Shownotes Transcript
022R | In today's Friday Roundup we discuss the True Cost of Car Ownership, how to maximize your travel rewards points plus a big announcement on a new in-house 'expert' for ChooseFI! In Today’s Podcast we cover: Episode review of our podcast Episode 22 on The True Cost of Car Ownership Your best-case scenario is buying a 5 to 10 year old gas sipping car Even a low cost car is going to cost you at least $2,000 per year Your fixed structural expenses move the needle significantly on your path to FI, and the car is the easiest one to change.
Comment from Matt on how he introduced this to his algebra class on why buying a new car is a bad decision and what it amounts to when compounded Second generation Fire: Starting out right and not buying an expensive car (plus house hacking) will set people up for Financial Independence by 35
Question on Saverocity about living close or far from work and how that impacts your path to Financial Independence Is bicycling a pillar of FI or is it unrealistic for the vast majority of people and might even turn people off from pursuing FI? In a post-FI lifestyle, does bicycling make more sense? Comment from the audience on Cargo Bikes Voicemail from Rebecca on what to do with her car situation Our thought is that it makes sense for Rebecca’s life and financial situation to move towards the Honda Fit Our final thought on cars: Don’t buy a new car; buy a used car and drive it into the ground Choose FI is bringing on in-house experts on real estate, taxes, business building and all things number crunching Alan’s brainstorming ideas for helping the community build businesses
Should building a side hustle be a Pillar of FI?
Travel Rewards question from Noah: Should he cash in his miles & points and invest them in VTSAX or save them for future travel? Brad’s advice is to save them for future value where the value can be 2x-4x or more How the Millionaire Educator takes his rewards points to invest in an ESA fund Travel rewards question from Satya on travel to India using Chase
Ultimate Rewards points Feedback from the audience: Kevin’s follow up to Friday Roundup 18. He spoke with his wife and she just wants to spend more time with him where she gets his full attention Human connection is the most important aspect of happiness FI in the news: Our upcoming guest ESI from ESI Money was featured on the Washington Post FI in the News: Article that Brittinni sent in about net worth being the key to wealth, not income Frugal Wins of the week from the audience Aaron’s feedback about the true cost of car ownership and he teased us with how he sells boats for a profit Final word on Jonathan’s pullups