ChooseFI

Cognitive Behavioral Tools for FI With Jasper Lee, PhD | Ep 573

Show Notes Guest: Jasper Lee, PhD - Clinical Psychologist Episode Summary: In this episode, Jasper Lee discusses the psychological elements that impact the journey to financial independence (FI). He provides actionable insights on dealing with emotions and behaviors that influence financial decisions, emphasizing cognitive restructuring and behavioral activation as key strategies. Key Takeaways * Psychology in FI: 90-95% of the FI journey is psychological, with the remaining being about the mechanics of money. * Understanding Money Scripts: Early lessons about money shape adult attitudes; awareness of these scripts can help shift unhelpful patterns. * Cognitive Restructuring: Challenge unhelpful thoughts to foster a healthier money mindset. * Behavioral Activation: Engage in activities that bring joy and fulfillment to enhance emotional well-being. Timestamps & Insights * 00:00:00 Introduction to Jasper Lee * Overview of Jasper's qualifications and focus on the intersection of psychology and FI. * 00:02:30 Psychology and Financial Independence * Key Quote: "Psychology comprises 90-95% of the FI journey." * Discussion on how our emotions and thoughts relate to financial strategies. * 00:20:50 Understanding Money Scripts * Key Quote: "Childhood experiences shape our adult relationships with money." * The Klontz Money Script Inventory helps identify personal money scripts. * 00:32:45 Cognitive Restructuring Explained * Key Quote: "Identify and challenge unhelpful thought patterns to reduce anxiety about money." * Techniques for restructing thoughts include evidence for vs. against, and balanced thinking. * 00:52:00 Behavioral Activation Insights * Key Quote: "Engage in activities that enrich your life." * Importance of balancing accomplishment, pleasure, social interactions, and physical activities. * 01:03:30 Closure and Resources * Suggested resource: The Happiness Trap by Russ Harris for further exploration of acceptance and commitment strategies. Actionable Takeaways * Engagement Experimentation: Reflect on week-long activities and assess which bring joy. (Timestamp: 00:15:28) * Cognitive Restructuring Practice: Challenge and replace unhelpful thoughts with balanced perspectives. (Timestamp: 00:32:18) Discussion Questions * What financial beliefs did you inherit from your childhood? (Timestamp: 00:20:00) * How do your thoughts affect your financial decisions? (Timestamp: 00:32:45) Related Resources * Klontz Money Script Test: Take the Test [https://www.bradklontz.com/moneyscriptstest] (Timestamp: 00:20:50) * The Happiness Trap by Russ Harris: Read Here [https://www.amazon.com/dp/1459644740?tag=choosefi-20] (Timestamp: 01:03:30) * Jasper Lee's website: jasperleephd.com [https://www.jasperleephd.com/]

Bias Towards Action: The Adventure List(s) | Ep 572

In this episode, hosts Brad, Emily W, and Emily C delve into the importance of building meaningful friendships and adding adventure to life. They discuss the concept of an "adventure list," embracing vulnerability, and the creativity that can stem from constraints. The conversation encourages listeners to engage in various levels of travel experiences, stepping out of their comfort zones to enrich their lives. Key Topics Discussed * Introduction to the Episode 00:00:00 * Meet the Emilys 00:01:05 * The Concept of Friendship in FI 00:02:40 * The depth and sincerity of friendships formed within the FI community. * Vulnerability as a Superpower 00:14:01 * How sharing one's authentic self fosters deeper connections. * Creating an Adventure List 00:27:15 * Techniques for brainstorming and planning new experiences. * Four Levels of Travel Experiences 00:31:01 * A framework ranging from simple sightseeing to immersive living. Timestamps for Key Moments * 00:09:19 - "Give yourself permission to be a beginner." * 00:25:56 - "How can I say yes?" - Emphasizing the importance of embracing opportunities. * 00:37:44 - "Constraints can indeed be a gift." * 00:53:29 - "The more you say yes, the more you'll want to say yes." Key Insights * Deeper Friendships: The FI community encourages more profound connections by facilitating personal growth and adventure. * Adventure Lists: Creating a list of adventures helps focus intentions and set actionable goals for trying new experiences. * Vulnerability in Relationships: Sharing your true self invites deeper friendships and encourages others to do the same. * Travel Experience Framework: Understanding different levels of travel—from simple adventures to immersive experiences—can guide you in planning meaningful engagements. Actionable Takeaways * Create your adventure list to enhance your life experiences. 00:27:15 * Practice saying yes to new opportunities regularly. 00:25:56 * Embrace vulnerability to strengthen friendships. 00:14:01 Related Resources * Die With Zero by Bill Perkins [https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358567092?tag=choosefi-20] * Retire Often by Jillian Johnsrud [https://www.amazon.com/Retire-Often-multiple-adventure-financial/dp/1804090980?tag=choosefi-20] Discussion Questions * What does your adventure list include? 00:27:15 * How can constraints in your life lead to greater creativity? 00:37:44 * What experiences have taught you the value of vulnerability? 00:14:01

Getting Personal with Personal Finance: Maggie Tucker | ep 571

Maggie Tucker shares her journey to financial independence at the age of 41, discussing her experiences with fear and anxiety about leaving a secure job. Her insights on the importance of community, transparency in financial matters, and travel with children highlight how to embrace a fulfilling life beyond conventional measures of success. Timestamps & Key Topics: * 00:00:00 Podcast Intro * 00:01:38 Maggie's Financial Journey * Maggie reflects on her upbringing and financial habits. * 00:07:02 Overcoming Financial Fears * Maggie discusses her fears about running out of money and regretting her job change. * Key Insight: "Fear of running out of money and regretting career change plagued me." * 00:08:16 Reflecting on Career Choices * The identity shift after leaving a high-paying job and the revelation that work was not all of who she was. * Key Insight: "I don't regret leaving my job; my identity was more than work." * 00:10:20 Strategies to Mitigate Fear * Quantifying fears by assigning costs to them helped Maggie alleviate financial anxiety. * Actionable Takeaway: "Make a list of financial fears and quantify their impact to manage anxiety around financial independence." * 00:26:04 The Importance of Travel * Maggie shares her perspective on travel as a bonding experience with her children, stressing that families can travel anywhere and enjoy it. * Key Insight: "I think you can take kids anywhere, it's about aligning travel with their interests." * 00:44:40 Listener Questions * Maggie addresses various listener inquiries, including her strategies for financial independence and travel with kids. * 01:04:34 Conclusion Actionable Takeaways: * Create a detailed list of financial fears and assess their potential impact to reduce anxiety regarding financial independence. * When traveling with children, ensure activities cater to their interests for a more enjoyable experience. Key Quotes: * "Quantifying fears helped me mitigate anxieties around money." 00:10:20 * "Creating for joy is now viewed as radical." 00:48:31 Discussion Questions: 1. What fears do you have about achieving financial independence? 00:07:02 2. How can discussing financial fears with others help alleviate anxiety? 00:10:20 3. What strategies can you implement to quantify your financial fears? 00:10:20 4. What are the benefits of travel for families? 00:59:53 Speaker Highlights: * Maggie Tucker: Creator and host of Inside Out Money, achieved financial independence by actively managing her salary and savings, while also facing her fears head-on. Related Resources: * Inside Out Money Podcast [https://www.insideoutmoney.org/]

State of the Stock Market 2025 Q&A with Brian Feroldi | Ep 570

Brian Feroldi discusses the current state of the stock market, providing insights on market valuations, personal investment strategies, and the impact of artificial intelligence on stock analysis. The conversation highlights the importance of sustainability in stock market growth, potential investment pitfalls, and the benefits of leveraging AI tools for detailed analyses. Key Topics & Timestamps * Introduction to the State of the Stock Market (00:01:01) * Overview of stock market performance in 2025, with S&P 500 recording over 15% growth year-to-date. * Current Market Valuation Insights (00:02:04) * Discussion on historical performance indicators and high valuation levels. * "Sustained double-digit growth in the stock market isn't feasible long-term." (00:02:15) * Brian Feroldi's Personal Investment Strategy (00:05:00) * Brian shares his strategy of maintaining a 30% cash position during high valuations and investing 70% in the market. * Importance of personal financial situations when making investment choices. * Impact of AI on Stock Analysis (00:24:19) * Insights on how AI can enhance stock analysis when provided with clear directives. * "As long as you're giving AI clear directions, it can provide incredible analysis." (00:26:10) * Audience Questions and Answers (00:30:00) * Discussion on individual stocks vs. index funds and thoughts on tax implications. * Benefits of Fee-Only Financial Advisors (00:53:24) * Advocating for fee-only hourly consultations for transparent financial advice versus traditional AUM models. * Conclusions and Future Predictions (01:03:05) * Summary of Brian's thoughts on market sustainability and advice for investor strategies moving forward. Actionable Takeaways * Maintain a cash reserve during high market valuations to ensure better investment opportunities. (00:06:32) * Utilize AI tools for deeper stock analysis, focusing only on credible data sources. (00:26:10) * Regularly consult fee-only financial advisors for actionable insights without ongoing asset management fees. (00:53:24) Key Quotes * Brian Feroldi: "Investment strategies should reflect personal financial situations." (00:05:00) * Brian Feroldi: "Dollar-cost averaging into total stock market index funds is just so rock solid." (00:21:27) Related Resources * Notebook LLM [https://notebooklm.google.com/] (00:25:05) * Finviz Stock Screener [https://finviz.com/] (00:40:09) * Nectarine [https://hellonectarine.com/] (00:53:24) * OpenPath Financial [https://openpath.financial/] (00:54:32) * Abundo Wealth [https://www.abundowealth.com/] (00:54:32) Discussion Questions * How has the recent performance of the S&P 500 influenced your investment strategy? (00:02:04) * What role do you think AI will play in future investment decisions? (00:26:10) * How do you approach high market valuations as an investor? (00:06:32)

Always Come Back to the Why | Alan and Katie Donegan | Ep 569

Brad, Katie, and Alan Donegan discuss the significance of understanding the "why" behind pursuing financial independence (FI). They delve into their journey, emphasizing the importance of community, intentional spending, and lifestyle design. Listeners are encouraged to confront their fears of rejection when building friendships and to embrace vulnerability for meaningful connections. The Donegans advocate for tracking spending to align financial choices with personal values, reshaping the narrative around saving into one focusing on buying freedom. Chapters: * Introduction to the Donegans' Journey (00:00 - 01:55) * Overview of where the Donegans are currently living and their latest adventures. * Building Community and Friendship (03:20 - 06:24) * The significance of joining local ChooseFI groups to foster connections. * Overcoming the fear of rejection and expanding your social circle. * Monthly Finance Meetings (45:12 - 51:01) * The importance of having regular financial discussions with a partner to evaluate spending and financial goals. * Tracking Spending (51:01 - 54:41) * How tracking spending drives awareness and better financial choices aligned with personal values. * Flexibility in Lifestyle Design (54:41 - 01:24:43) * The concept of geo-arbitrage and adjusting your lifestyle to lower costs. * Emphasizing the importance of understanding the philosophy behind financial independence to enhance life experiences instead of simply focusing on multiplication of wealth. Key Quotes: * "Stay focused on your core purpose." (01:24:43) * "Live life enjoyably, not just to save." (00:46:58) * "Everything good in life comes on the other side of being vulnerable." (00:09:11) * "The quickest way to be interesting is to be interested." (00:13:01) * "Understand your core motivation." (00:45:47) Actionable Takeaways: * Join Local ChooseFI Group - Participate in meetups to connect with like-minded individuals. (Timestamp: 00:06:03) * Track Your Finances Monthly - Enhance your awareness of spending and align it with your values. (Timestamp: 00:45:12) * Engage with Others - Foster connections by asking questions and showing genuine interest. (Timestamp: 00:13:01) Discussion Questions: * What is your personal "why" for pursuing financial independence? (Timestamp: 00:45:47) * How can you incorporate community into your FI journey? (Timestamp: 00:03:20) * What steps can you take to tackle the fear of making new friends? (Timestamp: 00:06:24) Action Items: * Ask someone out for coffee or a hike this week. (Timestamp: 00:41:30) * Review your monthly spending and identify areas for improvement. (Timestamp: 00:51:01) Related Resources: * Rebel Finance School [https://www.rebelfinanceschool.com/] – A platform for financial education and personal growth.