039R | Cruise Control

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Friday Roundup 039R -Cruise Control
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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

ChooseFI’s top pick for travel rewards! The Chase Sapphire Preferred Card has a 60,000 point sign-up bonus (after spending $4,000 in the first 3 months). The points are ultra-flexible and transfer to 13 airlines and hotels. $95 annual fee.

In today's podcast we discuss Episode 39 with Gwen from Fiery Millennials, plus a ‘Cruise Control Path to FI' case study example and voicemails from our community members.


In Today’s Podcast we cover:

  • The Friday Roundup after Episode 39 with Gwen from Fiery Millennials
  • A whole new FI world for Brad and Laura after their youngest daughter went to kindergarten
  • They have the opportunity to live more of a FI lifestyle and have to now figure out what that looks like
  • Second Generation FI and examples of Brad’s kids exhibiting their behaviors
  • ChooseFI is an opportunity for Brad and Jonathan to share these stories with their kids and also document their FI paths
  • Gwen’s lightbulb moment she had during college and how that changed her trajectory
  • How intelligent Gwen was with her college decision and pursuing a full scholarship
  • Brad should have focused his own college search on places where he could have gotten a full merit scholarship
  • The concept of the ‘cruise control path to FI’
  • Second Generation FI Case study example of how savings would work maxing out their 401k from 22 to 32
  • The value of compounding over decades
  • The importance of starting to save early and the concept of time as a Pillar of FI
  • The ability to put money into your kid’s Roth IRAs even if they are under 18. We need to do more research on this to document what’s allowed
  • Example of putting $5,500 into a Roth IRA for a five year stretch from 13 to 18 and what it would be worth at age 60
  • Jonathan’s example of contributing to a 401k from 32 to 60
  • You have to get started and take action today, even if you’ve made the “wrong” decisions in the past
  • Gwen’s desire to build up the FI community is incredibly impressive
  • Announcement of the last three finalists for the PopUp Business School competition with Alan Donegan
  • Voicemails from the three finalists
  • Voicemail from Justin about the career path of an air traffic controller as a path to FI making significant money without a college degree
  • Itunes book giveaways

Links from the show:

ChooseFI has partnered with CardRatings for our coverage of credit card products. ChooseFI and CardRatings may receive a commission from card issuers.
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Comment Disclaimer: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

2 thoughts on “039R | Cruise Control”

  1. My favorite episode so far! I would love to hear more about setting up a business in order for my kids (14, 10, and 6) to work and fund a ROTH. I have been looking for the best way for them (especially my 14 year old) to start investing right now.

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