On Sale Now! Why Does The Stock Market Go Up? by Brian Feroldi

ChooseFI Logo

089R | Let Me Check With My Accountant

woman tracking personal finance in notebook
An introduction to the Family Bank and what ChooseFI’s accountant-on-call thinks about it, as well as how to navigate rental car insurance, and what soft skills are crucial to a career in retail?

What we dig into in this Friday Roundup:

  • Jonathan is exploring new, non-computer-based hobbies.
  • It can be overwhelming to figure out what specific goals we want to pursue.
  • You can do anything, but you can’t do everything.
  • Do children who find entrepreneurial hobbies as end up as millionaires?
  • Retail jobs are everywhere – it mostly requires soft skills.
  • What’s the problem with being over-educated and under experienced?
  • How important is it to be friendly, kind and nice?
  • Do your county’s high schools offer programs to help students graduate with an associate’s degree?
  • Voicemail from Brent, who is curious about selecting rental car issuance.
  • In order for credit card coverage to kick in you need to: decline rental company collision waiver, be the primary driver of the rental vehicle, and pay for the card in full with the card that offers the insurance protection.
  • Does your primary car insurance actually provide rental car insurance?
  • An email from Shari who recently made huge adjustments in her investments strategies, and realized that her son is 4th Generation FI.
  • Chris talks about his “Family Bank”.
  • How and why did Chris get this started?
  • What are the logistics of how the loans and “accounts” work?
  • Why does Chris’ family opt to use the Family Bank as opposed using traditional mortgage loans?
  • What impact does the Family Bank have on Chris’ investment strategy?
  • The first step toward the family bank is having transparent conversations about money.
  • What does Shane Mason, CPA/CFP, think of the family bank?
  • Does Shane consider the family bank an investment comparable to bonds?
  • Does the Family Bank need to be considered a business?
  • Interest income is always a taxable income.
  • Might the IRS have an issue with taking a loan from oneself?
Links: Shanemasoncpa.com Brooklyn FI
Subscribe To The FI Weekly

Action, accountability, inspiration, and community. Join the movement. Get started on your Path to FI

More To Explore
Find The Simple Path to Financial Independence

You could cobble together your own FI plan from a whole constellation of blogs, podcasts, and YouTube videos.

Or you could let FI Pathfinder email you the content you want, in the format you prefer, to be consumed at a time of your choosing.

ChooseFI Logo

Our community helps people discover and accelerate their path to Financial Independence with the goal of earning more, spending less and enjoying the journey.