Alright, alright, I get it: not a product review! Gross! Folks, I’m with you. Any website I see that reviews almost anything, I close the page. So when I was offered an advance copy of the brand new book from the creators of the Choose FI podcast and author Chris Mamula (Can I Retire Yet website), I was…well…a little hesitant.
“Damnit, what if I don’t like this book?” I thought. Then I have to go on the internet and try and say nice things and convince people to read a book that’s a bit meh.
But ah, what the hey, send me a copy. Let ole’ Uncle CC have a look. Plus, would I say no to free stuff? Of course not. Those who know me see the questionable free food I eat at work. I won’t treat a book any differently.
Luckily the book doesn’t disappoint and I can comfortably go on with this post.
The Choose FI Podcast
I discovered the Choose FI podcast somewhere on the German autobahn en route to Frankfurt in early July 2018. I know, that’s an oddly specific memory.
It’s specific because the podcast immediately left an indelible impression on me. Mrs. CC and I have been in the aggressive pursuit of financial independence since late 2015, and I’d already scrounged the websites of Mr. Money Mustache, Mad Fientist, JL Collins, and many others. I was mostly on auto-pilot (in life, not while driving), having greatly increased our savings rate and set in place our simple, passive investing strategy, modeled after information gleaned from the pioneers linked above.
But the Choose FI creators, Jonathan Mendonsa and Brad Barrett, brought a renewed level of excitement and obsession to my dreams and ambitions of financial independence. This goal was no longer some target on the horizon, but a life I could live every day.
Both self-described “normal guys,” Jonathan and Brad have a show focused on interviewing and highlighting folks in the community who are optimizing their life. The topics are wide-ranging, but generally focus on personal finance and other life optimizations to help us, as they often say “get off the hamster wheel.” This book is a handy summary of what they’ve learned and provided for the community along the way.
The podcast, which started only in 2017, has been downloaded more than 3 million times and is broadcast in nearly 200 countries. This is no accident. The show is stuffed like a Thanksgiving turkey with actionable content to change your life. And now you can hold that content in your hands, thanks to author Chris Mamula, who worked with Brad and Jonathan to create the book.
The Advantage of Crowdsourcing
Everyone and their mother is writing books on personal finance in recent years, particularly on the subject of financial independence. And yes, I usually read them. Many of these stories are inspirational and certainly good resources, but they are often told through the lens of an individual or single family.
The Choose FI book is an amalgamation of many podcast interviews intertwined with the authors’ personal stories of their own journey. The beauty of this approach is that the reader can compare and contrast a spectrum of diverse methods to achieve financial freedom. The reader is also more likely to find inspiration amongst a throng of successful community members, some of whom have faced great odds to build a position of financial strength. This journey is all about relatability.
Why Choose FI? Building a Message of Why and How
I found this quote to be particularly powerful:
“…most people say relationships and family are the most important things in their lives, but a job is where they spend the majority of their time and energy. Why do people stay in lifestyles so out of alignment with their stated values?”
Choose FI, Your Blueprint to Financial Independence, pg. 8
Ultimately, you can hem and haw, cross your fingers, and think good thoughts, but you can’t expect to get new results. You can’t expect to get out of debt, provide for a future, or live the life you really want. You certainly can’t achieve financial independence without a clear path on what you want and why you want it. And then you need to do something about it.
Success in this realm requires taking action, which is a choice you have to make. The authors of Choose FI get right down to brass tacks and properly beat this dead horse. Many of the methods to saving more and investing wisely aren’t particularly complicated or difficult to implement — they’re just not often implemented.
Do you take on a growth mindset, seeing possibilities? Or are you more likely to look for fault in potential life-changing philosophies? Are you dismissive of change in exchange for the status quo? The Choose FI book asks us to take a hard look in the mirror.
The Methods to Choose FI
The methods described in the book should sound familiar if you’ve been bouncing around here or other similar websites.
Spend Less
That’s right guys, most of us probably need to spend less money if we want to achieve financial freedom. The Choose FI team teaches us the importance of being a valuist. Yes, I know, it’s not even a word. Give it a few years and Merriam-Webster will have it in there. Trust me.
Choose FI host Brad Barrett has discussed his philosophy as a valuist no less than 1,583 times, and I love it! The message is simple: spend money freely and willfully on stuff that brings you value, and spend little to nothing on everything else. Unnecessary spending will melt away with this outlook on life.
The book goes on to address important topics on how to pay fewer taxes, an often overlooked and misunderstood element of personal finance.
And then there’s the wonderful world of travel rewards. We use travel rewards frequently, including a very low-cost trip to the mediterranean gem of Mallorca last winter. Americans tend to see travel as a multi-thousand dollar expense, and this need not be the case.
Earn More
A common misconception is that financial independence is only possible for high-income earners. Well, a high income is far from required, but it certainly helps. The authors of Choose FI provide critical information on how you can increase your income, from career optimization to side hustles.
Has the cost of college for you or your children got you down? Allow the authors to explain how to go to college for free or very cheap. Hell, maybe you don’t need to go at all!
Invest Better
You can’t keep all that cash under a mattress my friend, lest the inflation monster will eat all your hard-earned post-tax cookies.
The tried-and-true method of investing in the financial independence community (and our method) is through passive index fund investing. We’ve written about that here and here, but that’s hardly the only way. Choose FI goes through the basics of index fund investing, and then moves on to other (admittedly more labor-intensive and perhaps riskier) methods.
Have you always dreamed of running your own business? Perhaps you want to invest in real estate to provide passive income. How you get to financial independence matters not, so long as you have regular income to indefinitely cover your costs of living.
The authors of Choose FI walk us through why business creation need not require a daunting loan. Who says you have to beg a bank for $100,000 to start a business? You can start a business for free or nearly so.
We also learn some quantitative metrics of sound real estate investment. This chapter focuses on the journey of Coach Carson and Scott Trench. They’ve used different forms of real estate investment to build steady income streams to support their life’s expenses.
Enjoy The Journey
The Choose FI book correctly points out that using these methods can drastically reduce your time in a traditional career. However, unless the margin between your income and spending is quite enormous, we all are on a journey that will take years. And even when we get “there,” we won’t find a happiness light switch.
We — and I mean all of us — have to learn to build contentment in our lives. The Choose FI book discusses a number of well-known members of the community, including Brandon of the Mad Fientist, to highlight the ease at which we can become too obsessed with optimization. We did it too, and I’ve discussed our story of unsustainable frugality.
The book briefly discusses the growing popularity of what was first coined the Fully Funded Lifestyle Change by Slowly Sipping Coffee. The idea is that we can use the same methods to reach a position of financial strength (but not full-FI) to pursue our best life.
Jonathan Mendonsa, co-creator of the Choose FI Podcast, used this concept to quit his full-time job as a pharmacist when he was far from financial independence. The growing popularity of the podcast, paired with a newborn son, required him to prioritize his life. He chose passion over a paycheck, and I’m thankful he did. Jonathan recognized that the path to financial independence would likely be longer, but far more rewarding.
So, What’s New?
Not a lot. If you’ve been a long-time FI advocate and listener of the Choose FI podcast, these concepts won’t be new to you. The beauty of the book is the fact that the content is stored in one easy place on your bookshelf.
…And Who Is This For?
If there’s someone in your life struggling with money or looking to flip convention on its head, the Choose FI book can truly be a blueprint towards creating an entirely new life. Pair this book with the gold standard on passive index investing, The Simple Path to Wealth, and baby, you got a stew goin’!
Financial independence die-hards, especially those who have already binged the podcast, won’t find volumes of new material. But again, the beauty of the book is the convenience. You don’t have to go listen to 200+ podcast episodes. Plus, it’s going to look good on your bookshelf!
Isn’t This Information Free on the Internet?
Yes, of course it is. So is everything else. You could probably sleuth around and read every volume of Harry Potter for free too. But believe me, you’d have to pry Mrs. CC’s hardcover copies out of her cold, dead hands if you think she’d rather piece it together from bits of internet scroll.
Get Your Copy of Choose FI Now
The Choose FI book is now available for sale and it’s already a #1 Best Seller. You can get your copy here, or as usual, you can request that your local library secure a copy.
Remember, the best laid plans mean nothing if you can’t take action today. Have questions? Need some feedback? Hit us up on the Contact page.
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