JLCollinsNH – The Importance of F-You Money
Play episode · 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/

ChooseFI
ChooseFI
The Unstuck Network
264 | Recognizing Scarcity and Uncertainty | Leisa Peterson
* Your money story informs so much of your life even if you're not aware of it. For 30 years, Leisa Peterson has been researching and studying how trauma in early life contributes to the money challenges faced later in life. * Growing up with a scarcity mindset, money became an escape that gave her motivation. Leisa decided in her mid-twenties that she was going to have money in her life and not have any stresses about it as her parents did. Earning money became an all-consuming response to the trauma she had experienced. * There's a very broad spectrum of trauma from mild to quite serious and not everyone reacts to it in the same way. Some people like Leisa may end up wanting a lot of money, while others are lead to feeling like they have no control over money. * An adverse childhood study from Kaiser was intended to understand how childhood trauma affected health. In Leisa's reading of the study, she found one of the findings included financial problems and realized this was something not a lot of people were talking about. * These childhood experiences become very disruptive, brings an uncertainty to how life is viewed and crushed the sense of self. * The concept of scarcity and uncertainty go together. This leads to struggling with either an extreme need to control or feeling out of control with money. * Because kids are absorbing everything we say, it's important to change the language we use around money. * When people become more familiar with their trauma backstory, they are better able to talk with their partner about their money challenges. * Disconnects in communication can occur when each other's backstories are quite different. We can only know what we know from our own perspective. The job in relationships is not just to understand ourselves, but to see the other person and how they are approaching money differently because of their backstory. * When people think of something as being scare in supply, they are going to buy more of it. Toilet paper is a relevant example of this for 2020. Someone coming from a home without enough money may have strange buying behaviors. Their idea of scarcity or uncertainty may be showing up in their daily behaviors with money. * For spouses or partners who have different money stories, Leisa encourages them to just start somewhere. Think about how money was treated at home growing up and have a conversation about it. * Questions to consider asking are: Did mom and dad talk about money? Did mom and dad fight about money? What is your first memory of money? When did you make your first money? How did that make you feel? Were you afraid? * It can be difficult to have these conversations for the first time with another person. Journaling is a way to privately have them with yourself first. The first person you share these feelings with should be someone you trust and it may be someone other than your partner. * Throughout her career, Leisa has found that people react to money very differently. The majority either hold it tightly or avoid control of it altogether, with a minority viewing it as a tool and are at peace with it. * Having one strong fire in your life influences the way you think about money in life. The earlier the influence in life, the better. * Parents sometimes joke or convey the wrong message about money. Leisa says it's important to go back and close the loop with children. * In the FI community, we want our children to have the skills to take care of themselves and be financially independent, but is it possible for them to have too much abundance? Leisa says she wants to be very open about what goes on in their home, discuss their failures, and teach them the value of money and hard work. * After reaching her goal of becoming a millionaire, Leisa made a massive change in her life. She and her husband sold it all and took a year off to travel with their son. The trip changed their entire approach to life. * Previously, Leisa's family had been consumers of their money. After the trip, they took their nest egg, created investments where their money began working for them. * A result of Leisa's drive to become a millionaire was that once achieved, people began to treat her differently. The outward display of wealth began to affect her friendships. It was then that Leisa realized the money was not all that important to her. * Leisa's book, The Mindful Millionaire, tells these stories about our money experiences, our relationships with money, and how we can transform them into thinking about money as a tool. * The key takeaway from this conversation is that words matter. It's important to think about the unintended consequences of the conversations we are having with our spouses, partners, and kids. Have humility in these conversations and be honest. RESOURCES MENTIONED IN TODAY'S CONVERSATION * Build a better retirement plan today with NewRetirement * ChooseFI Episode 246 Overcoming and Battling Financial Abuse * Open a commission-free brokerage account with M1 Finance * Get started on your own journey to financial independence at ChooseFI.com/start IF YOU WANT TO SUPPORT CHOOSEFI: * Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy.  * Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence.
39 min
Sound Investing
Sound Investing
Paul Merriman
Simple & Effective Balanced Portfolios for Lifetime Investing Success
“This is one of the most important presentations I have seen on the topic of building balanced portfolios.” — Paul Merriman Chris Pedersen, Director of Research at The Merriman Financial Education Foundation, presented this live AAII webinar event on Oct. 21, 2020, discussing some very simple portfolios that achieve massive diversification across industries, geographies, stocks, bonds and various equity premium factors. By utilizing and augmenting target-date funds, investors can even adjust risk to age-appropriate levels. Chris compares past performance to more complex approaches and shows that complexity is not a necessity, and he also examines how these approaches apply to people accumulating during working years and withdrawing during retirement. In this podcast you’ll learn: * New data on the "No-Nonsense portfolios" Paul discussed in his September 23 AAII presentation, including the impact of adding bonds to Paul’s all-equity results * New data on 2 Funds for Life * 5 ways to build a balanced portfolio * New research on the factors that have led to higher long-term returns * How adding factors to a portfolio will likely lead to more consistent returns * Recommended mutual funds and ETFs for many of the No-Nonsense Portfolios * What investors in the accumulation and distribution stages of life give up by using the "Simple and Effective Balanced Portfolios" Plus Chris answers some of the most important questions regarding the pros and cons of rebalancing,  the pros and cons of adding international funds, the best bonds for stability and growth and the best safe withdrawal rate for the most popular portfolios. In the coming weeks Chris, Daryl and Paul will respond to additional questions that there was not time to answer during the presentation. For a free download of the presentation, click here. This podcast is also available as a Video. 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!
1 hr 24 min
Optimal Finance Daily
Optimal Finance Daily
Diania Merriam | Optimal Living Daily
1326: How To Make Early Retirement A Reality For You by Tania Brown with Financial Finesse on Retiring Early
Tania Brown with Financial Finesse talks about how to make early retirement a reality. Episode 1326: How To Make Early Retirement A Reality For You by Tania Brown with Financial Finesse on Retiring Early After years in the financial services industry, Liz Davidson became disgusted with how many people were being sold financial products and services that were not in their best interest. She decided there had to be a better way to provide people from all walks of life with truly unbiased financial guidance--designed to line their pockets, not their financial advisor’s. This is the story of Financial Finesse and how they give employees and employers unbiased financial wellness as an employee benefit. They help your employees maximize their compensation and benefits by making better financial decisions. You become a partner in their financial security and reap the benefits of a financially healthy workforce. They’ve helped hundreds of thousands of employees change their lives. The original post is located here: https://www.financialfinesse.com/2018/10/19/how-to-make-early-retirement-a-reality-for-you/ Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in  The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts! If you’re interested in investing, you need to join OurCrowd. The OurCrowd account is FREE, just go to ourcrowd.com/OFD Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily --- Support this podcast: https://anchor.fm/optimal-finance-daily/support
11 min
Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
What is the Opportunity Cost of Investing?
Learn why you shouldn't overpay for an investment when there are investments that are substantially undervalued and may be the next tech behemoths. Many people have been investing in the FANG stocks or Tesla, without thinking about the opportunity cost. Why investing has changed and what opportunities you should be considering for financial freedom. 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 a limited time, 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.)
17 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
288- The Physical and Economic Consequences of COVID-19
Danielle is back for this week’s episode of InvestED. After almost seven weeks into recovery since first experiencing symptoms from COVID-19, she starts to reintroduce routine activity into her daily life and discusses both the physical and economic consequences of COVID-19 with Phil. Numbers have spiked in Europe in the past week and a half and there are theories as to why. Why have rates in some countries spiked, while others have been able to keep their number of cases down - and what does this have to do with investing? Phil and Danielle agree that the virus is very political in the United States, especially with the presidential election on the horizon. There is no doubt that if the pandemic continues the way it has, we will see some very serious currency related issues and possibly dramatic inflation. Businesses such as theatres, sporting events, and restaurants are already on life-support, and the long term effects of people continuing to stay home from work and businesses will lead to many businesses going under. Phil and Danielle agree that another stimulus package will be pushed through very soon, but the question remains as to what will happen with the currency; how much can you print and put into the economy, and how will this affect the US dollar (USD) itself? On top of this, the USD is the world’s reserve currency. If the USD goes down in value, it will injure any other country who has the dollar sitting in its vaults. So what should we as investors invest in, and how should we diversify our investments to protect ourselves from economic crash or inflation? If you want to prepare for the next market crash, download Phil’s Stock Market Crash Survival Guide today: https://bit.ly/3m3J7mt Learn more about your ad choices. Visit megaphone.fm/adchoices
43 min
Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 026: Morgan Housel, host Rick Ferri
Morgan Housel is an author of The Psychology of Money book and writes a blog as a partner at The Collaborative Fund. He is a former columnist at The Motley Fool and The Wall Street Journal, a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is Bogleheads.org and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.
52 min
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