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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.
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🧑🏼🏫 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
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Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.)
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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
Catch-Up Contributions
📗Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence
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.
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