Episode 172

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Published on:

2nd Jul 2025

Money Moves That Sound Smart…But Aren’t (Part 1) | E172

Some financial strategies sound really smart…until they aren’t.

In part one of this special two-part series, we’re diving into real stories from personal finance pros who once made money moves that seemed like great ideas... but turned out to be anything but.

You’ll hear honest reflections from:

  • Diana Merriam (EconoMe) on the allure, and pitfalls, of credit card churning
  • Jesse Cramer (Personal Finance for Long-Term Investors) on rethinking Roth conversions
  • Joel Larsgaard (How to Money) on why 529 plans aren’t always the no-brainer they seem

I’ll also share my own story of trusting the wrong financial “expert” and how it led me to open a whole life insurance policy I didn’t need.

We’ve all made money moves we later questioned. This episode is here to help you learn from them and avoid making the same ones.

Key Takeaways:

  • Whole life insurance isn’t the wealth builder it’s often sold as.
  • Credit card churning can be more trouble than it’s worth.
  • Roth conversions aren’t always a smart tax move.
  • 529 plans can limit financial flexibility.
  • Even smart-sounding strategies deserve a second look.
  • Mistakes are part of the journey - learn and keep going.


More of Our Guests:

Check out Diana’s EconoMe Conference at https://economeconference.com/

Listen to Jesse’s podcast Personal Finance for Long-Term Investors at https://bestinterest.blog/personal-finance-for-long-term-investors/

Listen to Matt’s podcast How to Money at https://www.howtomoney.com/


More of FI Minded:

Email Justin at Justin@FIMinded.com

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

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About the Podcast

FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve Financial Independence (FI) without missing out on life?

FI Minded is the podcast for anyone seeking financial freedom, time freedom, and a work-optional lifestyle — all while enjoying the journey along the way.

Whether you’re at the beginning of your FI journey or already deep into Coast FI or Slow FI, this show gives you practical strategies and insights to reach early retirement and design a life that aligns with your values, purpose, and fulfillment.

Popular topics include:
- FI Optimization Strategies: Actionable advice to reach Financial Independence faster without unnecessary stress.
- Work Optional & Lifestyle Design: How to transition from the corporate grind and build a life of freedom, flexibility, and intentional living.
- Time Freedom & Coast FI: Making the most of your time while still planning for the future, including mini-retirements, travel, and other ways to enjoy your life now.
- Post-FI Identity & Purpose: What to do once you’ve achieved FI, and how to create meaning beyond money.
- Burnout & Balance: Avoid the pitfalls of over-optimization and learn to balance saving for the future with mental health and happiness.

If you want to reach financial independence, design a life that’s purposeful and fun, and avoid burnout along the way, FI Minded is your guide to building a sustainable, fulfilling, and free life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), and many more inspiring voices in the FI space.
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