ChooseFI | Financial Independence Podcast

ตอน

• 605 | Retire in Less Than 10 Years 29.06.2026 1ชม. 7นาที

  At 21, Cody Berman appeared on ChooseFI as a college student discovering financial independence. Three years later, he retired at 26. Now 30 with a $5 million net worth, he's back to reveal exactly how he compressed a decades-long journey into a three-year sprint—and why the same principles work whether you're 25 or 55. The Journey from 22 to FI at 26 00:05:30 Cody's path to financial independence was methodical and aggressive. Between ages 22 and 25, he experimented with over 20 side hustles, scaling his income from $96K to more than $400K annually. The key? He kept expenses locked at just $24K per year—creating a massive gap of $625K over three years. That gap fueled three wealth-building engines: $500K in stock market investments (VOO, VTSAX, VTI) 13 rental properties generating $3,700/month in passive income Digital products businesses producing $10K/month By his 26th birthday, Cody had achieved "cashflow FI"—his passive income streams covered living expenses without touching his investment portfolio. The Psychology of Financial Independence 00:18:00 Brad and Cody explore why some people achieve FI while others with similar incomes stay stuck. The answer isn't math—it's psychology and awareness. Cody attributes his success to having a clear destination. When you know exactly where you're going and why it matters, spending $100 on something that doesn't serve that destination becomes harder than saying no. The infamous "second marshmallow" experiment demonstrates this: delaying gratification becomes easier when you're aware of what you're trading for. As Cody puts it: "Earn more, spend less, invest the gap. Very simple. That is financial independence in a nutshell." Passive Income Reality Check 00:28:00 Let's demolish the myth of truly passive income. Cody manages 13 rental properties—but spends just 4-5 hours per month on them. This represents the spectrum of passive income: not zero effort, but minimal effort relative to the returns. The secret? Working in seasons rather than constant hustle mode. Some months require more attention (tenant turnover, maintenance issues), while others are nearly hands-off. Cody's businesses also follow this pattern—periods of intense development followed by relative autopilot. Brad reinforces this with math: "Every $100 a month you can cut out of your budget is $30,000 less you need in your FI number." Over 20 years, that $100/month compounds to $60K invested. That's a $90K swing from a single optimization. Designing the Perfect Tuesday 00:42:00 Forget exotic vacations—FI is about winning on a random Tuesday. Cody and Lauren's ideal weekday reveals what financial independence actually looks like: Morning: Wake naturally, coffee together, workout (him: gym; her: Pilates), shower, work on creative projects they enjoy Midday: Lunch together, afternoon walk in their neighborhood, separate time for individual pursuits Evening: Dinner together, reading, quality time before bed Nothing dramatic. No yachts. Just complete autonomy over every hour of a normal day. They maintain this through monthly alignment meetings—typically at a restaurant over a nice meal—covering: Money and real estate Health and fitness Travel plans Relationships (with a safe space to address concerns) Friends and family A rotating category Goals for the next month They also record an annual video reviewing the year, creating a time capsule of their journey. Post-FI Life and the Book 00:58:00 What actually happens when you achieve FI? Cody shares the uncomfortable truth: "Anything that you say that you want to do and that you don't do is a Cody problem. Before FI, you can blame things on time. You can blame things on money." When those excuses disappear, you're left facing yourself. That can be liberating and terrifying. His new book, Retire by Thirty, addresses this and more. Like Tim Ferriss's The Four Hour Workweek, the title is provocative but the principles are universal. Whether you compress your FI journey from 50-55, 33…
• 604 | Getting Personal With Personal Finance: Bill Yount 22.06.2026 1ชม.

  Bill Yount reached financial independence at 60—then froze. His financial advisor confirmed 100% security, yet instead of relief, he felt disoriented fog. The emergency medicine physician who transformed from YOLO spender to 40% saver now struggles with a question that haunts many late starters: if I'm financially free, why can't I leave? Key Topics Discussed 00:05:30 The Wake-Up Call: From YOLO to Financial Awareness Bill's trifecta of mistakes at age 50: being house poor after an underwater renovation, maintaining a single-digit savings rate, and panic-selling stocks at market bottom. A lawsuit became the catalyst for confronting financial reality and transforming to a 30-40% savings rate within a decade. 00:15:00 The Emotional Journey: Anger, Shame, and Transformation Processing the emotional weight of starting late requires confronting anger, shame, and regret. Bill explains how downsizing from material excess created unexpected freedom, and why late starters must do the psychological work alongside the mathematical calculations. 00:22:00 The Partnership: Wife's Role and Family Dynamics Bill's wife became Chief Visionary Officer, returned to work full-time, and they saved her entire income through solo 401(k)s. Their journey debunks the "rich doctor syndrome" myth—25% of physicians at age 60 aren't even millionaires. 00:28:00 The Fog of FI: Reaching the Number and Not Knowing What's Next Sitting across from a financial advisor who confirmed complete financial security, Bill experienced unexpected confusion instead of celebration. This disorienting state—FOGO, or fear of getting out—reveals how identity and emotion don't automatically align with mathematical achievement. 00:35:00 One More Year Syndrome and Identity Struggles Despite being FI, Bill continues working twelve-hour emergency medicine night shifts. He candidly explores identity wrapped up in being a doctor, the meaning derived from patient care, and the difficulty of imagining life beyond the hospital. 00:42:00 The Glide Path: Cutting Shifts and Taking Action After Doc G asked for "one good reason" to keep his current schedule and Bill couldn't answer, he committed to cutting two shifts per month. This gradual approach offers an alternative to the all-or-nothing retirement cliff. 00:50:00 Lessons for Late Starters: Beliefs and Barriers Common limiting beliefs that paralyze late starters include "I'm too far behind," "I don't make enough," and "I don't know enough." Bill emphasizes it's always the right time to start, and the math works the same regardless of income level. 00:58:00 Health, Wealth, and Future Planning A frank discussion about neglecting physical health during wealth accumulation. Bill commits to refocusing on exercise and wellness to minimize the gap between healthspan and lifespan during the "go-go years" of early retirement. 01:05:00 Community, Travel, and What's Next Future plans include traveling to Norway with his sons, speaking at KiwiFi in New Zealand, and an ambitious mission: ensuring every medical resident receives a financial plan by 2035. Notable Quotes Bill Yount: "The emphasis, as we say, on late starter is on the starting and not being late." Bill Yount: "Between stimulus and response is a space. And we need to embrace that space because in that space, we need to regulate and choose our response." Bill Yount: "Relationships compound better than money, I think." Bill Yount: "It's better late than never. And we can catch up to FI together." Ginger: "I think a lot of people say, oh, that person is like me, right? And if they can do it, I can do it." Key Takeaways Track your money completely: Know your net worth, understand expenses, and identify where money goes before creating a plan Implement a reverse budget: Save your target percentage (30-40% if possible) off the top first, then spend the rest according to values Address the emotional work: Process anger, shame, and regret about past mistakes. Forgiveness matters as much as spreads…
• 603 | 603: Crash Proof: The Science Of Stock Market Resilience | Brian Feroldi 15.06.2026 51นาที

  The stock market crashes about once every three years—at least a 20% drop. Most investors panic and sell. But if you understood why markets always recover, you'd do the opposite. Brian Feroldi reveals three mechanical forces that guarantee long-term market resilience, transforming market crashes from terrifying events into predictable opportunities. Key Topics Discussed Introduction to Market Resilience (00:00:00) Brad Barrett introduces the concept of understanding market recovery through fundamental mechanics rather than accepting it on faith. Understanding Market Crashes (00:05:00) Brian explains crash frequency: 10% drops every eleven months, 15% every two years, 20% every three years, 30% once a decade, and 40%+ drops two to three times per century. Force #1: Stocks Follow Earnings (00:10:00) The first fundamental force—stock prices track corporate earnings over time. Brian introduces the man-and-dog analogy: the man (profits) walks steadily uphill while the dog (prices) runs wild on an elastic leash. Watch the man, not the dog. Force #2: Earnings Always Recover (00:25:00) Brian breaks down the five-phase economic recovery process: cost-cutting, cleansing, government intervention, innovation, and emergence. The Forest Fire Analogy (00:32:00) Economic downturns function like forest fires—clearing deadwood, eliminating weak competitors, and creating optimal conditions for new growth. The COVID pandemic demonstrated this: remote work jumped from under 10% to over 90% in four months. Force #3: Profits Rise Over Time (00:48:00) Five systematic drivers cause profits to rise: productivity gains, inflation, innovation, geographic expansion, and population growth. These forces ensure long-term upward trajectory despite temporary setbacks. Investor Psychology and Closing Thoughts (00:55:00) Discussion about investor behavior during crashes and the importance of saving this episode for future market downturns when emotional fortitude matters most. Notable Quotes "Stocks follow earnings. As go the earnings of a company or an index, also goes the price or the market value of that same index." — Brian Feroldi "The best time to buy is at the period of maximum pessimism. And the period of maximum pessimism is precisely when you absolutely do not want to buy." — Brian Feroldi "Ninety percent of good investing is how you behave in the 10% of time that things are not going well." — Brian Feroldi "Think of the man walking a dog on an elastic leash. The man represents profits, the dog represents stock prices. Watch the man, not the dog." — Brian Feroldi "Innovation accelerates when times are tough. Necessity is the mother of invention." — Brad Barrett and Brian Feroldi Key Takeaways Google "S&P 500 earnings" and study the 100-year chart showing earnings rather than just stock prices to see the steady upward march of the "man" Save this episode in your investor policy statement to re-listen during the next market crash when you need psychological reinforcement Set up automatic dollar-cost averaging contributions to retirement accounts and commit to never stopping them during downturns Review your asset allocation if you're within 10 years of financial independence to ensure appropriate risk levels and cash cushions Markets typically bottom when news is worst because prices predict earnings recovery 6-9 months ahead Resources and Links Why Does the Stock Market Go Up? by Brian Feroldi The Simple Path to Wealth by JL Collins JL Collins Guided Meditation for Market Drops Afford Anything Podcast with Paula Pant Camp FI Brian Feroldi on YouTube Brian Feroldi on Twitter/X Brian Feroldi on Instagram Brian Feroldi on Threads
• 602 | FI 201 Beyond FI Basics: Asset Allocation & Market Psychology Mastery 08.06.2026 1ชม. 1นาที

  Most investors lose to the market because they're trying to pick winners in a game where only 4% of stocks have created 100% of market wealth over the past century. The math isn't in your favor—but there's a simpler path that is. Key Topics Discussed Introduction to FI 201 (00:00:00) Jonathan introduces the concept of Financial Independence 201, explaining how it builds on FI 101 to help individuals progress from control to optimization and independence on their FI journey. The Genesis of FI 201 (00:05:30) Allen and Kristen explain how they identified the need for a 201-level presentation based on questions emerging from their St. Louis FI 101 sessions, particularly around investing concepts. Asset Allocation Fundamentals (00:15:00) Allen breaks down asset allocation as 'your money pie,' discussing how to balance growth, safety, and emergency funds while considering time horizons and diversification strategies. Risk Tolerance vs Risk Capacity (00:22:00) The team explores the critical difference between emotional risk tolerance and actual risk capacity, using examples from 2008 and 2020 market crashes to illustrate real-world application. Tax-Advantaged Account Strategies (00:35:00) Allen and Brad discuss the various tax treatments of investment accounts including 401(k)s, 457(b)s, Roth IRAs, HSAs, and taxable brokerage accounts, emphasizing lifetime tax optimization. Individual Stocks vs Index Funds (00:48:00) The hosts examine the data on individual stock picking, revealing that only 4% of stocks have contributed to 100% of market wealth over the past century, making a strong case for index investing. Dividends and Tax Control (00:55:00) Brad and Allen discuss why the FI community often prefers capital gains over dividend income, focusing on the importance of maintaining control over when and how you realize taxable events. Notable Quotes "You can't save your way to FI, you have to invest." — Allen Hansen "When there's a dip, you essentially get to buy the market on sale. If you love a bargain, this is it." — Brad Barrett "Why in the world do we not think that way when it comes to the market? Our brain completely flips. We're like, ah, we're scared." — Kristen Knapp "It's not what's my tax this year. It is what is going to be my tax burden over my lifetime." — Brad Barrett "The best investing lesson: stand there and do nothing. If you're invested, just don't do anything and you're going to be rewarded." — Allen Hansen Key Takeaways Assess your own risk tolerance and risk capacity honestly by considering how you would react to a 30% portfolio drop Review your current asset allocation across all accounts and determine if it aligns with your time horizon and financial goals Calculate the difference between your marginal and effective tax rates to understand your true tax burden Identify which tax-advantaged accounts you have access to (401k, 457b, 403b, HSA, IRA) and ensure you're maximizing employer matches Track every dollar of taxable income if you're on ACA subsidies or approaching any subsidy cliffs to avoid losing benefits Consider whether you have the right balance between taxable, tax-deferred, and tax-free accounts for maximum flexibility in retirement Join or start a local FI group to benefit from community wisdom and learn from others at different stages of the journey Review your portfolio for dividend-heavy investments and consider whether you'd prefer more control over when you realize taxable events Resources & Links FI Friends Travel The Simple Path to Wealth by J.L. Collins Tax Planning to and Through Early Retirement by Sean Mullaney and Cody Garrett ChooseFI Community App St. Louis FI Group BlackBerry Documentary (Netflix) Arizona State University Stock Market Wealth Study Brian Feroldi (individual stock investing advocate) Investopedia
• 601 | Travel Rewards 101 | Devon Gimbel from Point Me to First Class 01.06.2026 1ชม. 17นาที

  Devon Gimbel just booked over $250,000 in travel last year using credit card points—but she's the first to tell you award travel isn't "free." It's a strategy for 10x-ing your existing travel budget by strategically matching your routine spending to the right credit cards. Since ChooseFI's original Travel Rewards 101 in 2017, the landscape has matured: annual fees are higher, issuer rules are stricter, and new players like Bilt have revolutionized the game by letting you earn points on rent and mortgage payments. Yet the fundamentals remain: with deliberate card selection and an understanding of transferable points currencies, it's still entirely possible to unlock one to two meaningful trips per year—whether that's economy flights to national parks or first-class seats to Tokyo. Key Topics Discussed 00:00:00 - Introduction and State of Travel Rewards in 2026 Brad introduces Devon Gimbel and discusses how travel rewards have evolved since ChooseFI's first Travel Rewards 101 episode in 2017. They address whether earning significant travel value is still possible despite higher annual fees and stricter rules. 00:05:30 - The Evolution of Award Travel Community Devon reflects on how the travel rewards community has matured since 2013-2014, moving from a monotone focus on premium cabin travel to showcasing diverse travel styles including domestic trips, family travel, and national park adventures. 00:11:45 - Getting Started: First Steps for Beginners Devon outlines how beginners should approach travel rewards by analyzing their top spending categories and selecting one or two intentionally chosen credit cards with strong bonus categories rather than immediately pursuing dozens of sign-up bonuses. 00:16:20 - Sign-Up Bonuses vs. Everyday Spend Strategy Discussion of the balance between chasing new card welcome bonuses and building a sustainable credit card portfolio with strong category bonuses. Devon explains why a hybrid approach works better for most people than constantly opening new cards. 00:22:15 - Understanding Bonus Categories Deep dive into how credit card bonus categories work, why they matter, and how strategic matching of spending patterns to bonus categories can dramatically increase points earning without changing spending behavior. 00:30:00 - The Power of Flexibility Brad and Devon discuss various dimensions of flexibility in travel rewards including travel dates, destinations, airports, cabin class, and types of points currencies. They share contrasting examples from their recent Japan trips. 00:38:45 - Transferable vs. Fixed Points Currencies Devon explains the critical difference between transferable points programs (Chase, Amex, Capital One, Bilt, Citi) and fixed airline/hotel programs, comparing them to Visa gift cards versus single-merchant gift cards. 00:47:30 - The Rise of Bilt Rewards Discussion of how Bilt has emerged as a major transferable points currency, offering the ability to earn points on rent and mortgage payments while providing strong transfer partners that directly compete with Chase Ultimate Rewards. 00:55:00 - Credit Card Issuer Restrictions in 2026 Devon outlines how credit card eligibility rules have tightened, including Chase's evolving restrictions and once-per-lifetime language similar to American Express, emphasizing the importance of deliberate card selection. 01:02:15 - Calculating Travel Value and Points Redemption Devon shares her methodology for calculating the value of points redemptions using her family's Lufthansa first class trip as an example, discussing the difference between 'free travel' and maximizing travel budget value. 01:12:30 - How Devon Earns 6 Million Points Annually Transparent discussion of Devon's points earning including business expenses, mortgage payments through Bilt, quarterly taxes, shopping portals, and strategic use of bonus categories, with acknowledgment that her situation differs from average users. 01:22:00 - Partnership Strategy for Couples Devon expla…
• 600 | FI 101: Teaching Financial Independence to Your Community 25.05.2026 1ชม. 13นาที

  A dead local meetup group attracted just 5 people to its first gathering at a brewery. Two years later, that same group draws 70+ attendees to structured educational sessions, with newcomers driving across multiple states to participate. The transformation reveals something most personal finance education gets fundamentally wrong. Introduction and St. Louis Group Overview [00:00:00] Jonathan and Brad welcome Kristen Knapp and Allen Hansen to discuss how the St. Louis ChooseFI group became one of the most thriving communities in the country. Rebooting a Dormant Community [00:08:30] Kristen shares how she transformed a dormant St. Louis group after attending Camp FI, starting with brewery meetups and evolving to structured case studies that dramatically increased engagement. The Genesis of FI 101 [00:15:45] The hosts discuss how new members needed basic FI education, leading to the creation of a structured FI 101 program that attracted 70+ attendees and continues to grow. Kristen's Journey to Part-Time Work [00:22:10] Kristen shares her 30-year broadcast meteorology career and how the FI community gave her the confidence to negotiate a part-time arrangement, creating space for her FI Friends Travel venture. Allen's Perspective on Giving Back [00:31:20] Allen discusses his motivation to help others after reaching FI himself, emphasizing that anyone can make mistakes and still succeed on the path to financial independence. Structuring FI 101 Content [00:38:00] The group breaks down the essential components of FI 101: defining financial independence, the shockingly simple math of early retirement, and the financial order of operations. The Importance of Your Why [00:45:30] Jonathan proposes that understanding your personal why for FI should be the foundation of any FI 101 program, making it more compelling than traditional personal finance education. Investment Fees and Opportunity Cost [00:52:15] Brad delivers a detailed breakdown of how investment fees can cost millions over a lifetime, using concrete examples to illustrate the importance of low-cost index funds like VTI. Action Items and Next Steps [01:05:40] Allen outlines the two critical action items for FI 101 attendees: tracking net worth and monitoring spending, while the group discusses cadence for ongoing educational sessions. Preview of FI 201 and Future Plans [01:12:00] The hosts wrap up by discussing plans for a second episode covering FI 201 content and how local groups can iterate and improve their educational programming. Notable Quotes "I created what I wished existed. Nobody else is going to do it. Why not me?" — Kristen Knapp "After fifteen years of marriage, we finally hit broke. I think that resonates with people. We did it all wrong with credit card debt, you name it." — Allen Hansen "You can't save your way to FI. It's just almost impossible. You have to invest those dollars." — Allen Hansen "FI is not this passive endeavor and FI is not just about the nuts and bolts of money. This is about a constantly evolving mental framework." — Brad Barrett "Being around other people on the same path is one hundred percent the reason I've been able to create this life, because I would have never even had the idea or the courage to do any of this." — Kristen Knapp Key Takeaways Your savings rate matters more than your income. Someone earning $50,000 and saving 50% will reach FI faster than someone earning $150,000 but saving only 10%. Investment fees compound negatively. A 1% advisor fee plus 1% fund fees can reduce a potential $7.2 million portfolio to just $3.9 million over 40 years. Your FI number is calculated by multiplying annual expenses by 25, based on the 4% safe withdrawal rule. Understanding your personal "why" for pursuing FI is more compelling than traditional budgeting advice and provides the motivation needed for long-term success. Community makes the difference. Local FI groups provide accountability, education, and the courage to make life-changing decis…
• 599 | ABLE Accounts: Major Update | Brynne Conroy 18.05.2026 36นาที

  Brynne Conroy joins to discuss 529A ABLE accounts and massive new changes that nearly double eligibility for these accounts for those with disabilities.
• 598 | Deep Dive Hot Seat with Brad and Ginger 11.05.2026 55นาที

  Ginger asks Brad a series of hard hitting questions on life and FI.
• 597 | What if Your FI Life Started Tomorrow? | Adam Coelho | Ep 597 04.05.2026 1ชม. 7นาที

  Adam Coelho stood on stage presenting to Google's CEO at a leadership conference, the culmination of his 14-year career training thousands of Googlers in mindfulness and emotional intelligence. One week later, he was placed on a performance improvement plan—the corporate equivalent of being told your time is up. His story reveals a fundamental truth about financial independence that most people miss until it's too late: having enough money to walk away isn't the same as knowing where to walk toward. Key Topics Discussed [00:00:00] Introduction and Adam's Return Brad welcomes Adam back to explore his transition from Google and introduce the central question: if FI life started tomorrow, what would you actually do? [00:03:30] The Necessary vs. Sufficient Framework Adam introduces the concept that FU money alone isn't enough for true resilience. Unexpected life events can thrust anyone into early retirement without warning, and financial preparedness without life preparedness leaves you directionless. [00:08:15] Identity Beyond Work How much of your identity is tied to prestigious roles and external markers of success? The challenge of discovering who you are when those markers disappear. [00:14:00] Adam's Story: From Peak to Performance Warning The journey from presenting at Google CEO's leadership conference to being placed on a performance improvement plan illustrates how quickly circumstances can change—and why preparation matters. [00:22:00] The Power of Vision and Envisioning The neuroscience behind envisioning: neuroplasticity, how our brains are prediction machines, and why the future we expect is the one we tend to create. [00:32:00] Practical Envisioning Exercises Step-by-step guidance on envisioning your FI life, including the FI Life Jumpstart exercise, journaling practices, and thinking bigger than your current constraints. [00:40:00] Client Success Story: Nick the Flight Doc How one client transformed his life by thinking bigger about his vision, leading to international medical mission trips and better work-life balance. [00:46:00] Planting Seeds: Vision Practices Specific practices for reinforcing your vision: visualization, mindset affirmations, talking about your vision, and mini experiments. [00:54:00] Day One of FI Life Adam describes his actual first day after leaving Google, the importance of giving yourself grace, and transitioning from corporate pace to entrepreneurial freedom. [01:02:00] Final Lessons and Closing Key takeaways about mourning old identities, avoiding the trap of hitting a number without a plan, and starting to live your FI life now. Notable Quotes "FU money is absolutely necessary, but not sufficient on its own. There's actually a second half to true resilience." — Adam Coelho "If FI life started tomorrow, what would you do? We're all on this path to financial independence, but if that life started tomorrow morning, are you ready to start living it?" — Adam Coelho "FU money gives you options and security, but vision gives you direction and momentum." — Adam Coelho "Our story creates our reality. Everything you think, feel, and pay attention to changes the structure and function of your brain." — Adam Coelho "FI number is necessary but not sufficient for a great financially independent life. I think the money without the plan of what does life look like, without the experimentation, without the resilience to take the ups and downs of how life throws things at you, I think if it's just the money, I think you're hopelessly lacking." — Brad Barrett Key Takeaways Download the FI Life Jumpstart exercise at mindfulfire.org/choosefi and complete the envisioning journaling prompt this week Identify one mini experiment you can try this month that aligns with your vision for FI life—something low-risk and low-cost Create 3-5 mindset affirmations based on who you want to become and practice them during meditation or quiet reflection Talk to at least one person about your vision for FI life this week t…
• 596 | Mistakes Were Made 27.04.2026 1ชม. 8นาที

  Even financially independent people have lost fortunes to bad investments, high-fee funds, and speculation. Brad Barrett, Alan Donegan, and Katie Donegan lay bare their most expensive mistakes—from Alan's 90% dot-com crash loss to Katie's near-£1 million fee trap to Brad's decade-long real estate nightmare—proving that catastrophic errors don't prevent you from reaching FI if you learn the right lessons. Key Topics Discussed [00:00:00] Introduction: Why Share Mistakes? Brad introduces the episode concept, explaining why sharing financial and life mistakes can help others avoid similar pitfalls on their FI journey. [00:03:30] Alan's Dot-Com Bubble Disaster Alan shares how he lost 90% of his £7,000 life savings investing in high-tech managed growth stocks right before the dot-com crash, and how this scared him away from stock market investing for 13 years. [00:08:45] Brad's Early Investment Mistakes Brad discusses investing in WorldCom and other 'top picks' that went bankrupt, plus getting sold a mutual fund with horrible loads, highlighting that there's no secret investment knowledge reserved for the wealthy. [00:13:20] Katie's High-Fee Fund Trap Katie reveals how a financial advisor convinced her to invest in actively managed funds with 2.71% ongoing fees plus 3% entry charges, a mistake that would have cost her and Alan £1 million if they hadn't discovered index investing. [00:18:50] Brad's Real Estate Speculation Nightmare Brad shares his biggest mistake: speculating on golf course community properties with interest-only loans right before the 2008 crash, causing over a decade of stress and significant financial loss. [00:28:15] Alan's Career Mistakes: The Book Incident Alan reveals how he wrote a book called 'How Not to Run a Business' about his boss on the company laptop, got fired, and learned about speaking truth to power and the importance of FI for workplace freedom. [00:32:40] Katie's Confidence and Comparison Struggles Katie discusses how her fixed mindset and comparison with others held her back from pursuing opportunities like netball and football, and how building confidence is as important as building net worth. [00:42:30] The Power of Saying No and Setting Boundaries The trio discusses the difficulty of being direct and honest, the importance of saying no, and how people-pleasing can create more problems than it solves. [00:48:20] Business Mistakes: Email Lists and Sales Fear Alan shares his regret about never building an email list for his successful business and letting fear of rejection prevent him from scaling, emphasizing the importance of owning your platform. [00:54:10] Salary Negotiation and Final Thoughts Brad discusses not negotiating his salary when changing jobs, the hosts wrap up with reflections on learning from mistakes, and encourage listeners to share their own mistakes in the community. Notable Quotes Brad Barrett: "You can make mistakes and you can make catastrophic mistakes, and you can pick yourself back up and you can move on with your life. You're stronger and you're wiser." Alan Donegan: "Your success in life is directly related to how many mistakes you can make as quickly as possible and learn from them." Alan Donegan: "Spend as much time building your confidence as you do your net worth, because it is so powerful in everything you do going forwards." Katie Donegan: "To rinse the value out of the mistakes, it's a lot more valuable if we share them. I would love you to get the value out of my mistake because I've already paid the price." Brad Barrett: "There's no secret. There's virtually no genius. Don't get caught up in wild speculative behavior." Key Takeaways Invest in low-cost index funds like VTI instead of actively managed funds or individual stocks to avoid high fees and poor performance Build an email list from day one if you're starting a business—don't rely solely on social media platforms you don't control Always negotiate your salary when changing jobs or getting promoted Wor…
• 595 | Value Matrix Case Study Series: Part 2 — Required Bloat 20.04.2026 56นาที

  Most people trying to slash their budget hunt for obvious waste—daily lattes, unused subscriptions, impulse purchases. But what happens when you've already cut the fat and your highest expenses are the ones you can't seem to touch: the mortgage, the car payment, the daycare bill? That's required bloat, and it's quietly inflating your FI number by hundreds of thousands of dollars. Key Topics Discussed Introduction to Value Matrix Case Studies (00:00:00) Jonathan recaps the series and introduces three value matrix case studies, following up from episode 592. Case 1: Required Bloat (00:03:00) Exploring a couple with high required expenses including housing, transportation, and childcare. Discussion of seasons of life and time-bound expenses. Insurance Optimization Strategies (00:13:00) Brad and Jonathan discuss how the couple saved nearly $10,000 annually by shopping insurance policies and adjusting coverage levels. Required Expenses: Fixed, Review, and Variable (00:18:00) Breaking down required expenses into three categories and identifying opportunities for optimization even in supposedly fixed costs. Case 2: The Optimized Budget (00:25:00) Examining a couple spending $50,000 annually with highly optimized expenses across all categories, demonstrating what a locked-in FI budget looks like. Self-Insurance Milestone (00:35:00) Discussion of umbrella insurance and the milestone of becoming self-insured enough to cancel term life insurance policies. Case 3: High-Joy Giving (00:42:00) Analyzing a couple spending $17,000 annually on charitable giving and gifts, exploring the intersection of generosity and financial independence. Effective Giving Strategies (00:46:00) Brad covers tax-optimization strategies for charitable giving including donor-advised funds, lumping donations, and donating appreciated stock. Takeaways and Tool Access (00:54:00) Jonathan wraps up with listener feedback and directs people to access the Value Matrix tool at choosefi.com/local. Notable Quotes "Just because it's required doesn't mean that we ignore it. We're going to put all of this into our process, into our value matrix." — Jonathan Mendonsa "There are definitely seasons to this. Take a deep breath and understand you're still doing great and you're still making plans to supercharge your path to FI." — Brad Barrett "Sometimes when you just get a different quote, you are shocked by how inexpensive it is. It always pays to just get different quotes on insurance." — Brad Barrett "When you have opened up your hands earlier to share in any way that you choose to do it, you are going to definitely avoid this feeling of hoarding." — Jonathan Mendonsa "Wouldn't it be cool if every single item showed up as high joy? That would just really show that you're living an aligned life regardless of cost." — Brad Barrett Key Takeaways Complete an expense audit categorizing all spending into groups (housing, transportation, food, etc.) before using the Value Matrix tool Shop your insurance policies annually—home, auto, health, life, and umbrella—to ensure you're getting competitive rates Categorize each required expense as Fixed, Review, or Variable to identify optimization opportunities Consider higher-deductible health insurance plans (like ACA bronze) if you're healthy to reduce premiums while maintaining catastrophic coverage If charitable giving is important to you, explore tax optimization strategies like donor-advised funds or donating appreciated stock Access the Value Matrix tool at choosefi.com/local under Tools and Resources to visualize your spending alignment Review time-bound expenses (daycare, car payments, student loans) and calculate how your FI number will decrease when they end Join the ChooseFI community giving forum to discuss effective giving strategies with like-minded individuals Resources and Links Effective Giving for the FI Community (Episode 483) FI Lanthropy Pledge ChooseFI Value Matrix Tool yieldandspread.org YNAB (You Need A Budget) Mint Mob…
• 594 | Travel Rewards Deep Dive with Noah 13.04.2026 1ชม. 15นาที

  Episode 45: Maximizing Travel Rewards with Financial Independence In this episode of ChooseFI, Brad Barrett and travel rewards expert Noah G. dive into the world of travel rewards, focusing on maximizing points to achieve financial independence and nearly free vacations. They discuss the value of points, strategies for their redemption, and introduce tools to optimize travel savings, offering practical advice for listeners. Key Topics Discussed Introduction to travel rewards and their role in financial independence Noah G.’s journey and expertise in travel rewards Methods to maximize point value and determine cents per point Tools and resources for enhancing travel savings Timestamps 00:00:00 - Introduction to Travel Rewards 00:01:30 - Noah's Journey and Expertise 00:03:00 - Maximizing Point Value 00:05:00 - Tools for Travel Savings Resources and Links Mentioned awardtool.com pointsyeah.com flightconnections.com seats.aero pointspath.com Key Takeaways Calculate cents per point to assess the value of travel points. Use resources like awardtool.com to optimize travel rewards. Engage with community resources for the latest point redemption tips. Notable Quotes "Your points are a finite resource." - Brad Barrett "Think about what your points are worth and when to spend them." - Brad Barrett "I met you at a ChooseFI meetup at a local brewery." - Noah G. Speakers Brad Barrett - Co-host of ChooseFI Noah G. - Travel Rewards Expert Whether you're a travel hacking newbie or a seasoned point redeemer, this episode provides valuable insights and strategies to make the most of your travel rewards within the financial independence framework. ▶ Listen Next: Ep. 595 — Value Matrix Case Study Series: Part 2 — Required Bloat | Essential Listening
• 593 | Book Club: 'Goodbye, Things' with Liz Gets Loaded | Ep 593 06.04.2026 1ชม. 11นาที

  Episode Show Notes Episode Summary Ginger and Liz from Liz Gets Loaded explore Fumio Sasaki's book, "Say Goodbye to Things," discussing the principles of minimalism and their impact on emotional well-being and lifestyle choices. They share personal insights and practical tips on downsizing and living a more intentional life. Key Topics Discussed Introduction to Minimalism Definition and Principles of Minimalism Personal Experiences with Downsizing Summary and Key Themes of "Say Goodbye to Things" Practical Minimalism Tips Valuing Experiences over Material Possessions Resources and Links Mentioned Liz Gets Loaded Say Goodbye to Things by Fumio Sasaki Timestamps 00:00:00 - Introduction to Minimalism 00:05:00 - Defining Minimalism 00:12:00 - Personal Experiences with Minimalism 00:20:00 - Summary of 'Say Goodbye to Things' 00:32:00 - Practical Minimalism Tips 00:45:00 - Reflecting on Experiences and Values Key Takeaways Reflect on what's truly necessary in your life. Consider a 'store it at the store' approach for bulk items. Evaluate your possessions with the 'would I buy this again' rule. Notable Quotes "Minimalists are people who know what's truly necessary for them versus what they may want for the sake of appearance." - Ginger "Living in the apartment feels like living in a hotel room in the best way." - Liz "He says, 'Get rid of duplicates.' You can still function with one pair of scissors or one pen." - Liz "Experiences resist comparison." - Ginger "Minimalism itself isn't the goal; it's about aligning your life with your values." - Liz Speakers Ginger Liz Gets Loaded
• 592 | Value Matrix Case Study Series: Part 1 — Leaky Budget 30.03.2026 51นาที

  Episode Show Notes Episode Summary In this episode, Jonathan Mendonsa and Brad Barrett introduce the Value Matrix, a tool that maps spending to life satisfaction. They analyze four real spending profiles to show how different approaches can affect financial independence. Learn how aligning expenses with personal values can transform your financial journey. Key Topics Discussed Introduction to the Value Matrix Overview of four diverse spending profiles Expansion of Choose FI community groups Analysis of a leaky budget case study Timestamps 00:00:00 - Introduction to the Value Matrix 00:03:00 - Case Studies Overview 00:10:00 - Community Growth 00:17:00 - Leaky Budget Case Study Key Takeaways Evaluate your expenses using the Value Matrix. Join a local FI group to connect with like-minded individuals. Identify and eliminate unnecessary leaks in your budget. Notable Quotes "Does it go where it matters? Introducing the Value Matrix." — Jonathan Mendonsa "We don't want you just listening; we want you to take action to make your life better." — Brad Barrett "It's about choosing what it is that you value, hence why we're going to get into it today." — Jonathan Mendonsa Resources Choose FI Local Groups Speakers Jonathan Mendonsa Brad Barrett ▶ Listen Next: Ep. 594 — Travel Rewards Deep Dive with Noah | Essential Listening
• 591 | Parent Like a Millionaire Without Being One 23.03.2026 50นาที

  Episode Show Notes Episode Summary Brad Barrett chats with Kristy Shen and Bryce Leung about their new book, Parent Like a Millionaire Without Being One. This episode delves into effective financial strategies for parenting while advancing towards financial independence, debunking myths about the high costs associated with raising children. Key Topics Discussed Misconceptions about the cost of raising children Financial independence strategies for parents Flexible child care options Housing costs and their impact on family budgets The concept of "money trees" for financial goal setting Timestamps 00:00:00 - Introduction and Book Overview 00:05:00 - Financial Strategies for Parenting 00:20:00 - Key Categories of Costs 00:35:00 - Money Trees and FI Goals 00:50:00 - Closing Thoughts Key Takeaways Explore innovative child care arrangements, like co-working spaces with daycare. Evaluate housing decisions as they significantly affect financial stability. Implement "money trees"—small, actionable financial goals for managing expenses. Notable Quotes Brad Barrett: "This book is really for everyone, especially the FI community." Bryce Leung: "Raising a child is often quoted as costing three hundred fifteen thousand dollars until they're eighteen." Kristy Shen: "Flexibility is your superpower. It's your unfair advantage when you're FI." Bryce Leung: "It's a targeted approach to building towards FI." Resources and Links Mentioned Parent Like a Millionaire Without Being One Quit Like a Millionaire Speakers Brad Barrett - Host Kristy Shen - Guest Bryce Leung - Guest Discover practical steps for financial independence and reframe parenting costs into financial opportunities by tuning in. ▶ Listen Next: Ep. 592 — Value Matrix Case Study Series: Part 1 — Leaky Budget | Essential Listening
• 590 | Building An Extraordinary Life Through FI 15.03.2026 1ชม. 13นาที

  In this special episode from Richmond's FI event, uncover insights on how fear impacts our journey toward financial independence. Learn to identify trust signals, experiment with new income ideas, and instill financial literacy into family life. Discover what it takes to live an extraordinary life and inspire future generations.
• 589 | How to Gain Insights from Your Expense Audit Using a Value Matrix 08.03.2026 50นาที

  Most people think they know where their money goes each month… but when they actually run an expense audit, they find hundreds—sometimes thousands—of dollars quietly leaking out of their budget. Today we’re walking through how to run a simple expense audit, how to find those leaks, and how to use a “value matrix” to decide what’s worth keeping—and what’s quietly draining your life and your wallet. Key Tactical Takeaways Conduct an Expense Audit: Review your expenses for February to March to identify spending leaks. Utilize the Value Matrix: Categorize expenses into high/low joy and high/low cost to optimize spending. Regular Check-ins: Establish a routine of auditing and reflecting on your spending habits to refine financial strategies over time. Core Rules & Formulas Rule/Formulas Description Expense Audit Evaluate your spending regularly to identify leaks or unnecessary expenditures. Value Matrix A four-quadrant tool to assess expenses based on joy and cost: - High Joy, Low Cost (Best) - High Joy, High Cost (Consider optimizing) - Low Joy, Low Cost (Keep but examine) - Low Joy, High Cost (Cut or trim) Save 50% Rule Aim for a 50% savings rate to ensure financial security and independence. Tools, Accounts, or Strategies Mentioned Tool/Strategy Description Expense Audit Challenge Community initiative to assess spending from February to March. Value Matrix Tool for analyzing expenses to prioritize spending based on joy and cost. YNAB (You Need A Budget) Budgeting tool that tracks spending efficiently; useful for expense audits. Monarch Money Expense tracking tool integrated with financial accounts for easier audits. Resources & References ChooseFI Community Platform Take Action Start Your Expense Audit: Begin reviewing your expenses now to uncover potential leaks. Engage with the Community: Share your audit findings and strategies on the ChooseFI platform. Utilize the Value Matrix: Apply this framework to reflect on your spending and make informed decisions. Listen to Episode 586 for more details on initiating your expense audit and understanding its importance. ▶ Listen Next: Ep. 591 — Parent Like a Millionaire Without Being One | Essential Listening
• 588 | Navigating the Evolving Health Insurance Landscape 01.03.2026 59นาที

  Cody Garrett provides an in-depth analysis of the changing landscape of health insurance in the U.S., focusing on the Affordable Care Act (ACA) and adjustments to premium tax credits. He emphasizes the critical role that zip codes play in determining healthcare costs and highlights the importance of understanding the 400% federal poverty level cliff, which poses financial risks for many families. Various health insurance options are discussed, including COBRA, retiree coverage, health sharing ministries, and private insurance, equipping listeners with vital insights for making informed healthcare decisions. Listeners will learn actionable strategies for tax planning related to health insurance, including how to maximize benefits and minimize costs while navigating available healthcare options effectively. Key Tactical Takeaways Understand Income Levels: Monitor your income to avoid going over the 400% federal poverty level, which can eliminate premium tax credit eligibility. Evaluate COBRA Costs: Review code DD on your W-2 to understand total health insurance premiums and assess whether continuing with COBRA is financially wise. Explore Health Sharing Ministries: These may have lower premiums but lack the legal protections of traditional insurance; evaluate carefully. Use HSA Contributions: Contribute to Health Savings Accounts to lower taxable income and potentially maintain premium tax credits; you can contribute even without earned income. Utilize Marketplace Resources: Access healthcare.gov to determine premium tax credits based on your specific circumstances, including zip code and household income. Be Cautious with Tax Planning: Adjust advanced premium tax credits based on estimated income cautiously to avoid unexpected tax liabilities. Core Rules & Formulas Rule/Formula Description 400% Poverty Level Threshold Know the household income limits that could affect premium tax credits. COBRA Cost Calculation Employee + Employer Premium (W-2 code DD x 102%) = COBRA Costs. HSA Contribution Can lower modified adjusted gross income; contribute by April 15 without earned income requirements. Premium Tax Credit Calculation Estimated Credit = Based on adjusted gross income, household size, and the second lowest-cost silver plan. Adjust Premium Tax Credits You can change the advanced credit amount month-to-month via healthcare.gov. Tools, Accounts, or Strategies Mentioned Tool/Strategy Description healthcare.gov Website for ACA marketplace and health insurance options. Health Savings Account (HSA) Account for saving for healthcare costs that reduces taxable income. COBRA Coverage Allows continuation of employer health insurance post-employment. Health Sharing Ministries Group healthcare cost-sharing options that offer lower premiums but higher risk. Private Insurance Individual insurance plans that require medical underwriting. Resources & References Tax Planning to and Through Early Retirement Cody's Website What Next? Review your income and health insurance options during open enrollment. Assess your COBRA costs by checking your W-2 for current premium data. Explore HSA contributions to manage your taxable income prudently. Adjust advanced premium tax credits through healthcare.gov based on changes in your financial situation. For further clarity on health insurance strategies, consider consulting a financial planner to avoid potential costly mistakes. ▶ Listen Next: Ep. 589 — How to Gain Insights from Your Expense Audit Using a Value Matrix | Essential Listening
• 587 | We’re Going to Be Millionaires — Now How Do I Tell My Spouse? | Andy Hill 22.02.2026 49นาที

  Most people think "Coast FI" means coasting into retirement—but Andy Hill discovered it meant something entirely different: coasting through life while your investments do the heavy lifting. Eight years ago, Andy appeared on ChooseFI struggling to get his wife Nicole on the same financial page. Today, they're mortgage-free, working part-time by choice, and have transformed their marriage through a single monthly ritual that makes money discussions something to actually look forward to. Where Are They Now: Andy Hill 00:24:20 — Andy returns to share the evolution of his financial journey and marriage since his first appearance in episode 68. The couple has paid off their mortgage and all debt while shifting to a Coast FI lifestyle. Establishing Budget Parties 00:35:06 — The cornerstone of Andy and Nicole's financial turnaround: monthly "budget parties" that turned contentious money talks into structured, enjoyable discussions. They choose a regular schedule, add pizza and wine, and make it a time to align on goals rather than argue about spending. Concept of Coast FI 00:32:10 — Coast FI means saving enough that your investments can compound to your retirement goal without further contributions. Work becomes optional—you only need to cover current living expenses, not retirement savings. This allowed Andy and Nicole to shift from aggressive accumulation to part-time work and more family time. The Math That Matters: Compounding 00:17:09 — Andy breaks down why small differences in investment returns matter enormously over time. An 8% return versus 9% over 30 years isn't just 1% more—it's hundreds of thousands of dollars difference due to compounding. "You are creating an asset base that generates money for you every year, doing no work." The key insight: consistent investing in low-cost index funds beats chasing market secrets. Most people search for the person "behind the curtain" with special knowledge, but the real power lies in simple, persistent action. Becoming Debt-Free and Current Status 00:26:06 — After years of intentional effort, Andy and Nicole paid off their mortgage and eliminated all debt. But the journey wasn't linear—they experienced one of their most difficult years of marriage during this period. "Nothing is great just in a vacuum. You have to work at it and you need to be intentional." The shift to Coast FI allowed them to reduce work hours and increase communication time, strengthening their relationship. 00:44:02 — Having done the "hard work" of building their asset base, they consciously decided to lower their savings rate and increase their quality of life. Their investments continue growing toward long-term goals while they enjoy more present-moment experiences. Key Tactical Takeaways Monthly Budget Parties: Designate one time each month to discuss finances with your partner in a structured, enjoyable setting (add food and wine to make it pleasant) Coast FI Calculation: Determine the amount you need invested today that will grow to your retirement goal without additional contributions Savings Rate Flexibility: Once you hit Coast FI, consider lowering your savings rate to free up money for current enjoyment while investments continue compounding Focus on Simple Investing: Consistent contributions to low-cost index funds typically outperform trying to find market-beating secrets Core Formulas Concept Application Coast FI Calculate what you need saved today to reach your retirement goal through compound growth alone, then work only to cover current expenses Compounding Impact Even 1% difference in returns creates massive wealth differences over 30+ years Budget Party Structure Regular monthly meeting + enjoyable atmosphere = sustainable financial communication Resources Andy Hill's book: Own Your Time (link: choosefi.com for Andy's work)
• 586 | How to Do an Expense Audit 15.02.2026 1ชม. 10นาที

  Most people chase financial independence through side hustles and raises. Brad and Jonathan flip that equation: audit your expenses first, then watch your FI date accelerate without earning another dollar. They walk through a structured four-step framework for conducting annual expense audits that help you identify money leaks and understand your true living costs. The discussion covers practical strategies for tracking subscriptions, variable expenses, and distinguishing between required and discretionary spending. By adopting a calculated approach to expenses, you can effectively mitigate lifestyle creep while ensuring every dollar serves a purpose in your budget. The overarching message encourages focusing on building a life of value, emphasizing joy and fulfillment in financial management, rather than mere restriction. Key Tactical Takeaways Conduct an Annual Expense Audit: Establish a routine to review expenses at least once a year to stay on top of spending habits and identify areas for improvement. Categorize Every Expense: Break down expenditures into necessary (fixed costs) and discretionary (variable costs) categories for clearer insights. Use a Value Matrix: Assess expenses based on their joy and necessity to inform which should be retained, reduced, or eliminated. Track Subscriptions and Variable Costs: Pay attention to recurring payments, particularly those related to entertainment and services like streaming or software. Calculate the Long-Term Impact of Small Savings: Cutting small monthly expenses can significantly affect your financial independence number over time. Core Rules & Formulas Rule Explanation Annual Expense Audit Review all expenses once a year to prevent overspending and identify leaks. Categorization of Expenses Differentiate between Required (fixed) and Discretionary (variable) expenses. Value Matrix Implementation Organize spending into High Joy/ Low Joy and Essential/ Eliminate quadrants. Prioritize Necessary Expenses Always account for essential bills, including utilities, groceries, and housing costs. Evaluate Impact of Expenses Each $100 cut from monthly expenses reduces your FI number by $30,000 over time (20-year horizon). Tools, Accounts, or Strategies Mentioned Tool/Strategy Link/Description Expense Audit Spreadsheet Download here Chase Ultimate Rewards Utilize for travel rewards and points transfer to hotel partners. Value Matrix Framework Framework for analyzing the necessity and joy of expenses. Key Quotes "Every dollar must earn its place in your budget." (00:05:23) "Even the most intentional spenders can lose track of their expenses." (00:06:19) "Small expenses can add up to significant savings." (00:13:08) "Have you assessed the true cost of your life?" (00:13:17) Chapters Introduction to Expense Audit (00:00:00) Importance of Regular Expense Audits (00:05:23) Identifying Money Leaks (00:13:04) Key Strategies for Expense Auditing (00:22:34) Value Matrix for Expenses (01:03:05) Closing Thoughts and Action Steps (01:09:13) Terminology Expense Audit: A detailed review of all expenditures to identify unnecessary spending and money leaks. (00:05:23) Lifestyle Creep: The tendency for expenses to increase as income rises, often leading to a strain on finances. (00:08:11) Value Matrix: A categorization tool to assess the joy and necessity of expenses, helping prioritize what's essential in your budget. (01:03:05) Resources & References ChooseFI Episode 009: Travel Rewards Framework Expense Audit Spreadsheet: Download Action Items Download your bank and credit card statements for the last few months to start your audit. (00:55:06) Categorize your expenses into necessary and discretionary for better insights. (01:03:05) Join the community challenge to share findings and get support during your expense audit process. (01:09:13) ▶ Listen Next: Ep. 588 — Navigating the Evolving Health Insurance Landscape | Essential Listening