ChooseFI

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: building muscle for health, sacropenia, consistency and proper form, routines, and recovery.

This episode is a deep dive into muscle-building strategies, with actionable advice for beginners and experienced fitness enthusiasts alike. Brad and Dean Turner share practical tips on workout programming, nutrition, and recovery, making it a perfect masterclass for anyone looking to improve their health and strength.

• Website: deanturnertraining.com
• Twitter: @DeanTTraining

• The importance of building muscle for health, longevity, and independence in later life
• Overcoming age-related muscle loss (sarcopenia) through resistance training
• Simplifying muscle-building techniques for beginners and experienced individuals
• The role of proper form, progressive overload, and consistency in muscle growth
• Common misconceptions about muscle growth and the science behind it
• Customizing workout routines based on individual schedules and goals
• The importance of recovery, rest, and nutrition in maximizing gains
• Practical advice on workout programming and exercise selection

• 00:00 – Introduction: The Importance of Muscle Building
• 02:00 – Age-Related Muscle Loss and Why Muscle Matters
• 06:00 – Customizing Workouts: 3-Day vs. 5-Day Programs
• 09:00 – Exercise Selection: Upper/Lower Body, Push/Pull
• 13:00 – How Muscle Growth Actually Works: The Science Explained
• 18:00 – Importance of Progressive Overload and Rep Ranges
• 22:00 – Common Workout Mistakes and How to Avoid Them
• 27:00 – Listener Questions: Setting Goals for Muscle Growth
• 33:00 – Understanding Rest Times and Recovery
• 40:00 – Importance of Nutrition: Protein and Macronutrients
• 45:00 – Creating a Sustainable Workout Routine
• 51:00 – Final Tips: Staying Consistent and Tracking Progress

• Update: Healthiest Year Ever | Dean Turner | ChooseFI Ep 480
• “The Simple Path to Wealth: Your road map to financial independence and a rich, free life” by J.L. Collins
• Hevy
• Subscribe to The FI Weekly!

• 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

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

In this episode: simplifying your financial life, Jeremy’s journey, dividend versus reinvesting, and automation.

This week we are joined by Jeremy Schneider of Personal Finance Club and co-founder of Nectarine, where we will be discussing the beginnings of his personal investment journey and what that looks like now, striving for simplicity while adding value to your life, as well as discuss the ins and outs of his platform Nectarine. Part of the journey to FI is about finding hacks and ways to make your life a little easier in order to add value, sometimes by keeping it simple. Whether with your finances or in other areas of your life, it is the best option in order for you to thrive! 

• Website: personalfinanceclub.com
• Instagram: @personalfinanceclub

• The pitfalls of overcomplicating personal finance and investment strategies
• The power of simplicity in financial management and investing
• Mistakes made in early investing: complex ETFs vs. simple index funds
• Jeremy’s journey from selling his company to managing a $2M windfall
• The surprising truth about target date funds and why simplicity often wins
• The concept of “the more I tinker, the worse it gets” in investment strategies
• Personal finance habits that persist from childhood and their impact on adult financial decisions
• Dividends vs. reinvesting: pros, cons, and psychological aspects
• Understanding the differences between fiduciary financial advisors and those incentivized to sell products
• Why financial simplicity and automation can lead to better outcomes

• 00:00 – Introduction to Jeremy Schneider
• 02:00 – Simplicity vs. Complexity in Financial Decisions
• 03:30 – Jeremy’s $2M Windfall and Early Investing Mistakes
• 06:00 – Complex ETFs vs. Target Date Funds
• 08:00 – How Tinkering Can Lead to Worse Financial Outcomes
• 12:00 – Personal Finance Habits from Childhood
• 14:00 – Dividend Reinvestment: To Reinvest or Not?
• 18:00 – Simplifying Financial Life: Automating Investments
• 22:00 – The Dangers of Chasing Dividends
• 26:00 – Real-Life Examples of Bad Financial Advice
• 33:00 – The World of Financial Advisors: Fiduciary vs. Salespeople
• 39:00 – The Importance of Finding Unbiased, Advice-Only Financial Guidance
• 46:00 – Jeremy’s Key Takeaways on Simplicity and Financial Independence

• The 7 Sins of Investing
• Nectarine
• Subscribe to The FI Weekly!

• 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

In this episode: getting started early with FI, the 4% rule, retirement accounts, real estate, and safe withdrawal rates.

This episode is packed with actionable information that can help with maximizing your financial future, from house hacking to Roth conversions, and strategies for living off your investments. Brad and Rachael dive into real-world listener questions to help you navigate your FI journey with confidence.

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.

• The benefits of getting started early with financial independence (FI)
• Evaluating the 4% rule and how to live off investments in retirement
• Understanding the difference between Roth vs. Traditional retirement accounts
• Tax strategies for early retirement and avoiding penalties
• House hacking as a way to reduce housing costs and boost savings
• Real estate as an investment: risks, rewards, and misconceptions
• Maximizing income while keeping expenses low for young professionals
• Safe withdrawal rates, dividends, and managing investments post-retirement
• The psychological aspects of early retirement and maintaining financial health

• 00:00 – Introduction to Mailbag with Rachael
• 01:00 – Starting Early with FI: Gabby’s Journey
• 03:00 – Roth vs. Traditional Retirement Accounts for Young Investors
• 06:00 – House Hacking and Real Estate Strategies
• 09:00 – How the 4% Rule Works for Early Retirement
• 12:00 – Income Maximization for Young Professionals
• 18:00 – Managing Dividends and Withdrawal Strategies in FI
• 24:00 – Safe Withdrawal Rates and Creating Your Own Dividend
• 31:00 – Listener Questions: Roth IRA Conversion Ladder
• 36:00 – Tax Strategies and Avoiding Penalties in Early Retirement
• 43:00 – Rethinking Real Estate and House Hacking Risks
• 51:00 – Wrap-Up and Final Thoughts on Financial Independence

• Mailbag: Getting Started with FI, Debt vs. Investing, Dividends, 4% Includes Taxes?, Roth 401k | Rachael Camp | ChooseFI Ep 505
• Mailbag: Roth vs. Trad, $35k Roth to 529, Combining Finances | Rachael Camp | ChooseFI Ep 496
• How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney | ChooseFI Ep 475
• Drawdown Strategies: Karsten vs. Fritz | ChooseFI Ep 427
• House Hacking With Coach Carson | ChooseFI Ep 16
• Scott Trench | Set For Life | ChooseFI Ep 63
• Subscribe to The FI Weekly!

• 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

In this episode: downsizing, coastFI, redefining your goals, overcoming material attachments, and building community.

This week Ginger is joined by community member Anne, to discuss her process of downsizing and navigating the physical and emotional attachments we associate with objects, places and people. Additionally, the pair discuss the importance of taking mini-retirements, cultivating gratitude, as well as share some podcasts and books that have helped them on their journey. We often say FI allows you the freedom and space to discover what more you want out of life, but that doesn’t mean you should wait until you reach your goal to actually start making the moves to get there! Whether you’re near the finish line or just beginning, don’t wait to explore other possibilities that can elevate not only your FI journey but your life. 

• The emotional journey of downsizing and letting go of possessions
• Achieving CoastFI and the realization of financial independence
• The significance of mini-retirements and experimenting with lifestyle choices
• Personal growth and redefining goals in mid-life
• The psychological effects of decision-making in early retirement
• Creating space for joy and gratitude in life transitions
• Overcoming attachment to material possessions and past dreams
• Building community after major life transitions, such as moving and career changes

• 00:00 – Introduction: Ginger and Anne’s Journey
• 01:00 – Anne’s Recent Move and Downsizing
• 03:00 – Discovering Financial Independence Through the FI Formula
• 07:00 – Defining CoastFI and the Big Epiphany Moment
• 10:00 – Reflecting on Personal Goals and Letting Go of Past Dreams
• 13:00 – Experimenting with Mini-Retirements: Learning from the FI Community
• 16:00 – Downsizing: The Emotional Process of Letting Go
• 22:00 – Influence of Family Illness and Death on the FI Journey
• 27:00 – The Challenge of Winter Depression and Its Role in Change
• 31:00 – Selling the Family Home: Closure and Moving Forward
• 36:00 – Gratitude and the Practice of Being Present
• 40:00 – Taking the Leap: Early Retirement and What Comes Next
• 46:00 – Finding Community and Building a New Life After Moving
• 51:00 – The Courage to Try New Things and Embrace Discomfort
• 55:00 – Final Reflections on Joy, Curiosity, and Living Without Regret

• Contact Anne:  [email protected]
• “Disrupt Yourself, With a New Introduction: Master Relentless Change and Speed Up Your Learning Curve” by Whitney Johnson
• “The Artist’s Way: 30th Anniversary Edition” by Julia Cameron
• Retire Often Podcast
• Famous Failures
• “Think Like a Rocket Scientist: Simple Strategies You Can Use to Make Giant Leaps in Work and Life” by Ovan Varol
• Subscribe to The FI Weekly!

• 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