In this episode: the pain of paying, anchoring, relative value, sunk costs, response to stimulus, and opportunity cost. On this installment of the Book Club, we are joined by Clint Murphy and Ginger to discuss some of our favorite takeaways from Dan Ariely and Jeff Kreisler's  "Dollars and Sense: How We Misthink Money and How to Spend Smarter," We often mention on this podcast the importance of actionable steps you must be willing to take while on the journey to FI, and this book is chalk-full of actionable tips and examples that could possibly be applied to many areas of your life, not just personal finance. While we know that personal finance is not unilateral and there are no correct steps and decisions that ensure success for everyone, we believe this book can help you better understand the decision making processes that goes into taking actionable steps on your FI journey!  Book Club Selection:  "Dollars and Sense: How We Misthink Money and How to Spend Smarter" by Dan Ariely and Jeff Kreisler  Timestamps:   1:21 - Introduction  4:20 - Reducing The Pain Of Paying  11:42 - Anchoring  19:01 - Opportunity Cost and Saying No  25:40 - Relative Value  30:20 - Why We Don't Understand Fairness and Value  38:49 - Sunk Costs  46:31 - Overvaluing What Your Already Have  50:07 - Spreading The Gap Between Stimulus and Response  57:21 - Conclusion   Resources Mentioned In Today’s Episode:   The Growth Guide Podcast   Clint's Twitter: @IAmClintMurphy  FI is Fun  The Great Man Within   "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins   "Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions" by Dan Ariely  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  

438 | Dollars and Sense | Clint Murphy & Ginger

How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.

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In this episode: survivor benefit plans, VA benefits, VSO's disability benefits, tax planning, healthcare, and blended retirement systems. This week we are joined by Daniel Kopp, founder of Wise Stewardship Financial Planning, to outline ways you can best prepare for military retirement. Together we cover pensions, navigating the Survivor Benefit Plan and additional benefits, healthcare and disability resources, as well as other financial decisions you can consider as you begin to transition out of the military. When dealing with any kind of retirement planning, taking actionable steps to prepare and get a plan in place for you and your family is essential. While everyone's circumstances may be different as they transition out of the military, there are many resources available and benefit programs you are entitled to before and after you leave duty! Daniel Kopp, CFP   Website: wisestewardshipfp.com  Podcast: Military to Financial Planner  Timestamps:  1:26 – Introduction 2:32 – Approaching Military Retirement/Blended Retirement System 9:38 – Military Benefits/Healthcare 15:36 – VA Benefits/Term Life Insurance 22:12 – Disability Benefits/VSO’s 30:17 – Survivor Benefit Plans 43:13 – SBP Contingencies and Child Coverage 50:41 – Tax Planning 56:26 – Conclusion  Resources Mentioned In Today’s Episode:  Blended Retirement VA education benefits for survivors and dependents Everything About The Military’s Survivor Benefit Plan SBP Financial Analysis Tools Daniel Kopp Estate Planning for Military Families | Military Money Manual Podcast Episode 83 Accredited VSO Representatives  Transition Planning from a Military Career on the Path to FI | ChooseFI Ep 296  “Military in Transition’s Guide to The Survivor Benefit Plan: Navigating the SBP” by Forrest Baumhover  How VA Disability Compensation Affects Military Retirement Pay  Income Tax and Rental Properties When You’re in the Military MFAA ChooseFI US Military Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) Get a cheaper phone plan with Mint Mobile  

487 | Military FI: Optimizing Your Financial Plan before Military Retirement | Daniel Kopp, CFP

In this episode: public service accounts, side hustles, making FI possible, frugality, giving yourself freedom, and side hustles. This week we are joined by Chris Travers, a New York City public school teacher and FI community member, to discuss his journey from being a natural saver to becoming a savvy investor, talk advantages and disadvantages of some of the retirement accounts provided to teachers, as well as discuss some ways he has been able to grow his net worth in the last 10 years. Frugality is a term that often comes up while on the FI path, and finding a balance of saving and spending is crucial to reaching your financial goals. Remember that where you decide to save and spend and how you do so will evolve throughout your FI journey! While it can be hard to cut costs of the things you enjoy in the present, being willing to cut out what you don’t need can set you up for success in the future!   Chris Travers:  Book: “TL;DR: Financial Literacy for New York City Public School Teachers: Optimizing Financial Decisions Based On Your TRSNYC Benefits” by Christopher Tavers and Karl Fisch Instagram: @thewealthyeducator  Timestamps:  0:54 – Introduction 6:47 – Public Service Accounts 11:38 – Diving Into FI 15:08 – Side Hustles/Making FI Possible 22:17 – Renting vs Buying 26:43 – Frugality and Loosening the Purse Strings 32:25 – Giving Yourself Freedom 37:53 – Conclusion  Resources Mentioned In Today’s Episode:  Join ChooseFI’s Facebook Group!  “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko  “Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” by Robert Kiyosaki  “Smart Couples Finish Rich, Revised and Updated: 9 Steps to Creating a Rich Future for You and Your Partner” by David Bach The Unfair (FI) Advantage Of Teachers | 457b | ChooseFI Ep 13 The Happy Body Millennial Revolution  Karl Fisch Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) Get a cheaper phone plan with Mint Mobile 

486 | The Wealthy Educator | Chris Travers

In this episode: spending down to zero, the ratcheting rule, the guardrails approach, high fee 401k's, and mini-retirements. This week we are diving back into the listener mailbag with Rachael Camp to address the pressing questions our community has! Whether it's curiosity towards the concept of dying with zero, determining whether it is a good time to take a mini-retirement, or working with high-fee 401k's, Brad and Rachael tackle it all! Listen along as YOU the community dictate the conversation with your hot button FI questions! Rachael Camp:    Website: www.rachaelcampwealth.com  Twitter:  @camp_wealth  Timestamps:  0:55 – Introduction 1:38 – Spending Down to Zero 10:15 – The Ratcheting Rule and The Guard Rails Approach 20:38 – Flexible Spending Strategy 27:01 – Does Everything Need to be Optimized? 31:15 – High Fee 401k’s 41:48 – Mini Retirement Considerations 49:54 – Roth IRA Contributions and Faze Out Limits 55:57 – Conclusion  Resources Mentioned In Today’s Episode:   “Die With Zero: Getting All You Can from Your Money and Your Life” by Bill Perkins  “Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts” by Annie Duke  The Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule?  The guardrails approach is a flexible retirement withdrawal strategy: Here’s how it works Early Retirement Now The Problem with the 4% Rule (and Why You Could Retire Even Sooner) The Roth IRA Conversion Ladder | A Case Study | ChooseFI Ep 17R Roth IRA Conversion Ladder Case Study | ChooseFI Ep 163R Retire Often  Mini-Retirements to Accelerate Your Path to FI | Jillian Johnsrud | ChooseFI Ep 451 Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) Get a cheaper phone plan with Mint Mobile   

485 | Mailbag: Spending Down to Zero, High Fee 401k, Mini Retirements | Rachael Camp

In this episode: wants vs needs, side hustles, tax planning, college hacking, travel rewards, mindset, and living your values.  This week we are joined by Joel and Emily Allen, a married couple with children based out of Iowa who truly embody what the FI movement is all about! Not only have they seized control of their life and finances, but have also managed to start a successful side hustle, provide incredible resources to the community around them, travel the world, and so much more! While the FI movement is about financially freeing yourself and your family, it is also important to remember why we want that freedom. Not stressing about money is just one piece of a fulfilling life, once you have that freedom, take advantage of it like the Allen’s have! Timestamps:  1:25 – Introduction/The FI Mindset 9:02 – Budgeting/Wants and Needs 14:59 – Side Hustles 21:02 – Financial Literacy to FI 23:29 – Tax Planning/Travel Rewards 29:11 – College Hacking 42:05 – Living Your Values and Taking Time Off 48:39 – The Importance of Knowing the Rules 53:48 – Traveling Like a Pro 69:25 – Conclusion  Resources Mentioned In Today’s Episode:  Dave Ramsey Travel Rewards | ChooseFI  Preparing for the Cost of College | Brian Eufinger | ChooseFI Ep 460 The 10 Pillars Of FI Modern States  The $100K Glorified Sleepaway Camp | Millionaire Educator | ChooseFI Ep 386 All the Hacks Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) Get a cheaper phone plan with Mint Mobile 

484 | A Family Journey From Debt to Early Retirement in a Decade | Joel and Emily Allen

In this episode: building a giving framework, the giving pledge, compound impact, donor advised funds, and different ways to give. Is it better to give to charity in a lump sum versus incrementally? What are the tax implications of donating? What are the benefits of using donor advised funds? This week we answer these questions and more with the help of Rebecca Herbst and Jack Lewars as we discuss charitable donations and effective giving while on the FI journey. A large part of FI is taking actionable steps to improve your life, but this journey also opens up opportunities to improve the life of others. While navigating donations while on the path to FI can seem tricky because we are so focused on attaining our FI numbers, there are still many ways you can give back and make a difference. Creating the habit of effective giving can help you leave an impact on yourself and the world at large! There are many resources available that can help calculate what you can give while remaining on the FI track, as well as help you see how your donations are making a difference!   Rebecca Herbst & Jack Lewars:  Yield and Spread: yieldandspread.org Rebecca’s Coaching Program: Coaching for do-gooders 1 For The World: 1fortheworld.org Jack’s LinkedIn: Jack Lewars  Timestamps:  1:37 – Introduction 4:24 – The Giving Pledge 11:59 – Building A Framework And Effective Giving 23:20 – Should You Get To FI Before You Give? 33:12 – Compound Impact 39:48 – Feedback From Giving And Fun Funds 51:08 – Different Ways To Give 61:09 – Donating Appreciated Stocks 66:59 – Conclusion  Resources Mentioned In Today’s Episode:  Join Your Local ChooseFI Group “The Life You Can Save: How to do your part to end world poverty” by Peter Singer School of Hard Knocks  “Practical Ethics” by Peter Singer GiveWell  The Life You Can Save “Die With Zero: Getting All You Can from Your Money and Your Life” by Bill Perkins  Yield & Spread’s DAF Series  “Doing Good Better: How Effective Altruism Can Help You Help Others, Do Work that Matters, and Make Smarter Choices about Giving Back” by William MacAskill Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) 

438 | Dollars and Sense | Clint Murphy & Ginger

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