138R | My Daughter’s Mindset

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138 | How To Get Paid To Go To College
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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.

Jonathan talks to Brad’s daughter Anna about her can-do mindset and review Monday’s episode with Anthony.

Equifax Data Breach

Johnathan and his wife made $250 for less than 10 minutes of work. The Equifax data breach affected over 140 million people. Each of those affected people is entitled to a settlement. It is worth taking the five minutes to check it out!

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You can find out if you were affected here. If you were affected, then you can file your claim here.

Take action to claim this easy money.

Anna’s Mindset

Brad’s daughter, Anna, created the concept of building bricks to put into her wall.

Every time I hop in the pool, every time I swim a lap, what I visualize that I’m doing is that I’m putting a brick in a wall. I’m building my brick wall.

She came up with this concept because she saw the older kids had put in hard work to excel at swimming. She makes sure to think about all of the chances she has to achieve success and works hard to achieve those goals. Anna believes that anything is possible with hard work.

Anthony’s Lessons

Anthony found a way to pay for college that challenged the normal line of thinking. If your parents can’t pay for college, he showed that there are still options to go without taking on any debt. The best part of Anthony’s experience is that it is completely replicable.

What Anthony highlighted for me seemed eminently replicable if you have seen someone pattern that behavior.

He showed that by learning the rules and making connections, it is possible to improve your situation.

Even in this digital world, maybe especially in this digital world, personal connections mean everything.

In addition to graduating from college with a positive net worth, Anthony was also able to buy out the PMI of his first home. Just by asking, he was able to save that monthly PMI payment.

What do you get by no asking the question? You get the same result as everybody else.

We are hoping that over the next few weeks, others will call their mortgage companies to see if this is an option. Please let us know what you find out!

Listen to the full episode with Anthony here.

Claire’s Playing With FIRE Experience

Claire and her fiance have been working on FI for six months. They have been making plans to eliminate their debt and increase their investment portfolios.

What could we do if we got really intentional about it?

Every time they talked about their FI goals, her father in law was extremely skeptical. That all changed after the Playing with FIRE documentary.

After the showing, he was completely on board with their plans.

Cell Phone Insurance Via Credit Card Tip

On last week’s Friday round-up, David shared how he gets his cell phone insurance for free through the Uber credit card.

Community member JB commented more information about how to get cell phone insurance for free through a credit card. Specifically, the Chase Ink Business Preferred card offers free cell phone insurance if you use the card to pay for your cell phone bill.

The Ink Business Preferred Credit Card is one of our favorite cards due to its amazing travel rewards bonus. However, this is just another feature that makes the card great!

Check out our full review the Ink Business Preferred Credit Card here.

Email From Rachel

I know that the show has been wanting to highlight more stories of people hitting financial independence with lower incomes and it occurs to me that my grandparents did that. My grandpa moved from West Virginia to Cleveland and my grandma from Kentucky to Cleveland searching for better jobs. They met and married. And my grandpa supported the two of them and their five kids.

First, he worked at a factory that made springs by hand punching them. Then he got a job driving a truck, eventually saving enough to buy his own and learn how to do all of the mechanic work himself. My dad tells stories about riding to church in it because it was the only family vehicle. They had their own garden, they never bought anything new and saved every bit they could.

In his fifties, my grandpa was forced into early retirement. I don’t remember all the details but I believe he would have continued to work forever for only the security of a paycheck. But once retired, they lived off less than the interest their investments were growing. My grandpa passed away a few years ago but my grandma now is in an assisted living facility still living on just the interest. The baby boomers went through hard enough times that started many of them down the path to FI though it wasn’t called that at the time.

We’ve teased my grandparents over the years about not being able to throw away anything. But I think now that we are looking to downsize our house and make larger steps towards FI that my grandpa would be proud and I know my grandma is. At any rate, I thought it might be worth asking the audience if they have older relatives who are not bloggers and had normal incomes with interesting stories that might be guests on the show.

Brad and Jonathan would love to feature more stories like this on the show! If you have a relative that would like to share their story, then shoot us an email at feedback @ choosefi.com.

Mike’s DIY Win

Mike was able to update his bathroom with only $26 of supplies! Check out the new look in the video recording of the podcast here.

Plus, you can find more DIY ideas in our ChooseFI DIY group. You can find that group here.

Noah’s Questions About Funding A Child’s Roth IRA

Noah suggested that it may be better to think of funding a child’s Roth IRA as a way to divert a parent’s higher tax bracket funds to the lower tax bracket of the child.

In this mindset, for 2019, only $6,000 of the $12,200 total possible deduction would be spent funding the child’s Roth IRA. It could be possible to fund another account with the rest of their standard deduction or potentially use an employer match within a small business 401k. Plus, the child could open up a mega back door Roth IRA if they earned enough. Additionally, the parent could file for a qualified business income deduction to avoid FICA taxes. Although it is somewhat unlikely, it is possible.

However, Noah is unsure about how this would affect the child’s FASFA application in the future. Luckily, there is an upcoming episode that will dive deep into the ins and outs of the FASFA. Look out for that in November. Plus, look for Sean’s answers to Noah’s scenario in a future Friday round-up.

Listen: How To Fund Your Child’s Roth IRA And Other Tax Optimizations With The FI Tax Guy

Michele’s Frugal Tip

If you are interested in reading ChooseFI: Your Blueprint to Financial Independence, a frugal way to do this is by requesting it through your library. The book is coming out October 1st, but libraries will be able to pre-order the book through their system.

You would be able to read the book for free. Plus, it would become available to everyone in your community.

If you would prefer to pre-order your own copy, you can do that here.

FI 101 Course

The FI 101 course is meant to support you as you develop an action plan for FI. The course will serve as a resource for the community.

If you are interested in trying out the course, then join the waitlist here.

Related Episodes:

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.

2 thoughts on “138R | My Daughter’s Mindset”

  1. The link to see if you were affected by the Equifax data breach doesn’t seem to be working. That said, I had heard about this somewhere else but didn’t do it until you two inspired me to check. So I went and dug up the link and checked. I was actually one of the few who were affected it seems. I suppose in the long run that’s a good thing. 🙂

    For others reading this, here’s a link to a site to check if you were affected and thus eligible for part of the settlement. https://eligibility.equifaxbreachsettlement.com/en/eligibility

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