Broke Millennial Finance Podcast: Recent Episodes

BrokeMillennialFinance

The Broke Millennial Finance podcast is here to help meet your financial needs! The host Mohamad Khan and Co-host Fahad Jameel share their personal experience to provide real life examples on how to invest in yourself as well as your financial future. They discuss a wide variety of topics such as real estate, stocks, saving accounts, mortgages, mutual funds, and much more! The goal here is to teach and improve your financial knowledge so that you may become financially independent! Subscribe today to get on board the Broke Millennial Train!

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In this episode, we talk Will Home Prices Drop In 2022?

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk Fed Rate Hikes - What This Means For You & Your Investments

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk Zero Based Budget (ZBD) - What It Is And How To Utilize ZBD

Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Russia's War On Ukraine - What That Means For Stock, Crypto & Housing Market

Article: https://www.cnbc.com/2020/10/13/a-new-approach-to-personal-finance-advice-empathy-instead-of-shame.html

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Ep Should You Invest In Crypto If You Are A Beginner?

Article: https://www.cnbc.com/2020/10/13/a-new-approach-to-personal-finance-advice-empathy-instead-of-shame.html

Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Does Personal Finance Advice Rely On Shame? What If We Tried Empathy?

Article: https://www.cnbc.com/2020/10/13/a-new-approach-to-personal-finance-advice-empathy-instead-of-shame.html

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about The 50/30/20 Rule of Thumb for Budgeting

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Ep Why Everything is Crashing – Cryptos, Global Stocks, Currencies, Commodities

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about What Is Insurance And Is It Worth To Have Insurance?

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Top 5 Ways To Make Money Online In 2022 (Earn Over $1000 A Month!)

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about What Are The Best Stock Investment Strategies For Beginners

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about What To Do If You Receive A Large Inheritance

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about ‘I’m in dire need of help.’ I have $140K in student loans, and recently had to quit my job making $125K because I have anxiety. How to tackle student loans

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about How To Hedge Yourself Against Inflation! (5 Ways To Hedge Yourself Against Inflation)

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about How To Financially Make The Best Of The Holiday Season!

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Are Credit Card Points Worth It?

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about What is LeanFIRE? How To Achieve Financial Independence

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Should I Care About My Net Worth?

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Top 5 Ways To Earn Money Online From Your Home! These items include YouTube, Mturk/Clickworker, Podcast, Fiverr, Blogs

Help support us by joining our Patreon! (https://www.patreon.com/BrokeMillennialFinance)

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about 5 Questions To Ask Yourself On How To Be Financially Independent 

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about How This 31-Year-Old Went ‘All in’ On YouTube—Now He Makes $6 Million A Year

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about 401k VS Regular Investments, Which One Should You Choose? 

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about an individual earning more than $290k+ a year and asks on what more can they do to increase their income? this was posted on the r/ChubbyFire subreddit! 

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Answering Fan Email! - Late 30s & In Debt, What Should I Do?

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about how you can now earn money by playing video games! (Told you so mom!)

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about how This Teen Brought in Nearly $2 Million Selling Items During The Pandemic!

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about how you never have to pay interest on your credit cards ever again! 

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about how you can earn up to 700% APR with cryptocurrency via pancakeswap! 

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about the 50-30-20 Rule To Be Smarter/Successful With Your Money

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What is this rule and should you follow it?

  • 50% of your paycheck should go toward things you need

      • Rent/Mortgage - Food/Health/Utilities - Debt Payments (not including mortgage)

  • 20% of your paycheck should go toward savings and investments

      • Roth IRA / 401K - Emergency fund (6 months) - Stocks/Real estate

  • 30% of your paycheck should go toward things you want

    • Vacation/Travel
    • Entertainment (like movies, sports, etc)
    • Shopping
    • Dining out
    • Luxurious items

  • Our final thoughts on this

View Details

In this episode, we talk about the new way of investing that millennials and Gen Z are using!  

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View Details

In this episode, we talk about Elon Musk vs the bitcoin/crypto community! 

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View Details

In this episode, we talk about NFT's! what they are and how you can use them to make money!

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Show Notes:

  • What is NFT
    • These are non fungible tokens or “nifty”
    • These are items that are unique and can’t be replaced with something else.
  • Ok, why do i care?
    • You can actually buy/sell NFT’s (Tweets, music, art, real estate, etc)
    • Ex, jack dorsey sold his first tweet for $2.5M. Beeple sold a JPEG file for 69M
  • Why would i buy?
    • You are a collector, investor, art enthusiasts
    • You will own the usage rights to it
    • Depends on the type, but if its real estate, you can hook it up
  • Why would i sell
    • You are someone who wishes to have another source of income outside of whatever else your doing
  • What is the future of NFT?
    • Its a fast and growing market that is still exploding
    • It goes hand in hand with crypto currencies (mainly ETH is used currently and is the biggest source)
    • Will be part of everyday life for a lot of people.

View Details

In this episode, we talk about if you should take out a personal loan to invest!

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Show Notes:

  • What is a personal loan?
  • Should you get one to invest in the stock market?
  • Should you get one to invest in crypto?
  • Reasons to get the loan
    • Personal emergencies, really need the cash.
    • Paying off the debt with a higher interest rate.
    • Consolidating debt into one.
  • Reasons to not get the loan
    • High APR (Average 9%)
    • Low turn around time for payment (not like credit cards)

View Details

In this episode, we talk about what are the true cost of buying those $1 homes in Italy!

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Show Notes:

  • What are $1 houses
    • These are houses that are abandoned or for sale by the city/government/people.
  • Why are these houses being sold for $1
    • The cities are dying out, so local governments came up with plans to bring in foreigners/young people to start living in these rural areas.
    • They are offering them houses for “$1” and other tax or monetary incentives.
  • Are these houses really for $1?
    • The short answer is no.
    • These houses start at $1 but you have to bid with other people to purchase these houses.
    • You also have to renovate these houses as these are in brutal conditions. These costs can go anywhere from $10-40k
    • You also have to rebuild these houses within 3-5 years depending on local government rules.
  • Is it worth it as investment?
    • You can rent it out on Airbnb for 30-100
  • Should you get it for personal use?

View Details

In this episode, we talk about Tesla buying $1.5 Billion dollars worth of bitcoin and if you should now jump in!

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Show Notes:

  • What is Bitcoin/Crypto currency
    • Bitcoin is a type of cryptocurrency. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as "BTC."
  • Why does Tesla buying it matter?
    • Gives it corporate validation.
    • Makes it seem like an investment
    • As well as a means to be able to purchase items (i.e you can now buy teslas with bitcoin)
  • Should you buy bitcoin? Or another alt coin?
    • It is still a very risky investment that is highly volatile.
    • Bitcoin or any other coin can still plummet down (As it has in past)

View Details

In this episode, we talk about the gamestop controversy! robinhood vs the people!!

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Show Notes:

  • What is happening?
    • Melvin capital and other hedge funds shorted GME 140%
    • What is shorting?
      • When you bet a stock will go down. You borrow the stock and sell it to someone at a lower price.
    • Robinhood shut down trading/buying on certain securities/stocks
      • But you were allowed to sell, which in essence, is market manipulation
  • Robinhoods defence?
    • They stated it was due to capital SEC requirements with the clearing house.
    • No alleged market maker told them to not sell (bs)
  • What should you do?
    • Other brokers allowed you to still buy and sell
    • Robinhood lost the trust of the people.
    • Shorts have lost billions of dollars and this is still not yet over.

View Details

In this episode, we talk about are money making gurus legit!

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Show Notes:

  • What are money making Gurus?
  • Our thoughts on them:
    • Scams
    • They do not know what they are talking about
    • Pyramid Schemes
    • Just provide public knowledge, which can be obtained for free from YouTube/Google.
  • Even after this, if you still have faith or want to go to one, make sure:
    • You do diligence research on them
    • Check out video reviews of them online
    • Do not trust the good reviews, rule of thumb, always check bad-middle reviews for a good sense of the product/service

View Details

In this episode, I talk about cryptocurrency on whether you should buy or have FOMO 

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View Details

In this episode, we talk about a CNBC article on how having a poor credit score can impact you more than just getting a loan or credit card!

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Episode 14 - Increase your credit score

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Show Notes:

  • You may think this only hurts your chances of getting a loan or credit card, but it can impact you in many more ways than you can thank
  • Ways it can impact you:
    • Buying a home
    • Renting an apartment
    • Car loan
    • Cell phone plan
    • Job offer
    • Credit card/debit card
  • People with low credit scores have an impact on their mental health as well as they feel more negative and depressed when they have lower scores
  • What to do to boost credit scores?
    • Use free services like credit sesame or credit Karma.
    • Educate yourself what is causing your credit score to drop
      • Credit card payments not being paid on time
      • Taking out higher than needed loans
      • Pay bills on time, cut back frivolous spending

View Details

In this episode, we talk about a CNBC article on how this 24 year old, who earns 100k a year, spends her money and also lives with her parents. It is an interesting story that I believe we can all learn from!

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Show Notes:

  • She works as a project manager at a digital consulting from in D.C
  • Initially had 25k debt, she moved back home as soon as she graduated, so she could pay off her loans quickly
  • By End of 2019, she was debt free and had 50k saved and is preparing to move out
  • She was raised not with money, so she knew how to be humble and not spend it
  • She says “The most important lesson that I’ve learned about money is to always have an emergency fund”
  • Budget:
    • Savings: $2,000 (in a high-yield savings account)
    • Investments: $1,366 (split between her 401(k) ($732), Roth IRA ($500) and brokerage account ($134))
    • Donations: $670 (to charitable organizations, including the Roever Foundation, which aids wounded veterans and builds schools in developing countries)
    • Housing: $400 (toward her parents’ $2,100 mortgage)
    • Food: $200 (for groceries; her parents also pay for some of the family’s food)
    • Business: $200 (for social media campaigns and supplies for District Cupcakes, a cupcake catering business she operates with her sister and mother)
    • Phone: $160 (for the family’s four phone lines)
    • Transportation: $149 (for her car payment, gas, insurance and Uber rides)
    • Utilities: $135 (for cable, electric, heat, water and Wi-Fi)
    • Misc.: $103 (for entertainment and shopping)
  • She also has a side hustle: District Cupcakes. Spends a few hundred a month on social media on that. Currently all profits are reinvested in the company.

View Details

In this episode, we talk about how to deal with friends and family who are not supportive of your business idea/venture!

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Show Notes:

  • First you want to do is think more about your idea
    • Is it feasible?
    • Is the cricticm coming actually something to look into and consider?
    • Is it an actual problem you are solving?
  • Once taken those into consideration, and want to still move forward with the idea, you should:
    • Have a good business plan. This will include all the cost analysis (cost to start, budget, loan needed, income projection, etc) This will show that have done your research and are serious about this venture
    • Showcase the product/service you are trying to sell. This will also help show to your friends/family that you have something planned and might actually get better critical feedback once that happens
    • If after doing all this, their criticism is still the same, you should consider increasing your outreach/network and ask them for critical feedback.
  • If you took their criticism and feedback and realized it was not a good idea, you should
    • Go back to the drawing board and come up with new ideas/plan. There is nothing wrong with coming up with ideas that might not be good. That is human nature.
    • Your new idea can be a modification of your original idea. You do not always have to start anew.

View Details

In this episode, we talk about how to find a great deal through unlisted homes! If your out searching for your dream home or your dream investment property, well you came to the right place! I go in-depth on how you can find this property and what steps you should take to secure this deal!

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Show Notes:

  • Medium article
  • Why is buying stocks and collecting rent terrible advice?
    • Doing this at face values can have negative impacts
    • Need to do research and dive deep into what you are doing. Do not rely on people you see online.
    • Anything taken at face value is bad, regardless of what field it is
  • Real estate
    • Article goes to discuss a neighbor purchases house for $1.1M later sells it for $700k
    • Creates extra stress due to debt
    • Are tied down to the investment so less cashflow for other investments
    • A lot of bad deals out there
  • Stocks
    • There are bubbles out there. Look at Tesla
    • Most companies are formed out of thin air
    • US Government pumping cash into the market. Inflation will increase. Rich people understand when to buy and sell
    • Sometimes you are forced to sell
  • What to do?
    • Increase your financial knowledge
    • Give everything a hard look and question everything
    • Always have an emergency fund
    • Have different streams of incomes that you understand

View Details

In this episode, we talk about how to find a great deal through unlisted homes! If your out searching for your dream home or your dream investment property, well you came to the right place! I go in-depth on how you can find this property and what steps you should take to secure this deal!

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

Show Notes:

  • What is an unlisted home?
    • These are essentially off market homes that have not been listed on the MLS (Multiple Listing Service)
  • Why would you go for an unlisted home?
    • Sometimes the seller does not want to list it on the market
    • Can be underpriced
    • More open to seller financing
    • Less competition so less bidders
  • How to find an unlisted home?
    • Send mails to the owner asking them to contact you
    • Get their phone number and call them
    • Knock on their doors if you find out the owner lives there, if not ask the tenant.

View Details

In this episode, we talk about if you should leave your current state/city to look for a better place to live in! We talk about the possible scenarios and situations in which you should or should not leave! If the rich are moving, it might be time we move as well!

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

Show Notes:

  • Graham Stephan, a popular youtuber, is leaving his home state of California, LA, to move to Las Vegas.
    • He moved due to high taxes in his home state/city
    • Better quality of life
    • More bang for your buck
  • Many other people are living their high cost cities to cheaper alternatives
  • Should you make the move? It all depends on your situation
  • Yes, if
    • You have a remote job. Due to recent events, you can work full time remote, or easily find a new job working remote
    • You live in a high tax state/city (NY,CA, etc)
    • You want to purchase a property, significantly easier to build wealth/purchase properties in other states
    • You are part of the FIRE community. This can help expedite your plans/goals
  • No, if
    • Your work cannot be digitized
    • You are not able to reallocate (This can be due to, family reasons, medical reasons, etc)
    • You do physical labor work (i.e construction)
    • Your business itself is within that state/city.

View Details

In this episode, we talk about how to become better with Money while going to college virtually! we talk about all the different things you should be doing to help improve your financial literacy early on especially now since most people have a lot more free time! We talk about the type of skill sets you should be learning as well as getting a head start on starting to branch out your networks!

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

Show Notes:

  • Due to current recent events, most high schools/College are now virtual
    • This means you now have more time to invest in yourself and control your life
  • Ways to succeed
    • Start learning new skills related to either the field that you are in (i.e. what you are learning) or something that you are passionate about
    • Start a side project/Hustle (Youtube, Fiverr, Podcast)
    • Learn time management and project management skills. Will help in any field regardless.
    • Increase your financial literacy
      • Youtube, podcasts (BMF), Investopedia, books, etc
    • Learn how to budget yourself early in your life
  • Ways to fail
    • Not taking advantage of the extra available time
    • Wasting money on frivolous things due to more time/boredom
    • Not networking (Meetup.com, LinkedIn)

View Details

In this episode, we talk about a CNBC article in which a 38 year old retiree gives his advice to Americans on what they need to do to retire early and stop bad spending habits! See full article here (https://www.cnbc.com/2020/03/04/stop-wasting-money-on-these-7-useless-things-and-save-for-early-retirement.html)

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Show Notes:

  • CNBC Article on a couple that retired at 38 years of age discuss how they did it and what you should do.
  • They discuss stop wasting money on these 7 things:
      1. Eating out
      2. According to a 2019 survey of more than 2,000 Americans, 69% said they wasted money dining out
      3. They ate out about $750 a month
        • Restaurant meals: $210
        • Drinks: $189
        • Takeout or delivery: $178
        • Buying lunch: $173
      1. Phone upgrades
      2. This can cost you anywhere from an extra $600-1200 a year.
      3. Really no point in upgrading unless you have major technical issues.
      1. Clothing and apparel
      2. The average American spends about $1,866 per year on clothing and apparel
      1. Lottery tickets
      2. From scratch-off cards to Powerball and Mega Millions entries, nearly half of Americans play state lotteries. According to a 2019 report from Bankrate, consumers each spend an average of $86 a month on lottery tickets.
      3. A staggering 59% of millennials believe winning the lottery is a reasonable way to retire
      1. Extended warranties
      2. Extended warranties have become a big business: Roughly $40 billion
      3. No real reason to do this. Most products have their own warranties.
      1. Cable TV
      2. You can watch free content on youtube, twitch.
      3. You can get low cost services such as hulu, netflix etc.
      1. Impulse purchases
      2. 88.6% of Americans have succumbed to the temptations of impulse shopping, with an average spend of $81.75 per session or $17.78 billion per year. Americans also make up to 156 impulse purchases every year, spending up to $5400 annually, or $324,000 over their lifetime.

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In this episode, we brought over an amazing guest to our show, CJ! CJ is a fresh college grad and someone who can show all millennials and Gen Z's out there that personal responsibilities and making good life choices can give you a great boost and start in life!

CJ also has a podcast called "Suits and Sweatshorts" You can check himout here! (https://open.spotify.com/show/5iqyoI12iXtUBaiADQG9Ky)

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Brian Ursu (http://www.brianursu.com/)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

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In this episode, we talk about Jerone Gillespie, a 23 year old Millennial making $25K a year and still saving $10 A year on that salary! This was a perfect example for us to show our listeners that if Jerone can save money, anyone can! Check out his video: (https://youtu.be/KqhW5G7sbtQ)

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Brian Ursu (http://www.brianursu.com/)

Want to reach out to us? Email us at contact@brokemillennialfinance.net

Show Notes:

  • Jerone Gillespie, 23, earns $25,000 a year between driving for Uber and Lyft and working in a tax preparation office. When the pandemic hit, Gillespie stopped driving for Uber and Lyft to keep himself safe, and he relied solely on his tax job for income. He earns $14.50 an hour as the manager of the tax office.
  • Jerone’s Monthly Budget $1,282:
    • Housing $823 - Sharing with one roommate, has wifi and electric included
    • Food $200
    • Phone $67 - Personal and business
    • Misc $58 - Clothing and personal care
    • Gym $40
    • Transportation $30
    • Subscription $24
  • Uses G-sheet to track his expenses. Has an actual I/S and BS.
  • Jerone Tries to save $10,000 a year
  • Changes his mindset to have never less than $100 in his bank account
    • Learned about ROTH IRA from Graham
    • He has $4,500 in his ROTH IRA
      • Used $8,000 to pay student loan debt
    • Had around $13,200 in his brokerage accounts like robinhood
  • He took out an emergency loan of $20k. He invested that since he can make more than 3.75% a year.

View Details

In this episode, we talk Kakeibo! The Japanese art of saving money! This is one of the most well known and interesting methods out in Asia that helps you manage your finances with a unique twice. It helps take a minimalistic approach to things that help you clutter things that you do not need out of your life!

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Show Notes:

  • What is Kakeibo?
    • It means household financial ledger
      • A simple approach to managing your money. Just a pen and paper are needed
  • The point is to physically write things down to meditate and reflect upon your spending habits
    • It's easy for a computer or an app to do it all for you and just view it on a chart or graph. But the point for actually doing it yourself, you get a different sense of things.
    • Actual research shows there is benefit to writing it by hand rather than a computer doing it
  • According to the kakeibo method, you must ask yourself the following questions before purchasing any non-essential items
    • Can I live without this item?
    • Based on my financial situation, can I afford it?
    • Will I actually use it?
    • Do I have the space for it?
    • How did I come across it in the first place? (Did I see it in a magazine? Did I come across it after wandering into a gift shop out of boredom?)
    • What is my emotional state in general today? (Calm? Stressed? Celebratory? Feeling bad about myself?)
    • How do I feel about buying it? (Happy? Excited? Indifferent? And how long will this feeling last?)
  • Here are some simple kakeibo-themed strategies to ensure that you spend more mindfully:
    • Leave the item for 24 hours.
    • Don’t let “blowout sales” tempt you.
    • Check your bank balance regularly.
    • Spend in cash.
    • Put reminders in your wallet.
    • Change the environments that cause you to spend.

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In this episode, we talk what you should do after your tenant leaves your apartment/unit! We give all the necessary steps you need to take as soon as they head out and what you need to do next to find a good prospective long term tenant!

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Show Notes:

  • What do you, as a landlord, do now that your tenants have left?
  • Before they left and you have the security deposit
    • Did you check to ensure everything was in working order and no major damage was done to your place?
    • If there is damage or problems, you can take it out from the security deposit.
      • Security deposits should never be used as back rent (unless absolutely necessary)
  • Restart the progress on finding a tenant
    • Does the apartment need to be remodeled?
      • Meaning do you need to update the kitchen or bathroom or add another room to possibly bring in more rent?
    • Was the current rent you were charging the current going rate?
      • You can use websites like zillow or rentometer to get your rent estimate
        • Mine says I can rent it out for 1950-2000 and I currently rent it for 1800.
      • If you want a good tenant with more competition, its smarter to make it lower than the market price.
    • Start advertising
      • You can advertise on facebook marketplace, groups, craigslist and more! These are all free options where you won't have to pay a penny.
    • Get the best of the bunch that come
      • Do this with a open house, it would show them that multiple people are actually trying to get this house
      • Make them fill out standard forms that they authorize background checks and they can fill in their income and whatnot there as well. This helps weed out problem tenants.
      • If they pass the background check and income ratio, ensure to check with references so you are not getting a bad tenant
      • Choose the best one and provide a lease!
    • Once you provide a lease
      • Make sure you do a final walk through of the apartment
      • Make sure you actually read all the rules from the lease to them. Let them know if they can use the driveway, backyard, etc.
      • Inform them of monthly or quarterly check ins to ensure everything is working and maintenance work.
      • Inform them they will have to pay for damages or changes to the house if not approved by the landlord.

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In this episode, we talk about Dave Ramsey's 7 baby steps on how you can build wealth! we dive into each step and discuss the pros and cons of following this guide!

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Show Notes:

  • Who is Dave Ramsey and what is the 7 baby step?
    • He is a radio show host, author of several books, and a businessman.
    • The 7 baby steps is his method of teaching people how to leave poverty and build wealth
  • The 7 baby steps
    • Save $1,000 for your starter emergency fund
    • Pay off all debt (except the house) using the debt snowball method
      • The debt snowball method is paying off debt from smallest to largest.
    • Save 3-6 months of expenses in a fully funded emergency fund
    • Invest 15% of your household income in retirement
    • Save for your children's college fund
    • Pay off your home early
    • Build wealth and give.

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In this episode, we talk about what is happening with the Tesla stock and if you should HODL or not! We dive into what is driving the prices up as well as what the 5-1 stock split means for Tesla as well as its stock price!

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Show Notes:

  • Brief overview of what Tesla is
  • Why is the price so high?
    • Tesla shares have gained 255% this year, and are up 550% in the past 12 months
    • There is a lot of hype behind its products and services.
    • Elon Musk is idolized by his fans so they keep pushing the price higher
    • Tesla stock has announced a 5-1 stock split on August 31, 2020. Another reason why it is currently soaring. This is the same day Apple will split its stock 4-1.
  • What does stock split mean? And why do it?
    • It gives new investors more of a chance to buy its stocks now because it will be at a lower price.
  • Tesla competitors:
    • No true competition yet. Some major car companies and new start ups like Nikola are out there.
  • Should you invest
    • It is an extremely risky investment. Most of its stock appreciation is either due to hype or possible future growth and value the company will bring.
    • Fahad and I have made over 30% within the past week or so trading Tesla/Apple

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In this episode, we talk about the top 5 places where you can keep your hard earned cash! We go into details on the types of places you can keep it as well as the risk level that entails with keep your money in those spots!

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Show Notes:

  • Why you should never have cash on your hand
    • Inflation is on average 2% a year.
    • This year inflation with be 4% due to all the cash the feds are pumping, so it is not safe to keep cash in your checking account.
  • Savings Accounts
    • You can currently get up to 1% interest rate on these. You will still lose value on your dollar due to inflation, but its a safe bet as it is FDIC insured up to $250k.
    • This should mostly be the case if you are trying to buy a house in the future or saving up for another big purchase.
  • Certificate Deposits (CD’s)
    • These are usually short term investments that range from 3-12 months time frame.
    • These are at an all time low as well an (around 2%)
  • US Treasury Bills
    • One of the safest investments in the world (Due to this being backed by the US government itself)
    • Rates are absolutely terrible (0.10% For one year)
  • Stock Market
    • Has an average growth rate of 7% a year.
    • If you invested in it when the pandemic hit, you would be up 50%. If you invested at an all time high before the pandemic hit, you would only be down 0.6%
  • Real Estate
    • Housing prices on average increase with inflation rate. This to a certain degree makes it a safe investment
    • Mortgage rates are at an all time low. 30 year are below 3% and some 15 year are below 2%.

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In this episode, we talk about how you can retire only using a dividend portfolio! We dive into the details of using DRIP as a impressive and unique investment tool to help expedite your retirement plans! We talk about how you can use this tool to exponentially grow your portfolio!

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Show Notes:

  • What is dividend
    • A dividend is the distribution of some of a company's earnings to a class of its shareholders
  • Should you use this method to retire?
  • Pros
    • You Can use DRIP (Dividend Reinvestment)
      • Using DRIP, These can buy stocks at “fractional shares”
      • Most companies let you repurchase 3-5% cheaper than the stock value if you DRIP.
      • These are commission free (but most companies do not charge commissions anymore)
      • Lets you dollar cost average (one of the best ways to build wealth)
    • You get a monthly, quarterly, bi annually, or yearly payout.
    • If you had a dividend portfolio with $100k, which you invested $20k in every year, with a 5% yield and 3% stock appreciation and lets say 1% dividend growth, you will have about $1.5M in your portfolio after 20 years, with an annual dividend of $90K.
    • If you did the same thing with stocks with an average rate of return of 7%, you’d have 1.2M portfolio with no dividends.
  • Cons
    • These are considered taxable income, so these do need to be reported on your tax return (can be ways to defer through retirement plans)
    • These can be cut down at the companies discretion, and usually are during recessions and downturns.

View Details

For episode 25, we brought over 2 wonderful guests over to our show, Ian and Shaye! They both come on our show and give us some insight into their finances. You will get to see two completely different worlds in this episode! Be sure to watch!

Ian and Shaye also have a podcast called "Camp ReEducation" You can check them out here! (https://open.spotify.com/show/4ZJBBztQVmVgF1WwCbITc0)

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In this episode we talk about if Airbnb is a good investment for you! We talk about the pros and cons of owning an airbnb investment property. We discuss all the possible hidden fees that can occur, which a regular LTR property may not have!

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Show Notes:

  • Is airbnb a good investment?
  • Pros:
    • The short term rental market is growing
      • It is expected to grow 8% annually
    • High rental income
      • You can get a lot more income in prime locations rather than renting your place.
      • I.e: You can rent out a place in Orlando for about $120 a day (60% occupancy rate, monthly $2160) and average rent is $1400 a month.
    • You can use the place for vacation yourself!
    • Landlord/Tenant laws don't apply.
  • Cons:
    • You will have to get a PM
      • They end up charging 25-50% of your income which can be quite high.
      • This can be a fixed fee as well, but might not be worth it depending on occupancy %.
    • Income can be irregular
    • It takes time to build up your ratings and reviews.
    • You might get charged certain fees for HOA or the local community
    • Regulations can end up hurting you (NYC banned airbnb for rental shorter than 30 days)
    • You are responsible for all bills (Taxes, Electricity, Gas, etc)

View Details

NOTE! I made an error saying the the fee for renting Uber in NYC is $300 a day. I meant to say a week. Got very confused regarding the timing of this as it was a while ago and doing the podcast on my own made me slip up as well. Will try to be more cognizant moving forward!

In this episode, I talk about if you can make a living off of ride sharing services such as uber/lyft/via. I get into the basics of how much you actually make from these services on an average basis and also discuss how this income can vary on a case by case basis! Be sure to listen until the end to get the full insights into this!

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Show Notes:

  • Different types of ride sharing services
    • Uber/Lyft/Via etc
  • How much do drivers earn on average?
    • Pay Per Hour: $8.55 - $11.77 after expenses (gas, insurance, etc)
  • This income can vary on many factors
    • Location
      • You can be actually making around 60-100k if you were driving in NYC.
    • Type of services
      • Uber has different standards meaning you can drive regular Uber or Uber luxury, which would obviously pay more
    • Surge pricing
      • Some drivers know how to take advantage of this and can and will only work during surge pricing to get the most money for their time.
    • Expenses
      • If you have your own car, plates, insurance, you will be 100x better off than the person who will rent a car
        • Give personal examples of your bro in law or my bro.
  • Pros and cons of ride sharing
    • Pros
      • You are your own boss
      • You can work your own hours
      • You make your own income and don't have to rely on anyone
      • You can use multiple different providers and don't have to stay committed to one
      • You can expand into food deliver as well on downturn moments
    • Cons
      • Uncertainty in the market based off of rules and regulations
      • Possibility of getting “fired” based on reviews and performance
      • No health insurance through the company due to you being an independent contractor.

View Details

In this episode, we discuss if you should aim for LeanFire or FatFire! We dive into the main differences between the two as well as each ones pros and cons. We also provide examples from reddit on how fatfire can vary immensely from leanfire. We also discuss what our personal preference would be on which one we would rather choose (LeanFire or FatFire)

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Show Notes:

  • What is leanfire & fatfire
    • LeanFire is normal fire or someone who lives in the frugality sense and is willing to continue that lifestyle.
    • FatFire is someone who doesn't want to change or get rid of their lifestyle and wants to retire upon that lifestyle.
  • Normal goal for retirement is to save 25x your annual expenses.
  • Should you go for learnfire?
    • If you plan on cutting all extra expenses from your life.
    • Live in a very frugal manner
    • Live in a low cost area or country.
    • Per census data, the average US household spends around $61k a year. Are you willing to live below that to achieve this goal?
  • Should you go for fatfire?
    • You are a high income professional.
    • Do not want to give up your current lifestyle as an end goal
    • Willing to go the long run in the beginning to continue living life as is
    • Example, in NYC if you are living off $100k a year, you will need to save up 2.5M to retire in NYC. That means you'll have to save a lot of your income now and increase your income to be able to retire comfortably in NYC.
  • Reddit example:
    • https://www.reddit.com/r/fatFIRE/comments/8yrgwa/what_are_the_pros_and_cons_of_achieving_fatfire/

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In this episode, we discuss how you can retire abroad! We discuss the step by step process you need to take to kick off your process on retiring abroad. We talk about how to find the best type of place to retire and what the cost of living is within those countries/cities. We also discuss the pros and cons of moving abroad and retiring there. Best of all, you can do it at a fraction of the price of living in the United States!

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • How can you retire abroad? WHY?
  • Find the place you would like to retire
    • Check their residency requirements (Can you stay permanently with a visa? Do you need to file certain paperworks)
    • Is the weather catered to your needs? (hot or cold weather)
    • Is the cost of living reasonable for your retirement fund or passive income?
    • How much taxes will you have to pay?
    • Is there crime within this area?
    • Am I allowed to own the property? (places in dubai specifically call these freehold properties)
    • Is there enough transportation
  • Once you have found the location, now start seeing if you have the funds to help you sustain your lifestyle
    • This means do you have enough of a retirement fund to retire abroad?
    • In the USA, you might need around $1M+ to retire relatively comfortably, but in central America, half of that could let you retire luxuriously.
    • Pull only a certain percentage point from your savings/investments yearly and not to live above your means
  • Examples of places you can retire:
    • Panama
      • You can retire here comfortably with just $800-1200 a month. That means you only need a portfolio of $400,000 (high end) to retire. Meaning you will draw down on 4% yearly on this to be able to live comfortably in Panama.
      • They offer visa retirement packages which has a lot of perks (discount on flights and entertainments)
      • Good and affordable healthcare.
    • Malaysia:
      • Average cost of living is around $1000-1300. Similar to Panama.
      • You can rent a 1 bedroom apartment for $400 a month. This just gives you insight into their cost of living right off the bat.
      • Beautiful landscapes and places to visit.
    • India/Pakistan
      • Average rent price in lahore $150. Average rent price in New Delhi $240 for 1 bedroom.
      • Average cost of living for both places range $500-700 a month.

View Details

Thank you for getting us to 20 Episodes! We appreciate all your love and support for our podcast!

In this episode, we discuss if its worth it for you to refinance your mortgage! I personally would say to look into this especially with todays all time low interest rates. This can help shave off a lot of money every single month that you can either use to pay off your mortgage faster or you can use it to invest into the market to help you earn more ca$$$h!

Ep 17 - (https://bit.ly/31oRFx3)

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Show Notes:

  • Should you get your home refinanced?
  • Advantages of getting your home refinanced
    • Better mortgage rates
    • Lower monthly rates. So lets say your mortgage is currently $1,910 on a 500k house at 4%. Let’s say you refinance it to 3%. Your new mortgage will now be $1,686. This is a $224 monthly difference.
  • If you have an adjustable rate loan you might want to choose a fixed rate loan
  • You can shorten your term from 30 to 15 years if it's worth it.
  • You can borrow money which is a cash-out refinance, you can borrow against your home equity to obtain funds for any purpose.
  • My favorite one, get rid of PMI if it is applicable for you.

View Details

In this episode, we discuss how you can get started with the F.I.R.E movement today and start planning for your future now! We dive into the basics of the step by step guide and actions you need to take to get this process initiated. The one main thing to remember is that this is the that F.I.R.E movement is a lifestyle. This is not something you do in the short term and expect yourself to get rich quick. This required a lot of hard work and dedication to achieve financial independence!

Ep 18 - (https://bit.ly/31vu8ed)

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • How To Get Started With F.I.R.E (Financial Independence, Retire Early)
  • Create a list of your goals. What are you trying to achieve?
    • Financial Independence?
    • Work your own job?
    • Retire and settle down?
  • Find out what your expenses are
    • How much is your monthly expense?
    • Look at your past 30 days (or latest bank/credit card statements) and see where your extra costs are and cut them out
    • Remove wasteful costs
    • Mint
    • Lower certain costs (rent, utilities, etc)
    • Live below your means
  • Start saving a lot more
    • Save about 50-75% of your income
    • Based off of the BLS, average Americans make around $50k a year. If you invested $25k a year, you can retire in 20 years with 1 Million dollars.
  • Create new opportunities to earn more income
    • The more money you have/make, the faster you can retire.
    • The same example as before, if you invested 30k instead of 25k, you could retire in 18 years instead of 20
  • Types of retirements
    • You don’t need $1M in the bank. If you can live off of 4% of whatever the dollar amount you have invested, you have achieved fire. Meaning if you need $40k a year, that means you need to have $1M invested in the market.
  • Places to get more knowledge
    • Reddit

View Details

In this episode, We talk about what the F.I.R.E movement is and what this means for you! We give a high level over view on how you can get started in becoming Financially independent and retiring early!

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Show Notes:

  • What is F.I.R.E? (Financial Independence, Retire Early)
    • People generally save 50-75% of their income and invest this.
  • Who is this for?
    • People who wish to retire early
    • People who don’t like their current job and wish to do something else
    • People who wish to just settle down and live off their investments.
  • How can one get started?
    • Think of a plan after how long you wish to retire
    • Start to track your expenses monthly and start cutting them down drastically.
    • Start looking for ways to boost your income

View Details

In this episode, We discuss how to get a mortgage and the struggles you have to go through to actually get approved for one! I talk about my personal experience in how it was for me to get a mortgage and how the process itself took over 7 months!

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • How To Get A Mortgage
  • Steps needed to take before getting the mortgage itself:
    • Make sure your credit score is in good shape
    • Get pre-approved for a mortgage
    • Find the right mortgage option
      • FHA
      • Conventional
      • Fixed or Adjusted rates
    • Find the right bank or lender to go to
  • Steps to take after submitting application
    • Provide all information requested.
      • Bank statements, proof of funds, job history, pay stubs
    • Credit report
    • Appraisal
    • Schedule home inspection
      • Depending in your local or state laws, get lead inspection or termite inspection
  • Preparing to close the property
    • In this, you discuss your final rates with the lender
    • See if you need discount points.
      • You pay cash upfront to discount you in your rate itself.
    • Get homeowners insurance
    • Do final walk through
    • Get cashiers check ready
  • Close the actual property
    • Meet with the lawyers
    • Prepare to spend 2-3 hours signing documents

View Details

In this episode, We discuss the main advantages and disadvantages of short term rental and long term rental properties. We give both the pros and cons as well as our personal experience with the two different types of rental strategies.

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Show Notes:

  • STR VS LTR
    • "Short term" could mean anything from day use to several months, opposed to a much longer term such as a year lease.
    • Vacation homes, subletting an apartment
  • Advantages/Disadvantages of LTR:
    • Your income is consistent
    • Easier to manage (if applicable)
    • Tenants pay some or all utilities
    • Fewer maintenance concerns
    • Cheaper property management (if applicable)
    • Shorter vacancy periods
  • Advantages/Disadvantages of STR
    • Higher income potential
    • Better maintenance
      • This is a bit weird but this makes sense because you always have to make your properties in top notch condition
    • You can adjust your pricing
    • You can use it for your personal leisure
    • Can self manage (if applicable)

View Details

In this episode, We discuss what is credit card churning and how you can use that to your advantage to travel around the world for free! we talk about our experience on how we went to Tokyo, Japan, free of cost! We did not pay for the flight, hotel, and in some cases, transportation. This was all possible due to credit card churning! Be sure to listen until the end to get all our tips and tricks on how to utilize this technique!

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What is credit card churning?
  • So how can I travel for free?
  • Why do credit card companies do this?
    • Initial loss for them upfront
    • But will make money from you through the interest
  • Top ways to start credit card churning
    • Sign up for credit cards that have a high sign up reward like chase sapphire reserve or Amex platinum
      • This will tell you to spend an initial amount within 3 months like 3-5k to get like 1k in rewards.
      • Only spend this money if you were already going on
    • Make sure they have a high dollar to point ratio
    • To not spend extra money, start paying all bills through the credit card and paying it off right away.
    • Manufactured spending. We are not advising you to do this! But you can get prepaid visa cards from grocery stores or transfer yourself money through PayPal.
  • When to not churn?
    • Don't do this if you have a bad credit card score. You most likely won't get approved
    • You are about to get a big loan or mortgage. This will hurt your credit card score
  • What to do after you get the bonus?
    • Cancel the card if you do not need it anymore.
    • If it's free keep the card because the credit line will help you credit score
    • If the fee is worth it, then keep the card.

View Details

In this episode, We discuss how to increase or fix your credit score. We dive into the different types of things we have personally tried to increase our credit score and bring it to the 750-800 range. We discuss on how to even get started into first getting a credit score as well trying to raise it if it was decreased due to late payments or other delinquencies.

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What is a credit score and why does it matter?
  • How to fix your credit score or raise it to a higher/better number.
  • Run a credit report.
    • This can be through a service like credit karma.
    • Or you can get a detailed free annual report from annualcreditreport.com
    • Do not pay for one. Not worth paying any money because most services will do it for free
  • Find out what's impacting your score?
    • You have no credit history
      • If this is the case. Apply for a new credit card.
      • If you're in college, apply for the Discover student card. Good credit card to start your credit history.
      • If not a student, apply for a basic credit card such as discover or chase freedom.
      • Start spending less than 15% of the credit card usage and pay off on a timely manner.
    • Late payments can cause scores to decrease.
    • Utilizing the credit card over 30%
    • Not having a high enough credit limit.
    • Accounts in collections.
  • How to fix it.
    • Start paying all cards in a timely manner.
    • If debt is large, pay a little more than the monthly payment.
    • Pay off accounts in collection to remove delinquency
    • Open more credit cards / increase credit limit.

View Details

In this episode, We discuss if it is worth going to college or not. We discuss our own personal take and experience on how it was like for us to go to college, and how you can take advantages of those situations we did. We also discuss alternatives and types of degrees and majors you should aim for.

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Is it worth going to college?
  • Our experience
    • CUNY
    • Finance and Computer Science
    • Facts about college
      • They earn 1 million more dollars in their lifetime
      • Unemployment rate is at 2.4% whereas non grads is at 5.4%
      • Pew Research Center, 45% of recent job seekers said that personal and professional contacts were the most important resource in their search for employment
  • Now is this needed?
    • Most jobs don't even require college. Only certain types do
      • Example elon musk even says he doesn't care if you have a degree or not.
      • Most tech companies do not have any college degree requirements.
    • Most colleges you will not learn practical skills, just book smarts.
    • Most benefit is truly from networking and connections.
    • Alternatives - trade school, own business, youtube.

View Details

In this episode, We discuss the pros and cons of buy and hold and flips. We discuss our own personal experience into how we have dealt with both situations and how they have boded for us. You really never know how each one will be for you until you experience it yourself!

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Buy And Hold
    • Pros
      • Recurring income - Can turn passive.
      • Property value appreciates
      • You can write off property taxes and other expense related to the property off at tax time
      • Can be used to refinance and purchase your next investment property.
    • Cons
      • Property can be vacant for a time and cost you.
      • Dealing with tenants and managing them.
        • If you have a property manager, just another added cost.
      • Legal issues such as evicting tenants.
      • Hidden repairs
  • Flips
    • Pros
      • Short term investments with high returns
      • Gain experience on the housing market for a better assessment on how to do flips
      • Networking and management insight
    • Cons
      • Higher risk involved.
      • Can underestimate construction cost.
      • Capital gain Taxes to pay.
        • Ways to defer this using 1031

View Details

In this episode, we discuss what you need to do if you have been laid off, furloughed, or fired. We discuss in detailed on what actions you need to take to make sure you are prepared after this occurs and make all the right moves and choices. We talk about how you need to get your finances in order, connect with your network to look for the next possible opportunity, as well as making sure your employer is providing you everything you need and deserve! Be sure to listen until the end to get all the necessary information needed!

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What To Do If You Have Been Laid Off, Furloughed, Or Fired
  • If you fall into one of these situations, you should:
    • Make sure to work out a severance package with your employer.
    • Discuss what benefits they are still providing even after being in one of those categories.
    • Make sure your finances are in order. Review your emergency fund and see how long it can last.
      • Keep an eye out on your investments. If you do not have one, you might need to liquidate for cash.
    • Review Health Insurance options if employer does not provide (e.g COBRA)
    • Apply for unemployment (And PUA for current situation)
    • Update your resume - Connect with your company's current recruiter. They might offer resume review services. Reach out to your college, they will assist for free as well.
    • Use LinkedIn to connect with your networks and let them know your situation. This is a great resource to use.
  • Mental Health
    • A lot of people do not consider this at a time like this. Getting into one of these categories can have a serious impact on your mental health
    • Try to get counseling to help you with this situation.

View Details

The Broke Millennial Finance Team brings you to our latest podcast, Broke Millennial Finance. Hosted by Mohamad Khan and Co-hosted by Fahad Jameel. Each week they talk about personal finance and provide financial literacy to everyone around the globe. From real estate and stocks to side hustle's and YouTube to much more, they take us into an immersive yet quick round-up of the most important financial news shaping our world today. New episodes every week! 

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View Details

In this episode, we discuss the new and looming mortgage crisis of 2020. We talk in depth on how the current climate is going to impact the housing market, how bank's are going to be more strict in proving loans to home owners, and how this will cause a domino affect and make housing prices go down within the next 2-3 years due to less demand. We also discuss how the no eviction status and home owners option for forbearance on their mortgage is going to contribute to this crisis.

We also discuss the new proposed $2,000 a month stimulus package. This package is proposed to every adult over 16 for the next 6 months, with a possible extension of 6 more months if unemployment is still high. We talk about the implications of this being passed and how this will impact the country.

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Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Topics for today:
    • Mortgage Crisis of 2020
    • New proposed stimulus package of $2,000 a month
  • Mortgage crisis
    • Lenders to be more strict (Ask for more down payment, better credit scores)
    • Homeowners opting for forbearance (meaning they'll have to pay the money back in a bulk after the time period discussed)
    • Homeowners cannot evict tenants not paying rent
      • These two items will cause a lot of foreclosures
  • New $2,000 a month stimulus package
    • Would be 6 months long, with another 6 months if situation does not get better
    • Would apply to any adult 16 and over making less than $130k a year ($260K for families).
    • Would get an extra $500 per child up to 3 children.
    • Still needs to go through the house than the senate than the president
    • Would cost the government around $400-500 billion a month.

View Details

In this episode, we discuss if YouTube is a good money maker / business to have! We dive in this topic with our own personal experience on how we ran our YouTube channel F&H Reviews and Tutorials!.

We discuss how we got started into YouTube, How much money we made and how we optimized that. We also discuss affiliate marketing which was another great source of revenue for us. In YouTube, you have to focus on SEO as well to help grow your channel so we spoke a great length on that on how we were able to conquer that hurdle to help grow our channel to 5000+ subscribers!

YouTube can be a great investment source for you as well, wether it is a side hustle or a full time gig, you can make a lot of money on YouTube. We currently average around $800 a month on YouTube. Our goal is $1,500 by year end, but really i am personally aiming for $2,000 a month by the end of 2020. This is a great passive income for people as well once you put in the time and effort. The best thing is, my main money making videos are the ones i published over 6 months ago. So it truly does fall into the passive income range.

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Join Our Discord Server! (https://discord.gg/xVcF6JBuJg)

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Is youtube a good business?
  • Our main channel F&H Reviews and Tutorials.
    • Money - We make on average $800 a month
    • We upload 1 video a day
    • Channel is 1+ year old.
    • Best month was $1500 due to videos going viral.
    • Live anywhere
    • Freedom
  • Extra money
    • Affiliate marketing brings us $50-100 a month depending on seasons
    • Sponsorships
    • Free products
  • Work Involved
    • Finding niche
    • Took 2 months to get monetized
    • Time and effort
    • Research (topics)
    • Skills (video editing, Photo editing)
    • SEO

View Details

In this episode, we discuss the top 5 investments you should have before and during the recession. These are essentially recession proof investments that have bode really well though many previous recessions. Items such as core sector stocks and real estate have been one of the best investments and wealth generators one can own! So be sure to listen all the way until the end to get a perspective on why we believe these are the top 5 investments to have!

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Join Our Discord Server! (https://discord.gg/xVcF6JBuJg)

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What are the top 5 investments to have during a recession?
  • Core Sector Stocks
    • Healthcare
    • Utilities
    • Consumer goods
  • Reliable Dividend stocks
    • Make sure their debt to income ratio is low.
    • AT&T
    • Microsoft
  • Real estate
    • Since the 2008 crash, real estate has done good.
    • House values drop, but rent actually increased
  • Precious Metals
    • Gold/Silver
  • Invest In yourself
    • No one can take that away from you.

View Details

In this episode, we discuss the 2 trillion dollar stimulus package that has passed and what you should do with the $1200/2400 that you will receive. We mention our do's and don'ts for the money coming in. We prioritize how you should always have an emergency fund and if you do not have one definitely start to work on that now using this cash is coming in. We talk about how you are eligible to receive this cash and what you need to do to receive it.

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • How to get the $1200 stimulus package check
  • What makes you eligible?
    • Making less than $75k ($150k combined) but up to $99k ($198k combined). It starts to phase out when your over $75k ($150k combined)
    • Filed 2019 taxes, if not 2018. If you did not file you are not eligible.
  • What should you do with this?
    • Put it aside in your emergency fund.
    • Place it in a high yield savings account like Ally.
    • Invest it in the stock market
    • Splurge on something luxurious
    • Invest in yourself
    • Start a youtube channel/build a presence online.

View Details

In this episode, we discuss the current market situation on how this recession is coming, or as some say is already here. We talk about how you can best prepare yourself on being in the best position possible and how to prevent any possible economic downturn that may come into your life. We also discuss how you can profit in this recession as well!

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Subscribe To Our YouTube Channel: (https://www.youtube.com/c/brokemillennialfinance)

Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Is A recession coming? How do you prepare?
  • How the stock market is currently
    • The S&P 500 and Dow Jones Industrial Average are trading in bear market territory, and now sit around 30% below their all-time high levels from just last month
    • Feds slashed the rates to near 0%
  • All news outlets saying we are already in recession
    • CNBC/Barrons/WSJ
    • 1M jobs will be lost every month
    • Unemployment to double.
  • What to do?
    • Budget everything carefully
    • Cut all non essential items
    • Look at your expenses for the past 60 days. List everything out and see what you are spending on and cut out the bs.
    • Build up an emergency fund for 6 months to prepare.
    • Pay off debt as much as you can if possible like a credit card with a high interest rate.
    • Start a side hustle (youtube, drop ship, Fiverr, etc)

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In this episode, we discuss the what is cryptocurrency and if you should invest. This is still a very risky asset that if you purchase, will be highly volatile and can make you lose a lot of money, or it can make you get some unimaginable gains.

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

    • Intro. What is CryptoCurrency
    • Different types of crypto
      • POW - Proof Of Work
        • You work for the coins so you mine it
      • POS - Proof Of Stake
        • These technically auto mine
      • Hybrid POW-POS
        • A little bit of both
      • Other types such as POC - Proof of concept and more
    • Should you invest?
      • This past week has been a blood bath. Crypto dropped 50+%
      • But overall crypto is up
      • It is a good price time since it is low.
      • This drop was caused by fear of corona.

View Details

In this episode, we discuss the what to do when the stock market starts to drop due to the Coronavirus panic sell off. We give some insightful tips on how to make money during this period and best practices on how to not lose money.

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What not to do
    • Many investors panic and start to sell
    • Media hypes up negative headlines
    • They sell at a loss just to get out.
  • What you should do
    • Sell stocks partially if you think they are too high. Think Tesla
    • Perfect time to buy stocks that are now at good levels.
    • See what the current negatives are (coronavirus) buy pharmaceutical stocks

View Details

In this episode, we discuss the main difference between Real Estate Investing and REIT. We talk about the pros and cons of both and go in depth with our own personal experience on which one we prefer over the other.

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Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Types of real estate investing
    • Multi family
    • Single family
    • Condos
    • Commercial
    • Vacation homes (airbnb)
  • Types of RIETS
    • Commercial
    • Retail
    • Housing (residential/apartment complex)
  • Pros of Real estate
    • Physical asset.
    • You are the owner, you make the decisions of what you want it to be.
    • Appreciation and forced appreciation
  • Cons of real estate
    • Not liquid.
    • Not truly passive income. Still have to manage
    • Costs money to maintain. Can swing in any direction.
    • More work and time
  • Pros of RIETS
    • Truly passive.
    • Good growth YoY
    • High dividend return
    • Highly liquid
  • Cons of RIETS
    • No control, you do not make the decisions
    • Can swing with the market and drop significantly.
    • Dividends taxed at a higher rate

View Details

In this episode, we discuss what is real estate investing and if it's worth it. We go into detail about the different types of real estate invest as well as the pros and cons of each type. The different types of real estate investing we discussed are buy and hold, flips, house hacking, wholesale, BRRR, turnkey, commercial and much more!

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Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • Different types of real estate investments:
    • Buy and hold
    • Flip
    • House hack
    • BRRR (Buy, Rehab, Rent, Refinance)
    • Wholesale
    • Turnkey
    • Commercial
  • Pros of real estate investing
    • One of the best wealth generators in the world
    • Tax advantages such as the 1031 exchange
    • You control your investment
    • Appreciation or property
    • People always need a place to live!
  • Cons of real estate investing
    • Not truly passive.
      • You will deal with headaches in the beginning.
      • You will need to build up a system to figure out what needs to be done. Once you have a system in place (which most investors cant) than you will have some ease
    • Can be a cash drain depending on the property
    • Not truly liquid. Cash not easily accessible
    • Property can be vacant for a long time depending on many reasons.
    • High risk such as mortgage, turnover, negative cash flow, unexpected maintenance.

View Details

In this episode, we discuss what is investing and how you can get started! This is a beginners guide to show you what you need to do to get started. Below are our show notes regarding the episode.

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Here are the referral links for you to join to get your free stocks:

Webull: (https://act.webull.com/i/QNmo8WB8Yzc2/ufl/)

Public: (https://share.public.com/BrokeMillennialFinance)

Robinhood: (https://join.robinhood.com/naveras-a23246)

Coinbase: (http://coinbase.com/join/khan_st?src=ios-link)

Show Notes:

  • What is investing?
    • Investing is the act of allocating funds to an asset or committing capital to an endeavor (a business, project, real estate, etc.), with the expectation of generating an income or profit. In colloquial terms, investing can also mean putting in time or effort - not just money - into something with a long-term benefit, such as an education.
  • Why you would want to invest
  • Types of investments
    • Stocks
    • Crypto
    • Mutual funds
    • RIETS
  • Easiest places to get started
    • Robinhood
    • Webull
    • Coinbase