551-Friday Q&A: Am I Financially Independent, Should I Switch Life Insurance Agents, Should I Engage in Tax-Gain Harvesting

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 1 June 2018

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It's Friday! That means Q&A. Today, we cover:

Am I Financially Independent?
Should I Switch Life Insurance Agents?
Should I Sell Investments and Trigger a Taxable Gain?

Joshua

To join next week's call, please sign up on Patreon: www.radicalpersonalfinance.com/patron

Transcript

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0:00.0	It's Friday. That means live Q&A. Welcome to Radical Personal Finance the show dedicated to providing you with the knowledge, skills, insight and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less.
0:31.0	My name is Joshua and I am your host most days on radical
0:34.5	personal finance I speak into the ether right into your ears without getting to
0:39.0	hear back from you but on Fridays we open up the phones and I get to talk to you a real live person.
0:47.0	Each Friday that I can arrange the technology in order to do so I host a live
0:55.4	Q&A call. This works kind of like talk radio where you call in and I answer the
0:59.1	cone and we talk about anything that you want to talk about. These calls are open to patrons of the show. You can find
1:04.3	out more information about how to become a patron at radical personal finance.com
1:07.3	slash patron. Radical personal finance.com slash patron but I would encourage you if you would like to
1:12.0	talk to me ask me questions discuss
1:14.2	anything about your personal situation this is the place to do it I love doing
1:19.1	these and I know from many of you you love hearing them So today we begin with Greg in Pennsylvania.
1:24.8	Greg welcome to Radical Personal Finance. How can I serve you today?
1:28.0	Hello Joshua. I was excited to be here today. I just wanted to kind of run through some numbers for financial independence and just talk about that and see if I'm on the right track.
1:38.8	I love the topic so tell me about your situation.
1:41.1	Well I am 48 years old and I married with two young children, one is
1:49.9	eight and one is six and my wife is a few years younger than me she's 40 46. Okay. What we let's say we I guess what I'm trying to just kind of determine is I keep crunching numbers and really kind of thinking about financial independence and make sure that I am going in the right direction with all that and the path is
2:15.6	is clear what's the best way to ask these questions I'm sorry how much money do
2:20.0	you have to jump into it how much money do I have in my pocket? No, I have for retirement.
2:28.4	I'm sorry, you just click this here. So in retirement savings I have about $790,000.
2:37.0	Okay.
2:39.0	And let's see, I have a, yeah, and I have a small mortgage, it's under $100,000 at this point.
	...

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