Millennial Investing - The Investor’s Podcast Network

MI323: Creating a Work Optional Life w/ Rachael Camp

Jan 30, 2024

01:10:12

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Financial planner Rachael Camp discusses how to create a work optional life. She shares her first steps with clients, managing her own finances, and the biggest mistakes people make. They also explore the rent vs. buying debate, the influence of the FIRE movement, and the benefits of index fund investing. Camp reflects on her upbringing, finding passion in finance, and the process of financial planning. They discuss the psychology of money, using Twitter to grow your career, and the importance of rest and sustainability.

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Quick takeaways

Setting financial goals based on one’s ideal day, experiences, and legacy can pave the way to creating a work optional life.

Understanding our own views and experiences with money, and being aware of our human tendencies, can help us improve our financial habits and achieve our goals.

Twitter can be a valuable tool for building a financial planning business, attracting clients, and connecting with like-minded peers in the industry.

Deep dives

Creating a Work Optional Life

The podcast episode discusses how to create a work optional life and features an interview with Rachel Camp, a certified financial planner. Rachel emphasizes the importance of setting financial goals based on one's ideal day, experiences, and legacy. By working backwards from these goals, individuals can start taking steps towards achieving them. The episode touches on topics such as managing personal finances, common financial mistakes, and the renting versus buying debate. Rachel shares insights from her own financial planning practice and highlights the benefits of focusing on financial planning in addition to investing.

Introduction

2min

Finding Passion and Independence

18min

The Process of Financial Planning and Regular Check-Ins

4min

The Psychology of Money and Financial Planning

16min

Using Twitter to Grow Your Career

4min

Time Commitment and Repurposing Content on Social Media

4min

Working with Solopreneurs and High Earners and Managing Finances through Automation

4min

The Benefits of Index Fund Investing

18min

Exploring the Impact of '4000 Weeks' and the Importance of Rest

3min

In this week’s episode, Patrick Donley (@JPatrickDonley) sits down with Camp who is a Certified Financial Planner to talk about how to create a work optional life. You’ll learn what Rachael’s first steps and questions are to her clients, how she manages her own financial life, what the biggest mistakes people make with their finances, her thoughts on renting vs. buying, and so much more!

Rachael is a Certified Financial Planner and owner of Camp Wealth where she helps high-earners and business owners build a preserve wealth. She is also co-host of The Work Optional podcast and lives in Denver, Colorado.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

01:41 - What it was like growing up in a family that was heavily involved in finance and investing.

07:26 - What it was like working at JP Morgan directly out of college.

09:19 - How it was partnering with her father doing financial planning.

12:44 - Why introverts can make great salespeople.

13:50 - How Jerry Seinfeld influenced her to write.

14:50 - What is money and how to become better with it.

17:14 - What her first steps and first questions are with new clients.

25:37 - How Rachael manages her own financial life.

26:41 - How the FIRE movement influenced her.

31:05 - Why everyone should create a memory dividend fund.

36:27 - Why she started her podcast, Becoming Work Optional.

39:31 - How Twitter has influenced and advanced her career.

50:56 - What her tech stack looks like for managing her finances.

54:23 - Why it’s not worth your time to try to beat the market.

58:01 - What the biggest mistakes she sees people making with their finances.

59:38 - What her thoughts are on renting vs. buying.

67:20 - How the ideas of Naval Ravikant have influenced her.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Recommended book: Quiet by Susan Cain.
Recommended book: Sapiens by Yuval Noah Harari.
Recommended book: The Psychology of Money by Morgan Housel.
Recommended book: Die with Zero by Bill Perkins.
Recommended book: The Obstacle is the Way by Ryan Holiday.
Recommended book: Common Sense on Mutual Funds by Jack Bogle.
Recommended book: Deep Work by Cal Newport.
Recommended book: The Almanack of Naval Ravikant by Eric Jorgenson.
Recommended book: The Creative Act by Rick Rubin.
Recommended book: Four Thousand Weeks by Oliver Burkeman.
Check out the books mentioned in the podcast here.

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Connect with Patrick: Twitter

Connect with Rachael: Twitter | YouTube

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Millennial Investing - The Investor’s Podcast Network

MI323: Creating a Work Optional Life w/ Rachael Camp