112R | Planned Obsolescence

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112R | Planned Obsoleteness
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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

ChooseFI’s top pick for travel rewards! The Chase Sapphire Preferred Card has a 60,000 point sign-up bonus (after spending $4,000 in the first 3 months). The points are ultra-flexible and transfer to 13 airlines and hotels. $95 annual fee.

An evaluation of the long-term savings that result from driving old cars, a review of how Naseema McElroy has optimized her finances and reversed lifestyle creep, and a series of voicemails and messages from the ChooseFI community.

  • Planned obsolescence is the idea that a company makes something knowing that you will have to replace it in a relatively short time period.
  • ChooseFI started a new DIY Facebook group to help the community tackle DIY projects.
  • Brad explains how economically efficient it is for Brad to keep driving his 2003 Honda Civic:
    • Brad aims to use his car for 15 years, and chooses to invest the money he would’ve used for car payments, anticipating that he’ll need 3 cars in his adult life.
    • Total that he’ll invest, instead of spending on a car payment: $742k.
  • When we optimize housing, transportation and food it makes the difference of hundreds of thousands in savings over a lifetime.
  • Naseema, from Monday’s episode, choose to optimize her finances and resist lifestyle creep.
  • Do you really value what you’re spending your money on?
  • Naseema’s $200k+ income as a nurse is not uncommon for her location.
  • Even if you’ve taken a specific career path, if you want to make a change, you are never stuck.
  • Having options is a hallmark of financial independence.
  • Naseema is making the most of geoarbitrage by living in Nevada and working in California.
  • A message from Kim, excited to prioritize her quality of life and incorporate lessons learned from Naseema.
  • Voicemail from Ryan, who explains how the U.S. government shutdown has given him the opportunity to practice a “pre retirement” and explore new side hustle and hobby opportunities.
  • Jill shares how she got her spouse fully on board with FI: sent him to CampFI using the power of a “tired parent” and 4 days away as a vacation.
  • In order to bring your spouse on board with pursuing financial independence, a good starting point is to start talking about what truly brings you joy.

From the Mail Bag:

  • Are you allowed to use your company match when calculating your savings rate?
    • Brad includes the company match in his savings rate.

 

Links from the show:

ChooseFI Episode 22 – The True Cost of Car Ownership

ChooseFI Episode 111 – The Lost Decade. From Prison to FI.

ChooseFI Episode 108R – How to Calculate Your Savings Rate

ChooseFI Episode 106 – From Addiction to FI

ChooseFI has partnered with CardRatings for our coverage of credit card products. ChooseFI and CardRatings may receive a commission from card issuers.
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3 thoughts on “112R | Planned Obsolescence”

  1. Hi there. Thanks for all the amazing work you guys do. I was listening to this podcast on a drive to work and there was a quick reference to Scott asking his wife to write down the ten most important things in life or something to that extent. Can you send me information about this link? One of my many things “ah-ha” moments come when reading a post about the important things in life. I read it about a year ago but can’t seem to figure out which post it was. I want to figure out whose post I read so I can refer everyone it for others. I’m currently in SD and hope to attend our choose fi meeting this weekend. Hopefully I can figure out who wrote that inspirational post so I can share it with the group. Thanks again!
    Katie

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