In this episode; global funds, it's not doctrine, index funds, VTSAX, what is in index funds, and the opposite of active investing.

If you've been in the FI community for a while now, you've probably at one point have heard of index Funds. However, whether you are familiar with this concept of investing, have invested in index funds, or are unfamiliar entirely, you may not necessarily know the mechanics and specifics of what certain types of index funds can actually do for you on your FI journey. This week we are rejoined by Alan and Katie Donegan, co-founders of The Rebel Finance School, to dive into the topic of index funds. Together, we discuss the differences between certain types of index funds, fee structures and returns, self-regulating funds, as well as break-down the benefits of what certain types of index funds can provide for you regardless of market and economic fluctuations! While we are not giving direct financial advice on what invest in, this week’s episode is meant as a resource to our listeners who may be curious to learn more about index funds and passive investing! 

Katie & Alan Donegan:

• Website: alandonegan.com
• Podcast: alandonegan.com/podcast
• Rebel Finance School: www.alandonegan.com/rebelfinance
• VTSAX Breakdown: alandonegan.com/vtsax

Timestamps:

• 4:11 - Introductions
• 5:13 - What Is In Index Funds
• 11:19 - Global Funds
• 21:54 - It's Not Doctrine, Don't Get Bogged Down In The Details
• 25:50 - Am I Getting What I Want When I Invest? Should I Be Concerned?
• 35:14 - The Opposite Of An Active Investor
• 45:09 - Is Cap-Weighting The Only Way To Run Index Funds?
• 52:50 - Is There A Future Where Passive Investing Isn't A Good Option?
• 57:46 - Conclusion

Resources Mentioned In Today’s Episode:

• Leave A Voice Message Of Your Year End Wins
• The Top Chase Business Credit Cards for 2022
• The Simple Path to Wealth | JL Collins | ChooseFI Ep 411
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: VTSAX funds, bonds, cap-weighted funds, finding your ballasts, staying the course, and the simple path to wealth.

This week, we are getting back to the basics! While many of you who have been in the FI community for a while now have definitely heard of JL Collins, those who are new should absolutely be prepared to absorb the wealth of information he provides every time he decides to grace our podcast! Listen along as he and Brad review the basic information that can put you on the simple path to wealth that so many in the FI community have walked! Believe it or not, creating wealth for yourself can be simple!

JL Collins:

• Website: jlcollinsnh.com
• Book: The Simple Path to Wealth: Your road map to financial independence and a rich, free life
• Chautauqua: Get Information About Chautauqua Here!

Timestamps:

• 1:46 - Introduction
• 2:40 - Back To Basics, What Is The Simple Path To Wealth
• 10:15 - Low-Cost Funds And High-Cost Funds
• 14:56 - Index Funds Are For Lazy People (Just Kidding!)
• 20:00 - Is It VTSAX Or Nothing?
• 26:58 - Cap-Weighted Funds
• 30:53 - Staying The Course
• 36:32 - Are There Times When Index Funds Aren't A Good Choice?
• 42:28 - The Highest Likelihood Of Replicable Success
• 46:38 - Bonds
• 51:36 - Rising Rates
• 55:17 - I-Bonds
• 58:22 - Finding Your Ballasts
• 64:55 - Conclusion

Resources Mentioned In Today’s Episode:

• JL Collins from jlcollinsnh | The Stock Series | Part 1 | ChooseFI Ep 19
• The Stock Series Part 2 | JL Collins | ChooseFI Ep 34
• What is The Simple Path to Wealth? | JL Collins | ChooseFI Ep 284
• Alan and Katie Donegan's VTSAX Blog
• Chautauqua | Oh The Places We Will Go | ChooseFI Ep 64
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: finding mentors, the superpower of making less, traveling while making less, rental properties, and the one percent rule.

For some who begin the FI journey, it's about doing all they can to reach that FI number, but for many people the journey to FI is about the people you meet and learn from along the way! On this week’s episode we are joined by longtime listener Kelly Cronin to discuss the importance of mentorship, her interesting take that gives a new meaning to traveling while working, and the importance of pursuing what drives you and leads to a life filled with with intentionality. In Kelly's case, a passion towards travel lead to a fascinating side-hustle that affords her the opportunity to make money while seeing the world, who knows where a passion could end up leading you?

Kelly Cronin:

• Website: croninscastles.com
• Rental Property Class: Cronin's Castles STR Class

Timestamps:

• 1:55 - Introduction
• 3:11 - Kelly's Early Financial Influence
• 6:45 - Finding Mentors
• 9:02 - The Superpower of Making Less
• 15:26 - Traveling While Making Less
• 21:09 - Rental Properties
• 29:54 - The Mechanics of Acquiring Rental Properties
• 34:23 - The 1% Rule
• 41:32 - Running The Numbers
• 46:50 - How Is Kelly Marketing This?
• 55:46 - The FI Aspect, How Does This Intersect With Your Job?
• 64:20 - Where Do You Go From Here?
• 65:37 - Conclusion

Resources Mentioned In Today’s Episode:

• Travel Rewards: How To Travel The World For Almost Free (The Easy Way) | ChooseFI Ep 9
• Peter Attia
• Huberman Lab
• Alignment & Adjustments | Scott & Taylor Rieckens | ChooseFI Ep 403
• Intuit Mint
• The BiggerPockets Money Podcast
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: w2 employment to self-employment, s-coporations vs self-employment, avoiding penalties, megas backdoor roths, retirement planning, and health insurance.

Most of us are familiar with a W2 job, and there is a certain level of convenience that comes with working a W2 job as it relates to retirement planning and taxes. So much so that it can be daunting to want to embark out on your own journey and have to figure it all out on your own. This week we are re-joined by our “in-house tax expert” Sean Mullaney to discuss the tax and retirement sphere as it relates to being self-employed. While we are not offering advice, this week's episode is meant to act as a resource to listeners curious about the steps and unknowns that come with the self-employment territory. With the same excitement and motivations gained from getting to run your own business, those same motivations and excitements can still be applied to navigating your retirement and taxes once you remember that it is now within YOUR control!  The fear of the unfamiliar may not be as daunting and complicated as you may think, and figuring out these factors requires you to take the same initiative and action that is required throughout your entire FI journey! 

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual.

Sean Mullaney:

• Website: fitaxguy.com
• Book: Solo 401k; The Solopreneur's Retirement Account

Timestamps:

• 1:42 - Introduction
• 2:38 - W2 Employment to Self-Employment
• 11:34 - S-Corporations vs Self-Employment
• 14:03 - Avoiding Penalties When Making Estimated Payments
• 19:29 - Saving For Retirement As An Entrepreneur
• 24:00 - Employee vs Employer 401k Limits and Mega Backdoor Roth
• 33:54 - Is The Mega Backdoor Plausible For The Self-Employed?
• 41:03 - Roth IRA Conversions
• 43:15 - Addressing The Uncertainty Around The Employer Maximum
• 53:40 - ACA Plans and Navigating Health Insurance As A Solopreneur
• 63:34 - What Counts As Income?
• 68:41 - Conclusion

Resources Mentioned In Today’s Episode:

• Paying Taxes When You're Self-Employed
• IRS Publication 560
• IRS Form 8962 Instructions on Premium Tax Credit
• IRS Publication 974 Premium Tax Credit
• Creating Your Dream Job | ChooseFI Ep 117R
• Roth IRA Conversion Ladder Case Study | ChooseFI 163R
• Healthcare.gov ACA Plans
• Cody Garrett's Tweet Illustrating ACA Medical Insurance Premiums and PTCs
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: taking action, travel rewards, career progression, the mission to net zero, and value propositions for college.

Whether you were raised to live frugally or if the lessons and lifestyle of FI are just now being introduced into your life, the journey to FI is full of ebbs and flow, not only with your finances, but with the knowledge you pick up along the way. This week we are joined by Audrey to talk about her journey with FI, her path to intentionality, and to discuss the power of optimization. Everyone who begins the FI journey comes from a different place of financial literacy, and a lot of the times we may grow up following the “do’s and don’ts” of financial planning that we were raised with. However, you may be missing out on new ways to optimize your FI journey! The best part about FI is that it's a personal journey that allows you to learn new ways to plan, as well as new ways to reallocate your savings and spending in order to live your best life in the present and future! 

Timestamps:

• 1:53 - Introduction
• 5:03 - Natural Savers
• 8:25 - Value Propositions For College
• 11:40 - Tackling Student Loans, The Mission To Net Zero
• 20:50 - Traveling On Points/Travel Rewards Cards
• 28:59 - Travel Rewards Hotel Strategy and Point Optimization
• 32:23 - Credit Cards and Children/Second Generation FI Training
• 34:50 - Taking Action In Your Post-Debt Life And Evolving
• 42:16 - Career Progression and Optimization
• 47:18 - Audrey Takes The Hot Seat
• 55:24 - Conclusion

Resources Mentioned In Today’s Episode:

• Dave Ramsey
• Step-By-Step Guide to a (Nearly) Free Disney Vacation (2022)
• Travel Rewards Refresher 2022 | Lyn Mettler | ChooseFI Ep 393
• The Tail End
• "Die With Zero" By Bill Perkins
• TalentStacker's Salesforce Career Development Program
• Making The Case For Part Time With Bradley Rice | ChooseFI Ep 117
• From Pandemic Layoff to $100k+ | A Salesforce Success Story | ChooseFI Ep 297
• From Stay At Home Parents to High Paying Salesforce Careers in Under 6 Months | Salesforce For Everyone
• Mama Bear Apologetics
• All the Hacks
• Join ChooseFI's Facebook Group!
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: growth during the job hunt, exploring entrepreneurship, tips for career growth, and second generation FI.

It's only natural that on the journey to FI you will want to pivot. Whether it is your financial outlook or even your career outlook, it's only natural to have reservations about making a change that could benefit you in the long run.  On this week’s episode of  The Households of FI, we are joined by Kristi to fill us in on how her FI journey is going, as well as discuss the topic of “leveling-up”. Changing jobs or moving on to the next career chapter while on the journey to FI can seem farfetched, because often times we want to stick to what is familiar and what is more in line with our plan. However, there is no shame in expanding your network and your options in terms of finding better employment that is more aligned with your values! Don't be afraid to be “un-stuck” and see what career options you have, and make sure you are surrounded by those who are aligned with the same principles as you are! 

Timestamps:

• 2:03 - Introduction
• 3:41 - An Update From Kristy
• 5:53 - Growth During The Job Hunt
• 13:03 - Tips For Career Growth
• 19:45 - Exploring Entrepreneurship
• 23:39 - The Finances Of Engagement
• 27:07 - Being On The Same Page Financially As Your Partner
• 31:48 - Where Is Your Salary Raise Going?
• 38:59 - Laying The Seeds For Second Generation FI
• 51:52 - Conclusion

Resources Mentioned In Today’s Episode:

• Kristi & Big Ern | ChooseFI Ep 259
• Is My Company’s Stock Overpriced | P/E Ratio Explained | ChooseFI Ep 314
• Career Hacking With ESI Money | ChooseFI Ep 23
• Negotiate Your Salary With Tori Dunlap | ChooseFI Ep 147
• How to Negotiate Your Salary Without Burning Bridges | Financial Mechanic | ChooseFI Ep 211
• Rebel Entrepreneur
• Alan and Katie Donegan's Free Extraordinary Life Course
• Money With Katie | Katie Gatti | ChooseFI Ep 399
• Transition Planning from a Military Career on the Path to FI | ChooseFI Ep 296
• The Simple Startup
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with

In this episode: taking action, asking questions, navigating information, getting to where you want to go, the reason we learn, and growth mindsets!

Beginning your FI journey often means facing a lot of unfamiliar knowledge being thrown at you. With all the resources and alternative information provided, we know firsthand that it can be overwhelming. However, you should not feel intimidated to start your FI Journey! This week we are joined by an avid ChooseFI listener Josue to discuss the power that comes with learning new information, as well as the importance of taking action from information presented! No matter what financial or educational background you come from, your FI journey starts from a personal square one. Whether the information and knowledge presented from this journey is completely new or relatively familiar, there can be a sense of motivation that can be gained from continuing this journey! If you are searching for early FI excellence defined, then look no further than Josue!

Timestamps:

• 1:48 - Introduction
• 2:41 - 18 Months Ago...
• 5:53 - What Made You Chase FI?
• 10:43 - Taking Action and Asking Questions
• 17:30 - Growth Mindset and Changing
• 20:07 - Navigating Information/Combatting Echo-chambers
• 33:07 - Getting Where You Want To Go and How Josue Did It
• 39:40 - The Cost of Not Knowing
• 42:43 - Retirement Accounts
• 51:50 - This is Why We Learn/Life Insurance
• 56:36 - Leasing Cars
• 60:16 - Savings Rate Based On Value
• 65:47 - Josue Takes The Hot Seat
• 77:09 - Conclusion

Resources Mentioned In Today’s Episode:

• Flexible Spending Rules For Early Retirees | ChooseFI Ep 176
• JL Collins
• "The Simple Path to Wealth: Your road map to financial independence and a rich, free life" by JL Collins
• "Influence: The Psychology of Persuasion" by Robert B. Cialdini
• The Knowledge Project
• "Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones" by James Clear
• The Trades Path To FI | Captain DIY | ChooseFI Ep 103
• The 18-Year-Old Who Actually Listened | Ep 388
• Just Keep Buying | Nick Maggiulli | Ep 404
• Leasehackr
• "Four Thousand Weeks: Time Management for Mortal" by Oliver Burkeman
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: income-producing assets, REITs, the 4% rule, optimal spending, saving too much, and why you will never feel rich.

It is believed that in order to reach FI, cutting expenses and limited spending seems like the ideal way to your end goal, but are you missing out on ways to spend-to-earn because it feels right? Well, this week we are rejoined by friend of the show and guest host Brian Feroldi to interview Nick Magguilli, author of the excellent book Just Keep Buying: Proven Ways to Save Money And Build Your Wealth. Together we discuss using data to grow your wealth and fighting the stigmatization of spending your money. On the journey to FI it is easy to focus more on saving so much that we’re afraid to spend, however, by not spending we could be missing out on assets, both monetary and non-monetary, that could bring us greater fulfillment in the present and future! By rethinking your approach to spending, rather than looking at it as something that is negative, you may find that your money can go farther for you when its spent rather than saved! 

Nick Maggiulli

• Website: ofdollarsanddata.com
• Book: Just Keep Buying: Proven Ways to Save Money And Build Your Wealth
• Twitter: @dollarsanddata
• Instagram: @nickmaggiulli

Brian Feroldi

• Website: The Motley Fool
• Book: Why Does The Stock Market Go Up?
• Twitter: @BrianFeroldi

Timestamps

• 1:29 - Introduction
• 2:31 - Just Keep Buying
• 9:27 - Income Producing Assets
• 10:55 - Macro-Level Mind Changers
• 14:08 - REITs
• 16:57 - You Can Save Too Much?
• 21:40 - How Nick Thinks Through The 4% Rule
• 26:20 - Spending Optimally
• 30:59 - Catching Up Financially Through Exercise
• 34:01 - Examining 401k Maxxing
• 38:47 - Saving Raises
• 41:50 - Why You Will Never Feel Rich
• 46:16 - Investment Properties & Nick
• 47:55 - Conclusion

Resources Mentioned In Today’s Episode

• 3 words got me 3 MILLION SUBSCRIBERS
• "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins
• "The Tail End" By Tim Urban
• Peter Attia
• Subscribe to The FI Weekly!

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Keep learning or start a new side hustle with one of our educational courses
• Commission-Free Investing with M1 Finance

In this episode: balancing deprivation and happiness, making adjustments, everything is negotiable, the evolution of alignment, adjusted awareness, and intentionality in community.

Five years ago, Scott and Taylor Rieckens publicly began their path to FI by creating the fantastic documentary "Playing With FIRE." The documentary depicts their life as they start out and navigate the early stages of their FI journey, which is often the period of time when we act our most frugal, cut as many expenses as possible, and in turn save as much as we possibly can! While this kind of lifestyle is a great jumping off point early in the FI journey, oftentimes people find this lifestyle to be limiting and ultimately detrimental to their own happiness. Now that Scott and Taylor are significantly further down the path compared to the last time we heard from them, we decided to have them return to the show to discuss the adjustments they have made in their lifestyle in order to live in a manner that fully aligns with their idea of a happy life! Remember, FI isn't suppose to limit your ability to be happy, rather it exists to enhance your life and help you find fulfillment as progress down the road less traveled.

Scott and Taylor Rieckens:

• Website: playingwithfire.com
• Documentary: Playing With FIRE
• Book: Playing With FIRE

Timestamps:

• 1:59 - Introduction
• 2:38 - What Makes You The Most Happy?
• 8:41 - The Evolution of Alignment and Adjusted Awareness
• 18:30 - The Craziest 36 Months
• 23:13 - Revisiting What's Important After Evolution
• 35:05 - Balancing Deprivation and Happiness
• 37:58 - Making Adjustments
• 43:03 - Decisions Are Based On The Information You Have
• 49:57 - Wonderful Evolutions and Learning Together
• 51:23 - Everything is Negotiable
• 57:02 - Everybody is the Star of Their Own Movie / Intentionality in Community
• 66:34 - Conclusion

Resources Mentioned In Today’s Episode:

• Playing With FIRE | Documentary | Scott Rieckens | ChooseFI Ep 37
• "The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work" by Shawn Achor
• The Tim Ferris Show
• The Great Man Within
• "Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts" by Annie Duke

More Helpful Links and Resources:

• Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy
• Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
• Track your personal finances with Personal Capital
• Keep learning or start a new side hustle with one of our educational courses
• Slash your cell phone bill without sacrificing service with Mint Mobile