186: December 14, 2024 - Full Episode: "Building Financial Independence: Year-End Review and Planning"

Key takeaways include:

Creating a Financial GPS:

Establish a "Goal, Plan, Schedule" to chart a clear path toward financial independence.
Calculate the required annual income for retirement and determine the total savings needed to achieve it, accounting for inflation and Social Security.
Financial Defense:

Start with a comprehensive review of assets, liabilities, and cash flow to address opportunities and problems.
Establish emergency funds (3–6 months of expenses), eliminate unnecessary expenses, and prioritize debt reduction.
Invest in adequate insurance coverage (health, life, disability, and liability) and create an estate plan with wills and trusts to secure your financial future.
Financial Offense:

Focus on growth-oriented investments such as diversified stocks, bonds, mutual funds, and retirement accounts (e.g., 401(k)s and Roth IRAs).
Leverage tax-advantaged strategies like maximizing contributions, using health savings accounts, and planning distributions to minimize taxes