Radical Personal Finance: Financial Independence, Early Retirement, Investing, Insurance, Financial Planning

It's Friday! On today's Live Q&A show we cover:

  • Should I sell the house we just moved out of?
  • How Do I Figure Out If I Should Fire My Financial Advisor or Not?
  • How Can I Organize a Really Cool Networking Event for Celebrities that I Admire?
  • How Can Divorced Men Creatively Avoid Paying Higher Child Support?
  • What Competitive Advantage Does Dimensional Fund Advisors Have Over Vanguard?
  • How Has Joshua Changed His Financial Plan Over the Last Three Years?

Enjoy!

Joshua

Direct download: RPF0446-Friday_QA.mp3
Category:podcast -- posted at: 3:00am MDT

Today, we cover this question:

Joshua,

My husband and I love your show and would LOVE IT if you could help us answer a question from your point-of-view.

Facts:

  1. We're completely debt-free except for our house.
  2. We make around $130,000 per year.
  3. We're currently investing 10% for retirement.
  4. We are dead-set on paying off the house in the next 2.5 to 3 years.

The DILEMMA:

Dave Ramsey suggests saving 15% for retirement for someone in our position. We can do this..but that'll slow down our house payment goal quite substantially (or, in my mind it's substantial, as I want this house paid off TOMORROW!)

The goal after the house repayment is to throw everything we can spare towards investing in retirement funds.

THE QUESTION:

Should we stay strong on our course to pay off the house in 3 years tops only saving about 10% for retirement or do we bump up retirement savings? Ultimately how do I figure out the opportunity cost in each scenario?

Thanks so much!

Taliah

--

Direct download: RPF0445-Pay_Off_House_or_Invest_15_Percent.mp3
Category:podcast -- posted at: 3:00am MDT

Today's show comes by inspiration of this listener question: "Joshua, will you please send me a link to the best show on your website for a woman wanting to convince her husband that they can make it financially if she stays home?"

Well, I didn't have such a show. But now I do.

Here it is!

Joshua

DATA:

   Working (Conservative)   Staying at Home   Difference 
       
Husband   $60,000  $60,000  
Wife  $60,000  $-    
Total  $120,000  $60,000  $60,000
       
Employment Taxes (7.65% -- 6.2% SS + 1.45% Medicare)  $9,180  $4,590  $4,590
Income Taxes (Turbo Tax Estimate, 30 years old - 2 kids, no deductions)  $12,849  $1,756  $11,093
   $22,029  $6,346  $15,683
       
Income, net of tax  $97,971  $53,654  $44,317
       
Cost of Childcare ($7k x 2)  $14,000  $-    $14,000
Income, net of childcare  $83,971  $53,654  $30,317
       
Commuting Costs Saved ($200/mo)  $2,400  $-    
Work Lunches Saved (100 lunches @ $15)  $1,500  $-    
Work Clothing Saved ($50/mo x 12)  $600  $-    
Dinners Out Saved ($60 x 50)  $3,000  $-    
Household Savings due to frugality ($200/mo x 12)  $2,400    
   $9,900  $-    $9,900
       
Income, net of working costs  $74,071  $53,654  $20,417
Direct download: RPF0444-Yes_You_Can_Afford_For_Your_Wife_to_Stay_At_Home.mp3
Category:podcast -- posted at: 3:00am MDT

I've really got a great show for you today. It's one that brings together so many things that I love talking about! Travel with Family, Entrepreneurship, Marketing, Financial Independence, and more!

My guest is Anthony Amos.

He's an Australian entrepreneur who started out with a tiny little backyard dog-washing business. He grew it, franchised it across Australia, and then sold it and decided he was rich enough to go into property development.

His timing was not so great (right before the real estate crash) but he suffered through.

Later, he wound up buying the company back and he's in the process of expanding across the United States!

At the moment, he and his family are in the middle of a 50+-state RV trip all across the USA with a goal of raising $1,000,000 for dog rescue. Along the way, they're enjoying an incredible family adventure and publicizing their dog washing business!

This one is well worth your time!

Joshua

Direct download: RPF0443-Anthony_Amos_Interview.mp3
Category:podcast -- posted at: 3:00am MDT

It's tax-time! That means that you face a problem: how should you do your taxes? Should you print off the 1040 form from the internet and fill it in by hand? Should you use tax software? Should you hire an accountant?

Here are my thoughts on the matter!

Joshua

  • Great records will make doing your taxes an absolute breeze. Why not try YNAB for your budgeting and recordkeeping? Get a free 34-day trial at www.radicalpersonalfinance.com/YNAB
  • Please support RPF on Patreon. Currently 267 people of the ~18,000 daily listeners support the show on Patreon for a total of $1,659 per month. I'd be thrilled if you'd join them! www.radicalpersonalfinance.com/patron
Direct download: 442-How_to_Do_Your_Own_Taxes_The_Easy_Way.mp3
Category:podcast -- posted at: 3:00am MDT

It's Friday! That means it's time for a live Q&A show.

Today we handle two questions:

  • How Can a 13-Year-Old Young Man Get His Start as a Financial Advisor?
  • How Can an Early Retiree Calculate If He Has Enough Money

Enjoy the show!

Sign up as a Patron to be invited to future Friday call-in shows. www.radicalpersonalfinance.com/patron

Joshua

Direct download: RPF0441-Friday_QA.mp3
Category:podcast -- posted at: 3:00am MDT

Today's show is dedicated to marketing. I focus on answering a specific question about podcast marketing, but I do share a number of tips that are applicable on a broader basis.

Here's the question:

Hi Joshua,

I was inspired to start my own podcast six months ago when I listened to your episode 300 entitled "30 podcasting lessons learned from 300 episodes".

Your words of encouragement were invaluable for me and really made me believe I could do this. Your suggestion to focus on content and not the technical aspect of podcasting was the most significant takeaway for me.

The podcast is only 30 episodes in and we consistently publish an episode every single week but wondered if you could provide some suggestions on how to grow your audience.

Background information:
Candian based personal finance podcast, host/co-host format, with the occasional guest

Thanks so much,
Trevor
Simple Money Solutions podcast

Direct download: RPF0440-Podcast_Marketing.mp3
Category:podcast -- posted at: 3:00am MDT

I wasn't quite sure how I should approach today's book review of Tony Robbins new money book, so I asked the Radical Personal Finance Facebook group.

I wrote: "I'm about to record my review of Tony Robbins' new book, Unshakeable. Should I do it in my current mood as ticked-off, angry Joshua and rip it to shreds or should I do it in my calm, collected and intellectually neutral voice, carefully presenting the good, the bad, and the ugly? Whadya want?"

Well, most people seemed to want option A, so I turned the mic on and let it rip.

Enjoy my review of Tony Robbins' latest book: Unshakeable: Your Financial Freedom Playbook: Creating Peace of Mind in a World of Volatility.

Joshua

p.s., If you missed it, here's my 3-hour review and critique of his first personal finance book, Money: Master the Game: 7 Simple Steps to Financial Freedom.

 

 

Direct download: RPF0439-Unshakeable_Book_Review.mp3
Category:general -- posted at: 3:00am MDT

I recently completed a brief demographic survey of the Radical Personal Finance audience. I learned a ton about who you are!

I thought it would be fun for me to share it with you and share how it impacted me.

Enjoy!

Joshua

    Do you need a website? Reach out to my own personal web team at www.sillygrasshopper.com and see if they can help you!

Radical Personal Finance Audience Demographics    
    
Gender    
Male    78.9%
Female    21.1%
    
Age    
13-17    0.2%
18-20    0.6%
21-24    6.9%
25-34    48.5%
35-44    29.8%
45-54    9.9%
55+    4.2%
    
Marital Status    
Single    27.4%
Married    70.1%
Divorced    2.4%
Widowed    0.1%
    
Race    
Asian    4.5%
Black    3.9%
Caucasian    82.1%
Hispanic    4.5%
Native American    0.1%
Pacific Islander    0.7%
Other    4.2%
    
Education    
Less than high school graduate    0.4%
Graduated high school / GED    1.7%
Trade / Technical school - no degree    1.5%
Attended college but did not graduate    5.4%
Two year college degree    5.3%
Four-year college degree    50.1%
Masters degree    26.6%
Doctoral degree    9%
    
Income    
<25k    2.8%
25k-49k    7.6%
50k-74k    14.7%
75k-99k    16.5%
100k-199k    40.8%
200k+    17.6%

Direct download: RPF0438-Audience_Demographics.mp3
Category:general -- posted at: 3:00am MDT

On episode 425 of the podcast I interviewed Mr. Money Mustache. That episode was not intended to be an introduction to his teaching or his philosophy; rather, it was a human interest discussion with the man himself.

Today, I introduce you to the philosophy and teaching: the message.

What is mustachianism? What is the plan for financial independence espoused by Mr. Money Mustache?

Enjoy!

Joshua

Direct download: RPF0437-Mustachianism_101.mp3
Category:general -- posted at: 3:00am MDT