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ChooseFI | Financial Independence Podcast

Time Is On Your Side

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Careers, Business, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 9 August 2019

⏱️ 56 minutes

🧾️ Download transcript

Summary

Most people lose money on cars β€” Sonny Burns turned car flipping into a repeatable profit machine in just three hours. Brad and Jonathan unpack how a listener's side hustle story reveals hidden opportunities in everyday transactions, plus practical wins like timing your DMV visit and opening a Roth IRA for your kid. Timestamps & Topics: 00:00:41 – DMV strategy: How to skip the wait by avoiding Fridays and peak hours 00:06:20 – Grit and the gig economy mindset 00:12:10 – Sonny Burns' car flipping story: buying low, selling high with minimal capital 00:16:04 – Setting up a Roth IRA for children and why early investing matters 00:36:30 – Listener questions on balancing debt paydown vs. investing Key Quotes: "Planning ahead can save you hours of waiting at the DMV." (00:02:08) "Look for market inefficiencies to unlock potential income streams." (00:10:03) "Own your time; design your life around financial freedom." (00:05:12) Terminology: Roth IRA (00:16:04): A retirement account where contributions are after-tax and qualified withdrawals are tax-free. Market Inefficiency (00:10:03): When an asset's price doesn't match its true value, creating profit opportunities. Car Flipping (00:07:20): Buying vehicles below market value and reselling them for a profit. Action Items: Research off-peak times for your local DMV to minimize wait (00:03:00) Identify market inefficiencies in your area for side income opportunities (00:10:03) Open a Roth IRA for your child if they have earned income (00:16:04)

Transcript

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0:00.0

Your listening to Choose FI Radio.

0:09.6

The blueprint for financial independence lives here.

0:20.4

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

0:25.4

you're in the right place.

0:27.2

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

0:32.0

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

0:36.3

Choose FI, your home for financial independence online.

0:42.4

Alright guys, super excited to dive into this week's episode and talk about our takeaways

0:55.4

on what effectively would be a hard look at grit and the freelance the gig economy.

1:01.6

And to help me with this, I have my co-host brand here with me today.

1:04.8

How you doing, buddy?

1:05.8

Hey, Jonathan, I am doing quite well.

1:07.4

Yeah, what's going on in your world?

1:09.0

Well, I went back to the DMV, the Department of Motor Vehicles for the Uninitiated.

1:14.3

This never ends well.

1:15.5

Doesn't start well either.

1:17.7

So I was in the airport on one of our trips that we were on recently and I noticed that

1:21.5

in the Richmond airport, they were saying that it would be in my best interest to update

1:26.5

my driver's license.

1:27.8

Virginia, a commonwealth is, yes, we're not a state, we're a commonwealth, is saying that

1:33.8

we need to update our driver's licenses to be compliant with federal guidelines or calling

1:38.8

this a real ID.

...

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