Financial Freedom Podcast: Recent Episodes
Steven J. Richardson, Esq.
A semi-monthly podcast that brings you advice and interviews with experts on various important topics to help you make better and smarter financial decisions in order to improve or maintain your financial situation.
A lot of financial advice assumes you're building wealth to pass on to your kids. But what if that's not your path? About 25% of Americans are childless by choice or circumstance, and the financial system largely wasn't built for them.
That's why in this episode of the podcast I talk with Certified Financial Planner Bri Conn about what the financial landscape actually looks like for childless couples, and why it requires a different approach.
In this episode you will learn:
- Why traditional financial planning falls short for childless couples and how to fix it
- What the financial landscape actually look like for childless couples
- What FILE (Financial Independence, Live Early) is and how it differs from FIRE (Financial Independence, Retire Early)
- Why estate planning for childless individuals goes beyond a will, and what a Care Plan covers
- The most common mistakes/missed opportunities childless couples walk away with In speaking to a financial planner.
One place inflation has really hit hard in the last two years or so is food. Going to the grocery store has become very expensive, and feeding the family has become quite a struggle.
That's why in this episode of the podcast I talked with Andy Ellwood, who has brought technology to bear to help people find the best deals on food through his AI platform.
In this episode you will learn:
- How AI tools like Stretch are helping families cut their grocery bills without sacrificing quality
- Why the grocery system is confusing by design — and how to navigate it with more clarity
- Simple, high-leverage strategies for saving money at the store that you can use right now
- How the "Make Room For Many" philosophy is making smart grocery tools accessible to all families
A lot of people who could benefit from working with a financial advisor never do — and often it's because of myths and misconceptions about who financial advisors are, what they do, and who they're really for.
That's why in this episode of the podcast, I spoke with Farrel Liger, a man who's spent his career on both sides of that relationship, and can dispel those myths, so you can get the help you need.
In this episode you will learn:
- The most common misconceptions people have about financial advisors — and the truth behind them
- How to tell the difference between a genuine advisor and someone who is really just selling products
- What to look for and ask when choosing a financial advisor who is right for you
People turning 65 have a lot of important decisions to make. Do they apply for Social Security, or do they wait until they're older? When do they apply for Medicare, what are the differences between A, B, C, and D, and which ones are right for them?
To answer these questions, I talked with Retirement Management Advisor Marcia Mantell to provide some guidance to those having to make those decisions.
In this episode you will learn:
- When to start the Social Security and Medicare application process — and why missing the window can cost you
- The most common and costly mistakes people make when applying, and how to avoid them
- How to decide when to claim Social Security, including the real trade-offs between claiming early and waiting
- How Medicare enrollment works — Parts A, B, C, and D — and what the timeline actually looks like
- What happens if you miss a Medicare deadline, and whether the penalties are as serious as people fear
- How Social Security works for married couples and what strategies exist to maximize lifetime benefits for both spouses
- What to do if you've already claimed and wonder if you made the wrong call
For many people, saving for retirement and living in retirement means hoping that the money lasts. Their goal is not to outlive their money. But for others, building a legacy to pass on is what's important.
That's why in this episode of the podcast I talk with Certified Financial Planner Chad Taylor on how to create a family wealth legacy to pass on to the next generation.
In this episode you will learn:
- Where legacy planning actually starts
- Why waiting until retirement or estate planning is too late
- The most common ways families accidentally destroy wealth between generations
- What families who successfully transfer wealth to the next generation do differently
- The key estate planning documents and structures that make the biggest difference for families getting serious about legacy
One key to retirement savings and living in retirement that is not addressed by most people is tax planning. You want not only to minimize taxes in your retirement income, but in the savings you put aside during your working life.
That's why in this episode of the podcast I talked with Alan Porter, a Certified Financial Fiduciary and Certified Tax & Business Advisor, to give you the answers you need to succeed.
In this episode you will learn:
- What you can do while saving for retirement to ensure it will be tax free
- What you can do in retirement to minimize or eliminate taxes
- How you can reduce healthcare costs
Most people know that there is some risk to investing and retirement planning. In fact, "Risk Tolerance" for the investor is a key factor in deciding where to put your money. But most people don't know that there are non-financial risks as well.
That's why in this episode of the podcast I talk with Chris Maduri about what those risks are and how you can avoid them to ensure a comfortable retirement.
In this episode you will learn:
- How having a purpose once you stop working is key
- Why connecting with people outside of work is important
- Why establishing an identity not connected to your job keeps you centered
- Practical ways to prepare for retirement psychologically, not just financially
Diversity in your investments and savings for retirement (and your efforts to achieve long term financial freedom) is very important. It's key to minimizing risk and maximizing return. Lately, precious metals, as an investment, has become a topic of discussion.
To find out whether you should do it, and if so, how to go about it, I talked with Kristen Nagle about how she helps folks to get started in this market.
In this episode you will learn:
- Whether you should invest in precious metals
- How to get started
- What portion of your portfolio should be in precious metals
Each generation has a different approach to money, saving, retirement, and what it means to be financially free and secure. So strategies for starting on that journey can vary quite a bit, and Gen Z is no exception.
That's why on this episode of the podcast I talked with Jack Campbell, an investor and venture capitalist who helps Gen Zers to discuss how they can map out and navigate their path to financial freedom.
In this episode you will learn:
- How a person's generation defines their financial goals and saving strategies
- What that definition is for Gen Z
- Why old money rules don't work for Gen Z
- What rules do work
- The importance of investing in defense, energy, and industrial entities.
Achieving financial freedom is something people aspire to, but not everyone thinks it is possible. Even those that do think it will take them way too long. For some it means getting out from under debt first; for others it means being able to invest enough each year to make it happen in a reasonable amount of time.
But sometimes it can be done quicker. That's why on this episode of the podcast I talk with Ryan Lee who, by following a less traditional path, was able to achieve financial freedom in less than 10 years.
In this episode you will learn:
- Why the traditional retirement saving system is broken
- How to invest in real estate without all the hassles and responsibilities of being a landlord
- How insurance can help you get to financial freedom sooner
With the engagement of Taylor Swift and Travis Kelce, there's been a lot of talk on social media about prenuptual agreements. But what many people don't know is that these agreements (as well as their lesser-known cousins, post-nuptual agreements) are not just for the very rich. Others can benefit from them as well.
That's why in this episode of the podcast I talked with New Jersey certified family law attorney AllynMarie Smedley about how these two agreements work, when they are appropriate, and how they can help couples both before and after they get married.
In this episode you will learn:
- What a pre-nuptual agreement is
- What a post-nuptual agreement is
- Why you might want to have one
- How they can help
- How to broach the topic to your fiancee/spouse
Most people are focused on the savings part of their retirement planning. They contribute to their 401k, put something into a Roth IRA, and have an emergency fund. But what they often don't think about is the transition from saving to spending that will happen when they actually retire.
That's why on this episode of the podcast I talk with Laura Rehbein of Impavid Wealth Advisors on how to go about creating a new paycheck when the old one goes away.
In this episode you will learn:
- How to shift your mindset from saving to spending
- How your money can grow while you spend it
- About the building blocks of your retirement paycheck
- Why you need to rebuild your paycheck periodically
Having your first child is a wondrous event for a married couple as they start a family. There's lots of celebration surrounding it. But the cost of raising that child after its born is something that involves lots of advanced planning to avoid serious stress to your finances (and financial freedom) going forward.
So how much does it cost to raise a child these days? To answer that question I talked with Certified Financial Planner Lori Atwood to identify those costs and what people can do to plan for them.
In this episode you will learn:
- The kinds of financial changes soon-to-be parents should expect
- How to determine how those changes will affect you specifically
- How to start making changes to your financial plan to adapt to these changes
- The best ways to prepare for these changes
- How these costs change as the child get over, and how you can adapt to them
We've all heard the saying: "The rich get richer and the poor get poorer." But why do the rich get richer? Is it just the mindset that "it takes money to make money" or do they know something else that we don't?
Lots of financial planners talk about mutual funds, annuities, IRAs and 401(k)s, but do the rich do the same or is there more? To answer that question, I talked with Ben Mohr about how everyone can invest like the ultra-wealthy.
In this episode you will learn:
- What wealthy people do when the market is down
- Alternative strategies that are actually safer than traditional investments
- About life settlements as a tool of the ultra-wealthy
- About safe investments for those nearing retirement
Everyone these days knows that a college education doesn't come cheap. It's a major investment for families and, if not handled properly, can lead to financial hardship after graduation. But can you get a good education without paying full price?
To answer that question and to discover ways that parents and students can find the perfect college fit academically, socially, and financially, I talked with college consultant Lee Norwood to tell us all about it.
In this episode you will learn:
- When parents and students should start the college search process.
- How to set up a college planning timeline.
- What should be on your timeline.
- How to make a balanced list of potential schools.
- Whether test scores are still important.
As a bankruptcy attorney, I know that getting that discharge and fresh start in your financial life can be liberating. No longer having the stress of carrying debt is great, but the next question is: where do you go from there?
To answer that question, I talk to fellow bankruptcy attorney Barry Levine about the steps you can take to rebuild your financial life.
In this episode you will learn:
- What you can do to make sure that your fresh start lasts
- About the bad money habits you see that prevent some people from achieving financial freedom post-bankruptcy
- About what they can do to change that
- What you can do to rebuild your credit
Many people experience financial difficulties due to deep seated emotional feelings about money. These feelings often drive bad money decisions that keep them from achieving financial freedom.
To identify these emotional money beliefs and help people to get past them I talked with Certified Financial Planner Shannon Ryan to discuss solutions to this problem.
In this episode you will learn:
- The money beliefs that could be holding you back from financial freedom - How to change them - How to heal emotional money wounds - What "money shame" is and how to get over it
Even if you are on track with your savings and have a clear idea of what you want to do in retirement, there is one component that most people miss: their health. If you want to have a long retirement, your health is key.
That's why in this episode of the podcast I talked with Dr. Aleksandra Gajer about how you can optimize your most important asset: your body.
In this episode you will learn:
- About the health of the average American
- How much it needs to improve overall to ensure a long retirement
- About how to increase your energy
- How to avoid burnout
- How to rebuild and maintain your metabolism
- How to maintain hormonal balance and brain function
People struggling with debt deal with stress every day. Worrying about how they are going to deal with it can have a significant impact on their mental health, their lives, and their relationships.
That's why in this episode of the podcast I talk with Dr. Erika Rasure, a financial therapist with a doctorate in personal financial planning on how to deal with this stress in a positive way.
In this episode you will learn:
- The most common mental health challenges that those with debt face
- How credit card debt impact someone's mental health
- How to address this stress and have improved mental health
- About Loud Budgeting
Achieving long term financial freedom involves learning new things. You need to know the basics of investing, saving, and good stewardship of your money. But the concepts and terminology can be difficult to grasp at times.
That's why on this episode of the podcast I talk with Jesse Hurst of Impel Wealth Management who uses pop culture insights to help people learn what they need to know and retire like a rock star.
In this episode you will learn:
- All about Popenomics
- How pop culture references can help you understand financial and economic concepts
Just about every day there are stories in the news about how President Trump's economic policies, including tariffs, will affect the economy. People are worried about higher inflation and a possible recession.
To address this issue I talked with Dr. Laquore Meadows about how you can plan for the future and achieve financial freedom despite what the political landscape may be.
In this episode you will learn:
- How to navigate the shifting political landscape to be successful
- Why what the politicians do really doesn't matter
- How to build a strategy for wealth and financial freedom that can hold up no matter the economy or the political environment
- How politics affect the stock market and how to respond
Everyone wants to be able to retire comfortably and to achieve financial freedom, but a lot of people think that building wealth is an impossible task. They feel stuck in their 9-to-5. But as I said in Episode 99, you can break free of this and be successful.
To take a deeper dive into this subject, and to discuss a formula for achieving this goal, I talk in this episode with wealth strategist and Marine Corps veteran Edgar Zavala, on how he did it himself and teaches others to do the same.
In this episode you will learn:
- The biggest myth that people believe about building wealth?
- The first step to breaking free of the paycheck to paycheck cycle
- The 5F Formula for Success
In light of the national student loan crisis, parents and students continue to struggle with college choice and financial aid to avoid an unaffordable student debt load upon graduation. I have dedicated several episodes to guests who help people with that.
One balancing act parents go through is educating their children while still saving and investing for a comfortable retirement. That's why in this episode of the podcast I talk with Certified Financial Planner Paul Compeau about how to do just that.
In this episode you will learn:
- What happens when families pick a college without a solid financial plan
- What financial facts should parents know before the applications start
- Are high school guidance counsellors or the financial aid office of their top picks enough
- Why you should approach college planning like a CFO
- Should you always fill out the FAFSA
Serving in the military can teach you many things: discipline, the importance of service, focus, and the determination to carry out goals. But who would have thought that it would also teach you the skills to attain financial freedom?
To find out more about how this can happen, I talked in this episode of the podcast to Joshua Brooks about what he learned in his military career as an army chaplain about how to achieve your personal finance goals.
In this episode you will learn:
- What the army can teach you about handling your money and achieving financial freedom
- How you can apply these tips to your finances
When people think about retirement, they mostly look at whether they can afford it. They plan out long term savings and hope that when they get to their golden years, that money will be enough. But how much is enough? Well, that somewhat depends on what you want to do in retirement.
In Episode 125 I talked about planning for what to do in retirement, but to figure out how to use that to determine "how much is enough," I talked with financial advisor Jeffery Panik on solving that puzzle.
In this episode you will learn:
- How to determine how much you need to save to retire
- Why what you want to do in retirement helps in determining that number
- How all of that could change over time as you approach retirement
Most people have a checking account with a traditional bank, while a majority of those also have savings accounts. But what about credit unions? Should some people use those rather than traditional banks? What are the benefits?
To answer those questions, in this episode of the podcast I talk with Grant Gallagher of Affinity Federal Credit Union about the benefits of credit unions and why you should consider putting your money there.
In this episode you will learn:
- What credit unions offer that you can’t find at other banks - Some of the unique financial and community offerings credit unions can provide - Financial tools and resources credit unions create that address the real needs of their communities - The role education plays in a credit union’s approach to financial wellbeing
Having an estate plan is very important. It ensures not only that your legacy is protected, but that you've planned for disruptions in your health and well being while you're alive. It's part of making sure that you are prepared for life's challenges (and the ultimate end of your life).
But how you draft and prepare that plan can make a difference in avoiding problems when those documents are needed, especially your will. To tell us about how to avoid probate nightmares I talked with Certified Financial Planner Cameron Zabko on what you should do.
In this episode you will learn about:
- Challenges Facing Surviving Spouses - The "Widow's Tax" - Probate Pitfalls to Avoid - Not to Miss Estate Planning Tips - The Importance of Succession Planning for Your Small Business
According to research done by the authors of the book The Millionaire Next Door, 70% of American millionaires are first generation. This means that in most instances wealth is not being effectively passed down to the next generation, as it is not being preserved. That generation doesn't know how to handle that much money (how many lottery winners are broke a year or two later?)
So to talk about how to deal with inherited wealth, in this episode of the podcast I talk with Master Life Coach Chase Collins about how people who achieve significant financial independence can prepare their children for the receipt and handling of a significant financial legacy.
In this episode you will learn:
- The 3 biggest mistakes people make with inherited wealth - How to teach your children how to handle inherited wealth - How to deal with guilt associated with wealth - About avoiding the "Expectation Trap" - How to manage wealth and avoid losing it shortly after inheriting it
There are only so many hours in a day, and sometimes, even with a second job, it can be hard to make enough money to achieve financial freedom for yourself and your family. One way to get past this problem is to disconnect time from money and start generating passive income.
That's why in this episode of the podcast I talk with former practicing lawyer Tanisha Souza about what she calls an "Income Snowball" that can get you that extra income you need.
In this episode you will learn:
- What an Income Snowball Is - The Kinds of Investments That Are Used to Create One - How it Reduces Risk for Passive Income - How to Find the Money to Invest in One
No matter how hard they try, a majority of Americans are living paycheck to paycheck, and even more don't feel secure with money. With no money left over after the bills are paid, it makes it nearly impossible to save for the future and reach long term financial independence.
That's why in this episode of the podcast I talk with financial expert Bill Westrom on how folks can break the paycheck to paycheck cycle, save for the future, and gain financial freedom.
In this episode you will learn:
- The leading causes for people living paycheck to paycheck - How to get unstuck and and moving closer to financial freedom - How people can get better control of their money - About Credit Line Banking (what it is and how it can help you) - About tools to minimize expenses and achieve lasting financial independence
The sooner kids learn about financial literacy the better. They have a greater chance of maintaining financial freedom and independence in their adult lives. But this goes beyond budgeting, spending, and knowing how credit works; it includes saving for short and long term goals.
So to find out more about what parents can do to educate their children on saving I talked with personal finance expert and podcaster Timothy Smith, who hosts "The Financial Dad" with his two daughters. He has some great ideas on how to start your kids out right with money.
In this episode you will learn:
- How to educate your children on saving and investing - How to teach your children about taxes - About basic saving skills - How to choose a good long term investment - About red flags to look for in investment scams and get-rich-quick schemes
Tax time can be very stressful for folks, especially if they owe money. For those struggling with debt and trying to pay the bills, it is even worse. But it may not always have to be.
Tax planning throughout the year is a good idea if you want to minimize your taxes (or maximize your refund) when you ultimately file your return. That's why in this episode of the podcast I talk with financial advisor Frank Buchholz about strategies you might be able to use to be in better shape when you file your next tax return.
In this episode you will learn:
- Strategic use of IRA contributions - How to spot the good tax tips among the bad - How not getting a refund helps with your taxes and retirement savings
President Trump's efforts to downsize the federal government through the Department of Government Efficiency has a lot of federal workers nervous. Many of them have built a career with the government and spent years in public service. The thought of transitioning to the private sector, should they receive a pink slip, can be very stressful.
That's why in this episode of the podcast I bring back Certified Career Coach Bonnie Negron to talk about the best and most effective ways to find the right job in the private sector, as quickly as possible, to stay on track to financial freedom.
In this episode you will learn:
- How to determine the kinds of jobs to apply for - How to draft a private sector resume (they're different) to showcase yiour public sector skills for private sector employers - How long you should expect it to take to get that next job - What resources you can use to get that job
One of the first steps on the path to financial freedom is getting your spending under control and creating a budget that has you living within your means. But determining why you overspend is an important part of the process if you want to stick to that budget.
That's why in this episode of the podcast I talk with certified financial coach Scott Yamamura on the psychology behind overspending and how you can use it to identify your motivations and keep your spending under control.
In this episode you will learn:
- The Psychological Components of Overspending - The Emotional Triggers and Mental Barriers that Lead to Impulsive Financial Decisions - How Tax Season Has an Effect on Buying Decisions - How to Overcome the Psychological Barriers
The ultimate goal of retirement savings is to have a source of income once you leave the workforce for good. One of the scariest things about retirement is that leap of faith that you will still have the money to pay the bills once there's no longer a paycheck.
One way to address this is to plan for streams of income in advance, like annuities, which I discussed in Episode 218. But it's good to have options, which is why in this episode of the podcast I spoke with Tom Wall about how life insurance can create another income stream.
In this episode you will learn:
- How life insurance fits into your retirement savings plan - How life insurance can be a good investment - How life insurance gives you "permission to spend" - What your greatest concerns should be when you retire
One of many financial tools in the retirement savings toolkit is the annuity. Most people have heard about them, and that they provide a stream of income, but beyond that, not much is known.
That's why in this episode of the podcast I bring back repeat guest Michael Karwic to talk about what annuities are, how many types they have, and how they can fit well into your retirement investment strategies.
In this episode you will learn:
- What an annuity is - How many kinds there are - When they are a good idea for you - How to decide what kind to get
Young people starting out, and especially young families, need to have a good handle on their finances in order to reach and maintain financial freedom. They need to spend below their means and and save for short term and long term goals.
To talk about the importance of doing this, and his new book that discusses how to do this, I talked to financial planner and previous guest Joe Okaly, to get the solutions you need to succeed.
In this episode you will learn:
- What a Financial Pinwheel Is - How it helps you plot your spending and your finances - How to use it to control "lifestyle creep"
Long term investing and saving is key to building wealth and financial independence. However, that wealth should also have meaning to you. Aligning your financial goals with a cause that resonates with you can transform your life, shifting your focus from mere accumulation to creating positive change.
That's why in this episode of the podcast I talk to repeat guest Derrick Kinney about how you can get clarity on the purpose of the wealth you are building in order to achieve true fulfillment in life.
In this episode you will learn:
- Why connecting money to purpose makes us happier in life - The benefits of using your wealth for lasting impact - How to identify a cause that aligns with your values - Practical steps you can take to reframe your financial goals around a bigger mission
Lots of people dream of owning their own business. They have that entrepreneurial itch that needs to be scratched. But most start-up businesses fail because they are hard to get started and grow.
But what if you were to buy an already thriving business? How would that work? To answer those questions I spoke with CFO and business advisor Karl Maier. He has some great tips and ideas on how to be successful in buying a business.
- How to start discussions with a potential business seller - What a letter of intent is and how it works - What critical information you should get from the seller about the business - What terms you should negotiate - Ways to get the money for the purchase
Financial literacy is an important part of anyone's education and should start before the student graduates from high school. In Episode 151, I talked with Jake Cousineau on how he teaches it to high school students.
But this is a topic that needs to be discussed more. That's why in this episode of the podcast I talk with Aaliyah Kissick about her efforts to promote financial literacy, especially among the Gen Z.
In this episode you will learn:
- About the Financial Literacy Diaries and how they can help - How storytelling is important in teaching financial literacy - How Gen Z workers can win at job search
Achieving financial freedom and meeting long term savings goals like retirement can seem beyond reach. This is often because the concepts of personal finance and investing can seem mystifying, or that myths out there have you thinking that these goals are beyond reach.
Misty Lynch, a Certified Financial Planner, has been helping people demystify the process and bust the myths that may be holding them back. Once I heard about her, I knew I had to have her on the show. Here is our discussion.
In this episode you will learn:
- Why having debt may be a good thing - Why it doesn't take money to make money - Why renting is sometimes better than owning - Why estate plans are for everyone
We all hope to retire some day. The thought of being able to do what you want with your life without having to worry about having the money to pay the bills is the very essence of financial freedom.
But figuring out the path to get there is often the hard part. Where (and how) do you start? When should you start (and what if you're starting later in life)? To answer these questions, I talk with certified financial planner Stephen Kates on how you should lay out your retirement plan.
In this episode you will learn:
- Where to start putting together your plan - The most common mistakes people make - How risk tolerance affects your plan - How to diversify your investments
Many people dream of starting their own business and being their own boss. It is something they built and can be their legacy. But most businesses fail at some point; it's only a matter of time.
To increase your chances of success, you need the right money mindset, not only for your business, but yourself as well. That's why in this episode of the podcast I talk with Justin Buonomo of Journey to Financial Freedom about how to form those mindsets and be successful!
In this episode you will learn:
- How your money mindset impacts things other than your financial stability - Unconventional strategies for achieving financial independence - How to build a business that will support your lifestyle - How to align your lifestyle with your business goals
A big part of achieving financial freedom is having the right mindset about money. If you don't think about money in a way that aligns with your financial goals, you will find it difficult to succeed.
That's why on this episode of the podcast I talk with financial advisor Amy Cook about what she calls your money narrative and how the right one can help you achieve your financial goals and, ultimately, financial freedom.
In this episode you will learn:
- What a money narrative is
- How it influences your financial decisions
- The common money narratives that hold people back
- How early life experiences shape our approach to money
- How to reshape a negative money narrative
Social Security is still an important part of any retirement plan. It acts as a good supplement to a pension or other income from IRAs or 401Ks. But how it fits in to your particular plan and when is also important.
That's why in this episode of the podcast I talk with financial planner and Social Security guru Devin Carroll about how to make the right choices when you are a few years out and when you are ready to walk out the door and go home for good.
In this episode you will learn:
- How to decide when to claim benefits
- What you should know about benefits before retiring
- The biggest mistakes people make
- About survivor benefits
- About ex-spouse benefits
You may have heard about stock options in financial news articles, especially in the context of tech companies and startups. They act as a form of compensation or a benefit for employees.
But what are they? How do they work, and if your employer offers them, how can you use them to your best advantage in your financial plan? To answer these questions, I talk with Landon Loveall of KB Financial Advisors on how stock options can help you with your short and long term financial plans.
In this episode you will learn:
- What stock options are - The types of stock options and their tax ramifications - How you can leverage them to your benefit - How to minimize your tax liability
Most people wait until they reach age 65 or older to retire. One of the reasons is that you can maximize your social security benefit. This makes retirement something that is far into the future.
But what if you don't want to wait that long? What if you want to have more time to enjoy it? That's why in this episode of the podcast I talk to engineer, real estate professional and CEO of Dirty Boots Capital Tony Lopes on how it can be done.
In this episode you will learn:
- How to solve the job experience to get a job conundrum - The importance of getting a Return on Life (ROL) - About building wealth with passive income - The importance of having more than one source of income
The word "wealthy" means different things to different people. It's more than the numbers in people's bank accounts or necessarily being a millionaire. It's more about financial independence and having a healthy relationship with money.
That's why on this episode of the podcast I talk with Rob Souza about what wealth is, how you can reimagine it, and how you can achieve what he calls Uthentic Wealth.
In this episode you will learn:
- Why money mindfulness is foundational to financial freedom - Why a healthy relationship with money is important - How your finances are interconnected with other areas of your life - How you can reimagine wealth
Life insurance is an important part of any financial plan. Your death can bring about financial hardship to those you leave behind without it. Term life provides a nice benefit for a lower premium (although it goes up as you get older), while whole or universal life provides coverage for a higher premium, but it grows in cash value over time to provide an asset.
But apparently that whole life policy is worth more than its cash surrender value! You can actually sell it! To tell you more about this, I talked with Rob Haynie about life settlements and how they work.
In this episode you will learn:
- What a life insurance settlement is - What some of the most compelling reasons are for considering one - How they can aid in estate planning - How they can help you achieve financial freedom in retirement - How they can help you overcome debt and avoid foreclosure
Millennials are somewhat the "middle child" generation when it comes to saving for retirement. Although, on average, they began saving 10 years earlier than Baby Boomers, Gen Z started at the age of 19, which is 16 years earlier than the average baby boomer, and 6 years earlier than millennials.
As such, they do have an edge over Boomers, they do have to play catch-up vis a vis the Gen Zers. That's why in this episode of the podcast I talk with retired attorney and investment guy Dan Solin on what millennials can do to get to the retirement finish line successfully.
In this episode you will learn:
- Whether Retirement Should Be Your Investing Goal - How Your Behavior Will Determine Whether You Reach Your Retirement Goals - What "Consumer Smoothing" Is - Whether Adjustable Rate Mortgages are Better Than Fixed Rate Ones - Should You Pay Off, or Keep, Your Mortgage
Although student loans continue to be a hot topic in personal finance news, there are many interesting articles and tips out there that can help you on your path to financial freedom. These include Gen Z investment strategies that seem to be working, the cooling of the housing market competition, whether you should leverage the equity in your home, and how to maximize your vacation time.
Thant's why in this episode of the podcast I wanted to talk about these various news items, in hopes that they can give you some investing ideas, help you decide whether to buy or sell a home, whether to do something with your home equity, or get you the most time off from work.
In this episode you will learn:
- How Gen Z Investment Strategies Can Help You - About the Cooling of Housing Market Competition and What It Means for You - About If, When, and How You Should Tap Into Your Home Equity - How to Maximize Vacation Days
One of the things that many couples and individuals think about, know they need, and fully intend to get one day, is an estate plan. But what is it? Is it just a will? What can happen if you put it off too long?
That's why in this episode of the podcast I talk with estate planning attorney Adam Zuckerman to get a good idea of what an estate plan is, why you need one, and why you shouldn't wait to get one.
In this episode you will learn:
- What an Estate Plan Is - How It Differs from a Will - About the Downsides of Not Having One - What You Need to Think About in Making One - About Revocable Living Trusts
One of the more mystifying subjects in personal finance is cryptocurrency (what most people identify as Bitcoin). The concepts behind digital currency are not obvious and can lead to people being hesitant to get involved in it.
That's why in this episode of the podcast I talk to former truck driver and cryptocurrency enthusiast Bitcoin Ben to tell us about what it is, how you can get some, and why you should consider doing so.
In this episode you will learn:
- What Cryptocurrency Is - About the Easiest Way to Get It - How to Store Cryptocurrency - Whether You Should Invest in It
For my 100th episode, I did a look back on 9 of those guests and highlighted some of the great information they had for listeners. Now that I have reached the milestone of 200 episodes I wanted to do that again with guests from Episodes 101 forward.
I will leave links in the show notes to the full episodes if you haven’t already listened to them and want to hear more. In addition, due to the length of this episode, I will also be leaving chapter markings (so you can skip ahead if you wish) and time codes in the show notes.
In this episode you will learn:
- How to Deal with Financial Stress - About Budgeting and Reducing Spending - Alternative Ways to Pay Down Debt - How to Look for a Better Job to Increase Income - About Getting Started in the Stock Market - About Forming a Millionaire Mindset - How to Define Retirement for Yourself - How to Talk to Your Kids About Money - Strategies for an Affordable College Education for Your Kids
Chapter Markings
02:11 Dealing with Financial Stress (Dr. David Weiman) 08:32 Budgeting & Reducing Spending (Tightwad Todd) 14:29 Alternative Ways to Pay Down Debt (Jerry Fetta) 20:17 How to Look for a Better Job (Bonnie Negron) 28:58 Getting Started in the Stock Market (Markay Latimer) 36:11 Forming a Millionaire Mindset (Tony Bradshaw) 42:04 Defining Retirement for Yourself (Eric Brotman) 47:03 Talking to Your Kids About Money (Derrick Kinney) 55:02 Strategies for an Affordable College Education for Your Kids (Brad Baldridge)
Eliminating debt is one of the first steps on the path to financial freedom. Controlling your living expenses and spending within your means allows you to work towards short and longterm savings goals.
But that's not always easy while raising a family. That's why in this episode of the podcast I talk with Brad Nelson, the Debt-Free Dad, to talk about how it can be done!
In this episode you will learn:
- Budgeting Tips for Beginners - How to Improve Your Financial Habits - How to Reduce Impulsive & Wasteful Spending - How to Talk About Money in a Relationship - The Best Method to Pay Off Debt
As a bankruptcy attorney, I help lots of people to save their homes from foreclosure by filing a chapter 13 bankruptcy to make catch-up payments on their mortgage. But there are other ways to do it.
That's why in this episode of the podcast I talk to DJ Olojo about how he helps people to save their homes without filing bankruptcy.
In this episode you will learn:
- Telling Foreclosure Myth from Fact - About the Mortgage Bank's Foreclosure Playbook - Foreclosure Prevention Tactics - The 12 Step Program to Save Your Home
There are many ways to save and invest for retirement (or just to build wealth) and most are recommended by traditional financial advisers. But sometimes it's a good idea to explore some non-traditional ways to do it that might be better suited to your situation.
That's why in this episode of the podcast I talk to Chris Miles, a self-described anti-financial advisor who walks that road less traveled with his clients to help them reach their own financial freedom.
In this episode you will learn:
- What an Anti-Financial Advisor Is - Why You Need to "Get Your Money Out of Prison" - How Passive Income Can Help Build Wealth - How to Come Up with Money to Invest
The student loan crisis has made parents and students more cautious when it comes to taking out student loans. But even then, the average student debt is $30,000, which is a lot to owe fresh out of college with no job.
But what if you could graduate debt free and into a job you love? To answer that question I talked with academic strategist Jeannie Burlowski on how it can be done!
In this episode you will learn:
- Strategies for when you're not in a position to save money - How to leverage more need-based aid from schools - How private schools can be a better deal than state ones - Talking to teens about career goals before they apply
Achieving financial freedom means getting your personal finances in order, so that you are living within your means and have money at the end of the month. But to have true financial freedom long term, with long term goals like retirement, you have to have a financial plan.
That's why in this episode of the podcast I talk with fellow personal finance podcaster Curtis May on attaining what he calls Practical Wealth.
In this episode you will learn about:
- Practical Wealth - Cash Flow Mapping - Accumulation Theory - Velocity of Money Strategy - Privatized Banking
Stocks are a key part of any retirement savings portfolio. Their potential to grow over the course of your working life with a rate of return, despite ups and downs, that can't be beat by CDs or a savings account.
But bonds are also important to a well balanced portfolio. To find out the particulars in this episode of the podcast, I bring back Certified Financial Planner Michael Karwic for a talk on bonds and how they can be key to a successful retirement.
In this episode you will learn:
- What Kinds of Bonds There Are - How Bonds Balance Risk Tolerance - About the Tax Advantages of Certain Bonds - How Interest Rates Can Vary on Bonds
As I've said in previous episodes, the earlier you start saving and investing for retirement, the better. As soon as you graduate with your degree and get a job, you should start on your path to long term financial freedom.
But how do you get started? How do you put together a plan for retirement investment that will work long term? That's why in this episode of the podcast I talked with retirement expert Anne Lester to get answers to this question.
In this episode you will learn about:
- What your "money type" is
- Creating a retirement plan in your 20s & 30s
- How to find money to invest
- Retirement planning for the self-employed
Financial freedom is a journey, not a destination. Even if you are in good shape now, it takes good habits and discipline to maintain it on into the future. Laws and financial circumstances can change, and you need to be adaptable.
That's why in this episode of the podcast I wanted to report on some tips, tricks, and changes in the law that might help you have a financially free 2024.
In this episode you will learn:
- Good options for short term savings - About college fund to Roth IRA Rollovers - How a "Dry January" can save you money - About the 12 month student loan "on-ramp" - Job Search Tips for 2024 - How to decide when to claim Social Security benefits
Achieving financial freedom is not always easy. Some people have the skills to do it on their own, while others need some expert help and guidance. That's never a bad thing.
Having that guidance means hiring a financial advisor. But how do you pick one? How do you know if you have the right one for your needs? Getting you answers to those questions is why in this episode of the podcast I talk about the steps you need to take in choosing the right financial advisor for you.
In this episode you will learn about:
- The Steps to Choosing an Advisor - The Types of Advisors - The Kinds of Services They Provide - Common Mistakes People Make in Choosing an Advisor
The cost of a college education is getting higher and higher. Students are graduating with crushing debt and are either unable to find a job or can't get one that will earn them enough money to pay the loans. Parents often get into debt by cosigning loans, or sacrifice their retirement.
That's why in this episode of the podcast I wanted to talk to someone who could provide advice and strategies on approaching the cost of higher education and making sure that parents and students have a plan in place way before they decide on a school.
In this episode you will learn:
- Where (and when) to begin the planning process - How to find out the true cost of a school before picking it - How parents can help their children without sacrificing their retirement - Can private schools be as affordable as public ones? - Is there a different strategy for graduate school?
As the holiday season approaches, we're all thinking about the celebrations, gift giving, and general joy that we experience during this time. But as the year comes to a close, we should also be thinking about our finances and the tax bill that may come in the new year.
Thant's why in this episode of the podcast, although it isn't as exciting and uplifting as the holidays, I wanted to talk about some tax planning you can do now that may reduce that tax bill next April.
In this episode you will learn:
- How to maximize retirement contributions for tax benefits. - About contributing to HSAs and FSAs for healthcare tax deductions. - Why you should regularly review and update your tax withholdings. - Why you should explore family and education tax credits. - About reviewing your investment portfolio for tax-efficient strategies.
No matter the size of a family business, the owner is an entrepreneur. This is an important realization, as having an entrepreneurial mindset is key to the success and growth of any business.
That's why in this episode of the podcast I talk to Danielle Hayden of Kickstart Accounting about the entrepreneurial mindset, how to create a financial vision for your small business, and how to make sure that business weathers bad times.
In this episode you will learn:
- How to transform your money mindset - About creating a financial vision for your business - About achieving financial fluency so you can interpret your financial data - How to recession-proof your business
As people get older and closer to retirement, they start to worry about whether they are ready and whether they can afford to retire. Do they have enough money set aside? How much is enough?
That's why in this episode of the podcast I wanted to talk about how many people think they're behind, how much they think they need to retire, how to tell whether you really ARE behind, and how to catch up if you are.
In this episode you will learn:
- How many people think they're behind - How much people think they need to retire - How to find out if you are behind - Jow to get caught up if you are
If someone is having emotional, mental, or social problems, you might send them to therapy. But what if they are having financial problems? Is there any such thing as financial therapy?
Well according to Wendy Wright, a therapist and money coach, there is! That's why in this episode of the podcast I wanted to talk to her about what financial therapy is and how it can help people change their thinking about money, communicate it better with their spouse, and get out of debt.
In this episode you will learn:
- What financial therapy is - How it can improve your relationship with money - How to talk to you loved ones/partner about money - How financial therapy can help you stop the debt cycle - How to deal with sudden wealth
When it comes to retirement savings and investing, or any long term investing goal, there are many options for where to put your money. There are mutual funds, individual stocks, bonds, and the like. One option is something called Exchange-Traded Funds.
These funds with the rather mysterious name can be a good option for investors. That's why in this episode of the podcast I wanted to talk about these funds, what they are, and whether you should consider them for your investment portfolio.
In this episode you will learn about:
- What ETFs Are - The different kinds of ETFs - How to buy them - Tax Implications - Factors to consider in choosing ETFs
According to the authors of the book The Millionaire Next Door, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. So for those who want financial freedom on the millionaire level, being their own boss is something that should at least be looked into.
But starting a business isn't easy, and most of them fail within the first 3 years. This has some people thinking about owning a franchise instead. That's why in this episode of the podcast I talk to Giuseppe Grammatico about the franchise model, and whether it's right for you.
In this episode you will learn about:
- The freedoms that come with business ownership - The secrets to starting (and scaling up) a lucrative side hustle - Why you should consider the franchise model for your business - The risks of owning a franchise
Treasury bonds can be a key part of your long term investment strategy. There's been a lot of talk about Series I bonds, which were created to protect you against inflation (something we've all been struggling with over the past couple of years). But are they still a smart choice in today's economy?
In this episode of the podcast I wanted to talk about this classification of treasury bond, how it can help you in your portfolio, and whether now is a good time to buy them.
In this episode you will learn:
- What Series I Bonds Are
- Whether They're a Good Investment
- How to Buy I Bonds
- Whether You Should Buy I Bonds
- What the Risk Factors Are
Although student loans continue to be a hot topic in personal finance news, there are many interesting articles and tips out there that can help you on your path to financial freedom. These include a new repayment plan for student loans, a better place to put your savings, tips on saving on wedding costs, and tips on making your children financially independent.
Thant's why in this episode of the podcast I wanted to talk about these various news items, many of which are cause for optimism in the latter half of this year. I hope they can help you build your emergency fund, pay down your student loans, and make your child financially independent.
In this episode you will learn:
- Whether to Move Your Savings to a Money Market Account
- Tips on Cutting Wedding Costs
- How paying with cash helps you to forget "guilty pleasures"
- Information on President Biden's new student loan plans
- How to help yor child become financially independent
Your personal finances are never "set it and forget it." Even if you have set up a budget, have autopay on your bills, and a good retirement savings strategy, you still need to check in periodically to be sure that your financial ship is sailing in the right direction.
That's why in this episode of the podcast I wanted to talk about how to do a mid-year checkup. You need to do this now (better yet every quarter) to make sure that your financial ship doesn't need a course correction.
In this episode you will learn:
- Why a Mid-Year Checkup is Important
- The Importance of Tax Planning Now
- How Reviewing Your Budget at the Halfway Point Helps
- About Reviewing Your Net Worth
With all that is going on in our economy, from inflation to worries about recession and the resumption of student loan payments, people are getting stressed out about their finances. Money woes and fears can really weigh on your mind.
That's why in this episode of the podcast I wanted to talk about how that stress can affect your life, and what you can do to reduce it. You should also check out Episode 105 of the podcast where I talk about this with psychologist Dr. David Weiman.
In this episode you will learn about:
- The Effects of Financial Stress on Your Life
- How to Identify the Cause of the Stress
- How Getting Control of Your Finances Can Reduce Stress
- Saving on Gas For Your Summer Road Trip
Everyone who has federal student loans is waiting breathlessly for the Supreme Court to rule on President Biden's federal student loan forgiveness program later this month. But no matter what the decision, the moratorium on payments will be coming to an end, and you will have to start paying on them again.
That's why in this episode of the podcast I wanted to discuss what you need to do before the music starts up again to be sure that you are ready with an affordable repayment plan. What you do now will be critical to your financial freedom going forward.
In this episode you will learn:
- A Way to Accelerate Your Repayment Period
- A Simple Way to Get Out of Default
- Options to Create Affordable Repayment Plans
Everyone looks forward to retirement, that time when they can relax and enjoy life, made possible by the fruits of their labor during their working lives. However, that retirement isn't going to last that long, or be that enjoyable, if you don't adjust your non-salaried income to your non-working expenses going forward.
That's why in this episode of the podcast I talk about how to create a retirement budget to make sure that your golden years are solid, and not just plated.
In this episode you will learn:
- The Four Steps to Retirement Budgeting
- The Things to Consider in Creating One
- How to Align Adjustments with Your Personal Retirement Goals
- Managing Your Spending
As we approach the summer months, many people start thinking about shopping for a home. The weather is warmer, and it gives potential buyers an opportunity to see the whole home, both inside and out.
But is it a good idea to buy a home in this real estate market? Would it be better to rent instead? That's why in this episode of the podcast I wanted to discuss the ins and outs of the process, along with tips on how to find the home of your dreams.
In this episode you will learn:
- How to make the decision to rent or buy - 9 Realtor's tips to homebuyers - 8 tips to homebuyers from a mortgage professional
Where you live can have a significant effect on your financial freedom, whether it's during your working life or in retirement. It can influence cost of living, opportunities in your careeer, or resale value when you are ready to downsize.
That's why in this episode of the podcast I talk to Ryan Frederick about how he sees where you live and how location, location, location means so much more to your financial well-being.
In this episode you will learn:
- How being in the wrong place can be isolating - How climate change could affect where you relocate to - How your location could increase or decrease cost of living and financial freedom
The current economy has people stressed out with inflation and talk of an impending recession. As a result, the process of saving for retirement, already seen by many as a slog and a struggle, can seem even mre difficult and anxiety-inducing.
That's why in this episode of the podcast I talk with Dawn Dahlby, who is not only a Certified Financial Planner, but also a behavioral financial advisor. From her we can learn how to find financial peace and happiness in troubling economic times.
In this episode you will learn:
- How to relieve the anxiety of uncertain financial times - Why saving for retirement doesn't have to be a struggle - How "spending freedom" can change your financial outlook - How to cultivate a positive financial mindset
Saving and investing for retirement has always been challenging, but in the turbulent economic times we've been living in lately, it can be even tougher. Inflation and talks of a recession have made many people fearful of the future and whether they will be able to make their investment goals this year.
That's why in this episode of the podcast I wanted to discuss some tips by the experts on what you can do to be sure you are staying the course and doing what you need to do to reach your ultimate goal: a comfortable retirement!
In this episode you will learn:
- How Moving in Retirement Can Help - How Much Savings Will You Need - How to Recover From 2022 Losses - Retirement Investment Tips for Women - Spousal IRAs
According to Divorce.com, the U.S. has the highest divorce rate in the world at 40-50%, although the Census Bureau report suggests that the rate dropped from 2009 to 2019. 60% of second marriages and 73% of third marriages end in divorce.
Divorce is also expensive, both financially and emotionally. But beyond the lawyers fees, there are many hidden costs that can wreak havoc with your personal finances and which need to be considered. That's why in this episode of the podcast I wanted to discuss those, so that if you are getting divorced or considering it, you can take them into consideration and maybe minimize them.
In this episode you will learn:
- How to Prepare for the Hidden Costs - "The Worst Offenders" of Hidden Costs - The Impact on Financial Planning
There's a lot in the news these days on personal finance, including a possible new repayment plan for student loans, dealing with marital "financial incompatibility," and new laws pertaining to retirement savings. With all of this going on, it can be hard to keep track and get all of the key facts.
Thant's why in this episode of the podcast I wanted to talk about these various news items, many of which are cause for optimism in the new year. I hope they can help you avoid a tax audit, reduce financial conflict with your spouse, and make for a better retirement savings plan.
In this episode you will learn:
- About a New Student Loan Repayment Plan - How Much Your Refund Could Be - About Resolving "Financial Incompatibility" with Couples - Status of the Federal $10,000 Deduction Limit for State & Local Taxes - Four Reasons the IRS May Flag Your Return for Audit - About a New Retirement Law That Increases Tax-Free Savings Options
With tax season having officially started on January 23, the IRS is expecting taxpayers to file more than 168 million returns, most of them before the April 18 deadline. But depending on how involved your finances are, this can be a rather stressful time.
That's why in this episode of the podcast I wanted to talk about the preparation process for your 2022 tax return in an effort to relieve at least some of that stress. Here's what you need to know about preparing it, filing it, and some deductions you might have missed.
In this episode you will learn:
- What You Need to Know When Filing Your Tax Return - Tips for Making the Filing of Your Return Easier - Important Things to Need to Know - About Tax Deductions You May Be Missing
Positioning yourself for financial freedom early on in life is the best way to do it, and creates a greater chance of success. However, this can be done at any age through discipline and planning. Certified Financial Planner Eric Brotman has written several books on the process and helped countless people to achieve their goals.
That's why on this episode of the podcast I wanted to talk to Eric about his books, his experience, and the advice he gives to his clients to help them to build their path to financial freedom.
In this episode you will learn:
- How to Pay Yourself First and Ensure Retirment Savings - How Saving for Retirement in Your 20s is Easier Thank You Think - About the Importance of Tax Planning in Your Retirement Portfolio - How to Leverage Your 401k If You Have Student Loans - How to Pay Down Debt Through Financial Triage
2022 was a rough year with inflation and recession rearing their ugly heads and causing us concern for our financial freedom (at least in the short term). But gas prices have dropped significantly, and recession has not been officially declared, so there's reason for hope in the new year.
That's why in this episode of the podcast I wanted to talk about what the financial and economic experts are saying, whether you should listen to them, and what you should do to prepare your finances for the 12 months ahead.
In this episode you will learn:
- What the Experts Are Saying - Whether You Should Listen to Them - How to Prepare for the Year Ahead
In Episode 128 I talked about the divorce of Bill & Melinda Gates, the fact that they didn't have a pre-nuptual agreement, and when these agreements might be a good idea. Although they are of particular importance in community property states, here in New Jersey and other equitable distribution states, it still might be a good idea.
But what if you got married without a prenup? What happens then? Is it too late to agree on certain issues, such as the division of property, alimony, and child custody? Maybe not. Which is why in this episode of the podcast I wanted to talk about something called a post-nuptual agreement, what it is, what it does, and whether you should think about having one.
In this episode you will learn:
- What a Post-Nuptual Agreement Is - How it Differs from a Pre-Nuptual Agreement - Who Should Have One - Circumstances That Could Trigger the Need for One - The Pros and Cons
The Christmas of 2021 presented its own challenges. Shipping delays and supply chain bottlenecks made it difficult for stores to keep items on their shelves, which led to less than stellar deals and long delivery times. I talked about all of this in Episode 141.
But this Christmas is different and requires a different strategy. You, as the consumer, are more in the driver's seat when it comes to getting deals and getting your gifts in time for the holiday. That's why in this episode of the podcast, I wanted to talk about shopping tips for the current situation to help you have the best holiday ever!
In this episode you will learn:
- Money Saving Shopping Tips - How to Make a Holiday Shopping Budgett - How to Do Your Whole List for $500 - Holiday Shopping for Busy People
Becoming permanently disabled can be devastating to your personal finances and seriously challenge your financial freedom and independence. In Episode 28 I covered how to deal with this if it's a result of a job-related injury. But what if it's for some other reason, like an auto accident or a debilitating disease?
That's why in this episode of the podcast I bring back attorney Sam Gaylord to talk about how to get disability benefits, where you can get them, how you qualify for them, and how they can help you maintain your financial freedom.
In this episode you will learn:
- What disability benefits are available from Social Security
- What the requirements are to get those benefits
- How you apply for them
- How do pension disability benefits work
- What pensions offer them
- How these disability benefits interact with each other
Financial freedom and independence can be achieved by diligently implementing proven strategies and tactics that will get you there. But if you don't have the right beliefs about money, it will be difficult, if not impossible to be successful.
I discussed money mindsets in Episodes 34 through 36, but thought it was time to discuss it again. That's why in this episode of the podcast I talk with personal finance coach Derrick Kinney who has some great ideas, thoughts, and stories about having good money beliefs and how to get past the bad ones.
In this episode you will learn:
- How to keep fear of making an investment mistake from holding you back
- How to let go of money fears and mindsets from your childhood
- That you can still start investing for retirement in your 20s
With issues like inflation, recession, and student loans being hot issues this Fall, there are lots of items in the news discussing them. People are concerned with the rising cost of living, salaries at their jobs that might not be tracking with it, and student loan debt that they are struggling to pay, if they can afford to pay them at all.
That's why in this episode of the podcast I wanted to do a roundup of some of the stories in the news that discuss these issues in hopes that the information they provide will help you navigate the current financial landscape.
In this episode you will learn:
- How to Know Your Worth in the Job Market
- What to Look for in Your Credit Report to Help Increase Your Score
- How to Save on Groceries as Food Prices Soar
- How to Prepare for a Recession
- What To Do If Your Student Loan Forgiveness Application is Audited
With issues like inflation, recession, and student loans being hot issues this Fall, there are lots of items in the news discussing them. People are concerned with the rising cost of living, salaries at their jobs that might not be tracking with it, and student loan debt that they are struggling to pay, if they can afford to pay them at all.
That's why in this episode of the podcast I wanted to do a roundup of some of the stories in the news that discuss these issues in hopes that the information they provide will help you navigate the current financial landscape.
In this episode you will learn:
- How to Know Your Worth in the Job Market
- What to Look for in Your Credit Report to Help Increase Your Score
- How to Save on Groceries as Food Prices Soar
- How to Prepare for a Recession
- What To Do If Your Student Loan Forgiveness Application is Audited
With the pandemic essentially over with no more lockdowns of large gatherings, more and more people are setting dates and planning weddings. In Episode 96, I talked about getting your finances ready for marriage. But what about getting Ready for the Big Event itself?
Weddings cost, on average, $20,000 at least, even before you pay for the guests at the reception ($70 per guest, average, so 100 guests would be another $7,000). This is a big expense before starting a life together. That's why in this episode of the podcast I wanted to talk about how to have a great wedding without mortgaging your future together!
In this episode you will learn:
- The Right Mindset for Wedding Planning
- How to Set a Budget for the Wedding
- Tips for Negotiating with Vendors
- Tips on Saving Money from the Flowers to the Reception
Now is an exciting and hopeful time for student loan borrowers. President Biden has announced a forgiveness program that will help many people struggling with payments. But there's more at work here than that.
There are programs already in place that could also allow you to pay off your remaining balances sooner or get out of default (and repair your credit) while getting an affordable monthly payment. That's why in this episode of the podcast I go into detail about these programs, which one will benefit you most, and when you need to take action.
In this episode you will learn:
- The details of the Biden loan forgiveness program
- How you might be able to repay your unforgiven balance much sooner
- How to get out of default after January 1, 2023
- The important deadlines for taking action
Now is an exciting and hopeful time for student loan borrowers. President Biden has announced a forgiveness program that will help many people struggling with payments. But there's more at work here than that.
There are programs already in place that could also allow you to pay off your remaining balances sooner or get out of default (and repair your credit) while getting an affordable monthly payment. That's why in this episode of the podcast I go into detail about these programs, which one will benefit you most, and when you need to take action.
In this episode you will learn:
- The details of the Biden loan forgiveness program
- How you might be able to repay your unforgiven balance much sooner
- How to get out of default after January 1, 2023
- The important deadlines for taking action
In the last episode, and in Episode 149, I talked about the credit myths that may be holding you beck from building good credit and FICO scores that reflect it. Good credit scores are key to financial freedom and a bright financial future.
But what can you expect when you get there? What does good credit look like and what are the advantages? Knowing the answers to these questions and what you are working towards, will help keep you motivated towards your goal, which is why I discuss these answers in this episode of the podcast.
In this episode you will learn:
- What constitutes a high credit score
- How better credit can help you get a job
- How to get better perks on your credit card
- How it will prepare you better for the future
In the last episode, and in Episode 149, I talked about the credit myths that may be holding you beck from building good credit and FICO scores that reflect it. Good credit scores are key to financial freedom and a bright financial future.
But what can you expect when you get there? What does good credit look like and what are the advantages? Knowing the answers to these questions and what you are working towards, will help keep you motivated towards your goal, which is why I discuss these answers in this episode of the podcast.
In this episode you will learn:
- What constitutes a high credit score
- How better credit can help you get a job
- How to get better perks on your credit card
- How it will prepare you better for the future
Achieving and maintaining a good credit score is essential to maintaining your financial freedom. It allows you to get credit more easily and at more favorable rates. But many people are thwarted from doing this by all the myths and misconceptions that are out there about credit scores.
I talked about this in Episode 149, but in my research I found a dozen more that are out there spreading "fake news" about what can help or harm your score. So let's dispel them right now.
In this episode you will learn:
- 12 Credit Card Myths to Disbelieve
- The Truth Behind the Myths
- How to Spot a Credit Repair Scammer
- the Importance of Setting Short Term Financial goals
Achieving and maintaining a good credit score is essential to maintaining your financial freedom. It allows you to get credit more easily and at more favorable rates. But many people are thwarted from doing this by all the myths and misconceptions that are out there about credit scores.
I talked about this in Episode 149, but in my research I found a dozen more that are out there spreading "fake news" about what can help or harm your score. So let's dispel them right now.
In this episode you will learn:
- 12 Credit Card Myths to Disbelieve
- The Truth Behind the Myths
- How to Spot a Credit Repair Scammer
- the Importance of Setting Short Term Financial goals
The news media has been talking a lot lately about inflation and the growing possibility of a recession. This has people worried about their short term financial plans, in dealing with inflation, and what a recession could do to their long term financial plans.
That's why in this episode of the podcast I wanted to talk about not only inflation (which I've addressed in previous episodes), but recession as well, and offer a few tips for preparing your finances. In this way I hope to reduce your stress by knowing that you are ready for whatever comes.
In this episode you will learn:
- How to Prepare for Possible Layoffs
- How to Take Advantage of Higher Interest Rates
- What Financial Advisors Are Telling People They Should Do
- Ways You Can Prepare for Recession Now
The news media has been talking a lot lately about inflation and the growing possibility of a recession. This has people worried about their short term financial plans, in dealing with inflation, and what a recession could do to their long term financial plans.
That's why in this episode of the podcast I wanted to talk about not only inflation (which I've addressed in previous episodes), but recession as well, and offer a few tips for preparing your finances. In this way I hope to reduce your stress by knowing that you are ready for whatever comes.
In this episode you will learn:
- How to Prepare for Possible Layoffs
- How to Take Advantage of Higher Interest Rates
- What Financial Advisors Are Telling People They Should Do
- Ways You Can Prepare for Recession Now
With inflation driving up prices and straining our budgets, we’re all looking for ways to save money. That includes increasing our take home pay by reducing the bite taken out of our paychecks by the government.
That’s why in this episode of the podcast I wanted to talk about ways in which you can increase your tax deductions and decrease your taxable income. Also, because people are often afraid to do this because they fear an audit, I will also talk about audit red flags and how to avoid them.
In this episode you will learn:
- How your college education can help pay your taxes
- How to leverage state sales tax to lower taxes
- How personal mortgage insurance can help
- How unreported income and mistakes can lead to an audit
- How the home office deduction can get you in trouble
Although unemployment is low these days, there are many that are warning that we are headed into a recession, and that not only will the hot job market cool, but that layoffs may be headed our way.
In addition, many companies that have made offers have since withdrawn them, often with people who accepted those offers having given notice at their previous job. That’s why in this episode of the podcast, I wanted to talk about what you should do if you should lose your job, or how to prepare for it if you think it will be happening in the near future.
In this episode you will learn about:
- How to negotiate your exit
- How to maximize your benefits before they end
- Networking and building job skills
- How to conduct an effective job search
At its Worldwide Developers Conference earlier this month, Apple announced that it would be offering a Buy Now, Pay Later program as a part of its financial services to customers. This alternative form of payment for goods and services has had a resurgence during the pandemic, and Apple’s announcement has put it in the news.
But what is Buy Now, Pay Later, and should you be making use of it as part of your household finances and budget? In this episode, I will dive deep into this service and advise as to whether it is a good idea for you.
In this episode you will learn:
- What Buy Now, Pay Later Is
- Its Pros and Cons
- How it Affects Your Credit
- Whether You Should Use It
Back in Episode 80 I talked about Health Savings Accounts in conjunction with some high deductible health insurance plans through the Affordable Care Act. An HSA is a great idea if you have one of these plans.
However, since I have been talking about retirement planning and saving lately, I wanted to revisit this great savings option, as these accounts can serve two purposes: protect you from medial costs in a high deductible health plan and help you save for retirement at the same time. Find out how in this episode!
In this episode you will learn:
- What an HSA is
- The pros and cons of having one
- Who can set one up
- Who can contribute to one (and how much)
- How an HSA helps with retirement planning
- Is one right for you?
But to learn the most, talk to the HR person with your employer and/or a financial professional to get the right advice for you.
In the past two episodes, I have talked about financial education for our children and instilling them with a basic working knowledge and literacy when it comes to money. I also discussed in Episode 136 about how you should start saving for retirement in your 20s and how it can be done.
But what if you started earlier than that? What if our kids started saving for retirement even before they graduated from high school? In this episode of the podcast, I will talk about how parents can help their children start saving for their retirement and get the earliest start doing it.
In this episode you will learn:
- Why starting your child in saving for retirmenet is a good idea
- Why a Roth IRA is a better choice
- How to set up the IRA
- How to fund the IRA
In the last episode I talked with Jake Cousineau, a California educator who teaches financial literacy to high school students. But looking into this further I discovered that attitudes about money (called Financial Personalities) form way before a child reaches high school. Thus, teaching children from an early age (as I discussed in Episode 130) becomes very important.
That’s why in this episode of the podcast I talk with Vince Shorb, a financial wellness advocate and educator, who has developed curricula to shape financial personalities early in a child’s life.
In this episode you will learn:
- What a Financial Personality Is
- When They Are Formed
- How Parents and Teachers Can Guide How They Are Formed
- Why People Make Financial Decisions That Don’t Align With Their Goals
- About the Behavioral Aspects of Money
When I was growing up, the boys took shop, and the girls took home ec. The latter, as we would say today, stressed gender roles, and consisted of cooking, sewing, and the like. But real home economics should deal with household finances, budgeting, credit, and the like. It should help to prepare high school students for the real world.
That’s why in this episode of the podcast, I wanted to talk about how that should change, and has been changing in some schools around the country. To that end, I invited teacher and author Jake Cousineau onto the show to discuss how he is accomplishing just that!
In this episode you will learn:
- About how personal finance is taught in a high school in California
- About the importance of learning personal finance at an early age
- Why high schools should teach personal finance to seniors
There are many challenges that face people on the road to financial freedom, including credit card debt, student loans, and a loss of employment or reduction in income. Overcoming them can be a real struggle, but necessary in reaching financial independence.
But women, particularly widowed or divorced women, face particular challenges that need to be addressed in order for them to get back onto their financial feet. That’s why, in this episode of the podcast, I talk with Certified Financial Planner Maryann Keith on how she helps women with these issues.
In this episode you will learn about:
- Why Designating a Deceased Spouse’s IRA as Inherited is Important
- Dealing with Mortgages in the Deceased Spouse’s Name
- Accessing the Pension of a Spouse that Dies Before Retirement
- Financial Planning for When the Alimony Runs Out
- Educational Planning for the Children After Divorce
The pandemic has been disruptive economically to many people, to say the least! Jobs have been lost, income has been scaled back, and as we come out of all this, people are looking to rebuild and get a fresh start financially. Part of this is rebuilding their credit.
But there are those out there who will be hampered from the start because of all the misinformation and misconceptions out there about credit and how it works. That’s why in this episode of the podcast I wanted to bust those myths and give some accurate information on how to get back on your feet with, eventually, a 700+ FICO score.
In this episode you will learn:
- Why carrying a balance can hurt, not help, your score
- How to get your credit reports (and scores) for free
- How canceling a credit card can hurt your score
- Why a higher income doesn’t mean a higher score
- How to get a new credit card without hurting (and maybe even helping) your score
U.S. News reports that more than 50% of those who were infected with COVID-19 or who lost income due to the pandemic are now struggling with medical debt. Even as new infections wane, and it looks like we are coming out of the pandemic, it may still have a longer term economic effect on many Americans.
That is why, even though I covered this topic in Episode 11, I wanted to discuss it again for those who may be struggling with it who weren’t before. There are some things you can do about it, and you should know what they are.
In this episode you will learn:
- Why you shouldn’t assume the bill is accurate
- Why you should negotiate the balance early on
- About programs that can help you pay the bill
- About the new No Surprises Act
- How to plan to pay for future medical treatment
Tax time approaches as we head into spring, so it's a good idea to start thinking about what to do once your return is prepared and ready to file. Do you owe money? If so, are you able to pay it? On the other hand, if you're getting a refund, have you thought about what to do with it once it arrives in your bank account?
So in this episode of the podcast I wanted to help you to answer these questions, so that when the time comes to either pay the piper or dance merrily to his tune you'll be prepared with a strategy in place. Think about these ideas and then take action.
In this episode you will learn:
- Payment Plans with the IRS
- Offers in Compromise
- The Best Ways to Spend Your Refund
- Why Stopping the Refunds is a Great Idea
At this time of year, high school seniors are trying to select a college or university for their higher education. They’ve made their applications, filled out the FAFSA form, and are starting to get financial aid award letters. It’s an exciting time!
But the decisions they make now can have far reaching consequences for their future, either good or bad. So in this episode of the podcast I talk about things you can do to increase the likelihood of success after graduation, and decrease the likelihood of a future with debt!
In this episode you will learn:
- How to evaluate school financial aid offers
- Whether Parent Plus loans are a good option
- How to choose an affordable school
- Whether you should take out private student loans
In Episode 136 I talked about how important it is to start planning and investing for your financial future as soon as possible, preferably in your 20s. In the last episode, Episode 144, I talked with Joe Okaly on the challenges families in their 20s and 30s face in achieving financial freedom. Certainly, the earlier you start, the better.
But is it ever too late? What if you are in your late 30s or in your 40s? Is there still a way to invest and plan for financial freedom in retirement? So in this episode of the podcast I wanted to answer those questions and provide some ideas on how late starters can still live comfortably in retirement.
In this episode you will learn:
- How to Leverage a 401K
- The Importance of Setting a Retirement Goal
- How Annuities Can Help
- Why Downsizing Might be a Good Idea
In Episode 136 I talked about how important it is to start planning and investing for your financial future as soon as possible, preferably in your 20s. Even if you can’t put aside that much initially, that money has the maximum growth potential between now and retirement.
But young families face some unique challenges that can make it difficult to “pay yourself first” (and not all the bills that fall due every month). That’s why in this episode of the podcast I talk to Joe Oakley, a Certified Financial Planner with a young family to talk about how it can be done!
In this episode you will learn:
- The Financial Challenges That Face Young Families
- The Biggest Financial Mistakes Families Make
- The Most Important Steps to Financial Freedom for Young Families
- The Importance of Life and Disability Insurance
- Why Financial Mindset is So Important
Once the holidays are over and our attention is drawn to the coming new year, it is inevitable that we start thinking about New Year's resolutions. How can we make 2022 better than 2021 as far as our financial freedom is concerned?
That's why in this episode of the podcast, as in December podcasts in previous years, I wanted to talk about the resolutions you should be thinking about making in order to improve your financial situation and get that much closer to financial freedom.
In this episode you will get tips for resolutions to:
- Control spending
- Be prepared for financial emergencies
- Create a financial strategy and long-term plan
- Build or rebuild your credit
These days, Bitcoin and cryptocurrency is in the news quite a bit. People are talking about using it for online purchases of goods and services, as well as investing. It is, in effect, becoming the “next big thing.”
Buy what is cryptocurrency, how do you get it, and how do you spend it? Plus, is it safe or even a good idea to use? So in this episode of the podcast I get into the details of cryptocurrency and answer those questions!
In this episode you will learn:
- What is cryptocurrency?
- How does it work?
- How can you get it?
- How can you spend it?
With all that has happened with the pandemic to date, holiday shopping this year will be a challenge to say the least. Between supply chain problems, inflation, and employment shortages at retail establishments, staying within your budget and still getting the perfect gift for everyone on your list will not be easy.
That’s why in this episode of the podcast I wanted to give you a Top 10 list of tips (plus a bonus) on how to get through it all with the least amount of fuss and the most amount of holiday joy.
In this episode you will learn:
- How to Deal with Supply Chain Issues
- Leveraging Loyalty Programs
- Using Social Media to Find Deals
When it comes to the job market and the economy, the pandemic has created an interesting and unusual phenomenon. Called The Great Resignation (or the Big Quit), it is an ongoing trend of workers quitting their jobs that started in the Spring of this year. Characterized by Wikipedia as being in response to the pandemic, the government refusing to provide necessary worker protection, and wage stagnation despite the rising cost of living.
But those that quit still have to find another job to pay the bills, or they’ll have an even bigger problem! That’s why in this episode of the podcast I talk to Bonnie Negron, a certified career coach and resume writer, about the best way to succeed in this job market and find the perfect fit for a post-COVID life.
In this episode you will learn:
- How to get clarity on the job and income you want
- Tips on preparing a killer resume
- Great ways to find, and apply for, the kind of job you want
- Preparing for the interview
In Episode 110 I talked about how to become a millionaire and discussed the book, The Millionaire Next Door by Dr. Thomas J. Stanley and Dr. William D. Danko. It showed that the vast majority of American millionaires are not who you think they are, and that becoming wealthy is something that can be done.
But the path to wealth is a choice and a mindset. You have to think the right way about money in order to acquire and grow it. That’s why I wanted to follow up on that topic in this episode by talking to my guest Tony Bradshaw about what he calls the Millionaire Choice and how you can make that choice with the right mindset.
In this episode you will learn:
- Why mindset is important to becoming wealthy
- The Ten Keys of the Millionaire
- How to Make the Millionaire Choice
- How to Make the Millionaire Plan
In the last episode, Episode 137, I talked with Myles Gage about starting a business after graduation. We talked about whether you should take the entrepreneur path, what kind of business you should start, and how you should prepare yourself financially for this step. But starting a business is very risky, as most businesses fail.
That’s why in this episode of the podcast I wanted to address that fact and look into the reasons why these businesses fail, and how you can try to prevent this from happening to you. To get those reasons, I spoke with CPA and entrepreneur Joe DiChiara.
In this episode you will learn:
- The three questions you should ask yourself before starting a business
- The importance of positioning
- Why it’s important to perfect your “message” or “pitch” to your audience
- What your key metrics are
- Where to spend, and more importantly not spend, your money
Those that graduate with a degree and enter into the real world face a challenge and a choice. How do they make a living? How do they start paying back their student loans? How do they make a successful start down the road to financial freedom?
In this episode of the podcast, I address that issue and whether you should get a job and work for someone else or create a job and work for yourself by starting a business. To give some insight on this choice, and some tips on how to prepare financially for starting your own business, I invited Myles Gage of Rapunzl Investments onto the show.
In this episode you will learn:
- How to Determine If You Have the “Entrepreneurial Itch”
- How to Decide on What Business to Start
- How to Start a Business and Still Pay the Bills
- How to Prepare Financially for Starting a Business
When it comes to saving for retirement, there is no better time to start than yesterday. The sooner you start putting money away, the sooner it has a chance to grow and ensure your financial future. But most people, fresh out of school and into their first job aren’t thinking about something that will happen in 40 years or so.
That’s why in this episode of the podcast I wanted to talk about why it’s always best to start retirement savings early and how starting early actually makes it easier to do and more likely to result in financial freedom in your golden years.
In this episode you will learn:
- How starting in your 20s makes saving for retirement easier, not harder
- How to find money to invest
- What to do if you're starting after your 20s
Although we are slowly coming out of the pandemic, nobody knows when it will be over, especially with the delta and lambda variants out there. People are still hurting economically, especially couples with children. Even if they’re back to work, childcare costs can really eat into the increased income.
That’s why in this episode of the podcast I wanted to talk about two tax breaks for families that can really ease the financial burden until we are fully out of the pandemic. Whether you need the money up front, in a big refund, or in a tax credit, these breaks can help!
In this episode you will learn:
- How the Enhanced Child Tax Credit can help you
- How to get the money if you don’t file a tax return
- Why you may want to opt out
- How to leverage the Child and Dependent Care Tax Credit
One of the most stressful parts of back-to-school season is making sure your children get everything they need, while spending on a budget and within your means. Teachers today seem to request more and more supplies than ever before. Whether physical or electronic, it’s a tall task to find and purchase the items at a reasonable cost.
That’s why in this episode of the podcast I wanted to give you some tips and ideas on how to save money while ensuring that your children are well-equipped for the school year to come!
In this episode you will learn:
- How to Save Money on Back to School
- How to Save Money on Back to College
- How to Save Money at the Drug Store
It’s been a rough 17 months with the COVID-19 pandemic, but it looks like we are finally coming out of it. One sign that it is ending, though, are all of the end dates of CARES Act programs that have been helping people through the economic crisis, with two of them coming up at the end of this month!
That’s why in this episode of the podcast I wanted to talk about how to plan for this shift back to normality. What can you do to plan for these changes? How can you get ready for a post-pandemic economy? Let’s get some answers together!
In this episode you will learn:
- What assistance programs are ending and how to plan for them
- What to do if you still can’t pay your bills
- How to increase your credit score for post-pandemic life
There’s been quite a bit of talk in the media about how we are heading into inflation. With demand for goods being lower during the pandemic, a surge in demand could cause prices to soar. But how do you deal with this? What can be done to plan for inflation?
More importantly, how do you maintain your financial freedom and retirement plans with this on the horizon? That’s why in this episode of the podcast I wanted to talk about both short term and long term strategies for keeping inflation from threatening your financial freedom.
In this episode you will learn:
- Short Term Strategies for Handling Increasing Costs
- Cutting Costs in Your Budget
- Long Term Investment Strategies for Inflation
There are only so many hours in a day. So, if you want to increase your income, but don’t have the time to work a second job, what do you do? How do you generate that income to meet monthly expenses, save for emergencies, and invest for retirement?
The answer is: passive income! I talked about this in Episode 91 but wanted to take a deeper dive into the subject. That’s why my guest on this episode of the podcast is Eric Martel, who has developed a turnkey system for generating passive income and getting you the money that you need!
In this episode you will learn:
- The Best Investment Vehicle for Passive Income
- How to Select Your First Investment Property
- How to Reduce the Risk of Investment
For some reason, parents seem to have difficulty talking to their children about money. The mindset of good money habits doesn’t seem to get passed down to the next generation. This is why 7 out of 10 American millionaires are first generation.
That’s why in Episode 97 of the podcast I talked about this subject at length. However, as this topic bears repeating, I have brought on to this episode of the podcast Derrick Kinney, a fellow financial freedom advocate to share his thoughts on the subject.
In this episode you will learn:
- The 3 Beliefs About Money No One is Teaching Their Kids
- How to talk to young children about money
- The pre-teen conversation about finances
- How to prepare your teenager to leave the financial nest
- How to launch your adult child into the world
Investing and saving for retirement is something that the earlier you do it, the better! But getting involved in the stock market (or even just mutual funds) can be an intimidating prospect, and many people end up putting off doing it for that reason.
But where do you go to learn about it? How can you get the information you need to feel confident and competent in investing for your future? To answer those questions, in this episode of the podcast I talk to stock trader Markay Latimer about how she can help you get started!
In this episode you will learn:
- Classes on investing in stocks
- The difference between investing and trading
- How you can “rent out” your stock to make money
- How to do this without making it a second job
The impending divorce of Bill and Melinda Gates has been in the news a lot lately, and journalists have been discussing whether or not they should have gotten a prenuptial agreement before getting married. I remember thinking at the time of the wedding that I hoped that he had one, but apparently not.
So with so much attention being drawn to the subject, I thought I would discuss in this episode all about what a prenuptial agreement is, the pros and cons, whether you might need one, how it might help you, and how you can go about getting one.
In this episode you will learn:
- What a Prenup Is
- The Pros and Cons of Having One
- Whether You Should Have One
- Whether You Should Hire a Lawyer to Draft It
People that are in debt are in a difficult situation when it comes to planning for their financial future. It can be difficult enough to amass enough disposable income to pay down their debt, let alone have any left over to put towards retirement! But if they concentrate on paying down the debt, they delay their retirement investing, which puts that retirement at risk!
That’s why in this episode of the podcast I talk to Jerry Fetta, a financial expert, who helps people to make and save money, even while they are paying down debt.
In this episode you will learn:
- Negotiating Techniques with the Banks
- How to Leverage Life Insurance to Pay Debt
- Ways to Free Up Disposable Income
In many states, including New Jersey, the car insurance bill can amount to quite a bit every year. It can be a struggle to pay, and many Americans either get the bare minimum coverage or don’t get it at all, hoping that they never need it.
But having good car insurance is not only key to your financial freedom, in New Jersey and other states it is mandatory, and serious penalties can occur if you go without. That’s why in this episode of the podcast I wanted to talk about tips for reducing the cost of your car insurance so that the savings can be put to better use towards your financial freedom.
In this episode you will learn:
- How DUIs and Other Traffic Tickets Affect Your Rates
- Tips on How to Reduce Insurance Costs
- Why Your Credit Score Matters
- Why Bundling Coverage May Make Sense to You
When it comes to retirement, the focus always seems to be on the saving and investing part of it. Will you have enough money to retire? Although this is a very important part of the process, and should not be taken lightly, it is not the only thing you should be thinking about when it comes to that topic.
Many people retire and are comfortable financially but are then at a loss as to what to do. Their jobs and commitments up to that point had given their lives meaning, but now what do they do? That’s why in this episode of the podcast I wanted to talk about that other part of retirement planning: How to enjoy it once you get there!
In this episode you will learn:
- How to find meaning for your retirement
- How to develop a retirement mindset
- Ways to spend an enjoyable retirement
If you work for someone else, your income is what they pay you, unless you get a raise or a promotion that pays more money or get a better job. But if you own your own small business, your household income rises and falls with the profits of that business. So, if you want a raise, you have to do it yourself by increasing profits.
One way to do that is to learn from others and how they did it. That’s why in this episode of the podcast I talk with business coach and podcaster Joe Pardo on how he helps small business owners to give themselves a raise and be more successful in their businesses!
In this episode you will learn:
- Why “Knowing Your Numbers” is Key to Profit Growth
- The Importance of Building a Good Team
- Why You Need to Perfect Your Offer, Messaging, and Positioning
- How Optimizing Your Process Pays Dividends
As the pandemic continues to drag on, even though people are starting to receive a vaccine, lots of folks here in New Jersey and the nation are still suffering financially. Congress and the President are currently working on more economic relief, but as of this episode, nothing is definite.
As listeners may have a lot of questions about the relief currently being discussed, any long term strategies being planned by the President, and the tax implications of what has happened so far, I wanted to discuss those in this episode, so that you will be better informed and be able to make your own plans accordingly.
In this episode you will learn:
- What Congress is planning in future COVID Relief
- Whether you can expect to receive any of it
- What the tax implications may be for relief already received
- Long term plans of President Biden
One of the budget line items I often discuss with my bankruptcy clients is their utility bill. The gas, electric, water, and sewer bills can get out of hand and threaten their fresh start after they get their discharge. But even if you aren’t filing bankruptcy, getting a handle on that expense can help balance a budget and free up funds for more long-term financial goals.
That’s why in this episode of the podcast I wanted to talk about ways in which you can get these numbers down. I wanted to provide guidance on how to negotiate your bill as well as how to implement some tips and tricks around the house to reduce usage, and therefore your bill.
In this episode you will learn:
- Tips on Negotiating Your Bill
- Home Tweaks and Hacks
- Tips on Lowering Your Water Bill
In Episode 96, I talked about getting your money ready for marriage. But what if you’re already married and have been for years? If you are both of the same mind when it comes to money, then great! But what if you have different money mindsets? What if you are having trouble coming to agreement on spending?
That is why, as we round out a series of episodes on preparing personal finances for 2021, I wanted to address this issue and discuss ways in which you can come to an agreement going forward and end up going in the same direction together.
In this episode you will learn:
- The Importance of Communication in Financial Decisions
- 7 Great Tips for a Healthy Financial Relationship
- Whether You Should Split Finances or Keep Them Joint
- How to Reconcile Your Spending Differences
In previous episodes I’ve talked about budgeting and how it’s important to have one to keep your spending in line with your income and help you towards your long-term financial goals. I also discussed in the last episode setting goals and being more strategic in how you handle your finances.
In the process of researching that episode, I ran across personal finance coach Tim Jordan who, by his own admission and branding, takes an atypical approach to the subject with his clients. After learning more about what he does, I knew I just had to have him on the show to talk about why you should be atypical in handling your finances.
In this episode you will learn:
- The 5 Best Budgeting Methods
- Why No One Budgeting Method is Right for Everyone
- How to Pick the Best Budget
- How to Think About Your 2021 Financial Goals
As the year 2020 comes to a close, it’s time to start thinking about our financial goals for 2021. This year has presented some challenges and shown us how important it is to plan for bad times, so that when they come, we are ready, and our financial freedom isn’t threatened.
That’s why in this episode of the podcast I step you through what you need to do to look over this past year, learn from it, and use that information to create a solid financial plan going forward.
In this episode you will learn:
- Strategies and Goal Setting for 2021
- The Importance of "Finding Your Why" in Your Finances
- Tips on Reducing Income Taxes in 2021
- Tips on Increasing Income
In Episode 114 I started a series of episodes around reducing expenses in your budget in order to help you live within your means and have money left over to save for the future. It was also in follow up to Episode 113 in which I talked with “Tightwad Todd” Miller about living below your means.
That’s why in this episode of the podcast I take on that expense that seems to get bigger, your cell phone bill. It’s a budget line item I discuss a lot with my bankruptcy clients, and one that can be tough to keep under control. But with these tips and tricks, you should be able to tame that beast.
In this episode you will learn:
- Ways to reduce the monthly payment with your carrier
- Smarter strategies for getting a new phone
- How changing your usage can save you money
Due to the COVID-19 pandemic, many people have lost their jobs because their employer had to close up shop; the work could not be done remotely. Some of them were able to pivot successfully to other jobs or transfer their skills to one that can be done from home.
Unfortunately, many others are still looking. That may be because they haven’t been able to figure out how to apply their skills in a different context, or they aren’t looking in the right places. That’s why in this episode of the podcast I wanted to talk about where to look for remote work, who’s looking for remote workers, how to handle the application process, and how to succeed at that job once you get it.
In this episode you will learn:
- Where to Look for Work from Home Jobs
- What Kind of Jobs Are Available
- How to Apply for Them
- How to Succeed at Them
Way back in Episode 13 of the podcast I did a review of an app from personal finance guru Dave Ramsey called EveryDollar. It is an app my wife and I have been using since then, and it’s great! But there are a lot of other apps out there that can help you keep your finances straight, and one of them might be better for you than EveryDollar.
Which is why in this episode of the podcast I wanted to look at three other apps that might be more up your alley: Pocket Guard, YNAB (You Need a Budget), and Personal Capital. There are even more out there, and that could be the subject of another episode, but hopefully one of these will be just right for you!
In this episode you will learn about:
- Three different personal finance apps of varying complexity and sophistication
- How to choose a good personal finance app
People trying to achieve personal financial freedom are often initially struggling with debt and trying to get out of a financial hole. They are getting letters from collection agencies and law firms that are demanding that the debt be paid. They have to get out of debt before they can ever hope to achieve their goal.
But people in debt, in my experience, are often dealing with collection lawsuits that result in judgments, and these judgments can be very problematic when the lawyers who obtained it start trying to enforce it. That’s why in this episode of the podcast I wanted to talk about the three biggest collection tools the lawyers have, and what you can do once they start to use them.
In this episode you will learn:
- What an Information Subpoena Is and How to Deal with It
- How to Fight Back When Your Bank Account is Levied
- How to Deal with a Wage Garnishment
In Episode 113 of the podcast I talked with “Tightwad Todd” Miller, a personal finance consultant and coach on the subject of spending below your means. I did this because reducing spending as much as possible to free up money to save and invest for the future is a key part of achieving long term financial independence and freedom.
So, I thought it might be a good idea to follow up with some episodes on how to reduce spending in various budget categories. One big one is the cable bill, and with a technological revolution going on in how we consume video content, there are lots of opportunities to cut costs while not sacrificing entertainment value.
In this episode you will learn about:
- Hardware Options (Smart TVs and Boxes)
- Cable Replacement Services
- Streaming Services
- Sports Watching Options
Achieving financial freedom in the short term requires living within your means. In other words, your monthly expenses need to total no more than your monthly net income, so that you don’t sink into debt. But achieving long term financial freedom requires even more discipline; you need to live below your means.
By doing this you generate unused income every month to put towards savings and long-term investing, so that you will have a net worth to support you in retirement. But how do you do that? To give you some tips, I brough personal financial services consultant Todd Miller onto the show to tell you about them.
In this episode you will learn:
- Ideas on setting up a budget
- How to cut your expenses
- How to handle unexpected expenses
- How to track your spending to stay on budget
- How to resist the “urge to splurge”
Every business should have a web site to promote its goods and services and attract new customers, especially as more of them are functioning virtually. Despite this, so many of them don’t have a web presence, or just have a domain name for e-mail. By not having one they are leaving money on the table and passing by an opportunity for growth.
That’s why in this episode of the podcast I wanted to talk about getting on the web with a great site and using it to attract and covert new customers for your business. These tips can help you grow your business and help ensure your personal financial freedom.
In this episode you will learn:
- The first thing you need to do to get started
- The biggest mistakes made with DIY web sites
- How to choose a web design company
- How to turn web site visitors into customers
With the COVID-19 pandemic going into its sixth month, many businesses have either filed bankruptcy, closed for good, or have shed employees to slim down. No matter the cause, a lot of people are now out of work and looking for a new job. This has become especially urgent with the end of the supplemental unemployment benefits under the CARES Act.
Looking for a job during a pandemic presents a special challenge. That’s why in this episode of the podcast I wanted to talk about some tips and ideas to increasing your chances of employment and getting back on your financial feet.
In this episode you will learn:
- How to Network Online
- How to Prepare for an Informational Virtual Interview
- How to Boost Your Job Skills and Showcase Your Strengths
- How to Create a Job Hunting System
A major part of the American Dream is to strike it rich, to become a millionaire. However, for the vast majority, that is just a dream. 3.5% of our population holds nearly half of our wealth. Back in 1996, a couple of Ph.D.s, Thomas J. Stanley and William D. Danko, decided to do some research into America’s millionaires. The surprising answers they got are reflected in the title of their book, The Millionaire Next Door.
That book provides all sorts of great information about what millionaires look like, how they got to be millionaires, and why so few of them successfully pass on their wealth to their children. That’s why in this episode of the podcast, I wanted to talk about this book (which has been updated over the years), how it lays out how these people became millionaires (or at least wealthy), and how you can use this information to become wealthy (and maybe even a millionaire) as well!
In this episode you will learn:
- What an American Millionaire Looks Like
- What Does It Take to Become a Millionaire?
- How to Know If You Are Wealthy
- How to Pass Wealth On to Your Children
The COVID-19 pandemic has now reached over 3.9 million cases in this country (with over 179,000 in New Jersey) and has caused over 144,000 deaths (with over 15,000 in New Jersey). Even those who have survived the illness have had a tough time, with many having lengthy hospital stays.
This taste of our own mortality has been sobering for all of us; something like this hasn’t happened for over 100 years! But that doesn’t mean we shouldn’t be prepared for its eventual arrival. Way back in Episodes 18 and 21 I talked about the importance of having an estate plan and how to go about doing it. But with all that is going on in the world today, I thought I would revisit the subject, as the pandemic has emphasized its importance.
In this episode you will learn:
- Why it is important to have an estate plan
- The documents you need to create to have one
- What you need to think about to prepare them
- Federal and NJ tax issues
Due to the pandemic, lots of people are either working from home or have lost their jobs because they cannot be done from home. Those in the latter group may be looking for a job that allows them to do so. On the other hand, many small businesses are looking for help, but are unsure whether hiring someone (and taking on the payroll and other administrative tasks that go along with doing so) is the right move.
That’s why in this episode of the podcast I talk with Connie Gray, the owner of Virtual Solutions 4U on how to be a virtual assistant, whether that’s the right career for you as an employee, and whether taking one on is the best move for your small business.
In this episode you will learn:
- Things you should consider in whether to hire a VA or an employee for your business
- The tasks that VAs can perform for your business
- The skills you should have if you want to become a VA
On March 27, 2020, the CARES Act was signed into law to help people deal with the devastating economic effects of the coronavirus. Many of the provisions help student loan borrowers, and while they provide some welcome relief, the law doesn’t address all of the problems that student loan borrowers face.
In addition, these provisions are set to expire on September 30, 2020, so the relief is a short-term solution. Therefore, anyone with student loans, whether they are federal, state, or private, need to act soon to have a plan by the deadline. That’s why in this episode of the podcast I talk about some strategies you can look into to use this breather as an opportunity to get your loans back on track!
In this episode you will learn:
- Ways to get out of default on federal and NJ CLASS student loans
- How to get an affordable, income driven loan repayment plan
- How to pay off your loans sooner if you are a public employee
Social distancing orders in light of the coronavirus pandemic have forced companies to send workers home and have them work remotely. The trend might continue. According to a Gartner survey of 317 finance executives on March 30, 3 out of 4 chief finance officers and finance leaders are considering moving at least 5% of their on-site workforce to remote positions permanently after the pandemic.
In addition, many people have reported an increase in quality of life and a shift in the work-life balance after having worked from home for a while. But all of this can raise tax issues for you that could come back to haunt you. That’s why in this episode of the podcast I wanted to talk about those issues, so that if you’d like to make your kitchen, your spare bedroom, or your beach house your permanent office, you will know what it might mean for your taxes.
In this episode you will learn:
- What bordering states have reciprocal tax agreements
- How being taxed by two states can work for or against you
- The good and bad news about home office deductions
Being in debt is stressful, no question! It can weigh on your mind with constant worry about how you will ever be able to pay the debts and avoid bankruptcy. It can have you afraid to open your mail or answer the phone.
But there are helpful and constructive ways to deal with this stress, which is why in this episode of the podcast I talk to psychologist Dr. David Weiman on how you can address that stress head-on and keep it from ruling your life!
In this episode you will learn:
- How financial stress can affect your health and mental state
- Key steps to lowering financial stress
- What you can learn from people who handle stress well
- How knowing your risk tolerance can lower stress in retirement planning
The COVID-19 pandemic has caused a huge disruption in our economy, as millions of people experience job loss or pay reduction, leading to great difficulty (or outright inability) to pay their bills. Congress responded with the CARES Act in March that gave aid in several different sectors, including student loans.
As a student loan attorney, I have been following these developments and was encouraged by the help given in that area by this legislation. But as the assistance provided in the CARES Act doesn’t solve everyone’s problems, I wanted to talk in this episode about what you need to do during the pandemic to keep your student loans on track, whether they are federal or private.
In this episode you will learn:
- What the CARES Act covers and what it doesn't
- How to deal with federal loans not covered by the Act
- How to deal with your CLASS loans from HESAA
- How to deal with your private loans
With the coronavirus pandemic forcing non-essential businesses to work virtually, the needs of those businesses have changed. Many may even discover that a virtual business model is better and change forever how they operate.
This is made possible by a growing number of cloud services that can allow companies to run smoothly with a distributed workforce. Some may realize that they can run with a reduced workforce and outsource some tasks to outside vendors.
But can that be done with things like your accounting department? To answer that question, I invited Frank Lunn of Kahuna Accounting, a virtual firm with clients all over the country, to talk to us on how it can be done!
In this episode you will learn:
- How cloud accounting services can integrate with your other cloud platforms
- How accounting services can be molded to your strategic financial goals
- How accounting services can help you grow your business and reduce overhead
The coronavirus pandemic has shut down a lot businesses and forced many others to operate virtually, often times with reduced staff. Revenues have dropped, and businesses are looking for ways to pay their expenses until the crisis is over.
Our situation today is a much bigger example of what happens to businesses every year, where they are going through tough times and need financing to keep going until things get better. That’s why in this episode of the podcast I talk with Ty Crandall, CEO of CreditSuite, on how you can get business credit for bridge financing to make sure your business stays in business.
In this episode you will learn about:
- Tips on Bridge Loan Financing Programs
- Economic Injury Disaster Loans (EIDL) from the SBA
- Payroll Protection Program
- General Tips & Advice on How to Apply for and Get Bridge Financing
The outbreak of the Corona Virus and the recent drop in the stock market has a lot of people worried about their retirement investments. What does the current bear market mean for their retirement? Should they stop investing or keep going? Or if they are already retired, will they be okay, or will they have to go back to work?
To answer these questions, I invited back financial planner Michael Karwic to talk about what this means to 20-somethings who have just started investing, 50-somethings who are starting to see retirement on the horizon, and retirees, who are already living on their retirement investments.
In this episode you will learn:
- How the 2020 market drop happened
- How to deal with a market drop in your 20s
- How to deal with a market drop in your 50s
- How to deal with a market drop when you are already retired
I started this podcast in January of 2016 with the hope of providing helpful information to folks either after I had assisted them through a difficult financial situation to keep them moving towards a better financial future or to prevent them from having a difficult financial situation in the first place.
Many of the episodes were solo ones where I would discuss a topic in detail in a short enough period of time that you could listen to the whole thing on your way to work. But I also interviewed local businesspeople to elicit their expertise and show how they could help people in my area. This then grew to experts and authors further flung from my office in Woodbury, but still ones that had some great information for listeners.
Now that I have reached the milestone of 100 episodes I wanted to look back at some of those interviews and provide some highlights from them that will take you down a path from getting on a good financial track yourself through building wealth, and then doing what's necessary to pass success on to your children.
In this episode, you will get a taste of information on:
- Personal Credit Reports & Scores (2:01)
- Negotiating Tax Debt with the IRS (13:13)
- Getting the Most from the Sale of Your Home (20:33)
- Retirement Investing & Financial Planning (25:59)
- Business Credit and How to Get It (38:45)
- Expanding Your Business (49:05)
- Selling Your Business (55:53)
- Saving for Your Children's Education (1:04:34)
- Choosing the Right School & Thinking Like a Rich Person (1:13:58)
Listen straight through or skip ahead to the time codes!
Many Americans are living paycheck to paycheck, struggling to make ends meet, and having no plans, or hope for the future. Their only goal is to make it to the next payday, so they can pay the next bill. But unless something changes for them, they will never achieve financial freedom.
Which is why in this episode of the podcast I talk about the steps you need to take to break the cycle, pay down debt, plan for unexpected expenses, and be able to dream about the future.
In this episode you will learn about:
- Cutting back in spending and increasing income
- Breaking out of the debt cycle
- Developing delayed gratification on non-essential purchases
- Creating an emergency fund against unexpected expenses
There is a popular saying among entrepreneurs that most people don’t go out of business, they grow out of business. This can be due to several factors, including whether to expand at all or just raise prices with demand, whether or not the proper systems are in place pass off effectively to employees those things the owners did themselves, and whether the markets they’re expanding into have the requisite demand to produce the desired profits.
That’s why in this episode of the podcast I talk to Somnath Sikdar who, along with his business partner Lonnie Beck, successfully expanded their martial arts school, Dragon Gym, from one location in Exton, PA, to two more in Berwyn and Malvern.
According to the book, The Millionaire Next Door, seven out of ten American Millionaires are first generation. Unfortunately, this means that 70% of the time, the money mindset that made them rich never got passed down to continue the financial winning streak.
That’s why in this episode of the podcast I decided to discuss how people can communicate money matters to their children and teach them lessons that will increase the likelihood that they will continue on to financial freedom in adulthood.
In this episode you will learn:
- How to start the conversation with a child as young as 5
- Talking to pre-teens about money
- Getting your child to think like an entrepreneur
- Getting your child financially ready for life
Getting married is a big step. You are making a lifetime commitment to another person that will be tested in so many ways over time. One of those ways is financial stress, which has caused problems in many marriages, and ended many others, so how you prepare for it before the wedding becomes very important.
Because this episode is being released on January 10, 2020, 33 years to the day from when I proposed to my wife, I thought the perfect topic would be a discussion of what a couple should do, from a financial standpoint, to prepare for the big day and their lifetime together!
In this episode you will learn:
- The 4 Financial Issues to Discuss Before Marriage
- The 5 Money Mistakes That Can Destroy a Marriage
- Prenuptual Agreements
- How to Spend Money Wisely on the Wedding
In Episode 42 of the podcast I talked about how to use a particular type of savings account (referred to as a 529 account) to save for your children’s education. I gave some general information and urged people with children to look into them. However, I always wanted to revisit this topic later for a deeper dive.
That’s why on this episode of the podcast I talk with Michael Karwic, a Certified Financial Planner in Pennsylvania, to take a more in-depth look at educational savings accounts to help you get started in saving for your children’s future!
In this episode you will learn:
- What is a 529 Fund?
- How do you set one up?
- Who can set one up?
- Is a 529 plan right for everybody?
- If not, what alternatives are out there?
The retirement plan for a self-employed individual is often different from those who work for someone else. If it is a small business, it usually doesn’t have a pension plan or a 401(k), although the owner can set up an IRA and an SEP to put money aside.
What the plan does include that makes it different is what that person does with their business upon retirement. Do they shut it down, pass it on to their children, or sell it to their partners or a third party? So in this episode of the podcast I talk to Australian podiatrist and entrepreneur Dr. Tyson Franklin for his tips on how to prepare your business for eventual sale, come up with a price, and find a buyer.
In this episode you will learn:
- How to prepare your business for sale
- How to set your price
- How to find a buyer
As we enter into the December holiday season, many people look to purchase a new car, as manufacturers advertise heavily in the media offering lots of deals to encourage you to buy. Toyota, for example, often holds their “Toyotathon,” which ends soon after the first of the year.
For this reason, in this episode of the podcast I talk about the best way to choose the right car, shop for it, and make sure you end up with a monthly car loan payment you can afford and that won’t break the budget. Bear in mind, however, that this is about a car purchase, not a lease, as it is my firm belief that a “buy and hold” approach to cars is better for your long-term financial freedom.
In this episode you will learn:
- How your credit score affects your car payment
- How to choose your car before you go to a dealership (and why you should)
- How to determine the cost of operation of the vehicle
- How to shop for the vehicle
These days, expenses continue to go up, but your salary at work doesn’t. There’s often a constant struggle to bring in enough money to cover all budgeted expenses, plus maintain an emergency fund and save for retirement! In Episode 91 I talked about how passive income can help to supplement the earned income at your job.
In this episode of the podcast I talk about another way to bring in more money with what is known today as a “side hustle,” or second job. It takes more time and effort than straight passive income but can still help you to achieve or maintain financial freedom.
In this episode you will learn how to earn more on the side by:
- Blogging
- Writing a book
- Starting an online store
- Creating an online course
It can often be difficult to pay the bills on your current income due to increases in costs or unexpected expenses. If you don’t have an emergency fund, one big car repair can derail your budget. But absent your boss giving you a raise, what can you do?
There are only so many hours in a day, so a second job may well be out of the question. But that doesn’t mean that you can’t bring in more money. In this episode of the podcast I talk about passive income and how it can not only make your budget much easier to keep to, but also help you pay down debt, save for emergencies, and plan for retirement.
In this episode you will learn about:
- 8 Different Forms of Passive Income
- Practical Tips on How to Implement Them
- Information on How to Choose Which Type is Right for You
Travel is expensive, and people living on a budget trying to pay their bills and stay on an even financial keel often can’t afford a vacation. We all need some time off from the daily grind but finding the money to do so can be difficult.
Credit card companies like Capital One have recognized this market and advertise products that allow you to accumulate airline “miles” with each dollar you spend on their card. Using them is part of a process called “travel hacking,” which allows many people to afford a decent vacation.
That’s why in this episode of the podcast I talk with Lee Huffman, a personal finance writer who helps people get started on their journey to a better, and more affordable, travel experience.
Financial planners and retirement experts all preach on the importance of starting early in saving for retirement. The sooner you start, the more time your money has to grow. But what if you got a late start because life got in the way: marriage, children, financial setbacks and the like? What do you do then?
That’s why in this episode of the podcast I talk to Dr. Fred Rouse about Short Window Retirement Planning and how you can use it to create financial independence in retirement, even though you started in your 50s with not a lot of savings.
June was that they were issuing their own credit card, in partnership with Goldman Sachs. Lots of great features were detailed, and a sleek, modern design for the card was revealed.
But now that the card is generally available in the United States, the question becomes, should you get one? Are all of the features that were announced worth it? Is it for you or should you look to get another card (assuming you are looking for one)? That’s why in this episode of the podcast I wanted to talk about the pros and the cons, and help you to decide whether the Apple Card is right for you.
Being in financial difficulty is stressful. You have debt that you can’t pay, you keep getting letters and phone calls demanding money you don’t have, and court officers are standing at your door to serve you with lawsuits. This can really weigh you down.
Under these circumstances, it is natural for people to come up with reasons in their heads as to why things aren’t so bad; it’s a coping mechanism. They tell themselves things to make themselves feel better. That’s understandable. The problem is, those reasons are seldom true, can lead them into more trouble, and away from the very solution that they need.
That’s why in this episode of the podcast I talk about the 5 lies people tell themselves about debt. I have heard these many times over the past 30 years, and it pains me every time because it prevents them from doing the right thing for their situation.
Anyone who wishes to achieve financial independence needs to start taking the appropriate steps as soon as possible. The earlier in your life you start, the sooner you will reach a point where you no longer need a paycheck. That’s when you know you can retire and start enjoying life full time!
There is a growing movement now in the world called FIRE (Financial Independence, Retire Early) that argues against the idea that you can’t or shouldn’t retire before age 65. Its members advocate for an early start towards savings and investment, in order to reach financial independence sooner and retire early.
Two of the biggest champions of this movement are Kristy Shen and Bryce Leung, who managed to build a net worth of over $1 million and retire at age 31 to travel the world and live a nomadic lifestyle. That’s why in this episode of the podcast I talk to them about their new book, how it came about, and how you too can quit like a millionaire!
Home ownership has, for decades, been the “American Dream.” It gave people a financial goal to work towards, saving their money for a downpayment and trying to get their credit up to a point where they could qualify for a mortgage. In many ways, it has also become a bit of a status symbol.
But lately, the Millennial Generation has been questioning the wisdom of this and saying it is better to rent, rather than own, and tie up your money in a downpayment. But are they right? Is it better (and financially smarter) to rent these days rather than own? To get a realtor’s perspective on this I spoke with frequent guest Lynn Stambaugh of Cardinal Real Estate Services here in Woodbury, NJ, on her thoughts as to which is better and why.
The vast majority of the people that come to me to file bankruptcy do so because of out of control credit card debt. The totals can run from the tens- to the hundreds of thousands of dollars. Credit card debt can drag you down and prevent you from having financial freedom.
But are credit cards, in and of themselves, bad? Is it the card (and the system) itself that is bad or how we use them? Personal finance expert Dave Ramsey writes on his web site questioning whether you really need a credit cards and gives six reasons why you shouldn’t. But is he right? That’s why in this episode of the podcast I take a look at those six reasons and discuss the case for (and against) credit cards.
Graduating from college or university with your degree is a momentous occasion. You finally made it! You’re ready to go out into the real world and make your mark. But this occasion brings with it new challenges that you will have to face, such as finding a job (if you haven’t already) and figuring out how you are going to deal with your student debt.
That’s why in this episode of the podcast I wanted to talk about how you can meet those challenges by finding the right job, figuring out how you are going to live on the income that job will provide, and how you are going to start payments on your student loans before the grace period ends!
We all fall into some bad habits at one time or another, and it can be difficult to get out of them. But sometimes those bad habits can have lasting effects on your life and can affect your financial freedom. They can get in the way of your saving money, spending responsibly, and having an enjoyable life both now and in retirement.
That’s why in this episode of the podcast I talk about 8 bad habits that you should avoid or break that could be keeping you from saving money and realizing your dreams for a great retirement!
In order to complete any project, you need the right tools, and it’s no different when you are trying to establish and maintain financial freedom. For that you need the financial products that line up with your needs, priorities, and goals. They need to be the right ones for you.
That’s why in this episode of the podcast I talk about how to identify and find the right banks, credit cards, and financial advisors that will give you the greatest chance for success. You might end up switching products down the road as your goals and priorities change, but these will at least get you started.
Even with the Affordable Care Act, many people, especially millennials, struggle with the cost of health insurance premiums. People in their 20s are less likely to need healthcare than those over 40, but when they need it, it can be beyond reach without insurance.
But how does a young adult, just starting out in the workplace, balance rent, car payment, student loan payment (if they graduated with debt), and a health insurance premium? The answer may lie in something called a Health Savings Account. That’s why in this episode of the podcast I talk about these accounts, how they help balance health insurance costs, and can benefit you later in life.
A key part of establishing and maintaining financial freedom is having a job you love that provides you with an income that allows you to have the lifestyle you want while still saving and investing for the future.
But what if you don’t have that job right now? What if you find yourself dead-ended in a position with no real opportunities for advancement and increased income? What if you followed all of my tips from Episode 66 on asking for a raise, but didn’t get one?
If that’s the case, then you need to move on to a new position elsewhere. That’s why in this episode of the podcast I talk about what you need to know to look for and secure a better job with a better future!
When it comes to investing for retirement, the earlier you start the better. People that start in their 20s, rather than their 30s, or even 40s, give their money more time to grow and therefore give themselves the best chance at financial freedom.
No one knows personal finance for 20-somethings like Broke Millennial Erin Lowry, a writer, speaker, and blogger that I had on the show in Episode 70. She is returning in this episode to talk about her crusade to get us thinking about “investing for retirement,” not “saving for retirement,” and to make a big announcement!
Before anyone sets out to find financial freedom, they need to understand what that term means to them, as it is different for everyone. This definition can depend on your financial goals, both now and in the future. Do you want to retire or keep working? Do you want to travel? The financial strategies for each can be different, and it is better to know that now rather than later.
That’s why in this episode of the podcast I talk with Ross Stryker, the CEO of Smart Asset Opportunities to get his thoughts on defining financial freedom, “Finding Your Why,” and making the right plan for it now.
For those in their 50s and early 60s, planning for retirement has a different, more immediate feel. For millennials, it’s starting to save for it; for those further on in life, it’s figuring out its implementation. A lot of decisions have to be made, including the downsizing of your home, especially if you’re an “empty nester.”
That’s why in this episode of the podcast I talk to Jeri McClenaghan-Ihde and Julie Whelan Capell, whose podcast, SeniorTopia, recently launched to talk about all things related to opportunities and challenges on the road to retirement. Every week they talk relocation, long-term care, housing options, wellbeing, dementia, end-of-life and more. However, in my discussions with them, we will talk about downsizing your home in retirement.
Financial planning and a good investment strategy, started as early as possible, is key to achieving financial freedom in retirement. The sooner you do it, the better off you are (and will be).
But many people start off doing this with no clear idea of what they are doing, which can really derail the train soon after it leaves the station. Out of ignorance, or listening to the wrong advice, people can cause serious problems for their retirement plans.
That is why in this episode of the podcast I talk to Lorraine Ell, of the company Better Money Decisions, to talk about what she sees as the Top 10 Mistakes People Make in Financial Planning and Investing.
Getting your financial house in order means cutting down on spending, living within your means, and staying within a budget. You need to reduce or cut out spending, while using your money wisely and for the right purpose.
In many ways, this is like going on a diet, but instead of cutting calories, you are cutting spending (dollars), and instead of eating the right foods, you are putting your money in the right places.
That is why in this episode of the podcast I talk with a personal finance expert who actually coined the term, The Financial Diet, through her blog and YouTube channel. Her advice goes beyond finances to discussions about lifestyle and mindset, and I encourage you to listen to what she has to say.
A major part of any effort to attain financial freedom is establishing and maintaining a good credit score. It can make the difference not only in whether you get a loan, but the interest rate that you will pay if you do. It can also decide many times whether you will get a particular job or affordable car insurance.
But how can you work to establish and maintain good credit if you don’t know how it works? How can you increase your credit score if you don’t know what goes into it? That’s why in this episode of the podcast I talk about credit reports, credit scores, what they reflect, and what you need to do to maximize it and maintain it!
In this episode, you will learn:
- What a Credit Score Is
- What the numbers mean about how good or bad your credit is
- What kind of information goes into calculating it
- Tips on building and maintaining good credit
Starting a new year, to a lot of people, means starting fresh. One popular new year’s resolution, in fact, is getting one’s financial house in order. The first step to doing that is to have a budget, so that you will know at the outset whether you are living within your means or overspending. But is there more than one way to budget, and if so, what are they and which one is best for me?
That is why in this episode of the podcast I talk about the five budget types discussed in Erin Lowry’s book, Broke Millennial: Stop Scraping By and Get Your Financial Life Together. Discover which budget will do the job for you this year, so that you can take that essential first step towards financial freedom.
Many people, at one time or another, have thought about starting a business, but don’t have the money to make a go of it initially. Others have started a business but need money or credit to solve a cash flow problem or fund an expansion. But how does a business get credit and loans?
The entrepreneurial itch can be hard to scratch, and not proceeding properly and thoughtfully with running a business and handling credit can seriously harm your financial freedom. At the same time, doing it right can help you to be successful, make more money, and attain financial security. That is why, in this episode of the podcast, I talk with Ty Crandall, CEO of Credit Suite to talk about how business credit works and how you can use it successfully.
As with any goal in life, the sooner you start working towards it the better. That is certainly true of attaining financial freedom, since habits established when you are young tend to stick with you, and things like saving for a comfortable retirement are easier if you start tucking money away as soon as possible.
That is why in this episode of the podcast I talk with a personal financial expert who has literally been there, done that, and is now spreading the word to others in an effort to, in more ways than one, share the wealth. She is a millennial speaking to millennials, who knows what she is talking about, and I encourage you to listen to what she has to say.
Now that Santa Claus came to town in the Macy’s Thanksgiving Day Parade, the holiday season has officially begun! However, this season can be rather treacherous from a financial standpoint if you do not keep a tight rein on the spending (not just the reindeer). Whether you celebrate Christmas, Chanukah, or some other December holiday, the “season of giving” can be a huge budget buster. Everything is great until those credit card bills come in in January!
That is why, in this episode of the podcast, as I did in Episode 45, I talk about some things you can do to be sure that you are celebrating the new year on a firm financial footing after having a wonderful holiday season.
According to CNBC’s reporting on a WalletHub study of taxes as a percentage of personal income New Jersey has the 9th highest tax burden in the country, with a total tax burden of 10.02%, with over half of it (5.12%) going to property taxes. New York has the highest tax burden of personal income overall (13.04%), but when it comes to property taxes, it is a lower 4.78% of income for residents. In fact, only Vermont edges out New Jersey in property tax burden at 5.2%, making our state the second highest in the country!
With this in mind, it is no wonder that New Jersey residents are looking to lower their tax burdens as much as they can (assuming they are not leaving the state altogether). That is why in this episode of the podcast, I talk to local real estate broker and appraiser Lynn Stambaugh of Cardinal Real Estate Services in Woodbury on how you can appeal your taxes and give yourself the highest chance for success!
Having a smart and affordable strategy for college financial aid is critical to starting off on the right financial foot upon graduation and the start of your life. Getting it wrong can mean living with crushing student loan debt. The first step in this process is the completion and submission to the U.S. Department of Education their Free Application for Federal Student Aid (or FAFSA) form.
This can be a daunting task for those doing it for the first time (or even those doing it again). So with the 2019-2020 form having just been released on October 1, I wanted to discuss, in this episode of the podcast, some guidance and tips on how to handle the submission of the form. Hopefully, this will assist you in eliminating mistakes and doing it right the first time!
In this episode I will discuss:
- The myths about the form that lead to procrastination
- Preparing to fill it out
- Tips on filling out the form
- Biggest mistakes to avoid
Increasing income is key to maintaining financial freedom. It not only allows you to pay living expenses that are increasing with inflation, but it also makes saving for retirement and special life events like vacations that much easier. But sometimes the only way to get a raise is to ask, which is never easy to do.
That’s why in this episode of the podcast I wanted to talk about some tips and strategies to help you be more effective in making the ask. What do you need to do to prepare and execute a plan to get a raise and be paid what you are worth?
People with bad credit, living paycheck to paycheck, often find themselves with few options when unexpected expenses crop up, or they have a drop in income due to a reduction of overtime or their work hours but not a reduction in their living expenses. As a result, they become desperate for a way to pay the bills, creating a recipe for desperation.
Three of the options they turn to are payday loans, car title loans, and pension loans. However, they have a tendency to make matters much worse, and as such, should be avoided at all costs. That is why in this episode of the podcast I wanted to talk about these loans, why they are the wrong solution, and why you should avoid them if at all possible.
Many of us get involved in activities outside our jobs. We volunteer for organizations like the Elks or the Masons, or we coach our child’s soccer or t-ball team. But did you know that being involved in those activities could possibly get you sued? Having to pay for a lawyer (and possibly damages, if you lose) can break you financially.
The good news is that a little due diligence, and the right insurance coverage, can work to protect you. That is why, in this episode of the podcast, I talk with local insurance broker Dave Strout of Cettei and Connell in Woodbury about what you need to do to get the right coverage to protect your financial freedom!
Older Americans heading into retirement often discover that they don’t have enough money set aside for living expenses. Or they may need to pay down debt because the large amount of equity in their home is preventing them from filing bankruptcy. They need the cash to pay the debt, but don’t have they money in their budget.
This is where a reverse mortgage may be the solution. They’re not for everyone, but in the right situation can be a lifesaver. That is why in this episode of the podcast, I wanted to talk about these loans, what they are, what they aren’t, the pros, and the cons. If it sounds like the right solution for your situation, you should talk to a financial professional about taking the next step.
If you or your spouse are age 62 or older, find out:
- What a Reverse Mortgage is and What It Isn't
- The Pros and Cons
- How You Might Qualify for One
- How Much You Can Borrow
- If You Can Use One to Buy a House
- When the Loan Falls Due, and
- What Can Be Done When That Happens
One of the things that can happen that can threaten your financial freedom is if your identity is stolen. According to the company LifeLock, nearly 15 million consumers experienced identity theft in 2017, and early 60 million Americans have been affected overall. It can damage your credit status and cost you time and money to restore your good name.
That is why in this episode of the podcast I wanted to discuss what identity theft is, the different kinds, how to prevent it, and what to do if it happens to you!
When people who are struggling with student loans look to ways to get rid of them, they assume that bankruptcy is the only option. Then they are told the myth that student loans can’t be discharged in bankruptcy and think that there is nothing they can do. They are stuck with the loans for the rest of their lives.
However, for many people, there are discharge options outside of bankruptcy that can give them the relief that they need, under certain circumstances. So on this episode of the podcast, I discuss the administrative discharge of federal loans and New Jersey CLASS loans. If you have a loan from another state, check out whether they have these same options.
Most of what you read online about student loans tends to focus on struggling college graduates who can’t repay their debt. Difficulty finding a job, the costs of living like rent and a vehicle competing for those income dollars, and insanely high loan balances upon graduation, combine to make repayment seem beyond reach.
But what about their parents? We hardly ever hear about the moms and dads who are stuck repaying Parent PLUS Loans for children that they put through college. According to an article on the web site Student Loan Hero, Parent PLUS loan debt currently stands at about $77.8 billion.
On top of that, these loans have the highest interest rates among all federal student loans. For the 2017-18 school year, the rate is 7.0%, and older Parent PLUS loans could have rates above 7%.
So in this episode of the podcast I wanted to talk about what parents can do to fit their loan payments more affordably into their finances.
If you have a commercial driver’s license, or CDL, here in New Jersey you probably drive for a living. Therefore, any threat to that license is a threat to your ability to work and your financial stability. You don’t want it suspended or revoked permanently because of a traffic violation.
That is why in this episode of the podcast I talk about New Jersey’s traffic laws and how a violation of them, even if you aren’t driving your commercial vehicle, could result in the suspension or permanent revocation, of that license. You need to protect your financial future!
According to CNNMoney, roughly one-third of Americans have nothing at all saved for retirement, citing a 2016 study from GOBankingRates, and another 23% have less than $10,000 in their retirement funds. That’s more than half of all Americans not prepared for retirement! This may be because they don’t think they have the ability to plan and save for this, or they’ve been putting it off.
Having a good retirement plan is critical to achieving financial freedom and independence. Being able to pay the bills and enjoy life when the paychecks stop is a great feeling, but it takes planning and preparation. That is why in this episode of the podcast I talk about some tips for implementing a plan, so that you can get on that road to your golden years!
One of the biggest obstacles to financial success and freedom can be a criminal record. It can prevent you from getting a better paying job, a security clearance, or a gun permit. Many times this record contains convictions of minor, non-violent crimes that were committed many years ago and represent a very different time in your life.
But that doesn’t have to be the case! New Jersey provides a mechanism and procedure for wiping out this record and allowing you to move onward and upward with your life. So in this episode of the podcast I discuss this process and how you can use it to improve your situation and your chances of financial freedom.
Technology can be a great equalizer when it comes to allowing small businesses to compete with the large corporations. Cloud based products like Microsoft’s Office 365 and Google’s G-Suite offer complex technology infrastructure that delivers high level productivity without requiring an expensive IT department and support. More and more businesses are “going to the cloud” with their data and applications, making them more mobile and platform-independent.
This can lead to greater vulnerability, though, as we hear all the time on the news about companies like Target and Equifax being breached. Even if you keep your data on local servers and don’t go to the cloud at all, you can be at risk. Being hacked could, quite literally, put you out of business and ruin your financial freedom.
That is why in this episode of the podcast, I talk again with Dave Strout of Cettei & Connell here in Woodbury about what your current business liability coverage does, and does not, cover when it comes to cybersecurity, along with the type of policy you will need to cover you properly if disaster should strike.
Those that serve our country in the military make extraordinary sacrifices in their lives and those of their families. Many come home with physical injuries and disabilities. Others come home whole physically, but bear scars that no one can see. These scars can make it often as difficult to adapt to civilian life as the loss of a limb.
That is why New Jersey’s Veteran’s Diversionary program is so important, as it helps veterans and servicemembers suffering from mental illness to avoid the sanctions and consequences of the nonviolent crimes they commit as a result of this disability. So in this episode of the podcast, I talk about how this program gets veterans the help and counseling they need, not jail time and fines.
The biggest asset most people have is their home, so if they decide to sell it, they want to make sure that they get the most they can in price. This can be particularly important if they still owe a lot on the mortgage or mortgages. But the real estate market isn’t what it was prior to 2008, and probably won’t be again any time soon. So, if you want to make the most from your home sale, you need to be smart and strategic about it.
That is why, in this episode of the podcast, I talk to real estate broker Lynn Stambaugh, the owner of Cardinal Real Estate Services here in Woodbury, about some do’s and don’ts when it comes to selling your home. If you are planning to put your home on the market, or are looking to do so in the next few years, these are some things that you should definitely bear in mind!
There have been some developments in the past several months regarding your credit and your student loans if you have them. When these sorts of developments are released, it is important that people find out about it, as it often gets shouted down by all the other things that the media is talking about.
That is why, in this episode of the podcast, I am starting a new feature where I discuss and analyze important developments that could affect your financial freedom, so they are not lost to you in the noise created by the latest political scandal. Here are two stories that could well affect you and your financial future: one on your credit score, and one on federal student loans.
Student loans continue to be in crisis in this country, with debt over $1 trillion nationally. Naturally, people with these loans are looking for a solution to their problem. Unfortunately, many of them are automatically eliminating one of them based on a common misunderstanding, and that is: Student loans cannot be discharged in bankruptcy.
Therefore, in this episode of the podcast, I wanted to dispel this misunderstanding and show how student loans can be discharged in bankruptcy. It is not easy to do, and it definitely is not inexpensive, but it is worth looking into if you have a crushing balance of student loan debt.
Student loan debt continues to be a problem in this country with over $1 trillion owed nationally. A large percentage of them are struggling to make payments or cannot make them at all. They are sliding towards default and an even bigger financial problem.
In the face of this, there have been a lot of ads lately, as well as articles on the web, that tout refinancing of your student loans as a solution to those unaffordable monthly payments. They say that you can get a better interest rate by doing so! While this may be a solution for some borrowers, for others, it could actually make things worse!
That is why in this episode of the podcast, I wanted to talk about the refinancing option and give some advice on when it can be the solution for you. You cannot work towards financial freedom if you are being held back by unaffordable debt that you can seldom wipe out.
Any threat to your employment is a threat to your income and financial freedom. One example of this is your driver’s license being suspended, thus causing a problem with getting to and from your job. Getting caught driving while suspended, because you have to get to work, just makes matters worse!
That is why in this episode of the podcast I wanted to talk about New Jersey’s driving while suspended charge and how to deal with it. In many cases it is fixable and prevents you from making a bad situation even worse!
Traffic violations in New Jersey can have a serious effect on your financial freedom, depending on the seriousness. Not only can the fines and surcharges be significant, but they can also lead to jail time! This is also true of minor criminal charges, like disorderly person’s offenses, that can be brought in this court.
That is why I discussed this topic on this month’s episode of Lunch with a Lawyer, which covered not only ways to avoid a jail sentence, but alternatives to serving that time in a cell. Since this is such an important topic, I wanted to share this information on the podcast as well.
In the previous episode of the podcast, I talked about getting ready for 2018 by formulating a budget and goals for the coming year. This is critical to financial freedom and should be done every year, preferably in December. But for most of you, creating a budget and goals is a new thing, and like any skill, it takes time to develop.
So, in this episode of the podcast, I wanted to talk about what you should expect in the first three months of 2018 as far as this process is concerned. By knowing what is ahead, you will be better prepared for it and be less likely to give up before you build up the momentum you need.
A household budget is a critical and basic part of any plan for financial freedom. It is the foundation on which everything else is built. But a budget is not something that you set and forget. You have to review and revise it regularly, so that it continues to reflect your expenses and keep you on target for your long-term goals.
December is a great time to do this review in preparation for the coming year. So in this episode of the podcast I wanted to talk about what you need to do to get ready for 2018. What better way to have a happy new year than to know that it will lead to a bright financial future!
One of the biggest news stories right now has to do with the tax reform bills that have been passed in both houses of Congress. They make sweeping reforms to many areas of the tax code, and each version has some differences. But as a student loan lawyer, I am most concerned about how it would affect education, and if you are a student, a parent of one, or a graduate, you should be concerned too.
So in this episode of the podcast I wanted to go over the changes and discuss what they could mean for you, and what could end up in the combined bill.
Whether you celebrate Christmas, Chanukah, or some other December holiday, the “season of giving” can be the biggest budget buster of them all, especially as you approach the annual finish line. A “spirit of giving” is a wonderful thing, but there are practical, financial limits that should not be ignored, or it can put you in a financial hole when the credit card bill comes in January.
That is why, in this episode of the podcast, I talk about 15 things you can do to be sure that you are celebrating the new year on a firm financial footing after having a wonderful holiday season.
I have discussed in previous episodes of the podcast about the importance of having a short term and long-term financial strategy. The former is accomplished by a budget and the discipline to keep track of expenses and keep within the limits of that budget. In fact, in Episode 13 I reviewed the online budgeting tool EveryDollar to maintain that strategy.
But the long-term strategy is having savings and a retirement plan, so that you will have the peace of mind that comes with knowing that your efforts now are paying off and that your financial freedom will last for a lifetime. To help you do that, in this episode of the podcast I review Wela, an online tool that gives you the ability to gain an overall view of your entire financial situation from one free application: investments, cash, credit card debt, student loans, and real estate.
In most instances, pleading guilty or being found guilty of a disorderly, or petty disorderly, person’s offense (New Jersey’s equivalent of a misdemeanor) is bad enough, with the fines, costs, and sometimes jail time. But there are some things that can happen outside the judge’s sentence for the offense.
Sometimes you can lose your job! This is called employment forfeiture, and it can have a devastating effect on your financial freedom. So in this episode of the podcast I talk about this forfeiture, how it works, when it could apply to you, and what effect it can have.
Just about everyone knows these days that student loan debt is a real crisis in this country. With well over $1 trillion owed, and a significant amount in default, today’s college graduates are struggling with a major burden to carry through life. But there is a way for you, as their parents, to ease that burden.
The federal tax code, under section 529, has created tax incentives for contributing to a college fund. Referred to commonly as a 529 Plan, it can help you save for your child’s education. Every dollar you save (and grows with your child) is a dollar they don’t have to borrow! So in this episode of the podcast, I talk about these plans, what they are, what the money can be spent on, and whether they are right for you.
Achieving and maintaining financial freedom involves making the right decisions about your finances. It’s about choosing the right mortgage with the lowest interest rate, deciding with each purchase whether you want or need that item or service, and picking the right insurance company and policy options and coverage.
One important decision is where to do your everyday banking. Where do you keep your money? What institution has the best services, lowest fees, convenient branches, and the like. But it is also important to decide whether to go with a traditional bank or a credit union. So in this episode of the podcast I talk about the advantages and disadvantages of a credit union, and who should bank with one.
A lot of people do that one stupid thing in their lives that they’re not proud of. It’s that youthful indiscretion, that one brush with the law encountered by that otherwise law abiding citizen. Sometimes it’s that joint in your pocket or your car; sometimes it’s an impulsive grab for goods in a store that leads to shoplifting charges.
Fortunately, courts in New Jersey recognize this and give you a one-time "out" for these charges, called a "diversion." Two of them, Conditional Discharge and Conditional Dismissal, are used for minor charges in traffic court, while another, Pretrial Intervention, is used for more serious charges in county court.
In this episode of the podcast, I will discuss diversion for minor charges, as a criminal record can cause real problems for your financial freedom, often leading to the inability to get a job or a higher paying one!
A person’s credit score is becoming more and more important, as it is used for more and more things. Now, it is not only key to getting a mortgage or a car loan, but to renting an apartment or getting insurance! There are lots of web sites out there that talk about credit and tell you what you have to do to build (or rebuild) a credit score.
Doing it, however, can be a daunting task, and people don’t always know where to turn for help. In Episode 27, I talked to Alex Frees of Credit Repair Publishing on tips for how to build or repair your credit for a better financial future. He is back in this episode to talk about how his company can help you through the process.
In New Jersey, when it comes to traffic tickets, the fines and other costs or consequences that you might incur are often not the end of the story. There are the points on your driving record as well. Although unlike other states, New Jersey doesn’t assess points for every moving violation, those that do can add up. Once they do, they can cause a major disruption in your life and threaten your financial freedom.
So in this episode of the podcast, I am going to talk about the specific ways that points can be disruptive, as well as the steps you can take to have them removed. Being proactive with your driving record can lessen the chance of problems (although driving safely and within the rules of the road to avoid tickets in the first place is even better!)
A key part of achieving and maintaining financial freedom is having the right insurance coverage. A loss that would otherwise have been covered by a policy can be devastating to your finances! In order to be sure that you have the right coverage at the right price, it is critical to have an agent on your side.
That is why, in this episode, I talk to Dave Strout of Cettei & Connell here in Woodbury about the many reasons why having an independent insurance agent is so important.
In episodes 34 & 35 of the podcast I talked about forming the right mindset to achieving financial freedom, and then how you can implement that mindset today to get you to your goal. In this episode I am going to talk about tips that are more strategic and preventative, allowing you to play some defense against potential problems in the future and take a longer view of your financial future and freedom.
In Episode #34, I talked about forming the right mindset for establishing financial freedom. You have to have the right approach and attitude first before trying to implement the steps necessary to reach your goal. So in this episode, I talk about what you can do now with that mindset to achieve financial freedom. In the next episode, I will talk about the bigger picture, and long term financial freedom.
Attaining and maintaining financial freedom is a matter of habit and mindset. Having the right outlook and attitude about your finances, and then reinforcing it through the establishment of certain habits.
That is why I am doing a series of podcasts, starting with this one, about getting into the right mindset, and then reinforcing the right habits. Adopting these as soon as you can will get you that much closer to financial freedom. In this episode, I will talk about the establishment of the proper mindset, so as to lay a proper foundation for the habits.
The biggest transaction in most people’s lives is the purchase or sale of a home. Home ownership is a part of the American Dream, and can be very exciting. However, there are some problems that can arise in the transaction if you don’t take all of the proper steps (and sometimes, unfortunately, even if you don’t).
So in this episode I talk with the owner of Cardinal Real Estate Services here in Woodbury, Lynn Stambaugh, about 5 things you can do to insure the best chance that your closing will go through without a hitch.
One of the simplest and easiest ways to get into trouble (and go to jail) in your bankruptcy is to lie on your petition. Whenever you file for bankruptcy you sign a document, under oath, that you have fully disclosed everything you own, everyone you owe, everything you earn, and everything you spend.
Unfortunately, not everyone follows this rule and tries to get away with hiding something, whether it is an asset they own or a stream of income. With the Abby Lee Miller case in the news again, I thought I would talk in this episode of the podcast about how the star of the reality TV show “Dance Moms,” is going to jail because she decided to hide a large portion of her income from her trustee and the bankruptcy court.
Many people prepare their tax returns to discover that they are getting a refund. This is certainly great news and cause for celebration. Others, however, find out that they owe taxes, many in an amount they find to be unaffordable. They cannot simply write a check and enclose it with the tax return.
This can cause a lot of stress, as they face having to pay interest, possible penalties, and collection actions down the road, like wage garnishments and liens on their homes! That is why, for this episode, I invited back accountant Ira Krassan to talk about what can be done to negotiate a payment plan with the IRS, or an offer in compromise if the full amount cannot be paid. There are things that you can do, and Ira is here to tell you all about it!
April is Distracted Driving Awareness Month, so in this episode I talk about how this practice has become more of a threat to safety on our roadways than drunk driving, and how you can avoid being a part of the statistics. In 2002, distracted driving resulted in approximately 2,600 deaths, but that number increased by 22% in 2011 to 3,331 fatalities.
Texting while driving is a leading cause of distracted driving, and the NHTSA reports that texting while driving is currently responsible for approximately 1.6 million accidents every year – about 25% of all driving accidents.
So how can you keep from being a statistic? Well, I put together a dozen tips on what you can do to avoid driving distractedly. They won’t protect you from someone else who is texting and driving, but it will make you safer!
The educational system in this country is great and can teach you many things. However, one of the topics most schools leave out is how to be an adult. How do you live life, pay bills, handle credit, cook a meal, fix your car, or file a tax return? Kids often learn these lessons the hard way upon graduation, which can often lead to financial difficulties. The earlier we learn these lessons and start implementing them, the better.
Luckily, someone has come up with a solution. Two women in Maine, Rachel Weinstein, a psychotherapist, and Katie Brunelle, a wellness coach, have started what they call The Adulting School, to address the simple subject of how to be an adult. So in this episode I wanted to talk about this project and how it can help or youth.
Many Americans live from paycheck to paycheck, often without a budget. Even those with savings can’t withstand long periods of time without any income. Therefore, job loss or a disability can be a major threat to someone’s financial freedom.
The good news is that, if you were disabled due to a job related injury, New Jersey law provides you with benefits that can ease the economic strain of being out of work. To discuss the details of this law, I interview worker’s compensation attorney Sam Gaylord about what you can do to protect this freedom if you get injured on the job.
These days, so many things in life are tied to your credit score. If you want to buy a house or a car, get a credit card, or even insurance, that three digit number becomes critical. But what do you do if you are just establishing a credit history, or are rebuilding your credit after a bankruptcy or foreclosure?
So in this episode I spoke with credit counselor Alex Frees to get answers to those questions and tips on how to build or repair your credit for a better financial future.
With a new President in office, many student loan borrowers are hoping for a change for the better. There has been quite a bit of discussion in the past years about the national “student loan bubble” and what to do about it, and people are looking to Donald Trump to take action.
He has made some statements in the campaign last Fall, but has not taken any action on it so far in his first 100 days. But I thought it would be interesting to discuss in this episode what he has said to give an idea of what he might do in the future if and when he takes action.
Michelle Singletary, a personal finance columnist for the Washington Post, is the author of The Power to Prosper: 21 Days to Financial Freedom and The 21 Day Financial Fast, in which she lays out what she calls the 21-Day Financial Fast. The fast is about curbing the need to consume because, in her view, we all consume more than we need. I read about this Fast when I came across an article she wrote in the Post describing it, and I thought it would be a good idea to do an episode on it. It might just be the thing for you!
One reason people here in New Jersey are contemplating bankruptcy, in addition to credit card and medical debt, is a big tax bill that they cannot pay. People often ask me whether taxes are dischargeable (and many people think that they are not). The answer I usually give is, it depends.
Whether taxes get discharged depends on two things: What kind of tax it is (income, real estate, sales, or tax withholdings from employees), and whether it passes the bankruptcy code’s three part discharge test. To get a good answer to this question I asked local tax accountant Ira Krassan to join me to go over these points and give you a good idea of whether bankruptcy can get rid of part, or all, of your tax debt and get you the fresh start that you need.
I have often provided links in my semi-monthly e-newsletter to articles on EveryDollar.com that talk about ways to budget, save money, and plan for the future. The information they provide is great for anyone trying to save money to pay down debt or just find extra cash for a special purpose or to save for retirement.
They recently posted an article on their blog about how your smartphone can help you do this, not just with their budgeting app, which I reviewed in a previous episode, but also with many other apps that find you deals. After reading it, I thought it would be a great idea to bring this information to you in the podcast.
Many Americans do not have a will, even though they may be married or even have children. It is on their “To Do” list, but never seems to get done, most times because they either do not know where to start or do not want to think about their own deaths. But it is one of the key things that you should do as part of your financial plan.
I can’t help you get over your not wanting to plan for your own death, but I can give you some tips on how to get started. So in this episode I am going to go over the decisions most people need to make and the information they need to gather to start the process, whether you are doing it yourself or hiring a lawyer.
Not everybody with debt has to file bankruptcy. Many times it can be paid over time with a bit of belt-tightening and self-discipline. This is a great way to get out of debt and improve your credit scores.
So in this episode, I am going to talk about how it can be done and lay out the steps that you need to take to accomplish it. It may not be possible for you, and you may end up in bankruptcy, but at least you’ll know that you tried everything else you could first.
Student loan debt continues to be a problem nationally, as the total owed exceeds $1 trillion. Although private loans are also a problem, the good news is that they make up only 15% of the total debt, and federal loans still dominate the landscape. The amount of debt per student (and in many cases the parents) has led to real problems with affordability of the monthly payments and defaulted loans.
These people have either given up, and let the loans default, thus facing wage garnishment and the loss of their federal tax refunds for the foreseeable future, or are hiding out in a deferment or forbearance, hoping that their financial future will somehow get better and allow them to make the payments. Still others file chapter 13 bankruptcies to prevent the entry of default by forcing the loans into a forbearance while making a small monthly payment for three to five years.
None of these are the optimal solution, especially as there are many offered by the U.S. Department of Education that allow you to get out of default (if you are) and get into a monthly payment that is affordable at your income level. So in this episode of the podcast I talk about what those solutions are and how they can help.
One part of a financial strategy that is often overlooked is dealing with death and disability. It is an unpleasant topic that no one wants to think about, but one that has to be addressed. Failing to plan for them can threaten to unravel all of the work that you have done to date to ensure financial freedom. It could prevent your assets from going to those whom you want to receive them or cause major disruption if you become disabled or incapacitated.
So in this episode, I talk about why you need a will, a living will, and a power of attorney to protect your financial plan and prevent disruption and chaos in your financial life. I will discuss what can go wrong without them, and how having them can prevent these problems.
One option people have for dealing with their debt is to negotiate a compromise figure, so as to get a balance that they can afford to pay, either in a lump sum or in payments over time. They may not be able to afford $7,500, but they can afford $5,000. In this way they can avoid bankruptcy and still pay their creditors.
A complication comes in, however, in that the $2,500 you saved on the deal is considered taxable income by the IRS! This can come as a nasty surprise when it comes time to prepare your return. But there may be a way to avoid those taxes if you know what to do. That is why, in this episode, I invited local accountant Jerry Glauser onto the show to talk to me about the solution to this problem.
When it comes to home mortgages, there are many options out there. You can go to a conventional, neighborhood bank, your credit union, or the online companies that are advertising on TV. Lately there have been a lot of commercials about people applying for a mortgage in their underwear, or in a movie theatre from their smartphones. Companies like LendingTree and RocketMortgage really want your business and emphasize the ease and convenience that they offer.
Choosing which option to go with is very important, not only in the short term, with insuring that you will be approved for financing the home of your dreams, but also in the long term of living with a 15 to 30 year mortgage. So in this episode I talk again with local real estate Broker Lynn Stambaugh of Cardinal Real Estate Services to see whether the convenience touted by online mortgage companies comes with any downsides that you should consider.
People in financial difficulty are often hounded by debt collectors trying to get them to pay. Although the constant barrage of phone calls and letters is bad enough, many times these collectors will use harassing and intimidating tactics in order to be the squeakiest wheel and get to your money first. Dealing with this can be very stressful and add to the overall desperation of those deep in debt.
But fortunately, there is federal law in place to protect you from this type of harassing behavior and even give you a basis to sue the debt collector for damages and attorney’s fees! It is called the Fair Debt Collection Practices Act, and it is a powerful weapon against unethical and unscrupulous debt collectors. In this episode, I talk about how this law can be your sword and shield against harassment.
No matter what statistic you read, it is fairly safe to say that most businesses fail. There are many reasons for this, such as poor planning, insufficient capital, or bad management, and working to avoid these is key to the success of your business. But some things are just beyond your control, and when those events happen, they can be devastating to your business.
One way to guard against this is having the right insurance. The proper coverage, such as business interruption insurance, can make all the difference in the world if disaster should strike your business. That is why, in this episode, I brought back local insurance broker Dave Strout of Cettei & Connell to talk about what kind of insurance coverage every business should have to increase the chances of success.
In Episode #1 of the podcast on New Year’s resolutions, one of the goals I mentioned for 2016 was making a budget. The vast majority of Americans don’t have one, and it is one of the most important things you can do to assure financial freedom.
But how do you go about making, and more importantly, sticking to one? Where do you start? What tools do you use? In this episode, I answer that question by reviewing one particular free online budgeting tool and suggesting others in the show notes. Checking them out for the help you need.
I get calls from people all the time who are facing the loss of their home through foreclosure. I am able to help many of them get their mortgage back on track with a chapter 13 bankruptcy, but that is not always the best solution.
So in this episode I speak with Lew Adler, an attorney here in Woodbury, Gloucester County New Jersey, with 30 years of experience. For many years he has been helping people fight back with their mortgage companies when a foreclosure was brought against them.
If you are facing the loss of your home, then this episode is for you. Find out what defenses and options you may have to deal with the mortgage company and not have to move out.
One of the biggest things that can lead to financial ruin is medical debt. Catastrophic illness or injury that results in long hospital stays and recovery can result in crushing bills, even where there is insurance coverage. However, proactive and aggressive handling of that debt can often leverage it down to manageable levels.
So in this episode of the podcast I am going to talk about strategies and approaches to managing this debt here in New Jersey in hopes of helping you make it affordable, avoid bankruptcy, and preserve your credit.
One of the biggest goals of financial freedom is a comfortable retirement. But you have to plan for it! Investment houses like Charles Schwab advertise about it on TV, there are commercials with huge dominoes show how a little invested now can build into a nice sized nest egg if you know how much money you will need to retire and how long that money will last.
The problem is that many people just don’t know the basics of retirement planning or even where to start. That is why in this episode, I talk to Chris Stagliano of Northwestern Mutual to get you the information you need to get started.
If creditors are suing you here in New Jersey to collect on a judgment, then unless you fight it and win, they will enter a judgment against you and try to collect it. But what can they do? What tools are at their disposal to get your money and how can you defend yourself? These are things I talk to clients about all the time, so in this episode I go over them, so that you can get a clear idea of what you are facing, and what you can do to defend yourself.
People in financial difficulty here in New Jersey often get sued by their creditors to collect their debts. These suits usually lead to judgments because people don’t think they can fight them or try to fight them based on an inability to pay defense and lose.
But sometimes there is a basis to fight a lawsuit, but people don’t know they have it. More and more in this country it has become the practice of creditors to sell their claims to debt buyers in order to get “half a loaf” in terms of money and avoid the hassles of collection efforts. Companies like Midland Funding, LVNV Funding, Cavalry Portfolio, and New Century Financial will pay a fraction of the balance on a huge number of claims and then bring suit to collect for large profits.
If this is happening to you, then you need to consider whether you want to fight any claim they bring. In this episode, I talk about what defenses you may have to a debt buyer lawsuit, and how they can help you.
April is Distracted Driving Awareness Month, so in this episode I talk about this topic and how public awareness has increased, along with the penalties of doing so, as states toughen up their laws. Penalties in New Jersey are now more serious, as third or subsequent offenses can result in a license suspension, and any resulting injury or death of another person can lead to criminal charges!
The organization People Against Distracted Driving (PADD) was formed by Mike Kellenyi after the 2012 death of his daughter, Nikki, to raise public awareness and work towards reducing/eliminating distracted driving in this country. Also as a part of my office’s observation of Distracted Driving Awareness Month, I interviewed Mike Kellenyi to find our what PADD is up to. Find out with me!
People facing foreclosure on their homes and trying to salvage what they can of their credit, or those who are upside down on their homes and looking to get out from under, often turn to a “short sale” as the solution. But a short sale isn’t what most people think it is, and isn’t the “silver bullet” they hope it will be.
In an effort to bring the truth to people, I talked to a local expert on the subject, Lynn Stambaugh, the broker/owner of Cardinal Real Estate Services here in Woodbury. If you are considering a short sale of your home, she is worth a listen, and if you need solutions for an “upside down” home, she is worth talking to.
People in financial difficulty often have low credit scores that prevent them from achieving their financial goals and dreams. So in this episode, I talk about what has to be done to clean up your credit reports and start increasing your FICO score.
Getting a traffic ticket in New Jersey can have consequences beyond just the fines, court costs, surcharges, and even points that may be assessed. As a New Jersey resident and licensed driver, you might also face additional financial problems in the form of increased auto insurance premiums.
These problems could be minor or significant, depending on the violation, but they do play a factor in your decision on whether to plead guilty. If your budget does not have any disposable income after the monthly bills are paid, or you don’t have savings, they can wreak havoc on your plans for a better financial future.
Not surprisingly, the question of “How will this affect my insurance?” is one that I get a lot. So in this episode I interview Dave Strout of Cettei & Connell in Woodbury, New Jersey, to give you a great answer to that question!
Financial freedom often comes from a job or career obtained as a result of a good education. But graduating with enormous student loan debt can stand in the way of that freedom. In this episode, I talk about how to create a smart and affordable financial aid strategy so as to minimize the likelihood of graduating with unmanageable loan debt!
In this episode, I interview Domenic Postorivo of GreenTree Mortgage here in New Jersey on (re)building credit and when you can get a mortgage after filing bankruptcy.
Have you made a new year's resolution to be more financially secure? Then check out these tips to making that resolution a reality!