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

About once a week, I get an email asking me for my opinion on network marketing opportunities. So, today, here is my opinion and advice for you!

Joshua

Direct download: RPF0450-Network_Marketing.mp3
Category:podcast -- posted at: 3:00am MDT

Here's a great Monday-morning sermon by ETtheHipHopPreacher to kick off your work week. Thank God it's Monday!

Original video: https://youtu.be/5fsm-QbN9r8

Direct download: Secrets_to_success_Pt._1.mp3
Category:podcast -- posted at: 3:46am MDT

We do a live Q&A show on Fridays. Today we cover:

  • How Do You Help Young People Engage in Goalsetting?
  • How Much Debt Is Too Much on Rental Properties?
  • How Do You Help Your Brother-In-Law Learn About Money?
  • Last-Minute Health Savings Account Contributions?

Enjoy the show!

Joshua

Direct download: RPF0449-Friday_QA.mp3
Category:podcast -- posted at: 3:26am MDT

I've often made comments like, "Your 401(k) won't make you rich." Or, "People Don't Get Rich Because they Invested in Their 401(k)."

A listener recently asked for clarification on that statement. I thought it was so important that I dedicated an entire show to it.

In today's show, I give my defense of my statements and argue my case.

My thesis is simple: high 401(k) balances are correlated to people who are rich, but they are not a causative factor of wealth.

Enjoy!

Joshua

Direct download: RPF0448-Mythbusting-401k_Doesnt_Make_You_Rich.mp3
Category:podcast -- posted at: 5:13am MDT

A little while back I gave this interview for Joe Fairless on his show, "Best Real Estate Advice Ever." We focused on the intersection between personal finance and professional financial advice. Enjoy!

Joshua

http://joefairless.com/best-financial-advice-achieving-maintaining-financial-freedom/

Direct download: JF2076120Joshua20Sheats.mp3
Category:podcast -- posted at: 3:00am MDT

Today, please enjoy this recording of my appearance on Episode 107 of the Sound Retirement Planning Podcast with Jason Parker!

This show was recorded in Q4 of 2016.

http://soundretirementplanning.com/107-radical-retirement-planning-joshua-sheats-radical-personal-finance/


I see lots and lots of people talking about the idea of "passive income." Everywhere I look, I hear people talking about passive income and why it's so great!

But, I've heard very few people define the concept and explain what a true passive income opportunity is.

And the vast majority of opportunities I hear of don't qualify as passive income in my book.

So, let's bust this "passive income" myth today!

Joshua

Direct download: RPF0447-The_Passive_Income_Myth.mp3
Category:podcast -- posted at: 3:00am MDT

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