This is Brad, co-host of the ChooseFI podcast. Each week I share ideas to ponder, inspire, and motivate you on your own journey to FI.
What I’m Listening to This Week: Part 1
I was introduced to Naval Ravikant 5+ years ago on the Tim Ferriss podcast Episode 97 and was blown-away by the depth of his thinking. I was excited to see him pop up as a guest on Episode 473 of Tim’s show this week. Here’ a quote that jumped out to me:
“Long term thinking gets you long term results… if you can just adopt long-term thinking in your mindset, you’re just going to have a much easier life…Compound interest applies everywhere: it applies in relationships, it applies in money, it applies in health & fitness.”
I was thrilled to see Eric Jorgenson put together “The Almanack of Naval Ravikant” and is offering a completely free pdf download of the book! If you’re looking to upgrade your thinking, check out this free ‘guide to wealth and happiness.’ I actually bought it for $3 so I could have it on my Kindle forever….interestingly, Melissa on our team just informed me that I could have sent the pdf to my Kindle for free.
What I’m Listening to This Week: Part 2
Continuing our theme of leveling up your thinking: It’s rare that I listen to a podcast episode twice in one week, but the latest episode of The Kevin Rose Show podcast with Wealthfront CEO Andy Rachleff made that cut.
If you’re a long-term investor (you’re in the ChooseFI community, so I know you are!), you simply need to listen to this episode. A quote that appeals to our way of thinking when talking about market swings:
“You shouldn’t be offensive; you shouldn’t be defensive. You cannot time the market. Burt Malkiel likes to say, “you cannot time the market, so don’t even try. Just focus on the 3 things over which you do have control, which are diversification, minimizing fees, and minimizing taxes.”
What I’m Listening to This Week: Part 3
A trifecta this week: On ChooseFI Episode 262 we had former pro poker player Annie Duke on to discuss her new book “How to Decide: Simple Tools for Making Better Choices.”
It’s no secret that I’m a huge fan of Annie’s, as I’ve mentioned her book “Thinking in Bets” more times on the podcast than any other book, so it was a real honor to get to chat with her.
If you want to compound better decision-making skills into a better life, definitely listen to this episode, check out both books from the library (or grab them at Amazon.com) and actually start implementing this framework into your life. We are all about taking action, and I truly believe internalizing this content will positively impact the trajectory of your life.
ChooseFI Community Taking Action This Week:
- Stephanie said, “Finally scheduled and met with Lauryn from Student Loan Planner! Wow, so worth the time! With her recommendation to switch repayment plans, we'll be reducing our monthly payment AND saving for the tax bomb for almost the same amount we'd be paying out of pocket on our old repayment plan, yet still saving THOUSANDS over the remainder of our loan. The peace of mind knowing we're headed on the right path is invaluable!”
- Ahmed said, “I'm a recent college grad, and was due to move to a high cost of living city in January for work. We recently got word we're starting remotely, so instead of spending money on rent I'm just gonna stay home with my parents in our current low cost of living city until the office reopens. All the money I'll save on rent and other expenses will go straight to investments!”
- Jessica said, “I saved $242 on my annual car insurance by asking my agent about the low mileage discount now that my husband and I work from home! Your weekly email gave me this idea! I also cut the cord on cable and saved $80 a month! I absolutely love the FI community and am so grateful for your knowledge and inspiration!”
- Maddie said, “Last Saturday, I started a 30 day No Spending Challenge. It's only been a few days but I'm just now realizing how much I think about buying nonessential things without any intention. In fact, when I told my daughter we would try making Halloween decorations, she responded, “you mean without BUYING them?!” It was then that I knew this was the right decision.”
- Loren said, “I installed a kitchen myself and did all the demolition. This was at least a savings of $2,400 (quoted kitchen install without demolition). We planned ahead of time to ensure there was food to thaw out. I think we only ate out once in the 3 weeks the kitchen was a disaster. Having full time jobs and taking no time off, I was able to work until bedtime every evening.”