Asset Allocation vs. Asset Location: Building Flexibility and Tax EfficiencyElliot and Josh discuss the concepts of asset allocation and asset location, noting that financial terminology can be unclear and that fee-only fiduciary advice may be useful, while the AUM model is discouraged. They review common asset types (stocks, bonds, cash equivalents/treasuries, real estate, alternatives like gold, derivatives, crypto, and collectibles) and why cash can be a depreciating asset due to inflation, though it can serve as an emergency fund. They explain allocation as the mix of assets based on time horizon and risk (more stocks when younger, de-risking toward bonds/cash/fixed income nearer retirement), sharing their aggressive allocations and Josh’s real-estate-heavy net worth. They define location as placing assets across taxable, tax-deferred, Roth “tax-free,” and HSA accounts, highlighting tax impacts (e.g., bonds in tax-advantaged accounts), ACA subsidy cliffs, and withdrawal flexibility, and they reflect on the complexity of decumulation strategies such as Roth conversions and 72(t).00:00 Welcome and Setup02:15 Why Finance Feels Vague05:09 Asset Types Overview07:45 Cash as an Asset11:06 Allocation Basics and Risk14:09 Their Current Allocations17:33 Fixed Income Explained20:57 Asset Location Accounts25:41 Tax Efficient Placement34:41 Decumulation Mindset Shift38:41 Wrap Up and Farewell

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://my.mintmobile.com/refer/aEWp5rL

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Is Financial Independence Still Repeatable? Talking “Beating the System,” Time, and Modern OptionsJosh asks Elliott about co-presenting an FI 201 session, which Elliott says went well with positive feedback and a turnout in the mid-60s to 70s, and they discuss continuing educational events to complement the group’s social focus. Josh then shares a comment from his 25-year-old son Caleb after Josh’s one-year “quitiversary,” saying Josh “beat the system” and implying retirement is getting harder, prompting a discussion about generational doom-and-gloom versus broader historical data. Elliott argues time is a 25-year-old’s advantage and that FI remains achievable by creating a savings gap and investing rather than holding cash, while Josh notes past high mortgage rates and today’s broader lifestyle options enabled by the internet and gig work. They discuss Caleb’s low-cost van-travel lifestyle, investing for long horizons, ignoring market-prediction headlines, and avoiding speculation like crypto or gambling.

00:00 FI 201 Recap

02:31 Quitiversary Reflection

05:44 Is FI Still Possible

08:32 Boomers Rates And Housing

10:07 Caleb Van Life Economics

14:14 Alternative Paths To Work

20:45 Spending Less Superpower

25:38 Markets Headlines Noise

30:06 Wrap Up Advice

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://my.mintmobile.com/refer/aEWp5rL

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Previewing FI 201: Investing, Risk, Accounts, and SpeculationJosh and Elliot discuss Elliot’s upcoming FI 201 presentation for their local Choose FI group, co-presented with Alan Hansen, after their well-attended FI 101 session drew about 75 people and was later shared within the Choose FI community. Elliot outlines FI 201 topics including saving vs investing vs speculating, investment risk and risk tolerance, market-history return graphs and whether to panic during downturns, types of accounts (tax-deferred, Roth/after-tax, HSA), asset types, asset allocation and asset location, and sharing real examples of their households’ asset distribution (taxable, tax-deferred, cash, equities, 529s) plus mistakes and resources. Taxes are being moved to a separate future class, and they mention the book “Tax Planning To and Through Early Retirement.” They also note covering crypto, gambling, options/futures, and hard assets, and discuss compounding and long-term comparisons among inflation, T-bills, and the S&P 500.00:00 Welcome And Setup00:04 Why FI 201 Now01:34 FI 101 Recap Impact03:39 FI 201 Agenda Overview07:07 Asset Location Questions09:51 Future Classes And Taxes11:57 Terminology And Nomenclature15:09 AI Slides Experiment18:00 Speculation Crypto And Gambling22:20 Young Investors Day Trading26:25 Net Worth Milestones27:51 Compounding And Returns Demo29:06 Wrap Up And GoodbyeDo you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://my.mintmobile.com/refer/aEWp5rL

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode: Tax Planning To And Through Early Retirement - https://amzn.to/4396bro

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Should We Tap a 401(k) Early for Home Upgrades? A Middle-Class Trap Liquidity DebateJosh and Elliot discuss the “middle class trap” idea—having most wealth tied up in 401(k)s and home equity—and how it affects liquidity and flexibility. Josh is retired with nearly $2.9M net worth, outlines cash ($65K), taxable brokerage (~$95K), $1.4M tax-deferred 401(k)s, paid-off home with a $135K HELOC at 7.75%, rental property equity (~$600K), and his wife Lori’s income (~$4,500/month) and pension value. They consider funding roughly $60K of long-delayed home projects (deck, fence, hardscaping). Josh explores early 401(k) withdrawal while Lori works (12% bracket plus 10% penalty) versus using cash/taxable, HELOC, rental cash flow, Roth conversions, 72(t) strategies, or a margin loan, debating taxes, penalties, opportunity cost, and psychological comfort with liquidity and debt.00:00 Basement Backdrop Banter01:05 Hybrid Worker Setup02:09 Middle Class Trap Debate06:56 Real Estate vs Liquidity10:53 Home Projects Wish List12:15 Net Worth Breakdown14:18 Income and Rental Cash Flow17:39 Spending Goals and Timeline19:23 Why Spend Now22:03 401k Withdrawal Idea28:09 Elliot Runs the Numbers31:54 Lori Cash Flow Mindset33:54 Equity Return Reality Check35:08 Liquidity Options Beyond 401k36:44 Psychology Versus Math39:44 Early Withdrawal Penalty Math42:56 FI Tax Strategies 72t And Roth46:43 Opportunity Cost Of Cashing Out48:38 Option A Spend Taxable Cash49:55 Hybrid Plan And ACA Angle52:35 Replenish Reserves And Debt Aversion54:46 HELOC Bridge Versus Penalty56:18 Middle Class Trap And Money Trauma57:56 Drawdown Order And Account Strategy59:40 Margin Loans And Market Risk01:04:03 Wrap Up And Next Episode Tease

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://my.mintmobile.com/refer/aEWp5rL

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Morning Routines After FI: Slow Mornings, Habits, and StructureJosh and Elliot discuss the value of routines—especially morning routines—after retirement and in working life, sparked by Sarah sharing an Inside Out Money episode about compounding habits. Josh recounts the host’s early-retirement lack of structure and how adopting morning habits (sunlight, water, exercise) improved her feelings of laziness, prompting reflection on their own routines. Elliot describes minimal weekday routines shaped by hybrid commuting (up around 5:15–5:30 for office days; 6:30 for work-from-home) and weekends influenced by young kids, meal planning, and shared calendars. Josh outlines a long-standing 5:00 AM “slow morning” routine with water, coffee, reading/creative work, and workouts, plus consistent bedtime habits, limited news/social media, and discussion of experimenting with exercise schedules and subscription “money leaks.”

00:00 Why Routines Matter

00:17 Podcast Spark

02:10 Elliot Morning Schedule

04:54 Josh Slow Mornings

12:09 Habits And Motivation

19:05 Making Workouts Work

27:10 Evening Routine Talk

32:23 Social Media And Shopping

35:24 Streaming Subscriptions

38:41 Final Routine Takeaways

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

The Power of Saying No: Boundaries at Work, with Family, and with YourselfJosh and Elliot discuss how to say no to bosses, coworkers, friends, family, and oneself, reflecting on their shared people-pleasing tendencies. They open with accountability updates (Josh scheduling a colonoscopy; Elliot struggling to restart workouts after illness and foot pain), then share examples of difficulty setting boundaries, including Josh’s guilt over refusing Elliot’s brake help but spending a Sunday fixing another friend’s brakes after giving bad advice. Josh describes learning to say no at work by clarifying priorities and negotiating tradeoffs to avoid burnout, influenced by ideas like Cal Newport’s, while Elliot notes that extra effort isn’t always rewarded and emphasizes focusing on the most impactful work. They contrast work boundaries with the harder emotional challenge of saying no to friends and family, discuss regret and FOMO, and address saying no to oneself by limiting new projects, side hustles, and time commitments in early retirement.

00:00 Why Saying No Matters

01:14 Accountability Buddy Check In

03:59 The Brake Job Karma Story

06:28 Saying No at Work

11:15 Quality Over Quantity

15:53 COVID Era Boundaries

19:05 Declining the Return Invite

21:35 Friends Family Guilt

23:04 People Pleaser Guilt

24:06 Hell Yes Philosophy

25:28 Saying Yes Then Regret

27:02 Retirement Boundaries

28:28 Fence Favor Fallout

31:38 No To Yourself

32:35 Side Hustle Temptations

35:39 Time Value Debate

37:57 Babysitter Rate Reality

39:07 Practicing Better Nos

41:16 Closing And Feedback

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Josh’s other podcast: Stuck In Beta

Josh’s YouTube channel: How To Fix It Workshop

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

One Year Retired: Finding Pace, Purpose, and Permission to Spend

Elliot and Josh discuss Josh passing one year since retiring after a 25-year career. Josh reflects on celebrating the milestone with a commemorative bike ride, says retirement has been overwhelmingly positive, and describes learning to slow down, avoid overloading projects, and use the power of saying no. He wants more small-group social activities because solo hobbies dominate his routine and large groups feel overstimulating. Josh explains a smooth career transition via a 14-month notice, gradual handoffs, and vacation time, though he still feels awkward using the word “retired,” partly due to ongoing rental property work. They discuss staying challenged without seeking constant entertainment, balancing house projects with hobbies, and shifting from scarcity to abundance by spending more, considering major home upgrades, and possibly selling problem rentals, while noting market downturns and withdrawal-rate comfort.

00:00 Sunday Morning Check In

00:44 One Year Retired

03:43 Finding a New Pace

05:47 Small Group Social Life

11:43 Saying No and FOMO

13:22 Career Transition Glide Path

16:47 Owning the R Word

20:56 Rentals Hobbies and Purpose

29:53 Money Mindset and Spending

52:00 Wrap Up and Listener Thanks

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Health Updates, Market Dip Investing, Rental Property Drag, and the Decision to Stay in the U.S.

Josh and Elliot discuss several updates: both are working on fitness routines and comparing heavier-weight/low-rep training with lighter-weight/higher-rep approaches focused on avoiding injury, while Josh admits he still hasn’t scheduled a colonoscopy after his physical. They talk investing during a market downturn, with Josh buying small amounts of VTI when it hits a self-set price threshold and Elliot funding two IRAs ($14,000) while weighing Roth vs traditional vs brokerage contributions near income limits. Josh shares frustration with scope creep and low urgency on two rental property projects, including a vacant unit he hopes to rent by end of June. They review 2025 taxes, noting Josh’s unexpected near-break-even result due partly to a small Roth conversion and rental profit, and Josh considers Roth conversions in 2026. Elliot reveals his family decided not to move to France due to difficult travel and desire to stay close to family.

00:00 Catch Up And Teaser

01:12 Health Journey Updates

03:05 Training Styles And Injury Prevention

06:34 Doctor Visits And Colonoscopy

07:09 Game Of Thrones Tangent

15:12 Investing During A Dip

18:18 IRA Choices And Cash Plans

22:14 Rental Rehab Scope Creep

24:04 Motivation Without Deadlines

25:10 Part Time Landlord Reality

26:27 June Rental Deadline Pressure

27:24 Decumulating Rentals Debate

28:43 Tax Meeting Takeaways

30:11 Roth Conversion Surprise

34:24 Refunds Versus Withholding

36:17 Roth Ladder Planning

38:06 Retirement Pressure Stories

39:46 France Move Decision

44:10 Testing The Hypothesis

46:08 Staying Put Wrap Up

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Exploring a Move to France: Small-Town Life, Schools, Housing, and the Travel Reality Check

Elliot returns to the podcast and briefly recaps how Lori filled in as a guest, then he shares details from a 10-day exploratory trip to France with Dawn focused on potentially relocating. They flew from St. Louis to Atlanta, Amsterdam, and Bordeaux, rented a car, and spent most of their time in the small village of Eymet, noting its expat presence, language realities, walkable town center, and seasonal tourism. They toured a potential school for their kids, met the principal and teachers, and viewed a possible in-town rental whose British owners made the process easier than typical French “dossier” requirements. Despite a highly positive visit, they express new hesitation about the burdensome multi-leg travel for family and friends, plus constraints around Elliot’s job not being remote if they stay with his employer, leaving their plans more uncertain.

00:00 Cold Open Banter

00:23 Lori Fills In

01:34 311 Concert Recap

03:41 France Trip Begins

04:44 Life in Eymet

07:43 Getting Around and Wine

11:35 Schools and Housing Plans

16:38 Travel Friction Doubts

20:03 Friends Family Visits

27:07 Work and FIRE Options

31:51 Facebook and Prime Confessions

40:04 Wrap Up and Next Steps

Spotify:

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI

Why We Paid Off a 3.75% Mortgage Early (and What My First Year of Retirement Looks Like) | Josh & Lori

Why would Josh and Lori pay off a low-interest 3.75% mortgage years early—before Josh retired? On 9 to FI, Josh hosts the show solo while co-host Elliot travels in France, and welcomes first-time guest Lori for a candid conversation recorded in a Columbia, Missouri hotel before a Nick Hexum concert. They explain paying off their primary home mortgage in 2024—about 19 years into a 30-year loan—despite common advice to invest instead, with Lori emphasizing emotional security, reduced stress, and eliminating a major monthly expense before relying less on Josh’s income. They discuss budgeting changes, remaining costs like taxes and insurance, and wanting to avoid future debt. Lori also shares an honest assessment of Josh’s first year of retirement, including struggles with structure, balancing fun with chores and rental rehabs, and how rental demands have affected his mood and routines, alongside benefits like more help at home.

00:00 Welcome and Guest Setup

01:36 Meet Lori in Columbia

02:51 Why Pay Off Mortgage

04:46 Emotional Money Mindset

06:49 Low Rate vs Investing Debate

09:24 Debt Free Future Plans

12:03 One Year Into Retirement

14:00 Finding Structure and Balance

15:52 Rental Rehab Season

18:28 Household Chores and Roles

21:01 Wrap Up and Future Episode Tease

21:38 Hotel Room Bloopers

Do you have feedback or suggestions? We want to hear from you!

Contact Elliot: [email protected]

Contact Josh: [email protected]

Any of these products help the show. Thanks for your support!

Mint Mobile - We both use ⁠Mint Mobile⁠ and save a ton on our phone plan: ⁠https://fbuy.me/vgAmz⁠

⁠Empower⁠ is Josh’s choice for Net Worth and Budgeting

Wanna create a podcast? We use ⁠Descript⁠

Looking for a new credit card?  We’re big fans of ⁠Chase⁠

⁠Buy Us a Coffee⁠ - One time donation or monthly, it’s up to you

Want to save money on gas? Try ⁠Upside!⁠

Books mentioned in this episode:

Come find us and subscribe on YouTube: http://www.youtube.com/@9toFI