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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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