076R Race or Journey?

076R | Race or Journey

Brad and Jonathan brainstorm ways to implement local adventure into their own lives and the lives of the ChooseFI community, chat about high school reunions and local libraries, and offer a few clarifications about 401k contributions.

  • Jonathan's 26-year-old sister just hit an 85% savings rate.
  • Living at home can be super helpful to the recent college graduate, or young person entering the workforce.
  • Getting to $100k net worth is the hardest part: after that, compounded interest starts working for you.
  • Brad signed up his daughter for www.code.org, a website that teaches coding paired with Minecraft.
  • Review of Monday’s episode with Mrs. Adventure Rich.
  • Getting the right mindset is the most important part of getting on the path to financial independence.
  • How does Brad feel about not having a FI number or date?
  • Is the pursuit of financial independence a race or a journey?
  • What was positive about the way Mrs. Adventure Rich’s coworker introduced her to FI.
  • How has Mrs. AR lowered the barrier of entry for local adventures?
  • How can local ChooseFI groups apply these ideas to exploring their own cities?
  • How does the idea of exploring your own city connect with the idea of intentionally creating memorable moments, as introduced by Chris in ChooseFI episode 71.
  • Adventure is anything that makes you feel like, “Hey, this is really living.”
  • Have we traded adventure for convenience?
  • How can someone plan for those things that truly bring value to their life?
  • Check out ChooseFI episode 37, with Scott, talking about rolling out the red carpet for the valuable things in your life.
  • Follow up from Robert, from The College Investor: how much student loan debt has the ChooseFI community paid off?
  • Voicemail from Suzanne: in addition to physical books, her local library often provides access to online newspapers, to online language programs, STEM programs for students, as well as actual after-school programs for students from the public schools.
  • Voicemail from the Peerless Money Mentor : the local library in Baton Rouge, LA, provides some access to Treehouse coding courses.
  • How would Brad or Jonathan describe their lives at a high school reunion?
  • Once you have all your financial needs taken care of, what do you want to do? What's your purpose?
  • Email from Danny: how do employer contributions impact a 401k?
  • Employer matched contributions do not count toward the 2018 $18,500 yearly limit for your 401k. (The 401K contribution limit was increased to $19,500 for 2020)
  • There are some additional ways to maximize full contributions to your 401k, up to $55k a year.

Additional links:

The Reluctant Frugalist

House of FI Podcast

Your Financial Resilience Toolkit

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3 thoughts on “076R | Race or Journey”

  1. One of my favorite roundup episodes. If living at home is part of an FI strategy I support it. If it is due to a failure to launch not so much. I think the distinction should be made. I liked the “race or journey” discussion. I have an FI number but I don’t track it obsessively. I also feel like it is fluid since I’m still gathering info on what is enough for us as far as spending goes. Also, do we want to retire in 10 years vs 15 years–our pensions/investments will be different at each point, etc.

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