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ChooseFI | Financial Independence Podcast

ChooseFI | Financial Independence Podcast

By: ChooseFI
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Jonathan & Brad explore the world of Financial Independence. They discuss reducing expenses, crushing debt, building passive income streams through online businesses and real estate. How to pay off debt, Crush your grocery bill and travel the world for free. No topic is too big or small as long as it speeds up the process of reaching financial independence.© 2026 ChooseFI Media Inc. Career Success Economics Personal Finance
Episodes
  • 604 | Getting Personal With Personal Finance: Bill Yount

    604 | Getting Personal With Personal Finance: Bill Yount
    Jun 22 2026
    Bill Yount reached financial independence at 60—then froze. His financial advisor confirmed 100% security, yet instead of relief, he felt disoriented fog. The emergency medicine physician who transformed from YOLO spender to 40% saver now struggles with a question that haunts many late starters: if I'm financially free, why can't I leave? Key Topics Discussed 00:05:30 The Wake-Up Call: From YOLO to Financial Awareness Bill's trifecta of mistakes at age 50: being house poor after an underwater renovation, maintaining a single-digit savings rate, and panic-selling stocks at market bottom. A lawsuit became the catalyst for confronting financial reality and transforming to a 30-40% savings rate within a decade. 00:15:00 The Emotional Journey: Anger, Shame, and Transformation Processing the emotional weight of starting late requires confronting anger, shame, and regret. Bill explains how downsizing from material excess created unexpected freedom, and why late starters must do the psychological work alongside the mathematical calculations. 00:22:00 The Partnership: Wife's Role and Family Dynamics Bill's wife became Chief Visionary Officer, returned to work full-time, and they saved her entire income through solo 401(k)s. Their journey debunks the "rich doctor syndrome" myth—25% of physicians at age 60 aren't even millionaires. 00:28:00 The Fog of FI: Reaching the Number and Not Knowing What's Next Sitting across from a financial advisor who confirmed complete financial security, Bill experienced unexpected confusion instead of celebration. This disorienting state—FOGO, or fear of getting out—reveals how identity and emotion don't automatically align with mathematical achievement. 00:35:00 One More Year Syndrome and Identity Struggles Despite being FI, Bill continues working twelve-hour emergency medicine night shifts. He candidly explores identity wrapped up in being a doctor, the meaning derived from patient care, and the difficulty of imagining life beyond the hospital. 00:42:00 The Glide Path: Cutting Shifts and Taking Action After Doc G asked for "one good reason" to keep his current schedule and Bill couldn't answer, he committed to cutting two shifts per month. This gradual approach offers an alternative to the all-or-nothing retirement cliff. 00:50:00 Lessons for Late Starters: Beliefs and Barriers Common limiting beliefs that paralyze late starters include "I'm too far behind," "I don't make enough," and "I don't know enough." Bill emphasizes it's always the right time to start, and the math works the same regardless of income level. 00:58:00 Health, Wealth, and Future Planning A frank discussion about neglecting physical health during wealth accumulation. Bill commits to refocusing on exercise and wellness to minimize the gap between healthspan and lifespan during the "go-go years" of early retirement. 01:05:00 Community, Travel, and What's Next Future plans include traveling to Norway with his sons, speaking at KiwiFi in New Zealand, and an ambitious mission: ensuring every medical resident receives a financial plan by 2035. Notable Quotes Bill Yount: "The emphasis, as we say, on late starter is on the starting and not being late." Bill Yount: "Between stimulus and response is a space. And we need to embrace that space because in that space, we need to regulate and choose our response." Bill Yount: "Relationships compound better than money, I think." Bill Yount: "It's better late than never. And we can catch up to FI together." Ginger: "I think a lot of people say, oh, that person is like me, right? And if they can do it, I can do it." Key Takeaways Track your money completely: Know your net worth, understand expenses, and identify where money goes before creating a plan Implement a reverse budget: Save your target percentage (30-40% if possible) off the top first, then spend the rest according to values Address the emotional work: Process anger, shame, and regret about past mistakes. Forgiveness matters as much as spreads…
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    1 hr
  • 603 | 603: Crash Proof: The Science Of Stock Market Resilience | Brian Feroldi

    603 | 603: Crash Proof: The Science Of Stock Market Resilience | Brian Feroldi
    Jun 15 2026
    The stock market crashes about once every three years—at least a 20% drop. Most investors panic and sell. But if you understood why markets always recover, you'd do the opposite. Brian Feroldi reveals three mechanical forces that guarantee long-term market resilience, transforming market crashes from terrifying events into predictable opportunities. Key Topics Discussed Introduction to Market Resilience (00:00:00) Brad Barrett introduces the concept of understanding market recovery through fundamental mechanics rather than accepting it on faith. Understanding Market Crashes (00:05:00) Brian explains crash frequency: 10% drops every eleven months, 15% every two years, 20% every three years, 30% once a decade, and 40%+ drops two to three times per century. Force #1: Stocks Follow Earnings (00:10:00) The first fundamental force—stock prices track corporate earnings over time. Brian introduces the man-and-dog analogy: the man (profits) walks steadily uphill while the dog (prices) runs wild on an elastic leash. Watch the man, not the dog. Force #2: Earnings Always Recover (00:25:00) Brian breaks down the five-phase economic recovery process: cost-cutting, cleansing, government intervention, innovation, and emergence. The Forest Fire Analogy (00:32:00) Economic downturns function like forest fires—clearing deadwood, eliminating weak competitors, and creating optimal conditions for new growth. The COVID pandemic demonstrated this: remote work jumped from under 10% to over 90% in four months. Force #3: Profits Rise Over Time (00:48:00) Five systematic drivers cause profits to rise: productivity gains, inflation, innovation, geographic expansion, and population growth. These forces ensure long-term upward trajectory despite temporary setbacks. Investor Psychology and Closing Thoughts (00:55:00) Discussion about investor behavior during crashes and the importance of saving this episode for future market downturns when emotional fortitude matters most. Notable Quotes "Stocks follow earnings. As go the earnings of a company or an index, also goes the price or the market value of that same index." — Brian Feroldi "The best time to buy is at the period of maximum pessimism. And the period of maximum pessimism is precisely when you absolutely do not want to buy." — Brian Feroldi "Ninety percent of good investing is how you behave in the 10% of time that things are not going well." — Brian Feroldi "Think of the man walking a dog on an elastic leash. The man represents profits, the dog represents stock prices. Watch the man, not the dog." — Brian Feroldi "Innovation accelerates when times are tough. Necessity is the mother of invention." — Brad Barrett and Brian Feroldi Key Takeaways Google "S&P 500 earnings" and study the 100-year chart showing earnings rather than just stock prices to see the steady upward march of the "man" Save this episode in your investor policy statement to re-listen during the next market crash when you need psychological reinforcement Set up automatic dollar-cost averaging contributions to retirement accounts and commit to never stopping them during downturns Review your asset allocation if you're within 10 years of financial independence to ensure appropriate risk levels and cash cushions Markets typically bottom when news is worst because prices predict earnings recovery 6-9 months ahead Resources and Links Why Does the Stock Market Go Up? by Brian Feroldi The Simple Path to Wealth by JL Collins JL Collins Guided Meditation for Market Drops Afford Anything Podcast with Paula Pant Camp FI Brian Feroldi on YouTube Brian Feroldi on Twitter/X Brian Feroldi on Instagram Brian Feroldi on Threads
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    51 mins
  • 602 | FI 201 Beyond FI Basics: Asset Allocation & Market Psychology Mastery

    602 | FI 201 Beyond FI Basics: Asset Allocation & Market Psychology Mastery
    Jun 8 2026
    Most investors lose to the market because they're trying to pick winners in a game where only 4% of stocks have created 100% of market wealth over the past century. The math isn't in your favor—but there's a simpler path that is. Key Topics Discussed Introduction to FI 201 (00:00:00) Jonathan introduces the concept of Financial Independence 201, explaining how it builds on FI 101 to help individuals progress from control to optimization and independence on their FI journey. The Genesis of FI 201 (00:05:30) Allen and Kristen explain how they identified the need for a 201-level presentation based on questions emerging from their St. Louis FI 101 sessions, particularly around investing concepts. Asset Allocation Fundamentals (00:15:00) Allen breaks down asset allocation as 'your money pie,' discussing how to balance growth, safety, and emergency funds while considering time horizons and diversification strategies. Risk Tolerance vs Risk Capacity (00:22:00) The team explores the critical difference between emotional risk tolerance and actual risk capacity, using examples from 2008 and 2020 market crashes to illustrate real-world application. Tax-Advantaged Account Strategies (00:35:00) Allen and Brad discuss the various tax treatments of investment accounts including 401(k)s, 457(b)s, Roth IRAs, HSAs, and taxable brokerage accounts, emphasizing lifetime tax optimization. Individual Stocks vs Index Funds (00:48:00) The hosts examine the data on individual stock picking, revealing that only 4% of stocks have contributed to 100% of market wealth over the past century, making a strong case for index investing. Dividends and Tax Control (00:55:00) Brad and Allen discuss why the FI community often prefers capital gains over dividend income, focusing on the importance of maintaining control over when and how you realize taxable events. Notable Quotes "You can't save your way to FI, you have to invest." — Allen Hansen "When there's a dip, you essentially get to buy the market on sale. If you love a bargain, this is it." — Brad Barrett "Why in the world do we not think that way when it comes to the market? Our brain completely flips. We're like, ah, we're scared." — Kristen Knapp "It's not what's my tax this year. It is what is going to be my tax burden over my lifetime." — Brad Barrett "The best investing lesson: stand there and do nothing. If you're invested, just don't do anything and you're going to be rewarded." — Allen Hansen Key Takeaways Assess your own risk tolerance and risk capacity honestly by considering how you would react to a 30% portfolio drop Review your current asset allocation across all accounts and determine if it aligns with your time horizon and financial goals Calculate the difference between your marginal and effective tax rates to understand your true tax burden Identify which tax-advantaged accounts you have access to (401k, 457b, 403b, HSA, IRA) and ensure you're maximizing employer matches Track every dollar of taxable income if you're on ACA subsidies or approaching any subsidy cliffs to avoid losing benefits Consider whether you have the right balance between taxable, tax-deferred, and tax-free accounts for maximum flexibility in retirement Join or start a local FI group to benefit from community wisdom and learn from others at different stages of the journey Review your portfolio for dividend-heavy investments and consider whether you'd prefer more control over when you realize taxable events Resources & Links FI Friends Travel The Simple Path to Wealth by J.L. Collins Tax Planning to and Through Early Retirement by Sean Mullaney and Cody Garrett ChooseFI Community App St. Louis FI Group BlackBerry Documentary (Netflix) Arizona State University Stock Market Wealth Study Brian Feroldi (individual stock investing advocate) Investopedia
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    1 hr and 2 mins
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