Radical Personal Finance

For most people, housing decisions are the largest financial decisions that they will make. And the mortgages usually associated with housing are the largest debts most of us will take on.

And yet how much time and energy do we actually invest into researching these decisions? 

For most of us, the answer is not much.

My guest today is Casey Fleming and he's here to help us navigate the waters of the mortgage market with some clear, up-front advice.

Enjoy the show!

Joshua

Direct download: RPF0318-Casey_Fleming_Interview.mp3
Category:podcast -- posted at: 1:35pm MDT

I love to discover unique people who embrace an unusual lifestyle. My guests today are a perfect example of such a lifestyle!

Shane and Julie Good live part-time in a converted school bus and part-time in a tiny house that they built themselves. That's impressive.

But, even more interesting...they do it with their seven young children!

Many people let their children get in the way of their adventures. Not the Good family! Their family is fully integrated in everything they do!

Enjoy the interview explaining how they came to this unique lifestyle and what they've learned along the way!

Joshua

Direct download: RPF0317-Shane__Julie_Good.mp3
Category:podcast -- posted at: 3:18pm MDT

On Fridays I do a Q&A show for Patrons of Radical Personal Finance. If you'd like me to answer a question for you, go here for information: www.radicalpersonalfinance.com/patron 

Today I answer:

  • Should I Stay At A Job to Get Student Loan Forgiveness?
  • When is the Ideal Age to Buy a Single Premium Immediate Annuity?

Enjoy!

Joshua

Direct download: RPF0316-Friday_QA.mp3
Category:general -- posted at: 3:00am MDT

On Episode 133 of the show, I had a listener ask me for my opinion regarding the concept of "mortgage acceleration."

Basically, it's the idea of taking out a HELOC on your house instead of (or in addition to) a traditionally amortizing mortgage, putting all your income against the HELOC and then paying your bills out of the HELOC.

The key idea with this strategy is that the average daily balance of your account is lower, reducing your interest payments.

In Episode 133, I was critical of the idea and the book that espoused it.

Today, I've brought the author of that chapter in the book on to defend the idea of mortgage acceleration as vigorously as possible.

Enjoy the show!

Joshua

Direct download: RPF0315-Bill_Westrom_Interview.mp3
Category:podcast -- posted at: 2:40pm MDT

Have you ever wanted to invest through an IRA or 401(k) for the purpose of early retirement but found yourself stymied by the thought of paying a 10% penalty tax to gain access to your money?

Well, on today's show I've got good news!

If you invest through an IRA or 401(k) but later take the INCOME from the account to pay for an early retirement, you may still come out ahead of the taxable account, even though you need to pay the additional penalty tax!

Check out the show and attachments for details!

Enjoy.

Joshua

Direct download: RPF0314-Use_an_IRA_for_Early_Retirement_Even_with_the_Penalty.mp3
Category:podcast -- posted at: 10:23am MDT

What would you do if you left your big-shot corporate gig to pursue an entrepreneurial venture which then fell apart?

And then you ran for public office? And lost.

And then wound up living in your in-law's garage completely flat broke.

Would you then go back, admit defeat, and rejoin the corporate grind?

Or, would you continue pursuing your dream lifestyle in a systematic way?

My guest today went through that exact process of life. And he's systematically worked to build his dream lifestyle with his family.

Today we sit down with Clark Vandeventer, author of "unWorking: Exit the Rat Race, Live Like a Millionaire, And Be Happy Now."

Clark has a very encouraging story to share and a wealth of experience in building his ideal lifestyle on the cheap.

Enjoy!

Joshua

Direct download: RPF0313-Clark_Vandeventer_Interview.mp3
Category:podcast -- posted at: 3:00am MDT

Today, I respond in detail to this question from a listener:

Hi Joshua,

I have been really into personal finance for about 5 years now and am considering becoming a financial advisor, specifically with a large company like you used to work for.

I am currently a 31 year old physician making around $150,000. I have spent a long time preparing for my career, but I am always drawn to becoming a financial advisor.

The medical field is becoming increasingly draining with charting, liability, decreasing reimbursement, increased regulations etc.

The problem is in my career I can only make so much money. I can see some more patients everyday, but eventually you can only work so much and with that will just take more time.

I already work from 8am-8pm everyday not even including my commute. More patients would just add more time to that. Quite frankly, with the liability and difficult patients I see all the time, I don't think I am paid enough of a premium to take on the risks I take.

I know everyone says they aren't paid enough, but I can literally be sued for anything, especially the surgeries I do. In addition, the aggravation of arguing with some patients on deductibles they owe, co pays etc. I don't know if you know what its like to argue with someone about a $32 bill after giving them necessary medical services because they have "insurance" and feel they are entitled to everything medically related for free, but it is draining.

I would love to hear your thoughts on becoming a financial advisor with a company like you were with.

  • What were the pros and cons?
  • What kind of income can I expect and within how long? I have spoken to a few agents, but I know you will give me the "real" story.
  • What was a day like for you?
  • When did you really start taking off with your career there?
  • Do a lot of people not make it? Why not?
  • How do you actually make money as an advisor? Consulting fees? Ongoing commissions? Upfront fees for selling something?
  • Do you develop a niche or do everything? Estate planning, group benefits, just individual consultation, etc.?
  • I always imagine being in a nice, clean office, creating a plan for people's finances. Is there a bad side to the business in terms of lifestyle?
  • Is it really difficult finding clients? I know there are hundreds of thousands of advisors so there is a lot of competition.
  • Does the location where you practiced as a financial advisor make a big difference in income/quality of life and if there is a big gap in income between places like West Palm Beach, FL vs Dallas, TX vs Northern Virginia near DC, etc.
  • Also, is it easy to transition from one location to another once you get started or is that a huge set back?

I am a religious listener to your show. Not only have I listened to every episode, but I have done so numerous times. I have all the frugality and investment stuff down for the most part, but trying to explore the whole quality of life and "work as if I can never retire" type of mentality.

This is obviously a huge decision so I wanted to get as much detail on the job as possible.

I would really appreciate your advice and promise I will follow up with you to let you know how everything turns out. I understand how busy you are so if you can't spare any time on this, I understand.

Thanks so much.

K

Direct download: RPF0312-Whats_the_Financial_Advisor_Career_Actually_Like.mp3
Category:podcast -- posted at: 2:19pm MDT

On Fridays, I do a Q&A call-in show which is open to Patrons of the show. Today we cover:

  • Can US Americans Be Transformed Back Into Savers
  • Should I Pay Off My Mortgage Early
  • Should I Rent Out My Backyard as a Lot for a Tiny House
  • The Prospect of Creating Radical Personal Finance in Spanish

If you'd like to participate in a Q&A call like this, please become a Patron of the show here: www.radicalpersonalfinance.com/patron 

Direct download: RPF0311-Friday_QA.mp3
Category:podcast -- posted at: 3:00am MDT

I've been wanting to bring lots more "brick-and-mortar-type" entrepreneurs and success stories on the show. There are tons of incredible people out there that we can learn from.

But, I've learned that it's actually tough for me to get them on the show!

Generally, people with money who have nothing to sell don't seem to want to talk publicly about what they've learned.

But, even though it's tough, I'm still working on it.

And today, I get to bring you one of this type of interview.

My guest today is a former boss of mine, Warren Prescott. He's a great guy who started with few advantages in life. 

He started as a plumber's assistant as a teenager and today he's a wealthy businessman here in South Florida.

Enjoy learning from his experience!

Joshua

 

Direct download: RPF0310-Warren_Prescott_Interview.mp3
Category:podcast -- posted at: 1:00pm MDT

I've featured several doom-and-gloom guests on recent shows. I like to give people an opportunity to make their case to me as convincingly as possible and I always enjoy challenging myself with catastrophic predictions.

But I struggle with a lot of the advice from those who predict global chaos in short order. Frankly, much of it is impractical.

So, in today's show I tackle the subject the way that I would tackle it if I were asked for my practical advice on the subject.

I hope it's useful for you!

Enjoy,

Joshua

Direct download: RPF0309-How_to_Respond_to_Dire_Financial_Predictions.mp3
Category:podcast -- posted at: 3:21pm MDT

I like to share as much "behind the curtains of the financial advice industry" stuff as possible. But I like to do it from a diverse perspective.

If you like seeing how good financial planning can dramatically impact a real-life scenario, this is a show for you.

My guest is Patrick Renn, a 35-year veteran of the financial planning industry. Patrick runs a wealth management firm in Atlanta, GA and specializes in helping his clients develop well-designed charitable giving programs.

If you enjoy seeing nuts and bolts of financial planning applied in the real world, you'll enjoy this show.

Enjoy!

Joshua

 

Direct download: RPF0308-Patrick_Renn_Interview.mp3
Category:podcast -- posted at: 3:19pm MDT

On Fridays I do a Q&A show for Patrons of the show. www.radicalpersonalfinance.com/patron 

Today, we cover these topics:

  • Thoughts on Giving Unsolicited Advice
  • Average Rate of Return vs. Real Rate of Return
  • Group Life Insurance and Long-Term Disability Insurance Decisions
  • and More!

Enjoy the show!

Joshua

Direct download: RPF0307-Friday_QA.mp3
Category:podcast -- posted at: 5:56am MDT

I recently had the opportunity to interview Robert Kiyosaki, the author of Rich Dad, Poor Dad, which is the top selling personal finance book of all time.

The concepts of Rich Dad, Poor Dad are well known in the personal finance circles. 

Rather than trying to get Robert to outline the content of his 20 books, I sought to unwrap a little bit of the man behind the story.

You can judge how I did!

Enjoy the show,

Joshua

Direct download: RPF0306-Robert_Kiyosaki_Interview.mp3
Category:podcast -- posted at: 9:46am MDT

In January 2013, I bought a house, proceeded through the whole process really carefully and thought I'd made some pretty good decisions. 

But a couple months after closing, I found out that I'd missed an awesome tax credit and kissed $2,000 a year goodbye. How frustrating!

I hate missing out on free money, especially when I can get it out of the coffers of the US Government!

So, I want to help you do better. And I want to teach you about the Mortgage Credit Certificate (MCC) program.

Enjoy!

Joshua

 

Direct download: RPF0305-Mortgage_Credit_Certificates.mp3
Category:podcast -- posted at: 1:00pm MDT

On Fridays, we do a Q&A phone conference here at Radical Personal Finance. Today's call was unusual in that we only had one caller, so we spent a lengthy amount of time discussing one particular issue.

Today's caller was responding to a previous podcast about how my wife and I handle our finances, specifically with regard to my role as a husband and her role as a wife.

We had an excellent conversation on the role of earning money versus the role of being a parent and how to work that out within the context of a family.

Enjoy the show!

Joshua

Direct download: RPF0304-Friday_QA-Full-Time_Mothers_and_Fathers.mp3
Category:podcast -- posted at: 12:00pm MDT

Will you pay less taxes when investing in a Traditional IRA or a Roth IRA? Do you know? Are you sure?

If you're not sure, the answer may surprise you.

Let me know if you're surprised!

Joshua

Direct download: RPF0303-Roth_vs_Traditional_Taxation.mp3
Category:podcast -- posted at: 10:19am MDT

Hey Radicals!

If you have emailed me (especially through the contact form on my website) and I haven't personally responded, please assume that I simply never received your message.

I'd love to hear from you, so please write again!

From July of 2015 until February of 2016 the contact form had a technical glitch that prevented emails from coming through.

That means that I missed hundreds of your communications.

I'm sorry!

We've fixed the problem now, so please try again.

I'd enjoy communicating with you personally. I work very hard to respond to all of your emails so it's disheartening to me that many of you have sent me notes to which I never responded.

Again, my apologies!

Joshua

Direct download: Announcement_re-_Email.mp3
Category:podcast -- posted at: 8:31am MDT

Today on the show we answer this question:

"Hey Joshua,

"I'm a fairly new listener and have been going through some of your older podcasts to absorb as much info as possible. I think you could potentially provide some good advice that I'd love to hear answered in an upcoming podcast if possible...

"Since discovering your podcast I've completely changed my thoughts on savings and consumption. I've always lived pretty frugally (I thought) but it turns out I was making poor decisions all along. I bought a house last year thinking that was a fool proof way to hang on to my money. I only just ran the numbers this month since I've discovered your podcasts on homeownership, and I've discovered I would have been much better off renting. I've also cut my cell phone bill in half (still $70/month though) and cut back on my weekend golf habit which I was spending about $200/month on. In place of that I've decided to train for a triathlon which is free since I already have a decent road bike. So thank you for all those tips on saving! I'm continuing to find ways to save.

"My situation that I'd like your advice on is my current job. I'm an engineer making just south of $200,000/year. I'm working at a nuclear power plant in the middle of no where in Georgia. The closest town is Augusta which is still a 50+ minute commute each way (I'm single, 30 years old, and living in a trailer in the woods near the plant wouldn't going to help that situation). I'm working 50 hours/week plus the commute and 30 minute unpaid lunch break. My entire week is consumed by work and travel to work. This is a paperwork heavy desk job which brings me zero fulfillment. I would love to quit and chase short term seasonal outage work but my dividend/investment income isn't nearly enough to live off and I can't justify turning down this kind of steady income stream. I'm miserable but well paid. I'm afraid that if I quit, my experience level isn't enough to land me the highly sought after seasonal work I'd be trying to get. I believe you were likely in a similar pay scale when you quit your job and since your situation was similar to mine is I'd like your advice as to how to get more enjoyment out of life and work.

"Love the podcast!"

Enjoy the show!

Joshua

Direct download: RPF0302-200k_and_Miserable.mp3
Category:podcast -- posted at: 6:14pm MDT

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