072R | The Five Most Important Financial Conversations you need to have with your Child | ChooseFI podcast

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Episode description

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Episode description

072R | Lively discussion about cryptocurrencies as investments, review of last week’s MidAtlantic Camp FI, and several exciting contributions and questions from the ChooseFI community.

Brad’s brother is visiting from Santiago, Chile – how is he managing his path to financial independence as an international teacher?

Review of Monday’s episode discussing Bitcoin with Myles Wakeham

What are drawbacks of cryptocurrency?

Is Bitcoin a good investment, or is it just a gamble?

How much energy is expended in the global mining of Bitcoin?

Michelle, from the ChooseFi community, wonders if Bitcoin’s apparently lax regulations (compared to companies like PayPal) opens it up to be used for terrorism and other illegal activities?

William suggests to Jonathan that regulation of Bitcoin is nearly inevitable, exposing investors to potentially difficult scenarios in regards to both taxes, and simply converting money back into tangible currency.

Brad and Jonathan attended the MidAtlantic CampFI event last week.

Tickets for SouthWest and South region CampFIs are still available here: CampFI

Steve tells listeners how he nearly eliminated a $1,900 tax bill by contributing to his Health Savings Account, prior to the April 17 deadline.

Brad talks about Camel Camel Camel, an Amazon product price tracker.

Brad is shocked about how much prices fluctuate on Amazon.com.

From Kelly: What 5 bullet points would ChooseFi give to college-bound students?

Save at least 50% of your income (avoid large housing and auto payments).
Consider “opportunity costs”: Every dollar you earn in your teens and 20s is worth more than later in life.
Long-term, low-cost investing: ride the market through decades.
Your career is a tool to get you to financial independence, but don’t just rely on your career as a sole source of income.
Think about life a little bit differently: think at things through the lens of FI

Voicemail from Jim listing two careers that provide a great path to financial independence

Firefighting – government pension, two 24-hr shifts a week
Emergency room nurse – takes local “travel” assignments for double pay with 3 shifts a week

Jonathan is excited about the Giant Ocean Clean Up Machine, which will soon set sail to begin collecting plastic from the ocean, and is expected to collect 5,000kgs per month.