Radical Personal Finance

Hey Radicals,

I'm in the process of shutting the show down for 2015 and heading off for the holidays.

Before I go, I simply want to share a personal greeting with you and a few quick, encouraging thoughts. Listen to the episode!

Merry Christmas to you and yours. May you and your family be richly blessed this holiday season and may 2016 be your best year ever!

Love,

Joshua

Direct download: rpf-end-of-year-1.mp3
Category:podcast -- posted at: 11:24am MDT

The skill of budgeting is one of the major skills that drives the level of success you achieve in life. But it's a skill that's not only applicable to money but also to other areas of life.

In today's show I share with you my ideas on budgeting:

  • How budgeting is applicable to many areas of life, not only money.
  • The three major stages of budgeting.
  • Big ideas on concepts that are applicable to all kinds of budgeting.
  • Three types of budgeting tools.

Enjoy the show!

Joshua

Direct download: RPF0273-Budgeting_Time_Money_and_Food.mp3
Category:podcast -- posted at: 2:09pm MDT

I was honored with a very cool mention in a New York Times article yesterday (link below) and I thought it a perfect time to build on the subject of how to increase your income!

In today's show, I share with you my complete framework for increasing your income. The show is heavy on strategy--you'll have to fill in the specific tactics appropriate for your situation.

We cover:

  • The only 3 ways to increase your income.
  • Which to focus on in the short-term and which to focus on for the long-term.
  • Specific strategies for each of the 3 ways.

Enjoy the show!

Joshua

Links:

 

Direct download: RPF0272-How_to_Increase_Your_Income.mp3
Category:podcast -- posted at: 10:55am MDT

I enjoy YouTube. But it's tough to find a good personal finance YouTube channel! Thankfully, there's at least one!

My guests today are Mike and Lauren. They are awesome personal finance and early retirement YouTube personalities.

We were able to connect for an interview at #FinCon15 so that I could bring you their story.

Why should you listen?

Well, perhaps you'd like to know how they're on track to retire by the age of 30 even though they never made a ton of money or sold a business.

It's all here!

Enjoy the show!

Joshua

Direct download: RPF0271-Mike_and_Lauren_Interview.mp3
Category:podcast -- posted at: 4:21am MDT

Following up on yesterday's show, I share with you today 9 myths surrounding the topic of home ownership.

These are things that I used to believe and I learned (through the process of owning my own home) that I was wrong.

Learn from my mistakes and consider how many of the things we commonly believe about home ownership might not be quite so true as we wish!

Enjoy!

Joshua

Direct download: RPF0270-Myths_and_Facts_of_Home_Ownership.mp3
Category:podcast -- posted at: 12:47pm MDT

This past Friday we closed on the sale of our house. We owned it for just under three years. When we bought it we had intended to own it for 40 years.

Why did we sell?

The full story is here in this episode of the show!

Check it out and learn from our successes and our failures!

Joshua

Direct download: RPF0269-Why_We_Sold_Our_House.mp3
Category:podcast -- posted at: 8:23pm MDT

Many of us have made mistakes on our way to financial stability. Hopefully we've learned from those mistakes--but wouldn't it be fantastic if we could help the next generation to avoid some of those mistakes?

My guest today is Rocky Lalvani. He's a long-time listener of the show, contributor, and Patron. We connected in-person at #FinCon15 and sat down for this interview!

Rocky has an awesome immigrant rags-to-riches story that you'll enjoy. He also has a depth of experience in training his children to be financially strong.

Enjoy!

Joshua

Direct download: RPF0268-Rocky_Lalvani_Interview.mp3
Category:podcast -- posted at: 2:59pm MDT

While I was in Charlotte for #FinCon15, I connected briefly with a man named Peter Polson who told me about a new tool he had built to automate the creation of financial spreadsheets.

After I got home I signed up for his service and started testing it. I like it! And I think some of you will find it very useful.

The Tiller service is a way to automate the import of financial data to your spreadsheets. This eliminates the most time-consuming part of creating spreadsheets and opens up a world of possibilities!

Listen to the interview! And, if you'd like, try the service free for two months by using my link: www.tillerhq.com/radical

Enjoy!

Joshua

 

Direct download: RPF0267-Peter_Polson_Interview.mp3
Category:podcast -- posted at: 11:06am MDT

Does being frugal and building financial independence mean that you can't have any fun? And, is it possible to get through college on a budget and still have fun?

Today we have a fun discussion with Martin Dasko from the personal finance blog Studenomics.

Martin has an awesome approach to teaching young men and women how to build financial independence without missing a party!

Enjoy!

Joshua

Direct download: RPF0266-Martin_Dasko_Interview.mp3
Category:podcast -- posted at: 4:00am MDT

It's easy to jump into holiday mode, but don't jump just yet! Let's keep our work boots on and learn just a little bit about investing today before we get into the Thanksgiving holiday.

My guest today is Rick Ferri, founder of a company called Portfolio Solutions. Rick is a really great guy and a real expert at investing and portfolio construction.

You'll hear his detailed background in the show and I think you'll come away from today's episode with a deeper sense of respect for what he's doing.

Those of you who are commited indexers will love today's show. And those of you who aren't will have some work to do to defend your viewpoints after today's show.

Enjoy!

Joshua

Direct download: RPF0265-Rick_Ferri_Interview.mp3
Category:podcast -- posted at: 12:32pm MDT

Today on Radical Personal Finance I'm pleased to introduce you to a brand-new sponsor! And, it's a sponsor who will help you save some cash!

I've been aware of SoFi for quite awhile and they were high on my list of brainstormed potential sponsors for the show. I was finally able to connect with them at #FinCon15 in Charlotte this year and to hammer out the terms of a sponsorship agreement.

SoFi is a very cool new company that is bringing real innovation to the lending space. They got their start by helping people refinance student loans but now they're aggressively expanding to other areas as well.

My guest today is one of the co-founders, Dan Macklin. Sit back and enjoy the story of entrepreneurship and industry-changing innovation!

Joshua

Direct download: RPF0264-Dan_Macklin_Interview.mp3
Category:podcast -- posted at: 8:12pm MDT

During October and November I've been doing a weekly conference call with Patrons of the show. 

We've been talking about all kinds of interesting subjects!

On today's call we chatted about:

  • disability insurance (including disability overhead expense insurance and cash indemnity long-term care policies)
  • investment planning
  • the politics of money
  • and more!

Enjoy!

Joshua

Direct download: RPF0263-Patron_QA.mp3
Category:podcast -- posted at: 9:37pm MDT

We talk a lot about diversification within the context of investments. But what about diversification of your income?

After all, how risky is it for you to depend on a single source of income to fund your life and lifestyle?

The paradox is this: the more specialized you become in your career, the more you can earn. But the more specialized you are, the riskier your income is!

The challenge is for us to figure out how to reconcile these two things.

Today, I share my thoughts on the subject with you.

Enjoy!

Joshua

Direct download: RPF0262-Diversification_of_Income.mp3
Category:podcast -- posted at: 2:43pm MDT

BiggerPockets.com is the largest real estate resource online--perhaps in the world. Today we have Josh Dorkin, the founder of Bigger Pockets, on the show to share the story with us.

The story is a classic case of an entrepreneurial endeavor gone well. 

Sit back, pay attention, and learn the lessons and themes of how one person went from struggling real estate investor to become king of a real estate empire.

Enjoy!

Joshua

Direct download: RPF0261-Josh_Dorkin_Interview.mp3
Category:podcast -- posted at: 9:00am MDT

The word "trust" has a bit of a mystique in the modern financial world. It's a word that everyone knows (we all know a "trust fund kid") but few people understand and even fewer understand accurately.

Trusts are both simple and complex. They're simple in concept but can be quite complex in application.

Today I share with you some basic background on trusts and trust planning. 

I also share with you some thoughts regarding the use of a revocable living trust within the context of your personal estate planning.

Enjoy the show!

Joshua

 

Direct download: RPF0260-Intro_to_Trusts.mp3
Category:podcast -- posted at: 12:58pm MDT

Wouldn't it be cool if you could work really hard for a few years, save aggressively, and then quit your job and travel the world?

Today's guest has done just that. Today I have Brandon, the Mad Fientist, and his wife Jill on the show!

Brandon recently hit his Financial Independence number and he and Jill hit the road for some long-term travel.

Enjoy this interview where we dig into what's great about financial independence and what ain't so great.

Enjoy!

Joshua

Direct download: RPF0259-Brandon_and_Jill_Interview.mp3
Category:podcast -- posted at: 4:39pm MDT

I'm thrilled to bring Jay Fleischman back on the show. Jay was a guest on Episode 214 of the show and it was a popular show and I received a lot of great feedback.

Most importantly, I learned a ton from the interview!

Today, Jay and I tackle the actual process of analysis. If you have student loans, Jay gives you the step-by-step action plan for what you need to do in order to analyze your options.

We're also launching Jay as the newest sponsor of Radical Personal Finance. He's a perfect fit for a sponsor and I think he'll be able to serve you in some really wonderful ways.

Listen to the show. Then:

  1. Subscribe to the Student Loan Show in iTunes: http://rpf.link/SLSiniTunes
  2. If you have student loans, sign up for a consultation with Jay using the special discount code here: http://www.studentloanshow.com/radical/

Enjoy the show!

Joshua

Direct download: RPF0258-Jay_Fleischman_Interview.mp3
Category:podcast -- posted at: 3:57pm MDT

Ever wondered about the basics of estate planning? Today's show is a simple overview of the major estate planning documents.

We talk about wills, living wills, and powers of attorney and discuss what they mean and why they're important.

This is not a technical deep-dive; this is a light and friendly overview.

Enjoy the show!

Joshua

 

Direct download: RPF0257-4_Basic_Estate_Documents.mp3
Category:podcast -- posted at: 8:16am MDT

Many of us are focused on the primary goal of transitioning from work that doesn't suit us to work that does. After all, if we can solve the work conundrum, our lifestyle can be massively improved even if we're not yet rich!

My guest today is Jeff Goins and he has blazed the trail ahead of us and has successfully made the transition to a career he loves.

Even better, he's written a book on how you can do the same thing!

Enjoy the interview and the learning!

Joshua

  • Jeff's site: www.GoinsWriter.com 
  • Jeff's new book, "The Art of Work: A Proven Path to Discovering What You Were Meant to Do" http://rpf.link/1NuuFzu
  • Interested in writing a book? Connect with my personal publishing coach, Patrick Snow, and chop months off of your learning! Browse his information at www.ThePublishingCoach.com  or text him at 206-310-1200 for a complimentary 30-60 minute consultation.
  • If you're going to transition from a steady paycheck to work you love, you must be the master of your budget! Start by using the YNAB software. Get a free 30-day trial here: www.RadicalPersonalFinance.com/YNAB
  • Support Radical Personal Finance on Patreon! www.RadicalPersonalFinance.com/Patron
Direct download: RPF0256-Jeff_Goins_Interview.mp3
Category:podcast -- posted at: 9:40am MDT

It happens to so many people: your car breaks down at an inconvenient time and you're facing a massive repair bill. The stress starts to mount and you find yourself wondering--should I just go out and buy a new one?

Or, sometimes worse, you feel like every other week you're flushing money down the drain to fix your car and you're getting tired of it. Feeling totally frustrated, you're tempted to trot out and assuage the headache with a new car.

Should you do it?

How should you try to assess your options and make the decision?

That's the question I tackle in today's show. 

Listen in and let me know what you think!

Joshua

Direct download: RPF0255-Repair_or_Replace_Car.mp3
Category:podcast -- posted at: 2:08pm MDT

I had the opportunity to connect with JD Roth, one of the most well-known personal finance bloggers in the industry while I was in Charlotte, NC at #FinCon15.

We had a great interview. 

We talked in detail about JD's personal story with finance and how he set out to Get Rich Slowly--and wound up getting rich fast.

We also talk about the great things and not-so-great things that resulted from the journey!

Enjoy the interview!

Joshua

Direct download: RPF0254-JD_Roth_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

Today I'm sharing with you the audio from the live conference call I recently hosted for all the Patrons of Radical Personal Finance. 

This was a super-fun experience for me! Having the live interaction was fun. Topics included:

  • social capital
  • entrepreneurship
  • long-term care insurance
  • investing
  • career development
  • and more!

Enjoy!

Joshua

Direct download: RPF0253-Patron_Conference_Call.mp3
Category:podcast -- posted at: 12:38pm MDT

Shannon McLay from the "Martinis and Your Money" podcast invited me on her show last month to talk about life insurance as part of "Life Insurance Awareness" month.

Enjoy this interview with me where I share all of my advice and thoughts about how to approach the life insurance situation.

The original interview with Shannon appears on her site here: http://financially-blonde.com/radical-thoughts-on-life-insurance/

Joshua

Direct download: Joshua20Sheats20Podcast.mp3
Category:podcast -- posted at: 12:58pm MDT

Have you ever thought about writing a book? If you have, you're part of the 80% of Americans that dream of doing just that!

But how do you go about it? And, perhaps more importantly, why should you consider it?

Today I present to you an interview with my personal publishing coach, Patrick Snow.

Patrick is an international best-selling author, professional speaker, publishing, speaking, and book marketing coach.

He's already been tremendously helpful to me as I work on my first book and I look forward to continuing to work with him!

Enjoy this episode where we talk about the business of writing and why you should write and publish a book.

Enjoy!

Joshua

Direct download: RPF0252-Patrick_Snow_Interview.mp3
Category:podcast -- posted at: 3:39pm MDT

Let's put our work boots on today and dig into some of the science of financial planning. We've been doing a lot of fluffy, motivational-type stuff on Radical Personal Finance recently. That stuff is really valuable but it needs to be tempered with some serious knowledge.

Today, let's talk about annuities.

Annuities get a bad rap in the financial marketplace. And rightly so. They've been shamefully misrepresented, oversold, and abused by many insurance agents.

But do they have a place? Can they be an incredibly useful tool in the toolbelt of a good financial planner?

I believe so.

In today's show I work to share with you some background and structure about annuities. This will help you to understand the words involved and the different product structures available.

We talk about:

  • The number of lives covered (single life vs joint life vs joint-and-survivor annuities)
  • When the payments start (immediate vs. deferred)
  • Methods of premium payment (lump sums vs. periodic payments)
  • Pure/straight life vs. refund annuities 
  • Fixed vs. variable vs. indexed annuities
  • And tons more!

Enjoy the show!

Joshua

Direct download: RPF0251-Introduction_to_Annuities.mp3
Category:podcast -- posted at: 2:02pm MDT

We've generally been trained how to think about finance by the financial services industry. Their plan for your finances? Well, each step involves a financial product of some sort or another.

But what if we think a little more strategically? Could we get better results?

I think so.

After speaking with today's guest, Doug Goldstein, I think that the metaphor of chess is a good way to train our thinking.

Doug is the co-author of a book titled: Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.

Enjoy this interview as we discuss how to approach finances like a chess game!

Joshua

Links:

Direct download: RPF0250-Douglas_Goldstein_Interview.mp3
Category:podcast -- posted at: 1:26pm MDT

One of the benefits that $200/mo. Patrons of Radical Personal Finance get is being able to choose a topic of the show.

Here's the note that prompted today's episode:

Joshua,

Double income medium- to high-earning couples frequently ask me how to lower their taxes (the second income is at a higher rate of >28%, plus state 3.75% and social security 7.65 or 40% all in).

I don't have a lot to tell them:
-calculate whether it's worth it for second spouse to work ('Money or Your Life' style-after tax/child care/gas income per hour of total time spent at job (commuting and working)
-weigh the qualitative factors
-max 401k
-invest in real estate

I'm assuming I'm missing things. What do you have to say on the subject?

One reason my wife doesn't work is that its not worth it.

Thanks,

Patron

Today's episode includes my response and advice for how couples can approach this conundrum!

Joshua

Direct download: RPF0249-Tax_Reduction_for_Dual_Income_Couples.mp3
Category:podcast -- posted at: 12:06pm MDT

The most challenging question that I get asked on Radical Personal Finance is this: "Joshua, how do I find a great financial advisor?" 

It's hard because there are great advisors at most (all?) firms and there are terrible advisors at most (all?) firms.

More importantly, there are different advisors for different stages of life and different levels of need.

Unfortunately, all these get lumped together under the term "financial advisor," which is, itself, a non-specific and mostly useless term which could refer to any number of job descriptions.

However, I still try to answer the question. And today, I'm working to answer it with a new sponsor: Paladin Registry. 

This show is an interview with Jack Waymire, the founder of Paladin Registry and it contains an in-depth interview discussing the challenges and process of finding a great financial advisor.

Enjoy the show!

Joshua

Direct download: RPF0248-Jack_Waymire_Interview.mp3
Category:podcast -- posted at: 11:27am MDT

After a way-too-long hiatus, Friday Q&A is back! On today's show, we cover:

  • Online Savings Accounts
  • Commission-Free Life Insurance
  • Why Don't I Have a CIMA Designation
  • Would I Do A Daily Podcast Again
  • Should I Max My 403(b) or Save for a Down Payment
  • 529 Plan for Myself, and Thoughts on Leveraged Index Funds

Enjoy!

Joshua

Direct download: RPF0247-Friday_QA.mp3
Category:podcast -- posted at: 10:00am MDT

Sometimes you discover something that's been out there for years and you want to smack yourself in the head for not tuning in to it sooner. That's how I feel when it comes to YNAB. (For the uninitiated YNAB stands for You Need A Budget.)

I used YNAB years ago and my response at that time was, "ho-hum." I then proceeded to ignore it for the next 6 years to my own detriment. Bummer. I wish I'd paid more attention!

I was reintroduced to YNAB by my own listeners (the full story is in this episode) and today I'm thrilled to introduce YNAB as a sponsor of Radical Personal Finance!

Check out this interview with Jesse Mecham, the founder of YNAB for an introduction to him, his story, and the YNAB company. It's a super interesting story of entrepreneurship, growth, and the creation of an awesome product which fits a real need that most of us have.

Enjoy!

Joshua

Direct download: RPF0246-Jesse_Mecham_Interview.mp3
Category:podcast -- posted at: 8:04pm MDT

I love to talk with people who have achieved financial independence. But I especially love to talk to those financially independent people who have achieved it in a very accessible way!

Frankly, it's hard to relate to a tech titan who sells their latest greatest app company for a billion dollars.

But I can relate to someone who has simply worked hard, saved aggressively, invested conservatively, built an entrepreneurial side hustle and achieved their results over time!

My guest today is Scott Alan Turner and he's done exactly that. Sit back, relax, and enjoy his story! And make sure to take special note of how you can copy and model him and  his success.

Enjoy!

Joshua

Direct download: RPF0245-Scott_Alan_Turner_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

244-Vending Machines as a Path to Wealth and Passive Income: Interview with Matt Miller from School Spirit Vending

When I was younger my brothers and I spent lots of time talking about how to make our millions of dollars with passive income. Two businesses seem to be prominent when you go down that line of thinking as a young person: car washes and vending machines.

We didn't pursue either of those businesses. But much later I did wind up working with some clients who had a vending business. And I was intrigued by their business.

My guest today is a vending expert. Matt Miller started his vending business the hard way and built it slowly.

Over time, he wound up finding a new niche for his vending products: stickers.

He's since gone on to create a franchise to teach others how to do what he has done.

Enjoy his wisdom, experience, and insight!

Joshua

Direct download: RPF0244-Matt_Miller_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

Interpersonal skills of relationship are a huge deal and your mastery of them will massively impact your level of success in life.

All else being equal, people would rather do business with people they know, like, and trust.

All else NOT being equal, people would STILL rather do business with people they know, like, and trust!

So, this is an area that we should give attention to.

My guest today has devoted years to studying, mastering, and teaching interpersonal skills.

Jordan Harbinger is the co-founder of the highly successful Art of Charm. I caught up with him at Podcast Movement 2015 and invited him on the show to share some lessons with us.

He delivered.

Enjoy the interview!

Joshua

Direct download: RPF0243-Jordan_Harbinger_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

Money in marriage is an extremely challenging area of life. Researchers often say that money fights and money problems is the number one cause of marital stress.

My guest today is Derek Olsen. He and his wife Carrie have written a book called "One Bed, One Bank Account: Better Conversations on Marriage and Money."

I was able to catch up with him at Podcast Movement 2015 where we dug into the major questions of how to handle money together.

Make sure to stay tuned at the end of the episode. There's a 30-minute bonus episode on the radical lifestyle that they are living!

Joshua

Links:

Direct download: RPF0242-Derek_Olsen_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

I had the opportunity to sit down with Casey Lewis while I was in Fort Worth, Texas a couple months ago.

Casey has worked his way through his own money transformation and he has a lot of experience and wisdom to share about the process.

Along the way, we discuss:

  • Debt freedom
  • Goal setting and goal achievement
  • Personal financial management
  • And more!

Enjoy!

Joshua

 

Direct download: RPF0241-Casey_Lewis_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

I'm here at #FinCon15 in Charlotte, NC this week and I had the privelege of interviewing Don Montanaro, the CEO (and co-founder) of TradeKing!

We recorded this episode live on the #FinCon15 podcasting stage on September 18, 2015.

We cover the details of:

  • Don's career progression from the mail room to CEO
  • What makes a difference in how quickly an employee gets promoted
  • How the securities market works
  • And way more!

Enjoy!

Joshua

Direct download: RPF0240-Don_Montanaro_Interview.mp3
Category:podcast -- posted at: 8:39pm MDT

It might seem like the only way to make money in today's world is to create and sell a digital product. It's not. Frankly, the physical product world is probably much less crowded than the digital world!

My guest today is Andreea Ayers. She is awesome.

She created a business that made and sold yoga-themed tshirts. Then, she created a business that sold soaps.

Now, she's taken her success and experience with her own brands and turned it into a consulting business where she helps others to duplicate her success.

It's a super fun interview.

Enjoy!

Joshua

Links:

Direct download: RPF0239-Andreea_Ayers_Interview.mp3
Category:podcast -- posted at: 6:00pm MDT

I love to bring financial advisors onto Radical Personal Finance in order to break down the barriers of communication between advisors and the general public.

Katie Brewer is a financial planner based in Texas. She specializes in working with Gen X and Gen Y clients.

I invited her onto the show to dig into what's different about planning for Gen X and Gen Y clients as compared to the general public.

Also, I grilled her on the reality of what it's like to actually build a financial planning practice from scratch.

Enjoy!

Joshua

Direct download: RPF0238-Katie_Brewer_Interview.mp3
Category:podcast -- posted at: 9:52am MDT

My guest today is Anthony Tran. Anthony is the Founder of Marketing Access Pass, an All-in-One Online Marketing Training and Services website.

He's a master internet marketer and he shares some of his experience with us. Also, he's built a successful lifestyle business for himself in the process!

Enjoy!

Joshua

Direct download: RPF0237-Anthony_Tran_Interview.mp3
Category:podcast -- posted at: 3:45pm MDT

I'm not the only former financial advisor who became a podcaster. My friend Joe Saul-Sehy has trod the same path!

We had the opportunity to catch up at the Podcast Movement conference and we were able to talk shop about the financial advisory business.

Enjoy!

Joshua

Direct download: RPF0236-Joe_Saul-Sehy_Interview.mp3
Category:podcast -- posted at: 5:50pm MDT

I met Aaron Walker at the Podcast Movement Conference in Fort Worth last month. After listening a bit to his story, I immediately invited him onto the show to share some of his experience with us.

Aaron is a serial entrepreneur. He's developed pawn stores, built homes, and run coaching groups.

Interestingly, he's a long-time member of a study group with Dave Ramsey, Ken Abraham, Dan Miller as well as some other notable Nashville businessmen. This leads to some interesting insight into some of those gentlemen!

Enjoy the show!

Joshua

Direct download: RPF0235-Aaron_Walker.mp3
Category:podcast -- posted at: 6:44pm MDT

I met Bryan Norris at the Podcast Movement conference in Fort Worth, Texas. I'm glad I did.

Brian is a professional numismatist and a real expert in rare coins and money.

Numismatic coins are an interest of mine and I was thrilled to bring him on the show. We cover:

  • Numismatic coins vs. bullion coins
  • The history of inflation and hyperinflation as told through money
  • How to get started with coin collecting
  • And a ton more!

Enjoy this one!

Joshua

Direct download: RPF0234-Bryan_Norris_Interview.mp3
Category:podcast -- posted at: 8:39pm MDT

Happy Monday, Radicals! This morning I want to share a few experiences I'm grateful for and use it as an opportunity to encourage you as you begin your week.

I've been tremendously blessed over the past weeks by many friends and family members who have volunteered their time and talents to help me in my time of need.

I'll never be able to repay them. 

And yet, if an opportunity arises, I will work to repay them because I now have social debt. And, I'll be happy to work to repay them.

In today's show I share with you some simple thoughts around the social giving economy and some encouragement for you to focus on being a "Go-Giver" towards others.

It's a character trait that may help you tremendously in your time of need.

Enjoy!

Joshua

Direct download: RPF0233-Blessed_by_Social_Economy.mp3
Category:podcast -- posted at: 5:43am MDT

Climbing the corporate ladder is time-tested and proven path to income and impact. And the cool thing about this approach to career success is that you can begin where you are and simply start working the process.

My guest today did just that. Lee Cockerell started with few advantages. After a stint in the military he took a job as a waiter in a Hilton hotel and went to work. He finished his 41-year corporate career as the Executive Vice President of Operations for Walt Disney World responsible for 40,000 cast members.

After retiring from the corporate world he transitioned to teaching leadership and sharing the principles of success that he has learned with others.

Lee is a dynamic guy and a wealth of information and inspiration.

Enjoy the interview!

Joshua

Direct download: RPF0232-Lee_Cockerell_Interview.mp3
Category:podcast -- posted at: 12:34pm MDT

Over the last few days global securities markets have been rocked with massive losses. 

Naturally, times like this should cause us to seriously consider our investment strategy and take a look to see what the appropriate response might be.

Many of us have a significant amount of our life savings invested in public securities markets and it can be frightening to see the impact of the declines in market prices.

But what should we do?

In this episode I share with you some ideas and ways of thinking which you can apply to your situation. Take a few moments to consider the input and assess your personal strategy.

Enjoy!

Joshua

Direct download: RPF0231-Stock_Market_Gyrations.mp3
Category:podcast -- posted at: 2:39pm MDT

I love hearing entrepreneurship stories because they speak to me of people who clarify what they want and pursue it aggressively. 

Vision is required for you to be willing to leave the bed of employment where things are comfortable and warm and pursue the rocky world of entrepreneurship.

The road isn't easy. But it can be easier if you will build a financial foundation underneath you before you launch.

My guest today is Cliff Ravenscraft, best known as the Podcast Answer Man. Cliff has an amazing entrepreneurial story and today I get to bring it to you in great detail.

Cliff openly shares where and how he started and the steps that he has taken to bring him to his current level of financial success.

Pay attention: he's experienced the joy of living on the $11,000 of profit he earned in his first year (not easy to live on that amount) and the joy of earning over $500,000 gross income last year.

Learn from his story.

Enjoy!

Joshua

Direct download: RPF0230-Cliff_Ravenscraft_Interview.mp3
Category:podcast -- posted at: 6:19am MDT

229-Think Slow, Move Fast, and Prioritize Your Life (a.k.a. Why We're Moving!)

Effective tomorrow, 8/13/15, the global headquarters of Radical Personal Finance will be moving! I'm about to start unplugging my computers and microphone but I wanted to make sure to ship today's show before doing that. 

So, I decided to share with you how I've approcahed this decision to move. I think it will be helpful for you to consider how to Think Slow, Move Fast, and Prioritize Your Life.

Now, time will tell if it worked for me or not!  :)

Joshua

Direct download: RPF0229-Think_Slow_Move_Fast.mp3
Category:podcast -- posted at: 1:28pm MDT

228-How and Why to Buy a Car for Cash: Interview with James Kinson from the Cash Car Convert Podcast

At the recent Podcast Movement conference in Fort Worth, Texas, I had the opportunity to connect with James Kinson, host of the Cash Car Convert podcast. 

James has a fun story to share and some great lessons to teach. He's a long-time car guy who got the debt-free religion and changed his car-buying habits. To his delight, he's wound up a good deal richer than ever before!

He's got some great lessons to share and in this show we discuss:

  • The impact a cash car can have on your wealth
  • Leasing vs. buying
  • Whether the advice to buy a good used car still applies in the modern day of higher repair bills.

Enjoy the show!

Joshua

 

Direct download: RPF0228-James_Kinson_Interview.mp3
Category:podcast -- posted at: 9:06pm MDT

As we head into the back-to-school season in the United States, I've been thinking a lot about the value of college and I've come up with a framework that I think will be useful to you.

I see the 5 major benefits of college as these:

  1. Fun
  2. Personal Growth
  3. Certification
  4. Education
  5. Connections

It's helpful to identify these benefits. But it's more important to understand how to manipulate the system to maximize your opportunities with each of them.

Once you understand, you can design your own radical path to success.

Enjoy the show!

Joshua

Direct download: RPF0227-5_Benefits_of_College.mp3
Category:podcast -- posted at: 8:16pm MDT

I recently returned from the Podcast Movement Conference in Fort Worth, Texas. While I was there I had the opportunity to interview Danny Peña the day before he was inducted into the Podcasters Hall of Fame.

For the last ten years, Danny has built Gamertag Radio into a major voice of influence in the video game industry. And, he's built a business out of a passion.

Listen to the interview to hear:

  • How to build a business from a passion
  • How video games can tremendously 
  • The impact of video games on his own life
  • Why Joshua is wrong about video games! :)

Enjoy,

Joshua

Links:

Direct download: RPF0226-Danny_Pena_Interview.mp3
Category:podcast -- posted at: 9:40pm MDT

Book Review: Eat That Frog! 21 Great Ways to Stop Procrastinating and Get More Done in Less Time" by Brian Tracy

"Eat That Frog! 21 Great Ways to Stop Procrastinating and Get More Done in Less Time" by Brian Tracy is an absolute goldmine of a book. Without question, this is a 5-star book.

Before you read it though, it's important for you to understand what it is and what it isn't.

It's not a deep-dive treatise of productivity systems; rather, it's an overview of the core principles of productivity that you need in order to organize your life around accomplishing more, meaningful things that will move you toward your goals.

It's short, fast, and pithy.

Tracy begins with the big picture focus of making sure you're doing the right things--planning the things to do that directly tie to your goals and things that are going to have the biggest impact on your achievement of those goals. Then he continues with the practical suggestions to help you actually do those things.

Here's my recommendation: get the audiobook version and listen to it on the first of every month for the next 60 months. 

Even if you did nothing else for your personal development and improvement it would be enough to catapult you into the upper tiers of your company and career. 

Enjoy!

Joshua

  • Eat that Frog! on Amazon: http://amzn.to/1gSl8Vz
  • Get a free copy of the audiobook on Audible: http://radicalaudiobooks.com
Direct download: Short_Book_Review-Eat_That_Frog_by_Brian_Tracy.mp3
Category:podcast -- posted at: 6:00am MDT

I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Voluntary Life podcast with Jake Desyllas regarding Tax Strategies and Financial Freedom.

This is Part 2 of a 2-part series. The interview was originally released on June 21, 2015.

Enjoy!

Joshua

Direct download: TVL_E210_joshua_sheats_interview_part_2.mp3
Category:podcast -- posted at: 3:00am MDT

I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Voluntary Life podcast with Jake Desyllas regarding Tax Strategies and Financial Freedom.

This is Part 1 of a 2-part series. The interview was originally released on July 14, 2015.

Enjoy!

Joshua

Direct download: TVL_E209_joshua_sheats_interview_part_1.mp3
Category:podcast -- posted at: 3:00pm MDT

Announcements: Have Breakfast With Me On Friday in Ft. Worth, TX on Friday, 7/31/2015

Good morning, Radicals! Two quick announcements for you this morning:

  1. If you are a listener of the show, come have breakfast with me this Friday morning at 7am at the Cast Iron Restaurant at the Omni Hotel in downtown Ft. Worth! I'll be attending the Podcast Movement conference and would love to see you! Please register here: http://bit.ly/RPFatPM15 (If you aren't able to come on Friday but can come on Saturday or Sunday morning, let me know on Twitter and I'll try to be there at 7am for breakfast those days as well. I won't have as much time but I would still like to see you! https://twitter.com/JoshuaSheats
  2. There won't be any new shows this week until I return from Texas. I will be releasing an interview I gave recently but I wasn't able to finish producing the other shows I had planned.

Have a great weekend!

Joshua

Direct download: RPF0225-X-PM15_Announcements.mp3
Category:podcast -- posted at: 2:00am MDT

Short Book Review: How To Make People Like You In 90 Seconds Or Less by Nicholas Boothman

(audio from a video book review)
Nicholas Boothman’s book “How to Make People Like You in 90 Seconds or Less” is a great introduction to the skill of intentionally establishing rapport with new acquaintances. This book is a broad, useful introduction to the topic.

All else being equal, people would rather spend time with, work with, buy from, and help those that they like. The skill of being likeable and helping people to like you is thus a very useful life skill and can be an important component of your success toolbox.

Boothman establishes two beautiful aspects to being likeable:

1. It’s a learned skill. This means that no matter who you are and where you’re starting from, you can improve and develop your skills so that others like you more and more quickly.

2. It’s an honest and ethical practice. Even though the title has the typical “self-help schmarminess,” there is nothing tricky or conniving about the tools and tactics in the book. You would want everyone in your life to understand the concepts of this book and to practice them continually in their relationship with you. Ultimately, likeability largely boils down to active listening and we all crave friends who are careful, active listeners.

This book is not deep. Boothman doesn’t dig into science research or discuss a lot of history. Rather, it’s useful and practical. You can immediately learn and apply the content. I appreciate that!

I listened to the audiobook version and I enjoyed listening to it in the author’s own voice. He does an excellent job conveying the emotion and tone of his work.

However, I purchased the written version so that I would be able to access the outline and notes for reference and so that I could do some of the exercises contained within it.

The book was published in 2000, so there are plenty of used copies available for $0.01. Also, the Kindle version is a downright bargain at $2.51! http://amzn.to/1LW3D2z

Enjoy the book!

Joshua


225-Rich Habits and Raising Rich Kids-The Daily Success Habits of Wealthy Individuals: Interview With Tom Corley

I've got a very special interview for you today with Tom Corley. Tom is an accountant and financial planner by trade. He began interviewing his wealthy clients to try to understand what they do differently than other people.

Over time, his research expanded to additional interviews with poor people in an attempt to understand their lifestyles and habits.

This research formed the foundation for his first book, "Rich Habits: The Daily Success Habits of Wealthy Individuals." After a slow start, the book gained traction and attention and he followed it with his next book, "Rich Kids: How to Raise Our Children to be Happy and Successful in Life."

His work is excellent. The books are pithy and worth reading.

But what I found most interesting was Tom's personal story. Through the course of the interview, you'll hear me draw out the parallels between Tom's personal life and his books. I'll also draw out how his life has changed as he began to implement the rich habits that he learned from his wealthy interviewees.

Enjoy!

Joshua

Direct download: RPF0225-Tom_Corley_Interview.mp3
Category:podcast -- posted at: 7:10am MDT

224-Frugal Tips for Fashionable Financial Independence: Interview with Steve from Steveonomics.com

My guest today is Steve from Steveonomics.com. Steve is a long-time listener to the show and he and his wife are aggressively pursuing their own plan for financial independence by 40. 

I invited Steve on the show because he is also a lover of fine mens' fashion. He's able to integrate the principles of wise and careful shopping to build a luxurious wardrobe for himself without damaging his prospects for wealth accumulation.

Steve shares:

  • The story of his $1,000 wedding
  • His tips and strategies for building a functional and fashionable wardrobe
  • When to shop at thrift stores
  • How to apply the Alpha Strategy to a wardrobe

Enjoy the show!

Joshua

Direct download: RPF0224-Steveonomics_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

We've hit a huge milestone in Radical Personal Finance history! We've reached 201 patrons and $2,001.50 of monthly support for Radical Personal Finance!

This is super, super thrilling and I thank each and every one of you for your support.

I'm going to be changing the format of the show a bit going forward. I'll be doing fewer long-format shows so that the long-format shows I do release are much deeper and more comprehensive. 

In their place, I'll be releasing more short-format content into the podcast feed including audio from the YouTube channel.

Here's what you can do:

  • Sign up for the email newsletter so you can stay informed of all of the content that I release.
  • Follow me on Twitter and Periscope: @JoshuaSheats
  • Use the hashtag #AskRPF to ask me questions for my Q&A videos and podcasts.

Enjoy the episode!

Joshua

Direct download: RPF0223-1_Year_Anniversary_Updates.mp3
Category:podcast -- posted at: 10:00am MDT

My guest today is Steve Stewart. Steve's story to me is very interesting because in many ways he was the archetypal American financial story. A normal guy with a normal financial life.

However, inspired by Dave Ramsey's influence, he decided to get serious about getting out of debt. Tune in to the interview to hear the incredible impact of that decision on his life!

What most intrigues me about Steve's story is how his decisions to get out of debt have had a massive impact on the rest of his life and his ability to pursue entrepreneurship and build a life he loves enough not to retire from.

Enjoy the show!

Joshua

Direct download: RPF0222-Steve_Stewart_Interview2.mp3
Category:podcast -- posted at: 10:00am MDT

There are many ways to budget. All of us need to find a solution that is effective for us. And that solution will probably change as our situation changes.

Today, I want to share some advice on budgeting for people who are in a financial emergency. 

Here is a very simple method of budgeting. It requires only:

  • a checkbook register
  • a notebook and pencil
  • a stack of all your bills
  • a calculator

Details are in the show! 

Joshua

Direct download: RPF0221-Budgeting_When_Behind_on_Bills.mp3
Category:podcast -- posted at: 10:00am MDT

My guest today is Joan Sotkin. Joan has a fascinating story of avoiding money, then embracing business and earning massively, then losing it all, then rebuilding again.

In today's interview she shares her perspective and insights on:

  • The meaning of money
  • Rich vs. poor
  • The development of the money coaching industry
  • Life satisfaction

Enjoy the show!

Joshua

Direct download: RPF0220-Joan_Sotkin_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

I love audiobooks. I find them to be an incredibly efficient way to learn and an incredibly productive way to use my time.

In today's show I share with you my pro-tips for how to effectively integrate audiobooks into your educational plan.

I also share with you my analysis of the audiobook marketplace and how you can get the best deals for yourself. 

I analyze:

  • Your library
  • YouTube
  • Overdrive
  • Hoopla
  • AllYouCanBooks.com
  • Downpour
  • Scribd
  • Audiobooks.com
  • Audible

Enjoy!

Joshua

Direct download: RPF0219-Audiobooks.mp3
Category:podcast -- posted at: 10:00am MDT

I'm thrilled to share with you an interview with JB Glossinger, the Morning Coach. I met JB at a Podcast South Florida meetup event and immediately invited him on the show.

JB has a really unique background. After building a career in the corporate world and finishing his MBA and PhD he realized that he was in the wrong field to fulfill his personal happiness.

He pivoted and established MorningCoach.com, a top-ranked personal development community. With Morning Coach as his foundational platform, he's gone on to build a tremendous business that provides him with the time and money for his dream lifestyle.

Topics include:

  • The role and value of education
  • Being yourself vs being what the market says it wants
  • The imipact that one person can have on another

Enjoy!

Joshua

Direct download: RPF0218-JB_Glossinger_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

I used to think that everyone knew how to make decisions. Since starting Radical Personal Finance I've come to learn that some people don't have a clear decision-making framework.

Today, I share with you a dirt-simple framework of costs vs. benefits, plusses and minusses. In sales, it's called the Ben Franklin close.

Use it.

Write it down.

Joshua

Direct download: RPF0217-Costs_vs_Benefits.mp3
Category:podcast -- posted at: 10:00am MDT

Much of our life is lived on autopilot. We generally handle most things by habit.

One powerful way to improve the likelihood of achieving your goals is to focus on establishing some simple little habits that will automatically help them to happen!

Enjoy.

Joshua

Direct download: RPF0216-Little_Habits.mp3
Category:podcast -- posted at: 10:00am MDT

I spend a lot of time talking to people about their goals. But I notice that many times people confuse their goals and the means to the goals. 

This could be a serious setback to your plans. You might spend years chasing a goal that really isn't the true goal. 

Get clear!

Joshua

Direct download: RPF0215-Goals_vs_Means.mp3
Category:podcast -- posted at: 10:00am MDT

Student loans are a way of life for much of the US American population. Often considered to be "good debt" because the college degree can lead to higher earnings, they are, nevertheless, still debt.

And they're debt that must be dealt with!

My guest today is Jay Fleischman. Jay is a bankruptcy attorney who specializes in handling student loan issues. He's a world-class expert in this space.

You're going to love listening to this show. I took pages of notes during our conversation and I recommend you do to.

We cover:

  • Strategies for dealing with loans that will give you total flexibility with your repayment plans.
  • What to do if you're in default on a loan.
  • Whether it's possible to get out of a student loan with bankruptcy.
  • And more!

Enjoy!

Joshua

Direct download: RPF0214-Jay_Fleischman_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

Today I'm pleased to share with you an interview with Lauren Bowling from LBeeAndTheMoneyTree.com!

Lauren has a really interesting story surrounding personal finance: After getting her degree in theater, and racking up thousands of dollars in credit card debt in college, she moved to New York City with $300 in her pocket. While there she landed a sweet job on Wall Street which sparked her interest in personal finance and helped her kick her bad money habits for good.

Three years, three cities, one home purchase, and nearly 2,000 blog posts later, Bowling is an expert at mastering tricky post-college finances. In addition to blogging on L Bee and the Money Tree (LBMT), Bowling is the host of the award-winning internet talk show, Awkward Money Chat. Bowling’s writing has been seen on Business Insider, Forbes.com, Learnvest, Yahoo! Finance, and The Huffington Post. As a source, Lauren’s expertise has also been featured in such notable publications as Redbook Magazine, HGTV Frontdoor.com, and Daily Worth (See here for the full list.)

She spends her free time renovating her first home, enjoying good wine while avoiding the kitchen, and “killing it” at karaoke. She’s even been known to act in a musical or two. By day Bowling works full time in marketing and resides in Atlanta, Georgia.

Enjoy the show!

Joshua

Direct download: RPF0213-Lauren_Bowling_Interview.mp3
Category:podcast -- posted at: 4:24pm MDT

Hey Radicals!

Just a quick announcement show for you--our little baby girl was born early Friday morning. Baby and momma are both doing great and we are enjoying transitioning to our larger family!

We're super thankful and beyond excited that she is here.

I also thought it would be fun to invite my wife to chat a little bit about her childbirth experience. This isn't related to personal finance--it's just related to the RPF life!

If you'd like to hear some of her comments on how we prepared for childbirth, check out the show!

Rejoice with us!

Joshua & Tiffany

p.s., if you'd like to see pictures, please feel free to connect with me on Facebook: https://www.facebook.com/joshuasheats

Direct download: RPF0212-We_Had_a_Baby.mp3
Category:podcast -- posted at: 10:00am MDT

One of the most fundamental transformations of our modern time is taking place in the field of communication. Although it might feel like we're far into this change, we're really not. It's only just begun

One of the most important effects of this change is that very small businesses--like financial advisors--can effectively market to the broader market at a very low cost.

My guest today is an expert in this field.

Bill Winterberg is the founder of FPPad.com. Bill founded FPPad in 2008 to be a leading source of news, insight, and thought leadership in financial planning technology.

Bill has successfully leveraged his experience in the financial industry and his applied knowledge in medial creation to build a neat consulting and speaking business for himself.

Pay special attention to the content of this interview if you're involved in the financial services industry. But also pay careful attention to this interview if you are involved in any business or industry! These trends are affecting you.

Enjoy!

Joshua

Links:

 

 

Direct download: RPF0211-Bill_Winterberg_Interview.mp3
Category:podcast -- posted at: 2:25pm MDT

210-An Intelligent Person's Guide to Self-Education

Our value and contribution in this world will be directly impacted by the level of our education. It's impossible to create more value without more education.

(Yes, there are many kinds of education. I'm using the word inclusively.)

But, under what system and whose goals have we been educated?

Unfortunately, many of us have been educated under a system that promotes someone else's goals over our own. Too few of us know how to sit down and design an educational path that will take us closer to our goals.

In today's show, I share with you a number of important ideas including:

Enjoy the show!

Joshua

If you enjoy today's show, please:

  1. Share the show with a friend.
  2. Leave a review and rating in the podcast directory where you find the show.
  3. Support the show on Patreon: http://radicalpersonalfinance.com/patron

 

Direct download: RPF0210-Guide_to_Self_Education.mp3
Category:podcast -- posted at: 12:52pm MDT

209-The Insider Secrets of Angel Investing! (Or What Angel Investing is Really Like): Interview with Doug Nordman (And, Should I Rent or Buy?)

Today, I welcome Doug Nordman back to the show! Doug is an early retiree (he retired at 41) and his hobby is helping other military personnel improve their financial lives.

One of the more interesting aspects of Doug's financial life is his involvement in private business as an angel investor. He's not only involved with the community of investors near him in Hawaii, he's also committed a substantial amount of his savings toward his investments.

In this interview you'll learn:

  • Why Doug invests his money in private companies even though the majority of his investments are held in mutual funds.
  • How much money he has made and how many of his investments have gone bust!
  • How to get involved as an angel investor yourself!

You'll also learn how to make the decision of rent vs. buy when considering where to live.

Enjoy!

Joshua

Links:

Direct download: RPF0209-Doug_Nordman_on_Angel_Investing.mp3
Category:podcast -- posted at: 3:02pm MDT

208-Three Ways To Increase Your Income At Your Job

Many people would like to earn more money. But, few people know how to actually look at their situation to assess their opportunities to actually do so.

In today's show I share with you the framework that I use to think about money. It's simple but effective.

And, most importantly, it's exclusively focused on the things you can actually do and change. It's practical and immediately actionable.

Listen to the show to hear:

  • The only three variables that affect how much money you earn in a free market economy.
  • Which variables have the most impact in the short term and which have the most impact in the long term.
  • How to assess your personal situation to decide where to focus your efforts.

Enjoy!

Joshua

Links:

Direct download: RPF0208-3_Ways_to_Increase_Income.mp3
Category:podcast -- posted at: 3:15pm MDT

Hey amigos!

Today is my 30th birthday! I'm having an incredible day celebrating with my family and friends.

30 is a big milestone for me. I've been reflecting deeply on the last decade and looking forward to the next decade.

I thought about creating a "30 Lessons Learned from 30 Years of Living" for you, but I decided to simply share one of my favorite messages with you instead.

This audio is a short clip from a Jim Rohn speech. I keep it on my desktop and listen to it at least a couple of times per week.

This is the succinct message that I would like to share with you to celebrate my birthday.

I hope you enjoy it as much as I do.

Talk soon,

Joshua

Direct download: RPF0207-Why_Not_You.mp3
Category:podcast -- posted at: 2:11pm MDT

Hey Radicals!

Just a quick announcement episode to share that the show will be taking a quick summer break for a few days. I have some show-related work to handle and I can't get it done and still continue producing content this week.

Also, please expect the shows to be slighly more sporadic during the month of June...details in the audio!

Joshua

Direct download: RPF0206-Announcements.mp3
Category:podcast -- posted at: 5:00am MDT

Q&A today and I handle these four questions!

  1. Does tax-loss harvesting really offer the kind of benefit that companies like Wealthfront, Betterment, Personal Capital, et al claim? And can a person do it on their own without relying on a firm to do it for them?
  2. Thought you should know something I recently found out. California child labor laws no longer apply once you have graduated from high school.  In addition, California has a method to graduate by exam (similar to a GED, but GEDs are only available to those 18 or older).  The high school proficiency exam (which is easy) can be taken by anyone who is 16 or older or who has completed 10th grade or will have completed 10th grade by the end of the academic year in which they take the test. My son, who is 15 1/2 and in 10th grade, took the exam and passed it. Nothing prevents him from continuing on in high school, but he's no longer subject to child labor laws. He's seriously considering switching to community college in September, doing that for 2 years, and then transferring to a University of California campus to finish off his college.  That'd get him a solid college degree by the time he's 19. During that entire time, he'd be eligible to work whatever hours he wants. Another option we're considering is self-study (with my help; I used to be a Computer Science professor), taking a bunch of AP exams, and then entering UC at age 18 with at least one year (and possibly more) of credits. 
  3. Joshua, Can you weigh in on your thought about being an accredited investor and the legal limitations around it?  As I understand it, I do not qualify as an accredited investor.  And certain investments cannot be invested in by those who are not accredited.  however, apparently the rules were supposed to have changed to allow people to make investments of these kinds without the government saying that I have to make X amount or have X amounts of savings.  but, as I learned by listening to the podcast Startup (episode 7) by alex blumberg, these rules have changed with the JOBS ACT, but the FCC has been sitting on the ruling and is way overdue for implementing it so that someone like me can invest in these previously off limits investments without being told that we can't.  That episode of startup really explained a lot to me, because I had wanted to invest a large amount with alex after listening to the very first episode of startup (i assumed he would be very successful because I've loved his stuff for years and he's leveraging some seriously big friends for his new venture), but I couldn't invest in something I really thought was going to be a huge success (or at least provide me with good cashflow) because of these rules.  I'm also about curious why these rules exist.  Were they implimented to protect people from being scammed out of their  money?
  4. Joshua, As a young engineer, who is single, making a salary of over $80,000 in Texas (no state income tax): Should I max out my 401k if my goal is to become very wealthy, before age 40? Or, should I invest some in my 401k and invest the rest in REITs/other, more risky assets. Of course, along the way, I will be very frugal, and live way below my means. Thank you, love the show. 

Enjoy the show!

Joshua

Direct download: RPF0205-Friday_QandA.mp3
Category:podcast -- posted at: 5:00am MDT

One of my goals for Radical Personal Finance is to bring more transparency to the world of professional finance. Today, I'm glad to shine the light on the life insurance industry.

I've invited a friend of mine onto the show to discuss his 30-year career as a life insurance broker.

Todd Simpson CLU®, ChFC® is a veteran of the life insurance business. His specialty is high-risk underwriting, so he brings not only a long career's worth of experience but also a unique perspective to the difficult-to-place cases.

I think you'll really enjoy this conversation. We cover:

  • The incredible changes that have occurred in life insurance product design over the last 30 years.
  • The most common medical problems that cause problems with life insurance underwriting.
  • The impact of drugs and drug use on your ability to get a life insurance policy.
  • And more!

Enjoy the show,

Joshua

Direct download: RPF0204-Todd_Simpson_Interview.mp3
Category:podcast -- posted at: 5:00am MDT

Many of find ourselves in a situation where we are concerned about the financial well-being of our parents. Obviously, we'd like to help, if possible.

But, this is rarely easy. There are many, many challenges that can emerge. In essence, to truly answer these questions you'd not only have to have all of the skills of a financial planner, but also the background of a relationship counselor, a life coach, and more!

It ain't easy!

I created this show as an overview of ideas that may be able to help you get involved and to help your parents. Some of the ideas are technical financial suggestions, others are more practical and relationship-oriented.

The show is structured around:

  1. Ideas to help create a great life of good health.
  2. Ideas to help in case of the need for long-term care.
  3. Ideas to help plan your parents' estate to make the estate settlement process smoother.

I hope it's useful to you!

Joshua

Direct download: RPF0203-Caring_for_Older_Parents.mp3
Category:podcast -- posted at: 5:00am MDT

My guest today is a author named Matthew Bracken. Matthew is a sailor, writer, and former Navy Seal. He's the author of four novels (all of which I've thoroughly enjoyed.)

Most importantly for our purposes, he is an expert on the topic of achieving a lifestyle of freedom through sailing.

He wrote an excellent essay called "Get Yourself a 30-Footer and Go!" which advocates a quick entry into the sailing world as a way to build economic opportunity for yourself.

During the course of the interview, we cover three primary topics:

  1. How to go about getting started in sailing and how quickly it's possible to achieve a lifestyle of freedom.
  2. Matt's experience establishing himself as an independent, self-published novelist in the semi-dystopian genre.
  3. The potential impact of societal changes and how to prepare for them.

Enjoy the show!

Joshua

Links:

Direct download: RPF0202-Matt_Bracken_Interview.mp3
Category:podcast -- posted at: 5:00am MDT

Q&A show today and I answer these two questions for you:

  • Joshua, My parents just moved to Florida last year and got wooed by an advisor that bought them dinner, gave them a free round of golf, etc. and now they're in an annuity and I can't figure out how badly they are getting screwed (not because there's anything inherently wrong with annuities but because the advisor is sadly not a fee-only advisor so I imagine he's taking a big cut of the action). I'm trying to convince them to find a good fee-only advisor to help them get set up for retirement but I'm not sure how to go about finding a good one. Thanks for the help!
  • Joshua, I can't thank you enough for starting Radical Personal Finance; been a fan since you did the interview with Jacob Fisker :) I have learnt so much from you and others in the personal finance community - I'm unable to quantify with an exact figure yet, but I know it's going to compound to a huge amount (possibly millions?) over my lifetime. This morning I just signed up via Patreon to support your show. It's a small amount, but one important thing I've learnt on my PF journey is learning to pay for value rather than simply focusing on cost. I have a question which relates to the investment part of building wealth. How should I invest an idle USD$20,000 that's sitting around in my savings account for maximum returns? I feel I'm sufficiently exposed to the stock market at this stage and diversified enough within and outside the publicly traded securities realm. I don't want to pour money into publicly traded stocks as due to mean reversion, future returns tend to be lower when markets are at highs. Please feel free to suggest the most radical ideas you have - that's why I love the show! Some background on myself: I'm 28 years old living in Singapore. My marginal tax rate is 7% but we are forced to contribute 20% to our own tax-free housing/medical/retirement accounts. Annual take home salary (post taxes and retirement etc contributions) is about USD$50,000. Invested USD$60,000 in semi diversified stocks, ETFs and REITs. USD$20,000 in alternative non-publicly traded investments. Have 6 months emergency fund. Have a 30 year level term insurance for USD $400,000. Time horizon: >20 years. I consider myself an aggressive investor willing to take large risk on small sums of money for the potential return, if the mathematics are in my favor (eg NO lotteries, YES to EM stocks). I know it's hard to provide investment suggestions without knowing the nuances of each individual situation. Right off the bat I know I should be focusing on: increasing my salary/earning potential and starting a side business. Should I be getting more insurance coverage? Should I be maxing out retirement accounts when my marginal tax rate is only 7%? Is there anything else I'm missing? As a goal oriented person (and my goal is to reach FI fast!), I can't stand the fact that my money is idling in my savings account earning a negative real rate of return. Keep doing great work!

Enjoy the show!

Joshua

Direct download: RPF0201-Friday_QA.mp3
Category:podcast -- posted at: 5:00am MDT

From time to time, I receive questions from listeners about the equipment that I use to produce my show. I also get questions about the mistakes I've made and what I would do differently if I were to do it over again.

Today, I share the workflow that I use to create my show and some of the lessons I've learned in 200 episodes of podcasting.

This show does not contain any specific financial planning or personal finance content. It does include a discussion of my thought process in creating the show and how I selected my Unique Selling Proposition for the show.

Resources mentioned:

Enjoy the show!

Joshua

Direct download: RPF0200-Podcast_Equipment.mp3
Category:podcast -- posted at: 5:00am MDT

Today, we continue the life insurance series with the valuable background of whole life insurance. Exciting stuff!

This show is an introduction to the various product features and design ideas. We cover:

  • Ordinary life insurance
  • Limited pay life insurance
  • Cash values
  • Policy loans
  • Nonforfeiture or Surrender Options:
    • Surrender for cash value
    • Reduced amount of paid-up whole life
    • Paid-up term
  • Annuity or retirement income
  • Policy conversion
  • Participating versus nonparticipating policies
  • Policy dividend options
    • Cash
    • Applied to premium
    • Used to purchase more insurance (fully paid up)
    • Left with insurer to earn interest
    • Used to purchase more insurance (term)
    • To overpay premiums until policy is fully paid up

Enjoy the show!

Joshua

 

 

Direct download: RPF0199-Whole_Life_Insurance.mp3
Category:podcast -- posted at: 5:00am MDT

I received a question from a listner which I decided to answer for you on today's show:

  • Joshua: So, this is a "fun question" that everyone loves to fantasize about. I hope it will be fun for you to answer, but it could have a really boring answer, but I'm sure you'll surprise me somehow! 
  • What would you do if you won the lottery?
  • As a financial planner, what advice would you give to a client who had won the lottery? What would the most optimal tax strategy be? Do you take the payments or the lump sum? Would the up-front tax hit be worth it for the long term capital gains? -Micah

So, today I tackled the question! Be prepared...my answer is a bit different from many people's answers to this question.

I do share very specifically with you what I would do. I share what I would buy and what I would invest in. But, I felt it was important to go ahead and address a few of the reasons why I feel the way I do.

This show is very personal to me and it involves a lot of how I see the world. I hope you enjoy it!

The show is divided into three parts. Feel free to pick and choose if you want to, but give it a shot listening straight through:

  1. The first 47 minutes of the show are about lotteries in general and why I'm not a fan.
  2. Starting at 47:00, I share the underpinnings of my worldview and the framework for how and why I handle money.
  3. At 1:41:00 I share specifically what I would buy and what I would invest in.

Enjoy!

Joshua

Direct download: RPF0198-If_I_Won_The_Lottery.mp3
Category:podcast -- posted at: 5:00am MDT

Today, I have a tightly focused show for you with a few key points from the CFP® Board curriculum. You will need this information on the CFP® Board exam and it will be useful for you as an individual.

First, I share with you how to choose between needing a 3-month emergency fund and a 6-month emergency fund.

Next, I share with you the manageable percentages of your income which you can allocate to debt payments.

Enjoy!

Joshua

Direct download: RPF0197-Size_of_Emergency_Fund.mp3
Category:podcast -- posted at: 5:00am MDT

Today, I'm cleaning out the voicemail inbox for my Friday Q&A show. Here are the questions for today:

  • What strategies for student loan payoff did I forget last week?
  • How do we help our young kids without enabling them?
  • Thoughts on consolidating retirement accounts.
  • What are the limits on retirement accounts for a stay-at-home spouse?
  • Thoughts on various retirement income distribution strategies.
  • Do I have additional services and options to help with coaching individual people?

Enjoy!

Joshua

Direct download: RPF0196-Friday_QandA.mp3
Category:podcast -- posted at: 5:00am MDT

How much do you spend each year on fuel costs for your car? What is your current mileage per gallon?

Before you rush out and buy a new hybrid to save money on gas, consider improving your driving techniques. It doesn't cost you anything except attention and focus and it can make a substantial difference.

As an example, check out this guy who got his 3/4 ton pickup truck from an EPA estimate of 15 mpg to almost 60 mpg!

In today's show I feature 109 tips for more efficient driving. These tips come from the good folks at the Ecomodder forum.

Listen to (or read) the list, choose a couple of techniques and start practicing! Enjoy the savings and put the money to work elsewhere in your life!

Joshua

Direct download: RPF0195-109_Hypermiling_Tips.mp3
Category:podcast -- posted at: 5:00am MDT

Today, we finish out the 3-part series on preparing for layoffs in the coming recession.

Today's show will be useful to you, even if you just got notice of your layoff and didn't do anything to prepare for it beforehand.

The major theme of today's show is that you need to take appropriate action with appropriate speed. If you're stuck with little savings and no preparation, that means take massive action, now! If you've planned a bit better in advance, it means be strategic and thoughtful.

We discuss:

  • The impact of self-confidence on your job hunt.
  • The importance of having work now and not being unemployed for a long time.
  • How to take massive action on your job hunt for quicker results.
  • What types of approaches are most successful for job hunters.
  • Some radical strategies you can plan for that will enable you to simply wait out and enjoy the recession instead of being stressed by it!

Enjoy!

Joshua

Direct download: RPF0194-You_Just_Got_Laid_Off.mp3
Category:podcast -- posted at: 5:00am MDT

Yesterday, we talked about ways to avoid losing your job in the coming recession. But obviously there are factors beyond your control which might result in your being laid off, even though you've done everything "right."

So, you need a backup plan.

Don't wait and wonder what you'll do. Make a simple plan now for what you'll do.

Think about some different scenarios and play some mental games with yourself. That way, you'll be able to better respond to events instead of being shell-shocked by them.

Today's show covers:

  • The importance of planning to avoid emotional stress when you get laid off.
  • The direct impact of losing your income and how to plan for it.
  • The impact that losing your group benefits can have on your financial life.
  • Why you should consider establishing lines of credit before you need them.
  • How you can stockpile both money and the simple necessities of life.
  • The simple things you can do that will make it much easier to get your next job.
  • The importance of proactively building and maintaining a network.
  • How thinking like a consultant will help you now and help you later.

Enjoy!

Joshua

 

Direct download: RPF0193-Backup_Plan_For_Layoffs.mp3
Category:podcast -- posted at: 10:00am MDT

For most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job.

If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (financial independence), losing the engine in your car will at least delay you from reaching your destination.

So, the key is plan in advance to not lose the engine. Make sure you're doing the things you need to be doing now to avoid being laid off.

Obviously, you can't guarantee that you'll never be laid off, but you can do a lot to improve your possibilities!

On today's show, we cover:

  • The need to proactively improve your position within your company, your company's position within the industry, and your industry's overall prospects in advance.
  • Some ways to know if you've got a big target on your back or a small target on your back with the HR people are figuring out who to cut.
  • The importance of competing with your fellow employees and of collaborating and cooperating with them and why both are valuable.
  • Ways to stand out and produce up to 4x the output of your fellow employees.

Enjoy the show!

Joshua

Direct download: RPF0192-Dont_Lose_Your_Job.mp3
Category:podcast -- posted at: 10:00am MDT

Today, I handle these four questions:

  • 3:02 Joshua, I just started listening to your show and I've learned a lot already. I originally started listening because I have an interest in one day becoming a personal finance consultant, but that's a long way off, for now I just need help with a crazy student loan issue! I am currently paying almost $600 a month for a $102k student loan at 7%, couple of key things, credit is shot due to bk filed last year, the loan is with the nelnet through dept of Ed, the question is should I pay down the loan, or find an investment that will pay me $600 to offset payment? Right now the $600 is preventing me from moving forward on anything financial, I'm expecting a lump some of money in February, like $60k, I would love to invest it where I can earn $600 or more a month to offset the payment! Any ideas?
  • 28:56 Joshua, I recently stumbled upon your podcast and just started listening to it from the very beginning. Your approach to each podcast has been a from a very practical point of view which I really appreciate and hence enjoy listening to it! Please keep up the great work! At the time of writing this, I just finished with the episode "rfp-0009 - Why is your house a terrible investment." I myself am in the stage of having signed a contract on a home and waiting for closing date. All through the show James and yourself have made many, many valid points. I myself have already tracked down my cost (also factoring in an average monthly maintenance expense) to owning a home in an excel spreadsheet and even-though most often than not, one usually tends to buy a home which is slightly bigger in area that the what one was renting (same with me), the numbers for buying a home vs renting still look better (to me) in the long run. I live in the slightly expensive Northern VA area. I have been renting for the last 7.5 years (in various capacities from being a full-time student to full-time employee to full-time employee + part-time student) and can definitely say that annual rent increase adds up over each year. In order to keep the rents at a reasonable rates you will have to move every 2 or 3 years. This would add moving expenses, cleaning expenses, security deposits and a peace-less mind to your rent calculations. But this has not been factored into the James' calculations. Yes, when you own a home your property taxes may also go up as the home appreciates, but this won't be as much as how much the rent would increase year-in year-out. Also your home may or may not appreciate every year for this to happen. Would like to know what your comments are to this.
  • 36:09 Joshua, I have a 1 year old son and am married.  My wife is in school earning her PhD.  Can my wife and I create two separate 529 plans to double our tax benefits (one in my son's name and one for my wife)?  Indiana's benefit is 20% tax credit ($1000 max credit).  If not should we create a 529 anyway?  We have the money to pay for her $30,000 education already saved to be spread over the next 3 years.  Thoughts?
  • 40:06 Joshua, My parents just recently started working with a fee-only financial adviser after their recent retirement. She has been doing a nice job with them so far helping them come up with their financial goals, seeing if they are able to achieve them with their current assets, and choosing the most appropriate Social Security choice for their needs and goals. I have been attending the meetings with them. Either in the next meeting or the meeting after, the question of converting their traditional IRA to a Roth IRA will come up. Other than their paid-off house, most of their portfolio is in traditional IRAs. She is of the belief that it doesn't make sense to convert any of the traditional IRA to Roth because they don't have the taxable funds to pay the necessary taxes. I'm of the opinion that since the income they currently receive from their IRAs is well under the $74,900 limit (filing jointly) keeping them in the 25% bracket, that they should convert some of it and pay the 25% tax rate before they have to start taking much larger RMDs in the future at higher tax rates. Of course that also ignores future potential tax hikes. They understand the benefits of having some flexibility for the future as well as the benefits of passing a Roth to me and my sister on their deaths (another one of their goals). The question I have is: What are the appropriate questions to ask the financial advisor as to how to look into whether converting makes sense outside of the generalities that you shouldn't because you don't have taxable funds? How do you 'run the numbers' so to speak to determine if converting is in their best interest? And also, how do you come up with that sweet spot amount in order to stay inside the 25% tax bracket and not pay taxes outside that bracket? Is that a question for a tax accountant or should a financial adviser be able to answer that question as well? Thanks for all you do.

Enjoy the show!

Joshua

Direct download: RPF0191-Friday_QandA.mp3
Category:podcast -- posted at: 10:00am MDT

Today we dig into the topic of trading stocks. And who better to speak with than the guy who started a "university" to teach the subject?

My guest today is Steve Burns, founder of www.NewTraderU.com

Here's some background about Steve, directly from his About page

"After a lifelong fascination with financial markets, Steve Burns started investing in 1993, and trading his own accounts in 1995. It was love at first trade. A natural teacher with a unique ability to cut through the bull and make complex ideas simple, Steve took to blogging and social media by founding New Trader U in 2011.

"Since then, New Trader U has attracted hundreds of thousands of visits a month, becoming the go-to resource for people wanting to build a strong, trading foundation. New Trader U offers an extensive blog resource with more than 1,000 original articles (Steve posts daily).

"Asked daily if he could mentor, Steve realized that there weren’t enough hours in the day to give everyone the attention they deserved, so New Trader 101 was born. Developed to help beginning traders survive their first year in the markets, New Trader 101 quickly became Steve’s passion."

The interview covers:

  • Steve's personal story as it relates to financial independence
  • His suggestions for individual investors to protect their portfolios
  • Learning to manage the psychology of investing
  • Teaching kids the skills of investing

Enjoy the show!

Joshua

Direct download: RPF0190-Steve_Burns_Interview.mp3
Category:podcast -- posted at: 10:00am MDT

Today we continue our life insurance series dig into the topic of term life insurance.

Term life insurance is an incredible financial product and extremely useful. It also has some options that are not commonly understood or explored.

We discuss:

  • What is term life insurance useful for?
  • Normal life insurance policy designs:
    • level term insurance
    • annual renewable term insurance
    • decreasing term insurance
    • increasing term insurance
  • Key policy features:
    • renewability
    • convertibility
    • disability waiver of premium
    • reentry term insurance
    • return of premium rider
  • Group term insurance
  • How to analyze costs
  • What about those who say term insurance is the only appropriate solution?
  • How to find a policy
  • How to get insurance with a medical condition

Enjoy!

Joshua

  • If you'd like access to the spreadsheet with return of premium rate of return calculations and the annual renewable term vs. level term discussion, support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Direct download: RPF0189-Term_Life_Insurance.mp3
Category:podcast -- posted at: 10:00am MDT

I'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Work Strong America podcast with Rick Seigmund.

This interview was originally released on Rick's show on February 4, 2015.

Enjoy the show!

Joshua

Links:

Direct download: WSA_Episode_005_Joshua_Sheats_Interview.mp3
Category:podcast -- posted at: 9:00pm MDT

Years ago, I learned an extremely valuable thinking process from Brian Tracy called Zero-Based Thinking. Today, I share it with you.

Here's the question: Is there anything in your life that, knowning what you now know, you wouldn't get into again today if you had to do it over?

If the answer is yes, then you follow up with these questions: How do I get out? How fast do I get out?

By consistently applying this question to every area of our lives, we can avoid much of the impact of the sunk cost fallacy. As humans, we tend to want to keep doing something because we've invested a lot of time, money, or emtion into it in the past.

But, for the most part, those costs are gone. They're sunk. You can't recover them.

Rather, you have to zero the decision out, ignore the past, take the information you have today and determine if you want to continue what you're doing.

This type of thinking can be extremely challenging and freeing.

I hope it's a useful concept to you!

Joshua

Direct download: RPF0188-Zero_Based_Thinking.mp3
Category:podcast -- posted at: 8:10pm MDT

Today, we continue the Q&A blitz!

Here are the questions I cover today:

  • Do you have any tips or feedback about how to factor a special needs child  when planning for retirement, college, etc?. The typical advice usually is that, typical, once you have a special needs child things change as you dwell into the wonderful world of early intervention, therapies, IEPs, tax planning, etc,  I used to think I would just need to change my assumptions in terms of planning for our son to be with us long way past his 18th birthday, as well as making sure we plan for after we are gone. But I’m sure I’m missing other strategies.
  • I've been working at a major package delivery company for almost 26 years. I was just inducted into the circle of honor. Which means that I have gone accident free for over 25 years. Mind you I drive in New York City. I am highly trained, and pretty good at what I do. Since listening to you, and some other podcasts. I was thinking of starting my own podcast. Driving is something almost everyone does and there really aren't any podcasts on safe driving. Trust me most people don't know what they're doing. The problem I have is exactly what you went through after episode 181. I don't want to argue with people over everything that I say. I don't understand why people can't take the good, and credible information out of a conversation, and leave the bad behind. I don't agree with everything you said, but that doesn't mean I didn't pause,  and think about what you were saying. Kudos to you. I'll be retiring in four years, maybe by then I won't care what anybody thinks. Since I have your attention I have a question. I have a 15 year old son. Who works for his mothers company from home. He he takes home takes home $225 every two weeks. In which she saves about 75% of that. I opened up a brokerage account for him to separate the money from savings, and checking. I spread the money out into four different ETFs. I'm trying to teach him to invest and diversify. The problem I have is he maybe using some of this money, or all of it for college. I'm afraid the stock portion could be a problem, since I know you shouldn't have money in the market you're going to need within 3 to 5 years. Would like to know your thoughts on this situation.
  • During episode 181 you mentioned that you don’t have your money in the markets for moral reasons. Where do you put your money and have it grow in line with inflation or better yet beat it?
  • I very much enjoy your show.  I took in the marathon of show #181.  Thank you for using such controversial material to make your point. There is not enough genuine debate and too much simplified propaganda from all sides in this country. One point that stood out to me from this particular show is your personal approach to investment for your own family.  My question is, if your position on investing in large “Evil” public companies is so strong that you would not personally invest in them, how do you justify working in the financial industry, advising individuals on their investments in those same publicly traded companies?  I’m assuming that you are or will be engaged in that financial advisory role. Could you also please touch on the investment categories that you are or will consider for your family's financial plan (generally speaking of course). Keep up the good work.  Your show continues to be a source of excellent information and your delivery continues to improve!

Enjoy!

Joshua

Direct download: RPF0187-QA.mp3
Category:podcast -- posted at: 3:17pm MDT

I'm continuing my Q&A blitz today. I set out to answer five questions and wound up answering two. Oh well. At least I think you'll enjoy them!

Here are the two questions I cover:

  • What are your opinions regarding real estate investing? Should people invest in real estate? What percentage of the portfolio should it be? Thoughts on wholesaling? Flipping? Etc.?
  • My question is can you walk us through your typical financial planning process with an average client of yours. From the initial conversation to the presentation and implementation. How do you prioritize your recommendations? 

Enjoy!

Joshua

 

Direct download: RPF0186-QA.mp3
Category:podcast -- posted at: 10:00am MDT

Today, I do Q&A and answer these four questions:

  • Joshua, I absolutely cannot get enough of your show. Thank you very much for the effort you put in and the thought provoking product you create! It is worth the voluntary money!I've got a very open ended question: You often talk about journaling and writing to help develop thoughts, ideas, and plans. How does one get started doing this? What should your listeners focus on when getting into the habit of journaling? How often do you write in your journal? Without any framework or place to start, I find myself wanting to move on to other activities. I know it's not a direct financial topic but I believe there is a huge amount of value to the idea of putting your thoughts down on paper and developing them and it is something I'd like to start as soon as possible. It'd be great to hear your thoughts and maybe some tactics you employ to get the most out of your journaling time. Keep up the great work, -Chris
  • 19:52 Joshua, One of the biggest goals I have in my life is to become financially independent. Which is why I came across your Podcast in the first place but I am having a hard time figuring out where exactly to go from here. I just started keeping track of every penny I make and spend so that I can start to budget and plan accordingly (I know I should have done this years ago but I gotta start somewhere!) I am 26 years old and have very little experience saving. I am a compulsive spender but I know I can change my habits with the right motivation and I know that I am still young enough to make a very significant change in my life. I have tried to find something "from the beginning" in your podcast but I havn't yet found one that fits my needs. The questions that I have are things that may seem really basic to anyone who has been financially planning for a while. What do I do with my first savings? Say its only $100 dollars, do I keep it in cash at my house? Do I open a savings account and keep it there? How much should I have saved before I start looking at other options, retirement accounts, etc. Sincerely, Garion.
  • 29:45 Joshua, With regard to “Your Money or Your Life” (I have been reading the book for the past few days.), is the strategy for investment/FI that the author’s put forth in Chapter Nine still valid today, in your opinion. (I apologize if you have covered this already; I am still trying to get caught up with all of your podcasts.) Please keep up the awesome work. -Daniel
  • 36:35 Joshua, First off I just wanted to say I'm a huge fan of the show and your format. It's so refreshing to actually listen to an in-depth discussion of personal finance rather than all the surface level junk online:"The one easy tip for financial freedom." So I hope you never question your long format in the landscape of quick tips and 3 easy steps posts. I've been growing more interested in personal finance/investing. I'm curious if you've ever encountered or heard of families that invest together. Whether it be siblings or siblings and parents investing together. This is something I've been pondering lately. It seems this would be a smart way for families to invest and take advantage of strength in numbers. Perhaps it's not discussed because it's taboo to talk about money at that level of detail. I really have 0 experience in this area so it'd be interesting to hear what some of the benefits/challenges would be of this kind of thing or if you've personally heard of families doing this. Keep up the good work, and know that your work has had an impact on me.Regards, -Ryan

Resources:

Direct download: RPF0185-QA.mp3
Category:podcast -- posted at: 10:00am MDT

I enjoy looking for financial planning tips from odd corners of the world. Recently, I stumbled across the book Financial Freedom aFloat: How to Pocket a Paycheck in Paradise by Charles Tuller as I was browsing the finance section in my local library.

Written for the cruising community, the book lays out some specific ideas and strategies for sailors who either need or want to earn some money to be able to afford to stay out on the water for the long-term.

I'm most intrigued by the challenge of the problem: how do you live a "dream lifestyle" without a lot of money?

The answer is multi-fold:

  1. Own your shelter.
  2. Minimize your ongoing expenses.
  3. Work while you travel.

The last item is the most interesting to me right now.

How do you conveniently integrate work and life without feeling like an indentured servant? How do you earn and enjoy life at the same time?

The book does a good job of laying out some ideas. And, it gets better all the time. There are so many more options availalbe now in 2015 than there were in 2000, when the book was written.

Enjoy the ideas we draw and apply them to your own lifestyle--whether you'd like to cruise or not!

Enjoy!

Joshua

Direct download: RPF0184-Financial_Freedom_Afloat.mp3
Category:podcast -- posted at: 11:35am MDT

Today I handle your questions and comments.

Right off the bat, I respond to some of the sharp criticism of Episode 181. Perhaps it will be useful to clarify my intention with the show material.

Then, I answer these questions:

  • 35:48 Dear Joshua, I have a question regarding a specific method for paying for my children's college education.  Putting aside the merits of a college education in general; and putting aside thoughts that I have no obligation to pay for my children's school....let's assume that I would like to pay nearly all tuition expenses for my three daughters (ages 12, 10, 5). I see 529 plans as piggy banks that I fund, will one day need to break, spend, and never see again. However, striving to create a large enough portfolio of dividend paying stocks seems like a option in which I could pay tuition with the money strictly generated from my investments. Assuming (still a moderately big assumption on my end) that I can create the principal to generate ~$25,000 in dividends at a 4% yield, does this seem like a viable option? -Brian
  • 44:04 Joshua, I am 42 years old and currently have life insurance from my employer. I'm trying to buy life insurance from one of the providers but have the following questions: Should I continue the life insurance at work even after I get from outside? Will the 2 ever be mutually exclusive? Should I search for an agent? If so, are there any websites that can help me find one? Are websites like Accuquote reliable? How else should I compare the products of various providers? -Vikram
  • 1:01:52 Joshua, I wanted to ask you to consider a podcast show around radical ways to lower the cost of owning a home.  Not the typical advice out there,  but more along the lines of buying a property that meets your families needs but that could provide rental income to offset your mortgage too. Cash flow around homes is a large percent of take home for most families - just seems like an area that most people are not considering and could be a significant win. -Todd
  • 1:20:16 Joshua, While listening to Podcast #36 you mentioned changing a 401K plan to be able to defer more than the $17.5K. Can you let me know where I can learn more about this? -Harout

Enjoy the show!

Joshua

  • Support Radical Personal Finance on Patreon: http://radicalpersonalfinance.com/patron
Direct download: RPF0183-Friday_QA.mp3
Category:podcast -- posted at: 12:08pm MDT

I'm fascinated by the topic of asset protection planning. It engages my personal enjoyment of complicated, intricate planning.

It's in important area of planning. But it's also one of the most over-hyped areas filled with sleazy marketing and sleazy business practices.

How do we work through this?

Today, I introduce the topic to you in a down-to-earth, accessible way.

We'll keep a healthy sense of paranoia and a healthy sense of reality firmly together as we traipse through these topics.

Enjoy the show!

Joshua

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Direct download: RPF0182-Asset_Protection_Intro.mp3
Category:podcast -- posted at: 10:51am MDT