In this episode: public service accounts, side hustles, making FI possible, frugality, giving yourself freedom, and side hustles.

This week we are joined by Chris Travers, a New York City public school teacher and FI community member, to discuss his journey from being a natural saver to becoming a savvy investor, talk advantages and disadvantages of some of the retirement accounts provided to teachers, as well as discuss some ways he has been able to grow his net worth in the last 10 years. Frugality is a term that often comes up while on the FI path, and finding a balance of saving and spending is crucial to reaching your financial goals. Remember that where you decide to save and spend and how you do so will evolve throughout your FI journey! While it can be hard to cut costs of the things you enjoy in the present, being willing to cut out what you don’t need can set you up for success in the future! 

Chris Travers:

• Book: “TL;DR: Financial Literacy for New York City Public School Teachers: Optimizing Financial Decisions Based On Your TRSNYC Benefits” by Christopher Tavers and Karl Fisch
• Instagram: @thewealthyeducator

Timestamps:

• 0:54 – Introduction
• 6:47 – Public Service Accounts
• 11:38 – Diving Into FI
• 15:08 – Side Hustles/Making FI Possible
• 22:17 – Renting vs Buying
• 26:43 – Frugality and Loosening the Purse Strings
• 32:25 – Giving Yourself Freedom
• 37:53 – Conclusion

Resources Mentioned In Today’s Episode:

• Join ChooseFI’s Facebook Group!
• “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko
• “Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” by Robert Kiyosaki
• “Smart Couples Finish Rich, Revised and Updated: 9 Steps to Creating a Rich Future for You and Your Partner” by David Bach
• The Unfair (FI) Advantage Of Teachers | 457b | ChooseFI Ep 13
• The Happy Body
• Millennial Revolution
• Karl Fisch
• Subscribe to The FI Weekly!

More Helpful Links and FI Resources:

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile