On today's Friday Q&A we discuss:
- 00:49 Is it ok to take money from a retirment account to pay for college?
- 8:54 Should we buy out the grandparent's lake house?
- 27:07 How should I prioritize salary vs. benefits?
- 35:56 Should we only expose our children to high-class people?
- 1:01:51 How do I know when I should purchase a home?
- 1:17:27 Should I buy a house at 28?
- 1:45:18 Is insurance a bad deal?
Join me next week: https://patreon.com/radicalpersonalfinance
Come hang out in Panama with me! https://expatmoney.com/radical
Book a consulting call during my August sale: https://radicalpersonalfinance.com/consult
Come hang out with me for a week in Panama in January! www.expatmoney.com/radical
Book a consulting call. www.radicalpersonalfinance.com/consult
August SALE on consulting! www.radicalpersonalfinance.com/consult
On today's Friday Q&A show we cover:
- 00:40 Can I build/maintain community connections while traveling with children?
- 15:48 How do I know when it's the right time to swich to a job I love instead of one that makes more money?
- 24:07 How can I set up a lifestyle where I can see my parents more?
- 30:44 If I build my business right so that my spouse can run it, can I skip life insurance?
- 48:04 How do we handle screens/influences in other homes?
- 57:00 I've got one good year of budget data. Now what?
- 1:06:10 Should I buy LTC insurance?
- 1:19:08 How do I negotiate a new job opportunity?
To join me next week, go here: https://patreon.com/radicalpersonalfinance
Joshua
On today's Friday Q&A show we cover:
- 00:48 I just moved to Dubai for work. What should I do first?
- 16:29 Should I have my 7-year-old learn French by reading?
- 30:53 I'm ready to retire early...or am I?
- 47:27 Do I agree with the concepts in Die With Zero by Bill Perkins?
- 1:01:52 Can I get a great deal on property in Argentina or Venezuela due to the hyperinflation there?
- 1:10:40 Should I consider moving abroad with my young children?
- 1:19:09 If we're not going to start non-profits, what should we do?
- 1:40:00 How does Joshua do consulting calls?
Joshua
https://patreon.com/radicalpersonalfinance
http://InternationalEscapPlan.com
http://BitcoinPrivacyCourse.com
http://HackproofCourse.com
On today's Friday Q&A show we discuss:
- 00:47 How do I reduce my taxes in retirement?
- 19:08 How do I transfer my money abroad when I move abroad?
- 34:20 What country should I go to where things are better than the USA?
- 1:15:31 How do I set up an archive of all of my personal information products?
- 1:32:02 How do I work with my siblings to provide proper care for mom and dad?
- 2:07:12 I got ripped off! Now what can I do?
Joshua
- Join me on next week's Q&A call: https://patreon.com/radicalpersonalfinance
- Buy my newest course: www.HowToRetireSuccessfully.com
- And learn how to set up an International escape plan: www.InternationalEscapePlan.com
- Buy Bitcoin Privately www.BitcoinPrivacyCourse.com
Text from Theodore Roosevelt's speech "Citizen in a Republic" (known popularly as "Man in the Arena"), delivered at the Sorbonne, in Paris, on April 23, 1910.
On today's Q&A we discuss:
- 00:45 How do I teach my children a language that I don't speak?
- 20:15 How do I evaulate moving to a new state?
On today's Q&A show we discuss:
- 00:45 Should I switch from a robo advisor to something else?
- 12:27 Should I buy umbrella liability insurance?
- 21:40 Where do I turn for career advice?
To join next week's show, go here! https://patreon.com/RadicalPersonalFinance
Joshua
Book a consulting call with me today: https://radicalpersonalfinance.com/consult
Only a few consultation slots left! https://radicalpersonalfinance.com/consult
This is clipped audio from a really interesting interview between Scott Galloway and Chris Williamson. It's a fascinating discussion on several levels. Enjoy!
Original: https://youtu.be/Xw9_IMQ8TLY
On today's Q&A we discuss:
- 1:00 The privacy of your DNA
- 12:45 Should I sell my house with a low mortage rate?
- 18:40 How should I travel as a family?
- 31:46 How can I do more "Deep Work" as a financial advisor?
- 41:18 I just bought an Indexed Universal Life Insurance policy...now what?
If you're going to do all the hard work of helping your children develop strong bodies and powerful, capable brains, you also owe it to them to install a decent operating system. Make sure you teach them logic and philsophy as a good starting point.
Protect yourself from identity theft and cybercrime: https://hackproofcourse.com
https://www.degreeforum.net/mybb/index.php
Global Currency: The US Dollar Ain't Going Nowhere https://youtu.be/LiR54FPQiCs
Book a consulting call with Joshua: https://radicalpersonalfinance.com/consult
How to do Music Study: https://youtu.be/wzoJfxhhBzo
On today's Q&A show we cover:
- 00:45 How do I solve a retiree's financial planning problems?
- 29:00 How do I productively use a 4-month break?
- 47:20 What's the benefit of a homeschool co-op?
- 1:24:10 Advice for a newlywed?
Joshua
Join me on next week's Q&A: https://patreon.com/radicalpersonalfinance
Hire me for a consulting call: https://radicalpersonalfinance.com/consult
Consulting is open during April: https://radicalpersonalfinance.com/consult
How to do Picture Study: https://youtu.be/mbtOryB6fc8
I've re-opened private consulting calls during April. Book now: https://radicalpersonalfinance.com/consult
20% discount available for calls booked during April. (Only 100 available.)
Joshua
On today's Q&A show we discuss:
- 00:45 The impact of AI on the future of the world
- 14:30 What should I do now that I'm retiring from the military?
- 28:00 Should I buy a house to use as a daycare center?
- 42:57 How do I choose between two potential jobs?
- 1:14:25 Should I build a business with my romantic partner?
- 1:54:00 How can I move to a new house without losing my low-interest-rate mortgage?
Enjoy the show! Join me next week: www.patreon.com/radicalpersonalfinance
Joshua
Chapter 5 of "The Richest Man in Babylon" by George Samuel Clason, published in 1926
https://www.amazon.com/Richest-Man-Babylon-Magic-Story/dp/1939438632/
https://archive.org/details/richestmaninbaby00geor/mode/2up
On today's Q&A show we cover:
- 1:25 Advice for doing birth tourism in Mexico
- 40:22 How do I choose books for my children that are at their proper grade level?
- 51:36 Am I saving too much money?
- 1:19:26 How do I develop my side business into a full-time business?
The article that I am using as a resource comes from the appendix of this excellent book by Harvey and Laure Bluedorn called "Teaching the Trivium: Christian Homeschooling in a Classical Style."
If your children are accomplished, skilled, and experienced readers, they will be in the top ranks of their class and, more importantly, will be equipped to teach themselves everything that matters in their lives.
On today's Q&A we cover:
- 1:08 What specific advice can we give to increase reading?
- 8:13 How should I invest my extra money?
- 17:44 What real estate seminar did Joshua avoid as a youngster?
- 40:00 Where in South Florida should I live?
- 53:44 When does it make sense to pay down extra on a mortgage?
- 1:02:55 What can I do on vacation in Malta?
Enjoy! To join me next week: https://patreon.com/RadicalPersonalFinance
Joshua
If you want to develop the minds of your children, you need to give them words. Lots and lots of words.
Joshua
As we continue our "How to Invest in Children" series, we move past those things that are in the past (mate selection, child gestation, and birth) and into those things that are applicable for all children: investing in our children's bodies, minds, and spirits.
In today's episode we discuss how to invest into your children's bodies in real, meaningful ways.
Joshua
In today's episode we continue our discussion of how to invest in your children while young for the best chance of long-term success, with a primary focus on conceiving the healthiest baby and nurturing his best possible outcomes in utero and at birth.
Joshua
I've long promoted investing in your children at an early age, believing that money spent on them while young returns far higher than money spent at a later age. In this series I will tell you how to actually do that.
Enjoy!
Joshua
Sign up for my newest class today, before the live event: http://hackproofcourse.com
On today's Friday Q&A we cover:
- 1:55 Why should I hire a financial professional if I can do it myself?
- 11:29 How do I educate myself about real estate?
- 13:42 What's the best ereader to use?
- 33:22 How do I plan a rental portfolio for demographic changes.
- 44:40 Should I live close to extended family?
- 1:13:51 What's great about the book Stolen Focus?
- 1:20:41 How do I read to my children in Spanish?
- 1:24:14 Where in Latin America should I buy a $50,000 condo?
Sign up before the price increase: http://HackProofCourse.com
My newest course is live. Sign up now! http://HackProofCourse.com
It's Friday! On today's Q&A show we cover:
- 2:38 How to start a blue collar landscaping business on the side.
- 16:15 How do I decide my priorities when thinking about home education?
- 1:17:59 What new books should I read this year? www.radicalbooklist.com
- 1:56:00 How do I build a recession-proof job?
- 2:17:24 How do I decide if riding a motorcycle is too dangerous for me?
Enjoy the show! To join me next week, go to https://patreon.com/RadicalPersonalFinance
Joshua
I hate it when people make fun of New Year's Resolutions. Setting annual goals and making personal resolutions is a marvelous practice. Go for it!
In today's episode I want to share some lessons I've learned and encourage you how to do it in a way that make sense for you.
Enjoy!
Joshua
Today, let's discuss how you can enjoy a truly rich Christmas—nay, a truly rich life.
Joshua
Originally released December 23, 2021
If you'd like to follow along with my reading, you can find the text here: https://www.gutenberg.org/files/19337/19337-h/19337-h.htm
On today's Q&A we cover:
- How do I go browse for a new job?
- 17:47 What productivity tools does Joshua use?
- 29:51 How do I outsource to a VA?
- 37:43 What are Joshua's current thoughts on the state of Bitcoin?
- 57:12 How do I help my 2-year old play alone?
Enjoy!
Joshua
On today's Friday Q&A show we cover:
- Should I really maximize my investments into tax-deferred plans?
- 15:38 What do I need to do with the UTMA account I have for my children?
- 25:25 Why did my dividend disappear from my whole life policy?
- 46:02 How do I learn about asset allocation?
- 1:02:24 How do I size and structure my children's life insurance policies?
- 1:21:15 Should I start a business while having young children?
- 1:35:00 How can I teach my non-reading children a foreign language?
- 1:54:20 How do I figure out if entrepreneurship is right for me?
Chapter 4 of "The Richest Man in Babylon" by George Samuel Clason, published in 1926
https://www.amazon.com/Richest-Man-Babylon-Magic-Story/dp/1939438632/
https://archive.org/details/richestmaninbaby00geor/mode/2up
I'm running a huge Black Friday sale on all of my products. Save 50% with coupon code "blackfriday" at:
www.InternationalEscapePlan.com code "blackfriday"
www.BitcoinPrivacyCourse.com code "blackfriday"
www.RadicalPersonalFinance.com/consult (no code needed, book while available!)
Go here now and book a call. (Only 50 slots available!) www.radicalpersonalfinance.com/consult
A lot of my listeners are hurting due to the recent collapse of FTX. Here's what I would tell you face-to-face if you've just lost all of your money, regardless of the specific reason why.
Joshua
On today's Q&A we discuss:
- 3:00 Should I do a Citizenship by Investment or a Residency program to get a second passport?
- 20:01 I'm starting a new Registered Investment Advisory firm. How should I market myself?
- 33:56 Should I adjust my income low enough to get on Medicaid?
- 42:06 What kind of wills and trusts do I need to protect my children?
- 59:00 I'm moving to Mexico. How should I learn Spanish?
- 1:24:17 Should I quit my job to start a business or just get a better-paying job?
Chapter 3 of "The Richest Man in Babylon" by George Samuel Clason, published in 1926
https://www.amazon.com/Richest-Man-Babylon-Magic-Story/dp/1939438632/
https://archive.org/details/richestmaninbaby00geor/mode/2up
On today's Q&A we cover:
- 1:15 Should I buy a house?
- 22:38 Should I sell investments or drain my bank accounts for a house down payment?
- 31:46 What do I need to do financially for my new child?
- 50:00 Update on the famine discussion?
- 1:00:00 How do I build a portfolio of ethical, diverse, sustainable farms?
To join me next week, go here: https://patreon.com/RadicalPersonalFinance
Enjoy!
Joshua
Chapter 2 of "The Richest Man in Babylon" by George Samuel Clason, published in 1926
https://www.amazon.com/Richest-Man-Babylon-Magic-Story/dp/1939438632/
https://archive.org/details/richestmaninbaby00geor/mode/2up
On today's Q&A we cover:
- 1:30 How can I build a successful financial coaching business?
- 38:56 How can Canada serve me in my internationalized life?
- 52:00 What are my tax planning opportunities with a variable income?
- 58:00 Should I buy a franchise business for my father?
- 1:17:02 Should I lease a car?
To join me next week, go to https://patreon.com/RadicalPersonalFinance
Enjoy!
Joshua
Chapter 1 of "The Richest Man in Babylon" by George Samuel Clason, published in 1926
https://www.amazon.com/Richest-Man-Babylon-Magic-Story/dp/1939438632/
https://archive.org/details/richestmaninbaby00geor/mode/2up
Go to www.bitcoinprivacycourse.com and use promo code OCTOBER to save $50 (valid only in October).
On today's Q&A we cover:
- 1:37 Should I renovate my current house or sell and upgrade?
- 17:24 I'm graduating with my master's degree in Germany...where should I go now?
- 38:17 Why should I believe in the future of the stock market?
- 1:08:31 How do I figure out what stuff to get rid of?
- 1:24:57 Should I sign up my young son as an authorized user on my credit card?
Enjoy! Join me next week here: https://patreon.com/RadicalPersonalFinance
Joshua
On today's Friday Q&A show we discuss:
- 1:00 We're going from a 2-income family to a single-income family. What should we do before that happens?
- 5:13 Cloth diapers versus disposable.
- 11:05 How to account for a new offshore property.
- 15:28 Can we accurately predict the future?
Enjoy!
Joshua
- Join me next week! https://www.patreon.com/RadicalPersonalFinance
Mikkel Thorup was born and raised in Canada, but fled the country as a teenager. Since then, he has circumnavigated the globe over 400 times visiting more than 100 countries, and has called nine different countries home in his 20+ years of non-stop continual travel around the world.
On today's podcast we discuss the ups and downs, trials and triumphs of a hardcore expat lifestyle.
Enjoy!
Joshua
- The Expat Money Show: https://expatmoney.com
- The Expat Money Summit: https://2022.expatmoneysummit.com
Before you go actually shopping for a car, decide how much to spend. Here are my rules!
Joshua
In today's podcast, Steven Harris and I discuss the STRONG likelihood of global famine over the coming years and carefully analyze the underlying causes of this concern.
I am deeply concerned about global food supplies over the next few years, due primarily to low fertilizer availability and high fertilizer cost. And, the disruptions in the energy markets (which you can see with the wild price hikes and shortages in so many places) are making everything massively worse.
I want you to understand what is happening so you can prepare appropriately both defensively and offensively.
Joshua
- Steven's website: www.Harris1234.com Use code RPF20 to save 20% on all Steven's products. Use code MONEY7 to get his "3 Methods of Wealth Creation" class for only $7.
On today's Friday Q&A we cover:
- 1:30 Should I register my car in a business name so I can take my tax deductions?
- 14:38 Should I buy and build a vacation home?
- 19:11 How much cash should I have on hand before I resign my job?
- 27:57 How do I reduce my taxable income in order to qualify for an EV credit?
- 45:00 How much can I afford for a second house?
- 1:31 How do I protect myself against fraud in the gold coin marketplace?
- 1:38 Should I buy out my leased vehicle in order to sell it?
My family and I have been away from the United States for 3.5 years now, setting up our Plan B. That's given me enough time to have a more balanced perspective on life in the USA.
In today's show, I share with you my thoughts, opinions, and advice on whether you also should leave the USA or stay put.
Enjoy!
Joshua
If you're interested in your own Plan B, buy my course at www.InternationalEscapePlan.com
On today's Q&A show we cover:
- 1:56 - How can houses and retreats play a role in the vision of a family life?
- 29:44 - How can I know if individual stock investing is right for me?
- 41:30 - Can you help this Ukranian immigrant currently in North Carolina?
- 47:14 - How can I get over my past financial mistakes?
- 1:09:50 - How do I handle donations for a serious medical issue?
Enjoy!
- Information on Ukrainian refugee in North Carolina
- To join me next week: https://patreon.com/RadicalPersonalFinance
On today's Q&A we cover:
- 1:56 How do I get money to and from my international bank account?
- 8:20 Should I do my residency processes myself or retain an attorney?
- 17:50 Should my wife leave her job to be a stay-at-home mom, in light of a pending economic crisis?
- 44:13 Why shouldn't I do a Target-Date Retirement fund?
- 1:03:55 How should I figure out how to arrange my own asset location and allocation plan?
If you'd like to join me next week, go here: https://patreon.com/radicalpersonalfinance
I'm back from vacation and boy, do I have a lot to say! Here are my thoughts on the various circumstances we face today!
Joshua
It's Friday! That means live Q&A!
- 1:45 Do I have to tell my disability insurance company that I'm unemployed?
- 11:19 How much is a Mexican residency going to cost me?
- 26:15 Should I take my struggling 13-year-old out of school and go worldschooling instead?
- 1:00:21 How can I start a private business?
I recently appeared on the Watchman Privacy Podcast with Gabriel Custodiet, where we talked in detail about various privacy-related topics. Enjoy!
Today, I bring you a report from a humanitarian relief worker on lessons learned from inside Ukraine.
On today's Q&A we cover:
- 1:38 Can I borrow my retirement money by doing a 60-day rollover?
- 16:15 How do I become a digital nomad in Europe? (*I mistakenly said "Greece" in this answer when I meant "Cyprus.")
- 40:01 How can we provide awesome childcare at home when we both have full-time jobs?
- 58:23 Should I do a cash-out refi or take a home equity loan?
- 1:03:49 How should I do a career change into financial services?
- 1:17:15 Should I join a startup, especially given that I have to put in my own money?
To join me on next week's Q&A go here: https://patreon.com/radicalpersonalfinance
Enjoy!
Joshua
Ten Ways to Destroy the Imagination of Your Child by Anthony Esolen https://www.amazon.com/Ways-Destroy-Imagination-Your-Child/dp/1610170792
The Well-Trained Mind: A Guide to Classical Education at Home by Susan Wise Bauer https://www.amazon.com/Well-Trained-Mind-Classical-Education-Fourth/dp/0393253627
On today's live Q&A we cover:
- 1:05 Should I avoid Target Date Retirement Funds due to the recent Vanguard debacle?
- 18:37 How can I make my children's summer vacation more productive?
- 53:38 Should I buy the house I'm living in?
- 1:00:35 Should I do a 1031 on my commercial property or simply sell it and pay the tax?
- 1:07:58 Should I have my mom set up a Medicaid Trust?
- 1:19:54 Can I move my business to Wyoming to save on California taxes?
- 1:32:03 Help me pick which government school to enroll my children in.
- 1:49:00 How will I know when I'm legitimately Coast FI?
- 2:03:15 How can I negotiate a better deal with my boss?
Join me on next week's Q&A at https://patreon.com/radicalpersonalfinance
Joshua
On today's Q&A show we cover:
- 1:16 Should we go abroad for 5 months and have an adventure?
- 14:04 What should I invest in?
- 33:25 When would it make sense to move from real estate to index funds?
- 47:17 Should I leave the job I just got?
- 1:00:23 What do I need to know to know about traveling with a baby?
- 1:16:34 Should I invest my old 401k in Bitcoin?
- 1:30 What to do when in Malta?
- 9:47 How do I get a better life insurance policy after losing weight?
- 21:56 How do I choose between my current job and a new job offer?
- 29:50 How to save extra tax money by giving appreciated stock to your church/charity
- 36:45 I was going to quit my job and take a sabbatical until I saw how bad the economy might get. Should I still quit?
Bill Gaither is a hero of mine, primarily for his career. He has been singing, performing, and writing songs for nearly 70 years. And he is still at the top of his game. Let him inspire you too.
Wintley Phipps, Amazing Grace https://youtu.be/qNuQbJst4Lk
Gaither "Easter" Music Playlist https://youtube.com/playlist?list=PLgubmqMAVkRapOBksWczdAN2RxIW97OY4
It's Friday! Today we do live Q&A:
- 1:45 How can I do a fast career change and pay off my credit card debt quickly?
- 23:07 Help me understand my life insurance options for my children.
- 1:09:21 Should I buy a non-cash-flowing rental property?
- 1:17:19 How can I invest my house savings money?
Enjoy!
Joshua
You have a fundamental human right as a free man or woman, to financially transact with others. And today, that right is in danger.
Today's episode is a bit off topic from the mission of Radical Personal Finance. It's the kind of episode I've frequently deleted in the past, but that I have heard from my audience that some may enjoy.
In today's episode I spend some time digging into the strategic history of Russia/Ukraine position in order to understand where things are and where they may go.
Enjoy!
More personal finance content soon!
Joshua
Fifty years ago it was illegal for Americans to own more than 5 ounces of gold coins or gold bullion. Yes, really.
Today, I want to explain this little-known history and talk about whether it may repeat in the future.
In light of the Russian invasion of Ukraine, I've been considering how you and I (not being in Ukraine or Russia) could be affected in days to come.
Here's a rather sobering discussion from me covering some of the possibilities.
In light of the Russia/Ukraine conflict, we need to pay careful to the lessons we can learn from the pain that our fellow humans are experiencing.
Today's lesson: believe that bad things can happen. To you.
Joshua
It's Friday! Today we discuss:
- 1:33 How do I establish myself in a new remote-only work environment?
- 10:03 How can I become a teacher for a new career?
- 18:28 How should I balance on-going support vs ad hoc donations?
- 23:45 How can I invest my money in a righteous way?
- 44:10 Should I save money for mystery special needs children?
- 51:08 How should I use ereaders in my homeschool?
- 1:12:34 Where should I go to get an offshore bank account?
- 1:23:43 How much of my cash should I move into commodities?
Enjoy! Join me next week: https://patreon.com/RadicalPersonalFinance
Joshua
One year ago my family spoke no French. Today, one year later, my 8-year-old son is reading at his grade level in French.
In today's podcast I'll explain the tools and techniques I used to accomplish this, in hopes of inspiring you and helping with your similar projects.
Joshua
On today's live Q&A show we cover:
- 1:00 Three separate corrections from previous shows
- 13:04 How much whole life insurance should I buy for my emergency fund?
- 20:54 Should I put my savings against my high interest-rate credit card debt?
- 30:10 Should we start a living library?
- 35:00 How should I go about buying gold?
- 53:06 How do I move from a blue collar job to a white collar job?
- 1:08:18 Should I buy disability insurance for my homemaker wife?
- 1:21:00 How can I help my children learn a foreign language?
- 1:49:15 How can you get more good things done in your daily schedule?
- 2:06:45 How do I structure my disability insurance if I'm likely to change jobs frequently?
- 2:11:52 Why is living in your car such an interesting strategy?
- 2:27:00 Should a non-resident in the USA build a credit profile in the USA?
To join me on next week's Q&A show, go here: https://patreon.com/RadicalPersonalFinance
Joshua
It's Friday! Today we cover:
- 1:44 Should I refinance my house to invest in the stock market?
- 13:44 How do I get health insurance for my parents who are fleeing Ukraine?
- 33:14 How should I begin reading the Bible?
- 1:03:00 I'm selling a house to my friend; how do we structure the deal?
- 1:10:10 How do I do goal planning with my children?
- 1:20:50 How can I profitably invest an extra $5k to $10k per year?
- How do I calculate the Real Internal Rate of Return on a life insurance policy?
It's Friday! On today's Q&A call we discuss:
- 2:00 Should I do my own DIY projects?
- 15:36 Should my in-laws sell their rental house?
- 25:00 Should my father do a Roth conversion of his $1,000,000 IRA?
- 36:30 Should we buy a vacation home in El Salvador?
- 59:11 How can a French citizen reduce inheritance taxes?
- 1:09:01 What kind of financial preps can I do to prepare for a baby?
- 1:33:00 Should I join the reserves in order to get the VA benefits?
Enjoy! Join me next week here: https://www.patreon.com/RadicalPersonalFinance
Joshua
Welcome to our first Friday Q&A of 2022!
- 2:55 How do I prepare for an imminent job loss due to my refusal to take the jab?
- 14:30 How do I get out of the modern monetary matrix?
- 21:59 How do I calculate the taxes on my crypto portfolio?
- 32:57 How do I find a good accountant?
- 46:45 Should I contribute to a retirement account?
- 1:02:33 How should I save for a second house?
- 1:20:00 I have a child who is slow to speak; how should I handle this?
To gain access to next week's Q&A show, join here: https://patreon.com/RadicalPersonalFinance
Joshua
Today, let's discuss how you can enjoy a truly rich Christmas—nay, a truly rich life.
Joshua
- If you'd like to follow along with my reading, you can find the text here: https://www.gutenberg.org/files/19337/19337-h/19337-h.htm
I'm often asked where to start with regard to privacy. For the last few months I have been publicly and privately recommending Gabriel Custodiet's book "The Watchman Guide to Privacy: Reclaim Your Digital, Financial, and Lifestyle Freedom."
It's perhaps the best single book that I've read that discusses privacy in a comprehensive, yet accessible way.
Today, I'm thrilled to welcome Gabriel himself to the podcast.
Enjoy!
https://www.amazon.com/Watchman-Guide-Privacy-Financial-Lifestyle/dp/B08PX7KFS2/
It's Friday! And today we cover:
- 2:01 What should I do with my old baseball cards?
- 6:31 Should I help my 6 & 8 year old's build a YouTube channel about video games?
- 45:33 I've just received an inheritance from my grandfather. What do I do with it?
- 53:01 What books should I read to my new baby?
- 1:12:12 How do you actually borrow against assets so as not to pay taxes?
There is one simple thing you can do that will almost assuredly ensure phenomenal academic outcomes for your child: read aloud. Lots.
In today's episode, I explain in great detail why this works and how the process works, pulling from the phenomenal book by Jim Trelease called "The Read Aloud Handbook."
Joshua
The Read-Aloud Handbook: Seventh Edition by Jim Trelease
The Lexile Framework for Reading and Book Finder
Honey for a Child's Heart: The Imaginative Use of Books in Family Life
Books Children Love: A Guide to the Best Children's Literature
Books That Build Character: A Guide to Teaching Your Child Moral Values Through Stories
Robinson Self-Teaching Curriculum
Ambleside Online Master Booklist
Today, in celebration of the American holiday "Thanksgiving Day," I want to share with you a recording of short story written by Louisa May Alcott, called "An Old-Fashioned Thanksgiving."
The audio file has no commentary—it's merely an unabridged reading of the story—and is suitable for you to share with your children as a worthwhile story to enjoy this time of year.
But this story is filled with financial lessons for those with ears to hear.
As you listen to a life of long ago (circa 1830), I'd encourage you to reflect on the life that you and I now live in comparison.
For me, this reflection fills me with Thanksgiving, which is the starting point of living a rich life now.
You are rich. I am rich. Let's realize it and act appropriately.
Joshua
- If you prefer to read the story to your children yourself, here is the text I read: https://digital.library.upenn.edu/women/alcott/thanksgiving/thanksgiving.html
Here are a few poem and prayers of Thanksgiving you may enjoy as well:
O Lord, that lends me life,
Lend me a heart replete with thankfulness!
~~William Shakespeare 1564-1616
May all who share these gifts today
Be blessed by Thee, we humbly pray.
What God gives and what we take
'Tis a gift for Christ his sake;
Be the meal of beans or peas,
God be thanked for those and these;
Have we flesh or have we fish,
All are fragments from His dish.
~~Robert Herrick 1591-1674
Prayer
Lord, behold our family here assembled. We thank thee for this place in which we dwell, for the love that unites us, for the peace accorded to us this day, for the health, for the food, and the bright skies that make our lives delightful, for our friends in all parts of the earth.
Give us courage, gaiety, and the quiet mind. Spare to us our friends, soften us to our enemies. Bless us, if may be, in all our innocent endeavours. If may not, give us the strength to encounter that which is to come. May we be brave in peril, constant in tribulation, temperate in wrath, and in all changes of fortune loyal and loving to one another.
As the clay to the potter, as the windmill to the wind, as the children of their sire, we beseech of Thee this help and mercy for Christ's sake. Amen.
~~Robert Louis Stevenson
On today's Q&A:
- 1:30 Should I buy life insurance if I want to build generational wealth?
- Live reaction to the Kyle Rittenhouse verdict
- 28:23 My parents have sold their house and they have $200,000 cash. What should they do?
- 36:00 Can I escape GILTI tax on my offshore earnings?
- 41:56 How can I make a living as an economist?
We are living in a significant supply chain crisis. In today's show I've invited Steven Harris back on the show to discuss the current events as we seek to prognosticate a bit about where things could go from here and how we can be prepared for the impending changes.
Enjoy!
Joshua
On today's Friday Q&A we cover:
- 1:30 - How can I grow my new blog?
- 17:10 - We bought a house that has massively increased in value. What do we do now?
- 29:06 - I need to move >$100,000 of currency across the country. How do I do this safely?
- 1:05:00 - I'm moving abroad while waiting for my Bitcoin to appreciate. What do I need to think about?
- 1:40:29 - How do I know when I'm ready to hire a financial advisor?
Join us next week! https://www.patreon.com/RadicalPersonalFinance
Hire me personally! https://radicalpersonalfinance.com/consult
I recorded this episode of the show to deal with a recent minor controversy from a passing comment I made. Then I decided it was too far out of the scope of what I want discussed on RPF, so I canned it, choosing not to release it.
Well, the controversy continued, and after I shared this "deleted episode" with a few listeners privately who found it helpful, I decided to let you choose for yourself, rather than my censoring it.
It's all explained in the intro!
Joshua
On today's Friday Q&A show:
- 1:30 Difficulties on 1031 exchanges
- 6:45 Should I start a business on the side or full-time?
- 11:45 Can I deduct my student loans as a business expense?
- 12:15 We are expecting a baby. How should I use my paternity leave?
- 22:30 How do I get rid of a credit card with an annual fee?
- 30:15 Should I maintain multiple bank accounts and multiple brokers?
- 39:30 Should I buy a house?
- 44:00 How can we help children develop entrepreneurship?
- 52:00 How do I communicate with my wife about a radical lifestyle?
- 1:06:30 My mom is headed deep into debt as a result of medical bills, possible into bankruptcy. How do we protect her?
In today's podcast, I share with you:
Enjoy!
Joshua
I recently traveled with my family to France, with a primary goal of buying French books to read to my children! Today, I'll share a progress update on this project.
Joshua
Recently, US government agents raided 800 safe-deposit boxes and stole $86,000,000 of cash plus other valuables from the box holders. The government is trying to keep the money under the Civil Asset Forfeiture rules in the USA.
Today, I explain the details of the case to you as well as how to protect your money and stuff from similar thefts.
Joshua
BOOK A CONSULTING CALL WITH JOSHUA: www.radicalpersonalfinance.com/consult
- Yahoo News: "Federal authorities cash in on safety box seizures as owners fight back"
- LA Times: "FBI says fortune seized in Beverly Hills raid was criminals’ loot. Owners say: Where’s the proof?"
- LA Mag: "The FBI Is Trying to Keep More Cash Seized from a Beverly Hills Vault"
- YouTube: "Never Get Busted Again Volume 1 Official: Traffic Stops - Full Video by BARRY COOPER"
Biden wants IRS to snoop into your bank account, know when you have $600 or more
Biden Tax Plan Leans on Banks to Help Find Unreported Income
The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service
White House Fact Sheet: The American Families Plan
Elizabeth Warren's S.1788 - Restoring the IRS Act
Today we discuss:
- 1:30 My landlord has Stage 4 cancer and wants me to buy his house. Should I do it?
- 15:30 Should I start an S-Corp to save on taxes?
- 24:39 How can I learn to be a lighter traveler?
- 33:33 How can I enhance my international diversification?
- 46:43 How much net worth should you invest into a single project?
- 1:04:30 How can I increase my income?
Join next week's call at https://patreon.com/RadicalPersonalFinance
2:06 How should I save for my children's education?
31:00 How should I view crypto lending accounts?
38:00 My income is going to be super low this next year. What are my opportunities?
46:30 How much money should I spend on prepping?
1:03:30 I'm a new early retiree. Should I pay cash for a house or finance it?
1:22:30 I'm young and getting into house hacking. How should I start?
1:31:15 What are Joshua's real estate investment plans?
It's Friday! On today's Q&A call we discuss:
- 1:20 I'm 21 years old and just bought a house. Should I do the Alpha Strategy?
- 24:50 I bought a rural property. How can I control my liability?
- 36:35 Should I prioritize retirement savings or a house down payment?
It's Friday! Today we discuss:
- 2:21 What do we do with Michael Burry's predictions of a crypto crash?
- 18:35 How do I figure out how much life insurance I need
- 35:45 Is Florida the best state in the USA?
Enjoy! To join me next week, sign up here: https://patreon.com/RadicalPersonalFinance
Joshua
ProPublica made a splash this week with their reporting on the wealthiest 25 Americans' tax returns. Let's discuss!
Joshua
On today's Friday Q&A we discuss:
- 1:30 Should I spend money on home projects when I'm capable of DIY?
- 17:20 What's involved with my opening a business in Mexico?
- 26:30 Is there any danger to my real estate strategy of doing owner-financing to Mexican immigrants?
- 35:30 How can a young CPA grow his business and career intelligently?
- 43:30 Should I buy a house?
- 1:01:00 What is the likely future of Liberland?
- 1:24:15 Is it crazy for us to AirBnB for 6 months while we find a new place to live?
If you'd like to be on next weeks Q&A show, sign up here: https://patreon.com/RadicalPersonalFinance
Enjoy!
Joshua
On today's Friday Q&A is show we cover:
- 1:10 I have a new 109-acre property. How can I use it intelligently to offset the costs and taxes?
- 18:32 Should I pay off debt if I expect future inflation?
- 27:15 What tools should I use to learn a language from scratch?
- 41:45 How far can I go in deducting the expenses of my vacation rental and how far should I go to get tax deductions?
- 1:03:00 I'm getting my family into camping for the first time. Where should I start?
- 1:22:00 Should I invest into life settlement contracts?
Enjoy!
Joshua
In 2013, Bitcoin traded for $85 per coin. Today, it's at $40,000 per coin. I never once told you to buy Bitcoin. In today's show I'll explain why and I will apologize for that oversight.
Joshua
As a family, we've just finished the first two weeks of our most-recent nomad adventure in Mexico! In today's show, I want to share with you how and why we live in a golden age of travel and how you can access it if you want to!
Joshua
I firmly believe that any North American who is interested in a Plan B should consider Mexico as an option before almost any other country.
In today's podcast I've invited attorney Enrique Ramírez Corona on the show to discuss how Mexico's immigration program works.
Enjoy!
Joshua
- Enrique's website: http://www.sanmiguel-legal.com/
- Enrique's email: enrique@sanmiguel-legal.com
It's Friday! Today we do Q&A!
- 1:30 Is there a downside to a second citizenship?
- 20:04 Should I invest for early retirement or buy a house?
- 47:37 How are my crypto wages taxed as I earn them and they grow?
- 1:06:00 Should I cash out my teacher's pension or keep it?
- 1:16:48 I make 3x money as I did 6 months ago. Am I spending too much?
- 1:24:27 I have $1,000,000 in the stock market. Should I sell?
- 1:38:20 How can I plant some flags as a farmer?
- 1:52:31 How can I pay my parents to work for my business?
- 2:01:00 What's wrong with Universal Life Insurance?
To join next week's show, go to https://patreon.com/RadicalPersonalFinance
Disaster is NOT a strategy. But you can build a strategy for virtually any disaster.
Joshua
It's Friday! Today we do live Q&A and cover:
- I made a bunch of money on a real estate deal. What do I do with the money now?
- 29:35 How does Joshua go about making a podcast?
Joshua
p.s., join me on Patreon to join us next week! https://patreon.com/RadicalPersonalFinance
Text me your comments and questions: 561-468-3158
Joshua
In today's show, I'll share the exciting Sheats' Family travel plans for the rest of this year!
Joshua
p.s., Brand new! Text me a question or comment at 561-468-3158!
It's exceedingly difficult to live income tax-free in the USA. (At least if we assume you're going to make some significant money.) But it's not impossible. At least not conceptually. You just have to avoid that pesky thing called "income." Let's talk about how!
Joshua
Save 50 percent on all of my courses until March 31 with coupon code CHANGINGPLATFORMS at https://radicalpersonalfinance.com/store
Save 50% on all of my courses until March 31 using coupon code CHANGINGPLATFORMS at https://radicalpersonalfinance.com/store
- 2:30 Should I buy a health insurance policy on the public exchange or join a Christian Healthcare Ministry?
- 9:30 Can I open an HSA account if I’m on my parents’ policy?
- 13:00 How long should I keep my personal banking records?
- 17:10 Should I convert my group life insurance to a personal policy?
- 26:30 Should I sell my rental property to invest in something else?
- 35:10 Should I take my money out of my 401(k) using the Coronavirus penalty relief?
- 40:45 Should I trust the government’s tax promises about my 401(k)?
Joshua
The Magic Penny is the best-performing investment asset any of us could dream of having. Today I'll show you how just a little bit of tax totally decimates its results!
Save 50% with code CHANGINGPLATFORMS only until March 31. https://radicalpersonalfinance.com/store
I invited Jacob Lund Fisker back to Radical Personal Finance to discuss the Early Retirement Extreme lifestyle, investing, and how to protect yourself from catastrophic risk.
https://radicalpersonalfinance.com/store Save 50% with CHANGINGPLATFORMS until March 31
It's Friday and that means live Q&A! But remember that I'm doing a limited-time sale:
- Go to https://radicalpersonalfinance.com/store and get 50% OFF all of my courses using coupon code CHANGINGPLATFORMS
- I'm ending my personal consulting work on March 31, 2021. If you'd like to book a personal consultation with me, go to https://radicalpersonalfinance.com/consult and book now. Plus, you'll save 25% on that service too!
On to today's topics:
- 2:40 What can I learn from my recent investment wins?
- 11:06 I've decided not to FIRE as soon as I though; should I buy a vacation property?
- 25:41 Can going offshore lower my personal liability exposure?
- 40:52 My wife and I are retiring young. Now what?
- 54:36 Understanding the options on disability insurance.
Enjoy!
Joshua
p.s., remember to save 50% at https://radicalpersonalfinance.com/store with coupon code CHANGINGPLATFORMS and to book an consulting call with me at https://radicalpersonalfinance.com/consult before they disappear!
Today, I'm going to share with you my thoughts about a friend's life and share with you some lessons from his life.
It's Friday! Today we cover:
-
2:08 - Should I take out a HELOC on my house to invest in stocks?
-
20:48 - Can I save money on my taxes by starting a dental tourism company?
-
25:15 - Is the career of a CFP a good career?
-
39:20 - Should I sell my $600,000 crypto portfolio?
-
59:28 - How can I find new and interesting ideas for my life?
-
1:09:28 - How can I build a framework for my children’s education?
-
1:17:08 - Should I take a job that promises me equity as compensation?
Enjoy!
Joshua
- Join me on Patreon: https://patreon.com/RadicalPersonalFinance
In today's show we do live Q&A:
-
3:00 Should I take a government job with good benefits or a private sector job with other benefits?
-
16:42 How do I get myself back into tax compliance for a US citizen?
-
25:52 How should I protect my cash savings from inflation
-
35:30 Should I stay in hotels or buy a camper for my cross-country road trip?
-
56:30 Should I merge my HSA with my wife’s?
-
1:02:05 We are going to have a baby soon. Should we go travel with our maternity leave?
-
1:10:18 How can I quickly build my credit?
Hey Radicals!
I'm hosting a public meetup this Thursday, February 11, 2021 in Bogotá, Colombia.
If you'd like to join me, please email me: Joshua at Radical Personal Finance dot com.
Joshua
It's Friday! Live Q&A today:
-
2:00 Questions on retirement account contribution for US Americans living abroad
-
19:48 Should I dump my whole life insurance policy?
-
35:21 What are the rules on the disposition of stuff for my rental property?
-
45:21 Should I make big year-end contributions to my retirement accounts?
-
51:00 I just got laid off. What do I need to do now?
-
1:08:00 Should I enhance my charitable giving by giving appreciated assets?
-
1:14:44 How do I figure out the tax rules on my cryptocurrency?
-
1:21:15 Should I keep my home base in the USA or dump it and move?
Enjoy! To join next weeks Q&A show, go here: https://patreon.com/RadicalPersonalFinance
In 2021, I resolve to spend more money and not to engage in extreme savings.
Here's why!
Joshua
- Book a consult with me: https://radicalpersonalfinance.com/consult
Friday Q&A today:
-
2:10 - Free resource for end-of-the-year planning: www.yearcompass.com
-
3:00 - How aggressive should I be in scaling up my real estate company?
-
22:15 - Should I rollover my 401(k) and 403(b) to an IRA
-
35:30 - Should I put my child into kindergarten at an early age?
-
43:44 - Should I deduct my early stage business expenses now or later?
-
47:14 - What should I do with a $600,000 inheritance
-
1:06:00 - Should I participate in my 457(b) plan?
-
1:06:41 - I want to leave my $225k corporate job to be a full-time trader. How can I do it faster?
-
1:20:45 - Should we keep our old house as a rental?
-
1:34:38 - Should I participate in my company’s mega-backdoor-Roth?
-
1:45:20 - Should I move my $1M brokerage account offshore?
To join me on next week's Q&A show, support the show on Patreon: https://patreon.com/RadicalPersonalFinance
Short message today to announce my Black Friday sale and to say thank you.
- You can save 55% on all of my courses at https://radicalpersonalfinance.com/store by using Coupon Code BLACKFRIDAY2020. (Sale ends Tuesday, December 1)
- You can save 25% on a private consulting call at https://radicalpersonalfinance.com/consult
Live Friday Q&A today!
-
1:45 The future of cryptocurrency and associated tax questions
-
24:48 Should an early retiree set up a guaranteed income stream?
-
37:18 Will I owe tax if I’m moving around working as a digital nomad?
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45:52 How can I invest in my children without messing up my simple cashflow system?
-
56:58 Should I invest in a Biblically Responsible mutual fund
-
1:12:38 Where can I put my real estate down payment money to get a bit more interest?
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1:21:15 Joshua’s current advice for existing podcasters
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1:37:16 Should I set up a corporation for my business or keep running it as a sole proprietorship?
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1:46:45 If it’s ok to take welfare, why not make a class teaching people how to get it?
Enjoy!
- To join me next week, go here: https://patreon.com/RadicalPersonalFinance
- Book a private consultation here: https://radicalpersonalfinance.com/consult
Whenever we get into the throes of a hotly contested election, people threaten to leave if their preferred candidate loses. Most don't ever leave, of course. But should they?
I'm not sure they should leave. Leaving is a drastic step and response. But I'm sure that most people should prepare to leave. Or make a plan to leave. And today I'll share with you the argument and the methods!
- Book a consult with me here: https://radicalpersonalfinance.com/consult
- Buy my course on internationalization called "How to Survive and Thrive in the Coming Economic Crisis" here: https://radicalpersonalfinance.com/store
Note: This show was originally released on November 7, 2016. It's every bit as relevant today, November 2, 2020 as it was on that date. Listen to it afresh today with four years of hindsight.
-------------------
In case you haven't heard, this presidential election is the most important one in your lifetime. It will retain that title until November 9 when the 2020 election will take over as reigning champ.
Not only is this the most important election of your lifetime, but if the wrong person is elected, we literally face the end of the world as we know it!
So, what are you to do?
Well, today's show contains my thoughts and advice around presidential politics as well as 10 things you can do that will actually make a difference after you've cast your vote for President of the United States.
Joshua
Today I share with you a recent interview I gave for the Life Meets Money podcast with Matt Miner.
Matt Miner has been on Radical Personal Finance several times and this was a fantastic interview!
We discussed lifestyle design, risk and emergency planning, insurance, prepping, etc. in great detail.
Enjoy!
Joshua
This show was originally posted on the Life Meets Money podcast here: https://lifemeetsmoney.com/joshuasheats
It's Friday! Today we tackle:
-
1:30 Tax issues on inherited real estate + a healthy retirement
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19:40 Should I buy a placeholder annuity so I get today’s mortality rates?
-
33:27 What opinions on teaching children about money has Joshua changed over the years?
-
47:00 Should I build a business in financial coaching?
-
1:16:45 I want to get into financial planning; what should I do?
-
1:39:42 I got denied for a credit card offer; what do I do next?
I've recently begun offering financial consulting again. You can book an appointment here: https://radicalpersonalfinance.com/consult
If you'd like to join me on next week's Q&A call, join me at https://patreon.com/RadicalPersonalFinance
In today's show I'm welcoming Steven Harris back to the show to discuss investing in commodities. When most people think of investing in commodities, they immediately think of gold and silver. Gold and silver have a place and can be useful, but they are not the only pathway to investing in commodities. In today's show Steven and I discuss how you can invest in commodities like food, metal, tools, etc.
Enjoy!
Joshua
- Go to www.RPF1234.com to buy Steven's preparedness education courses. They're awesome! (I own—and paid for—all of them myself.)
It's Friday! In today's Q&A show we cover:
- 1:50 Buying disability insurance and maintaining financial privacy while dealing with insurance agents
- 40:30 Buying a house with a land contract
Enjoy!
Joshua
On today's Q&A call we cover:
-
00:45 I graduate with a nursing degree in 6 months. What should I do next?
-
20:20 Should I have speculated in the recent stock market downturn with my down payment money?
-
38:30 I have 3 properties. Do I need an LLC for asset protection?
-
57:30 Should I buy concealed carry insurance?
To join next week's call, go to https://patreon.com/RadicalPersonalFinance
Enjoy!
Joshua
One year ago my wife and I decided to teach our children Spanish. At the time, they spoke zero Spanish. We succeeded in the project even though:
- They don't go to a Spanish-speaking school
- They don't have any Spanish-speaking friends
- They've not taken any Spanish classes
- They don't have anybody speaking Spanish to them full-time
In this episode, I'll teach you how I did it.
Joshua
P.S. Stay tuned to the end to hear my eldest speaking in Spanish so you can assess his level of Spanish for yourself.
On today's Friday Q&A call we discuss:
-
00:45 I’m inspired by Trump’s taxes. How can I start a lifestyle business for myself?
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32:10 What kind of sales job should I get?
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49:00 How can I protect my assets in Montana?
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1:00:42 Should I buy a more expensive house?
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1:22:42 Reasons to refinance your mortgage now
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1:26:20 I still don’t understand Trump’s tax returns. Help!
Enjoy!
Joshua
Join my Patreon to gain access to next week's call: https://www.patreon.com/RadicalPersonalFinance
The New York Times recently published a story on the analysis of President Trump's tax returns.
Allegedly, Trump has not paid any income taxes in 10 out of the last 15 years.
In today's podcast I analyze the financial planning behind the details in the article and teach you how you can use the same techniques Trump uses to shelter his income from taxes.
Joshua
On today's Friday Q&A show:
- 1:03 I have a low-paying job while in college. How can I get a better job?
- 18:22 What name should I use for my online activities?
- 32:06 How do I actually take income from an investment portfolio in retirement?
- 49:23 I'm leaving California for Central America; where should I go?
- 1:11:50 I'm moving to Florida; what kind of hurricane planning do I need to do?
- 1:17:50 I'm worried about my exposure to USD. How can I hedge my bets?
- 1:22:54 I'm moving from California to Texas. What should I consider in the process?
- 1:35:27 I'm starting a new business that might fail; how can I protect my assets?
- 1:51:21 Should I pay off my mortgage?
To join me next week, go to https://patreon.com/RadicalPersonalFinance
Billionaire Churck Feeney has recently finished giving away his entire $8 billion fortune.
In today's show, we'll talk about whether you should copy him and how you could do it.
Joshua
It's Friday! Today we cover:
-
00:48 How to get a raise at your job
-
11:55 Should I classify a 2nd house as an investment property or a second home?
-
25:30 Do I get a better deal on my mortgage by classifying a house as a second home?
-
31:15 How do I solve the tension between saving money and giving money?
Enjoy!
Joshua
Friday Q&A show! Today we discuss:
- 00:30 Contractor status or employee status?
- 31:00 What happens with our money when interest rates go negative?
- 43:21 Is it really a good idea to have lots of cash on hand?
- 1:03:30 How should I set up an emergency escape vehicle to get out of California wildfires?
- 1:17:31 I used a life insurance loan as a down payment for my house; what do I do now?
In March, things looked really bleak. But the stock market recovered in a spectacular 5-month period.
Did we get it wrong? Do we regret anything we did?
Joshua
All of the news these days on coronavirus is positive. Is this a glimmer of the beginning of the end?
Although we certainly expect many more people to get sick with COVID-19 and some to die, I think it is.
I'll tell you why.
Joshua
What are your goals for your children? What skills and abilities do you want them to have when they leave your home?
My guest, Jonathan Harris, is the father of nine children. His four eldest children have all established themselves as independent adults, building careers on the foundation of their personal talents and passions.
In today's show, we discuss the strategies and tactics that have been helpful for him.
Live Friday Q&A today!
- 00:50 I just bought a new house. What practical prepper stuff should I do?
- 32:00 Can I & should I use Medicaid to cover my health insurance needs in early retirement?
- 51:01 I need a new Tow Rig; what truck should I buy?
- 1:10:21 Should I refinance my mortgage?
- 1:15:06 How can I become more relaxed with conflict in my life?
- 1:29:00 My HOA is underfunded; should I be worried?
Enjoy!
Joshua
It's Friday! Today, we cover:
- 9:00 How to socialize children when stuck at home?
- 22:27 How are IRAs Taxed for US citizens who renounce their citizenship?
- 38:18 How should we set up foreign corporations for US citizens moving abroad?
- 50:00 How should I go about looking for a financial advisor?
- 59:09 How can I run a business with total privacy?
- 1:22:51 Where does media production go from here?
- 1:35:00 How can a retirement-age couple with $130,000 decide where to put their money?
- 1:47:21 Should I put my new house into a trust?
- 1:53:47 Which home security system should I install in my new house?
Millions of students are sitting at home wasting their time watching online courses for measly high school credit. That's dumb.
Why not just go ahead and get an online bachelor's degree instead?
In today's show, I'll tell you how.
Joshua
In today's Q&A we discuss:
- 1:30 How can we equity strip a house in preparation for divorce?
- 13:17 Should I buy more whole life insurance if I'm planning to take a sabbatical in 6-8 years?
- 49:21 Are affirmations useful for personal development?
- 1:15:00 Should I be worried about leaving my home place in the current emergency?
Moving is an extremely effective—albeit disruptive—way to improve certain aspects of your life, both financially and personally.
All over the world there are millions of people who understand very clearly that if they can simply move to a country with a healthier, more robust economy.
But what country do you choose?
For hundreds of thousands of people, Canada is an obvious solution.
Today I've invited Brandon Miller, owner of Maple Immigration on to the show to discuss immigration into Canada.
We speak about immigration broadly and then specifically with regard to Canada.
Enjoy!
Joshua
- Get a free copy of Brandon's book "Second Passport: Your Guide to a Secure Alternative Home for You and Your Family Just in Case!" by emailing Brandon: info@mapleimmigration.ca
- Brandon's website: https://mapleimmigration.ca
Friday Q&A:
- 1:30 What steps can I take to protect my privacy and assets as I get into real estate investing?
- 17:22 Should I take an early $100,000 IRA distribution due to the CARES Act?
- 24:30 WWJD if his global trip were cut short and he were trying to build an online business?
- 44:00 How can I build a sideline bee business that my children can help me with?
- 1:02:00 How can we reconcile the value of being a modern nomad with the value of local community?
To join next week's show, support the show on Patreon: https://patron.com/radicalpersonalfinance
Live Friday Q&A:
- 2:00 Do I stick out my job and current career because it's profitable and comfortable or do I pivot to something new while I'm young?
- 16:20 Should I do Infinite Banking as part of my retirement plan?
- 38:40 Should I go to college?
- 59:10 My 79-year-old father needs income. What should he invest in?
Join next week's show here: https://patreon.com/radicalpersonalfinance
Listen to 227-The Five Benefits of College and Radical Ways to Exploit Them
Resource:
- "Languages for the Future: The foreign languages the United Kingdom needs to become a truly global nation"
https://www.britishcouncil.org/sites/default/files/languages_for_the_future_2017.pdf
Increasing your language skills can help your brain, your social life, and your wallet. In today's show, I give you some tools I have found to be useful in my own foreign language studies.
Joshua
- Fluent Forever by Gabriel Wyner https://fluent-forever.com/book/
- Anki https://apps.ankiweb.net
- Lingq: https://www.lingq.com/en/
This episode was first published in May 1, 2017. It's important. Please listen.
------------------------------------------------------
If you get arrested, you can kiss anywhere from thousands to hundreds of thousands of dollars good-bye.
You need insurance against that eventuality.
Today, I'm going to teach you why it's vitally important that you arrest-proof yourself and how to do it.
Joshua
- Arrest Proof Yourself book: http://amzn.to/2ph7Xos
- Don't Talk to the Police video: https://youtu.be/d-7o9xYp7eE
- You Have the Right to Remain Innocent video: https://youtu.be/gpkc2FZFR5k
- BUSTED: The Citizen's Guide to Surviving Police Encounters: https://youtu.be/yqMjMPlXzdA
Time for live Q&A today!
- 3:15 Does changing my credit mix improve my credit score?
- 8:50 How can I find a good real estate deal?
- 14:48 My parents are in their early 50s and not saving money. How can I help them?
- 32:37 Should I buy life insurance on the lives of my children?
- 46:37 Should I buy a rental house first or my forever house?
- 50:46 How do I prioritize my financial goals?
- 55:15 We're having a baby! What should I know?
- 1:18:24 Where should I keep my emergency fund?
Enjoy!
Joshua
Watch this episode on YouTube: https://youtu.be/BQtrLx0EELw
It's Friday! Today we cover:
- 1:30 - What does Joshua think about the long-term future of the USA?
- 25:08 - Is Bank on Yourself / Infinite Banking a good idea?
- 56:13 - Should I get a Master's Degree right now or a job?
- 1:13:00 - How can I start a forum to meet smart people?
Joshua
P.S. To join me on next week's Q&A show, join me on Patreon: https://patreon.com/radicalpersonalfinance
You have an incredible opportunity available to you right now. Don’t miss it!
Watch this episode on YouTube: https://youtu.be/cvFLUsmlMWI
Watch this episode on YouTube: https://youtu.be/xBThQszqk4E
Watch this episode on YouTube: https://youtu.be/3KiE5BOwM9E
Watch this episode on YouTube: https://youtu.be/36fIApfStZM
- 1:30 - Stock market volatility - are total stock index funds a safe bet?
- 14:12 - How can I build self-confidence with public speaking?
- 18:54 - How can I start a for-profit daycare or school?
- 35:35 - How should I use this time to learn more about money? Other important topics? How can I invest wisely at age 28?
- 46:00 - Should I take out a HELOC and use it to invest in a rental property?
- 53:00 - How can we decide whether my wife or I stay home with my son?
- 1:00:25 - Thoughts and strategies for working at home?
- 1:05:10 - Update on carnivore dieting?
Think you can't have a traveling adventure simply because you don't have any money? Well, if you think you can or you think you can't, you're right. If you'll adjust your mindset a bit, you can head out on a traveling adventure right now.
It's Friday! On today's live Q&A show we discuss:
- 1:10 Should I keep a credit card with an annual fee because it helps my credit score?
- 5:22 Should I pay off my mortgage right now or wait so I can invest in rental real estate?
- 10:59 Will the rental market be in demand again in the future?
- 12:22 Should I refinance my 15-year mortgage to a 30-year in order to have more cashflow?
- 15:20 What should a Radical Personal Finance live event look like?
- 23:47 Should I do a like-kind exchange right now or sell the property, pay the tax, and wait for the market to decline?
- 41:43 I'm 28 and just got out of debt. What should I do next?
- 59:26 How should I start a side business while simultaneously working a high-profit day job?
It’s Friday! On today’s Q&A we cover:
- 1:23 - Should I take the HELOC money out and put it into my bank account?
- 4:57 - Should I defer my mortgage payments if possible?
- 6:30 - How does this economic crisis affect my FIRE plans?
- 16:52 - What should an 18-year-old do with $56,000 in his bank?
- 32:49 - Should we leave our high-income job to fulfill our dream of moving to the country?
- 48:24 - How should I give away $40,000 to $50,000 per year effectively?
- 1:19:20 - Should I take a voluntary furlough from my job?
- 1:24:12 - How should I set up my new business structure?
- 1:40:45 - How do I choose between two good job offers?
We're in a recession. It hasn't been "officially" acknowledged yet, but it certainly will be.
So let's talk about how you can profit from this situation.
With the right attitude and the right decisions, you can come out of this difficult time positioned for greater and greater success.
Let's talk about how.
Joshua
It's Friday! In today's Q&A show we cover:
- 1:00 Joshua's predictions on COVID-19
- 17:32 How to be positive during COVID-19
- 27:00 How to walk away from a working class mentality and adopt a rich mentality
- 52:12 Is it ethical for me to take unemployment insurance?
- 1:03:13 Is this a good time to go into the market?
Enjoy!
- Sign up to support the show on Patreon: https://patreon.com/radicalpersonalfinance
- Private consulting is $150 off. Email joshua@radicalpersonalfinance.com with coupon code MARCHMADNESS
- All courses are 20% off with code "CORONAVIRUS" at https://radicalpersonalfinance.com/store
- Take my Family Preparedness class: https://radicalpreparedness.com Use "CORONAVIRUS" to save 20%
Quick update:
- I'm available for private consulting. Hourly rate is discounted from $400 to $250 until the end of March with code MARCHMADNESS Email me: joshua@radicalpersonalfinance.com
- Courses are 20% off with code "CORONAVIRUS" at www.radicalpersonalfinance.com/store and at www.radicalpreparedness.com
“To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise, you are doomed to a routine traverse, the kind known to yachtsmen who play with their boats at sea… “cruising” it is called. Voyaging belongs to seamen, and to the wanderers of the world who cannot, or will not, fit in. If you are contemplating a voyage and you have the means, abandon the venture until your fortunes change. Only then will you know what the sea is all about.
“I’ve always wanted to sail to the south seas, but I can’t afford it.” What these men can’t afford is not to go. They are enmeshed in the cancerous discipline of “security.” And in the worship of security we fling our lives beneath the wheels of routine – and before we know it our lives are gone.
What does a man need – really need? A few pounds of food each day, heat and shelter, six feet to lie down in – and some form of working activity that will yield a sense of accomplishment. That’s all – in the material sense, and we know it. But we are brainwashed by our economic system until we end up in a tomb beneath a pyramid of time payments, mortgages, preposterous gadgetry, playthings that divert our attention for the sheer idiocy of the charade.
The years thunder by. The dreams of youth grow dim where they lie caked in dust on the shelves of patience. Before we know it, the tomb is sealed.
Where, then, lies the answer?
In choice. Which shall it be – bankruptcy of purse or bankruptcy of life?”
It's Friday! We have a Q&A show today. But please listen. My economic concern continues to grow and I want you to be prepared for what could happen economically in the future. It's very serious.
- 1:15 I have a family member stuck in Costa Rica. How do they get home?
- 4:10 I'm about to get a tax refund. What should I do with the money?
- 33:05 Should I be working in California or Spain at the moment? How can I profit from the current crisis?
- 52:25 Why should I have thousands and thousands of dollars of physical currency available to me right now?
- 1:16:15 How can I properly integrate a Dave Ramsey portfolio into my life?
Your goals can be changed in an instant; the seas cannot. It's easier to simply change your goals than the seas ahead.
Joshua
Perhaps, like me, you're having a hard time getting your brain to accept what you're seeing around you and on the news and you're trying to figure out what's going on.
In working through this problem, I decided to chart out my Best-Case Scenario and my Worst-Case Scenario for both the medical problem of the COVID-19 pandemic and the economic outlook.
I figured I might as well turn the microphone on and let you listen in.
I hope it's useful.
Joshua
It's Friday! Time for Q&A. In today's show we cover:
- 1:30 - How should I prepare for buying rental real estate in 2 years?
- 10:40 - Should I contribute to retirement savings while saving a down payment?
- 13:15 - Should I use a Roth IRA to accumulate a down payment?
- 18:00 - If I refinance my mortgage to get lower rates, what should I do with the money?
- 26:15 - How can I make the transition from a lucrative career to a side hustle?
- 45:45 - Should I quit my job right now, given the recent changes in the economy?
- 51:15 - Can I do tax loss harvesting with two index funds?
- 54:05 - My wife is a French citizen. Should I also pursue French citizenship?
- 1:01:00 - How do I know when it is time to buy a stock?
- 1:03:10 - Should I take a 401(k) loan to set aside for potential opportunities?
- 1:14:30 - How can I become freer and richer by setting up a nomad lifestyle?
- 1:47:20 - How can I prep and build food storage while maintaining a Ketogenic diet?
Enjoy!
Joshua
- Buy my courses: https://radicalpersonalfinance.com/store
- Get my prepping class: https://radicalpreparedness.com
- Sign up as a Patron so you can be on next week's call-in show: https://patreon.com/radicalpersonalfinance
I woke up this morning and felt like I've been overly optimistic in my tone recently. I genuinely feel optimistic, but that's not because I don't think the situation is very dire. It is. In today's show, I try to share with you why I feel optimistic but I seek to give you a stern warning not to let my optimism lead to your inaction.
Joshua
Quick interim show to share a few of my thoughts on the emerging COVID-19 events.
Fascinating study in human psychology going on now. Pay attention!
- Coronavirus: Why You Must Act Now https://medium.com/@tomaspueyo/coronavirus-act-today-or-people-will-die-f4d3d9cd99ca
- The Korean clusters: How coronavirus cases exploded in South Korean churches and hospitals https://graphics.reuters.com/CHINA-HEALTH-SOUTHKOREA-CLUSTERS/0100B5G33SB/index.html
Current events show today. Let's discuss:
- COVID-19
- Economic prognostication
- Stocks
- Risk Management
Enjoy!
Joshua
I'm hosting a public meetup for RPF listeners in Louisville, KY on Tuesday, March 10 (evening).
If you'd like to come, email me for details: joshua@radicalpersonalfinance.com
Joshua
Friday Q&A show:
- 1:35 I'm 25 years old and ready to upgrade my lifestyle. Can I and still get rich?
- 14:30 Should I pay the big money for a Dale Carnegie course instead of Toastmasters?
- 22:10 Is it possible to be a financial advisor when you don't like Modern Portfolio Theory?
- 32:15 Should I stock up on fish antibiotics for an emergency?
- 37:15 Should I stop investing in a 401(k) if I don't trust the government promises?
- 53:11 My "dream job" is turning not to be so dreamy. Should I quit or stick with it?
- 1:12:50 What citizenships should I establish for my children so they have a brighter economic future?
- 1:44:41 Should I buy Long-Term Care insurance for myself at age 34?
- 1:54:42 How should I do asset protection for my real estate portfolio?
- 2:01:52 When should I exercise my Incentive Stock Options?
It's Friday! Today we do live Q&A:
- 2:00 How should I support my girlfriend's desire to get a Master's degree in international development?
- 10:29 How should we make an investment plan for lowering our household income due to changing family circumstances?
- 16:55 Should I cancel my daughter's whole life insurance policy and do something else with the money?
- 38:40 Should I keep my mortgage and plan to pay it off with my stock market investments so I can retire early?
The most important economic collapse ongoing in the world right now is Venezuela. Today, I bring you an interview with a friend of mine who is actively working inside Venezuela to bring relief. He's here to share with you his experiences of what things are actually like inside Venezuela.
Joshua
It's been a month since I first spoke to you about the Coronavirus, now called COVID19. In today's episode, I double-down and share with you my concern and how I think you should prepare for the potential economic ramifications of global pandemic.
Joshua
Join my prepping class tonight! www.RadicalPreparedness.com
Understanding Just-In-Time inventory systems: Episode 581
How to Prepare for Recession: Episode 666
Today, we reach the seventh, capstone Ring of Freedom: Financial Liberty. When you are Financially Independent (able to live your desired lifestyle on the income from your investments), you have reached a genuinely huge level of personal freedom.
Joshua
It's Friday! That means a live call-in show for Patrons. Sign up here: http://patreon.com/radicalpersonalfinance
Today, we cover:
- I just left my job. Should I break my lease and live in my Prius?
Enjoy!
Joshua
How do you live freely in a world of increasing government oppression? Is it possible to escape onerous government involvement in your life?
Here's my answer!
Joshua
I'm convinced entrepreneurship provides you with a massive level of personal and lifestyle freedom.
Here's why.
Joshua
In this episode, part 2 of our "Spending Liberty" focus, we discuss the value of savings and how relatively small amounts of savings can buy you personal freedom!
Joshua
Today we talk about the incredible liberty that you can enjoy in your life when you make the commitment to get and stay debt-free!
Enjoy,
Joshua
Join me for a live set of classes on Practical Preparedness.
Classes begin February 3. Sign up here: http://radicalpreparedness.com
More details in the show,
Joshua
I'm fascinated by the reports and videos coming out of Wuhan, China. I've never before seen a city of 11 million people shut down for a quarantine. I don't think it's every been done before! But it's amazing to watch.
Today, I want you to think about what would happen to you and your family if you were quarantined for an extended time.
If I sent you home and said you and your family had to stay there for the next 30 days, could you do it? Would you survive? Would you be comfortable?
If not, you're behaving irresponsibly. And you need to prepare for such a thing.
To start, you probably need to buy some food. In this show I give you some practical foods to start with.
Enjoy,
Joshua
P.S. Sign up for my live webinar series on Practical Family Preparedness: www.RadicalPreparedness.com
To join next week's Q&A call, go to www.patreon.com/radicalpersonalfinance
Joshua
In today's show I share with you some fat loss and money lessons learned from my 70 pounds of weight loss over the last 6 months.
I hope you'll find some nuggets to help you get skinny and rich as well.
Joshua
I want you to live as a free man. So in this series, I'm working to give you some ideas as to how you can achieve a very high level of freedom while you're on your way to financial independence.
Today, I'm going to share with you the dramatic impact that home education can make on your family's personal liberty.
Joshua
You should set a goal of getting a better job. Here's why!
Joshua
In this series, I aim to give you some ideas that have helped me to develop an extremely free lifestyle, even though I'm not yet financially independent.
Today, I'm going to share with you one of the single greatest assets that I enjoy in my quest for personal freedom: a stay-at-home wife.
This lifestyle choice is one of the things that has most meaningfully contributed to the joy and freedom that my family experiences.
It's also helped us massively financially.
Consider it for yourself!
Joshua
Today I have an interesting essay to share with you. Have you ever thought of The Missionary Position as a path to a life of global freedom?
:)
Enjoy,
Joshua
I want you to experience a lifestyle of freedom and liberty, in every sense of the word. So today we begin a new series called "Seven Rings of Freedom."
Achieving financial independence will make you more free. But there are a bunch of things that you can do along the way that will greatly increase your freedom.
Today, we discuss Spiritual Liberty. If you are personally, spiritually free, you can enjoy peace and joy and contentment in your situation, no matter what the details of your situation are. You can be a human slave and be completely free, if you possess spiritual freedom.
For that reason, we begin our series with Spiritual Liberty and a discussion of why Christianity is the superior path to Spiritual Liberty.
Joshua
Today I reflect on some of the successes and failures of the decade past and share some of my ambitions for the decade to come.
Joshua
Set goals that you don't know how to achieve.
Joshua
- www.RadicalBookList.com
It's Friday! Time for Q&A:
- 3:40 Do I need liability insurance for my business?
- 35:45 How can I get good life insurance rates if I'm fat?
- 1:20:25 What should I do for $300,000 of cash I'm saving for a business investment very shortly?
- 1:22:30 Why are "high finance" people so dismissive of people who like dividend investing?
Joshua
- Join me for next week's call by supporting the show on Patreon. www.patreon.com/radicalpersonalfinance
When you set a goal, you've got to count the cost; the financial cost and the opportunity cost.
Counting the cost may be enough to show you the path forward.
Joshua
It's a live Q&A show today! We cover:
1:30 - How can I build career confidence and skills when I don't have much time?
30:15 - I just got married; what is good advice for buying a house?
41:35 - How can I make sure that my 401(k) money is safe in case of recession?
54:15 - How can I invest into my local community?
1:12:45 - Should investors pay 1% to hire a financial advisor?
Dig deep—really deep—into the "Why" behind your financial goals.
Joshua
A new decade is dawning and my hope is that this decade be the best one yet!
But if you're going to tackle this decade proactively, you'll need to begin by dreaming a bit about what you'd like to accomplish this coming decade.
Let's get started,
Joshua
- REMEMBER: save 50% on all my courses until midnight tonight using code CYBER50 at www.RadicalPersonalFinance.com/store
On today's show we veer away from financial independence and into living well today with a discussion of the Ketogenic diet.
I've invited Jack Spirko, host of The Survival Podcast on today's show to discuss his recent weight loss journey.
He has lost a significant amount of body fat in a short period of time and together we share ideas, tips, and experiences to help you achieve fat loss as well.
Enjoy!
Joshua
- Jack recommends the "Keto Diet App" for tracking macros.
- What about fiber? www.gutsense.org
- Jack's Low Carb Journey: https://www.youtube.com/playlist?list=PLpHUZsnFSzdIEublkmBRRpdLCqKS0axin
- Jack likes these YouTube Channels:
- Thomas DeLauer https://www.youtube.com/user/TheTdelauer/featured
- Dr. Ken Berry https://www.youtube.com/user/KenDBerry
- Keto Connect https://www.youtube.com/channel/UCzRYivTpUQ0r2qPPjfLoQiA
Over the last 5 months or so I've lost over 50 pounds of fat. This fat loss has significantly improved the rich quality of my life.
I'd like to share a few words of experience and encouragement with you to help you on your own fat loss journey.
Joshua
P.S. Remember, code "CYBER50" saves you 50% off all my courses through Monday at www.RadicalPersonalFinance.com/store
Don't be so future-focused that you miss the lessons and joy of today's trials.
Joshua
Today's guest recently had extensive shoulder surgery done and he saved thousands by choosing to have the surgery in Mexico rather than the USA. We discuss the details of his experience as well as his personal financial independence success story.
Enjoy!
Joshua
Today, we do Friday Q&A:
- 00:00 Should I quit my job while I look for a business to buy or wait until I find one?
- 13:00 How should I go about becoming a minority partner in a business?
- 26:28 What is the best way for my dad to give me a rental property he doesn't want anymore?
- 41:00 Should I refinance from a 15-year mortgage to a 30-year mortgage? (And how can I progress in my career?)
- 1:00:17 Should I sell my stocks in anticipation of a market decline?
Enjoy!
Joshua
- Join me on next week's Q&A! http://patreon.com/radicalpersonalfinance
On today's Friday Q&A, we cover:
- 1:45 The value of a sabbatical
- 17:45 Homeschooling vs. private schools
- 46:30 Modern Portfolio Theory
Enjoy!
Joshua
- If you'd like my recommended reading list for financial freedom, go to http://RadicalBookList.com
In light of the previous show, I've received many questions about scanning all my books. Here's a replay of the show where I explain what I've done and why.
Joshua
Reading can provide you with all of the knowledge you need to crush some very large goals in a very short time.
But you need to know how to read effectively.
Today, I teach you how.
Joshua
- Get my recommended reading list here: http://RadicalBookList.com
Listen to the show.
Joshua
If you were discharged from the military for cocaine use, would you be able to seamlessly move into a $600,000/year job?
If not, you should consider building your influence a bit more!
In today's show I'll give you some ideas to help you develop this influence.
Joshua
Can you imagine starting a business when you've been laid off from a job and you have many young children in the house? My guest today, Tim Schmoyer, has done just that. And he has prospered through the process.
Joshua
1:00 Would you like to come to a 3-day seminar with fellow listeners?
10:11 How can I prepare for healthcare risk?
24:50 How do I calculate the financial costs/benefits of moving states?
35:30 How do I help my parents who don’t have much money build a retirement plan?
53:05 How can I market my physical product?
1:06:45 Should I use whole life insurance as the cash component of my permanent portfolio?
1:30:10 Should I put my life insurance policies into a trust?
1:47:10 How do I balance prepping and minimalism?
My guest on today's show moved from India to the USA as a young man. Starting with no money, he became financially independent in about 12 years.
In today's interview we dig into the strategies and tactics that worked for him.
Enjoy!
Joshua
- John's website: www.FinancialFreedomCountdown.com
In today's show, I have a special story for you of how my friend Anatole built a great life for himself, even though everyone hated him.
Enjoy!
Joshua
Today, we finish out the 3-part series on preparing for layoffs in the coming recession.
Today's show will be useful to you, even if you just got notice of your layoff and didn't do anything to prepare for it beforehand.
The major theme of today's show is that you need to take appropriate action with appropriate speed. If you're stuck with little savings and no preparation, that means take massive action, now! If you've planned a bit better in advance, it means be strategic and thoughtful.
We discuss:
- The impact of self-confidence on your job hunt.
- The importance of having work now and not being unemployed for a long time.
- How to take massive action on your job hunt for quicker results.
- What types of approaches are most successful for job hunters.
- Some radical strategies you can plan for that will enable you to simply wait out and enjoy the recession instead of being stressed by it!
Enjoy!
Joshua
- Many If Not Most Employers Hunt for Job-Hunters in the Exact Opposite Way from How Most Job-Hunters Hunt for Them http://www.jobhuntersbible.com/jobs/view/what-to-beware-of-in-searching-for-job-vacan-2
Yesterday, we talked about ways to avoid losing your job in the coming recession. But obviously there are factors beyond your control which might result in your being laid off, even though you've done everything "right."
So, you need a backup plan.
Don't wait and wonder what you'll do. Make a simple plan now for what you'll do.
Think about some different scenarios and play some mental games with yourself. That way, you'll be able to better respond to events instead of being shell-shocked by them.
Today's show covers:
- The importance of planning to avoid emotional stress when you get laid off.
- The direct impact of losing your income and how to plan for it.
- The impact that losing your group benefits can have on your financial life.
- Why you should consider establishing lines of credit before you need them.
- How you can stockpile both money and the simple necessities of life.
- The simple things you can do that will make it much easier to get your next job.
- The importance of proactively building and maintaining a network.
- How thinking like a consultant will help you now and help you later.
Enjoy!
Joshua
Originally released May 13, 2015. And just as important today.
-------------------------------------------
For most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job.
If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (financial independence), losing the engine in your car will at least delay you from reaching your destination.
So, the key is plan in advance to not lose the engine. Make sure you're doing the things you need to be doing now to avoid being laid off.
Obviously, you can't guarantee that you'll never be laid off, but you can do a lot to improve your possibilities!
On today's show, we cover:
- The need to proactively improve your position within your company, your company's position within the industry, and your industry's overall prospects in advance.
- Some ways to know if you've got a big target on your back or a small target on your back with the HR people are figuring out who to cut.
- The importance of competing with your fellow employees and of collaborating and cooperating with them and why both are valuable.
- Ways to stand out and produce up to 4x the output of your fellow employees.
Enjoy the show!
Joshua
- Business Insider: 13 Things Everyone Does At Work That They Don't Want Bosses To Know About
- Federal Reserve: Average Annual Hours Worked by Persons Engaged for United States
It's official: the Yield Curve on US Debt is inverted. That's a pretty good indicator that recession is in our future.
So, today I want to tell you how to prepare for the coming recession.
Enjoy! And do.
Joshua
1:30 How does Joshua use YNAB on a daily basis?
17:30 How has the pursuit of privacy cost you?
30:30 Should I have kept my inherited property as separate property instead of community property?
43:00 How can I get started prepping?
I'd like to invite you to meet up with me on Tuesday, September 3 in Washington, DC, USA. If you'd like to connect, please email me and I'll give you all the details.
Email me: joshua at radical personal finance dot com.
Joshua
It seems like many of the prominent voices in the FIRE movement are single individuals or childless couples. But many of us have children or want to have children. Does that mean that we will fail in our attempts to become Financially Independent? Are you doomed to choose between FIRE or children?
Today, I'll give you my answers. (Spoiler: you can FIRE and have children too!)
Joshua
We live in interesting times. It seems that most of us could list off several things that our government does with our tax money that we find offensive. But how should Christians deal with the morality of having their tax money used to support immoral activity? Should Christians participate in tax strikes and tax protests?
Joshua
A listener wrote in and essentially asked, "Why is Joshua so anti-tax?" So, I thought I'd give that question a crack for you.
Joshua
I want you to use more cash so you can get richer, faster.
Joshua
I want you to understand the basic problem with debt so that you'll be prepared to avoid it.
Joshua
I've talked a lot about education over the years...in this episode I'll tell you what we're doing with our children and talk about some philosophies that have been influential on me. And I'll tell you what I got wrong in the past.
Joshua
There is a natural symbiosis between prepping and mainstream financial planning. Here's why.
Joshua
A key to life change is behavior modification. And mental money games can help you get there.
Joshua
Ask your average financial advisor how to invest for your children's future and he'll likely start pulling out brochures for a 529 plan.
B-O-O-O-O-R-I-N-G!!!
Is there anything wrong with a 529 plan? No.
But is that really the most effective use of your money?
Only if you don't have any better ideas.
So let me give you some to ponder! Here are 12 Much More Interesting™️ Ways to Invest In Your Children!
Joshua
P.S. Go here and buy something so I can do this stuff for my children! https://radicalpersonalfinance.com/store
It's Friday! That means live Q&A.
Enjoy!
Joshua
Today we discuss Qualified Opportunity Zones, a legitimately new way for you to potentially save on capital gains taxes.
Joshua
- Map of designated opportunity zones:https://esrimedia.maps.arcgis.com/apps/View/index.html?appid=77f3cad12b6c4bffb816332544f04542
There is an important piece of legislation that has passed the House of Representatives and is being considered in the Senate. It's technically known as H.R. 1994 "Setting Every Community Up for Retirement Enhancement Act of 2019."
It has some changes that are potentially helpful to you; and some that may destroy the value of your qualified accounts.
Joshua
How do you balance the Costs of Living with your Quality of Life when you're thinking about moving out of your home country?
Let's discuss!
Joshua
In order to build wealth over your lifetime you need to #InvestWisely. But, how? How do you do it? What should you invest in?
Today, we discuss that question with an active hedge fund manager named John Medford. He and his team manage a large fund with an impressive record.
And, in this episode, we discuss why you probably shouldn't bother to try competing with him.
Joshua
I think a pop up tent camper is an ideal compromise for family vacation travel.
In this show, I tell you why.
Joshua
1:30 What is the fiscal future of the USA in light of the Democratic candidates' debate this week?
19:12 How could I do financial coaching for the not-yet-wealthy?
35:20 What are the benefits of international living?
41:15 Should I be a dividend investor or index fund investor? And how can I simultaneously be a moral investor?
1:15:45 Should I quit my job because I can?
1:33:30 How could I invest differently than just real estate and mutual funds?
Friday Q&A today!
- 1:54 Should I sell my cryptocurrency to pay off my IRS debt?
- 10:30 How should I readjust my investments to plan for future economic uncertainty?
- 26:09 How should I think through my finances in the midst of possible divorce?
- 59:46 What do I need to do with my US-based investments while I move to Spain?
- 1:08:00 My wife and I are having a baby and are interested in birth tourism. How should we analyze the possibilities?
Enjoy!
Joshua
- Join me for next week's Q&A! http://patreon.com/radicalpersonalfinance
If you care about asset protection planning, there's hardly any reason for you to own an asset in your own name. So, you'll have to get used to titling asset in slightly different ways.
Today, I teach you why and how.
Joshua
When I ask people about their goals, about 80% of people tell me they want to travel when they retire. And yet, very few people actually follow through and travel!
Why?
Of course there could be many reasons. But if the cost of traveling is keeping you at home, I want to help you.
In today's show, I'll share with you some ideas and strategies to travel the world on the cheap.
Enjoy!
Joshua
- Inspirational video of couple who traveled for 2 years and spent about $14,000. Total. https://youtu.be/8A1f_rYT4TI
- Airfare tool: https://kayak.com/explore
- Airfare tool: https://matrix.itasoftware.com/
In today's show, I'm going to teach you how an average guy can build a $165,000,000 estate by choosing not to retire. And I'll tell you a bunch of reasons why that would be great for you to plan for (even though you're simultaneously working towards financial independence in 10 years or less).
Enjoy!
Joshua
This is one of the most important questions you can think about. And don't be scared to change your answers as you learn and grow.
Joshua
A listener has a car with a blown transmission and is trying to decide whether to repair it or replace it. Here's my advice!
Joshua
It's Friday! Today, we discuss:
- Taking the Foreign Earned Income Exclusion
- How Should You Think About FIREing Yourself From A Big-Money Job
Joshua
Here's the link: https://mobile.twitter.com/USATODAY/status/1125891810595954688
Read the conversation and form your own opinions.
Joshua
Today, I tell you the story of the Accidental Millionaire and a few lessons for both of us.
Enjoy!
Joshua
It's Friday! Today we discuss:
- International healthcare options
- Avoiding wealth taxes
- Second passports for children
- And more!
Joshua
Wages provide you with the financial fuel you need to build wealth. So it absolutely stinks when those wages are sucked up by your creditors in wage garnishments. So how can you protect your wages and keep them for yourself?
That's what we discuss today!
Joshua
- Listen to Episode 503: "How to Fight Nasty with Your Creditors and Win"
One of the most fundamental decisions you can make in life is to marry or not to marry. If you marry, your life, your budget, and your career will look dramatically different than a peer who remains unmarried.
Marriage can be one of the biggest blessings to your life, resulting in greater happiness, better health, a higher income, and more wealth.
Marriage can also be one of the greatest curses you can experience and it can devastate your emotional state, your physical health, your career, and your wealth.
So, you need to choose wisely.
In Part 1 of this series, I discussed various ways that you can prepare yourself to be attractive to an excellent wife.
In today's show, I do my best to give you an honest assessment of the risks involved so you can choose whether you desire to marry or to remain unmarried.
I hope it's thought-provoking.
Joshua
- Part 1 of this series: How to Find an Excellent Wife: The Preparation
If you're a US citizen who earns $500,000 or more, who is not willing to renounce your US citizenship, and who is involved in business and investing, you should seriously consider moving to Puerto Rico.
Joshua
On Fridays we do Q&A! Today:
1:20 How can I effectively move from New York to Florida in order to end my tax residency?
17:20 What should I do with the life insurance I'm offered at work?
23:00 How do you advise someone to develop an overarching investment philosophy?
48:05 Should I put money into a 529 plan for my not-yet-conceived children?
If you'd like to join me next week, go here: www.patreon.com/radicalpersonalfinance
Joshua
Today, I'll teach you how a 25-year-old $100,000-earner could increase their estate by $90,000,000 by simply moving outside of the United States.
Enjoy!
Joshua
One of the most effective things you can do when trying to figure out how to build wealth is to find ways to save big money. Fast. And since Americans collectively spend more on taxes than housing, food, and clothing—combined—you should start by trying to save money on taxes.
Today, I give you my case for why you should consider moving to a No-Income-Tax state.
Enjoy!
Joshua
Today, we continue our Asset Protection Planning series with a deep look at the Personal Property Exemptions. I've never heard asset protection planners give much attention to the Personal Property Exemptions. But that's understandable to me.
When dealing with the mega-wealthy, it's hard to see how the Personal Property Exemptions make any difference in terms of financial planning.
But, for a "mere mortal," I think there's a really good argument that the personal property exemptions can be really important.
Tune in to the show to hear why!
Joshua
- Check out my newest course! www.radicalpersonalfinance.com/store
As I recently finished my course on "How to Survive and Thrive During the Coming Economic Crisis," I was struck with how simple and feasible the individual solutions are, while how utterly impossible and difficult the collective solutions are.
Choose success and happiness by focusing on the individual solutions you can put in place in your own life.
Joshua
p.s., If you haven't yet, go check out my newest course!
1:20 Should I change my whole life insurance policy because my income is going down?
18:40 Why do you think Walmart has done more good for poor people than any non-profit organization?
30:00 How should I adjust my asset allocation now that I'm retiring?
42:40 Should I pay off my mortgage on my retirement house?
49:15 Where should I keep my medium-term savings?
52:00 How can I include real estate in my Permanent Portfolio?
58:00 How can I invest in the people in my community?
1:05:00 Can I use a private foundation for my wealth planning?
Yesterday, I released to you a discussion on the Federal Debt in the United States. That show should be your introduction to this problem.
But in thinking about it, I felt like it was incomplete. I wanted to present some useful materials, in audio format, for listeners who don't have a firm background in the fundamentals of the problem.
So I decided to go in-depth to try to lay out the problem very clearly.
This show is deep and difficult. It holds quite a bit of my reading to you--but also some interesting commentary.
If you're trying to understand the underlying, structural problems more clearly, listen to the show.
If you prefer reading, start with these two links:
- "The federal deficit ballooned at start of new fiscal year, up 77 percent from a year before" - Washington Post https://www.washingtonpost.com/business/economy/the-federal-deficit-ballooned-at-start-of-new-fiscal-year-up-77-percent-from-a-year-before/2019/03/05/ff8d31f6-3f75-11e9-9361-301ffb5bd5e6_story.html
- A Comprehensive Federal Budget Plan to Avert a Debt Crisis https://www.manhattan-institute.org/html/report-comprehensive-federal-budget-plan-avert-debt-crisis-11497.html
We face a massive problem in the United States right now. Put simply:
- We are borrowing more money than ever before.
- There's no plan for us to borrow less money in the future.
- There's [almost] no mathematically sound plan that can be created to have us borrow less money in the future.
- No major, national politician is loudly, consistently talking about how we can spend/borrow less money.
- Rather, there are loud, vigorous, and strengthening forces moving in the direction of borrowing even more money.
The government has only three sources of funds:
- Taxation (bad for you if you earn money or have wealth)
- Borrowing (bad for you if you're a citizen, not an investor)
- Inflation (bad for you if you're a saver)
There's enough evidence for honest, careful people to predict the strong probability of future crises.
The problem is, we can't know when these crises will occur.
But it's time to start preparing.
Joshua
- "We've Never Had Deficits Like This During Peace and Prosperity Before" https://reason.com/blog/2018/10/17/budget-deficit-trillion-dollars-riedl
- New Course: "How to Survive and Thrive During the Coming Economic Collapse: A Rational, Modern Approach" https://www.radicalpersonalfinance.com/store
Today, we continue the Asset Protection series with an in-depth look at health and education accounts. Specifically, we cover:
- Health Savings Accounts / Medical Savings Accounts
- Flexible Spending Accounts
- Health Reimbursement Arrangements
- Qualified Tuition Programs (529 Plans)
- Coverdell Educational Savings Accounts
- UTMA / UGMA accounts
1:45 - Is it moral to support the current capitalist system of economics?
32:20 - How can I figure out how much umbrella liability insurance to purchase?
39:00 - Does having a higher umbrella liability insurance policy make you the target of a lawsuit?
46:05 - I want to buy a house but I'm in the middle of paying off debt (on Dave Ramsey's Baby Steps plan). Should I pay off the debt first?
1:00 - Should I roll my 401(k) over to my new job or into an IRA?
11:30 - How should I prepare for a meeting with an estate planning attorney?
17:55 - How should I decide to indulge myself with a luxury expense?
35:45 - Life insurance advice for a newlywed couple.
48:05 - How can I maximize the value of my business for sale?
The future will be one of the following:
1. Same as now or better
2. Similar to a recession
3. Similar to a depression
4. Similar to mad max
5. Void of humans due to asteroid hitting earth or similar calamity
2:00 - Life insurance advice for a recently married husband
6:15 - How can I make a back-door Roth contribution without being subject to the pro rata rule?
11:35 - How can I protect the money in my taxable brokerage accounts?
20:50 - How can I optimize my tax situation as an expat living in Bermuda?
47:20 - I live in China and am returning to the USA. What should I do with my money?
50:25 - How should I balance paying off debt with real estate investment?
1:03:05 - How can I invest for my 15-month old daughter?
In this episode of the Asset Protection Series, we do a deep-dive into annuities. Entry-level stuff at the beginning and some extra, hard-core bonuses at the end.
Joshua
1:20 - How Can I Invest in Distressed Mortgage Notes Inside my Roth IRA?
8:05 - Should I Pursue a Chartered Financial Analyst Credential for My Own Investment Knowledge?
17:00 - Should I Contribute More Money to a Roth 401(k) than a Traditional 401(k)?
38:15 - How can I Balance Personal Privacy and Functionality in Building My Business?
For reference to any time-dated commentary, this show was recorded on 12/21/2018.
This is a recording of an interview I gave for "In The Rabbit Hole."
ITRH: E272: The Truth About Money and Preparedness
Originally published: November 12, 2018
1:25 - I just got married. What financial planning should I do now?
39:35 - My employer offers a 401(k) with no match. Should I participate?
55:35 - How can I save for my child's college education with a 529 plan or with a Roth IRA?
For reference to any time-dated commentary, this show was recorded on 12/20/2018.
In Episode 616, I argued the point that if missing one paycheck is a problem for you, you're behaving stupidly. My guest on today's show took umbrage with my commentary on Twitter. So invited her on to discuss!
Enjoy,
Joshua
- Here's @CheapBohemian's Twitter thread: https://twitter.com/cheapbohemian/status/1084581032375001089
Chris Moody and I have both spent the last 6 months traveling the width and breadth of the United States with an eye toward understanding the current moment. In this podcast, we discuss our findings.
- Life Opted Out www.instagram.com/lifeoptedout
1:45 - How can I give nice gift to people who are poorer than I am without creating a power imbalance?
15:20 - Can I contribute my salary into a 401(k) plan for my wife in order to maximize our retirement account contributions?
28:05 - How can I protect my non-qualified investment accounts that are exposed to the claims of creditors?
44:30 - I don't "need" term life insurance because I'm financially independent. Should I still buy some?
51:00 - I'm following Dave Ramsey's baby steps and am almost out of debt; should I store up my emergency fund in a Roth IRA?
56:00 - I want to buy an investment that will pay for my new car instead of just burning all my cash on the car. How do I do that?
(For the context of any time-relevant comments relating to current events, this Q&A was recorded on 12/19/2018.)
Stop behaving stupidly with your money.
- NPR story: https://www.npr.org/2019/01/09/683519210/air-travelers-and-workers-may-feel-government-shutdown-effects
- SNL: Don't buy stuff you can't afford: https://youtu.be/Qb8hTzUoI54
Today, I share my advice for young men on how they can find an excellent wife. In short, you must become an excellent man. That's the task. Here are some ideas on how.
Joshua
Just a few thoughts to encourage you as we shut down for the Christmas break. May you have an opportunity to be encouraged and to encourage another person who is close to you.
Your voice matters.
Love you,
Joshua
2:00 - Should we pay off our mortgage or invest?
9:50 - Should I put more money into one of my child's 529 plans in order to help them on their financial aid calculations?
18:30 - Should a retiree in her 60s pay 1.7% as a financial planning fee?
47:20 - How should we unravel the tax situation for a house that I live in but don't own?
1:13:00 - What college financial planning organization should I choose?
1:30-Should I dollar cost average into my Roth IRA or wait for a market downturn?
6:00-How can I get money to my child so they can make a Roth IRA contribution?
21:30-Can I do good asset protection by transferring all my money into a secret Bitcoin wallet that's kept completely offline?
34:00-Can I become a financial planner without pursuing it full-time?
2:45 - If you move from one state to another, do you have to start all over with your asset protection plan?
15:30 - How frequently does a state change its laws that relate to asset protection planning?
21:30 - What is the interplay between Federal regulations and State regulations?
23:35 - Is a 403(b) protected the same as a 401(k)?
25:30 - How have Joshua’s views on education changed in the last four years?
36:30 - What specific inspirational resources would Joshua recommend on the topic of education?
43:20 - How do you set financial priorities when you’re expecting a baby?
51:15 - How do you plan when you have a highly fluctuating income?
1:00:15 - How do you balance having a stockpile of cash while looking at big personal lifestyle expenses?
1:04:35 - Is Patreon a good option to monetize your website?
1:24:00 - Should our company add a Health Savings Account or Christian Healthcare Sharing Ministry option to our health plan?
605-Asset Protection Planning for Mere Mortals - Part 4 - Understanding the Litigation Process and Vectors of Financial Attack
It's Friday! That means live Q&A:
- Healthcare Sharing Ministries and Their Maximum Limits
- Health Savings Accounts and HCSMs
- What To Do With An Inheritance When You're in Debt
Enjoy!
Joshua
In this episode of the podcast we tackle these two questions:
- Is it legal to engage in asset protection planning?
- Is it moral to engage in asset protection planning?
Short answer? Yes and yes. If that's enough for you, just skip listening to this episode. But if you'd like a bit more texture to the discussion, enjoy the podcast for a discussion of the legality and morality of asset protection planning.
Joshua
I love the topic of asset protection planning. It's super interesting to me.
But my observation is, like most topics, people involved in the business talk about what they can sell. The lawyers talk about corporations and trusts because they sell them. The insurance agents talk about life insurance and annuities because they sell them.
Since I don't sell that stuff, I think about you and what I think can help you.
And in today's show, I want to give you a simple starting place: think about your assets and think about the risk you're trying to protect them from. Then make your plans.
Details in the show.
Joshua
- Learn how to borrow money that's unsecured by any collateral. (This is good for you if you ever default.) Sign up for my course: www.radicalpersonalfinance.com/creditcardcourse
Here's the complete answer that you need to know if you should pay off debt or invest.
- Sign up for my Credit Card Course: How to Borrow Money Safely and Never Pay Interest Using Credit Cards www.radicalpersonalfinance.com/creditcardcourse
As many U.S. Americans engage in vigorous political debate today and follow with their vote, I want to share a story with you that I hope will help you to appreciate the richness of political peace. Not everyone in the world has it as good as you and I have it. But, as we vigorously debate political issues, it's easy to miss the blessing of the underlying framework of peace and prosperity that we enjoy.
Enjoy this personal story.
Joshua
Audio is pulled from: https://youtu.be/uj8f7ycnUtU
Audio taken from: https://youtu.be/uj8f7ycnUtU
John Taylor Gatto has died. My voice has also died. So rather than leaving you bereft of new shows, I decided to share a few Gatto files to encourage you to invest your education dollars well.
On this episode we welcome Matt Miner back to the show. Matt previously came on the show to discuss whether going back to graduate school is a good financial move.
Since that interview, Matt left his corporate job and became a financial advisor!
In this interview we explore two themes:
Enjoy!
Joshua
- Matt's first interview on RPF: https://radicalpersonalfinance.com/grad-school-to-increase-income/
- Matt's PF blog: https://www.designindependence.com/
- Matt's financial advisor site: https://www.plcwealth.com/
Original article: https://www.charliedaniels.com/soap-box?b_id=4382&pg=1
I missed several of my students' questions on the previous credit card Q&A show. So today, I wrap them up. Enjoy!
Joshua
- Buy the course here: www.radicalpersonalfinance.com/creditcardcourse
It's Friday! That means it's Q&A time. Today we cover:
- If I have no credit (because I haven't borrowed money in >25 years) should I work on building my credit score?
- What has traveling like for Joshua and what are his plans for Radical Personal Finance.
Joshua
- If you'd like to be on next week's Q&A call, sign up here: www.radicalpersonalfinance.com/patron
The Lifestyles of the Rich and Famous might make good TV but it's the Lifestyles of the Frugal and Obscure that makes for wealthy people who keep their money.
Joshua
- If you're interested in learning how to borrow money safely and never paying interest with credit cards, go buy my new course! www.radicalpersonalfinance.com/creditcardcourse
What do you think would happen to a mother of 12 who was widowed at a fairly young age and whose husband didn't have any life insurance? Could she survive? If so, how?
Today, I want to share with you the story of a friend of mine who went through that precise circumstance. I hope you enjoy it!
Joshua
Today we tackle:
- How do I get new credit cards when I've already maxed out my limits?
- Should I refinance my mortgage over onto my credit cards so I can drop Private Mortgage Insurance?
- How should I handle a credit freeze on my accounts?
Remember, go buy the credit card course this weekend. It's at www.radicalpersonalfinance.com/creditcardcourse and you can save $10 with promo code CREDITCARDTEN.
Joshua
There are people who should never, ever, have a credit card. And of course they shouldn't buy my new course "How to Borrow Money Safely and Never Pay Interest Using Credit Cards."
But, everyone else should buy it. Go here: www.radicalpersonalfinance.com/creditcardcourse
Save $10 with promo code: CREDITCARDTEN
Joshua
Credit Cards can be really useful. But contrary to popular opinion, they're not the most useful when you're broke. They're more useful when you have a little cash.
Enjoy this excerpt from my new course "How to Borrow Money Safely and Never Pay Interest Using Credit Cards."
And then go buy it here: www.radicalpersonalfinance.com/creditcardcourse
Use "CREDITCARDTEN" to save $10. Until Monday only.
Joshua
One of the most under-appreciated aspects of credit cards is the significant privacy they can afford you. Listen to the show for details.
Remember, please sign up for my new credit card course: www.radicalpersonalfinance.com/creditcardcourse
Use coupon code "CREDITCARDTEN" to save $10 off the price. (Good until 10/15/18.)
Thank you!
Joshua
One of the most useful aspects of credit cards is how safe the debt is when compared to other forms of debt. Enjoy this excerpt from my brand new course called "How to Borrow Money Safely and Never Pay Interest Using Credit Cards."
The course is now available for you to buy. Go here: www.radicalpersonalfinance.com/creditcardcourse
Use the coupon code "CREDITCARDTEN" to save $10 off the price. (Valid until 10/15/18.)
Thank you!
Joshua
Today, we do a special (and really good) live Q&A exclusively on the topic of credit cards. We cover:
- Should I Close My Old Credit Cards Before Applying for a Mortgage?
- How Should I Refinance my Business Credit Card?
- How Can I Use My Credit Cards Privately?
- How Do I Pay Off My Credit Card Debt as a Newlywed?
Hurricane Katrina taught us a huge number of important lessons. In today's show, we listen to the account of a survivor.
Forum thread: https://www.zombiehunters.org/forum/viewtopic.php?f=32&t=16627
Today we have a mega, 2-hour Q&A show. We cover a bunch of really interesting questions:
- How Do We Follow the Guidelines from The Richest Man in Babylon?
- I've Reached F.I. Now How Can I Help Children Do the Same?
- Should I Invest My Cash All At Once or Over Time?
- How Do I Prepare My Finances for Marriage?
- We're Out of Debt and Have Money In the Bank. What Now?
- I'm F.I. and Sold My House. What Should I Do With the Cash?
- How Can I Help Young Men?
- I'm Now an Empty Nester. Should I Buy a House for Security?
- I'm In Graduate School. Should I Get Life Insurance?
- What Should I Do With an Old Life Insurance Policy?
Friday Q&A:
- Getting Health Insurance after Divorce
- Opportunities When Moving Cross-Country
- Should I Keep My House in New Orleans as a Rental House
- How Can My Father Buy a House for My Benefit
Audio was from: https://www.intherabbithole.com/e257/
The app is called "Soulver." https://www.acqualia.com/soulver/
Many people automatically assume that working from home is the best possible way to work. But is it really?
In today's show, I share how and why I scanned my entire library in preparation for my current travels.
Enjoy!
Joshua
Enjoy the story of this family's quite radical approach to a family "vacation."
Joshua
Not much has changed in 35 years...we still have to do the same calculation.
Joshua
We've been living full-time in our 30-foot travel trailer for an entire month now.
In today's show, I share with you what's been working, what's good, and what's not.
Joshua
- Sponsor: Warby Parker. Go to http://warbyparker.com/rpf to order your free Home Try-On glasses today.
Part 5 of a 5-part series called, "You Don't Have to Be Smart to Become Financially Independent...But You Can't Be Stupid."
Today we discuss your lifestyle.
Joshua
Part 4 of a 5-part series called, "You Don't Have to Be Smart to Become Financially Independent...But You Can't Be Stupid."
Today we discuss avoiding catastrophe.
Joshua
Part 3 of a 5-part series called, "You Don't Have to Be Smart to Become Financially Independent...But You Can't Be Stupid."
Today we discuss your investments.
Joshua
Part 2 of a 5-part series called, "You Don't Have to Be Smart to Become Financially Independent...But You Can't Be Stupid."
Today we cover your expenses.
Joshua
In Part 1 of this interview (Episode 566), you met Scott & Susan, a couple who accidentally retired in their 30s and has spent the last two decades traveling the world in a sailboat and the US in a motorhome.
In today's episode, we discuss Scott's small business, Techie 4 Hire. If you have any interest in developing a location-independent business, pay attention to Scott's story of his own business. Also pay attention to some of the other types of businesses mentioned in this interview.
Finally, we discuss a bit of the technology of mobile internet connectivity. For many of us, our ability to reliably connect to the internet from the road can open up a location-independent lifestyle.
Enjoy!
Joshua
- To contact Scott, email techie 4 hire at live dot com.
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
On today's show, I bring you an interview with Scott and Susan. I think of them as "accidental early retirees."
About two decades ago they bought a sailboat, intending to travel for a year. They wound up spending a decade sailing the world together. And then for the last decade, they've traveled all around the USA, living full-time in their RV.
In Part 1 of this interview we discuss their story--the plan, the money, and the lifestyle.
In Part 2 of this interview we will discuss Scott's small business and the technology that they use that keeps them on the road full-time.
Enjoy!
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
Part 1 of a 5-part series called, "You Don't Have to Be Smart to Become Financially Independent...But You Can't Be Stupid."
Today we cover your income.
Joshua
It's Friday! On today's Q&A show we cover:
- Rental House vs. Personal House
- What Type of Retirement Plan for a Small Business
- Stocks vs. Real Estate
- How to Get Money That's Owed to You
Join me next week for the Q&A! Go here: www.radicalpersonalfinance.com/patron
Joshua
There are many, many successful, educated, high-earning people who are making unusual life decisions. My guests on today's show are following that pattern in their own life and they're also investigating many, many others who are pursuing unusual courses of action.
Today we speak with Chris and Cristi Moody, successful professionals who moved out of their penthouse Manhattan apartment and into a 72-square-foot cargo van.
Enjoy!
Joshua
- http://lifeoptedout.com
- http://instagram.com/lifeoptedout
- email: optoutmedia at gmail dot com
Part 5 of our 5-part series on radical housing ideas.
Joshua
Part 4 of our 5-part series on radical housing ideas.
Joshua
Part 3 of our 5-part series on radical housing ideas.
Joshua
Part 2 of our 5-part series on radical housing.
Joshua
Today, we begin part 1 of a 5-part series on housing ideas.
Enjoy!
Joshua
It's Friday! That means live Q&A! Today we cover:
- A Financial Independence Checkup
- Investing in Private Businesses
- How to Do Productive Work While Traveling
If you'd like to join us on next week's Q&A, join here: www.radicalpersonalfinance.com/patron
Joshua
Today is July 4, Independence Day, in the United States.
Let's celebrate by actually behaving independently and rejecting the practice of lying.
Enjoy this essay by Alexander Solzhenitsyn, entitled "Live Not By Lies."
Joshua
- Written version: http://www.orthodoxytoday.org/articles/SolhenitsynLies.php
You already have an unalienable right to liberty. Now act like it and stop selling yourself back into slavery. Please!
Joshua
It's Friday! And Q&A is back! (From the road, no less.)
Today, we discuss:
- Careers in Financial Advice
- Should I Convert My IRA to a Roth
- What Should I Save Money For?
Enjoy!
Joshua
- Join us on next week's call! www.radicalpersonalfinance.com/patron
I'm very happy to be podcasting to you today from the road! We have officially hit the road and are on our trip.
The last two weeks have been a tiring blur. Our tow vehicle was stolen 5 days before we were scheduled to leave on our full-time RV trip!
In today's show, I share a bit of the story with you as well as my own philosophy on how to negotiate the Good/Cheap/Fast triangle.
Enjoy!
Joshua
My life has been quite unique and frothy in the last week or so. Here are some tools I use to maintain financial peace in the midst of the turmoil.
Joshua
I encourage you to carefully consider the ROI you're getting on the money and time you and your children are investing into their education. Is it paying off? Are you getting a good deal?
Joshua
p.s., I recorded this in April. It's an episode that I spiked and chose not to release (this isn't uncommon). But I changed my mind and decided to let you decide if you're interested or not. :)
You probably have an adventure goal locked up inside of you. Most people do. And you probably have put it off because you see no way to accomplish it.
Today, let me give you some ideas about how you can accomplish it faster than you ever thought possible.
Joshua
- Please support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! That means Q&A. Today, we cover:
- Am I Financially Independent?
- Should I Switch Life Insurance Agents?
- Should I Sell Investments and Trigger a Taxable Gain?
Joshua
- To join next week's call, please sign up on Patreon: www.radicalpersonalfinance.com/patron
Calculate your daily cost of living. Then analyze it.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
In life, you'll always find that it's cheaper to feed the meter than to pay the ticket. Be proactive.
Joshua
- Please support RPF on Patreon. http://radicalpersonalfinance.com/patron
Dr. Gary North has dedicated 10 hours per week for the last 40+ years to the task of investigating what the Bible has to say about economics.
In the process, he has written a verse-by-verse commentary of the entirety of the Old Testament and the New Testament (totaling 8,550 pages).
He is now in the process of publishing his capstone works titled: Christian Economics. He has published the Student's Edition and Teacher's Edition (free at link below) and is working on the Scholar's Edition and Activist's Edition.
Enjoy the interview,
Joshua
- Christian Economics: Student's Edition https://www.garynorth.com/public/department188.cfm
- Christian Economics: Teacher's Edition https://www.garynorth.com/public/department193.cfm
- Dr. North's Bible Commentaries: https://www.garynorth.com/public/department158.cfm
- Dr. North's articles on Christian Economics: https://www.garynorth.com/public/department180.cfm
I have a listener who wrote to me and asked me how they can increase their income when it's been decimated by a cancer diagnosis.
I do my best to help.
Joshua
- Please sign up for the #IncreaseIncome course today! Price goes up $100 tomorrow. http://www.radicalpersonalfinance.com/increaseincome
Today we do live Q&A on career-related questions. Listen to the show and, if you think I give decent advice, sign up for my new Career & Income course here: http://www.radicalpersonalfinance.com/increaseincome Buy now if you want the best deal! (Price goes up by $100 on Wednesday, May 16!)
Topics include:
- How to Increase Profit from a Consulting Business
- How to Build an Advice Business
- How to Maximize Revenue from a Construction Company
- How to Transition Careers
Joshua
Today, a few quick announcements and a discussion of how I went from confident and focused to frazzled and weak in about 3 hours...because I logged on to Facebook.
Announcements:
- If you're a Patron and are missing your coupon code to sign up for the #IncreaseIncome course, email me.
- I'm hosting a live Q&A call for you (as long as you have a question related to your career and income) on Monday, May 14 at 3pm Eastern. Call in number is 561-440-7362.
- Email me if you have questions about the course! Or, email me and let me know what you'd like to talk with me about if you were to have lunch with me.
- Please sign up for my new course! www.radicalpersonalfinance.com/increaseincome
Two good articles on Facebook:
On today's show, I talk to you about your income goals. Specifically, I lay out some sample budgets given various incomes and discuss with you the specific amount of income I believe you should target.
Enjoy!
Joshua
- Please sign up for my course! Price goes up this Tuesday, May 15, so sign up now for the best deal! www.radicalpersonalfinance.com/increaseincome
Many people think that saving more money is going to mean they have to live like a pauper. But it doesn't have to be like that. There is another way...a way to save more money and live a fancier lifestyle at the same time!
Joshua
- Please buy my #IncreaseIncome Course! Price goes up on May 15, so buy now for the best deal. (30-day money-back guarantee) www.radicalpersonalfinance.com/increaseincome
I'm back!
More soon,
Joshua
I recently worked with a consulting client who had this problem: because of a previous (serious) cancer diagnosis, he is unable to qualify for life insurance. How can he protect his family in case he dies soon?
I thought it a really interesting challenge. And since I've thought a lot about this particular problem, I thought I'd go ahead and share my thoughts with you.
Enjoy!
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Episode 204: High Risk Life Insurance Underwriting
- Art Robinson's story
Today on Radical Personal Finance, we celebrate Tax Day in the United States (April 17, 2018).
As we all reflect on the actions of the government we US Americans have just supported with our tax money, I thought it would be a good day to read to you a very helpful essay called, The Law.
The Law was written in 1850 by Frédéric Bastiat, a French economist.
If you haven't previously read this essay, be fo
rewarned that the first third is fast-moving and the last third is fast-moving, but the middle drags a little.Hear it through, though. You'll be glad you did.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Written version of The Law: http://bastiat.org/en/the_law.html
On Episode 466 of Radical Personal Finance, I discussed the idea of the US Government's certain default on its stated obligations and commitments by referencing Professor Lawrence Kotlikoff's Congressional testimony on this subject.
After that show, my friend David Stein (host of Money for the Rest of Us) emailed me to tell me that I was wrong. :)
So, I invited him on the show to debate it with me.
Enjoy!
Joshua
- Here's the previous show on Kotlikoff's work: https://radicalpersonalfinance.com/the-usas-long-term-fiscal-gap-and-why-it-matters-to-you-americas-fiscal-insolvency-and-its-generational-consequences-by-professor-laurence-kotlikoff/
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! Today we discuss:
- Should I use an HSA account to pay for my medical expenses?
- What tools can I use to figure out a new career after unexpectedly coming back from foreign missions?
- Should I participate in my companies Non-Qualified Deferred Compensation program?
Enjoy the show!
Joshua
- This is the David Watson book I referenced.
In honor of the 50th anniversary of Dr. Martin Luther King's death on April 4, 1968, I thought you might enjoy hearing some of the audio from his last public sermon. This talk is entitled "The Drum Major Instinct."
This sermon was preached in the pulpit of Ebenezer Baptist Church, about two months before King's death.
The sermon was an adaptation of the 1952 homily ‘‘Drum-Major Instincts’’ by J. Wallace Hamilton, a well-known, liberal, white Methodist preacher.
NOTE: I have clipped off King's introduction and started the audio of this recording at the point where he begins speaking about personal finances.
To hear the full audio or to read a transcript of the entire speech, use this link: http://kingencyclopedia.stanford.edu/encyclopedia/multimediaentry/doc_the_drum_major_instinct/index.html
Enjoy,
Joshua
p.s., there are a few clipped pieces of audio...these are a fault of the original recording. You can read the missing text in the transcript.
Today, a prelude to a discussion of how to lease a car. In this show we discuss a rational analysis of new car vs. used cars.
Enjoy,
Joshua
- Please support RPF on Patreon! www.radicalpersonalfinance.com.patron
It's Friday and it's time for a live Q&A show! If you'd like to call in next week, please sign up here: www.radicalpersonalfinance.com/patron
Today, we discuss:
- Transitioning from PC to Mac
- Enhancing a Personal Website By Helping Others
- Financial Advice for an 18-Year-Old Rockstar
- Major Financial Influences on Joshua
Enjoy!
Joshua
p.s., remember...I'd love to talk to you next week! www.radicalpersonalfinance.com/joshua
On today's show we go back 250 years to see what lessons for wealth we can learn from Benjamin Franklin. This show is an audio recording of Franklin's essay, "The Way to Wealth."
Enjoy!
Joshua
- Here's a text version of Franklin's essay: https://liberalarts.utexas.edu/coretexts/_files/resources/texts/1758%20Franklin%20Wealth.pdf
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! Today I'm interacting with your comments on recent episodes of the show.
We discuss:
- Correcting an error on real estate basis
- Radical financial plans vs traditional plans
- What happened to SudoPay
- And more!
Joshua
- Book a consulting call with me. (It's on sale!) www.radicalpersonalfinance.com/phonecall
This show rounds out some friendly advice to help any interested listener who wants to put together a well-equipped home armory to do so in a thoughtful and financially prudent way.
Today, we tackle the AR15 rifle. The AR15 is a wonderful rifle. It's not the best at any one thing, but it is truly good at many things.
I'd love for you to have one if you don't already.
So I thought you might appreciate some advice on how to get a good deal on one.
Enjoy!
Joshua
p.s., In the show I referenced a statistic of police officers in a northeastern state not turning in their rifles after a ban. That particular story I referenced was actually a satire site that I stumbled over without realizing it. I got duped. I have no doubt that the thrust of the story is accurate, but the specifics I cited were flat wrong and untrustworthy. Sorry.
p.p.s., My guest in today's show referenced the AR15 as stemming from a military firearm first. The AR15 was developed for the civilian marketplace first, then the military bought the plans for it and started producing it for their soldiers.
It's Friday! Today we cover:
- AirBnB Business Deductions
- Deductibility of Losses on a Personal Rental
- How to Get Great Podcast Guests
If you'd like to join next week's Q&A call, do so here: www.radicalpersonalfinance.com/patron
Joshua
Today, some ideas on how to save money by spending a little more than strictly necessary to insulate yourself from unnecessary temptation.
Joshua
- Please support RPF on Patreon! www.radicalpersonalfinance.com/patron
It's Friday! That means Q&A! Today, we cover:
- How to establish a will and trust when you plan to be living internationally for an extended period of time.
- How to plan ahead to pay for kids' college when you anticipate that the college may lose its accreditation.
- How to properly title your life insurance policies in order to protect a vulnerable spouse.
Guns are great investments.
Well, perhaps I should say that it's possible for guns to be great investments...and at the worst, they are a decent store of value.
If you've never owned a firearm, I'd like to share with you a thoughtful, reasonable path into gun ownership that will help you to make good decisions and get the most bang for your buck.
In today's show I lay out for you a sensible approach to gun acquisition that will help you to construct a useful home armory that will allow you to have the tools of defense and offense that will cover most situations you could conceivably ever face without making bad financial decisions.
Enjoy!
Joshua
- Please support RPF on Patreon! www.RadicalPersonalFinance.com/patron
- You shouldn't fear a school shooter...they don't happen very much. You should be concerned about being murdered by government agents. 262,000,000 were in the 20th Century. Look into the data here: http://hawaii.edu/powerkills/welcome.html
Friday Q&A today! We cover:
- How can I protect myself from the risk of disability without getting disability insurance?
- How can I make sure that future, unknown risks are adequately covered today?
- What financing option should I use to buy a piece of land?
- Will my credit score be messed up by shopping for a mortgage?
- How can I adjust content for different audiences?
I'd love to have you call in next week! Details here: www.RadicalPersonalFinance.com/patron
Joshua
This is the audio recording of an essay published in the Fall of 1993 in The Public Interest magazine.
The essay is titled: "A Nation of Cowards" by Jeffrey Snyder.
You can access a text version of this essay here: http://rkba.org/comment/cowards.html
I'm publishing this essay for you as a thought-provoking defense of the morality of your being well-armed.
In today's political climate where critics are drawing a moral equivalence between mass murderers and an average armed citizen, I think this moral defense is warranted.
The facts and names of the essay are dated. The arguments are not.
As you consider this essay with 25 years of hindsight, do some research into how well the arguments have weathered the test of time.
Joshua
The tagline of RPF is "...living a rich life now..." But it's hard to LIVE a rich life if you're dead.
So I'd like to help you--and others--have a higher potential of staying alive.
I have looked and looked for practical responses to the recent school shooting and have found very few.
This is my best effort to help you with some practical solutions to the problem.
I did my best in today's show to keep it free of politics and free of guns. (To be fair, I think it's best to say it's politics-lite and gun-lite.)
Give it a listen. Even if you are frustrated by the current gun debate, I think you'll find some useful, practical ideas to help you defend your own life and the lives of others--even in a non-permissive environment.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
As a--ahem--more practical follow-up to yesterday, here is my advice for a listener on how to buy a used car.
Joshua
- Please support RPF on Patreon: www.RadicalPersonalFinance.com/patron
Flipping through my feed and I cannot believe what you just did. You idiot!
Joshua
- Please support RPF on Patreon: www.RadicalPersonalFinance.com/patron
“The philosopher Diogenes was eating bread and lentils for supper. He was seen by the philosopher Aristippus, who lived comfortably by flattering the king. Said Aristippus, ‘If you would learn to be
subservient to the king, you would not have to live on lentils.’
Said Diogenes, ‘Learn to live on lentils, and you will not have to be subservient to the king.’ ” – from “The Song of the Bird” by Anthony de Mello
- Please support RPF on Patreon: www.RadicalPersonalFinance.com/patron
Today we answer this question: "I have accumulated $6,000 in credit card debt from a period of unemployment; should I use some of the $10,000 I have in my 401(k) to pay it off?"
Enjoy,
Joshua
- Please support the show: www.RadicalPersonalFinance.com/patron
If you want happy-go-lucky, unicorns-and-balloons-in-the-sky Joshua, skip today's show.
If you want angry Joshua to opine on his disgust with the US American politicians' lack of fiscal restraint and the long-term catastrophe that is the US American budget, then you'll enjoy today's show.
Enjoy.
Joshua
- David Stockman: The Night of Fiscal Infamy http://davidstockmanscontracorner.com/the-night-of-fiscal-infamy/
- Mirror, Mirror on the Wall, Obama Definitely Was Not the Biggest Spender of All https://danieljmitchell.wordpress.com/2017/10/16/mirror-mirror-on-the-wall-obama-definitely-was-not-the-biggest-spender-of-all/
Love isn't primarily a feeling. Love is an action. Love does.
You can show love with money in many ways, but a massively powerful way is by giving.
Here are some ideas and thoughts to encourage you to build more love in your life by giving more.
Joshua
I thought you might be interested in some behind-the-scenes discussion of how we recently bought our rig for an intended full-timing RV trip around the USA this summer.
We did some things well and made some big mistakes. I hope you learn from both!
Joshua
Mrs. RPF and I are excited to announce some of our plans for a nation-wide tour during 2018.
Details in the show!
Joshua
In today's show I'm going to teach you one simple technique that will help you get more stuff for free.
Try it and see!
Joshua
- Please support Radical Personal Finance on Patreon! www.RadicalPersonalFinance.com/patron
Feeding yourself (and especially children!) on the road can utterly destroy your budget.
Here are some tips and tricks I've learned that will be helpful to you.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
- https://cheftessbakeresse.blogspot.com/
This is an essay that has been deeply influential on my life. I hope you find it insightful and thought-provoking.
"Isaiah's Job" by Albert Jay Nock was first published in The Atlantic Monthly in 1936.
The written text of the document may be found here: http://traffic.libsyn.com/radicalpersonalfinance/Isaiahs_Job_by_Albert_Jay_Nock.pdf
Joshua
Money is important. But it's not #1.
Joshua
- On the Importance of Putting First Things First by JD Roth
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Social Peer Pressure is significant. And it affects most of us with regard to our spending.
Here are three strategies I think through when considering how to combat it.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! That means we do live Q&A. Today:
- Should I Front-Load my 401(k) Contributions?
- Should I Fire My Financial Advisor For Lack of Value?
Enjoy!
Joshua
- If you'd like to join for a future Q&A show, please sign up here: www.radicalpersonalfinance.com/patron
Your financial tracking system is there to serve you. Make sure it's serving you effectively. Here's how!
Joshua
p.s., I use YNAB. Sign up for a free trial here: www.radicalpersonalfinance.com/YNAB
Also please support RPF on Patreon: www.radicalpersonalfinance.com/patron
One of the simplest and most effective tools you can employ to help you save money on the things you buy is a price book. In today's show, I share with you what a price book is, how to use it, and some tips and tricks to turbocharge your results.
Enjoy,
Joshua
- Please support RPF on Patreon! www.RadicalPersonalFinance.com/patron
It's Friday! That means Q&A time. Today we cover:
- Should I Use my 401(k) Money to Invest in Real Estate with a Self-Directed IRA
- What Questions Could a Client Ask their Financial Advisor for a More Productive Relationship
- Do I Risk the Wrath of the IRS by Moving From Sole Proprietor to S-Corp
- When Is the Right Time to Hire a Tax Accountant Instead of Doing it Myself?
If you'd like to join for a future Q&A show, sign up here: www.RadicalPersonalFinance.com/patron
Joshua
Today:
Joshua
- Please support RPF on Patreon: www.RadicalPersonalFinance.com/patron
Today we cover the three basic methods to save money:
Any one of these strategies is useful. But the real power comes when you implement all three of them.
Listen to the show to understand why!
Joshua
- The examples in today's show come from the peerless frugality book "The Complete Tightwad Gazette: Promoting Thrift as a Viable Alternative Lifestyle" by Amy Dacyczyn.
- Start tracking your money with YNAB: www.RadicalPersonalFinance.com/YNAB
It's Friday! And it's time for Q&A. Today we cover:
- Should I Move From My Apartment and Buy a House in the Suburbs
- How do I Set Up a Solo 401(k) So I Can do a Mega Backdoor Roth IRA
- Should I Work as a 1099 Contractor or a W2 Employee
If you'd like to join for a future Q&A show, sign up here: www.RadicalPersonalFinance.com/Patron
Joshua
Here's today's end-of-year wrapup for 2017!
- Joshua's thoughts on tax reform...
- ...and bitcoin...
- ...and your financial tracking systems for 2018...
- ...and a good year-end cleanse...
- oh, and Merry Christmas!
Talk to you next year,
Joshua
(My interview starts at 7:30 into the show.)
I recently gave an interview to the Complete Privacy and Security Podcast on the topic of financial privacy. I think it was a really good interview.
This interview was originally published on December 8, 2017 here: https://operational-security.com/cps-podcast-e058-financial-privacy-security/
--
SHOW NOTESINTRO
Motherboard Guide to Not Getting Hacked
MAIN TOPIC
Joshua Sheats of Radical Personal Finance joins us to discuss:
– Why being financially stable (and ideally independent) is an important component of personal privacy
– Joshua’s Stages of Financial Independence, and what each of them means:
Stage 0: Financial Dependence
Stage 1: Financial Solvency
Stage 2: Financial Stability
Stage 3: Debt Freedom
Stage 4: Financial Security
Stage 5: Financial Independence
Stage 6: Financial Freedom
Stage 7: Financial Abundance
– How to pick make an accountant or financial planner who respects your financial privacy & security – Episode 459 of Radical Personal Finance: Don’t Trust Your Financial Advisor!
– How trusts and LLCs can impact your finances and privacy
– How much cash you should have on hand and where you should store your emergency fund – Episode 481 of Radical Personal Finance: Where Should I Keep My Emergency Fund?
– Which precious metals you can sell in any amount without reporting the sale to the IRS
– Joshua’s thoughts on investing in precious metals, Bitcoin, and other alternative assets
– What you need to do right now to begin achieving financial independence
Be sure to check out Radical Personal Finance – it’s one of my favorite podcasts!
OFFENSE/DEFENSE
No Offense/Defense this week.
LISTENER QUESTIONS
1. How secure and/or private is Paypal.com? Do you recommend using Paypal?
2. If my bank doesn’t offer two factor authentication, what else can I do to protect my account?
Today, I'd like to interrupt the personal finance content with a show on podcasting. After recording over 500 episodes of Radical Personal Finance, I feel like I have some valuable lessons to share with other podcasters and with my listeners who are considering starting a podcast.
Enjoy,
Joshua
- Visit www.HelloFresh.com and use "RPF30" to save $30 off your meal delivery.
If you enjoy learning how common financial instruments can be used to achieve incredible results, you'll enjoy this show.
Joshua
Today I have a replay for you of Episode 121. This episode was originally released December 17, 2014 and the information should be as relevant today as it was then.
Notes are here: https://radicalpersonalfinance.com/last-minute-tax-planning-ideas-to-save-you-money-rpf0121/
I really hate it when I see people bullied. And I especially hate to see debtors bullied by unethical debt collectors.
In today's show I share with you some tools, tactics, and techniques and knowledge to help you stand up for yourself in the face of an onslaught of bill collectors.
I hope these help you.
And, if you don't need this type of help, I hope these ideas help you to help someone else who does.
Joshua
- Try Hello Fresh! www.HelloFresh.com and use coupon code "RPF30" to save $30 on your first week of deliveries!
- Text of the Fair Debt Collection Practices Act
- Recommended book: "Solve Your Money Troubles: Strategies to Get Out of Debt and Stay that Way" from NOLO press
- Consumer Credit Counseling Services https://www.credit.org/cccs/
Today's episode is an interview I gave for the "In The Rabbit Hole" urban survival podcast.
This episode was first released October 30, 2017 here: https://www.intherabbithole.com/e232/
Joshua
Today we continue our discussion of how you can achieve financial freedom in 10 years or less with an analysis of a business I thought my way through recently: that of working as a mobile RV repairman/mechanic.
I think this business (or skilled trades with similar career profiles) has a huge amount to offer the aspiring financial freedom fighter.
Listen to today's show for analysis on the specifics of this opportunity and the parallels you can draw to other careers to help you become financially independent in 10 years or less.
Joshua
I've had today's show in my head for the last few weeks as I've watched Hollywood--and the world--rocked day by day with allegation after allegation of sexual abuse by major, major stars.
I've watched careers destroyed, movie premiers canceled, and marriages torn asunder.
I've thought again and again about the financial destruction being wrought by these allegations against so many men. Not only the loss of careers, the mega-million-dollar settlements, but the financial destruction of forthcoming divorces and the emotional distress leading to lost productivity.
To me, it seemed like an important topic to discuss with regard to finances.
But I held back, because I felt as though I would be picking on ideological opponents when they're down and I don't want to be one who rejoices in another's time of distress.
Until yesterday.
When the allegations came out via the Washington Post against Judge Roy Moore in Alabama, I felt I couldn't stay silent any longer.
And so, today, here are my thoughts on how men can protect themselves from sexual scandal.
Joshua
I'm working on some back-office work this week and hustling to finish delivering the Radical Personal Finance Guide to Career and Income Planning before the Thanksgiving holiday, so today you get an "Out & About" interview!
This episode was released as Episode 37 of the Masters of Money Podcast on August 30, 2017. https://ptmoney.com/masters-money/
Today's show is very special. Together, we celebrate 500 episodes together! The show is centered on your voices and your feedback.
This is a very meaningful milestone for me. When I began RPF, I committed myself to recording 1,000 episodes, even if no one listened. 4 years later, I'm half finished with that commitment! And I'm so honored that thousands of you do listen. Your feedback in this episode is so encouraging to me.
Thank you,
Joshua
- The Politicization of Motherhood - Wall Street Journal (if that link doesn't work, use this one)
Lots of people wind up living in their cars out of extreme financial stress. But today, I'm going to share with you a few of my strategies for living in your car for fun.
I've never lived in my car for a long period of time, but I have done it for up to two weeks. And, living (or more accurately staying/camping?) in your car can be:
- fun
- easy
- comfortable
- frugal
You should seriously consider it. And I'm here today to tell you why and how to do it well.
Joshua
I recently took a friend of mine (who is super broke) through a grocery store and shared with him some of my strategies to fill your tummy when you're flat broke.
This should help you save some cash...or at least help you teach someone else who's hungry how to eat cheap.
Joshua
- Today's show is sponsored by Warby Parker. Get really nice and fashionable eyeglasses shipped right to your door for you to try on and save a ton in the process! www.WarbyParker.com/RPF
After reading hundreds of listener emails this week, I've become very clear on the #1 mistake of the Radical Personal Finance audience.
Here's my attempt to help.
Joshua
No, that title isn't clickbait. There really is risk created by paying off debt too quickly.
Details in the show.
Joshua
Today, we handle this interesting question from a listener:
"In talking about Samaritan to a pastor-friend he threw out the scenario that your middle school age son is injured in an accident while riding in a friend's car, and the police find marijuana in the car--what happens?
When I asked a Samaritan rep about it he said their board would carefully review the situation and if they deemed that your son wasn't responsible for/aware of the pot then his injury would be covered; if he was responsible/aware then he would not be covered.
While my kids are all under 8 right now and this scenario is a ways off as a possibility for us, I'm concerned that when they reach middle/high school age I may need to look into alternatives for a couple reasons: (1) I'm not fully convinced of an investigatory board's ability to discern for sure in such a scenario what was going on and (2) while I'm teaching my kids to obey their parents and the civil authorities, they are still sinners and, growing up being a learning process, I'm concerned that if one of my kids made a stupid choice as a 14 year old it could significantly haunt the whole family for a long time.
What are your thoughts on medical-sharing plans and this sort of scenario? (Obviously this is just one example of the many ways a child could make a sinful and stupid decision while still under their parent's care that could have long-term ramifications.)"
Enjoy!
Joshua
- Sponsor: www.HelloFresh.com and use the promo code RPF30 to save $30 off your subscription!
- If you decide to join Samaritan Ministries, tell them Joshua Sheats sent you over! That gets me a discount on my share next month. :) Thanks!
Erin writes in and says: "I love listening to your podcast- I know you've had a few episodes recently in reaction to current events. As a resident of the Bay Area I hope you could do an episode in relation to wild fires (if there isn't a past episode I am overlooking)."
Erin et al, here are my suggestions for you!
Joshua
- Sponsor today: Bombfell. Visit www.bombfell.com/RPF
- Tons of important information on preparing for wildfires: www.firewise.org
- Firescaping: Creating fire-resistant landscapes, gardens, and properties in California's diverse environments
Fun question today for our Friday episode...comes in from Chris:
Joshua,
Looking to see if you have any insight on emotional/psychological decisions versus logical decisions when it comes to finance.
Back story -
I have a paid for 20 year old Harley. I have not ridden it in three years, I spend $200/year on an insurance policy, each spring I do maintenance on it which costs about $30, and living in Minnesota, we only really have 6 months or so of decent riding weather. I have a big garage so storage is not an issue, apart from each winter when I have to move it around in and tell myself I'll sell it in the spring.
I can make the logical argument to myself that I need to sell this. It is a depreciating asset, costs money to maintain and insure, and it really brings no value to my life.
However, I can not bring myself to sell it. I have no pressing financial obligations so the $5-6k that I would get from selling it would really not do much to improve my life. About the only thing that I would do with the money is put in a taxable brokerage account (through a RPF link tradeking account, of course).
I have told myself I am going to sell this bike for years now, but I still can't figure out why I still have it.
Any insight would be helpful, and as always, thanks for the great show!
I thought about simply calling today's show, "On Hammers."
You pick the title you prefer...but recognize the truth: tools are tools and their usefulness depends not on their inherent attributes but on their appropriate application.
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today's show rounds out a special series of live Q&A shows. Today we cover:
- 1:20 Should I put more money into my retirement plan or buy a house?
- 18:45 Can I use a donor-advised fund as a smart way to get a bigger tax deduction for my contribution to my local church?
- 32:30 Should I move from a commission-based job to a salary job which also means a salary cut?
- 39:10 Should I buy a joint universal life insurance policy to protect my new baby?
- 1:10:00 Should I keep an India-based whole life insurance policy now that I'm a US resident?
Enjoy the show!
Joshua
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I've been doing a live Q&A series...today we cover these:
- 1:24 - Can I Pay for My Seminary Degree with Early Distributions from a Retirement Account?
- 13:30 - Can I Still Become Financially Independent if We Move to Paradise First?
- 25:45 - Should We Sell our Rental House Two States Away or Plan to Move Back to It In Order to Get the Tax-Free Gains on a Future Sale?
- 37:45 - Are Healthcare Sharing Ministries Like Samaritan Ministries Any Good?
Joshua
- Ph.D. for under $15,000 https://americanvision.org/6383/b-a-to-ph-d-for-under-15000-how-i-did-it/
- Healthcare Sharing Ministries https://radicalpersonalfinance.com/health-care-sharing-ministries/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
As we all watch and process the mass shooting in Las Vegas this weekend, I thought it would be appropriate to share a few lessons learned.
I always try to process an event like this with an eye towards the lessons I can learn.
The tactical situation in Las Vegas was impossible. I don't think you could imagine a worse situation to be in as a concert-goer. An absolute nightmare.
But, I do have a few thoughts that I think can help. And since I don't hear anyone sharing anything practical, here are my suggestions.
If you have additional practical, actionable ideas, I'd love to hear them.
Joshua
- The flashlight I use is the FourSevens Mini Mark II. It's awesome. http://amzn.to/2fMdtNM
I'm hosting a special Q&A series this week which is open to the entire listening audience.
Today we tackle:
- What Should I Do With a Large Bonus?
- How Can I Counsel a Young Lady Who Is Using Her Earnings to Support Her Poor Mother?
If you'd like to call in for tomorrow's show, here are the details you need to know.
Joshua
On Friday's, we do Q&A for our Patrons! Today, we cover:
- Should I Use a Whole Life Insurance Policy as My Retirement Bridge?
- Should I Concentrate All of My Investment Accounts With One Manager?
Joshua
- I forgot to mention at the end of the discussion...if you sign up for a free Personal Capital account with this link, I get a small commission. www.radicalpersonalfinance.com/personalcapital
- IRS instruction on avoiding the early distribution penalty: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions
- Here are the call-in instructions for next week's special call-in shows. httpshttps://twitter.com/JoshuaSheats/status/913854177721376768://twitter.com/JoshuaSheats/status/913854177721376768
I feel like I owe it to you to keep you semi-current on the state of tax policy in the USA. But, it's too early to have any serious details about the current Republican proposals.
I thought instead we could have a useful philosophical discussion about taxation. My challenge to you today is to answer these questions, for yourself.
- Do you believe that a civil government has the moral right to tax an individual's income? Why or why not?
- Do you believe that the US civil government has the constitutional right to tax an individual's income?
- If you believe that a civil government does have this right, how much of a person's income can they claim? What's the right number and how would you know?
- Do you believe that everyone should be required to pay income taxes?
- Do you believe that some people should be treated differently than others and so be ordered to pay a different rate of income tax than others? Why or why not?
- If so, how would we determine who should be treated differently and how much of a difference there should be?
- Do you believe that government tax policy should be used to incentivize certain behaviors or to dis-incentivize other behaviors?
- If so, how would we know what behaviors should be incentivized and which ones shouldn't?
- Do you believe that tax policy should be used to give some people special benefits because of certain behaviors?
Joshua
Today's question involves a generous financial gift from an in-law. How should this listener handle it to make sure it's a blessing and not a curse?
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
I'm just wrapping up a week and I've been off the mic for all of it due to being sick.
Wanted to share with you a short motivational monologue to encourage you to keep pressing forward in the challenges you're facing today.
This too shall pass.
Joshua
I've been sick most of the past week and am especially struggling with my throat/voice. When Joshua no speak, RPF no happen. (And of course that's a good reminder of the value of disability planning!)
So, in light of the Equifax breach, I'll issue this replay for you. If you skipped this episode when it originally aired as Episode 461, don't skip it now.
Enjoy.
Joshua
Today we tackle the Equifax security breach. This is the most damaging release of personal information ever. And you need to take it seriously.
You must assume that you have been affected. At this point, I see no reason to even trust the official Equifax website. Here's why.
- Clark Howard's excellent credit freeze guide: http://clark.com/personal-finance-credit/credit-freeze-and-thaw-guide/
- Another excellent one by the Justin Carroll and Michael Bazzell: https://privacy-training.com/CreditFreeze.pdf
- I forgot to mention this on the show, but here's a link for those of you who are readers of the resources. The IRS seems to use social media to find people committing tax fraud.
Source: http://taxprof.typepad.com/taxprof_blog/2017/08/the-irs-is-mining-taxpayer-data-on-social-media-in-violation-of-federal-privacy-law.html - The official Equifax response website: www.equifaxsecurity2017.com
- Why the Equifax breach is possibly the worst leak of personal information ever.
- What should you do if your data was hacked?
- The novel I mentioned: True Faith And Allegiance, a Tom Clancy novel by Mark Greaney
I was inspired to do this show by watching a recent conversation thread in the RPF Facebook Group about where to store your emergency fund.
I thought it'd be fun to share with you the things I think about with regard to emergency fund storage.
Enjoy the show!
Joshua
Hey Radicals!
Thank you to so many of you who have inquired of our health and safety following Hurricane Irma.
Here's my personal report for you!
Short version: we are well. :)
Joshua
I've been busy today preparing for Hurricane Irma here at the Radical Personal Finance Global Headquarters.
At the moment, the National Hurricane Center forecasts the eye of the storm to pass squarely over HQ.
So, I thought I'd record a podcast and share a few things with you:
- Based on watching the Hurricane Irma frenzy, I'm convinced that "societal collapse" scenarios are plausible. I learned this at Costco yesterday.
- I'm also convinced we live in the greatest time to be alive and that there are so many tremendously powerful companies who are laser-focused on serving their customers. I learned this at Costco today. And from reading this article: https://www.linkedin.com/pulse/inside-story-what-took-keep-texas-grocery-chain-running-chip-cutter
- The final 20 minutes of the show involves an off-the-cuff discussion of practical hurricane preparation if you decide to stay put through a storm.
Gotta run! Lots to do...
Joshua
It's Friday! On Fridays we do a live Q&A show. Today we cover:
- (2:30) What Should a New Expatriate Do With Their Investment Money?
- (18:30) What To Do With an Old Pension?
- (26:40) How Should a Newlywed Approach the Rent or Buy Question?
If you'd like to join me for a future Q&A show, sign up to be a Patron at www.radicalpersonalfinance.com/patron
Joshua
Whenever there's a natural disaster, we have various articles on price gouging's lamentability, to wit, its harmfulness and illegality.
But, is it really bad?
I say not.
"Price gouging" (or, more accurately stated, the adjustment of market prices to meet changing demand) has tremendous utility for the well-being of all involved and is absolutely upright, moral, and ethical.
Of course, this guy says it's wrong, morally and economically. I deal with his "arguments" in the show.
Joshua
- Support RPF on Patreon: www.radicalpersonlfinance.com/patron
I've been watching the #HoustonFloods this weekend and considering the lessons I can learn for my own disaster planning.
Today, I share some useful ideas for you about how to plan for events like the Houston Floods.
Joshua
- Episode 381 - Simple, Cheap, Practical Tips to Help You Prepare for a Coming Hurricane
- Episode 347: Disasters Happen – Make a Plan Now to Ensure You Have Plenty of Money Available to You to Solve the Problems Money Can Solve
Yesterday I was watching the solar eclipse (up north in the 100% band) and I happened to have breakfast with an expediter.
Not sure what that is?
Basically, a truck driver who drives a van. (More in the audio show.)
As we ate, I tried to lay out a few paths on how he could become financially free based on his current work.
And, I promised him a show on the topic.
So, you get to listen in as I tell him--and you--how any normal person can use a live-on-the-job opportunity as a trampoline to bounce them into the upper tiers of financial abundance.
Enjoy!
Joshua
- The novel I mentioned is Enemies Foreign and Domestic by Matthew Bracken.
Time for Friday Q&A! If you'd like to join for a future show, sign up here: www.radicalpersonalfinance.com/patron
Today, we cover:
- 2:00 Should I refinance my credit card debt by moving it to a HELOC?
- 34:10 Do you have passion for a job before the fact or do you become passionate about it after you're good at it?
- 42:30 Should I drop the military's Survivor Benefit Plan for my pension in favor of buying a 10-year whole life insurance policy?
Enjoy!
And remember! I have 27 seats remaining for the new Radical Personal Finance Guide to Career & Income Planning. If you're interested, I'd love to have you in the class. Join here: www.radicalpersonalfinance.com/career
Joshua
As I celebrate the opening of the registration page for the beta launch of the new Radical Personal Finance Guide to Career & Income Planning, I intend to share with you a few simple lessons related to career and income.
Today, we begin with the philosophical fundamentals: the interplay of human capital and financial capital. We all start with what we have (human capital) and use it to create financial capital, which we ultimately work to have in surplus. Once we have surplus, we get to decide what to do with it.
Enjoy!
Joshua
- Try Hello Fresh to get awesome, pre-measured fresh ingredients delivered right to your front door! Save $30 off your subscription with code RPF30! www.hellofresh.com/rpf30
- If you're interested in joining the beta launch of my new Guide to Career and Income Planning, I've got 65 seats left. Registration closes either on 8/20 or when I sell out the seats, whichever comes first. More details here: www.radicalpersonalfinance.com/career
I've had a tough summer. I have nothing to complain about. I've been richly blessed and, in almost every way outside of Radical Personal Finance, life has been sweet. But, RPF hasn't been so great for me. And, if it hasn't been so great for me, it might not have been so great for you either.
I thought you might appreciate hearing the explanation and the story.
It's important to me to share the good and the bad--the heights and the lows--with you in order to help you understand that we all share common struggles and trials.
That said, I don't think it's helpful to talk about problems unless I can also suggest a solution. And, thankfully, I've worked out some solutions to my problems. So, now I'm ready to share the problems with you!
I've figured out what's wrong with Radical Personal Finance. And [I think] I've figured out how to fix it!
Here's the story...
Joshua
- The book I read from is called "Out of the Ashes: Rebuilding American Culture" by Anthony Esolen http://amzn.to/2v69tLh
On Fridays we do a live Q&A which is open to Patrons of the show. Become a Patron at www.RadicalPersonalFinance.com/patron
Today we cover:
- Can I Have Both a SIMPLE IRA and a Traditional IRA
- What Personal Finance Books Does Joshua Recommend
- What Three Investments Would I Buy To Leave Alone for a Decade
- What Are the Rules of Thumb for Who Should Buy Long-Term Care Insurance
- And more!
Joshua
On Fridays, I host a Q&A call. Patrons of the show are invited to call in and ask any question they want!
Today, we cover:
- (1:57) What's the best type of retirement plan for my wife's side business? (SEP IRA, SIMPLE IRA, Solo 401(k)?)
- (16:45) How can I help my sister-in-law who is asking me for financial advice?
- (30:20) Should I pay off my debt as fast as possible or save up and pay it off in large chunks of money?
Joshua
- Become a Patron of the show and gain access to future Q&A shows here: www.radicalpersonalfinance.com/patron
There's been an interesting switch in the world of personal finance wherein some people are building financial plans based on extremely low spending projections. In essence, some people assume that if they can live on an extremely low budget per year today, they can build a long-term financial plan predicated on maintaining that spending forever.
I think this is a dangerous assumption. And, in today's show, I explain why.
Joshua
- Earn up to 8.5% return on your money by financing solar energy projects with Wunder Capital. www.WunderCapital.com/radical
Welcome to another Friday Q&A Show! Today, we cover:
- Is It Legit That You Can Find Missing Money That's Still Unclaimed
- Should I Take Free Housing With a Longer Commute
- How Do I Deal With Massive Medical Bills
- Do I Need a Personal Insurance Agent
- What Three Books Would Joshua Take to A Desert Island?
If you'd like to join me for a future Q&A show, become a Patron of the show at www.radicalpersonalfinance.com/patron
Joshua
- Save $30 off a new subscription for awesome food at www.HelloFresh.com using coupon code: "RPF30" Give it a try!
Friday Q&A is back! Today:
- How does an LLC Protect My Liability and Help Me Save on Tax?
- How Can I Lower My Tax Bill on the Sale of My House?
If you'd like to participate on a future show, sign up here! www.radicalpersonalfinance.com/patron
Joshua
I've long struggled to know how to advise people with regard to debt. On the one hand, the use of debt can dramatically increase the financial returns of an investment. On the other hand, debt can have a dramatic negative impact on the lifestyle of the borrower when everything goes wrong.
So, how do we reconcile these two things?
I've come to see that they're two entirely different scales. Because they are two totally different scales (think: how do kilograms and degrees Fahrenheit interact with one another), it's hard to simultaneously factor in both.
Enjoy the show,
Joshua
- Sponsor: www.wundercapital.com/radical Invest in commercial solar projects and earn up to 8.5% on your money. Start with as little s $1,000.
I've alluded to my long-term guess that the US Government will default on many of its current promises.
But, I've never really supported that argument.
I thought I'd kick that support off today by sharing with you a succinct and coherent description of the problem by reading Professor Laurence Kotlikoff's testimony to the Senate Budget Comittee in 2015.
Enjoy,
Joshua
- America’s Fiscal Insolvency and Its Generational Consequences: Testimony to the Senate Budget Committee http://www.kotlikoff.net/sites/default/files/Kotlikoffbudgetcom2-25-2015.pdf
- Support Radical Personal Finance on Patreon! www.radicalpersonafinance.com/patron
I've never invested in raw land. My #1 reason? Since raw land has no utility, there's no way to pull income from it. And at this stage of my life, I value income-producing assets.
But, my guest on today's show has a great system for solving that problem.
He has parlayed raw land into a very helpful income stream leading to his own financial freedom.
Enjoy my interview with Mark!
Joshua
- Mark's website is: https://www.thelandgeek.com/
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Today's episode is Part 2 of a mini-series on the seasons of life.
The world of work is changing rapidly. We find ourselves pressed on all sides to do more work and different work.
And yet in personal finance circles, the focus of our conversation is quite frequently how to get out of work.
I believe work is a blessing and not a curse. And that to run from work is the wrong answer.
And yet how can we adjust our relationship with work so that it feels more meaningful and less ephemeral?
Part of the answer is in learning to work with the natural seasons of life.
Enjoy,
Joshua
- Please visit www.HelloFresh.com to get awesome food, delivered right to your door. Save $30 when you subscribe with promo code RPF30. Thanks!
Poverty is hard. Money helps to make life less hard. But, in our modern world, it's hard to figure out how much money is enough.
As you go through the seasons of your life the usefulness of money will wax and wane.
Money comes with a cost: time, labor, risk, attention.
You need to think carefully about the season of your life you're in and consider the unique value of money during this particular season.
Joshua
- Did you find value in this episode of Radical Personal Finance? Please sign up to support the show on Patreon: www.radicalpersonalfinance.com/patron
Today I have an interview for you with Ben Higgenbotham, a funeral director who's also well in tune with the Radical Personal Finance philosophy.
He's here today to share the inside scoop on how to effectively work with a funeral director so that you can get the funeral experience that your family desires without losing your shirt.
Enjoy!
Joshua
p.s., If you didn't hear it, you might want to first go and listen to Episode 409, "How to Get Yourself Put 6 Feet Under Dirt Cheap!". https://radicalpersonalfinance.com/cheap-burial/
That show was the "radical" approach; this discussion was intended to be a bit more mainstream. This interview was recorded almost immediately after that show was released, but I misplaced the file and neglected to get it into the schedule! Sorry, Ben!
What do dentists who shoot lions, publicists who make jokes in poor taste on Twitter and Indiana pizza makers have in common? Their lives were suddenly and irrevocably changed for the worst while doing something that they could never have predicted would lead to it.
Avoiding catastrophe is an important pillar of the wealth building strategy that I promote through Radical Personal Finance. As personal finance enthusiasts, we are one of the most prudent groups of people on this planet: we build our emergency funds, insure against negative events, diversify our investments and make careful choices about our spending.
Radical Personal Finance is, however, about going beyond the obvious and into the territory of things less commonly considered, but just as important. I want you to be prepared to deal with a hurricane, becoming a refugee, dealing with food scarcity or even the possibility of getting arrested.
In my experience as a financial advisor, it has often frustrated me with how little care is sometimes taken to ensure the client’s financial security, despite the good intentions of most people in the industry. But why is this possible? The answer is that most people care even less about their data.
It’s shocking to discover how vulnerable we actually make ourselves by not taking simple security measures when using bank accounts, email and social media - vulnerable not only to a loss privacy but potentially to a very real financial loss.
I’ve taken an interest in this subject a while ago, and have been really impressed by the book The Complete Privacy and Security Desk Reference which stood out in a field where information is often cursory or out of date.
That is why I invited co-author Justin Carroll to Radical Personal Finance to talk about real, actionable ways in which you can become more secure and protect your privacy. This article contains some of the best tools mentioned in our discussion, though for a more complete picture I recommend that you listen to the episode above and purchase the book itself.
But This Won’t Happen to MeI often get this objection: “I’m not doing anything wrong - why should I be concerned about privacy?”. Here’s an analogy that I’ve found helpful in explaining why I promote these ideas:
Do you remember the time when every phone call was a party line? Anyone in the household could pick up another receiver and there was very little one could do about it at the time. Now, however, you do have a choice - do you want to make everything you search for, consume, talk about as well as access to all of your accounts and purchase history a party line?
Complete privacy and security are very difficult to achieve, but some very simple steps and tools can protect you from most of the headaches in the future.
Another thing to consider is this: You may not be a target right now - but you may become one in the future as your wealth increases, you endorse unpopular political or religious perspectives or just live your life the usual way, as the stories at the beginning of this article illustrate.
This may be a decade from now, but to prevent it you must build the skills and the mindset starting today, because you don’t know what circumstances you will face in the future through no fault of your own, and you can’t control things after the fact.
Some simple tools and habits that have a great impact:
Accounts and PasswordsYou are at great risk if you use the same or the same few passwords for all of your accounts. You will see this warning often and for good reason when creating new accounts: it only takes one company to be breached (who didn’t store your data properly) and an attacker gains access to all of your accounts. Alternatively, it’s often enough if they just gain access to your main email and phone account (which isn’t very difficult) and that opens up everything else. Using a different strong password for every account mitigates some of this risk.
Less often mentioned, but equally important is using different and random usernames. Is your email address firstandlast@gmail.com? You’ve just given away an important piece of the puzzle to would-be attacker.
The problem often is safely storing and remembering all of these account names and passwords - that’s where a password manager comes into play. Using LastPass (more convenient) or KeePass (more secure) can make the process a whole lot easier and secure.
Two-Factor AuthenticationNowadays you can often see a website offering (or requiring) you to enter a code from a text message in addition to your password. This is a form of two-factor authentication: an attacker job is made more difficult since he needs access to both your account name and password as well as your phone number. Unfortunately, phone numbers are often accessed by social engineers (who exploit human psychology) or accounts are simply hacked into, making this method not particularly secure.
What I recommend instead is that you use Authy or Google Authenticator on your smartphone. This works in a similar way, but you need actual physical access to your device (as opposed to just the number) which significantly enhances your security.
For even more security, you could purchase a YubiKey, which is a special piece of hardware dedicated entirely to two-factor authentication.
Encrypted CommunicationEven though we rarely send long and heartfelt email anymore, there’s still a lot of important information that someone can gain from reading the emails that you send and receive. The same is true for instant messaging and phone calls.
I encourage people who own an iOS to use Facetime Audio instead of calling and to use Signal (iOS and Android) for instant messaging - both of which are encrypted.
Setting up email encryption used to be somewhat difficult, but tools such as Proton Mail offers end-to-end encrypted communication. You can also encrypt sensitive documents with a password using Adobe Acrobat Pro (Windows) or Preview (Mac).
Just because someone is in the financial industry, it doesn’t mean that they take good care of your information. Bank accounts sometimes have worse-than-average security - make no difference and use the same tools and principles that you would with any other account.
The same is true with financial advisors, accountants etc. Your information is not always stored appropriately - sometimes physical copies are kept that are not secured, sometimes administrative staff has access to digital documents, sometimes your information may be shared between financial advisors at the same firm.
Make sure to compartmentalize information: think carefully if that person or organization really needs this or that particular piece of information, and try not give a complete picture whenever possible. This way, if there’s a breach at a particular firm, that information alone will not be enough to impersonate you or access your other accounts.
Show me your bank statement, and I’ll tell you who you are.
How much could I learn about you knowing where you shop, where you get your morning coffee, where you fill up your car, where you eat your lunch and what kind of shops you visit? All this information can paint quite an accurate picture of you - there’s no reason to offer it up on a silver plate.
Use cash whenever you can - it’s not so hard to get used to (again).
Sometimes you can’t get around using a card - but by sharing your bank-issued credit/debit card details when making purchases, you are losing control over the transaction. Most of the time, everything stays win-win, but in contentious situations it’s often a problem if the merchant has all of your details. In addition, unauthorized spurious charges have been known to occur, sometimes in foreign countries, which drain your time and energy to deal with.
Using services such as Privacy.com, SudoPay (connected with Apple Pay) and Blur you can create credit cards that work only for one transaction, or are used for only one merchant. This also means that you don’t have to use your real name or address when making these payments, protecting you from when (often inevitably) the merchant’s database gets compromised.
In addition, you can also set up additional email addresses and phone numbers - this way, for instance, you can share one virtual number with friends and family, and another virtual one to important accounts, that way your accounts stay safe even if your actual phone number is compromised.
The tools here are some of the lowest hanging fruit available to you right now to ensure that your assets and your information stay safe. I’ve gone into even more strategies with Justin in the podcast episode that this article was based on - including owning a car and a house as well maintaining a mailing address as privately as possible.
You can find our discussion above this article, or in iTunes. I also wholeheartedly endorse Justin’s and Michael’s book on the subject, as well as their podcast.
Proper prudent planning beats trying to fight the fires after the fact. Take the steps today to protect yourself so you aren’t caught off guard in the coming decade!
I am available if you’d like to have a phone conversation on this subject.
Here are all the resources mentioned in the podcast episode:
- Justin Carroll’s and Michael Bazzell’s podcast: https://itunes.apple.com/us/podcast/the-complete-privacy-security-podcast/id1165843330?mt=2
- Justin Carroll’s and Michael Bazzell’s book: https://www.yourultimatesecurity.guide/books.html
- Encrypted PDFs on Windows: https://acrobat.adobe.com/uk/en/acrobat/acrobat-pro.html
- Encrypted messenger: Signal
- Encrypted email: https://protonmail.com/
- Password manager: http://keepass.info/
- Password manager: https://www.lastpass.com/
- Two-Factor Authentication: Google Authenticator
- Two-Factor Authentication: https://authy.com/
- Two-Factor Authentication: https://www.yubico.com/products/yubikey-hardware/
- Buying car privately with New Mexico LLC: https://jjluna.com/Resources-LLCs
- Defense against private investigators: JJ Luna How to Stay Invisible https://www.amazon.com/gp/product/1250010454/
- Secrets of Super Thief https://www.amazon.com/Secrets-Superthief-John-MacLean/dp/0425056457/
- True Faith and Allegiance https://www.amazon.com/Clancy-True-Faith-Allegiance-Novel/dp/0399176810
- Open Source Intelligence Techniques: https://inteltechniques.com/book1.html
- Credit Freeze: https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs
- Credit Freeze: https://radicalpersonalfinance.com/credit-score-management/
- Virtual Credit Cards: https://privacy.com
- Virtual Credit Cards, Phone Numbers and Email Addresses: https://sudopay.com/
- Virtual Credit Cards, Email Addresses: https://dnt.abine.com/
I frequently get this question: "Joshua, what should I invest my money in?"
Well, that's a hard question to answer. I'm not you, so how should I know?
But, here are the factors I think you should consider in answering that question for yourself:
Joshua
p.s., did I miss any important factors? If so, let me know in the comments.
Many people are far too free with their personal financial information. This can be very dangerous.
You cannot expect your financial advisor to keep your personal information private, secret, and secure.
You've got to take steps to protect yourself.
Joshua
I'm not sure how to explain this one to you via text...perhaps it's just better if you hit play and listen!
:)
Joshua
I'm a big fan of Cal Newport's work and I stumbled across this TEDx talk that he gave on the topic of social media.
Consider his points and see how they might relate to your personal social media usage.
It'd be a shame to look back at the end of the year and recognize an alternative use for the hundreds of hours that most of us use in social media activities. Always think about the opportunity cost...
Joshua
- Original video: https://youtu.be/3E7hkPZ-HTk
Hey Radicals!
Today's show is a little audio ramble among friends to tell you that my wife and I are celebrating the birth of a new little baby boy!
(I also tell you about my 3-year-old's first successful investment...and his 100% ROR!)
Joshua
Rounding out our theme this week of how to survive and thrive during police encounters so that you are not arrested and imprisoned, I bring you an important video by the Flex Your Rights organization.
This one is best viewed as a video and is available for free here: https://youtu.be/s4nQ_mFJV4I
It contains dramatic presentations and acting and is really well done. I recommend that you don't listen to the audio file here; I recommend you make the time to watch the video yourself, then again with your spouse and children.
However, I find that it's hard to make the time to watch videos, so I'm posting the audio here for you to at least listen to. You'll gain a lot from simply listening to the audio.
But, again, if you can make the time, stop listening and go watch it: https://youtu.be/s4nQ_mFJV4I
This is the audio from a presentation at the CATO Institute by Law Professors James Duane and Randy Barnett. (original video: https://youtu.be/gpkc2FZFR5k)
It is a follow up of the concepts outlined in James Duane's excellent book "You Have the Right to Remain Innocent."
There is very little additional value from watching the video file, so enjoy the audio and you'll get the most important points.
- Buy James Duane's book "You Have the Right to Remain Innocent" http://amzn.to/2qgDFDF
I urge you to make the time to listen to this presentation about why you should not talk to the police, no matter your guilt or innocence in any matter.
This is an audio presentation of this YouTube speech (viewed over 23 million times wherein Regent Law Professor James Duane gives viewers startling reasons why they should always exercise their 5th Amendment rights when questioned by government officials: https://youtu.be/d-7o9xYp7eE
(There is very little added value in the video presentation, so you'll gain the bulk of the knowledge by listening exclusively to the audio.)
Also, you should buy and read the $5 book that Professor Duane wrote to follow up to this speech: "You Have the Right to Remain Innocent." (highly recommended) http://amzn.to/2qgDFDF
If you get arrested, you can kiss anywhere from thousands to hundreds of thousands of dollars good-bye.
You need insurance against that eventuality.
Today, I'm going to teach you why it's vitally important that you arrest-proof yourself and how to do it.
Joshua
- Arrest Proof Yourself book: http://amzn.to/2ph7Xos
- Don't Talk to the Police video: https://youtu.be/d-7o9xYp7eE
- You Have the Right to Remain Innocent video: https://youtu.be/gpkc2FZFR5k
- BUSTED: The Citizen's Guide to Surviving Police Encounters: https://youtu.be/yqMjMPlXzdA
My guest today is Dr. Marilyn Brodeur, founder of the Infant Dental Center in Corpus Christi, Texas.
Marilyn reached out to me after hearing my response to a caller in Episode 417 who was struggling with a decision of whether to pursue her career aspirations or to focus her attention on her children.
So, I invited her on the store to share her story about how she has built a successful business that allows her a great deal of flexibility and capitalizes on her skills and ability.
Enjoy!
Joshua
- Marilyn's practice: http://www.infantdentalcenter.com/
I don't have a new, original show for you today. But, I do have this interview that I gave last year on Everything Financial Radio! My segment of the show begins at 22:20. Enjoy!
- This is the original episode link: http://www.everythingfinancialradio.com/2016/04/joshua-sheats-and-tom-aspray-join-host-dennis-tubbergen/
It's Friday! That means Q&A:
- Where Should a 48-Year-Old Focus Financially for Retirement?
- Should I Sell a Stock that Makes Up 25% of My Net Worth?
- Should I Move Across the Country So My Children Can Be Near Their Grandparents?
- How Strong Is the California Pension System?
- Should I Contribute More to Retirement So I Can Pay Less on My Student Loans?
Today we tackle the Rule of 72 with a quick explanation of what it is and why it's useful to you.
The Millionaire Next Door Wealth Index:
"Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be."
About once a week, I get an email asking me for my opinion on network marketing opportunities. So, today, here is my opinion and advice for you!
Joshua
- Please support Radical Personal Finance on Patreon. www.radicalpersonalfinance.com/patron
Here's a great Monday-morning sermon by ETtheHipHopPreacher to kick off your work week. Thank God it's Monday!
Original video: https://youtu.be/5fsm-QbN9r8
We do a live Q&A show on Fridays. Today we cover:
- How Do You Help Young People Engage in Goalsetting?
- How Much Debt Is Too Much on Rental Properties?
- How Do You Help Your Brother-In-Law Learn About Money?
- Last-Minute Health Savings Account Contributions?
Enjoy the show!
Joshua
- Please support the show on Patreon! www.radicalpersonalfinance.com/patron
- Sign up for a free 34-day trial of YNAB: www.radicalpersonalfinance.com/YNAB
- Try out the Personal Capital dashboard: www.radicalpersonalfinance.com/personalcapital
I've often made comments like, "Your 401(k) won't make you rich." Or, "People Don't Get Rich Because they Invested in Their 401(k)."
A listener recently asked for clarification on that statement. I thought it was so important that I dedicated an entire show to it.
In today's show, I give my defense of my statements and argue my case.
My thesis is simple: high 401(k) balances are correlated to people who are rich, but they are not a causative factor of wealth.
Enjoy!
Joshua
- Please support my show on Patreon! www.radicalpersonalfinance.com/patron
A little while back I gave this interview for Joe Fairless on his show, "Best Real Estate Advice Ever." We focused on the intersection between personal finance and professional financial advice. Enjoy!
Joshua
http://joefairless.com/best-financial-advice-achieving-maintaining-financial-freedom/
Today, please enjoy this recording of my appearance on Episode 107 of the Sound Retirement Planning Podcast with Jason Parker!
This show was recorded in Q4 of 2016.
I see lots and lots of people talking about the idea of "passive income." Everywhere I look, I hear people talking about passive income and why it's so great!
But, I've heard very few people define the concept and explain what a true passive income opportunity is.
And the vast majority of opportunities I hear of don't qualify as passive income in my book.
So, let's bust this "passive income" myth today!
Joshua
- Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
- Please support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! On today's Live Q&A show we cover:
- Should I sell the house we just moved out of?
- How Do I Figure Out If I Should Fire My Financial Advisor or Not?
- How Can I Organize a Really Cool Networking Event for Celebrities that I Admire?
- How Can Divorced Men Creatively Avoid Paying Higher Child Support?
- What Competitive Advantage Does Dimensional Fund Advisors Have Over Vanguard?
- How Has Joshua Changed His Financial Plan Over the Last Three Years?
Enjoy!
Joshua
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Today, we cover this question:
Joshua,
My husband and I love your show and would LOVE IT if you could help us answer a question from your point-of-view.
Facts:
The DILEMMA:
Dave Ramsey suggests saving 15% for retirement for someone in our position. We can do this..but that'll slow down our house payment goal quite substantially (or, in my mind it's substantial, as I want this house paid off TOMORROW!)
The goal after the house repayment is to throw everything we can spare towards investing in retirement funds.
THE QUESTION:
Should we stay strong on our course to pay off the house in 3 years tops only saving about 10% for retirement or do we bump up retirement savings? Ultimately how do I figure out the opportunity cost in each scenario?
Thanks so much!
Taliah
--
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
- This is the debt-payoff calculator that I use constantly! https://www.vertex42.com/Calculators/debt-reduction-calculator.html
Today's show comes by inspiration of this listener question: "Joshua, will you please send me a link to the best show on your website for a woman wanting to convince her husband that they can make it financially if she stays home?"
Well, I didn't have such a show. But now I do.
Here it is!
Joshua
- Don't have good data on your income and expenses? Start tracking it with YNAB! Get a free 34-day trial at www.radicalpersonalfinance.com/YNAB
DATA:
Working (Conservative) Staying at Home Difference Husband $60,000 $60,000 Wife $60,000 $- Total $120,000 $60,000 $60,000 Employment Taxes (7.65% -- 6.2% SS + 1.45% Medicare) $9,180 $4,590 $4,590 Income Taxes (Turbo Tax Estimate, 30 years old - 2 kids, no deductions) $12,849 $1,756 $11,093 $22,029 $6,346 $15,683 Income, net of tax $97,971 $53,654 $44,317 Cost of Childcare ($7k x 2) $14,000 $- $14,000 Income, net of childcare $83,971 $53,654 $30,317 Commuting Costs Saved ($200/mo) $2,400 $- Work Lunches Saved (100 lunches @ $15) $1,500 $- Work Clothing Saved ($50/mo x 12) $600 $- Dinners Out Saved ($60 x 50) $3,000 $- Household Savings due to frugality ($200/mo x 12) $2,400 $9,900 $- $9,900 Income, net of working costs $74,071 $53,654 $20,417I've really got a great show for you today. It's one that brings together so many things that I love talking about! Travel with Family, Entrepreneurship, Marketing, Financial Independence, and more!
My guest is Anthony Amos.
He's an Australian entrepreneur who started out with a tiny little backyard dog-washing business. He grew it, franchised it across Australia, and then sold it and decided he was rich enough to go into property development.
His timing was not so great (right before the real estate crash) but he suffered through.
Later, he wound up buying the company back and he's in the process of expanding across the United States!
At the moment, he and his family are in the middle of a 50+-state RV trip all across the USA with a goal of raising $1,000,000 for dog rescue. Along the way, they're enjoying an incredible family adventure and publicizing their dog washing business!
This one is well worth your time!
Joshua
- Anthony's website: https://bathetosave.com/
- Please support RPF on Patreon! www.radicalpersonalfinance.com/patron
It's tax-time! That means that you face a problem: how should you do your taxes? Should you print off the 1040 form from the internet and fill it in by hand? Should you use tax software? Should you hire an accountant?
Here are my thoughts on the matter!
Joshua
- Great records will make doing your taxes an absolute breeze. Why not try YNAB for your budgeting and recordkeeping? Get a free 34-day trial at www.radicalpersonalfinance.com/YNAB
- Please support RPF on Patreon. Currently 267 people of the ~18,000 daily listeners support the show on Patreon for a total of $1,659 per month. I'd be thrilled if you'd join them! www.radicalpersonalfinance.com/patron
It's Friday! That means it's time for a live Q&A show.
Today we handle two questions:
- How Can a 13-Year-Old Young Man Get His Start as a Financial Advisor?
- How Can an Early Retiree Calculate If He Has Enough Money
Enjoy the show!
Sign up as a Patron to be invited to future Friday call-in shows. www.radicalpersonalfinance.com/patron
Joshua
Today's show is dedicated to marketing. I focus on answering a specific question about podcast marketing, but I do share a number of tips that are applicable on a broader basis.
Here's the question:
Hi Joshua,
I was inspired to start my own podcast six months ago when I listened to your episode 300 entitled "30 podcasting lessons learned from 300 episodes".
Your words of encouragement were invaluable for me and really made me believe I could do this. Your suggestion to focus on content and not the technical aspect of podcasting was the most significant takeaway for me.
The podcast is only 30 episodes in and we consistently publish an episode every single week but wondered if you could provide some suggestions on how to grow your audience.
Background information:
Candian based personal finance podcast, host/co-host format, with the occasional guest
Thanks so much,
Trevor
Simple Money Solutions podcast
- Go listen to Trevor's show! http://livelifesimple.ca/
- Please use the coupon code "Radical" to get your first month of podcast hosting for free at www.libsyn.com
- Please support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
I wasn't quite sure how I should approach today's book review of Tony Robbins new money book, so I asked the Radical Personal Finance Facebook group.
I wrote: "I'm about to record my review of Tony Robbins' new book, Unshakeable. Should I do it in my current mood as ticked-off, angry Joshua and rip it to shreds or should I do it in my calm, collected and intellectually neutral voice, carefully presenting the good, the bad, and the ugly? Whadya want?"
Well, most people seemed to want option A, so I turned the mic on and let it rip.
Enjoy my review of Tony Robbins' latest book: Unshakeable: Your Financial Freedom Playbook: Creating Peace of Mind in a World of Volatility.
Joshua
p.s., If you missed it, here's my 3-hour review and critique of his first personal finance book, Money: Master the Game: 7 Simple Steps to Financial Freedom.
- Get a free 34-day trial of the personal budgeting software that I use every day: www.radicalpersonalfinance.com/YNAB
- Please support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/Patron
I recently completed a brief demographic survey of the Radical Personal Finance audience. I learned a ton about who you are!
I thought it would be fun for me to share it with you and share how it impacted me.
Enjoy!
Joshua
Do you need a website? Reach out to my own personal web team at www.sillygrasshopper.com and see if they can help you!
Radical Personal Finance Audience Demographics
Gender
Male 78.9%
Female 21.1%
Age
13-17 0.2%
18-20 0.6%
21-24 6.9%
25-34 48.5%
35-44 29.8%
45-54 9.9%
55+ 4.2%
Marital Status
Single 27.4%
Married 70.1%
Divorced 2.4%
Widowed 0.1%
Race
Asian 4.5%
Black 3.9%
Caucasian 82.1%
Hispanic 4.5%
Native American 0.1%
Pacific Islander 0.7%
Other 4.2%
Education
Less than high school graduate 0.4%
Graduated high school / GED 1.7%
Trade / Technical school - no degree 1.5%
Attended college but did not graduate 5.4%
Two year college degree 5.3%
Four-year college degree 50.1%
Masters degree 26.6%
Doctoral degree 9%
Income
On episode 425 of the podcast I interviewed Mr. Money Mustache. That episode was not intended to be an introduction to his teaching or his philosophy; rather, it was a human interest discussion with the man himself.
Today, I introduce you to the philosophy and teaching: the message.
What is mustachianism? What is the plan for financial independence espoused by Mr. Money Mustache?
Enjoy!
Joshua
- Start your search for a great financial advisor here: www.radicalpersonalfinance.com/patron
- Please support the show directly as a Patron: www.radicalpersonalfinance.com/patron
Hey Radicals!
We're quickly coming up on Episode 500 of the show. To celebrate, I'd like to do a special show, exclusively featuring your stories.
1. Will you please record a quick 2- or 3-minute audio message telling us about the changes you've made in your life and how you've made financial progress in your life?
I think hearing your story will be so encouraging to all of us.
Also,
2. Will you please send me a picture of you and/or your family for me to post on my screensaver?
I'd like to create a picture gallery of who my listeners are so that I can picture you and record better information for you!
Email those two things to: joshua@radicalpersonalfinance.com
Thank you!
Joshua
I'm traveling today and unable to record.
Enjoy my recent interview on the Richer Soul podcast!
http://richersoul.com/2017/03/07/ep-0010-richer-soul-joshua-sheats-radical-personal-finance/
Joshua
I learned about business and money during my six years working as a financial advisor than at any other time period in my life.
Today I'm kicking off a series sharing some of the lessons that have most deeply impacted me. I'll share both the lessons I learned from business as well as the lessons that I learned from working with hundreds and hundreds of clients.
Lesson Number 1 is simple: Don't wait for business to come to you; go find it!
Joshua
- Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
It's Friday. Pay attention. That means the weekend is here. Have you planned and scripted it out for maximum results?
Do it.
Love you,
Talk next week...
Joshua
My guest today is a lady named Ruby. We met at Camp Mustache SE 2017 a couple of months back and I got to hear her immigrant story! She and her husband are both recent immigrants to the United States and they are aggressively pursing financial independence.
Enjoy her story!
Joshua
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I've been thinking about computer and data security this weekend and I decided to run with that theme for today's show.
I've compiled a simple list of 18 tips for you to enhance your financial security and financial privacy.
These range from the simple (#1 is for you to cover your PIN code with your hand) to the contentious (#10 is my advice as to whether you get greater security from using a credit card or a debit card).
But, they're all useful and free (or at least nearly free).
Enjoy!
Joshua
- Looking for a new financial advisor? Start your search here: www.radicalpersonalfinance.com/patron
- This is the Access Denied RFID blocking wallet that I have. http://amzn.to/2mZcZCJ
- Here's a ladies version of the Access Denied wallet. http://amzn.to/2md0a7K
- RFID blocking sleeves for your credit cards: http://amzn.to/2lPCcOm
- This is the MobileSec Cell Phone Blocker bag I mentioned: http://www.mobilesecsolutions.com/cell-phone-blocker
- I own this Amazon Basics paper shredder. It works really well http://amzn.to/2mPwiBy
My guest today is Gwen, writer at www.FieryMillenials.com
She is a hardcore saver who is working her tail off to reach financial independence and to teach others through her story.
This is an ideal follow-up to yesterday's advice to my 22-year-old listener.
Enjoy!
Joshua
- Please Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Today I answer this listener question:
Hi Joshua,
I am a 22 year old recent college graduate. I have since landed a job and have been working for about 4 months now. Prior to graduating college, I was much less educated on money matters and hardly mindful about my personal finances. Upon graduating, I realized that I knew next to nothing about budgeting, saving, investing, and growing wealth. Additionally, many technical terms and aspects of finance confused me. Since I was going to be getting a “real job” soon and making more money than I ever have before, I decided to self-educate and rid myself of financial ignorance. I began reading books, blogs, watching YouTube videos, and listening to podcasts. I now find myself in a much better position to make sound monetary decisions.
Here is my current situation:
I live at home with my parents rent free.
I am extremely fortunate to have no debt from college.
I have no debt.
I work a full time job and save virtually all of that money. I work a part time job and use that money as my “spending money.”
Essentially, I am blessed to have a blank slate coming out of college.
The downside of my equation is that my full time job does not pay particularly well ~$31,000 a year and I live in an area with a high cost of living (northern VA).
Do you have any advice for someone like me who is just getting started in the real world and wants to begin a path to financial independence?
I do realize that a huge step would be to find a better paying job – I am working on that. However what would you suggest that I do in the meantime to add additional income and begin my journey to FI?
My goal is not to make this all about making more money, but rather to position myself in such a way that I can live life the way that I want. ALSO I want to be in a position where I can easily provide advice and assistance to those who are less well off than I am.
Thank you in advance for any advice that you can provide!
Enjoy!
Joshua
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Today, I answer this question from a listener:
Joshua- Fan of the show and a Naval Officer. I have some questions on overall investing strategy. I have close to 17 years in the Navy and will likely retire at 20 with a full pension (about $55k/year before taxes), currently have $440k in retirement savings for my wife and I split between Roths and TSP, have over $140k in college savings for my 2 kids (8 and 10 year old, plan on also transferring my GI Bill which will essentially pay for one of their college educations), and have about $30k in taxable accounts. We are selling our house in Norfolk, VA this year-- been a rental for 5 years but we are moving from Tampa to Jacksonville where I will take Command of a Destroyer there.
So- my question-- I am looking at getting into real estate investing and slowing down retirement savings over the next 5 years (from about $25k/yr to $12k-- maxing out Roths and minimum to TSP). Curious to hear your take on my overall situation and real estate investing writ large. Ideally we'd put about $40-50k into things this year-- either buy and hold type rental properties or a flip- and then snowball any earnings plus about $30k annually over the next 4 years until I retire to setup passive income sources. Thanks!
- Please support RPF on Patreon! www.radicalpersonalfinance.com/patron
Listener Allyn writes in with this question: "What are your thoughts on using whole life insurance as a college savings plan? If you don't like it, why?"
My thoughts are in the show!
Joshua
- Thank you for supporting the show on Patreon! www.radicalpersonalfinance.com/patron
Do you feel richer today than you did yesterday? If not, why not?
Joshua
Different people learn in different ways. For that reason, we need many new approaches to helping people learn about financial independence.
I'm glad to bring my new friends Jonathan and Brad on the show to talk about their project ChooseFI.com.
Operating under the banner "Experiments in Financial Independence," they're seeking to create a new approach to learning and teaching about financial independence.
Enjoy the interview!
Joshua
- www.ChooseFI.Com
- www.TravelMiles101.com
- Find a great financial advisor! www.radicalpersonalfinance.com/paladin
- Use the same budget software I use! www.radicalpersonalfinance.com/YNAB
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
It's Friday! That means a live Q&A show. Today we tackle:
- Should I Get Rid of my 3rd Car?
- What is a Modified Endowment Contract and How Does it Work?
- What Should We Do With All This Extra Money our Church Just Received?
If you'd like to join a show like this and ask your question, sign up to become a Patron! www.radicalpersonalfinance.com/patron
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Connect with us on the Facebook page https://www.facebook.com/RadicalPersonalFinance or in the Facebook Community Group! https://www.facebook.com/groups/RadicalPersonalFinance/
Today, I bring you an interview with the #1 most requested guest! Mr. Money Mustache himself.
I connected with him while up in Gainesville for Camp Mustache a couple of weeks ago.
This interview isn't about the nuts and bolts of Mustachian philosophy or on how to become financially independent in a few short years; those topics have been well covered elsewhere.
This interview is about his current life, current projects, and things he's excited about at the moment.
Enjoy!
Joshua
- Try Hello Fresh! Get $35 off your first order at www.HelloFresh.com with promo code RPF.
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
Every day I mention that little slogan, "financial freedom in 10 years or less" in my intro. It's an aggressive, spicy little slogan. But I probably don't do a good enough job of highlighting what that phrase actually means and how many different ways it can be achieved.
Today I have a really fun profile of someone who has successfully achieved financial freedom in less than 10 years by capitalizing on AirBnB. And doing it with properties that she didn't even own!
Enjoy hearing Zeona McIntyre's story of financial freedom!
Joshua
- Zeona's website: https://www.zeonamcintyre.com/
- Start your search for a financial advisor here: www.radicalpersonalfinance.com/paladin
- Try a free 34-day trial of the YNAB budgeting software! www.radicalpersonalfinance.com/YNAB
- Support me directly on Patreon! www.radicalpersonalfinance.com/patron
Perhaps you've noticed that the topic of refugees has been in the news. The recent news sparked this question in the Radical Personal Finance Facebook group.
If I were unexpectedly detained/deported while I was traveling, with the uncertainty of my job or my possessions (or even my bank accounts) being accessible to me or even available to me if I were to somehow return, what would I do, and how would I manage? How might I create a plan to restart my life from scratch if I had to begin again in a different country?
I think it's a fantastic question!
Today I answer this question in 3 parts:
Enjoy!
Joshua
- Support Radical Personal Finance as a Patron! www.radicalpersonalfinance.com/patron
- Ideas from the survivalist world on what you can carry with you in an airport carry-on.
- Witness.org has some great resources on filming protest and human rights violations.
I'm traveling today (appropriately enough), so I'm not able to serve you with a Q&A show today.
Instead, enjoy this recording of my appearance on the Nomad Together Podcast!
This show originally appeared on September 8, 2016 right here: https://nomadtogether.com/financial/
Joshua
I have a special treat for you today.
If you had the chance to sit down with the former President and CEO of Lehman Brothers and talk about his career and money, would you take that chance?
Well, I did.
And today I share it with you!
I sat down with my friend Andy Sage here at his home in Palm Beach with the microphones fired up for a discussion about his career in the business world, retirement, banking, and much more.
Enjoy!
Joshua
- Find a great financial advisor with Paladin: www.radicalpersonalfinance.com/paladin
- Get a free 34-day trial of the awesome YNAB budgeting software: www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
I love to learn from people who have experienced great success in their lives.
But sometimes, you can learn more from failure than success!
Today, I've invited a new friend of mine on the show to learn what she learned from her massive failures in the past!
She and her husband were on the fast track toward wealth and financial freedom; they owned a ton of real estate and a thriving business.
And then they lost it all.
Listen to the episode for the gripping account of what that was really like!
Joshua
- Support RPF on Patreon! www.RadicalPersonalFinance.com/patron
- Build Your Budget Right with YNAB! www.radicalpersonalfinance.com/YNAB
- Use Personal Capital as your financial dashboard! www.radicalpersonalfinance.com/PersonalCapital
My guests today are Joel and Alexis. I met them while hanging out at Camp Mustache SE in Gainesville and was intrigued by their story!
They went from being a fairly typical young couple with a small savings rate to being radical Mustachians, on track to retire in the next few years!
Enjoy learning how they worked through the problems and challenges to make this change!
Joshua
- Find a great financial advisor at www.radicalpersonalfinance.com/paladin
- Refinance your loans with SoFi and save on the interest! www.radicalpersonalfinance.com/sofi
- Please support me on Patreon! www.radicalpersonalfinance.com/patron
- PLEASE TAKE MY QUICK SURVEY! www.radicalpersonalfinance.com/SURVEY
- Joel and Alexis's brand new website! http://fi180.com/
Car leasing is the most expensive way to operate a vehicle. Car leasing is the cheapest way to operate a new vehicle.
Both of those statements are true.
In today's show I explain why!
And I explain how to get out of a lease if you have one.
Joshua
Time stamps (courtesy of a listener):
0:00 Intro
1:50 Sponsors
4:55 Auto leasing is the cheapest AND most expensive
7:42 “Depreciation” explained
13:38 How does leasing a car work?
16:58 The major problem with leasing, and who leasing is great for
24:26 How to get out of a lease
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
- Support me on Patreon: www.radicalpersonalfinance.com/patron
- https://www.edmunds.com/car-buying/how-fast-does-my-new-car-lose-value-infographic.html
- http://www.clark.com/new-car-leasing-101
- http://www.swapalease.com/
- http://www.leasetrader.com/
Quick on-the-road show today to share listeners' suggestions, additional information, feedback, and questions.
Joshua
Timestamps: (thanks to the hard work of a listener!)
0:00 Intro
6:00 Joe recommends a “relationships” budget category, separate from “giving”. (Episode 408)
12:08 Rio asks how to separate personal and business budgets. (Episode 408)
14:36 Guy asks about budgeting for taxes. Should one start the budget using gross or net income? (Episode 408)
18:13 Artem comments about donating a body to science as being different from organ donation. (Episode 409)
20:03 Ross comments that funerals should also be considered a means of closure for the living. (Episode 409)
21:34 Hannah offers insight into the credit score that CreditKarma.com utilizes in its calculations. (Episode 411)
24:35 Guy asks if freezing you credit negates the need for ID protection/insurance services. (Episode 411)
26:38 Kevin offers up a tip of the day. (Episode 411)
27:13 James has concerns about the Personal Capital sponsorship. (Episode 413)
44:24 Advice to podcasters regarding ads, specifically CPA (cost-per-aquisition) vs. CPM (cost-per-thousand).
On Fridays I host a live Q&A show! This show is open for Patrons to call in and talk with me about anything they want to.
If you'd like to participate in this call, become a Patron! www.radicalpersonalfinance.com/patron
Today we tackle two questions:
Enjoy!
Joshua
- Start your year off right with a budget with YNAB: www.radicalpersonalfinance.com/YNAB
- Monitor all your investment accounts for free with Personal Capital! www.radicalpersonalfinance.com/PersonalCapital
My guest today is a man named Bill. We met at Camp Mustache SE this past weekend.
As soon as I heard a little bit of Bill's story, I knew I needed to get him on the show for you!
Bill is a really neat guy. He enjoyed a very fun and adventurous career wherein he primarily worked for himself. And then he retired early.
He's a man filled with wisdom.
You'll really enjoy this interview.
Joshua
- Support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
- Find a new financial advisor here: www.radicalpersonalfinance.com/paladin
- Refinance your loans at SoFi! www.radicalpersonalfinance.com/sofi
Today I have a simple--but profoundly important--concept for you to consider and embrace: your personal safety.
There are small safety decisions that you can make that have a huge potential impact for you, both monetary impact and personal impact.
Enjoy!
Joshua
- Radical Personal Finance is supported directly by you! www.radicalpersonalfinance.com/patron
- Try a free 34-day trial of the awesome YNAB budgeting software: www.radicalpersonalfinance.com/YNAB
- Please take my quick demographic survey! www.radicalpersonalfinance.com/survey
I always keep my eyes out for interesting and unusual lifestyle stories. Last week when I was researching cheap coffin plans, I came across the $5 DIY coffin plans at PiedmontPineCoffins.com.
Upon further reading I became aware that Don and his family live entirely off-grid and that he creates his coffins entirely by hand!
Sounded like a fun story so I invited him on!
Enjoy,
Joshua
- Find an awesome financial advisor at www.radicalpersonalfinance.com/paladin
- Refinance your loans (or get a new one) at www.radicalpersonalfinance.com/SoFi
- Sign up to support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
This past weekend I had the privilege of addressing the very fun crowd of hardcore Mustachians gathered in Gainesville, FL for Camp Mustache SE 2017.
(Mustachian = acolyte of the Mr. Money Mustache blog and personal lifestyle and financial philosophy.)
I was invited to give a presentation and I chose for my topic, "Why Wait Until You're F.I. to Live Like You're F.I.?"
This addresses a theme I often see among the hardcore early retirement crowd. The idea is this: "My life stinks right now but it'll all be great after F.I."
But, is that the best way to approach it? Why not recognize that life can be great now and after F.I.?
Enjoy!
Joshua
- Please take my 20-second demographic survey! www.radicalpersonalfinance.com/survey
- Refinance your loans with SoFi and save money! www.radicalpersonalfinance.com/sofi
- Personal Capital is the world's best financial dashboard. And it's free! www.radicalpersonalfinance.com/personalcapital
- Support RPF on Patreon! www.radicalpersonalfinance.com/patreon
On Fridays we do a live Q&A show! If you'd like to join me on the next one, sign up to support the show as a patron! www.radicalpersonalfinance.com/patron
Today we cover:
- How Can I Gain Enough Experience to Use my CFP Designation?
- Can I Unwind My Parents Reverse Mortgage?
- How Do I Engage In A Meaningful Goal-Setting Process After a Layoff?
Enjoy!
Joshua
- Take my 20-second demographic survey at www.radicalpersonalfinance.com/survey
- Find a great financial advisor at www.radicalpersonalfinance.com/paladin
- Refinance your loans at an awesome great rate at www.radicalpersonalfinance.com/sofi
The health of your credit score is an important subject. It's important that you keep your credit report squeaky clean and your credit score high.
Today, I'm going to give you some simple, free tools to do so.
- How to check your credit reports for free
- How (and why) to freeze your credit reports
- How to monitor your credit scores for free
Joshua
- Please take my 20-second demographic survey! www.radicalpersonalfinance.com/survey
- Find an awesome financial advisor near you! www.radicalpersonalfinance.com/paladin
- Get a free, 34-day trial of the YNAB budgeting software I use. www.radicalpersonalfinance.com/YNAB
- Check your credit reports once each year, for free: www.annualcreditreport.com
- Clark Howard's credit freeze guide: http://www.clark.com/credit-freeze-and-thaw-guide
- Monitor your credit score for free: www.creditkarma.com
The Dow Jones Industrial Average has been steadily flirting with an all-time record of 20,000 points.
I certainly expect it to cross that threshold any day.
But, so what?
Today I tackle these three questions:
Enjoy!
Joshua
- Please take my super-quick demographic survey. You can do it right on your phone! www.radicalpersonalfinance.com/survey
- Set up your Personal Capital dashboard for FREE! www.radicalpersonalfinance.com/personalcapital
- Find a great financial advisor at Paladin Registry! www.radicalpersonalfinance.com/paladin
Ain't it strange how so many of the universal human experiences cost so much?
Childbirth. Marriage. Getting Old. Death. All of them can cost a bunch of money.
But does it have to be that way? Are there alternatives?
Yes.
Guess what: kicking the bucket doesn't necessarily have to break the bank!
There are ways to do it cheaper. If you want to.
Today I tackle funeral expenses. You might not be able to benefit from the savings, but at least your family can have a little more cash left over to celebrate your life!
Enjoy,
Joshua
- $5 buys you a set of plans to build a coffin for
What's the point of budgeting? Isn't it supposedly supposed to help you get richer?
Well, one way to make budgeting matter is if your budget categories actually help you to understand what's happening with your money.
Today, I walk you through some of my personal budget categories and explain how they impact my spending decisions.
I don't think you'll find these budget categories in any pre-existing software. But I do think they'll be really useful to you!
Joshua
- 246-You Need a Budget and Here’s the Best Way for You to Make One! Interview with Jesse Mecham, Founder of YNAB
- 273-Three Budgets You Should Establish for 2016: Time, Money, and Food
- Try YNAB free for 34 Days! www.RadicalPersonalFinance.com/YNAB
- Use Libsyn to host your very own podcast! www.libsyn.com Get first month free with coupon code "radical."
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
I think RVs are awesome. In fact, my family just got back from a very fun 2-week RV trip last week!
But, RVs can also be a major money drain. Much like boats, it's easy to overestimate the pleasure you will get from it and underestimate the hassle.
In today's show, I share with you some of my ideas and thoughts on RVs:
- Where they work and where they don't
- Things to consider and keep in mind before you buy
- Advantages and disadvantages of the various types
- Tips for buying smart
Enjoy the show!
Joshua
- Start your budget for 2017 today! www.radicalpersonalfinance.com/YNAB
- Follow through on your financial resolutions by finding a great financial advisor: www.radicalpersonalfinance.com/paladin
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
- Support RPF on Patreon www.radicalpersonalfinance.com/patron
Hey Radicals!
Happy new year!
I was planning to come into 2017 with a bang, but a stomach bug turned the bang into a fizzle for me. Oh well!
You'll be hearing some changes to RPF in coming days. I want you to know about those in advance, so tune in for a quick chat today!
Joshua
I missed a couple of important points on the previous show on Health Care Sharing Ministries (HCSMs). Today we wrap those points up with a quick discussion of:
- catastrophic protection
- deductibility
- HSA compliance
- pre-existing conditions
We also discuss:
- Self-Insurance
- Direct Primary Care/Concierge Care
- Catastrophic Coverage
- Dread Disease/Critical Illness Insurance
- Doctors on Call
Enjoy!
Joshua
- Start your new year off right by mastering your budgeting. www.radicalpersonalfinance.com/YNAB
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
Today I tell you why we don't have health insurance in my family and what we do instead! We continue our health insurance series today with a discussion of Christian Health Care Sharing Ministries.
Perhaps the Health Care Sharing Ministries shouldn't be in this series because they are not actually health insurance.
But, if you're a participant in an approved organization, you qualify for an exemption to the Obamacare tax penalty (for not having health insurance).
Personally, I love the concept of these organizations and I have nothing but good things to say about my experience with Samaritan Ministries (which is the one that my family participates in).
In today's show I give you a background of these companies and my own experience and opinion of them.
There are 5 major options for you:
1. Samaritan Ministries http://samaritanministries.org/
2. Christian Healthcare Ministries http://www.chministries.org/
3. Medishare – Christian Care Ministry https://mychristiancare.org/medi-share/
4. Liberty Health Share http://www.libertyhealthshare.org/
5. Altrua Health Share http://altruahealthshare.org/
Enjoy the show!
Joshua
p.s., if you join Samaritan Ministries, please remember to tell them that “Joshua Sheats” sent you so that I can get a small discount!
- Start your search for a financial advisor here: www.radicalpersonalfinance.com/paladin
- Listen to the Jack Waymire interview here: www.radicalpersonalfinance.com/284
- Join our RPF Facebook community! https://www.facebook.com/groups/RadicalPersonalFinance/
- Please leave an iTunes review for me! https://itunes.apple.com/podcast/radical-personal-finance/id896153632?mt=2&ls=1
- Please support me financially on Patreon. www.radicalpersonalfinance.com/patron
- Book a consulting call with me here: www.radicalpersonalfinance.com/phonecall
One of the major burdens that the passage of the Affordable Care Act placed upon us is that we are required by law to maintain health insurance coverage. Or, if we don't, we have to pay a tax penalty.
But, as with most taxes, the Obamacare tax penalty is, in some ways, optional.
In today's show I teach you all of the ways that I know to escape it!
We cover:
- How to calculate the tax penalty
- What happens if you don't pay the penalty
- All of the exemptions that you can qualify for
Enjoy!
Joshua
- Book a consulting call with me here: www.radicalpersonalfinance.com/phonecall
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Please leave a review for my show on iTunes! https://itunes.apple.com/podcast/radical-personal-finance/id896153632?mt=2&ls=1
If you're building a business, you may reach a point in time at which you need more money to expand your operation than you're currently receiving from your revenues.
Traditionally, this is where you would either go out and solicit more investors to back you or perhaps go and borrow money from a bank.
But, thanks to major changes in the law, there's another option now available to you: equity crowdfunding.
Equity Crowdfunding is a way for companies to solicit investments from individuals similar to how product crowdfunding sites like Kickstarter, et al, solicit sales from individuals.
There are tremendous possibilities here for you as a business owner.
But, don't skip this show if you simply don't own a business.
You may be interested in this topic from the perspective of a business owner! You can participate as an investor with these companies yourself!
Enjoy the show,
Joshua
- Get Nathan's Book on Amazon: "Equity Crowdfunding: The Complete Guide for Startups and Growing Companies"
- Or get a free sample chapter from his website: http://assembleadvisory.com/book/
- Please support me on Patreon! www.radicalpersonalfinance.com/patron
So, you set a goal for your income next year. Great! Good job!
That's a nice place to start.
But it does nothing for you if you don't translate it into an hourly income goal.
Listen to the show to find out why and how.
Joshua
- Join the RPF Facebook group! (It's free now!) https://www.facebook.com/groups/RadicalPersonalFinance/
- If you'd like to calculate your hourly wage, try this quick little calculator I made: https://docs.google.com/spreadsheets/d/1de4hvloZAoAXJCOsE9DZuRAAeNdO2skAIIxhR6lxGYU/edit?usp=sharing
- Please support me on Patreon! www.radicalpersonalfinance.com/patron
I learned the hard way not to wait until the end of December to think about how my past year went and how I wanted my next year to go.
Don't wait.
The first two weeks of December are your golden time for your year-end review process.
Details in the show!
Joshua
- Last-minute tax planning ideas for you: https://radicalpersonalfinance.com/last-minute-tax-planning-ideas-to-save-you-money-rpf0121/
- Take Michael Hyatt's awesome Life Score Assessment to help give you clarity on your success in 10 areas of your life: http://bestyearever.me/a18455/2017assessment
Happy Thanksgiving Day, Radicals!
Joshua
One of the thorny research projects which I'm personally undertaking is to study the most effective ways to invest my money and my life into my local community without passing through the financial services intermediaries.
Friends, it ain't easy.
Our entire world is wired to go through the mainstream banking/investment/etc. industry. And it's not easy to break free.
But, I'm convinced that it is possible.
So, I'm working on it.
And today, I've invited a new friend of mine on the show to explain how he does it.
Tim Yarbrough is an entrepreneur and investor from Alabama who has been in business for over 40 years. He has personally invested in dozens of companies there in his community.
Today, he shares his wisdom from 40 years of experience with you and with me.
Enjoy!
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
Today we continue our health insurance series with a discussion of the Premium Tax Credit.
The Premium Tax Credit is available for those whose income is between 100% and 400% of the Federal Poverty Level who purchase their health insurance through a government-run marketplace.
The dollar amounts involved can be substantial if you're in that range.
Pay attention,
Joshua
- IRS Publication 974: Premium Tax Credit
- Michael Kitces article on the Premium Tax Credit
- Support RPF on Patreon: www.RadicalPersonalFinance.com/patron
- Book a consulting phone call with me: www.RadicalPersonalFinance.com/phonecall
Today I've invited real estate investor Joe Fairless on the show. And yes, we chat about real estate.
But, I don't have him on to speak about real estate exclusively.
Rather, I want you to pay careful attention to how he got into real estate in the first step.
Pay attention to the arc of his overall career.
And then model him.
Joshua
- Joe's website: www.joefairless.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
Today, I share my thoughts on the Trump/Clinton election and connect it with a discussion of why I'm philosophically and morally opposed to Obamacare. (Hint: it's not because I hate sick people.)
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me! www.radicalpersonalfinance.com/phonecall
In case you haven't heard, this Presidential election is the most important one in your lifetime. And, it will retain that title until November 9 when the 2020 election will take over as reigning champ.
Not only is this the most important election of your lifetime, but if the wrong person is elected, we literally face the end of the world as we know it!
So, what are you to do?
Well, today's show contains my thoughts and advice around presidential politics as well as 10 things you can do that will actually make a difference after you've cast your vote for President of the United States.
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today we embark on our journey through the wild and woolly world of health insurance.
This topic is utterly frustrating to navigate and incredibly divisive in philosophy.
Obviously, it's a perfect topic for Radical Personal Finance!
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
If you look at all of your expenditures and methodically add up all of the money you've spent in the last year on taxes (of all types), you will likely find that taxes are one of your largest spending categories.
So, in our constant quest to lower expenses, what can we do about that problem?
Well, you can engage in good, proactive tax planning and tax avoidance.
And, we've talked about that extensively here at #RadicalPersonalFinance.
But, have you ever thought about getting involved at the root of the problem? In working to roll back the taxes levied upon you at the seat of government?
Most of us haven't.
And the reason we haven't is that we are trained to automatically revert to fighting about national politics.
I'm convinced that national politics is utterly hopeless--at least for now. You have no voice, no power, and your involvement and even your vote are essentially meaningless.
But, take courage.
That doesn't mean that all is lost.
You can make a huge difference if you get involved in local politics.
Your voice and your work and your vote can make a huge difference at the local level.
My guest today is Paul Dorr. He is a former bank owner but he's now a political consultant.
He specializes in helping ordinary people organize themselves politically in order to defeat local tax increases. And he's very good at his job!
He's here today to share with us some of his tips and techniques as well as his personal story.
I think you'll find today's show inspiring and helpful if you care about the cause of liberty.
And it might even help you lower your tax bill.
Enjoy!
Joshua
- Paul's website: www.RollBackLocalGov.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
My guest today is Craig Cody, CPA, co-author of the book "Secrets of a Tax-Free Life: Surprising Write-Off Strategies Most Business Owners Miss."
We discuss:
- Paying your paying your kids in your business
- Renting your house out to your business
- Cost-segregation studies
- And more!
Enjoy!
Joshua
- Craig is offering a free copy of "Secrets of a Tax Free Life" to all listeners here: www.craigcodyandcompany.com/rpf
- Craig's company phone number is 516-869-4051
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Schedule a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
Have you ever thought about engineering your layoff from your job as a means to advancement to your next opportunity?
After all, if you get laid off instead of quitting, there are a whole host of benefits to you. (severance, health insurance, etc.)
But, how do you do it?
And, is there a way to do it ethically?
My guest today has written the book on the subject.
His name is Sam and he is the writer behind the popular personal finance blog www.FinancialSamurai.com and his book is entitled "How to Engineer Your Layoff: Negotiate a Severance and Be Free!"
Enjoy the show.
Joshua
- Buy Sam's book "How to Engineer Your Layoff: Negotiate a Severance and Be Free!" here: www.radicalpersonalfinance.com/layoff
- Sam's website: www.RadicalPersonalFinance.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
There are two phrases that we commonly use that are very destructive to your personal empowerment.
I recommend that you identify them and remove them from your vocabulary.
Try it!
You'll thank me later.
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a phone call with me: www.radicalpersonalfinance.com/phonecall
The title says it all.
Joshua
p.s., Sorry about the double show on the last episode. I am presently without a working computer, but I'll fix it ASAP.
I shudder and cringe when I hear someone who's thinking about upgrading their car because the new one gets better gas mileage.
I don't often yell, but please indulge me for a moment. YOU SHOULD NOT UPGRADE YOUR CAR IN ORDER TO GET BETTER GAS MILEAGE!
And, I'll prove it to you.
Listen to this show. And then, download the free calculator I built years ago and plug in your own numbers to see whether you should upgrade or not.
I think you'll be glad you did.
Joshua
- Here's the link to my calculator. It's a simple Excel file I built many years ago: http://traffic.libsyn.com/radicalpersonalfinance/Joshuas_Fuel_Mileage_Savings_Calculator.xls
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
This is an audio file containing Steven Harris's free Family Emergency Preparedness Class.
This class contains very useful and practical information regarding emergency preparedness.
Some of the material is becoming dated.
For all of Steven's current work, visit his website www.Steven1234.com and follow the appropriate links.
Joshua
This is an audio-only version of Wendy DeWitt's "Sensible Food Storage" seminar. This is the most practical, complete seminar on home food storage I've ever been able to find.
You can view the original video version of this file here: https://youtu.be/GY5kiCzaeYc
You can also download the PDF handouts of this seminar here with these links.
This handout contains the instructions for how to do Wendy's system: http://traffic.libsyn.com/radicalpersonalfinance/Everything_Under_the_Sun_by_Wendy_DeWitt.pdf
This handout contains Wendy's sample meals with recipes and amounts calculated out for you: http://traffic.libsyn.com/radicalpersonalfinance/Everything_Made_Simple_by_Wendy_DeWitt.pdf
If you were unable to buy food for your family for the next couple of weeks, would you and your family be well-fed or would you be quite hungry at the end?
Today, we tackle the question of food insurance with a discussion of practical steps to take to build your own reserves.
I think it's very wise for you to make sure that you always have enough food in your house to feed your family for at least a few weeks, even better a few months, and perhaps even a year or more.
Since you can fit a year's supply of food under a twin bed, there's little reason not to plan ahead and store up some food.
But, it's tough to know how to do this.
I've divided this topic into two parts. The first show (#384) had a bit of the philosophy behind food storage and reasons for you to store up food.
Today's show (#385) has the practical advice for how to actually do it.
Enjoy!
Joshua
- Wendy DeWitt's Sensible Food Storage Seminar:
- PDFs of Wendy's handouts:
- These are the notes from Wendy's seminar: http://traffic.libsyn.com/radicalpersonalfinance/Everything_Under_the_Sun_by_Wendy_DeWitt.pdf
- These are Wendy's personal recipes for her own food storage: http://traffic.libsyn.com/radicalpersonalfinance/Everything_Made_Simple_by_Wendy_DeWitt.pdf
- Support me on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
If you were unable to buy food for your family for the next couple of weeks, would you and your family be well-fed or would you be quite hungry at the end?
Today, we tackle the question of food insurance. In short, I think it's very wise for you to make sure that you always have enough food in your house to feed your family for at least a few weeks, even better a few months, and perhaps even a year or more.
Since you can fit a year's supply of food under a twin bed, there's little reason not to plan ahead and store up some food.
I've divided this topic into two parts. This show (#384) has a bit of the philosophy behind food storage and reasons for you to store up food.
The next show (#385) has the practical advice for how to actually do it.
Enjoy!
Joshua
- Support me on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
When I make a significant purchase, I always try to pay attention to the process of that purchase.
I analyze my psychology and desire for the item, I consider carefully the decision process, and I consider the usefulness I get from the item and how much I enjoy and utilize it.
One major lesson I've learned is to always make sure to budget for the accessories to enhance the usefulness of an item.
Many times, the accessories you purchase for an item will make a dramatic difference in your ability to enjoy and use the item.
Detailed discussion of this concept in today's show!
Joshua
- Support me on Patreon! www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
I recently read an article from the New York Times called, "It's Official: The Boomerang Kids Won't Leave." The story is a familiar one: adult children fall on hard times after college and need to move home in order to make ends meet.
This is an experience that many parents have had.
The challenge is this: how do you get the kids to leave? What can and should you be doing in order to get them to a place of autonomy?
In today's show we tackle this subject.
We also cover some ideas for younger parents to implement in order to help your children avoid the boomerang effect in the first place.
Joshua
- Support RPF on Patreon. www.radicalpersonalfinance.com/patron
- Would you like to book a consulting call with me? Book here: www.radicalpersonalfinance.com/phonecall
As I release today's show, Hurricane Matthew is threatening the east coast of Florida and the Carolinas. (Today's show is not specific to Hurricane Matthew. The content is useful in any natural disaster or hurricane. But I wanted to get this information to you in a timely manner so that those of you in the warning cone have an opportunity to prepare.)
Today's show is very practical. I cover:
- The most important need to address in advance of the storm: the ability to keep your phone and communications working without electricity.
- How to think about and plan for an evacuation plan.
- Simple and cheap ways to handle water and food when you have no power.
- How to use your car as a generator.
- And more!
Enjoy the show!
Joshua
RESOURCES:
- You need to keep your phone functional and charged at all times. The easiest, simplest way to do this is by using an external backup battery. There are varying sizes available:
- I own the Kmashi 15000mAH External Battery Power Bank. It's the cheapest I've found ($14 on Amazon for the black version) and should give you 5+ charges for your phone. It has a 4-star rating on Amazon with about 7,700 reviews. I've had no problem with it. http://rpf.link/2dO4v0Y
- I also own the RAVPower 13000 mAH External Battery Power Pack. It works perfectly fine and is smaller and lighter than the Kmashi above. (This is the one that I prefer to carry in my pocket while traveling. The Kmashi above is too big to be comfortable in my pocket.) It should get you about 4 charges. But, at $27 on Amazon, it doesn't give you as much bang for the buck. http://rpf.link/2dP9SJF
- Steven Harris has more information on keeping your cell phone charged at his excellent site: www.cellphone1234.com I chose to buy different batteries than he recommended because they were cheaper (but still highly rated) when I was shopping.
- The Berkey water filter system that we own and use is this one: http://www.directive21.com/products/royal-berkey-system/ (This is where we bought it from--Directive 21 did a fine job with service.) There are other sizes available.
- For information on how to power your house from your car, listen to Steven Harris's free class here at http://www.solar1234.com/
- The Eneloop rechargeable batteries that I use in all of my flashlights, kids toys, etc. are these on Amazon: http://rpf.link/2dbuiLA I use this 8-cell Powerex charger to keep them all topped up. http://rpf.link/2dXXdHc
- The car battery charger that I recommended is from CTEK. http://www.ctek.com/
- For more great, simple, practical emergency preparedness tips, check out all of Steven Harris's websites here: http://www.steven1234.com/
Are you an employee?
Want to make more money?
Want to have a tremendous career?
Listen to this show.
Joshua
- Patronize me: www.radicalpersonalfinance.com/patron
- Talk to me: www.radicalpersonalfinance.com/phonecall
On today's show I cover four of the major perils of success.
Both failure and success have danger points. You might think a lot about the dangers of failure. But are you aware of the perils of success?
Have you thought about what might happen to you as you continue to achieve success?
In today's show, I share with you four dangers of success...and I've fallen prey to all four of them.
Then, after that discussion, I share with you how--and why--I'm removing some of the filters that I've kept on the content of RPF.
Not a lot is changing with regard to what I actually produce on RPF. But my own mental decisions are changing and I am intentionally giving myself more freedom to tackle difficult subjects.
Details in the show!
Joshua
As mentioned in the show. Please:
My guest today is Jason Vitug. Jason has a very interesting story of beginning at the bottom of the work-world, advancing quickly to company leadership, and then walking away to pursue travel and personal business projects that seem to integrate more with his life vision.
Oh, and he wrote a book and just finished a 54-city speaking tour.
Enjoy the interview!
Joshua
- Jason's book: "You Only Live Once: the Roadmap to Financial Wellness and a Purposeful Life" http://rpf.link/2d7tsSN
- Jason's websites: www.JasonVitug.com and www.Phroogal.com and www.RoadToFinancialWellness.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
I recently appeared on Paula Pant's Afford Anything podcast for an in-depth discussion of the stages of financial independence.
The interview was one of the favorite interviews I've done in a while and I think you'll really enjoy it.
Enjoy!
Joshua
Hey Radicals!
I'm heading to California today for #FinCon16. I'd love to connect with as many of you as possible while I'm there!
I'll be available on Thursday, Friday, and Saturday (9/22 to 9/24).
Reach out to me on Twitter and let's schedule a time to connect! https://twitter.com/JoshuaSheats
Joshua
We know that it's worthwhile to increase income in order to reach our financial goals more quickly. But how can we do that?
One proven way is to get advanced education by attending graduate school.
My guest today is Matt Miner. He followed the time-worn path of attending graduate business school as a way of significantly increasing his earnings and he's learned from that experience. He's also studied the issue extensively, so he brings both personal experience and study to this question.
In this show we discuss:
- Matt's personal path to improved finances
- His advice on how to answer the question of, "Should I go to graduate school?"
- Various options and ways to get the thing done!
Enjoy the show!
Joshua
- Matt's website: http://www.designindependence.com/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Sign up for a consulting call with me: www.radicalpersonalfinance.com/phonecall
I received the note below from a listener of my show and today I answer it!
Enjoy,
Joshua
-----
Hi Mr. Sheats!
I'm a home educated 13-year-old fan of your podcast. I love how in-depth, interesting, and out-of-the-box it is. I used to listen to the Dave Ramsey Show a lot, but that got really bland, so my dad suggested your show. I love it!
I've been listening pretty much daily since January of this year, and you've inspired me to become financially independent before age 30. Right now, I'm saving 70% of my income from working at my parents' dental office and trying to develop skills that will get me closer to that goal (such as math, coding, and finance, all things I love learning about and think have the best potential to help me become financially independent).
Do you have any advice for a thirteen-year-old listener like me?
As for a specific question, I was wondering whether you would recommend I continue doing high school at home or attending our local public school.
I'm really interested in taking CLEP classes since those could help me finish college faster.
As far as I can tell, the pros of public school are:
- I'm pretty extroverted, so being able to hang out with friends every day sounds fun (although I'm sure high school isn't just hanging out!).
The high school in our district is ranked 10/10, so it's supposed to be a good school academically. - It might be a good way to get a feel for going to a "normal" school and make getting used to staying at the teacher's pace, and other skills I might need for college easier.
- The transcript is automatic, but in home education, you have to detail everything yourself and make sure it fits with requirements.
Cons:
- I love being home educated!
- I'm an independent learner, and I can learn faster just reading something and taking a test than sitting in class for an hour.
- I'd probably have less time in a public school as opposed to home education. Other than hanging out with friends, writing my fantasy novel, and playing music, I want to spend my free time as a homeschooler learning skills, experimenting with starting a business, and studying CLEP.
- I'd have to stick with the class, but with home education, everything's based on your pace, so you can go faster.
- I love how we can take vacations or days off sporadically, but in public school, with such long summer breaks, etc, you can't miss a day comfortably.
- I'd have to wake up early (;
Thanks for all your time!
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting phone call with me: www.radicalpersonalfinance.com/phonecall
My guest today is Lauren Greutman. Lauren has been on RPF before (with her husband Mark) way back at Episode 108.
But today she's back today as part of the book launch tour for her brand-new book: The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life.
In today's episode, we cover:
- Lauren's personal story and her highs and lows
- Lauren's systematic, step-by-step advice for how to overcome a spending addiction
- And more!
Enjoy the interview!
Joshua
- Lauren's book on Amazon: The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life http://rpf.link/2cqaNj8
- Lauren's website: www.IAmThatLady.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Want to schedule a consulting call with me? Book here: www.radicalpersonalfinance.com/phonecall
On Fridays, we do Q&A. Today we cover:
- How Should I Structure My Purchase of an iPhone?
- What Should I Think About When Buying a House?
- How Many Credit Cards Should I Have For Optimal Living?
- How Should I Value My Defined-Benefit Pension Plan
If you'd like to join for a future Q&A call, join here: www.radicalpersonalfinance.com/patron
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Get a personal consulting call with me: www.radicalpersonalfinance.com/phonecall
You want to start a business...so, you have to decide what type of business entity to use, right?
Well, yes and no. Yes in the sense that it is an important decision. But no in the sense that you should first focus on how you're going to build the business...and you should probably just start the business and see if it will work.
But, it is an important decision. And there is a lot of confusion over all these entities.
Today we cover these entities in an introductory capacity:
- Sole Proprietorship
- Partnership
- C Corporation
- S Corporation
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
My intention is not to give you all the details but simply an overview so you will feel more confident soliciting the professional advice that you need for your specific situation.
Joshua
- Need a financial advisor? Start your search here: www.radicalpersonalfinance.com/paladin
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
Whatever begins to exist has a cause.
This fundamental truth governs much of your thinking. And yet, have you stopped to consider its application and how you can adjust this to your benefit?
The law of cause and effect is operational in your daily life.
And yet, many people focus on the things they want (the effect) without every once stopping to think about how to get there! They don't think about the causes that are necessary to achieve a certain effect!
In today's show, I give you a series of very practical lines of inquiry into financial causes and effects. These ideas will help you to look at your own situation with a fresh vision and to create a customized plan that will help you go from where you are to where you want to be.
Joshua
- You Need A Budget! Try this system free for 30 days: www.radicalpersonalfinance.com/ynab
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Want to have a consulting phone call with me? www.radicalpersonalfinance.com/phonecall
Hey Radicals!
Tough week this week and I'm behind on shows. My apologies!
I thought you might enjoy this recent interview I gave on Everything Financial Radio in Grand Rapids, Michigan.
The first part of the show is with Gerald Celente. My interview starts at 19:15.
Back soon,
Joshua
- The original file is found here: http://www.everythingfinancialradio.com/2016/07/gerald-celente-and-joshua-sheats-join-host-dennis-tubbergen/
Today's show is dedicated to the idea of mobile home investing. John Fedro stumbled into the mobile home investment business and has since made it his unique area of specialty.
Mobile homes have some unique characteristics that might make them an attractive investment class for you to consider. (After all, you can often buy an entire house for less than a new car!)
But they also carry some significant potential downsides.
Enjoy the education,
Joshua
- John's website: http://www.mobilehomeinvesting.net/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
On Fridays, I host a live Q&A call! Today we cover:
- Should I Take a State Defined-Benefit Pension Plan or Choose a Defined-Contribution Option?
- Why Do So Few People Grasp How Simple It Is to Become Wealthy?
- What Are the Next Steps I Should Take in Establishing My New Consulting Business
If you'd like to join on a future call, become a Patron of the show at www.radicalpersonalfinance.com/patron
Enjoy!
Joshua
Ever since I sat down and designed my "Seven Stages of Financial Independence," I've been a bit bothered by Stage 7: Financial Abundance.
I inserted it at the end of the list because I think that's where it belongs. But I don't think you have to wait until you get through the stages to be able to enjoy a lifestyle of Financial Abundance. And I definitely don't think you should wait for later to start planning for Abundance.
So, what do you do?
Well, in today's show I do my best to lay out some ideas to point you in the right direction.
Enjoy!
- Intro to the Stages of Financial Independence: https://radicalpersonalfinance.com/174-the-stages-of-financial-independence-a-useful-roadmap-to-help-you-navigate-from-from-broke-to-financial-freedom/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Book a consulting call with me: www.radicalpersonalfinance.com/phonecall
Your personal credit and credit rating are an important component of your financial life. But did you know that you can also establish, build, and utilize an entirely separate credit file on your business?
My guest today, Ty Crandall, is an expert on both business credit and personal credit and he's here with me today to share with you some actionable strategies you can understand and implement to begin building your own personal business credit.
Enjoy!
Joshua
- Ty's website (and free guide): www.creditsuite.com/ein
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today we tackle Social Security with Devin Carroll from www.SocialSecurityIntelligence.com
Devin is a financial planner who has taken a special interest in consulting on the topic of social security.
In this show we cover some general background and advice for those who are trying to figure out how to approach their social security strategy as well as some interesting background on the social security program. (If you listen closely, you might even find an argument or two contained herein!)
Enjoy!
Joshua
- Devin's website: http://socialsecurityintelligence.com/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
My guest today has been from the lowest of lows to great heights of success. And then he repeated the cycle at least a time or two.
Rod Khleif has owned over 2,000 houses and apartments. He has made millions. And, he lost millions during the 2008 housing crash.
Today, he's come on the show to share the good and the bad from his experience. We cover technical details of real estate as well as many very important life lessons.
Enjoy!
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Rod's podcast website: http://lifetimecashflowpodcast.com/
Do you wish to set out and travel but feel like you lack the money? Well, what if you did it anyway and just adjusted your style of travel to fit a more modest budget?
My guest today is long-time listener of the show, Philip Frey. A few years ago he did exactly that.
He set out across Europe with a schoolmate and they managed to cobble together a very fun trip on a very modest budget!
In today's show we discuss Philip's experiences and advice for how to replicate a trip like his.
I also share some of my tips and ideas for how I would approach a trip like this for myself.
Enjoy the show!
Joshua
- Philip's website: http://www.valiantgrowth.com/
- A stand-alone episode that Philip did on his podcast "Extreme Travel: My Story of Hitchhiking Through Europe on Under $40 a Week" http://www.valiantgrowth.com/e32/
- Also, "How to Spend $2/day on Food" http://www.valiantgrowth.com/e14/
- Steven Harris's website on "How to Keep Your Phone Charged All the Time Anywhere in the World That You Go" http://www.cellphone1234.com/
- Hitchwiki: The Hitchhiker's Guide to Hitchhiking the World http://hitchwiki.org
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
My guest today is Daniel Crosby. Daniel is a behavioral economist and he has applied his expertise to the question of investing.
One of the greatest challenges investors face is managing their own behavior. Daniel has studied this problem extensively and has formulated specific recommendations to help investors manage their psychology and manage their behavior.
Enjoy!
Joshua
I tried as hard as I could to ship a financial planning show today, but it just didn't get done.
Oh well.
I don't always promise to release audio to you every day, but I didn't want to leave you hanging without something to listen to.
So enjoy 20 minutes of pure Jim Rohn gold.
Joshua
My guest today is Kathy Fettke. Kathy has a very interesting story of learning to invest in real estate during a time of personal crisis. She has since leveraged her experience to build a business related to real estate in addition to managing her own investments.
Enjoy!
Joshua
- Kathy's website: http://www.realwealthnetwork.com/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
I'm fascinated with stories of immigrants to the United States. If you mentally put yourself in the shoes of an immigrant and then ask how you could become wealthy, even if you started with nothing, you have the opportunity to clarify the actions you can take which lead to wealth.
A listener to the show, Manhar Patel, emailed me and asked me if I was interested in his story. After a bit of back and forth, I invited him on the show to tell his story.
Manhar is an Indian immigrant to the United States who is working to build his fortune. Enjoy his story and take what you can learn from his tips and tricks and apply them to your life.
Joshua
- Support RPF on Patreon. www.radicalpersonalfinance.com/patron
The past few weeks have been a bit depressing for me due to the absurdity of national politics here in the United States.
I broke my personal rules of not getting involved with national politics and the results weren't pretty. I was thoroughly annoyed and saddened.
Until Sunday afternoon.
Which is when a young man in my neighborhood cheered me up by showing how it's possible for someone who wants something to get it, no matter what stands in the way.
On today's show, I share with you some thoughts on the power of choice which we all have. We have the power to choose what we do and when and how.
Ultimately, the politicians don't have the power over our lives. We have the power over our lives based on our choices.
I cover some ways for you to build more freedom and independence (especially in the area of taxes) by understanding the laws that you're subject to and then simply avoiding the conditions of being subject to them!
Enjoy,
Joshua
- Britain banishes plastic bags
- Laffer Curve
- Window tax
- Support RPF on Patreon www.radicalpersonalfinance.com/patron
- Book a consulting call with me www.radicalpersonalfinance.com/phonecall
On Fridays we do Q&A!
- Are Bonds Necessary for Good Asset Allocation
- Traditional 401(k) or Roth IRA
- How to Leverage Long-Term Travel for Career Advancement
- What Kind of Retirement Plan to Put In Place at a NonProfit
- How to Rebuild after Bankruptcy
If you'd like to get on a call like this, join as a patron! www.radicalpersonalfinance.com/patron
Joshua
How much money do you spend eating out? How much money could you save simply by learning to cook for yourself?
My guest today is Ketura from www.FreeToCook.com and she's here to share her personal experiences in learning to cook from home to improve her family's budget.
Enjoy!
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
Today we round out the 4-part disability series with:
- A wrap-up of some key concepts
- Taxation of disability insurance premiums
- Various types of disability insurance policies
- Pregnancy and disability insurance
- Q&A from the audience
Enjoy!
Joshua
- Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Want to book a consulting call with me? Book here: www.radicalpersonalfinance.com/phonecall
College and all of its associated costs can make a big difference in your financial situation.
Today, I've invited Brad Baldridge on the show to discuss the college planning process and the background to many of the financial decisions.
I think you'll enjoy the interview. Be sure to stay tuned for the second half where we pull apart some strategies for making the student aid forms work to your favor.
Enjoy!
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Want to consult with me on your specific situation? Book a call: www.radicalpersonalfinance.com/phonecall
Minivans get a bad rap in our modern culture. They're the brunt of endless jokes and I want to see that change.
For some reason people think that minivans are suitable only for parents with kids.
They certainly are great for that--far, far better than an SUV--but that's not all.
I think a minivan is pretty much the perfect vehicle for everyone at every stage of life.
Yes, that's a big claim. But I really, really do think they're great.
Today, I do my best to convince you to join me in the land of the enlightened.
:)
Joshua
The tagline I created for Radical Personal Finance is this: "...the show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less."
Little by little I've been breaking this down for you and today we tackle the "financial freedom in 10 years or less" part.
I believe that, no matter where you're starting from or what your current financial condition, you can build a plan to achieve financial freedom in 10 years or less. And, in today's show, I defend that statement to you.
Enjoy,
Joshua
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today we continue our disability insurance series with a discussion of:
- How to determine the benefit amount of an individual disability insurance policy
- The interaction of group disability insurance and individual disability insurance
- The definition of disability (own occupation, modified own occupation, any occupation)
- How is disability determined (loss of time, duties, income)
- Total disability vs. partial disability vs. presumptive total disability.
Enjoy!
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
- Want to consult with me? www.radicalpersonalfinance.com/phonecall
Often very large financial goals can be achieved in a relatively short period of time if you focus enough on the goal and execute a plan with intense action.
Today, I bring you the story and experience of a couple who did just that. Ben and Deb Martinek decided to become over-the-road truck drivers so that they could pay off their student loans in a very short period of time.
They succeeded in paying off about $100,000 in debt in 2.5 years by driving a truck. And they had a great time doing it!
Today we hear their story and ideas on how you can do something similar for yourself.
Joshua
- The blog that Ben and Deb kept while driving a truck: www.truckyoufortwo.blogspot.com
- Ben's financial planning business: www.bonafidefinance.com
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
On Fridays we do a live Q&A show here at Radical Personal Finance. If you'd like access to these calls, join here: www.RadicalPersonalFinance.com/patron
Today we cover:
- Should I Purchase My Personal House in an LLC?
- How do I Know if My Life Insurance Agent is Advising the Right Amount of Insurance to Own?
Enjoy the show!
Joshua
Today, we continue our series on "Living a Rich Life Now" by discussing material riches and how you can appreciate the ones you already have and enjoy more more material riches now, without waiting.
Most people equate riches with things they have yet to buy. Largely, this is due to an effective marketing campaign by somebody with something to sell.
But, many of us easily forget about all of the material riches we already enjoy.
And, we neglect the easy ways we can live a rich life--perhaps even the lifestyle of a multi-millionaire--without the need to actually become a multi-millionaire.
This show contains some of my ideas which will, I hope, provoke you to clarify your own definition of a rich life and start living it as quickly as possible!
Joshua
- Need a great financial advisor? Start your search here! www.radicalpersonalfinance.com/Paladin
- Support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
- Interested in a consulting call with me? Book here: www.radicalpersonalfinance.com/phonecall
Radical Personal Finance is "a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less."
That's the slogan that I came up with as the unifying theme after creating about 300 episodes of the show.
But, although I've been using this slogan for a while, I've never actually explained each of the statements in that slogan. And they're all important.
Today, I tackle the first part: What does it mean to live a rich life now?
There are immaterial aspects to a rich life and there are also material aspects to riches.
Today we tackle the immaterial.
Enjoy!
Joshua
- Want to get on a consulting call with me regarding your situation? Go here: www.radicalpersonalfinance.com/phonecall
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
I've previously stated that I don't understand why anyone would go into the field of medicine as a way of getting rich.
I understand why people would want to do it because it fits their goals and personality and sense of calling, but I've always felt that it's a bad move financially.
Even though you can earn a high income, there are a lot of disadvantages to the career!
Well, my guest on today's show disagrees with me!
He's a practicing physician and he thinks I'm dramatically misrepresenting the financial potential and payoff of medicine.
I think you'll enjoy our debate!
Joshua
- Peter Steinberg's professional site: www.bidmc.org/kidneystone
- Support RPF on Patreon! www.RadicalPersonalFinance.com/Patron
A lot of us face difficult situations. And it's tough to maintain a positive attitude. But, have you considered what some other people face?
What would you do if you were facing a >70% unemployment rate in your town?
What would you do if you were working a job that hadn't paid you in >6 months?
What would you do if you had electricity for only 2 hours per day?
After listening to today's show, I promise you'll look at the opportunities around you with a fresh appreciation.
Enjoy!
Joshua
Bola's Fiverr profile: https://www.fiverr.com/ipriest
Bola's publishing company: http://www.cryoutpublishing.com
Support RPF on Patreon: www.radicalpersonalfinance.com/patron
June 1 is the start of hurricane season here in South Florida. June is always when I review my own hurricane preparedness plan and assess it for any weaknesses.
I've also kept a close eye on the Fort McMurray wildfires and the economic crisis currently underway in Venezuela.
Given these stark and vivid disasters, I've wanted to draw your attention to them as a way for you to consider how you're prepared to handle them.
Today I focus on the importance of money--specifically having some available to you in times of crisis.
Enjoy,
Joshua
- YouTube: "Fort McMurray Evacuated During Massive Wildfire" https://youtu.be/kSPFt6O1FLI
- YouTube: "Welcome to Hell - Driver Escapes Fort McMurray Wildfire" https://youtu.be/ieTQvIdG-Vo
- YouTube: "Owners Watched Fort McMurray Home Burn to Ground Over iPhone" https://youtu.be/JTlGFsP4JeQ
- 'We want out of this agony': What it's like to eat in a country that's on the verge of collapse http://www.businessinsider.com/venezuela-economic-food-crisis-meals-2016-4
- Dying Infants and No Medicine: Inside Venezuela’s Failing Hospitals http://www.nytimes.com/2016/05/16/world/americas/dying-infants-and-no-medicine-inside-venezuelas-failing-hospitals.html?_r=2
- Support RPF on Patreon www.radicalpersonalfinance.com/patron
Today I've invited Jules Haas on the show to talk real estate entity selection and estate planning.
Jules has an especially interesting perspective given where he lives and practices law: downtown New York City.
We discuss:
- how to decide if you should own real estate within an entity or not
- how to own real estate with maximum privacy (and why it's important)
- estate considerations for different methods of ownership
Enjoy!
Joshua
- Jules's website: https://www.juleshaasattorney.com/ (For a free consultation, call 212-355-2575.)
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today on Radical Personal Finance we veer into an interesting niche in the real estate market.
Do you have an appreciated rental property with a lot of equity in it? Would you like to know how to transition out of that personally managed property into a professionally managed portfolio without paying capital gains taxes on the transfer?
That's what today's interview is about.
My guest is Leslie Pappas. She's an expert at using 1031 Exchanges and Delaware Statutory Trusts in a very specialized segment of the real estate industry.
Enjoy learning about this niche!
Joshua
My guest on today's show is Mr. Groovy, writer at the eponymous website www.FreedomIsGroovy.com
He reached out to me and pitched me for some exposure for his idea of a Junior IRA. I accepted his request and invited him on the show.
I also thoroughly enjoyed hearing his story of getting free financially with a simple geographic move. There's a lesson in there for many of you.
Enjoy the show!
Joshua
- Mr. Groovy's JIRA idea: http://freedomisgroovy.com/junior-ira-nutshell/
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
On Fridays, I do a live Q&A call for patrons of the show.
Today we cover:
- When Should My Wife Take Social Security?
- Should I Buy Term Life Insurance as an Investment?
If you'd like to join a Q&A call, become a Patron of the show at www.radicalpersonalfinance.com/patron
Joshua
I'm always keeping my ears out for interesting ways to earn a living--or a side income. And today, I've got exactly that for you.
My guest today is Brad DeGraw. Brad is an expert at selling stuff through Amazon.
He claims to have started with $100 and a WiFi connection and to have turned it into over $1,000,000 in sales to date.
Enjoy the interview!
Joshua
- Brad's website: http://amazonsherpa.com/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
My guest today is Matt Hall. Matt is a financial advisor who learned the hard way what works and what doesn't in the world of financial advice.
One of the missions of Radical Personal Finance is to pull back the curtain from the world of financial advice. I do my best to ask direct questions of financial advisors and give them an opportunity to share their perspective.
Enjoy!
Joshua
- Buy Matt's book "Odds On: The Making of an Evidence-Based Investor" on Amazon. http://rpf.link/1Ubu196
- Matt's website: http://matthallbook.com/
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
On Fridays, we do a live Q&A show! Today, we cover:
- Should I Get Disability Insurance if I'm Only Working for Two Years
- What Happens to Disability Insurance If I'm Changing Jobs
- How Should I Save Money For My 9-Month Old Daughter's House
- Should I Work Three More Years In Order To Vest in my Pension
Enjoy!
Joshua
- If you'd like to call in to a show like this, become a patron of the show! www.radicalpersonalfinance.com/patron
Today we continue our disability insurance series. We cover:
- Why it's so hard to compare disability insurance policies to each other
- Long-term disability insurance vs. short-term disability insurance
- Benefit periods (2 years, 5 years, to age 65, etc.)
- Elimination periods (2 weeks, 45 days, 90 days, 6 months, 1 year, etc.)
- Continuance provisions (noncancellable, guaranteed renewable, conditionally renewable)
Enjoy!
Joshua
- Need a financial advisor? Go here: www.radicalpersonalfinance.com/paladin
- Want to consult with me? Go here: www.radicalpersonalfinance.com/phonecall
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today we speak with Jeff, the Happy Philosopher. Jeff is a doctor who was finding himself increasingly dissatisfied with his job.
Knowing that if he didn't make a change, he would find himself totally burned out, he managed to re-negotiate his work agreements in order to build a better lifestyle.
This is an option that many of you should consider.
Enjoy!
Joshua
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
If you could only choose one type of insurance coverage to have, I believe you should buy disability insurance.
In today's show, I seek to persuade you to agree with me.
In short, this is my sales pitch for disability income insurance.
Enjoy!
Joshua
- Would you like to consult with me on the topic of your choice? Book a call here: www.radicalpersonalfinance.com/phonecall
- Support RPF on Patreon. www.radicalpersonalfinance.com/patron
On Fridays, we have Q&A! And today, I have some fun questions for you.
- My Advice on Starting an Experts Business
- How to Transition from a Stable Career to Unstable Entrepreneurship Opportunity
- Joshua's Thoughts on the Banking System and It's Problems
- How to Become a Better Salesperson
If you'd like to participate in a Friday call, join the show as a Patron! www.radicalpersonalfinance.com/patron
Joshua
I've decided--after many, many requests--to offer paid phone consulting to you, the audience.
If you would like to consult with me on any topic of your choice, I'm now available to you! (Just use this link: https://radicalpersonalfinance.com/phonecall )
I think you'll be interested in the backstory of why I've gone back and forth on offering this service.
A new technology offering is what has made the difference.
Listen to the show for details.
Oh, and by the way...I want you to copy me!
For some of you, this might be a sweet little business idea for you!
Joshua
- Book a consulting call with me here: https://radicalpersonalfinance.com/phonecall
Ever wondered what the actual practice models are for financial advisors? Today, I've invited Sean Kernan on the show to talk about the inside business of financial advice.
Sean is a financial advisor who started his career at the large wirehouses and later transitioned to be independent.
Since then, he's started a website and podcast to help other advisors called "How to Go Independent."
If you'd like to listen in on two financial advisors discussing what the industry is actually like on the inside, enjoy this show!
Joshua
- Sean's site: http://howtogoindependent.com/
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
Today on RPF, I answer your questions:
- How to Lower Work-Culture Costs Without Being Perceived as a Grinch?
- Should I Take Out a TSP Loan or Student Loans for Grad School?
- Should I Take a Year Off To Try a Business or Go Directly to Grad School?
- How To Profitably Invest Paternity Leave?
Enjoy the show!
Joshua
- Do you need a financial advisor? Start here! www.radicalpersonalfinance.com/paladin
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
Today on RPF, I answer your questions!
- How to Sell Whole Life Insurance to Buy Term & Invest the Difference People
- How to Help People Get Experience So They Know What Kind of Work to Do
- Joshua's System of Marginalia
- Savoring Books vs. Gulping Books
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
- You Need a Budget! Try the same software I use: www.radicalpersonalfinance.com/YNAB
My guest today is Chad Carson. Chad is a real estate investor and financial freedom pursuer.
I've invited him on today's show to share his story of how he began investing in real estate with no money and how he's built his empire to a place of financial freedom today.
Enjoy!
- Chad's site: www.coachcarson.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
Today on Radical Personal Finance we dig into the topics of living cheap and well!
My guest is quite the radical guy and he's here to share with us what he's learned regarding:
- figuring out how to live a great life on very little money
- figuring out how to build an income from selling things through an online shop
Enjoy the show!
Joshua
- Support Radical Personal Finance! www.radicalpersonalfinance.com/patron
Marketplace lending (a.k.a. peer-to-peer lending) is steadilyadvancing in impact and popularity. Although it's certainly not yeta dominant form of cashflow for borrowers nor is it a dominantinvestment choice for investors, it is on the steady growth and itsimpact is being felt.
My guest today is a front-seat commentator and active investorin this marketplace.
Peter Renton is the founder of LendAcademy.com and the LendItconference.
He's here today to bring us up to speed on the peer-to-peermarketplace!
Enjoy!
Joshua
- www.lendacademy.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
On Fridays, we do a live Q&A call. If you'd like to join the call, sign up here: www.radicalpersonalfinance.com/patron
Today we discuss:
- The Language of Marginal Tax Deductions
- Volunteering as an Income Tax Preparer for Low Income People
- Are Cash Value Life Insurance Policies a Good Place for an Emergency Fund
Enjoy!
Joshua
Medical expenses represent a large percentage of our lifetime expenditures. But do they need to?
My guest today is a practicing physician and he's here to share with us where we can rationally cut back and scrimp and save when it comes to medical expenses.
This area of thought is one of the most taboo areas when it comes to frugality.
Many people who are otherwise quite frugal have an immediate, visceral reaction of condemnation when someone announces they're making different medical decisions in order to save money.
But is this the correct reaction? Or can someone rationally think for themselves and pick and choose the medical care that's right for them?
You be the judge of that!
Joshua
- Please support RPF on Patreon! www.radicalpersonalfinance.com/patron
Immigrants to the United States are much more likely to become millionaires than are natural-born citizens. And although my guest today lives in Canada, the parallel is clear.
Dan Lok had a challenging beginning to his career, not the least of which was that he had to begin with learning and improving his English language skills!
His foray into the world of employment came as a 16-year-old earning minimum wage. He quickly realized that he needed to go into business for himself and he hasn't looked back.
Today, he is a multi-millionaire and owner of multiple, highly profitable businesses.
I've invited Dan on to today's show to learn from his experiences and insights.
Enjoy this unique look into an entrepreneur's story and lessons learned!
Joshua
- Dan's website: www.DanLok.com
- Support RPF on Patreon! www.radicalpersonalfinance.com/patron
I love to explore interesting financial markets which are accessible to the common person who demonstrates a little bit of interest. Today we dig into one such market: guns.
I've invited James Wesley, Rawles onto the show today to discuss how you can intelligently invest in guns as a means to wealth.
We cover:
- Speculative approaches and non-speculative approaches.
- How to leverage small amounts of money by buying specific firearm components.
- Interesting little wrinkles in the marketplace.
- Etc.
Enjoy the show!
Joshua
- Jim's website: www.survivalblog.com
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
On Fridays, we do Q&A! Today we cover:
- How to Invest $1k to 10k?
- How to Prioritize Competing Goals?
- Should I Stay in my Current Job Until I'm Vested?
- What Kind of Retirement Plan Should Middle-Age Hotel Owners Establish?
If you'd like to participate in these Friday calls, become a patron of the show at www.radicalpersonalfinance.com/patron
Enjoy!
Joshua
One of our primary charges as parents is to raise our children from dependency to maturity and independence. One major component of this task is to teach them to be economically self-sufficient.
How do we do this? Where does it start?
Well, I believe we need to tackle this at a very young age. The earlier the better.
In today's show, I'll tell you my ideas on the topic.
Enjoy!
Joshua
- Support RPF as a Patron of the show! www.radicalpersonalfinance.com/patron
My guest today is Nicole Bryan. Nicole began her career as a schoolteacher with a pile of student loans. Today, she is on track to be financially independent by her 40th birthday.
Her story will be incredibly valuable for you as it will demonstrate the feasability of achieving financial freedom for almost all of us!
Listen and enjoy!
Joshua
- Nicole's FB group: http://facebook.com/financialfreedomlovers
- Support Radical Personal Finance as a Patron! http://radicalpersonalfinance.com/patron
My guest today is Michael Melissinos. Michael is a trend-following investment manager who has systematically built his own firm over the past few years.
Michael's story presents both a case study of entrepreneurship (how to go from jobs that are poorly suited to you to an entrepreneurial venture) as well as insight into various aspects of trading from a trend-following perspective.
Enjoy the show!
Joshua
- Michael's blog: http://www.michaelmelissinos.com/
- Michael's firm's site: http://www.melissinostrading.com/
- Open a brokerage account with Tradeking: http://radicalpersonalfinance.com/tradeking
- Support RPF on Patreon! http://radicalpersonalfinance.com/patron
RPF is on Spring Break this week so I'm posting some different content than my normal show. This is a speech that I gave to a local podcasting meetup group here in South Florida called "Breaking all the Rules of Podcasting." It contains my advice to a roomful of new and aspiring podcasters. The speech was delivered on 09/12/2015.
- Here's a link to the PowerPoint presentation I was presenting to my audience while speaking: http://traffic.libsyn.com/radicalpersonalfinance/South_Florida_Podcast_Meetup_Presentation.pptx
(RPF is on Spring Break this week, so I'm sharing some interviews with you where I've been featured on other shows. Enjoy! -Joshua)
“I don’t think failure is a mark of shame. Failure and mistakes are inevitable.”
Things Joshua talks about in this episode:
- Why a “hunch” helped him move into his podcast career
- Why he had to ignore the advice of people around him to start the podcast
- Why he had to quit his job to start his podcast
- How he “mitigated” the details of failure
- When we do fail, let’s fail in small, manageable ways and make sure we have backup plans
- Why his podcast fills a gap he could not find anyone else filling
- Why he started his business with a podcast
- What social media platforms he uses to engage his audience and market the podcast
- His advice for people who want to start their business on digital platforms
- Why he thinks people confuse a platform and a tool with content and a strategy
- The podcast is not the benefit, it’s simply the tool that we use to deliver the content
- Why he follows NO ONE on social media
- Why he schedules free time and focus days
Resources
- Patreon (for tips)
- Voice Dictation on iPhone 6+
- Dragon Naturally Speaking
(RPF is on Spring Break this week so I'm posting some interviews where I've been featured on other shows. Enjoy my comments on sales in this interview with The Sales Evangelist! -Joshua)
How well do you listen to your clients? Well, our guest today illustrates the power of listening! By the end of the show, you’d most likely figure out why it does help to just shh…
Our guest on today’s Sales From the Street episode is Joshua Sheats, host of The Radical Personal Finance Podcast.
Coming from a six-year career in life insurance and investment sales with Northwestern Mutual, Josh eventually launched his own organization, Radical Personal Finance, where he hosts a daily, in-depth personal financial planning podcast teaching people how to become financially independent in 10 years or less.
Listen in as Joshua brings a tad wealth of information to the table which you can apply and help steer you towards the road to success.
Here are the highlights of my conversation with Josh:
Some challenges Josh faced:
Overcoming the deep-held fear of sales
Finding the right time to make the transition from working hard to get referrals/prospects
How Josh overcame these challenges and how you can do the same too:
How to be Very Good on the Phone:
- Listen to everyone around you. Record yourself and do the exact opposite.
- Study and listen from other people.
- Take a short pause after saying your name. (This makes it sound like the client knows you.)
Joshua’s Major Takeaway:
If you do good work, that will speak broader than any tactic or technique. If you are a person worth referring to, you won’t need any tricks or gimmicks. Good technique is important for good salespeople. Do both good work and great technique. Focus on being a person who’s worth referring to, worth buying from, and being an expert in your industry.
- Link to original show: http://thesalesevangelist.com/episode-224/
RPF is on Spring Break this week so I'm publishing some podcasts where I've been interviewed on other people's shows.
This episode is a follow-up appearance on Nick Hazelton's podcast wherein he solicited my advice and comments on his self-education plan.
Joshua
- My original appearance on Nick's show: http://an-yak.com/?p=193
- The original link for this episode: http://an-yak.com/?p=422
(I'm on Spring Break this week, so I'm posting an episode of Stacking Benjamins which featured my advice on how to invest to be Dave Ramsey. -Joshua)
How do you become Dave Ramsey? You invest a certain way…and it isn’t the way Dave Ramsey tells you to invest. We welcome Joshua Sheats to the show from Radical Personal Finance to talk about becoming wealthy. What does it take? What does that mean for concepts like diversification, risk and insurance planning? We’ll cover all of those.
Of course, to honor Joshua, we have a LONG episode today, packed full of fun. In the headlines we’ll tackle the reason executives DON’T hire people (it’s not what you think). We’ll handle a great call about changing investments on the Quotacy hotline, and tackle more on Roth IRAs, diversification and the movie the Big Short. Whew! But that’s not all. We have more headlines, trivia and the big “so what” like the cherry on top of the show at the end of the episode.
Hey Radicals!
RPF is on Spring Break for the next few weeks. (I do promise to go to the beach at least once--but no bikini pictures on Facebook for me!)
I will release a few sporadic shows including some interviews with me which have appeared on other shows.
In the meantime, if you're looking for something to listen to, I encourage you to check out the archives of the show!
I do my best not to repeat topics, so if you're a new listener, you'll find a wealth of topics in the archives of the show.
Download the free Radical Personal Finance app in the app store on your phone and you'll have full access to all the archived shows.
Enjoy!
Joshua
On Fridays, we have a live Q&A show. Today we cover these two questions:
If you'd like to join a call like this and have your question appear on the show, simply become a Patron of the show here: www.radicalpersonalfinance.com/patron
Enjoy!
Joshua
For most people, housing decisions are the largest financial decisions that they will make. And the mortgages usually associated with housing are the largest debts most of us will take on.
And yet how much time and energy do we actually invest into researching these decisions?
For most of us, the answer is not much.
My guest today is Casey Fleming and he's here to help us navigate the waters of the mortgage market with some clear, up-front advice.
Enjoy the show!
Joshua
- Casey's book: The Loan Guide: How to Get the Best Possible Mortgage http://rpf.link/1Rsqztd
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I love to discover unique people who embrace an unusual lifestyle. My guests today are a perfect example of such a lifestyle!
Shane and Julie Good live part-time in a converted school bus and part-time in a tiny house that they built themselves. That's impressive.
But, even more interesting...they do it with their seven young children!
Many people let their children get in the way of their adventures. Not the Good family! Their family is fully integrated in everything they do!
Enjoy the interview explaining how they came to this unique lifestyle and what they've learned along the way!
Joshua
- Shane & Julie's website: www.goodnewsbus.com
- Get a $100 bonus when you open an account with TradeKing! www.tradeking.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
On Fridays I do a Q&A show for Patrons of Radical Personal Finance. If you'd like me to answer a question for you, go here for information: www.radicalpersonalfinance.com/patron
Today I answer:
- Should I Stay At A Job to Get Student Loan Forgiveness?
- When is the Ideal Age to Buy a Single Premium Immediate Annuity?
Enjoy!
Joshua
On Episode 133 of the show, I had a listener ask me for my opinion regarding the concept of "mortgage acceleration."
Basically, it's the idea of taking out a HELOC on your house instead of (or in addition to) a traditionally amortizing mortgage, putting all your income against the HELOC and then paying your bills out of the HELOC.
The key idea with this strategy is that the average daily balance of your account is lower, reducing your interest payments.
In Episode 133, I was critical of the idea and the book that espoused it.
Today, I've brought the author of that chapter in the book on to defend the idea of mortgage acceleration as vigorously as possible.
Enjoy the show!
Joshua
- Listen to Episode 133 of the show before listening to this interview: https://radicalpersonalfinance.com/133-qa-paying-off-your-primary-mortgage-with-a-heloc-mortgage-acceleration-and-how-save-is-my-deferred-comp-program/
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Have you ever wanted to invest through an IRA or 401(k) for the purpose of early retirement but found yourself stymied by the thought of paying a 10% penalty tax to gain access to your money?
Well, on today's show I've got good news!
If you invest through an IRA or 401(k) but later take the INCOME from the account to pay for an early retirement, you may still come out ahead of the taxable account, even though you need to pay the additional penalty tax!
Check out the show and attachments for details!
Enjoy.
Joshua
- The original article from Bryan which launched the idea for today's show: http://www.smartmoneybetterlife.com/eat-your-cake-now-or-when-you-are-59-5-addressing-the-conundrum/
- You Need a Budget! www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon www.radicalpersonalfinance.com/patron
What would you do if you left your big-shot corporate gig to pursue an entrepreneurial venture which then fell apart?
And then you ran for public office? And lost.
And then wound up living in your in-law's garage completely flat broke.
Would you then go back, admit defeat, and rejoin the corporate grind?
Or, would you continue pursuing your dream lifestyle in a systematic way?
My guest today went through that exact process of life. And he's systematically worked to build his dream lifestyle with his family.
Today we sit down with Clark Vandeventer, author of "unWorking: Exit the Rat Race, Live Like a Millionaire, And Be Happy Now."
Clark has a very encouraging story to share and a wealth of experience in building his ideal lifestyle on the cheap.
Enjoy!
Joshua
- Clark's site: www.familytrek.org
- Book site: www.unworkingbook.com
- www.tahoeskibum.com
- Need a financial advisor? Start here! www.radicalpersonalfinance.com/paladin
- Support RPF: www.radicalpersonalfinance.com/patron
Today, I respond in detail to this question from a listener:
Hi Joshua,
I have been really into personal finance for about 5 years now and am considering becoming a financial advisor, specifically with a large company like you used to work for.
I am currently a 31 year old physician making around $150,000. I have spent a long time preparing for my career, but I am always drawn to becoming a financial advisor.
The medical field is becoming increasingly draining with charting, liability, decreasing reimbursement, increased regulations etc.
The problem is in my career I can only make so much money. I can see some more patients everyday, but eventually you can only work so much and with that will just take more time.
I already work from 8am-8pm everyday not even including my commute. More patients would just add more time to that. Quite frankly, with the liability and difficult patients I see all the time, I don't think I am paid enough of a premium to take on the risks I take.
I know everyone says they aren't paid enough, but I can literally be sued for anything, especially the surgeries I do. In addition, the aggravation of arguing with some patients on deductibles they owe, co pays etc. I don't know if you know what its like to argue with someone about a $32 bill after giving them necessary medical services because they have "insurance" and feel they are entitled to everything medically related for free, but it is draining.
I would love to hear your thoughts on becoming a financial advisor with a company like you were with.
- What were the pros and cons?
- What kind of income can I expect and within how long? I have spoken to a few agents, but I know you will give me the "real" story.
- What was a day like for you?
- When did you really start taking off with your career there?
- Do a lot of people not make it? Why not?
- How do you actually make money as an advisor? Consulting fees? Ongoing commissions? Upfront fees for selling something?
- Do you develop a niche or do everything? Estate planning, group benefits, just individual consultation, etc.?
- I always imagine being in a nice, clean office, creating a plan for people's finances. Is there a bad side to the business in terms of lifestyle?
- Is it really difficult finding clients? I know there are hundreds of thousands of advisors so there is a lot of competition.
- Does the location where you practiced as a financial advisor make a big difference in income/quality of life and if there is a big gap in income between places like West Palm Beach, FL vs Dallas, TX vs Northern Virginia near DC, etc.
- Also, is it easy to transition from one location to another once you get started or is that a huge set back?
I am a religious listener to your show. Not only have I listened to every episode, but I have done so numerous times. I have all the frugality and investment stuff down for the most part, but trying to explore the whole quality of life and "work as if I can never retire" type of mentality.
This is obviously a huge decision so I wanted to get as much detail on the job as possible.
I would really appreciate your advice and promise I will follow up with you to let you know how everything turns out. I understand how busy you are so if you can't spare any time on this, I understand.
Thanks so much.
K
- Open an account with TradeKing and get a $100 bonus! www.tradeking.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
On Fridays, I do a Q&A call-in show which is open to Patrons of the show. Today we cover:
- Can US Americans Be Transformed Back Into Savers
- Should I Pay Off My Mortgage Early
- Should I Rent Out My Backyard as a Lot for a Tiny House
- The Prospect of Creating Radical Personal Finance in Spanish
If you'd like to participate in a Q&A call like this, please become a Patron of the show here: www.radicalpersonalfinance.com/patron
I've been wanting to bring lots more "brick-and-mortar-type" entrepreneurs and success stories on the show. There are tons of incredible people out there that we can learn from.
But, I've learned that it's actually tough for me to get them on the show!
Generally, people with money who have nothing to sell don't seem to want to talk publicly about what they've learned.
But, even though it's tough, I'm still working on it.
And today, I get to bring you one of this type of interview.
My guest today is a former boss of mine, Warren Prescott. He's a great guy who started with few advantages in life.
He started as a plumber's assistant as a teenager and today he's a wealthy businessman here in South Florida.
Enjoy learning from his experience!
Joshua
- You Need A Budget!!! www.radicalpersonalfinance.com/ynab
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I've featured several doom-and-gloom guests on recent shows. I like to give people an opportunity to make their case to me as convincingly as possible and I always enjoy challenging myself with catastrophic predictions.
But I struggle with a lot of the advice from those who predict global chaos in short order. Frankly, much of it is impractical.
So, in today's show I tackle the subject the way that I would tackle it if I were asked for my practical advice on the subject.
I hope it's useful for you!
Enjoy,
Joshua
- Do you have student loans? Check out SoFi to see if you can refinance and save some cash! http://radicalpersonalfinance.com/sofi
- Support Radical Personal Finance directly on Patreon: http://radicalpersonalfinance.com/patron
I like to share as much "behind the curtains of the financial advice industry" stuff as possible. But I like to do it from a diverse perspective.
If you like seeing how good financial planning can dramatically impact a real-life scenario, this is a show for you.
My guest is Patrick Renn, a 35-year veteran of the financial planning industry. Patrick runs a wealth management firm in Atlanta, GA and specializes in helping his clients develop well-designed charitable giving programs.
If you enjoy seeing nuts and bolts of financial planning applied in the real world, you'll enjoy this show.
Enjoy!
Joshua
- Patrick's book: "Finding Your Money's Greater Purpose: How to Make Your Legacy Count" http://rpf.link/1Ux8H1o
- Website for the book: http://www.moneysgreaterpurpose.com/
- Patrick's Wealth Management site: http://www.rennwealth.com/
- Use the best budgeting tool in the world! http://radicalpersonalfinance.com/radical
- Have student loans? Get a consultation with Jay Fleischman: http://studentloanshow.com/radical
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
On Fridays I do a Q&A show for Patrons of the show. www.radicalpersonalfinance.com/patron
Today, we cover these topics:
- Thoughts on Giving Unsolicited Advice
- Average Rate of Return vs. Real Rate of Return
- Group Life Insurance and Long-Term Disability Insurance Decisions
- and More!
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I recently had the opportunity to interview Robert Kiyosaki, the author of Rich Dad, Poor Dad, which is the top selling personal finance book of all time.
The concepts of Rich Dad, Poor Dad are well known in the personal finance circles.
Rather than trying to get Robert to outline the content of his 20 books, I sought to unwrap a little bit of the man behind the story.
You can judge how I did!
Enjoy the show,
Joshua
- Kiyosaki's website: www.richdad.com
- Need a financial advisor? www.radicalpersonalfinance.com/paladin
- Looking for a new brokerage account? Get $100 bonus when you open an account here! www.tradeking.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
In January 2013, I bought a house, proceeded through the whole process really carefully and thought I'd made some pretty good decisions.
But a couple months after closing, I found out that I'd missed an awesome tax credit and kissed $2,000 a year goodbye. How frustrating!
I hate missing out on free money, especially when I can get it out of the coffers of the US Government!
So, I want to help you do better. And I want to teach you about the Mortgage Credit Certificate (MCC) program.
Enjoy!
Joshua
- Florida's MCC program details: http://rpf.link/1YCSCre
- Need a Financial Advisor? Start here: www.radicalpersonalfinance.com/paladin
- Open a brokerage account with TradeKing and get $100 credited to your account! www.tradeking.com/radical
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
On Fridays, we do a Q&A phone conference here at Radical Personal Finance. Today's call was unusual in that we only had one caller, so we spent a lengthy amount of time discussing one particular issue.
Today's caller was responding to a previous podcast about how my wife and I handle our finances, specifically with regard to my role as a husband and her role as a wife.
We had an excellent conversation on the role of earning money versus the role of being a parent and how to work that out within the context of a family.
Enjoy the show!
Joshua
- If you'd like to participate in these weekly Q&A calls, please become a patron of the show and you will gain access to the calls. www.RadicalPersonalFinance.com/patron
- Why I Choose to Believe the Bible http://rpf.link/1QPPWAu
Will you pay less taxes when investing in a Traditional IRA or a Roth IRA? Do you know? Are you sure?
If you're not sure, the answer may surprise you.
Let me know if you're surprised!
Joshua
- Support Radical Personal Finance: www.radicalpersonalfinance.com/patron
Hey Radicals!
If you have emailed me (especially through the contact form on my website) and I haven't personally responded, please assume that I simply never received your message.
I'd love to hear from you, so please write again!
From July of 2015 until February of 2016 the contact form had a technical glitch that prevented emails from coming through.
That means that I missed hundreds of your communications.
I'm sorry!
We've fixed the problem now, so please try again.
I'd enjoy communicating with you personally. I work very hard to respond to all of your emails so it's disheartening to me that many of you have sent me notes to which I never responded.
Again, my apologies!
Joshua
Today on the show we answer this question:
"Hey Joshua,
"I'm a fairly new listener and have been going through some of your older podcasts to absorb as much info as possible. I think you could potentially provide some good advice that I'd love to hear answered in an upcoming podcast if possible...
"Since discovering your podcast I've completely changed my thoughts on savings and consumption. I've always lived pretty frugally (I thought) but it turns out I was making poor decisions all along. I bought a house last year thinking that was a fool proof way to hang on to my money. I only just ran the numbers this month since I've discovered your podcasts on homeownership, and I've discovered I would have been much better off renting. I've also cut my cell phone bill in half (still $70/month though) and cut back on my weekend golf habit which I was spending about $200/month on. In place of that I've decided to train for a triathlon which is free since I already have a decent road bike. So thank you for all those tips on saving! I'm continuing to find ways to save.
"My situation that I'd like your advice on is my current job. I'm an engineer making just south of $200,000/year. I'm working at a nuclear power plant in the middle of no where in Georgia. The closest town is Augusta which is still a 50+ minute commute each way (I'm single, 30 years old, and living in a trailer in the woods near the plant wouldn't going to help that situation). I'm working 50 hours/week plus the commute and 30 minute unpaid lunch break. My entire week is consumed by work and travel to work. This is a paperwork heavy desk job which brings me zero fulfillment. I would love to quit and chase short term seasonal outage work but my dividend/investment income isn't nearly enough to live off and I can't justify turning down this kind of steady income stream. I'm miserable but well paid. I'm afraid that if I quit, my experience level isn't enough to land me the highly sought after seasonal work I'd be trying to get. I believe you were likely in a similar pay scale when you quit your job and since your situation was similar to mine is I'd like your advice as to how to get more enjoyment out of life and work.
"Love the podcast!"
Enjoy the show!
Joshua
- Get a $100 bonus when you open an account at TradeKing: www.tradeking.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I'm up here in Nashville, TN at the moment and had the opportunity to connect with Dan Miller from 48 Days to the Work You Love.
Dan is a legend in the career advice business. He has helped many, many people transition from work that paid the bills to work that they love.
Dan has a lifetime's experience as an entrepreneur and in today's interview he shares his advice with us on:
- Should everyone be an entrepreneur?
- Is entrepreneurship risky?
- How can we teach our kids to be entrepreneurs?
- How to decide when to save and when to spend.
Enjoy!
Joshua
- Dan's website: www.48days.com
- Support RPF! www.radicalpersonalfinance.com/patron
When I began podcasting, I was looking for information and advice. Although I found some good, there was a real paucity of advice from people who had done something like I wanted to do.
I've been satisfied with a lot of the progress that I've made with Radical Personal Finance, and I want to give back to the podcast and community.
So, in today's show we do not discuss personal finance or money at all. Rather, this show is all about podcasting. It's simply contains the lessons I have learned about podcasting and commentary on the things that have worked and the things that have not worked.
I hope this content is useful to you. And I hope that many of you will go out and start your own podcast.
Joshua
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I've long admired Jack Spirko and his show "The Survival Podcast" as a voice of reason in an industry fueled by hyperbole and fear.
He does a great job of teaching people how to systematically build a lifestyle of resilience and freedom.
And, most important, he teaches that everything you do to build a prepared life should make your life better if times get tough...or even if they don't.
Enjoy the interview!
Joshua
- The Survival Podcast www.thesurvivalpodcast.com
- Get an extra $100 bonus when you open an account: www.tradeking.com/radical
- Try my favorite budgeting software for free! www.radicalpersonalfinance.com/YNAB
On Fridays I do Q&A. If you'd like to participate in a show like this, please become a Patron of the show and you will gain access to the information to call in for these shows. www.radicalpersonalfinance.com/patron
Today we cover:
- How to Practice Stealth Wealth
- How to Locate Assets in a Tax Efficient Manner
- Refinancing a HELOC to an Amortizing Loan
- How My Wife and I Handle Day-to-Day Money
Enjoy!
Joshua
- NYT article mentioned: http://www.nytimes.com/2016/02/14/fashion/i-now-pronounce-you-husband-and-husband.html
- Man of Steel & Velvet: http://rpf.link/1TveV2D
I will be in Nashville, TN next week for a conference. If you're in the area, I would love to meet up with you. Please reach out to me on Twitter and let me know that you'd like to connect. www.twitter.com/joshuasheats
Can a hobby of writing about personal finance lead to becoming financially independent in a very short time? It did for Jim Wang, my guest on today's show.
Jim founded the site Bargaineering as a part-time hobby. It quickly became a leading voice in the world of personal finance websites.
Ultimately, it led to Jim's becoming financially independent in a shockingly short amount of time.
In today's interview, we seek to go behind the story a bit. To learn about the personal story and lessons learned from Jim's experiences.
He has a lot to share that's very applicable to all of our lives.
Enjoy!
Joshua
- Jim's current site: https://wallethacks.com/ (He is no longer affiliated with http://www.bargaineering.com/ )
- Start your search for a financial advisor here: www.radicalpersonalfinance.com/paladin
- If you have student loans, connect with Jay Fleischman www.studentloanshow.com/radical
My guest today is Ann Barnhardt. I first became aware of Ann in late 2011 after she published a letter detailing the closure of her firm, Barnhardt Capital Management.
At the time, this letter troubled me. Many people make strong statements and publish strongly worded essays. But when someone follows through on their word to the point of closing a functioning firm, I pay attention.
I never could quite wrap my head around what happened at MF Global in 2011. Frankly, I still can't.
But I thought it would be awesome to invite Ann on the show to hear her first-hand experience.
She obliged.
During the course of our interview we discussed:
- her professional background in the trading and commodities business
- what actually happened in 2011 in the markets
- what has happened since then
- her predictions for future world events
- what led her to become a tax protester
Enjoy the show!
Joshua
- Ann's website: www.barnhardt.biz
- https://twitter.com/AnnBarnhardt
- Support Radical Personal Finance on Patreon www.radicalpersonalfinance.com/patron
Over the weekend, I was reading the book "unWorking: Exit the Rat Race, Live Like a Millionaire, And Be Happy Now" by Clark Vandeventer while sitting in a tire repair shop, waiting for my tire to be patched.
When I came to this page, I stopped. And then I had an epiphany.
When you're very, very clear on what you want, it's simple and easy to decide what to do. But when you don't know what you want, it's almost impossible to decide what to do.
So, do you know what you want?
Enjoy the show!
Joshua
- unWorking by Clark Vandeventer http://rpf.link/1oEAdxT
- the page that stopped me http://rpf.link/knowwhatwewant
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Friday Q&A show today!
- Is an umbrella liability insurance policy a good idea?
- Should I buy life insurance for my stay-at-home wife at my job?
- How do I finance real estate?
- What type of entity should I choose for real estate investment?
Enjoy!
Joshua
I'm delighted to have David Hancock on today's show. David is the founder and CEO of Morgan James Publishing.
David has a fascinating business history and you'll benefit greatly from hearing his story.
He's also an expert at personal branding and marketing.
Most importantly, he's figured out how to make an excellent living on his own terms while doing work he loves!
Enjoy!
Joshua
- www.morgan-james-publishing.com
- Get a $100 bonus when you open an account at www.tradeking.com/radical
- Check out the awesome Online Investor's Conference at www.radicalpersonalfinance.com/OIC
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I've decided to start doing regular live call-in shows as part of our Friday Q&A. Today we cover these questions:
- How much leverage/risk is appropriate when building a real estate portfolio?
- How much money is too much to have inside a qualified account?
- How do you get money out of a qualified account for early retirement?
- Is Bank on Yourself life insurance a good idea?
- What's the right asset allocation between stocks/bonds?
Enjoy!
Joshua
- If you have student loans, make sure to get a review of those loans by Jay Fleischman to see if you can save money! www.studentloanshow.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Do you have some excuses as to why you can't be successful? Well, get ready to get your excuses kicked in.
My guest today is Kimanzi Constable. He started his career as a bread delivery driver and hustled his way into becoming a highly paid, internationally-recognized author, speaker, and coach.
Along the way, he lost 170 pounds, paid off $180,000 in debt, and learned a thing or two about business.
Enjoy the show!
Joshua
- Stop Chasing Influencers: The True Path To Building Your Business and Living Your Dream http://rpf.link/1L16J1Q
- Have student loans? Grab a consultation with Jay Fleischman and save some cash! www.studentloanshow.com/radical
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
What makes a bigger difference on your financial outcome: the behavior of your investments or the behavior of you, the investor?
Today I have an awesome interview for you with Carl Richards, author of "The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money" and "The One-Page Financial Plan: A Simple Way to Be Smart About Your Money."
Both books are well worth your time.
In addition to being a financial advisor, Carl is the awesome dude behind the Sketch Guy column in the New York Times.
Enjoy the interview!
Joshua
- Carl's website: http://www.behaviorgap.com/
- The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money http://rpf.link/1PQuIC5
- The One-Page Financial Plan: A Simple Way to Be Smart About Your Money http://rpf.link/1RZatbQ
- Looking for a Financial Advisor? Start here: www.radicalpersonalfinance.com/paladin
- Would you like to support Radical Personal Finance? Go here: www.radicalpersonalfinance.com/patron
This weekend a friend of mine asked me for my input on whether they should continue renting their townhome or buy an equivalent unit.
It's almost the perfect, real-life case study to consider:
- practically identical units
- current market prices
- real numbers to analyze.
I seized the opportunity to talk it through and run the numbers.
Enjoy!
Joshua
Low gas prices have you cheering? Good! But what about when they go back up? Do you have a plan for that?
How cool would it be if you could use a fuel other than gasoline in your car? You can! You can run it on wood.
My guests today are experts on exactly that. Chris Saenz and Wayne Keith run the website www.DriveOnWood.com
Wayne holds a number of world records of driving entirely on woodgas including fastest speed, longest distance, etc.
Enjoy learning how to drive for free!
Joshua
- Chris and Wayne's website: www.DriveonWood.com
- Support Radical Personal Finance! www.radicalpersonalfinance.com/patron
I had the opportunity to attend John Schaub's "Building Wealth One House At a Time" seminar in Sarasota, FL on January 16 & 17, 2016.
I've been a fan of Schaub's work for quite a while. After reading his books and many others, I decided that his approach and plan is the approach to real estate that's right for me. So I went to the seminar.
I was extremely impressed with the seminar. It was exactly what I hoped it would be.
In the show today I share with you:
- the fundamentals of John's approach to real estate investing,
- the outline of the seminar and topics covered,
- what I loved about the seminar, and
- a few suggestions for improvement.
Enjoy the show!
Joshua
- John's website: http://www.johnschaub.com/schaub-seminars/
- Building Wealth One House at a Time: Making it Big on Little Deals http://rpf.link/1KGi4Ev
- Get $100 bonus when you open a brokerage account at www.tradeking.com/radical
- Start your search for a financial advisor at: www.radicalpersonalfinance.com/paladin
- Support RPF on Patreon: www.radicalpersonalfinance.com/patron
When I was younger I was easily duped by the financial fraudsters that seek to build their empires by deceiving people. Thankfully, I never had any major financial losses, but I was definitely hurt when I discovered how gullible I was.
Since then, I've developed some slightly better skills for sniffing out fraud and questionable advice. And in today's show, I share some of my tips with you.
I hope that together we can continue to develop our own skills of critical thinking and spread those skills to others. We certainly need more critical thinking across our society!
Joshua
- Remember the woman who spilled hot coffee and sued? http://www.nytimes.com/2013/10/21/booming/not-just-a-hot-cup-anymore.html
- How Martin Luther King, Jr. Got Away With Plagiarism: Different Strokes for Different Folks http://www.garynorth.com/public/335.cfm
- Other essay I read from: http://www.garynorth.com/members/8981.cfm
- Martin Luther King, Jr. authorship issues https://en.wikipedia.org/wiki/Martin_Luther_King,_Jr._authorship_issues
- Content of Character: Holiday for a Sex Addict (Martin Luther King's "Greatest Struggle") http://www.freerepublic.com/focus/news/2430999/posts
- Start your search for a financial advisor with advisors who have been vetted and researched in advance: www.radicalpersonalfinance.com/paladin
- Refinance your student loans with SoFi and get a $200 bonus! www.radicalpersonalfinance.com/sofi
- Support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
Most of us in the Radical Personal Finance community are pursuing our own financial independence. And most of us want to get there as quickly as possible!
But, most of us only have one idea of one way to get there. Did you know there are a bunch of different ways to go job-free and gain financial freedom!
I'm excited to bring you my interview with Jake Desyllas, author of "Job Free: Four Ways to Quit the Rat Race and Achieve Financial Freedom on Your Terms."
If you have any interest in ever being financially free, this book is a must-read book. (And this interview is a must-listen interview!)
Jake has done an incredible job of distilling all the plans and strategies available into a simple, clear framework that you can use to design your ideal financial freedom plan.
Enjoy!
Joshua
- Job Free: Four Ways to Quit the Rat Race and Achieve Financial Freedom on Your Terms
- www.thevoluntarylife.com
- $100 bonus when you open an account! www.Tradeking.com/radical
- Save money on your student loans! www.studentloanshow.com/radical
I talk a lot about business, entrepreneurship, and freedom on Radical Personal Finance. But I probably give short shrift to the incredible benefits of having a job!
Our jobs usually provide the foundation we need to support our families, satisfy our responsibilities and obligations, and save the money we need to invest!
Today, I share with you 9 benefits I came up with for having a job!
Enjoy!
Joshua
- Scratch Beginnings: Me, $25, and the Search for the American Dream
- Build a business based on your own best-selling book: www.ThePublishingDoctor.com
- Cut the interest rate on your student loans with SoFI (and get $200!) www.radicalpersonalfinance.com/SoFI
- Support the show on Patreon! www.radicalpersonalfinance.com/patron
Managing money by yourself can be a real challenge. But managing money with your spouse can feel so much harder!
But does it have to be that way?
Today I have Talaat and Tai from www.HisAndHerMoney.com on the show to discuss the topic with me. They have some deep experience and insight to share with us.
Enjoy the show!
Joshua
- Talaat and Tai's website: www.HisAndHerMoney.com
- Join their www.SmartMoneyCouples.com community!
- Get clear on your goals by meeting with a financial advisor! www.radicalpersonalfinance.com/Paladin
- Get a plan for your daily money: www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
There are three things we control with regard to wealth building: how much we make, how much we spend, and the rate of return we earn on our investments.
Those are the only three things you can change and affect. And they're the three things that will make the difference in how wealthy you become.
My personal investment strategy has changed and developed over the years. But, going forward, I've decided to invest in real estate.
In today's show I share with you some of the back story and some of the reasons I've made this decision.
Remember, my goals and skills are different from yours; learn from me, but don't copy me.
Enjoy the show!
Joshua
- Do you have student loans? Do you know someone with student loans? Find the best way to pay them off! www.studentloanshow.com/radical
- Would you like to open your stock account with an extra $100? Do it here! www.tradeking.com/radical
- Interested in supporting the show directly? Please do! www.radicalpersonalfinance.com/patron
Tonight I'm pleased to bring you an interview with Fritz Gilbert from the website: www.TheRetirementManifesto.com.
Fritz is an awesome guy who is just a couple of years away from an early retirement! He's here today to share with us his wisdom and perspective on making a successful transition to retirement.
Enjoy the show!
Joshua
- Refinance your student loans and get a $200 bonus! www.radicalpersonalfinance.com/sofi
- Make this the year you write your book! Contact publishing coach Patrick Snow for help! www.thepublishingcoach.com
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Many people dream of saving enough money to travel the world. But what if there were a way to get paid to travel the world?
There is. It's not a pipe dream.
In fact, there's not just one way. There are many, many ways!
In today's show we speak with Sara Miner. Sara is a longtime listener and supporter of the show and she and her husband get paid handsomely to do work they care about in adventurous locations around the world.
I invited her on to the show to share her story and advice.
Enjoy the show!
Joshua
- Do you have student loans? Spend some time with Jay Fleischman and chart out the smartest way out of debt: www.studentloanshow.com/radical
- Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
- Support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron
Today, we cover this question from a listener:
Joshua,
I know you get a lot of questions, but I was wondering if you have a radical way to get out of an upside down car loan.
I do financial coaching for people in our church who have requested benevolence, and most of them have large car payments - e.g. Someone owes $25,000 on a car worth $15,000. I cannot find a solution that is good (and maybe there is none).
Dave Ramsey says borrow the difference so you have a smaller loan, but by the time someone is requesting benevolence, they cannot qualify for borrowing any more.
Other ideas of rolling it into another car loan with incentives aren't great either. It is really the $3,000 in negative equity and more that I am looking to solve for.
Any radical ideas?
Travis
- Open a brokerage account with TradeKing and get a free $100 bonus! www.tradeking.com/radical
- Start the new year off right by learning the skill of budgeting! www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Today we continue with our "Early Retirement FAQ" series with Arebelspy by tackling the topic of inflation! How do you manage inflation risk in retirement? And, even more important, how do you manage inflation risk in very early retirement?
This topic is especially important to Arebelspy because he and his wife just retired at the age of 30 and are now traveling the world together! (Even cooler, they did it while earning schoolteacher salaries!!!)
Enjoy!
Joshua
- Save money on your debt payments by refinancing your student loans with SoFI: www.radicalpersonalfinance.com/sofi
- Get your book out of your head and onto paper by working with publishing coach Patrick Snow! www.thepublishingdoctor.com
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Recently I received this personal note from a personal friend of mine: "My wife suggested I reach out to you for advice as we plan to start saving for our soon-to-be-born-son's education. Hard to believe it's going to be just a few weeks now. I've looked into our state's 529 plan, but wasn't sure if there were better options. Any advice would be greatly appreciated."
My advice in response was simple: don't set up a college plan for your young child. It's a bad idea and a poor use of money in light of all the other things you can do with money that are better.
Interested?
Listen.
:)
Joshua
- Do you have student loans hanging over your head because your parents didn't save for you? Go here: www.studentloanshow.com/radical
- Would you like to establish an investment account for your investing goals? Go here and get a $100 bonus: www.tradeking.com/radical
- Would you like to support RPF directly? Go here: www.radicalpersonalfinance.com/patron
- http://10ktotalent.com/
- http://www.brokebladesmith.com/
- https://www.instagram.com/bladesofbelaq/
- http://blog.penelopetrunk.com/2006/08/27/your-family-would-be-better-off-with-a-housewife-so-would-mine/
I'm excited to launch a brand-new sponsor here in the new year! Our new sponsor is TradeKing.
You should be familiar with the TradeKing name--I previously interviewed the CEO, Don Montanaro, on Episode 240 of the show.
I sat down with Don in his Ft. Lauderdale office and we talked about the brokerage business and business model.
We discussed:
- TradeKing's history
- The competitive landscape of the brokerage business
- The value proposition for brokers
If you'd like to open a trading account with TradeKing, they will give you an extra $100 if you sign up through my tracking link: http://tradeking.com/radical
Enjoy the show!
Joshua
- Get a $100 bonus to your account when you use my special tracking link! http://tradeking.com/radical
One of my major breakthrough moments in life occurred when I learned that success skills were simply that: skills. The same applies to wealth.
Success and wealth are not accidents. People are not wealthy by chance, happenstance, or accident. People become wealthy because:
1. They unconsciously learned the knowledge and applied the skills of wealth; or,
2. They self-consciously learned the knowledge and applied the skills of wealth.
For me, that concept was incredibly helpful.
As we begin a new year, I encourage you to focus on the skills that you need to identify, learn, and perfect during 2016 that will ultimately lead to wealth.
Enjoy the show!
Joshua
- Learn and apply the skill of budgeting: www.radicalpersonalfinance.com/YNAB
- Learn what you don't know about your financial plan by meeting with a financial advisor: www.radicalpersonalfinance.com/Paladin
- Support RPF on Patreon: www.radicalpersonalfinance.com/Patron
Hey Radicals,
I'm in the process of shutting the show down for 2015 and heading off for the holidays.
Before I go, I simply want to share a personal greeting with you and a few quick, encouraging thoughts. Listen to the episode!
Merry Christmas to you and yours. May you and your family be richly blessed this holiday season and may 2016 be your best year ever!
Love,
Joshua
The skill of budgeting is one of the major skills that drives the level of success you achieve in life. But it's a skill that's not only applicable to money but also to other areas of life.
In today's show I share with you my ideas on budgeting:
- How budgeting is applicable to many areas of life, not only money.
- The three major stages of budgeting.
- Big ideas on concepts that are applicable to all kinds of budgeting.
- Three types of budgeting tools.
Enjoy the show!
Joshua
- Do you have student loans? I recommend connecting with Jay Fleischman for a review: www.studentloanshow.com/radical
- Interested in writing a book? Call the Publishing Doctor: www.thepublishingdoctor.com
- Need a budgeting system? Try YNAB www.radicalpersonalfinance.com/YNAB and Tiller www.tillerhq.com/radical
- Need a time-tracking system? Try Toggl. www.toggl.com
I was honored with a very cool mention in a New York Times article yesterday (link below) and I thought it a perfect time to build on the subject of how to increase your income!
In today's show, I share with you my complete framework for increasing your income. The show is heavy on strategy--you'll have to fill in the specific tactics appropriate for your situation.
We cover:
- The only 3 ways to increase your income.
- Which to focus on in the short-term and which to focus on for the long-term.
- Specific strategies for each of the 3 ways.
Enjoy the show!
Joshua
Links:
- NY Times article: Your Most Valuable Asset is You http://www.nytimes.com/2015/12/15/your-money/your-most-valuable-asset-is-yourself.html
- Start your search for a financial advisor here: www.radicalpersonalfinance.com/paladin
- Use the same budgeting software that I use: www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I enjoy YouTube. But it's tough to find a good personal finance YouTube channel! Thankfully, there's at least one!
My guests today are Mike and Lauren. They are awesome personal finance and early retirement YouTube personalities.
We were able to connect for an interview at #FinCon15 so that I could bring you their story.
Why should you listen?
Well, perhaps you'd like to know how they're on track to retire by the age of 30 even though they never made a ton of money or sold a business.
It's all here!
Enjoy the show!
Joshua
- Their website: www.mikeandlauren.com
- YouTube channel: www.mikeandlauren.tv
- Have student loans? www.studentloanshow.com/radical
- Need a financial advisor? Go here! www.radicalpersonalfinance.com/paladin
- Support RPF on Patron! www.radicalpersonalfinance.com/patron
Following up on yesterday's show, I share with you today 9 myths surrounding the topic of home ownership.
These are things that I used to believe and I learned (through the process of owning my own home) that I was wrong.
Learn from my mistakes and consider how many of the things we commonly believe about home ownership might not be quite so true as we wish!
Enjoy!
Joshua
- Do you have student loans? I strongly recommend you sit down for a consultation with Jay Fleischman, host of the Student Loan Show. www.studentloanshow.com/radical
- Are you interested in publishing a book? Call my publishing coach, Patrick Snow! Start here: www.thepublishingdoctor.com or text Patrick at 206-310-1200
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
This past Friday we closed on the sale of our house. We owned it for just under three years. When we bought it we had intended to own it for 40 years.
Why did we sell?
The full story is here in this episode of the show!
Check it out and learn from our successes and our failures!
Joshua
- Are you interested in working with a financial advisor? Start your search here! www.radicalpersonalfinance.com/paladin
- Get a budgeting plan in place before 2016 arrives! Download a free copy of YNAB: www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/Patron
Many of us have made mistakes on our way to financial stability. Hopefully we've learned from those mistakes--but wouldn't it be fantastic if we could help the next generation to avoid some of those mistakes?
My guest today is Rocky Lalvani. He's a long-time listener of the show, contributor, and Patron. We connected in-person at #FinCon15 and sat down for this interview!
Rocky has an awesome immigrant rags-to-riches story that you'll enjoy. He also has a depth of experience in training his children to be financially strong.
Enjoy!
Joshua
- Rocky's website: http://richersoul.com/
- Subscribe to my new podcast "Encouraging Christian Fathers" in iTunes! www.rpf.link/ECFiTunes
- Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/Patron
While I was in Charlotte for #FinCon15, I connected briefly with a man named Peter Polson who told me about a new tool he had built to automate the creation of financial spreadsheets.
After I got home I signed up for his service and started testing it. I like it! And I think some of you will find it very useful.
The Tiller service is a way to automate the import of financial data to your spreadsheets. This eliminates the most time-consuming part of creating spreadsheets and opens up a world of possibilities!
Listen to the interview! And, if you'd like, try the service free for two months by using my link: www.tillerhq.com/radical
Enjoy!
Joshua
- Try Tiller free for two months! www.tillerhq.com/radical
- Do you have student loans? If so, you need to do a review with Jay Fleischman. Find all the details here: www.studentloanshow.com/radical
- Do you want to refinance your student loans to save money? If so, start with SoFi for the best deal. Get an extra $200 by using my referral link: www.radicalpersonalfinance.com/SoFi
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
Does being frugal and building financial independence mean that you can't have any fun? And, is it possible to get through college on a budget and still have fun?
Today we have a fun discussion with Martin Dasko from the personal finance blog Studenomics.
Martin has an awesome approach to teaching young men and women how to build financial independence without missing a party!
Enjoy!
Joshua
- Martin's site: http://studenomics.com/
- Need a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
- Interested in publishing a book? Call my publishing coach, Patrick Snow: www.thepublishingdoctor.com Text him at 206-310-1200 for a complimentary consultation.
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
It's easy to jump into holiday mode, but don't jump just yet! Let's keep our work boots on and learn just a little bit about investing today before we get into the Thanksgiving holiday.
My guest today is Rick Ferri, founder of a company called Portfolio Solutions. Rick is a really great guy and a real expert at investing and portfolio construction.
You'll hear his detailed background in the show and I think you'll come away from today's episode with a deeper sense of respect for what he's doing.
Those of you who are commited indexers will love today's show. And those of you who aren't will have some work to do to defend your viewpoints after today's show.
Enjoy!
Joshua
- Do you have student loans? If so, you need to do a review with Jay Fleischman. Find all the details here: www.studentloanshow.com/radical
- Do you want to refinance your student loans to save money? If so, start with SoFi for the best deal. Get an extra $200 by using my referral link: www.radicalpersonalfinance.com/SoFi
- Please consider supporting the show on Patreon: www.radicalpersonalfinance.com/patron
Today on Radical Personal Finance I'm pleased to introduce you to a brand-new sponsor! And, it's a sponsor who will help you save some cash!
I've been aware of SoFi for quite awhile and they were high on my list of brainstormed potential sponsors for the show. I was finally able to connect with them at #FinCon15 in Charlotte this year and to hammer out the terms of a sponsorship agreement.
SoFi is a very cool new company that is bringing real innovation to the lending space. They got their start by helping people refinance student loans but now they're aggressively expanding to other areas as well.
My guest today is one of the co-founders, Dan Macklin. Sit back and enjoy the story of entrepreneurship and industry-changing innovation!
Joshua
- Refinance your student loans with Sofi: www.radicalpersonalfinance.com/SoFi
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/Patron
During October and November I've been doing a weekly conference call with Patrons of the show.
We've been talking about all kinds of interesting subjects!
On today's call we chatted about:
- disability insurance (including disability overhead expense insurance and cash indemnity long-term care policies)
- investment planning
- the politics of money
- and more!
Enjoy!
Joshua
- Have student loans? Before you do anything else with your loans, sit down for a review with Jay Fleischman. www.studentloanshow.com/radical
- Thinking about writing a book? Speak to Patrick Snow from www.thepublishingdoctor.com Text him at 206-310-1200 for a complimentary consultation about your potential book.
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
We talk a lot about diversification within the context of investments. But what about diversification of your income?
After all, how risky is it for you to depend on a single source of income to fund your life and lifestyle?
The paradox is this: the more specialized you become in your career, the more you can earn. But the more specialized you are, the riskier your income is!
The challenge is for us to figure out how to reconcile these two things.
Today, I share my thoughts on the subject with you.
Enjoy!
Joshua
- Do You Need A Budget? Try the same budgeting software that I use and love! www.radicalpersonalfinance.com/YNAB
- Are you looking for a financial advisor? Start your search here! www.radicalpersonalfinance.com/Paladin
- Would you like to support Radical Personal Finance? Please become a Patron of the show! www.radicalpersonalfinance.com/patron
BiggerPockets.com is the largest real estate resource online--perhaps in the world. Today we have Josh Dorkin, the founder of Bigger Pockets, on the show to share the story with us.
The story is a classic case of an entrepreneurial endeavor gone well.
Sit back, pay attention, and learn the lessons and themes of how one person went from struggling real estate investor to become king of a real estate empire.
Enjoy!
Joshua
- Bigger Pockets: www.biggerpockets.com
- Do you have student loans? Connect with Jay Fleischman and do a professional review of your student loan options. Go here: www.studentloanshow.com/radical
- Have you ever thought of writing a book? Connect with my publishing coach, Patrick Snow. Text him at 206-310-1200 for a complimentary consultation and visit www.thepublishingdoctor.com
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
The word "trust" has a bit of a mystique in the modern financial world. It's a word that everyone knows (we all know a "trust fund kid") but few people understand and even fewer understand accurately.
Trusts are both simple and complex. They're simple in concept but can be quite complex in application.
Today I share with you some basic background on trusts and trust planning.
I also share with you some thoughts regarding the use of a revocable living trust within the context of your personal estate planning.
Enjoy the show!
Joshua
- Are you looking for a personal financial advisor? Start your search here! www.radicalpersonalfinance.com/paladin
- You Need A Budget! Try the same budgeting software I use, free for 30 days: www.radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/Patron
Wouldn't it be cool if you could work really hard for a few years, save aggressively, and then quit your job and travel the world?
Today's guest has done just that. Today I have Brandon, the Mad Fientist, and his wife Jill on the show!
Brandon recently hit his Financial Independence number and he and Jill hit the road for some long-term travel.
Enjoy this interview where we dig into what's great about financial independence and what ain't so great.
Enjoy!
Joshua
- Brandon's website: http://www.madfientist.com/
- Sponsor: do you have student loan? Call Jay Fleischman. Listen to his first and second interview on the show and then go here: www.studentloanshow.com/radical
- Have you ever thought of writing a book? You should at least consider it! Talk to publishing coach, Patrick Snow. www.thepublishingdoctor.com For a complimentary 30-60 minute consultation text Patrick at 206-310-1200.
- Do you love Radical Personal Finance? Please support the show on Patreon! www.radicalpersonalfinance.com/patron
I'm thrilled to bring Jay Fleischman back on the show. Jay was a guest on Episode 214 of the show and it was a popular show and I received a lot of great feedback.
Most importantly, I learned a ton from the interview!
Today, Jay and I tackle the actual process of analysis. If you have student loans, Jay gives you the step-by-step action plan for what you need to do in order to analyze your options.
We're also launching Jay as the newest sponsor of Radical Personal Finance. He's a perfect fit for a sponsor and I think he'll be able to serve you in some really wonderful ways.
Listen to the show. Then:
Enjoy the show!
Joshua
Ever wondered about the basics of estate planning? Today's show is a simple overview of the major estate planning documents.
We talk about wills, living wills, and powers of attorney and discuss what they mean and why they're important.
This is not a technical deep-dive; this is a light and friendly overview.
Enjoy the show!
Joshua
- Do you have a question you'd like me to answer about estate planning? Ask me here! http://rpf.link/1RBBZIW
- Support Radical Personal Finance on Patreon! http://www.radicalpersonalfinance.com/Patron
Many of us are focused on the primary goal of transitioning from work that doesn't suit us to work that does. After all, if we can solve the work conundrum, our lifestyle can be massively improved even if we're not yet rich!
My guest today is Jeff Goins and he has blazed the trail ahead of us and has successfully made the transition to a career he loves.
Even better, he's written a book on how you can do the same thing!
Enjoy the interview and the learning!
Joshua
- Jeff's site: www.GoinsWriter.com
- Jeff's new book, "The Art of Work: A Proven Path to Discovering What You Were Meant to Do" http://rpf.link/1NuuFzu
- Interested in writing a book? Connect with my personal publishing coach, Patrick Snow, and chop months off of your learning! Browse his information at www.ThePublishingCoach.com or text him at 206-310-1200 for a complimentary 30-60 minute consultation.
- If you're going to transition from a steady paycheck to work you love, you must be the master of your budget! Start by using the YNAB software. Get a free 30-day trial here: www.RadicalPersonalFinance.com/YNAB
- Support Radical Personal Finance on Patreon! www.RadicalPersonalFinance.com/Patron
It happens to so many people: your car breaks down at an inconvenient time and you're facing a massive repair bill. The stress starts to mount and you find yourself wondering--should I just go out and buy a new one?
Or, sometimes worse, you feel like every other week you're flushing money down the drain to fix your car and you're getting tired of it. Feeling totally frustrated, you're tempted to trot out and assuage the headache with a new car.
Should you do it?
How should you try to assess your options and make the decision?
That's the question I tackle in today's show.
Listen in and let me know what you think!
Joshua
- Interested in publishing a book? Call the Publishing Doctor first! Check out www.thepublishingdoctor.com and text Patrick for a complimentary consultation: 206-310-1200
- Are you searching for a financial advisor? Start your search here: www.radicalpersonalfinance.com/paladin
- Support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
I had the opportunity to connect with JD Roth, one of the most well-known personal finance bloggers in the industry while I was in Charlotte, NC at #FinCon15.
We had a great interview.
We talked in detail about JD's personal story with finance and how he set out to Get Rich Slowly--and wound up getting rich fast.
We also talk about the great things and not-so-great things that resulted from the journey!
Enjoy the interview!
Joshua
- JD's current project: www.MoneyBoss.com
- You Need a Budget! Try out this software and see how you like it: www.RadicalPersonalFinance.com/YNAB
- Looking for a Financial Advisor? Start your search here: www.RadicalPersonalFinance.com/Paladin
- Support Radical Personal Finance on Patreon! www.RadicalPersonalFinance.com/Patron
- Is public schooling the largest industry in the world? https://youtu.be/ws4a-GMQ1MI?t=1h13m33s
- How much money does the United States spend on public elementary and secondary schools? http://nces.ed.gov/fastfacts/display.asp?id=66
- The real cost of public schools: http://www.cato.org/publications/policy-analysis/they-spend-what-real-cost-public-schools
Today I'm sharing with you the audio from the live conference call I recently hosted for all the Patrons of Radical Personal Finance.
This was a super-fun experience for me! Having the live interaction was fun. Topics included:
- social capital
- entrepreneurship
- long-term care insurance
- investing
- career development
- and more!
Enjoy!
Joshua
- Sponsor: Interested in publishing a book? Call my publishing coach, Patrick Snow, the Publishing Doctor! Start at http://thepublishingdoctor.com and then text Patrick at 206-310-1200 for a complimentary consultation!
- Sponsor: You Need A Budget! Use the same software that I use to manage my personal budget! http://radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Shannon McLay from the "Martinis and Your Money" podcast invited me on her show last month to talk about life insurance as part of "Life Insurance Awareness" month.
Enjoy this interview with me where I share all of my advice and thoughts about how to approach the life insurance situation.
The original interview with Shannon appears on her site here: http://financially-blonde.com/radical-thoughts-on-life-insurance/
Joshua
Have you ever thought about writing a book? If you have, you're part of the 80% of Americans that dream of doing just that!
But how do you go about it? And, perhaps more importantly, why should you consider it?
Today I present to you an interview with my personal publishing coach, Patrick Snow.
Patrick is an international best-selling author, professional speaker, publishing, speaking, and book marketing coach.
He's already been tremendously helpful to me as I work on my first book and I look forward to continuing to work with him!
Enjoy this episode where we talk about the business of writing and why you should write and publish a book.
Enjoy!
Joshua
- Patrick's websites: http://patricksnow.com and http://thepublishingdoctor.com
- Text Patrick at 206-310-1200 for a complimentary, 30- to 60-minute publishing consultation.
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Let's put our work boots on today and dig into some of the science of financial planning. We've been doing a lot of fluffy, motivational-type stuff on Radical Personal Finance recently. That stuff is really valuable but it needs to be tempered with some serious knowledge.
Today, let's talk about annuities.
Annuities get a bad rap in the financial marketplace. And rightly so. They've been shamefully misrepresented, oversold, and abused by many insurance agents.
But do they have a place? Can they be an incredibly useful tool in the toolbelt of a good financial planner?
I believe so.
In today's show I work to share with you some background and structure about annuities. This will help you to understand the words involved and the different product structures available.
We talk about:
- The number of lives covered (single life vs joint life vs joint-and-survivor annuities)
- When the payments start (immediate vs. deferred)
- Methods of premium payment (lump sums vs. periodic payments)
- Pure/straight life vs. refund annuities
- Fixed vs. variable vs. indexed annuities
- And tons more!
Enjoy the show!
Joshua
- You Need A Budget! Use the same software that I use: http://radicalpersonalfinance.com/YNAB
- Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
We've generally been trained how to think about finance by the financial services industry. Their plan for your finances? Well, each step involves a financial product of some sort or another.
But what if we think a little more strategically? Could we get better results?
I think so.
After speaking with today's guest, Doug Goldstein, I think that the metaphor of chess is a good way to train our thinking.
Doug is the co-author of a book titled: Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.
Enjoy this interview as we discuss how to approach finances like a chess game!
Joshua
Links:
- Doug's book: RichAsAKing.com
- Doug's financial planning firm: profile-financial.com
- Doug's radio show (get a free ebook): http://www.goldsteinongelt.com/
- You Need A Budget! http://radicalpersonalfinance.com/YNAB
- Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
One of the benefits that $200/mo. Patrons of Radical Personal Finance get is being able to choose a topic of the show.
Here's the note that prompted today's episode:
Joshua,
Double income medium- to high-earning couples frequently ask me how to lower their taxes (the second income is at a higher rate of >28%, plus state 3.75% and social security 7.65 or 40% all in).
I don't have a lot to tell them:
-calculate whether it's worth it for second spouse to work ('Money or Your Life' style-after tax/child care/gas income per hour of total time spent at job (commuting and working)
-weigh the qualitative factors
-max 401k
-invest in real estate
I'm assuming I'm missing things. What do you have to say on the subject?
One reason my wife doesn't work is that its not worth it.
Thanks,
Patron
Today's episode includes my response and advice for how couples can approach this conundrum!
Joshua
- Need a financial advisor? Start your search here: http://radicalpersonalfinance.com/paladin
- Do you have a budget? You need one! Try this: http://radicalpersonalfinance.com/YNAB
- Want to support the show? Go here: http://radicalpersonalfinance.com/patron
The most challenging question that I get asked on Radical Personal Finance is this: "Joshua, how do I find a great financial advisor?"
It's hard because there are great advisors at most (all?) firms and there are terrible advisors at most (all?) firms.
More importantly, there are different advisors for different stages of life and different levels of need.
Unfortunately, all these get lumped together under the term "financial advisor," which is, itself, a non-specific and mostly useless term which could refer to any number of job descriptions.
However, I still try to answer the question. And today, I'm working to answer it with a new sponsor: Paladin Registry.
This show is an interview with Jack Waymire, the founder of Paladin Registry and it contains an in-depth interview discussing the challenges and process of finding a great financial advisor.
Enjoy the show!
Joshua
- Start your search for a financial advisor through Paladin here: http://radicalpersonalfinance.com/paladin
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
After a way-too-long hiatus, Friday Q&A is back! On today's show, we cover:
- Online Savings Accounts
- Commission-Free Life Insurance
- Why Don't I Have a CIMA Designation
- Would I Do A Daily Podcast Again
- Should I Max My 403(b) or Save for a Down Payment
- 529 Plan for Myself, and Thoughts on Leveraged Index Funds
Enjoy!
Joshua
- If you don't already use the YNAB budgeting software, download a 30-day free trial and try it! I think you'll love it. http://radicalpersonalfinance.com/YNAB
- If you're not listening to audiobooks, you should be! Get a free audiobook of your choice when you sign up for a trial membership to Audible: http://radicalpersonalfinance.com/audible I strongly recommend "Money: The Unauthorized Biography--From Coinage to Cryptocurrencies" by Felix Martin as your free book. You'll love it!
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Sometimes you discover something that's been out there for years and you want to smack yourself in the head for not tuning in to it sooner. That's how I feel when it comes to YNAB. (For the uninitiated YNAB stands for You Need A Budget.)
I used YNAB years ago and my response at that time was, "ho-hum." I then proceeded to ignore it for the next 6 years to my own detriment. Bummer. I wish I'd paid more attention!
I was reintroduced to YNAB by my own listeners (the full story is in this episode) and today I'm thrilled to introduce YNAB as a sponsor of Radical Personal Finance!
Check out this interview with Jesse Mecham, the founder of YNAB for an introduction to him, his story, and the YNAB company. It's a super interesting story of entrepreneurship, growth, and the creation of an awesome product which fits a real need that most of us have.
Enjoy!
Joshua
- Download a free trial of YNAB! http://radicalpersonalfinance.com/YNAB
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I love to talk with people who have achieved financial independence. But I especially love to talk to those financially independent people who have achieved it in a very accessible way!
Frankly, it's hard to relate to a tech titan who sells their latest greatest app company for a billion dollars.
But I can relate to someone who has simply worked hard, saved aggressively, invested conservatively, built an entrepreneurial side hustle and achieved their results over time!
My guest today is Scott Alan Turner and he's done exactly that. Sit back, relax, and enjoy his story! And make sure to take special note of how you can copy and model him and his success.
Enjoy!
Joshua
- Scott's website: http://scottalanturner.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
When I was younger my brothers and I spent lots of time talking about how to make our millions of dollars with passive income. Two businesses seem to be prominent when you go down that line of thinking as a young person: car washes and vending machines.
We didn't pursue either of those businesses. But much later I did wind up working with some clients who had a vending business. And I was intrigued by their business.
My guest today is a vending expert. Matt Miller started his vending business the hard way and built it slowly.
Over time, he wound up finding a new niche for his vending products: stickers.
He's since gone on to create a franchise to teach others how to do what he has done.
Enjoy his wisdom, experience, and insight!
Joshua
- Matt's website: http://ssvbusiness.com/radical/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Interpersonal skills of relationship are a huge deal and your mastery of them will massively impact your level of success in life.
All else being equal, people would rather do business with people they know, like, and trust.
All else NOT being equal, people would STILL rather do business with people they know, like, and trust!
So, this is an area that we should give attention to.
My guest today has devoted years to studying, mastering, and teaching interpersonal skills.
Jordan Harbinger is the co-founder of the highly successful Art of Charm. I caught up with him at Podcast Movement 2015 and invited him on the show to share some lessons with us.
He delivered.
Enjoy the interview!
Joshua
- Jordan's website: http://artofcharm.com
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Money in marriage is an extremely challenging area of life. Researchers often say that money fights and money problems is the number one cause of marital stress.
My guest today is Derek Olsen. He and his wife Carrie have written a book called "One Bed, One Bank Account: Better Conversations on Marriage and Money."
I was able to catch up with him at Podcast Movement 2015 where we dug into the major questions of how to handle money together.
Make sure to stay tuned at the end of the episode. There's a 30-minute bonus episode on the radical lifestyle that they are living!
Joshua
Links:
- Derek and Carrie's website: http://derekandcarrie.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I had the opportunity to sit down with Casey Lewis while I was in Fort Worth, Texas a couple months ago.
Casey has worked his way through his own money transformation and he has a lot of experience and wisdom to share about the process.
Along the way, we discuss:
- Debt freedom
- Goal setting and goal achievement
- Personal financial management
- And more!
Enjoy!
Joshua
- Casey's website: http://casey-lewis.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I'm here at #FinCon15 in Charlotte, NC this week and I had the privelege of interviewing Don Montanaro, the CEO (and co-founder) of TradeKing!
We recorded this episode live on the #FinCon15 podcasting stage on September 18, 2015.
We cover the details of:
- Don's career progression from the mail room to CEO
- What makes a difference in how quickly an employee gets promoted
- How the securities market works
- And way more!
Enjoy!
Joshua
- TradeKing's website: http://tradeking.com
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
It might seem like the only way to make money in today's world is to create and sell a digital product. It's not. Frankly, the physical product world is probably much less crowded than the digital world!
My guest today is Andreea Ayers. She is awesome.
She created a business that made and sold yoga-themed tshirts. Then, she created a business that sold soaps.
Now, she's taken her success and experience with her own brands and turned it into a consulting business where she helps others to duplicate her success.
It's a super fun interview.
Enjoy!
Joshua
Links:
- Andreea's website: http://www.launchgrowjoy.com/
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
I love to bring financial advisors onto Radical Personal Finance in order to break down the barriers of communication between advisors and the general public.
Katie Brewer is a financial planner based in Texas. She specializes in working with Gen X and Gen Y clients.
I invited her onto the show to dig into what's different about planning for Gen X and Gen Y clients as compared to the general public.
Also, I grilled her on the reality of what it's like to actually build a financial planning practice from scratch.
Enjoy!
Joshua
- Katie's website: http://yourrichestlifeplanning.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
My guest today is Anthony Tran. Anthony is the Founder of Marketing Access Pass, an All-in-One Online Marketing Training and Services website.
He's a master internet marketer and he shares some of his experience with us. Also, he's built a successful lifestyle business for himself in the process!
Enjoy!
Joshua
- Anthony's website: http://marketingaccesspass.com/
- Anthony's podcast: http://marketingaccesspass.com/podcast-episodes/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I'm not the only former financial advisor who became a podcaster. My friend Joe Saul-Sehy has trod the same path!
We had the opportunity to catch up at the Podcast Movement conference and we were able to talk shop about the financial advisory business.
Enjoy!
Joshua
- Stacking Benjamins http://stackingbenjamins.com
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I met Aaron Walker at the Podcast Movement Conference in Fort Worth last month. After listening a bit to his story, I immediately invited him onto the show to share some of his experience with us.
Aaron is a serial entrepreneur. He's developed pawn stores, built homes, and run coaching groups.
Interestingly, he's a long-time member of a study group with Dave Ramsey, Ken Abraham, Dan Miller as well as some other notable Nashville businessmen. This leads to some interesting insight into some of those gentlemen!
Enjoy the show!
Joshua
- Aaron's special landing page for RPF listeners: http://viewfromthetop.com/radical
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I met Bryan Norris at the Podcast Movement conference in Fort Worth, Texas. I'm glad I did.
Brian is a professional numismatist and a real expert in rare coins and money.
Numismatic coins are an interest of mine and I was thrilled to bring him on the show. We cover:
- Numismatic coins vs. bullion coins
- The history of inflation and hyperinflation as told through money
- How to get started with coin collecting
- And a ton more!
Enjoy this one!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Happy Monday, Radicals! This morning I want to share a few experiences I'm grateful for and use it as an opportunity to encourage you as you begin your week.
I've been tremendously blessed over the past weeks by many friends and family members who have volunteered their time and talents to help me in my time of need.
I'll never be able to repay them.
And yet, if an opportunity arises, I will work to repay them because I now have social debt. And, I'll be happy to work to repay them.
In today's show I share with you some simple thoughts around the social giving economy and some encouragement for you to focus on being a "Go-Giver" towards others.
It's a character trait that may help you tremendously in your time of need.
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Climbing the corporate ladder is time-tested and proven path to income and impact. And the cool thing about this approach to career success is that you can begin where you are and simply start working the process.
My guest today did just that. Lee Cockerell started with few advantages. After a stint in the military he took a job as a waiter in a Hilton hotel and went to work. He finished his 41-year corporate career as the Executive Vice President of Operations for Walt Disney World responsible for 40,000 cast members.
After retiring from the corporate world he transitioned to teaching leadership and sharing the principles of success that he has learned with others.
Lee is a dynamic guy and a wealth of information and inspiration.
Enjoy the interview!
Joshua
- Lee's website: http://www.leecockerell.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Over the last few days global securities markets have been rocked with massive losses.
Naturally, times like this should cause us to seriously consider our investment strategy and take a look to see what the appropriate response might be.
Many of us have a significant amount of our life savings invested in public securities markets and it can be frightening to see the impact of the declines in market prices.
But what should we do?
In this episode I share with you some ideas and ways of thinking which you can apply to your situation. Take a few moments to consider the input and assess your personal strategy.
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I love hearing entrepreneurship stories because they speak to me of people who clarify what they want and pursue it aggressively.
Vision is required for you to be willing to leave the bed of employment where things are comfortable and warm and pursue the rocky world of entrepreneurship.
The road isn't easy. But it can be easier if you will build a financial foundation underneath you before you launch.
My guest today is Cliff Ravenscraft, best known as the Podcast Answer Man. Cliff has an amazing entrepreneurial story and today I get to bring it to you in great detail.
Cliff openly shares where and how he started and the steps that he has taken to bring him to his current level of financial success.
Pay attention: he's experienced the joy of living on the $11,000 of profit he earned in his first year (not easy to live on that amount) and the joy of earning over $500,000 gross income last year.
Learn from his story.
Enjoy!
Joshua
- Cliff's primary website and podcast: http://podcastanswerman.com/
- Cliff's personal audio journal podcast: "Pursuing a Balanced Life" http://gspn.tv/category/all-shows/mcl/
- Cliff's free tutorial on how to set up a podcast: http://learnhowtopodcast.com
- Cliff's in-depth four-week course on podcasting: http://podcastingatoz.com
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Effective tomorrow, 8/13/15, the global headquarters of Radical Personal Finance will be moving! I'm about to start unplugging my computers and microphone but I wanted to make sure to ship today's show before doing that.
So, I decided to share with you how I've approcahed this decision to move. I think it will be helpful for you to consider how to Think Slow, Move Fast, and Prioritize Your Life.
Now, time will tell if it worked for me or not! :)
Joshua
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
At the recent Podcast Movement conference in Fort Worth, Texas, I had the opportunity to connect with James Kinson, host of the Cash Car Convert podcast.
James has a fun story to share and some great lessons to teach. He's a long-time car guy who got the debt-free religion and changed his car-buying habits. To his delight, he's wound up a good deal richer than ever before!
He's got some great lessons to share and in this show we discuss:
- The impact a cash car can have on your wealth
- Leasing vs. buying
- Whether the advice to buy a good used car still applies in the modern day of higher repair bills.
Enjoy the show!
Joshua
- Cash Car Convert: http://cashcarconvert.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
As we head into the back-to-school season in the United States, I've been thinking a lot about the value of college and I've come up with a framework that I think will be useful to you.
I see the 5 major benefits of college as these:
It's helpful to identify these benefits. But it's more important to understand how to manipulate the system to maximize your opportunities with each of them.
Once you understand, you can design your own radical path to success.
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I recently returned from the Podcast Movement Conference in Fort Worth, Texas. While I was there I had the opportunity to interview Danny Peña the day before he was inducted into the Podcasters Hall of Fame.
For the last ten years, Danny has built Gamertag Radio into a major voice of influence in the video game industry. And, he's built a business out of a passion.
Listen to the interview to hear:
- How to build a business from a passion
- How video games can tremendously
- The impact of video games on his own life
- Why Joshua is wrong about video games! :)
Enjoy,
Joshua
Links:
- Gamertag Radio http://www.gamertagradio.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
"Eat That Frog! 21 Great Ways to Stop Procrastinating and Get More Done in Less Time" by Brian Tracy is an absolute goldmine of a book. Without question, this is a 5-star book.
Before you read it though, it's important for you to understand what it is and what it isn't.
It's not a deep-dive treatise of productivity systems; rather, it's an overview of the core principles of productivity that you need in order to organize your life around accomplishing more, meaningful things that will move you toward your goals.
It's short, fast, and pithy.
Tracy begins with the big picture focus of making sure you're doing the right things--planning the things to do that directly tie to your goals and things that are going to have the biggest impact on your achievement of those goals. Then he continues with the practical suggestions to help you actually do those things.
Here's my recommendation: get the audiobook version and listen to it on the first of every month for the next 60 months.
Even if you did nothing else for your personal development and improvement it would be enough to catapult you into the upper tiers of your company and career.
Enjoy!
Joshua
- Eat that Frog! on Amazon: http://amzn.to/1gSl8Vz
- Get a free copy of the audiobook on Audible: http://radicalaudiobooks.com
I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Voluntary Life podcast with Jake Desyllas regarding Tax Strategies and Financial Freedom.
This is Part 2 of a 2-part series. The interview was originally released on June 21, 2015.
Enjoy!
Joshua
I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Voluntary Life podcast with Jake Desyllas regarding Tax Strategies and Financial Freedom.
This is Part 1 of a 2-part series. The interview was originally released on July 14, 2015.
Enjoy!
Joshua
Good morning, Radicals! Two quick announcements for you this morning:
Have a great weekend!
Joshua
- Register for breakfast: http://bit.ly/RPFatPM15
(audio from a video book review)
Nicholas Boothman’s book “How to Make People Like You in 90 Seconds or Less” is a great introduction to the skill of intentionally establishing rapport with new acquaintances. This book is a broad, useful introduction to the topic.
All else being equal, people would rather spend time with, work with, buy from, and help those that they like. The skill of being likeable and helping people to like you is thus a very useful life skill and can be an important component of your success toolbox.
Boothman establishes two beautiful aspects to being likeable:
1. It’s a learned skill. This means that no matter who you are and where you’re starting from, you can improve and develop your skills so that others like you more and more quickly.
2. It’s an honest and ethical practice. Even though the title has the typical “self-help schmarminess,” there is nothing tricky or conniving about the tools and tactics in the book. You would want everyone in your life to understand the concepts of this book and to practice them continually in their relationship with you. Ultimately, likeability largely boils down to active listening and we all crave friends who are careful, active listeners.
This book is not deep. Boothman doesn’t dig into science research or discuss a lot of history. Rather, it’s useful and practical. You can immediately learn and apply the content. I appreciate that!
I listened to the audiobook version and I enjoyed listening to it in the author’s own voice. He does an excellent job conveying the emotion and tone of his work.
However, I purchased the written version so that I would be able to access the outline and notes for reference and so that I could do some of the exercises contained within it.
The book was published in 2000, so there are plenty of used copies available for $0.01. Also, the Kindle version is a downright bargain at $2.51! http://amzn.to/1LW3D2z
Enjoy the book!
Joshua
- Get the audiobook version for free! http://radicalaudiobooks.com
I've got a very special interview for you today with Tom Corley. Tom is an accountant and financial planner by trade. He began interviewing his wealthy clients to try to understand what they do differently than other people.
Over time, his research expanded to additional interviews with poor people in an attempt to understand their lifestyles and habits.
This research formed the foundation for his first book, "Rich Habits: The Daily Success Habits of Wealthy Individuals." After a slow start, the book gained traction and attention and he followed it with his next book, "Rich Kids: How to Raise Our Children to be Happy and Successful in Life."
His work is excellent. The books are pithy and worth reading.
But what I found most interesting was Tom's personal story. Through the course of the interview, you'll hear me draw out the parallels between Tom's personal life and his books. I'll also draw out how his life has changed as he began to implement the rich habits that he learned from his wealthy interviewees.
Enjoy!
Joshua
- Tom's site: http://richhabits.net/
- Rich Habits: The Daily Success Habits of Wealthy Individuals http://amzn.to/1MMl9og
- Rich Kids: How to Raise Our Children To Be Happy and Successful in Life http://amzn.to/1LHooyH
- Get a free audiobook copy of "The Richest Man in Babylon" http://radicalaudiobooks.com
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
My guest today is Steve from Steveonomics.com. Steve is a long-time listener to the show and he and his wife are aggressively pursuing their own plan for financial independence by 40.
I invited Steve on the show because he is also a lover of fine mens' fashion. He's able to integrate the principles of wise and careful shopping to build a luxurious wardrobe for himself without damaging his prospects for wealth accumulation.
Steve shares:
- The story of his $1,000 wedding
- His tips and strategies for building a functional and fashionable wardrobe
- When to shop at thrift stores
- How to apply the Alpha Strategy to a wardrobe
Enjoy the show!
Joshua
- Gentleman: A Timeless Guide to Fashion by Bernhard Roetzel http://amzn.to/1MlR8NO
- Put This On on YouTube https://www.youtube.com/user/pthiso/videos
- An Affordable Wardrobe blog http://anaffordablewardrobe.blogspot.com/
- Articles of Style http://articlesofstyle.com/
- See what makes WPEngine different! (My hosting provider of choice.) http://bit.ly/1ejID8e
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
We've hit a huge milestone in Radical Personal Finance history! We've reached 201 patrons and $2,001.50 of monthly support for Radical Personal Finance!
This is super, super thrilling and I thank each and every one of you for your support.
I'm going to be changing the format of the show a bit going forward. I'll be doing fewer long-format shows so that the long-format shows I do release are much deeper and more comprehensive.
In their place, I'll be releasing more short-format content into the podcast feed including audio from the YouTube channel.
Here's what you can do:
- Sign up for the email newsletter so you can stay informed of all of the content that I release.
- Follow me on Twitter and Periscope: @JoshuaSheats
- Use the hashtag #AskRPF to ask me questions for my Q&A videos and podcasts.
Enjoy the episode!
Joshua
- Support Radical Personal Finance on Patreon: chttp://radicalpersonalfinance.com/patron
My guest today is Steve Stewart. Steve's story to me is very interesting because in many ways he was the archetypal American financial story. A normal guy with a normal financial life.
However, inspired by Dave Ramsey's influence, he decided to get serious about getting out of debt. Tune in to the interview to hear the incredible impact of that decision on his life!
What most intrigues me about Steve's story is how his decisions to get out of debt have had a massive impact on the rest of his life and his ability to pursue entrepreneurship and build a life he loves enough not to retire from.
Enjoy the show!
Joshua
- Steve's finance podcast: http://www.moneyplansos.com/
- Steve's podcast resource: http://www.yesyoucanpodcasttoo.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
There are many ways to budget. All of us need to find a solution that is effective for us. And that solution will probably change as our situation changes.
Today, I want to share some advice on budgeting for people who are in a financial emergency.
Here is a very simple method of budgeting. It requires only:
- a checkbook register
- a notebook and pencil
- a stack of all your bills
- a calculator
Details are in the show!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
My guest today is Joan Sotkin. Joan has a fascinating story of avoiding money, then embracing business and earning massively, then losing it all, then rebuilding again.
In today's interview she shares her perspective and insights on:
- The meaning of money
- Rich vs. poor
- The development of the money coaching industry
- Life satisfaction
Enjoy the show!
Joshua
- Joan's website: http://www.joansotkin.com/
- Joan's podcast: http://prosperityplace.com/category/podcast/
- Joan's book: Build Your Money Muscles: Nine Simple Exercises For Improving Your Relationship With Money http://amzn.to/1e1ghzn
- Support Radical Personal Finance on Patreon http://radicalpersonalfinance.com/patron
I love audiobooks. I find them to be an incredibly efficient way to learn and an incredibly productive way to use my time.
In today's show I share with you my pro-tips for how to effectively integrate audiobooks into your educational plan.
I also share with you my analysis of the audiobook marketplace and how you can get the best deals for yourself.
I analyze:
- Your library
- YouTube
- Overdrive
- Hoopla
- AllYouCanBooks.com
- Downpour
- Scribd
- Audiobooks.com
- Audible
Enjoy!
Joshua
- Get a free audiobook! http://audibletrial.com/radicalpersonalfinance
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I'm thrilled to share with you an interview with JB Glossinger, the Morning Coach. I met JB at a Podcast South Florida meetup event and immediately invited him on the show.
JB has a really unique background. After building a career in the corporate world and finishing his MBA and PhD he realized that he was in the wrong field to fulfill his personal happiness.
He pivoted and established MorningCoach.com, a top-ranked personal development community. With Morning Coach as his foundational platform, he's gone on to build a tremendous business that provides him with the time and money for his dream lifestyle.
Topics include:
- The role and value of education
- Being yourself vs being what the market says it wants
- The imipact that one person can have on another
Enjoy!
Joshua
- JB's Morning Coach Community: http://www.morningcoach.com/
- JB's personal site: http://glossinger.com/
- JB's Lifestyle Design Summit: http://www.lifestyledesignsummit.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I used to think that everyone knew how to make decisions. Since starting Radical Personal Finance I've come to learn that some people don't have a clear decision-making framework.
Today, I share with you a dirt-simple framework of costs vs. benefits, plusses and minusses. In sales, it's called the Ben Franklin close.
Use it.
Write it down.
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Much of our life is lived on autopilot. We generally handle most things by habit.
One powerful way to improve the likelihood of achieving your goals is to focus on establishing some simple little habits that will automatically help them to happen!
Enjoy.
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I spend a lot of time talking to people about their goals. But I notice that many times people confuse their goals and the means to the goals.
This could be a serious setback to your plans. You might spend years chasing a goal that really isn't the true goal.
Get clear!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Student loans are a way of life for much of the US American population. Often considered to be "good debt" because the college degree can lead to higher earnings, they are, nevertheless, still debt.
And they're debt that must be dealt with!
My guest today is Jay Fleischman. Jay is a bankruptcy attorney who specializes in handling student loan issues. He's a world-class expert in this space.
You're going to love listening to this show. I took pages of notes during our conversation and I recommend you do to.
We cover:
- Strategies for dealing with loans that will give you total flexibility with your repayment plans.
- What to do if you're in default on a loan.
- Whether it's possible to get out of a student loan with bankruptcy.
- And more!
Enjoy!
Joshua
- Jay's student loan podcast: http://www.studentloanshow.com/
- Jay's law firm website: http://www.consumerhelpcentral.com/
- If you're interested in refinancing your student loans, use this referral link to support RPF:https://www.sofi.com/refer/4/35193
- Check out http://radicalpersonalfinance.com/studentloans for a discussion of refinancing options
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Today I'm pleased to share with you an interview with Lauren Bowling from LBeeAndTheMoneyTree.com!
Lauren has a really interesting story surrounding personal finance: After getting her degree in theater, and racking up thousands of dollars in credit card debt in college, she moved to New York City with $300 in her pocket. While there she landed a sweet job on Wall Street which sparked her interest in personal finance and helped her kick her bad money habits for good.
Three years, three cities, one home purchase, and nearly 2,000 blog posts later, Bowling is an expert at mastering tricky post-college finances. In addition to blogging on L Bee and the Money Tree (LBMT), Bowling is the host of the award-winning internet talk show, Awkward Money Chat. Bowling’s writing has been seen on Business Insider, Forbes.com, Learnvest, Yahoo! Finance, and The Huffington Post. As a source, Lauren’s expertise has also been featured in such notable publications as Redbook Magazine, HGTV Frontdoor.com, and Daily Worth (See here for the full list.)
She spends her free time renovating her first home, enjoying good wine while avoiding the kitchen, and “killing it” at karaoke. She’s even been known to act in a musical or two. By day Bowling works full time in marketing and resides in Atlanta, Georgia.
Enjoy the show!
Joshua
- Lauren's website: http://www.lbeeandthemoneytree.com/
- If you'd like to attend FinCon and meet Lauren in person, please buy your tickets here: http://radicalpersonalfinance.com/fincon
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Hey Radicals!
Just a quick announcement show for you--our little baby girl was born early Friday morning. Baby and momma are both doing great and we are enjoying transitioning to our larger family!
We're super thankful and beyond excited that she is here.
I also thought it would be fun to invite my wife to chat a little bit about her childbirth experience. This isn't related to personal finance--it's just related to the RPF life!
If you'd like to hear some of her comments on how we prepared for childbirth, check out the show!
Rejoice with us!
Joshua & Tiffany
p.s., if you'd like to see pictures, please feel free to connect with me on Facebook: https://www.facebook.com/joshuasheats
One of the most fundamental transformations of our modern time is taking place in the field of communication. Although it might feel like we're far into this change, we're really not. It's only just begun
One of the most important effects of this change is that very small businesses--like financial advisors--can effectively market to the broader market at a very low cost.
My guest today is an expert in this field.
Bill Winterberg is the founder of FPPad.com. Bill founded FPPad in 2008 to be a leading source of news, insight, and thought leadership in financial planning technology.
Bill has successfully leveraged his experience in the financial industry and his applied knowledge in medial creation to build a neat consulting and speaking business for himself.
Pay special attention to the content of this interview if you're involved in the financial services industry. But also pay careful attention to this interview if you are involved in any business or industry! These trends are affecting you.
Enjoy!
Joshua
Links:
- Bill's website: http://fppad.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Our value and contribution in this world will be directly impacted by the level of our education. It's impossible to create more value without more education.
(Yes, there are many kinds of education. I'm using the word inclusively.)
But, under what system and whose goals have we been educated?
Unfortunately, many of us have been educated under a system that promotes someone else's goals over our own. Too few of us know how to sit down and design an educational path that will take us closer to our goals.
In today's show, I share with you a number of important ideas including:
- The centrality of your goals in an educational plan.
- The connection between goals, study, and action.
- The costs of education in both money and time.
- The continuum of education from personal to impersonal and from sychronous to asynchronous.
- Benefits and drawbacks of different ways of acquiring education.
- About somoene has written 16.8 books per year over the course of a 60-year career!
Enjoy the show!
Joshua
If you enjoy today's show, please:
Today, I welcome Doug Nordman back to the show! Doug is an early retiree (he retired at 41) and his hobby is helping other military personnel improve their financial lives.
One of the more interesting aspects of Doug's financial life is his involvement in private business as an angel investor. He's not only involved with the community of investors near him in Hawaii, he's also committed a substantial amount of his savings toward his investments.
In this interview you'll learn:
- Why Doug invests his money in private companies even though the majority of his investments are held in mutual funds.
- How much money he has made and how many of his investments have gone bust!
- How to get involved as an angel investor yourself!
You'll also learn how to make the decision of rent vs. buy when considering where to live.
Enjoy!
Joshua
Links:
- Doug's finance website: http://the-military-guide.com/
- Doug's book recommendations:
- The Illusions of Entrepreneurship: The Costly Myths that Entrepreneurs, Investors, and Policy Makers Live By by Scott Shane
- Angel Investing: Matching Startup Funds with Startup Companies--The Guide for Entrepreneurs and Individual Investors by Robert Robinson and Mark Van Osnabrugge
- Fool's Gold?: The Truth Behind Angel Investing in America by Scott Shane
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
- Support Radical Personal Finance by using our Amazon affiliate link: http://radicalpersonalfinance.com/amazon
Many people would like to earn more money. But, few people know how to actually look at their situation to assess their opportunities to actually do so.
In today's show I share with you the framework that I use to think about money. It's simple but effective.
And, most importantly, it's exclusively focused on the things you can actually do and change. It's practical and immediately actionable.
Listen to the show to hear:
- The only three variables that affect how much money you earn in a free market economy.
- Which variables have the most impact in the short term and which have the most impact in the long term.
- How to assess your personal situation to decide where to focus your efforts.
Enjoy!
Joshua
Links:
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
- Consider attending FinCon15! Buy your tickets here! http://radicalpersonalfinance.com/fincon
Hey amigos!
Today is my 30th birthday! I'm having an incredible day celebrating with my family and friends.
30 is a big milestone for me. I've been reflecting deeply on the last decade and looking forward to the next decade.
I thought about creating a "30 Lessons Learned from 30 Years of Living" for you, but I decided to simply share one of my favorite messages with you instead.
This audio is a short clip from a Jim Rohn speech. I keep it on my desktop and listen to it at least a couple of times per week.
This is the succinct message that I would like to share with you to celebrate my birthday.
I hope you enjoy it as much as I do.
Talk soon,
Joshua
- Support Radical Personal Finance on Patreon: http://patreon.com/radicalpersonalfinance
Hey Radicals!
Just a quick announcement episode to share that the show will be taking a quick summer break for a few days. I have some show-related work to handle and I can't get it done and still continue producing content this week.
Also, please expect the shows to be slighly more sporadic during the month of June...details in the audio!
Joshua
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
- Get your tickets for FinCon15 with my affiliate link here: http://radicalpersonalfinance.com/fincon
- Details on the FinCon Expro are here: http://finconexpo.com/
Q&A today and I handle these four questions!
Enjoy the show!
Joshua
- Evaluating The Tax Deferral And Tax Bracket Arbitrage Benefits Of Tax Loss Harvesting by Michael Kitces: https://www.kitces.com/blog/evaluating-the-tax-deferral-and-tax-bracket-arbitrage-benefits-of-tax-loss-harvesting/
- Wealthfront Tax-Loss Harvesting White Paper: https://research.wealthfront.com/whitepapers/tax-loss-harvesting/#14-comparison_of_daily_vs_one_time_i_e_end_of_year_tax_loss_harvesting
- Betterment's White Paper: Tax Loss Harvesting+™: https://www.betterment.com/resources/research/tax-loss-harvesting-white-paper/
- The Tax Harvesting Mirage by Michael Edesess: http://www.advisorperspectives.com/newsletters14/The_Tax_Harvesting_Mirage.php
- The Tax Harvesting Oasis: A Response to Michael Edesess by Daniel Egan and Boris Khentov: http://www.advisorperspectives.com/newsletters14/The_Tax_Harvesting_Oasis.php
- The Tax Harvesting Water Hole by Michael Edesess: http://www.advisorperspectives.com/newsletters14/The_Tax_Harvesting_Water_Hole.php
- Accredited Investor: http://en.wikipedia.org/wiki/Accredited_investor
- Fixed Fortunes Article: http://sunlightfoundation.com/blog/2014/11/17/fixed-fortunes-biggest-corporate-political-interests-spend-billions-get-trillions/
- Why the "Accredited Investor" Standard Fails the Average Investor: http://www.bu.edu/rbfl/files/2013/09/AccreditedInvestorStandardFails.pdf
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
One of my goals for Radical Personal Finance is to bring more transparency to the world of professional finance. Today, I'm glad to shine the light on the life insurance industry.
I've invited a friend of mine onto the show to discuss his 30-year career as a life insurance broker.
Todd Simpson CLU®, ChFC® is a veteran of the life insurance business. His specialty is high-risk underwriting, so he brings not only a long career's worth of experience but also a unique perspective to the difficult-to-place cases.
I think you'll really enjoy this conversation. We cover:
- The incredible changes that have occurred in life insurance product design over the last 30 years.
- The most common medical problems that cause problems with life insurance underwriting.
- The impact of drugs and drug use on your ability to get a life insurance policy.
- And more!
Enjoy the show,
Joshua
- Todd's firm and website: http://www.thestammagency.com/
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Many of find ourselves in a situation where we are concerned about the financial well-being of our parents. Obviously, we'd like to help, if possible.
But, this is rarely easy. There are many, many challenges that can emerge. In essence, to truly answer these questions you'd not only have to have all of the skills of a financial planner, but also the background of a relationship counselor, a life coach, and more!
It ain't easy!
I created this show as an overview of ideas that may be able to help you get involved and to help your parents. Some of the ideas are technical financial suggestions, others are more practical and relationship-oriented.
The show is structured around:
I hope it's useful to you!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
My guest today is a author named Matthew Bracken. Matthew is a sailor, writer, and former Navy Seal. He's the author of four novels (all of which I've thoroughly enjoyed.)
Most importantly for our purposes, he is an expert on the topic of achieving a lifestyle of freedom through sailing.
He wrote an excellent essay called "Get Yourself a 30-Footer and Go!" which advocates a quick entry into the sailing world as a way to build economic opportunity for yourself.
During the course of the interview, we cover three primary topics:
Enjoy the show!
Joshua
Links:
- Get Yourself a 30-Footer and Go! http://www.freerepublic.com/focus/f-bloggers/3095240/posts
- Information about Matt's novels: http://www.enemiesforeignanddomestic.com/index.php?page=books
- Huge Excerpts (free) from Matt's novels: http://www.enemiesforeignanddomestic.com/index.php?page=excerpts
- The Last Valley on YouTube: https://youtu.be/-dItSpmQtlE
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Q&A show today and I answer these two questions for you:
- Joshua, My parents just moved to Florida last year and got wooed by an advisor that bought them dinner, gave them a free round of golf, etc. and now they're in an annuity and I can't figure out how badly they are getting screwed (not because there's anything inherently wrong with annuities but because the advisor is sadly not a fee-only advisor so I imagine he's taking a big cut of the action). I'm trying to convince them to find a good fee-only advisor to help them get set up for retirement but I'm not sure how to go about finding a good one. Thanks for the help!
- Joshua, I can't thank you enough for starting Radical Personal Finance; been a fan since you did the interview with Jacob Fisker :) I have learnt so much from you and others in the personal finance community - I'm unable to quantify with an exact figure yet, but I know it's going to compound to a huge amount (possibly millions?) over my lifetime. This morning I just signed up via Patreon to support your show. It's a small amount, but one important thing I've learnt on my PF journey is learning to pay for value rather than simply focusing on cost. I have a question which relates to the investment part of building wealth. How should I invest an idle USD$20,000 that's sitting around in my savings account for maximum returns? I feel I'm sufficiently exposed to the stock market at this stage and diversified enough within and outside the publicly traded securities realm. I don't want to pour money into publicly traded stocks as due to mean reversion, future returns tend to be lower when markets are at highs. Please feel free to suggest the most radical ideas you have - that's why I love the show! Some background on myself: I'm 28 years old living in Singapore. My marginal tax rate is 7% but we are forced to contribute 20% to our own tax-free housing/medical/retirement accounts. Annual take home salary (post taxes and retirement etc contributions) is about USD$50,000. Invested USD$60,000 in semi diversified stocks, ETFs and REITs. USD$20,000 in alternative non-publicly traded investments. Have 6 months emergency fund. Have a 30 year level term insurance for USD $400,000. Time horizon: >20 years. I consider myself an aggressive investor willing to take large risk on small sums of money for the potential return, if the mathematics are in my favor (eg NO lotteries, YES to EM stocks). I know it's hard to provide investment suggestions without knowing the nuances of each individual situation. Right off the bat I know I should be focusing on: increasing my salary/earning potential and starting a side business. Should I be getting more insurance coverage? Should I be maxing out retirement accounts when my marginal tax rate is only 7%? Is there anything else I'm missing? As a goal oriented person (and my goal is to reach FI fast!), I can't stand the fact that my money is idling in my savings account earning a negative real rate of return. Keep doing great work!
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
From time to time, I receive questions from listeners about the equipment that I use to produce my show. I also get questions about the mistakes I've made and what I would do differently if I were to do it over again.
Today, I share the workflow that I use to create my show and some of the lessons I've learned in 200 episodes of podcasting.
This show does not contain any specific financial planning or personal finance content. It does include a discussion of my thought process in creating the show and how I selected my Unique Selling Proposition for the show.
Resources mentioned:
- I use a Heil PR-40 Dynamic microphone. If I were to do it over again, I would simply use an Audio-Technica ATR2100 Dynamic microphone.
- I use a Behringer mixer and a Roland R-05 audio recorder. If I were to do it over again, I would buy the Zoom H6 audio recorder.
- I also have two Shure SM7B Dynamic microphones for my mobile interview kit.
- Cliff Ravenscraft's podcast workflow.
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patren! http://radicalpersonalfinance.com/patron
Today, we continue the life insurance series with the valuable background of whole life insurance. Exciting stuff!
This show is an introduction to the various product features and design ideas. We cover:
- Ordinary life insurance
- Limited pay life insurance
- Cash values
- Policy loans
- Nonforfeiture or Surrender Options:
- Surrender for cash value
- Reduced amount of paid-up whole life
- Paid-up term
- Annuity or retirement income
- Policy conversion
- Participating versus nonparticipating policies
- Policy dividend options
- Cash
- Applied to premium
- Used to purchase more insurance (fully paid up)
- Left with insurer to earn interest
- Used to purchase more insurance (term)
- To overpay premiums until policy is fully paid up
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I received a question from a listner which I decided to answer for you on today's show:
- Joshua: So, this is a "fun question" that everyone loves to fantasize about. I hope it will be fun for you to answer, but it could have a really boring answer, but I'm sure you'll surprise me somehow!
- What would you do if you won the lottery?
- As a financial planner, what advice would you give to a client who had won the lottery? What would the most optimal tax strategy be? Do you take the payments or the lump sum? Would the up-front tax hit be worth it for the long term capital gains? -Micah
So, today I tackled the question! Be prepared...my answer is a bit different from many people's answers to this question.
I do share very specifically with you what I would do. I share what I would buy and what I would invest in. But, I felt it was important to go ahead and address a few of the reasons why I feel the way I do.
This show is very personal to me and it involves a lot of how I see the world. I hope you enjoy it!
The show is divided into three parts. Feel free to pick and choose if you want to, but give it a shot listening straight through:
Enjoy!
Joshua
- End the Government's Lottery Monopoly - Daily Beast
- History of Gambling in the United States
- 2,350 Bible Verses on Money
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Today, I have a tightly focused show for you with a few key points from the CFP® Board curriculum. You will need this information on the CFP® Board exam and it will be useful for you as an individual.
First, I share with you how to choose between needing a 3-month emergency fund and a 6-month emergency fund.
Next, I share with you the manageable percentages of your income which you can allocate to debt payments.
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
Today, I'm cleaning out the voicemail inbox for my Friday Q&A show. Here are the questions for today:
- What strategies for student loan payoff did I forget last week?
- How do we help our young kids without enabling them?
- Thoughts on consolidating retirement accounts.
- What are the limits on retirement accounts for a stay-at-home spouse?
- Thoughts on various retirement income distribution strategies.
- Do I have additional services and options to help with coaching individual people?
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
How much do you spend each year on fuel costs for your car? What is your current mileage per gallon?
Before you rush out and buy a new hybrid to save money on gas, consider improving your driving techniques. It doesn't cost you anything except attention and focus and it can make a substantial difference.
As an example, check out this guy who got his 3/4 ton pickup truck from an EPA estimate of 15 mpg to almost 60 mpg!
In today's show I feature 109 tips for more efficient driving. These tips come from the good folks at the Ecomodder forum.
Listen to (or read) the list, choose a couple of techniques and start practicing! Enjoy the savings and put the money to work elsewhere in your life!
Joshua
- Almost 60 MPG on a Diesel Pickup! "2,009.6 mi on one 35 gal tank ('07 Dodge Ram 2500 quad" cab) http://ecomodder.com/forum/showthread.php/double-kilotank-2-009-6-mi-one-35-a-26259.html
- 109 hypermiling / ecodriving tips http://ecomodder.com/forum/EM-hypermiling-driving-tips-ecodriving.php
- 68 vehicle mods for better fuel economy ... http://ecomodder.com/forum/fuel-economy-mpg-modifications.php
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Today, we finish out the 3-part series on preparing for layoffs in the coming recession.
Today's show will be useful to you, even if you just got notice of your layoff and didn't do anything to prepare for it beforehand.
The major theme of today's show is that you need to take appropriate action with appropriate speed. If you're stuck with little savings and no preparation, that means take massive action, now! If you've planned a bit better in advance, it means be strategic and thoughtful.
We discuss:
- The impact of self-confidence on your job hunt.
- The importance of having work now and not being unemployed for a long time.
- How to take massive action on your job hunt for quicker results.
- What types of approaches are most successful for job hunters.
- Some radical strategies you can plan for that will enable you to simply wait out and enjoy the recession instead of being stressed by it!
Enjoy!
Joshua
- Many If Not Most Employers Hunt for Job-Hunters in the Exact Opposite Way from How Most Job-Hunters Hunt for Them http://www.jobhuntersbible.com/jobs/view/what-to-beware-of-in-searching-for-job-vacan-2
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Yesterday, we talked about ways to avoid losing your job in the coming recession. But obviously there are factors beyond your control which might result in your being laid off, even though you've done everything "right."
So, you need a backup plan.
Don't wait and wonder what you'll do. Make a simple plan now for what you'll do.
Think about some different scenarios and play some mental games with yourself. That way, you'll be able to better respond to events instead of being shell-shocked by them.
Today's show covers:
- The importance of planning to avoid emotional stress when you get laid off.
- The direct impact of losing your income and how to plan for it.
- The impact that losing your group benefits can have on your financial life.
- Why you should consider establishing lines of credit before you need them.
- How you can stockpile both money and the simple necessities of life.
- The simple things you can do that will make it much easier to get your next job.
- The importance of proactively building and maintaining a network.
- How thinking like a consultant will help you now and help you later.
Enjoy!
Joshua
- The Queen of Versailles
- Living On Our Food Storage: One Family's Experience Of Living Without Income For A Year
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
For most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job.
If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (financial independence), losing the engine in your car will at least delay you from reaching your destination.
So, the key is plan in advance to not lose the engine. Make sure you're doing the things you need to be doing now to avoid being laid off.
Obviously, you can't guarantee that you'll never be laid off, but you can do a lot to improve your possibilities!
On today's show, we cover:
- The need to proactively improve your position within your company, your company's position within the industry, and your industry's overall prospects in advance.
- Some ways to know if you've got a big target on your back or a small target on your back with the HR people are figuring out who to cut.
- The importance of competing with your fellow employees and of collaborating and cooperating with them and why both are valuable.
- Ways to stand out and produce up to 4x the output of your fellow employees.
Enjoy the show!
Joshua
Today, I handle these four questions:
- 3:02 Joshua, I just started listening to your show and I've learned a lot already. I originally started listening because I have an interest in one day becoming a personal finance consultant, but that's a long way off, for now I just need help with a crazy student loan issue! I am currently paying almost $600 a month for a $102k student loan at 7%, couple of key things, credit is shot due to bk filed last year, the loan is with the nelnet through dept of Ed, the question is should I pay down the loan, or find an investment that will pay me $600 to offset payment? Right now the $600 is preventing me from moving forward on anything financial, I'm expecting a lump some of money in February, like $60k, I would love to invest it where I can earn $600 or more a month to offset the payment! Any ideas?
- 28:56 Joshua, I recently stumbled upon your podcast and just started listening to it from the very beginning. Your approach to each podcast has been a from a very practical point of view which I really appreciate and hence enjoy listening to it! Please keep up the great work! At the time of writing this, I just finished with the episode "rfp-0009 - Why is your house a terrible investment." I myself am in the stage of having signed a contract on a home and waiting for closing date. All through the show James and yourself have made many, many valid points. I myself have already tracked down my cost (also factoring in an average monthly maintenance expense) to owning a home in an excel spreadsheet and even-though most often than not, one usually tends to buy a home which is slightly bigger in area that the what one was renting (same with me), the numbers for buying a home vs renting still look better (to me) in the long run. I live in the slightly expensive Northern VA area. I have been renting for the last 7.5 years (in various capacities from being a full-time student to full-time employee to full-time employee + part-time student) and can definitely say that annual rent increase adds up over each year. In order to keep the rents at a reasonable rates you will have to move every 2 or 3 years. This would add moving expenses, cleaning expenses, security deposits and a peace-less mind to your rent calculations. But this has not been factored into the James' calculations. Yes, when you own a home your property taxes may also go up as the home appreciates, but this won't be as much as how much the rent would increase year-in year-out. Also your home may or may not appreciate every year for this to happen. Would like to know what your comments are to this.
- 36:09 Joshua, I have a 1 year old son and am married. My wife is in school earning her PhD. Can my wife and I create two separate 529 plans to double our tax benefits (one in my son's name and one for my wife)? Indiana's benefit is 20% tax credit ($1000 max credit). If not should we create a 529 anyway? We have the money to pay for her $30,000 education already saved to be spread over the next 3 years. Thoughts?
- 40:06 Joshua, My parents just recently started working with a fee-only financial adviser after their recent retirement. She has been doing a nice job with them so far helping them come up with their financial goals, seeing if they are able to achieve them with their current assets, and choosing the most appropriate Social Security choice for their needs and goals. I have been attending the meetings with them. Either in the next meeting or the meeting after, the question of converting their traditional IRA to a Roth IRA will come up. Other than their paid-off house, most of their portfolio is in traditional IRAs. She is of the belief that it doesn't make sense to convert any of the traditional IRA to Roth because they don't have the taxable funds to pay the necessary taxes. I'm of the opinion that since the income they currently receive from their IRAs is well under the $74,900 limit (filing jointly) keeping them in the 25% bracket, that they should convert some of it and pay the 25% tax rate before they have to start taking much larger RMDs in the future at higher tax rates. Of course that also ignores future potential tax hikes. They understand the benefits of having some flexibility for the future as well as the benefits of passing a Roth to me and my sister on their deaths (another one of their goals). The question I have is: What are the appropriate questions to ask the financial advisor as to how to look into whether converting makes sense outside of the generalities that you shouldn't because you don't have taxable funds? How do you 'run the numbers' so to speak to determine if converting is in their best interest? And also, how do you come up with that sweet spot amount in order to stay inside the 25% tax bracket and not pay taxes outside that bracket? Is that a question for a tax accountant or should a financial adviser be able to answer that question as well? Thanks for all you do.
Enjoy the show!
Joshua
- How to Evaluate Your Client's Current and Future Marginal Tax Rate
- Roth vs Traditional IRA: The Four Factors That Determine Which Is Best
- When A Roth IRA May Actually Be A Terrible Asset To Inherit
- How IRA Withdrawals In The Crossover Zone Can Trigger The 3.8% Medicare Surtax
- Why A Roth Conversion May Be A Bad Idea Even If Taxes Are Higher In The Future
- End Of Year Roth Conversions And Capital Gains Harvesting – Paying Taxes To Save Taxes
- To Roth or Not To Roth
Today we dig into the topic of trading stocks. And who better to speak with than the guy who started a "university" to teach the subject?
My guest today is Steve Burns, founder of www.NewTraderU.com.
Here's some background about Steve, directly from his About page:
"After a lifelong fascination with financial markets, Steve Burns started investing in 1993, and trading his own accounts in 1995. It was love at first trade. A natural teacher with a unique ability to cut through the bull and make complex ideas simple, Steve took to blogging and social media by founding New Trader U in 2011.
"Since then, New Trader U has attracted hundreds of thousands of visits a month, becoming the go-to resource for people wanting to build a strong, trading foundation. New Trader U offers an extensive blog resource with more than 1,000 original articles (Steve posts daily).
"Asked daily if he could mentor, Steve realized that there weren’t enough hours in the day to give everyone the attention they deserved, so New Trader 101 was born. Developed to help beginning traders survive their first year in the markets, New Trader 101 quickly became Steve’s passion."
The interview covers:
- Steve's personal story as it relates to financial independence
- His suggestions for individual investors to protect their portfolios
- Learning to manage the psychology of investing
- Teaching kids the skills of investing
Enjoy the show!
Joshua
- Steve's website and blog, New Trader University and his course "New Trader 101."
- Support Radical Personal Finance: http://radicalpersonalfinance.com/patron
Today we continue our life insurance series dig into the topic of term life insurance.
Term life insurance is an incredible financial product and extremely useful. It also has some options that are not commonly understood or explored.
We discuss:
- What is term life insurance useful for?
- Normal life insurance policy designs:
- level term insurance
- annual renewable term insurance
- decreasing term insurance
- increasing term insurance
- Key policy features:
- renewability
- convertibility
- disability waiver of premium
- reentry term insurance
- return of premium rider
- Group term insurance
- How to analyze costs
- What about those who say term insurance is the only appropriate solution?
- How to find a policy
- How to get insurance with a medical condition
Enjoy!
Joshua
- If you'd like access to the spreadsheet with return of premium rate of return calculations and the annual renewable term vs. level term discussion, support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Work Strong America podcast with Rick Seigmund.
This interview was originally released on Rick's show on February 4, 2015.
Enjoy the show!
Joshua
Links:
- Rick's Work Strong America site: http://workstrongamerica.com
- The original post of this interview on Rick's site: http://workstrongamerica.com/wsa-episode-005-joshua-sheats-interview/
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Years ago, I learned an extremely valuable thinking process from Brian Tracy called Zero-Based Thinking. Today, I share it with you.
Here's the question: Is there anything in your life that, knowning what you now know, you wouldn't get into again today if you had to do it over?
If the answer is yes, then you follow up with these questions: How do I get out? How fast do I get out?
By consistently applying this question to every area of our lives, we can avoid much of the impact of the sunk cost fallacy. As humans, we tend to want to keep doing something because we've invested a lot of time, money, or emtion into it in the past.
But, for the most part, those costs are gone. They're sunk. You can't recover them.
Rather, you have to zero the decision out, ignore the past, take the information you have today and determine if you want to continue what you're doing.
This type of thinking can be extremely challenging and freeing.
I hope it's a useful concept to you!
Joshua
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Today, we continue the Q&A blitz!
Here are the questions I cover today:
- Do you have any tips or feedback about how to factor a special needs child when planning for retirement, college, etc?. The typical advice usually is that, typical, once you have a special needs child things change as you dwell into the wonderful world of early intervention, therapies, IEPs, tax planning, etc, I used to think I would just need to change my assumptions in terms of planning for our son to be with us long way past his 18th birthday, as well as making sure we plan for after we are gone. But I’m sure I’m missing other strategies.
- I've been working at a major package delivery company for almost 26 years. I was just inducted into the circle of honor. Which means that I have gone accident free for over 25 years. Mind you I drive in New York City. I am highly trained, and pretty good at what I do. Since listening to you, and some other podcasts. I was thinking of starting my own podcast. Driving is something almost everyone does and there really aren't any podcasts on safe driving. Trust me most people don't know what they're doing. The problem I have is exactly what you went through after episode 181. I don't want to argue with people over everything that I say. I don't understand why people can't take the good, and credible information out of a conversation, and leave the bad behind. I don't agree with everything you said, but that doesn't mean I didn't pause, and think about what you were saying. Kudos to you. I'll be retiring in four years, maybe by then I won't care what anybody thinks. Since I have your attention I have a question. I have a 15 year old son. Who works for his mothers company from home. He he takes home takes home $225 every two weeks. In which she saves about 75% of that. I opened up a brokerage account for him to separate the money from savings, and checking. I spread the money out into four different ETFs. I'm trying to teach him to invest and diversify. The problem I have is he maybe using some of this money, or all of it for college. I'm afraid the stock portion could be a problem, since I know you shouldn't have money in the market you're going to need within 3 to 5 years. Would like to know your thoughts on this situation.
- During episode 181 you mentioned that you don’t have your money in the markets for moral reasons. Where do you put your money and have it grow in line with inflation or better yet beat it?
- I very much enjoy your show. I took in the marathon of show #181. Thank you for using such controversial material to make your point. There is not enough genuine debate and too much simplified propaganda from all sides in this country. One point that stood out to me from this particular show is your personal approach to investment for your own family. My question is, if your position on investing in large “Evil” public companies is so strong that you would not personally invest in them, how do you justify working in the financial industry, advising individuals on their investments in those same publicly traded companies? I’m assuming that you are or will be engaged in that financial advisory role. Could you also please touch on the investment categories that you are or will consider for your family's financial plan (generally speaking of course). Keep up the good work. Your show continues to be a source of excellent information and your delivery continues to improve!
Enjoy!
Joshua
- Support Radical Personal Finance: http://radicalpersonalfinance.com/patron
I'm continuing my Q&A blitz today. I set out to answer five questions and wound up answering two. Oh well. At least I think you'll enjoy them!
Here are the two questions I cover:
- What are your opinions regarding real estate investing? Should people invest in real estate? What percentage of the portfolio should it be? Thoughts on wholesaling? Flipping? Etc.?
- My question is can you walk us through your typical financial planning process with an average client of yours. From the initial conversation to the presentation and implementation. How do you prioritize your recommendations?
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Today, I do Q&A and answer these four questions:
- Joshua, I absolutely cannot get enough of your show. Thank you very much for the effort you put in and the thought provoking product you create! It is worth the voluntary money!I've got a very open ended question: You often talk about journaling and writing to help develop thoughts, ideas, and plans. How does one get started doing this? What should your listeners focus on when getting into the habit of journaling? How often do you write in your journal? Without any framework or place to start, I find myself wanting to move on to other activities. I know it's not a direct financial topic but I believe there is a huge amount of value to the idea of putting your thoughts down on paper and developing them and it is something I'd like to start as soon as possible. It'd be great to hear your thoughts and maybe some tactics you employ to get the most out of your journaling time. Keep up the great work, -Chris
- 19:52 Joshua, One of the biggest goals I have in my life is to become financially independent. Which is why I came across your Podcast in the first place but I am having a hard time figuring out where exactly to go from here. I just started keeping track of every penny I make and spend so that I can start to budget and plan accordingly (I know I should have done this years ago but I gotta start somewhere!) I am 26 years old and have very little experience saving. I am a compulsive spender but I know I can change my habits with the right motivation and I know that I am still young enough to make a very significant change in my life. I have tried to find something "from the beginning" in your podcast but I havn't yet found one that fits my needs. The questions that I have are things that may seem really basic to anyone who has been financially planning for a while. What do I do with my first savings? Say its only $100 dollars, do I keep it in cash at my house? Do I open a savings account and keep it there? How much should I have saved before I start looking at other options, retirement accounts, etc. Sincerely, Garion.
- 29:45 Joshua, With regard to “Your Money or Your Life” (I have been reading the book for the past few days.), is the strategy for investment/FI that the author’s put forth in Chapter Nine still valid today, in your opinion. (I apologize if you have covered this already; I am still trying to get caught up with all of your podcasts.) Please keep up the awesome work. -Daniel
- 36:35 Joshua, First off I just wanted to say I'm a huge fan of the show and your format. It's so refreshing to actually listen to an in-depth discussion of personal finance rather than all the surface level junk online:"The one easy tip for financial freedom." So I hope you never question your long format in the landscape of quick tips and 3 easy steps posts. I've been growing more interested in personal finance/investing. I'm curious if you've ever encountered or heard of families that invest together. Whether it be siblings or siblings and parents investing together. This is something I've been pondering lately. It seems this would be a smart way for families to invest and take advantage of strength in numbers. Perhaps it's not discussed because it's taboo to talk about money at that level of detail. I really have 0 experience in this area so it'd be interesting to hear what some of the benefits/challenges would be of this kind of thing or if you've personally heard of families doing this. Keep up the good work, and know that your work has had an impact on me.Regards, -Ryan
Resources:
- Jukes-Edwards, A Study in Education and Heredity
- https://en.wikipedia.org/wiki/The_Jukes_family
- Support Radical Personal Finance: http://radicalpersonalfinance.com/patron
I enjoy looking for financial planning tips from odd corners of the world. Recently, I stumbled across the book Financial Freedom aFloat: How to Pocket a Paycheck in Paradise by Charles Tuller as I was browsing the finance section in my local library.
Written for the cruising community, the book lays out some specific ideas and strategies for sailors who either need or want to earn some money to be able to afford to stay out on the water for the long-term.
I'm most intrigued by the challenge of the problem: how do you live a "dream lifestyle" without a lot of money?
The answer is multi-fold:
The last item is the most interesting to me right now.
How do you conveniently integrate work and life without feeling like an indentured servant? How do you earn and enjoy life at the same time?
The book does a good job of laying out some ideas. And, it gets better all the time. There are so many more options availalbe now in 2015 than there were in 2000, when the book was written.
Enjoy the ideas we draw and apply them to your own lifestyle--whether you'd like to cruise or not!
Enjoy!
Joshua
- Financial Freedom aFloat: How to Pocket a Paycheck in Paradise by Charles Tuller
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Today I handle your questions and comments.
Right off the bat, I respond to some of the sharp criticism of Episode 181. Perhaps it will be useful to clarify my intention with the show material.
Then, I answer these questions:
- 35:48 Dear Joshua, I have a question regarding a specific method for paying for my children's college education. Putting aside the merits of a college education in general; and putting aside thoughts that I have no obligation to pay for my children's school....let's assume that I would like to pay nearly all tuition expenses for my three daughters (ages 12, 10, 5). I see 529 plans as piggy banks that I fund, will one day need to break, spend, and never see again. However, striving to create a large enough portfolio of dividend paying stocks seems like a option in which I could pay tuition with the money strictly generated from my investments. Assuming (still a moderately big assumption on my end) that I can create the principal to generate ~$25,000 in dividends at a 4% yield, does this seem like a viable option? -Brian
- 44:04 Joshua, I am 42 years old and currently have life insurance from my employer. I'm trying to buy life insurance from one of the providers but have the following questions: Should I continue the life insurance at work even after I get from outside? Will the 2 ever be mutually exclusive? Should I search for an agent? If so, are there any websites that can help me find one? Are websites like Accuquote reliable? How else should I compare the products of various providers? -Vikram
- 1:01:52 Joshua, I wanted to ask you to consider a podcast show around radical ways to lower the cost of owning a home. Not the typical advice out there, but more along the lines of buying a property that meets your families needs but that could provide rental income to offset your mortgage too. Cash flow around homes is a large percent of take home for most families - just seems like an area that most people are not considering and could be a significant win. -Todd
- 1:20:16 Joshua, While listening to Podcast #36 you mentioned changing a 401K plan to be able to defer more than the $17.5K. Can you let me know where I can learn more about this? -Harout
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
I'm fascinated by the topic of asset protection planning. It engages my personal enjoyment of complicated, intricate planning.
It's in important area of planning. But it's also one of the most over-hyped areas filled with sleazy marketing and sleazy business practices.
How do we work through this?
Today, I introduce the topic to you in a down-to-earth, accessible way.
We'll keep a healthy sense of paranoia and a healthy sense of reality firmly together as we traipse through these topics.
Enjoy the show!
Joshua
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Every single aspect of personal finance is influenced politics, religion, and philosophy. Every law and every decision has a moral and ethical component to it.
In modern conversation, we're unaccustomed to talking about philosophy and ethics. We steer away from discussing politics and religion because we're uncomfortable with how we can have a positive relationship with another person even when we disagree.
Or, we might feel unequipped to battle in the world of philosophical or religious ideas.
The problem is that our lives are continuously influenced by others who are battling in the world of politics, religion, and philosophy. And, we're subject to the same moral/ethical code as everyone else is regardless if we want to admit it or not!
Worse still, we don't have the choice of non-participation. Every dollar of tax we pay, every item we buy, every hour we work affects the larger system in some way. By our actions we are supporting or tearing down various systems and causes.
We are either moving the systems that surround us in a certain direction or we are being moved by them.
The final horrific reality is that most of us are untrained in the fine art of sniffing out propaganda and influence. So, we are subject to it. Most of us would be content to simply sit by and live our lives quietly; it's not possible. Because you are in important pawn in others' plans for you.
Today's show is a unique experiment for me in a teaching style. Essentially, I'm trying to accomplish a few objectives in an interesting and challenging way.
I hope you enjoy the show. It's an unusual discussion but it's an important one.
I will be building on the content of this show in future episodes as we sort our way through the swamps of financial movements, theories, and conspiracies in the future.
Let the critical thinking skills commence!
Joshua
p.s., I've tagged this show with the [EXPLICIT] label because of the content and some of the words used. This show is most appropriate for adult audiences, not for children.
Links:
- Tax Freedom Day http://taxfoundation.org/article/tax-freedom-day-2015-april-24th
- Humanist Manifesto II: http://americanhumanist.org/Humanism/Humanist_Manifesto_II
- Humanist Manifesto III: http://americanhumanist.org/Humanism/Humanist_Manifesto_III
- The Overhauling of Straight America http://library.gayhomeland.org/0018/EN/EN_Overhauling_Straight.htm
- Pedophilia: A Disorder, Not a Crime: http://www.phillymag.com/news/2014/10/06/pedophilia-not-a-crime-rutgers-margo-kaplan/#Aoo1WrpEBhxWmZHb.01
- Detailed outline of "After the Ball: How America Will Conquer Its Fear and Hatred of Gays in the 90s" http://www.parentsofgaychildren.org/uploads/After_the_Ball_-_outline_by_Richard_Cohen.pdf
Today, I share with you the framework knowledge of how life insurnace policies actually work. Once you understand these basic concepts you'll be able to look at any type of insurance policy and more easily understand its use.
Topics include:
- Assessment life insurance
- Yearly renewable term life insuance
- Level premium life insurance
- The factors that affect life insurance policy pricing
- The five types of life insurance policies
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
I'm not able to record and release a new show for you today due to the rather pressing deadline of the April 15 tax filing date.
I'm finishing up my return today so I'm releasing an interview I gave on the Anarcho-Yakitalism Podcast with Nick Hazelton.
Nick is a young man who raises yaks and pigs on his farm in the Pacific Northwest. He is 16 years old.
I shared a bit of my story with him and gave him a bit of life coaching on how I think about financial planning and life planning for young people.
This show was originally released on February 24, 2015 on Nick's website.
Enjoy!
Joshua
Links:
- Nick's website: http://an-yak.com/
- Original post on Nick's site: http://an-yak.com/ep-21-financial-advice-with-joshua-sheats-anarcho-yakitalist-podcast/
- Support Radical Personal Finance! http://www.radicalpersonalfinance.com/patron
This morning, I put out a note on the Patreon page for questions from the patrons and I received four:
- 02:38 I'm currently in the "Financial Stability" stage of building wealth. Where do you recommend keeping an emergency fund &/or savings for large purchases?
- 17:36 My only major financial goal is to buy a small condo in Hollywood in about 6-7 years. I am 33 years old, single and don't plan on starting a family. I have about $170K in investments/retirement and am on track to have an additional 80-90K saved for the condo in about six years. I want to make a 50% down payment on a $200K condo (so basically a 100K down payment). My dream is to have a super low monthly mortgage payment (around $500 - 600 per month). That would be very freeing for me! I want the flexibility in life + career that low monthly expenses would give me. Am I crazy to make such a big down payment? I know its almost half of my net worth, but it feels right for my lifestyle choices. I'm tired of being stuck in the super-high trendy-city apartment renting hamster wheel ;)
- 30:19 I have a 529 for my oldest son. I am planning on transferring that to my wife as she will be going back to school in August of 2016. She is a teacher, once she graduates with a specialist degree she will receive an automatic $5,000 annual pay raise. We estimate the program will cost $15,000 and can be completed in 18 months-24 months. The 529 plan is currently invested very aggressively (based on our oldest son's age of 6). I am planning on immediately changing the investment to the guaranteed option (1-1.25%). Am I missing any other investment options? We use Georgia's 529 plan which is TIAA-CREF based. It seems an easy choice to me. What else am I missing? Any other thoughts? The current value is $12,700 and we contribute $600 per year. If we are short during the last semester or two, we plan on paying with excess cash flow we hope to save up by then.
- 40:34 If you were at a "Financial Stability" stage 3.5 in the US (debt is eliminated and about 50% of basic items are addressed) and were planning on moving overseas for 2 years (in 2 years), what steps would you take to secure your financial future?
Enjoy the show!
Joshua
- New Charter University http://new.edu/info/tuition/
- Become a Patron of the show! http://radicalpersonalfinance.com/patron
Today's show gives you the tools you need to sit down and calculate an appropriate amount of life insurance coverage for you to own.
On Episode 173, I discussed the three primary ways of calculating an appropriate amount of insurance:
This show teaches you how to calculate a Needs Analysis.
The process is simple:
What You Want - What You've Got = What You Need
In order to figure out what you want, simply make a list of everything you want for your family in case of your death.
Divide that list into:
For the income needs, decide:
Enjoy the show!
Joshua
Links:
- Episode 173: http://radicalpersonalfinance.com/173-economic-basis-of-life-insurance-and-individualfamily-uses-of-life-insurance/
- Episode 101: http://radicalpersonalfinance.com/how-to-calculate-how-much-you-need-to-save-for-your-kids-college-rpf0101/
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
By popular request, I've invited Meb Faber on the show for an interview. Meb is well known in the investment world for his contributions on tactical asset allocation and trend-following.
In the interview we cover:
- Meb's background and accidental path into the investment world
- The philosophy of business behind Cambria Funds
- How to construct an investment process for individuals
- True historical rates of return for various asset classes
- The impact of asset allocation over the long-term
- How to protect yourself from your behavioral biases
Enjoy the show!
Joshua
p.s., listen to the show for an opportunity to get Meb's most recent book for free!
Links:
- Meb's website: http://mebfaber.com/
- Cambria Funds: http://www.cambriafunds.com/
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Today I want to share a very simple concept with you regarding practical asset allocation.
If you plot your goals on a simple matrix and plot all of your investments on the same matrix, you'll more easily be able to select an appropriate investment to fund each goal.
Here's the matrix:
home-run dollars
aggressive dollars
safer dollars
-------------------> short-term -----> mid-term -----> long-term
Enjoy the show!
Joshua
Support the show as a patron: http://radicalpersonalfinance.com/patron
Friday Q&A shows are fun and today is no exception. Today I answer five questions:
Enjoy my answers!
Joshua
Links:
- Research on investors' actual returns with DFA funds.
- Vanguard's paper on the value that an advisor brings.
- Morningstar's paper on the value of an advisor.
- "Route to an $8 Million Portfolio Started with Frugal Living"
- "How Much Money Does it Take to Be in the Top 1% of Wealth and Net Worth in the United States?"
- "How Much Money Does It Take to Be In the Top 1% by State?"
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
You can’t go from broke to rich in a single step. There’s no magic fairy who will suddenly transform your financial life for you. You have to do it yourself.
But you can work your way through a path that leads to financial independence and complete abundance. That path has stages and you should celebrate your progress at every stage!
In today's show, I share with you my ideas regarding the stages of financial independence. I believe this is a useful roadmap to help you navigate from where you are to total Financial Abundance.
Stage 0: Financial Dependence
Stage 1: Financial Solvency
Stage 2: Financial Stability
Stage 3: Debt Freedom
Stage 4: Financial Security
Stage 5: Financial Independence
Stage 6: Financial Freedom
Stage 7: Financial Abundance
My challenge to you is to take these stages, understand where you are, and lay out the numbers of your own situation. How much do you need to be financially stable? What's your number for financial independence? Financial freedom?
Write it down clearly for yourself and then keep working on it!
Enjoy the show,
Joshua
Links:
- Here is the new page on the website: http://radicalpersonalfinance.com/finance-topics/stages-of-financial-independence/
- Become a Patron of Radical Personal Finance! http://radicalpersonalfinance.com/patron
At long last, we enter into the oft-requested topic of life insurance! Today's show is an introduction to the economic basis and justification for life insurance and it's also an outline of some of the uses of life insurance for individuals and families. (We'll cover business uses another day.)
You also get the joy of a bit of a sales pitch on why I love life insurance planning so much. It's truly an incredible financial product.
Life insurance is founded on the economic value that each of us provide to others and on our moral obligation to provide for our dependents.
Because each of us has an economic value that can be estimated, we can come up with some formulas to understand how much life insurance is appropriate.
The three major approaches to determining an appropriate amount of life insurance are:
The best of these methods is the needs analysis approach. It balances the need for precision and the need for simplicity quite effectively.
Life insurance can have many uses for individuals and families:
- Immediate funds:
- Cash to meet daily living needs
- Cash to pay expenses associated with death
- Cash for emergencies, repairs, or replacements
- Ongoing income:
- Spouse
- Children
- Parents
- Nondependents
- Funds to pay debts
- Funds for death taxes
- Funds for dependents' education
- Funds for trusts
- Funds for charities
- Funds for gifts
- Funds to supplement retirement income
- Funds for home health care or nursing home care
- Funds to transfer assets to a younger generation
- Funds to discreetly provide for confidential needs
Enjoy the show!
Joshua
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
Retirement planning is at the core of the financial planning profession. But, it's a very complex subject and it's tough to wrap your head around the process.
I've invited Roger Whitney, CFP®, CIMA®, CPWA®, AIF®, financial advisor and host of the Retirement Answer Man Podcast on the show today to chat about retirement from his perspective.
Roger specializes in working with retirees and prospective retirees in a formal financial planning capacity. I think you'll be intrigued by some of his perspectives.
Show topics include:
- Roger's path through the financial planning profession
- How to create a retirement plan
- How to plan for retirement when you don't have enough money
- What to do if you can't retire...or simply don't want to
- The impact of podcasting on Roger's financial planning practice
Enjoy!
Joshua
- Roger's "Retirement Answer Man" podcast: http://www.rogerwhitney.com/
- Support Radical Personal Finance! http://radicalpersonalfinance.com/patron
One of the challenges of personal finance math is the relevance of a particular scale. Sometimes you can get a massive benefit by switching to a different scale.
One famous example is the daily latte. $4 for a latte sounds about right in today's world. But if you do it every day, it adds up. To fully appreciate the impact of the seemingly small expenditure you can change the scale from daily to annual.
$4/day x 5 days per week x 52 weeks per year is $1,040/year spent on coffee. That's a lot of money!
If you're scared that I'm trying to take away your latte, don't be. I'm not! But I do want you to use and apply that tactic to the actual numbers from your financial life.
In today's show:
- Updates from my canceling the show last week so I could launch the new website! It still needs plenty of work (especially for me to go back through and properly categorize all of the past episodes) but it's functional!
- Why we need to convert to a different scale to appreciate the meaning of a number.
- Why we have problems understanding very large numbers.
- Why we have problems understanding compound interest.
- Converting from annual/monthly numbers into daily numbers.
- Converting from daily/weekly/monthly numbers into annual numbers.
- How to create factors to quickly convert numbers to a 10-year number for both one-time epenses and ongoing expenses.
- Stretching to a 40-year time period and a lifetime time period.
- Using the financial independence math based upon the 4% rule. (Multiply monthly numbers by 300 and annual numbers by 25 to know how much you need to have saved.)
- How I apply this concept to my income as well.
Enjoy the show!
Joshua
Links:
- Support the show financially! http://.radicalpersonalfinance.com/patron
I've got a double problem this week that is keeping me from releasing shows:
So, I'm releasing a couple of interviews that have been recorded with me in the past.
This one is very good. Rob is a great interviewer and he was able to get very in-depth.
This show has an in-depth discussion of the benefits and problems of financial advisors.
Rob was also able to pull some pretty personal stuff out of me from my past!
Joshua
Links:
- The original post on Rob's site: http://www.doughroller.net/personal-finance/interview-of-joshua-sheats-cfp-of-radical-personal-finance/
- Subscribe to Rob's show: http://www.doughroller.net/thepodcast/
- Support RPF on Patreon: http://radicalpersonalfinance.com/patron
I'm not able to record a normal show today, so I'm releasing a copy of an interview I conducted with Nick Loper from Side Hustle Nation.
This interview was released on February 19, 2015 on Nick's show, just in time for tax-time!
This show is a good overview of some general tax tips:
- When and why you should incorporate your business, and why most beginning side hustlers should NOT.
- How to set up a business name even as a sole proprietor.
- The types of expenses you can deduct as a side hustler.
- 3 overlooked tax savings opportunities that will get your gears turning.
- How to audit-proof your side hustle.
- A free business idea for people who get a kick out of helping people save money.
Enjoy!
Joshua
Links:
- The original post on Nick's site: http://www.sidehustlenation.com/tax-saving-tips-for-side-hustlers/
- Subscribe to Nick's show is you're interested in more ideas on making money on the side: http://www.sidehustlenation.com/itunes
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
My guest today is a veteran of financial reporting. Fred Gabriel has spent the last 17 years reporting on the financial advice industry. He began his career as a mutual fund reporter and progressed to be named the editor of Investment News in 2012.
I spoke with Fred at the Technology Tools for Today Conference and we focused our conversation on the changing landscape of financial advice. Due to the nature of his job, Fred has a front-row seat on all of the changes happening in the industry.
The interview focuses primarily on the investment advice industry but does have ideas and content which can be applied to other industries. Topics include:
- History of the investment industry and the changing appearance of financial advisory firms.
- The changing role of marketing for financial services businesses.
- The transition from large investment firm marketing to individual financial advisor marketing.
- How large firms can appeal to millenial advisors.
- How trusted are financial advisors?
- How advisors can build more trust with the general public.
- The marketing of commission-based financial advice, fee-based financial advice, and fee-only financial advice.
- The increasing transparency of the marketplace.
Enjoy the interview!
Joshua
Links:
- Fred's recent articles on Investment News: http://www.investmentnews.com/staff/fgabriel
- Support Radical Personal Finance: http://www.radicalpersonalfinance.com/patron
On Monday, I released the show on new cars vs used cars. It became clear to me while doing that show that I really needed to do an in-depth discussion of the concept of Opportunity Cost.
If you understand Opportunity Cost you can easily help people to make better decisions.
All of us make decisions based on what we value. Every transaction is based on each party involved preferring what the other has more than what he/she has.
Good decision making is largely based on simply understanding all of the options that each of us has, considering the various scenarios, and then choosing which scenario is most ideal for our circumstances.
In today's show I add some serious meat to this idea with a bunch of pertinent examples:
- Car-buying options
- College options
- Housing options
- Eating and moving options
- Options on where we live
- Family options
- And more!
At the end of the day, you control your own life. Consider your decisions carefully and simply make the decision that is best for you.
Joshua
Links:
- Support the show on Patreon: http://radicalpersonalfinance.com/patron
- Russ Robert's article on Opportunity Cost: http://www.econlib.org/library/Columns/y2007/Robertsopportunitycost.html
- 100 Countries or an SUV: http://chrisguillebeau.com/100-countries-or-an-suv/
I've brought you some shows on the concept of advancing your career by attending industry conferences.
But what about getting a double bonus by organizing the conference yourself? That way you get all the benefits you would get from attending but you get the added bonus of becoming an industry leader.
Plus, perhaps you can make some money on the event!
My guest today is Philip "PT" Taylor, founder of http://ptmoney.com/ and http://finconexpo.com/. PT started working as a CPA, transitioned to full-time financial blogger, and ultimately created one of the most well-loved financial conferences: FinCon.
The interview is a complete discussion of:
- PT's personal finance story and his journey out of debt.
- How he transitioned from working as a CPA to working as a full-time blogger.
- Where the idea for the Financial Blogger's Conference (FinCon) came from.
- How he financed the initial transition.
- How much money he made in the early years and the most recent year.
Enjoy the discussion!
Joshua
Links:
- PT's website: http://ptmoney.com/
- Details for a ticket to FinCon: http://finconexpo.com/
- Details of PT's first year of self-employment: http://ptmoney.com/self-employment-a-year-later/
- Support Radical Personal Finance: http://radicalpersonalfinance.com/patron
Ahhh, the great debate over cars! Should I buy new or should I buy used?
In reality, the answer is simple:
- What are the needs and wants you're trying to satisfy?
- Which option meets those needs for the lowest total, lifetime cost?
Choose the option that fits best.
But, of course, there are as many ways to answer those questions as there are people in the world.
Regardless of the decision you make, here are some ideas for you to consider to lower the total cost and enhance your results:
- The thought process for choosing a used car vs. a new car is no different than the decision applied to any other item that you own. We should consider new vs. used for every item that we buy. Cars are a bit unique though because of their relatively high purchase price and also because we have such an easily accessed and abundant used car market.
- We have an incredible used car market in the USA because:
- Tons of people regularly buy new cars while their old cars have lots of useful life left. If the supply weren't so plentiful, the recommendation to "buy used" would be more difficult to implement.
- Vehicles are built to a high quality with a long potential life span.
- Most vehicles are lightly used. Long highway miles on paved roads don't take a huge toll on a vehicle. If you were in a different situation, it would be different.
- For most people, the highest cost of car ownership is depreciation.
- Depreciation is calculated like this: Initial Purchase Price - Residual Value When Sold = Depreciation (your actual cost)
- To make an intelligent buying decision, carefully consider your actual needs and wants and consider the options that will fit those needs and wants.
- Think carefully about your opportunity cost. If you can save $10,000 of total cost over the lifespan of ownership, what could you spend that money on? For example, would you rather have a cheaper car and a motorcycle or just a more expensive car? Would you rather have a cheaper car and an extra $500,000 in 40 years or just have a more expensive car? The decision is up to you.
- Consider all of the costs of ownership:
- Depreciation expense
- Fuel/energy costs
- Downtime expenses (in case of repair)
- Financing costs
- Maintenance/repair costs
- Insurance costs
- Other expenses (parking spots, garage space, car wash expense, etc.)
- There are ways to mitigate each of these categories of expenses. The best situation is to find an optimized approach in each category.
- Since the biggest consideration between used and new is depreciation, here are some ideas to minimize depreciation:
- Buy a less costly vehicle. (20% depreciation on a $40,000 vehicle is a loss of $8,000 in one year. 20% depreciation on a $20,000 vehicle is a loss of $4,000 in one year.)
- Get an up-front deal. (Buy the same vehicle but buy it at a more opportune time for less. Be out of sync with the general marketplace.)
- Buy a vehicle that depreciates at a slower rate. (Look for a unique segment where you can use a vehicle that maintains its value more than the general market.)
- Take better care of your specific vehicle so that it depreciates more slowly.
- Keep your vehicle for longer. (No matter whether you buy used or new, just keep your vehicle for longer so that the impact of depreciation is lessened.)
- If you want to give a shot at havine a one-car household isntead of a two-car household, consider supplementing for your transportation needs with Uber or Lyft.
Enjoy the show!
Joshua
- Support the show! http://radicalpersonalfinance.com/patron
I'd like to share with you a look behind-the-scenes of the business of Radical Personal Finance. I want you to know why I host a daily (or at least almost-daily) podcast and why I've stuck with that, even with many people suggesting less frequency.
To be clear: I don't think you should copy what I'm doing. But perhaps if you understand why I'm doing what I'm doing you may be able to apply it to your own endeavors.
I'm creating this show for a few reasons:
- Some listeners are concerned about my pace and my ability to sustain it.
- It will be helpful for you no matter what business you're in as you can understand my thinking process as I create a new business.
- It will be especially helpful for you if you're a podcaster. I think a lot of the advice that's being given in the podcast world is bad...people say "do this" without illustrating the principles behind it. I will share with you what I'm doing and also why I'm doing it.
This show is going to sound very me-focused. It's intended to be helpful for you but I'm sharing all of my personal, selfish motivations to demonstrate my way of thinking.
My reasons:
- Fundamentally, I host my show daily because I believe the format is best for my audience. That's it. I want to be a source of daily encouragement, inspiration, and education in your life. I remember how important having a source of daily encouragement was to me in the past when I was working my way out of debt in college.
- I'm scratching my own itch. I'm creating the show I wish were there for me when I was 15 years old. I have nothing else to go on. I want one show that has unique content that makes me think. I don't want to wander around downloading from 11 different podcast feeds to scratch my itch. It's more convenient to have one but for that one to have varied content.
- I needed and still need to build the skills of a broadcaster. By doing a daily show instead of a weekly show, I have 400% more experience than I would have otherwise. That experience compounds over time. I believe it's wise to learn and then really learn by doing. I have a tremendous competitive advantage because of how hard I work at it and I have learned and improved tremendously. I have the long-term view: I'm focused on 2015 but I'm even more heavily focused on 2017. Or 2018 when the potential audience size increases massively. I need to be ready for that.
- I'm doing what I believe I'm best at. I don't feel that I'm the most creative writer. But I'm a good speaker. So, I'm focusing on my strengths. Producing lots of verbal content actually comes more easily to me than to many people.
- I have years of pent-up frustration to express.
- I have years of financial ideas that have never been publicized.
- I'm a verbal learner so the best way for me to learn is to teach.
- There is more competition in the podcast space than ever. I want to push my competitors aside in terms of audience focus. I want people to find my show, fall in love with it, and stop searching for new content. Their other feeds will run out of content. Mine won't.
- I'm modeling the success of radio and TV. Most well-known radio programs are 5 days per week. Why? Because of the normal flow and routine of our work week. Many people listen to things while they work and the 5-day work-week is common. People are used to the regular flow of content streaming in on their radio, their TV, etc. Now, there's a transition to on-demand. When you find something you like...you zero in and consume the archives.
- But, I pay careful attention to the differences between podcasting and radio. Radio is not cumulative. Radio is a "dip your toe in the water" kind of format. You'll notice that radio is always either current events or Q&A. That's great for tuning in and tuning out. Podcasts are different. I'm focusing on taking the good from radio and adjusting it for a podcast-listening audience. Some listeners listen every day almost as soon as the show comes out. Many listeners go back and listen to the archives. I try very hard not to repeat topics. There is some overlap but I'm focused on consistently fresh, new ideas.
- Format is not the answer to a problem. Content is. You should fit your format to your content and goal. There are many popular weekly programs. But I don't really enjoy many of them because I'm not interested in the content. I simply believe that the format that I've chosen is the best way for me to help my listening audience.
- I essentially have four different shows and I can't choose between them:
- A short-format Q&A show.
- An interview show.
- A technical financial planning show.
- A unique personal finance show.
- Different types of shows appeal to different audience members. My technical shows are the least popular. But some listeners only listen to them. By having a varied format I can appeal to a broader audience. My vision is to keep the content so varied that you're always interested in what tomorrow's show topic will be!
- I'm focusing on the strengths that I have: I didn't have an audience when I started. I didn't have a platform. I didn't have experience as a broadcaster. I didn't have any other content to promote. So, I can whine about it or I can focus on what I do have. What I do have is a tremendously broad interest in various topics and a tremendous depth in financial planning topics. So, I'm focused on highlighting my strengths and playing to them rather than worrying about my weaknesses.
- I'm focused on my core fans and completely focused on serving them with massive value. You always have to look at who is giving you comments and feedback. I read online feedback often about my show: Joshua's show has too many episodes. I factor it in. But just because someone in an online forum doesn't like the format...they're not paying me any money. Just expressing their opinion doesn't mean I should change because of it. I pay attention to the names of the people that send me money. I listen carefully to them. And many of them listen to every show and many of them like the daily format. In fact, many of them only send me money because of how consistently I deliver content.
- I'm focusing on bringing in new audiences. Diverse topics are good for daily listening--that's the most important thing. But they're also good for helping new listeners find me. People search google. People search itunes. Shows get linked. The more content I create on specific topics, the more findable and useful I am. Interviews are also helpful. Every time I do an interview, I have the potential to reach a new audience and attract some additional listeners. I get bored by a lot of interview-only shows. But, I think some interviews are valuable to my audience. If I did a once-a week show, I wouldn't have any interviews. Two per week feels like a good fit to me.
- I'm focusing on financial productivity of the show.
- Patreon probably shouldn't work based on the percentage of many audiences who support various creators. If you run the numbers of some of the largest Patreon campaigns, the "conversion ratio" is tiny. It averages about .03% of a listening audience who is actually supporting a creator. The percentage of the audience who is sending money to me volunatarily for my show is about 5%. I'm convinced that's because of the much closer bond I have with a daily show.
- Advertising that is based on a Cost Per Thousand (CPM) model is also based on the number of shows I produce. If I use John Lee Dumas's numbers of $43 per thousand listners per show and I calculate based on 3,000 listeners, my income potential is dramatically different based on the frequency of my show. Four shows per month, 3,000 listeners, $43 per thousand listeners and two advertisers per show comes out to to $1,032 of monthly income. 4 x 3 x $43 x 2 = $1,032/mo. But, 20 shows per month is very different: 20 x 3 x $43 x 2 = $5,160/mo. That's compelling.
- Affiliate commissions: if I'm here every day reminding you about something that I'm selling, there's a much bigger reach than if I'm talking to you once per week.
- If I'm selling my own products, it's exactly the same.
- I'm creating the job I want to have and testing it on my own time before I go and try to find it. If the podcast fails, I might go and try to compete in the financial talk radio space. I think that would be fun to do. But that format would probably be daily. I wanted to see what it would be like to follow that schedule.
I'm not committed forever to this format. I'm still experimenting. But for now, the benefits are so great in comparison to the drawbacks that I'm continuing forward.
The competitive landscape is changing. I may change in the future.
But for now, my barometer for success is the heartfelt emails I receive from committed listeners who really value my content. I'm having a connection and an impact on the community. I believe what I'm doing is working and I won't change it until I find something I believe will serve more effectively.
At this stage, I'm creating a body of content and building an audience. I might shift my focus in the future. But not yet. I understand where I am in the phase of my business and this is one piece of my plan.
Take these things and apply them to your business and life endeavors.
- What are you trying to do?
- What skills do you have?
- What is your unique selling proposition?
- How can you stand out from the competition?
- Who are your customers?
- How can you serve them?
- How can you learn from others and study them but not necessarily copy them? Model, don't copy.
- How can you focus on your strengths rather than your weaknesses?
- How can you choose yourself and choose your career?
Focus on what you can do, not on what I can do. There are many, many other things that I would love to do more than I'm doing now. I don't have the capacity yet to do them. But I can focus on what I can do. And that's working.
My format is not my pledge or my brand. My content is. If I don't have something worth saying and if I'm not prepared to deliver a show, I'm not going to waste your time.
My commitment is to the audience. To bring you an idea worth hearing that is well prepared and well presented and that is useful to you. That's my brand. Not doing a show every day.
I also don't care if a show is 3 hours long or 3 minutes long. It should be exactly as long as it needs to be to convey the point and to be effective. Sometimes that's short. Sometimes it's long. Sometimes it's being split into two or three parts.
But format does not equal content.
Enjoy!
Joshua
Links:
- Support the show on Patreon: http://radicalpersonalfinance.com/patron
This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure.
This is Part 2 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in November 2014.
The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel.
It's super fun. Erik has a great podcast that my wife and I enjoy listening to together.
Enjoy!
Joshua
- The original post on Erik's site: http://www.familyadventurepodcast.com/budget2/
- Subscribe to Erik's show if you're interested in more super fun interviews on family adventure! https://itunes.apple.com/us/podcast/family-adventure-podcast-erik/id806349037?mt=2
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure.
This is Part 1 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in October 2014.
The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel.
It's super fun. Erik has a great podcast that my wife and I enjoy listening to together.
Enjoy!
Joshua
- The original post on Erik's site: http://www.familyadventurepodcast.com/radicalfinance/
- Subscribe to Erik's show if you're interested in more super fun interviews on family adventure! https://itunes.apple.com/us/podcast/family-adventure-podcast-erik/id806349037?mt=2
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure.
This is an interview I gave that was released on September 4, 2014 on the Create My Independence Podcast with Kraig Mathias. It was the first podcast interview I ever gave after starting my show!
It has a good bit of my story as well as some various bits of advice on finance.
Enjoy!
Joshua
- The original post on Kraig's site: http://www.createmyindependence.com/2014/09/04/cmi-26-interview-joshua-sheats-radical-personal-finance/
- Subscribe to Kraig's show if you're interested in more of his content: http://www.createmyindependence.com/itunes
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
It's Friday and on Fridays, I answer your questions. If you'd like me to answer your questions, please email them to me or call them in on the website.
Question #1:
Joshua,
My father, who is 60 years of age, has become a victim of numerous scams over the last year or two. Generally, they involve him receiving calls that he won some prize and needs to wire some money (usually in $500 increments) to the West Indies, Jamaica, etc. His decision making with his finances is not good, to say the least. He continues to fall for these scams despite being told by numerous family and friends, law enforcement, and bank reps that it is a scam and he is never going to receive any "prize."
His financial situation is as follows... he receives Social Security (Disability) for around $1,400 per month. His expenses are only about $700 per month. He owns a very modest house that is paid off. Also, he has a bank IRA worth about $50,000 (earning a whopping 1.3% fixed) which is a rollover from a 401k he had when he was employed.
In my efforts to help him with his finances I got him to give me Power of Attorney and I was added as a signer on his checking account. I am able to monitor his checking account through online banking. However, I live too far away to proactively keep dad from wiring in money for these scams. All I can do is call Dad after I see he has made a large cash withdrawal from his checking account and ask what it was for. I can tell by his evasive answers that it is usually for another scam.
My question is, how can I prevent Dad from wiping out his IRA and spending all his future social security earnings on the dream of the big foreign lottery prize? Does the Power of Attorney allow me to move the IRA to another financial institution (perhaps an online broker, or something out of state). As it stands, Dad can go down to the local bank an withdraw from the IRA with ease. The account could be wiped out before I had the chance to try to talk some sense into him. Also, is there some way for me to become a custodian of the Social Security payment where I could ensure Dad's needs were met, and had the rest of the funds could go into a savings account in his name? I would welcome any other suggestions you have on this matter.
Your response would be appreciated very much!
Take care,
Jason
--
Question #2: @21:11
Joshua,
How much can one roll into a roth IRA from a traditional IRA?
Is it true that interest earned in the traditional IRA is treated as principles once rolled into the roth and can be withdrawn without the penalty after 5 years?
I really like the variety of your show. keep it up.
Best wishes,
Brad from Utah
--
Question #3: @27:11
Joshua,
A friend (22 y.o. male new grad. just starting his first engineering job) asked me if I had any good resources on investing.
Prior to his question...I sent him your "Become a millionaire working at Walmart" episode as I felt that portrayed a lot of key concepts very well. I want to recommend another episode that really embodies your take on investing which I think is very helpful....as my friend seems to think investing just means putting money in the stock market.
What would you share with him?
Dustin
--
Question #4: @38:17
Joshua,
I think I have a unique and "radical" financial situation. I figured with your unique outlook on things and the interesting nature of your show this might an interesting question for you to consider.
I want to be frozen after my legal death and reanimated later. I also want to preserve my wealth so that if/when I am brought back I will gain the benefit of at least many decades of compound interest.
My question is:
How should I fund my being frozen and how should I preserve my wealth in perpetuity after my death till my reanimation?
Details:
I currently have a 20 year term $150,000 life insurance policy. The cryonics organization is set the be the beneficiary. Upon my death they will take my body and fly it to their facility where it will be retained.
The cryonics plan that I have signed up for costs $80,000. I have added the additional $70,000 for any chartered flights that might be needed to be flown or any legal battles that might need to be fought in order to get my body.
I know that the 20 year term will expire and as I am presently 23, I (hopefully) will still be around. I was wondering what I should do long term?
I was considering just using the company's standard trust model and just pumping money into it over the 20 year period.
My insurance rep thinks I should move to a whole life policy.
What are your thoughts?
My second question is in regards to preserving my personal wealth upon death. As I will no longer be a legal person upon death, what is the best way preserve and grow my wealth over the years in such a way that I can claim it upon being reanimated? Ideally I would like to have a revival incentive in order to encourage people to revive me, something along the lines of 20% of the wealth accumulated.
What do you think the best financial instrument would be? A trust? It's a bit tricky as I will not be a legal person after death.
It's an odd question and I appreciate your help,
Thanks,
Caitlin
--
Enjoy the show!
Joshua
Links:
- Support the show: http://radicalpersonalfinance.com/patron
- Wikipedia: Rule Against Perpetuities
Years ago I heard of the concept of a hackerspace/makerspace. In essence, a hackerspace is a community-operated physical place where people can meet and work on their projects.
But, the work that can come out of those spaces is far more impressive than that description makes it sound like.
I've wanted to bring you the concept but since I'm not an expert, I needed to do it in the context of an interview. I was thrilled when a listener of the show recommended that I interview Jessica Fong, president of the South Side Hackerspace in Chicago.
In the show, Jessica shares details on:
- What hackerspaces are and some of the great things that have emerged from them.
- How their organization was started.
- Advice for others interested in founding such a venture.
Enjoy the interview!
Joshua
Links:
I spent years consuming personal finance literature and the idea of saving 10 to 20% of my income was hammered into my head. That is the standard percentage that is recommended to be saved by prudent, diligent people.
I took that number with me into my foray into the financial planning world without ever questioning it. But, somewhere around 2011 I had my world rocked by reading Early Retirement Extreme by Jacob Lund Fisker.
The most useful concept I took from that book was the huge connection between savings rates and years to financial independence.
For some reason, I never really connected the percentage of my income I was saving to the actual amount of money I had and what I could do with it. Maybe for you it's intuitive, but it wasn't for me.
Consider this. Have you thought about the fact that:
- If you save 5% if your income, you can take 1 year off every time you work 19 years.
- If you save 10% of your income, you can take 1 year off every time you work 9 years.
- If you save 20% of your income, you can take 1 year off every time you work 4 years.
- If you save 30% of your income, you can take 1 year off every time you work 2 years and 4 months.
- If you save 40% of your income, you can take 1 year off every time you work 1 years and 6 months.
- If you save 50% of your income, you can take 1 year off every time you work 1 year.
- If you save 60% of your income, you can take 1 year and 6 months off every time you work 1 year.
- If you save 70% of your income, you can take 2 years and 4 months off every time you work 1 year.
- If you save 80% of your income, you can take 4 years off every time you work 1 year.
- If you save 90% of your income, you can take 9 years off every time you work 1 year.
I never did until I read the Early Retirement Extreme (ERE) book. And it hit me like a lightning bolt.
In the ERE book, Jacob lays out a chart demonstrating the impact of savings rates on the years to retirement and it completely changed my perspective.
A year or so later the popular finance blogger Mr. Money Mustached published a post called "The Shockingly Simple Math Behind Early Retirement" in which he laid out in chart form the connection between the percentage of income saved and the years to work until retirement.
That chart is powerful.
Since reading that chart I have shared it with dozens of people to empasize the value of controling the major thing they can control, which is their level of expenses.
In today's show I share with you the details of this approach.
Enjoy!
Joshua
Links:
- The Early Retirement Extreme book, my book review on Episode 3 and my interview with Jacob Lund Fisker
- The Shockingly Simple Math Behind Early Retirement
- Become a Patron of RPF: http://radicalpersonalfinance.com/patron
Traditionally, the knowledge and skills of financial planning were learned by financial advisors on the job. Most financial advisors started as either stockbrokers or insurance salespeople and then moved into financial planning simply as an extension of their career. A common educational path was to simply take the state-required insurance licensing courses and the state-required securities licensing courses and then to take further courses (such as CLU, ChFC, CFP, etc.) only after getting started in the career.
That approach is changing. Today, there are dozens of colleges and universities around the country offering formal financial planning educational programs.
Of course, there are pros and cons to either approach. Today, we dig into some of those factors with an in-depth discussion of the academic side to financial planning with Dr. Nathan Harness.
Dr. Harness is an assistant professor of finance at Texas A&M University - Commerce. He received his Bachelor’s degree in finance from the University of Central Arkansas, Master’s degree in finance from Texas Tech University, and Ph.D. in personal financial planning from Texas Tech University.
His research interests include personal financial ratio analysis, household heuristics and wealth accumulation, and individual stock selection.
He has published in Applied Economic Letters, Financial Services Review, International Journal of Business and Finance Research, Journal of Financial Services Professionals, Financial Counseling and Planning, and the Journal of Personal Finance.
Dr. Harness has taught at the University of Georgia – Athens prior to joining TAMU-Commerce and currently teaches graduate and undergraduate courses in the areas of investments and financial management.
Enjoy the show!
Joshua
Links:
- Support the show on Patreon! http://radicalpersonalfinance.com/patron
- Dr. Harness's contact info: http://faculty.tamuc.edu/nharness/
I was very saddened to hear on Sunday night that Dr. Tom Stanley, author of the famous book "The Millionaire Next Door" and many others, died in a car accident near his home in Atlanta on Sunday afternoon.
As I reflected on the impact that he and his work had on my life, I came to realize that he probably had a greater impact on my way of thinking than any other personal finance author I can think of.
Not only did he impact my way of thinking, he impacted me personally.
I reached out to him in July of 2009 when I was trying to find resources for how to market my services as a financial advisor to the affluent.
His response was gracious and professional:
--
07/19/09
Joshua,
Can't thank you enough for your kind comments on my blog. Words like yours sustain me. Two of the best rated speeches that I have ever given were to The Top of the Table and later at the Court of the Table (as you know part of the Million Dollar Roundtable Association). Both of those speeches were recorded (audio) and, as I understand it, were distributed by The Million Dollar Roundtable. I would also suggest that you read the chapter on Beverly Bishop in my book, Millionaire Women Next Door. And also Selling to the Affluent should be very valuable to you in your work. I'll know better about my speaking programs in September. Please continue to check my website for updates. Regards and much continued success.
Tom Stanley
--
More importantly, he saved me from a very expensive mistake by suggesting a specific car for me to purchase. (Details are in the show.)
--
08/19/10
Mr. Stanley,
One very brief question: What do you think would be the best kind of car for a financial advisor to drive?
I don't believe in "status" cars. But I live and work as a financial advisor in West Palm Beach/Palm Beach/surrounding area! And here, everyone--even/especially the broke people--have status cars.
What should I do? :)
Joshua
--
08/26/10
Dear Mr. Sheats:
If I were in your position, I would buy a previously owned Chevrolet Tahoe or the GMC version in white, leather interior with tinted windows! These cars fit in each and every category of the wealthy. They are among the most popular cars within the "glittering" rich (very affluent) segments.
Regards,
Tom Stanley
--
His communication was professional, courteous, and emminently helpful. Now that I find myself in the position of a somewhat public figure, I'm striving to emulate him.
I was disappointed not to be able to get him on the show. I had reached out to him for an interview but his schedule didn't allow it at the time. I had hoped to bring him on in the future but alas, 'tis not to be.
In my tribute to him, I have prepared this episode with ten important lessons I learned from him.
Enjoy!
Joshua
Today on the show, I answer these two questions:
Joshua,
The reason why I am writing has nothing to do with finances, but career advice. Did you (or do you) provide career counseling? If not, can you at least recommend someone you trust? I thought I heard you mention on a previous show that you were involved in that line of work, unless I am mistaken and it was a guest.
Brief intro: I am 32 years old, a recent MBA graduate, and have a really unique professional background that makes career transitions exceptionally difficult.
Suppose I were a client of yours who is considering a career change at a radical 50% pay cut. There are huge financial and emotional considerations at stake. Would such a career change be consistent with my financial goals?
I have been working in a specific industry since I started fresh out of college. I have recently undergone an ideological conversion to a different system of thinking, and now face some cognitive dissonance over what I do for a living and who I do it for. I want out.
In fact, this is the reason I went back to school for my MBA a couple years ago. I thought the MBA might help me push the reset button on my career, but the job market hasn’t been kind to me. I have applied to all kinds of jobs that I’ve thought were similar enough to the work I currently do. Unfortunately, I find myself caught between a rock and a hard place: I am too old to be considered for lower-tiered, entry-level positions. I am also too inexperienced to be considered for more senior or mid-level positions. I am seen as a liability: recruiters think I won’t last very long if they bring me in at a lower level. Recruiters think I won’t last very long if I am brought into a new environment or industry. I am stuck, and I am hoping to speak to someone who can help me do two things: 1) better understand what marketable skills I have in the private sector, and 2) better understand what jobs exist that are the best match for my skills.
And it gets a little crazier: due to Non-Disclosure Agreements I have signed I cannot fully disclose the exact nature of my skills! This is perhaps the real pickle.. which makes this ordeal much harder than it would normally be for other career changers.
What are your thoughts?
-Bill
AND at 51:24
Hey Joshua,
Thanks so much for the show. It has really helped me and my fiance get our finances in order and start us thinking about how we could become financially independent. Even as a Canadian I've gotten a ton out of the show and have tried to hook as many people as I can.
I was wondering if you might be able to touch on tips and tricks for someone who doesn't earn a consistent or regular income. I do video work and while it's consistent right now, I have spent most of my working career either working every day in a month or not working at all for weeks at a time. I was just curious if there might be any wisdom you can impart on those kinds of situations.
Luckily my fiance has a very stable job and makes good money so it gives us the ability to plan at least a bit.
Thanks again for the show, I look forward to it whenever I walk the dog and on the way to work.
-Brendon
Enjoy the show!
Joshua
Links:
- SUPPORT THE SHOW ON PATREON http://radicalpersonalfinance.com/patron
- 48 Days to the Work You Love by Dan Miller. Also, see his website for more products: http://48days.com/
- Succeeding by John T. Reed
- Get a Job, Build a Real Career, Defy a Bewildering Economy by Charles Hugh Smith
- Choose Yourself by James Altucher
The financial planning industry faces many challenges. One of the major challenges has been how to effectively serve younger generations of clients.
My guest today has some ideas on how things can be done better. He set out originally to develop a different model of financial planning practice for himself and wound up creating a company dedicated to bringing the model to the world.
Alan Moore, MS, CFP, is from Bozeman, Montana. He runs a financial planning firm called Serenity Financial Consulting and is Co-Founder of the XY Planning Network.
Enjoy this discussion of:
- The challenges and benefits of working with younger clients.
- New ways to structure a financial planning business.
- How to build a lifestyle financial planning practice.
Enjoy!
Joshua
- Support the show! http://www.radicalpersonalfinance.com/patron
- Alan's firm: http://www.serenityfc.com/
- XY Planning Network: http://www.xyplanningnetwork.com/
Today, we dive into the details of Pre-Paid Tuition Programs. I'm generally not a fan of these programs and you get to hear why! (I do acknowledge that they have their uses).
This opinion (my non-fan-ness) has always been a bit challenging since I do financial planning the state of Florida...and Florida has the most popular pre-paid tution program in the country!
But, I still believe I'm right and today, I defend that belief.
Listen to the show to hear:
- Why pre-paid tuition programs are in tough financial straits.
- Why you get a negative nominal rate of return on Florida's program.
- Why college tuition prices are falling so much even if the official statistics don't reflect the reality.
Enjoy!
Joshua
- Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
- Part 1 of this 529 Plan Series: http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/
- Part 2 of this 529 Plan Series: http://radicalpersonalfinance.com/154-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-2-savings-plans/
I'm fascinated by long-term travel stories. After all, some people have to wait until they're retired to travel but some people are able to do it long before?
How? Why? What can we learn from them?
My guest today is fascinating. Greg Denning and his wife, Rachel, are living a long-term travel lifestyle. Currently, they're driving from Alaska to Argentina via Europe. Impressively, they're doing it together with their six kids!
Why are they doing it? How are they paying for it?
Tune in to the show to find out!
Joshua
Links:
- Greg and Rachel's website: www.discovershareinspire.com
Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life?
Today, I share with you 5 lessons I've learned from that example:
1. Rate of return matters
2. Time matters
3. In the beginning, it's easy to spend. That's what most people do.
4. In the beginning, the amount you save matters more than the interest rate.
5. In the end, the interest rate matters more than the amount you save.
Enjoy the show!
Joshua
Links:
https://www.patreon.com/radicalpersonalfinance
I don't think it's unfair to say that the financial planning industry is known for being a bit stuffy at times. If you ask an average person what they think of when they think of a financial planner, it's more likely to be an old, white guy in a suit and tie sitting in a mahogany-lined conference room than a young, vibrant lady with a theater and women's studies double-major. But, perhaps that's changing!
My guest today is Sophia Bera, CFP® and she's shaking up the financial planning industry! Her tagline is "I'm not your father's financial planner." And, she's certainly not. Instead of going after the retiree market, she has chosen to focus exclusively on serving Gen Y clients.
Sophia is part of a new generation of financial planner who is working to bring a different style of financial planning services to a new market.
And, she's doing it on her own terms.
In this interview, we discuss:
- Sophia's story and how a non-financial person wound up becoming a financial planner.
- How financial planning fits into Sophia's ideas for the ideal design for her own lifestyle.
- Why entrepreneurship is the new job security for millenials.
- How the financial planning industry is dealing with its reputation of being filled with old, white men.
Enjoy!
Joshua
Links:
- Sophia's website: http://genyplanning.com
http://Patreon.com/RadicalPersonalFinance
We continue our Masterclass on 529 plans today. If you haven't heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You'll need it for context on today's show.
Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may not be important for you.
Topics:
- Which states give a tax deduction for 529 contributions and how much?
- Which states offer tax parity?
- How to take advantage of the 529 State Income Tax Loophole.
- How to figure out if you should take advantage of a plan with lower fees or a plan with a better deduction.
- Who should own the plan--parents, grandparents, or child?
- How do 529 plan distributions get reported?
- What are the best 529 plans to choose for each state?
- How can you get free money for college?
Enjoy the show!
Joshua
- Part 1 of this 529 Plan series: http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/
- Which states offer a 529 Plan deduction? http://www.finaid.org/savings/state529deductions.phtml
- Free money for college: http://www.fastweb.com/financial-aid/articles/free-money-for-college-savings
- Information on Individual Development Accounts: http://cfed.org/programs/idas/ida_basics/
- If this information has been useful to you, please support the show on Patreon! https://www.patreon.com/radicalpersonalfinance
http://radicalpersonalfinance.com/patron
I had the opportunity to sit down with Michael Kitces while I was in Dallas last week for the Technology Tools for Today conference for financial advisors.
Michael is, in many ways, a conference king. He speaks at 60 to 70 conferences per year. He also writes the most influential blog focused on financial advisors.
What fascinates me is the development of his career. Michael's career developed from very humble origins. He found an area of interest and then applied years of diligent effort. Years later, he has succeeded in raising his personal income by a factor of 10 through the consistent application of some basic principles.
Enjoy this peak into the development of a career and consider how you can apply the same principles to your own endeavors.
Enjoy!
Joshua
Links:
- Michael's first appearance on Radical Personal Finance: http://radicalpersonalfinance.com/the-business-of-financial-advice-opening-the-curtain-on-the-history-present-state-and-future-of-financial-advice-with-michael-kitces-rpf0092/
- How to increase your income by 1000% over the next decade: http://radicalpersonalfinance.com/rpf-0010-you-are-100-percent-responsible-for-your-income/
- Please become a Patron of the show! http://radicalpersonalfinance.com/patron
http://radicalpersonalfinance.com/patron
You've probably heard that your income is your biggest and most important tool in your wealth-building toolbox.
It is. But it's hard to see and feel that when you simply sit down and look at your net worth statement.
Today, I want to share with you a technique that has been useful for me. It's primarily a framing technique: it allows you to actually see the value of your income as compared to your current financial condition.
It's been incredibly useful to me and I hope it's incredibly useful to you!
Notes:
- Calculate the lifetime value of your income.
- Then, think about what you can do to increase that number.
- There are three primary levers to push:
- The higher your starting income, the better.
- Focus on starting from a position of strength (higher wages).
- Look for high-skill or high-education industries.
- Focus on a difficult industry. Hard work pays!
- The higher the annual increase, the better.
- Build and apply knowledge, skill, and ability.
- Be in an industry which will reward your increases.
- Look for big-jump increases by constantly job hunting.
- Establish yourself as a leader in your industry.
- Look for industries where competition is low and you can gain a competitive advantage.
- Look for exponential growth and leverage opportunities.
- The more years of income, the better.
- Start earlier. Can you simply get started now without waiting for formal credentials?
- If it's too late for you to start earlier, can you help someone young start earlier?
- Work longer. But consider if you'll be able to persist.
- Look for work that you can do for longer. (Be careful of laboring jobs or mandatory retirement programs.)
- Look for work that you'll want to do for longer. (Does it integrate with your lifestyle? Do you gain satisfaction and enjoyment from the work itself?)
- Look for work where your age and wisdom will be an advantage. (Plan ahead for ageism and be prepared to overcome it.)
- Look for work where your lifetime knowledge and experience will be an asset, not a liability.
- Your homework:
- Calculate the expected value of your life's income.
- Is it enough? Play with the variables and see what kind of alternatives you can create.
Links:
Hey amigos,
I've decided last minute to fly out to Dallas, TX tomorrow morning to attend the "Technology Tools for Today" conference for financial advisors.
There may not be a show for the next couple of days. I will do my best to release some shows while I'm there but no promises!
If you're interested in what's happening at the conference, please feel free to connect with me on Twitter https://twitter.com/JoshuaSheats or Facebook https://www.facebook.com/joshuasheats.
If any of you listners who are in Dallas would like to meet up while I'm out there, please either email me or reach out on social media.
Thanks!
Joshua
Today's show is a fabulous interview about career creation. My guest is Scott Ginsberg. Scott is most well-known for his love of name tags. He's worn a name tag every hour of every day for 5,241 consecutive days!
This decision was, in many ways, the foundation of his empire. It formed the story for his first book. Since then, he's written a total of 27 books on a variety of topics.
I'm utterly fascinated by Scott's career. You'll hear that in the interview today.
We discuss:
- Scott's utter lack of planning for his career?
- The power of a positive family environment
- The value of being remarkable
- Input vs. output vs. throughput
- The importance of excellence vs. prolificacy
Enjoy the interview! It's super fun!
Joshua
p.s., thank you to each of you who have supported the show so far on our crowdfunding Patreon campaign! We're off to a great start with 15 patrons and $280 per month! Go sign up with at least a $1/mo. pledge and you'll receive access to my brand-new 20-minute video: "A Framework for Wealth."
Links:
- Scott's website: http://www.hellomynameisscott.com/
- Also, http://nametagscott.com/
http://RadicalPersonalFinance.com/patreon
Today, we launch our brand-new crowdfunding campaign! I've closed the old Irregulars membership program and am replacing it with this new campaign.
Tune in to the show to hear:
- What worked well in the Irregulars version 1.0.
- What didn't work at all.
- Why I've felt guilty every time I've recorded a show for the last few months.
- Why I'm launching the new crowdfunding campaign.
Also, we're launching our brand new app! Go get it from the app store and let me know what you think!
Joshua
Links:
Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh?
Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company?
Perhaps it might have some advantages for you!
My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety.
Having run both types of companies, James is a great guest to introduce the topic.
Enjoy!
Joshua
Pros and Cons of a Not-for-Profit Entity
Pros
- No Corporate Income tax, often no State or Local Income Tax
- Eligible for Public and Private grants
- Donations – Cash and Non cash (e.g., batteries)
- Corporate structure / Liability protection
- Cost savings – Insurance, business license, business discounts
- People view nonprofits differently
- IRS (kinder and gentler IRS)
- Lots of free or low cost assistance
- You are a “real” business
- Volunteers
Cons
- Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose)
- Expense to setup (about $1,000)
- Lots of time to setup (IRS and State forms & waiting for approval)
- Paperwork (but applying recently got easier)
- Lack of privacy (tax returns are on Internet)
- Shared control (Board of Directors, corporate officers)
Book Recommendation:
My guest for today's show is Dr. Alice Boyes, former clinical psychologist from New Zealand. She is an expert on overcoming anxiety (her new book "The Anxiety Toolkit: Strategies for Fine-Tuning Your Mind and Moving Past Your Stuck Points" comes out next month). She also happens to be quite tuned in to the financial independence and early retirement lifestyle! She's here today to give us some practical ideas and tools for how we can overcome anxiety about investing.
The conversation includes:
- The impact that a fluid mindset vs a fixed mindset can make
- How to gain investment confidence in simple, small baby steps
- Tricks for how to get yourself to do what you know you should do.
Enjoy the interview!
Joshua
Links:
Good data is incredibly important to making good financial decisions. If you don't know where you are or where you've been, it's hard to know if you're on track and making measurable progress towards your goals.
Today I've invited Ryan Marquez CPA, MSAT on the show to give an introductory overview. Ryan is an instructor in the Masters of Taxation program at Boise State University. He also runs a bookkeeping and tax business.
Enjoy this introduction to business bookkeeping systems!
Joshua
Show Outline:
- Overall Theme
- Change Your Mind Set on Bookkeeping and Accounting
- Accounting is the Language of Business
- Don’t need an accounting degree or CPA designation
- However, should try to understand basic concepts.
- Bookkeeping = getting accounting information organized so that you can start to make better decisions about your business.
- Some information you can get out of good bookkeeping is:
- Which areas of my business make the most money?
- Getting a high level picture of expenses so you can analyze and see where costs can be cut.
- Some information you can get out of good bookkeeping is:
- Accounting Needs to Be Simple
- If you follow one rule… accounting needs to be SIMPLE.
- Two Reasons:
- Complicated provides little value.
- Large spreadsheet hard to process and takes time.
- Complicated has less likelihood of getting done.
- Entrepreneurs want to be out running their business, not sitting around doing bookkeeping and analyzing reports.
- Simple system = less time doing and analyzing numbers.
- Complicated provides little value.
- Change Your Mind Set on Bookkeeping and Accounting
- Source of Funds
- Open Business Checking Account & Credit Card
- Only run business expenses through this account AND run ALL business expenses through this account.
- Put business in this account and personal in another account.
- DO NOT mix the two.
- The reason you want to do this…
- Everything is in one place and electronic.
- Less likely to lose deductions.
- Everything will be on statements. One can go down and categorize.
- Avoids having a box of receipts that you have to sort through, figure out what is business vs. what is not, try to make sure nothing is double counted, etc…
- Everything is in one place and electronic.
- How to get a business account
- Go to a bank and open a business checking account and credit card (debit cards are fine… the point is an electronic payment method that will show up on a statement)
- Will likely need two things:
- EIN from IRS. Can do online. Will get letter by paper / electronic.
- SOS documentation. In Idaho, just fill out a one page form. The SOS will stamp and mail back.
- Only run business expenses through this account AND run ALL business expenses through this account.
- Avoid Cash
- I know a lot of people like to use cash. However, I like to recommend not using it for business purposes.
- The reason I recommend not using cash is.
- Easy to lose track of.
- Receipt could get lost, accidentally thrown away.
- Pay with wrong source of “funds” or “cash”.
- Main reason is the transaction is never recorded at all.
- Want an accurate picture of your business.
- Lose tax deductions.
- Gets more important if you have multiple businesses.
- Take what I just mentioned, and multiply it by 2 or 3 times and that’s how complicated it can be.
- Tough to remember which business it was for.
- Cash adds complexity to the accounting system.
- Doesn’t sound too complex, but it’s just one more thing you have to do / remember.
- When you’re trying to rack your brain to figure out what was paid for… it can get complex, but most importantly it can become frustrating.
- You’re most likely not going to find cash on a bank statement, which makes it harder.
- Easy to lose track of.
- Open Business Checking Account & Credit Card
- Recording the Transaction
- Use Accounting Software Such As QuickBooks / FreshBooks
- You want to do this because…
- Saves you time.
- Mainstream accounting software is made for non-accountants to be able to follow and use the software.
- Saves you time.
- You want to do this because…
- Use App or Other 'On the Go' Software
- Easy because you can pull up your phone and categorize transactions on the go.
- I’ve found people that do this almost feel like they’re not
- Easy because you can pull up your phone and categorize transactions on the go.
- Keep A Balance Sheet
- The balance sheet is important because in business you're always going to have people that owe you money or people that you owe money to. In addition, you could have sales tax, payroll tax, deposits on hand, etc… that is money you have in your bank account but you'll have to pay to someone else at a later date.
- A simple excel spreadsheet or even something like Mint that tracks your income and expenses from your bank account won't be able to track this for you
- For example, if you're thinking about taking money out of the business or getting ready to make a large investment in a piece of equipment or something, you want to make sure that the money is available and that you don't need it to pay sales tax next month or something like that.
- Some things a balance sheet is helpful for:
- Record Deposits Correctly
- Don’t want to record income that isn’t income.
- Track Accounts Receivable / Payable
- Want to keep track of who owes you money and who you owe money to.
- Inventory / Payroll Liabilities / Sales Tax
- Inventory not an expense when purchased.
- Payroll liabilities are usually withheld from employee paychecks and need to be remitted to the government at a later date.
- Sales tax is collected when product is sold and needs to be remitted to the government at a later date.
- Record Deposits Correctly
- Use Accounting Software Such As QuickBooks / FreshBooks
- Documentation / Retention
- Write on Receipts / Invoices Immediately
- Helps to document the business purpose of the expense and can capture some valuable information that's easily forgotten later.
- Why is this beneficial?
- Quickly recall the purpose and payment method for each receipt that you have.
- Most questions from an auditor or bookkeeper / accountant can be answered by looking at the receipt.
- Helpful for locating a receipt from a specific transaction in your accounting software.
- How do I do this?
- Start to get in the habit of writing on all of your receipts and invoices. You don't need a dissertation for each receipt, just a brief description. An example of a meal receipt could be, "Amanda / Todd / Michelle… discussed the marketing campaign for the XYZ product launch".
- Write on Receipts / Invoices Immediately
- Create A Filing System
- Scan All Receipts
- Electronic system can cut down clutter and could potentially be easier to find something you're looking for.
- Can be backed up in the cloud or external hard drive in case something happens to the paper file.
- I see a lot of people wanting to do a bunch of folders to keep their receipts in. Either by year, month, vendor, or what have you.
- I'm a fan of less folders because for each folder you have, that's one more folder I have to click into to see what's in there if I can't find something.
- I usually name the PDF by the date (year, month, day) and then the vendor and category.
- Some apps / software allow you to take a picture of your receipt and link it to the expense.
- Scan All Receipts
- Getting It Done
- Set Specific Time to do Books
- Either weekly or monthly. Anything over that it starts to not get done.
- Set Specific Time to do Books
My guest today is Nick O'Kelly. Nick is the co-author of Live On The Margin, a book about taking a different approach to regaining control of your time. (We previously interviewed Pat Schulte, his co-author, in Episode 50: "From an $8/hr Job After College to Financial Independence at Age 30 to 10+ Years of Global Travel With Family! Interview With Pat Schulte From Bumfuzzle.com")
Nick is a meteorologist, a pilot, a captain, and an adventurer. He's also a writer, producer, and voiceover artist.
Enjoy this in-depth interview in which we discuss:
- Nick's seemingly brilliant timing
- The advantages and drawbacks of travel
- How to learn to trade stocks
- And more!
Enjoy!
Joshua
Links:
Today, I bring to you three very fun but straightforward questions. Here they are:
Question #1: @01:56
Dear Joshua,
My wife and I are well read in the areas of index fund investing, frugal living, early retirement, and financial independence (including your podcasts). We have been on the path to early retirement for many years and we think we are there. We both have high stress jobs and want to quit to raise a child and do whatever interests us whether it brings additional income or not. We want to have a significant financial cushion, but also don’t want to be so conservative that we work years longer than necessary. We are worriers and are very conservative in our estimates.
Although we are fairly confident in our calculations for early retirement timing, we hired a fee only financial planner for an outside opinion, and the experience was positive, but we believe the timing recommended was extremely conservative (4 years from now without a child; 5-6 years from now with a child). We have a very good handle on our spending as we have been tracking it closely for several years.
The financial planner did not seem to understand our frugal lifestyle and rather than reducing our current spending by the “cost of working” that we clearly communicated, he added $15,000 per year to our current spending, which significantly changes the projections for retirement. The explanation given was to account for “unexpected expenses”, but that amounts to >$20,000 per year in excess of our retirement spending estimate below. We would be very grateful for your opinion of our plan to retire NOW, given the following data, which we have abbreviated to the most important points.
Ages: Him-45, Her-37
Debts: None (own a house and 2 cars free and clear)
Assets ($1,300,646)
$714,200 – His/Her TSP (Federal 401k)
$347,554 – Taxable Account (Vanguard Index Funds)
$216,165 – Cash/I-Bonds
$22,727 – His/Her Roth IRA
$31,000 – His Pension (starting at age 60)
$6,000 – Her Pension (starting at age 62)
(Minimum of $100,000 net after moving and downsizing our house – not included in assets total above)
Asset Allocation:
40% Total US Stock Market (Vanguard/TSP Index Funds)
12% Total International Stock Market (Vanguard/TSP Index Funds)
33% Bonds (TSP G Fund)
15% Cash (CDs)
Spending:
Current Spending: $45,000
Retirement spending estimate $37,000
*This is after removing the easily calculated “costs of working” ($10,000 in property tax!; $3,000 in gas!) and adding estimated cost of health insurance ($5000?)
Note: We will be moving from a very high cost area (suburban Chicago) to a very low cost area (rural Florida)
Question #2 @26:20
Joshua,
Came across your podcast and dig the advice/honesty.
I've read numerous articles encouraging the use of fee-based financial advisors but haven't had a lot of luck finding the right person.. discouragement set in after numerous canned responses/what seemed like aggressive sales tactics.
I made somewhat of a half ass attempt in my early 20s with regularly maxing out a roth/always contributing enough to various company 401k to get the contribution match.
I've not paid a lot of attention and recently realized I'm holding roughly 50% of my total assets in a standard savings account yielding only 1%.
Without pulling the actual figures that'd be ~90k in retirement accounts Roth/Traditional rollover and ~90k in straight up cash... terrible I know.
My question is how do i fix/prevent it? I currently have one investment property with a mortgage that's less than what it's leasing for.
I see a couple fix it options:
Buy another house
Pay down existing mortgage
Invest outside of a retirement account
I believe adjusting my 401k contribution may be a start to preventing it but what about after I max it out?
I don't mind paying for advice but what I really want is someone that's hands on/up to date.. helping me get the most out of my money.
Question #3: @46:37
Joshua
My name is Joe and I’m 24 years old. I’ve been listening to your show for a while now and really enjoy it, keep up the good work.
My question has to do with whether or not a Roth 401k is the right move for me. Currently my gross income is $58,616. This year, I’ve contributed 6% of my AGI into a regular 401k and my employer matches .80 cents on the dollar up to the first 5% of my pay. ($3,517+$2,344 = $5,861) I also contribute to my Roth IRA and will max it out at $5,500.
My employer just recently began offering a Roth 401k option and my question is whether or not it is the best move for me to make to begin contributing to the Roth vs the regular 401k? I understand the tax benefits on the front end at my young age and do believe taxes will rise in the future and also that I will hopefully be in a higher tax bracket in retirement than I am now. In my mind, the advantage of the Roth is the higher contribution limit (18k vs 5,500) but the advantage of the Roth IRA is I have it at Schwab and have lower fees and more investment options than inside my 401k. I would like to keep my net take home pay the same and am having trouble running the math to figure out which would be the better option. In addition, I have the option to do a Roth 401k conversion on the $12k that’s in my Regular 401k. Your advice would be much appreciated.
About me:
Assets: $27k in Roth IRA, $12K in 401k, $3k in taxable investment acct, $6K in savings acct, $2k in checking acct
Debts: $41,200 Federal Parent PLUS @ 7.65% and $16,500 @ 5.25%. I currently am on the standard repayment plan (10 yrs) and make an extra $100 payment each month on top of that. No credit card debt or any other type of loan, own a 2005 Camry that is paid off.
***
Enjoy the show!
Joshua
I've been looking for an expert on self-directed IRAs to bring on the show and I was thrilled to meet Kirk Chisholm at FinCon last year.
Kirk is an expert in both the self-directed IRA niche and the alternative investments world. His firm, Innovative Advisory Group, helps serve clients in this space with advice.
Self-directed IRAs can be a powerful tool in your arsenal. Just think of the magic of Mitt Romney's $100,000,000 IRA!
When you combine an IRA with alternative investments, you might really be able to work some magic.
What is an Alternative Investment?
Well, right from Kirk's site: "The term “alternative investment” has become a trendy term in the financial services industry to describe new approaches to investing. It is frequently used to describe different asset classes or investment types such as: hedge funds, structured products, managed futures, or even Timber REITs. If you describe traditional assets as stocks, bonds and mutual funds, then by contrast everything else is an alternative investment.
"We look at the term “alternative investments” differently. We take a step beyond the current industry definition and use it to describe assets or investments such as physical real estate, tax liens, physical gold and silver, structured settlements, horses, livestock, farmland, timberland, and more. We would characterize alternative investments as an asset or investment which is: not publicly traded, has a low-correlate to most traditional investments, is too small for institutional investors, is illiquid, is not easily able to be securitized, or is not reliant on the publicly traded markets to be profitable.
"The characterization of what is a suitable asset for diversification purposes is a fluid concept. Some asset classes, which have traditionally provided a low or negative correlation to other assets, have become much more highly correlated since early 2000. Asset classes such as managed futures, timberland, farmland, and certain types of hedge funds in the past did provide a low correlation to the traditional markets, however, due to a higher level of institutional interest in these areas, as well as changing market conditions, they have become more highly correlated to traditional markets. This minimizes the effects of diversification as a risk management tool."
This interview is super fun and super deep.
Enjoy!
Joshua
Links:
- Kirk's firm: Innovative Wealth
- GAO report on multi-million dollar IRAs
I designed a potential financial planning practice structure a year or so ago. It has been my backup plan if Radical Personal Finance were unable to be financially productive. (It's probably still a backup of a backup.)
In light of the Episode 139: "My Advice for People Interested In Getting Into Financial Planning," I decided to follow up with some specific ideas for a practice I considered creating.
Here are my ideas.
The show includes a discussion of:
- The problem of providing planning for middle-income households
- The idea of a planning model for a monthly fee
- How to align advisor and client incentives
- The benefits of a virtual financial planning meeting
- The importance of having a clear marketing plan for your practice
- Ideas for building trust
- The importance of demonstrating expertise
- The importance of a niche market focus
- Limitations on income with this model
Enjoy the show!
Links:
The most popular episode--by a long shot--of the Radical Personal Finance podcast is Episode 40: "Making $80k on 1/3 Acre With an Urban Farm Without Owning Land? Yes, Please! Interview With Curtis Stone."
Today, Curtis is back for another appearance.
We set out to record a show with a basic overview of how to get into urban farming with some practical steps lined out.
The first step is to get your mindset right. Although our interview got stuck on step one, it wound up being a fascinating discussion of business principles.
We discuss:
- Setting intelligent goals for urban farming
- Focusing on a triple bottom line: 1) economic 2) social 3) environmental
- The value of education and especially specific, focused education
I hope you enjoy!
Joshua
NOTE: Curtis is on the road over the coming weeks with seminars in Florida, California, Washington, British Columbia and Mexico. Details are here: http://www.greencityacres.com/events/
Links:
- Curtis's farm: Green City Acres
- Curtis's new (future) course: Profitable Urban Farming
- SoilMate.com: Local Farmers, Local Food
- Out Of Our Own Backyards: Ooooby app
- Genetic Roulette: The Gamble of Our Lives
On Fridays, I answer your questions! And, even though this is going out on Monday, I still answer your questions! :)
Today, I handle these four questions:
Enjoy!
Joshua
At this point, I'm honored to get about an email a week from someone asking about how to get into the financial planning business. Sometimes, I get multiple emails in a day!
Here are four examples that I mention on the show today:
- Hi Joshua, I consider personal finance and financial planning a hobby and I dole out my amateur advice to friends, colleagues and family. A little bit of background -- I'm 25 years old and currently working as an auditor in big 4 in my third year and I've just been early promoted to Senior Associate. The thing is I don't see myself auditing forever and I really want to get into financial planning. My plan is to start taking the courses for the CFP in May/June 2015 after my busy season is over. I feel secure in my job but I just don't love it. Do you have any advice for a 20 something wanting to transition to a career in financial planning with zero experience?
- Hi Joshua, I’m writing because I’d love to get your insight in a career as a financial advisor. A little background on myself, I’m a 28 year old CPA who has worked as an auditor at a large CPA firm for the past 4 years. I’ve been thinking about making a career change, and given my interests I’ve begun looking into possibly starting a career as a financial advisor. I really enjoy the technical side of financial planning, including the tax side of planning, but am also enjoying learning about the investing side as well. In talking with a few other people, I have heard that being a financial advisor is basically a sales job where you are asked utilize your own contacts to push financial products on. What I have heard is basically the only way to make money is to have rich friends or family to get established. I really like the fact that I could be helping people, but the cold calling/pushing financial products on people does not sound appealing. Also, I don’t believe I have the wealthy contacts needed to get established. I would love to get your insight on this matter, and to hear if the stories I hear about careers as a financial advisor are correct. Additionally, I would love to hear any recommendations you would have for somebody looking to get into a career as a financial advisor.
- Hi Joshua, In 2013 I became completely obsessed with all things finance. I first picked up books about "stock picking" because I thought that was the way to go, but within a month or two I was recommended The Intelligent Investor, and I've been going with the "boglehead" strategy since then. I have been very lucky in getting a job straight out of college that pays quite well (software industry) and since I started in July 2013 I've saved 70-80% of my take-home income. I figure within 2015 I will become "FI" at age 25. I've been listening to your podcast daily since I discovered it last month, and needless to say it has quickly become my favorite podcast. Keep up the awesome work, I listen to every new episode! I am interested in becoming a fee-only financial planner. Every time I get the opportunity to talk with someone who is also interested in finance (believe me, this is super rare!) I get very excited. Nothing makes me happier, basically. I have a bachelor's degree in Computer Engineering right now. I am wondering, what is the shortest path that I could take to get to the place where I can "hang out a shingle" and start advising people for a small fee? I am not interested in charging for "assets under management"; I simply want to share knowledge with people so they can make their own investments and financial decisions. I want to do the opposite of most advisors basically! I'd be okay charging very little money for just a consultation, because I will be FI. You mentioned in one episode that you got a master's degree in financial planning, and I know you need the CFP certification. With just my bachelor's degree, could I get this CFP and start taking clients? Or would I need other certifications as well?
- Hi, Joshua, I have realized over time that I am a poor candidate for the traditional early retirement, and instead, would like to focus my next 15-17 years (roughly age 52-67) on doing something that I like--be it an administrator in a medical business that I believe in, being a health coach for middle age guys trying to get back into shape, or opening a gelato shop in my neighborhood. Actually, my dream job would probably be selling tickets in a booth at a ski resort! Maybe later... I have also thought about becoming a personal finance coach or advisor for docs. I see them make stupid mistakes all the time. I could probably do a series of podcasts on stupid things my partners have done.
It's a great question and there are a bunch of ways to answer it. I decided for today to focus on the big picture answer which is primarily about having a good fit between your skills, your firm, your firm's abilities, and your prospective clients.
I might do another show on the actual steps needed to set up a firm if you want to do it independently.
In this show I go through:
- Historical practice models for financial planning
- Current practice models
- The importance of sales and sales skills
- Why you need to know what you bring to the table as a planner
- The importance of a great marketing plan
- The importance of a solid transition plan
- The importance of gaining clarity on what you want to do, who you want to work with, and how you want to work with them
Enjoy!
Joshua
We're continuing our college series with an in-depth discussion of 529 plans.
529 plans are incredibly popular in all their permutations. (Many people who are currently participating in a 529 plan don't actually realize it because they refer to it as a pre-paid tuition program.)
They're also under attack. President Obama's most recent budget proposal targeted them for change. (It also targeted Coverdell ESAs.)
Personally, I think 529 plans are often misused and mis-applied. The majority of the mass affluent who participate are simply not getting a huge benefit in exchange for giving up the freedom and flexibility of the money.
But, there are a number of things that can be done with these accounts that are really unique.
Enjoy part 1 of our class today and learn:
- What the differences are between various types of 529 plans.
- Who they're a great fit for.
- How to use them to pay for travel and real estate tax-free.
- The history of the legislation affecting these accounts.
Enjoy!
Joshua
Links:
As we rattle around and around the iron triangle of wealth (income, expenses, and intelligent use of the difference), we come today to the topic of income. Specifically, how can you create some extra income?
The world is changing and there are more opportunities to earn some money from a side project than ever before. No longer are you limited to throwing papers early in the morning or delivering pizzas in the evening; now, you can work in all kinds of interesting ways with people from all over the world.
Listen to today's show and enjoy some of the ideas. But, if none of the ideas appeal to you, use them as a jumping off point and create your own idea.
Enjoy!
Joshua
Links:
We need to get into some economics today and I'm going to do some prognosticating. This is a very rare event on the show, so here goes!
Prediction: there will be a global recession in the future. And gas will go up to $20/gallon.
Now that we have that out of the way, let's talk about what we can do to get ready for it! After all, that's the only thing that likely matters to you or me.
One of the keys to being financially successfully over the long term is to avoid the big mistakes. One big mistake (of many) might be getting laid flat by the coming recession and increase in gas prices.
Today I share with you some thoughts on some of the things you can do today to prepare for this eventuality.
I hope these ideas are useful to you!
Joshua
Links:
- "Consumer Prices in U.S. Drop Most in Six Years as Fuel Falls"
- "If the Price of Gas Matters to Your Family Budget, You Are Doing it Wrong"
Today's show is a bit of a pep talk--for you but also for me!
We are taught by society to compare ourselves with other people. Even though we're all supposed to be "unique and different, we're really not. After all, we're measured on our weight as a baby (compared to all other babies), our grades as a student (compared with our class ranking), and the amount of money we make and have (thus defining us as successful)!
Well, let's challenge that a bit. Sometimes we need a reminder to forget about what everyone else is doing and focus on what we're doing and why we're doing it.
Join me today for a bit of a pep talk. I hope you find it encouraging. I was encouraged as I created the show.
Joshua
Here are the influences on today's show:
Q&A continues with two very interesting questions today:
- 2:30 "Should I incorporate my business in California or in Wyoming? Also, for my son, should I establish a corporation for my 16-year-old son?"
- 33:26 "I live in Sri Lanka and have some money saved. How should I decide my asset allocation strategy?"
Enjoy the show!
Joshua
We're continuing our Q&A series this week and today I handle these two questions:
- 00:01 Melissa heard about an idea of using a HELOC to pay off your primary mortgage as a method of paying off the loan faster and saving interest costs. This was referenced in the book "Master Your Debt" and the website TruthInEquity.com.
- 38:13 Robert asks about the safety of the deferred comp plan that he and his wife participate in at her Fortune 500 Public Utitlity company.
Enjoy the show!
Joshua
When I started recording the show, I planned to answer six questions. But, after finishing the first question and realizing how in-depth the show would be if I covered all six in one show, I decided to break it out into multiple shows.
Today, I cover these two questions:
- 8:41-I'm thinking about buying life insurance on my two kids' lives. What do I need to know?
- 47:53-Will it work for me to use the 72(t) rules to retire at 50 and then change the payment terms at 59.5?
Notes-Life insurance for kids:
- This is one of the most controversial areas in finanancial planning so I'll try to fairly represent the various points of view.
- It's tough to have a low-key discussion here because it's such an emotionally intense subject.
- There are three major philosophies that I've discovered:
- Buy lots of life insurance to protect your investment in your kids.
- Few people in the US will go for this one; much of the world will understand it though.
- The reality is more and more of us will in fact be depending on our kids as we age due to many factors including the amount of savings most retirees have and financial challenges facing social security and medicare.
- Buy just the minimum amount of insurance to cover burial costs.
- The problem here is that the rich and middle class don't really need it and the poor often don't think of it and can hardly afford it.
- It's also simply not very high as a priority due to the relatively low risk. Consider this model: http://radicalpersonalfinance.com/do-i-need-insurance-a-mental-model-to-analyze-methods-of-dealing-with-risk-rpf0091/
- Buy some insurance for now and as a hedge for the future.
- Hedge for the future with an Additional Purchase Benefit.
- How to actually buy the policy?
- The advice is conflicting.
- People say to buy term policies for kids. But I've never been able to find a company that will sell a stand alone term product on a minor's life. (Let me know if you know of one, please.)
- If you're buying a big policy (#1 above) and your child is over 18, it's easy. Buy an Annual Renewable Term policy for them.
- If you're buying a big policy (#1 above) and your child is under 18, it's harder. If you want to get closer to term coverage, consider a stripped-out universal life policy. If you have the cash flow, go with a traditional whole life insurance contract. Make sure it's a contract that your kid will be happy owning forever. Shop carefully.
- If you're buying a simple burial policy (#2), do it as a term rider on another policy. You can get these at work, bundled with a banking or property and casualty insurance product, or as a rider on your own term policy.
- If you're hedging now and later (#3), buy a small whole life policy with an Additional Purchase Benefit. That way as health, hobbies, and occupations change, your child will be able to buy more insurance if necessary. Shop carefully.
Notes-72(t) Calculations
- Use this calculator to get an indication of the numbers: http://www.dinkytown.net/java/Retire72T.html
- IRS info: http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Substantially-Equal-Periodic-Payments
I read a lot of financial advice from many different perspectices. I also frequently am asked about financial advice. "Is this a good idea?" "What do you think about this investment idea?"
Over the years, I have noticed that I have developed a filter that many people don't have: I view all financial advice through a filtering lens of scale.
When I hear advice, I don't immediately accept is a blanket statement; rather, I think, "what type of household profile would this be appropriate for?"
When I talk to someone who's asking for financial advice, I try to ascertain where they are in their financial journey so I can give them the most appropriate advice.
Having this filter helps me to give advice that matters. It also helps me to coach myself more effectively by identifying where I am in my own journey so that I can focus on the things that are most appropriate for me.
In today's show I share with you many examples, including:
- Buying large commercial real estate can be a great investment. But is it right for you? Should you be buying low-dollar mobile homes instead?
- Investing in low-dollar real estate can be great. But is it right for you? Should you be buying larger commercial projects instead?
- Investing in stocks of publicly traded companies can be a great plan. But is it right for you? Should you be investing in the tools of your trade or business so that you can be more effective at work?
- Investing in the tools of your trade or business can be a great idea. But is it right for you? Has it reached the point of diminishing returns and now you'd be better served by investing in the stocks of publicly traded companies to get you closer to your financial goals?
- Etc.
Enjoy the show!
Joshua
I like the change of the calendar year. It's a convenient time to sit down and take an inventory of where things are and assess the plans for where things are going.
2014 was an awesome year. It was certainly one of the more challenging times of my life and was filled with change of all types. But it was awesome.
2015 will be transformative. This year, I'll be heavily focused on stepping up my game and making everything I do to be world class.
I have plenty of goals. But for me, the end result of achieving a goal is less important than who I become on the way.
Also, since there's no way for me to achieve a lofty goal without developing as a person, I tend to focus less on the goal or outcome and more on the plan of what I need to learn and who I need to become.
In today's show I share with you some of my areas of focus for 2015 and some of the plans I have for my personal development.
Here are three of my areas of focus for the coming year coupled with some of my action plans for development as an example with resources:
- In order to be a world-class business owner, I need to sharpen and hone my personal productivity skills.
- Nozbe
- Action: Complete their 10-part skills course and program training videos.
- Evernote
- Action: Work through Brett Kelly's Evernote Essentials Book again
- Gleeo Time Tracker and Alarm Every 15 Minutes
- Action: Add a careful review of my time usage to my weekly review. Look for items to delegate.
- Rescue Time
- Action: Check to see if it has been improved and if it will serve my needs.
- Nozbe
- In order to be a world-class business owner, I need to strenthen my habits in these areas:
- Work from a list of prioritized importance.
- Plan each day's work in advance.
- Complete my weekly reviews, without exception.
- Complete my comprehensive monthly reviews, without exception.
- In order to be a world-class business owner, I need to establish new skills and a new comfort level with outsourcing and team building. I also need to focus on automation and systematization.
- Chris Ducker
- Read Virtual Freedom and implement/test ideas
- Read his blog archives and implement/test ideas
- Listen to his podcast archives and implement/test ideas
- Sam Carpenter
- Read Work the System again and implement/test ideas
- Read his blog archives and implement/test ideas
- Ari Meisel
- Read Less Doing and implement/test ideas
- Read his blog archives and implement/test ideas
- Listen to his podcast archives and implement/test ideas
- Tim Ferris
- Read Four Hour Workweek, Four Hour Body, and Four Hour Chef again and implement/test ideas
- Read his blog archives and implement/test ideas
- Listen to his podcast archives and implement/test ideas
- Chris Ducker
- In order to be world-class business owner, I need to build new skills with Wordpress on my site and other aspects of internet business.
- Wordpress
- Look for Wordpress training and complete
- Membership software
- Look for membership software training and complete
- Aweber
- Look for Aweber training and complete
- Look for email marketing training and complete
- Screencasts and video production
- Look for screencast solution and create presentations
- Wordpress
Enjoy!
Joshua
As we begin a new year, I think it's fitting to start with a discussion of financial independence!
My desire for all of you is that you may experience financial independence as you define it and that you may establish a workable plan this year toward its achievement.
Tim Stobbs is right in the middle of his financial independence plan. After stumbling across the idea of early retirement/financial independence, he was awakened to the possibility that an ordinary person could achieve it.
He set out a plan and started following it. He's now ahead of schedule!
Along the way, he wrote a book to teach others how to accomplish the same goal.
Topics include:
- Tim's personal plan
- Details on how to use Canadian retirement accounts to maximum effect
- Flexible work schedules and alternative working arrangements
- How financial independence (even partial) can lead to the easier achievement of other goals
- How having savings impacts the ability to get better jobs
Enjoy the interview!
Joshua
Links:
My guest today is Paul Merriman. I was introduced to Paul by a couple of listeners who requested I bring him on the show. I'm glad they did!
Paul is an experienced financial advisor. But, he did that as a retirement hobby rather than as a wealth-building strategy.
To build his wealth, Paul took over, built, and then sold a manufacturing company. After retiring in 1982, he proceeded to build Merriman, a Seattle-based investment advisory firm.
He grew the firm from nothing to $1.6B of assets under management and then sold it and retired to run his financial education site: www.paulmerriman.com.
Topics on this interview include:
- The role of goals and affirmations on Paul's journey
- What it was like to build an advisory firm in the 1980s
- What Paul's retirement schedule looks like
Enjoy the show!
Joshua
Links:
- PaulMerriman.com
- Paul's Podcast
- "Six Decisions Every Investor Must Make" - Paul's Article on Marketwatch
- "10 numbers that can change your life"
- "Who should retirement investors trust?"
- "6 steps to the ultimate retirement portfolio"
- "Retirement savers: Fine-tune your asset asllocation"
- "30 reasons to fall in love with index funds"
- "Do you have enough money to retire?"
Today, I bring you an interview with a dynamo: Eva from TeensGotCents.com.
I met Eva in New Orleans at the FinCon conference. She was attending with her mother and I was incredibly impressed with her.
Eva writes about about personal finance for a teen audience. She began at the age of 15 and she shares her own journey and also gives advice for other young people.
In the interview, we weave two themes:
Both of these themes are valuable. Frankly, I'm a bit jealous of Eva's early start in writing about the topics of personal finance. I wish I'd had the foresight to begin at her age.
Listen carefully to the story of her site and consider how you can help your children--or yourself--to start something similar. It's a really neat story.
Other topics include:
- Budgeting basics for teens
- The envelope system
- The value of attending professional conferences--especially for young people
- How to teach teens to get jobs
Enjoy!
Joshua
Links:
- Eva's blog: Teens Got Cents
- Spoken Word Performance #1: I Will Not Let An Exam Result Decide My Fate
- Spoken Word Performance #2: Why I Hate School But Love Education
Personal finance touches every aspect of life by definition. Every aspect of our life involves finance in some way.
As we make the decisions of life, we're constantly faced with cost and opportunity cost:
- Is it wise of me to allocate this $100 to a memorable evening's entertainment with my family or to set it aside toward a larger vacation fund?
- Should I use some extra money to upgrade the look and style of my wardrobe or purchase some extra books or classes to advance my knowledge?
- Am I better served by investing my money into ownership of publicly traded securities through my 401(k) account or will I get a higher return on my investment by improving the insulation of my house and upgrading my windows to an energy efficient version.
These are ultimately the decisions we face. Culturally, we usually separate these areas of life into different decisions. But we shouldn't. Each of them (and many thousands of additional options) impacts the other.
We're far better off if we view our life as a web of integrated decisions and we should be able to flow seamlessly among our different options.
My guest today does just that.
Jeff and his wife are raising a young family and are working toward financial independence together. Their personal interest in sustainability and green living has naturaly integrated with their financial planning. DIY activities and home improvement have had benefits in both areas.
Enjoy today's show!
Joshua
Links:
My guest today is Dr. Vern Poythress. Dr. Poythress is a mathematician and a theologian. Most important for this discussion, he and his wife, Diane, are parents to two children, both boys.
Dr. Poythress authored an article entitled "How I Helped My Boys to Become Christian Men," in which he outlined his family's approach to establishing a formal rite of passage for his sons to become men at 12 or 13 years old.
His formal test and qualifications for them included religious training, knowledge, and behavior, specific acts of service to others, and specific areas of wisdom needed in an adult life.
Much of this conversation is built on the Judeo-Christian tradition and Dr. Poythress outlines much of his curriculum from a religious perspective.
It's key to recognize, however, that most cultures have a rite of passage for young men and women; these ceremonies vary and many are cultural, not religious. For example, toward the end of the interview we discuss the tradition of the debutante ball, a "coming-out" party for young women.
If this concept interests you, consider designing your own curriculum based on your family's vision and values. Certainly, anything you intentionally design will be better than the negative rites of passage we currently promulgate in our culture.
Enjoy!
Joshua
Links:
My guest today is Ben Falk. Ben is a really incredible permaculture designer with a comprehensive focus.
Ben runs a planning firm called Whole Systems Design. Through this firm, he "identifies, designs, and develops human habitats - landscape and infrastructure systems - that yield perennial abundance and enduring value. These are adaptive, resilient and secure places in a future of peak oil, climate instability, and deepening economic insolvency."
They also "plan, develop, and manage land-based wealth preservation and security projects for those with the forethought to invest an abundance of present day resources to reduce their familly's vulnerability to future food, energy and other supply-chain disturbances, as well as peak-oil, climatic, economic and other events."
The interview covers a variety of topics, including:
- Ben's path from architecture to comprehensive design.
- How to approach personal lifestyle design from a systems mindset.
- How to prioritize needs and investment.
- How he heats his house, heats his water, cooks his food, and dries his clothes in Vermont with a very small amount of wood.
- How he grows 80 to 90% of his food intake.
My favorite quote from the interview: "Don't fight something that's wrong. Make a new system that makes the old system obsolete."
Enjoy!
Joshua
Links:
On Fridays, I answer your questions! I decided I didn't want to handle any of the in-depth, math-related questions today so I chose these three questions to handle.
- 1:41 - What can I do to prepare for being the executor of someone's estate?
- 16:49 - How can I reconcile the idea of being a specialist in my field with the advantages of being a generalist?
- 48:09 - What can I do to ensure a smoothe transition to a single-income household?
I hope you enjoy the show!
Joshua
Links:
Today, we welcome Jim Rawles, Founder and Editor of SurvivalBlog.com back on the show to discuss improving your lifestyle and personal resilience by moving.
We talk about optimizing your lifestyle within the United States by carefully selecting your location as well as the pros and cons of international expatriation.
Topics include:
- Ideas for playing the "State Line Jumping Game" (living in a no-income-tax state and shopping next door in no-sales-tax state).
- Brief mention of the "Five Flags Theory." In essence, the idea is that you can arrange your affairs over five different countries:
- Flag 1: Business Base-These are places where you make your money. They must be different from your personal fiscal domicile, the place where you legally reside.
- Flag 2: Passport & Citizenship-These should be from a country unconcerned about offshore citizens and what they do outside its borders.
- Flag 3: Domicile-This should be a tax haven with good communications. A place where wealthy, productive people can be creative, live, relax, prosper and enjoy themselves. Such a place should not be threatened by war or revolution and preferably should enjoy good levels of banking secrecy.
- Flag 4: Asset Repository-This should be a place from which assets, securities and business affairs can be managed anonymously by proxy.
- Flag 5: Playgrounds-These are places where you would actually physically spend your time.
- Jim's idea for "The American Redoubt"
- The Free State Project and Free State Wyoming
- Estimate your own tax savings with SaveTaxesByMoving.com
- Considerations for international expatriation:
- taxation, language skills, friendly to foreigners, strength of the economy, crime rate, climate and lifestyle, gun laws, homeschooling laws. etc/
- Discussion of Finland, the Philippines, Swizerland, New Zealand, Belize, Costa Rica, Panama, Chile, Argentina, Paraguay, Uraguay
- For more information check out the Sovereign Society and International Living
- For a Second Passport opportunity, consider St. Kitts and Nevitts
- Check out Jim's novel: Expatriates
Enjoy!
Joshua
Today on the show, I've got some last-minute tax planning ideas for you. These are all ideas and tactics that you can use in the last two weeks of 2014 to lower your income tax bill.
I hope you don't defer your tax planning to the end of December. The end of the year is far too late to start talking about the really good stuff. Good tax planning should begin before January 1.
But, these types of ideas can still be useful for you. It's possible that you've simply been too busy to do effective planning.
It's also possible you had an unexpected windfall and you need to wipe out some tax liability.
I'm here to help! :)
Let's start with the easy ones and move to the harder ones:
- Last-minute retirement account contributions.
- 401(k)s and 403(b)s are tough becausec you have to have made your contributions as you go. Consider talking to HR about diverting a bonus check into the account if you can.
- IRAs are simple. You can contribute any time until you file your return. You can contribute up to $5,500 in 2014. Don't forget about the $1,000 catch up if you're older than 50.
- Almost everyone I've ever worked with is confused by the contribution limits. Read them for Roth IRAs and Traditional IRAs.
- Little tricks for IRAs: You can make a separate payment for custodian fees, brokerage commissions, etc. in excess of the contribution limit. That will allow you to get the maximum value from the account.
- Consider establishing a an HR10/Keogh Plan or a SEP IRA.
- Keogh plans were very popular for self-employed people prior to 2001. There was a tax law change in 2001 and now they're largely replaced by SEP IRAs.
- They have the same contribution limits but the SEP paperwork is much simpler.
- A Keogh plan has to be established by the end of the year but it can be funded prior to filing your return.
- A SEP IRA can be established after the end of the year and funded after the end of the year.
- The maximum contribution is the lesser of 20 percent of earned income, less your deduction for half your self-employed payroll tax, before the deduction, or $52,000. (This winds up being 25% of net earned income after the deduction.)
- Remember that you can have one of these plans in addition to a 401(k) and an IRA.
- Don't forget about the HSA. If you're covered by a HDHP, you can make your HSA contributions any time up till you file your return. Your contribution limits are $3,300 for an individual and $6,550 for a family. Remember also that there's a $1,000 catch-up contribution for 55+. This won't save you on your employment taxes but it will save you on your income taxes.
- One final little trick on IRAs. Look to see if you'll be eligible for a saver's credit. If you're at a low income level, this might help you...even if you can't afford to save for retirement. If you need to and you want to be aggressive, you can contribute to your Roth in December, take the savers credit on your return, and then take the distribution in January. (You'll owe tax on any gain but not on the contributions/basis.)
- Consider deferring your income in other ways.
- You can enter into a binding agreement until January to defer the grant of a bonus that you would otherwise receive in December. You need to enter into the agreement before the bonus is "constructively received."
- The easy way to defer your income is if you are in business for yourself is to simply delay billing your clients until late December. You won't receive payment until the following year. Thus, no taxes in this year.
- Remember that this only works if you are a cash basis tax payer. If you are an accrual basis taxpayer in your business, you have to report the income when it is earned, not when it is received.
- If you have income from the sale of property, consider using an installment sale to defer income to a different tax year.
- Consider accelerating your expenses to lower your net income.
- In business, you can think through any end-of-year transactions you need to pay: accounts payable, conference fees, insurance premiums, marketing and advertising expenses, etc.
- Remember that you have to follow the 12-month rule.
- Consider buying equipment. In general, equipment will primarily be depreciated rather than expensed. But remember that you can make a Section 179 elect to expense up to $500,000 and then take your depreciation after that.
- Consider bunching certain expenses such as medical expenses. If you've had a lot of medical expenses this year, consider going ahead and getting your dental expenses and eye expenses taken care of and pay forward the annual premium on your LTC insurance. That may result in enough deductions to take advantage of the medical expense deduction.
- Consider accelerating your tax payments: real estate taxes, personal property taxes, and state and local income taxes. Pay them now to take the deduction. (Be careful of AMT.)
- Consider making your charitable contributions and make sure to bunch them in years that you can fully use them.
- If you're making charitable contributions, be smart about how you do it, especially with regard to your taxes. Don't only think in terms of cash.
- If you have appreciated property that you've held over 12 months, contribute it to the charity and take a deduction for the FMV. (Avoids the tax on the gain.)
- If you have loss property, sell it, take the tax loss and give the cash.
- You can take deductions for items paid by check in the current year even if you mail the check on New Year's Eve, as long as there is no reason why the check can't be cashed in January.
- Credit card charges can be taken this year even if you don't pay the bill until next year.
- Think through the tax ramifications of your relationships.
- If you're planning an end of the year or New Year's day wedding, calculate your taxes and see when you should actually schedule the marriage. Doesn't have to be the same day necessarily as the wedding itself.
- In general, marriage will only cut your taxes if one spouse works or earns almost all the income. Marriage will actually boost your taxes if both spouses work and earn good income.
- Dependents: Most people think purely about kids. There might be a planning scenario involving them. For example, if you're having a planned C-section and the safe zone covers new years, have it on 12/31. Or, if you're adopting, try to get it finalized before the end of the year.
- But, the major benefit for some of you might be if you're caring for parents. There are a bunch of detailed rules. The one I want you to focus on is if you're providing more than half of a dependent's support. Doesn't mean income...it means support. Might be worth it to bunch some of your support here at the end of the year so that you can claim them as a dependent.
- Make sure you harvest your tax losses but also that you harvest some gains. Ratcheting up your basis in your investment portfolio over time can really save money in the long run.
Is education something that we buy or something that we work for? Ever thought about that?
My guest today is Scott Young. I first heard of Scott when I watched his TEDx talk on "How to Get an MIT education for $2,000."
This interview is filled with tidbits that will be useful to you whether you're designing your own education or whether you're helping someone else with their educational plan.
Enjoy!
Joshua
Links:
I love real estate investing. I think it's one of the most accessible, realistic ways for people to grow their long-term wealth at an excellent rate of return.
Today, I'm thrilled to bring you an interview with John Schaub. John is widely renowned as one of the good guys.
John has been investing in real estate for decades. He's also been teaching the subject for decades.
He has a wealth of ideas and knowledge to share with us today.
Enjoy!
Joshua
Links:
- JohnSchaub.com
- John's Seminars
- John's recommended authors: Bill Nickerson, Jay Decima, Zuckerman (?), Al Lowry, Donald Trump, Robert Allen, Robert Bruss
Today, we have a really fun Q&A for you! I hope you enjoy!
Here are the questions I answer:
- 2:25 If I have the cash, should I pay cash for a house or invest it?
- 17:13 Should I use my Coverdell ESA to speculate on early-stage biotech stocks?
- 28:05 Should a physician try to continue a private practice with a partial ownership interest or take a full-time hospital job?
- 40:38 How can I account for the business deductions in my side business?
- 49:40 Is multi-family, multi-generational living a good idea?
- 1:03:40 What do I need to know about disability income insurance?
- 1:26:03 Which college expenses can I pay for out of my 529 account?
- 1:33:27 Why do I use different inflation rates on calculations?
- 1:39:26 What kind of account can I use to gift money to my nephew?
Enjoy!
Joshua
Links:
Today, I have a really great interview on finance from a Canadian Perspective. But make sure to listen whether you're Canadian or not.
My guest is Dan Bortolotti, founder of the Canadian Couch Potato website. He has a really great story where he began as a personal finance writer and blogger and later moved into the space of being a professional financial advisor.
We chat about:
- The value of a paying fees to a financial advisor
- The fit between PF writer and advisor
- Canadian tax law and retirement accounts
- Indexing from a Canadian perspective and similarities to the US market
- Home country bias
- And more!
Enjoy!
Joshua
Links:
The new year is fast upon us. Even though we're in the midst of the busy holiday season, this is a convenient time to consider the success and failures of this year and look forward to plans for next year.
Even though the articles you're now seeing in your feeds on "10 End-Of-The-Year Planning Ideas" can be useful, they just don't get it done because they're not focused on the core need.
The fundamental key of financial planning is to understand the process. Building wealth is a process. Achieving goals is a process. It's simple and can be readily replicated if you understand it.
It starts with a clear desired outcome. A.K.A. a goal. Or objective.
Then, it's a matter of laying out a strategy that is likely to work. And that strategy is connected with specific action steps.
And then you simply repeat the cycle over and over and over again.
Enjoy the show. I hope that it's useful for you!
Joshua
p.s., this might be a great show to share with others. Let me know if it's helpful.
Potential Journaling Prompts:
Simple Goals: What are 10 goals you'd like to accomplish during 2015? What I Want list Make a list of 30 things you want to do, 30 things you want to have, and 30 things you want to be before you die. Ideal DayThink through what a perfect day would look like for you. Describe it (in writing) with as much detail as possible. Where are you, what does it look like, who are you with, what do you do, etc. Strategic Coach Questions 1. If we were meeting three years from today, what has to have happened during that three-year period for you to feel happy about your progress? (Personally, Professionally, Financially and any other category you want to think about.) 2. What are the biggest dangers you'll have to face and deal with in order to achieve that progress? 3. What are the biggest opportunities that you have that you would need to focus on and capture to achieve those things? 4. What strengths will you need to reinforce and maximize, and what skills and resources will you need to develop that you don't currently have in order to capture those opportunities? Visioning Exercise (excerpted from Jack Canfield's "Success Principles" book This is an exercise that is designed to help you clarify your vision. Although you could do this as a strictly mental exercise by just thinking about the answers and writing them down, I want to encourage you to go deeper than that. If you do, you'll get deeper answers that serve you better. Start by putting on some relaxing music and sitting quietly in a comfortable environment where you won't be disturbed. Then, close our eyes and ask your subconscious mind to give you images of what your ideal life would look like if you could have it exactly the way you want it, in each of the following categories. 1. First, focus on the financial area of your life. What is your annual income? What does your cash flow look like? How much money do you have in savings and investments? What is your total net worth? Next...what does your home look like? Where is it located? Does it have a view? What kind of yard and landscaping does it have? Is there a pool or a stable for horses? What color are the walls? What does the furniture look like? Are there paintings hanging in the rooms? What do they look like? Walk through your perfect house, filling in all of the details. At this point, don't worry about how you'll get that house. Don't sabotage yourself by saying, "I can't live in Malibu because I don't make enough money." Once you give your mind’s eye the picture, your mind will solve the “not enough money” challenge. Next visualize what kind of car you are driving and any other important possessions your finances have provided. 2. Next, visualize your ideal job or career. Where are you working? What are you doing? With whom are you working? What kind of clients or customers do you have? What is your compensation like? Is it your own business? 3. Then, focus on your free time, your recreation time. What are you doing with your family and friends in the free time you’ve created for yourself? What hobbies are you pursuing? What kinds of vacations do you take? What do you do for fun? 4. Next, what is your ideal vision of your body and your physical health? Are you free of all disease? How long do you live to? Are you open, relaxed, in an ecstatic state of bliss all day long? Are you full of vitality? Are you flexible as well as strong? Do you exercise, eat good food, and drink lots of water? 5. Then move on to your ideal vision of your relationships with your friends and family. What is your relationship with your family like? Who are your friends? What is the quality of your relationships with your friends? What do those friendships feel like? Are they loving, supportive, empowering? What kinds of things do you do together? 6. What about the personal arena of your life? Do you see yourself going back to school, getting training, attending workshops, seeking therapy for a past hurt, or growing spiritually? Do you meditate or go on spiritual retreats with your church? Do you want to learn to play and instrument or write your autobiography? Do you want to run a marathon or take an art class? Do you want to travel to other countries? 7. Finally, focus on the community you live in, the community you’ve chosen. What does it look like when it is operating perfectly? What kinds of community activities take place there? What about your charitable work? What do you do to help others and make a difference? How often do you participate in these activities? Who are you helping? You can write down your answers as you go, or you can do the whole exercise first and then open your eyes and write them down. In either case, make sure you capture everything in writing as soon as you complete the exercise.
Financial Planning is--and should be--fully integrated with every aspect of life. Often, there are non-financial ways of hitting financial goals that are more efficient than just simply "buying the solution."
Helping your children develop their talent is one such area of focus. If you can launch a young man or woman with real, useful skills that have an economic value in the marketplace and which are aligned with their individual personality and interests, they will be far ahead of many of their peers.
This early start can launch the magical cycle of compounding earlier which can have a lifetime impact.
Consider the impact of an early start:
- If a 16-year-old can learn to earn and invest $100 per month through developing and marketing their talent, they could accumulate a nest egg at 66 of $1,746,876.07. (50 years of investing, $100/mo each month, 10% interest compounded monthly, starting with $0.)
- If a 22-year-old begins when they graduate college, they will wind up with $955,649.56 at age 66. (44 years of investing, $100/mo each month, 10% interest compounded monthly, starting with $0)
My guest is Jonathan Harris and he writes at the website www.10kToTalent.com. He is the father of 8 children and is a both a learner and an expert at developing talent in children.
Enjoy the interview!
Joshua
Links:
- Jonathan's website: 10kToTalent.com
- Jonathan's guides on helping children discover talent
- Jonathan's 13-year-old son's website: Scarab Coder
- Jonathan's 17-year-old son's website: Redding Drone
Doug Nordman is a really neat guy who has made an incredible contribution to the Early Retirement (ER) community. Known affectionately in various forums as "Nords," he contributes a rational, learned perspective on financial topics.
He and his wife both retired from the US Navy. Doug was 41 and has somehow managed to stay retired for the last decade. ;)
Join us today for a really neat discussion of the history of the early retirement movement and some of the contributions from its early leaders.
(It's not all fun and games...we do get into some technical details on early retirement as well!)
Joshua
Links:
- Doug's website: The Military Guide
- Cashing In On The American Dream by Paul Terhorst
- Early-Retirement.org
- RetireEarlyHomepage.com
- Yahoo article on Anton Ivanov (who lied about financial independence plan)
- "The Millionaire Liar" - Article from the original PF blogger who publicized his story
- The Hapless Y2K Retiree
It's Friday! That means a Q&A show for you. Today, I answer all of these questions.
Here are the questions and the time stamp for where each can be found in the episode.
Enjoy!
Joshua
Links:
- Last Pass
- Password Gorilla
- Save Taxes By Moving
- Step Transaction Doctrine
- Substance Over Form
- Garrett Planning Network
- XY Planning Network
In today's world, it's easy to find reasons for pessimism. And yet, we truly live in a time of greater abundance and quality of life than ever before.
Join me today as I share some reasons for being thankful and grateful to be alive today. It's a good time to be alive.
Joshua
Links:
Today we have a really fun interview with Steve Maxwell.
Steve is the father of eight and his three oldest sons have all purchased their houses debt-free, in their 20s, and before marriage! His younger two sons have the same vision and are on track for a similar result.
How cool is that?!
Steve is an electrical engineer by training. He left his engineering job however and now spends his time writing books and traveling the country speaking and encouraging others with his ministry organization, Titus 2.
Enjoy!
Joshua
Links:
Today, I have a really great show for you with Christopher DeLaney. Christopher and his wife have two little kids and they maintain a modern lifestyle without a car! Impressive!
Christopher is gentle, unassuming, knowledgeable, and very helpful!
Enjoy this interview!
Joshua
Links:
Well, it took a few days longer than I planned because of the fact that its 600 incredibly dense pages, but today I share with you my review and critique of Tony Robbins' new book.
This was a very challenging project for me and frankly, it simply bogged me down in research.
It's really a great book. Highly recommened. But, it also has some things I'm not imporessed with and some minor and major flaws.
The show is long and in depth and my comments are organized around these themes:
- Intro & Preamble
- Summary of the general layout of the book (16:40)
- Things this book does really well
- Major Lessons I Learned (1:52:23)
- Minor and Major Flaws in the book (2:02:00)
I hope you enjoy!
Joshua
Links:
In our current culture, it's easy to become discouraged and feel as though the American Dream is out of reach for the common person. Is it easier to achieve now than in the past? Is it harder? Let's leave that debate for another day. Frankly, it doesn't much matter in your individual situation.
What does matter is whether it's possible to improve your circumstances and to pursue your version of happiness.
My guests today are proof that the American Dream is alive and well for some people.
In many ways, Mark and Lauren Greutman embody an oft-repeated scenario. Married young, four small kids, strongly middle class circumstances, mild to moderate overspending and being stuck in circumstances that felt beyond their control.
And yet, a few years after their wakeup experience, they're in a very different place.
Mark recently left his job in the corporate world and he and Lauren now work together in the family business.
Many of the tools we talk about each day in the show were instrumental in their journey and you'll hear how they are all interwoven.
Enjoy!
Joshua
Links:
- IAmThatLady.com
- MarkandLaurenG.com
- Mark and Lauren's podcast: The Simpler Happier Life
- Lauren's book: "How to Coupon Effectively"
Today, we take a look at one of the most misunderstood and underutilized accounts in your tax-planning aresenal.
The Coverdell Education Savings Account can be incredibly useful as a tool for you to pay for:
- elementary school expenses
- secondary school expenses
- homeschool expenses (in some states)
- college expenses
- vocational school expenses
- and more!
Perhaps more importantly, there are very few things you can't use as an investment in the account. You can choose to invest in:
- real estate
- notes
- tax liens
- companies
- precious metals
- etc.
But what about the income limitations? Meaningless. You can circumvent them so easily they're utterly meaningless.
This account is constantly criticized as being useless. Check out my discussion of the details and see if it deserves the criticism.
Enjoy!
Joshua
Links:
My guest today is David Downie, an attorney from Australia. David found himself stuck in the middle of his career, frustrated at life and simply decided to quit without much of a backup plan.
Many adventures have ensued!
Since that time, David has:
- Written children's books
- Contributed to the book 1001 Beers You Must Taste Before You Die
- Travelled
- Written a book on Radical Immediate Retirement
The interview is thought-provoking in every way!
Enjoy!
Joshua
Links:
- DavidJDownie.com - David's site about his children's books.
- Radical Immediate Retirement - the site and the book
- InteraliaPublishing.com - David's site on publishing
- AustralianBeers.com - David's beer review project
- The Secret Life of Bosses - story about David in the Sydney Morning Herald
What can you do if you're feeling a bit stuck financially? Basically stuck in the rat race? Expenses about equal to income and some debt hanging on?
Well, one strategy you could pursue would be to dramatically reduce your expenses by getting rid of your stuff, downsizing into a "tiny house," and getting rid of your cars.
Today's guest did that! And it ultimately led to her being able to build a lifestyle of financial freedom through entrepreneurship.
Tammy Strobel has a Bachelors of Arts in Economics, a Masters degree in Public Administration, and a Masters of Arts in Education.
Before starting her micro-business in January of 2010, she worked in the investment management industry and in the social service sector as a peer counselor.
As an entrepreneur, she sustains herself through writing, photography, and teaching. Over the last two years, hundreds of students have taken her e-courses to explore photography, writing, and what it means to make time and space for what matters.
Enjoy the show!
Joshua
Links:
- www.RowdyKittens.com
- To explore Tammy's content, start here
- For info on Tammy's Tiny House adventures, go here
I've done a number of interviews on the show with early retirees and early retiree hopefuls. One common theme is that many of them are using traditional retirement accounts but are planning to retire before 59.5.
How is that possible without paying a bunch of penalty tax?
Today, I share with you the answer to that question.
Enjoy the show!
Joshua
Links:
- New York and California state income tax rates.
- Dinkytown 72(t) calculator
- Kitces article on Bobrow v Commissioner
It's Friday! Today, I have a Question and Answer show for you and I've decided to handle a bunch of your questions. I felt like I cheated you last week by only answering 3 questions.
Enjoy!
Joshua
Links:
There's a lot of interest in our current-day world with the ideas of survivalism and prepping. One visit to your local bookstore's magazine rack will illustrate this to you.
Economic recessions and depressions, market instability, political gyrations...all of these things contribute to a general sense of unease for many people.
What could we learn about financial planning if we applied the mindset of a survivalist to our current reality?
I'm thrilled to bring you an interview today with James Wesley, Rawles. James literally wrote the book on how to survive the end of the world as we know it, among others.
Jim has authored 6 books on the topics of modern survivalism:
Jim's blog, SurvivalBlog.com has had almost 70,000,000 unique visits since July of 2005 and is one of the most comprehensive compendiums of survival information online.
The interview covers:
- Stockpiling as a financial strategy (the "Alpha Strategy")
- Alternative investments such as precious metals, ammunition, and productive farmland
- Functioning in a barter economy
- Buying nickels for a guaranteed investment return
- Applying ethics and morals in an immoral society
Enjoy!
Joshua
Links:
Planning for a child's college expenses is a major financial goal for many parents. Unfortunately, this is an area filled with conflicting advice.
Some people feel that saving for college is a financial goal of utmost importance; others feel it's not worth the money. Many that desire to save for the goal get constantly conflicting advice on whether to do a pre-paid tuition plan, 529 college savings plan, EE education bonds, cash value life insurance policy, or any of a couple other dozen exotic ways to plan for this expense.
Today, we continue our college series by teaching how to do a calculation of the need. I teach you how to use a simple financial calculator and paper and pen and come up with a precise dollar amount to save for.
Enjoy!
Joshua
Links:
- The historical rate of inflation of college expenses
- Current cost of tuition at UF
- Previous shows in this series: Part 1, Part 2, Part 3, Part 4
- Free web version of the HP12C financial calculator for you to use
How to manually do the math for the college need on a financial calculator:
Step 1: Calculate the cost of the first year of college with a simple future value (FV) calculation.
PV = -$20,550 (cost of college today)
n = 17 (years between today and first year of college)
i = 6% (rate of inflation of college tuition)
PMT = 0
solve for FV
FV = $55,336.48 (cost of college in the first year)
Step 2: Calculate how much money you need to have available when your child is in their first year of college.
PMT = $-55,336.48 (cost of college each year)
n = 4 (four years of school attendance)
i = 1.89% (inflation-adjusted return: [(1.08 / 1.06)-1] x 100 = 1.89%
FV = 0
solve for PV (make sure your calculator is in BEGIN mode)
PV = $215,262.97 (amount needed in first year for four years' tuition)
Step 3: Calculate how much the parents need to save in either a lump sum (PV) or yearly amount (PMT) or monthly amount (PMT-convert i and n to monthly amounts).
LUMP SUM VERSION
FV = $215,262.97 (amount needed in first year for four years' tuition)
n = 17 (years between today and first year of college)
i = 8% (rate of return of investment portfolio)
PMT = 0
solve for PV (if you want a lump sum)
PV = $-58,178.90 (lump sum amount needed today to fund the cost)
YEARLY SAVINGS VERSION
FV = $215,262,97 (amount needed in first year for four years' tuition)
n = 17 (years between today and first year of college)
i = 8% (rate of return of investment portfolio)
PV = 0 (current amount of savings)
solve for PMT (if you want yearly payment amounts...look for info in a case scenario on whether to use BEGIN mode or END mode)
PMT = $-5,905.67 (yearly amount needed to fund the cost)
Today, we celebrate our 100th episode! I'm thrilled to hit this milestone!
In today's show I share with you a bit about the genesis of the show, the path we've been on so far, and why I have done it the way I have.
Additionally, I share with you my vision for the future of the show. Specifically, today I'm launching The Irregulars, my new membership support program.
Please listen to the show and understand why I've chosen a listener-support approach to earning money from the show instead of accepting advertisers, affiliate programs, etc. It will make a huge difference in the show.
Enjoy!
Joshua
Links:
- So far, the most listened to show is the interview with Curtis Stone.
- Second most listened to show is the interview with Jacob Lund Fisker.
- Third most listened to show is the Millionaire Educator interview!
Today, we continue our education series with a discussion of my ideas and vision for primary and secondary school education.
One large problem in the world of financial planning is that often parents wait too long to consider college planning. I propose that we instead consider college planning at birth and build flexible, comprehensive plans.
This show is purely about some of my ideas for my son's education. I hope you'll consider them and create your own list.
Enjoy!
Joshua
Links:
- First episode of this series: "How to Pay for College Part 1: Teach Your Baby to Read RPF0077"
- Second episode of this series "The Untold History of School That You Probably Don't Know: Interview with Brett Veinotte, Founder of the School Sucks Project" Part 1 and Part 2
- The National Center for Education Statistics: Annual Cost per Student: $12,608
- Audio Recording of "The Lost Tools of Learning" by Dorothy Sayers
- Bio of Arthur Robinson and his curriculum
This is an audio recording of Dorothy Sayers‘ well-known essay entitled “The Lost Tools of Learning.” The Lost Tools of Learning Dorothy Sayers That I, whose experience of teaching is extremely limited, should presume to discuss education is a matter, surely, that calls for no apology. It is a kind of behavior to which the […]
In today’s show we use the CFP Board’s “Job Task Domains” to frame the financial planning process as a helpful template for DIYers or as necessary information for financial planners. This framework and template is a comprehensive guide to the financial planning process, which is the method employed to get outstanding results. Beginning Announcements: It’s […]
A brief introduction to the Radical Personal Finance Podcast, its purpose and goals, and an introduction to your host, Joshua Sheats.
