131R | Building a Brick in Your Wall

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131R | Building a Brick in Your Wall
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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.  See our disclosures for more info.

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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.

Brad and Jonathan recap their conversation with Mr. Money Mustache and Mr. 1500. Plus, they answer listener questions about compounding interest and drawdowns during retirement.

Community Building

Jonathan recently moved closer to Brad’s home. Now they are only around five minutes apart. The move has already led to some positive movements in their life. One nice thing is having a workout buddy for mornings three days a week.

At the end of the day, most of us lack motivation, like in a vacumm we lack motivation. The way to get around that is to replace motivation with dollars and basically have someone be that willpower for you. That’s the value of a personal trainer.

Instead of paying a personal trainer, you can build community and accountability through your peers. Even just having a mentor, accountability partner, or mastermind group to rely on can significantly improve your life.

Having community and having accountability will absolutely catapult the trajectory of your life.

However, this does not happen overnight. You have to build an openness with your peers. A community like this does not have to be restricted to Longmont, CO or Richmond, VA. It starts with you. Make the effort to get out of your comfort zone and invite people out for a hike or to a game night. When you start to change yourself, you may be surprised how the neighborhood will change as well.

Listen to the full episode with Mr. Money Mustache and Mr. 1500 here.

Practice Outrageous Optimism

Start with challenging your limiting beliefs. Walking away from work before 65 may be a belief that is entrenched in your brain. Another may be that you cannot build a better life than your current one, but that is not necessarily true. Following the FI path give you options.

There is no downside to having more options in your life.

Give yourself options and you may be surprised at the opportunities that present themselves. With FI, risks for some people become opportunities for you.

If you are looking for the negative, you are going to find it. If you are looking for the positive, you are also going to find it. So why wouldn’t you pick the postive? Isn’t that just going to lead to a better life?

Failure is a part of life. Do not let that stop you from trying again and again. Stay in your growth mindset and great things can happen.

Build your wall of success a little bit at a time. What brick can you make today that will build your wall towards success tomorrow? Start being intentional and build your wall towards the life you want to lead.

Implement strategies one at a time. Nothing will happen overnight. However, when you look up a year from now, five years from now, or 20 years from now, you will be thankful for the bricks that you made today.

Community Feedback

Let’s dive into some listener feedback.

Drawdown Strategies

Building a savings rate and working towards retirement is great. But what happens when you actually get there? A listener emailed Jonathan asked about more specific strategies for drawing down in retirement when you have no other income available.

One thing to note is that most people will continue to have some form of income in retirement. Especially if they retire early.

However, the specific numbers of drawdown strategies will be a good thing to dive into for future episodes. Early Retirement Now has great information about the numbers of early retirement and possible drawdown strategies.

We also formed a new cohort group, “ChooseFI Tactics, Techniques, and Drawdowns” that you can access here for more information now.

Voicemail From Christy: Defining Compounding

Christy called in for clarification about the term compounding. The power of compounding interest is frequently discussed on the show, so it is important to understand it’s true meaning.

Compounding interest is typically talking about money that is collecting interest through a loan or a savings account. The power of compounding interest is truly amazing. Brad showed the example of a bank with 10% interest savings account that started with $100,000. In a non-compounding account, the total after 20 years would be $300,000. In a compounding account, the total after 20 years would be $672,750.

Occasionally, compounding is mentioned in reference to the stock market. However, a more accurate term would be the total return. Although the results can be very similar to compounding interest, they are in fact two separate things.

Power Of Learning

At some point this week, Heather posted an article in the Facebook group about a single mother that built a home via watching YouTube. The story shows the amazing power of learning and persistence.

Check it out here!

What have you been meaning to learn? Give yourself a chance to learn a new skill and potentially transform your life in the process. It has never been easier to learn something new, so take action today.

Frugal Vs Cheap

Bver asked a great question in the Facebook group about the line between frugal and cheap. Although it can be difficult to define, frugal is an intentional life choice. Whereas cheap can be similar to missing the forest through the trees.

The Military Dollar wrote a great post about this in the Facebook group. Definitely give it a read (and maybe a like!)

Related: Frugal Vs Cheap–Where Do You Draw The Line?

Travel Rewards

If you are interested in learning more about your travel rewards options, then check out our course. You will learn everything you need to know to redeem your first travel reward.

Sign up for the free travel rewards course here.

Playing With FIRE update

The premiere in San Diego sold out! Showings in San Fransico and Washington D.C. also sold out.

Upcoming shows that need a few more tickets sold include Seattle, Atlanta, Maui, Mt. Pleasant, Austin, and Baltimore.

If you are interested in volunteering at the Atlanta event, then please email us at feedback @choosefi.com.

Find out more about screenings and tickets here.

Related Episodes And Articles

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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7 thoughts on “131R | Building a Brick in Your Wall”

  1. The link to the cohort group displays a list of many groups however, the “Tactics, Techniques and Drawdowns” group is not displayed on this page. Has this FB cohort group been created yet?

  2. Wow how a 10 year old inspires me with building a brick in a wall. I’m going to be thinking of this phrase all weekend while working out. The whole podcast was super motivating, thank you !

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