Our Favorite episode of the year, listeners share their remarkable financial wins and transformations throughout the year. These stories highlight the power of financial independence (FI) and showcase actionable steps taken by individuals and families on their journeys.

Timestamped Key Topics:

• 00:00:25 Celebration of Listener Wins

  • Jonathan and Brad express excitement about sharing audience achievements over the year.

• 00:02:44 Defining Financial Independence (FI)

  • FI is described as a deliberate journey towards achieving financial freedom.

• 00:18:16 Justin's Nomadic Journey

  • Full-time nomadic living after becoming debt-free and embracing minimalism.
  • Key Insight: Prioritizing meaningful experiences over material possessions.

• 00:23:29 Heather's Second-Generation FI

  • Financial planning for their newborn, including establishing a stock account and 529 plan.
  • Key Insight: Early financial education can set up children for future success.

• 00:25:02 Mike's Family Resilience

  • Overcoming medical challenges by managing finances effectively, including successful cash flow management.
  • Key Insight: Financial resilience allows families to navigate unexpected life events without jeopardizing their stability.

• 00:31:10 Crystal's Maxed Accounts

  • Achieving maximum contributions in retirement accounts and leveraging travel rewards for vacations.
  • Key Insight: Small changes in financial habits can dramatically improve long-term wealth accumulation.

• 00:56:59 Rick and Kelly's Transformation

  • Discovering FI later in life and actively working to improve their financial situation.
  • Key Insight: It's never too late to take control of your finances and retire earlier than expected.

• 01:04:36 Jake's Entrepreneurial Leap

  • Quitting a job to pursue entrepreneurship, finding clarity on his goals and values through FI principles.
  • Key Insight: Understanding what you truly want in life can guide major career choices

Brad shares insights from his life-changing trip to Asia and how it reshaped his perspectives on connection and gratitude. He highlights the importance of direct human interactions and how travel exposes the beauty of our shared humanity. Ginger emphasizes the value of taking risks to build relationships and the significance of continuous learning. Additionally, they discuss the upcoming changes at ChooseFI, including the ability to interact with experts and community engagement through questions. They also touch on upcoming changes with Southwest flights and the importance of utilizing travel rewards effectively.

• 00:00:55 - Brad’s Trip to Asia

  • Discussion of Brad's transformative 23-24 day trip and the importance of taking a “mini retirement.”

• 00:05:53 - The Importance of Connection

  • Key insight: "Connection is the key to a fulfilling life."
  • Travel reveals shared humanity and fosters real connections.

• 00:08:07 - Travel as Personal Growth

  • Importance of stepping outside comfort zones and embracing risks for growth.
  • Discussion on solo travel and unexpected friendships formed during the trip.

• 00:20:02 - Community and Financial Independence

  • Ginger shares how being part of a community can enhance the financial independence journey.

• 00:27:12 - Upcoming Changes in ChooseFI

  • Introduction of community engagement and expert interaction.

• 00:31:10 - Southwest Flight Changes

  • Changes coming to Southwest, including assigned seating starting in 2026.

• 00:49:00 - Public Service Announcement

  • Reminder to file the beneficial ownership information report by December 31st.

• 01:07:11 - Listener Feedback

  • Discussion of listener input regarding accessing retirement accounts and Sean Mulaney’s follow-up insights.

• Embrace risks for greater rewards in connection and life. (00:09:07)
• Intentionality shapes success; be deliberate in your actions. (00:24:39)
• Stay engaged; automation shouldn't make you complacent. (01:02:47)
• Recognize the importance of real human connections in everyday life. (00:05:53)
• Use travel to gain new perspectives and enrich your life. (00:08:36)
• Implement automation in personal finance to lower stress. (00:58:03)

• Daniel Kahneman's 'Thinking, Fast and Slow' Book Link (00:15:54)
• Scott Adams' 'How to Fail at Nearly Everything and Still Win Big' Book Link (00:12:05)

Join Brad Barrett and a panel of community members as they explore the transformative experiences at the FI Freedom Retreat . This episode dives into the importance of community connection, personal growth, and designing a balanced life centered around financial independence. Highlighted stories emphasize overcoming fears, embracing sabbaticals, and discovering that the journey to financial independence involves much more than numbers.

• Importance of Community: Financial independence is not just about numbers; it's about building connections and designing a fulfilling life. 00:05:05
• Sabbaticals Lead to Renewal: Taking extended breaks can help reset priorities and foster personal development. 00:17:00
• First Impressions Matter: Newcomers often arrive with misconceptions, thinking events only focus on finances instead of personal exploration. 00:12:55
• Finding Your Tribe: Engaging with the FI community can redefine how you connect with yourself and others. 00:06:47

• 00:05:00 Community Connection Discussion
  • The significance of finding like-minded individuals at FI events.
• 00:12:00 First Timer Experience with Viji Evers
  • Viji shares her initial misconceptions about the FI community.
• 00:15:33 Sabbaticals and Life Changes with Shawn
  • Shawn elaborates on how taking a sabbatical allowed personal rejuvenation.
• 00:26:45 Business Adjustments for Travel with Christine Wheatley
  • Christine discusses the challenges business owners face when trying to step away.
• 00:39:10 Reflecting on Personal Identity with Susanna
  • Susanna shares her journey from being a physician to embracing life beyond work.

• "Money does not make you happy. It does make life easier." 00:08:31

• "Finding your tribe can be life-changing." 00:06:47

• "Just do it. Absolutely worth it." 00:15:11

• "Community leads to crafting your best life." 00:05:05

• "Prepare for the worst; aim for the best outcome." 00:45:54

• Consider Negotiating a Sabbatical: If you're feeling burnt out, take time to explore this option. 00:17:19

• Reach Out to Local FI Groups: Find a supportive community near you to enrich your FI journey. 00:09:29

• What does community mean to you in your journey to FI? 00:06:30
• How can taking time off impact your personal and professional life? 00:17:00

Katie Donegan shares her shift in perspective on the journey towards financial independence (FI), revealing the struggles she faced as a resistant partner and her eventual embrace of the FI lifestyle. She touches on the significance of personal development, overcoming internal blocks, the impact of comparison, and perfectionism on happiness. The conversation explores maintaining balance between work and leisure while finding purpose and practical advice for navigating financial independence.

Key Topics and Timestamps:

• 00:01:06 Katie's Journey to FI

  • Katie reflects on her initial resistance to the FI concept and the pivotal moment of her transformation.

• 00:03:25 Impact of Mr. Money Mustache

  • Discover how Mr. Money Mustache influenced Katie's shift towards embracing a lifestyle focused on FI.

• 00:06:24 Living with Financial Independence

  • Katie shares her financial independence number of one million pounds and the lifestyle changes she made to reach that point.

• 00:07:54 Balancing Enjoyment and Spend

  • Discussing the struggle of spending responsibly while enjoying financial freedom.

• 00:08:10 Adjusting to Freedom

  • Insights into the emotional hurdles of adapting to life with newfound freedom after reaching FI.

• 00:32:46 Comparison and Its Effects

  • Katie addresses the detrimental impact of comparison culture on personal happiness and fulfillment.

• 00:39:22 The Power of Vulnerability

  • The importance of authenticity and vulnerability in fostering connections with others.

• 00:41:29 Overcoming Perfectionism

  • A candid discussion on the challenges of perfectionism and how embracing imperfection leads to a fuller life.

Kyle and Jamie Holmson paid off an astounding $123,000 in medical student loans in just three years—all while balancing a waitress’s salary and a resident’s income. Their journey highlights the importance of adopting simple, practical financial strategies while prioritizing essential relationships, health, and enjoyable experiences.

• Debt Repayment Journey

  • 00:01:45 Paid off $123,000 in medical student loans in just three years!
  • Kyle and Jamie’s strategy included living below their means and aggressively paying down debt while still finding joy in life.

• Returning to Basics

  • 00:02:50 Simplifying life helped us rediscover what truly matters.
  • The couple focused on fundamental exercises and whole food diets, emphasizing health and relationships over hyper-optimizing every aspect of their lives.

• Prioritizing Relationships

  • 00:47:01 Investing in relationships over expenses for a richer life!
  • They learned to prioritize spending quality time with friends, enjoying experiences rather than constantly searching for low-cost options alone.

• Finding Balance in Financial Independence

  • 00:51:06 It's not just about reaching your financial goals; it's about the journey!
  • Celebrating small wins in their financial journey helped maintain motivation and a fulfilling lifestyle.

• Health and Wellness Focus

  • 00:53:27 Simplifying health routines led to better consistency in exercising and overall well-being.
  • They embraced simple body-weight exercises and calisthenics to support physical health without the burden of complex workout routines.

• Simplify your finances by tracking expenses and focusing on what truly matters. 00:02:50
• Make financial discussions a regular part of your relationship to foster understanding and shared goals. 00:28:01
• Create a manageable workout routine that encourages consistency and enjoyment. 00:55:20

• 00:01:45 Kyle's Debt Repayment Journey: Overview of the couple's story and initial approach to finances.
• 00:02:50 Back to Basics: Discussion on simplifying life and rediscovering core values.
• 00:47:01 The Importance of Relationships: How valuing time with friends enhanced their life satisfaction.
• 00:51:06 Finding Balance in Financial Independence: Insights on balancing financial goals with enjoying life.
• 00:55:20 Health and Wellness: Transition to a simpler approach to fitness with positive impacts.

• "Taking action on simple changes can lead to significant life improvements." 01:00:00
• "The greatest prize isn't about reaching that goal. It's everything you do and learn along the way." 00:51:06

• What steps can you take to simplify your financial life? 00:02:50
• How do you prioritize relationships and experiences over material possessions? 00:47:01
• What balance can you find between saving and enjoying life? 00:51:06

• The Emergency Fund | (Ep 66 )
• The Valuist Returns | FI Roundup with Bo Loy | (Ep 441)
• The 6 Pillars of Health | Dr. Bobby Dubois (Ep 498)
• Mad Fientist Origin Story (Ep 17)
• Living Frugal (Ep 12)
• The Valuist | Bo Loy (Ep 396)

• The Fog of Work by Doug Nordman
• Dr. Bobby Live Long and Well Podcast

Answering Listener Questions on asset allocation, retirement strategies, and the intricacies of real estate investing. With Brad Barrett and Rachael Camp. Whether you are pondering upon the backdoor Roth IRA strategy or seeking clarity on managing funds without a 401k, this episode is for you!

• Public Service Announcement: Importance of filing the Beneficial Ownership Information form for legal entities by December 31st 00:01:21.

• Mailbag Questions:

  • How to Invest Without a 401k: Options include traditional IRAs and Health Savings Accounts (HSAs), while noting contribution limits. 00:03:43, 00:04:12.
  • Company Matches in Retirement Accounts: Highlighted as a crucial opportunity to maximize savings 00:09:12.
  • Backdoor Roth IRA: A legal way for high earners to sidestep income limits for Roth IRA contributions 00:15:09.
  • Asset Allocation: Discussion on the complexities of asset allocation, particularly as one approaches retirement, and the impact of sequence of returns risk 00:24:07.
  • Real Estate Investing: Key considerations and the risks associated with real estate investments 00:56:01.

Questions:

• What can I do if my employer doesn’t offer a 401k?

  • Consider options like a traditional IRA or a health savings account. 00:04:12

• How do I manage sequence of returns risk in retirement?

  • It's crucial to have a cash reserve and bonds as a cushion against market downturns. 00:26:36

• What should I consider when investing in real estate?

  • Understand cash flow, assess the market, and account for all potential expenses and vacancies to avoid risks. 00:58:08

Actionable Takeaways:

• Review and potentially set up a traditional IRA if your employer doesn't offer a 401k. 00:04:12
• Consider maintaining a cash buffer for the first few years of retirement to mitigate risks. 00:26:36
• Maximize your retirement account contributions to include any employer matches. 00:09:12

• "Avoid reverse dollar cost averaging by holding onto equities during market downturns." 00:39:28
• "Company matches in retirement accounts offer unmatched returns—don’t miss out!" 00:09:12
• "Explore diverse account types for effective financial management." 00:10:00

**Disclaimer

Please note: Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

Justin David Carl shares his remarkable journey from being $80,000 in debt and working in Hollywood nightlife to achieving financial independence and impressive fitness goals. He discusses key principles that guided his transformation, including the importance of environment, community, accountability, tracking metrics, and embracing a growth mindset.

• 00:02:44 Justin's Awakening Moment

  • Discovering financial independence through Mr. Money Mustache and ChooseFI. Justin shares his early struggles with debt and the turning point that launched his journey.

• Overcoming Debt and Personal Challenges

  • Justin candidly discusses his past, including addiction and the shame spiral from unresolved financial issues. He emphasizes that confronting these struggles was key to his transformation.
  •  "Depression can serve as a reset for your psyche." 

• The Role of Coaches in Growth

  • The impact of hiring coaches for guidance in both fitness and financial success.

• Tracking as a Tool for Success

  • Justin emphasizes the importance of tracking both financial metrics (expenses, savings rate) and fitness metrics (nutrition, workouts).
  • Key Quote: "What gets measured gets managed." 00:48:40
  • "Boost your savings rate to build wealth faster." 00:32:49

• Principles for Continuous Growth

  • Justin shares three core principles:
    1. You are the average of the five to ten people you spend the most time with.
    2. You are a product of your environment.
    3. You are what you consume.
  • Action Item: Evaluate your current environment and the people you are spending your time with. 

• Fit Rich Life Coaching: fitrichlifecoaching.com
• Savings Rate Tracker: fitrichlifecoaching.com/tracker
• Workout Program: fitrichlifecoaching.com/workout

Tim Ferris Article on Mr Money Mustache The Shockingly Simple Math of Early Retirement

• Follow Justin on Instagram: @JustinDavidCarl

• "It's never too late for a second chance." 00:18:03
• "Your consumption shapes who you are." 00:56:02

• How can tracking financial habits influence our spending? 00:32:33
• What strategies can we implement from a growth mindset perspective? 00:20:38

TJ shares his financial journey and experience reaching financial independence, focusing on intentional savings and the joy of family life. Early influences and educational backgrounds shaped his approach to finance, leading to a strategic path that included tracking net worth and undertaking regular financial meetings with his wife.  The episode dives into the challenges they faced, especially when dealing with unexpected medical circumstances and highlights the delicate balance between enjoying life and making prudent financial decisions, ultimately aligning with their core values. 

Key Takeaways:

• Intentional Savings: Be proactive in saving and planning for financial independence. 00:03:37

• Tracking Net Worth: Regularly evaluate your financial progress.00:10:02

• Community Support: Rely on your community during tough times. 00:29:16

• Flexibility in Planning: Adapt financial strategies as life changes occur. 00:36:02

• Maintain a Positive Mindset: Approach challenges with optimism and agency. 00:42:08

Actionable Takeaways:

• Implement regular financial meetings with your partner to track and discuss financial health.

• Consider unexpected medical costs when planning for financial independence.

• Maintain a positive and adaptable mindset when facing life challenges.

Action Items:

• Start tracking your net worth regularly to understand your financial progress.

• Set aside time for financial discussions with your partner every few months.

• Plan for unforeseen medical costs in your financial independence calculations.

Related Resources:

• The Simple Path to Wealth 
• FaithFi (formerly CompassOne) 

Discussion Questions:

• What aspects of financial planning do you think are most important?

• How can community support impact your personal finance journey?

• What strategies can you adopt to maintain a positive mindset during challenges?

• How can tracking net worth change your financial perspective?

Clint Murphy returns to ChooseFI, sharing his transformative journey labeled "FI and Choose," emphasizing the importance of choosing a lifestyle that values personal growth and meaningful connections. The hosts discuss their experiences at financial independence events, highlighting how these gatherings foster deep conversations that extend beyond finances. They explore the contrast between accumulating wealth and Pursuing a simpler, more intentional life filled with enriching experiences, including joy from low-cost activities and being present in relationships.

• Connection Through FI 00:02:20

  • The importance of community in financial independence events.
  • Shared experiences and personal growth discussions among participants.

• The Power of Vulnerability 00:06:00

  • Opening up in conversations to foster deeper connections.
  • Embracing quirks and eccentricities to enhance relationships.

• Simplicity and Enjoyment 00:10:30

  • Finding joy in low-cost activities, such as playing pickleball.
  • The realization that enjoyment doesn’t require significant spending.

• FI and Choose Philosophy 00:46:00

  • The idea that achieving financial independence offers choices about how to live life.
  • Aligning personal ambitions with the simplicity of life.

• Explore Joyful Activities: Engage in activities that bring joy without high costs 00:10:30.
• Build Deeper Relationships: Foster relationships through open and vulnerable conversations 00:06:00.

• The Growth Guide Podcast: thegrowthguide.com

This episode dives into the strategy of capital gains harvesting, explaining how it can help individuals minimize taxes on investments and potentially realize tax-free income. We break down how this approach fits into financial independence planning, including key comparisons between capital gains and ordinary income, real-life scenarios, and important health insurance considerations for early retirement.

• What strategies can you use to reduce your tax burden during retirement?
• How can understanding capital gains impact your long-term financial decisions?
• What role does income management play in health insurance planning for early retirement?

• [00:00:00] Introduction to Capital Gains Harvesting
• [00:01:38] Understanding Income Tax and Capital Gains
• [00:05:22] Tax Rate Comparisons: Ordinary vs. Capital Gains
• [00:20:07] Real-Life Case Studies
• [00:49:34] Key Takeaways and Best Practices

• Understand your capital gains tax rates to optimize when to sell investments.
• Use capital gains harvesting to realize profits without tax penalties.
• Plan retirement income carefully to maintain eligibility for health insurance subsidies.

• Measure Twice Money
• Measure Twice Money YouTube Channel