ChooseFI - 514 | The More I Tinker, The Worse it Gets | Jeremy Schneider

514 | The More I Tinker, The Worse it Gets | Jeremy Schneider

10/07/24 • 66 min

1 Listener

ChooseFI

In this episode: simplifying your financial life, Jeremy’s journey, dividend versus reinvesting, and automation.

This week we are joined by Jeremy Schneider of Personal Finance Club and co-founder of Nectarine, where we will be discussing the beginnings of his personal investment journey and what that looks like now, striving for simplicity while adding value to your life, as well as discuss the ins and outs of his platform Nectarine. Part of the journey to FI is about finding hacks and ways to make your life a little easier in order to add value, sometimes by keeping it simple. Whether with your finances or in other areas of your life, it is the best option in order for you to thrive!

Jeremy Schneider:

Website: personalfinanceclub.com
Instagram: @personalfinanceclub

🔑 Key Themes Discussed:

The pitfalls of overcomplicating personal finance and investment strategies
The power of simplicity in financial management and investing
Mistakes made in early investing: complex ETFs vs. simple index funds
Jeremy’s journey from selling his company to managing a $2M windfall
The surprising truth about target date funds and why simplicity often wins
The concept of “the more I tinker, the worse it gets” in investment strategies
Personal finance habits that persist from childhood and their impact on adult financial decisions
Dividends vs. reinvesting: pros, cons, and psychological aspects
Understanding the differences between fiduciary financial advisors and those incentivized to sell products
Why financial simplicity and automation can lead to better outcomes

🕒 Chapters:

00:00 – Introduction to Jeremy Schneider
02:00 – Simplicity vs. Complexity in Financial Decisions
03:30 – Jeremy’s $2M Windfall and Early Investing Mistakes
06:00 – Complex ETFs vs. Target Date Funds
08:00 – How Tinkering Can Lead to Worse Financial Outcomes
12:00 – Personal Finance Habits from Childhood
14:00 – Dividend Reinvestment: To Reinvest or Not?
18:00 – Simplifying Financial Life: Automating Investments
22:00 – The Dangers of Chasing Dividends
26:00 – Real-Life Examples of Bad Financial Advice
33:00 – The World of Financial Advisors: Fiduciary vs. Salespeople
39:00 – The Importance of Finding Unbiased, Advice-Only Financial Guidance
46:00 – Jeremy’s Key Takeaways on Simplicity and Financial Independence

🔗 Mentioned Links and Resources:

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

In this episode: simplifying your financial life, Jeremy’s journey, dividend versus reinvesting, and automation.

Jeremy Schneider:

Website: personalfinanceclub.com
Instagram: @personalfinanceclub

🔑 Key Themes Discussed:

The pitfalls of overcomplicating personal finance and investment strategies
The power of simplicity in financial management and investing
Mistakes made in early investing: complex ETFs vs. simple index funds
Jeremy’s journey from selling his company to managing a $2M windfall
The surprising truth about target date funds and why simplicity often wins
The concept of “the more I tinker, the worse it gets” in investment strategies
Personal finance habits that persist from childhood and their impact on adult financial decisions
Dividends vs. reinvesting: pros, cons, and psychological aspects
Understanding the differences between fiduciary financial advisors and those incentivized to sell products
Why financial simplicity and automation can lead to better outcomes

🕒 Chapters:

00:00 – Introduction to Jeremy Schneider
02:00 – Simplicity vs. Complexity in Financial Decisions
03:30 – Jeremy’s $2M Windfall and Early Investing Mistakes
06:00 – Complex ETFs vs. Target Date Funds
08:00 – How Tinkering Can Lead to Worse Financial Outcomes
12:00 – Personal Finance Habits from Childhood
14:00 – Dividend Reinvestment: To Reinvest or Not?
18:00 – Simplifying Financial Life: Automating Investments
22:00 – The Dangers of Chasing Dividends
26:00 – Real-Life Examples of Bad Financial Advice
33:00 – The World of Financial Advisors: Fiduciary vs. Salespeople
39:00 – The Importance of Finding Unbiased, Advice-Only Financial Guidance
46:00 – Jeremy’s Key Takeaways on Simplicity and Financial Independence

🔗 Mentioned Links and Resources:

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

Previous Episode

513 | Make Your Own Dividend | Mailbag with Rachael

In this episode: getting started early with FI, the 4% rule, retirement accounts, real estate, and safe withdrawal rates.

This episode is packed with actionable information that can help with maximizing your financial future, from house hacking to Roth conversions, and strategies for living off your investments. Brad and Rachael dive into real-world listener questions to help you navigate your FI journey with confidence.

Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

🔑 Key Themes Discussed:

The benefits of getting started early with financial independence (FI)
Evaluating the 4% rule and how to live off investments in retirement
Understanding the difference between Roth vs. Traditional retirement accounts
Tax strategies for early retirement and avoiding penalties
House hacking as a way to reduce housing costs and boost savings
Real estate as an investment: risks, rewards, and misconceptions
Maximizing income while keeping expenses low for young professionals
Safe withdrawal rates, dividends, and managing investments post-retirement
The psychological aspects of early retirement and maintaining financial health

🕒 Chapters:

00:00 – Introduction to Mailbag with Rachael
01:00 – Starting Early with FI: Gabby’s Journey
03:00 – Roth vs. Traditional Retirement Accounts for Young Investors
06:00 – House Hacking and Real Estate Strategies
09:00 – How the 4% Rule Works for Early Retirement
12:00 – Income Maximization for Young Professionals
18:00 – Managing Dividends and Withdrawal Strategies in FI
24:00 – Safe Withdrawal Rates and Creating Your Own Dividend
31:00 – Listener Questions: Roth IRA Conversion Ladder
36:00 – Tax Strategies and Avoiding Penalties in Early Retirement
43:00 – Rethinking Real Estate and House Hacking Risks
51:00 – Wrap-Up and Final Thoughts on Financial Independence

🔗 Mentioned Links and Resources:

More Helpful Links and FI Resources:

Next Episode

515 | Cyber Security Update: Social Engineering & Pig Butchering

In this episode: social engineering, pig butchering, cryptocurrency risks, scammer tactics, and avoiding being a victim.

This week Brad speaks with cyber security expert Tom who will be giving some updates on the landscape of cybersecurity, what targeted scams look like, as well as some actionable steps you can take to avoid these scams. Though it may seem that cybersecurity attacks are ever-evolving and may be harder and harder to avoid, there are ways to make yourself less vulnerable to attacks. Making sure you’re having open conversations about this topic with your friends, and especially your older family members is crucial and can make sure you avoid falling for these scams!

🔑 Key Themes Discussed: