From Zero to Hero: A Late Starter’s Guide to the Galaxy | Becky Heptig | 100
Catching Up to FI: Financial Independence for Late Starters
Release Date: 10/06/2024
Sequence of Returns Risk: What Every Retiree Needs to Know | Karsten Jeske | 106
Catching Up to FI: Financial Independence for Late Starters
Karsten Jeske also known as “Big ERN” is the founder and genius behind . He writes on all topics related to personal finance but is best known for his comprehensive . In this episode he dives deep into the intricacies of safe withdrawal rates, sequence of return risk, the importance of market valuations for retirees and the 'one more year' syndrome often discussed in the Financial Independence community. Karsten also shares his personal journey from a modest upbringing in Germany to early retirement in the U.S. 🔗 Thank you to our sponsor: ...
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Space Telescopes, Sunflowers, and Financial Gardening | Jesse Cramer | 105
Catching Up to FI: Financial Independence for Late Starters
In this episode, Jesse Cramer discusses the essential considerations for pre and post-retirement planning and the major factors late starters should consider. Jesse is founder of the award winning 'The Best Interest' blog and podcast. He left a career as a mechanical and aerospace engineer to work with clients at a fiduciary, fee-only financial planning firm. Now, he uses those valuable engineering skills to simplify the most complex financial topics into fun explanations for his clients and his audience. 🔗 Thank you to our sponsors: ...
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Tennis and the Stock Market: Winning the Loser's Game | Disha Spath | 104
Catching Up to FI: Financial Independence for Late Starters
By day, Dr. Disha Spath is an internist caring for her patient’s physical and mental health. By night, my she's known as The Frugal Physician and hosts the Finding Financial Freedom podcast. In this episode, Disha shares her personal journey from financial struggles to becoming an advocate for frugality and financial independence. She also discusses the differences between frugal and cheap, the gender wage gap, and strategies to manage income disparities in relationships. *Trigger warning: There are brief mentions of suicide in this episode. 🔗 Thank...
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Generosity and Smart Spending: A Family Affair | Andy Hill | 103
Catching Up to FI: Financial Independence for Late Starters
Andy Hill is an award-winning blogger, podcaster, Youtuber and family finance coach. All under the brand of 'Marriage, Kids, and Money’, his primary focus is helping families build wealth and happiness. He shares his inspiring story of going from a $50,000 negative net worth to achieving financial independence and now living his best 'Coast FI' life with his family. Andy also shares how he is creating a meaningful legacy of giving and generosity with his kids. 🔗 Thank you to our sponsors: Boomer Benefits: The nation’s leading family-owned Medicare...
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Beyond the Alphabet Soup: Expert Tips for Mastering Medicare & Avoiding Pitfalls | Danielle Roberts | 102
Catching Up to FI: Financial Independence for Late Starters
This episode explores the intricate and confusing world of Medicare with leading expert Danielle Roberts. Danielle is founding partner at Boomer Benefits, an agency that has helped thousands of ordinary Americans learn and navigate their entry into Medicare since 2005. She's also author of the bestselling book '10 Costly Medicare Mistakes You Can't Afford to Make'. Danielle breaks through the confusion and explains Medicare's history, enrollment rules, Parts A, B, C, and D, and the differences between Medigap and Medicare Advantage plans. Discover the importance of early planning, common...
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Wanderlust and Wealth: A Nomadic Guide to FI | Cris Gawlik | 101
Catching Up to FI: Financial Independence for Late Starters
Cris Gawlik sold all her possessions in 2019 to travel the world, and in this episode she shares her fascinating nomadic journey. Learn how she utilizes geo-arbitrage, manages her finances on the go, and maintains strong social connections across the globe. She gives us insights into how she handles banking, health insurance, and taxes while living internationally. This conversation provides a comprehensive guide for those considering a similar path to financial independence. Get inspired by her creative approach to generating income and the community she finds along her adventurous journey....
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From Zero to Hero: A Late Starter’s Guide to the Galaxy | Becky Heptig | 100
Catching Up to FI: Financial Independence for Late Starters
Join host Bill and guest Diana Falck as they explore the intersection of community resilience and getting involved. In the wake of a recent crisis in Western North Carolina and East Tennessee, the duo highlights local relief efforts and community collaboration. Then in this special 100th episode, we get back to the basics with a step-by-step guide for late starters on the path to financial independence. Our guest for this special episode is original Catching Up to FI co-host, Becky Heptig! She joins Bill and Jackie as they share insights and guide you through how to get on track with your...
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Maximizing HSAs Part 2: Devising Drawdowns, Badass Scenarios & Listener Questions | Jeff York | 99
Catching Up to FI: Financial Independence for Late Starters
In the second episode of this special two-part series we continue with our deep dive conversation about Health Savings Accounts (HSAs) with Bill and Jackie, and guest co-host, Jeff York (also known as the Wealthy Custodian from episode & ). We break down in-depth scenarios, including unique contribution rules for domestic partners and adult children, investment strategies, drawdown plans and estate planning considerations. We answer listener questions and share our wish list for HSAs in the future. For this episode we are providing a formal presentation here: ...
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Mind Blowing ways to Maximize Your Health Savings Account (HSA) | Jeff York | 98
Catching Up to FI: Financial Independence for Late Starters
In this special two-part episode we unveil the 'Wealthy Custodian,' Jeff York (from episode & ), and take a deep dive into the world of Health Savings Accounts (HSAs). Jeff joins as co-host along with Bill and Jackie (our HSA Maven) to share how they supersized thier HSAs and discovered how powerful they can be on the path to FI. This comprehensive series starts with Part 1 where we explore tips, tricks, and common misconceptions about HSAs and tackle little known strategies that are rarely discussed. We'll also talk about who should consider a high deductible plan, eligible expenses,...
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A Hero’s Journey: Krista & Ed, The Mother of All Case Studies! | Krista and Ed Kim | 97
Catching Up to FI: Financial Independence for Late Starters
This heartfelt episode dives into the incredible story of Krista and Ed. From growing up in poverty to facing financial insecurity as adults, this resilient couple shares their journey of overcoming adversity and finding hope in the FIRE movement. Discover how a deep bond of love, open communication, strategic planning, and an unwavering spirit led them to financial independence. Learn about their pivotal experiences, including a live case study at the EconoMe conference and actionable tips that can help you on your financial journey. Don’t miss their powerful message of never giving up and...
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Join host Bill and guest Diana Falck as they explore the intersection of community resilience and getting involved. In the wake of a recent crisis in Western North Carolina and East Tennessee, the duo highlights local relief efforts and community collaboration. Then in this special 100th episode, we get back to the basics with a step-by-step guide for late starters on the path to financial independence. Our guest for this special episode is original Catching Up to FI co-host, Becky Heptig! She joins Bill and Jackie as they share insights and guide you through how to get on track with your finances. They not only share what to do but in what order. It’s hard starting late and feeling like you’ve done everything wrong. The good news is, there is time to catch up and this is the place to start.
Thank you to our sponsors:
💵 Abundo Wealth: Advice-Only Financial Planning for Everyone https://www.abundowealth.com
❌ DeleteMe: Your personal data is yours again http://joindeleteme.com/catchingup
🧑🏼🏫 Personal Finance Club (Use code CUTOFI to get $30 OFF) PFC courses https://courses.personalfinanceclub.com/?ref=0114d0 or PFC investing course only https://courses.personalfinanceclub.com/courses/build-wealth-by-investing-in-index-funds?ref=0114d0
🍑 Nectarine: Advice-Only Financial Advisors https://hellonectarine.com/r/cutfi (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
🏦 Boston Institute of Finance Personal Growth Track: Enter code catchingup to get 5% off any “Personal Growth Track” course or package http://www.bostonifi.com/personal-growth
Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.)
Red Cross: Donate
Episodes:
Retiring Before Mom & Dad | Rob Berger | 25
A Hero’s Journey: The Mother of All Case Studies! | Krista and Ed Kim | 97
Enoughness: Your Life or Your Money | Vicki Robin | 95
Doña Quixote, Life Energy, and The Coming of Aging | Vicki Robin | 94
Shocking Simple Math Behind Early Retirement ~Mr. Money Mustache
The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life ~JL Collins
Ally High Yield Savings Account (4% as of 10/4/24 + $100 Bonus with direct deposit-by 12/31/22024)
Personal Finance Club - example for late starters: https://www.personalfinanceclub.com/is-it-too-late-to-start-to-investing
The Ultimate Investing Checklist: https://www.personalfinanceclub.com/the-ultimate-investing-checklist
Ground Rules according to the Money Guys 2/1/24: https://moneyguy.com/article/foo
🕒 Timestamps/Chapters:
00:00 Call to Action: How You Can Help in the Disaster in North Carolina and Tennessee
05:28 Introduction
07:50 Celebrating 100 Episodes with Becky Heptig
10:52 Why People Get a Late Start in Financial Independence 17:16 Disadvantages of a Late Start
25:26 Advantages of a Late Start
38:01 Financial Order of Operations for Late Starters
44:57 Eliminating Debt: The First Step to Financial Freedom
45:57 Big Picture Wealth Building Strategies
47:27 Calculating Your Net Worth and FI Number
49:32 Increasing Income and Reducing Expenses
51:06 Playing Defense: Insurance and Protection
54:51 Offensive Strategies: Emergency Funds and Employer Matches
01:01:35 Investing Wisely: Roth IRAs, HSAs, and More
01:06:15 Risk Tolerance and Rebalancing Your Portfolio
01:10:02 Maximizing Employer Plans and Mid-Range Debts
01:12:55 Hyperaccumulation and Taxable Brokerage Accounts
01:16:06 Prepaying Future Expenses and College Funding
01:22:57 Reevaluating and Automating Your Financial Plan
01:27:09 Final Thoughts and Encouragement
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Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.