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ChooseFI

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

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 7 October 2024

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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:

🔑 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

Transcript

Click on a timestamp to play from that location

0:14.8

Hello and welcome to choose a fight today in the show we have a really good one we have my friend Jeremy Schneider on and he is the founder of Personal Finance Club which has over 600,000 followers on Instagram and he basically just started this essentially as a passion project in early retirement after he sold his company in 2015 he

0:20.2

started Personal Finance Club in 2019 and interestingly and this I've mentioned a couple times in our newsletter

0:26.5

he's the co-founder of Nectarine which actually just launched earlier this

0:31.1

year and it's basically a fiduciary advice only

0:35.0

advisors that you can hire hourly. So this is something I've been looking for for

0:40.1

years. I get emails all the time, hey, I don't really want to hire, certainly an

0:45.2

assets under management, financial advisor. I don't really even need a full financial plan.

0:50.1

I just have some questions and I want a professional to answer it.

0:53.4

And that's what's so cool about Nectarine is you can just literally hire them for an hour

0:57.6

and just pepper them with questions and it's really simple and I think

1:02.2

simplicity is such a key to not only something like this but our financial lives as well and

1:09.6

Jeremy and I both have a through line of simplicity in our financial lives so I think this

1:13.7

can be a really fun conversation and with that welcome to Chisovai. I can't believe it's been seven years I've been doing this,

1:29.6

and we haven't had you on the podcast. I'm really, really happy to rectify that mistake.

1:33.6

Hi, Brad, thank you. I know, it's such an honor to be here.

1:36.5

Well, yeah, I'm really looking forward to it. So let's start with simplicity, because I think both you and I are maybe in our background so I'm a

1:45.3

CPA you're an engineer we potentially could have the tendency to maybe over

1:51.4

analyze over-optimize but I know from having to maybe over analyze, over optimize.

1:53.6

But I know from having talked to you that simplicity is something you're striving for today.

1:59.6

And that's something that I'm striving for today.

2:01.9

I'd love to hear the journey because I know it hasn't always

2:04.7

been that way and I mentioned in the intro that you sold your company and you had a what

...

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