Answering Listener Questions on asset allocation, retirement strategies, and the intricacies of real estate investing. With Brad Barrett and Rachael Camp. Whether you are pondering upon the backdoor Roth IRA strategy or seeking clarity on managing funds without a 401k, this episode is for you!

• Public Service Announcement: Importance of filing the Beneficial Ownership Information form for legal entities by December 31st 00:01:21.

• Mailbag Questions:

  • How to Invest Without a 401k: Options include traditional IRAs and Health Savings Accounts (HSAs), while noting contribution limits. 00:03:43, 00:04:12.
  • Company Matches in Retirement Accounts: Highlighted as a crucial opportunity to maximize savings 00:09:12.
  • Backdoor Roth IRA: A legal way for high earners to sidestep income limits for Roth IRA contributions 00:15:09.
  • Asset Allocation: Discussion on the complexities of asset allocation, particularly as one approaches retirement, and the impact of sequence of returns risk 00:24:07.
  • Real Estate Investing: Key considerations and the risks associated with real estate investments 00:56:01.

Questions:

• What can I do if my employer doesn’t offer a 401k?

  • Consider options like a traditional IRA or a health savings account. 00:04:12

• How do I manage sequence of returns risk in retirement?

  • It's crucial to have a cash reserve and bonds as a cushion against market downturns. 00:26:36

• What should I consider when investing in real estate?

  • Understand cash flow, assess the market, and account for all potential expenses and vacancies to avoid risks. 00:58:08

Actionable Takeaways:

• Review and potentially set up a traditional IRA if your employer doesn't offer a 401k. 00:04:12
• Consider maintaining a cash buffer for the first few years of retirement to mitigate risks. 00:26:36
• Maximize your retirement account contributions to include any employer matches. 00:09:12

• "Avoid reverse dollar cost averaging by holding onto equities during market downturns." 00:39:28
• "Company matches in retirement accounts offer unmatched returns—don’t miss out!" 00:09:12
• "Explore diverse account types for effective financial management." 00:10:00

**Disclaimer

Please note: Rachael Camp offers advisory Services through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Camp Wealth is not affiliated with the CFD companies.

Justin David Carl shares his remarkable journey from being $80,000 in debt and working in Hollywood nightlife to achieving financial independence and impressive fitness goals. He discusses key principles that guided his transformation, including the importance of environment, community, accountability, tracking metrics, and embracing a growth mindset.

• 00:02:44 Justin's Awakening Moment

  • Discovering financial independence through Mr. Money Mustache and ChooseFI. Justin shares his early struggles with debt and the turning point that launched his journey.

• Overcoming Debt and Personal Challenges

  • Justin candidly discusses his past, including addiction and the shame spiral from unresolved financial issues. He emphasizes that confronting these struggles was key to his transformation.
  • "Depression can serve as a reset for your psyche."

• The Role of Coaches in Growth

  • The impact of hiring coaches for guidance in both fitness and financial success.

• Tracking as a Tool for Success

  • Justin emphasizes the importance of tracking both financial metrics (expenses, savings rate) and fitness metrics (nutrition, workouts).
  • Key Quote: "What gets measured gets managed." 00:48:40
  • "Boost your savings rate to build wealth faster." 00:32:49

• Principles for Continuous Growth

  • Justin shares three core principles:
    1. You are the average of the five to ten people you spend the most time with.
    2. You are a product of your environment.
    3. You are what you consume.
  • Action Item: Evaluate your current environment and the people you are spending your time with.

• Fit Rich Life Coaching: fitrichlifecoaching.com
• Savings Rate Tracker: fitrichlifecoaching.com/tracker
• Workout Program: fitrichlifecoaching.com/workout

Tim Ferris Article on Mr Money Mustache The Shockingly Simple Math of Early Retirement

• Follow Justin on Instagram: @JustinDavidCarl

• "It's never too late for a second chance." 00:18:03
• "Your consumption shapes who you are." 00:56:02

• How can tracking financial habits influence our spending? 00:32:33
• What strategies can we implement from a growth mindset perspective? 00:20:38

TJ shares his financial journey and experience reaching financial independence, focusing on intentional savings and the joy of family life. Early influences and educational backgrounds shaped his approach to finance, leading to a strategic path that included tracking net worth and undertaking regular financial meetings with his wife. The episode dives into the challenges they faced, especially when dealing with unexpected medical circumstances and highlights the delicate balance between enjoying life and making prudent financial decisions, ultimately aligning with their core values.

Key Takeaways:

• Intentional Savings: Be proactive in saving and planning for financial independence. 00:03:37

• Tracking Net Worth: Regularly evaluate your financial progress.00:10:02

• Community Support: Rely on your community during tough times. 00:29:16

• Flexibility in Planning: Adapt financial strategies as life changes occur. 00:36:02

• Maintain a Positive Mindset: Approach challenges with optimism and agency. 00:42:08

Actionable Takeaways:

• Implement regular financial meetings with your partner to track and discuss financial health.

• Consider unexpected medical costs when planning for financial independence.

• Maintain a positive and adaptable mindset when facing life challenges.

Action Items:

• Start tracking your net worth regularly to understand your financial progress.

• Set aside time for financial discussions with your partner every few months.

• Plan for unforeseen medical costs in your financial independence calculations.

Related Resources:

• The Simple Path to Wealth
• FaithFi (formerly CompassOne)

Discussion Questions:

• What aspects of financial planning do you think are most important?

• How can community support impact your personal finance journey?

• What strategies can you adopt to maintain a positive mindset during challenges?

• How can tracking net worth change your financial perspective?

Clint Murphy returns to ChooseFI, sharing his transformative journey labeled "FI and Choose," emphasizing the importance of choosing a lifestyle that values personal growth and meaningful connections. The hosts discuss their experiences at financial independence events, highlighting how these gatherings foster deep conversations that extend beyond finances. They explore the contrast between accumulating wealth and Pursuing a simpler, more intentional life filled with enriching experiences, including joy from low-cost activities and being present in relationships.

• Connection Through FI 00:02:20

  • The importance of community in financial independence events.
  • Shared experiences and personal growth discussions among participants.

• The Power of Vulnerability 00:06:00

  • Opening up in conversations to foster deeper connections.
  • Embracing quirks and eccentricities to enhance relationships.

• Simplicity and Enjoyment 00:10:30

  • Finding joy in low-cost activities, such as playing pickleball.
  • The realization that enjoyment doesn’t require significant spending.

• FI and Choose Philosophy 00:46:00

  • The idea that achieving financial independence offers choices about how to live life.
  • Aligning personal ambitions with the simplicity of life.

• Explore Joyful Activities: Engage in activities that bring joy without high costs 00:10:30.
• Build Deeper Relationships: Foster relationships through open and vulnerable conversations 00:06:00.

• The Growth Guide Podcast: thegrowthguide.com

This episode dives into the strategy of capital gains harvesting, explaining how it can help individuals minimize taxes on investments and potentially realize tax-free income. We break down how this approach fits into financial independence planning, including key comparisons between capital gains and ordinary income, real-life scenarios, and important health insurance considerations for early retirement.

• What strategies can you use to reduce your tax burden during retirement?
• How can understanding capital gains impact your long-term financial decisions?
• What role does income management play in health insurance planning for early retirement?

• [00:00:00] Introduction to Capital Gains Harvesting
• [00:01:38] Understanding Income Tax and Capital Gains
• [00:05:22] Tax Rate Comparisons: Ordinary vs. Capital Gains
• [00:20:07] Real-Life Case Studies
• [00:49:34] Key Takeaways and Best Practices

• Understand your capital gains tax rates to optimize when to sell investments.
• Use capital gains harvesting to realize profits without tax penalties.
• Plan retirement income carefully to maintain eligibility for health insurance subsidies.

• Measure Twice Money
• Measure Twice Money YouTube Channel

In this episode: social engineering, pig butchering, cryptocurrency risks, scammer tactics, and avoiding being a victim.

This week Brad speaks with cyber security expert Tom who will be giving some updates on the landscape of cybersecurity, what targeted scams look like, as well as some actionable steps you can take to avoid these scams. Though it may seem that cybersecurity attacks are ever-evolving and may be harder and harder to avoid, there are ways to make yourself less vulnerable to attacks. Making sure you’re having open conversations about this topic with your friends, and especially your older family members is crucial and can make sure you avoid falling for these scams!

• The rise of social engineering scams and how they manipulate victims
• “Pig Butchering” scams: how scammers build trust, then steal your money
• How cryptocurrency is used in scams and the risks involved
• Recognizing investment scams and protecting yourself from fraud
• The emotional and psychological tactics scammers use to isolate victims
• The role of AI and fake profiles in advanced scams
• Actionable steps to avoid becoming a victim
• The importance of spreading awareness to protect your family and friends
• Reporting scams and what to do if you’ve been a victim

• 00:00 – Introduction and Overview of Cybersecurity Threats
• 02:00 – What is Pig Butchering and How it Works
• 04:00 – Investment Scams and Social Engineering Explained
• 06:00 – How Scammers Build Relationships and Gain Trust
• 08:00 – Examples of Scams: Dating Apps, Fake Profiles, and Social Media
• 12:00 – Cryptocurrency in Scams: What to Watch Out For
• 16:00 – The Role of AI and Deepfakes in Cyber Scams
• 18:00 – Personal Stories: Victims Who Lost Everything
• 22:00 – Action Steps: How to Protect Yourself and Loved Ones
• 27:00 – How to Report Scams and Recover Funds
• 29:00 – Recognizing Scams in Everyday Life: Red Flags and Signals
• 34:00 – Final Thoughts and Preventative Tips

• Securing Your Financial Life | ChooseFI Ep 397
• Internet Crime Complaint Center (IC3)

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile