Let’s celebrate the Odometer with 100,000 miles
Podcast Episode Summary
- Highlights from the guest episode with Carl from 1500 Days
- 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: