Radical Personal Finance: Financial Independence, Early Retirement, Investing, Insurance, Financial Planning
The Financial Advisor Who Can't Retire: Interview with Paul Merriman RPF0128

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:

 

Direct download: RPF0128-Paul_Merriman_Interview.mp3
Category:podcast -- posted at: 5:51am MST

Money Advice For Teens: Interview with Eva From Teens Got Cents RPF0127

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:

  1. Eva's advice for teens
  2. Eva's own experience/example as a financial blogger

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:

Direct download: RPF0127-Eva_Teens_Got_Cents.mp3
Category:podcast -- posted at: 4:59am MST

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:

 

 

Direct download: RPF0126-Jeff_Sustainable_Life_Interview.mp3
Category:podcast -- posted at: 5:59am MST

Establishing Rites of Passage to Ease the Transition to Adulthood: Interview with Dr. Vern Poythress RPF0125

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:

Direct download: RPF0125-Vern_Poythress_Interview.mp3
Category:podcast -- posted at: 5:31am MST

Designing Human Habitats for an Abundant Lifestyle: Interview With Ben Falk, Permaculture Designer and Founder of Whole Systems Design RPF0124

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:

Direct download: RPF0124-Ben_Falk_Interview.mp3
Category:podcast -- posted at: 4:54am MST

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:

Direct download: RPF0123-Friday_QandA.mp3
Category:podcast -- posted at: 12:55pm MST

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

Direct download: RPF0122-Rawles_on_GeoArbitrage.mp3
Category:podcast -- posted at: 1:57pm MST

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.
Direct download: RPF0121-Last_Minute_Tax_Planning.mp3
Category:podcast -- posted at: 3:33pm MST

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:

Direct download: RPF0120-Scott_Young_Interview.mp3
Category:podcast -- posted at: 6:44pm MST

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:

Direct download: RPF0119-Schaub_Interview.mp3
Category:podcast -- posted at: 8:10pm MST

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:

Direct download: RPF0118-Friday_QandA.mp3
Category:podcast -- posted at: 5:34pm MST

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:

Direct download: RPF0117-Canadian_Couch_Potato.mp3
Category:podcast -- posted at: 2:23pm MST

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 Day
Think 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.
Direct download: RPF0116-Achieving_2015_Goals.mp3
Category:podcast -- posted at: 10:29am MST

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:

 

Direct download: RPF0115-Jonathan_Harris_Interview.mp3
Category:podcast -- posted at: 11:43am MST

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:

Direct download: RPF0114-Nords_Interview.mp3
Category:podcast -- posted at: 2:36pm MST

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

  1. 10:00 - Brandon: How do I convey our financial information to my executor if my wife and I die? Should I have my testamantery trust managed by a professional trustee?
  2. 29:43 - Kyle: How do I save money on taxes as a young, single physician resident?
  3. 54:01 - Daniel: Is it ok for a young person to have a 100% stock allocation?
  4. 1:02:44 - Greg: I have $2.5M, can I afford to retire?
  5. 1:10:44 - John: How do I find a good team of advisors?
  6. 1:28:00 - Tom: Could I take a loss on a house I transfer into an ESA and then get the gain out tax-free?

Links:

 

Direct download: RPF0113-FridayQandA.mp3
Category:podcast -- posted at: 4:24pm MST

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:

 

Direct download: RPF0112-Reasons_for_Optimism.mp3
Category:podcast -- posted at: 2:40pm MST

Buying A House Debt-Free...In Your 20s! - Interview with Steve Maxwell RPF0111

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:

Direct download: RPF0111-Steve_Maxwell_Interview.mp3
Category:podcast -- posted at: 3:08pm MST

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:

Direct download: RPF0110-Christopher_DeLaney.mp3
Category:podcast -- posted at: 12:52pm MST

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:

Direct download: RPF0109-Robbins_Book.mp3
Category:podcast -- posted at: 8:27pm MST

Achieving the American Dream? Yes, It Is Still Possible! Interview with Mark and Lauren Greutman from I Am That Lady and The Simpler Happier Life Podcast RPF0108

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:

 

Direct download: RPF0108-Greutman.mp3
Category:podcast -- posted at: 3:30pm MST

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:

Direct download: RPF0106-Coverdell_ESA.mp3
Category:podcast -- posted at: 12:45pm MST

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:

The interview is thought-provoking in every way!

Enjoy!

Joshua

Links:

Direct download: RPF0107-Radical_Immediate_Retirement.mp3
Category:podcast -- posted at: 3:21pm MST

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:

Direct download: RPF0105-Rowdy_Kittens_Interview.mp3
Category:podcast -- posted at: 6:23am MST

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.

  1. They may not actually take distributions from the retirement accounts. 
  2. They might pay the 10% penalty tax because it's cheaper than the alternative.
  3. They might do a Roth Conversion Ladder
  4. They might use the 72(t) SEPP rules.

Enjoy the show!

Joshua

Links:

Direct download: RPF0104-Get_Money_Out_of_Retirement_Accounts.mp3
Category:podcast -- posted at: 4:11pm MST

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.

  1. (6:27) How do I calculate a portfolio distribution amount that retains 50% of my portfolio at my death?
  2. (20:31) Is it ok to keep money in cash or do I need to invest right away to start getting compound interest?
  3. (40:21) How do I rebalance my accounts to get a proper bond allocation?
  4. (52:28) Should I pre-pay my mortgage in a lump sum or should I invest the money and then make extra monthly contributions?
  5. (1:02:12) I have an unpaid medical bill and CC debt. What do I do?
  6. (1:12:04) How do I apply the trivium method to a new job?
  7. (1:30:01) Any tricks for how I can pay for a big dental bill in a better way?
  8. (1:42:25) How do I figure out whether I should switch custodians for my investment accounts?

Enjoy!

Joshua

Links:

Direct download: RPF-0103_Friday_QA.mp3
Category:podcast -- posted at: 9:03am MST

Survivalism As a Financial Plan: the Tactics for "Surviving the End of the World as We Know It" Applied to Modern Life - Interview with James Wesley, Rawles RPF0102

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:

  1. How to Survive the End of the World as We Know It: Tactics, Techniques, and Technologies for Uncertain Times
  2. Tools for Survival: What You Need to Survive When You're on Your Own
  3. Liberators: A Novel of the Coming Global Collapse (his brand-new book)
  4. Patriots: A Novel of Survival in the Coming Collapse
  5. Expatriates: A Novel of the Coming Global Collapse
  6. Founders, a Novel of the Coming Collapse
  7. Survivors: A Novel of the Coming Collapse

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:

Direct download: RPF0102-Rawles_Interview.mp3
Category:podcast -- posted at: 9:43am MST

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:

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)

Direct download: RPF0101-Calculate_How_Much_For_College.mp3
Category:podcast -- posted at: 10:39am MST

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:

Direct download: RPF0100-Launch_of_Irregulars.mp3
Category:podcast -- posted at: 1:44pm MST

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:

Direct download: 141110_99.mp3
Category:podcast -- posted at: 3:20pm MST

It’s Friday! Time for another Q&A show! I was able to answer a total of three questions: I basically doubled my income from $100,000 to $190,000. I’m spending $30,000 per year. How do I invest all the extra money? My parents want to retire but they only have $150,000 of home equity and Social Security. What […]
Direct download: RPF0098-FridayQandA.mp3
Category:podcast -- posted at: 2:37pm MST

Sometimes it’s easy to think that financial independence is accessible only to “extreme” people. That’s simply not the case. You don’t have to live in a tent in the woods in order to gain financial independence. Certainly, you might be able to do it faster by living in a tent, but if you don’t want […]
Direct download: RPF0097-Eat_Financial_Elephant_Interview.mp3
Category:podcast -- posted at: 8:00am MST

Many of you have asked me to do a show on dividends and dividend investing. I decided to do it with an interview format instead of on my own. Today, we talk with Jason from DividendMantra.com about his path to financial independence. Jason woke up financially at the age of 27 to realize that he was […]
Direct download: RPF0096-Dividend_Mantra_Interview.mp3
Category:podcast -- posted at: 8:53am MST

Today, we continue the Early Retirement FAQs series with Arebelspy, one of the lead moderators in the Mr. Money Mustache forums. We tackle the question of “Should I pay off debt first or invest first?” from every angle we can think of. This show is packed with ideas and perspectives, many of which I’ll bet […]
Direct download: RPF0095-Pay_off_Debt_or_Invest.mp3
Category:podcast -- posted at: 9:45am MST

Babies are expensive! Right? Well, Mrs. RPF and I haven’t found it to be so. Today, I’d like to introduce you to my wife and we’ll share with you some of the strategies we’ve found useful in raising our son. General themes: Kids will cost you exactly as much money as you have. Or as much as […]
Direct download: RPF0094-Saving_Money_on_Babies.mp3
Category:podcast -- posted at: 10:02am MST

It’s Friday! That means it’s time for Q&A! Today, I take one comment from a listener and two questions: A listener did their cash flow statement “Joshua’s way” and discovered taxes are the biggest item in their budget!!! How many different business entities do I need if I want to start some sideline businesses? Should […]
Direct download: RPF0093-Friday_QandA.mp3
Category:podcast -- posted at: 3:33pm MST

I’m constantly asked about the topic of hiring and working with a financial advisor. I’m asked how to find a good advisor, what makes a good advisor, and how to know if you have a good one. I’m also asked how anyone with morals or scruples could ever be a financial advisor, why anyone would ever […]
Direct download: RPF0092-Michael_Kitces_Interview.mp3
Category:podcast -- posted at: 9:26am MST

Many of us have had exposure to various forms of insurance throughout our lives. But how do you make the initial decision whether insurance is appropriate for you? Today, I share with you a framework for considering various risks that you face and various ways to deal with those risks. Enjoy! Joshua Terms from today’s show: […]
Direct download: RPF0091-Do_I_Need_Insurance.mp3
Category:podcast -- posted at: 11:49am MST

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 […]

Direct download: Lost_Tools_of_Learning.mp3
Category:podcast -- posted at: 6:00pm MST

Today we have Part 2 of my interview with Brett Veinotte on the history of school. If you haven’t heard it yet, start with yesterday’s show! Joshua Links: Brett’s website: www.schoolsucksproject.com Gatto’s book: An Underground History of American Education Dorothy Sayers: The Lost Tools of Learning The Story of Two Buses
Direct download: RPF0090-School_Sucks_Interview_2of2.mp3
Category:podcast -- posted at: 6:00am MST

Today, we continue our education series by exploring the history of school with a special focus on the information you probably don’t know.. Education is a fundamentally important topic in financial planning both within the context of our own learning and also within the context of planning for our children’s education. It’s also often incredibly […]
Direct download: RPF0089-School_Sucks_Interview_1of2.mp3
Category:podcast -- posted at: 2:52pm MST

Intentional minimalism is a powerful strategy to consider for personal financial planning. The richest man is not he who has the most but he who needs the least. My guest today is Joshua Becker. He is a normal, married, middle class man with two children. He and his wife discovered the joy and abundance of […]
Direct download: RPF0088-Joshua_Becker_Interview.mp3
Category:podcast -- posted at: 2:10pm MST

Do we really need another book on finance? There are already tons of really great books on finance extant. But, how can we reach those who really don’t read very much? My guest today is Joey Fehrman, CFA and he decided to create a pirate adventure novel as a conduit for teaching the lessons of […]
Direct download: RPF0087-Joey_Fehrman_Interview.mp3
Category:podcast -- posted at: 10:04am MST

The Personal Finance blogosphere is healthy and growing. Many of the writers who heavily influenced and contributed to the growth are no longer writing. And, many new writers are doing an excellent job! But, only a few have been around since the beginning and are still going. My guest today is one of those few. […]
Direct download: RPF0086-Todd_Tresidder_Interview.mp3
Category:podcast -- posted at: 12:36pm MST

Since we’re constantly working our way around the triangle formula of wealth (income, expenses, rate of return on the difference), there is a consistency to all aspects of financial planning. We’re either focusing on increasing/optimizing income, decreasing/optimizing expenses, or we’re optimizing rates of return. That’s it. That’s the essence of financial planning. Today, we focus […]
Direct download: RPF0085-Steven_Harris_Interview.mp3
Category:podcast -- posted at: 11:03am MST

Many people today are concerned with the potential impact to their wealth of long-term inflation, mass inflation, and hyper inflation. Few have a plan to deal with it. Today, I present one strategy that could be implemented which would help to protect your standard of living. It’s called The Alpha Strategy. The Alpha Strategy is […]
Direct download: RPF-0084-the_Alpha_Strategy.mp3
Category:podcast -- posted at: 1:24pm MST

I’ve got a great Friday show for you! Today, we’re going to interview early retiree Justin who writes at www.rootofgood.com. Justin has a great story. Why should you listen to him? Well, he retired at 33 as a millionaire, even though he followed a relatively mainstream path through college and law school  I’ll pull this […]
Direct download: RPF-0083-Root_of_Good.mp3
Category:podcast -- posted at: 10:09am MST

I’m interested in the topic of Peer-to-Peer lending but I’m not an expert on the subject. So, I went out and found an expert to teach us about the basics! Simon Cunningham is the founder of www.LendingMemo.com and is an expert on Peer-to-Peer Lending. He has borrowed through the system, he’s lent through the system, […]
Direct download: RPF-0082-Intro_to_P2P_Lending.mp3
Category:podcast -- posted at: 1:06pm MST

Today, I have an interview with Rob Roy for you. Rob is an awesome guy. He’s the author of “Mortgage Free: Innovative Strategies for Debt-Free Home Ownership.” He and his wife live in a house they built in upper New York State. They’ve never had a mortgage! Today’s interview covers: Rob’s strategy for debt-free homeownership […]
Direct download: RPF-0081-Mortgage_Free_Interview.mp3
Category:podcast -- posted at: 11:03am MST

I have a special spot in my heart for teachers. In many ways, the teaching career is an ideal career for building financial independence. But, it comes with its own unique set of challenges. Many people automatically assume that because of the “low salaries” that teachers earn, they can’t easily build wealth. But, our guest […]
Direct download: RPF-0080-Millionaire_Educator_Interview.mp3
Category:podcast -- posted at: 12:53pm MST

I’ve always been interested in bus conversions and people who live in them. Today’s show is an interview with a young family who is living in a bus while saving and building their house. Sarah and Noah Springfield have three young children and they’re expecting their fourth in the next month or so. They’re saving […]
Direct download: RPF-0079-Little_Bus_on_the_Prairie.mp3
Category:podcast -- posted at: 3:23pm MST

I’m excited about the massive growth of the early retirement community online. I’ve benefited hugely from the information and I want to serve and give back to the community. One of the most active forums I’ve found which is focused around early retirement is the Mr. Money Mustache forum. Over the years, I’ve admired the work […]
Direct download: RPF-0078-ER_FAQs_Real_Estate_v_Stocks.mp3
Category:podcast -- posted at: 12:37pm MST

Today, we start our series on intelligent and radical ways to pay for college. We will arrive quickly at the technical discussion on this topic but first, we start with one of my new interests: early education for infants and toddlers. Today, I share with you my recent discovery into this world and what I’ve […]
Direct download: RPF-0077-How_to_Pay_For_College_1.mp3
Category:podcast -- posted at: 5:40pm MST

Today’s show is about prudence and preparation in all areas of life. One of the oft-ignored aspects of personal financial planning is to plan appropriately for the areas of life that can’t be solved with the purchase of a financial product. This risks can vary from the mundane, common things of daily life to the […]
Direct download: RPF-0076-Prudent_Preparation.mp3
Category:podcast -- posted at: 11:23am MST

Today, we have some excellent questions submitted from some very smart listeners! I was excited to be able to answer the questions for you and I’m really pleased with the variety, interest, and depth of this show. I hope you agree! Questions answered in today’s show: How do I plan for an appropriate amount of […]
Direct download: RPF-0075-QA_on_Life_Ins_Special_Needs_etc.mp3
Category:podcast -- posted at: 3:28pm MST

After yesterday’s deep dive into the science of financial planning I decided today we need something a bit lighter. And, in many ways, more practical. Today we jump into some very practical and useful tips and ideas for saving money with a special focus on groceries and travel. Enjoy! Links: SavingsAngel.com – Josh’s coupon site […]
Direct download: RPF-0074-Interview_with_Josh_Elledge.mp3
Category:podcast -- posted at: 10:28am MST

There’s a great deal of information online about the “4% Rule” for retirement income. Much of the information is excellent. Some of it is flawed. It’s very challenging to work through the data in this area of research because much of it is highly technical. But, it’s worth the effort! In celebration of the 20th anniversary […]
Direct download: RPF-0073-4_Rule_Interview_with_Wade_Pfau.mp3
Category:podcast -- posted at: 12:24pm MST

I’m back! After two weeks out of the office and on the road, it feels good to be home in front of the microphone! Today’s show is a bit more personal. I share with you some of the lessons I’ve learned over the last two weeks from two very different but very complementary events. I […]
Direct download: RPF-0072-FinCon_and_MSFS_report.mp3
Category:podcast -- posted at: 2:54pm MST

I’m on the road today so the show is a little different. Today I have a very short story for you about the compounding of a career. I think you’ll really enjoy this story of success. Links: The original James Clear article Investors Earn Handsome Paychecks by Handling Buffett’s Business
Direct download: Compounding_of_a_Career_-_Ready_for_Upload.mp3
Category:podcast -- posted at: 5:00am MST

I’m on the road today so the show is a little different. Today I have a very short essay for you on the importance of choosing your hobbies carefully. No yelling. No prescriptions of exactly how you need to do it. Just some gentle encouragement!
Direct download: Choose_Your_Hobbies_Carefully_-_Ready_for_Upload.mp3
Category:podcast -- posted at: 5:00am MST

I’m on the road today so the show is a little different. Today I have a very short essay for you on the importance of investing in your health. No yelling. No prescriptions of exactly how you need to do it. Just some gentle encouragement!
Direct download: Invest_in_Your_Health_-_Ready_for_Upload.mp3
Category:podcast -- posted at: 5:00am MST

I’m on the road today so the show is a little different. Today I have a very short essay for you on the importance of investing in your marriage. No yelling. No prescriptions of exactly how you need to do it. Just some gentle encouragement!
Direct download: Invest_in_Your_Marriage_-_Ready_for_Upload.mp3
Category:podcast -- posted at: 5:00am MST

I’m very, very interested in strategies that work to help people build better lives for themselves in every way. One major area of interest to me is simply opting out of the confiscatory tax regime of the United States. I’m not an expert on this area, so I’ve brought you today an interview with Andrew […]
Direct download: RPF-0067-Interview_with_Andrew_Henderson_Nomad_Capitalist.mp3
Category:podcast -- posted at: 5:00am MST

I’m often asked what I really think about Dave Ramsey and his work. And I’m generally fairly slow to answer the question simply due to my desire to focus on things that I love that are positive rather than being negative or critical. But, I’m aware that this is a continual question. And while being […]
Direct download: RPF-0066-Does_Dave_Ramsey_Do_More_Harm_Than_Good.mp3
Category:podcast -- posted at: 5:00am MST

Today’s show is live from #FinCon14! And, it’s an answer to a listener question. Here’s the question from a listener named Jeff: Hey Joshua, I have been listening to your podcasts ever since I found them a few weeks ago. Here is my question for you. Do you think I should pursue earning a financial […]
Direct download: RPF-0065-Financial_Planning_Designation_for_my_own_Knowledge_only.mp3
Category:podcast -- posted at: 1:19pm MST

It’s not easy to retire early. But it’s also not necessarily complicated. In many ways, there’s a well-worn path to success and our guests today are a good example of one way that works. Jeremy and Winnie set out on a ten-year plan. Living in Seattle, they worked in the tech industry, lived frugally, and […]
Direct download: RPF-0064-Interview_with_Go_Curry_Cracker.mp3
Category:podcast -- posted at: 5:00am MST

I’m on the road today so the show is a little different. Today I have a very short essay on the importance of tracking your time and some tips to help you set up a system that will work for you. This is episode complements the recent discussion of tracking your money. I hope you enjoy!
Direct download: RPF-0063-Track_Your_Time_on_the_road.mp3
Category:podcast -- posted at: 5:00am MST

I love adventure and really love to hear adventure stories from people who have  gone out and fully embraced a unique adventure. I’m especially interested in how to fund these adventures. My new friend Erik Hemingway, the host of the Family Adventure Podcast tells a great story and spills the beans about how he and his family […]
Direct download: RPF0062-Interview_with_Erik_Hemingway.mp3
Category:podcast -- posted at: 5:00am MST

I’m on the road today so the show is a little different. Today I have a very short essay for you on the importance of tracking your money and some tips to help you set up a system that will work for you. No yelling. No prescriptions of exactly how you need to do it. […]
Direct download: RPF-0061-Track_Your_Money_on_the_road.mp3
Category:podcast -- posted at: 5:00am MST

Today I’m going to share with you one important question (and four follow-ups) that have really helped me in my own life and in my past work with clients. Also, I share two errors I made recently that I need to correct. Details in the show! A Powerful Question (originally from Dan Sullivan’s Strategic Coach […]
Direct download: RPF-0060-Things_I_Got_Wrong_and_4_Questions_to_Ask_Yourself.mp3
Category:podcast -- posted at: 6:54pm MST

What would you do if you were $25,000 in credit card debt, unemployed, and had $200 to your name? Would you go get a job or would you start buying and selling stuff on Craigslist to dig out of your hole? Our guest today is Ryan Finlay. He found himself in exactly the same situation […]
Direct download: RPF-0059-Interview_with_Ryan_Finlay_ReCraigslist.mp3
Category:podcast -- posted at: 5:00am MST

Wednesday was a sick day around the Sheats household and RPF HQ! But, I wanted to still bring you a bit of thought-provoking audio and today’s excerpt is here! Enjoy this short clip from Tim Ferriss’s interview of Kevin Kelly and check out the links for the full show! It’s an excellent interview! Links: The full […]
Direct download: RPF-0058-Sick_Day-Tim_Ferris_Excerpt.mp3
Category:podcast -- posted at: 2:00pm MST

Today’s show is an interview with David Stein, a former professional portfolio manager and now host of the “Money for the Rest of Us” podcast. We had an amazing conversation and dug into some of the behind-the-scenes information on what the world of professional money management is like. You’ll also be interested in hearing how […]
Direct download: RPF-0057-Interview_with_David_Stein.mp3
Category:podcast -- posted at: 9:10am MST

Today, we tackle head on the myth that financial plans should be the same for all people.  They simply shouldn’t. But we’ve probably all swallowed that line to some degree or another. I was inspired by Friday’s show at how many unique variables and plans could be developed. So I sat down and made a list […]
Direct download: RPF-0056-Financial_Plans_Should_be_Unique.mp3
Category:podcast -- posted at: 2:02pm MST

We have a really fun question from a listener today! Essentially, it’s this: I’m 35 and I don’t like my job…I have a $1,000,000 and I want to retire but no one can agree on whether I can or not! Tune in to hear my answer–it’s probably not what you think! Links: The original Trinity […]
Direct download: RPF-0055-Friday_QA-is_one_million_dollars_enough_to_retire.mp3
Category:podcast -- posted at: 2:56pm MST

I’m thrilled to bring you today’s interview with John Pugliano. John has followed the prudent path of the Millionaire Next Door–starting with nothing and becoming rich over a couple of decades by working hard, living frugally, and investing wisely. This is a path that is repeatable by most people in our Western societies. John came […]
Direct download: RPF-0054-Interview_With_John_Pugliano.mp3
Category:podcast -- posted at: 1:09pm MST

Many people today have no idea how the tax return works. This is probably because many people today (including me) use either a computer program or an accountant to prepare their tax returns rather than calculating it by hand. This is probably much faster and more accurate but, in some ways, it’s a loss because […]
Direct download: RPF-0053-Explanation_of_Structure_of_1040.mp3
Category:podcast -- posted at: 1:59pm MST

We’re back from a most excellent three-day weekend with a great interview with my new friend Kraig Mathias from www.CreateMyIndependence.com. I met Kraig in Dallas at the Podcast Movement Conference. We hit it off and I really loved hearing his story. Kraig was living a fairly normal financial life until 2010 when he was inspired to […]
Direct download: RPF-0052-Interview_with_Kraig_Matthias.mp3
Category:podcast -- posted at: 2:48pm MST

Today, I answer your questions for the show! And we’ve got quite a mix of questions! How do I adjust my accounting system to handle irregular expenses? (Accrual accounting vs cash basis and double-entry accounting vs. single-entry accounting.) How can I use a Roth IRA for an emergency fund? How can I learn about permaculture? How […]
Direct download: RPF-0051-Friday_QA_Accrual_Accounting_Roth_and_Walmart_Reaction.mp3
Category:podcast -- posted at: 2:53pm MST

Today we have a very special interview to share with you! I’m thrilled to bring you an interview with one of my favorite writers, Pat Schulte. Pat and his wife Ali have a really neat story: Pat and his wife were highschool sweethearts. After college he started working an $8/hr job as a clerk to […]
Direct download: RPF-0050-Interview_with_Pat_Schulte_from_Bumfuzzle.mp3
Category:podcast -- posted at: 12:20pm MST

Today’s show is an introduction to estate planning. It’s the beginning of many, many shows in a series. I try to give you some basics to frame your knowledge. I also answer these questions: What is the  history of estate planning? Does everybody need a will? What happens if I die without a will? Why don’t people […]
Direct download: RPF-0049-An_Introduction_to_Estate_Planning.mp3
Category:podcast -- posted at: 12:59pm MST

I worked hard on today’s show and I’m excited about it! It’s my plan for how I would become a millionaire with a minimum wage job at Walmart. The show is quite good (I think) but I didn’t have time to properly type up all of the show notes before my trip. (I recorded it […]
Direct download: RPF-0043-How_to_Become_a_Millionaire_On_a_Minimum_Wage_Job.mp3
Category:podcast -- posted at: 6:12am MST

When people talk about money–especially in the world of success and financial planning–it’s often assumed that more is always better. This is wrong. More is not always better because: The more money you want, the more risk you have to take. The more money you want, the more you have to give up (or pay) […]
Direct download: RPF-0048-Why_You_Should_Probably_Lower_Your_Financial_Goals.mp3
Category:podcast -- posted at: 4:10pm MST

Last week a listener reached out to me and basically said, “I love what you’re doing and I think I’ve got a fun story your listeners might enjoy hearing about!” I read his bio and told him he was right! Today, he’s on the show. Daniel Bernstein: Got a Ph.D. in Computer Science Worked at a […]
Direct download: RPF-0047-Interview_with_Daniel_Bernstein.mp3
Category:podcast -- posted at: 3:18pm MST

I received an email from a listener named Jason who has a 401(k) with high fees. He asked me what I should do and I gave him a comprehensive answer. Enjoy the show! Links mentioned: Inflation adjusted return formula The actual rate of return of the average investor How to Get Started in Real Estate […]
Direct download: RPF-0046-What_Do_I_Do_With_a_Stinky_401k.mp3
Category:podcast -- posted at: 2:27pm MST

I just got back from the Podcast Movement Conference in Dallas, TX. It was a really great conference! It was the first I’ve been to in the new media space. Today’s show is about: Why should we go to conferences in the first place? Major lessons I learned from #PM14 Things I didn’t learn at […]

It Couldn’t Be Done BY EDGAR ALBERT GUEST Somebody said that it couldn’t be done But he with a chuckle replied That “maybe it couldn’t,” but he would be one Who wouldn’t say so till he’d tried. So he buckled right in with the trace of a grin On his face. If he worried he […]
Direct download: RPF-0044-It_Couldnt_Be_Done_From_Austin.mp3
Category:podcast -- posted at: 1:34pm MST

Today’s show is an interview with Dan-O from www.DanoSongs.com. I found Dan when I was looking for royalty free intro music for my show. When I discovered his site, I found exactly what I needed. And, I thought it was neat to find a musician making money off his songs! I thought it would be […]
Direct download: RPF-0042-Interview_with_Dan-O_from_DanoSongs.mp3
Category:podcast -- posted at: 6:00am MST

Today we round out major tax strategies #2 and #3. As a refresher, here are the three basic tax planning strategies: Timing (deferring or accelerating taxable income and tax deductions) Income shifting (shifting income from high to low tax rate taxpayers) Conversion (converting income from high to low tax rate activities) Tax rates vary across […]
Direct download: RPF-0041-Tax_Planning_-_Income_Shifting_and_Income_Conversion.mp3
Category:podcast -- posted at: 8:49pm MST

I think you’ll love today’s show! Today, we talk with Curtis Stone, Founder of Green City Acres, an urban farm in Kelowna, British Columbia. Curtis was a musician who decided he wanted a different life. He started his urban farm with a $7,000 investment and without buying any land. (That means no debt!) His first […]
Direct download: RPF-0040-Interview_With_Curtis_Stone.mp3
Category:podcast -- posted at: 10:56am MST

I never intended that this show become “The Entrepreneur’s Hour,” but that seems to be a central theme! Today, I share some data that I stumbled upon from an IRS analysis of the 400 highest income tax returns. The results? Here are the income sources for the top 400 tax returns: Wages and salaries: 8.6% Interest: […]
Direct download: RPF-0039-Profits_Are_Better_Than_Wages.mp3
Category:podcast -- posted at: 8:09pm MST

My guest on today’s program is Ken Ilgunas, author of Walden on Wheels. Ken paid off a “crushing $32,000 of student debt” from his undergraduate education by working odd jobs all across the country and vowed not to go into debt again. While pursing his graduate degree, Ken gained a bit of national notoriety when […]
Direct download: RPF-0038-Interview_with_Ken_Ilgunas.mp3
Category:podcast -- posted at: 2:23pm MST

Today’s show is an interview with a listener who is far outside the mainstream finance world. Trevor Van Hemert is an entrepreneur, blogger, and financial independence advocate. Most importantly, he now makes his entire living online with a very short workweek. Join us for today’s interview as we discuss: Starting a business for a total […]
Direct download: RPF-0037-Interview_with_Trevor_from_Pedal_to_Petal.mp3
Category:podcast -- posted at: 2:45pm MST

In today’s show, we tackle the first of the Big 3 tax planning strategies that you need to be aware of. As a refresher, here are the three basic tax planning strategies: Timing (deferring or accelerating taxable income and tax deductions) Income shifting (shifting income from high to low tax rate taxpayers) Conversion (converting income […]
Direct download: RPF-0036-Tax_Planning_-_Income_Timing_Strategies.mp3
Category:podcast -- posted at: 12:58pm MST

Today’s show is a reprise of RPF Episode 4 – How to Save Money on Communications Bills with update information–or at least that’s what it was intended to be! The interview wound up going in some other directions! I.P. Daley, the Tech Meshugana has the best guide on the internet for how to save money on communications expenses […]
Direct download: RPF-0035-Saving_Money_on_Communications_Bills_and_Much_Much_More.mp3
Category:podcast -- posted at: 5:47pm MST

On Monday’s shows I bring you a variety show with news articles that have stood out to me from this past week. Today, we cover a lot of ground! “A Tax Plan That Economists Love (And Politicians Hate)” from NPR’s Morning Edition Episode 387 of Planet Money: The No-Brainer Economic Platform One out of three […]
Direct download: RPF-0034-Monday_Roundup.mp3
Category:podcast -- posted at: 9:55pm MST

Let’s get a bit radical today, eh? How about some finance lessons from homeless people? I’ve been doing some reading lately on the radical side…books written by homeless people and vagabonds to see what I can learn. Today, I share some of the lessons I’ve been learning in hopes of inspiring you with some out-of-the-box […]
Direct download: RPF-0033-Dumpster_Diving_and_Vagabonds.mp3
Category:podcast -- posted at: 2:54pm MST

One of the biggest debates in the personal finance space is about which order to use to pay off my debts. Opinions vary, experiences vary, and tempers flare when this subject is brought up. I think the debate is helpful in some ways but rather silly in other ways. I think it’s a lot easier […]
Direct download: RPF-0032-What_Order_Should_I_Pay_Off_My_Debts-Lower_Sample_Rate.mp3
Category:podcast -- posted at: 11:51am MST

I was recently speaking with a friend of mine who is in the process of starting a business. I was answering some of his questions when I realized how daunting it can be to start a business if you haven’t done it before. And how simple it seems after you’ve done it. Unfortunately, our entire educational […]
Category:podcast -- posted at: 3:18pm MST

Many people have searched and searched for the holy grail of investing: a portfolio that provides a good return with low risk that can weather the economic storms, no matter what they be. Some feel that they have found it in The Permanent Portfolio. The Permanent Portfolio is a concept that was designed by Harry […]
Direct download: RPF-0030-Permanent_Portfolio_with_Jake_Desyllas.mp3
Category:podcast -- posted at: 3:33pm MST