ChooseFI

109 | Scott, a math teacher in Santiago, Chile, and Rob, a blogger at Getting Canned, share their experiences teaching abroad, including the financial and lifestyle benefits, and the how-to for making it happen. For more information, visit the show notes at https://ChooseFI.com/109

Explore various methods for calculating your savings rate, including gross, take-home, and after-tax compensation. Hear about the importance of planning for special needs children and how 529 ABLE accounts work. Discover real-life experiences, like a listener’s journey from disability to helping family. The hosts also share holiday updates and delve into community events while emphasizing financial independence as a pathway to joy. Track your net worth and savings effectively with tools like Excel and Personal Capital!

108 | William McVey, ChooseFI's Chief Technology Officer, walks through investment options available to meet the financial demands of special needs children, and the strategies he's used to prepare for his children's future. For more information, visit the show notes at https://ChooseFI.com/108

107R | A year-end episode featuring voicemails and messages from the ChooseFI community sharing successes, progress, exciting discoveries, and hopes for next year of our journey toward financial independence. For more information, visit the show notes at https://ChooseFI.com/107R

107 | Craig Attkinson, owner and founder of Green Side Up, a landscaping company in Richmond, Va., explains how he started his business in his mid-20s, what it took to grow and optimize the business, and how he's optimized other aspects of his life as well. Craig started out his career on a golf course, with a degree from Virginia Tech in turf grass and horticulture. Green Side Up started in one weekend when Craig bought a truck, a trailer and a mower all at once. Craig mowed lawns since he was 10 years old and saved it all until he bought his supplies. Jumping straight into landscaping required Craig to do everything himself, and learn on the go. When Craig brought on his first partner, he gave him 50% of the company, and guaranteed a salary, knowing that they would have to build up that amount of business. How did Craig get contracts in the mid 2000s? Craig has a marketing company now that helps now, but early marketing for Green Side Up involved phone books, purchasing ads and a lot of networking. Having a partner to build ideas, and watching to see how other similar businesses function is helpful to build efficiency. Finding a good system for managing the work processes and clarifying expectations for employees hugely increased the business' efficiency. How can Craig build the company to a point that he can step away? As the business gets bigger, purchasing things in bulk, or at higher volumes, helps Craig get better prices. How did Craig find the FI community? Craig's goal in life is to not have to ever worry about money. Craig's saving rate is about 70-80% because he benefits from company vehicles, cell phone plan, etc., which makes his personal expenses much lower. Craig's family farm houses the equipment for the business. How and why did Craig design his own tiny home, next to his sister's house? Craig loves life optimization; what aspects of his tiny home are most optimized? Took advantage of a 4' x 6' nook for his office. Used leftover granite from someone else's kitchen remodel for his own small kitchen. Built a bed with drawers underneath for his closet. Craig is technically FI, but is still loving his work, so he's not retiring anytime soon. His next adventures are climbing in Patagonia and biking in Norway. For more information, visit the show notes at https://choosefi.com/107

106R | A series of suggestions and questions from the ChooseFI community, including HSA funds, capital gains distributions, and Traditional versus Roth IRAs, and follow up from Monday's episode with Deanna. Jonathan raves about battery-powered chain saws, and a great bonding experience with his dad. Brad's in-laws enjoy helping Brad's family with landscaping and gardening. Pursuing financial independence gives Jonathan the opportunity to plan his family's schedule first and work around that. The people pursuing FI aren't just single, white software designers; FI gives everyone the opportunity to prioritize family. We get to pick our story. Our mindframe changes the trajectory of our lives. No matter how bad you've had it, there is someone with more obstacles than you had, who found a way through. ChooseFI isn't about Brad and Jonathan, it's about the community. Voicemail from Danny Kenny, a CFP, who recommends rolling HSA funds out of your employee account and into an external HSA custodian account that will have lower costs associated (allowed once a year) and explains how capital gains distributions can hurt long-term holders. Another voicemail, from Hillary, who enjoys hearing about the fundamentals of financial independence. Lee asks why someone would choose a Traditional IRA versus a Roth IRA, since neither are funded by truly "pre-tax" money? A 401k comes out of your W2 paycheck, before it's taxed, while Traditional IRA contributions come from a personal decision to contribute post-paycheck money to a retirement account. When someone uses a Traditional IRA, contributions are deductible and lower your taxable income to decrease your tax liability. A Roth IRA does not come with a tax deduction. Taxable investments are just a different way to store your money aside from just keeping money in the bank – either an investment account, or investment properties. Ruth points out that it's important to check our accounts and protect ourselves from recurring and unwanted charges. James shares a frugal win – offering graphic design services in exchange for a $500 discount to his favorite coffee shop, so he can work there and drink coffee for free. For more information, visit the show notes at https://choosefi.com/106R

106 | Deanna, blogger at msfiology.com, shares her journey from drug and alcohol addiction to recovery, paying off six-figures of personal debt, and getting started on her path toward financial independence. For more information, visit the show notes at https://choosefi.com/106

105R | Brian Feroldi joins the show to talk about the costs and benefits of installing solar panels and answers questions about his investment strategies, and Brad and Jonathan recap Monday's episode with Paula Pant before announcing a new ChooseFI project on the horizon. For more information, visit the show notes at http://ChooseFI.com/105R

105 | Paula Pant, creator of Afford Anything podcast and blog, dives into her love for travel, her rejection of the traditional 9-5, and how she built an income to match her lifestyle. Paula moved to the U.S. as a baby, just after being born in Nepal. Her only travel growing up was between Ohio and Nepal. Travel has become a large part of Paula's life, but her desire to travel only grew in her adult life. Rebellion is a form of seeking identity. Once Paula started traveling did she fall in love with travel immediately? What does Paula consider a legitimate visit to a foreign country? Two weeks of vacation in Paula's first few years of work after college felt too limiting. Paula made a lifestyle change, and then figured out how to fund it. Learning about and trying out freelance work introduced Paula to the idea that someone could work outside of the traditional 9-5 work. Did Paula receive criticism when she quit her job to travel? When Paula traveled for her first few years, she budgeted about $1,000 a month for expenses and chose to visit countries where the dollar goes far. Paula's tips for building connection while traveling: Stay at hostels – more economical, and more social. Meet the American, Australian, British, etc., ex pats, and meet their friends (build relationships, and travel slowly). How did Paula restart once she returned to the U.S. after her 27-month adventure? In pursuit of writing what she wanted to read, Paula became a personal finance writer. When did Paula begin to feel imposter syndrome? Default to saving, instead of default to spending. Why does spending money create anxiety for Paula, and how did the scarcity mindset actually push Paula toward financial independence? Passive income (real estate) was primarily meant to give Paula some financial cushion, instead of a means to financial independence. Humans crave autonomy, purpose and mastery. Reading about potential scientific advances motivates Paula to be healthier because she wants to be around to see it. Self-care is work care. For more information, visit the show notes at https://ChooseFI.com/105

104R | An update from Marla Taner on 2018's best travel reward options, a hack for keeping your bills low, a review of Monday's episode with Doc G. Jonathan tries out a new service to ensure that his bills are staying low. Billfixers.com is fixing a 'pain point' for Jonathan. How can someone balance simplicity, and a willingness to say yes to opportunities? Review of Monday's episode: Purpose, Identity and Connection. Finding your identity – the story you tell yourself, about yourself – is crucial to finding your space in the world. Why was Brad was given singing lessons as a gift from a couple at Chautauqua? Marla Taner joins the show to update about travel rewards: She's traveling to Hawaii for New Years with 9 friends. Flight reward deals are not as good during Christmas, but hotels are usually consistent. What is the Southwest Companion Pass and what is the strategy to get it? Earn the ability to bring someone with you for free on every Southwest flight for up to 2 years. Must earn 110,000 Southwest rewards points in one calendar year. Current strategy: Southwest's Business card comes with 60k points. Southwest's Personal card comes with 40k points. Southwest has good sales on right now. What does it take to apply for a business card? Barclay Arrival Plus – Marla's recommendation for beginners. Capital One Venture card has added a transferrable-points feature. Don't overspend, look for opportunities to front-load some of your normal expenses to hit minimum spends (i.e., utility bills, or internet, grocery gift cards). Marla is joining Tim and Amy Rutherford from ChooseFI Episode 79 in Tempe, AZ for a few days. Want to join? Best way to connect with Marla, Tim and Amy is via the Go With Less blog. Join them in Tempe .