Some money moves sound smart…until you actually try them.

This is Part 2 of our special series where six personal finance experts share strategies that sound smart but rarely are. In this episode, you’ll hear from:

• Larry McMahon (Uncontrollable Me) on why doing everything yourself can be a costly mistake
• Sean Mullaney (FI Tax Guy) on when Traditional 401(k) contributions might not be the best choice
• Jeremy Schneider (Personal Finance Club) on why whole life insurance is rarely the financial win it's pitched to be

Missed Part 1? No problem - each episode stands alone, but you’ll want to go back and queue it up next.

Key Takeaways:

• DIY-ing everything can limit your growth and lead to costly errors
• Traditional 401(k) contributions aren’t always the most tax-efficient route
• Whole life insurance rarely lives up to the hype
• Even experienced money nerds make mistakes—and learn from them

More of Our Guests:

Check out Larry’s coaching practice at https://www.uncontrollable.me/.

Watch Sean’s YouTube channel at https://www.youtube.com/@SeanMullaneyVideos.

Follow Jeremy’s Instagram account at

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Disclaimer

The content shared by Sean Mullaney in this episode is for informational purposes only and should not be considered tax advice for any specific individual. Neither this podcast nor its host endorses Sean Mullaney, Mullaney Financial & Tax, Inc., or any of the services they offer.

Some financial strategies sound really smart…until they aren’t.

In part one of this special two-part series, we’re diving into real stories from personal finance pros who once made money moves that seemed like great ideas... but turned out to be anything but.

You’ll hear honest reflections from:

• Diana Merriam (EconoMe) on the allure, and pitfalls, of credit card churning
• Jesse Cramer (Personal Finance for Long-Term Investors) on rethinking Roth conversions
• Joel Larsgaard (How to Money) on why 529 plans aren’t always the no-brainer they seem

I’ll also share my own story of trusting the wrong financial “expert” and how it led me to open a whole life insurance policy I didn’t need.

We’ve all made money moves we later questioned. This episode is here to help you learn from them and avoid making the same ones.

Key Takeaways:

• Whole life insurance isn’t the wealth builder it’s often sold as.
• Credit card churning can be more trouble than it’s worth.
• Roth conversions aren’t always a smart tax move.
• 529 plans can limit financial flexibility.
• Even smart-sounding strategies deserve a second look.
• Mistakes are part of the journey - learn and keep going.

More of Our Guests:

Check out Diana’s EconoMe Conference at https://economeconference.com/

Listen to Jesse’s podcast Personal Finance for Long-Term Investors at https://bestinterest.blog/personal-finance-for-long-term-investors/

Listen to Matt’s podcast How to Money at https://www.howtomoney.com/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

We’re great savers. Probably good earners, too. But what about givers?

The FI community excels at building wealth, but often, we’re laser-focused on accumulating it for ourselves. Is that fair? Does that make us selfish?

I’m not sure. On one hand, taking care of yourself should be step one - like the old adage goes: “Put on your own oxygen mask before helping others.” And I think there is a lot of validity to that.

But here’s the thing: we’re not on a crashing plane. We have time to reach FI and help others along the way.

That said, it’s not always easy. Many of us in this community struggle to spend money on ourselves, let alone give it away. But generosity isn’t just an act of kindness. It’s also a powerful way to let go of a scarcity mindset and embrace abundance.

When it comes to the question of when to give, I could make both a mathematical and emotional case for giving now or later. But with the level of wealth you're likely to build over your lifetime, I can almost guarantee giving will become part of your journey at some point.

Whether you decide to start giving during your FI journey or wait until you’ve reached your goals, one thing’s for sure: if you’re part of the FI community, you’re going to want to figure out how to give in the most optimal way.

My friend Spencer Reese from Military Money Manual has been figuring out how to do just that. In today’s episode, Spencer and I dive into how charitable giving can reduce your taxes, what a Donor-Advised Fund is (and why you might use one), and how to find nonprofits that align with the causes you care most about and are making the biggest impact with the money given to them.

Key Takeaways:

• How to get more comfortable donating your money
• Ways to balance your FI goals while supporting causes you care about
• How charitable tax deductions actually work
• What a Donor-Advised Fund (DAF) is and why it might be right for you
• The easiest DAF platform for first-time donors
• Why donating appreciated stock can be a powerful giving strategy
• How to find ethical, effective nonprofits to support
• Tips for deciding how much to give (and when)
• Whether it’s better to donate now or wait until you’ve reached FI

More of Spencer:

Check out Military Money Manual Podcast: https://militarymoneymanual.com/podcast/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Why are you chasing financial independence?

It could be living a more adventurous life filled with travel or doing work you love, regardless of the pay. Whatever your dream looks like, it probably comes down to two things: freedom and flexibility.

We want to be in the driver’s seat of our lives. And we know money is one of the biggest obstacles standing in the way. So we save, invest, and make sacrifices now, hoping it’ll give us more control over our choices later.

But let’s be honest, it can feel like a grind. And sometimes, we want to enjoy more freedom now, not just someday. So... is it possible to live a FI life without the FI bank account?

Jess from The Fioneers says yes. As you move through your financial independence journey, you unlock more freedom. All of the freedom doesn’t magically happen after you hit your FIRE number; it happens along the way.

In today’s episode, Jess breaks down the five stages of FI, what kind of freedom comes with each one, lifestyle shifts to consider, and common traps that could leave you stuck in one of the stages. Jess shares a lot of alternative paths to financial independence that balance enjoying the moment while setting up your future self.

Let’s get into it. I hope you enjoy my conversation with the sourdough maker and pioneer of SlowFI…Jess from the Fioneers.

Key Takeaways:

• How to use the incremental freedom you gain as you get closer to FI
• Adopting a SlowFI mindset
• 5 stages of FI
• Why you’ll spend less than you think in CoastFI
• Creating memories in van life

More of Jess:

CoastFI Calculator: https://thefioneers.com/free-resources/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

What would you do if you had to start over, completely from scratch?

In this episode, I share the wild true story of Audrey, a woman who vanished in 1962 and was just found alive, 63 years later. Her story sparked a thought experiment: if you had to reinvent yourself, new city, new career, new hobbies, what path would you choose?

We’ll explore what reinvention could look like through the lens of financial independence. I also share a sneak peek from my upcoming interview with Jillian Johnsrud and reflect on the passions and missed opportunities that still tug at me.

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

I get why some people aren’t into traveling. Long flights crammed in a middle seat, overpriced hotels that smell like smoke, and being miles away from the city center - none of that screams “dream vacation.”

Now, I’m past the days of budget airlines and sketchy motels but I’m also not flying first class with lay-down seats or staying in luxury hotels in the city center that leave chocolates on the pillows.

Financial independence has given me the freedom to enjoy travel with simple comforts, and I’m perfectly happy in that Goldilocks zone.

But what if, once a year, you could take a truly glamorous vacation - without spending anything extra?

In today’s episode, I’m joined by Chris Hutchins, host of All the Hacks. He shares practical travel tips to help you take those bucket-list vacations. Chris has earned tens of millions of points, traveled all over the world, and even took a 7-month trip with his wife, spending just $30 a day on average. Chris is a total travel savant and has a hack for just about everything travel-related.

I do have to admit, though, I went into this conversation a little skeptical. I thought it might sound like a part-time job - chasing sign-up bonuses, juggling credit cards, and spending hours hunting for deals. But I was surprised by how simple many of Chris’s tips are and how much money they can save. Some of his hacks don’t even involve points or miles, just smart ways to get upgrades or better deals.

I’m excited to try these out and travel more luxuriously without spending more - and I’m guessing you are too.

So buckle up and enjoy my conversation with Mr. All The Hacks himself…Chris Hutchins.

Key Takeaways:

• Which travel hacks might not be worth your time anymore
• How to use positioning flights to score better deals
• Easy ways to boost your points and miles with “points side hustles”
• How to get free gifts and perks from hotels
• A trick to find the same vacation rental for a lower price
• How to save money on car rentals
• Why slow travel can save you money and make the trip more enjoyable

More of Chris:

All The Hacks Podcast: https://www.chrishutchins.com/episodes/

50+ Ways to Earn More Points and Miles Without Spending More: https://www.chrishutchins.com/50-ways-to-earn-more-points-and-miles/

More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

For most of us pursuing financial independence, the math is pretty straightforward: earn more, spend less, and invest the difference. But what if you could speed things up and discover a new passion along the way?

That’s where side hustles come in. Not only can they give your FI plan a serious income boost, but they also let you explore projects that could become meaningful ventures in your post-FI life.

But how do you find the right side hustle? How do you price your services, land your first clients, and balance it all with your career and personal life?

That’s where today’s guest, Nick Loper, comes in. He’s the host of The Side Hustle Show and the creator of Side Hustle Nation, and he’s helped thousands of people start and grow successful side gigs.

In this episode, Nick shares his go-to frameworks for generating side hustle ideas and strategies for pricing, finding clients, and maintaining a healthy work-life balance. Plus, he’ll break down the habits that set successful side hustlers apart.

If you’ve ever thought about starting a side hustle, or want to make yours more sustainable, this episode is for you.

I hope you enjoy my conversation with the side hustle explorer and expert himself…Nick Loper.

Key Takeaways:

• Why side hustles are a perfect fit for the FI journey
• How side hustles have evolved over the past decade
• Frameworks to generate profitable side hustle ideas
• How to price your product or service effectively
• Strategies for landing your first clients
• Balancing your side hustle with your full-time job and personal life
• Healthy habits to sustain your side hustle long-term

More of Nick:

7 Proven Ways to Come Up with New Business Ideas: https://www.sidehustlenation.com/how-to-come-up-with-new-business-ideas/\

The Side Hustle Show: https://www.sidehustlenation.com/side-hustle-show/

More of FI Minded:

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Tariffs aren’t just for global trade - you can apply the concept to your personal life to protect your time, energy, and values.

As we gain more financial freedom, how we spend and make money should evolve too. In this short and reflective episode, I explore the idea of personal tariffs and how I have applied this to things that may seem like a good deal on the surface, but actually come at a hidden cost to my time, energy, or well-being.

I share three categories where I’ve started mentally “taxing” the lower-cost option. This isn’t about spending recklessly - it’s about making intentional choices that align with the life you’re building.

If you’re on the journey to financial independence and want to feel better about spending in ways that support your health, happiness, and values, this episode is for you.

Key Takeaways:

• “Personal tariff”- a mental cost you assign to choices that drain you, even if they save money.
• Building a life you’re proud of means prioritizing alignment over optimization.
• Financial independence isn’t just about money - it’s about creating space to live in a way that feels good.

More of FI Minded:

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/