Wealth-Building Investment Strategies (w/Justin Smith, CFA,CFP) [Ep.61]

The DOC Podcast

Don’t miss Part 2 of my conversation on personal finance and wealth-building with my financial advisor, Justin Smith, CFA, CFP! In this episode we discuss:
• Emergency Funds - who needs one, what type of expenses to include, how many months of expenses it should cover, and where you should keep the dollars.
• The philosophical approach to investing that Justin recommends to his clients.
• How to approach diversification both within and among asset classes.
• The numerous benefits of having a wider margin between income and expenses.
• How to balance saving and investing with spending and enjoying excess dollars.
• Cryptocurrency and whether or not Justin sees it as a viable asset class in an investment portfolio.
• Student debt including how to incorporate it into an investment approach and if/when it makes sense to pay it down more aggressively.
• Saving for children’s college education including when to start, how much to set aside, and if 529 plans are the best way to do it.
• What to do if you end up with excess funds in a 529 plan and the new 15-year rule for transferring money from a 529 plan to a Roth IRA.
• Justin’s closing pearls summarizing how to achieve financial freedom.

LINKS
• The Real Reason Big Savers Retire Early: Minimizing Retirement Savings Needs: https://www.kitces.com/blog/retirement-savings-needs-big-savers-avoid-lifestyle-creep-to-retire-early/
• To learn more about Smith Partners Wealth Management: https://smithpartnerswealth.com/
• The Ortho Coach website: www.TheOrthoCoach.com