Rachael Camp, CFP®
@camp_wealth
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Following
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Creating financial plans for high earners and business owners. | Owner of Camp Wealth | Tweets are not advice.
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Joined May 2022
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My goal is not to retire.
My goal is to own my days and choose the projects I want to work on.
My goal is to work from a mindset of impact, not money.
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At 27, I have a six-figure net worth.
My finance degree got me a good job,
but these 6 personal finance books taught me how to build wealth:
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7K
The 5 money habits I’m following at 27 to be a millionaire by 35:
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An HSA offers a triple-tax advantage (beating a Roth IRA and 401k).
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
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2K
I rent and I'm not throwing money away.
I'm exchanging money for a place to live and I prefer:
- Fixed monthly cost.
- Geographic flexibility.
- 0 maintenance costs.
Renting is the better financial decision for me.
Buying may be the better decision for you.
Run the numbers.
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In 2023, you can only put $6,500 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $43,500 this year into a Roth IRA.
Here's how you do it:
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2K
A Roth IRA can save you tens of thousands in taxes.
But most people have no idea how they work.
Here's the most straightforward explanation of a Roth IRA you’ll ever read:
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1K
I rent and I'm not throwing money away.
I'm exchanging money for a place to live and I prefer:
- Fixed monthly cost.
- Geographic flexibility.
- Zero maintenance costs.
Renting is the better financial decision for me.
You should run the numbers for yourself.
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1K
In 2023, you can only put $6,500 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $43,500 this year into a Roth IRA.
Here's how you do it:
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140
1K
Generational wealth is controversial.
But I know a lot of people who want to set their children up for life (& it requires less than you'd think).
This is how you do it:
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I’m on track to be a millionaire by 35.
My finance degree got me a good job,
but these 6 personal finance books taught me how to build wealth:
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956
529s are no longer exclusively for education.
Now they can be used to give your child a jumpstart on retirement.
But the new 529 to Roth rules are far from a “hack”.
Here’s what you need to know:
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942
An HSA offers a triple-tax advantage (beating a Roth IRA and 401k).
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
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In 3 years I went from:
2 books/year --> 52 books/year
1 workout/week --> 6 workouts/week
10% income saved --> 50% income saved
$0 in business revenue --> $400k in revenue
Steal this framework to create habits that last a lifetime:
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Renting isn’t throwing your money away.
And homeownership costs way more than just your mortgage.
How to determine if buying or renting is best for you:
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Roth vs Traditional is a difficult decision.
So most people end up doing a 50/50 split.
But the research shows there is an optimal way with a multi-six-figure impact.
And I NEVER see people talking about this method.
Sharing it here:
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If you know nothing about building wealth you’ll buy the $15 lunch.
If you know a little about building wealth you’ll make the lunch at home.
But if you know a lot about building wealth?
You’ll buy the $15 lunch.
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If you know nothing about building wealth you’ll buy the $15 lunch.
If you know a little about building wealth you’ll make the lunch at home.
But if you know a lot about building wealth?
You’ll buy the $15 lunch.
119
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747
I've studied personal finance for 9 years.
If I lost everything I know about building wealth tomorrow,
I would start over with these 6 podcasts:
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706
An HSA can save you $1,000s in taxes.
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
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712
A Roth IRA can save you $1,000s in taxes.
But if you have a high income, you can't contribute to this account.
Here's how you get around it:
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690
Dave Ramsey has some terrible financial advice.
Dave Ramsey has helped a lot of people become better with their money.
Both can be true.
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It's fine to want to pay down your mortgage quickly.
But before you select the 15-year mortgage, consider opting for the 30-year mortgage and treating it like a 15-year.
You can pay it off just as quickly but now with added flexibility.
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It's true, you will not recover the cost of renting.
But you also won't recover these costs with homeownership:
- Property tax
- Maintenance
- Buying/closing costs
- Opportunity cost
- Insurance
- Interest
If you're not including these numbers, you're doing it wrong.
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659
One of the most common investing mistakes I see:
Ignoring taxes.
This mistake could cost you tens of thousands (if not hundreds of thousands) over your lifetime.
The Beginner's Guide to Tax-Efficient Investing:
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Index funds are one of the easiest ways to passively build wealth and achieve financial freedom.
But most people have no idea how they work (or how to invest in them).
Index Funds 101:
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Warren Buffett says he's done more for the individual investor than anyone he's ever known:
Jack Bogle.
In the beginning, he was mocked by his fellow investors, but today he has a cult-like following.
Here're 9 of his ideas that changed the investment world forever:
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One of the most common investing mistakes I see:
Not paying attention to taxes.
This mistake could cost you tens of thousands (if not hundreds of thousands) over your lifetime.
The Beginner's Guide to Tax-Efficient Investing:
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602
In 2023, you can only put $6,500 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $43,500 this year into a Roth IRA.
Here's how you do it:
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I don't know who needs to hear this but the long term boring approach has a way higher chance of making you rich.
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As a financial advisor, there are 7 massive tax mistakes I see people make over and over again.
Bad news: if you ignore them, it will cost you.
Good news: they’re easily avoidable.
Avoid these 7:
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A Roth IRA can save you $1,000s in taxes.
But if you have a high income, you can't contribute to this account.
Here's how you get around it:
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1. The Simple Path to Wealth,
@JLCollinsNH
"I may not have owned a Mercedes, but I owned my freedom."
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A hill I will die on:
People in their 20s should take way more risk.
If you fail: you have so much time to recover, you increase your skillset, and the worst-case scenario is rarely that bad.
The likelihood of regret is low.
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Dave Ramsey has some terrible financial advice.
Dave Ramsey has helped a lot of people become better with their money.
Both can be true.
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562
In 2024, you can only put $7,000 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $46,000 this year into a Roth IRA.
Here's how you do it:
16
51
553
A Roth IRA can save you $1,000s in taxes.
But if you have a high income, you can't contribute to this account.
Here's how you get around it:
25
56
526
My goal is not to retire.
My goal is to own my days and choose the projects I want to work on.
My goal is to work from a mindset of impact, not money.
22
74
493
One of the most common investing mistakes I see:
Not paying attention to taxes.
This mistake could cost you tens of thousands (if not hundreds of thousands) over your lifetime.
The Beginner's Guide to Tax-Efficient Investing:
21
75
474
Dave Ramsey has some terrible financial advice.
Dave Ramsey has helped a lot of people become better with their money.
Both can be true.
62
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446
The taxable brokerage account is the financial freedom account:
• No income limits
• No contribution limits
• Thousands of investment options
• Zero penalty for taking money out
• Ability to capture gains at 0% tax rate
Here's what you need to know:
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Employer stock compensation can make you a millionaire overnight.
But 50% of employees reported not understanding how this form of payment works.
Your guide to Restricted Stock Units:
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Dollar Cost Averaging is a popular and powerful way to invest.
But Lump Sum Investing beats it 66% of the time.
Before you invest, read this (to avoid missing out on thousands in investment returns):
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@JLCollinsNH
@morganhousel
@ramit
@theRealKiyosaki
TL; DR
The books that taught me how to build a six-figure net worth:
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Personal finance advice is expensive (I charge $5,000 for a financial plan).
So I spent 20 hours testing Chat GPT's financial knowledge.
Most of the results were terrible.
But the output from these 5 prompts blew me away.
Copy them here 👇
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@JLCollinsNH
3. The Psychology of Money,
@morganhousel
"Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself."
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If you have a goal of financial freedom, you need to understand Roth IRAs.
This framework is the most straightforward explanation of a Roth IRA you’ll ever read:
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Whenever my imposter syndrome creeps in, I remind myself that there are people out there selling whole life insurance to young people with zero dependents.
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Money in an HSA:
• Goes in tax-free
• Grows tax-free
• Comes out tax-free for qualified medical expenses
It's unlikely you'll never need the money for medical costs, but if you don't?
It acts like a retirement account (like an IRA) after age 65.
I love this account.
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Everyone should have insurance to protect their income and wealth (especially high-earners).
The problem?
Most people have no idea they are underinsured (which could have devastating consequences).
The 6 types of insurance you need to understand to protect you and your family:
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An HSA offers a triple-tax advantage (beating a Roth IRA and 401k).
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
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Employer stock compensation can make you a millionaire overnight.
But 50% of employees reported not understanding how this form of payment works.
Your guide to Restricted Stock Units:
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If you want to achieve financial freedom, you need these 3 tax buckets:
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I don't know who needs to hear this but if you're in your 20's and obsessing over your dividend income, you're doing it wrong.
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@JLCollinsNH
@morganhousel
4. I Will Teach You To Be Rich,
@ramit
"Conscious spending is about choosing the things you love enough to spend extravagantly on - and then cutting costs mercilessly on the things you don't love."
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Whenever my imposter syndrome creeps in, I remind myself that there are people out there selling whole life insurance to young people with zero dependents.
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Dave Ramsey has some terrible financial advice.
Dave Ramsey has helped a lot of people become better with their money.
Both can be true.
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Employees who negotiate their salary earn $1 million more over their career than those who don't.
But only 34% do this.
How to negotiate your income like a pro:
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@JLCollinsNH
2. The Richest Man in Babylon, George S. Clason
"I found the road to wealth when I decided that a part of all I earned was mine to keep."
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5 years ago I just wanted a six-figure income.
Then I got it and just wanted a six-figure net worth.
Then I got it and just wanted a seven-figure income & net worth.
Then I realized it wasn't about the income or net worth.
Now I lead with lifestyle goals.
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I‘ve worked with dozens of millionaires who have never:
• Made six-figures
• Started a business
• Inherited money
Here’s how they did it:
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Dollar Cost Averaging is a popular and powerful way to invest.
But Lump Sum Investing beats it 66% of the time.
Before you invest, read this (to avoid missing out on thousands in investment returns):
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This account has been called the hidden gem of retirement accounts.
It can DOUBLE the amount you can save in your retirement plan at work ($22,500 x 2).
And has zero penalty for taking money out early (unlike a 401k or 403b).
🧵
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A Roth IRA can save you $1,000s in taxes.
But if you have a high income, you can't contribute to this account.
Here's how you get around it:
14
32
308
Renting isn’t throwing your money away.
And homeownership costs way more than just your mortgage.
How to determine if buying or renting is best for you:
28
25
309
"The Richest Man in Babylon" has been a top personal finance book for almost 100 years.
These 8 quotes show why it's a classic:
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@JLCollinsNH
@morganhousel
@ramit
5. Rich Dad Poor Dad,
@theRealKiyosaki
"Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets."
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"Always rent" crowd is wrong.
"Always buy" crowd is wrong.
The "it depends" crowd wins it again.
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The most underrated use of money is buying freedom.
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I max out my Roth IRA every year.
In retirement, I'll have over $1 million in this account.
Over $1 million in tax-free money.
Here's the most straightforward explanation of a Roth IRA you’ll ever read:
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As a financial advisor, I 100% agree.
This is why I speak out against dividend income, covered call strategies, crypto, and individual stock picking.
They are a waste of your time.
Spend time in your 20s and 30s on your earnings potential (and passively invest in the market)
If you’re under 30, you should be focused on your career, not trying to make money in the stock market
The ROI of getting those first ten years right for your lifetime earnings is much higher than anything you’d make in the market
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161
3K
15
65
286
Dave Ramsey has some terrible financial advice.
Dave Ramsey has helped a lot of people become better with their money.
Both can be true.
44
18
282
In 2023, you can only put $6,500 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $43,500 this year into a Roth IRA.
Here's how you do it:
15
21
285
An HSA offers a triple-tax advantage (beating a Roth IRA and 401k).
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
26
25
285
It's true, you will not recover the cost of renting.
But you also won't recover these costs with homeownership:
- Property tax
- Maintenance
- Buying/closing costs
- Opportunity cost
- Insurance
- Interest
If you're not including these numbers, you're doing it wrong.
40
33
284
I’ll tell you right now, if we were to ever experience an economic collapse, I’m not going to trade my food for your gold.
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The 5 money habits I'm following at 28 to be a millionaire when I’m 35:
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Financial freedom can change your life.
But most people overcomplicate it.
Escape the 9-5 in 8 steps:
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If you’re 20s-40s there’s a 99% chance you don’t need to be focused on dividend investing.
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19
269
In 2024, you can only put $7,000 into a Roth IRA.
But if you have the right 401(k) plan, you could potentially put an extra $46,000 this year into a Roth IRA.
Here's how you do it:
5
22
270
If you know nothing about building wealth you’ll buy the $15 lunch.
If you know a little about building wealth you’ll make the lunch at home.
But if you know a lot about building wealth?
You’ll buy the $15 lunch.
41
17
260
@JLCollinsNH
@morganhousel
@ramit
@theRealKiyosaki
6. Your Money or Your Life, Vicki Robin and Joe Dominguez
"Waste lies not in the number of possessions but in the failure to enjoy them."
4
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256
40% of people regret buying their car.
Why?
Car salesmen are experts at making you overspend.
Lucky for you, they all use the same tricks.
Watch out for these 5 sales tactics when buying your next car:
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46
260
An HSA offers a triple-tax advantage (beating a Roth IRA and 401k).
But 91% of people aren't using it to its full potential.
How to maximize your HSA for financial freedom:
17
18
265
W2 is the worst way to earn income.
But you still have options for reducing taxes:
- Max out 401k/403b
- Backdoor Roth IRA
- Mega Backdoor Roth
- Donor Advised Fund
- Real Estate: Real Estate Professional/Short-term rental
- HSA/FSA
- Tax loss harvesting
- 529
What did I miss?
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Everyone wants financial freedom.
But most people have no idea if they are behind, ahead, or right on track.
A breakdown of where you should be in your 20's, 30's, 40's, and 50's (plus money habits to focus on in each decade):
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34
246
@maxpashman
If you believe renting is throwing your money away you also have to believe property taxes and interest are throwing your money away
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If you're saving 50% of your income because you hate your job and you want to retire in 10 years, I have another way quicker hack for you:
Get another job.
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This is your reminder to add beneficiaries to all of your accounts.
Probate sucks.
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There are a million things to think about when you have children.
But you can't afford to ignore the financial updates that need to happen.
The New Child Checklist (for your money):
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My obsession is not money.
My obsession is freedom.
10% of the time I focus on: my income, my net worth, or the balance in my bank account.
90% of the time I focus on how I want my days to look.
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90% of financial advice on Twitter is trash.
If you really want to build wealth,
Read these 8 threads:
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Some of us who are "good with money" can be too good at delayed gratification.
We put off our dream vacation, moving to the place we really want to live, or leaving a miserable job.
In the name of "suffer now, have fun later".
You owe it to you today to enjoy the present too.
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I became obsessed with financial freedom while working a job I hated in my early 20's.
At 28, I have a six-figure net worth and ownership over my schedule.
These 6 books showed me the way out:
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228
My goal is not to retire.
My goal is to own my days and choose the projects I want to work on.
My goal is to work from a mindset of impact, not money.
19
18
226
I used to hate having cash while I was an employee.
I invested every dollar I could into the market.
But as a business owner, I can't sleep without knowing I have 12 months of living expenses in cash.
Yes, I know I'm losing to inflation.
The peace of mind is worth it.
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Everyone talks about how to build wealth.
I’ll tell you how NOT to.
10 mistakes I made in saving my first $100k (so you don't have to):
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3 phases of studying the stock market:
Phase 1: realize you're clueless and invest in index funds.
Phase 2: learn a little about investing and try to beat the market.
Phase 3: realize you're clueless and invest in index funds.
My tip?
Skip phase 2 if you can.
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10 months ago I was terrified to start posting on Twitter because I was confident no one would care about what I had to say.
10,000 followers later and I'm so happy I didn't listen to that voice in my head.
Today's the day to hit post.
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Stop selling whole life insurance policies as an investment to 20- something-year-olds with 0 dependents 👏
And 20-something-year-olds, please do your research before buying.
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