457 | Mailbag: Cover Your Expenses | Rachael Camp

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 2 October 2023

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: the 4% rule, second generation FI, retirement saving, 529's, 401k's, and is it too late for FI?

This week we joined by Rachel Camp of Camp Wealth for another installment of Mail Bag, where we will be answering some questions sent in by our listeners. Together, we cover topics surrounding the 4 percent rule, starting the FI journey “late”, the importance of tax diversity in your retirement accounts, and the potential benefits and drawbacks to 529 plans. On the path to FI, the community this journey brings can be the best resource, and answering any questions you may have is our way to ensure you’re well on your way to FI, as well as help others in the community who may be navigating similar scenarios!

Rachael Camp:

Website: rachaelcampwealth.com
Twitter: @camp_wealth

Timestamps:

1:09 - Introduction
3:22 - Can It Be Too Late For FI?/Credit Card Debt
18:25 - The 4% Rule And Early Retirement
27:02 - Withdrawing Earnings
40:06 - Not Maxing Out Your 401k?
50:03 - 529's and Financial Aid
57:04 - Second Generation FI
72:10 - Conclusion

Resources Mentioned In Today’s Episode:

More Helpful Links and FI Resources:

Earn $1,050 or More With These 3 Cash Back Cards
Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
Find a new side hustle with one of our Educational Courses
Commission-Free Investing with M1 Finance

Transcript

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0:00.0	Hello and welcome to Choosify. Today on the show we have another mailbag episode. This should be a lot of fun.
0:05.4	I have my friend Rachel Camp here to join me. She is a CFP and she helps high earners and solar
0:11.6	printers build and preserve wealth. She's the owner of Camp Wealth and how I found her was actually
0:18.0	through Twitter. I love it when someone just cuts through the noise and they really stick out because
0:22.5	of the quality of the content they're producing and Rachel was one of those people for me on Twitter.
0:28.0	I just saw every time I found a tweet that I liked. I'm like, oh, invariably it's Rachel again
0:32.7	and I featured her in my newsletter, reached out to her via DM and invited her on the show. I
0:38.5	think this is going to be really wonderful. We have a bunch of questions from the audience
0:44.0	as befits a mailbag episode obviously. Starting late, 4% rule, maxing out 401k's or not, and some
0:52.3	issues around 529. I think this is going to be very applicable to pretty much everybody in the audience
0:57.8	and this should be a lot of fun. So with that, welcome to choose a pie.
1:08.4	All right, one thing we're bringing back here on the podcast is reading a podcast review. So
1:14.2	it's very important for the show to get podcast reviews and I'd really appreciate if you could
1:18.4	give us a five-star review and then send it to me and each week I'm going to pick one of those
1:22.8	reviews to read. So this one came in from Pat and he called it a life-changing podcast.
1:28.1	For someone who thought he had it mostly figured out, I was introduced to Mr. Money Mustache in 2020
1:33.6	which soon led me to choose a pie and change my life forever. I have since listened to every
1:38.7	podcast as well as a handful of recommended books which is unlocked a new reality that highlights
1:44.0	the true opportunity costs of our financial decisions. Brad and Jonathan's ability to speak to
1:49.5	and impact individuals worldwide and inspire action by focusing on getting a little better week to
1:55.4	week is unmatched. The only thing that gets me more excited about turning my financial life around
2:00.9	is learning how to position my two kids for future success. Thank you so much Brad and Jonathan
	...

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