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084R | Mindset of FI

The essential steps to a FI mindset, travel rewards updates from Brad, voicemails from the community, and highlights from Monday’s episode with Jillian from Montana Money Matters.
  • Brad’s 15-year-old Honda might breakdown soon. How much should he be willing to spend on repairs?
  • How much does depreciation impact specific cars, and how much should that weigh into Brad’s decision?
  • Review of Monday’s episode with Jillian from Montana Money Matters. Discipline equals freedom.
  • How can we train ourselves to withstand fear?
  • What was Jillian’s strategy for creating the life she wanted?
  • Chad, from Facebook, was excited by how relevant and relatable Jillian’s story is, even for people with vastly different life circumstances.
  • Voicemail from Tay, who is hoping to find a step-by-step guide to getting from zero to FI.
  • Mindset recommendations from Jonathan:
    • Exposure yourself to the right information – podcasts, books, articles, etc.
    • Practice a growth mindset – be willing to make changes.
    • Accept and celebrate marginal gains, as they compile.
  • Nuts and bolts recommendations
    • Evaluate your current financial landscape – what’s going in and out?
    • Which scenario describes you?
      • Are you in debt?
      • Do you live paycheck to paycheck?
      • Is your income higher than necessary, but not achieving your goals?
    • What you earn – what you earn = The Gap
    • Increasing “The Gap” comes from optimization.
    • Getting to a 50% savings rate is a different scenario for every person.
    • Finding ways to create passive income through real estate, side hustles or investments.
  • Maxing out your retirement accounts decreases your taxable income.
  • Message from Carrie, is looking forward to minimizing.
  • Voicemail from Jason, hoping for an update on travel rewards.
    • Chase Sapphire rewards have decrease the rate at which you can get rewards
    • Brad still recommends as the best travel rewards
      • 1st choice: Chase Sapphire Preferred
      • 2nd choice: Chase Sapphire Reserve
    • Chase Ink Business cards are a great choice for someone with a business.
    • Generally, best use is to transfer points to an airline partner for airline miles.
    • Starwood Preferred Guest program is end on Aug. 1, 2018
    • Barclaycard Arrival Plus just returned as a fixed-value, personal card.
  • Voicemail from Tyler, suggesting that doesn’t have to be an expensive hobby, and talking through his method for optimizing his golf hobby.
Links: The Beginner’s Guide to FI The 10 Pillars of FI Arsenal Discs The Simple Path to Wealth Design Your Future Freelance to Freedom
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Fees, Frugality, and 401K Fears | Ep 428

On what is considered a very personal journey, how do you handle changes that feel like setbacks? Whether its spending more when you feel you should be saving, or re-evaluating goals based on what needs immediate attention, do you feel equipped to handle it with confidence? This week we are having a weekly roundup, and are re-joined by Ginger to not only answer listener’s questions, but discuss travel rewards, retirement accounts, and breaking away from the ultra frugal caricature often depicted alongside FI. While saving is an important factor on this journey, the main purpose of FI is to learn and live your life with intention as it relates to your money, goals, and values. Remember that it’s okay if some of your goals and values will change along the way! Allowing yourself to be flexible as it relates to external factors, like market volatility and your investments, will give you more power and control to continue ahead with confidence and optimism! 

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