ChooseFI Logo

FI Weekly – September 15, 2020

Making the Best of a Difficult Situation

My daughters started virtual school last week and the care and effort the teachers put in to make this a “real” school year is astonishing! Nothing is ever perfect and there have been some minor hiccups, but it was a great week.

The attitude and mentality you approach a situation with generally dictates your outcome. Laura and I could have infected the kids with negativity and complaints about this less than perfect situation. Instead, we chose to focus on the positives and asked a variation of:

“What if the worst thing that ever happened to you turned out to be the best thing that ever happened?”

My 3rd grader set up a bike-riding group with her friends, so they all meet at our driveway for recess and ride bikes for 20 minutes! And then they rotate hosting daily picnic lunches.

This is an incredible way to look at the problem and come up with the “best thing” solution.

Big Credit Card News

NOW EXPIRED: The reason this email is late today is because I just got word the bonus on our favorite travel rewards credit card, the Chase Sapphire Preferred, increased today to the highest amount I’ve ever seen! 80,000 Chase Ultimate Rewards points when you spend $4,000 in the first 3 months (of course you’re paying off on time and in full on this normal spending). If you’ve been on the fence before, now is the best time I’ve seen to open the Chase Sapphire Preferred.

The funny thing is that I had this other big credit card news already written, and since this offer is valuable to a large segment of our audience, I still want to pass it along:

If cash back credit cards are more your style, I’m happy (and pleasantly surprised!) to report Chase just launched an impressive new credit card called the Chase Freedom Flex. This card offers a $200 cash back bonus after spending $500 of purchases in the first 3 months. These are Ultimate Rewards points, so you can combine them with your Chase Sapphire Preferred, Sapphire Reserve or the Ink Business Preferred points and they become more valuable transferable points. This no fee card also offers 5% cash back on grocery store purchases on up to $12,000 spent in the first year, plus other significant bonus categories.

What I’m Listening To

The newest episode of The Mad Fientist podcast with Morgan Housel, author of the recently released ‘The Psychology of Money’ is a must-listen. It is so jammed packed with essential quotes and ideas that I hesitate to spoil them, but I wanted to pass along Morgan’s thoughts on the benefits of FI:

“It’s not that a fancy car or a nice house is not going to make you happy, but you tend to get accustomed to it. Whereas controlling your time is something that gives most people an enduring level of happiness. And every day that you can wake up, every morning, and say I can do whatever I want today…is going to give you a lasting level of happiness that…tends to be enduring over time.”

ChooseFI Community Taking Action This Week:

  • Marques said, “This week we called our internet provider and reduced our monthly internet bill by $20, while simultaneously increasing our speed from 100MBps to 200MBps. $240 made this year.”
  • Amanda said, “This week my family and I paid off our Prius and refinanced our house, shaving 1.65% off our initial interest rate. This frees up more than $600 extra each month for us to invest and save!”
  • Austin said, “Transferred my largest taxable account from Edward Jones with T. Rowe Price funds into Vanguard’s VTSAX! Also got a library card for the first time since I was 10. Checked out the Simple Path to Wealth instead of buying it. Amazing book by the way (shout out to JL).”
  • Juan said, “I have been using the Wish App to purchase gifts. Wish sells a lot of unbranded items at a much cheaper price point. This has been a great option for kid’s gifts, saves a ton of money, and everyone is happy.”
Subscribe To The FI Weekly

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

More To Explore
Lessons From a Young Entrepreneur | Ep 422

At least once in most of our FI journeys, we have pondered what our life would look like if we started earlier. Maybe you have even wondered what value could’ve been gained if you had started in your teenage years. Well, for some context into the possibilities decision that could provide, we decided to have 17 year old listener Devin on the podcast to discuss what life can look like when you go against the cultural norm of going to college, and instead opting for an entrepreneurial and FI friendly lifestyle. Oftentimes we mention that there are rewards that come with stepping out of your comfort zone, and the same can be said for going against the societal norm and carving out your own path! For our younger audience who may be interested in getting started with their FI journey, let this episode be a useful resource and reassurance that this journey can begin no matter your age!

Read More »
You Might Be Interested in...
Share This Post
Share on facebook
Share on linkedin
Share on twitter
Share on email
Share on pinterest