ChooseFI
ChooseFI
Dec 4, 2020
275 | Board games and War Games
Play • 52 min
  • It's no secret that Brad and Jonathan's families are board game fans. One way they can typically save 20-60% on the cost of board games is by watching for price drops on Amazon using CamelCamelCamel.
  • Brad was able to save a substantial amount on the purchase of a squat rack simply by being able to stand by and wait for the price to drop.
  • Listener Liz heard about CamelCamelCamel on the podcast and added a list of board games to her watchlist. She was eventually able to purchase all of them at roughly half the list price.
  • Life may be the ultimate board game where your finances are a piece of it. When you know the rules, it makes it easy to win. Just like there are strategies for winning at Monopoly, there is an unwritten and unspoken framework for living a better life.
  • Now that 2020 is getting back to a more steady-state, it may be time to start wargaming your finances and look at your risk tolerance.
  • This year that stress-tested our investor policy statements and mindset. Perhaps you don't have the risk tolerance you thought you did. Times of stress and uncertainty are not the time to make changes. Adjustments should be made when times are calm.
  • There are different variables to consider and one of the questions to ask is “How much does your life actually cost?”. This can change over time and affect your risk tolerance.
  • A couple of years ago, Brad intentionally increased his costs by moving to a more expensive home. Though it increased costs by 40-50%, they felt the life benefits would outweigh the additional costs.
  • The only debt Jonathan has is his mortgage, reducing his structural expenses to housing, food, utilities, and insurance. He thinks even some of that could be cut down to support a survival budget if required.
  • If this year has shown us anything, it's that your income source may not be a stable as you might have previously thought. You shouldn't be dependent upon anyone.
  • There's a mindset of positivity that takes a terrible situation and figures out how to pivot. With your wargaming plans set, you can find a way out of it.
  • Brad lived through a financial calamity at 22 years old when he worked for Arthur Anderson. After the Enron scandal, his company went out of business. He witnessed others who were living on the financial edge, but because Brad lived at home and had very little debt, he was fine.
  • Jonathan says he doesn't mind spending a lot of money on an item, but he doesn't want to spend a lot of money on something that locks him into structural, recurring payments that make his life more expensive.
  • If something were to happen to his business, Jonathan is confident that with the skill set he's acquired and one year of financial runway he's saved, he would have a very soft landing. The events of the last year have him reevaluating his investor policy statement, possibly driving changes to his investment allocation to a more conservative approach now that the market is at record highs.
  • Jonathan is considering making these changes after riding the roller coaster of the last year and holding firm. Now that things are back to relative calm, he can make decisions based on knowing himself better, not based on fear.
  • In the episode with Paul Merriman, he made the case for a portfolio that weights all of the asset classes evenly. Total stock market funds are cap-weighted, meaning the top companies make up a disproportionate percentage of the total market cap. Therefore, a disproportionate amount of your money is invested in these top companies and you aren't invested as diversely as you think.
  • Jonathan has had half his money invested in a total stock market fund and half in a portfolio more similar to what Paul Merriman recommends through M1 Finance. Paul Merriman's method has gotten crushed in the last year, but over a 40 year window, it should bring higher returns. Jonathan is trying to figure out a mix that he is comfortable with.
  • Another expense area to look at are investment fees. It used to be expensive to invest, but investment costs have become much more competitive. You don't need to spend 1% on commissions and another in expense ratios. Fees have gone to near zero if you look for them. Don't let people “help” by trading on your fear.
  • War game your finances out. Think about the variables unique to you, analyze your risk tolerance, your income, your expenses, and what you have control over.
  • This year's Year-End Wins episode will be a live podcast on Dec 8th at 7:30 pm Eastern time. RSVP for the live event at ChooseFI.com/2020wins.
  • If you want to share your 2020 win, send an email to feedback@choosefi.com.
  • This week's book winner is Abbey. She turned 22 this year, is almost finished paying off $17,000 student loans and maxed out her Roth IRAs for 2019 and 2020, as well as her 403b, 457, and HSA, and broke the $100,000 mark in her first year of nursing. Congratulations, Abbey!

 

Resources Mentioned In Today's Conversation If You Want To Support ChooseFI:    
BiggerPockets Money Podcast
BiggerPockets Money Podcast
BiggerPockets
164: Attacking Your Fixed Expenses & What You Can Do to Boost Cashflow: Finance Friday with Kyle and Sarah
Kyle and Sarah are in a great position. Kyle owns a mechanic and repair shop while Sarah works a regular 9-5. Combined, they’re both bringing in a solid amount of cash flow each month, but it may be getting offset by their expenses. With monthly expenses going into the 5-figures, it’s been hard for Kyle and Sarah to get the cashflow to start their real estate investing. A few months back Kyle and Sarah began tracking their expenses, and like many people, they were shocked at what they found. Some takeout food here, some shopping there, and other random expenses were really adding up, so they started to reduce their costs. Kyle and Sarah both have made significant contributions in their retirement and investing accounts, but they could be investing a lot more and getting a lot of write offs! Scott and Mindy walk through the main expense categories that Kyle and Sarah have, breaking down what can be improved, reduced, and left alone. Like many people, Kyle and Sarah have found that with some fine-tuning to their budget, they'll be able to increase their investments, by a lot! In This Episode We Cover * Why everyone needs to track their expenses and start to budget * How to start tracking without shame * Why you should get quoted for insurance bundling every few years * The importance of contributing to your HSA (health savings account) * Why employers may want to start 401(k) programs for their employees * Whether or not a life insurance policy may be worth the money * What should and shouldn’t be a variable cost in your budget * And So Much More!
1 hr 21 min
BiggerPockets Real Estate Podcast
BiggerPockets Real Estate Podcast
BiggerPockets
437: How Your “Worst Case Scenario” Can Set You Free From a Job You Hate with Marie Forleo
Marie Forleo, world class coach, marketer, and author, grew up with a mother that did everything. Whether it was retiling the bathroom, fixing a leak in the roof, or performing electrical engineering on small appliances, her mother seemed to be able to figure out almost anything. One day she told Marie “everything is figureoutable”, which became the mantra for her career. Fast forward a decade or so, Marie is working on the floor of the New York Stock Exchange, surrounded by the mega rich. She was stressed out and felt that she wasn’t in the right place. After a prayer and a cry, Marie knew she needed to get out from a job that was slowly killing her. She made the jump and went after coaching, without any experience, money, or clients. Before she left her job she asked herself, “what is the worst case scenario if I leave”. She calculated it out, wrote it down, and realized, the worst case scenario really wasn’t all that bad. Marie strongly believes that although you can be a victim of circumstances, you should never victimize yourself and tell yourself that you “can’t” do something. Everyone has the ability to reach their full potential, but once you start putting up excuses, it’s hard to get there. “Feel the fear”, that’s what Marie told herself in those trying times, and continues to tell herself and her clients that everyday. As she puts it “Fear is really trying to tell you to move towards something”. As real estate investors, this is something we can all relate to, but often don’t put into practice. Well, now's the time to! In This Episode We Cover: * The 3 rules of “everything is figureoutable” * The power of neuroscience and how you can use it to shape your behavior * How would you behave if you were the best in the world at your job? * Changing your limiting beliefs to reach something greater * Knowing when to leave a bad job and having a plan for the worst case scenario * Feeling the fear and running towards things that scare you * Pulling yourself out of the victim trap (even if you are a victim) * And So Much More! Links from the Show * BiggerPockets Podcast * BiggerPockets book store * Everything is Figureoutable Website * Marie's B School Click here to check the full show notes: https://www.biggerpockets.com/show437
1 hr 8 min
Millennial Money
Millennial Money
Shannah Compton Game
The ABCs of How to Build Your Credit Score & Why It Matters (reboot) | Marsha Barnes
Your credit score has power and that three-digit number has a dramatic impact on your financial future. If you do nothing else this year, grab your credit score the tail and yank it up to 700+ (preferably over 740). You don’t have to go all crazy trying for an 850 score – but don’t get lazy. Even if you have a good score, it could drop tomorrow by one silly mishap. Marsha Barnes from The Finance Bar will share her best tips to get your score in check for the new year in this reboot episode. What You'll Learn * Why your credit score is a powerful piece of your financial future * How to create a better financial brand for yourself * Which credit scoring models do you need to care about * What action steps you should take this year to raise your score * How your score impacts your job and where you live * Why Marsha is so passionate about financial literacy LInks * FICO * The Finance Bar * Credit Karma * Credit Sesame Episode Sponsors Make it the year you finally cross life insurance off your list, and get protection for your loved ones. Go to Policygenius.com and get started. You could save 50% or more by comparing quotes and start the new year with one less thing to worry about. Literati Kids is a subscription book club for kids ages 0 - 12 that sends 5 beautiful children’s books to your door each hand-picked by experts. Go to http://www.literati.com/mymoney for TWENTY-FIVE PERCENT OFF your FIRST TWO ORDERS and pick your kid's book club gift today. SUBSCRIBE & SHARE Want to be the first to know when new episodes are released? Click here to subscribe in iTunes! IT’S FREE! 👉 Sign up for my weekly LET’S TALK MONEY email newsletter. ASK SHANNAH Have an Ask Shannah question, submit it here GET SOCIAL ·     Shannah on Twitter ·     Shannah on Instagram
43 min
Real Estate & Financial Independence Podcast
Real Estate & Financial Independence Podcast
Chad Coach Carson
#149 - Under Contract How a New Investor Found Tied Up His First Deal
Episode #149 - A new investor named Scott Palmer just got his first rental property under contract! This is his 3rd coaching call with Chad where you get to look over Coach's shoulders and listen to their discussion about how Scott found, analyzed, and put this deal under contract. You'll also learn some of Scott's concerns about the next steps with due diligence, financing, and closing and Chad's feedback to help him. Free Webinar with Coach "My 5-Step Process to Confidently Close on Investment Properties" - http://coachcarson.com/webinar Show notes: https://www.coachcarson.com/ep149-under-contract/ 🏘️REAL ESTATE IN YOUR RETIREMENT ACCOUNT? This is a strategy I've used successfully for years, but you've got to make sure you have a custodian that specializes in this type of investment. I personally use and highly recommend my friends at American IRA. You can watch a short video, get an information guide, or set-up a free consultation at https://coachcarson.com/americanIRA __________ 🎧SUBSCRIBE to the podcast for more episodes about how to achieve financial independence and do what matters using real estate investing! https://coachcarson.com/podcast ---------------- ▶️WATCH my YouTube channel - Coach Carson TV - for tutorials, tips, strategies, and interviews https://www.youtube.com/user/CoachChadCarson?sub_confirmation=1 ---------------- 📋 GET MY FREE REAL ESTATE INVESTOR TOOLKIT https://coachcarson.com/reitoolkit ---------------- FOLLOW ME ON INSTAGRAM 📸 https://www.instagram.com/coachcarson1/ ---------------- READ MY BOOK ON RETIRING EARLY 📚 https://www.coachcarson.com/retirementbook ---------------- 👋👋 SAY HI ON SOCIAL https://www.facebook.com/coachchadcarson/ https://twitter.com/CoachChadCarson
42 min
Student Loan Planner
Student Loan Planner
Travis Hornsby
Feeling Frustrated About Your Student Debt? Here’s the High Cost of Student Loan Complexity
It’s no secret that student loan debt affects people’s lives — and not in a good way. The ever-increasing student loan debt is a major cause of frustration and stress for many college graduates in America. Why is that? Who benefits from student loan complexity? Join me as I discuss why you need to know the complexity behind student loans and who are the biggest beneficiaries. In today’s episode, you'll find out: * Why you need to know the complexity behind student loans * How student loan complexity can benefit borrowers * Why student loans are as complex as they are * When the student loan interest rate is irrelevant * How borrowers overestimate the accumulated interest * Why student loan interest isn’t the real problem - and what is * How knowing the rules can give you control over your student debt * The myth that says you can’t control your own future * How your student loan balance grows with capitalized interest * How forbearance can double your student loan balance every 10 years * The one-step plan to making sure your debt doesn’t stress you out anymore * Why student loan debt cancellation will never happen * How dental service organizations profit off the high cost of education * The way banks profit off the system by offering private student loans * The role of loan servicers in student loan complexity * Why student loans don’t have to be scary or frustrating and what to do about it Full show notes at: http://studentloanplanner.com/112 Like the show? There are several ways you can help! * Subscribe on Apple Podcasts, Spotify or Google Podcasts * Leave an honest review on Apple Podcasts * Follow on Facebook, Twitter, or LinkedIn Feeling helpless when it comes to your student loans? * Try our free student loan calculator * Check out our refinancing bonuses we negotiated * Book your custom student loan plan
40 min
Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
Stock Market Cycles - January Indicator
Learn why the January indicator is a highly accurate forecasting tool for the stock market. The article is here. Are you investing well for financial freedom...or not? Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest, makes a huge difference to your financial future and lifestyle. If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars. Your compounding rate, and how well you invest, matters! INTERESTED IN THE BE WEALTHY & SMART VIP EXPERIENCE? -Asset allocation model with ticker symbols and % to invest -Monthly investing webinars with Linda -Private Facebook group with daily insights -Weekly stock market commentary email -Lifetime access -US and foreign investors, no minimum $ amount required Extending the holiday offer, enjoy a 50% savings on the VIP Experience. More information is here or have a complimentary consultation with Linda to answer your questions. For an appointment to talk, click here. PLEASE REVIEW THE SHOW ON ITUNES If you enjoyed this episode, please subscribe and leave a review. I love hearing from you! I so appreciate it! SUBSCRIBE TO BE WEALTHY & SMART Click Here to Subscribe Via iTunes Click Here to Subscribe Via Stitcher on an Android Device Click Here to Subscribe Via RSS Feed WEALTH HEIRESS TV Please subscribe to Wealth Heiress TV YouTube channel (it’s not just for women, it’s for men too!), here. PLEASE LEAVE A BOOK REVIEW Leave a book review on Amazon here. Get my book, “You’re Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!” Men love it too! After all, you are Wealth Heirs. :) Available for purchase on Amazon. International buyers (if you live outside of the US) get my book here. WANT MORE FROM LINDA? Check out her programs. Join her on Instagram. WEALTH LIBRARY OF PODCASTS Listen to the full wealth library of podcasts from the beginning. Use the search bar in the upper right corner of the page to search topics. TODAY'S SPONSOR I want to take a few seconds to tell you about how I “read” more books and stay ahead of the curve. It’s by not reading books, but instead listening to them – like you are right now! With Audible, there are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player and…your first audiobook is FREE! I suggest you get the audio book of Think and Grow Rich, or you can check out my website Resources page where I list all of my favorite financial books and you see exactly what books I have read and recommend you read. Then get started with Audible by visiting https://lindapjones.com/FreeBook and order your first audio book free! Get Think and Grow Rich or another book from my recommend list, and be sure to get started checking off the books you want to read with your free book from Audible! Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom. (Some links are affiliate links. There is no additional cost to you.)
11 min
More episodes
Search
Clear search
Close search
Google apps
Main menu