016R | Friends of the Library

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Podcast Episode Summary

  • Friday Roundup #5
  • Recap of house hacking episode with Chad Carson from CoachCarson.com
  • Real estate investing is one of the pillars of Financial Independence
  • ‘Keep it super simple and try to do the fundamentals well’ quote by Chad
  • Chad put in the extra effort to walk neighborhoods on Saturday mornings to learn about real estate
  • House hacking is essential knowledge for someone getting started with FI
  • The main levers to pull to get on the path to financial independence
  • Housing is the biggest line item in most budgets and this can be a game changer
  • House hacking for ‘2nd generation FIRE’
  • Brad lived at home after college graduation and saved many thousands of dollars instead of renting an apartment
  • If you have a solid income and you aren’t saving money then you aren’t a “success”
  • Moving forward ChooseFI will bring in other real estate mentors to help educate all of us
  • Itunes reviews
  • Feedback from Libertarian Investments about our appearance on Radical Personal Finance on earning more than $100,000 income and how it makes paying down debt much easier
  • Can you earn $100,000 a year without going to college? That wasn’t what we were arguing on Radical Personal Finance
  • Unconventional choices: Brad and his wife Laura decided to pick up their entire lives and move 400 miles south to Richmond, VA. This was a long-term play to afford the FI lifestyle on one income.
  • Message from Ken on the benefits of libraries and the assortment of ways you can get value out of your local library. He also thought the 10 year timeline to reach FI was unrealistic
  • We agreed and thought 10-15 years is much more realistic. And even if people take 20-25 years it is still a huge win over where they would have been otherwise
  • Debt-free isn’t the goal – it is financial independence
  • Comment from Tallis on how the podcast has been “life changing” for them. They already put a plan on paper for early retirement!
  • Feedback from Isaac that the Roth IRA is the “worst” investment vehicle and we’re going to unpack this in the future
  • Jonah said dollar cost averaging provides far below average market return. While we agree mathematically, it is still difficult psychologically for people to dump a bunch of money into the market at one time
  • Travel rewards question from Ben on the timing of the Southwest Companion Pass
  • Travel rewards question about hotel rewards and how to maximize Hyatt and Starwood
  • Episode 17 coming up: Behind the scenes look at the Mad Fientist

Links from the show:

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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