this is all happened so fast it's just amazing to kind of watch these both of these things my son and this podcast grow together.
2:37.2	Yeah that's really really cool and yeah I can got some sure I think Danny took a picture of it right and put it on Facebook I feel like I saw him standing and he looks so big now it's crazy it is it really really is hey not too much longer and I'm going to get him employed on the show in some capacity I'm going to start working on funding that
2:53.0	Roth for him I don't know what that early ages but we need to really look into that nice hey well Jeremy from go Kartkaka right he took pictures of his son and put him on the website and put him on the cover of Winnie's book I think so I'm not sure that there is necessarily an age that you can do it but yeah if we can find legitimate work for him let's do it.
3:11.8	And you know he's only one so that's probably a little bit of a hard task but hey Anna you know she's trying to become a millionaire by the age of 14 there's probably room for an internship I don't know we got to think this through.
3:21.9	That would be cool the funny thing is she loves to write and I was actually thinking about starting a blog for her I know we talked about that recently in just in the past episode or two about how to start a blog and that actually peak my interest of wow this would actually be pretty cool like here's this kind of second generation ultra ultra frugal little kid.
3:41.0	Dude I got to cut you off like we locked down that domain second generation fire calm why don't you start having to write a couple articles and we'll post them up there and then if people have their kids want to write their first article you know like just what is it like to be second generation fire from their perspective they can send them to us and we can post them there as well how amazing would that be wow that's a really good I had that line that was just now.
4:06.5	Yeah I was going to tell you how Anna admonishes us for for spending too much money but yeah that's that completely supersedes my thought for sure yeah that's me man I like that.
4:17.2	Well tell us how she admonishes us let's let's hear about that I don't want to cut that short that could be an article though yeah no it certainly could be and yeah I I fear that she might be a little too hard line for second generation fire she's a bit of a of a nut sometimes but yeah I mean I had mentioned how we're buying a new house and while we are trying to get a new house
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