Becoming Work Optional

Rachael Camp & Matt Garasic
  • 5.0 (18)
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Becoming Work Optional

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 you save money on taxes, invest for your future, and align your money with your ideal life.

  1. #23 - Tax Hacks from $250MM Founder Ankur Nagpal: Do These 6 Moves Before Year-End

    NOV 13

    #23 - Tax Hacks from $250MM Founder Ankur Nagpal: Do These 6 Moves Before Year-End

    In this episode of Becoming Work Optional, Matt and Rachael interview Ankur Nagpal, a successful entrepreneur who shares insights on achieving work-optional status and the importance of tax savings for business owners. Ankur discusses his journey to financial success, the significance of a healthy relationship with money, and various tax strategies, including the benefits of a Solo 401k and charitable giving. The conversation emphasizes the value of proactive tax planning and the mindset shift from scarcity to abundance for entrepreneurs. Key Points Discussed: Ankur achieved significant financial success early, selling his company Teachable for over $100 million and achieving work-optional status by age 31. A major focus of the episode is on strategies for business owners to save on taxes, highlighting the advantages of the U.S. tax code for entrepreneurs. The Solo 401(k) is presented as a powerful retirement account option for solo entrepreneurs, allowing for high contribution limits and tax deductions. The discussion includes the benefits of electing S-Corp status for tax savings, particularly regarding self-employment taxes and reasonable compensation. Charitable contributions can be optimized through strategies like donating appreciated assets and using donor-advised funds for tax efficiency. The QBI (Qualified Business Income) deduction provides a 20% tax deduction for business owners, with specific rules for high earners to maximize benefits. The podcast stresses the need for professional advice in tax planning, especially for complex strategies like cash balance plans and S-Corp elections. Ankur discusses the importance of maintaining a healthy relationship with money, viewing it as a tool for freedom rather than a measure of self-worth. The conversation touches on the balance between work and personal well-being, emphasizing the importance of health and lifestyle choices in the entrepreneurial journey. 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. Ankur Nagpal X/Twitter - @ankurnagpal Instagram - @ankurna carry.com 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.

    1h 3m
  2. #022 - Being Poor Sucks: How to Change the Money Beliefs Holding You Back with Dr. Brad Klontz and Adrian Brambila

    OCT 30

    #022 - Being Poor Sucks: How to Change the Money Beliefs Holding You Back with Dr. Brad Klontz and Adrian Brambila

    In this episode of Becoming Work Optional, Matt and Rachael interview Dr. Brad Klontz and Adrian Brambila, discussing their new book "Start Thinking Rich," which explores 21 harsh truths about money. They cover their personal financial journeys from humble beginnings to achieving financial freedom, emphasizing the importance of mindset and strategic spending. They also discussed the concept of retirement, advocating for a life of purpose and financial freedom rather than traditional retirement. Key Points Discussed: "Start Thinking Rich" by Dr. Brad Klontz and Adrian Brambila covers 21 harsh truths about money, aiming to shake up traditional financial advice.The book emphasizes that beliefs about money can hinder financial success, advocating for a mindset shift.Both started from humble beginnings and became financially free through hustle and strategic financial decisions.They discussed the balance between saving aggressively and learning to spend wisely, focusing on experiences over materialism.Both authors criticize traditional retirement, advocating for a life with purpose and ongoing engagement rather than idleness.They emphasize finding work that serves a purpose and the importance of maintaining a sense of purpose throughout life.Brad and Adrian also discuss the importance of keeping some hobbies separate from work to maintain personal enjoyment.The impact of one's social circle on financial habits was highlighted, suggesting the need for a supportive environment. 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. Get "Start Thinking Rich" by Dr. Brad Klontz and Adrian Brambila startthinkingrich.com/bwo Dr. Brad Klontz X/Twitter, Instagram, YouTube, TikTok - @DrBradKlontz bradklontz.com Adrian Brambila X/Twitter, Instagram, YouTube - @brambilabong TikTok - @adrianbrambila adrianbrambila.com Rachael X/Twitter - @camp_wealth Instagram, YouTube - @campwealth rachaelcampwealth.com Matt X/Twitter, Instagram - @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.

    1h 12m
  3. #021 - Liz Giorgi on Building a Business That Gave Her Financial Freedom in Her 30’s

    OCT 16

    #021 - Liz Giorgi on Building a Business That Gave Her Financial Freedom in Her 30’s

    In this episode of Becoming Work Optional, Matt and Rachael interview Liz Giorgi, Emmy Award winner and CEO of Soona, discussing her entrepreneurial journey, emphasizing the importance of financial planning, resilience, and storytelling in business. She shared insights from her experiences with her first company, Mighteor, and the creation of Soona, highlighting the impact of providing affordable, professional content for brands. Liz also stressed the significance of setting personal finance goals and the value of celebrating successes along the way. Key Points Discussed: Entrepreneurship is difficult but can lead to significant financial freedom and personal fulfillment.Liz grew up in Northern Minnesota in a mining town, which shaped her perception of money and community reliance.Liz showed entrepreneurial tendencies from a young age, selling wild blueberries and raspberries and working at her families small business.Initially pursuing a career in television broadcasting, Liz found it unstable but valuable for networking and skill development.Liz founded her first company, Mighteor, leveraging her expertise in production and online advertising.Liz made early financial mistakes, such as not paying herself a salary, which she corrected through education at Babson College.Selling Mighteor for close to a million dollars, Liz prioritized her time and future aspirations over a higher sale price.Liz reinvested half of her earnings from Mighteor into her new venture, Soona, a same-day photo and video service for brands.Liz is a passionate advocate for gender equity in venture financing and supports women in entrepreneurship. Liz emphasizes the importance of setting specific financial goals and aligning them with personal values and aspirations. 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. Liz X/Twitter - @lizgiorgi soona.co 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.

    1h 9m
  4. #020 - What To Do With A Bonus or Windfall

    OCT 2

    #020 - What To Do With A Bonus or Windfall

    In this episode of Becoming Work Optional, Matt and Rachael discuss what to do when receiving a large bonus or windfall. They emphasize the importance of tax planning and working with a team of professionals, including a CPA and estate attorney. They also highlight the need to consider personal values and goals when deciding how to allocate the funds, and to take time to celebrate and reflect on the purpose going forward. Key Points Discussed: When receiving a large bonus or windfall, it is important to plan ahead for taxes and allocate a portion of the money for taxes.It is advisable to wait and take time to digest the windfall before making any hasty decisions or investments.Before taking action, it is essential to consider your values and goals to determine how you want to use the money to make an impact.Building a team of professionals, including financial advisors, CPAs, attorneys, and therapists, can help navigate the complexities of managing a large windfall.Setting aside enough money for taxes and establishing work optional status can provide financial security and peace of mind.Working with a proactive CPA can help identify tax strategies, such as donor-advised funds or tax loss harvesting, to mitigate tax liabilities.Estate planning considerations may arise for significant wealth events, and it may be necessary to establish trusts or other measures to protect and pass on assets efficiently.It is important to evaluate the return on hassle when considering complex investments solely for tax purposes, as simplicity and alignment with personal values should also be considered.Celebrating the windfall and taking time to enjoy it is essential, as it can be a life-changing event. Reflecting on the purpose and finding meaning beyond financial success is crucial for long-term happiness. 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.

    27 min
  5. #019 - The Reality of Dividend Investing

    SEP 18

    #019 - The Reality of Dividend Investing

    In this episode of Becoming Work Optional, Matt and Rachael delve into the nuances of dividend investing, discussing both its advantages and tax implications. They break down the concept of dividends, including the distinction between qualified and non-qualified dividends, and explore how stock holding periods influence taxes. The conversation also covers the relationship between dividends and share prices, the limitations of focusing solely on dividends, and the importance of a diversified investment strategy. Matt and Rachael also weigh the merits of dividend investing against capital appreciation and highlight common misconceptions and risks associated with dividend investing. Key Points Discussed: Understanding Dividends: A dividend is a company's distribution of profits to shareholders. Qualified dividends are taxed at long-term capital gains rates, while non-qualified dividends are taxed as ordinary income.Dividends and Share Prices: Dividends are not 'free money.'Dividend Investing Strategies: Investing in large-cap value companies that pay dividends can limit the investment universe. High dividend yields can be misleading as they may reflect a declining share price rather than a solid investment.Limitations of Dividend Investing: Solely focusing on dividends may provide an incomplete picture of a company's performance. Taxes on dividends can be burdensome. Total return, which includes both price appreciation and dividends, is a more comprehensive measure of investment performance.Dividend Investing vs. Capital Appreciation: Diversification remains crucial, and investment decisions should not be based solely on dividend policies.Risks and Misconceptions: A high dividend yield does not necessarily equate to a good investment and could deplete the portfolio if unsustainable. Dividend stocks can still face significant volatility. Emphasizing total return and maintaining diversification is key to managing risk and achieving overall investment success. 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.

    25 min
  6. #018 - From Bankruptcy to Billionaire: How Ron Carson Overcame a Financial Scarcity Mindset

    SEP 4

    #018 - From Bankruptcy to Billionaire: How Ron Carson Overcame a Financial Scarcity Mindset

    In this episode, Rachael interviews Ron "Omani" Carson where he shares his journey from a challenging childhood in Nebraska to becoming a successful financial advisor and business owner, emphasizing the importance of persistence and the shift from a scarcity to an abundance mindset. He discussed the transformative impact of therapy and psychedelic experiences on his personal and professional life. Omani also highlighted his commitment to philanthropy and conscious leadership, including his new venture, Omya, aimed at promoting holistic well-being and social justice. Key Points Discussed: Mr. Carson grew up in Nebraska, where his family were farmers, and he faced financial struggles.Omani's childhood experiences with poverty and family bankruptcy instilled a fear and scarcity mindset.Omani struggled for six years in his financial advisory career before achieving significant success.A pivotal moment came when he sought therapy and psychedelic therapy, leading to a mindset shift from scarcity to abundance.Omani's relentless work ethic initially led to personal sacrifices, including limited time with family.Omani and his wife are deeply involved in charitable activities, focusing on issues like clean water, food security, and end-of-life dreams for the elderly.Mr. Carson is a proponent of conscious capitalism, aiming to create a positive impact through his business and personal efforts.Mr. Carson is launching a new business, Omya, focused on holistic living and conscious leadership.Mr. Carson aims to build a 100-year company and continues to set ambitious goals, driven by a desire to make a significant social impact. 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.

    59 min
  7. #017 - The Shift to Impact Work

    AUG 21

    #017 - The Shift to Impact Work

    In this episode, Rachael and Matt discuss the mindset shift required when transitioning to a fully work optional status. They emphasize the importance of shifting focus from money to impact work and finding fulfillment in creating and contributing to the world. They also encourage listeners to challenge traditional work constructs and create a schedule that aligns with their natural rhythms and passions. Key Points Discussed: The shift to becoming work optional involves shifting your mindset away from working for money and towards impact work.It can be difficult to make this shift, especially for those who have been focused on earning a paycheck for most of their lives.Shifting to impact work requires taking on more risk and being comfortable with not relying on a steady paycheck.Exploring your hobbies and deeper values can provide a starting point for identifying impact work that aligns with your interests.It's important to focus on your internal scorecard and what brings you fulfillment, rather than solely chasing external markers of success.The goal of work optional status is not to retire and relax, but to continue working on things that align with your personal beliefs and values.It's important to figure out your ideal day and schedule, breaking away from the traditional nine-to-five pattern.Taking breaks and allowing for rest and rejuvenation can lead to increased productivity and focus.Challenging and questioning various aspects of your life can help in making the shift to work optional status. 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.

    32 min
  8. #016 - Making the Most of Employee Stock Options

    AUG 7

    #016 - Making the Most of Employee Stock Options

    Episode Summary: In this episode of the 'Becoming Work Optional' podcast, Matt and Rachael delve into the intricacies of employee stock options, exploring both their benefits and complexities. They provide a comprehensive overview of how stock options work, including the critical differences between non-qualified and incentive stock options, the importance of vesting, and the role of stock performance. The episode wraps up with insights into cost basis, tax consequences, and the importance of diversification in managing company stock. Key Points Discussed: Overview of Stock Options: Matt and Rachael explain stock options as a form of equity compensation and the need for thorough organization for tax and strategic planning.Types of Stock Options: Differentiation between non-qualified stock options (NQSOs) and incentive stock options (ISOs), including their tax treatment—taxed upon buying (NQSOs) versus selling (ISOs).Stock Options Pricing and Vesting: Explanation of how stock options are priced and the significance of the vesting schedule.Tax Implications and Liquidity: Discussion on the tax impacts of exercising stock options and the differences in liquidity between private and public companies. Public companies often offer cashless exercises, simplifying access for employees.Cost Basis and Taxes: Exploration of the cost basis concept in stock transactions and its tax implications. Advice on managing company stock considering tax consequences and the importance of diversification.Financial Strategy and Risk Management: Emphasis on setting diversification limits, evaluating the overall financial strategy, and managing risk tolerance when deciding whether to sell stock options. 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.

    35 min
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About

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 you save money on taxes, invest for your future, and align your money with your ideal life.

Information

  • Creator
    Rachael Camp & Matt Garasic
  • Years Active
    2023 - 2024
  • Episodes
    23
  • Rating
    Clean
  • Copyright
    © Work Optional Podcast 2024
  • Show Website
    Becoming Work Optional

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