What I’m Reading, Watching, Playing Reading: I continue to juggle multiple books: - ‘Build the Life You Want: The Art and Science of Getting Happier’ by Arthur Brooks and Oprah Winfrey. I’m only just starting this book, but the practical tips I’ve already picked up gives me hope this will be a transformative read. I waited a long time for this one from the library ‘holds’ and so far it’s worth it! - ‘Effortless: Make It Easier to Do What Matters Most’ by Greg McKeown. I found his prior book...
about 1 year ago • 8 min read
How Each State Taxes Retirees This article from Kiplinger, “Taxes in Retirement: How All 50 States Tax Retirees,” is a quick way to determine how your state (or future retirement destination) taxes income for retirees, including: Income Tax on Taxable Income Social Security Pensions 401(k) and IRA Distributions (Note: This article has more ads than any I have ever seen, but the information is incredibly useful) Mini Retirements: Jillian’s Group Coaching I know how deeply Episode 451 of the...
over 1 year ago • 5 min read
Net Worth Calculation for 2023 I think it’s important to track your net worth on at least a yearly basis (I track mine quarterly) and there’s no better time to start than right now at the start of the new year (Happy New Year!). Really simply: You can use a free app like Empower (formerly Personal Capital), but I like a spreadsheet where I list out all my assets (every account separately plus major assets like my home and investment properties) and liabilities (mortgages, student loans,...
over 1 year ago • 5 min read
Pay in Full for a Discount Saw a great post from Cody Garrett in the Facebook group: “Are you paying for your auto insurance annually, semi-annually, or monthly? I just reviewed an auto policy that provides a 9% discount if paid annually rather than monthly.I'd take that guaranteed return!” - Cody It takes under 5 minutes to email or call your insurance agent to find out if this is possible for you and could lead to a nice discount! Are there other areas of your financial life where you are...
over 1 year ago • 5 min read
Tribute to Charlie Munger Charlie Munger is the person I’ve quoted the most in this newsletter over the years, as his wisdom can help you live a “richer” life in every way. Charlie passed away last week at the age of 99, and in tribute to Charlie, I’m planning to read his book Poor Charlie’s Almanack again this coming week. The book just rereleased today and it’s only $27 on Amazon as I type this (was previously $60+ for the prior version). I also wanted to highlight some of my favorite of...
over 1 year ago • 4 min read
Travel Rewards Sweet Spot Examples Travel Rewards is one of our “Pillars of FI” as we think it is an easy way to take 1-2 nearly free vacations each year by using your smart credit card habits and opening targeted credit cards (here’s my Top 10 List that I keep constantly updated). Earning the points is the easy part for most people, but most do not feel confident they are redeeming them for the best value. I wanted to highlight some “sweet spot redemption” articles I found recently on two of...
over 1 year ago • 5 min read
Donor Advised Funds, ChooseFI AI and Jonathan Returns Alan wrote in: “Could you discuss donor advised funds at some point? I am trying to figure out if something like this makes sense as a part of my overall FI plan. I would like philanthropy to be integrated into my strategy, but am wondering if the fees are worth it. Has this ever come up on the show in the past?” - Alan I ran the Google search “Donor Advised Funds ChooseFI” and this amazing response appeared from the AI site Dexa.ai I told...
over 1 year ago • 6 min read
Dave Ramsey’s 8% Withdrawal Rate is NOT Okay ChooseFI is a ‘positive vibes’ kind of place, but there are rare occasions where I see dangerous advice put out into the world by personal finance celebrities that needs to be responded to. This is one of those times: Dave Ramsey’s delusional rant in response to a caller pursuing CoastFI revealed Dave’s basic lack of understanding of much of personal finance, including: How much you can safely withdraw each year. Dave explicitly advised 8% as a...
over 1 year ago • 6 min read
Year-End Tax Planning 2023 is coming to a close and December 31st will be here before you know it. That means it’s a good time to make sure all your year-end tax items are in order. Our good friend Sean Mullaney, the FI Tax Guy, put out an updated ‘2023 Year-End Tax Planning’ article with all the deadlines and considerations you need to be aware of for both 12/31 and future deadlines for tax year 2023. Everything in the article won’t be applicable to you, but I got great value out of scanning...
over 1 year ago • 4 min read