457 | Mailbag: Cover Your Expenses | Rachael Camp
In this episode: the 4% rule, second generation FI, retirement saving, 529's, 401k's, and is it too late for FI?
This week we joined by Rachael Camp of Camp Wealth for another installment of Mail Bag, where we will be answering some questions sent in by our listeners. Together, we cover topics surrounding the 4 percent rule, starting the FI journey “late”, the importance of tax diversity in your retirement accounts, and the potential benefits and drawbacks to 529 plans. On the path to FI, the community this journey brings can be the best resource, and answering any questions you may have is our way to ensure you’re well on your way to FI, as well as help others in the community who may be navigating similar scenarios!
- 1:09 - Introduction
- 3:22 - Can It Be Too Late For FI?/Credit Card Debt
- 18:25 - The 4% Rule And Early Retirement
- 27:02 - Withdrawing Earnings
- 40:06 - Not Maxing Out Your 401k?
- 50:03 - 529's and Financial Aid
- 57:04 - Second Generation FI
- 72:10 - Conclusion
Resources Mentioned In Today’s Episode:
- Subscribe to The FI Weekly!
- The Safe Withdrawal Rate Series
- "Die With Zero: Getting All You Can from Your Money and Your Life" By Bill Perkins
- How and Why to Set up a Roth IRA Conversion Ladder
More Helpful Links and FI Resources:
- Earn $1,050 or More With These 3 Cash Back Cards
- Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
- Find a new side hustle with one of our Educational Courses
- Commission-Free Investing with M1 Finance