How To Move Money From A Financial Advisor To Vanguard

How To Move Money From A Financial Advisor To Vanguard

If you’ve been educating yourself about how to achieve financial independence (FI), you’ve probably learned a lot about investing on your journey to reach your FI number. You’ve probably also learned that fees can eat up a huge portion of your investment return over time, especially as the losses–due to fees, compound. Let me give you an example of how fees will eat into your nest egg. In 2019, you … Read more

Your End Of Year Investing Checklist

Your End Of Year Investing Checklist

The end of the year can be a hectic time for many. Between traveling to visit family for the holidays and trying to get everything wrapped up by year-end at work, it’s easy to let your finances take a back seat before the ball drops in Times Square. Sadly, many people don’t take the time to closely inspect their finances a few weeks before the end of the year to … Read more

Frugal Vs Cheap–Where do you draw the line?

Frugal Vs Cheap--Where do you draw the line

Cutting expenses is one of the fastest ways to immediately accelerate your journey to financial independence (FI). While increasing income typically offers more potential to achieve FI faster, cutting your expenses benefits your path to FI in two ways. First, it allows you to save more of your income now. Second, it reduces your FI number because you have fewer annual expenses for your investments to cover when you do … Read more

When And Why Your Child Should Open A Roth IRA

When And Why Your Child Should Open A Roth IRA

As someone interested in financial independence (FI), you’re likely very familiar with the concept of compounding returns. The concept of compounding returns is one of the most powerful forces in the financial world. In general, the longer you leave your money invested, the more your initial investment will grow. For example, $10,000 earning a 10% return for 10 years will be worth about $27,000. Give it another 10 years of … Read more

How To Pay For Christmas Using Credit Card Rewards

How To Pay For Christmas Using Credit Card Rewards

The key to paying for Christmas with credit card rewards is having a budget and making a plan to earn enough rewards to pay for that budget. In 2017, the average consumer planned to spend $906 on gifts according to Statista. Of course, people working toward financial independence definitely aren’t the average consumer. Instead, you likely work hard to come up with meaningful gifts and find great deals on those … Read more

What Have You NOT Sacrificed On Your FI Journey

What Have You NOT Sacrificed On Your FI Journey

Sometimes, it seems like achieving financial independence (aka, FI) is the only thing that matters. You take a hard look at your finances and find every piece of fat you can cut. For a while, it may not seem like a big deal. After all, you’re working toward FI which is the ultimate freedom. However, after a few months or years of living at the bare bone minimum, it can … Read more

Is Delaying Financial Independence Ever Worth It?

Is Delaying Financial Independence Ever Worth It

Achieving financial independence (FI) is a big deal. Once you reach FI, you no longer have to work for money and can do whatever you like, at least in theory. However, many of the people that focus on achieving financial independence do so by adopting a mindset of reaching FI as fast as possible. They want to try to escape the rat race and finally live life. But is that … Read more

ChooseFI’s Favorite Side Hustles

choosefis-favorite-side-hustles

No matter how hard you try, you can only save so much by cutting back your expenses. While living a frugal lifestyle will go a long way to help boost your savings rate, there is another option that could result in a drastic increase in your savings rate. Technically you don’t have a limit to the amount of income you can earn. While you may be limited to earning a … Read more

Want To Buy It For Life? Consider This

Want To Buy It For Life Consider This

Wouldn’t it be nice if the items you used on a regular basis didn’t keep breaking? Unfortunately, if you’re buying items solely based on finding the lowest price, chances are the things you buy are going to break at some point or another. Instead of buying cheap items to save money today, you may want to consider buying a quality item that’s more expensive and could last forever. This strategy … Read more

Side Hustle Series: Freelance Writing

Side Hustle Series: Freelance Writing

Side hustles are a great way to earn some extra cash and help you speed up your path to financial independence (FI). To get you started, here’s a list of great side hustle ideas! In addition, we wanted to feature some particular side hustle stories to inspire you to earn some extra cash. Today, we’re delving into the freelance writing side hustle. This side hustle is particularly popular among bloggers, but … Read more

How To Lower Your Cell Phone Bill

How To Lower Your Cell Phone Bill

One way to achieve financial independence (FI) faster is by optimizing your expenses. First, you cut the expenses you don’t value. Then, you work on reducing the expenses you do value. One service most people won’t go without is their cell phone service. However, it’s possible to save money both on your cell phone and on your cell phone bill without giving up much, if any, of the value you … Read more

Cut Your Cell Phone Bill: Republic Wireless Review

Republic Wireless Review Cut Cell feat-min

If you’re looking to cut your cell phone bill, you may want to take a look at the monthly plans Republic Wireless offers their customers. My wife and I are huge Republic Wireless fans and have been using their service for a few years now. So what is Republic Wireless? Republic Wireless is a mobile virtual network operator (MVNO) that offers service over the Sprint or T-Mobile network on select … Read more

How Chase Ultimate Rewards Actually Work

How Chase Ultimate Rewards Actually Work feat-min

If you’re new to earning credit card rewards, you may not have a complete understanding of the ins and outs of rewards points. Today, we’re going to focus on the ins and outs of the Chase Ultimate Rewards points rewards program. Here are the major rules you need to understand to make sure you use your points in the best way possible and to avoid letting your points expire. How … Read more

When Should You Buy Prepackaged Or Make It At Home?

When Should You Buy Prepackaged Or Make It At Home?

The ChooseFI Facebook group is always full of lively conversations. Lately, a couple ChooseFI Facebook group members have brought up the topic of prepackaged snacks. Prepackaged snacks and other items are super convenient but may cost more than making the same item yourself. Should you pay more for prepackaged snacks and other goods or should you make them yourself? Here are a few things to consider. The Arguments for Buying … Read more

ChooseFI’s Favorite Tips To Save Money On Your Landscaping Costs

ChooseFI's Favorite Tips To Save Money On Landscaping Costs

  Optimizing your expenses to spend money on what you truly value is one of the keys to achieving financial independence (FI). That also means cutting back ruthlessly on expenses you don’t care about. Every dollar you reduce your recurring annual expenses by is $25 less you have to put in your nest egg to reach FI. Depending on where you live, you could be spending a ton of money … Read more

ChooseFI’s Favorite Tips To Make Your Appliances Last Longer

Appliance replacement is something most people have had to deal with at some point in their lives. Sadly, it seems like many appliances built today use the concept of planned obsolescence to require us to buy another appliance in just a few years because it no longer works like it did when it was new. While we can’t force appliance makers to build better quality appliances, we can make sure … Read more

ChooseFI’s Favorite Tips To Keep Your Water Bill Low

Reaching financial independence takes a lot of work, so why make it harder on you than it needs to be? By reducing your expenses, like your water bill, you can reduce the amount you need to save to reach financial independence by 25 times your annual savings if you use the 4% rule. Of course, you’ll have to continue saving money on your water bill from now until forever to … Read more

How To Calculate Your Savings Rate

How To Calculate Your Savings Rate feat

If you’ve been hanging around the financial independence community, chances are you’ve heard people quoting their savings rates. Why? A savings rate could allow you to calculate how many years until you reach financial independence. For others, a high savings rate is a badge of honor they’ve worked hard to obtain. Here’s how to calculate your savings rate. Regardless of why you may want to calculate your savings rate, I’m … Read more

ChooseFI’s Favorite Tips To Keep Your Electric Bill Low

lower your electric bill

If you’re working toward financial independence (FI), chances are you’re looking to optimize your expenses. By reducing the amount of money you spend each year, you shrink the amount of money you need to reach financial independence by 25 times that amount if you’re following the 4% rule. That means what seems like a small monthly savings can turn into a huge long-term savings if you can keep up the … Read more

Are You Maxing Out Your 401(k)? Don’t Miss Out On The Employer Match!

Don't Miss Out On The Employer Match!

One super easy way to put an extra few percent toward your savings rate is earning a retirement savings match at your employer. Every additional percent of your income, or your employer’s match, that you put away puts you a few months or sometimes years closer to financial independence (FI). If your employer offers a retirement savings plan at work, such as a 401(k), 403(b), 457, Thrift Saving Plan or … Read more

Should You Pay Off Your Mortgage Or Invest?

mortgage or invest

When it comes to optimizing your money, one hotly debated topic is whether you should use your available income to pay off your mortgage faster or invest the money for the greatest return. The future is unknown, but there are emotional and logical arguments to be made for investing or paying off the mortgage first. Planning for financial independence means you consider even more factors to find the right answers … Read more

Is It Ever Too Late to Start My FI Journey?

Is It Ever Too Late to Start My FI Journey

The most popular financial independence (FI) stories on the internet these days seem to be the ones where people latch on to the idea of FI early in their high earning career, save a massive percentage of their income and retire in their 30s. All while traveling the world. Unfortunately, many people have never heard of the FI movement and even if they are aware of it, many didn’t find … Read more

7 Careers With Six Figure Earning Potential–No College Degree Required

7 career earning potential

Achieving financial independence quickly requires saving the largest percentage of your income possible. While you could cut your spending back to the bare bones minimum, it’s often easier and more productive to focus on earning more income. After all, it’s easier to save a large percentage of your income if your job pays you well. Unfortunately, many of the highest paying jobs require advanced college degrees. Sadly, obtaining a four … Read more