In this episode, Jim Oliver and Nick Kosko discuss:
- How to be your own banker
- How much one should spend on a certain category with their finances
- Being fluent in the concept prior to understanding the minute details
- Understanding the nuances of rates and interest
Key Takeaways:
- The all American family has the ability to be their own banker
- After tax money should be spent on 20% on transportation 30% on housing 45% on standard living, finance them by paying cash for them
- If you don't save minimum of 10%, statistically will end up using government assistance
- The volume of interest is what matters, the rate is the distractor
"It's the volume of interest that matters" — Nick Kosko
Connect with Nick Kosko:
Facebook: Nick Kosko
LinkedIn:Nick Kosko
Connect with Jim Oliver:
Facebook: CreateTailwind & Jim Oliver
Website: CreateTailwind.com
YouTube: createtailwind.com
LinkedIn: Jim Oliver
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
Jacquelynn Nguyen