In this episode, Matt and Rachael discuss the concept of generational wealth and the goals that clients have for helping their children financially. They explore different tools and strategies, such as 529 accounts, UPMA accounts, brokerage accounts, and custodial Roth accounts, that can be used to pass on wealth to the next generation. They also touch on the importance of educating children about money and the potential downsides of generational wealth, such as lack of motivation and the need for careful estate planning.

Key Points Discussed:

1. Many clients have the goal of generational wealth and want to help their children financially.
2. Understanding how you want to help your children is the first step, whether it's covering college expenses, providing a head start in life, or supporting their career choices.
3. Different types of accounts, such as 529 plans, UPMA accounts, brokerage accounts, and custodial Roth accounts, can be used to build generational wealth.
4. It's important to consider the tax implications, control, and restrictions of each account when deciding which ones to use.
5. Lack of education about money is a common reason why generational wealth is destroyed, so it's important to educate children about budgeting, saving, and investing.
6. Trusts and estate planning can be used to protect and preserve generational wealth, especially in high net worth situations.
7. Being secretive about the extent of generational wealth and waiting to inform children until they have established their own careers and financial habits can help maintain their motivation and prevent entitlement.
8. Lifetime gifting and transferring assets while still alive can be a beneficial strategy to see the impact of generational wealth and ensure it is used when most needed.
9. It's important to balance providing financial support with allowing children to experience some hardship and develop their own financial responsibility.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

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.

In this episode, Rachael and Matt discuss the important steps and expectations to consider when choosing a financial advisor. Whether you’re looking for comprehensive financial planning or need help with a specific issue, understanding what to look for can help you make an informed decision. We cover key topics such as assessing rapport, the importance of transparency, and ensuring proactive communication from your advisor.

Key Points Discussed:

1. Know what you’re looking for
   • Step back and consider if you’re really looking for someone to manage your complete financial situation or if you’re only looking to solve a specific problem (e.g., “I’m paying too much in taxes”).
2. Do your due diligence
   • Research the advisor to learn everything you can about what they do, their process, and how they charge. This helps avoid an unwanted sales pitch.
3. Assess rapport
   • An introductory meeting is all about getting a feel for the person and learning more about their service.
4. Expect more than just investment management
   • Look for comprehensive financial planning, coordinating every element of your financial life (investments, cash flow/savings, tax, estate, insurance, and any other part of life that your money touches).
5. Solutions instead of products
   • No investment product replaces a financial plan.
6. Transparency
   • Know what you’re paying.
   • Know how your advisor gets paid.
   • Understand conflicts of interest.
7. Education
   • The best advisor will help you understand your plan.
   • You should be able to explain your plan to someone else.
8. Proactive Communication
   • You should hear from your advisor more than once a year.
9. Thoroughness
   • You can’t expect exceptional results with mediocre inputs.
   • Onboarding should take time because there’s so much to consider.
10. Fiduciary duty at all times
    • Understand the difference between fiduciary duty when making investment recommendations vs. fiduciary duty at all times.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

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.

In this episode Rachael and Matt discuss the traditional versus Roth debate when it comes to retirement contributions. They emphasized the importance of considering individual variables such as tax brackets, income changes, spending habits, and future tax implications. They also highlighted the value of timing strategies and Roth conversions in optimizing tax savings.

Key Points Discussed:

1. Traditional IRAs provide a tax deduction in the current year, grow tax-deferred, and are taxed upon withdrawal in retirement.
2. Roth IRAs require you to pay taxes in the current year, but offer tax-free growth and tax-free withdrawals in retirement.
3. The goal is to pay the least amount of tax, taking advantage of lower tax brackets.
4. If your tax rate stays the same, there is no difference between traditional and Roth.
5. Consider variables such as changes in tax laws, marital status, state income tax, spending habits, retirement age, and sources of retirement income.
6. A rule of thumb is to contribute to Roth if you are in the 10-12% tax bracket, traditional or Roth in the 22-24% bracket, and traditional if you are in the 32% bracket or higher.
7. Customize your approach based on your career stage, spending habits, and potential for future income changes.
8. Pay attention to big swings in income and consider timing strategies for traditional or Roth contributions.
9. Consider the impact of RMDs, Medicare premiums, and Social Security taxation in retirement.
10. Many individuals are forced into a mix of traditional and Roth due to income limitations and employer plans.
11. Roth conversions in retirement can be beneficial, especially for high earners or those with large brokerage accounts.
12. It's important to customize your strategy based on your individual situation and seek professional advice.

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.

In this episode, Rachael and Matt tackle common financial mistakes and delve into the complexities of insurance coverage, investment strategies, and tax planning. From the misallocation of savings to the risks of speculative investments, they offer valuable insights into optimizing financial decisions and avoiding pitfalls.

Key Points Discussed:

1. Misallocation of savings and poor risk management stemming from undefined financial goals.
2. Importance of adequate insurance coverage, particularly for disability insurance.
3. Risks of market timing and speculative investments, emphasizing the need for a balanced portfolio.
4. Importance of well-planned investment strategies and proactive tax planning.
5. Significance of tax efficiency and cost minimization in investment returns.
6. Strategies for optimizing savings, including utilizing employer benefits.
7. Importance of understanding traditional versus Roth savings options and their implications for long-term financial goals.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

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," hosts Rachael and Matt discussed the concept of becoming work optional, emphasizing the importance of giving up status games, living below one's means, and avoiding bad debt. They also highlighted the benefits of this lifestyle, such as increased happiness and flexibility, and the need for proper financial planning and investment strategies. Lastly, they stressed the balance between enjoying the present and planning for the future, and planned for future discussions on topics such as traditional versus Roth investing.

Key Points Discussed:

1. Work Optional Concept and Sacrifices
   • The hosts discussed the sacrifices required to achieve a work optional life. They emphasized the importance of giving up status games and the desire for immediate gratification, highlighting the need for a long-term perspective. Lastly, they stressed the importance of defining one's own path and goals, and considering whether the end result is truly desired.
2. Work Optional Living and Prioritizing Freedom
   • The hosts argued that living below one's means is a crucial step towards achieving financial freedom and reducing the reliance on a paycheck. They also highlighted the importance of understanding the opportunity cost of every decision, considering the time, money, energy, and attention it will consume.
3. Avoiding Bad Debt and Enhancing Insurance
   • Rachael and Matt emphasized the importance of avoiding bad debt and ensuring proper insurance coverage as crucial components of their overall financial strategy. They highlighted that bad debt, such as loans taken out for depreciating assets, can significantly hinder wealth building efforts.
4. Discussing Work Optional Lifestyle and Financial Planning
   • They discussed the concept of becoming 'work optional', which focuses on achieving financial independence to create a more fulfilling and flexible lifestyle. They highlighted the benefits of this lifestyle, such as increased happiness, creativity, and the ability to pursue personal interests. The discussion also touched on the idea of progressing through different levels of financial goals.
5. Balancing Work and Life Priorities
   • Matt and Rachael discussed the concept of living a work optional life and the balance between enjoying the present and planning for the future. They emphasized that making financial sacrifices should not come at the cost of valuable time with family and loved ones.

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," 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:

1. 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.
2. 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.
3. 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.
4. 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 journey
  • Requires mental resilience and perseverance
• The goal of becoming work optional is often a driving force for entrepreneurs
  • Allows 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 failure
  • Mentally 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 overwhelming
  • It is important to take care of your mental health during the process
• Skills from previous jobs may not directly translate to entrepreneurship
  • New skills will need to be learned and developed
• Consistency and patience are key to success in entrepreneurship
  • Results 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.