FI Minded: Bridging Pre FI Discipline and Post FI Freedom in Financial Independence

The holiday season is in full swing and I’m so excited to spend the next month celebrating with friends and family. With all of the parties and get-togethers, it will be 2024 before we know it. But before we say goodbye to 2023, I have a few things I want you to check off your to-do list.In today’s episode, I’m going to give you a financial checklist of 8 tasks you may want to consider doing by Dec. 31 to tidy up your finances. Don’t worry, all of these tasks take 30 minutes or less so you can get back to enjoying the holidays.So if you’re ready to set yourself up for financial success in 2024, let’s get into the 8 tasks on the end-of-the-year financial checklist.Key Takeaways:8 easy and essential year-end tasks to completeReviewing your retirement accounts and adding additional contributions where you canRebalancing your assets to stay aligned with your investment strategyCreating a debt payoff plan for 2024Conduct a year-end tax review to maximize your savingsApplying tax loss harvesting to offset capital gainsCompleting a Roth conversion to take advantage of a low effective tax rateReviewing your budget and finding areas to cut costsWhere to get your free credit report and a simple task to improve your credit scoreMentions:www.annualcreditreport.comMore 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 love big, life changes…said absolutely no one ever.Significant life changes like moving out of your hometown, changing career paths, or ending a significant relationship are terrifying even if you know it is what you should do. It takes proper planning and a lot of courage to follow through with these major milestones.These decisions have never come easy to me. I was terrified to quit my first job. It took me over 6 months to pull the trigger on moving out of my hometown. And I don’t even want to talk about the countless relationships that drug on because I didn’t have the courage to end them.At the end of the day, they were all the right decisions. The only thing I regret is not making those decisions sooner.  I needed some encouragement from my friend and today’s guest Kay Cote.Kay knows a thing or two about change. Growing up outside of Fargo, North Dakota, she’s learned to embrace these big life decisions. She’s lived in South Africa temporarily, tried RV life, quit her corporate job to become an entrepreneur, relocated to Austin, and most recently, decided to take a chance on a career change by jumping into the music industry.Through Kay’s story and her PIVOT method, by the end of this episode, we’ll be feeling equipped to say yes to that hard decision and embrace the change that comes with it.So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with the minimalist, storm-chasing fanatic, and shuffle dance queen…Kay Cote.Key Takeaways:Building the courage to move out of your hometownCommunicate without verbal languageThe benefits of moving to a new city or countryBreaking out of the mundaneBuilding confidence and independence by movingHow to use the PIVOT method when thinking through major changesHow to get more opportunities by staying open-mindedUsing reflection to figure out what you want to do with your careerNothing in this life is permanentMore of Kay:Website: www.kaycote.comInstagram: thekaycoteMore 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/

Do you currently feel like you’re stagnant in your career? Like you haven’t learned a lot lately and are living the same work day over and over?Or maybe you want to expedite your professional growth as you’re looking to take the next step?Well, this is the episode for you because we are going to be talking about how starting a side project can solve these feelings and 8 ideas for projects that you can start today.Key Takeaways:3 reasons why side projects are helpfulUsing side projects to foster learningBuilding a network through your side projectFinding a sense of identity outside of your 9-to-58 ideas for side projects you can start todayMore 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/

What kind of impact would it have on your career if you could be mentored by Tim Ferriss, Brene Brown, Cal Newport, Oprah Winfrey, Les Brown, Ryan Holliday, James Clear, and Carol Dweck?This is a handful of the top thinkers from the last decade and the great news is, we can receive their mentorship.No, unfortunately, they don’t have a special lottery program where you can enter to win a free mentoring session but they do have something even better, a book.Yes, all of these top thinkers are also authors and they’ve condensed the knowledge they’ve gained from decades of experience into an organized format that costs less than $20 even free if you’re savvy about it.Today we are talking about the power of books. My friend Nick Hutchison from BookThinkers is going to teach us how to boost your career through effective reading. Nick and I get into all kinds of reading techniques like note-taking strategies, how to read faster, finding time to read, and when to stop reading a book that isn’t serving you.If you’re ready to take your career and life to the next level by reading impactful books, then this episode is for you.I hope you enjoy my conversation with the creator of BookThinkers a massive online community of book lovers and the author of the newly minted book, Rise of the Reader…Nick Hutchison.Key Takeaways:How to make time to prioritize reading booksOne easy shift that will allow you to read 26 books in a yearHow to get access to books for freeThe importance of reading wide when you first start readingWhy it is critical to set an intention before reading a bookNote-taking strategies to maximize retentionShort-hand note-taking strategiesHow to read fasterA mathematical framework for deciding when to stop reading a bookMentions:$100M Offers: How To Make Offers So Good People Feel Stupid Saying No (https://www.amazon.com/100M-Offers-People-Stupid-Saying/dp/1737475731)More of Nick:Personalized Book recommendation: DM Nick at www.instagram.com/bookthinkersBuy the book on Amazon: https://a.co/d/c9dE0lnLearn more about Nick: www.nickhutch.comLearn more about BookThinkers: www.bookthinkers.comMore 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/

In this current series, we’ve been deep-diving into blueprints for how you can take control of and accelerate your career with various professional growth strategies.Assembling a personal board of advisors and reading books are amazing avenues for taking steps forward in your career but we also want to be playing defense and ensuring we aren’t taking any steps backward.We don’t want to be putting all of this hard work in only to be paddling upstream. Over the first decade of my career, I’ve noticed 3 career-killing habits that can set young professionals back regardless of their talents.If you want to ensure that you aren’t slipping into one of these habits and what to do if so, well, this episode is for you.Key Takeaways:The line between arrogance and confidenceSpecific examples of arrogance in the workplaceWhat to do if you find yourself slipping into the habit of arroganceHow complacency can flat-line your careerRecent trends show concerns about complacency in the workplaceHow to break out of complacencyWhy a negative attitude at work will isolate youHow to correct negativity and become a coworker people like to be around againMore 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/

Have you heard of this concept before? A personal board of advisors. I think it is kind of interesting.Many companies have a board of directors who help advise and guide them on key decisions. Why shouldn’t we have a similar group to rely on?Especially as early career professionals, we face many critical questions about career pivots, job opportunities, work-life balance, purpose, leadership moments, and more.When I started thinking about it, assembling a personal board of advisors is a must for high-performing professionals. We can’t do this all alone. We need guidance and support from a diverse group of professionals.But I have so many questions about how to actually execute this concept. Who should be on my board? How do I ask them? How often do we meet? How do I make sure it is meaningful for my board members too?So I invited my friend Pete Schramm to the podcast to tell us how to assemble a personal board of advisors and to get all of our questions answered.Pete is the CEO and Founder of Latitude, a software company focused on employee connection, and the author of Pathfinders, Navigating Your Career Map with a Personal Board of Advisors.This is a really powerful concept so I am hoping you take what you learn today and run with it.Key Takeaways:How a personal board of advisors differs from a group of mentorsHow a personal board of advisors can help guide you through a career transition10 different seats and functions you can recruit for your personal board of advisorsSMARTY goalsWhy one individual shouldn’t be responsible for multiple seatsHow often do we meet with our personal board of advisorsHow to ask someone to be on your personal board of advisorsPre-qualifying questions to make sure someone is a good fit for your boardHow to get an easy yes from a potential board memberWhat’s included in your career mapHow you can add value to your board membersMentions:Episode 108: 7 Local Events Where You’ll Meet Your Next Boss, Mentor, or Business Partner www.tsirpodcast.com/108More of Pete:Book: Pathfinders, Navigating Your Career Map with a Personal Board of AdvisorsLinkedIn: https://www.linkedin.com/in/pete-schramm-pmp/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 are kicking off a new series called “Your Map to Professional Growth.” The goal of this series is to give you ideas for how you can take ownership of your career. Each episode will center around a different blueprint for growing professionally.But all of these tools are useless, just like a map, if you don’t know where you want to go.With that in mind, it seems fitting to kick off this series with a conversation about setting professional goals for yourself. In particular, there are 3 types of goals that we are discussing to help you give clarity to your career and define your Northstar.Having a sense of your professional goals and what you want from your career, at least in the near term future, is going to give you a starting place when implementing the strategies that we will be talking about in the rest of this series.So if you’re ready to get serious about your professional growth, understand the map ahead, and pick a direction that is going to get you excited, let’s get into it.Key Takeaways:3 types of professionals goals to set for yourself4 questions to ask yourself to decide what skills you need to focus onDeciding on the next stop of your career pathPutting numbers to your financial targetsMentions:E117 - The Career Conundrum: Follow My Passion or the Money www.tsirpodcast.com/117More 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 have to admit, this is one subject in the personal finance space that I don’t have much experience with. I’m so impressed with my friends who get free airfare and hotels through credit card points and I think it is time for you and I to do the same.I just get overwhelmed and I’m not really sure where to start. What cards should I have in my wallet? Which card should I use on what? Are cards with annual fees worth it?These questions and more are all going to get answered in today’s episode and to give us those answers, I invited my friend Danielle Desir Corbett who is the creator of The Thought Card, a travel and finance blog and podcast.Danielle is quite the expert when it comes to traveling cheaper through credit card hacking. My approach up until this point with credit cards has been pretty elementary. I take my 1% cash back and call it a day but Danielle has me really excited to move up to the next level and start getting more from my credit card provider.I thought this was an excellent capstone episode for our series on Mastering Money at Work. We’ve covered 401(k)s, asking for a raise, employee perks that can make you money, HSAs, and most recently the passion versus paycheck conundrum. If you missed any of those episodes, download them now so you have something to listen to after this one.Key Takeaways:Why are credit card companies giving away such lucrative dealsThe potential risks of credit cardsCriteria for what credit cards right for youHow to maximize your spending categoriesShould I use a free card or an annual fee card?Danielle’s favorite credit cardsAn app that helps you determine which credit card you should be using at checkoutA DIY approach to keeping your credit cards organizedHow to make sure you always get the sign-up bonusEarn and burn mentalityCreative ways to boost your pointsPopular brand partnerships to link your credit card toHow to stretch your PTO to take more vacationsMentions:CardPointers: https://cardpointers.com/Rakuten: https://www.rakuten.com/More of Danielle:Thought Card Blog and Podcast: https://thoughtcard.com/Blog: 7 Easy Ways To Earn Thousands of Points and Miles a YearBlog: 6 Travel Hacking Mistakes To AvoidBook: Traveling With a Full-Time JobBook: Affording Travel: Saving Strategies For Financially Savvy TravelersMore 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/

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 passionLacking passion for your work can come at cost6 reasons to choose passion over moneyWhy passion with no money can add unnecessary financial stress3 approaches to have a career filled with passion and moneyHow your perspective and priorities can change your approach over timeMentions: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=39807bf02d75More 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 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 HSAHow do you qualify for a HSATax benefits of an HSAIs a HSA my health insurance?Who a HDHP the right for youHow to figure out if your insurance qualifies for a HSAHow to get a FICA tax break when funding your HSAExamples of qualified medical expensesHow to use your HSA as a pseudo-retirement accountThe HSA contribution limit (increased to $3,850 in 2023)How to keep your HSA expenses organizedHow to set up an HSA independently if your employer doesn’t offer oneMentions:IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdfMore of Sean:www.MullaneyFinancial.comwww.FITaxguy.comMore 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/