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You Know Enough About Investing to…Still Mess Everything Up (S3 E2)
Manage episode 485145360 series 3571300
S3 E2: Discovering FI (financial independence) can be thrilling and it’s tempting to quickly make changes to your finances and investments. This episode cautions you to proceed slowly to ensure you fully understand the financial ramifications of your actions. Because you don’t want to win the battle, but lose the war.
“Small things” like transaction fees, taxes, and placing trades are easily misunderstood or overlooked, thereby altering the timeline to reach FI. Another common failure discussed is not reinvesting dividends and capital gain distributions.
Jeff Harrell explains how such oversights are easy to fix if identified early. But if they go unnoticed, they could slow your FI journey significantly. Remember, a bit of knowledge goes a long way.
(Season 3 Episode 2)
Resources Mentioned in Episode:
- Mad FIentist article, “HSAs – The Ultimate Retirement Account”
- Morningstar article, “Key Rules for a Backdoor Roth IRA Contribution”
Other Episode Referenced:
Podcast produced by Ted Cragg of QuickEditPodcasts.com
Music Credit: Dream Cave / Adventure Awaits / courtesy of www.epidemicsound.com
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