Becoming Work Optional is the go-to podcast for millennial business owners and executives who want to defy traditional retirement expectations by living a financially independent, work-optional life before their 60s.
Join Rachael and Matt as they leverage expert interviews, real-life case studies, and almost two decades of experience advising high-net-worth clients to share actionable tips that help y ...
... Read more
Episode Summary: In this episode of "Becoming Work Optional," hosts Matt and Rachael explore the basics of investing and address common misconceptions. They debunk the myth that successful investing requires access to exclusive investment options and emphasize the importance of making educated decisions. The discussion covers asset allocation, the debate between active and passive investing, and the impact of tax efficiency and expense ratios on investment returns. Key Points Discussed: Simplicity in Investing:Matt and Rachael emphasize that investing success doesn't hinge on complexity or access to exclusive options. They argue that basic understanding and education outweigh the allure of complicated strategies promoted through social media or by celebrities. Asset Allocation and Diversified Portfolios:The importance of asset allocation is highlighted as crucial for managing risk and achieving consistent long-term performance. Rachael introduces three tests to help listeners determine their proper asset allocation based on their ability, willingness, and need to take on risk. Debating Active vs. Passive Investing:The hosts debate the merits of active versus passive investing. They discuss findings from a study by S&P Dow Jones Indices, which suggests that actively managed funds often underperform their benchmarks, particularly over longer periods. The study can be found HERE. Tax Efficiency and Expense Ratios:The discussion turns to the importance of considering tax efficiency and the impact of expense ratios on investment returns. The hosts agree that controlling costs is essential for maximizing long-term capital gains and that passive or index funds often offer more tax-efficient and cost-effective options. This episode serves as a comprehensive guide for listeners looking to understand the foundations of investing and how to approach it in a thoughtful and informed manner. Connect with us: Rachael X/Twitter - @camp_wealth rachaelcampwealth.com Matt X/Twitter - @matthew_garasic unrivaledwm.com Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered 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. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.
Episode Summary: In this episode of Becoming Work Optional, Matt and Rachael discuss self-employed retirement accounts and the different options available for small business owners and solopreneurs. They break down the stages of entrepreneurship and recommend retirement plans based on factors such as savings capacity, number of employees, and anticipated business growth. The hosts emphasize the importance of consulting with professionals and conducting thorough due diligence before implementing any retirement plan. Key Points Discussed: Self-employed retirement accounts have significant benefits Tax savings Tax-efficient growth Saving for retirement It is important to choose the right retirement plan based on your business stage and financial situation. Good options for beginner entrepreneurs Starting with a traditional IRA or Roth IRA Health savings account (HSA) if eligible Intermediate entrepreneurs can consider: SEP IRAs Solo 401(k)s (offering more flexibility and not disrupting a backdoor Roth IRA strategy) Advanced entrepreneurs can explore: Cash balance plans (require careful consideration and professional guidance)Significant contributions Tax savings When choosing a retirement plan it is important to consider factors such as: Contribution limits Employee status Future business changes Working with professionals, such as CPAs and actuaries, is crucial to navigate the complexities of retirement planning for self-employed individuals. Connect with us: Rachael X/Twitter - @camp_wealth rachaelcampwealth.com Matt X/Twitter - @matthew_garasic unrivaledwm.com Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered 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. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.
Episode Summary: In this episode of Becoming Work Optional, Matt and Rachael discuss the mental challenges of entrepreneurship and how to navigate them. They emphasize the importance of understanding the realities of starting a business, including the high failure rates and the need for a strong support system. They also highlight the need to acquire new skills and be adaptable in order to succeed in entrepreneurship. Key Points Discussed: Entrepreneurship is a challenging journeyRequires mental resilience and perseverance The goal of becoming work optional is often a driving force for entrepreneursAllows for greater control over time and schedule It is important to have a supportive network and surround yourself with people who believe in your vision. Starting a new business comes with a high risk of failureMentally prepare for the challenges and setbacks The statistics show that a significant percentage of new businesses fail within the first few years. The mental toll of entrepreneurship can be overwhelmingIt is important to take care of your mental health during the process Skills from previous jobs may not directly translate to entrepreneurshipNew skills will need to be learned and developed Consistency and patience are key to success in entrepreneurshipResults may take longer than expected. It is common to experience both high highs and low lows in entrepreneurship, and it is important to stay focused and motivated during the tough times. Owning a business provides the opportunity for greater flexibility and control over one's schedule, but it requires hard work and dedication. The journey of entrepreneurship can be mentally and emotionally rewarding, but it is not for everyone. Connect with Us: Rachael X/Twitter - @camp_wealth rachaelcampwealth.com Matt X/Twitter - @matthew_garasic unrivaledwm.com Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered 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. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.
Episode Summary: Rachael and Matt discuss the importance of insurance in protecting your income and wealth. They cover six types of insurance that individuals should consider, including life insurance, disability insurance, homeowners insurance, auto insurance, health insurance, and umbrella coverage. They emphasize the need for adequate coverage and highlight key considerations for each type of insurance. Key Points Discussed: Importance of insurance in protecting income and wealth Common misconception of being underinsured Types of insurance to considerLife insurance Disability insurance Homeowners insurance Auto insurance Health insurance Umbrella coverage Considerations for life insuranceTerm vs. permanent Coverage amount Estate tax implications Importance of disability insurance and statistics on disability events Components of homeowners insurance:Dwelling Personal property Liability Importance of liability coverage in auto insurance Considerations for health insuranceTotal cost analysis High deductible health plans Health savings accounts (HSAs) Benefits of umbrella coverage in protecting assets and earnings potential Importance of understanding policy wording and definitions in insurance policies Need for unbiased advice when choosing insurance policies Reminder to review and update insurance coverage regularly Connect with Us: Rachael X/Twitter - @camp_wealth rachaelcampwealth.com Matt X/Twitter - @matthew_garasic unrivaledwm.com Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered 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. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.
Episode Summary: Rachael and Matt dive into everything you need to know about your Restricted Stock Units (RSUs). They explore strategies for maximizing the benefits of this form of equity compensation, navigating taxes, and being mindful of concentration risk. Key Points Discussed: RSUs ExplainedWe walk through the two criteria for vesting How vesting works The dates you need to be aware of Double trigger RSUs Taxes and RSUsHow RSUs are taxed How to do tax planning for RSUs Common mistakesTax planning Holding onto the stock Concentration risk Connect with Us: Rachael X/Twitter - @camp_wealth rachaelcampwealth.com Matt X/Twitter - @matthew_garasic unrivaledwm.com Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered 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. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.