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.
