ChooseFI Logo

072R | The Five Most Important Financial Conversations You Need To Have With Your Child

Top Articles

New users get 1 year FREE of M1 Plus and earn $30 if they fund their accounts with $1000 or more in the same month!

  • $0 commission-free trading
  • Investing made easy with automatic rebalancing
  • Low 2% rate for emergencies or to consolidate loans

Start a new,

HIGH PAYING CAREER 

No tech experience
or degree required

Take the Salesforce Challenge

Share This Post
Share on facebook
Share on linkedin
Share on twitter
Share on email
Share on pinterest
Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

Lively discussion about cryptocurrencies as investments, review of last week’s MidAtlantic Camp FI, and several exciting contributions and questions from the ChooseFI community.

What you’ll hear in today’s roundup:

  • Brad’s brother is visiting from Santiago, Chile – how is he managing his path to financial independence as an international teacher?
  • Review of Monday’s episode discussing Bitcoin with Myles Wakeham. Listen to the full episode with Myles here.
  • What are drawbacks of cryptocurrency?
  • Is Bitcoin a good investment, or is it just a gamble?
  • How much energy is expended in the global mining of Bitcoin?
  • Michelle, from the ChooseFi community, wonders if Bitcoin’s apparently lax regulations (compared to companies like PayPal) opens it up to be used for terrorism and other illegal activities?
  • William suggests to Jonathan that regulation of Bitcoin is nearly inevitable, exposing investors to potentially difficult scenarios in regards to both taxes, and simply converting money back into tangible currency.
  • Brad and Jonathan attended the MidAtlantic CampFI event last week.
  • Tickets for SouthWest and South region CampFIs are still available here: CampFI
  • Steve tells listeners how he nearly eliminated a $1,900 tax bill by contributing to his Health Savings Account, prior to the April 17 deadline.
  • Brad talks about Camel Camel Camel, an Amazon product price tracker.
  • Brad is shocked about how much prices fluctuate on Amazon.com.
  • From Kelly: What 5 bullet points would ChooseFi give to college-bound students?
    • Save at least 50% of your income (avoid large housing and auto payments).
    • Consider “opportunity costs”: Every dollar you earn in your teens and 20’s is worth more than later in life.
    • Long-term, low-cost investing: ride the market through decades.
    • Your career is a tool to get you to financial independence, but don’t just rely on your career as a sole source of income.
    • Think about life a little bit differently: think at things through the lens of FI
    • Related Article: When And Why Your Child Should Open A Roth IRA
  • Voicemail from Jim listing two careers that provide a great path to financial independence
    • Firefighting – government pension, two 24-hr shifts a week
    • Emergency room nurse – takes local “travel” assignments for double pay with 3 shifts a week
  • Jonathan is excited about the Giant Ocean Clean Up Machine, which will soon set sail to begin collecting plastic from the ocean, and is expected to collect 5,000kgs per month.

 

Links mentioned in the show:

It’s Like Summer Camp for Money Nerds: My CampFI Review

The Revolutionary Giant Ocean Cleanup Machine Is About To Set Sail

The Simple Path to Wealth

Design Your Future

Freelance to Freedom

Subscribe To The FI Weekly

Action, accountability, inspiration, and community. Join the movement. Get started on your Path to FI

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
More To Explore