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022R | Friday Roundup | Huge Announcement

In today’s Friday Roundup we discuss the True Cost of Car Ownership, how to maximize your travel rewards points plus a big announcement on a new in-house ‘expert’ for ChooseFI!

Podcast Episode Summary

  • Episode review of our podcast Episode 22 on The True Cost of Car Ownership
  • Your best-case scenario is buying a 5 to 10 year old gas sipping car
  • Even a low cost car is going to cost you at least $2,000 per year
  • Your fixed structural expenses move the needle significantly on your path to FI, and the car is the easiest one to change.
  • Comment from Matt on how he introduced this to his algebra class on why buying a new car is a bad decision and what it amounts to when compounded
  • Second generation Fire: Starting out right and not buying an expensive car (plus house hacking) will set people up for Financial Independence by 35
  • Question on Saverocity about living close or far from work and how that impacts your path to Financial Independence
  • Is bicycling a pillar of FI or is it unrealistic for the vast majority of people and might even turn people off from pursuing FI?
  • In a post-FI lifestyle, does bicycling make more sense?
  • Comment from the audience on Cargo Bikes
  • Voicemail from Rebecca on what to do with her car situation
  • Our thought is that it makes sense for Rebecca’s life and financial situation to move towards the Honda Fit
  • Our final thought on cars: Don’t buy a new car; buy a used car and drive it into the ground
  • Choose FI is bringing on in-house experts on real estate, taxes, business building and all things number crunching
  • Alan’s brainstorming ideas for helping the community build businesses
  • Should building a side hustle be a Pillar of FI?
  • Travel Rewards question from Noah: Should he cash in his miles & points and invest them in VTSAX or save them for future travel?
  • Brad’s advice is to save them for future value where the value can be 2x-4x or more
  • How the Millionaire Educator takes his rewards points to invest in an ESA fund
  • Travel rewards question from Satya on travel to India using Chase Ultimate Rewards points
  • Feedback from the audience: Kevin’s follow up to Friday Roundup 18. He spoke with his wife and she just wants to spend more time with him where she gets his full attention
  • Human connection is the most important aspect of happiness
  • FI in the news: Our upcoming guest ESI from ESI Money was featured on the Washington Post
  • FI in the News: Article that Brittinni sent in about net worth being the key to wealth, not income
  • Frugal Wins of the week from the audience
  • Aaron’s feedback about the true cost of car ownership and he teased us with how he sells boats for a profit
  • Final word on Jonathan’s pullups
  • Itunes reviews and book giveaways

Links from the show:

Books Mentioned in the Show:

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