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029R | The Friday Roundup

In today’s Friday Roundup we discuss our key takeaways from Episode 29: The Reluctant Frugalist vs. the Aspiring Minimalist, plus feedback from the audience as well as two of our in-house experts.

Podcast Episode Summary

  • Friday Roundup after Episode 29 where we discussed the Reluctant Frugalist mindset versus the aspiring minimalist
  • How Jonathan used travel rewards points to book two round-trip flights to South Africa to visit his wife’s family. Only 128,000 points!
  • How to think through a travel rewards redemption and where to start
  • The essential nature of the psychology when considering financial independence
  • How to approach your spouse/significant other about FI and what to avoid – namely the word “retirement”
  • What is Brad willing to spend significant money on?
  • Email from Bo about a new term: A ‘Valuist’ and how this applies to Brad
  • Feedback from our Facebook group from Christopher about a ‘false dichotomy’
  • Feedback from Jessica – there are no rules of being a minimalist, it’s a journey and a mindset
  • Voicemail from Geoffrey about reducing stuff and choice with a cool challenge with your clothes
  • How the KonMari method tidying has transformed lives
  • How to have a conversation with friends and coworkers about FI when they know nothing about it
  • The difficulties of talking about FI at work and how to navigate that
  • Know your audience when discussing FI and figure out an approach that will resonate with people
  • Update from in-house experts:
    • Millionaire Educator released his 2017 Free Money tables
    • Big Ern responds to Mark’s question on the pluses and minuses of ETFs and mutual funds and how to choose between the two
  • New in-house expert: Noah from Money Metagame who will share life hacks
  • Voicemail from Noah about how to save on purchases using discount gift cards as payment
  • Voicemail from Marilyn challenging the ‘sacred cow’ of always buying used cars and how it can be a smarter decision to buy a less expensive new car that you plan to keep for a long time

Related Post: Why You Should Never Buy A New Car

  • Can a car loan make sense if you have a lower interest rate?
  • How to negotiate on purchases by mass emailing multiple competitors and Brad’s challenge to the audience
  • Frugal wins of the week from our private Facebook group
  • Book giveaway and iTunes review

Links from the show:

Books Mentioned in the Show:

  1. The Life Changing Magic of Tidying Up
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What Are You Optimizing For? | Chris Hutchins | Ep 423

Sometimes on the journey to FI, we ask ourselves the following; do I really need to spend money on this? Do I really have the time and resources for that? These questions may be easy to dismiss by saying no in order to stay on track with your financial goals, but by dismissing them, you could be missing out on something that is beneficial to your personal journey! This week we are joined by friend of the podcast, Chris Hutchins, to talk about the hacks for optimizing your life, the differences between cheapness and frugality, and the importance of valuing your time and what it can lead to. Saving money is an important part of achieving FI, but you should never feel so restricted that you miss out on investing your time and money in things that bring joy and value into your life. While saving is important, it’s okay to spend money. Whether it’s on a trip or investing in something new, there are ways to make it work without feeling guilt or shame. Prioritizing and valuing your time can introduce new experiences and provide happiness as well as perspective while on this journey! 

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