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ChooseFI

513 | Make Your Own Dividend | Mailbag with Rachael

ChooseFI

Brad Barrett | Choose FI Media

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

4.8 • 5K Ratings

🗓️ 30 September 2024

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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.

🔑 Key Themes Discussed:

  • 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

🕒 Chapters:

  • 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

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to choose a fight today on the show we have another fun mailbag episode and I'm joined by Rachel Kemp who is a CFP who joins me for all these mailbag episodes and we've got a fun one we talk a little bit about a whole lot of things. So getting started early with FI,

0:16.3

401k fees and rolling to an IRA, we dive back into dividends again like we did last time in episode 505.

0:25.0

Talk about Roth versus traditional, a whole smattering about taxes and income tax rates,

0:30.0

and when to think about slowing down your retirement contributions.

0:33.8

This is gonna be a really good one.

0:35.2

With that, welcome to Choose Step-Fi.

0:37.2

Rachel. Rachel always good to have you back this should be a lot of fun as always so glad to be

0:48.7

back Brad I'm excited for I think it's time number five yeah wow yeah we're rock and rolling I think it's time number five. Yeah, yeah, we're rock and rolling.

0:54.0

I think the cadence that I'm thrilled with now is we're kind of doing these once a month,

0:58.0

which is really cool.

0:59.0

As you know from our dock, we get so many amazing questions.

1:03.0

And yeah, we're really, you highlighted a bunch.

1:06.0

It's a very ambitious, we're gonna see what we can do.

1:08.5

And yeah, let's rock and roll.

1:09.8

So where do you think we should start?

1:11.5

I think we should start with this question from Gabby,

1:15.8

22 years old, just starting out, really killing it already financially, and start diving

1:21.4

into that. Okay, I love it.

1:23.0

Let me read Gabby's email.

1:25.0

I just discovered your podcast as a 22-year-old

1:27.0

and I've started listening to it from the beginning.

1:29.0

I've learned a lot so far

...

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