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041R | Extreme Ownership

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.

Podcast Episode Summary

  • 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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