Tue, 21 July 2015
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:
Enjoy the show! Joshua
|
Mon, 20 July 2015
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:
Enjoy the episode! Joshua
|
Thu, 16 July 2015
![]() 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
|
Wed, 15 July 2015
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. Here is a very simple method of budgeting. It requires only:
Details are in the show! Joshua
Direct download: RPF0221-Budgeting_When_Behind_on_Bills.mp3
Category:podcast -- posted at: 10:00am MST |
Tue, 14 July 2015
![]() 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.
Enjoy the show! Joshua
|
Mon, 13 July 2015
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:
Enjoy! Joshua
|
Tue, 7 July 2015
![]() 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:
Enjoy! Joshua
|
Mon, 6 July 2015
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
|
Thu, 2 July 2015
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
|
Wed, 1 July 2015
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
|
Tue, 30 June 2015
![]() 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:
Enjoy! Joshua
|
Mon, 29 June 2015
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
|
Fri, 26 June 2015
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 |
Thu, 25 June 2015
![]() 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:
|
Wed, 24 June 2015
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:
|
Tue, 23 June 2015
![]() 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:
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 MST |
Mon, 22 June 2015
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:
Enjoy! Joshua Links:
|
Thu, 18 June 2015
Hey amigos! Today is my 30th birthday! I'm having an incredible day celebrating with my family and friends. 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
|
Mon, 8 June 2015
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
|
Fri, 29 May 2015
![]() Q&A today and I handle these four questions!
Enjoy the show! Joshua
|
Thu, 28 May 2015
![]() 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:
Enjoy the show, Joshua
|
Wed, 27 May 2015
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:
I hope it's useful to you! Joshua
|
Tue, 26 May 2015
![]() 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:
Enjoy the show! Joshua Links:
|
Fri, 22 May 2015
![]() Q&A show today and I answer these two questions for you:
Enjoy the show! Joshua
|
Thu, 21 May 2015
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
|
Wed, 20 May 2015
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:
Enjoy the show! Joshua
|
Tue, 19 May 2015
I received a question from a listner which I decided to answer for you on today's show:
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:
Enjoy! Joshua
|
Mon, 18 May 2015
![]() 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
|
Fri, 15 May 2015
![]() Today, I'm cleaning out the voicemail inbox for my Friday Q&A show. Here are the questions for today:
Enjoy! Joshua
|
Thu, 14 May 2015
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
|
Wed, 13 May 2015
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:
Enjoy! Joshua
|
Tue, 12 May 2015
![]() 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.
Enjoy! Joshua
|
Mon, 11 May 2015
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:
Enjoy the show! Joshua |
Fri, 8 May 2015
![]() Today, I handle these four questions:
Enjoy the show! Joshua
|
Thu, 7 May 2015
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:
Enjoy the show! Joshua
|
Wed, 6 May 2015
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:
Enjoy! Joshua
|
Tue, 5 May 2015
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 MST |
Mon, 4 May 2015
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
|
Thu, 30 April 2015
![]() Today, we continue the Q&A blitz! Here are the questions I cover today:
Enjoy! Joshua
|
Wed, 29 April 2015
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:
Enjoy! Joshua
|
Tue, 28 April 2015
![]() Today, I do Q&A and answer these four questions:
Resources:
|
Mon, 27 April 2015
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:
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
|
Fri, 24 April 2015
![]() 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:
Enjoy the show! Joshua
|
Wed, 22 April 2015
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
|
Tue, 21 April 2015
![]() Every single aspect of personal finance is influenced politics, religion, and philosophy. Every law and every decision has a moral and ethical component to it. In modern conversation, we're unaccustomed to talking about philosophy and ethics. We steer away from discussing politics and religion because we're uncomfortable with how we can have a positive relationship with another person even when we disagree. Or, we might feel unequipped to battle in the world of philosophical or religious ideas. The problem is that our lives are continuously influenced by others who are battling in the world of politics, religion, and philosophy. And, we're subject to the same moral/ethical code as everyone else is regardless if we want to admit it or not! Worse still, we don't have the choice of non-participation. Every dollar of tax we pay, every item we buy, every hour we work affects the larger system in some way. By our actions we are supporting or tearing down various systems and causes. We are either moving the systems that surround us in a certain direction or we are being moved by them. The final horrific reality is that most of us are untrained in the fine art of sniffing out propaganda and influence. So, we are subject to it. Most of us would be content to simply sit by and live our lives quietly; it's not possible. Because you are in important pawn in others' plans for you.
I hope you enjoy the show. It's an unusual discussion but it's an important one. I will be building on the content of this show in future episodes as we sort our way through the swamps of financial movements, theories, and conspiracies in the future. Let the critical thinking skills commence! Joshua p.s., I've tagged this show with the [EXPLICIT] label because of the content and some of the words used. This show is most appropriate for adult audiences, not for children. Links:
Direct download: RPF0181-Politics_in_Finance_WITH_NEW_INTRO.mp3
Category:podcast -- posted at: 2:21pm MST |
Fri, 17 April 2015
Today, I share with you the framework knowledge of how life insurnace policies actually work. Once you understand these basic concepts you'll be able to look at any type of insurance policy and more easily understand its use. Topics include:
Enjoy! Joshua
|
Mon, 13 April 2015
![]() I'm not able to record and release a new show for you today due to the rather pressing deadline of the April 15 tax filing date. I'm finishing up my return today so I'm releasing an interview I gave on the Anarcho-Yakitalism Podcast with Nick Hazelton. Nick is a young man who raises yaks and pigs on his farm in the Pacific Northwest. He is 16 years old. I shared a bit of my story with him and gave him a bit of life coaching on how I think about financial planning and life planning for young people. This show was originally released on February 24, 2015 on Nick's website. Enjoy! Joshua Links:
|
Thu, 9 April 2015
![]() This morning, I put out a note on the Patreon page for questions from the patrons and I received four:
Enjoy the show! Joshua
|
Wed, 8 April 2015
![]() Today's show gives you the tools you need to sit down and calculate an appropriate amount of life insurance coverage for you to own. On Episode 173, I discussed the three primary ways of calculating an appropriate amount of insurance:
This show teaches you how to calculate a Needs Analysis. The process is simple: What You Want - What You've Got = What You Need In order to figure out what you want, simply make a list of everything you want for your family in case of your death. Divide that list into:
For the income needs, decide:
Enjoy the show! Joshua Links:
Direct download: RPF0178-Life_Insurance_Needs_Analysis.mp3
Category:podcast -- posted at: 2:54pm MST |
Tue, 7 April 2015
By popular request, I've invited Meb Faber on the show for an interview. Meb is well known in the investment world for his contributions on tactical asset allocation and trend-following. In the interview we cover:
Enjoy the show! Joshua p.s., listen to the show for an opportunity to get Meb's most recent book for free! Links:
|
Mon, 6 April 2015
Today I want to share a very simple concept with you regarding practical asset allocation. If you plot your goals on a simple matrix and plot all of your investments on the same matrix, you'll more easily be able to select an appropriate investment to fund each goal. Here's the matrix: home-run dollars aggressive dollars safer dollars -------------------> short-term -----> mid-term -----> long-term Enjoy the show! Joshua Support the show as a patron: http://radicalpersonalfinance.com/patron
|
Fri, 3 April 2015
![]() Friday Q&A shows are fun and today is no exception. Today I answer five questions:
Enjoy my answers! Joshua Links:
|
Thu, 2 April 2015
![]() You can’t go from broke to rich in a single step. There’s no magic fairy who will suddenly transform your financial life for you. You have to do it yourself. But you can work your way through a path that leads to financial independence and complete abundance. That path has stages and you should celebrate your progress at every stage! In today's show, I share with you my ideas regarding the stages of financial independence. I believe this is a useful roadmap to help you navigate from where you are to total Financial Abundance. Stage 0: Financial Dependence Stage 1: Financial Solvency Stage 2: Financial Stability Stage 3: Debt Freedom Stage 4: Financial Security Stage 5: Financial Independence Stage 6: Financial Freedom Stage 7: Financial Abundance My challenge to you is to take these stages, understand where you are, and lay out the numbers of your own situation. How much do you need to be financially stable? What's your number for financial independence? Financial freedom? Write it down clearly for yourself and then keep working on it! Enjoy the show, Joshua Links:
Direct download: RPF0174-Stages_of_Financial_Independence.mp3
Category:podcast -- posted at: 3:00pm MST |
Wed, 1 April 2015
At long last, we enter into the oft-requested topic of life insurance! Today's show is an introduction to the economic basis and justification for life insurance and it's also an outline of some of the uses of life insurance for individuals and families. (We'll cover business uses another day.) You also get the joy of a bit of a sales pitch on why I love life insurance planning so much. It's truly an incredible financial product. Life insurance is founded on the economic value that each of us provide to others and on our moral obligation to provide for our dependents. Because each of us has an economic value that can be estimated, we can come up with some formulas to understand how much life insurance is appropriate. The three major approaches to determining an appropriate amount of life insurance are:
The best of these methods is the needs analysis approach. It balances the need for precision and the need for simplicity quite effectively. Life insurance can have many uses for individuals and families:
Enjoy the show! Joshua
Direct download: RPF0173-Economic_Basis_of_Life_Insurance.mp3
Category:podcast -- posted at: 3:11pm MST |
Tue, 31 March 2015
![]() Retirement planning is at the core of the financial planning profession. But, it's a very complex subject and it's tough to wrap your head around the process. I've invited Roger Whitney, CFP®, CIMA®, CPWA®, AIF®, financial advisor and host of the Retirement Answer Man Podcast on the show today to chat about retirement from his perspective. Roger specializes in working with retirees and prospective retirees in a formal financial planning capacity. I think you'll be intrigued by some of his perspectives. Show topics include:
Enjoy! Joshua
|
Mon, 30 March 2015
One of the challenges of personal finance math is the relevance of a particular scale. Sometimes you can get a massive benefit by switching to a different scale. One famous example is the daily latte. $4 for a latte sounds about right in today's world. But if you do it every day, it adds up. To fully appreciate the impact of the seemingly small expenditure you can change the scale from daily to annual. $4/day x 5 days per week x 52 weeks per year is $1,040/year spent on coffee. That's a lot of money! If you're scared that I'm trying to take away your latte, don't be. I'm not! But I do want you to use and apply that tactic to the actual numbers from your financial life. In today's show:
Enjoy the show! Joshua Links:
|
Wed, 25 March 2015
I've got a double problem this week that is keeping me from releasing shows:
So, I'm releasing a couple of interviews that have been recorded with me in the past. This one is very good. Rob is a great interviewer and he was able to get very in-depth. This show has an in-depth discussion of the benefits and problems of financial advisors. Rob was also able to pull some pretty personal stuff out of me from my past! Joshua Links:
Direct download: DR_123-Joshua_Sheats-Radical_Personal_Finance.mp3
Category:podcast -- posted at: 3:42pm MST |
Fri, 20 March 2015
![]() I'm not able to record a normal show today, so I'm releasing a copy of an interview I conducted with Nick Loper from Side Hustle Nation. This interview was released on February 19, 2015 on Nick's show, just in time for tax-time! This show is a good overview of some general tax tips:
Enjoy! Joshua Links:
|
Thu, 19 March 2015
![]() My guest today is a veteran of financial reporting. Fred Gabriel has spent the last 17 years reporting on the financial advice industry. He began his career as a mutual fund reporter and progressed to be named the editor of Investment News in 2012. I spoke with Fred at the Technology Tools for Today Conference and we focused our conversation on the changing landscape of financial advice. Due to the nature of his job, Fred has a front-row seat on all of the changes happening in the industry. The interview focuses primarily on the investment advice industry but does have ideas and content which can be applied to other industries. Topics include:
Enjoy the interview! Joshua Links:
|
Wed, 18 March 2015
![]() On Monday, I released the show on new cars vs used cars. It became clear to me while doing that show that I really needed to do an in-depth discussion of the concept of Opportunity Cost. If you understand Opportunity Cost you can easily help people to make better decisions. All of us make decisions based on what we value. Every transaction is based on each party involved preferring what the other has more than what he/she has. Good decision making is largely based on simply understanding all of the options that each of us has, considering the various scenarios, and then choosing which scenario is most ideal for our circumstances. In today's show I add some serious meat to this idea with a bunch of pertinent examples:
At the end of the day, you control your own life. Consider your decisions carefully and simply make the decision that is best for you. Joshua Links:
|
Tue, 17 March 2015
![]() I've brought you some shows on the concept of advancing your career by attending industry conferences. But what about getting a double bonus by organizing the conference yourself? That way you get all the benefits you would get from attending but you get the added bonus of becoming an industry leader. Plus, perhaps you can make some money on the event! My guest today is Philip "PT" Taylor, founder of http://ptmoney.com/ and http://finconexpo.com/. PT started working as a CPA, transitioned to full-time financial blogger, and ultimately created one of the most well-loved financial conferences: FinCon. The interview is a complete discussion of:
Enjoy the discussion! Joshua Links:
|
Mon, 16 March 2015
Ahhh, the great debate over cars! Should I buy new or should I buy used? In reality, the answer is simple:
Choose the option that fits best. But, of course, there are as many ways to answer those questions as there are people in the world. Regardless of the decision you make, here are some ideas for you to consider to lower the total cost and enhance your results:
Enjoy the show! Joshua
|
Fri, 13 March 2015
I'd like to share with you a look behind-the-scenes of the business of Radical Personal Finance. I want you to know why I host a daily (or at least almost-daily) podcast and why I've stuck with that, even with many people suggesting less frequency. To be clear: I don't think you should copy what I'm doing. But perhaps if you understand why I'm doing what I'm doing you may be able to apply it to your own endeavors. I'm creating this show for a few reasons:
This show is going to sound very me-focused. It's intended to be helpful for you but I'm sharing all of my personal, selfish motivations to demonstrate my way of thinking. My reasons:
I'm not committed forever to this format. I'm still experimenting. But for now, the benefits are so great in comparison to the drawbacks that I'm continuing forward. The competitive landscape is changing. I may change in the future. But for now, my barometer for success is the heartfelt emails I receive from committed listeners who really value my content. I'm having a connection and an impact on the community. I believe what I'm doing is working and I won't change it until I find something I believe will serve more effectively. At this stage, I'm creating a body of content and building an audience. I might shift my focus in the future. But not yet. I understand where I am in the phase of my business and this is one piece of my plan. Take these things and apply them to your business and life endeavors.
Focus on what you can do, not on what I can do. There are many, many other things that I would love to do more than I'm doing now. I don't have the capacity yet to do them. But I can focus on what I can do. And that's working. My format is not my pledge or my brand. My content is. If I don't have something worth saying and if I'm not prepared to deliver a show, I'm not going to waste your time. My commitment is to the audience. To bring you an idea worth hearing that is well prepared and well presented and that is useful to you. That's my brand. Not doing a show every day. I also don't care if a show is 3 hours long or 3 minutes long. It should be exactly as long as it needs to be to convey the point and to be effective. Sometimes that's short. Sometimes it's long. Sometimes it's being split into two or three parts. But format does not equal content. Enjoy! Joshua Links:
|
Wed, 11 March 2015
![]() This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 2 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in November 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife and I enjoy listening to together. Enjoy! Joshua
|
Tue, 10 March 2015
![]() This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 1 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in October 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife and I enjoy listening to together. Enjoy! Joshua
|
Mon, 9 March 2015
This week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is an interview I gave that was released on September 4, 2014 on the Create My Independence Podcast with Kraig Mathias. It was the first podcast interview I ever gave after starting my show! Joshua
|
Fri, 6 March 2015
![]() It's Friday and on Fridays, I answer your questions. If you'd like me to answer your questions, please email them to me or call them in on the website. Question #1: Joshua, My father, who is 60 years of age, has become a victim of numerous scams over the last year or two. Generally, they involve him receiving calls that he won some prize and needs to wire some money (usually in $500 increments) to the West Indies, Jamaica, etc. His decision making with his finances is not good, to say the least. He continues to fall for these scams despite being told by numerous family and friends, law enforcement, and bank reps that it is a scam and he is never going to receive any "prize." His financial situation is as follows... he receives Social Security (Disability) for around $1,400 per month. His expenses are only about $700 per month. He owns a very modest house that is paid off. Also, he has a bank IRA worth about $50,000 (earning a whopping 1.3% fixed) which is a rollover from a 401k he had when he was employed. In my efforts to help him with his finances I got him to give me Power of Attorney and I was added as a signer on his checking account. I am able to monitor his checking account through online banking. However, I live too far away to proactively keep dad from wiring in money for these scams. All I can do is call Dad after I see he has made a large cash withdrawal from his checking account and ask what it was for. I can tell by his evasive answers that it is usually for another scam. My question is, how can I prevent Dad from wiping out his IRA and spending all his future social security earnings on the dream of the big foreign lottery prize? Does the Power of Attorney allow me to move the IRA to another financial institution (perhaps an online broker, or something out of state). As it stands, Dad can go down to the local bank an withdraw from the IRA with ease. The account could be wiped out before I had the chance to try to talk some sense into him. Also, is there some way for me to become a custodian of the Social Security payment where I could ensure Dad's needs were met, and had the rest of the funds could go into a savings account in his name? I would welcome any other suggestions you have on this matter. Your response would be appreciated very much! Take care, Jason -- Question #2: @21:11 Joshua, How much can one roll into a roth IRA from a traditional IRA? Is it true that interest earned in the traditional IRA is treated as principles once rolled into the roth and can be withdrawn without the penalty after 5 years? I really like the variety of your show. keep it up. Best wishes, Brad from Utah -- Question #3: @27:11 Joshua, A friend (22 y.o. male new grad. just starting his first engineering job) asked me if I had any good resources on investing. Prior to his question...I sent him your "Become a millionaire working at Walmart" episode as I felt that portrayed a lot of key concepts very well. I want to recommend another episode that really embodies your take on investing which I think is very helpful....as my friend seems to think investing just means putting money in the stock market. What would you share with him? Dustin -- Question #4: @38:17 Joshua, I think I have a unique and "radical" financial situation. I figured with your unique outlook on things and the interesting nature of your show this might an interesting question for you to consider. I want to be frozen after my legal death and reanimated later. I also want to preserve my wealth so that if/when I am brought back I will gain the benefit of at least many decades of compound interest. My question is: How should I fund my being frozen and how should I preserve my wealth in perpetuity after my death till my reanimation? Details: I currently have a 20 year term $150,000 life insurance policy. The cryonics organization is set the be the beneficiary. Upon my death they will take my body and fly it to their facility where it will be retained. The cryonics plan that I have signed up for costs $80,000. I have added the additional $70,000 for any chartered flights that might be needed to be flown or any legal battles that might need to be fought in order to get my body. I know that the 20 year term will expire and as I am presently 23, I (hopefully) will still be around. I was wondering what I should do long term? I was considering just using the company's standard trust model and just pumping money into it over the 20 year period. My insurance rep thinks I should move to a whole life policy. What are your thoughts? My second question is in regards to preserving my personal wealth upon death. As I will no longer be a legal person upon death, what is the best way preserve and grow my wealth over the years in such a way that I can claim it upon being reanimated? Ideally I would like to have a revival incentive in order to encourage people to revive me, something along the lines of 20% of the wealth accumulated. What do you think the best financial instrument would be? A trust? It's a bit tricky as I will not be a legal person after death. It's an odd question and I appreciate your help, Thanks, Caitlin -- Enjoy the show! Joshua Links:
|
Thu, 5 March 2015
![]() Years ago I heard of the concept of a hackerspace/makerspace. In essence, a hackerspace is a community-operated physical place where people can meet and work on their projects. But, the work that can come out of those spaces is far more impressive than that description makes it sound like. I've wanted to bring you the concept but since I'm not an expert, I needed to do it in the context of an interview. I was thrilled when a listener of the show recommended that I interview Jessica Fong, president of the South Side Hackerspace in Chicago. In the show, Jessica shares details on:
Enjoy the interview! Joshua Links: |
Wed, 4 March 2015
![]() I spent years consuming personal finance literature and the idea of saving 10 to 20% of my income was hammered into my head. That is the standard percentage that is recommended to be saved by prudent, diligent people. I took that number with me into my foray into the financial planning world without ever questioning it. But, somewhere around 2011 I had my world rocked by reading Early Retirement Extreme by Jacob Lund Fisker. The most useful concept I took from that book was the huge connection between savings rates and years to financial independence. For some reason, I never really connected the percentage of my income I was saving to the actual amount of money I had and what I could do with it. Maybe for you it's intuitive, but it wasn't for me. Consider this. Have you thought about the fact that:
I never did until I read the Early Retirement Extreme (ERE) book. And it hit me like a lightning bolt. In the ERE book, Jacob lays out a chart demonstrating the impact of savings rates on the years to retirement and it completely changed my perspective. A year or so later the popular finance blogger Mr. Money Mustached published a post called "The Shockingly Simple Math Behind Early Retirement" in which he laid out in chart form the connection between the percentage of income saved and the years to work until retirement. That chart is powerful. Since reading that chart I have shared it with dozens of people to empasize the value of controling the major thing they can control, which is their level of expenses. In today's show I share with you the details of this approach. Enjoy! Joshua Links:
|
Tue, 3 March 2015
![]() Traditionally, the knowledge and skills of financial planning were learned by financial advisors on the job. Most financial advisors started as either stockbrokers or insurance salespeople and then moved into financial planning simply as an extension of their career. A common educational path was to simply take the state-required insurance licensing courses and the state-required securities licensing courses and then to take further courses (such as CLU, ChFC, CFP, etc.) only after getting started in the career. That approach is changing. Today, there are dozens of colleges and universities around the country offering formal financial planning educational programs. Of course, there are pros and cons to either approach. Today, we dig into some of those factors with an in-depth discussion of the academic side to financial planning with Dr. Nathan Harness. Dr. Harness is an assistant professor of finance at Texas A&M University - Commerce. He received his Bachelor’s degree in finance from the University of Central Arkansas, Master’s degree in finance from Texas Tech University, and Ph.D. in personal financial planning from Texas Tech University. His research interests include personal financial ratio analysis, household heuristics and wealth accumulation, and individual stock selection. He has published in Applied Economic Letters, Financial Services Review, International Journal of Business and Finance Research, Journal of Financial Services Professionals, Financial Counseling and Planning, and the Journal of Personal Finance. Dr. Harness has taught at the University of Georgia – Athens prior to joining TAMU-Commerce and currently teaches graduate and undergraduate courses in the areas of investments and financial management. Enjoy the show! Joshua Links:
|
Mon, 2 March 2015
![]() I was very saddened to hear on Sunday night that Dr. Tom Stanley, author of the famous book "The Millionaire Next Door" and many others, died in a car accident near his home in Atlanta on Sunday afternoon. As I reflected on the impact that he and his work had on my life, I came to realize that he probably had a greater impact on my way of thinking than any other personal finance author I can think of. Not only did he impact my way of thinking, he impacted me personally. I reached out to him in July of 2009 when I was trying to find resources for how to market my services as a financial advisor to the affluent. His response was gracious and professional: -- 07/19/09 Joshua, Can't thank you enough for your kind comments on my blog. Words like yours sustain me. Two of the best rated speeches that I have ever given were to The Top of the Table and later at the Court of the Table (as you know part of the Million Dollar Roundtable Association). Both of those speeches were recorded (audio) and, as I understand it, were distributed by The Million Dollar Roundtable. I would also suggest that you read the chapter on Beverly Bishop in my book, Millionaire Women Next Door. And also Selling to the Affluent should be very valuable to you in your work. I'll know better about my speaking programs in September. Please continue to check my website for updates. Regards and much continued success. Tom Stanley -- More importantly, he saved me from a very expensive mistake by suggesting a specific car for me to purchase. (Details are in the show.) -- 08/19/10 Mr. Stanley, One very brief question: What do you think would be the best kind of car for a financial advisor to drive? I don't believe in "status" cars. But I live and work as a financial advisor in West Palm Beach/Palm Beach/surrounding area! And here, everyone--even/especially the broke people--have status cars. What should I do? :) Joshua -- 08/26/10 Dear Mr. Sheats: If I were in your position, I would buy a previously owned Chevrolet Tahoe or the GMC version in white, leather interior with tinted windows! These cars fit in each and every category of the wealthy. They are among the most popular cars within the "glittering" rich (very affluent) segments. Regards, Tom Stanley -- His communication was professional, courteous, and emminently helpful. Now that I find myself in the position of a somewhat public figure, I'm striving to emulate him. I was disappointed not to be able to get him on the show. I had reached out to him for an interview but his schedule didn't allow it at the time. I had hoped to bring him on in the future but alas, 'tis not to be. In my tribute to him, I have prepared this episode with ten important lessons I learned from him.
Enjoy! Joshua |
Fri, 27 February 2015
Today on the show, I answer these two questions: Joshua, The reason why I am writing has nothing to do with finances, but career advice. Did you (or do you) provide career counseling? If not, can you at least recommend someone you trust? I thought I heard you mention on a previous show that you were involved in that line of work, unless I am mistaken and it was a guest. Brief intro: I am 32 years old, a recent MBA graduate, and have a really unique professional background that makes career transitions exceptionally difficult. Suppose I were a client of yours who is considering a career change at a radical 50% pay cut. There are huge financial and emotional considerations at stake. Would such a career change be consistent with my financial goals? I have been working in a specific industry since I started fresh out of college. I have recently undergone an ideological conversion to a different system of thinking, and now face some cognitive dissonance over what I do for a living and who I do it for. I want out. In fact, this is the reason I went back to school for my MBA a couple years ago. I thought the MBA might help me push the reset button on my career, but the job market hasn’t been kind to me. I have applied to all kinds of jobs that I’ve thought were similar enough to the work I currently do. Unfortunately, I find myself caught between a rock and a hard place: I am too old to be considered for lower-tiered, entry-level positions. I am also too inexperienced to be considered for more senior or mid-level positions. I am seen as a liability: recruiters think I won’t last very long if they bring me in at a lower level. Recruiters think I won’t last very long if I am brought into a new environment or industry. I am stuck, and I am hoping to speak to someone who can help me do two things: 1) better understand what marketable skills I have in the private sector, and 2) better understand what jobs exist that are the best match for my skills. And it gets a little crazier: due to Non-Disclosure Agreements I have signed I cannot fully disclose the exact nature of my skills! This is perhaps the real pickle.. which makes this ordeal much harder than it would normally be for other career changers. What are your thoughts? -Bill AND at 51:24 Hey Joshua, Thanks so much for the show. It has really helped me and my fiance get our finances in order and start us thinking about how we could become financially independent. Even as a Canadian I've gotten a ton out of the show and have tried to hook as many people as I can. I was wondering if you might be able to touch on tips and tricks for someone who doesn't earn a consistent or regular income. I do video work and while it's consistent right now, I have spent most of my working career either working every day in a month or not working at all for weeks at a time. I was just curious if there might be any wisdom you can impart on those kinds of situations. Luckily my fiance has a very stable job and makes good money so it gives us the ability to plan at least a bit. Thanks again for the show, I look forward to it whenever I walk the dog and on the way to work. -Brendon Enjoy the show! Joshua Links:
|
Thu, 26 February 2015
![]() The financial planning industry faces many challenges. One of the major challenges has been how to effectively serve younger generations of clients. My guest today has some ideas on how things can be done better. He set out originally to develop a different model of financial planning practice for himself and wound up creating a company dedicated to bringing the model to the world. Alan Moore, MS, CFP, is from Bozeman, Montana. He runs a financial planning firm called Serenity Financial Consulting and is Co-Founder of the XY Planning Network. Enjoy this discussion of:
Enjoy! Joshua
|
Wed, 25 February 2015
Today, we dive into the details of Pre-Paid Tuition Programs. I'm generally not a fan of these programs and you get to hear why! (I do acknowledge that they have their uses). This opinion (my non-fan-ness) has always been a bit challenging since I do financial planning the state of Florida...and Florida has the most popular pre-paid tution program in the country! But, I still believe I'm right and today, I defend that belief. Listen to the show to hear:
Enjoy! Joshua
|
Tue, 24 February 2015
![]() I'm fascinated by long-term travel stories. After all, some people have to wait until they're retired to travel but some people are able to do it long before? How? Why? What can we learn from them? My guest today is fascinating. Greg Denning and his wife, Rachel, are living a long-term travel lifestyle. Currently, they're driving from Alaska to Argentina via Europe. Impressively, they're doing it together with their six kids! Why are they doing it? How are they paying for it? Tune in to the show to find out! Joshua Links:
|
Mon, 23 February 2015
Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life? Today, I share with you 5 lessons I've learned from that example: 1. Rate of return matters 2. Time matters 3. In the beginning, it's easy to spend. That's what most people do. 4. In the beginning, the amount you save matters more than the interest rate. 5. In the end, the interest rate matters more than the amount you save. Enjoy the show! Joshua Links: |
Thu, 19 February 2015
https://www.patreon.com/radicalpersonalfinance I don't think it's unfair to say that the financial planning industry is known for being a bit stuffy at times. If you ask an average person what they think of when they think of a financial planner, it's more likely to be an old, white guy in a suit and tie sitting in a mahogany-lined conference room than a young, vibrant lady with a theater and women's studies double-major. But, perhaps that's changing! My guest today is Sophia Bera, CFP® and she's shaking up the financial planning industry! Her tagline is "I'm not your father's financial planner." And, she's certainly not. Instead of going after the retiree market, she has chosen to focus exclusively on serving Gen Y clients. Sophia is part of a new generation of financial planner who is working to bring a different style of financial planning services to a new market. And, she's doing it on her own terms. In this interview, we discuss:
Enjoy! Joshua Links:
|
Wed, 18 February 2015
http://Patreon.com/RadicalPersonalFinance We continue our Masterclass on 529 plans today. If you haven't heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You'll need it for context on today's show. Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may not be important for you. Topics:
Enjoy the show! Joshua
|
Tue, 17 February 2015
http://radicalpersonalfinance.com/patron I had the opportunity to sit down with Michael Kitces while I was in Dallas last week for the Technology Tools for Today conference for financial advisors. Michael is, in many ways, a conference king. He speaks at 60 to 70 conferences per year. He also writes the most influential blog focused on financial advisors. What fascinates me is the development of his career. Michael's career developed from very humble origins. He found an area of interest and then applied years of diligent effort. Years later, he has succeeded in raising his personal income by a factor of 10 through the consistent application of some basic principles. Enjoy this peak into the development of a career and consider how you can apply the same principles to your own endeavors. Enjoy! Joshua Links:
|
Mon, 16 February 2015
http://radicalpersonalfinance.com/patron You've probably heard that your income is your biggest and most important tool in your wealth-building toolbox. It is. But it's hard to see and feel that when you simply sit down and look at your net worth statement. Today, I want to share with you a technique that has been useful for me. It's primarily a framing technique: it allows you to actually see the value of your income as compared to your current financial condition. It's been incredibly useful to me and I hope it's incredibly useful to you! Notes:
Links:
Direct download: RPF0152-Lifetime_Value_of_Your_Income.mp3
Category:podcast -- posted at: 3:44pm MST |
Wed, 11 February 2015
Hey amigos, I've decided last minute to fly out to Dallas, TX tomorrow morning to attend the "Technology Tools for Today" conference for financial advisors. There may not be a show for the next couple of days. I will do my best to release some shows while I'm there but no promises! If you're interested in what's happening at the conference, please feel free to connect with me on Twitter https://twitter.com/JoshuaSheats or Facebook https://www.facebook.com/joshuasheats. If any of you listners who are in Dallas would like to meet up while I'm out there, please either email me or reach out on social media. Thanks! Joshua
|
Tue, 10 February 2015
![]() Today's show is a fabulous interview about career creation. My guest is Scott Ginsberg. Scott is most well-known for his love of name tags. He's worn a name tag every hour of every day for 5,241 consecutive days! This decision was, in many ways, the foundation of his empire. It formed the story for his first book. Since then, he's written a total of 27 books on a variety of topics. I'm utterly fascinated by Scott's career. You'll hear that in the interview today. We discuss:
Enjoy the interview! It's super fun! Joshua p.s., thank you to each of you who have supported the show so far on our crowdfunding Patreon campaign! We're off to a great start with 15 patrons and $280 per month! Go sign up with at least a $1/mo. pledge and you'll receive access to my brand-new 20-minute video: "A Framework for Wealth."
Links:
|
Mon, 9 February 2015
http://RadicalPersonalFinance.com/patreon Today, we launch our brand-new crowdfunding campaign! I've closed the old Irregulars membership program and am replacing it with this new campaign. Tune in to the show to hear:
Also, we're launching our brand new app! Go get it from the app store and let me know what you think! Joshua Links: |
Thu, 5 February 2015
![]() Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh? Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company? Perhaps it might have some advantages for you! My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety. Having run both types of companies, James is a great guest to introduce the topic. Enjoy! Joshua Pros and Cons of a Not-for-Profit Entity Pros
Cons
Book Recommendation:
Direct download: RPF0148-NonProfit_Corporations_Interview.mp3
Category:podcast -- posted at: 7:26pm MST |
Wed, 4 February 2015
![]() My guest for today's show is Dr. Alice Boyes, former clinical psychologist from New Zealand. She is an expert on overcoming anxiety (her new book "The Anxiety Toolkit: Strategies for Fine-Tuning Your Mind and Moving Past Your Stuck Points" comes out next month). She also happens to be quite tuned in to the financial independence and early retirement lifestyle! She's here today to give us some practical ideas and tools for how we can overcome anxiety about investing. The conversation includes:
Enjoy the interview! Joshua Links: |
Tue, 3 February 2015
Good data is incredibly important to making good financial decisions. If you don't know where you are or where you've been, it's hard to know if you're on track and making measurable progress towards your goals. Today I've invited Ryan Marquez CPA, MSAT on the show to give an introductory overview. Ryan is an instructor in the Masters of Taxation program at Boise State University. He also runs a bookkeeping and tax business. Enjoy this introduction to business bookkeeping systems! Joshua Show Outline:
|
Mon, 2 February 2015
![]() My guest today is Nick O'Kelly. Nick is the co-author of Live On The Margin, a book about taking a different approach to regaining control of your time. (We previously interviewed Pat Schulte, his co-author, in Episode 50: "From an $8/hr Job After College to Financial Independence at Age 30 to 10+ Years of Global Travel With Family! Interview With Pat Schulte From Bumfuzzle.com") Nick is a meteorologist, a pilot, a captain, and an adventurer. He's also a writer, producer, and voiceover artist. Enjoy this in-depth interview in which we discuss:
Enjoy! Joshua Links: |
Fri, 30 January 2015
![]() Today, I bring to you three very fun but straightforward questions. Here they are: Question #1: @01:56 Dear Joshua, My wife and I are well read in the areas of index fund investing, frugal living, early retirement, and financial independence (including your podcasts). We have been on the path to early retirement for many years and we think we are there. We both have high stress jobs and want to quit to raise a child and do whatever interests us whether it brings additional income or not. We want to have a significant financial cushion, but also don’t want to be so conservative that we work years longer than necessary. We are worriers and are very conservative in our estimates. Although we are fairly confident in our calculations for early retirement timing, we hired a fee only financial planner for an outside opinion, and the experience was positive, but we believe the timing recommended was extremely conservative (4 years from now without a child; 5-6 years from now with a child). We have a very good handle on our spending as we have been tracking it closely for several years. The financial planner did not seem to understand our frugal lifestyle and rather than reducing our current spending by the “cost of working” that we clearly communicated, he added $15,000 per year to our current spending, which significantly changes the projections for retirement. The explanation given was to account for “unexpected expenses”, but that amounts to >$20,000 per year in excess of our retirement spending estimate below. We would be very grateful for your opinion of our plan to retire NOW, given the following data, which we have abbreviated to the most important points. Ages: Him-45, Her-37 Debts: None (own a house and 2 cars free and clear) Assets ($1,300,646) Asset Allocation: Spending: Current Spending: $45,000 Question #2 @26:20 Joshua, Came across your podcast and dig the advice/honesty. I've read numerous articles encouraging the use of fee-based financial advisors but haven't had a lot of luck finding the right person.. discouragement set in after numerous canned responses/what seemed like aggressive sales tactics. I made somewhat of a half ass attempt in my early 20s with regularly maxing out a roth/always contributing enough to various company 401k to get the contribution match. I've not paid a lot of attention and recently realized I'm holding roughly 50% of my total assets in a standard savings account yielding only 1%. Without pulling the actual figures that'd be ~90k in retirement accounts Roth/Traditional rollover and ~90k in straight up cash... terrible I know. My question is how do i fix/prevent it? I currently have one investment property with a mortgage that's less than what it's leasing for. I see a couple fix it options: Buy another house Pay down existing mortgage Invest outside of a retirement account I believe adjusting my 401k contribution may be a start to preventing it but what about after I max it out? I don't mind paying for advice but what I really want is someone that's hands on/up to date.. helping me get the most out of my money. Question #3: @46:37 Joshua My name is Joe and I’m 24 years old. I’ve been listening to your show for a while now and really enjoy it, keep up the good work. My question has to do with whether or not a Roth 401k is the right move for me. Currently my gross income is $58,616. This year, I’ve contributed 6% of my AGI into a regular 401k and my employer matches .80 cents on the dollar up to the first 5% of my pay. ($3,517+$2,344 = $5,861) I also contribute to my Roth IRA and will max it out at $5,500. My employer just recently began offering a Roth 401k option and my question is whether or not it is the best move for me to make to begin contributing to the Roth vs the regular 401k? I understand the tax benefits on the front end at my young age and do believe taxes will rise in the future and also that I will hopefully be in a higher tax bracket in retirement than I am now. In my mind, the advantage of the Roth is the higher contribution limit (18k vs 5,500) but the advantage of the Roth IRA is I have it at Schwab and have lower fees and more investment options than inside my 401k. I would like to keep my net take home pay the same and am having trouble running the math to figure out which would be the better option. In addition, I have the option to do a Roth 401k conversion on the $12k that’s in my Regular 401k. Your advice would be much appreciated. About me: Assets: $27k in Roth IRA, $12K in 401k, $3k in taxable investment acct, $6K in savings acct, $2k in checking acct Debts: $41,200 Federal Parent PLUS @ 7.65% and $16,500 @ 5.25%. I currently am on the standard repayment plan (10 yrs) and make an extra $100 payment each month on top of that. No credit card debt or any other type of loan, own a 2005 Camry that is paid off. *** Enjoy the show! Joshua |
Thu, 29 January 2015
![]() I've been looking for an expert on self-directed IRAs to bring on the show and I was thrilled to meet Kirk Chisholm at FinCon last year. Kirk is an expert in both the self-directed IRA niche and the alternative investments world. His firm, Innovative Advisory Group, helps serve clients in this space with advice. Self-directed IRAs can be a powerful tool in your arsenal. Just think of the magic of Mitt Romney's $100,000,000 IRA! When you combine an IRA with alternative investments, you might really be able to work some magic. What is an Alternative Investment? Well, right from Kirk's site: "The term “alternative investment” has become a trendy term in the financial services industry to describe new approaches to investing. It is frequently used to describe different asset classes or investment types such as: hedge funds, structured products, managed futures, or even Timber REITs. If you describe traditional assets as stocks, bonds and mutual funds, then by contrast everything else is an alternative investment. "We look at the term “alternative investments” differently. We take a step beyond the current industry definition and use it to describe assets or investments such as physical real estate, tax liens, physical gold and silver, structured settlements, horses, livestock, farmland, timberland, and more. We would characterize alternative investments as an asset or investment which is: not publicly traded, has a low-correlate to most traditional investments, is too small for institutional investors, is illiquid, is not easily able to be securitized, or is not reliant on the publicly traded markets to be profitable. "The characterization of what is a suitable asset for diversification purposes is a fluid concept. Some asset classes, which have traditionally provided a low or negative correlation to other assets, have become much more highly correlated since early 2000. Asset classes such as managed futures, timberland, farmland, and certain types of hedge funds in the past did provide a low correlation to the traditional markets, however, due to a higher level of institutional interest in these areas, as well as changing market conditions, they have become more highly correlated to traditional markets. This minimizes the effects of diversification as a risk management tool." This interview is super fun and super deep. Enjoy! Joshua Links:
|
Wed, 28 January 2015
![]() I designed a potential financial planning practice structure a year or so ago. It has been my backup plan if Radical Personal Finance were unable to be financially productive. (It's probably still a backup of a backup.) In light of the Episode 139: "My Advice for People Interested In Getting Into Financial Planning," I decided to follow up with some specific ideas for a practice I considered creating. Here are my ideas. The show includes a discussion of:
Enjoy the show! Links: |
Tue, 27 January 2015
The most popular episode--by a long shot--of the Radical Personal Finance podcast is Episode 40: "Making $80k on 1/3 Acre With an Urban Farm Without Owning Land? Yes, Please! Interview With Curtis Stone." Today, Curtis is back for another appearance. We set out to record a show with a basic overview of how to get into urban farming with some practical steps lined out. The first step is to get your mindset right. Although our interview got stuck on step one, it wound up being a fascinating discussion of business principles. We discuss:
I hope you enjoy! Joshua NOTE: Curtis is on the road over the coming weeks with seminars in Florida, California, Washington, British Columbia and Mexico. Details are here: http://www.greencityacres.com/events/ Links:
|
Mon, 26 January 2015
![]() On Fridays, I answer your questions! And, even though this is going out on Monday, I still answer your questions! :) Today, I handle these four questions:
Enjoy! Joshua
|
Thu, 22 January 2015
At this point, I'm honored to get about an email a week from someone asking about how to get into the financial planning business. Sometimes, I get multiple emails in a day! Here are four examples that I mention on the show today:
It's a great question and there are a bunch of ways to answer it. I decided for today to focus on the big picture answer which is primarily about having a good fit between your skills, your firm, your firm's abilities, and your prospective clients. I might do another show on the actual steps needed to set up a firm if you want to do it independently. In this show I go through:
Enjoy! Joshua
Direct download: RPF0139-Advice_for_Getting_Into_Financial_Planning.mp3
Category:podcast -- posted at: 4:00pm MST |
Wed, 21 January 2015
We're continuing our college series with an in-depth discussion of 529 plans. 529 plans are incredibly popular in all their permutations. (Many people who are currently participating in a 529 plan don't actually realize it because they refer to it as a pre-paid tuition program.) They're also under attack. President Obama's most recent budget proposal targeted them for change. (It also targeted Coverdell ESAs.) Personally, I think 529 plans are often misused and mis-applied. The majority of the mass affluent who participate are simply not getting a huge benefit in exchange for giving up the freedom and flexibility of the money. But, there are a number of things that can be done with these accounts that are really unique. Enjoy part 1 of our class today and learn:
Enjoy! Joshua Links: |
Mon, 19 January 2015
As we rattle around and around the iron triangle of wealth (income, expenses, and intelligent use of the difference), we come today to the topic of income. Specifically, how can you create some extra income? The world is changing and there are more opportunities to earn some money from a side project than ever before. No longer are you limited to throwing papers early in the morning or delivering pizzas in the evening; now, you can work in all kinds of interesting ways with people from all over the world. Listen to today's show and enjoy some of the ideas. But, if none of the ideas appeal to you, use them as a jumping off point and create your own idea. Enjoy! Joshua Links: |
Fri, 16 January 2015
We need to get into some economics today and I'm going to do some prognosticating. This is a very rare event on the show, so here goes! Prediction: there will be a global recession in the future. And gas will go up to $20/gallon. Now that we have that out of the way, let's talk about what we can do to get ready for it! After all, that's the only thing that likely matters to you or me. One of the keys to being financially successfully over the long term is to avoid the big mistakes. One big mistake (of many) might be getting laid flat by the coming recession and increase in gas prices. Today I share with you some thoughts on some of the things you can do today to prepare for this eventuality. I hope these ideas are useful to you! Joshua Links:
|
Thu, 15 January 2015
Today's show is a bit of a pep talk--for you but also for me! We are taught by society to compare ourselves with other people. Even though we're all supposed to be "unique and different, we're really not. After all, we're measured on our weight as a baby (compared to all other babies), our grades as a student (compared with our class ranking), and the amount of money we make and have (thus defining us as successful)! Well, let's challenge that a bit. Sometimes we need a reminder to forget about what everyone else is doing and focus on what we're doing and why we're doing it. Join me today for a bit of a pep talk. I hope you find it encouraging. I was encouraged as I created the show. Joshua Here are the influences on today's show:
|
Wed, 14 January 2015
![]() Q&A continues with two very interesting questions today:
Enjoy the show! Joshua
Direct download: RPF0134-QandA_on_WY_Corp_and_Sri_Lanka_Inv.mp3
Category:podcast -- posted at: 11:58am MST |
Tue, 13 January 2015
![]() We're continuing our Q&A series this week and today I handle these two questions:
Enjoy the show! Joshua
Direct download: RPF0133-QandA_on_HELOC_Strategy_and_Deferred_Comp.mp3
Category:podcast -- posted at: 3:02pm MST |
Mon, 12 January 2015
![]() When I started recording the show, I planned to answer six questions. But, after finishing the first question and realizing how in-depth the show would be if I covered all six in one show, I decided to break it out into multiple shows. Today, I cover these two questions:
Notes-Life insurance for kids:
Notes-72(t) Calculations
Direct download: RPF0132-Q_and_A_on_life_insurance_and_72t.mp3
Category:podcast -- posted at: 8:07pm MST |