FI Minded - Financial Independence, Early Retirement & Lifestyle Design

Should my career be driven by passion and purpose or serve as a means of financial stability? At one point or another, you will face this career conundrum. 

I’ve thought a lot about whether I should follow a practical career path with a stable income and obvious earning power or take a chance on a path that will be filled with passion and fulfillment but the money and stability aren’t quite as obvious.

At some point in the first decade of your career, this will probably be a decision that you have to consider.

I don’t know why it is that some of the most stable and practical careers lack excitement and the thrilling and purposeful choices always come with huge question marks when it comes to money, stability, and freaking health insurance.

It would be very easy for me to be the optimist and daydreamer and say go for it. Follow your dreams. You only live once but money and stability are significant factors and your job is only one dimension of your whole life that doesn’t have to be optimized for fulfillment.

This choice is daunting, if not downright overwhelming. But I’m here to offer some thoughts on which path might be right for you at this current moment or even better, how one might find a balance of passion and practicality.

Key Takeaways:

• 6 reasons to choose money over passion
• Lacking passion for your work can come at cost
• 6 reasons to choose passion over money
• Why passion with no money can add unnecessary financial stress
• 3 approaches to have a career filled with passion and money
• How your perspective and priorities can change your approach over time

Mentions:

Passion Or Profit? Crafting A Career That Honors Both (Forbes): https://www.forbes.com/sites/kathymillerperkins/2023/07/26/passion-vs-pragmatism-decoding-the-career-conundrum/?sh=39807bf02d75

More of The Struggle is Real:

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We often hear about 401Ks and IRAs, two incredible retirement planning tools but what if I told you there was a third, secret retirement account that trumps both of these?

Today we are discussing the Health Savings Account, or HSA, and why the HSA is not only a financial game-changer for managing your medical expenses but also a powerful tool to build wealth for your future.

This episode is a replay of episode 40 where I interviewed Sean Mullaney Financial Planner, and the voice behind FITaxGuy.com. I needed to recast this episode because it is hard to cover Mastering Money at Work if I don’t talk about HSAs.

You’ll uncover how HSAs offer a triple tax advantage, giving you tax deductions when you contribute, tax-free growth, and tax-free withdrawals for qualified medical expenses.

But here’s the real kicker: an HSA can become a pseudo-retirement fund by delaying your reimbursements and investing your contributions for the long haul.

If you want to learn how to do that along with if you qualify for an HSA, how to keep your expenses organized, and what to do if your company doesn’t offer an HSA, well then you’re in the right place.

Also, note this episode is originally from 2021. All of the information is still relevant and helpful but the HSA contribution limit has increased from $3,600 to $3,850 and increasing to $4,150 in 2024.

Alright, let’s get into it. I hope you enjoy my conversation with FI Tax Guy himself…Sean Mullaney.

Key Takeaways:

• What is a HSA
• How do you qualify for a HSA
• Tax benefits of an HSA
• Is a HSA my health insurance?
• Who a HDHP the right for you
• How to figure out if your insurance qualifies for a HSA
• How to get a FICA tax break when funding your HSA
• Examples of qualified medical expenses
• How to use your HSA as a pseudo-retirement account
• The HSA contribution limit (increased to $3,850 in 2023)
• How to keep your HSA expenses organized
• How to set up an HSA independently if your employer doesn’t offer one

Mentions:

IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdf

More of Sean:

www.MullaneyFinancial.com

www.FITaxguy.com

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

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So far in the Mastering Money at Work Series, we’ve discussed 4 steps to setting up your 401(k), which was episode 113, and last week, Jesse Cramer taught us how to ask for a raise.

These were two topics that I really wanted to cover because I believe they can be huge game changers for your career-earning power and lifetime take-home pay.

This week though, we are going to get a little more…creative and scrappy.

We are talking about employee perks and how these seemingly nonchalant offerings can add up to tens of thousands of dollars.

These fringe benefits that go beyond normal salaries could include awesome perks like snacks, yoga classes, summer Fridays, flexible hours, company time off for volunteering, and unlimited PTO. The list goes on and on.

But today, I’m going to throw at you 9 employee perks that I think you should be aware of they could significantly save or make you money which is of course, what this series is all about.

So if that sounds like something you want to learn about, let’s get into it.

Key Takeaways:

• 9 money-making or saving employee perks
• Finding win-win-win situations with employee referral bonuses
• Cover your education with tuition reimbursement
• Jumpstart your HSA funds with an employer match
• Hard work and get recognized through employee achievement awards
• Make some commission money by referring clients to your company
• Get your gym membership paid for with a wellness stipend
• Subsize your transportation costs with commuter benefits
• Find a great deal through your employee discount catalog
• Make a bigger impact with employer matching charitable donations

Mentions:

https://www.tsirpodcast.com/113 - 4 Steps to Setting Up Your 401(k) l E113

https://www.tsirpodcast.com/114 - How to Negotiate a Raise l E114 Jesse Cramer

More of The Struggle is Real:

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I don’t want to steal Jesse’s thunder so I won’t tell his specific example that he shares, but negotiating a raise early in your career can lead to a 6-figure increase in your lifetime earnings. And that is just one negotiation. By developing your negotiation skills and making a habit of consistently asking for a raise throughout your career, you’re bound to outearn a peer who starts at a similar salary by a long shot.

But on the flip side, asking for a raise is intimidating. The fear of rejection is real and rejection does hurt. You don’t want to say the wrong thing, that makes you appear ungrateful or puts tension in a relationship with your manager. Asking for a raise is a tricky situation.

Luckily, in today’s episode, Jesse Cramer will be discussing how to ask for a raise in a respectful yet effective way that maximizes your chances of getting what you ask for.

Jesse is the voice behind The Best Interest, a popular personal finance blog and podcast. Jesse has first-hand experience with negotiating a raise and understands the feelings that come with it. He’s going to give us a strategy for getting the conversation started well in advance of the ask, talk through how to overcome the fear of rejection, and how to respond if told no.

Jesse has been a guest on the podcast before and I appreciate how he shares applicable advice, not theoretical nonsense that doesn’t actually work in the real world. If you’ve been wanting to ask for a raise, get ready.

Let’s get into it. I hope you enjoy my conversation with the chess savant, fizzy lover, and the man with a voice like butter….Jesse Cramer.

Key Takeaways:

• Why is it even important to ask for a raise? What a small raise early on can compound over a 30-year career.
• How to start the conversation about a raise 3-6 months in advance of the ask. Building your case for a raise.
• Your performance might not match your salary positioning. You have to be an advocate for yourself on top of being a great performer.
• The importance of aligning your role and work with what your manager and company find important.
• The Commitment Consistency Principle and being clear with your manager about the plan.
• How to overcome the fear of rejection by defining what rejection really is.
• How to respond if they say no. Staying positive while making your disappointment clear.
• Option of last resort = going nuclear. How to decide when to use your final piece of leverage and if it is the right situation for you.
• Is there a right or wrong time to ask? Some considerations: the fiscal health of the company, layoffs, and interest rate hikes. Making sure you don’t come across as tone death.
• How to advocate for yourself without coming across as a brag or brown noser. 
• The power of staying positive and language to use whenever you’re getting stubborn pushback.
• Creative solutions for other benefits when negotiations can’t raise salary.

Mentions:

Is Investing Still a Smart Choice During this Recession? I’m Feeling Discouraged. | E75 Jesse Cramer: www.tsirpodcast.com/75

More of Jesse:

Best Interest podcast: https://bestinterest.blog/the-best-interest-podcast/

Best Interest blog: https://bestinterest.blog/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Starting a new job always comes with a hectic first week of paperwork. More than likely, one of the documents is about investing in your company’s 401(k) program.

If you grew up in a household like mine, the importance of investing in your 401(k) account was hammered into you but let’s say you didn’t set up your 401(k) account right away.

Maybe the thought of investing for your future seemed like a pipe dream when student loans, car payments, and buying furniture that isn’t Grandma’s hand-me-down was looming in your mind. Or the process and decisions of setting up a 401(k) account felt intimidating and overwhelming to you.

The first point is trickier. Money is typically pretty tight in our 20s as we are building our earning power. I totally understand why prioritizing our current needs seems to be more important than our future needs. But hopefully, through this conversation, I can convince you that even starting with a small amount can go a long way.

The second point though, being intimidated by the setup process, is something I can help with. This is definitely a topic that should be taught in school, but now having gone through this multiple times, I can assure you that setting up a 401(k) account is an easier process than you think.

In today’s episode, I am going to walk through 4 steps to setting up your 401(k) account, discuss decisions you are going to have to make, and share some guidance along the way.

Key Takeaways:

• Why 401(k) accounts were established by Congress
• How to initiate the setup process
• The difference between a Traditional and Roth 401(k)
• How to choose which account is best for your situation
• How to calculate your employer match
• 2023 401(k) employee contribution limits
• How to decide how much to contribute to your 401(k)
• How to choose an investment option that is right for you
• How much should I be paying in investment fees
• How to automate investing using target-date index funds

Mentions:

How to Get Started Investing, the Cost of Actively Managed Funds, and a 2-Step Plan to Retire in 15 Years | E57 Jeremy Schneider - https://tsirpodcast.com/57

Hidden Cost of Investing: 3 Common Fees and How to Stop Paying Them | E94 - https://tsirpodcast.com/94

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

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Today we are concluding our series on how to level up your professional network. We’ve learned easy ways to find in-person networking events, how to host an easy yet effective networking party, the best practices for virtual networking, and how to make connections at the next business conference you attend.

With all of this knowledge, you’ve been busy meeting new people. But we don’t want the payoff from all of this hard work to disappear by this time next year.

We need to make sure to stay on top of and continue to strengthen these relationships. We need a process and that’s what we are going to be talking about in today’s episode.

This is a replay from my friend Dan Brodsky podcast, Career Focus. Dan invited me on his show to discuss networking and honestly, we geeked out hard. Come on, what did you expect from me?

Dan and I both shared our process for organizing our key professional contacts and the system we use to remind ourselves when an important relationship has gone too long without some attention.

I also share a lot of other networking tips, many of which I’ve shared throughout this series, which is why I feel like this is a perfect capstone episode to the series. I want to make sure we reinforce what we’ve learned over the last month.

Also, go give Dan and his show some love. Career Focus is a new podcast that launched in July and we have very similar missions to equip young professionals with the skills they need to succeed in their careers. If you’re looking for more content like that, go follow Career Focus in your podcast player.

That’s enough from me. I hope you enjoy my conversation with a former St. Louisian now turned Austinite…Dan Brodsky.

Key Takeaways:

• A key element of job satisfaction 
• How to develop your networking skills
• How networking can help you
• How introverts can network without fatiguing themselves
• The power of active listening
• Do’s and dont’s of networking
• A process to help you stay organized when networking
• How to break the ice when you start a conversation with a stranger
• How to politely exit a conversation
• How to leave a good impression when virtually networking
• Follow-up techniques
• What to do when you flop at a networking event
• The joy of career serendipity

More of Dan:

Listen to Career Focus: https://linktr.ee/danbrodsky

Instagram: https://www.instagram.com/careerfocuspod/

TikTok: https://www.tiktok.com/@careerfocuspod?is_from_webapp=1&sender_device=pc

LinkedIn: https://www.linkedin.com/in/dan-brodsky-ms-166314107/

YouTube: https://www.youtube.com/channel/UCtqWfpKnCj0kT-ccSh0vMkQ

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

With the calendar turning to fall, conference season is heating up. People are making arrangements and gearing up to attend academic, industry, and professional conferences. Some “volun-told” by their employers, but others, assuming someone like yourself that would listen to a podcast like this, are attending because they’re wanting to level up their career.

I love attending conferences. I typically plan to attend at least 3 a year. In the spring, I attended a podcast conference called Podcast Movement and this coming fall I’ll be at a personal finance creator conference called FinCon along with 2 other conferences on behalf of my 9 to 5.

I attend these conferences to learn from the speakers and stay on the pulse of industry changes but the biggest benefit of them all is networking.

In such a condensed, short period of time, I meet a lot of amazing people along with seeing some friends from attending similar conferences in years past. I always come home with many collaborations and follow-up conversations that I know will help me with my business and career.

After attending a few conferences, I’ve learned a few things that have really helped me maximize how to meet other people at conferences. I’m not a seasoned vet though but my friend Mark Herschberg is.

If that name sounds familiar, that may be because you’ve heard Mark on the podcast before. In episode 35, Mark came on the show to discuss how to gain clarity with your career path and now he is back on to discuss how to network like a pro at your next conference.

In this episode, he shares tips on how to get started networking before the conference even begins, opening lines to break the ice with attendees, how to meet conference VIPs, and so much more. This conversation left me feeling both excited and prepared for my upcoming fall conferences, and if you want to feel the same way, this is the episode for you.

So let’s get into it. I hope you enjoy my conversation with the tech founder, shot glass collector, and author of The Career Toolkit…Mark Herschberg.

Key Takeaways:

• How to decide which conference is worth your time
• How to get your manager to say yes to you attending a conference
• Hidden negotiation factor: education budget
• How to start networking before the conference even starts
• Opening lines to break the ice with another attendee
• How to look more inviting
• Ideas for hosting an event at a conference
• Techniques for politely exiting a conversation
• How to meet the conference VIPs
• An efficient way to track post-conference action items
• How to pass along what you learned to your colleagues

Mentions:

MIT Professor Explains How to Gain Clarity on the Next Steps in Your Career | E35 Mark Herschberg: www.tsirpodcast.com/35

The Ultimate Guide to Attending a Conference - Part 1 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-1-of-2

The Ultimate Guide to Attending a Conference - Part 2 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-2-of-2

What to Say at a Conference or Networking Event: https://www.thecareertoolkitbook.com/blog/what-to-say-at-a-conference-or-networking-event

More of Mark:

LinkedIn: https://www.linkedin.com/in/hershey/

Brain Bump: www.BrainBumpApp.com

The Career Toolkit: https://www.thecareertoolkitbook.com/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

We all know at least one person that can walk into a room full of strangers and emerge with a group of new friends. They’re so good at attracting people, building trust with them, and turning others into fast friends. This is someone that is charismatic, friendly, and great at building instant rapport.

Having rapport with someone means you understand each other's feelings and communicate well. This happens over time as you build a relationship with them. The frequency and proximity allow you to establish trust and you slowly get to know them better.

But with some people, this happens quicker. Have you ever walked away from a conversation and felt instantly connected to the other person? Maybe meeting them felt natural and easy. It’s likely that’s because you were able to build rapport quickly.

I have no bulletproof method for getting this right a 100% of the time but I have noticed things in myself and others that have really helped. I want to share a couple of ideas and habits that you can put into practice especially when virtually connecting with another person for the first time.

Key Takeaways:

• How online networking is different than in-person
• Why building rapport is important
• 10-minute preparation guide
• Using video to your advantage
• How to make a good first impression with a strong start
• 3 tips for cultivating an amazing conversation
• The power of a smile
• The art of active listening
• How to share more
• Reminding yourself that you’re worthy

Mentions:

7 Ways to Discover Great In-Person Networking Events Worth Going To: www.tsirpodcast.com/108

The Secrets to Throwing a Great Networking Party: www.tsirpodcast.com/110

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

We’ve all been to one: loud music, people huddled in clicks, and little to no guidance from the host. I’m talking about poorly run networking events. The kind of events that spike the anxiety of us introverts and solo attendees.

But nobody wants to throw a bad event. The host wants to make sure everyone is having a good time and leaves having made meaningful connections. The problem is that nobody taught us how to throw a great networking party.

That was until Nick Gray wrote The 2-Hour Cocktail Party, a step-by-step handbook that teaches you how to build big relationships by hosting small gatherings.

Nick is a firm believer that hosting these simple, lightweight gatherings will accelerate your network. And he’s given us the playbook for how to do just that.

In this conversation, we cover how to make sure people show up, 4 secrets for hosting a great event, and how to politely kick people out at the end of your party. Nick also gives me an answer for the perfect number of attendees and the best day of the week to host your networking party.

And actually, since this recording, I’ve been to two cocktail parties that used Nick’s book to host their event, and they have both been far superior to the typical networking events. But they weren’t flashy events with paid bartenders, catering, and a DJ, no they were well-run events and a great use of my time. I met a lot of incredible people and left feeling excited to continue those conversations.

If you want to expand your network and know how to throw a simple yet amazing networking event, this is the episode for you.

Key Takeaways:

• Why hosting consistent, small gatherings is the ultimate networking tool
• NICK: 4 secrets for hosting a great event
• The importance of name tags even when you know everyone at the event
• How to run icebreakers and an easy example to use at your event
• Why you shouldn’t host dinner parties
• The perfect number of attendees to have
• How to politely kick people out
• The perfect day of the week to host your networking party
• Nick’s recommendation for event-hosting platforms
• How to ensure people show up to your party
• When to send and what to include in your reminder communication

Mentions:

Nick’s event hosting platform recommendations: Partiful (https://partiful.com/) and Mixily (https://www.mixily.com/)

More of Nick:

The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7J

Twitter: https://twitter.com/nickgraynews

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I could make a case that any interaction with someone else could be considered networking. From your friend’s parent to the barista who handed you your coffee this morning, anyone could be someone that changes the trajectory of your career.

I’m all about embracing some of the serendipity of relationship building, aka networking, but this series is bringing intentionality into this effort. We are going to be talking about purposely meeting people and the ways that you can do that.

I don’t know about you, but COVID really made me appreciate in-person interactions. I do really like the convenience of virtual networking, but sometimes it feels satisfying to put on some nice clothes, get out in the community, shake some hands, and meet some people in real life.

COVID did get me out of practice in this area though and in the meantime, I moved cities and started working virtually so I lost touch with many of the in-person groups I was a part of.

I’m ready for that to change and I’ve created a list of 7 ways to find in-person networking events.

In today’s episode, I am going to share that list with you with the goal of getting you excited and inspired to get back out there and check out some events in your local community. Don’t take this episode as a checklist but more as a menu. Pick one or two pathways that you feel drawn to. Each of these will provide many options for events that will fit what you’re looking for.

Key Takeaways:

• The importance of networking
• Popular event sites to find networking opportunities
• Local community organizations that might be hosting in-person events near you
• How you can tap into your alma mater network
• How to network and support a cause at the same time
• How to use LinkedIn and Facebook to find networking events
• What are YP groups and how to affordably join them
• How to ask friends and colleagues about networking events
• It’s normal to be nervous when attending in-person events

Mentions:

Email Management Tips for Young Professionals Overwhelmed by a Cluttered Inbox | E102: www.tsipodcast.com/102

3 Tips for Managing Your Work Calendar Like a Pro | E104: www.tsirpodcast.com/104

A Guide to Creating a To-Do List That Actually Works | E106: www.tsirpodcast.com/106

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/