Getting Money Right: Recent Episodes
Leo Sabo & David Thompson
A show dedicated to helping you achieve financial freedom through education and inspiration, so you can be freed-up to pursue your true life's purpose. Not understanding how to manage money will lead to financial stress, money fights, and unrealized dreams and goals. This doesn't have to be your reality! We make managing money simple to understand and easy to implement through practical advice and easy to use resources that will ensure your success.
Getting Money Right was started with you, the listener, in mind. We desire to educate and inspire you to “get money right” to pursue your passion and do the work you are meant to do. To take GMR to the next level, we are pausing the podcast and focusing our time on completing the financial course we started in 2021. This pause is temporary but necessary for the vision and purpose we have for GMR long-term. Although we won’t be producing new content, we want to remind you that we have 188 other episodes to help you understand and apply sound financial principles to your money management. Thank you for being so supportive!
Food is one of the primary expenses in our budget and a basic need. The cost is necessary, but the amount you spend each month can vary based on personal choice. In this episode, we break down the different costs associated with preparing your own meals, fast-food/take-out, or going to a sit-down restaurant. The difference between these will surprise you.
Every work has paid into or is currently still paying Social Security and Medicare taxes. We all hope to see those benefits come our way someday. In this episode, we discuss the current state of these programs, how this may impact you in the future, and what you can begin to do about it.
Consumer Reports did a year-long investigation, which included 858,000 loans from 17 major auto loan lenders, to look into the growing burden of car-related debt. What they found is disturbing and heartbreaking. In this episode of GMR, we discuss the reasons people are falling for bad auto loans and how to avoid being one of them.
If you’re familiar with our 4 Steps to Purposeful Living, then you know that Investing Wisely (Step 4) is the one thing that can accelerate your ability to do more good and fulfill your life purpose. In this episode of Getting Money Right, we’re talking about investing in individual company stock. Should you do it, and if so, what things do you need to take into consideration to keep you from financial harm?
2021 has been an interesting year for many people, including us. As we’ve been working on increasing the value we are always trying to offer you, our followers, some significant changes have happened in both of our families. In this episode, we discuss some personal updates and our ongoing efforts to provide you with the best personal financial education and inspiration we can.
When we hear the word “wealth”, many of us think about money. But wealth is about so much more than that. All of the aspects of your life that matter most to you - your family, your legacy, your community, the causes you care deeply about - contribute to your wealth and the richness of your life. Together, they compose your family value. If you’re only managing your family’s money, however, your family value is at risk. In this episode of GMR, we talk with JR Gondeck and Venessa Martinez about the importance of passion on your values along with your wealth to ensure your family’s legacy.
Making financial decisions, especially under financial duress, can lead to frustration and big arguments with your spouse. Even when finances are good unity in your financial decisions can be challenging. In this episode, we discuss areas that are most prone to creating tension and ways you and your spouse can achieve harmony in all your financial decisions.
There’s are many ways that Amazon continues to impact our lives. The benefits of ordering pretty much anything from the comfort of our home to having the item arrive at our door within hours can’t be overstated. But there’s at least one negative impact to Amazon’s influence that can harm or do serious damage to your financial health. In this episode, we discuss this Amazon phenomenon, how you can protect yourself from financial harm while enjoying the benefits.
It seems like every item you’re purchasing these days offers an extended warranty. From Amazon to eBay to your local Walmart purchase, you can’t get through a purchase without an offer for an extended warranty. When is an extended warranty needed, and are they worth the value you’re being asked to pay for them? In this episode of GMR, we’re digging into this topic to help you make better decisions and get the best value for your money.
Don’t you wish better financial education was available for your kids, and that it was fun? In this episode of Getting Money Right, our guest, Shivanii Ray, has just what you’ve been wishing for. Shivanii is the Global Community Engagement Champion of Funancialfreedom.com, an online financial education platform that offers financial education for kids and teens, in a fun and interactive way.
Buying a home is something most families have a desire to do. And, with the cost of housing continuing to rise, many people are considering buying sooner rather than later. Buying without a sizable down payment will require private mortgage insurance (PMI). In this episode of Getting Money Right, we discuss what is PMI, what it costs, and whether you should pay for it.
There are almost endless options when it comes to investing. Where should you start? What do you need to know to be a successful investor? In this episode, we talk with Alex Mason, the creator of the Stock Stories podcast, and the stockstoryteller.com website, to learn about the types of asset classes available and understand the benefits and risks that come with each asset type.
Everyone will have to or want to borrow at some point. Having the best credit score will not only allow you to get that loan or credit account, but it will also ensure you pay the lowest interest rate available. In this episode of Getting Money Right, we discuss how long it will take you to build or rebuild your credit score if you’ve had some negative marks against your score, so you can pay less when it’s time to borrow.
The U.S. Government this month (July 2021) has begun sending child tax credits checks for each child 17 years old and under? What will you do with the extra money? In this episode of Getting Money Right, we’re talking about what the changes to the Child Tax Credit are, why they are being offered in advance. We’ll also make some suggestions on how to make it pay off in a big way.
There are certain areas of spending within a household budget that are harder to keep under control than others. Food is definitely one of those. In this episode of GMR, we discuss how you can better budget for this specific expense to keep the rest of your budget healthy.
Higher education is a good thing. But, should you go back to school to obtain a master’s degree or an additional certification? In this episode of GMR, we discuss the benefits and costs associated with higher education so you can determine whether now is the right time to pursue it.
Having the right information at the right time can make a big difference, especially in regard to finances. In this episode of Getting Money Right, we give our best financial advice to young adults who are just starting out.
Passing on your knowledge, experience, and wisdom about money to your children is vital to their happiness and success. In this episode of Getting Money Right, we are answering this important question to help you gain insight into when and how to begin teaching your kids about money.
More than sixty percent of Americans pass away each year without an estate plan; having a WIll or a Living Trust. That’s unfortunate because of the problems this causes the family that’s left behind. For those who possess a living trust, it’s just as important to fund the trust. In this episode of Getting Money Right, we discuss how to ensure your trust is funded and executed according to your wishes.
When you consider having available cash on hand, you may think the more you have, the better, but that’s often not true. In this episode of Getting Money Right, we’re discussing when too much cash can be a bad thing and offer some recommendations for what to do when you’re in this situation.
To be an effective investor, you need to understand how the economy affects different markets. In this episode of GMR, we revisit some of the concerns we discussed back in September of 2020 due to the pandemic and economic stimulus the government has provided. The question we should all be asking and preparing for is, are we headed for a market crash, or will we see continued economic growth?
To be an effective investor, you need to understand how the economy affects different markets. In this episode of GMR, we revisit some of the concerns we discussed back in September of 2020 due to the pandemic and economic stimulus the government has provided. The question we should all be asking and preparing for is, are we headed for a market crash, or will we see continued economic growth?
Show Notes
Different Insurance Profit Margins
Property Casualty Insurance averages a 2.7% profit.
Life insurance companies had an average NPM of 9.6%.
Home Warranty - 20%+ Profit Margins - EBITA
According to Dave Ramsey, a personal finance expert, about 85% of the home warranty amount is absolutely profit and commission to the people.
Professional Sources’ Perspective
Consumer reports recommend that you take the money you would pay on a home warranty, and put it into a savings account for repairs. If you want to review any home warranty company that you’re considering purchasing, the best way to do this is to look online at reviews of the company and check the Better Business Bureau.
State Department of Insurance says, “the major struggle is the difference between what the customer expects, and what the warranty actually covers.”
Things you should know:
Contractor quality - Good contractors usually do not need to work with home warranty companies.
What’s covered and what’s not covered - repair versus replace. The company has the final decision on what they will fix or replace, and it doesn’t matter if you agree.
If an item is to be replaced, the model is not up to the customer.
They choose the contractor, not you.
They might declare that there has been too much wear and tear, improper maintenance, or improper installation. May have additional fees for uncovered expenses, installation, disposal, and labor.
Example: Fridge might be covered, but ice maker is excluded.
Power surges or similar circumstances will not be covered.
Limits on yearly allowed repairs, usually not very high.
Company ratings and reviews:
Be wary of online search reviews. They are often false and made up to make less than stellar companies look trustworthy.
Don’t trust the customer testimonials that appear on a home warranty company’s website. You will likely find mostly five-star ratings and rave reviews. One company offered glowing reviews on its website, but at the BBB’s website, the firm received a one-star rating on average based on 593 customer reviews. It, too, gets a B rating from the BBB - Bankrate.com
It is best to go directly to the BBB’s website and find A or A+ rated companies and contact them directly.
Resources
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
What you will hear in this podcast:
I’m not anti-Wall Street! I love the Stock Market. It is my bright and shiny object, but it’s a game, and it’s a lot of educated gambling.
You should not be putting your entire portfolio in the stock market, in my opinion. You should put a part of it.
One of my favorite investments, and a favorite for my clients, is a very strong real estate portfolio.
If you want to create real wealth, you want every dollar to create simultaneous benefits.
Imagine that you own 10 homes, single-family residences, and you owned them outright? Do you think that might create a better-than-normal income for your family?
I’m all for renewable energy; I love it! Weak link - battery!
I have a very contrarian mindset. Look at what Warren Buffet is doing? Whenever everyone is fearful that’s when you should be greedy.
In my opinion, why would you have everything in the Stock Market when you can have true diversification that’s not correlated?
My wealthiest clients always start by dipping their toes in the water first. They can easily cut a big check, but when they get into a new investment, they always do the bare minimum.
Resources
Ken Greene’s Website - www.greenefi.com
Ken’ Podcast - www.engineeroffinance.com
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
How to use credit cards without wrecking your budget
Use your credit card as a form of payment, not as an extra source of income.
Assign each Credit Card transaction to a budget category.
Ensures you’re only spending what you’ve planned.
Helps you keep track of all your credit card usage.
Makes it easier to pay the balance in full every month.
Manage your money with a zero-based budget
The best way to track expenses is with a debit card
You can use a Credit card, but be aware, your checking account balance won’t match your budget tool until you pay off your credit card.
Pay off the full balance each month, not the statement balance.
Prevents you from overspending.
Keeps everything reconciled and balanced.
Eliminates interest charges.
Resources
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
What you will hear in this podcast:
This thing that we call the stock market is really just this auction system of buyers and sellers for these companies that you and I use every day.
Learning that I can be a part-owner in these companies just by buying a stock was just amazing to me, and that is what really set me off on the journey.
Mental models are these thought experiences or ideas that can help explain a concept, and the reason I find them important is that they can really inform rational decision making.
In this life, there are maybe 100 or so really big ideas that, if we grasp those ideas, will make us way better thinkers and decision-makers.
One of the mistakes we new investors often make is we’re looking strictly at the past performance to inform a decision about the future.
We can’t pay for yesterday’s growth. We can’t also punish yesterday’s declines either.
There’s a big difference between a company that has a big brand name, something you recognize that you’re very familiar with their products and services, and the actual steadiness of the cash flow of that business.
What helps me is not forgetting as an investor what we’re actually buying, what is the source of these returns, and where is the money actually coming from.
One of the main sources of how I do my research is the 10K; that’s an annual filing with the Securities and Exchange Commission that every public company has to file on a yearly basis.
You learn so much, even just sitting down and reading the annual report for half an hour.
Combining that basic sense of valuation (PE ratio) with what I’ve learned already about the company is what informs my decision.
If you’re a new investor and you want to get into the Market, by all means, explore Index Funds and start putting money away for your future, but if you do have an interest in learning about individual businesses, I definitely encourage that as well.
At the end of the day, I want my families portfolio to exceed the rate of the Market’s return, and if I can get 2 or 3% compounded annually, that may not seem like much, but if you look over a 40 or 50-year period you’re looking at double or triple your net worth, and that’s life-changing.
Resources
Alex Mason Website - stockstoryteller.com
Companies Studied - https://stockstoryteller.com/podcast/companies/
Mental Models - https://stockstoryteller.com/podcast/mental-models/
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
How much should I be planning for retirement?
The Income Replacement Ratio
$45,000 in expenses (2 people 65 or older)
$4,000 in expenses
$2,500 in Social Security
Gap $1,500 has to come from other sources
Real estate, stock/bonds/mutual/funds, annuities, etc.
America’s Income Challenge
Only 30% of people have a plan.
From $4,000 a month, $1,000 a month needed for utilities, food, and property insurance could be covered by annuities.
Most Americans will spend similarly in retirement as they did while working.
The Three-Legged Stool of Fulfilling-Stage Savings
Government benefits
Social Security
Corporate benefits
Pensions
401(k)
Private benefits
Savings
Real Estate
Annuities
History of Annuity Products
People view annuities as an investment instead of looking at them as an insurance product.
Fees were high in the past. Today’s annuities are different, from low to no fees.
Disclosure - People were taken advantage of in the past. The new legislature has changed that.
JD Powers rating of annuities.
Today’s annuities are useful for guaranteed income.
Who should buy annuities?
Typical annuity buyer is age 50 and older.
Have $100,000 or more in assets.
Purchase an $80,000 to $120,000 annuity to generate income in retirement.
Although older people buy annuities, everyone should consider if these are good products to cover some of their retirement needs.
The two options for buying annuities
Single premium - lump-sum purchase ($80,000).
Flexible premiums - monthly contribution ($500 down and $200 per month)
Resources
Harry N. Stout Website - www.financialverse.com
Today’s Annuity Products: A Tool to Create Protected Lifetime Income
Financial Verse Books by Harry N. Stout
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
Today’s Annuity: A Tool to Create Protected Lifetime Income
What are annuities?
An insurance product
About a quarter trillion sold in the US each year
Annuity companies are highly regulated
Benefits of Annuities
Tax Deferral
Principal Protection
Unlimited Contributions for Non-Qualified Annuities
Ability to Be Swapped Tax-Free
Probate Avoidance
Access to Cash When Needed
Offset to Longevity Risk
Guaranteed Protected Income*
Death Benefits
Nursing Home, Long-Term Care, and Terminal Illness Benefits
Types of Annuities
Fixed Annuities
Variable Annuities
Buffered or Structured Annuities
Fixed Indexed Annuities
Immediate Income Annuities
Deferred Income Annuities and QLACs
Major positives and negatives to buying annuities
The Positives
Produce higher returns than many other fixed-income options
Option for guaranteed lifetime income
Offer a variety of payout options
Tax-deferred income accumulation
Can have guaranteed/predictable rates of return
Can have principal protection and no risk of principal to market volatility
All 100% of premiums work to generate interest
Available contract riders
The Negatives
Some products have fees and charges
Restricted access to cash
No capital gains tax rates on earnings
Contractual bonuses come with strings attached
Additional income taxes for withdrawals prior to age 59-and-a-half
No additional tax benefit for qualified funds
Complexity
Where can you buy annuities? How difficult is it to purchase the product?
The Places You’ll Look – The Purchase Channels
Be Sure to Ask Key Questions to Ask Before You Buy
The Five Steps to Purchasing An Annuity
Resources
Harry N. Stout Website - www.financialverse.com
Today’s Annuity Products: A Tool to Create Protected Lifetime Income
Financial Verse Books by Harry N. Stout
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
What you will hear and learn from this podcast:
We believe books change lives; they change the lives of the reader, they change the life of the author in the process of writing it, and also in leveraged impact.
We help people write and publish books to grow their impact, their income, and their business.
I figured, Hey! I’m learning how to run a business from professors who have never run a business; that doesn’t make much sense to me, so why don’t I drop out.”
“It’s not about the book, it’s about who you become in the process of writing that book.”
“The big phases of writing a book are idea, writing, production, publish, and launch.”
“If you’re a business owner, what is the conversation you are having over and over and over with clients or prospects?” When you write a book on that topic, you can point to it and you never have to talk about that ever again.”
Writing your book is a series of steps. Step one is mind mapping. Step two is going from mind map to outline; grouping your ideas into sections, which you then break into chapters. Step three is writing or speaking your chapters to finish your first draft.
“If you’re in the first camp, you love the writing but hate the marketing, you might think, “if I build it they will come. I will just publish it and not tell anyone.” That’s just not true. If you build it they will not come,... you have to tell them about it.”
Get behind the marketing [of your book] even if you don’t like it...You’ve got to learn this skill set.”
No one cares about you, your book, or your business as much as you do.”
If you don’t understand it, you can’t manage it.”
“I think there are all the other things that don’t get talked about enough, which are, the life skills that you learn in the process, and the confidence to role into the next thing and the next thing.”
“If writing a book has been on your next year or maybe someday list for years, maybe even decades, you have to go from maybe someday to maybe now.”
Resources
Self Publishing School - Website
Chandler Bolt Books - Published, Book Launch, How to Not Suck at Writing Your First Book
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Show Notes
Staying on Track in Difficult Seasons
Get honest with yourself
How committed are you to your financial health?
Is your long term financial well being more important to you than you satisfying your immediate gratification?
Are you engaged in a blame game? It’s not my fault!
Financial health is about personal responsibility.
It’s up to you. You are the benefactor or the casualty of your decisions.
Determine that no matter what comes your way it is your responsibility and no one else’s to manage your money well.
If you find yourself making excuses, “I’m doing my best” realize that you’re only giving yourself the license to continue making bad decisions.
3 things to do ahead of time to prepare for life challenges
Systematize your money management
Use a zero-based budget
Automate bills and regular expenses
Build an emergency fund.
1-3 months of bare-bones (survival) budget.
Grow to 6 months after paying off consumer debt.
Build your community / rely on your community
Money is a big deal and your finances can change very quickly. It’s important to be connected to a support group that will provide financial wisdom in times of crisis. These are non-family members that will tell you the truth, and give you unbiased advice.
Friends and family
Listen to GMR Podcasts or other financial experts for encouragement and to reinforce the basics.
Don’t be afraid to ask for support from your community, but also set a short-time line of when you think you’ll be back on track, make a plan to get back on track.
In the midst of loss:
Be self-aware
Take time to grieve
Take the appropriate steps to get healed (physically, emotionally, mentally)
Don’t make any big financial decisions
Know that things will get better. It may not feel like it, but this will pass, just like other seasons have come and gone, so will this one.
Resources
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
5 Financial Mistakes to Avoid
Keeping up with the Joneses
Spend on purpose, and you’ll avoid the temptation to compare and keep up with others.
Not setting the next goal
Always have the next goal in place before achieving the one you’re working on.
Not protecting your wealth
Have proper insurance
Manage your cash flow and increase your reserves
Spending before saving
Save before you spend. This will ensure you never forsake your financial wealth and future for immediate gratification.
Not diversifying
Putting your eggs into one basket is risky.
Invest in different asset classes such as real estate, businesses, stock, and mutual funds.
Increase your cash reserve to protect against having to dip into your long-term saving and investments.
Avoiding these mistakes is for everyone, regardless of where you are on a financial journey. Not only will this protect your wealth, but more than likely grow it.
Resources
GMR 133: Common -Sense Reasons to Buy Insurance
Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Blog: The 5 Biggest Mistakes People Make With Their First Million
Guest - Omer Redden
Omer Redden is the best selling author of several books including:
How to Work from Home
Life Doc: How to Succeed in Life Without Losing Your Faith, Family, and Friends
Give and Grow Rich: Change Your Mind, Change Your Money
In his day-to-day, he works with an Inc. 5000 fastest-growing company, Self-Publishing School, which teaches people how to publish their books and use those books to leverage their impact, income, and businesses.
What you will hear in this podcast:
“That power of community, and the power of like-minded people, made it possible for us to triple the level of donations they’ve ever had for that food drive.”
“I was learning what mission, vision, and value are, and as I was learning this stuff in the corporate world, I was like, why aren’t people doing this on a personal level?”
“We’re going to do the 70-year old exercise, and reflect back on who did we become, who did we have an impact on, and what made up our life?”
“Start giving today. Determine what that percentage is and just do it!”
Resouces
Give and Grow Rich: Change Your Mind, Change Your Money
Life Doc: How to Succeed in Life Without Losing Your Faith, Family, and Friends
How to Work From Home - A QuickStart Guide: From Tech-Challenged to Tech-Pro in 1 Week
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Beta Course Application
Show Notes
Guest - Omer Redden
Omer Redden is the best selling author of several books including:
How to Work from Home
Life Doc: How to Succeed in Life Without Losing Your Faith, Family, and Friends
Give and Grow Rich: Change Your Mind, Change Your Money
In his day-to-day, he works with an Inc. 5000 fastest-growing company, Self-Publishing School, which teaches people how to publish their books and use those books to leverage their impact, income, and businesses.
What you will hear in this podcast:
“I saw the trajectory of my life and I didn’t like where it was going, and I knew I needed to learn a new mindset when it came to money.”
“I really truly believe I’m a writer, and that the Lord has equipped me to do that, and I felt that I needed to step into that gifting more.”
“You’re right, the consistency across the board is that these guys were extremely generous, and they were generous before they were wealthy.”
“Another thing about these billionaires is that none of them retired. They had a mentality to work 12 hours a day all their lives because they were that passionate and involved and driven to help.”
“The thing that stuck out to me was the giving because I wasn’t doing it.”
“My wife and I, our heart, couldn’t have been more full. When that happened it was the whole thing just clicked, and I was like, that’s when you give and grow rich.”
Resouces
Give and Grow Rich: Change Your Mind, Change Your Money
Life Doc: How to Succeed in Life Without Losing Your Faith, Family, and Friends
How to Work From Home - A QuickStart Guide: From Tech-Challenged to Tech-Pro in 1 Week
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
Beta Course Application
Show Notes
Cost of raising a child - Check out this informative article on the cost of raising a child.
Saving for and Teaching Your Kids the Value of Saving
- Begin with a personal financial assessment
Get an accurate picture of your own budget.
How are you managing?
Spending on purpose?
Saving for future needs (emergency fund, long term savings)
Do you have enough margin? This is where saving for your kids should come from.
Adding a child or two and starting to save for their future needs should not be done by sacrificing your future.
- Open a savings account for your child
Save birthday money, and holiday gift money - grows over time.
If your child earns an income, you could also help them open a Roth IRA account - gets a head start on long-term savings.
Parents and grandparents can make gifts into a kids’ IRA.
Can be used for certain expenses
Education expenses
Buying a house
Certain emergencies
- Save for your child’s life experiences
Vacations - fun experiences
Mission Trips
Study abroad
Save for a car (match 100% of what they save up to an amount).
Funding these without first saving for them can set your own financial readiness and health backward.
- Save for your child’s college
529 Plan
Earnings from 529 plans are not subject to federal tax and generally not subject to state tax when used for qualified education expenses such as tuition, fees, books, as well as room and board.
Contributions made to the 529 plan are not deductible.
One of the many benefits of saving for a child's future college education with a 529 plan is that contributions are considered gifts for tax purposes. In 2020, gifts totaling up to $15,000 per individual will qualify for the annual gift tax exclusion, the same as in 2019 and in 2018.
You only want to use the investments side of a 529 if you have more than 5 years to invest. (529’s are easy to set up at any major investment broker, like Vanguard, Fidelity, Charles Schwab, etc… you just click “open a 529 account” on their website and go through the process.
OPTIONS FOR COLLEGE SAVINGS WITH LESS THAN 5 YEARS TO INVEST
CD’s (Certificate of Deposit) saving account - Low risk with a 2 to 3 percent yearly return.
Online saving or money market accounts - Low risk and low return, usually 1.5 to 2 percent, but better than the average traditional banks.
Trying to find a 529 Plan, check out: https://clark.com/education/clarks-529-plan-guide/
Roth IRA - up to $6,000 a year in 2020.
Don’t forget to prioritize your own retirement savings
No matter what, you shouldn’t save for kids to the detriment of your other goals. Make sure to take care of yourself and your own future first.
Kids have more time to save for their future. You have less.
College expenses don’t have to be 100% covered by you, especially if you have 3, 4 or more kids.
Scholarships
Work programs
Jobs.
Make saving and investing for your own retirement a priority. Then, do what you can to save for your children.
Your Children Have Options to Cover their Education Expenses
Putting off college for a couple of years to work full-time and save for education is also an option. This, in our opinion, should be seriously considered, especially if the child isn’t sure what type of career they want to pursue.
I, Leo, personally took a break between high school and college, and it proved to be very beneficial. Not knowing which path to pursue, I got a full-time entry-level job. One year of working in the real world helped me to understand the value of higher education, and to commit to it wholeheartedly.
A recommended guide from bankrate.com - How to save for your child
Resources
Beta Course Application
Blog on leosabo.com - How to Prepare for College expenses.
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
The scarcity mindset believes there are limited resources and inequality in possession of those resources. It further believes that for one person to succeed, someone must lose. In this episode of GMR, we reveal the truth about the scarcity mindset and why it isn't to your benefit to embrace it.
Show Notes
The Scarcity Mindset
The scarcity mindset is the belief that there will never be enough — whether it's money, food, or something else entirely — and as a result, your actions and thought stem from a place of lack. The belief that there are limited resources and if you have something, it means you’ve taken it off the market and taken someone else’s ability to have it. If you earn money, that’s money that I can’t earn. This is a false mentality.
Good | Cheap | Fast
The wealth of the world
1% of people own 44% of the world’s wealth...
56% have less than $10,000 in wealth.
This doesn’t take into account the fact that anyone can produce value out of nothing. Just because “anyone” can, doesn’t mean everyone will. But we want to encourage people to create, we want to incentivize people to produce.
Changing Terms: Owns to Manages
Jeff Bezos
Warren Buffet
Elon Musk
Musk, Buffet, and Bezos have an incentive to serve people… they increase as others increase.
Bezos has a direct incentive to serve the masses, if he’s efficient, he can hire more people, sell more products (to people who want to buy them), and he’ll personally increase in wealth.
Musk is doing much more to increase the likelihood of safe autonomously driving vehicles, or highly efficient batteries for electric vehicles than a government organization, or an individual who is not personally incentivized to serve others.
The wealthiest people have 90%+ wrapped up in their companies, which they manage.
Two other options available:
- Have the government manage everything
Elected officials have very little incentive to be efficient and effective in their management. In fact, there’s a huge incentive to be corrupt, take bribes, and benefit their friends and family instead of the masses of people.
- Re-distribute all the current wealth
Good managers will increase, while the poor managers will decrease.
Within a short period of time, wealth will be increased by those who manage it well, while decreasing for those who manage it poorly.
Resources
Beta Course Application
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
To build significant wealth, you’ll need to move beyond being an employee. This is because there are only so many hours in the day, and when you’re employed, you can only trade a limited number of hours in a day for income. In this episode, we continue our talk with Josh Moore, the owner of Inclusion Coffee, to learn what it takes to build a business that never fails.
Show Notes
Things you will hear in this podcast:
I would buy a house, work my job, and in the evening, I would work on fixing it up. That was how I got enough money to put my own skin in the game towards a business.
Most investors, don’t even want to you about investing in a business venture if you’re not putting your own skin in the game.
Not every investor, even if they are willing to give me money, is a good fit.
Most people have one or two bosses when their working in a corporate environment. When you own your own business, you have millions of bosses. Every customer is your boss, and they can choose to fire you each and every day they don’t come and spend something at your company.
I don’t believe the customer is always right, but I do believe that every customer should be respected.
I always put myself in the investor’s shoes. I ask myself, “What do they want?”
Inclusion Coffee is when different parts can come together as a whole and not lose their individual distinctness. That’s my mission with Inclusion Coffee.
Resources
Inclusion Coffee - https://inclusioncoffee.com/
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com
To build significant wealth, you’ll need to move beyond being an employee. This is because there are only so many hours in the day, and when you’re employed, you can only trade a limited number of hours in a day for income. In this episode, we talk with Josh Moore, the owner of Inclusion Coffee, to learn what it takes to build a business that never fails.
To build significant wealth, you’ll need to move beyond being an employee. This is because there are only so many hours in the day, and when you’re employed, you can only trade a limited number of hours in a day for income. In this episode, we share six steps to starting a business that will move you from employee to self-employed and gradually to business owners and investors.
No doubt you’ve heard the saying, “The rich get richer and the poor get poorer.” Well, there’s a good reason for this, and it comes down to mindset. What you believe about money, and how you think about it will lead to your actions, and eventually your results. In this episode, we discuss six specific ways the wealthy think differently so you can learn and develop your own wealthy mindset.
What does it take to build wealth? Is there more than one path to reaching this destination? In this episode, we discuss the two main approaches to building wealth and why one path is disproportionately more likely to produce significant wealth.
Financial education and inspiring you toward financial freedom is a big part of why Getting Money Right exists. In this episode, we’re answering your most common money questions to help you make better decisions, and reach your money goals.
Financial education and inspiring you toward financial freedom is a big part of why Getting Money Right exists. In this episode, we’re answering your most common money questions to help you make better decisions, and reach your money goals.
There have been many negative impacts caused by the COVID-19 pandemic. One that hasn’t been talked about much is the increased use of credit and the negative impact on credit scores. Many Americans have had to use more credit to get by in the past 6 months, and the result is lower credit scores. In this episode of GMR, we’re going over some of the basics of credit scores and what you can do to protect and/or improve yours.
Trying to reach your financial goals and fulfill your life purpose won’t happen without a solid plan. In this episode of GMR, we review our 4 Principles of Purposeful Living so you can have a roadmap to financial success and begin pursuing your life’s purpose.
Every single person wants to change something in their life. Maybe you want to change your weight, or perhaps it’s your finances. Regardless of what you want to change, there’s a process to change, and the biggest adversary to your success is your brain. In this episode of GMR, we look at what it takes to experience positive change that lasts.
Work is an important part of life and a significant contributor to our happiness and fulfillment. You were created to do things, to be useful and fulfilled in your work. If that’s not your current state, listen to this episode of Getting Money Right to learn how you can pursue work that’s meaningful and financially rewarding.
The Housing Market has seen a significant increase over the last few years. With the pandemic still impacting the economy, especially jobs, many Americans are seeking forbearance on their mortgages. How will this impact the housing market in the near future? Listen to this episode of Getting Money Right to find out and to learn what you should do to prepare.
Wouldn't it be great if you could predict economic cycles? Knowing when markets will go up or down would be advantageous to investing and protecting our assets. Understanding what causes economic cycles will not only make you better at investing, it will help you avoid financial pitfalls. In this episode of GMR, we discuss how long-term debt cycles occur and what you can do to ensure you don’t get caught up in one.
The health of our economy impacts all of us. When the economy is strong, we reap the financial benefits; higher wages, cheaper goods, and many others. Of course, the opposite is also true. A weak economy hurts our finances. But, did you know that your personal financial choices play a crucial role in the health of our economy? In this episode of GMR, we discuss debt cycles, what they are, how and why they happen, and what this means to your personal finances and our economy.
Having a basic understanding of how The Economy works is not just for financial experts. Understanding market cycles, consumer spending, and the role credit plays in the economy is more important than you realize. In this episode, we introduce you to the three main forces that drive the economy and how they personally impact your finances.
We hear a lot about investing and how important it is to save for our futures. Yet, many people are slow to invest. In this episode of GMR, we talk about the most common investment mistakes, and yes, not investing [or not investing sooner] is one of the biggest mistakes.
Saving money is one of the most important parts of managing money well. Unfortunately, Americans still don’t save nearly enough. In this episode of GMR, we discuss what it takes to make saving money a priority, and give you some specific ways to start saving today!
Making smart financial decisions will ensure you maintain long-term financial health. Unfortunately, with the lack of basic financial education, that’s easier said than done. In this episode of GMR, we look at those financial decisions that have the most impact on our finances and give you some specifics on how to make better financial decisions.
Change is difficult! Whether you are trying to improve your finances, lose weight, or anything else, it requires a certain level of discomfort, which none of us enjoy. The biggest obstacle to change is our emotions. Because of the way we feel influences our behavior, we must understand and adapt our feelings if we stand to achieve whatever we’re after. In this episode of GMR, we discuss the five stages people move through emotionally when changing their behavior to help you experience positive change in your finances and your life.
You can do many things right to manage your money well and ensure a good financial future, but if you fail to add adequate insurance to your strategy, you could lose big! In this episode of GMR, we talk with Harry Stout, the author of Today’s Life Insurance - A Protection Tool for Your Future. His many years of experience in the insurance industry will help us understand the role insurance play into our financial lives, and why this one choice is so crucial to our success.
You’ve heard of an emergency fund, and that having one is very important. But, to have financial stability and ensure your finances are as secure as you can make them, you need more, you need a financial safety net. In this episode of GMR, we’re talking with Harry Stout, to understand what six elements make up the proper financial safety net.
Sometimes knowing the right answer to a financial question is difficult, especially when financial stress is high and money is tight. In this episode of Getting Money Right, we’re answering more of your financial questions so that you’re better prepared to manage through budget challenging situations.
Sometimes knowing the right answer to a financial question is difficult, especially when financial stress is high and money is tight. In this episode of Getting Money Right, we’re answering your financial questions so that you’re better prepared to manage through budget challenging situations.
Is it possible that financial stress to be good for you? That all depends on your perspective! Join us for this episode of Getting Money Right, as we discuss how financial stress, when you allow it to influence your thoughts and actions, can be of tremendous benefit to you.
You’ve seen the TV commercials about bankruptcy, how they promise filing for bankruptcy will remove your financial burden and give you a fresh start. In this episode of GMR, we share the other side of bankruptcy that those who recommend never talk about. We’ll also give you alternatives to bankruptcy that will help you pay off your debt quicker and with less long term damage.
We need your perspective! After more than 2 years of launching Getting Money Right, we’re taking a pause to ask you about the things that really matter to you. Our goal is not just to give you good information, but to also help you take action that leads to your financial and life success. To help us in providing the kind of content and support you need, we’ve developed a quick survey. Please use the following link to take the survey, and thank you for your feedback - https://forms.gle/bWdrXPbzNQ9YMset8.
Over the past few episodes we’ve reviewed the most popular budgeting apps to see how well they align with our 4 Foundational Principles of a budget. In this episode of GMR, we provide you with a side by side comparison of YNAB, EveryDollar, and Mint, and make our final recommendation as to which one is best at helping you budget.
Mint is one of the oldest and most widely used personal finance apps available today. It has a high number of features, but how good is it at helping you budget? In this episode of GMR, we put Mint up against the 4 Foundational Principles of a Budget to see how effective it is to help you budget successfully.
Dave Ramsey has taught millions how to get out of debt and become financially free. He even has a budgeting app, Every Dollar to help people experience financial peace. In this episode of GMR, we test Every Dollar against the 4 Foundational Principles that should be part of every budget. Will it pass or fail the test?
YNAB (You Need A Budget) is one of the most popular budgeting software available today. In this episode of Getting Money Right, we’re going to put YNAB, the online and phone version, up against our 4 Foundational Principles of A Budget to see how effective it is at helping you manage your money.
From using personally designed Excel spreadsheets to online apps, there are plenty of budgeting tools readily available to use to manage your personal budget. Over the next few episodes, we’re going to review some of the most popular apps and tools to see how effective they are at helping you manage your money. This week, we’ll evaluate the Yearly Budget Tool to see whether it meets all four of the 4 Foundational Principles of A Budget.
The education system is designed to help you learn a profession so you can get a job. And, one of the main reasons to get a job is to make money. So if money is the end goal, why aren’t we teaching people how to manage it? Well, WE ARE! In this episode of GMR, we introduce you to the four foundational principles of a budget. Mastering these four principles will provide you with the equivalent of a Ph.D. in money management.
At first glance, problems can be seen as frustrating, and therefore to be avoided. That's no surprise since humans naturally seek pleasure and try at all costs to prevent pain. Money problems are especially painful because a lack of money threatens so many areas of life. In this episode of GMR, we discuss how dealing with our money problems can help us not only in fixing our money problems but also in improving ourselves.
The Coronavirus pandemic has had significant health and economic impact in the United States. As a way to help shore up and maintain financial stability, Congress has passed the CARES Act bill. It is designed to keep workers paid and employed, fund health care systems enhancements, and provide for economic stabilization. In this episode of Getting Money Right, we break down the specifics of the CARES Act and how it will impact you.
Robert G. Allen once stated, "How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." Although becoming a millionaire should not be everyone's goal, having enough to care for yourself and your family in the future should be. Saving alone will not get you there; you have to invest. In this episode of GMR, we share some investment strategies to help you achieve a healthier financial future.
For some people, this season of dealing with the coronavirus is proving to be more of a challenge than just simply staying healthy. Some are facing job loss and a lack of adequate resources. Others are concerned that if this pandemic lasts too long, what limited resources they have will run out. In this episode of Getting Money Right, we’re sharing some resources that are available to you right now, insights to help you take what you have and make it last longer, and a challenge to remember that we’re better together, so let’s help each other get through this.
Economic uncertainty is certain to occur from time to time. This is the reality we are facing today as the COVID 19 virus is having a physical as well as economic impact throughout the world. In this episode of Getting Money Right, we talk about the steps you can take to ensure you can weather this and future economic storms.
Passing on financial knowledge and wisdom to our children is something we should all be intentional about. In this episode of Getting Money Right, we share some money tips you can use to help your teen or young adult to start out on a healthy financial path. And yeah! Some of this information is also useful for the rest of us!
We all have to pay taxes on our earned income, but knowing exactly how much to pay can be complicated. In this episode of Getting Money Right, we break down the IRS W4 Form - Employee's Withholding Certificate to help you ensure you're paying the right amount of tax, and not too much or too little.
If you’ve listened to Getting Money Right for any length of time you know that we often talk about ways to save money by cutting expenses. But, sometimes that’s just not enough. Sometimes, you just need more money. In this episode we talk with Art Rainer, the author of Find More Money, to learn of the many ways you can earn more and move toward financial freedom. Along the way, you may even find your passion and purpose.
You know everything there is to know about the Marvel Universe, the characters, their superpowers, and every movie, and TV series they’ve played in, but what do you know about your own Financial Universe? In this episode, we continue our conversation with Harry Stout, the author of the Financial Verse, A Common Sense Approach For Your Money. His book, and Harry’s knowledge and experience will help you navigate the different stages of your financial life to ensure your success.
You know everything there is to know about the Marvel Universe, the characters, their superpowers, and every movie, and TV series they’ve played in, but what do you know about your own Financial Universe? In this episode of GMR, we talk with Harry Stout, the author of the Financial Verse, A Common Sense Approach For Your Money. This book, and Harry’s knowledge and experience will help you navigate the different stages of your financial life to ensure your success.
Even if you find that you're not able to make your minimum payments, you can still achieve your goal of getting out of debt if you take the right steps. In this episode of GMR, we reveal the strategy you can use to gain cooperation from your creditors and move toward being debt-free. From communication to negotiation, we show you how to work with your creditors to pay off your debt.
You're ready to tackle your debt. Great! In this episode of Getting Money Right, we'll reveal the four possible financial situations people find themselves in, and provide the four available options that will get you out of debt for good. These options will ensure you eliminate your debt once and for all.
Living with debt has become standard for most Americans today. It's more abnormal to not be in debt than to carry consumer debt. Let's change that! You don't have to live continually being in debt, stressed out, anxious, and fearful of the future. In this episode of GMR, we discuss the process of getting out of debt and provide you with the tools to get started.
Are you one of the millions of Americans who each new year commit to getting out of debt? If you're ready, 2020 can be the year you actually become debt-free. In this episode of Getting Money Right, we begin a series on eliminating debt the right way. This series is the most comprehensive process we've ever shared on getting out of debt. We'll provide each step of the journey to ensure you eliminate debt once and for all!
2019 has been an excellent year for Getting Money Right! We created 52 episodes loaded with content that many of you have told us has been practical, easy to understand, and invaluable. We are preparing for a content-rich year in 2020, but before we commence with the New Year, we thought it would be great to highlight some of the episodes of 2019, just in case you missed any. These are some of our favorites episodes from 2019!’
One truth about personal finances is that there are always more opportunities to spend than there's money to spend. We all have a limited amount of money, and if we are to stay financially safe, we must learn to avoid overspending. In this episode of GMR, we discuss the things that cause us to overspend and provide some helpful tips to keep us from going overboard.
All of us are searching for a way to achieve happiness and fulfillment. We all desire to do well in every area of our lives. If only there were a system, like the bumper rails in bowling, that would help us avoid the gutters that so often hinder our progress. In this episode of GMR, we continue our conversation with Christopher Missimo, a licensed therapist who has developed a structure to help people have lifelong guidelines for success.
All of us are searching for a way to achieve happiness and fulfillment. We all desire to do well in every area of our lives. If only there were a system, like the bumper rails in bowling, that would help us avoid the gutters that so often hinder our progress. In this episode of GMR, we talk with Christopher Missimo, a licensed therapist who has developed a structure to help people have lifelong guidelines for success.
There's a saying, "behind every great man there's a great woman." And though we would never claim to be great men, we would most certainly say that our wives are great. In this 100th episode of GMR, we've asked our wives, Natalie Sabo and Ashley Thompson to join us and to share their perspective on money, budgeting, and working together with us, hard-headed and quirky as we are, to make personal finances fun and beneficial.
Every financial decision is, at least in part, an emotional decision. Have you ever spent money on something and later experienced regret? That’s because sometimes, our choices are reactionary, not consciously understood, or controlled. In this episode of GMR, we address the root issues that often cause our financial problems so that you can experience freedom in your finances.
Every financial decision is, at least in part, an emotional decision. Have you ever spent money on something and later experienced regret? That’s because sometimes, our choices are reactionary, not consciously understood, or controlled. In this episode of GMR, we address the root issues that often cause our financial problems so that you can experience freedom in your finances.
The world of investing is shrouded in mystery, full of difficult to understand words and rules. No wonder so many people feel lost, and so few dare to invest. In this episode of GMR, we demystify the rules of investing to give you the foundational knowledge you need to be confident and bold in your investing.
The world of investing is shrouded in mystery, full of difficult to understand words and rules. No wonder so many people feel lost, and so few dare to invest. In this episode of GMR, we demystify the rules of investing to give you the foundational knowledge you need to be confident and bold in your investing.
The best and most important investment you can make is in yourself. When you’re operating at your full potential, using your natural talents and skills, the world takes notice, and your impact is felt and seen. In this episode of GMR, we’ll talk about discovering your identity, and what you are created to do, so you can live a richer and more fulfilled life.
What does financial freedom mean to you? No doubt, you have your definition of financial freedom, and more than likely, there's a dollar amount associated with it. In this episode of GMR, we'll share our idea of financial freedom and examine the assumption that financial freedom means having a certain amount of money and being able to retire.
Investing is quite simple. If you go by historical data, and you invest in the stock market consistently over your working life, you will gain a significant amount of wealth. So why don’t more people follow this model of success? In this episode of GMR, we discuss the investor’s risk tolerance and why following the news will not help you to reach your investment goals.
To build significant wealth, you have to invest. Whether you're trying to be better prepared for the future or grow wealth to make a more substantial impact in the world, without leveraging the power of investing, it's unlikely you'll achieve your goal. In this episode of GMR, we'll examine the four primary areas you should be investing in.
Technology is wonderful! You can connect with anyone anywhere in the world through your smartphone or computer. Unfortunately, that same wonderful technology can be used against you, to scam you out of your hard-earned money. On this episode of GMR, we explore types of financial scams that you need to be aware of to stay financially protected.
Buying a house, especially your first or your dream house is exciting. That is until you get hit with all the fees and costs of purchasing that house. Closing costs are numerous, and they are confusing. On this episode of GMR, we break down closing costs so you can be informed and prepared to buy your next house.
Refinancing your house can save you thousands in interest. With interest rates going down recently, this may be the right time to consider it. On this episode of GMR, we talk about things you need to know before you refinance.
Buying your first home can be exciting! But there’s also a lot about homeownership you may not know; the kind of things that can save you money. On this episode of GMR, we talk about what homestead exemptions are and what you need to know about them. We also discuss ways to ensure you’re not paying more than you should on property taxes.
Budgeting is not a one size fits all. We are all different in so many ways that trying to find one way of managing money that everyone can use is, well, impossible. In this episode of GMR, David and I get personal about how we manage our budgets in hopes that you will understand the basics and build and run a budget that works for you.
When it comes to managing money well, most people feel less than adequate. Listening to the ‘experts’ isn’t helping, it actually makes us feel even more confused. On this episode of Getting Money Right, we share a simple yet powerful step to help you succeed in your finances.
Everyone wants to know the secret to financial freedom. You can’t get through a single day without seeing something on the news or social media about it. On this episode of GMR, we’ll introduce you to the on thing, the Financial Superpower that will get you there. And guess what? Anyone can do it!
With large data breaches at Capital One and Equifax, doing everything you can to keep your financial information safe is more important than ever. In this episode of GMR, we share 5 things you can do to make sure your identity and your finances stay safe.
Financially Independent, Retire Early (FIRE) is a movement that started more than 27 years ago. It’s an interesting approach to retirement, but is it a sound retirement plan, and more importantly, is it right for you? In this episode of GMR, we’ll explore this growing movement and what if any aspects of it might benefit you.
With the average price of cars continuing to rise, leasing has become more popular in recent years, especially for luxury brands. But, is leasing really a less expensive way to drive? In this episode of Getting Money Right, you'll learn everything there is to know about leasing to help you decide which is best for you, leasing or buying.
Marketing is BIG business and it’s EVERYWHERE! Whether you’re checking your media feed, doing your online banking, or driving down the street, you’re being influenced by marketing. On this episode of GMR well share ways marketing pushes you to spend beyond what’s good for you and what you can do to overcome their influence.
Student loans can delay or keep you from many of the good things you’d like to do. That’s why it’s so important to pay off your student loans as quickly as possible. On this episode of Getting Money Right, we’re sharing 6 steps to help you pay off your student loans cheaper and faster.
Student Loan debt is now at 1.6 trillion dollars, a figure that has tripled since 2005. To understand the magnitude of this number, consider that credit card debt is only 1 trillion dollars. For those with student loans this crisis is all too real, but this predicament may soon impact many without student loan debt.
Student Loan debt is now at 1.6 trillion dollars, a figure that has tripled since 2005. To understand the magnitude of this number, consider that credit card debt is only 1 trillion dollars. For those with student loans this crisis is all too real, but this predicament may soon impact many without student loan debt.
Congratulations to all the recent graduates! To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help them build a solid financial foundation for their life. If you’re not a recent grad, that’s ok, these tips can help you too!
Congratulations to all the recent graduates! To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help them build a solid financial foundation for their life. If you’re not a recent grad, that’s ok, these tips can help you too!
Congratulations to all the recent graduates! To honor those who have worked hard to accomplish this great achievement, we’re sharing 7 money tips to help you build a solid financial foundation for your life. If you’re not a recent grad, that’s ok, these tips can help you too!
Investing in the Market is investing in companies. How those companies conduct themselves and what they’re involved in matters because as part owner what they do personally reflects on you, whether good or bad. On this episode of GMR, we talk with David Sandhu, a financial planner whose specialty is Biblically Responsible Investing (BRI). Find out why BRI is important and why you don’t have to sacrifice your beliefs to invest responsibly and make a good return on your investments.
The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important. On this episode of Getting Money Right we conclude our 4 Financial Steps to Purposeful Living. It’s a way of managing money that ensures your life is lived with purpose and impact.
The world acts as if money is THE most important thing in life. We disagree! Money is not the most important thing, but money can be that vehicle that helps you accomplish that which is most important. On this episode of Getting Money Right we introduce you to our 4 Financial Steps to Purposeful Living. It’s a way of managing money that ensures your life is lived with purpose and impact.
Social Security is in trouble but you don’t have to be. In this last episode on Social Security we share some things you can do to ensure Social Security is not your only source of income in retirement. Making these few adjustments in your financial plan can make a huge difference in income during retirement.
The precarious position of the Social Security Program has been in the news lately, and for good reason. It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it? More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced? In this episode, we discuss what’s caused the current shortfall in the program and what the potential outcome will be as we look to the future. We’ll also share some thoughts on what you should be doing to prepare.
The precarious position of the Social Security Program has been in the news lately, and for good reason. It’s due to run out of money in the next 15 years. Is there anything that can be done to salvage it? More importantly, how will this impact you personally if the program goes away or the benefits are severely reduced? In this episode, we discuss the history, current state, and uncertain future of Social Security and what it all means to you.
We hear the term “Middle Class” thrown around a lot, especially by politicians during election years. They use it to try and relate to what’s supposed to be a majority of us Americans, but does the term and its use foster unity and satisfaction or just the opposite? And more importantly, how does this classification make us feel and behave as it relates to money and lifestyle? On this episode of Getting Money Right, we discuss the impact social classes has on how we spend money and the satisfaction we feel about our own life.
IPO’s (Initial Public Offerings) have been in the news lately with several well-known companies offering potential investors the chance to get in on the action and of course, the potential profit. In this episode we discuss individual company stocks and initial public offerings and whether they are a good option for your investment strategy.
Having a healthy FICO score is important to your financial well-being. Therefore, it’s important to understand how your FICO score is calculated and also to stay up to date on any changes that occur. On this episode we discuss some recent changes to the FICO score and why these changes are good for your score.
I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.
I have yet to meet someone who wouldn’t like to become financially wealthy. Unfortunately, most people have little knowledge of what it takes to build wealth and even less have a plan on how they hope to accomplish it. Building wealth is not as hard as most people imagine. It turns out wealth building comes down to a few key habits applied consistently over a period of time.
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re in a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this third and last episode we’ll share some keys to having long-term financial success in your life and marriage.
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. This is a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this second episode we’ll discuss pre-marriage and newly married and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.
Managing your money is an important part of your life, especially when you’re considering joining your life and finances to another person. We’re beginning a 3-part series on managing your money through the seasons of dating, pre-marriage (engagement), and marriage. On this episode we’ll discuss dating and pre-marriage and the money issues that are synonyms with this stage of your relationship. More importantly, we’ll share some ways you can begin working together and build a foundation of trust.
As Americans we have the privilege of living in a country where we experience freedom and incredible opportunities, but it doesn’t come without a cost. In this episode of Getting Money Right we’re talking taxes. We’ll talk about why taxes are important and prepare you to make some important decisions as you prepare to file your taxes for last year and plan for this year.
Healthcare cost has becoming a large part of our monthly spending. Every year the cost continues to rise, and the Affordable Care Act has made healthcare cost anything but affordable. Alternative healthcare sharing programs have been growing in popularity over the past few years and they may be the answer to lower healthcare cost you’ve been looking for.
Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage. On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, continues sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage.
Being able to communicate about finances with your spouse is crucial to a happy and satisfying marriage. On this episode, professional counselor Russell Baxter who has recently released his book, Sharing Your Heart Sharing Your Treasure, is sharing his insight and advice on what couples can do to improve their finances and as a result, their marriage.
Having a budget is foundational to financial success. However, just having one doesn’t automatically make you financially successful. You must know how to use it to achieve success. On this podcast we continue sharing our many years of personal budgeting experience to help you gain insight into what will make your budget more successful.
Having a budget is foundational to financial success. However, just having one doesn’t automatically make you financially successful. You must know how to use it to achieve success. On this podcast we discuss our many years of personal budgeting experience to help you gain insight into what will make your budget more successful.
We make financial decisions every day. Some of our decisions are complicated and can have long term ramifications. That’s why it’s so crucial to understand the process you go through in making financial decisions so that you can make the best decision for you and your wallet. On this episode, we discuss the challenges, shortcuts, and solutions to making good financial decisions.
Your identity, especially your financial identity, is something you have to keep safe. In this information age most of your personal information is stored digitally, which means there’s an increasing risk that the wrong people will gain access to it. What you do to protect your information can either make you vulnerable or safe. In this episode we share ways you can keep your identity safe, including a new law that makes it much easier for you to ensure identity theft doesn’t happen to you.
We love the start of a New Year because in a literal sense it closes one door, the year past, and opens another door, the year ahead. With a new year comes new possibility and new endeavors. We always feel hopeful and enthusiastic about a new year because it means we can pursue new things or improve on the old ones. In this episode, we share our thoughts and ideas for how you can make 2019 a success and achieve even more financially and personally.
We hear a lot about the economy and how it’s fluctuating and impacting our buying choices, but what do you really know how economics are really affecting your personal finances? In this second episode we continue discussing certain economic terms and phrases that have a significant impact in the way we make financial decisions. Having the knowledge and insight into these terms and phrases will help you better manage your own personal finances.
We hear a lot about the economy and how it’s fluctuating and impacting our buying power, but do you really understand how economics is affecting your personal finances? In this episode we discuss certain economic terms that have a significant impact in the way we think and make financial decisions. Having knowledge and insight about these terms will help you better manage your finances.
Living a happy and satisfying life is the pursuit of most people. We all want a good lifestyle. However, choosing the wrong lifestyle for you can have significant financial consequences. On this episode we look at two couples who chose slightly different lifestyles, even though they made the same income, and then compare their financial position after 10 and 30 years. The difference will surprise you!
The Holiday season is upon and us and with it comes the traditional Christmas gift buying season. On this episode we share some spending tips and ways to think about spending on gifts to make your holiday spending less expensive and your Christmas more enjoyable.
No one plans to die! In fact, most of us rarely consider it even though each of us will one day pass on. Perhaps that’s why most people don’t have a plan for what will happen after they die. On this episode of Getting Money Right, we continue our conversation with Dawn Pruchniak, whose husband died unexpectedly, leaving Dawn with the difficult task of having to navigate through all the financial affairs that followed. Through her story and the book she’s written, you will learn what it takes to get your own affairs in order so that you and your loved ones will be prepared for the future.
No one plans to die! In fact, most of us rarely consider it even though each of us will one day pass on. Perhaps that’s why most people don’t have a plan for what will happen after they die. On this episode of Getting Money Right, we speak with Dawn Pruchniak, whose husband died unexpectedly, leaving Dawn with the difficult task of having to navigate through all the financial affairs that followed. Through her story and the book she’s written, you will learn what it takes to get your own affairs in order so that you and your loved ones will be prepared for the future.
Communication is the foundation of every relationship. In this episode, we are talking with Jeff Tippett, an author, and an expert in persuasive communication. Jeff is passionate about helping people improve their communication. Few subjects are more difficult to communicate about than money. Learning how to work together, avoid manipulation and find agreement, will not only improve your finances but your relationship.
On this episode of Getting Money Right, we’re answering one of our listeners’ questions. Diana Rodriquez asks, “What two or three persons most influenced your view of money and what resources have you read or/and studies that has added to that view?”
The path to reaching financial freedom is to build enough wealth to produce enough income so that you no longer have to work to provide for all your needs. On this episode of Getting Money Right, we break down a few key wealth indicators that you can use to ensure you reach your own financial independence.
Today, regardless of where you live, there’s a good chance you need a vehicle to get to where you’re going. Therefore, auto insurance is something that you need to understand, because the cost can be significant, especially in the long term. On this episode we break down auto insurance so you are better prepared next time your policy needs renewing.
Managing our money to ensure financial well-being and a secure retirement is important to all of us. On today’s episode we’re talking with Darryl Lyons. He’s an author, a personal finance expert and an ambitious entrepreneur. Darryl’s San Antonio, Texas company PAX Financial Group is an Inc 5000 “Fastest Growing Company” and a “Best Place to Work.” His work and his passion have allowed Darryl to also give back to his community. Darryl’s latest mission is to help redefine retirement where we no longer think of retiring but rather pivot into the next chapter of life with purpose.
Episode 40 We’ve probably all had a coach at some point in our life, one that made us work harder, get stronger, or faster. And although we may not have enjoyed the drills and the hard work he or she pushed us to do, we were grateful for their help because it was a benefit to us. In the same sense, a financial coach can be a tremendous benefit to you and your financial well-being.
We’ve probably all had a coach at some point in our life, one that made us work harder, get stronger, or faster. And although we may not have enjoyed the drills and the hard work he or she pushed us to do, we were grateful for their help because it was a benefit to us. In the same sense, a financial coach can be a tremendous benefit to you and your financial well-being.
Having a correct view of money and how you’re to use it is important. We’ve all heard the saying, “Money changes people.” That change can be good or bad, and the difference is directly tied to whether that person has the right view of money. On this episode we’re going to help you gain a better perspective on money and show you how it is directly tied to your purpose, the thing that you are meant to do.
Having a correct view of money and how you’re to use it is important. We’ve all heard the saying, “Money changes people.” That change can be good or bad, and the difference is directly tied to whether that person has the right view of money. On this episode we’re going to help you gain a better perspective on money and show you how it is directly tied to your purpose, the thing that you are meant to do.
Credit card companies use psychology to how incentivize our use of credit cards. Understanding the psychology involved in the purchases you make every day, especially when credit card use is involved, and having a financial plan to manage your expense will equip you to make better financial decisions that will keep you in control of your money.
Learn the psychology behind credit card use and how reward programs and other tactics used by credit card companies incentivize our use of credit cards. We believe understanding the psychology involved in the purchases you make every day, especially when credit card use is involved, will equip you to make better financial decisions that will keep you in control of your money.
In this episode we’re talking about some very specific types of debt that can severely damage your finances. You’ve probably heard of payday loans or title loans, rent-to-own, or similar types of loans. Well,... we’re going to dissect these type of loans and share how they work so that you can be better informed and hopefully avoid them and the danger they pose to your financial well-being.
In this episode of Getting Money Right we’re talking about what happens when you can’t make your minimum payments, when you start to get so upside down on your debts that you're using food money to pay credit card bills, and you realize you’re stuck in a cycle you can’t break out of. We’ll share some strategies and tools you can use to gain control of your debt.
Money is a difficult topic for most couples, especially early in their relationship. We’re continuing our conversation with Russell Baxter, a professional counselor (LPC LCDC-I) who works with couples to help them with how money impacts their relationship. Russell runs a counseling practice in Grapevine, Texas. He teaches clinical continuing education classes as well as classes on finances and marriage and is currently writing a book on the topic.
Money is a difficult topic for most couples, especially early in their relationship. We’re talking with Russell Baxter, a professional counselor (LPC LCDC-I) who works with couples to help them with how money impacts their relationship. Russell runs a counseling practice in Grapevine, Texas. He teaches clinical continuing education classes as well as classes on finances and marriage and is currently writing a book on the topic.
This is episode 2 of starting and operating a small business with Jordan Kennedy, the owner of a small photography, videography and media business. Among other things, we’re discussing finance, marketing, sales and working with clients.
In this episode, we’re talking about starting and operating a small business with Jordan Kennedy, the owner of a small photography, videography and media business. Among other things, we’re discussing finance, marketing, sales and working with clients.
Managing your money well for a lifetime will provide you financial security and a comfortable retirement. Would you like to know how to do it? In this episode we're interviewing Ernie and Kirsti Frausto. Tune in to hear their story and learn how they managed to enjoy a good life while preparing for fun retirement.
In this episode, we’re talking about how to land your next job. Our discussion is focused on how to get hired after you’ve found the job you want. Whether you’re a person looking for a job or you’re a hiring manager looking to hire good quality people, this episode will help you.
In the last episode, we discussed the benefits of having a revocable living trust as your estate plan instead of a will. In this episode we’ll cover how to set up a living trust and how to plan the distribution of your assets.
In this episode of Getting Money Right we’re talking about estate planning and what you need to know about wills and living trusts so you can be prepared to manage your assets and ensure your family is taken care of even after you’re gone.
Buying a house is a BIG deal! When purchased at the right time and within your financial ability, a house can be great for your family. In this episode we help you understand how much house you can afford. We break down all the housing related numbers to help buy the right priced house.
Buying a house is a BIG deal! When purchased at the right time and within your financial ability, a house can be great for your family. In this episode we break down the house buying process so you can be totally prepared for buying your first or next house.
In this episode of Getting Money Right we’re talking about how to buy a used car. Buying a used car is usually more economical while still providing you with the performance and reliability you need. Follow the steps we outline to find, evaluate, and choose a great used vehicle that you’ll enjoy for years to come.
Buying a new car can be exciting and a bit stressful. Knowing how to maneuver through the process of finding and buying a new car can make the experience both enjoyable and financially sound. In this episode we walk you through 7 steps to buying a new car that will ensure you make a great purchase.
In this episode of Getting Money Right, we’re wrapping up answering some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with a greater chance of success.
In this episode of Getting Money Right, we’re continuing to answer some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with a greater chance of success.
In this episode of Getting Money Right, we’re continuing to answer some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with a greater chance of success.
In this episode of Getting Money Right, we’re talking with Rachel and Rudy Rupert, a young couple who have recently married and have had to work through combining their finances. You’ll hear them share their experience, their challenges, and how they’ve worked together to make the blending of their finances successful. You’ll really enjoy the nuggets of truth and wisdom this couple will share in this episode.
In this episode of Getting Money Right, we’re continuing to answer some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with greater a chance of success.
In this episode of Getting Money Right, we’re continuing to answer some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with greater a chance of success.
In this episode of Getting Money Right, we’re answering some of the most common money questions from our listeners. Knowing the answers to some of these questions can help you tackle some of the challenging financial decisions you might face in the future with a greater chance of success.
In this episode of Getting Money Right we’re talking about investing in real estate. We’re going to go over the types of real estate investing available and drill down on two or three that are most common for the average investor.
In this episode of Getting Money Right we’re continuing our conversation on investing for retirement, we want to equip you with modern philosophies for investing and show you where to start. This series will give you the confidence to go out and make some retirement investing decisions and teach you what it takes to become a millionaire.
In this episode of Getting Money Right we’re continuing our conversation on investing for retirement, we want to equip you with modern philosophies for investing and show you where to start. This series will give you the confidence to go out and make some retirement investing decisions and teach you what it takes to become a millionaire.
In this episode of Getting Money Right we’re talking about investing for retirement and we’re going to take all the complex investment terms you hear and make them super simple. We’re going to give you the confidence to go out and make some retirement investing decisions and teach you what it takes to become a millionaire.
In this episode, we discuss everything about credit scores! How the FICO score came into being and how the score effects some of the biggest financial decisions you make. We’ll examine credit reports and how the information on them can positively or negatively impact your FICO score. Most importantly, we'll tell you how to best improve your credit score.
In this last episode of this series, we break down the main budget categories, Child Expenses, Personal, Saving, and Giving, and identify what expenses you should include in these four areas of your budget. We'll also share simple yet powerful tips on how to save money and manage each of these expenses so you can budget more successfully.
In this episode, we break down the main budget categories, Debt, Miscellaneous, and Recreation, and identify what expenses you should include in these three areas of your budget. We'll also share simple yet powerful tips on how to save money and manage each of these expenses so you can budget more successfully.
In this episode, we break down the main budget categories, Food and Transportation, and identify what expenses you should include in these two areas of your budget. We'll also share simple yet powerful tips on how to save money and manage each of these expenses so you can budget more successfully.
A budget doesn't have to be complicated. In this episode we break down the main budget category, Housing, and all other expenses associated with it. We'll also share some tips on how to save money and manage each of these expenses so you can budget more successfully.
Too many Americans are struggling with having excessive debt. For many, debt is the only way they can get through a financial emergency. Unfortunately, this only adds to an already difficult financial situation. Understanding debt and borrowing will help you make better borrowing decisions and eliminating unnecessary debt.
Finances play an important role in every season of life. Since there are different seasons and each have different financial challenges, it's important that you know how to prepare for and navigate through each of these seasons.
Finances play a crucial role in you life. If you're going to live the kind of life you want, you need to create a financial plan to help you achieve it. In this Part 2 we're going to discuss the specifics of creating a financial plan.
Finances play a crucial role in you life. If you're going to live the kind of life you want, you need to create a financial plan to help you achieve it. Start by getting clear about where you want to go and then set some clear goals to get there.
In our first episode we'll discuss how money impacts three specific areas of our life: our relationships, our work, and our lifestyle. We'll also introduce you to who we are, why we started this podcast, and tell you why getting your money right is important to your happiness and your life's purpose.
In our first episode we'll discuss how money impacts three specific areas of our life: our relationships, our work, and our lifestyle. We'll also introduce you to who we are, why we started this podcast, and tell you why getting your money right is important to your happiness and your life's purpose.