Becoming Work Optional

Episode Summary: In this episode of "Becoming Work Optional," hosts Matt and Rachael explore the basics of investing and address common misconceptions. They debunk the myth that successful investing requires access to exclusive investment options and emphasize the importance of making educated decisions. The discussion covers asset allocation, the debate between active and passive investing, and the impact of tax efficiency and expense ratios on investment returns.

Key Points Discussed:

1. Simplicity in Investing:
   • Matt and Rachael emphasize that investing success doesn't hinge on complexity or access to exclusive options. They argue that basic understanding and education outweigh the allure of complicated strategies promoted through social media or by celebrities.
2. Asset Allocation and Diversified Portfolios:
   • The importance of asset allocation is highlighted as crucial for managing risk and achieving consistent long-term performance. Rachael introduces three tests to help listeners determine their proper asset allocation based on their ability, willingness, and need to take on risk.
3. Debating Active vs. Passive Investing:
   • The hosts debate the merits of active versus passive investing. They discuss findings from a study by S&P Dow Jones Indices, which suggests that actively managed funds often underperform their benchmarks, particularly over longer periods. The study can be found HERE.
4. Tax Efficiency and Expense Ratios:
   • The discussion turns to the importance of considering tax efficiency and the impact of expense ratios on investment returns. The hosts agree that controlling costs is essential for maximizing long-term capital gains and that passive or index funds often offer more tax-efficient and cost-effective options.

This episode serves as a comprehensive guide for listeners looking to understand the foundations of investing and how to approach it in a thoughtful and informed manner.

Connect with us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Episode Summary:

In this episode of Becoming Work Optional, Matt and Rachael discuss self-employed retirement accounts and the different options available for small business owners and solopreneurs. They break down the stages of entrepreneurship and recommend retirement plans based on factors such as savings capacity, number of employees, and anticipated business growth. The hosts emphasize the importance of consulting with professionals and conducting thorough due diligence before implementing any retirement plan.

Key Points Discussed:

• Self-employed retirement accounts have significant benefits
  • Tax savings
  • Tax-efficient growth
  • Saving for retirement
• It is important to choose the right retirement plan based on your business stage and financial situation.
• Good options for beginner entrepreneurs
  • Starting with a traditional IRA or Roth IRA
  • Health savings account (HSA) if eligible
• Intermediate entrepreneurs can consider:
  • SEP IRAs
  • Solo 401(k)s (offering more flexibility and not disrupting a backdoor Roth IRA strategy)
• Advanced entrepreneurs can explore:
  • Cash balance plans (require careful consideration and professional guidance)
    • Significant contributions
    • Tax savings
• When choosing a retirement plan it is important to consider factors such as:
  • Contribution limits
  • Employee status
  • Future business changes
• Working with professionals, such as CPAs and actuaries, is crucial to navigate the complexities of retirement planning for self-employed individuals.

Connect with us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Episode Summary:

In this episode of Becoming Work Optional, Matt and Rachael discuss the mental challenges of entrepreneurship and how to navigate them. They emphasize the importance of understanding the realities of starting a business, including the high failure rates and the need for a strong support system. They also highlight the need to acquire new skills and be adaptable in order to succeed in entrepreneurship.

Key Points Discussed:

• Entrepreneurship is a challenging journey
  • Requires mental resilience and perseverance
• The goal of becoming work optional is often a driving force for entrepreneurs
  • Allows for greater control over time and schedule
• It is important to have a supportive network and surround yourself with people who believe in your vision.
• Starting a new business comes with a high risk of failure
  • Mentally prepare for the challenges and setbacks
• The statistics show that a significant percentage of new businesses fail within the first few years.
• The mental toll of entrepreneurship can be overwhelming
  • It is important to take care of your mental health during the process
• Skills from previous jobs may not directly translate to entrepreneurship
  • New skills will need to be learned and developed
• Consistency and patience are key to success in entrepreneurship
  • Results may take longer than expected.
• It is common to experience both high highs and low lows in entrepreneurship, and it is important to stay focused and motivated during the tough times.
• Owning a business provides the opportunity for greater flexibility and control over one's schedule, but it requires hard work and dedication.
• The journey of entrepreneurship can be mentally and emotionally rewarding, but it is not for everyone.

Connect with Us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Episode Summary:

Rachael and Matt discuss the importance of insurance in protecting your income and wealth. They cover six types of insurance that individuals should consider, including life insurance, disability insurance, homeowners insurance, auto insurance, health insurance, and umbrella coverage. They emphasize the need for adequate coverage and highlight key considerations for each type of insurance.

Key Points Discussed:

• Importance of insurance in protecting income and wealth
• Common misconception of being underinsured
• Types of insurance to consider
  • Life insurance
  • Disability insurance
  • Homeowners insurance
  • Auto insurance
  • Health insurance
  • Umbrella coverage
• Considerations for life insurance
  • Term vs. permanent
  • Coverage amount
  • Estate tax implications
• Importance of disability insurance and statistics on disability events
• Components of homeowners insurance:
  • Dwelling
  • Personal property
  • Liability
• Importance of liability coverage in auto insurance
• Considerations for health insurance
  • Total cost analysis
  • High deductible health plans
  • Health savings accounts (HSAs)
• Benefits of umbrella coverage in protecting assets and earnings potential
• Importance of understanding policy wording and definitions in insurance policies
• Need for unbiased advice when choosing insurance policies
• Reminder to review and update insurance coverage regularly

Connect with Us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Episode Summary:

Rachael and Matt dive into everything you need to know about your Restricted Stock Units (RSUs). They explore strategies for maximizing the benefits of this form of equity compensation, navigating taxes, and being mindful of concentration risk.

Key Points Discussed:

1. RSUs Explained
   • We walk through the two criteria for vesting
   • How vesting works
   • The dates you need to be aware of
   • Double trigger RSUs
2. Taxes and RSUs
   1. How RSUs are taxed
   2. How to do tax planning for RSUs
3. Common mistakes
   1. Tax planning
   2. Holding onto the stock
   3. Concentration risk

Connect with Us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Duration: 35:02

Episode Summary:

Join Rachael and Matt in a thought-provoking discussion on the concept of delayed gratification and its impact on financial planning and personal happiness. This episode delves into the balance between saving for the future and enjoying the present, the challenges of job dissatisfaction, the journey of entrepreneurship, and the importance of work-life balance. Whether you're contemplating a career change, starting a business, or striving for financial security, this conversation offers valuable insights into making informed decisions that align with your long-term goals and immediate well-being.

Key Points Discussed:

• The Double-Edged Sword of Delayed Gratification:
  • Exploring the importance of saving for the future without sacrificing present happiness.
  • Rachael shares insights from personal and client experiences on finding a balance.
• From Job Dissatisfaction to Entrepreneurship:
  • Matt recounts his transition from an unfulfilling job to starting his own business, highlighting the necessity of a financial safety net.
  • The significance of planning, realistic expectations, and a cash runway in pursuing entrepreneurship.
• The Challenge of Balancing Work and Success:
  • Discussing the difficulty of appreciating success and maintaining a work-life balance amidst the drive to achieve more.
  • The importance of self-care and allowing oneself to enjoy the fruits of hard work.
• Work-Life Balance vs. Financial Security:
  • Rachael discusses the fear of reducing savings rates and the risks associated with delaying life experiences.
  • The unpredictability of life and the importance of focusing on present fulfillment.
• Financial Planning with Life Balance in Mind:
  • Matt emphasizes the value of pursuing passions before retirement and the role of financial planning in making informed decisions.
  • Rachael introduces the concept of "mini-retirements" as a way to balance financial goals with personal exploration.
• Entrepreneurship, Failure, and the Journey:
  • Sharing perspectives on embracing failure as a learning opportunity and the importance of enjoying the journey, not just the destination.
  • The motivational role of a backup plan and the significance of finding joy in the process.

Connect with Us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Closing Thoughts: This episode serves as a reminder that while planning for the future is crucial, it's equally important to live fully in the present. Rachael and Matt's insights into delayed gratification, financial planning, and the pursuit of happiness offer a roadmap for navigating the complexities of work, life, and financial goals.

Disclaimer: The content provided in this podcast is for informational purposes only and should not be construed as financial, legal, or professional advice. Always consult with a qualified professional before making any financial decisions.

Episode Summary: In this insightful episode of the "Work Optional" podcast, Rachael and Matt dive deep into the crucial role of understanding your cash flow to achieve a work-optional lifestyle. They discuss the basics of cash flow, common misconceptions with budgeting, how to track expenses, and the reverse budgeting strategy.

Key Points Discussed:

1. Cash flow basics:
   • The importance of using a percentage of income today to save for future goals
2. Budgeting misconceptions:
   • Budgeting is the process of understanding where your money is going
   • It does not have to be restrictive.
3. Tracking expenses:
   • Look at things on a high level: % of savings vs % of spending.
   • Spend a few months tracking.
   • Compare to the 50/30/20 benchmark.
4. Reverse budgeting:
   • The “pay yourself first method”
   • Invest -> pay bills -> spend

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

Duration: 20:55

Episode Summary: In this insightful episode of the "Work Optional" podcast, Rachael and Matt dive deep into the crucial role of tax diversity in achieving a work-optional lifestyle. They explore strategies for maximizing retirement savings, the benefits and limitations of different retirement accounts, and the importance of tax planning for future financial freedom. Join us as we unravel the complexities of tax-deferred, tax-free, and taxable accounts to help you navigate your path to work optionality.

Key Points Discussed:

1. Understanding Tax Diversity:
   • The importance of having a mix of tax-deferred, tax-free, and taxable accounts for achieving work-optional status.
   • How tax diversity can provide financial flexibility and potentially lower tax burdens in retirement.
2. Tax-Deferred vs. Tax-Free Accounts:
   • The benefits of tax-deferred accounts for growing investments without immediate tax implications and the strategic use of tax-free accounts for tax-free withdrawals in retirement.
   • Strategies to avoid early withdrawals and maximize the growth potential of these accounts.
3. Maximizing Retirement Savings:
   • Techniques for high earners to maximize their retirement contributions, including the use of Backdoor Roth IRAs.
   • The concept of tax arbitrage and its potential to enhance work optionality.
4. The Role of Taxable Brokerage Accounts:
   • How taxable brokerage accounts offer liquidity and flexibility for early retirees or those needing access to funds before traditional retirement age.
   • The strategic placement of investments based on tax efficiency, known as tax location.
5. Millennial Financial Challenges:
   • The episode addresses the unique financial challenges millennials face, particularly the pitfalls of over-relying on tax-deferred accounts for long-term savings.
   • The significance of tax diversification in providing financial flexibility and enabling life adjustments.

Remember to Subscribe!

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Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

#002 "How to Create Work Optional Goals"

Hosts: Rachael Camp and Matt Garasic

Duration: 31:30

Episode Summary:

Key points discussed:

1. Get Intentional

Ask yourself questions:

What does an ideal day look like to you?

What experiences do you want to have?

What do you want to splurge on without guilt?

2. Break goals up into short, medium, and long-term goals

3. Reverse engineer goals to the present year

4: How to stay on track

Create regular check-ins.

You can change your goals - make them easier or more difficult.

Automate!

Remind yourself of your “why”

Connect with Us:

- Find Rachael on X @camp_wealth and Instagram/YouTube at @campwealth or by searching Rachael Camp on Google.

- Find Matt on X and Instagram at @matthew_garasic or by searching Matthew Garasic on Google.

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

#001 - "Launching the Work Optional Podcast" Show Notes

Title: Launching the "Work Optional Podcast"

Hosts: Rachael Camp and Matt Garasic

Duration: 41:20

Episode Summary:

Welcome to the inaugural episode of the "Work Optional" podcast with your hosts, Rachael and Matt. This episode marks the beginning of a series dedicated to exploring personal finance strategies that empower you to achieve work optionality. Join us as we dive into what it means to be work optional and how it can transform your life.

Key Points Discussed:

1. Defining Work Optionality:

- Matt explains the concept of work optionality as the freedom to choose your work path, whether it's quitting a job, taking a lower-paying but more flexible role, launching a side hustle, or working on your own terms.

- Rachael emphasizes that achieving work optionality is more about a mindset shift than retiring from work. It's about transitioning from working for survival to working for impact and creativity.

2. The Motivations Behind "Work Optional":

- Discover the personal motivation behind why Rachael and Matt created this podcast.

- Learn about their desire for freedom and flexibility in their work schedules and the various paths to achieving work optionality.

3. Exploring Business Ownership:

- Rachael and Matt delve into the motivations and challenges of being a business owner, including the desire for control over one’s schedule and income.

- They discuss the concept of starting a side hustle as a stepping stone to full-time entrepreneurship.

4. Personal Career Journeys:

- Matt shares his journey from studying petroleum geology to a career in financial services, leading to the founding of Unrivaled Wealth Management.

- Rachael talks about her path from working in Chicago’s finance sector to joining her father's firm and eventually starting her own business.

Connect with Us:

- Find Rachael on X and Instagram at @camp_wealth, her website https://www.rachaelcampwealth.com/, or by searching Rachael Camp on Google.

- Find Matt on X and Instagram at @matthew_garasic, his website www.unrivaledwm.com, or by searching Matthew Garasic on Google.

Closing Thoughts:

Thank you for joining us on this journey to redefine the way we think about work and financial freedom. We're excited to share our experiences and insights with you and look forward to growing together in this journey towards work optionality.

Remember to Subscribe!

- Don’t forget to subscribe to our podcast for regular updates on new episodes.

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Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered 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.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.