JLCollinsNH – The Importance of F-You Money
41 min

In this episode of the Financial Independence Podcast, I interview Jim Collins from JLCollinsNH.com to discuss the importance of F-You Money!

Highlights:

  • The Importance of F-You Money
  • Surviving Black Monday
  • Don’t “Swing for the Fences”
  • Active vs. Passive Investing
  • Why Vanguard?
  • Three Simple Steps to Financial Independence

To read the full article, visit http://www.madfientist.com/jlcollinsnh-interview/

Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
When Will We Travel Again?
Learn how travel companies have adapted in times of CV-19 and what future travel trends will be. The article is here. Are you investing well for financial freedom...or not? As we live our lives, we have seen enormous money be made in real estate, technology stocks, etc. and have seen wild swings in markets before. They can feel scary at the time, but in hindsight are often tremendous opportunities for future financial success. 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 For Black Friday week and weekend, enjoy a 50% savings. More information is here or have complimentary consultation with Linda to answer your questions click here: https://2909395.survey.fm/application-for-vip-experience 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.)
12 min
Invest Like a Boss
Invest Like a Boss
Sam Marks & Johnny FD
162: Farmland Investing with AcreTrader CEO Carter Malloy
Carter grew up in a farming family and has a lifelong passion for investing and agriculture. Prior to AcreTrader, he was part of an equity investment firm for 5 years. Before joining in 2013, Carter was a Managing Director with Stephens Inc., a large private investment bank, where he was an equity research analyst focused on the Internet, Data & Analytics and Real Estate Processing sectors. Prior to Stephens, he owned small businesses focused on internet marketing and sustainable fuel technologies. He graduated from the University of Arkansas with a bachelor’s degree in Physics and has previously held Series 7, 63, 86 and 87 licenses with the Financial Industry Regulatory Authority (FINRA). Listen to ILAB 162 on iTunes here or subscribe on your favorite podcast app. Where we are: * Johnny FD – Sri Lanka / IG @johnnyfdk * Sam Marks – North Carolina / IG @imsammarks * Derek Spartz - Los Angeles / IG @DerekRadio Sponsor: * Indeed Get a $75 credit to boost your job post and find your next hire faster * Support Invest Like a Boss: Join our Patreon Discussed: * AcreTrader Like these investments? Try them with these special ILAB links: * ArtofFX – Start with just a $10,000 account (reduced from $25,000) * Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) * Betterment – Get up to 1 year managed free * Wealthfront – Get your first $15,000 managed free * PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: * 07:50 – How did you get into farmland and agriculture? * 08:30 – Before AcreTrader, how was farmland purchased? * 10:22 – What is the usual size of these farms? * 12:02 – Why farmland and not commercial or residential real estate? * 15:15 – How does farmland outperform other asset classes? * 18:25 – How long do you hold onto the land for? * 18:39 – Are you concerned about the land depreciating because of bad farming practices? * 20:26 – How long do farmers usually rent the land? * 21:09 – How does it work for investors? * 23:06 – How often does the investor get paid? * 25:45 – Does the rental change depending on the farm? * 27:03 – Do you normally list farms weekly? * 28:09 – What is your investment range? * 30:06 – What crops are the most profitable? * 34:30 – How long are the investments? * 37:48 – How are the taxes treated? * 36:55 – Who can invest? * 39:48 – Johnny & Derek Recap If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.
56 min
Sound Investing
Sound Investing
Paul Merriman
Supercharge Your Retirement and Make Millions More
In this insightful interview by Doc G of Earn & Invest, authors Rich Buck and Paul Merriman talk about their new book, We’re Talking Millions: 12 Ways To Supercharge Your Retirement. They cover topics such as their long-time professional collaboration, simplicity in investing, risk, beating the market, portfolio recommendations and the magic of compound interest over time. Buy We’re Talking Millions: 12 Ways To Supercharge Your Retirement in Kindle or Amazon Print editions. (Soon to be available at other outlets and on Audible). Watch Paul’s video about the book. Visit the book’s website. Doc G was an internal medicine physician when he discovered the personal finance community through Dr. Jim Dahle’s “The White Coat Investor.” He left clinical practice to pursue his passion for deep conversations about money and life and has found the meaning of “enough” through the FIRE movement (Financial Independence Retire Early). This podcast is part of the educational offerings from The Merriman Financial Education Foundation, a registered 501(c)3.  If you found value in this podcast, here are four ways to support the podcast and our foundation: 1)    Leave a podcast review on your player of choice. 2)    Sign up for our biweekly newsletter at PaulMerriman.com 3)    Use our M1 Finance affiliate link if you are interested in setting up a brokerage account, using our portfolio suggestions. The Foundation will receive a one-time small fee at no cost to you. 4)    Consider making a tax-deductible donation to the Foundation to support our mission to provide financial education to investors.  Thank you!
57 min
Millennial Money
Millennial Money
Shannah Compton Game
The Insiders Secrets to Know Your Value, Master Negotiation, and Take Back Your Life and Career Next Year | Jacqueline Twillie
Are you looking at your career this year and thinking it just isn’t riding on the fast lane as you had hoped? You’re so not alone. This year has been rough on many careers and salaries, not to mention working at home juggling your partner’s weird snack breaks and your neighbor who likes to run the lawnmower just when you’re hopping on a Zoom call. But I don’t want you to stay stuck. Jacqueline Twillie is back to share the insider secrets to know your value (aka how to fatten up your paycheck), master negotiation (without breaking out in a sweat), and take back your life and career next year. Meet Jacqueline When it comes to career advice, Jacqueline is my go-to. She’s been on the show a few times and is an auntie, latte lover, President of ZeroGap, passionate about ending the wage gap, 2 times best selling author, and a Saints fan. She’s coined the phrase, Nah, I know my value, and in this episode, she’s going to teach you how to know your value as well to earn more and live better. What You'll Learn * How to truly know your value * What we get wrong with knowing our value *  Ways to communicate your value to your boss or potential hires * 5 lies about negotiation that are keeping you stuck * Jacqueline's insider secrets to earning more and living better * How to negotiate for expenses when you work from home Links * ZeroGap * Jacqueline's website * Winning Season podcast Episode Sponsors Thanks to Fundrise for sponsoring this episode. Start building your better portfolio today! Get started at Fundrise.com/mymoney to have your first NINETY days of advisory fees waived. Thanks to Splitit for sponsoring this episode. Split your payments and live big. Go to Splitit.com 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
42 min
Build Wealth Canada Podcast
Build Wealth Canada Podcast
Kornel Szrejber: Investor
Your Questions Answered + Real Estate Update For Canadians
Today we’re going to try something a little different in that I’m going to split today’s episode into two sections, covering two different subjects: First, we’re going to cover some questions that I’ve received from listeners of the show and from students of my investing course, so that you can benefit from the strategies and tactics too. These are specifically going to be in the area of investing. Next, we’re going to bring on my guest who is our resident mortgage and real estate expert and best-selling author, Sean Cooper. Sean will explain the real estate situation here in Canada so that you can stay informed on how real estate has been affected in these COVID times, whether you’re an existing home-owner that is concerned about the value of their home dropping due to COVID, or whether you are a renter looking to potentially buy in the future. We cover questions like What should you know? And how can you maximize your chances of getting approved for a mortgage? And whether you’re an existing or future home-owner, there have actually been some mortgage rule changes that recently took place here in Canada so you definitely want to be informed about those so that you can easily renew that mortgage when it’s time. Or, if you’re looking to buy, so that you can have a smooth stress-free process in obtaining financing for your property, instead of struggling and potentially missing out on your dream home due to financing issues, due to these new mortgage rules that recently got put into place. A Big Thanks To This Episode's Sponsor: RBC's Small Business Navigator Hub: For practical resources, advice, and offers, visit RBC's Small Business Navigator hub at buildwealthcanada.ca/hub. Business is anything but usual these days, and entrepreneurs are looking for support that goes beyond traditional banking to successfully re-open and manage their business. Now, they can access all of RBC’s practical tips, insights, money-saving offers and solutions to support their eCommerce, digital payments, payroll management, employee wellness needs and more – all in one place. To learn more, check out the RBC Small Business Navigator hub, available online at BuildWealthCanada.ca/hub. Resources: * Get your mortgage questions answered for free by booking a meeting with Sean here. * Get the real estate expense tool for free when it's released by signing up to the waiting list here. Topics/Questions Covered: Investing Topics: * Buying near all-time stock market highs. Should you do it? * Investing larger amounts of money: Buying-in all at once vs dollar-cost-averaging in. * How much to focus on dividends in your investing. * Socially responsible investing, and what to keep in mind before diving in. Real Estate and Mortgage Questions: * Let’s talk about COVID and the real estate market. Are we seeing increases in home values? * How are things if you're looking to buy vs sell? * Is it a buyer's or seller's market? * There have been some Mortgage Rule Changes recently here in Canada. Can you take us through them? * What can we do that is within our control, to maximize the chances of getting approved for a mortgage, and getting the best terms and rate? * With these record low interest rates that we’ve been seeing, many Canadians that are currently in a fixed-rate mortgage are wondering, is it worth breaking their existing mortgage, paying the cancelling fees, and then getting a new mortgage at the lower rate. Can you talk about the analysis that we should be doing to actually mathematically figure this out? * What should we consider if we’re shopping around for a home right now, in Canada? Don’t miss future episodes, giveaways, and free in-depth guides by signing up for free to the Build Wealth Canada Newsletter.
1 hr 18 min
ChooseFI
ChooseFI
The Unstuck Network
274 | Tax Planning 2020 | Sean Mullaney
* It's end-of-year tax planning time. As you get further along in your financial independence journey, there are likely more end-of-year tax planning items you'll need to be aware of. Having a checklist to review annually is useful. * It's been an unusual year and December is that time to begin making end-of-year tax considerations. In addition to the normal checklist, there may be additional items to consider in this remarkably different year. * Sean Mullaney says unique to 2020 are Roth conversions. While Roth conversions should be on the checklist every year, this year there was a much greater chance of diminished income which may provide the opportunity to make Roth conversions in a lower marginal income tax bracket. * In any year when income is much lower than it normally is, Roth conversions would be at the top of your mind. The deadline is December 31 and there are no extensions. * While complex situations may benefit from professional consultations, anyone with mostly W2 income can find their tax brackets online. If your income has dropped from 22-24% to 10-12%, locking in a Roth conversation at that lower rate is effective tax planning. * A Roth conversion is when you go into a traditional IRA account and convert it to a Roth IRA. This is a taxable event, but you are intentionally choosing it because you are in a lower tax bracket for the year rather than convert or withdraw funds in a letter year when your income is higher and the taxes will be higher. * How much money should be converted to a Roth IRA? Sean says he has never encountered a client who has had too much money in a Roth IRA. While the action is irrevocable, there is no penalty for converting too much. If a portion of the conversation is taxed at 22%, it is not the most efficient conversion, but your future self will likely still be quite happy that you did it. * Some employers allow for Roth conversions within their 401K plans. * The deadlines for completing some of these end-of-year tax planning checklist times vary. Solo 401Ks and qualified business income tax deductions should be completed as soon as possible. * In addition to Roth conversions, another item with a Dec 31 deadline is charitable contributions. * Checklist items with an April 15 deadline are traditional IRA, Roth IRA, and health savings account contributions. * A good rule of thumb is individual tax accounts have a tax return deadline, not an end-of-year deadline. * The reason solo 401Ks have an “as soon as possible” deadline is that unlike IRAs, solo 401Ks require more time and paperwork to do. It may not be necessary to have it funded by Dec 31, but you'll want it set up and have a well-documented game plan. S-corps do have to fund the employee-side by the end of the year. * The first item on Sean‘s checklist is charitable contributions. With that category are two options to consider, a donor-advised fund if you plan to itemize deductions this year, or regular year-end charitable contributions. * If you don't plan on itemizing, in 2020 up to $300 per tax return make be taken as a charitable contribution against your adjusted gross income. * Another checklist item to be completed by the year's end are small business expenses since they are deducted when paid for, not when accrued. Businesses who have had a good 2020 may want to accelerate these payments to get the deduction this year. While businesses that have struggled in 2020 may want to hold off making payments until 2021. * In response to a question from Brad regarding credit cards, Sean confirmed that credit cards work on a cash basis so the deduction takes place in the same in which the credit card was used, not when the credit card bill was paid. * Paying bills with a check becomes a little trickier as you may need to prove to the IRS that the check was written and mailed on a business day prior to Dec 31 even if the vendor does not deposit the check until January of the following year. * A backdoor Roth IRA applies when your income is too high to contribute to a regular Roth IRA. If you've done a backdoor Roth IRA in 2020, don't roll over any 401Ks, 403Bs, or 457s into tractional IRAs before Dec 31, wait until Jan 1 so it's not complicated by the pro-rata rule. * To clean your investments up before leveraging the backdoor Roth technique, try and roll traditional IRA accounts into a new employer's 401K plan. Then implement the backdoor Roth IRA which may be done by April 15. * Sean has a blog post describing the process to get clean with traditional IRAs before doing a backdoor Roth IRA. * Tax-gain and tax-loss harvesting are also both Dec 31 deadlines. The stocks need to be sold by the end of the year. With tax-loss harvesting, you may not repurchase those securities within 30 days before or after the sale to comply with the wash sale rule. * If you're in the 12% marginal federal income tax rate or lower, the capital gains rate today is 0%. You may want to sell stocks to diversify your portfolio or sell and rebuy the same stock to realize the large capital gain and reset your basis without paying federal income tax. Unlike tax-loss harvesting, there are no timing considerations to make when repurchasing the same stock with tax-gain harvesting. * State income taxes may not favor capital gains in the same way the federal tax does. * Keeping all of the rules and impacts of buying and selling straight can be confusing and time-consuming. It is helpful to keep your tax records as clean as possible by doing everything in a specific account for this purpose. Sean states that tax-loss harvesting should be a tactic and not a goal occurring only in years where you are down. * State tax considerations to be mindful of are fourth quarter estimated tax payments and deduction planning. In California for example, it may be beneficial to take the standard federal deduction and itemize to take advantage of the state property deduction, possibly even pre-paying on property taxes. * A FI framework allows you to play from a position of strength. The financial independence community can take advantage of timing their payments for certain things and make strategic decisions because they don't have the same issues with cashflow that people on a traditional path might have. * While many in the financial independence community may be too young to think about required minimum distributions (RMD), it's good information to review for future planning. * RMDs apply to all retirement accounts except Roth IRAs. Starting at age 72, minimum distributions will be required by Dec 31 or there is a penalty. However, in 2020, they have been canceled and you may want to convert it into a Roth. * When you inherit an IRA, it doesn't matter how old you are. You are subject to an RMD or a 10-year rule. It would be wise to consult a tax professional when inheriting a sizable IRA. * With an inherited Roth IRA, the account will have to be emptied within 10 years following the death of the original owner. Different rules may apply to eligible designated beneficiaries who may have RMDs instead. * An adult who inherits a traditional IRA has a tax issue and probably will need professional assistance wit * The year-end is a good time to update beneficiary designation forms. Financial institution accounts are governed by the beneficiary designation forms, not wills or trusts, so it's important to ensure these are up-t0-date. * Year-end tax planning is great, but Sean likes long-term strategic tax planning to minimize your total tax over your lifetime. January is a great time to start long-term planning. As always, the discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular taxpayer. Please consult your own advisors regarding your own unique situation. Resources Mentioned In Today's Conversation * Register for The Simple Startup Winter…
54 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
293- Company Analysis and Tony Hsieh
Investing has changed drastically over the years. Many of the tools that were hardly accessible or cost money to use are now available at the click of a button. For instance, one of the best tools that investors can access online is the Securities and Exchange Commission, or SEC. The SEC is an independent federal regulatory agency tasked with protecting investors and capital, overseeing the stock market and proposing and enforcing federal securities laws. By using the SEC, you can view information about brokerage firms, investment advisor representatives, and their professional background and conduct. This could include current registrations, employment history, and disclosures about certain disciplinary events involving the individuals. However, these tools that are accessible online can only effectively be used if you have a solid understanding of basic investing principles. One in which includes only purchasing businesses that have excellent management. When you are looking to trust your money inside the walls of a business, you need to have confidence in the people leading the company. Management capable of taking the company to new heights. People who live and breathe the business. Responsible individuals who make decisions that lead the company in the right direction. Tony Hsieh, former CEO of Zappos, a great example of an effective and honest leader, who cultivated a strong sense of culture in his company. He once stated, “In addition to trying to WOW our customers, we also try to WOW our employees and the vendors and business partners that we work with. We believe that it creates a virtuous cycle, and in our own way, we're making the world a better place and improving people's lives. It's all part of our long term vision to deliver happiness to the world." This week, Danielle discusses why company analysis is so important in the investing process, and why a strong leader such as Tony Hsieh is one of the key factors to a high-performance business. Learn more about finding quality stocks to invest in with the Rule #1 Four Ms for Successful Investing Guide. Click here to download: https://bit.ly/2JzMXpC Learn more about your ad choices. Visit megaphone.fm/adchoices
23 min
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