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Protecting Your Finances During COVID-19Making Good Personal Financial Decisions During the COVID-19 Crisis Author: Essex Richards & Engage Forward
The coronavirus and COVID-19 diagnoses in the United States have quickly changed our lives in many ways. While health and public safety are top priority, many of us are concerned about our personal finances, and how we will take care of ourselves and our families. Some of us have lost jobs. Some of us have had our hours drastically reduced. Some of us do not have child care so we cannot go to work. Some of us are ill or caring for someone who is ill. Some of us have seen the value of our investments fall sharply. Some of us own small businesses and whether they close or not, we worry about meeting payroll and other operating expenses and whether we will be able to pay ourselves. And some of us are dealing with a combination of these changes. If you are dealing with any of these scenarios or just want to learn more then consider listening to this podcast. Heather Culp and her guest, Karen Boothe, cover legal insight and fundamental money management strategies to help you survive when facing challenging financial decisions. Heather Culp is a bankruptcy attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians and their families of all walks of life through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Karen Boothe is the founder and owner of Engage Forward LLC. Karen provides educational guidance and is passionate about what she does. Engage Forward LLC develops and delivers impartial, independent educational resources and is 100% independent which means no conflict of interest. The companys core values center around (1) People, (2) Integrity, (3) Impact and (4) Well-Being. Karen has extensive experience in the financial services industry including managing large corporate retirement plans through the 2000 tech crisis and the 2008 recession. For More Information about: Essex Richards Heather Culp Phone: (704) Language: en Genres: Business, Education, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Redefining Early Retirement
Episode 5
Monday, 22 November, 2021
Have you ever dreamed of retiring early? Or wondered what your life would be like if you didn’t have to work a 9 to 5? An increasing number of people are redefining what retirement means for them.In this episode of Protecting Your Finances, Karen Boothe from Engage Forward is chatting with Heather Culp and Kim Edwards about the FIRE (Financial Independence Retire Early) movement. Using FIRE principals, Kim accomplished her goal of retiring before the age of 40. In this episode she shares her take on whether anyone can accomplish FIRE or if there are only specific situations that allow people to achieve FIRE.According to Kim, there are a lot of ways that people can achieve FIRE including real estate, stock plans, and pension plans if this is something that they want to pursue. With this in mind, to achieve FIRE it’s important for anyone to be aware of what that final dollar amount is that they need to retire.If you think FIRE might be a financial goal you want to aim for, you have to have a plan. You can start by identifying the amount you want, what age you can get there, and how you can get there sooner. An important aspect of FIRE is being aware of what you’re willing to give up to get there.Featured on the PodcastName: Heather CulpWhat she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.Name: Karen BootheWhat she does: Karen is the Founder of Engage Forward LLC. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim EdwardsWhat she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.💵 Key Takeaways 💵Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔ Pursuing entrepreneurship doesn’t guarantee success. Starting your own business can have more hidden risks than some people realize. There are a lot of benefits to working for an employer, including retirement savings and health coverage. If you do decide to pursue entrepreneurship, be fully aware of what you’re getting into before you quit your day job.➔ Consider the 4% rule. Kim explains how she uses the 4% rule for her own FIRE retirement — she spends only 4% of her investment portfolio on her living expenses each year. With most stocks and investments growing at a rate that is higher than 4% this means that her overall portfolio still grows year after year.➔ Having a plan is key. Having a clear financial plan is key to achieving FIRE, you need to know where you’re at and how you can get to where you want to be. This includes being aware of what you’re...
