Hack Your Wealth Andrew Chen

#93: Early retirees often fill their early years in retirement with lots of travel. There is even a vibrant community of nomadic early retirees who travel long-term.
But what do you do about health insurance, especially if you’re American? Unlike in most other industrialized countries that have universal health insurance, American health insurance is generally tied to your employer, at least before you’re old enough to qualify for Medicare. That means if you don’t have a job, you generally don’t have health insurance. For early retirees, that’s a problem.

What are the health insurance options for early retirees, especially those who plan to travel significantly in retirement?

This week, I chat about early retirement health insurance options with Tracy Winters, Director of Individual Insurance at Good Neighbor Insurance, an Arizona-based health insurance brokerage that specializes in health insurance consulting for long-term travelers, expats, and traveling early retirees.

We discuss:
The big picture for how traveling early retirees should think about their health insurance optionsWhen it makes sense to simply self-insureTracy’s observations on which countries offer both high-quality and affordable healthcareTracy’s health insurance recommendations for early retirees who wish to travel abroad 100% vs. 90% vs. 50% vs. 25% of the timeACA marketplace health insurance options to consider for early retireesHow Medicare coverage is impacted when you travel long-termWhen it’s worth repatriating to the US vs. staying in-country to get medical care, plus what kind of insurance plans provide repatriation servicesCheck it out here:
https://hackyourwealth.com/health-insurance-retirement-travel

If you’re early retired, what do you do for health insurance?

How do you handle health insurance when traveling as an early retiree?

If you’re planning to early retire in the future, how important is health insurance coverage to your decision of timing when to early retiree?

Let me know by leaving a comment.

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Related links:
About Tracy WintersSchedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

#92: Most FIRE stories are of men. A lot seem to be of ex-software engineers (on blogs anyway). It’s rare to see profiles of early retired women, especially single women who retired early from ambitious careers.

Also, most FIRE stories focus on strategies for things like accumulating enough assets to FIRE. Investment selection. Portfolio allocation. Safe withdrawal rates. Sequence risk.

These are important topics for sure. I’ve covered many of them on HYW. But they are also very much about the mechanics.

It’s rare to hear how early retirees grapple with stuff like: loss of professional identity, building a new non-career identity, finding purpose, fulfillment, and community as an early retiree; or dating and companionship in early retirement.

This week, I chat with Kim (last name withheld at her request) about her journey from MBA to corporate career to early retirement at 39 and her life and identity now 5 years post-FIRE. We discuss some of these rarely mentioned topics, as well as what it’s been like so far in early retirement as a single woman.

We talk about:
Kim’s career path before early retirementHow she came up with her FIRE numberHer numbers: earning/income trajectory from MBA graduation to early retirement, spending level during her career & now in retirementHer asset allocation + tactics she uses for managing, rebalancing, risk mitigation, and withdrawing from her portfolioFactors she considered in terms of spouse/family vs. early retirementAdvice on dating and companionship in early retirementWhat she learned about finding a new non-career identity, purpose, and fulfillment in early retirementHow Kim spends her days now & how she’s found community as an early retireeHer advice for other young women who are interested in FIRECheck it out here:
https://hackyourwealth.com/retire-early-women-business-career-professional

Know any other interesting unmarried women who are pursuing or achieved FIRE? I’d be interested in potentially interviewing them for the podcast. Let me know by leaving a comment.

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Related links:
Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

#91: It’s no secret that many healthcare professionals earn lots of money. So, you might think it’s relatively easy for them to achieve financial independence and retire early (or at least step back from demanding clinical hours).
Aaaand….you’d be right about that!
Sure, earning healthcare money is not a requirement for FIRE. But if you do, you certainly have more options…even if you also have large expenses (like kids).
This week, I talk with Dr. G (anonymized, his request), a dentist with two kids in the midwest who built a $7 million nest egg before stepping back from clinical practice. He explains the actions he took to build his wealth…and what he’s doing now.
We discuss:
His career path as a dentistNet worth after finishing dental schoolAge when he broke even and when he reached FIHow much he earned right out of dental school, when he broke even, when he reached FI, plus how much he earns passively nowSpending level over the years, plus how much he spends post-FIAsset allocation breakdownMain actions he took that had the biggest impact on net worthHis thought process on stepping back from clinical work with two young kids still in towFIRE tips for people with kidsCheck it out here:
https://hackyourwealth.com/dentist-financial-independence-retire-early
What type of FIRE profiles (career path, earning level, family/kid status, etc) do you want to hear more about? Let me know by leaving a comment.

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If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Related links:
Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

#90: It’s back to school season, and that means it’s also the time of year for high school seniors to start agonizing over college applications.

Applying to college is an anxiety-filled rite of passage for high school seniors, but it’s often just as anxiety-inducing for parents who bang their heads on how to pay for it.

That’s because paying for college is, for many families, the biggest single expense they’ll have for their child. It’s also often the second biggest life expense a family will incur, right behind buying a home. Paying for college is like buying a Tesla Model Y and giving it away. Every year, for four years.

So this week, I chat with my friend Ann Garcia about how to pay for college. She just wrote a new book on this topic, which we discuss in detail, along with important new updates to the federal financial aid process (FAFSA) + key things to know about 529 plan rules.

We discuss:
Why Ann decided to write this book now, what makes it differentThe mind-boggling cost of college today; forecasted cost in 15 yearsWhy college costs so much now, what’s driven up the cost in recent decadesGoals that colleges are trying to accomplish with their financial aid awardsThings parents should do to prepare their child and finances for the cost of college from birth to high schoolWhy it’s important for your child to do the official campus tour for colleges they’re interested inRecent key changes and updates to the FAFSA processDifference between 529 savings plans vs. pre-paid tuition plans vs. Private College 529Mechanics of 529s: roll-over-ability, qualified expenses, taxes & penalties for non-qualified expenses, how scholarships are handled, changing beneficiariesCheck it out here:

https://hackyourwealth.com/how-to-pay-for-college


Have you been through (or will soon go through) the college financial aid process? What’s been the most confusing or frustrating aspect? Let me know by leaving a comment.

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Related links:
Book: How to Pay for College: A complete financial plan for funding your child's educationOnline course: The College Financial Plan Masterclass - 20% discount exclusively for HYW subscribers (use code: HYW20)TheCollegeFinancialLady.com529 college savings plans: rules, tax benefits, & qualified expenses (HYW026)College financial aid tips and strategies, with Ann Garcia (HYW053)College student financial aid changes coming to the FAFSA application (HYW079)Schedule a private 1:1 consult with meHYW private FB communityIntro/Outro: Old Bossa by Twin Mus

#89: Summer is fast approaching, and that’s traditionally when home-buying season ramps up.

This week, I share insights on how to conduct due diligence when you’re looking to buy a home. Whether you’re buying a primary residence or investing in rental real estate, rigorous due diligence is critical to ensuring you get a good property at a reasonable price. In this episode, I explain my entire process for thoroughly analyzing a property before writing an offer.
You learn:
10 key things to look for when doing pre-tour due diligenceThe 4 big things to look for in disclosure packetsHow to evaluate the history of previous remodels, structural changes, or additions to the house done by prior ownersSpecial tips for buying a condo – how to analyze HOA records, financials, rules, and CC&RsMy 12-point checklist on what to look for when touring a home in personCheck it out here:
https://hackyourwealth.com/real-estate-due-diligence


If you’ve bought a home before, what are the most important due diligence items you look for? Let me know by leaving a comment.

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If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Related links:
Battle-tested home remodeling tips for saving serious money and getting the most from your contractorsHow to find and vet good home remodeling contractors like a bossHow to write an offer to purchase a house (that stands out and wins)How to do a residential property inspection step by step: What smart real estate investors look forHow to research real estate markets: The single best resource you needAvoiding capital gains tax on real estate: how the home sale exclusion worksThe True Benefit of Homeownership (why buying has paid off over renting, even in a million dollar market)Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

#88: Have you maxed out your backdoor + mega backdoor Roth conversions yet?
For high earners, direct contributions to a Roth IRA, and tax-deductible contributions to a traditional IRA, are limited by income thresholds.
But ALL taxpayers – even high earners – can still invest money into a Roth via backdoor Roth conversion. And if your employer’s 401k has the right plan features, you can turbo-charge your Roth conversions another 7x by doing the “mega backdoor” Roth conversion.
What the heck do these mean? And how exactly do you do them?
This week, I share what these concepts are, tips for how to execute them successfully, and what you need to know about your employer 401k to turbo-charge your Roth conversions.
I explain:
The difference between a backdoor Roth vs. mega backdoor RothHow to execute each one + tips to ensure no tax liability when you convertWhat plan features your employer 401k must have to do a mega backdoor RothWorkaround if your employer 401k does NOT allow in-plan Roth conversions, but DOES allow after-tax contributions (yes, you can still move that money into Roth)How recent proposed legislative changes would curtail the backdoor Roth strategy, and whether you need to worry about itA note about doing mega backdoor Roth conversions via Solo 401k.Check it out here:
https://hackyourwealth.com/mega-backdoor-roth

Have you done a backdoor or mega backdoor Roth conversion before? If you’ve decided not to, what dissuaded you? Let me know by leaving a comment.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
Apple PodcastsOvercastSpotifyStitcherI need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Related links:
Traditional vs. Roth? How to double-dip on the tax benefits of BOTHWhat is a Solo 401k? And Why It Beats All Other Retirement AccountsEverything you need to know about 401Ks (HYW003)IRAs, Roth IRAs, and how to get the tax benefits of BOTH (HYW004)Schedule a private 1:1 consultation with meHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.