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ChooseFI

496 | Mailbag: Roth vs. Trad, $35k Roth to 529, Combining Finances | Rachael Camp

ChooseFI

Brad Barrett | Choose FI Media

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

4.8 • 5K Ratings

🗓️ 17 June 2024

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: roth versus traditional IRA, second generation FI, FI and newlyweds, and retirement planning optimization.

This week we are diving back into the listener Mail Bag with our returning guest Rachael Camp to answer questions from the community! Today we will be discussing the differences between Roth and Traditional IRAs and the future variables and factors you should consider, as well as discuss the new rules and considerations surrounding 529 plans and how to best financially plan when considering your children and your spouse. Listen along as YOU, the community, dictate the conversation with your hot-button FI questions!

Rachael Camp:

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.

Resources Mentioned In Today’s Episode:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Choose a Phi.

0:01.8

Today on the show we have another fun mailbag episode and I'm joined by my friend Rachel Camp.

0:06.7

So this is her third visit to Choose Up Phi to do a mailbag episode.

0:11.3

And I just have a lot of fun recording with her. She's

0:13.7

absolutely brilliant. She's always prepared and she picks great questions from

0:18.2

the mailbag list which I absolutely love. So this is going to be a fun one.

0:21.6

We have a question about Roth versus

0:24.8

traditional. We have some interesting ones about the new rules on the 529 to Roth

0:31.0

that just went into effect earlier in January 2024 plus setting up your

0:36.2

children for the future and for people who just got married how to organize your

0:40.7

finances I think this has a little bit of everything, so with that, welcome to choose that five.

0:46.0

Rachel, always good to have you here, so good to see you. Thanks for joining me.

0:55.6

Of course, thank you, Brad. Love being here, so happy to be back at their time.

0:59.3

Yeah, this should be fun. So I forgot to say, of course course that you are a CFP and I really appreciate all the detail you put into this. It really really makes for great episodes. So thanks again. And let's just kind of bomb right into this.

1:12.6

So we're gonna start off with a fun one.

1:14.5

So this is actually in direct reference

1:16.7

to our last episode, which was episode 485,

1:20.4

where we talked about the book Die was Zero and spending down to Zero and

1:24.8

actually why that's kind of impractical not really plausible but we touched a

1:30.3

little bit on a lot of things in that. And Jay wrote in basically saying,

1:34.7

in the last Choose Up My Podcast with Rachel,

1:37.2

we being you guys, spent over 30 minutes

...

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