In this episode: taxes, the secure act 2.0, the best news, roths, 529's, catch-up contributions, and the new options you have. On December 29th 2022, Joe Biden signed into law the Secure 2.0 Act. As this law may have ramifications on your retirement tax planning, to stay ahead of the curve we decided to have The FI Tax Guy Sean Mullaney back on the show to discuss what this law is and ways one may be able to approach and utilize it going forward with there retirement planning. While laws and regulations may change, staying prepared and aware can keep us worry free as we prepare for the tail end of our FI journey! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Sean Mullaney:    Website: fitaxguy.com  Book: "Solo 401k: The Solopreneur’s Retirement Account"  Twitter: @SeanMoneyandTax    Timestamps:    1:25 - Introduction  2:55 - The Most Important Change and The Best News  14:19 - More Roth Options  27:05 - The Backdoor Roths And Catch-Up Contributions  31:46 - New Options For 529's  42:27 - Conclusion    Resources Mentioned In Today's Episode:    Secure 2.0 and The FI Community  Subscribe to The FI Weekly!    More Helpful Links and Resources:    Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy  Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence  Keep learning or start a new side hustle with one of our educational courses  Commission-Free Investing with M1 Finance   

421 | Secure Act 2.0 Deep Dive | Sean Mullaney

How would your life change if you reached Financial Independence and got to the point where working is optional? What actions can you take today to make that not just possible but probable. Jonathan & Brad explore the tactics that the FI community uses to reclaim decades of their lives. They discuss reducing expenses, crushing debt, tax optimization, building passive income streams through online businesses and real estate and how to travel the world for free. Every episode is packed with actionable tips and no topic is too big or small as long as it speeds up the process of reaching financial independence.

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In this episode: courage from community, what to do next, overwhelm, finding community, and the evolution of FI. Live from the EconoMe Conference in Cincinati Ohio, Brad is joined by Jordan "Doc G" Grumet and a room full of passionate members of our community to discuss finding the courage to take action in your FI journey. While we understand money can be a north-star for many early in your venture towards FI, what happens once money is no longer the root of your goals? Where do you shift your focus to next? Well, sometimes finding answers to these questions is a little easier when you have help from some of your friends. Listen along as Jordan, Brad and our community speculate on their ideas for what their next steps are. Doc G:   Website: earnandinvest.com  Podcast: The Earn and Invest Podcast  Timestamps:   0:41 - Introduction  1:41 - Courage From Community  7:40 - Roger and What To Do Next?  20:31 - Allison and Finding Community  30:15 - What/Where is the Overwhelm  34:49 - The Evolution of FI/Being The Change You Want To See  41:11 - Reconciling With Social Responsibilities  44:34 - Charitable Giving  47:21 - Interacting Outside of The Community  51:55 - Conclusion  Resources Mentioned In Today’s Episode:    Retire Often  FI Freedom Retreat  Mr Money Mustache  CampFI  FinCon   "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins  Josh Overmeyer  EconoMe  Alan Donegan  Find Your Local ChooseFI Group   Effective Giving for the FI Community | Rebecca Herbst & Jack Lewars | ChooseFI Ep 483  Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  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     

488 | The Courage to Take Action | EconoMe LIVE with Doc G

In this episode: survivor benefit plans, VA benefits, VSO's disability benefits, tax planning, healthcare, and blended retirement systems. This week we are joined by Daniel Kopp, founder of Wise Stewardship Financial Planning, to outline ways you can best prepare for military retirement. Together we cover pensions, navigating the Survivor Benefit Plan and additional benefits, healthcare and disability resources, as well as other financial decisions you can consider as you begin to transition out of the military. When dealing with any kind of retirement planning, taking actionable steps to prepare and get a plan in place for you and your family is essential. While everyone's circumstances may be different as they transition out of the military, there are many resources available and benefit programs you are entitled to before and after you leave duty! Daniel Kopp, CFP   Website: wisestewardshipfp.com  Podcast: Military to Financial Planner  Timestamps:  1:26 – Introduction 2:32 – Approaching Military Retirement/Blended Retirement System 9:38 – Military Benefits/Healthcare 15:36 – VA Benefits/Term Life Insurance 22:12 – Disability Benefits/VSO’s 30:17 – Survivor Benefit Plans 43:13 – SBP Contingencies and Child Coverage 50:41 – Tax Planning 56:26 – Conclusion  Resources Mentioned In Today’s Episode:  Blended Retirement VA education benefits for survivors and dependents Everything About The Military’s Survivor Benefit Plan SBP Financial Analysis Tools Daniel Kopp Estate Planning for Military Families | Military Money Manual Podcast Episode 83 Accredited VSO Representatives  Transition Planning from a Military Career on the Path to FI | ChooseFI Ep 296  “Military in Transition’s Guide to The Survivor Benefit Plan: Navigating the SBP” by Forrest Baumhover  How VA Disability Compensation Affects Military Retirement Pay  Income Tax and Rental Properties When You’re in the Military MFAA ChooseFI US Military Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  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  

487 | Military FI: Optimizing Your Financial Plan before Military Retirement | Daniel Kopp, CFP

In this episode: public service accounts, side hustles, making FI possible, frugality, giving yourself freedom, and side hustles. This week we are joined by Chris Travers, a New York City public school teacher and FI community member, to discuss his journey from being a natural saver to becoming a savvy investor, talk advantages and disadvantages of some of the retirement accounts provided to teachers, as well as discuss some ways he has been able to grow his net worth in the last 10 years. Frugality is a term that often comes up while on the FI path, and finding a balance of saving and spending is crucial to reaching your financial goals. Remember that where you decide to save and spend and how you do so will evolve throughout your FI journey! While it can be hard to cut costs of the things you enjoy in the present, being willing to cut out what you don’t need can set you up for success in the future!   Chris Travers:  Book: “TL;DR: Financial Literacy for New York City Public School Teachers: Optimizing Financial Decisions Based On Your TRSNYC Benefits” by Christopher Tavers and Karl Fisch Instagram: @thewealthyeducator  Timestamps:  0:54 – Introduction 6:47 – Public Service Accounts 11:38 – Diving Into FI 15:08 – Side Hustles/Making FI Possible 22:17 – Renting vs Buying 26:43 – Frugality and Loosening the Purse Strings 32:25 – Giving Yourself Freedom 37:53 – Conclusion  Resources Mentioned In Today’s Episode:  Join ChooseFI’s Facebook Group!  “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko  “Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!” by Robert Kiyosaki  “Smart Couples Finish Rich, Revised and Updated: 9 Steps to Creating a Rich Future for You and Your Partner” by David Bach The Unfair (FI) Advantage Of Teachers | 457b | ChooseFI Ep 13 The Happy Body Millennial Revolution  Karl Fisch Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  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 

486 | The Wealthy Educator | Chris Travers

In this episode: spending down to zero, the ratcheting rule, the guardrails approach, high fee 401k's, and mini-retirements. This week we are diving back into the listener mailbag with Rachael Camp to address the pressing questions our community has! Whether it's curiosity towards the concept of dying with zero, determining whether it is a good time to take a mini-retirement, or working with high-fee 401k's, Brad and Rachael tackle it all! Listen along as YOU the community dictate the conversation with your hot button FI questions! Rachael Camp:    Website: www.rachaelcampwealth.com  Twitter:  @camp_wealth  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. Timestamps:  0:55 – Introduction 1:38 – Spending Down to Zero 10:15 – The Ratcheting Rule and The Guard Rails Approach 20:38 – Flexible Spending Strategy 27:01 – Does Everything Need to be Optimized? 31:15 – High Fee 401k’s 41:48 – Mini Retirement Considerations 49:54 – Roth IRA Contributions and Faze Out Limits 55:57 – Conclusion  Resources Mentioned In Today’s Episode:   “Die With Zero: Getting All You Can from Your Money and Your Life” by Bill Perkins  “Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts” by Annie Duke  The Ratcheting Safe Withdrawal Rate – A More Dominant Version Of The 4% Rule?  The guardrails approach is a flexible retirement withdrawal strategy: Here’s how it works Early Retirement Now The Problem with the 4% Rule (and Why You Could Retire Even Sooner) The Roth IRA Conversion Ladder | A Case Study | ChooseFI Ep 17R Roth IRA Conversion Ladder Case Study | ChooseFI Ep 163R Retire Often  Mini-Retirements to Accelerate Your Path to FI | Jillian Johnsrud | ChooseFI Ep 451 Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  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   

485 | Mailbag: Spending Down to Zero, High Fee 401k, Mini Retirements | Rachael Camp

In this episode: wants vs needs, side hustles, tax planning, college hacking, travel rewards, mindset, and living your values.  This week we are joined by Joel and Emily Allen, a married couple with children based out of Iowa who truly embody what the FI movement is all about! Not only have they seized control of their life and finances, but have also managed to start a successful side hustle, provide incredible resources to the community around them, travel the world, and so much more! While the FI movement is about financially freeing yourself and your family, it is also important to remember why we want that freedom. Not stressing about money is just one piece of a fulfilling life, once you have that freedom, take advantage of it like the Allen’s have! Timestamps:  1:25 – Introduction/The FI Mindset 9:02 – Budgeting/Wants and Needs 14:59 – Side Hustles 21:02 – Financial Literacy to FI 23:29 – Tax Planning/Travel Rewards 29:11 – College Hacking 42:05 – Living Your Values and Taking Time Off 48:39 – The Importance of Knowing the Rules 53:48 – Traveling Like a Pro 69:25 – Conclusion  Resources Mentioned In Today’s Episode:  Dave Ramsey Travel Rewards | ChooseFI  Preparing for the Cost of College | Brian Eufinger | ChooseFI Ep 460 The 10 Pillars Of FI Modern States  The $100K Glorified Sleepaway Camp | Millionaire Educator | ChooseFI Ep 386 All the Hacks Subscribe to The FI Weekly!  More Helpful Links and FI Resources:  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 

421 | Secure Act 2.0 Deep Dive | Sean Mullaney

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