In Episode 42 of the podcast I talked about how to use a particular type of savings account (referred to as a 529 account) to save for your children’s education. I gave some general information and urged people with children to look into them. However, I always wanted to revisit this topic later for a deeper dive.
That’s why on this episode of the podcast I talk with Michael Karwic, a Certified Financial Planner in Pennsylvania, to take a more in-depth look at educational savings accounts to help you get started in saving for your children’s future!
In this episode you will learn:
The retirement plan for a self-employed individual is often different from those who work for someone else. If it is a small business, it usually doesn’t have a pension plan or a 401(k), although the owner can set up an IRA and an SEP to put money aside.
What the plan does include that makes it different is what that person does with their business upon retirement. Do they shut it down, pass it on to their children, or sell it to their partners or a third party? So in this episode of the podcast I talk to Australian podiatrist and entrepreneur Dr. Tyson Franklin for his tips on how to prepare your business for eventual sale, come up with a price, and find a buyer.
In this episode you will learn:
As we enter into the December holiday season, many people look to purchase a new car, as manufacturers advertise heavily in the media offering lots of deals to encourage you to buy. Toyota, for example, often holds their “Toyotathon,” which ends soon after the first of the year.
For this reason, in this episode of the podcast I talk about the best way to choose the right car, shop for it, and make sure you end up with a monthly car loan payment you can afford and that won’t break the budget. Bear in mind, however, that this is about a car purchase, not a lease, as it is my firm belief that a “buy and hold” approach to cars is better for your long-term financial freedom.
In this episode you will learn:
These days, expenses continue to go up, but your salary at work doesn’t. There’s often a constant struggle to bring in enough money to cover all budgeted expenses, plus maintain an emergency fund and save for retirement! In Episode 91 I talked about how passive income can help to supplement the earned income at your job.
In this episode of the podcast I talk about another way to bring in more money with what is known today as a “side hustle,” or second job. It takes more time and effort than straight passive income but can still help you to achieve or maintain financial freedom.
In this episode you will learn how to earn more on the side by:
It can often be difficult to pay the bills on your current income due to increases in costs or unexpected expenses. If you don’t have an emergency fund, one big car repair can derail your budget. But absent your boss giving you a raise, what can you do?
There are only so many hours in a day, so a second job may well be out of the question. But that doesn’t mean that you can’t bring in more money. In this episode of the podcast I talk about passive income and how it can not only make your budget much easier to keep to, but also help you pay down debt, save for emergencies, and plan for retirement.
In this episode you will learn about:
Travel is expensive, and people living on a budget trying to pay their bills and stay on an even financial keel often can’t afford a vacation. We all need some time off from the daily grind but finding the money to do so can be difficult.
Credit card companies like Capital One have recognized this market and advertise products that allow you to accumulate airline “miles” with each dollar you spend on their card. Using them is part of a process called “travel hacking,” which allows many people to afford a decent vacation.
That’s why in this episode of the podcast I talk with Lee Huffman, a personal finance writer who helps people get started on their journey to a better, and more affordable, travel experience.
Financial planners and retirement experts all preach on the importance of starting early in saving for retirement. The sooner you start, the more time your money has to grow. But what if you got a late start because life got in the way: marriage, children, financial setbacks and the like? What do you do then?
That’s why in this episode of the podcast I talk to Dr. Fred Rouse about Short Window Retirement Planning and how you can use it to create financial independence in retirement, even though you started in your 50s with not a lot of savings.
June was that they were issuing their own credit card, in partnership with Goldman Sachs. Lots of great features were detailed, and a sleek, modern design for the card was revealed.
But now that the card is generally available in the United States, the question becomes, should you get one? Are all of the features that were announced worth it? Is it for you or should you look to get another card (assuming you are looking for one)? That’s why in this episode of the podcast I wanted to talk about the pros and the cons, and help you to decide whether the Apple Card is right for you.
Being in financial difficulty is stressful. You have debt that you can’t pay, you keep getting letters and phone calls demanding money you don’t have, and court officers are standing at your door to serve you with lawsuits. This can really weigh you down.
Under these circumstances, it is natural for people to come up with reasons in their heads as to why things aren’t so bad; it’s a coping mechanism. They tell themselves things to make themselves feel better. That’s understandable. The problem is, those reasons are seldom true, can lead them into more trouble, and away from the very solution that they need.
That’s why in this episode of the podcast I talk about the 5 lies people tell themselves about debt. I have heard these many times over the past 30 years, and it pains me every time because it prevents them from doing the right thing for their situation.
Anyone who wishes to achieve financial independence needs to start taking the appropriate steps as soon as possible. The earlier in your life you start, the sooner you will reach a point where you no longer need a paycheck. That’s when you know you can retire and start enjoying life full time!
There is a growing movement now in the world called FIRE (Financial Independence, Retire Early) that argues against the idea that you can’t or shouldn’t retire before age 65. Its members advocate for an early start towards savings and investment, in order to reach financial independence sooner and retire early.
Two of the biggest champions of this movement are Kristy Shen and Bryce Leung, who managed to build a net worth of over $1 million and retire at age 31 to travel the world and live a nomadic lifestyle. That’s why in this episode of the podcast I talk to them about their new book, how it came about, and how you too can quit like a millionaire!