486 | The Wealthy Educator | Chris Travers

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

[@BrokeMillionaire1]

Looking forward to listening to this in the morning.

[@christinab9133]

Great conversation! Will look to see if there is a New Jersey version. Options for investments vary greatly depending on your district and if insurance companies are the ones we are able to get out 403b through 😭

[@garyxyz4400]

The millionaire next door was on my list. The richest man in babylon was also an important reading in the beginning. I started my 401k at 23 adding a Roth and financially independent by 55.

[@briankelly1240]

1. Save a lot in tax deferred vehicles 2. Kept costs down, namely housing 3. side gig that you own and enjoy 3.5 used subsidies education to increase career opportunity 4. Grow/scale side gig into larger business through networking over time

[@jamesmorris913]

I also got a lot out of "Millionaire Next Door"...particularly the recommendation to establish a "ten year go-to-hell fund" as successful business-people often cite. Personally, this was a game-changer for me. Up to that point, I was 100% equities..and I would just FREAK-OUT, during bear-market situations, and go ENTIRELY to fixed-income..and then, NEVER re-enter the equities market, at the correct point..now, I no longer make that mistake! I know that my "dry powder" is always there, in laddered treasuries..and, I BUY like a BANDIT, into equities; utilizing a pyramid buying stategy; until the market pulls out of correction, or bear territory..and, this is working MAGNIFICENTLY.