Clipping Chains Podcast

Brice Karickhoff is a climber and development economist with a passion for charitable giving. In this episode we discuss the importance of balanced saving and giving, the utility of the donor-advised fund, and broader macroeconomic trends that affect us all.

Topics Discussed with Brice Karickhoff

• Brice’s recent bouldering accomplishments and how he manages to send and maintain a career in Atlanta, GA.
• Brice’s interest in global poverty and the roots of a career as a development economist
• Charitable giving methods used to empower those in poverty
• How to effectively give to organizations that make a difference
• Charitable giving as a response to guilt
• When to give vs when to save
• Donor-advised funds: What are they and how can they enable us to give like a millionaire?
• Discussion on broad and complex macroeconomics trends: minimum wage, wealth inequality, inflation, stock market pessimism, and the housing market.
• So much more!

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

Show Notes and Links at Clippingchains.com

 

Brice Karickhoff Interview Time Stamps

0:05:46: Desperado (V9/10) at Hospital Boulders, AL and other climber talk

0:13:28: Brice’s background in economics

0:19:22: Why Brice housed homeless individuals with his roommates in college and the important life lessons from this experience

0:24:22: Why Brice focuses on international poverty. U.S. domestic vs global poverty observations

0:28:36: Solutions and tactics for complex and rooted international poverty. The importance of empowering vs simply giving.

0:35:00: Brice’s personal charitable giving philosophy and how we can make sure our dollars are going towards empowering others

0:40:48: Third-party resources for charitable giving accountability

0:48:47: Charitable giving as an emotional response and the pitfalls of giving out of guilt. Finding the right balance between spending, saving, and giving. Thinking of giving as a lifelong ambition.

0:56:03: Donor-advised funds. What are they and how can we use them to give more effectively?

01:07:16: Brice and his wife Talia’s saving and investing strategy

01:16:40: Brice’s change of opinion on minimum wage policy

01:25:25: Are sweatshops progress?

01:27:34: Wealth inequality in the United States: observations

01:35:55: Inflation: musings on causes of high inflation, tools used to curb inflation, and what we’ve seen in past periods of high inflation

01:40:28: Short-term stock market pessimism: should we be investing now?

01:45:12: Navigating the American housing market as a prospective first-time home buyer

01:58:38: Our favorite books

Today on episode 29 I want to welcome back to Clipping Chains writer, climber, father of five, and fellow personal finance geek, The Frugal Professor.

We cover it all on this one, from how the Frugal Professor was able to save nearly $2 million dollars with a family of seven, to how my wife and I are continuing to navigate a post-Financial Independence life.

 

Topics Discussed with the Frugal Professor

• How FP became what I call “the Hustler of Personal Finance,” where he regularly gives us the full frontal of personal finance transparency.
• How FP was able to build a net worth of nearly $2 million with a family of seven by age 40
• Saving tips for a large family
• A deep dive on the importance of understanding taxes
• Ways to minimize our lifetime tax burden while avoiding high healthcare costs
• How my wife and I funded our life in 2021 with near-zero income
• How much we paid in taxes in 2021
• Why one should be careful with the type of investments you place in a taxable brokerage account
• Early retirees and Medicaid. Is this legit?
• Musings on the “correct” portfolio withdrawal rate and not falling victim to “one more year syndrome”
• My thoughts on living in St. George, UT
• Advice to college students or recent grads

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Frugal Professor Links

Original Written Interview

FP interviews Chad Andrews

Draft of “Book”

Frugal Professor Site Map

Frugal Professor Monthly Financial Updates

Financial Statement Template

2021 Tax Calculator

Hierarchy of Savings

Hierarchy of Dissavings

Roth vs Trad

Cash Back on Credit Cards

Why to Shop at Costco

How to Pay ~$0 for Cell Phones

 

Clipping Chains Links

EP 5: Diana Crabtree Green: Pay Yourself First

EP 26: How to Spend Retirement Money Early (Roth Conversion Ladder)

How to Have Negative Health Insurance Costs

 

External Resources

Health Insurance Marketplace Calculator

Retirement Savings for the Self-Employed: Solo 401(k)

Early Retirement Now Safe Withdrawal Rate Series

 

Books

The Richest Man in Babylon (George S Clason)

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Burton G. Malkiel)

Common Sense on Mutual Funds (John Bogle)

 

Time Stamps

0:2:47: Interview begins

0:6:27: How FP became “the Hustler of Personal Finance” and the origins of his blog12

0:12:57: The importance of visuals and tracking

0:17:25: FP’s career and education pathway that led to a net worth of nearly $2 million by age 40

0:25:54: An outsider’s view of a simple life and the misperceptions on what wealth looks like

0:26:38: The security of financial independence

0:27:43: The timeline and expectations for the financial independence life for FP and his family

0:31:07: Why understanding taxes is so important

0:36:27: Structuring the CC Family taxes in a life of “early retirement.”

0:37:22: How we funded our life in 2021

0:41:00: What we paid in 2021 federal taxes and how/why we arrived at our level of investment income

0:47:25: More details on balancing healthcare costs and minimizing tax burden

0:54:16: Summary of the CC family income and tax situation in 2021

0:55:14: How much money can someone withdraw and pay $0 in federal taxes?

0:56:27: Takeaway points for saving effectively and minimizing tax obligation

0:58:15: Why one should be careful with the investments you place in a taxable brokerage account

1:02: 15: Which accounts to place “play money” stock picks.

1:05:07: Early retirees and Medicaid

1:07:22: The CC family healthcare insurance philosophy

1:09:56: Saving, healthcare, and tax considerations for contractors

1:15:17: Did we over-save and fall victim to “one more year syndrome?”

1:17:37: Discussion on appropriate safe withdrawal rates for a portfolio in retirement

1:23:37: Thoughts on life in St. George, UT

1:29:30: Saving tips for a large family

1:35:57: Personal finance advice to students or recent college grads

1:43:09: Recommended books and podcasts

Many of us understand that investing in an appreciating asset results in compound growth of our initial investment. But how does this really work? How can a small sum of money grow to something that can provide financial freedom with little to no effort beyond securing the initial investment? And most importantly, what are the different outcomes when debating whether to invest now or later in life?

 

Topics Discussed on Compound Growth

• Concerning statistics on millennial retirement planning
• Our career timelines as a function of our savings rate
• Why retirement planning in western societies is increasingly the responsibility of the individual
• The pitfalls of believing we’ll never retire
• How compound growth occurs with our investments
• Shocking outcomes of those who save cash versus those who invest
• Timeline case study: what happens if I wait to start investing later in life?
• The importance of “showing up” with our savings

 

Support this project: Buy Me a Coffee

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Original Written Post

The Wondrous And Fantastic Power Of Compound Growth (And Why It Doesn’t Pay to Wait)

 

Compound Interest Calculator

Investor.gov Compound Interest Calculator

 

Books

Ikigai: The Japanese Secret to a Long and Happy Life (Hector Garcia, Francesc Miralles)

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy (Thomas J. Stanley, William D. Danko)

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness (Morgan Housel)

 

Our Investing Strategy

The CC Family Investing Strategy, Part 1: Philosophy and Asset Allocation

The CC Family Investing Strategy, Part 2: Where Exactly Is Our Money?

Today on episode 27 we are taking a deeper dive on real estate investing with climbers Tien and Brandon Rooney of Five Twelve Real Estate. This couple shares a very intriguing history, spanning from college athletics to corporate world wake-up calls, the latter of which inspired them to uproot their lives and teach and travel throughout Asia.

Eventually, looking to rekindle the youthful days of travel and freedom, Tien and Brandon turned to real estate investment as a way to fast-track their path to financial independence. They even moved into a van full-time to further optimize their financial journey.

We carefully examine the many methods of real estate investment, including some key tips for first-time home buyers. Find out if this path is for you!

 

Topics Discussed with Tien and Brandon Rooney

• The wide variety of real estate tactics and methods, from simplest to most complex
• Tien and Brandon’s motivation for pursuing real estate investment in their 20s
• Real estate vs stock market investing
• Property evaluation and tactics: how to choose the right property for your goals
• What is the 1% Rule and is it still viable in today’s HOT real estate market?
• How many properties are needed to achieve financial independence, and how long should they be held?
• The mentality of high debt loads
• Leveraging van life to maximize investment potential
• How to break even and save on van expenses
• How to make your personal home an investment
• First-time home buyer tips
• The time and effort of real estate investment and tenant management. Is this path for you??
• So much more!

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Get in Touch with Tien and Brandon Rooney

Tien and Brandon Rooney on Instagram

BiggerPockets Money Podcast 231: ‘On the Road’ to FIRE: The Massive Financial Benefits of Van Living

Bigger Pockets Profile: Tien and Brandon Rooney

 

Real Estate Resources

Bigger Pockets Rental Property Calculator

 

Clipping Chains Related Posts and Podcasts

EP 23: Erik Jenson: Real Estate Investing with Training Wheels

Van Life: The Economics and Trade-Offs

Shocking Headlines of the 2008 Financial Crisis (And Why They Are So Important Now)

Should I Buy a Home? Part 1

Should I Buy a Home? Part 2: Opportunity Cost

Relocation: A Guide to Moving and Housing Affordability

This Just In: The Real Cost of Home Ownership

And We’re Back to Home Ownership! But Why Now?

Housing Affordability: This Isn’t Normal

A list of all posts is here.

 

Books

Extreme Ownership (Jocko Willink)

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones (James Clear)

The Power of Habit: Why We Do What We Do in Life and Business (Charles Duhigg)

First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes (Scott Trench, Mindy Jensen)

Effortless: Make It Easier to Do What Matters Most (Greg McKeown)

Topics on How to Spend Retirement Money Early

• What is a Roth conversion ladder?
• How can we save for retirement and withdraw those funds early without penalty and with little or no tax burden?
• Establishing how much our lives cost and our current and future tax burden
• The ethics and morals of lowering our tax burden
• Roth vs traditional 401(k) contributions during our working years
• Step-by-step process on how and when to execute a Roth conversion ladder.
• How much money should be converted each year?
• Our 2021 Roth conversion plan
• Options for spending money during the “seasoning” process of a Roth conversion

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Related Posts on How to Spend Retirement Money Early

Original Post: The Bold and Beautiful Roth Conversion Ladder

EP 16: The Boring Guide to Successful Investing (Part 1)

EP 19: The Boring Guide to Successful Investing (Part 2)

Tracking Your Spending: The Ultimate Task

EP 22: Your Questions Answered: Volume 4 (Roth vs Traditional 401(k)

How to Have Negative Health Insurance Costs

Today on episode 25 let’s give a hot stew welcome to climber and all-around curious guy, Erich Purpur. Erich works in the university system in Virginia, finding time in the margins to climb up to V10 and 5.13c. Recently, Erich is beginning to envision a potential life of financial independence.

But achieving financial independence may only be the beginning of the next journey.

Erich originally caught my attention because of his insightful line of questioning. He had a few investing questions to be sure, but what captivated me was his deeper questions about “why.”

Why do we bother to save this much money?

How do we come to common ground on money mindsets between our families, friends, and romantic partners?

Why do men and women feel differently on the concept of early retirement?

After all, most of us now know that simply building wealth is far from a sure path to contentment. While I wouldn’t consider this a reader case study per se, a conversation with Erich felt like a representative sample of many of the broader themes of this lifestyle choice.

And on that note, this certainly was a conversation. While I’m accustomed to sitting back and asking all the questions, Erich turned this one around on me. In the end, this felt like a fun fireside chat. I really enjoyed the informal nature of this one.

 

Topics Discussed with Erich Purpur

• Motivations for the pursuit of financial independence
• Shifting a natural tendency towards saving to a plan of investing
• Addressing different money mindsets in romantic relationships
• The beauty of “paying yourself first”
• Early retirement mindset differences between men and women
• The dilemma between early retirement and part-time, or passion-based work
• The incredible value of being a simple person
• How to live our best life without full financial independence (it’s a spectrum!)
• The FIRE movement as SCANDALOUS!

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Get in Touch with Erich Purpur

Erich on Instagram

 

Other Financial Independence Blogs Mentioned

Mr. Money Mustache

The Mad Fientist

Other recommended resources here

 

Previous Episodes Mentioned

EP 5: Diana Crabtree Green: Pay Yourself First

 

Related Clipping Chains Posts

Six Important Reasons Not to Retire Early

Contentment: The Greenest Grass of Them All

BREAKING: I (Sort Of) Quit My Job

The Fallacy of Happiness and Meaningful Work

But I Don’t Want to Be Frugal

Tracking Your Spending: The Ultimate Task

Help! My Significant Other is Terrible With Money!

Automation: The Dirty Little Secret to Spending Less

Value Spending: How to Really Save Money

The Simple Systems to Kicking Monetary Ass

Five Ways to Recession-Proof Your Life

Seven Lessons From Two Years of Financial Freedom

Shades of Grey: How to Enjoy Life and Have Money

Why Trying to Quit My Job (Sort of) Made It Better

A list of all posts can be found here.

 

Books

A Guide to the Good Life: The Ancient Art of Stoic Joy (William B. Irvine)

Today on episode 24 I’m thrilled to host Piggy and Kitty of Bitches Get Riches. Yes, you heard that right. These ladies have generously self-applied the “B” word, offering me cover from the internet masses for using it in this case. You’ll hear it soon: I’m cancel-proof on this one. Piggy and Kitty write and host their own podcast dedicated to imparting “funny lessons about the adulting skills we were never taught, yet mysteriously expected to know.” Sound familiar?

The bitches’ unique approach to something as painfully boring as personal finance has landed them quite the following, and their work has appeared on The New York Times (twice), as well as earning them a hefty pile of awards and coverage in the financial world. These ladies have veered far from the mold of whatever they were expected to be, and I love it.

While we did address a number of topics relevant to the modern woman, you fellas out there don’t want to miss this one. We discussed a number of gender-neutral topics, from thriving in a turbulent market, to real, unique, and tangible ways to be more assertive and make more money in the jobs you already have. We all agree, there are limits to frugality, but there are far fewer limits to making more money. And more often than not, it might be our beliefs and perceptions limiting us more than we think.

 

Topics Discussed with Bitches Get Riches

• The importance of eliminating boredom from topics of personal finance
• Impressions from entering the post-Great Recession and Covid job markets
• Money mindset differences across generations
• Kitty’s predictions on life after she retires in her 30s later this year
• Responsibility and accountability for our own happiness
• Growing a hobby into a business while working a full-time job
• Common issues women (and men) face in careers and with money mindsets: “Why aren’t I moving forward?”
• How to be your best advocate at your job
• The number one hurdle we all must overcome to be proficient with personal finance

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Bitches Get Riches Links

Bitchesgetriches.com

Bitches Get Riches on Instagram

Bitches Get Riches on Twitter

 

Bitches Get Riches Articles and Videos Mentioned

YouTube Live from the hotel room

The Financial Order of Operations: 10 Great Money Choices for Every Stage of Life

You Need to Ask for a F**cking Raise

Season 3, Episode 10: “I Want to Break Into a New Field. How Do I Make Employers See Past My Lack of Direct Experience?”

1 Easy Way All Allies Can Help Close the Gender and Racial Pay Gap

 

Related Clipping Chains Posts

Too many to list!! Here is a link to all posts.

 Books Mentioned

Wallet Activism: How to Use Every Dollar You Spend, Earn, and Save as a Force for Change (Tanja Hester)

Gideon the Ninth (Tamsyn Muir)

Today on episode 23 I’m happy to welcome climber, dentist, and real estate investor, Erik Jenson. In addition to paying down hundreds of thousands of dollars in student loan debt, Erik is now living rent- and mortgage-free through the process of house hacking. This form of real estate investing involves renting out rooms in the home where he lives, allowing him to build equity and repeat the process with additional properties. Referring to this process as “real estate investing with training wheels,” Erik is generating an outsized return compared to the single-family home so many of us consider “investments.”

 

Topics Discussed with Erik Jenson

• Erik’s 2021 goal to climb 80 boulders graded V8 or harder.
• The early career of a dentist and paying off $330,000 dollars in student loans in 4.5 years!
• Erik’s thoughts on real estate investing as a simple and faster alternative to stock market investing
• Guidelines on choosing properties and vetting roommates and tenants
• Real talk on maintenance, unexpected expenses, and the realities of being a landlord
• How losing his job helped Erik reframe his perspective around the idea of early retirement
• Erik’s new focus on stock market investing as a compliment to real estate investing
• Is real estate investing a reality in today’s high-price and competitive real estate market?

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Get in Touch with Erik Jenson

Erik Jenson on Instagram

 

Related Clipping Chains Posts

Six Important Reasons Not to Retire Early

Contentment: The Greenest Grass of Them All

The Fallacy of Happiness and Meaningful Work

Value Spending: How to Really Save Money

Market Timing: Why It (Still) Doesn’t Work

Should I Buy a Home? Part 1

Should I Buy a Home? Part 2: Opportunity Cost

Relocation: A Guide to Moving and Housing Affordability

This Just In: The Real Cost of Home Ownership

And We’re Back to Home Ownership! But Why Now?

Housing Affordability: This Isn’t Normal

A list of all posts is here.

 

Real Estate Investing Online Resources & Books

Bigger Pockets: Create and Build Wealth with Real Estate Investing

Coach Carson: Invest in Real Estate. Do What Matters

Afford Anything

Set for Life: Dominate Life, Money, and the American Dream (Scott Trench)

 

Other Investing Resources

The Little Book of Common Sense Investing (John Bogle)

In this Q&A episode, we take the plunge on inflation fears, cryptocurrency, real estate investing, the debate between loans and all-cash offers, mid-week climbing partners, the Roth 401(k), autoimmune conditions, and some more intimate details about where and how we hold our money in various accounts. Finally, I reveal some notable changes to Mrs. CC's schedule, among a variety of other topics.

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Previous Q&A Posts

Your Questions Answered: Volume One

Your Questions Answered: Volume Two

Your Questions Answered: Volume Three (podcast)

 

Q1: What would you have done differently 10 years ago? (5:02)

Seven Lessons From Two Years of Financial Freedom

 

Q2: Thoughts on Inflation (9:35)

NY Times, The Daily: Did Democrats Make Inflation Worse?

NPR, Planet Money: Night of the Living Inflation

 

Q3: Thoughts on sharing financial details (14:34)

Seven Lessons From Two Years of Financial Freedom

The Frugal Professor

Keeping the “Safe” in Safe Withdrawal Rate

The Long Approach to Being Scared of Investing

 

Q4: How do you find climbing partners during the work week? (18:25)

 

Q5: What do you think about cryptocurrency? (21:42)

Bitcoin and Other Things You Shouldn’t Own

The GameStop Saga: Hedge Funds, Reddit Investors, and Why They’re All Wrong

 

Q6: Why don’t you spend much time talking about real estate investing as a viable path to financial independence? (25:39)

Should I Buy a Home? Part 1

Should I Buy a Home? Part 2: Opportunity Cost

Relocation: A Guide to Moving and Housing Affordability

This Just In: The Real Cost of Home Ownership

And We’re Back to Home Ownership! But Why Now?

Housing Affordability: This Isn’t Normal

 

Q7: Tell me more about funding an HSA, especially without earned income. (27:00)

Kiplinger: You Don’t Need Earnings to Contribute to a Health Savings Account

 

Q8: Where can I get a decent interest rate for cash savings? (30:32)

Your Questions Answered: Volume Two

 

Q9: Should I max out a Roth IRA? (33:16)

IRS: Changes to Retirement Plans for 2022 (Roth IRA contribution and income limits)

The CC Family Investing Strategy, Part 1: Philosophy and Asset Allocation

The CC Family Investing Strategy, Part 2: Where Exactly Is Our Money?

Your 2021 Guide to Actually Saving Real Money

 

Q10: Can I use whole life insurance as an investing vehicle? (34:38)

 

Q11: I need a new car. Should I take out a loan or pay in cash? (35:58)

How to Get a Fantastic Deal on a New Car

Van Life: The Economics and Trade-Offs

 

Q12: My new job offers a Roth 401(k) option. Should I use it? (39:35)

Nerd Wallet: Roth 401(k) versus Traditional 401(k)

The Bold and Beautiful Roth Conversion Ladder

 

Q13: What is a mega backdoor Roth?? (45:33)

Forbes: Is the Mega Backdoor Roth Too Good to be True?

 

Q14: Can you tell me more about your autoimmune condition? (46:31)

Ankylosing Spondylitis

Seven Lessons From Two Years of Financial Freedom

 

Q15: Can you provide more details on the percentage of funds in various investing accounts? (51:39)

The CC Family Investing Strategy, Part 1: Philosophy and Asset Allocation

The CC Family Investing Strategy, Part 2: Where Exactly Is Our Money?

Relocation: A Guide to Moving and Housing Affordability

 

Question 16: How exactly do we fund our living expenses? (1:00:42)

Expense Ratio & Fees: They’ll Hose You Big Time

Early Retirement Now: The Safe Withdrawal Rate Series

Some Fantastic News on Healthcare Costs (More on how we balance income, spending, Roth conversions, and healthcare cost consideration)

How to Have Negative Health Insurance Costs

 

Finally: Mrs. CC’s Big News (1:07:42)

Today on episode 21 I want to give a very warm welcome to climber and certified professional life coach, Blake Cason. Blake is the founder of Pivot Wellness and the co-founder of Climbwell, two organizations that allow Blake to integrate her extensive background in mental and behavioral health to make our lives better.

Blake moved to St. George, Utah at almost the same exact time that my wife and I were moving into our new home there. What fascinated me about Blake’s story is that, prior to her new home purchase, she worked as a solo entrepreneur on the road in her camper for years.

The first half of this interview is spent studying the history and logistics of this career path and work setup. For the second half of this interview, we dive into Blake’s bread and butter of examining our motivations, with actionable steps on how to improve and find balance in both our careers and passionate pursuits.

 

Topics Discussed with Blake Cason

• Blake’s origins on wellness and life coaching
• How Blake was able to live on the road full-time and work as a solo entrepreneur
• The realities of finding a coach in a largely unregulated industry (hint: experience is valuable!)
• Common issues Blake sees with her clients
• Complications of living and working on the road
• Getting started as an entrepreneur: navigating marketing and social media
• Pricing your services
• Blake’s close call with money in her early days of her private practice
• Finding a balance between home life and travel
• Dealing with burnout in a career
• How to make a job better without quitting
• Maintaining inspiration over the long run

 

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

 

Climbwell Retreat in Rifle, Colorado

Use promo code “CHAINS10” at checkout for 10% off: Climbwell Retreat in Rifle, CO (no affiliation with Clipping Chains)

 

Get in Touch with Blake Cason

Pivot Wellness

Climbwell

Blake Cason on Instagram

 

Blake’s Podcast Appearances

Hear Her Sports: Blake Cason

Enormocast EP 163: Blake Cason: Let’s Be Honest

The Nugget Climbing, EP 28: Blake Cason

Power Company Climbing: Blake Cason: Wellness and Habits for Climbing Performance

 

Other Interviews Mentioned

EP 7: Luke Mehall: The Dirtbag Dream is Not Enough

 

Related Clipping Chains Posts

Six Important Reasons Not to Retire Early

Why Trying to Quit My Job (Sort of) Made It Better

The Simple and Complicated Life on the Road

The Fallacy of Happiness and Meaningful Work

Contentment: The Greenest Grass of Them All

Maximize Adventure or Career?

 

Books

Think Again: The Power of Knowing What You Don’t Know (Adam Grant)