How to Money
How to Money
Oct 26, 2020
Online Privacy, Creepy Social Media, & Cyber Security with Carole Theriault #271
57 min

Chances are that you bought something recently, or maybe you paid a friend- but you likely didn’t do that with physical cash, you probably did it via a digital payment online or with an app like Venmo or the Cash app. Everything is going digital these days and this presents a whole host of issues: we know how to keep people from stealing money out of our wallets and purses, but what about the money we have in our accounts online? Our guest today is Carole Theriault and she knows a thing or two about internet security. Carole founded the Sophos Naked Security site years ago and now co-hosts the podcast “Smashing Security”. She lives and breathes cybersecurity and we are so glad she’s with us today to talk about protecting our identity and ultimately, our money!

During this episode we enjoyed a Duh! Snake Blood by Dssolvr. And as we have ramped up the podcast with an additional Friday episode every week, we could really use your help to spread the word- let friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money in these difficult times!

Best friends out!

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ChooseFI
ChooseFI
The Unstuck Network
273 | What's an Emergency?
* We're going back to basics and taking a deep dive into the Roth IRA and the levers, tools, and investing strategies available to investors. * Although ChooseFI offers the free FI101 course, taking small actions are important. Get up to speed and start taking action with the free five-day challenge by going to ChooseFI/start. * ChooseFI has presented basic investing strategies over the years and will revisit in the coming months to distill and hash out all of the different methods to understand the fundamentals. * Many of the strategies have a lot of overlap starting with low-cost broad-based index funds. What they all share is a common-sense approach and simple investing strategy which is that time in the market is better than timing the market. * Most traditional index funds are cap-weighted resulting in a higher percentage of money being invested in a few top companies. Rather than take a dogmatic approach to low-cost broad-based fund investing, it may require the application of scrutiny, being open-minded, intellectual honesty, and consideration. * JL Collins helped open up Jonathan's eyes to the power of simplicity and helped give him the confidence to start doing better with his finances. But as the terms and concepts have become more familiar, other perspectives become visible, along with the pros and the cons, and the questions he's been able to ask have gotten better. * The questions you have as you learn more are worth exploring to help build confidence in your plan. * When investing, minimize fees as much as possible. Fees for buying and selling, expense ratios, and advisory fees are all negatively impact your long-term returns. * We can learn new things and get rid of limiting beliefs. After a speculative real estate investment went poorly, Brad was afraid of real estate investing. However with some security, knowledge, and looking at it as a business, he has now invested in two single-family rentals which are doing well. * Financial independence is not finances. It's not money, health, or time. It's all of it. It's making objective, fair-minded judgments about societal norms, seeking the truth, and making decisions in our best interests. * Sean Mullaney is a big proponent of the Roth IRA and the possibility of using a Roth IRA as an emergency fund. * Sean says that I all his years of practice, not one of his clients has ever had too much in Roth accounts. The advantage of the Roth IRA is flexibility. * With a workplace 401k, your employer does not have to allow distributions and if they do, it is probably subject to penalties and taxes. In contrast, contributions may be withdrawn from a Roth IRA at any time, tax and penalty-free. * In a world of uncertainty, you never know when you'll need access to these accounts, whether in an emergency or for early retirement. A Roth IRA can do double duty as an emergency fund and as retirement investing until a separate emergency fund can be established. * Sean recommends reading the article on FItaxguy.com explaining Roth IRA Withdrawl and microlayers. * Backdoor Roth IRAs are for high-income earners who do not qualify for regular Roth IRAs. Roth IRAs are funded with earned income up to an established limit outside of workplace retirement accounts. * Roth IRA limitations for 2021 are a modified adjusted gross income of $198,000-208,000 for married couples and $125,00-140,000 for singles. * For an emergency fund, only contributions that may be withdrawn from a Roth IRA. Over the course of contributing for many years, the balance should have grown, but only the contribution amount may be withdrawn tax and penalty-free. * Roth IRA earnings may be withdrawn tax and penalty-free only if held in the Roth IRA for five years and you are 59 1/2. * Contributions should really only be withdrawn for early retirement or in the event of an extreme emergency, not for minor emergency expenses as the money cannot be put back in. * Sean says the same rule applies to health savings accounts. Leave the money in to grow tax and penalty-free because when you take it out, you stop the growth. Pay out-of-pocket instead and document the expenses to claim in the future when you really need the money. Brad and Jonathan scan their invoices into a Google drive. * For those on the path to FI, unexpected expenses like a stained ankle are unfortunate events, not emergencies because FI puts you in a position of strength with additional options. * This week's book winner is John, who negotiated a $100 per month rent discount by prepaying six months in advance using money saved for a future home down payment. The new location also allows John to bike to work saving on transportation costs. * With this year being so tough for people, Jonathan thought back to an episode with Bradley, who made over $1 million in ten years with Salesforce. Intrigued by the conversation, he contacted Bradley again to see if his success was replicable. As a result, they built a training and job placement program and launched the Talent Stacker podcast. * One of the students in the course was able to land a new job making $70,000 within 42 days of starting the program after being laid off from COVID. * If interested in learning more about the program, visit talent stacker.com/salesforce. 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 Challenge and save 15% with promo code “podcast” * Enroll in ChooseFI's free financial independence training course * ChooseFI episode 019 JL Collins The Stock Series Part 1 * Sign up today with M1 Finance and get $10 to invest * Purchase an ebook bundle from ChooseFI Publishing and get 15% with code “holiday15” * ChooseFI episode 272 Understanding Compound Growth and Investing for Beginners * Get started on your path 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.
49 min
BiggerPockets Money Podcast
BiggerPockets Money Podcast
BiggerPockets
152: Reaching Financial Independence Despite a Very Late Start with Baby Boomer Super Saver
To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level? Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts. Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog. Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey. In This Episode We Cover * How to reach your retirement goals even if you start later in life * Snowballing your debt so you can save more * Changing your financial mindset to get where you need to be * The 2 key ways to get your retirement savings up * How catchup contribution accounts like the 457b plan can accelerate your investing * Being intentional with your money while lining up your saving/investing with your values * The importance of educating yourself and not relying entirely on others for financial advice * And SO much more! Links from the Show * BiggerPockets Money Facebook Group * BiggerPockets Forums * Dave Ramsey * BiggerPockets Money Podcast 18 with Mad Fientist
1 hr 6 min
The Jordan Harbinger Show
The Jordan Harbinger Show
Jordan Harbinger
439: Going to North Korea: Part Two | Stereo Sunday
This is the third episode of Stereo Sunday, a little Stereo app-sponsored experiment we’ve been doing live in front of a studio audience of you! Download the Stereo app for iOS or Android here. Full show notes and resources can be found here: jordanharbinger.com/439 On This Week’s Stereo Sunday, We Continue Our Adventures in North Korea (Part One Can Be Found Here): * Gabe and Jordan traveled to North Korea (aka Democratic People's Republic of Korea -- or DPRK) together several times between 2011 and 2016. * As bizarre as you've heard North Korea can be, the reality is probably even weirder. * What do you actually do on a trip to North Korea? * How long does a typical itinerary last? * Should you strike up conversations with random people in transit (or let them tell you what you can and cannot read)? * What's so impressive about the Arirang Mass Games? * What should you do if you're accidentally caught up in propaganda production? * How do North Korean subways differ from what we've come to expect in the West? * How can throwing a frisbee thaw international iciness? * How much warm beer can you get for $20 cash money American? * Want to know what it's like to live out a scene from a David Lynch-directed musical? Just dine at a North Korean restaurant! * Will you get thrown into a gulag for performing the Star-Spangled Banner at karaoke in North Korea (or should you)? * Why did Kim Jong-il allegedly accompany his mother into battle as an infant? * In the US, we have freedom of speech. In the DPRK, you don't even have freedom from speech. * Why do so many Americans and Canadians own businesses in a town on the Chinese-North Korean border? * After talking about all the upsides of visiting North Korea as an American, what are the downsides? * If you visit North Korea, what will you encounter that you won't hear about on American network news? * We also answer some of our listener questions that came in live during the show! * Download the Stereo app here and participate with us live on Friday, November 20th and 27th, at 2 p.m. PST! * Connect with Jordan on Twitter at @JordanHarbinger and Instagram at @jordanharbinger. * Connect with Gabriel on Twitter at @GabeMizrahi. Like this show? Please leave us a review here -- even one sentence helps! Consider leaving your Twitter handle so we can thank you personally!
1 hr 13 min
Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
What Are the Chances We Have a Market Crash, and How Do I Protect Myself?
This is a time of year when many people give thanks for what they have. On this episode of Retirement Answer Man, I explore the definition of thankfulness and gratitude with our Rock Retirement Club retirement coach, BW. He even brings us 5 tips that can help us to cultivate gratitude on a regular basis. Tanya Nichols joins me again to help answer listener questions. You’ll learn what you can do if you are worried about a market crash, what to do if you think you are too old for long-term care insurance, and we’ll discuss Roth conversions from a 403B. Press play now to join me to hear the answers to listener questions and more. What are you thankful for? The definitions of thankfulness and gratitude are very similar. Thankfulness is the consciousness of benefit received from others. Gratitude is a thankful appreciation for what an individual receives both tangible and intangible. One way to combat worry is to create a habit of thankfulness. I have done this personally and it has changed my life. Practicing gratitude contributes to greater happiness and it allows us to focus on what we have rather than what we lack. Listen in to hear what I am grateful for this year. 5 tips to help cultivate gratitude on a regular basis Cultivating a gratitude practice can seem like a good idea but it often falls by the wayside after a few days or weeks. The beauty of practicing gratitude is that it shifts your mindset. You can use these 5 tips to help you become more thankful by creating your own practice of gratitude each day. * Write and send a thank you note to someone who has had an impact on your life each month. * Get in the habit of saying thank you to at least one person each day. * Keep a gratitude journal. You get bonus points if you try and come up with different things to be thankful for each day. * Pray. If you are religious, praying can help you cultivate gratitude. * Meditate. Instead of focusing on your inner self, try focusing on gratitude in the moment. Does sequence of return risk keep you up at night? The world around us seems so unstable right now. Many people worry that we could be at the start of the next big crash. What if we are at the beginning of several years of zero returns? Sequence of return risk is one of the biggest worries of those on the cusp of retirement. Although people worry about sequence of return risk, if you look back at history and study bear markets, youĺl see that even within those years there were good years and bad years. It’s also good to remember that your portfolio won’t directly reflect the S&P 500, we simply use it as a planning tool. How to balance market risk against inflation risk Why do we take market risk when we are worried about sequence of returns? Inflation! Inflation risk is just as big, but it creeps up slowly over time. You have to balance the risk of inflation with market risk. You can take market risk. You just have to know how much you are comfortable with. The first thing you need to do is understand the minimum effective dose of investment risk you need in order to create the life you want. Next, you’ll want to time segment your money by building your cash flow model early in retirement. Plan for statistically probable outcomes and then test for outliers. Listen in to hear the details of how you can protect yourself from both inflation risk and market risk. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? * [1:30] What is thankful? PRACTICAL PLANNING SEGMENT * [5:02] Is Chris too old for long-term care insurance? * [8:11] A 403B and Roth conversion question * [12:12] A new learning experience as a couple * [14:06] What are the chances that the market crashes? COACHES CORNER WITH BW * [22:09] Practice gratitude to improve your happiness * [26:17] 5 tips to help cultivate gratitude on a regular basis TODAY’S SMART SPRINT SEGMENT * [30:16] Give yourself and everyone around you some grace this Thanksgiving Resources Mentioned In This Episode Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
34 min
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