Most investors think they're buying the same thing when they choose a target date fund—but two people who bought 2025 target date funds 15 years ago could have 40% different returns today. Same target year, wildly different outcomes. The culprit? Fund families structure these "simple" investments in dramatically different ways, and most investors never look under the hood.

Passive Investing vs Active Financial Planning (00:03:30)

Understanding Target Date Funds (00:08:15)

Surprising Differences Between Target Date Funds (00:18:45)

Comparing Fidelity, Schwab, and Vanguard Target Dates (00:24:00)

The Hidden Costs of Target Date Funds (00:32:20)

Static Allocation Funds Explained (00:38:10)

Target Maturity vs Constant Maturity Bond Funds (00:42:30)

The Seven-Year Bond Strategy (00:48:15)

Bond Ladders and Behavioral Finance (00:55:00)

Simplicity vs Complexity in Portfolio Design (01:02:30)

Mike Piper, CPA (quoted by Cody Garrett, CFP®):

Rick Ferri, CFA (quoted by Cody Garrett, CFP®):

Cody Garrett, CFP®:

Cody Garrett, CFP®:

Brad Barrett:

Review your 401(k) fund lineup and sort by expense ratio to identify the lowest-cost index fund options available to you

If your 401(k) lacks low-cost index funds (under 0.10% expense ratio), contact your plan administrator to request they be added to the fund lineup

Calculate how much money you plan to spend from your portfolio over the next seven years to determine your appropriate bond allocation

Visit Morningstar.com and review the portfolio tab of any target date funds you currently own to understand their underlying holdings and allocation strategy

Download Cody's 10-question portfolio design exercise at measuretwicemoney.com/ChooseFI to create a strategy you can stick with long-term

Consider whether target maturity bond funds might help you overcome psychological barriers to spending in retirement

Review your current investments to ensure you're not paying 2-4x more for a target date fund when you could purchase underlying index funds directly

Website

Book

Morningstar.com for fund research and portfolio analysis

ChooseFI Episode 556 with Rachel Camp, CFP®

ChooseFI Episode 194 with Frank Vasquez on the role of bonds

Oblivious Investor blog by Mike Piper, CPA

Bogleheads community

Vanguard Total World Stock ETF (VT), Vanguard Total Stock Market ETF (VTI), Vanguard Total Bond Market ETF (BND)

iShares iBonds, Invesco BulletShares, Vanguard Bond Builder Target Maturity ETFs, State Street My Income ETFs

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At 21, Cody Berman appeared on ChooseFI as a college student discovering financial independence. Three years later, he retired at 26. Now 30 with a $5 million net worth, he's back to reveal exactly how he compressed a decades-long journey into a three-year sprint—and why the same principles work whether you're 25 or 55.

00:05:30

Cody's path to financial independence was methodical and aggressive. Between ages 22 and 25, he experimented with over 20 side hustles, scaling his income from $96K to more than $400K annually. The key? He kept expenses locked at just $24K per year—creating a massive gap of $625K over three years.

That gap fueled three wealth-building engines:

By his 26th birthday, Cody had achieved "cashflow FI"—his passive income streams covered living expenses without touching his investment portfolio.

00:18:00

Brad and Cody explore why some people achieve FI while others with similar incomes stay stuck. The answer isn't math—it's psychology and awareness.

Cody attributes his success to having a clear destination. When you know exactly where you're going and why it matters, spending $100 on something that doesn't serve that destination becomes harder than saying no. The infamous "second marshmallow" experiment demonstrates this: delaying gratification becomes easier when you're aware of what you're trading for.

As Cody puts it: "Earn more, spend less, invest the gap. Very simple. That is financial independence in a nutshell."

00:28:00

Let's demolish the myth of truly passive income. Cody manages 13 rental properties—but spends just 4-5 hours per month on them. This represents the spectrum of passive income: not zero effort, but minimal effort relative to the returns.

The secret? Working in seasons rather than constant hustle mode. Some months require more attention (tenant turnover, maintenance issues), while others are nearly hands-off. Cody's businesses also follow this pattern—periods of intense development followed by relative autopilot.

Brad reinforces this with math: "Every $100 a month you can cut out of your budget is $30,000 less you need in your FI number." Over 20 years, that $100/month compounds to $60K invested. That's a $90K swing from a single optimization.

00:42:00

Forget exotic vacations—FI is about winning on a random Tuesday. Cody and Lauren's ideal weekday reveals what financial independence actually looks like:

Morning: Wake naturally, coffee together, workout (him: gym; her: Pilates), shower, work on creative projects they enjoy

Midday: Lunch together, afternoon walk in their neighborhood, separate time for individual pursuits

Evening: Dinner together, reading, quality time before bed

Nothing dramatic. No yachts. Just complete autonomy over every hour of a normal day.

They maintain this through monthly alignment meetings—typically at a restaurant over a nice meal—covering:

They also record an annual video reviewing the year, creating a time capsule of their journey.

00:58:00

What actually happens when you achieve FI? Cody shares the uncomfortable truth: "Anything that you say that you want to do and that you don't do is a Cody problem. Before FI, you can blame things on time. You can blame things on money."

When those excuses disappear, you're left facing yourself. That can be liberating and terrifying.

His new book, Retire by Thirty, addresses this and more. Like Tim Ferriss's The Four Hour Workweek, the title is provocative but the principles are universal. Whether you compress your FI journey from 50-55, 33-36, or any timeframe, the core concepts remain the same: maximize the gap, invest intelligently, build passive income streams, and design a life aligned with your values.

01:12:00

Brad poses the critical question: What if you're 50 and just discovering FI?

Cody's answer: Hit expenses first. Housing is typically the biggest expense—and the most flexible. House hacking isn't just for 22-year-olds. Could you take in a roommate? Build an ADU? Downsize temporarily? The path to FI is littered with people who said "I can't do that." Those who achieve it ask instead: "How can I do that?"

As Brad observes: "You should switch your I can't into how can I and then listen to podcasts like this, find people who are actually doing it."

The excuse of "I can't because I have kids" or "I can't because of my age" falls apart when you find role models with your exact constraints who succeeded anyway. Roger Bannister didn't break the four-minute mile because he was superhuman—he broke it because he believed it was possible. Once he did, dozens followed within months.

"The path to FI is littered with people who said, I can't do that. And Cody turned around and said, how can I do that?" — Brad Barrett

"Earn more, spend less, invest the gap. Very simple. That is financial independence in a nutshell." — Cody Berman

"You should switch your I can't into how can I and then listen to podcasts like this, find people who are actually doing it." — Cody Berman

"Anything that you say that you want to do and that you don't do is a Cody problem. Before FI, you can blame things on time. You can blame things on money." — Cody Berman

"Every $100 a month you can cut out of your budget is $30,000 less you need in your FI number." — Brad Barrett

Cody's Work:

Mentioned:

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Bill Yount reached financial independence at 60—then froze. His financial advisor confirmed 100% security, yet instead of relief, he felt disoriented fog. The emergency medicine physician who transformed from YOLO spender to 40% saver now struggles with a question that haunts many late starters: if I'm financially free, why can't I leave?

Bill Yount: "The emphasis, as we say, on late starter is on the starting and not being late."

Bill Yount: "Between stimulus and response is a space. And we need to embrace that space because in that space, we need to regulate and choose our response."

Bill Yount: "Relationships compound better than money, I think."

Bill Yount: "It's better late than never. And we can catch up to FI together."

Ginger: "I think a lot of people say, oh, that person is like me, right? And if they can do it, I can do it."

Podcasts and Communities:

Books and Authors:

People Mentioned:

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The stock market crashes about once every three years—at least a 20% drop. Most investors panic and sell. But if you understood why markets always recover, you'd do the opposite. Brian Feroldi reveals three mechanical forces that guarantee long-term market resilience, transforming market crashes from terrifying events into predictable opportunities.

Introduction to Market Resilience (00:00:00)

Understanding Market Crashes (00:05:00)

Force #1: Stocks Follow Earnings (00:10:00)

Force #2: Earnings Always Recover (00:25:00)

The Forest Fire Analogy (00:32:00)

Force #3: Profits Rise Over Time (00:48:00)

Investor Psychology and Closing Thoughts (00:55:00)

"Stocks follow earnings. As go the earnings of a company or an index, also goes the price or the market value of that same index." — Brian Feroldi

"The best time to buy is at the period of maximum pessimism. And the period of maximum pessimism is precisely when you absolutely do not want to buy." — Brian Feroldi

"Ninety percent of good investing is how you behave in the 10% of time that things are not going well." — Brian Feroldi

"Think of the man walking a dog on an elastic leash. The man represents profits, the dog represents stock prices. Watch the man, not the dog." — Brian Feroldi

"Innovation accelerates when times are tough. Necessity is the mother of invention." — Brad Barrett and Brian Feroldi

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Most investors lose to the market because they're trying to pick winners in a game where only 4% of stocks have created 100% of market wealth over the past century. The math isn't in your favor—but there's a simpler path that is.

Introduction to FI 201 (00:00:00)

The Genesis of FI 201 (00:05:30)

Asset Allocation Fundamentals (00:15:00)

Risk Tolerance vs Risk Capacity (00:22:00)

Tax-Advantaged Account Strategies (00:35:00)

Individual Stocks vs Index Funds (00:48:00)

Dividends and Tax Control (00:55:00)

"You can't save your way to FI, you have to invest." — Allen Hansen

"When there's a dip, you essentially get to buy the market on sale. If you love a bargain, this is it." — Brad Barrett

"Why in the world do we not think that way when it comes to the market? Our brain completely flips. We're like, ah, we're scared." — Kristen Knapp

"It's not what's my tax this year. It is what is going to be my tax burden over my lifetime." — Brad Barrett

"The best investing lesson: stand there and do nothing. If you're invested, just don't do anything and you're going to be rewarded." — Allen Hansen

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Devon Gimbel just booked over $250,000 in travel last year using credit card points—but she's the first to tell you award travel isn't "free." It's a strategy for 10x-ing your existing travel budget by strategically matching your routine spending to the right credit cards. Since ChooseFI's original Travel Rewards 101 in 2017, the landscape has matured: annual fees are higher, issuer rules are stricter, and new players like Bilt have revolutionized the game by letting you earn points on rent and mortgage payments. Yet the fundamentals remain: with deliberate card selection and an understanding of transferable points currencies, it's still entirely possible to unlock one to two meaningful trips per year—whether that's economy flights to national parks or first-class seats to Tokyo.

00:00:00 - Introduction and State of Travel Rewards in 2026

00:05:30 - The Evolution of Award Travel Community

00:11:45 - Getting Started: First Steps for Beginners

00:16:20 - Sign-Up Bonuses vs. Everyday Spend Strategy

00:22:15 - Understanding Bonus Categories

00:30:00 - The Power of Flexibility

00:38:45 - Transferable vs. Fixed Points Currencies

00:47:30 - The Rise of Bilt Rewards

00:55:00 - Credit Card Issuer Restrictions in 2026

01:02:15 - Calculating Travel Value and Points Redemption

01:12:30 - How Devon Earns 6 Million Points Annually

01:22:00 - Partnership Strategy for Couples

01:29:45 - Essential Tools and Resources

01:34:20 - Shopping Portal Strategy and SaveWise

Devon Gimbel: "This is not about spending money that you don't have, that you don't want to spend. This is you just spending the money you were going to spend anyway, but really leveraging those expenses to maximize your points."

Devon Gimbel: "I don't consider award travel free travel. I think there's certainly a way that you can do it where you defray as much out-of-pocket cash cost as possible, but I've always thought about it as how do I take my existing travel budget that is a cash-based budget, how do I actually 10x that or 20x that using points?"

Brad Barrett: "This is the equivalent of paying for all of your expenses with a debit card, with checks, with an ACH transfer. It is not bad, but it is such a missed opportunity."

Devon Gimbel: "Credit card companies do not tell you the best way to use your points. If you're ever going to redeem your points through the options they give you, their points are going to have a very low ceiling of value. You are never going to break through that ceiling."

Devon Gimbel: "Transferable points are exceptionally flexible. Airline and hotel points and miles are not flexible."

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A dead local meetup group attracted just 5 people to its first gathering at a brewery. Two years later, that same group draws 70+ attendees to structured educational sessions, with newcomers driving across multiple states to participate. The transformation reveals something most personal finance education gets fundamentally wrong.

[00:00:00] Jonathan and Brad welcome Kristen Knapp and Allen Hansen to discuss how the St. Louis ChooseFI group became one of the most thriving communities in the country.

[00:08:30] Kristen shares how she transformed a dormant St. Louis group after attending Camp FI, starting with brewery meetups and evolving to structured case studies that dramatically increased engagement.

[00:15:45] The hosts discuss how new members needed basic FI education, leading to the creation of a structured FI 101 program that attracted 70+ attendees and continues to grow.

[00:22:10] Kristen shares her 30-year broadcast meteorology career and how the FI community gave her the confidence to negotiate a part-time arrangement, creating space for her FI Friends Travel venture.

[00:31:20] Allen discusses his motivation to help others after reaching FI himself, emphasizing that anyone can make mistakes and still succeed on the path to financial independence.

[00:38:00] The group breaks down the essential components of FI 101: defining financial independence, the shockingly simple math of early retirement, and the financial order of operations.

[00:45:30] Jonathan proposes that understanding your personal why for FI should be the foundation of any FI 101 program, making it more compelling than traditional personal finance education.

[00:52:15] Brad delivers a detailed breakdown of how investment fees can cost millions over a lifetime, using concrete examples to illustrate the importance of low-cost index funds like VTI.

[01:05:40] Allen outlines the two critical action items for FI 101 attendees: tracking net worth and monitoring spending, while the group discusses cadence for ongoing educational sessions.

[01:12:00] The hosts wrap up by discussing plans for a second episode covering FI 201 content and how local groups can iterate and improve their educational programming.

"I created what I wished existed. Nobody else is going to do it. Why not me?" — Kristen Knapp

"After fifteen years of marriage, we finally hit broke. I think that resonates with people. We did it all wrong with credit card debt, you name it." — Allen Hansen

"You can't save your way to FI. It's just almost impossible. You have to invest those dollars." — Allen Hansen

"FI is not this passive endeavor and FI is not just about the nuts and bolts of money. This is about a constantly evolving mental framework." — Brad Barrett

"Being around other people on the same path is one hundred percent the reason I've been able to create this life, because I would have never even had the idea or the courage to do any of this." — Kristen Knapp

Your savings rate matters more than your income. Someone earning $50,000 and saving 50% will reach FI faster than someone earning $150,000 but saving only 10%.

Investment fees compound negatively. A 1% advisor fee plus 1% fund fees can reduce a potential $7.2 million portfolio to just $3.9 million over 40 years.

Your FI number is calculated by multiplying annual expenses by 25, based on the 4% safe withdrawal rule.

Understanding your personal "why" for pursuing FI is more compelling than traditional budgeting advice and provides the motivation needed for long-term success.

Community makes the difference. Local FI groups provide accountability, education, and the courage to make life-changing decisions.

You don't need to be perfect from day one. Allen reached broke after 15 years of marriage and still achieved early retirement.

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We work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Support the Show
We work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Support the Show
We work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Adam Coelho stood on stage presenting to Google's CEO at a leadership conference, the culmination of his 14-year career training thousands of Googlers in mindfulness and emotional intelligence. One week later, he was placed on a performance improvement plan—the corporate equivalent of being told your time is up. His story reveals a fundamental truth about financial independence that most people miss until it's too late: having enough money to walk away isn't the same as knowing where to walk toward.

[00:00:00] Introduction and Adam's Return

[00:03:30] The Necessary vs. Sufficient Framework

[00:08:15] Identity Beyond Work

[00:14:00] Adam's Story: From Peak to Performance Warning

[00:22:00] The Power of Vision and Envisioning

[00:32:00] Practical Envisioning Exercises

[00:40:00] Client Success Story: Nick the Flight Doc

[00:46:00] Planting Seeds: Vision Practices

[00:54:00] Day One of FI Life

[01:02:00] Final Lessons and Closing

"FU money is absolutely necessary, but not sufficient on its own. There's actually a second half to true resilience." — Adam Coelho

"If FI life started tomorrow, what would you do? We're all on this path to financial independence, but if that life started tomorrow morning, are you ready to start living it?" — Adam Coelho

"FU money gives you options and security, but vision gives you direction and momentum." — Adam Coelho

"Our story creates our reality. Everything you think, feel, and pay attention to changes the structure and function of your brain." — Adam Coelho

"FI number is necessary but not sufficient for a great financially independent life. I think the money without the plan of what does life look like, without the experimentation, without the resilience to take the ups and downs of how life throws things at you, I think if it's just the money, I think you're hopelessly lacking." — Brad Barrett

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