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Let’s celebrate the Odometer with 100,000 miles

Highlights from the guest episode with Carl from 1500 Days

Episode Summary

  • Could you reach financial independence with a 10 to 15 year timeline?
  • Jonathan’s timeline is much shorter than 10 to 15 years
  • The mechanics of FI are easy, but we discussed the larger questions in this podcast about happiness and what life is all about
  • It isn’t about money, it’s about life
  • When you have time, you can explore all these new passions and fill it with the right things in life
  • When you are pursuing FI and you have money in common, you have so many other things in common
  • People are talking about making real-life FI communities of like-minded folks and see the power of community
  • He had an epiphany: You don’t have to work until you’re 62 to retire. You really can life a different way and make it happen.  But we need to present this info to as many people as possible
  • Brad posting 100,000 mile odometer. Per Jonathan, it represents a life choice that enables us to get to FI faster
  • Rampant materialism of the neighborhood that Carl and Mindy moved into and moved out of only weeks later
  • Friday’s podcast will be a crowdsourced roundup of the FI community
  • Corrections from prior show: 457 plans: are not protected from creditors in bankruptcy and there are 457 for hospitals and charities. You also need a “separation of service” in order to pull the money out.
  • Corrections: Roth IRA contributions can be pulled out penalty and tax free at any point (do not need to wait 5 years)
  • Success story from Jason: Have really taken a lot of the things they’ve learned from ChooseFI and started to implement. Opened 2 Chase Sapphire Preferred cards, is already tax planning for 2017, and wants to move his money to Vanguard.
  • Timing the market and avoiding a “bubble” when investing. Take your brain out of investing decisions as much as possible.
  • Itunes review from Australia!
  • Question about net worth: Why do some bloggers exclude liabilities from net worth? How do we track net worth? You must include your liabilities in a net worth calculation
  • We plan to share our income reports from Choose FI to help people follow along with how we’re building our website
  • Travel Rewards question: What are your favorite Chase Ultimate Rewards transfer partners and how do you transfer the points? Our favorites are: Southwest, United, Hyatt and British Airways
  • Ask the audience: Please send us your favorite personal finance articles from the past year
  • Frugal wins of the week: Jonathan and his wife are preparing for their first yard sale. Brad made his last preschool payment for his youngest daughter
  • We need your feedback! And a big thanks to Isaac for continually sending in helpful information

Links from the show:

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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!

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