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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.

Discussion of Brad and Jonathan’s purchasing habits, messages from the ChooseFI community, benefits and drawbacks of roboadviors, and a summary of capital gains harvesting.

  • Jonathan gives a review of some travel hacks on a recent trip to Chattanooga, TN.
  • Capital One Venture Card allows users to redeem miles for nearly any travel cost.
  • PSA: bring a copy of your child’s birth certificate if you’re traveling.
  • Review of Monday’s episode with Dani and Laura, Jonathan and Brad’s wife.
  • Jonathan is excited about the way Brad and Laura cut down on choices, purchases and decisions for themselves and their children.
  • Brad aims to keep his life simple, particularly in regard to purchases.
  • Enjoying the journey is crucial; obsessing over small purchases probably takes away from someone’s enjoyment of life.
  • During your pursuit of FI, it’s important to remember your “why”.
  • Laura shops for the future, by purchasing clothes, presents, etc., way before they’re necessary, often finding items for a fraction of the normal cost.
  • Batch processing: blocking your time off to maximize efficiency.
  • Facebook Message from Jimmy:  met a friend on airplane, introduced him to ChooseFI, and that friend reduced expenses and put himself on the path to FI in less than a month.
  • There are options for almost every financial position, to get yourself moving in the direction of FI.
  • Jeff, on Facebook, reports that he’s paid off $105k of student loans.
  • ChooseFI San Diego has a real estate meeting recently – informing people about real estate options and discussing rent vs buy, among other topics of conversation.
  • ChooseFI local groups will be as good as the participants want them to be.
  • Voicemail from Ryan: question about using roboadvisors?
  • Fees matter: managing accounts directly saves money.
  • Benefits of a roboadvisor – automated services can help with some calculations that it’s difficult to do yourself, and it sometimes make investing more accessible
  • Jonathan prefers and recommends M1 Finance. Here is our full M1 Finance Review if you’d like to learn more.
  • Voicemail from Bonnie: selling used items through the online Varagesale platform helps her bring in a little extra income as a stay-at-home mom.
  • Voicemail from Anthony with questions about increasing your capital gains basis.
  • Capital gains are typically taxes, but if you’re in a low tax bracket, long-term capital gains are not taxed.
  • Previous episode about capital gains harvesting in episode 18 and 18R.

Links:

The Paradox of Choice: Why More Is Less, Revised Edition Price: The Paradox of Choice: Why More Is Less, Revised Edition Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you. Last Updated: 11/03/2020

Betterment

Wealthfront

M1 Finance Review

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Thank you for being a part of the ChooseFI community! If you want to support us, here are some easy ways:

1) Leave an iTunes review: http://www.choosefi.com/itunes

2) Use our page to sign up for travel credit cards

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3) Most importantly, find your friends, coworkers, and family members who may be open to this message and tell them about the podcast! (Episode 21 is a great starting place)

As Jonathan would say, “The FIRE is spreading my friends!”

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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.
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