ChooseFI | Financial Independence Podcast

After two battles with acute myeloid leukemia—and facing a grim 5% survival rate—Boyd Dunleavy discovered that the financial foundation he'd quietly built for decades would determine whether his family weathered the crisis or crumbled under it. Boyd, a long-time ChooseFI listener and community member, is now a two-time blood cancer survivor and 10-time marathon finisher who shares how resilience, strategic financial planning, and community support shaped his path through life-threatening illness to remarkable recovery. Boyd reflects on pivotal moments from his diagnosis through recovery, the role insurance and savings played during treatment, and the mental shift required to rebuild his life. He opens up about the power of surrounding yourself with people who believe in you when you can't believe in yourself, and how lessons learned from failure fuel long-term success. His experiences running marathons—including the Boston Marathon—post-recovery illustrate the discipline and goal-setting that apply equally to health and finances. Chapter Markers Introduction to Boyd Dunleavy [00:00:00] Boyd's cancer journey [00:19:10] The importance of community support [00:25:00] Life and health lessons [00:28:40] Experiences of completing marathons [00:44:40] Conclusion and calls to action [01:12:00] Key Quotes "Success is moving from failure to failure without losing enthusiasm." [00:28:43] "What you put out into the world is what you attract." [00:34:26] "Save diligently when your income is high." [00:23:06] "Surround yourself with those who support you when you lack faith in yourself." [00:25:15] "Seek out a better path in life." [00:10:15] Resources Be The Match - Register as a stem cell donor [00:32:13] American Red Cross - Donate blood and support cancer patients [00:32:37] Episode page: ChooseFI.com/394 Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Lynn Mettler's family has taken over 30 trips using points and miles—most costing less than $100 out of pocket. In this refresher, she walks through the 2022 landscape for travel hacking, from signup bonuses that dwarf everyday spending rewards to the Southwest Companion Pass that cuts flight costs in half. Key Topics: Smart Credit Card Habits & Signup Bonuses [00:04:45] Signup bonuses often deliver more value than months of regular spending; strategic card applications amplify rewards quickly. Chase Sapphire Preferred Card [00:08:35] 60,000-point bonus and flexible redemption options make it a top choice for beginners and veterans alike. Southwest Companion Pass [00:14:42] Earn 125,000 qualifying points in a calendar year to unlock a pass that lets a companion fly free on all Southwest flights for the rest of that year and the entire next year. 2022 Travel Landscape [00:23:48] Staffing shortages cause delays and cancellations; flexibility in booking accommodations and backup flight options matter more than ever. Rental Car Strategies [00:41:52] Turo offers an alternative to traditional rental counters, often with better availability and convenience. Book Flights First [00:42:21] When using points, secure flights before committing to accommodations—award availability changes faster than hotel inventory. Timestamps: [00:00:00] Introduction [00:01:34] Travel rewards overview [00:02:08] How travel rewards work for families [00:04:45] Credit card habits and signup bonuses [00:08:35] Chase Sapphire Preferred details [00:14:42] Southwest Companion Pass [00:23:48] Current state of travel in 2022 [00:41:52] Rental cars and accommodation strategies [00:49:10] Final thoughts and resources Resources: Families Fly Free Chase Sapphire Preferred Review Notable Quotes: "Financial independence is about enhancing life enjoyment, not deprivation." [00:03:33] "Leverage points with companions for doubled travel value." [00:14:52] Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Nearly six years of podcasting doesn't just end — it evolves into something new. As Jonathan Mendonsa prepares to step back from hosting ChooseFI, he and Brad Barrett use this episode to reflect on the journey that helped shape the modern financial independence movement. Rather than a retrospective, this becomes a blueprint for anyone still finding their path to FI. The conversation cuts to the core of what makes financial independence work: clarity of purpose. Jonathan and Brad discuss why your "why" of FI must be crystal clear, how the community has expanded what's possible, and the multiple pathways to achieving FI — from aggressive saving and smart investing to entrepreneurship and house hacking. They challenge listeners to break free from traditional assumptions about money and work, emphasizing that FI isn't about deprivation but intentional decision-making. The episode also addresses the changing landscape of the podcast itself and what comes next. Key Topics Reflecting on the Journey [00:01:03] The evolution of the FI community over the last six years and how collective efforts have expanded the narrative of financial independence. Defining Your 'Why' of FI [00:08:50] Understanding your motivation for pursuing financial independence is crucial for maintaining focus. Identify and articulate what drives your efforts to avoid distractions. Paths to Financial Independence [00:32:18] Various approaches to achieving FI: Aggressive saving strategies Smart investment choices (real estate, stocks) Entrepreneurship as a wealth-building tool Community and Support [00:40:31] The significance of being part of the ChooseFI community and its resources. Connecting with local FI groups for support and networking. Timestamps & Highlights [00:01:00] Jonathan and Brad discuss the podcast journey [00:04:20] Every financial decision impacts your overall journey [00:19:13] The purpose behind your work [00:21:42] Taking control of your financial future [00:49:11] Key insights about financial decisions and intentional living Notable Quotes "Clarifying your 'why' is essential on the path to financial independence." — [00:08:50] "Financial freedom means making intentional decisions, not sacrificing." — [00:49:11] "Design your own financial journey with purpose." — [00:49:11] "Financial independence is attainable for those who take action." — [00:47:36] Resources ChooseFI Book ChooseFI Website Weekly newsletter Key Terms FI — Financial Independence, the state of having sufficient personal wealth to live without having to work actively for basic necessities. [00:00:30] House Hacking — A real estate investment strategy where individuals rent out a portion of their property to offset their living costs. [00:28:19] Travel Rewards — Points or miles earned through travel-related spending that can be redeemed for free travel and related benefits. [00:49:11] ▶ Listen Next: Ep. 397 — Securing Your Financial Life | Essential ListeningSupport the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Over 3 million borrowers may qualify for immediate student loan forgiveness—but most don't know it, and the clock is ticking on a rare eligibility window. Travis Hornsby, a student loan planner, returns to explain two temporary federal waivers that could erase balances for public service workers and long-term borrowers who take action before the October 31 deadline. The Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) waivers loosen strict rules that previously disqualified millions from debt relief. By consolidating federal loans and submitting the right paperwork before the cutoff, borrowers can retroactively count years of payments toward forgiveness—even if they were in the wrong repayment plan or had the wrong loan type. Travis walks through who qualifies, what steps to take at studentaid.gov, and why refinancing to a private lender permanently eliminates eligibility. Chapters [00:00:00] Introduction to Student Loans [00:02:21] Introduction of Travis [00:03:05] Understanding PSLF and IDR Waivers [00:05:06] Eligibility Criteria for Forgiveness [00:20:04] October 31 Deadline [00:24:06] Step by Step Guidance through Consolidation [00:31:35] Closing Remarks Key Points 10% of student loan borrowers qualify for total forgiveness but most are unaware of their eligibility. The PSLF waiver temporarily allows borrowers to consolidate FFEL and Perkins loans into Direct Loans and receive retroactive credit toward 120 qualifying payments. The IDR waiver grants forgiveness to borrowers who have been in repayment for 20–25 years, regardless of payment plan history. Consolidating loans with a private lender permanently disqualifies borrowers from federal forgiveness programs. Borrowers must submit consolidation applications and PSLF employment certification forms at studentaid.gov before October 31. Resources Student Loan Planner FAQ What is the Public Service Loan Forgiveness program? PSLF forgives the remaining balance on Direct Loans after 120 qualifying payments while working full-time for a qualifying employer. [00:06:27] When is the deadline to apply for forgiveness? The deadline to apply for the Public Service Loan Forgiveness waiver is October 31st. [00:20:04] Can I benefit from forgiveness if I consolidated my loans with a private lender? No, refinancing or consolidating with a private lender makes you ineligible for federal forgiveness programs. [00:11:02] What steps should I take to apply for forgiveness? Consolidate your loans at studentaid.gov and then apply under PSLF. [00:24:06] Terminology PSLF: Public Service Loan Forgiveness—program forgiving loans after 120 qualified payments while employed in public service. [00:06:27] IDR: Income-Driven Repayment—payment plans that adjust monthly payments according to income and family size. [00:04:01] Consolidation: Combining multiple federal student loans into a single loan for ease of management. [00:24:06] Action Items Check eligibility for student loan forgiveness and apply before October 31. [00:20:04] Consolidate loans where necessary to increase chances of forgiveness. [00:24:06] Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

A hospice doctor treating terminal patients doesn't expect to learn the most important financial lesson of his life from someone on their deathbed. Jordan Grumet did—and it changed how he thinks about money, time, and living intentionally. In this conversation, Jordan shares stories from his new book Taking Stock, including the profound case of Sam, a patient whose final months forced Jordan to confront uncomfortable questions about his own life. The discussion moves beyond typical FI advice into deeper territory: using mortality as a lens for better decisions, conducting a "reverse lottery test" to audit your daily life, and removing friction from activities that drain you without adding value. Key Topics: Confronting Mortality to Clarify Priorities Sam's story illustrates how facing terminal illness can prompt deep reflection on what truly matters. [00:02:00] Discussing Sam's Story [00:04:30] How mortality influences life choices Living Intentionally [00:03:10] "Live as if your bags are always packed." — Jordan Grumet [00:03:17] "Value your time, the ultimate non-renewable resource." — Jordan Grumet The Reverse Lottery Test [00:35:17] A visualization exercise: if you won the lottery tomorrow, which current activities would you keep and which would you discard? This reveals misalignments between your real life and your ideal one. [00:35:17] "Make a positive impact, regardless of your financial status." — Jordan Grumet Eliminating Friction [00:45:15] Identify and remove activities that add unnecessary stress without proportional benefit. Money vs. Happiness [00:42:32] "Money isn't the sole path to happiness." — Jordan Grumet True fulfillment comes from meaningful connections and experiences, not financial metrics alone. Chapters: [00:00:00] Introduction to Jordan Grumet [00:02:00] Discussing Sam's Story [00:03:10] Living Intentionally [00:35:17] Reverse Lottery Test [00:51:40] Closing Remarks Action Items: [00:07:10] Write your own obituary to assess life priorities [00:07:56] Commit to a yearly life review to realign with core values [00:35:17] Conduct the reverse lottery test on your daily activities Resources: Jordan Grumet's book: Taking Stock: A Hospice Doctor's Advice on Financial Independence — jordangrumet.com Earn and Invest Podcast — earnandinvest.com Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Most 18-year-olds discover financial independence content and do nothing with it. Zach graduated college with zero debt and a Salesforce job before most of his peers finished their sophomore year. Four years ago, Zach stumbled on the ChooseFI podcast and actually implemented what he learned—from maximizing dual enrollment credits to aggressively saving in a Roth IRA while his friends burned through student loans. His total out-of-pocket cost for a college degree? $4,000. Chapters Introduction to Zach's Story [00:01:08] Zach's Journey to Financial Independence [00:04:31] College Experience and Financial Choices [00:22:09] Transitioning Careers [00:43:34] Zach's Future Plans [00:54:07] Key Insights Starting Early Matters [00:05:19] "Taking the long view is such a key life skill." Financial education in your late teens can fundamentally alter your trajectory. Understanding compound interest early motivated Zach to prioritize saving and investing over lifestyle inflation. Dual Enrollment as a Debt Elimination Tool [00:07:07] Zach used a dual enrollment program combined with grants and scholarships, including the Pell Grant, to cover tuition costs. [00:22:08] His total out-of-pocket expense for college: approximately $4,000. Career Flexibility Through Financial Security [00:43:34] Zach transitioned from fire alarm technician to Salesforce admin, demonstrating how financial cushion enables career experimentation. [00:12:12] "This is the ultimate way to dip your foot in the water and experiment with different things." Investment Philosophy [00:36:19] Focus on maximizing Roth IRA contributions and maintaining an emergency fund rather than waiting for perfect market timing. [00:53:39] "Life's not perfect, and trying to be mathematically perfect in your investments, you're just going to stall forever." Time as the Ultimate Asset [00:50:04] "You only have one life, make the most of it." Action Items Research local dual enrollment options [00:06:04] Consider taking a financial independence challenge or course [00:47:02] Network with professionals in fields of interest [00:54:24] Key Definitions Roth IRA [00:35:34]: A retirement account allowing for tax-free growth and tax-free withdrawals in retirement. Dual Enrollment [00:06:00]: A program that allows high school students to take college courses for credit. Compound Interest [00:05:00]: Interest calculated on the initial principal, which also includes all accumulated interest from previous periods. Related Resources ChooseFI Articles on Financial Independence [00:43:49] Bigger Pockets Podcast [00:54:56] Related Episodes Episode 297: From Pandemic Layoff to a Six-Figure Career [00:52:45] Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Interest rates have jumped from 3% to 6% in the span of months — and suddenly, every real estate investor is wondering if the game has changed. Coach Carson, a seasoned investor with over 100 rental properties, says the fundamentals haven't shifted — but your strategy might need to. Rising interest rates, stubbornly high home prices, and shrinking inventory create a challenging environment for both new and experienced investors. Carson emphasizes that continuous engagement matters more than perfect timing. Whether making offers, tracking local market indicators like days on market and sale-to-list price ratios, or exploring creative financing through private lenders and seller financing, staying active keeps you positioned for opportunities others miss. Cash reserves emerge as non-negotiable. Carson points to his own experience weathering downturns, where maintaining liquidity made the difference between capitalizing on deals and sitting helplessly on the sidelines. The 1% rule — monthly rent equaling 1% of purchase price — provides a baseline for evaluating cash flow potential, though local market conditions may require adjustments. Real estate investing isn't rocket science; it's straightforward math: income must exceed expenses. This holds true regardless of interest rate environments. The key is adapting your offer strategy based on local indicators, maintaining sufficient reserves to weather volatility, and remaining open to alternative financing structures that traditional lenders may overlook. Key Insights Monitor Market Indicators Closely [00:09:03] Adjust your offers strategically by tracking days on market, sale-to-list price ratios, and inventory changes in your local area. These signals reveal when sellers become more motivated and negotiable. Maintain Cash Reserves [00:47:56] Cash reserves provide a safety net during market downturns and unexpected expenses, allowing you to capitalize on opportunities when others are forced to retreat. Explore Creative Financing Options [00:10:28] Seller financing and private lending offer alternatives to traditional loans, especially valuable when conventional rates climb and qualification becomes more restrictive. Prioritize Cash Flow Fundamentals [00:56:09] Ensure your income outstrips expenses. This fundamental rule remains constant regardless of market conditions or interest rate environments. Timestamps [00:00:00] Introduction Episode overview and guest introduction. [00:02:00] Current Market Dynamics Rising interest rates and home prices create new challenges. [00:05:00] Investing Strategies Effective approaches in the current real estate climate. [00:07:00] Understanding Market Indicators How to assess local market conditions. [00:09:59] Interest Rates Explained Impact of increasing interest rates on the market. [00:56:00] Cash Flow and Reserves Importance of cash flow and maintaining reserves. [01:02:00] Conclusion Key insights recap. Notable Quotes "Navigating high prices and interest rates is critical for getting into the real estate market." [00:03:17] "Monitor market indicators closely to adjust your offers strategically." [00:09:03] "Maintain cash reserves; they're crucial for navigating tough market conditions." [00:47:56] "Real estate investing is not rocket science; it's simple math." [00:56:54] "Prioritize cash flow by ensuring your income exceeds expenses for real estate success." [00:56:09] Action Steps Track days on market and sale prices in your local area to identify trends and opportunities. [00:07:07] Assess your current financial situation and ensure adequate cash reserves for market volatility. [00:47:56] Key Terms Cash Flow [00:56:09] The net amount of cash being transferred into and out of a property. 1% Rule [00:40:01] A guideline suggesting monthly rent should equal 1% of the property's purchase price to ensure reasonable cash flow. Seller Financing [00:32:01] A financing option where the seller provides the loan to the buyer, bypassing traditional lenders. Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

You can complete a legitimate bachelor's degree for under $2,000 — no catch, no diploma mill. Jerry Born walked his son Bruce through a system that uses CLEP exams and ACE-approved online courses to knock out credit requirements in months, not years. The catch? You have to do the research yourself and understand which universities will accept the credits. Jerry returns to break down the mechanics of CLEP (College-Level Examination Program) and ACE (American Council on Education) courses, explaining how platforms like Sophia.org and Modern States allow students to earn college credits through self-paced learning and standardized testing. The discussion covers which universities have the most flexible transfer policies, how to prepare for exams without paying for prep courses, and Bruce's real experience earning credits for a fraction of traditional tuition. If you're staring at six-figure college costs, this episode offers a concrete alternative that doesn't involve skipping higher education altogether. Chapters 00:00:00 Introduction to College Costs 00:02:31 Guests and Early Perspectives 00:04:40 Cost-Saving Strategies for College 00:06:01 Understanding CLEP and ACE Credits 00:10:25 University Policies on Credit Transfer 00:24:04 Real-Life Experiences 00:52:53 Conclusion & Resources Key Topics CLEP and ACE Credits Explained [00:05:32] CLEP (College-Level Examination Program) allows students to earn college credit by passing standardized tests. ACE (American Council on Education) courses provide credit for approved online courses accepted by many colleges. Preparing for CLEP Tests [00:06:01] Online resources like Modern States offer free test preparation materials. The key is understanding which exams align with degree requirements at your target university. University Credit Transfer Policies [00:10:25] Not all universities accept CLEP and ACE credits equally. Research specific institutional policies before investing time and money in alternative credit paths. Bruce's Real Experience [00:24:04] Jerry shares his son Bruce's experience earning college credits affordably through this system, demonstrating the practical application of these strategies. Resources Sophia.org — Platform for earning ACE-approved course credits [00:29:31] Modern States — Free CLEP exam preparation [00:29:31] Episode 238: Transforming Education Costs with Jerry Born — Jerry's first appearance on the show [00:01:31] Notable Quotes "Is college just a glorified sleepaway camp? Convince me I'm wrong." — Brad Barrett [00:01:31] "Get a legitimate degree for pennies on the dollar!" — Jerry Born [00:04:04] "Absolutely go for it if the opportunity arises." — Jerry Born [00:32:38] Action Steps Research which colleges accept CLEP credits for your intended major [00:39:36] Explore Sophia.org and Modern States for low-cost education options [00:29:31] Verify university credit transfer policies before enrolling [00:10:25] Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Most people work tirelessly for money, but what if you're trading the one thing you can never get back? Jonathan Mendonsa and Brad Barrett break down why time—not wealth—is your most valuable asset, and how strategic financial decisions can help you reclaim it. [00:00:00] Introduction and Theme of the Episode Time as a luxury and its role in financial independence. [00:01:00] Discussion of Financial Independence Financial independence isn't just about wealth; it's about living a meaningful life. [00:02:00] The Importance of Time Time as a non-renewable resource that should be valued. [00:04:30] Tax Abatement Strategy Tips for potentially reducing tax penalties through IRS negotiations. [00:11:39] Fraud Protection using Credit Cards Benefits of using credit cards for fraud protection on purchases. [00:25:00] Work-Life Balance Discussion Balancing high income with personal time and commitments. [00:45:24] Flexible Financial Planning Adapting financial strategies to individual situations for better life balance. Key Insights [00:07:01] Consider writing to the IRS to request tax penalty abatement if you receive a tax notice. [00:11:49] Use credit cards responsibly for benefits, including fraud protection against undelivered items. [00:38:19] Evaluate the value of your time; consider outsourcing tasks to reclaim it. Notable Quotes [00:01:47] "We're trying to build rich lives, right? We're trying to look at the things that matter." [00:02:22] "Once you have your finances set, you're freed up to think about how to spend your time." [00:03:19] "Time is your ultimate luxury." [00:46:14] "Financial decisions should be personalized and flexible." [00:52:51] "Having that flexibility gives you power." Resources ChooseFI Newsletter ▶ Listen Next: Ep. 392 — Jonathan's Farewell: Reflections on Six Years of ChooseFI | Essential ListeningSupport the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.

Most people treat math as something they left behind in high school — but the ability to estimate 10% or understand compounding is the difference between making wealth-building decisions and leaving thousands of dollars on the table. Poker strategies, amusement park tips, and understanding financial principles can significantly improve decision-making and overall financial literacy. An emphasis on basic numeracy and practical math skills is essential for anyone looking to navigate life effectively. Concepts like the Rule of 72, understanding opportunity costs, and calculating tips can lead to better financial decisions. Real-life examples such as leveraging amusement park passes and recognizing the long-term benefits of investments shed light on how small decisions can yield substantial rewards. Key Topics Introduction to Numeracy [00:00:00] Understanding the importance of practical math skills in everyday life. The Importance of Estimating [00:01:24] Why estimating is fundamental for managing finances effectively. Basic concepts like calculating percentages enable smarter day-to-day decisions. Understanding the Rule of 72 [00:02:40] A tool for understanding how long it will take for an investment to double based on expected returns. Opportunity Costs in Financial Decision Making [00:10:25] How analyzing opportunity costs can improve financial decisions. Amusement Park Strategies [00:39:03] Using season passes as a cost-saving measure when visiting amusement parks. Tips on optimizing visits by planning strategically around park hours. Action Items Calculate your 20% tip by first finding 10% and doubling it [00:02:06] Use the Rule of 72 to assess the growth potential of your investments [00:03:02] Evaluate the true cost of buying versus renting a home [00:12:16] Consider season passes for frequent amusement park visitors to save money [00:39:03] Key Quotes "The beauty of compounding that we talk about is just such a critical, critical thing to consider when you're talking about your money." [00:04:24] "Making decisions with positive expected value can lead to greater financial success long-term." [00:20:40] Resources Tim Ferriss Podcast [00:02:25] Key Terms Numeracy [00:02:40] The ability to understand and work with numbers. Opportunity Cost [00:10:25] The loss of potential gain from other alternatives when one alternative is chosen. Rule of 72 [00:03:02] A way to estimate how long an investment will take to double. Divide 72 by your expected annual return. Support the ShowWe work hard to keep ChooseFI ad-free for a clean listening experience. The easiest way to support us is to use our Top Recommended Cards page when signing up for your next travel rewards credit card.