In this episode Mark discusses a strategy for automating your finances. Using his personal experience, he explains how setting up systems for automatic deposits, payments, and savings can help achieve financial goals and provide for a stress-free financial future.

He delves into the specifics of using a core cash management account and provides a step-by-step automatic cash flow process for both working individuals and retirees. Mark emphasizes the importance of monitoring financial transactions and maintaining a buffer.

If you would like your question answered on the show, please send an email to Mark@MarksMoneyMind.com and put “podcast question” in the subject line.

Episode Links:

Watch this Episode on the YouTube channel

Cash Flow Automation Flowchart - Working

Cash Flow Automation Flowchart - Retired

Fidelity Cash Management Account vs. Schwab Investor Checking

Timestamps:

• 00:27 Automating Your Finances: A Deep Dive
• 01:50 Choosing the Right Cash Management Account
• 02:38 Schwab vs. Fidelity: A Comparison
• 06:39 Setting Up Your Paycheck and Savings
• 13:58 Automating Bill Payments and Credit Cards
• 18:19 Managing Finances in Retirement
• 22:33 Tax Withholding Strategies
• 23:46 Roth Conversions and Tax Planning
• 26:09 Managing Estimated Taxes and Bill Payments
• 35:48 Automating Cashflow in Retirement
• 38:25 Final Thoughts and Recommendations

In this episode, Mark sits down with Kristen Knapp at CampFI Mid Atlantic 2024 to discuss financial independence, in-person FI events, semi-retirement, and travel aspirations.

They delve into Kristen's TV meteorologist career, experiences at various FI events, benefits of the community, and her plans for transitioning to part-time work and potentially living abroad in Spain.

The episode highlights personal stories, practical advice on transitioning to a semi-retired life, and the importance of community support in achieving financial independence.

If you would like your question answered on the show, please send an email to Mark@MarksMoneyMind.com and put “podcast question” in the subject line.

Episode Links:

CampFI

EconoMe Conference

ChooseFI Local Groups

Kristen Cornett, Meteorologist KMOV St Louis

Mr Money Mustache blog

The Simple Path to Wealth by JL Collins

ChooseFI podcast

Rick Steves’ My Way Tours

FinTalks Cruise

FI Freedom Retreat (Bali)

CampFI Presentation July 2022 with Mark & Katie

International Living - Best Places to Retire

Earn & Invest - Three Non-Identical Strangers

Timestamps:

• 00:25 Catching Up with Kristen at CampFI
• 02:34 Kristen's Meteorology Journey
• 06:04 Discovering Financial Independence
• 11:11 Balancing Finances in Relationships
• 16:54 Travel Adventures and Future Plans
• 32:57 Researching Expat Life in Spain
• 37:19 Downsizing, Packing and Moving Challenges
• 42:21 The Power of Community and Events
• 49:21 Hosting and Organizing Events
• 53:22 Conclusion and Contact Information

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As an Amazon Associate this show earns income from qualifying purchases. Affiliate links do not increase your costs, and we will only link to products or services that we are familiar with and that we feel may deliver value to you. The modest income received from affiliate links helps support the cost of running and managing this show.

In this episode Mark discusses three phases of Financial Freedom: Financial Enlightenment, Financial Liberation, and Financial Independence.

Mark shares insights from conversations at recent financial events and episodes of the podcast, emphasizing the importance of financial education, strategic planning, and intentional living.

Listeners will learn about evolving concepts within the FI/RE community, exploring the benefits of 'Coast FI' and 'Slow FI' encouraging a balanced approach to achieving financial independence without sacrificing the present.

The episode wraps up with thoughts on creating meaningful experiences throughout the journey to Financial Independence.

If you would like your question answered on the show, please send an email to Mark@MarksMoneyMind.com and put “podcast question” in the subject line.

Episode Links:

The Simple Path to Wealth by JL Collins

The FIoneers blog post on CoastFI vs SlowFI

Investment Calculator

Taking Stock by Jordan Grumet

I Will Teach You to be Rich by Ramit Sethi

What is the 4% Rule for Withdrawals in Retirement

Early Retirement Now - The Safe Withdrawal Rate Series

Die With Zero by Bill Perkins

The Top Five Regrets of the Dying by Bronnie Ware

Timestamps:

• 00:27 Reflecting on CampFI and Financial Freedom Phases
• 00:56 Phase One: Financial Enlightenment
• 04:29 Phase Two: Financial Liberation
• 08:51 The Boring Middle and Financial Liberation
• 10:59 Finding Your Tribe and Community
• 13:46 Exploring Coast FI and Slow FI
• 19:54 Exploring Barista FI/RE
• 20:53 Value-Based Spending
• 23:43 Understanding the 4% Rule
• 26:06 Lean FI vs. Fat FI
• 31:09 Living a Life of Financial Independence
• 33:14 Creating Memory Dividends
• 35:34 Conclusion and Community Engagement

_______________

As an Amazon Associate this show earns income from qualifying purchases. Affiliate links do not increase your costs, and we will only link to products or services that we are familiar with and that we feel may deliver value to you. The modest income received from affiliate links helps support the cost of running and managing this show.