Catching Up to FI

By: Bill Yount & Jackie Cummings Koski
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  • Summary

  • A mindset, money, and life podcast for late starters catching up to Financial Independence.
    2024
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Episodes
  • Mind Blowing ways to Maximize Your Health Savings Account (HSA) | Jeff York | 98

    Mind Blowing ways to Maximize Your Health Savings Account (HSA) | Jeff York | 98
    Sep 29 2024
    In this special two-part episode we unveil the 'Wealthy Custodian,' Jeff York (from episode 74 & 76), 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, bright ideas like using your HSA for health expenses abroad, and even IRA to HSA transfers. Whether you are new to HSAs or looking to maximize your FI strategy, you won't want to miss this episode. Stay tuned for Part 2 where we explore HSA drawdown strategies, advanced scenarios and answer listener questions! For this episode we are providing a formal presentation here: PDF of Full HSA Presentation 🔗Connect with us Buy CUtFI a coffee Record a message for CUtFI Thank you to our sponsors: Abundo Wealth: Advice-Only Financial Planning for Everyone DeleteMe: Your personal data is yours again Personal Finance Club: Use code CUTOFI to get $30 OFF any course or PFC investing course only Nectarine: Advice-Only Financial Advisors (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 Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.) HSA Rules and Regulations (IRS Pub#969) Qualified Medical/Dental/Vision Expenses (IRS Pub#502) Preventive Care and Chronic Conditions (IRS Notice) ➔ Morningstar / Best HSA Providers ➔ Kitces / HSA ‘Deathbed Drawdown’ ➔ Fidelity / HSA Education ➔ Wex Health / HDHP with HSA vs. traditional health plan calculator ➔ Consumer Friendly List of HSA-Eligible expenses 🕒 Time stamps: 00:00 Introduction to the Special Episode 00:07 Unveiling the Wealthy Custodian 00:33 Diving into HSAs: Tips, Tricks, and Misnomers 03:00 Personal HSA Journeys 13:09 Understanding High Deductible Plans 25:02 Flexible Spending Accounts vs. Health Savings Accounts 28:11 HSA Eligibility and Contribution Limits 34:09 State-Specific HSA Tax Rules 37:58 Unique Provisions for Different States 38:10 Understanding the Last Month Rule 40:09 HSA Eligible Expenses 41:48 Supersizing Your HSA 42:27 Investment Strategies for HSA 44:50 Maximizing Contributions and Advanced Strategies 47:20 Reimbursement Strategies and Record Keeping 52:40 IRA to HSA Conversions 01:02:16 Bright Ideas for HSA Usage 01:09:21 Using HSA Funds Abroad 01:11:30 Conclusion and Final Thoughts 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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    1 hr and 13 mins
  • A Hero’s Journey: Krista & Ed, The Mother of All Case Studies! | Krista and Ed Kim | 97

    A Hero’s Journey: Krista & Ed, The Mother of All Case Studies! | Krista and Ed Kim | 97
    Sep 22 2024

    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 transforming your dreams into reality.

    🔗Connect with us

    Buy CUtFI a coffee

    Record a message for CUtFI

    Thank you to our sponsors:

    Abundo Wealth: Advice-Only Financial Planning for Everyone

    DeleteMe: Your personal data is yours again

    Personal Finance Club: Use code CUTOFI to get $30 OFF any course or PFC investing course only

    Nectarine: Advice-Only Financial Advisors (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

    Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.)

    EconoMe Case Study: Real Life Numbers

    Case Study Template

    🕒 Time stamps:

    00:00 A Childhood of Hardship and Resilience

    02:11 Introduction to the Case Study

    02:27 Meet Krista and Ed

    03:03 The Financial Journey Begins

    06:37 Krista's Reading Habit

    08:11 Ed's Gaming Passion

    08:45 Ed's Immigrant Upbringing

    15:00 Krista's Struggles and Triumphs

    25:44 The Debt Story Unfolds

    36:56 Exploring Contentment and Consumerism

    37:16 Discovering the FI Movement

    39:09 Joining the ChooseFI Community

    41:32 Applying for the EconoMe Case Study

    42:49 Sharing Financial Details Publicly

    45:53 Case Study Insights and Learnings

    47:22 Financial Goals and Planning

    52:57 Budgeting and Debt Management

    01:03:59 Investment Strategies and Risk Tolerance

    01:07:25 Final Thoughts and Advice for Late Starters

    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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    1 hr and 15 mins
  • Money Dates and Marriage Myths: A Financial Toolkit for Couples | Brian Page | 96

    Money Dates and Marriage Myths: A Financial Toolkit for Couples | Brian Page | 96
    Sep 15 2024
    Former award-winning teacher turned educator on financial literacy and relationships, Brian Page discusses the concept of 'Modern Husbands' and the importance of viewing marriage as a partnership. Learn about his innovative Marriage Toolkit, designed with insights from over 30 experts, and discover practical tips on managing money, home, careers, and family life in the 21st century. From navigating second marriages to conducting effective money dates, this episode is packed with valuable advice for couples looking to achieve financial harmony and a thriving relationship. 🔗Connect with us Buy CUtFI a coffee Record a message for CUtFI Thank you to our sponsors: Modern Husbands Marriage Toolkit: 60+ lessons with evidence-based ideas from 40+ of the nation’s leading experts in managing money and the home as a team. Use this link to get the toolkit for just $299 ($100 off). Abundo Wealth: Advice-Only Financial Planning for Everyone DeleteMe: Your personal data is yours again Personal Finance Club: Use code CUTOFI to get $30 OFF any course or PFC investing course only Nectarine: Advice-Only Financial Advisors (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 Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.) Modern Husbands Website Modern Husbands Podcast Modern Husbands Marriage Toolkit 🕒 Time stamps: 00:00 Introduction to Modern Husbands 00:30 The Money Date Lottery Ticket 01:08 The Marriage Toolkit 02:07 Welcome to Catching Up to FI 02:30 Introducing Brian Page 02:40 Brian's Career Shift 03:32 Brian's Accolades and Personal Life 04:31 Defining the Modern Husband 05:09 Supporting Ambitious Partners 06:27 Brian's Career Transition 08:05 Personal Finance and Relationships 10:14 Brian's Upbringing and Money Memories 14:58 Early Retirement and Frugality 18:52 Becoming a Personal Finance Teacher 19:37 Financial Independence Journey 21:27 Challenges of Modern Husbands 23:01 Higher Divorce Rates in Female Breadwinner Households 27:37 John Gottman and Relationship Dynamics 28:11 Commingling Finances in Marriages 30:57 Financial Translucency: Yours, Mine, and Ours 32:43 Navigating Finances in Second Marriages 33:55 Introducing the Marriage Toolkit 44:16 The Importance of Money Dates 51:34 Engaging Your Partner in Financial Conversations 57:17 Conclusion and Toolkit Access 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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    1 hr and 1 min
Economics Personal Finance
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