Thu, 31 March 2016
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!
Wed, 30 March 2016
317-Living in a Bus and a Tiny House With 7 Kids! Interview with Shane and Julie Good from www.GoodNewsBus.com
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!
Fri, 25 March 2016
316-Friday Q&A: Should I Stay At A Job to Get Student Loan Forgiveness, When is the Ideal Age to Buy a Single Premium Immediate Annuity
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:
Thu, 24 March 2016
315-Is Mortgage Acceleration (Replacing Your Traditional Mortgage with a HELOC) Really a Good Idea? Interview with Bill Westrom from www.TruthInEquity.com
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!
Thu, 24 March 2016
314-How You Can Get More Money For Early Retirement By Using an IRA or 401(k) Even if You Have to Pay the 10% Penalty!
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!
Direct download: RPF0314-Use_an_IRA_for_Early_Retirement_Even_with_the_Penalty.mp3
Category:podcast -- posted at: 10:23am MST
Wed, 23 March 2016
313-unWorking: Exit the Rat Race, Live Like a Millionaire, And Be Happy Now: Interview with Author Clark Vandeventer
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.
Tue, 22 March 2016
312-Q&A: What's It Actually Like to Start a Career as a Financial Advisor with a Big Insurance Company? My Own Experiences from the Trenches!
Today, I respond in detail to this question from a listener:
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.
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.
Direct download: RPF0312-Whats_the_Financial_Advisor_Career_Actually_Like.mp3
Category:podcast -- posted at: 2:19pm MST
Fri, 18 March 2016
311-Friday Q&A: 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
On Fridays, I do a Q&A call-in show which is open to Patrons of the show. Today we cover:
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
Thu, 17 March 2016
310-From a Plumber's Assistant in a Rural Farm Town to a Wealthy Businessman: Interview with Warren Prescott, One of My Former Bosses!
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!
Wed, 16 March 2016
309-Practical and Actionable Advice for How You Should Respond to Doomsday Financial Predictions and Warnings in a Rational and Intelligent Manner
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!
Direct download: RPF0309-How_to_Respond_to_Dire_Financial_Predictions.mp3
Category:podcast -- posted at: 3:21pm MST