146R | Fork In The Road

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146R | Fork in the Road
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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 discuss this week’s episode with Shannyn Allan, as well as talk to Chuck Jaffe and his thoughts about Financial Independence Retire Early. Brad and Jonathan also discuss skills versus a degree.

Building Skills

As a part of the path to FI, many decided to learn new skills along the way. These skills may seem disconnected but as you build a unique skill set you start to uncover patterns that others don’t see.

We spend so much time consuming information. But do we take advantage of the fact that it’s incredibly easy to learn a skill?

In Scott Adam’s How To Fail At Almost Everything And Still Win Big Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you. , he talks about building skills. Even if you are only in the top 10 to 20% at a skill, you can build success with multiple skills. In general, a diverse skill set is essential.

Related: Talent Stacking To Fast-Track FI

Ed from ChooseFI recently took a course to learn a new skill set. The course was created by Laptop Empires and teaches students how to succeed with digital Facebook ads. The highly in-demand digital skill can help businesses reach new customers and expand their business. You can be the person to help them fill this gap if you have the skills.

Ed loved the course and found it very valuable, so it was shared with the ChooseFI listeners; then many asked: “why isn’t the course free?”

Jonathan was caught off guard by the questions because so many of us spend thousands of dollars on a degree without ever questioning the ROI. However, a relatively inexpensive course with applicable skills to the real world is something that many people question before buying.

Of course, you could go the DIY learning route but that will likely take more time.

Looking At Things Different

If you take a closer look at your budget, you may notice that you do not spend too much on self-improvement. Many people forgo that category in favor of other wants. But a small change such as a self-improvement investment can really help to make big impacts down the road. Whatever you choose as your new skill to learn or self-improvement strategy will likely help you down the road.

If you are interested in the Facebook Ad course, then you can find it here.

Resource: Vincent Pugliese’s Podcast Total Life Freedom

Embrace The Suck

This week Jonathan and Brad talked to Shannyn about her path. She had an incredible message about embracing the less than ideal parts of life to make more it enjoyable. It is important to realize that not everything in life is a straight path. The journey to Financial Independence is most likely not going to be a straight path for most.

Life without adversity is not a life well lived.

It is likely that each of us will have challenges to face and mistakes to overcome. However, you cannot beat yourself up about the past. There is no point in worrying about the past because it has already happened. Instead, take that lesson with you as you move forward into the future.

Sharks In The Water

Brad and Jonathan had some words of warning to offer.

Real Estate

Shannyn had a difficult experience with wire fraud as she attempted to purchase her first home. At the time, she had faith that all parties had her best interests at heart but they didn’t. Unfortunately, the person you have to trust most is you because no one is looking out for you more.

Of course, many people are there to help so don’t go through life without trust. And at the same time, you need to look out for yourself and continually reevaluate the situation.

If you happen to live in the Richmond Virginia area, then Brad and Jonathan can recommend two helpful real estate contacts. The first is Raven Sickal, a real estate agent that has been helpful to Jonathan recently. The second is Missy Bass, a loan officer at the CNF mortgage company.

Check out the full episode with Shannyn here.

Financial Advisors

A friend of Jonathan’s recently discovered FIRE and is on a path to make it happen. One of the first steps he took was asking his investment advisor whether or not they were a fiduciary and what they would recommend.

Jonathan warned his friend that in the future, he should ask if they are a fiduciary in every aspect of their business and learn how they are paid. If they answer yes, then still proceed with caution. If their first recommendation is whole life insurance, then you can consider that a red flag and perhaps discontinue working together.

It can be difficult to find trusted people. If you are having trouble finding trusted advisors and real estate agents, then talk to your local ChooseFI group or connect on Facebook. They can be a good resource for recommended vendors and services.

Resource: Money, Master The Game Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you.

Celebrate The Small Steps

The path to FI is all about the aggregation of marginal gains. The little choices along the way can make a big difference. Check out The Choice, a YouTube video, to see an example of these daily choices.

You can’t beat yourself up about the past. But you can make different choices going forward.

Related: The Aggregation Of Marginal Gains

Book Launch

The ChooseFI book, Your Blueprint For Financial Independence, is launching October 1st! If you haven’t ordered it yet, then preorder now.

Here are the first stops of the book tour.

  • Farmington Hills, MI on October 3, 2019 (please RSVP here)
  • Salt Lake City, UT on October 12, 2019
  • Richmond, VA on October 23, 2019

Here is an early book review of the book by The Fioneers.

Conversation With Chuck Jaffee

Last week, Brad brought up this article by Chuck Jaffee about his take on the FIRE movement. Today, Jaffe came on the show to talk more.

At FinCon, a 20-something blogger told Jaffe that he was not part of the FIRE movement because he had no plans to retire. However, Jaffe strongly disagrees. He loves his job and would not want to retire but he could financially afford to retire.

I think what everybody misses is that A. How they are defining financial independence. And B. How they are defining retire early.

Instead of “Financial Independence Retire Early” he suggests “Financial Independence Reset Early.”

The ability to say I want to live my life on my terms. That to me is Financial Independence.

People are looking to gain choice, not always retire. For Chuck, he gained that choice a while ago but he chose to continue working.

How To Connect With Jaffe

If you are interested in connecting with Jaffe, then check out his Money Life Show. It features 1-hour interviews five days a week. You can also email him at [email protected]

You can also read more of his articles here.

Stuck

If you are feeling stuck on anything, then please let us know. We would love to help! Let us know what resources you need to move forward.

Shoot us an email at [email protected] Please include the word STUCK in your subject line.

Related Articles

New to FI? Be sure to check out Episode 100: Welcome To The FI Community!

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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Comment Disclaimer: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

1 thought on “146R | Fork In The Road”

  1. “Obviously, this riles you up” lol. I didn’t get a lot out of the Jaffe conversation–seemed like it wasn’t really connected to the rest of the podcast and was a little “you kids get off my lawn” (I’m around his age too). True that you should always be able to jump before you’re pushed though.

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