#162 – Crush Debt And Build Financial Independence With Jonathan Mendonsa

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Episode Summary

On today’s episode, we talk money with Jonathan Mendonsa. Jonathan is a previous pharmacist turned financial guru. He shares his story of how he racked up $168,000 of debt going through pharmacy school in order to get that high paying job out of college, and how he soon discovered he was stuck on the proverbial hamster wheel. By “keeping up with the Joneses” and paying back student loan debt, he soon tired of what he calls the rat race and decided to learn a different money strategy.

Jonathan made it his mission to study finance and as a result, paid off all of his debt in just a few short years and since has helped thousands of people realize the power of pursuing financial independence. As co-host and co-founder of ChooseFI, he has used his love/hate relationship with frugality as fuel to build a community around the FI (Financial Independence) lifestyle.

This is THE episode to listen to if you’re looking for simple tactics to start saving and paying off debt. Jonathan shares his strategy for creating financial independence at a young age. — I mean, why wait for retirement? We discuss simple advice on how to break free from the debt trap, how to find your FI number, the biggest fundamental financial mistakes and the difference between being rich and being wealthy. If you wish to get some quick, easy and simple money advice along with some easy to implement tips for wealth building. This is a must-listen.

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You can also click on the timestamps below to jump to those specific points in the conversation.

What We Covered 

  • [2:15] – Jonathan’s story 
  • [14:09] – How Jonathan got out of $168k in debt
  • [22:36] – One thing we’ve done wrong is thinking so long term
  • [33:59] – How to find your financial independence number
  • [39:54] – The order of operations to the wealth snowball
  • [43:59] – The aggregation of marginal gains
  • [48:37] – Jonathan’s simple “Anti-budget” strategy
  • [53:07] – A simple question can change your life
  • [56:03] – Some super clever hacks anyone can do to get started with saving
  • [1:00:02] – Something Jonathan is most proud of
  • [1:03:50] – If you really knew Jonathan you would know that…
  • [1:04:19] – Mythbusting with Jonathan Mendonsa


[Tweet “People think of a budget as a judgment on themselves, it’s just an awareness of where your life is going.“]

[Tweet “How much you need is entirely predicated on how much your life costs.“]

[Tweet “A degree is great but what I really need is skills that can earn revenue.“]

[Tweet “What if you could have the wealth working for you?“]

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