For many NCRA members, Kathy Cortopassi, RDR, CRR, CRC, a Chancery Court Reporter in Wilmington, Del., is a familiar face and name. Some may know her for her skills in the National Speed and Realtime Contests; others may recognize her from the various volunteer positions she’s held at NCRA.
There is a side of Cortopassi, however, that many in the profession may not be as familiar with: Her emerging recognition in the FI (Financial Independence) movement. The Financial Independence (FI) movement is a lifestyle and financial strategy centered on maximizing savings, reducing expenses, and investing wisely to achieve financial freedom. Its goal is to accumulate enough wealth to support living expenses without relying on traditional employment, allowing individuals to pursue passions, hobbies, or retirement on their own terms.
Recently Cortopassi joined Meghan Combs, host of the “Everyday FI” podcast for an in-depth conversation about her life, how she found the FI movement, and what her plans are for the future.
In the interview, Cortopassi shares a very personal story in which she found herself 18 months ago at a crossroads in life. Her sister, mother, and husband died within three years, and after her husband died, she found out that only her husband’s name was on the title of the home they were selling before he died, which complicated the sale and forced Cortopassi to make some tough decisions about how to proceed next. (The sale was set to take place the day after her husband died. Cortopassi says of the time: “I had already quit my job and was scheduled to work near the condo we were supposed to buy! So, if the sale didn’t go through, would I have to live at the courthouse? How could I make the sale go through? I credit God alone for getting me through those days after Tim’s death.” )
After meeting with several people to figure a way out of the home title issue, Cortopassi decided that she did not want to ever be in that position again.
“I want to spend the rest of the time in my hourglass helping people,” she said.
This was the start of a deep dive into a personal finance journey that led Cortopassi to discover the FI movement.
Her financial independence journey has taken her to events like Camp Fi, an event that brings individuals interested in the FI movement together for a weekend of workshops full of resources and opportunities for collaboration. The “Everyday Fi” podcast became aware of Cortopassi’s story after a solicitation on FI social media that she follows.
“Lowballing yourself says something about what you think of yourself.”
For anyone new to the FI movement, there is much to be learned from the one episode alone about steps that can be taken to ensure their future is secure. Cortopassi says many in the profession could benefit from the lessons she has learned.
“Since the majority of us are working as freelancers, I think they would greatly benefit,” said Cortopassi. “Live by much less than what you bring in. Most of us freelancers must take about 30 percent of what we get paid and put that into a tax account, but not many of us are taking what’s left of that, at least 10 percent, and sending a check to ourselves for retirement.”
As for the future of the profession, Cortopassi is hopeful and optimistic but admits that we must continue working to attract newcomers to the profession. Her advice for doing this? Get over the fear of speaking to young people about it.
“One thing that many of us should be doing is going to our local schools at career fairs. Do a dog and pony show. There is nothing like students seeing what we do in action,” said Cortopassi.
Her advice for fellow court reporters and captioners, especially freelancers: “Think bigger.” Many of her colleagues, both those she has had as employees and fellow business owners, don’t know the prices or rates they should be offering, she said.
“You have to think of yourself as a business, not as a freelancer, but as a business. Do market research just like the big guys do,” says Cortopassi, adding that one should consider pitching such projects to students at local colleges and universities as potential avenues for doing that research.
“Lowballing yourself says something about what you think of yourself,” she said.
Listen to the entire interview over at Everyday Fi’s site or wherever you listen to your podcasts for more about Cortopassi’s FI movement journey and for how you can start your own.
Kathy Cortopassi, RDR, CRR, CRC, is a Chancery Court Reporter in Wilmington, Del. She can be reached at voicetoprint@gmail.com.
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