We'll teach you everything you need to know to reach Financial Independence | ChooseFI is the home of the FI movement with 325 local groups throughout the world
Joined September 2016
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ChooseFI retweeted
3 Jul 2023
Lean into your kids' passions with everything you have -- it'll bring you so much closer to them and they'll truly feel heard.
I've listened to my 15 year old daughter talk about roller coasters for hundreds of hours and I know more about coasters than any non-enthusiast on earth.
Taken 3 coaster road trips with her and loved every minute, even when I didn't go on one ride. To see her joy was everything.
We've spent 20 hours in the car singing Taylor Swift songs and talking about life.
Truly priceless
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Personal finance is financial independence
Everything else is just tactics
At its heart, we're all looking for more freedom and control over our lives and that's what FI provides.
You take the 1st step towards control over your life and time the 1st day you start pursuing FI
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Many people complain about how overtaxed they are, yet don't know the fundamentals of the US taxation system
A deduction (what people call a "write off") reduces your taxable income. A tax CREDIT is a dollar for dollar reduction of your tax liability
They are not the same
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Our graduated tax system has tax "brackets" but it's essential to know when you 'hit a new bracket' all your prior dollars aren't penalized & taxed at this higher rate!
Only the next, or 'marginal', dollars
This is basic info, but will put you ahead of 90% of people
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Brad just updated our classic calculation from way back in Ep 22. Back then the less optimized car payment habit was going to cost you ~$740,000.
Now it's nearly $2,000,000.
Yes, $2,000,000.
That's FI right there
26 Jan 2023
The average car payment hit $777 last month, an all-time high
No big deal, you can "afford" the payments, right?
If you just roll into a new car every 5 years with the same $777 payment, it's going to cost you about $1,900,000 over your driving lifetime.
Nearly $2 million
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Brad featured this amazing quote from @bp22 (Bill Perkins, author of 'Die With Zero' in the FI Weekly newsletter this week.
This is essential to remember on the Path to FI. Time is your one non-renewable resource and this isn't a dress rehearsal.
17 Jan 2023
"You should fear wasting your life more than you fear running out of money."
- Bill Perkins, as quoted in @ChooseFi FI Weekly newsletter this morning.
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Great money resources from our good friend Jay Money -- definitely check this out...
30 Jun 2022
Some great resources on the blog today if anyone's on the hunt! đź’°
- FIRE Meetups around the community
- Curation sites with "Feed Streams"
- Killer articles on #VanLife
- Recommended accounting software for your biz
- And more...
Check it 👉👉 budgetsaresexy.com/list-grea…
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“Excellent returns for a few years” is not nearly as powerful as “pretty good returns for a long time.”
And few things can beat, “average returns sustained for a very long time.”
- Morgan Housel
20 Apr 2021
You can win big earning average returns for an above average amount of time.
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Thanks @JRogrow for the heads up on this, I'm highlighting @morganhousel's "Keep it Going" article in my FI Weekly newsletter tomorrow
choosefi.com/read/newsletter…
collaborativefund.com/blog/k…
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The Rule of 72 is an easy way to see compounding in action. Take 72 and divide by your expected annual return of say 8%. You get 9, which is the # of years it'll take your money to double
$100k doubles to $200k in 9 years, $400k in 18, $800k in 27, $1.6 million in 36, etc.
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We loved the Chase Sapphire Preferred Card before, now we love it even more with the additional Sapphire Preferred new benefits that were just invited to the party.
choosefi.com/the-chase-sapph…
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Have no clue what you'll need to reach Financial Independence? The '4% rule of thumb' is a great starting point: Multiply your annual expenses by 25 for a rough estimate of your FI Number. A simple north star as you start your path so you don't get stuck in analysis paralysis
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Walt Disney said, “It’s kind of fun to do the impossible.” And he’s right! It might seem difficult, but using credit card rewards points to earn Disney rewards for a free family vacation is absolutely possible!
choosefi.com/disney-for-free…
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