Clipping Chains Podcast

Joy and Tyler shared a common early interest: debt. With a focus on paying down this debt, Joy was able to leave an unfulfilling desk job and begin her work as a coach, relying on Tyler’s steady income as a biologist to cover their life’s expenses. As Joy’s business grew, they were able to shift focus from debt paydown to pursuing financial independence.

But along the way, Joy has managed the inevitable bumps in the road of solo entrepreneurship, including crushing hours, demanding tasks outside of her primary skillset, the psychologically draining world of social media, and the emotional toll of coaching women in a particularly important phase in their lives. Looking back though, she wouldn’t trade the experience and personal growth that this path has provided.

This is a really fun yet insightful story of two people with very different world views who really make it work. This is a discussion of money, personality, parenting, and the life-long pursuit of meaning, recreation, and career.

Topics Discussed with Joy and Tyler Black

• Joy’s career journey: leaving an unfulfilling job and becoming a coach for pregnant and postpartum rock climbers
• The power of niching down in business
• Managing debt and beginning a life in pursuit of financial independence
• An in-depth discussion on partner support: financial, child-raising, etc.
• Musings on early retirement
• Gender roles and mindsets on career and money
• The gamification of the FIRE movement: Who can save the most or retire the earliest?
• Should we feel guilty for building wealth?
• Personality and money mindset: logic and reason versus feeling and emotion
• The behind-the-scenes reality of the solo entrepreneurial life
• Pursuing financial independence with three children
• The mental toll of social media for an entrepreneur
• The psychology of market volatility
• The often-unspoken support systems behind the “quit your job” or “chase your dream” internet advice.
• Knowing your self-worth in a career and the downsides of the job-hopping culture
• So much more!

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Show Notes and Links at Clippingchains.com

Get in Touch with Joy and Tyler Black

Callie Joy Black on Instagram

Callie Joy Black on TikTok

Callie Joy Black on YouTube

Joy’s Email List Subscription

Tyler Black on Instagram

Other Interviews and Posts Mentioned

Paige Claassen: “This Was a Big One For Me” (Clipping Chains)

Steve Bechtel: The Glass is Already Broken (Clipping Chains)

Mettle, By Steve Bechtel: A Book Review (Clipping Chains)

EP 128: Callie Joy Black (The Nugget Climbing Podcast)

Peruse all Clipping Chains posts and interviews here.

Books Recommended by Joy and Tyler Black

Tyler’s Recommendations:

Man’s Search for Meaning (Viktor E. Frankl)

The Black Swan: The Impact of the Highly Improbable (Nassim Nicholas Taleb)

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (John C. Bogle)

Joy’s Recommendations:

Mettle: Lessons From the Gym and the Crag in Pursuit of Better Climbing (Steve Bechtel)

Breath: The New Science of a Lost Art (James Nestor)

Come As You Are: The Surprising New Science That Will Transform Your Sex Life (Emily Nagoski)

Why Did No One Tell Me?: What Every Woman Needs to Know to Protect, Heal and Nurture Her Body Through Motherhood (Emma Brockwell)

Thinkers and philosophers of ancient times sorted out much in the way of living a meaningful and purposeful life. But after thousands of years of progress, material growth, and convenience, we largely fail to find meaning in our modern lives. Today we examine the philosophy of eudaimonia and how we can truly develop our sense of meaning and purpose.

We’re back to the digital mailbag to answer your questions!

For this week:

• Hot Seat Questions: My favorite blogs, podcasts, articles, and books. Musings on my biggest financial mistakes and the advice I’d give my younger self.
• How do my wife and I keep meaning and purpose in our lives without traditional careers?
• To sell or not to sell a home that was purchased in 2021
• How to sell investments and minimize taxes
• The proper hierarchy of investment accounts
• Roth vs Traditional 401(k): Which is better?
• I-Bonds: Should we be buying more?
• Saving strategies for a home down payment
• Receiving inheritance in a foreign currency
• Critical nuance on withdrawal strategies in a high inflation/poor market return environment
• So much more!

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

Show Notes and Links at Clippingchains.com

Q1: Hot Seat Questions: My favorite blogs, podcasts, articles, and books. Musings on my biggest financial mistakes and the advice I’d give my younger self. (00:02:59)

Q2: Should I sell a home I just bought in 2021? (00:09:58)

Q3: How do I withdraw money from an index fund and pay as little in possible on taxes? (00:16:43)

Q4: What are the pros and cons of Roth 401(k) vs Traditional 401(k)?(00:21:15)

Q5: Am I going to buy more I-Bonds next year and are they appropriate for an emergency fund? (00:24:37)

Q6: Nearly 3 years into financial independence… What now gives you purpose, and has that changed since the first year of financial independence? Same question for your wife! (00:28:29)

Q7: An investment account hierarchy case study (00:33:15)

Q8: “I’m receiving inheritance in Euros but I live in Canada. What should I do?” (00:38:18)

Q9: What is the best option for a high-interest savings account when saving for a home down-payment? (00:41:37)

Q10: What about Fidelity’s In-Plan Roth Conversion? (00:47:50)

Q11: Thoughts on market downturns, inflation, retirement income streams (pension, etc.), and how we can adjust our withdrawal strategies to preserve wealth at all retirement durations (00:53:14)

We are prone to believing that outcomes will have stronger emotional impacts on us than they often do. This state of expectation, or impact bias, highlights why anticipation of an event is a much more palpable emotion than the event itself. The impact bias can lead to behaviors that make us less content despite our best efforts for happiness.

Let’s learn more about how to recognize this bias and make better decisions for our future.

Support this project: Buy Me a Coffee

Get the newsletter: SUBSCRIBE ME!

Link to the original written post. 

We are prone to believing that outcomes will have stronger emotional impacts on us than they often do. This state of expectation, or impact bias, highlights why anticipation of an event is a much more palpable emotion than the event itself. The impact bias can lead to behaviors that make us less content despite our best efforts for happiness.

Let’s learn more about how to recognize this bias and make better decisions for our future.

Support this project: Buy Me a Coffee

Get the newsletter: SUBSCRIBE ME!

Link to the original written post. 

Today’s guest on episode 47 is Shay Skinner. Shay came to me with a question for a Q&A episode that I felt was far too intriguing to address in short form. What I’ve found in four years of running this platform is that it’s often easy to find yourself preaching to the choir, in a sense. Perhaps folks are new to some of these methods, but below the surface, most who are successful in their pursuit of financial independence come with some solid ground work already in place. At the foundation is often a supportive family.

Shay wrote to me about her history of near financial ruin and eventual bankruptcy. Upon follow-up, it occurred to me that her story was so different from the typical money nerd that I had to have her on. Most importantly, I think her history is far more relatable to many in the general public. Shay did not have a solid support system from her family. In fact, at certain periods members of her family sought to actively undermine her wellbeing. From this stemmed a serious downward spiral in mental health, ultimately culminating in a suicide attempt.

But we are not just here to discuss hard-luck stories.

What drew me to Shay’s narrative is her accountability for an absolutely miserable situation. While she was certainly not to blame for her circumstances, she took a point-forward look at her life. She filed for bankruptcy, and began a slow process of climbing out of debt and using the same old methods of saving and investing to put herself on solid financial footing.

This is a story of redemption, and I’m happy to bring it to you today. I want to thank Shay for her willingness to discuss deeply personal and hard topics.

Topics Discussed with Shay Skinner

• Shay’s introduction to rock climbing as a positive life force
• How Shay was disowned by her family at age 19, leading to a mental health crisis
• Why Shay came to bankruptcy as a clean start
• The shame of bankruptcy and the requirements for filing
• Discovering a path towards financial independence from a coworker
• Comparison culture and hidden ways it impacts our spending
• Shay’s psychological struggles with stock market volatility
• The importance of community
• Money relationships with a partner
• How Shay has gone from crushing debt to saving 50% of her income!
• Why Shay wants financial independence but doesn’t want to stop working
• Why women resist early retirement more than men
• The importance of discussing money
• The pros and cons of a college education
• So much more!

Support this project: Buy Me a Coffee

Get the newsletter: SUBSCRIBE ME!

Show Notes and Links at Clippingchains.com

Posts on Health Savings Accounts

Part 2: The CC Family Investing Strategy

Your 2021 Guide To Actually Saving Real Money

EP 22: Your Questions Answered: Volume 4

QA7: Financial Freedom Fast-Tracks and Climbing Plateau Busters

Other Related Posts

Personal Finance: Not Very Sexy, Huh?

This is the Wild Ride We Signed Up For

Why Trying to Quit My Job (Sort of) Made It Better

Financial Advisor: Who Needs One?

EP 39: Peter Beal: Can You Afford to Be Sponsored?

A list of all posts and podcast episodes can be found here.

Shay’s Charitable Giving

NAMI Boulder County

The Shane Thurston Foundation

Books

The Simple Path to Wealth: Your road map to financial independence and a rich, free life (JL Collins)

Burnout: The Secret to Unlocking the Stress Cycle (Emily Nagoski, Amelia Nagoski)

The Sisters of Auschwitz: The True Story of Two Jewish Sisters’ Resistance in the Heart of Nazi Territory (Roxane van Iperen)

Metabolical: The Lure and the Lies of Processed Food, Nutrition, and Modern Medicine (Robert H. Lustig)

Life Is Hard: How Philosophy Can Help Us Find Our Way (Kieran Setiya)

A Beginner’s Guide to the End: Practical Advice for Living Life and Facing Death (Dr. BJ Miller, Shoshana Berger)

The 4% rule suggests that a retiree who withdraws no more than 4% of their portfolio each year could have provided for a 30-year retirement window during most historical retirement windows. And that is true! The problem is that the FIRE community, however, perpetuates at least two misconceptions when discussing the 4% rule. Today, we address those common misconceptions about utilizing investment income. And, most importantly, we discuss how to use a flexible withdrawal strategy to weather bear markets and/or reduced future returns.

Support this project: Buy Me a Coffee

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Show Notes and Links at Clippingchains.com

We’re back to the digital mailbag to answer your questions!

For this week:

• Thoughts on the bear market
• Getting invested with a Health Savings Account
• Paying for education with retirement accounts
• My philosophy on rest from climbing
• How to develop financial mentorship in the climbing community
• Travel and rescue insurance ideas
• Determining a cost-effective approach to climbing destinations
• Should I open an IRA if my employer doesn’t offer a 401(k) match?
• How to not get wrecked moving from sport climbing or bouldering to trad climbing
• The risks of owning property in an area that could be running out of water
• Getting a home loan with inconsistent income history

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

Show Notes and Links at Clippingchains.com

Q1: Thoughts on the ongoing bear market. (00:03:00)

Q2: How do I set up an investment account within my Health Savings Account? (00:13:52)

Q3: Should I use my IRA funds to pay for grad school or get a loan? (00:17:06)

Q4: Do you ever take a break from climbing? Why, and for how long? (00:26:39)

Q5: How can we develop financial mentorship in the climbing community? (00:30:56)

Q6: What kind of global travel/accident/rescue plans are available and what do they look like? (00:32:44)

Q7: How could we determine a cost-effective approach to climbing destinations? (00:36:27)

Q8: If my employer offers a 401(k), but with no matching, what would the pros/cons be to opening an IRA on my own instead? (00:39:56)

Q9: What takeaways do you have from your experience getting back into trad climbing? I want to get more familiar and comfortable climbing on gear this season. (00:43:13)

Q10: Can you elaborate on the analysis you and Mrs. CC did when deciding whether or not to buy a house in a place that’s running out of water? (00:47:22)

Q11: How do I convince a bank to give me a home loan with inconsistent income history? (00:53:19)

Today’s guests on episode 44 are Meghan and Jeff, two Colorado climbers who are at very different positions on the spectrum of financial independence. Jeff achieved financial independence along with his wife, Rose, over four years ago. Meghan, along with her husband, were inspired to get serious about their personal finances after meeting and learning from Jeff and Rose. Jeff and Meghan now write about their experiences and learnings at awaytofi.com.

Today we discuss their different origin stories, long-term goals, and shed some light on the fraught balance between work, money, family, and the seemingly elusive control of our time.

Topics Discussed with Meghan and Jeff of A Way to FI

• Meghan and Jeff’s different personal finance origin stories
• The goals of financial independence. Hint: it’s not about retiring early.
• So much on travel (finding community, keeping costs low, strategies for couples, etc)
• More on the pros and cons of extended van living
• Fraught relationships around work and purpose
• Mini retirements versus full financial independence
• The importance of education on basic personal finance principles
• Guilt and embarrassment around money
• “Evangelizing” the pursuit of financial independence: Holier than thou?
• Children and the pursuit of financial independence
• So much more!

Support this project: Buy Me a Coffee

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Show Notes and Links at Clippingchains.com

Today on episode 43 I’m happy to have Chris Weidner, a long-time Colorado Front Range local, writer, husband, and father. This conversation is special to me for unexpected reasons. I hoped to interview Chris about his career as a writer, but what emerged was something far more interesting, and admittedly, brave on Chris’s part as it relates to career and finances. Chris is shockingly frank in many aspects of this conversation in ways I couldn’t have imagined. I really thank him for that, and I hope you will enjoy this truly fascinating discussion about his life, climbing, family, and career.

Topics Discussed with Chris Weidner

• Chris and Heather’s first child, Dallas, and the fascinating origin story of his name.
• The importance of being an all-arounder in climbing, and Chris’s recent alpine ambitions
• The importance of partnership in climbing
• Early jobs to support climbing in Boulder, CO
• A transition to writing and tips for getting published
• Financial support and the unspoken reality of financial security in climbing and related careers
• The creative benefits of procrastination?
• Writing routines and balancing with the climbing life
• First ascent ambitions
• Fitting travel into a training and work schedule
• Adaptations for a new parent
• Climbing with a significant other who is equally driven
• Tips for aging climbers
• The common comfort zone blind-spots of performance climbers
• So much more!

Support this project: Buy Me a Coffee

Subscribe to the website: SUBSCRIBE ME!

Show Notes and Links at Clippingchains.com