071R | The Value of Soft Skills

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071R _ The Value of Softskills

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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!

Brad and Jonathan compare their college experiences to Chris Hutchins’ from the Monday episode, they discuss the importance of owning your own FI decisions, and we get updates from several members of the ChooseFI community.

What you'll hear in today's show:

  • Brad considers starting a blog for his daughter as second-generation FI.
  • Review of Chris Hutchins’ episode last Monday.
  • Brad compares his experience of packing meals ahead for vacation to Chris’ grandparents growing up.
  • What is value of cultivating relationships, and how did Brad find success in that?
  • What would Jonathan do differently if he was going to redo college?
  • How can students optimize the expense of college?
  • What was the benefit of Jonathan attending community college for two years prior to completing his degree at Virginia Tech?
  • Take an inventory of your all your skills, to market yourself for future opportunities.
  • Chris got his early start(s) because he made a significant effort to stand out among his peers. How can you stand out when looking for opportunities?
  • How do Brad and Jonathan explain their somewhat abnormal financial choices, in pursuit of financial independence?
  • Don’t be ashamed of your decisions – you need to feel comfortable with your choices.
  • Scott, a writer at Simply Finance, emails to say that listening to the ChooseFI podcast helped him clarify his beliefs and decisions about personal finance.
  • What is the worldview that matches up with pursuit of financial independence?
  • How are Brad and Jonathan processing Chris’ idea of creating memorable moments?
  • What problems did Chris seek to solve with his Grove financial planning business?
  • Jared, blogger at Fifth Wheel Physical Therapy, introduced Jonathan to M1 Finance.
  • Introducing M1 Finance, Jonathan shares why he is so excited about it
  • M1 Finance allows customers to purchase fractional shares which gives it incredible flexibility and versatility for your taxable investments.
  • M1 Finance has plans to make the Heloc obsolete and will be introducing a margin loan in the upcoming month where you can borrow up to 50% of your assets under management without a credit check. This could be an attractive offering for someone looking to park a portion of their emergency fund in a investment account
  • Voicemail from Tim, who is chipping away at his student debt, working toward his family’s FI number, and shares a little about his investment habits.
  • People get to “enough” long before they get to “rich”.
  • Another voicemail from a 29-year-old military man named Luke, who asked for house-hacking ideas a few months back via the ChooseFI Facebook, and reports back now that he opted to live in a renovated, vintage camper trailer.
  • An encouraging review from Arthur, who is making life changes in pursuit of FI.

 

Links:

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5 thoughts on “071R | The Value of Soft Skills”

  1. Hey guys! I’m listening to this episode and had to pause while you were talking about recording memories. . . Turns out, like Jonathan, I have super bad memory and don’t remember many of the things I did in my childhood, even going up to college years. . .
    Anyhow, now with a kid, I’m trying to be more intentional about it, and I wanted to share an app that’s been awesome for me and has helped record memories of our lives, from the little things to the big things. It’s called the “Project Life” app (https://beckyhiggins.com/project-life-app/). It’s an app for digital scrapbooking. . . I do hope this word does not make you run away, it’s simply a way to put pictures and journaling all in one place, in a very simple way.
    I thought I would share it with you all and the community!

  2. I’m *FASCINATED* with Luke’s story about renovating a camper trailer and finding a $200 per month parking spot. I want to hear more! Luke, please respond if you’ve documented this in more detail on a blog, Choose FI Facebook group or elsewhere. This is a very attractive housing hack to me since I’m single and have no desire to have roommates. I’ve looked into RV parks and even the sketchy ones where I live (Seattle) are $700 per month. Please share more info. If you write a blog or contribute to a forum, please share links. Thank you!

  3. Hey guys,

    The M1 platform looks interesting, especially for those who can’t meet the large initial investment amounts that sometimes exist.

    However, using a loan on the account as an emergency fund concerns me. It sounds like you are borrowing the money on margin, and could be subject to a margin call if the market were to drop enough. Typically when this happens, the firm will ask for more money to cover the loss or sell your investments to cover.

    If this is true, it’s just something to watch for.

    Mahalo!

  4. I’m a WCI regular. I don’t find your comment about living on $150k a year to be that astounding. During training pretty much all residents are making somewhere around $60k a year right now. They shouldn’t have any trouble saving money when they bump to the big salaries afterwards. My wife and I are both physicians. We saved half our income in residency. We save half our income as fully employed physicians and still feel like we live a lavish lifestyle. Love your podcast! The perpetual money making machine has been a dream of mine since about 2003.

    Dicast

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