041R | Extreme Ownership

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041R -Extreme Ownership

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

In this Friday Roundup we discuss Episode 41 with Paige and Sam on extreme frugality, radical insourcing and the high cost of living path to FI plus a voicemail from Big Ern and members of our community.


In Today’s Podcast we cover:

  • The discussion of Episode 41 with Paige and Sam about reaching early retirement through extreme frugality and radical insourcing in a high cost of living city like Los Angeles
  • Jonathan’s story about visiting his childhood library and trying to find old computer games
  • Book recommendations from the ChooseFI Facebook group
  • The list of obstacles that could have stopped Paige from reaching financial independence, but she overcame anyway
  • It’s easy to make excuses, but your journey almost invariably will be easier than Paige’s
  • The aspects of high cost of living that would be universal to other people: Defraying the costs of housing by sharing an apartment
  • “The alley will provide” as a perfect quote for ChooseFI and a way to think about not buying new items
  • Making a fun game out of buying “new” items (new to you) at a garage sale
  • The important of collecting skills instead of stuff plus a list of random skills you can pick up
  • Don’t be complacent with the knowledge and skills you have. Always look to learn.
  • There are so many free ways to get entertainment in a big city
  • A big takeaway was that Sam’s parents cut the friction and helped him get started investing
  • The hardest part is to take action, so helping other family members can help their lives dramatically. Jonathan thinks about this with his siblings
  • Don’t let the perceived complexity of task overwhelm you and cause you to not take action. Just break it down into steps and take action.
  • Andrew shared how he and his wife break down the ChooseFI podcast every Monday where they discuss with their kids in a fun way
  • How Brad setup a Vanguard investment account for his kids in 2017
  • Are there tax implications for investing for your children?
  • Discussion of Paige and Sam’s housing situation
  • Paige’s “mistake” that was right for her
  • You have many levers to potentially pull and not everyone needs to make the same choices, but you need to not make excuses
  • Cutting expenses is the low hanging fruit of the path to FI. Changing your income is not as immediate
  • Buying used takes the mental anguish out of purchasing and perfection
  • Jonathan’s life hack for purchasing at Amazon: Camel Camel Camel
  • Case study for how to use Camel Camel Camel
  • Don’s call that he officially reached financial independence!
  • Call from our in-house expert Big Ern about how to mitigate sequence of returns risk
  • Winner of the side-hustle competition: Tallis who is providing dance classes to those with Parkinson’s Disease
  • Call from Dave about the business he created
  • Itunes review book winner

Links from the show:

Books Mentioned in the Show:

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2 thoughts on “041R | Extreme Ownership

  1. Even if you don’t live in a big city, “The alley will always provide” in a college town. Most people don’t live too far from the nearest college town. I recommend checking it out if you are looking for furniture, clothes, cash, TVs, etc. during move out week. 🙂

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