CFO at Home: Recent Episodes
Vince Carter
Are your family finances not where you want them to be? That's because you don't have a CFO at home! Vince Carter and his amazing guests discuss Personal Finance fundamentals and ways to better navigate the relational aspects of money to help listeners become the CFO at THEIR home!
On this episode of CFO at Home, Vince's conversation is with Gordon Haas of Haas Wealth Strategies, about using financial planning to navigate major life transitions and crises like illness, job changes, and retirement decisions. Gordon shares his own experience with advanced-stage cancer in his early 30s, and a cardiac arrest during COVID, explaining how health events can create urgent financial demands around insurance, income disruption, medical bills, and support systems. Gordon emphasizes proactive planning·life insurance, wills, beneficiaries, disability coverage·and encourages open family conversations, including intergenerational planning and ·generational wealth· as both assets and wisdom. For more, visit haaswealthstrategies.com and check out Gordon·s podcast, Gen Relational Wealth
01:46 Health Crises Change Planning
04:10 From Engineering to Finance
09:37 Planning Under Pressure
13:14 Insurance Lessons Learned
17:55 Caring for Aging Parents
22:12 Starting Hard Money Talks
27:34 Proactive Checkups and Taxes
31:49 Generational Wealth Beyond Money
36:29 Resources and Closing
Key Links:
- Haaswealthstrategies.com
- GenRelational Wealth Podcast
- Haas Wealth Strategies (@HaasStrategies) • Facebook
- Gordon Haas, CFP® - YouTube
- Gordon Haas, CFP® - Wealth Advisor and CERTIFIED FINANCIAL PLANNER® | LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with Heidi Heron, a Neuro-Linguistic Programming practitioner with 25+ years of experience, with a discussion about changing what we coin ·unresourceful· money habits; chronic overspending which is often driven by unconscious needs like control, safety, and power, as well the opposite pattern of being extremely frugal, often rooted in fear and a lack of safety. Heidi suggests practical next steps: get clear on what you want, examine what money and spending mean to you, and defines values for different types of money (today, future, business, fun) Learn more at heidiherron.com, including 1:1 work, NLP training, and her book, The Wizard of Cause.
01:00 Money as Energy Setup
01:32 Retail Therapy Overspending
05:41 Rewiring the Dopamine Loop
07:51 Breaking the Spending Circuit
09:14 The Miser Money Fear
11:23 A Father's Money Shift
16:03 Mindset Steps to Change
19:35 Money Buckets and Values
23:10 Resources and Wrap Up
Key Links:
- https://www.heidiheron.com/
- https://www.instagram.com/dr.heidiheron/
- https://www.facebook.com/DrHeidiHeron
- https://www.youtube.com/c/nlpwithdrheidi
- https://www.linkedin.com/in/drheidiheron/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is part 1 of Vince·s conversation with Heidi Heron, a Neuro-Linguistic Programming practitioner with 25+ years of experience, about how the ·language of the mind· creates patterns of emotions, beliefs, and behaviors·and how those patterns can be changed through root-cause work. Heidi connects NLP to money issues that commonly come up in her work, like worthiness, lack and limitation, and relationship dynamics around finances. She shares examples of a successful day trader who couldn·t keep money due to an unconscious childhood message, and a woman who shifted a belief that money is hard to get after tracing it back to an overheard conversation. Heidi also explains what she means by ·money as energy,· describing how gratitude for both paying and receiving money helped transform her own relationship with it. Learn more at heidiherron.com, including 1:1 work, NLP training, and her book, The Wizard of Cause.
01:39 Neuro-Linguistic Programming Explained
03:25 Mind Chatter and Feelings
05:14 Money Meets Mindset
05:51 Top Money Blocks
08:01 Root Causes and Memory
09:05 Money Pattern Stories
12:35 Beliefs Create Reality
14:15 Common Meanings and Limits
16:58 Money as Energy
17:28 Heidi Money Turnaround
21:30 Digital Money and Vapor
Key Links:
- https://www.heidiheron.com/
- https://www.instagram.com/dr.heidiheron/
- https://www.facebook.com/DrHeidiHeron
- https://www.youtube.com/c/nlpwithdrheidi
- https://www.linkedin.com/in/drheidiheron/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is attorney Stephanie Prestridge of Life Claim, who helps families when life insurance benefits are delayed, denied, or disputed after a death. Stephanie shares how seeing her typically strong grandmother get overwhelmed by legal matters after her grandfather's Parkinson's diagnosis shaped her shift into estate-related work with an emphasis on a client-centered approach. Vince and Stephanie then discuss the importance of estate and financial planning working together, with direct communication between attorneys and financial advisors. They also discuss what happens when someone dies without clear documentation, and some of the reasons life insurance claims get held up. Their conversation wraps up with Stephanie discussing the importance of reviewing policies with a financial advisor and, most importantly, telling someone the policy exists. For more on Stephanie and Life Claim, go to lifeclaim.com, call 888-615-3270, or email stephanie.prestridge@lifeclaim.com
Key Topics:
1:00 Welcome and Focus
01:42 Grandparents Spark a Calling
03:29 Learning Estate Planning Up Close
05:53 Lawyer and Advisor Teamwork
09:13 Should Your Pros Connect
11:09 No Plan After Death
14:13 Personal Life Insurance Stories
16:12 Why Claims Get Denied
18:02 Contestability Period Explained
22:43 Other Common Claim Pitfalls
26:36 What to Do When Denied
30:05 Proactive Policy Checkups
34:07 LifeClaim Services and Contact
35:58 Closing Thanks and Wrap
Key Links:
- https://www.lifeclaim.com/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince and Andy Parrillo of Parrillo Investors wrap up their conversation with a discussion of the standard 1% assets-under-management fee that many advisors charge, Andy discusses the challenges of successful ·active trading· versus buying and holding low expense funds that more closely mirror indexes, investing with ·joy,· compounding, inflation·s damage, and the importance of remaining invested through flat periods. For more resources, including Andy·s book Beat the Wealth Management Hustle, visit parrilloinvestors.com.
On this episode of CFO at Home, Vince speaks with Andy Parrillo of Parrillo Investors about the importance of investors understanding the fees that financial advisors charge to manage their money, and the true all-in cost of investing in mutual funds and ETFs. Andy shares a bit on the history of these fees, and advocates for investors to have their advisors provide performance reports showing their returns after fees, against the performance of the appropriate benchmark. Andy also discusses how investment portfolios can have too little risk as well as too much, investing behavioral pitfalls, market timing, fear-driven decisions, and staying the course through downturns. For more resources, including Andy·s book Beat the Wealth Management Hustle, visit parrilloinvestors.com
Key Topics:
01:10 Why Fees Matter
02:57 Legacy Fee Model
04:58 Index vs Advisor Value
05:44 Fee Calculator Demo
10:35 Compounding Fee Drag
13:16 Basics of Staying Invested
15:03 Measuring Risk Tolerance
17:44 Behavioral Finance and Fear
19:22 Bear Markets and Staying Course
23:11 Advisor Value and Advantage
24:23 Diversification and Global Shift
27:12 DIY Strategy and Buffett
28:52 Market Timing Myth
30:02 Closing Thoughts on Knowledge
Key Links:
- https://parrilloinvestors.com/
- Beat the Wealth Management Hustle
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince talks with Financial Accountability Coach and founder of Cimifly Money Cecil Williams, about how he began investing in 2008 as more of a ·gambler,· using options, margin, and day trading, before later shifting (after getting married) to a disciplined, long-term approach that helped his accounts grow significantly. Cecil describes re-learning fundamentals through an investing course, using dollar-cost averaging and auto contributions into a mix of tax-advantaged and regular accounts. He shares lessons on temperament, volatility, and aligning risk with family responsibilities, emphasizing that ·small money invested consistently beats big money invested emotionally.· Cecil also explains his CASH framework (Clarity, Accountability, Structure, Habits). For more on Cecil and access to his free resources, including the Confident Investor Blueprint, go to cimiflymoney.com
02:02 From Gambling to Investing
04:08 Accounts and Automation
07:00 Painful Lessons Learned
09:18 Risk Tolerance at Home
12:29 CASH Framework for Clarity
15:48 Start With the 401k Match
17:33 Small Money Compounds
20:21 Financial Accountability Coach
22:53 Two Core Investing Tips
27:34 Boring Investing and Fun Money
31:30 Resources and Closing Thanks
Key Links:
- https://cimiflymoney.com/resources/
- https://www.facebook.com/cimiflymoney/
- https://www.instagram.com/cimifly_/
- https://www.linkedin.com/in/cecilvwilliams/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince talks with David Nassief, who went from being fired and nearly broke at 63, to achieving a seven-figure net worth by 69. David explains how decades of procrastination, market timing, and inconsistent 401(k) contributions left him unprepared, then describes how he rebuilt by turning off financial ·noise,· studying extensively, and creating a one-page ·Wealth Compass· with nine trail markers and five North Star principles, to stay focused and avoid shiny-object mistakes. David discusses how he attributes his results to investing a large portion of income monthly, using low-cost index funds, and taking advantage of market volatility to buy more when markets fell. They also discuss the destructive impact of fees, skepticism of market forecasts, the challenge of getting back in the market after timing exits, and David·s key tips: get out of debt, follow the money, and prioritize self-education. Check out David·s free PDF compass and book for details at onepagewealthcompass.com.
Key Topics:
01:30 From Fired to Millionaire
02:22 Decades of Money Mistakes
03:24 No Plan No Future
06:06 Building the Wealth Compass
08:35 Two Funds and Volatility
14:33 Why Market Timing Fails
15:47 Job Loss and Commission Pivot
16:28 Nine Markers and Principles
20:49 Fees Advisors and Termites
25:43 Two Tips Debt and Skepticism
28:49 Education and Staying Disciplined
31:24 Book, Compass, and Final Encouragement
Key Links:
- https://onepagewealthcompass.com/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Dr. Danica Cicmil, a PhD in finance and financial educator, who helps beginners overcome fear of investing through basic education on subjects such as compound interest, and understanding inflation risk. Dani discusses starting your investing journey by taking a ·money snapshot,· using personal goals (travel, buying a home, or building a trust fund for children) to motivate investing without extreme deprivation, and how knowing fundamentals helps consumers evaluate financial advisors. Dani also explains the basics of investing through the use of Exchange Traded Funds (ETFs), and discusses her financial coaching which focuses on beginners·especially women. Check out Dani work on YouTube and Instagram, links are in the show notes.
Key Topics:
01:06 Compound Interest and Inflation
02:37 Money Snapshot and 20% Rule
03:47 Emergency Fund Then Invest
05:21 Why Investing Matters
07:03 Too Late to Start?
10:27 Start Small and Automate
12:26 Balanced Money Mindset
14:51 50 30 20 Revisited
17:35 Job Security and Divorce
19:19 How Much to Know
24:39 ETFs Explained Simply
29:09 Bonds Costs and Inflation
30:31 Where to Follow Dani
Key Links:
https://www.danicacicmil.com
https://www.youtube.com/@dr.danicacicmil
https://www.instagram.com/dr.danicacicmil/
https://www.linkedin.com/in/danica-cicmil-b672882a6/
https://www.tiktok.com/@dr.danica.cicmil
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode, Vince talks with private investigator and cybersecurity expert Robert Siciliano, about some of today·s biggest threats to individuals building wealth. They discuss how AI and deepfakes are making voice and video fraud harder to detect, fueling a surge in high-dollar consumer scams, how emotions, loneliness, and default human trust drive victimization, and the importance of situational awareness and self-knowledge of vulnerabilities. They also discuss reframing security as risk management rather than paranoia, and practical defenses such as using password managers with unique passwords, enabling two-factor authentication, credit freezes, and VPNs on public Wi-Fi. Learn more at protectnowllc.com, and check out Robert's podcast The Security Guy & CIA Spy Podcast, and his book Identity Theft Privacy: Security Protection and Fraud Prevention.
Key Topics:
01:58 AI Deepfakes Threat
03:43 Six Figure Scam Wave
04:53 Spotting the Tells
06:10 Why We Trust
09:17 Situational Awareness
10:46 Security vs Paranoia
14:56 Money Mule Job Scam
17:49 Romance Crypto Traps
19:16 Boomer Wealth Target
20:52 Data Breaches at Scale
22:02 Loneliness Exploited
22:51 Romance Scam Reality
23:17 Why Smart People Fall
24:47 Loneliness Fuels Denial
27:06 Security Like Health
29:29 Passwords Made Simple
30:59 Core Digital Defenses
33:26 Freeze Your Credit
35:04 Layered Protection Tools
36:23 VPNs and Device Updates
38:03 Resources and Wrap Up
Key Links
- https://protectnowllc.com/
- The Security Guy & CIA Spy Podcast
- Identity Theft Privacy: Security Protection and Fraud Prevention
- Robert Siciliano (@robertsiciliano) • Instagram photos and videos
- Robert Siciliano: Cyber Security Speaker & Personal Security Expert (@CyberAwarenessExpertSpeaker) • Facebook
- Robert Siciliano CSP, CSI, CITRMS - YouTube
- Robert Siciliano - #1 Best Selling Author & Cyber Security Speaker | LinkedIn
- Robert Siciliano (@robert_siciliano) | TikTok
- Robert Siciliano (@robertsiciliano) • Threads, Say more
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Anil Gupta (AKA ·The Love Doctor·), an author, speaker, and relationship coach, who says many relationship breakdowns·especially around money·stem from lack of authentic communication and emotional safety. Anil shares the story of his 2008 financial collapse, and how his wife·s supportive response changed everything, leading him to build a speaking and media career. They discuss how financial conflict is often miscommunication, the importance of listening and responding (not reacting), and ensuring your partner has input on financial decisions, while also making them feel loved and respected. Anil then shares info on his books, virtual coaching, and resources at meetanil.com, to help develop and polish these skills
01:05 Meet the Love Doctor
02:29 Relationship Expert Mission
04:10 Money Fights and Safety
05:54 Rock Bottom to Breakthrough
09:28 Budget Talks Without Blame
13:55 Support Over Compromise
20:11 Money Stories and Paris
25:50 Build the Communication Muscle
31:22 Books Coaching and Programs
36:35 Final Kindness Challenge
Key Links
- https://meetanil.com/
- https://www.instagram.com/anilgupta_lovedoctor
- https://www.facebook.com/AnilLoveDoc
- https://www.youtube.com/@AnilLoveDoc
- https://www.linkedin.com/in/anilgupta-lovedoctor/
- https://gitnux.org/marriage-happiness-statistics/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with relationship coach Brett Jones. This time around, they talk about money discussions and trust, anxiety and defensive spirals, resentment and repairing connection, and Brett's book and resources. For more on Brett book Samurai Love, resources, and upcoming events, go to the relationshipcode.org,
00:56 Security Scanning vs Fixing
01:50 Why Conversations Differ
03:16 Anxiety and Defensive Spirals
04:52 Presence Over Fixing
10:38 Money Decisions and Trust
16:12 Resentment and Repairing Connection
20:21 Samurai Love Resources
24:35 Final Takeaways and Links
Key Links:
- https://www.relationshipcode.org/
- Samurai Love: Cut Through the Bulls**t In Relationships
- Marie McCrystal Jones | Facebook
- Brett Jones (@brettjonesmoney) • Instagram photos and videos
- Brett P, Jones | Linkedin
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is relationship coach Brett Jones. Brett and Vince discuss relationship skills. and how communication breakdowns—especially around money—can drive conflict and even divorce. Brett shares the story of how his first marriage collapsed, which led him into 30 years of relationship coaching. We also discuss why "love is not enough," how men and women often communicate differently, and how money conversations can trigger safety and security concerns, leading men to shut down when they hear criticism. For more on Brett, his book Samurai Love, resources, and upcoming events, go to the relationshipcode.org
Key Topics:
01:42 Why Relationships Need Skills
02:55 Brett's Story and Divorce Stats
07:47 Money Fights and Divorce Patterns
11:36 Why Men Check Out
14:24 Safety and Money Conversations
18:19 Budget Talk Mistakes Men Make
22:44 Letting your Partner Influence Decisions
Key Links:
- https://www.relationshipcode.org/
- Samurai Love: Cut Through the Bulls**t In Relationships
- Marie McCrystal Jones | Facebook
- Brett Jones (@brettjonesmoney) • Instagram photos and videos
- Brett P, Jones | Linkedin
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince talks with Raffi Bilek, a marriage counselor and author of The Couples Communication Handbook:The Skills You Never Learned for the Marriage You Always Wanted. Vince and Ravi discuss why money is a top source of marital conflict and why financial disagreements are often a symptom of deeper issues like anxiety, resentment, or control. Raffi explains his process for helping couples move through conflict by slowing down, taking turns, identifying underlying feelings, practicing empathy, and exploring each partner·s ·money story,· so they can stay connected even without full agreement. Vince and Ravi also discuss how solutions should address both partners· needs (e.g., security vs. autonomy), and why separate finances can sometimes signal a lack of trust. For more on Raffi and The Couples Communication Handbook, go to thecommunicationbook.com
01:05 Money Fights
02:11 Finances and Marital Disagreements
05:04 Money Is A Symptom
08:23 Getting Past Defensiveness
10:26 Money Stories Matter
12:49 From Empathy To Plan
15:46 Control And Trauma
19:15 Teaching The Skill
22:48 Joint Vs Separate Accounts
26:58 Parting Advice And Book
29:24 Where To Find Raffi
30:13 Final Thanks
Key Links
- The Couples Communication Handbook
- BaltimoreTherapyCenter.com
-
Raffi Bilek (@the.marriage.mentor) • Instagram photos and videos
-
Raffi Bilek | LinkedIn
- Baltimore Therapy Center - YouTube
- Baltimore Therapy Center - Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with Dr. Mark L. Teague, author of A Working Man·s Guide, with a discussion of how even skeptics can apply a rational framework that points toward faith, humility and personal responsibility to solving life·s problems, then tie meaning and purpose to personal finance·treating money as a tool, not an end·using budgets, plans, and discipline rooted in intangibles. Mark also shares resources from A Working Man·s Guide, including the Impact Index and Stress to Success, and his website and social channels. For more, visit aworkingmansguide.com.
00:50 Framework for Nonbelievers
01:30 Faith as Rational Response
02:16 Creation Points to Design
04:20 The Moral Witness Within
05:15 Accident vs Meaningful Universe
06:13 Mimic Values Without Belief
09:55 Humility and Responsibility
13:33 Purpose Anchors Finances
16:40 Money as a Tool Not Goal
19:56 Book Guides and Stress Skills
23:08 Social Links and Keynes Rant
24:47 Closing Thanks and Wrap Up
Key Links
- A Working Man's Guide
- Mark Teague (@DrMarkLTeague) • Facebook, Connect with friends
- Mark Teague (@drmarklteague) • Instagram photos and videos
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Dr. Mark Teague, author of A Working Man·s Guide, a value-driven roadmap aimed at helping working-class families thrive in careers, relationships, and finances. Mark shares his background from Texas Panhandle farm life to a doctorate in agricultural economics and a 30-year banking and finance career. From there, the conversation shifts to a discussion of Mark·s ·bedrock principles·, and how a moral foundation and faith relate to financial outcomes, especially through marriage. For more, visit aworkingmansguide.com
02:02 Why Mark Wrote A Working Man's Guide
02:29 Farm Roots to Corporate
04:36 Cutting Through Noise
06:38 Endorsement and Preamble
09:22 Bedrock Principles Begin
09:48 Life Is Problems
11:28 Responsibility and Money
13:33 Working Class Defined
15:32 Wealth and Property Rights
19:06 Keynes and Socialism
22:07 Your Foundation North Star
24:31 Morals Marriage and Wealth
27:26 Faith Stats and Cohorts
29:41 Values Over Divorce
30:29 Marriage Money Math
31:41 Divorce And Bankruptcy
Key Links
- A Working Man's Guide
- Mark Teague (@DrMarkLTeague) • Facebook, Connect with friends
- Mark Teague (@drmarklteague) • Instagram photos and videos
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is Efstathios Georgiou of Georgiou Law PLLC, a former bank attorney who now advocates for consumers facing credit card debt, collections, and lawsuits. Efstathios shares why debt should be treated as a solvable challenge, outlines common misconceptions pushed by national debt companies, and breaks down debt consolidation versus debt settlement, including credit score impacts and recovery timelines. Vince and Efstathios also discuss negotiating strategies, debt validation requests, the potential tax consequences of debt forgiveness and the importance of financial literacy ·aftercare,· once you·re out of debt. For more on Efstathios visit georgioulawpllc.com, or check out his podcast, Georgiou Law, PLLC Podcast
01:16 From Bank Lawyer to Advocate
03:07 Debt Is Not Shame
04:45 How Much Debt Is Typical
06:31 Bad Advice and Misconceptions
09:25 Consolidation vs Settlement
11:20 When Credit Score Matters
15:10 Debt Buyers and Validation
17:47 DIY Negotiation or Lawyer Up
20:33 Served With a Lawsuit
24:04 Different Debts Different Rules
27:52 Aftercare and Literacy
31:19 Harassment and Predatory Lending
33:51 Avoid High Interest Lenders
36:56 Buy Now Pay Later Risks
39:18 Guest Podcast and Wrap Up
Key Links
- https://georgioulawpllc.com/
- Georgiou Law PLLC Podcast
- Georgiou Law, PLLC (@georgiou.law.pllc) • Instagram photos and videos
- https://www.facebook.com/61576800958820/about/
- https://www.youtube.com/@nyconsumercreditlaw
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, VInce wraps up his conversation with Mario Sicari, Managing Partner at BGS Capital Management, about his book The Art of Creating Wealth: A Millennial, Gen Z, and Gen X Guide to Navigating Life Struggles. This time around, Vince and Mario discuss parents teaching money lessons, the importance of developing communication and networking skills, ·ignoring the noise· as an investor, and Mario·s book. For more on Mario; his book, and his business, go to bgscapitalmanage.com
00:45 Parents Teaching Money
02:56 Hard Love Lessons
05:18 Networking Creates Luck
09:07 Communication Skills Reset
13:04 Wealth Transfer Wakeup
15:00 Retirement Basics 401k
18:00 Ignore Noise Build Wealth
21:46 Mario's Book: The Art of Creating Wealth
Key Links
- The Art of Creating Wealth
- https://www.bgscapitalmanage.com/
- https://www.linkedin.com/in/mariosicari/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Mario Sicari, Managing Partner at BGS Capital Management, about his book The Art of Creating Wealth: A Millennial, Gen Z, and Gen X Guide to Navigating Life Struggles. Mario explains his inspiration for writing the book, and why he advocates for long-term investing, dollar-cost averaging into broad funds (e.g., S&P 500), and learning investment basics like 401(k)s, Roth options, and time value of money. For more on Mario; his book, and his business, go to bgscapitalmanage.com
04:33 Why People Fear Investing
08:14 Robinhood and Meme Stock Hype
10:01 Index Funds and Fiduciary Advice
11:07 Distraction Economy and Money Basics
15:26 Marathon Mindset Over Trading
19:59 Inspiring Others and a Son's Savings Plan
25:24 Coaching Into a Career Path
26:13 Employee Mindset Parenting
Key Links:
- The Art of Creating Wealth
- https://www.bgscapitalmanage.com/
- https://www.linkedin.com/in/mariosicari/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
Today on CFO at Home, Vince·s guest is finance professor and former institutional investor Michael Ijeh. Michael and Vince discuss the potential impact of sensational, emotion-driven advice from the media on our investing decisions, and the advantages of leveraging our own beliefs, biases, and style as investors. They also discuss how skills and decision making processes we develop from interests ranging from playing fantasy football and Madden, to poker and engineering, can transfer to investing, and how having our own philosophy as investors helps us stay consistent through inevitable underperformance. For more on Michael and his work, go to sophisticatedinvestinglife.com
01:03 Media Hype and Investor Emotions
02:33 Find Your Own Style
04:44 Cross Domain Investing Insights
06:57 Conservative Roots and Inflation
08:19 Options Trading Reality Check
12:13 Four Ps Investing Framework
14:22 Think Like a GM
10:37 Biases Like Anchoring
23:40 Coaching Program Breakdown
26:41 Who This Is For
30:07 Waitlist and Course Format
31:58 Fail Small to Win Big
33:16 Credentials and Closing Thoughts
Key Links
- https://sophisticatedinvestinglife.com/
- https://silwaitinglist.scoreapp.com/
- Championship Investing - YouTube
- Michael Ijeh, CAIA - Assistant Professor of Practice and Director of the Investment Management Program at Texas Tech University. | LinkedIn
Contact the Host - vince@thecfoathome.com
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On this episode of CFO at Home, Vince wraps up his conversation with Dr. Nicholas E. Michels, author of the Amazon best seller Rich by Choice, public speaker, and founder of Michels Family Financial.
ere, Nick and Vince dig into some of the money management tactics that Nick details in his book, emphasizing the importance of aligning money tactics with a shared family vision, weekly money meetings, budgeting via the "latte factor," investing in personal growth, and financial planning that reduces fear of the unknown. For more on Nick and the Rich by Choice movement, including a free gift and bonus resources, visit richbychoicebook.com.
Invest In Yourself 0:55
Latte Factor Budgeting 3:24
Money Psychology In Couples 8:33
Planning And Stress Tests 14:03
Free Gift And Wrap Up 19:14
Key Links
- Rich by Choice
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Dr. Nicholas E. Michels, Amazon bestselling author, public speaker, founder of Michels Family Financial, and creator of the ·Rich by Choice· movement.
Nick shares how his parents' divorce at age 10 shifted his family from comfort to financial struggle, inspiring him to learn about money, and helping others become rich in both finances and life. Vince and Nick then shift the discussion to his book Rich by Choice, where they discuss "choice" as daily habits and "rich" as wealth plus relationships, faith, and legacy. They also discuss being a "victor" despite adversity, happiness as it relates to wealth, and the importance of couples and families having a unified financial vision.
For more on Nick and his work, go to http://www.richbychoicebook.com/
Key Topics:
- 01:06 Nick's Money Origin Story
- 02:01 Divorce and Financial Shock
- 01:49 Comfort vs Happiness
- 05:53 Compound Interest Awakening
- 06:46 Not Worrying About Money
- 07:58 Rich by Choice Explained
- 12:20 Victor by Choice Mindset
- 16:47 Happiness Beyond Wealth
- 21:58 Relationships and Money
- 23:32 Marriage Vision Statement
- 25:29 Legacy and Ripple Effect
- 26:49 Unified Vision Ends Fights
- 28:21 Shared Vision Details
- 29:09 Daily Decisions Aligned
- 31:29 Big Rocks Perspective
Key Links
- Rich by Choice
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with Elizabeth George, a Dallas-based financial strategist whose focus is guiding women through transitions such as divorce, death of a spouse, and marriage. This time around Elizabeth and Vince discuss couples balancing their individual and relationship goals, planning with uncertainty, the myth of ·wealth secrets·, and more. For more on Elizabeth and her work, go to melizabethgeorge.com
00:41 Separate Goals Explained
02:41 Planning With Uncertainty
05:26 Stress Testing Retirement
06:32 Spending Down Mindset
09:49 Couples Separate Meetings
14:23 Wealth Secrets Myth
20:34 Money Is More Democratized
25:00 Finding Your Way Forward
Key Links
- elizabeth george
- Elizabeth George | Facebook
- Elizabeth George (@melizabethgeorge) • Instagram photos and videos
- https://www.linkedin.com/in/melizabethgeorge-cfp/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
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On this episode of CFO at Home, Elizabeth George, a Dallas-based financial strategist and former private banker, shares her personal journey of reaching financial independence, and using her freedom to build an advice-only consulting practice focused on guiding women through transitions such as divorce, death of a spouse, and marriage. She and Vince then dive into male-female money differences (risk-taking vs. focus on relationship and purpose), and couples balancing managing their finances together, while leaving themselves the freedom to work towards separate goals. For more on Elizabeth and her work, go to melizabethgeorge.com
01:29 From Banking to Advocacy
02:28 Financial Independence Enables the Pivot
04:47 Elizabeth's FIRE Path
06:41 Freedom After Leaving Work
12:00 Women and Money Dynamics
19:27 Engaging Both Spouses
24:11 Joint Accounts vs Separate
Key Links
- elizabeth george
- Elizabeth George | Facebook
- Elizabeth George (@melizabethgeorge) • Instagram photos and videos
- https://www.linkedin.com/in/melizabethgeorge-cfp/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's is Brenton Harrison, founder of the advisory firm New Money, New Problems. Brenton shares his own experience growing up with an ER-physician father and nurse mother who were high-earners but struggled to manage money. He also discusses three common paths for new high earners trying to build wealth, the importance of aligning plans to stated goals, and couples focusing on process and communication to help avoid money arguments. Their conversation also covers budgeting as a tool for cash-flow awareness, and "optimizing" debt before investing. For more on Brenton and New Money, New Problems, go to newmoneynewproblems.com
01:42 First-Gen High Earners: Family Background & Financial Pressure
03:50 Lifestyle Expectations vs. Supporting Parents (and No Wealth Role Models)
06:57 What It Felt Like as a Kid: Money Tension at Home
09:14 Learning a New Model: Mentors, 'Project 100,' and the School of Transactions
11:05 The 3 Paths High Earners Take When Trying to Build Wealth
13:59 From Chaos to Clarity: Prioritizing Goals (and 'Do It Intentionally')
18:14 When the Plan Isn't Linear: Setbacks, Emotions, and Staying the Course
20:09 Budgeting Reality Check: Cash Flow, Optimization, and 'You Need to Earn More'
21:43 Money Personalities in Couples: Frugal vs. Spender and Finding Middle Ground
30:06 How to Stop Fighting About Money: Process, Safe Space, and Better Conversations
40:08 Debt to Wealth: Optimizing Debt While Still Building Assets
42:30 New Money, New Problems: Services, Podcasts, and Final Wrap-Up
Key Links:
- New Money, New Problems
- https://www.newmoneynewproblems.com/subscribe
- New Money New Problems (@newmoneynewproblems) • Facebook
- Brenton Harrison (@newmoney.newproblems) • Instagram photos and videos
- Brenton Harrison, CFP® - CFP Board | LinkedIn
- https://www.youtube.com/@newmoneynewproblems
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince and Paul Compeau from Bridgewise Financial Partners discuss applying a ·think like a CFO· mindset to college planning. Paul shares some of his own personal missteps throughout his college planning process, and describes how to take a CFO-style approach to the process; mapping expected costs year-by-year, identifying funding sources, lowering the bill through school selection and financial-aid strategy, and preparing for what can go wrong. They also talk about the importance of choosing the right school, private college discount rates, and what high school counselors and college financial aid offices do and don·t bring to the table when it comes to college planning. For more on Paul and thinking like a CFO throughout the college planning process, go to .bridgewisefinancialpartners.com and click on ·College·.
01:03 Welcome + Why "Think Like a CFO" for College Planning
01:51 Paul's Personal College Mistakes (Late Apps, Transfers, Debt)
04:25 The Real Cost of Extra Years: Tuition + Lost Income
07:03 Defining the CFO Mindset: Love for Kids vs. Clear Financial Planning
12:58 Late-Stage Planning (10th Grade): First Steps & Honest Assessment
15:54 Two-Track Strategy: Student Fit Counseling + Financial Aid Planning
17:35 Maximizing Aid: Pick the Right School + Understand the Formulas
21:27 Why Guidance Counselors & Financial Aid Offices Aren't Your Best Advisors
27:42 Bridgewise College Planning: How They Help + Success Story
29:48 ROI, Selective Client Fit, and Final Takeaways
Key Links
- https://bridgewisecp.bridgewisefinancialpartners.com/
- https://www.youtube.com/@bridgewisefinancialpartner2789
- https://www.linkedin.com/in/pcompeau/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with Albert Butler, CPA, MBA, and author of 'Life:, Truth, Love, Loss, Success, and Failure·. This time around Albert and Vince dive into practical budgeting tips, the value of using Net Worth as a primary measurement of financial success, student loans and education costs and more. Life:, Truth, Love, Loss, Success, and Failure is available now on Amazon.
Key Topics:
00:40 Diving into Practical Budgeting Tips
01:52 Understanding Net Income and Financial Goals
03;38 The Power of Personal Financial Statements
05:32 The Importance of Net Worth
10:48 Rethinking Credit Scores and Financial Leverage
20:01 Navigating Student Loans and Education Costs
25:44 Final Thoughts and Resources
Key Links:
- LIFE: Truth, Love, Loss, Success, & Failure
- @albertbutlercpa - Facebook
- @albertbutlercpa - Intagram
- @albertbutlercpa - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is Albert Butler, CPA, MBA, and author of 'Life:, Truth, Love, Loss, Success, and Failure·. Albert and Vince discuss his inspiration and journey writing the book, and explore the impact of values, purpose, and transparency on shaping family financial decisions. Life:, Truth, Love, Loss, Success, and Failure is available now on Amazon.
01:55 The Inspiration Behind the Book
02:48 The Journey of Writing the Book
05:05 The Importance of Accounting in Personal Finance
09:21 The 50-Year Mortgage Debate
17:53 Purpose and Money Management
22:43 Family Values and Financial Transparency
28:29 Reflecting on a Memorable Christmas
Key Links
- LIFE: Truth, Love, Loss, Success, & Failure
- @albertbutlercpa - Facebook
- @albertbutlercpa - Intagram
- @albertbutlercpa - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Scott MacKenzie, author of The Lobster League, A Fable About Personal Finance. Scott and Vince dive into the concept of the book, which is designed as a fable to teach personal financial lessons through relatable stories, inspired by Scott·s extensive experience in the area of behavioral finance. They discuss how the human tendencies of herding and overconfidence can impact our investing. Scott also emphasizes the importance of having a clear set of personal priorities and goals, specifically by creating a bucket list to guide financial decisions. Like the book, our conversation offers valuable insights into personal finance for both money enthusiasts and those not as financially inclined. To learn more about Scott and The Lobster League, go the thelobsterleague.com
Key Topics:
01:10 The Story Behind 'The Lobster League'
04:00 Crafting a Financial Fable
05:54 Behavioral Finance Insights
08:56 Herding and Market Trends
21:22 Overconfidence and Fear in Investing
27:48 Creating a Personal Financial Vision
33:23 Conclusion and Final Thoughts
Key Links
- thelobsterleague.com
- Scott MacKenzie, MBA, CFP®, CIMA® | LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince continues his conversation with financial experts Steve Short and Mark Schlipman, authors of ·The Simple Road Toward Financial Freedom·, a #1 Amazon bestseller with a foreword by Will Ferrell. This time around Steve, Mark and Vince tackle pressing financial topics relevant to Gen Z. They dive into the subject of budgeting, including the concept of "bucketing" instead of traditional budgeting, debt management, where Steve and Mark share strategies for addressing student loans and consumer debt effectively, and finally investing, discussing the allure of quick gains versus the value of long-term strategies traditionally used to build a solid financial foundation. You can learn more about ·The Simple Road Toward Financial Freedom· by going to simpleroadbook.com
Key Topics:
01:01 How does the concept of budgeting play with Gen Z?
05:08 Bucketing; an old method that has become new again
10:31 The common standard financial advice is debt is bad, credit cards are bad
14:59 Student loans for Gen Z
17:20 Millennials/GenZ and investing
21:06 "Simple Road Towards Financial Freedom" book
Key Links:
- The Simple Road Toward Financial Freedom
- The Simple Road Toward Financial Freedom | Facebook
- The Simple Road Toward Financial Freedom (@simpleroadbook) • Instagram photos and videos
- The Simple Road Toward Financial Freedom - YouTube
- The Simple Road Toward Financial Freedom | #GenZMoneyMentors | LinkedIn
- https://www.tiktok.com/@simple_road_book
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guests are Steve Short and Mark Schlipman, authors of ·The Simple Road Toward Financial Freedom·, a #1 Amazon bestseller with a foreword by Will Ferrell. Steve and Mark recount how their own experiences as fathers prompted them to address the financial knowledge gap facing young adults today. They explore the importance of teaching personal finance to the younger generation and the challenges of delivering this message in a relatable way. We also discuss practical strategies, such as the 50-20-30 budgeting method, and the importance of visualizing financial goals. You can learn more about ·The Simple Road Toward Financial Freedom· by going to simpleroadbook.com
Key Topics:
01:03 The Story Behind the Book
03:03 Meeting and Collaboration
05:29 Financial Lessons for Gen Z
09:11 Challenges and Solutions in Financial Education
20:40 Parental Guidance and Financial Literacy
Key Links:
- The Simple Road Toward Financial Freedom
- The Simple Road Toward Financial Freedom | Facebook
- The Simple Road Toward Financial Freedom (@simpleroadbook) • Instagram photos and videos
- The Simple Road Toward Financial Freedom - YouTube
- The Simple Road Toward Financial Freedom | #GenZMoneyMentors | LinkedIn
- https://www.tiktok.com/@simple_road_book
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is Brian Pultro, a Navy veteran turned financial advisor. Brian shares his journey from joining the military after the 9/11 attacks to transitioning into a financial advising career. Vince and Brian discuss the benefits and challenges veterans face in financial planning, the importance of understanding military benefits, and best practices for wealth building through behavioral finance. Brian also provides valuable resources and insights for military personnel to better manage their finances and make informed investment decisions.To learn more about Brian and the services he provides, check him out at pultrofinancialmanagement.com
Key Topics:
- 00:00 Introduction and Welcome
- 01:21 Brian's Military Background
- 03:08 Transition to Financial Advisor
- 05:38 Behavioral Finance and Military
- 09:46 Financial Education in the Military
- 12:46 Investment Strategies and Advice
- 23:13 Services Offered by Pultro Financial Management
- 24:31 Conclusion and Final Thoughts
Key Links
- Simple Wealth Inevitable Wealth - 25th anniversary edition
- Pultro Financial Management
- Brian Pultro - LPL Financial | LinkedIn
- Brian Pultro - Pultro Financial Management | Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
So as I've done for the last couple of years, I'm taking a break from publishing new episodes for the month of December. New episodes will resume on Monday, January 5th. In the meantime, check out the info below on top episodes from 2025 to catch up on. Also, listen to hear plans for the podcast in 2026!
2025 Highlights:
Top Episodes Topics
- Money Mindset
- Wealth Building
- Investing
Episodes on Money Mindset
- 191 | Navigating Finances with a CFO Mindset
- 193 | Hip Hop and Financial Literacy
- 195 | Improve Your Money Behavior Part 1: Understanding Procrastination and our Spending Habits
- 196 | Improve Your Money Behavior Part 2: Investing
- 197 | From Middle-Class to Millionaire
- 207 | Breaking Free from Paycheck to Paycheck Living Part 1 – Mindset, Gratitude, and Challenging Conventional Financial Wisdom
- 208 | Breaking Free from Paycheck to Paycheck Living Part 2 – The Five-Step Savings Plan
- 213 | The Investor's Golden Playbook Part 2 – Mastering the Mindset for First Generation Wealth
- 222 | Love, Money, and Wealth in Relationships Part 1
- 223 | Love, Money, and Wealth in Relationships Part 2
- 225 | Level Up Your Finances Part 2 – Commitment, Momentum, and the Path to Financial Freedom
Episodes on Wealth Building * 185 | Child-Free Wealth: Rethinking Financial Independence * 197 | From Middle-Class to Millionaire * 208 | Breaking Free from Paycheck to Paycheck Living Part 2 – The Five-Step Savings Plan * 210 | 7 Basic Wealth Strategies * 211 | 7 Basic Wealth Strategies Part 2 – Navigating Debt and Cash Flow * 212 | The Investor's Golden Playbook Part 1 – How a Financial Expert Built Wealth and a Legacy * 219 | Lessons from Generational Wealth Part 1 * 220 | Lessons from Generational Wealth Part 2 – The Real Secrets of the Wealthy * 222 | Love, Money, and Wealth in Relationships Part 1 * 225 | Level Up Your Finances Part 2 – Commitment, Momentum, and the Path to Financial Freedom
Episodes on Investing * 187 | For the Investment Curious * 192 | Empowering Women: Investing with Confidence and Values * 193 | Hip Hop and Financial Literacy * 196 | Improve Your Money Behavior Part 2: Investing * 200 | Financial Fees Explained: Navigating the Costs of Investment Advice * 205 | Reviving Investment Clubs: Strategies for Young Investors * 206 | Creating a Lasting Financial Legacy * 213 | The Investor's Golden Playbook Part 2 – Mastering the Mindset for First Generation Wealth * 226 | Demystifying Money, Becoming Financially Empowered
Top 5 Episodes based on Downloads * 198 | Reverse Budgeting: Turning Your Finances on Their Head * 211 | 7 Basic Wealth Strategies Part 2 – Navigating Debt and Cash Flow * 213 | The Investor's Golden Playbook Part 2 – Mastering the Mindset for First Gen Wealth * 199 | Layoff Preparedness: Building Resilience and Financial Security * 214 | Navigating Elder Care Part 1 – Protecting Your Family's Wealth
On this episode of CFO at Home, Matt Marizio, lawyer, father, and entrepreneur, shares his incredible journey from playing professional baseball to becoming a founder of a registered investment advisory firm, Reconstructing Wealth. Matt discusses how his childhood experiences with money shaped his perspective and how he overcame financial adversities along the way. He also dives into the importance of understanding the 'rules of the game' when it comes to personal finance, the limitations of relying solely on financial advisors, and strategies for achieving financial freedom by emotionally detaching from money. Matt also discusses the value of aligning with advisors who share your worldview and the significance of self-education in personal finance. For more info on Matt and Reconstructing Wealth, go to Reconstructingwealth.com
02:23 From Baseball to Finance: Matt's Journey
06:56 Early Financial Lessons and Struggles
09:15 Learning the Language of Money
09:46 Balancing Family and Finance
16:09 Understanding the Rules of the Game
22:21 Choosing the Right Financial Advisor
32:16 Reconstructing Wealth: Matt's Mission
35:44 Conclusion and Final Thoughts
Key Links:
- Reconstructing Wealth
- Matt Morizio (@mattmorizio) • Instagram photos and videos
- https://www.facebook.com/matt.morizio
- Matt Morizio - CEO of Reconstructing Wealth | LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince wraps up his conversation with financial coach Justin Bennett. This time, Justin and Vince dive deep into two critical stages of financial growth, focusing on commitment and momentum. Justin emphasizes that true change begins with a firm commitment to financial goals, illustrated through true stories of clients overcoming obstacles. They explore the importance of alignment in couples' financial journeys, the necessity of regular communication to foster shared goals, and how small victories can create a ripple effect, leading to significant financial freedom. For more insights from Justin, check out his work at levelupyourfinances.com
Key Topics:
- The Importance of Commitment in Financial Planning
- Transformative Stories of Client Success
- Aligning Financial Goals in Relationships
- The Role of Communication in Overcoming Financial Challenges
- Building Momentum Towards Financial Freedom
- Strategies for Creating Generational Wealth
Key Links:
- Level Up Your Finances - levelupyourfinances.com
- Strong Tower Consulting - strongtowerconsulting.com
- Justin on Instagram
- Justin on Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Justin Bennett, a financial coach with a remarkable story of overcoming his own financial challenges, including how he overcame being over $100,000 in debt, to achieve financial freedom. With a focus on awareness and knowledge, Justin outlines the first two levels of his proven system for financial success, emphasizing the importance of tracking expenses and budgeting proactively. Through sharing stories and practical advice, Justin provides inspiration to take control of your finances and make informed decisions. For more insights from Justin, check out his work at levelupyourfinances.com
Key Topics:
- The Journey from Debt to Financial Freedom
- Understanding the Impact of Daily Financial Choices
- The Importance of Awareness in Financial Management
- Budgeting: Proactive vs. Reactive Approaches
- Real-Life Examples of Financial Transformation
- Steps to Achieve Financial Freedom
Key Links:
- Level Up Your Finances
- JustinBennettFinances | Facebook
- Justin Bennett (@justinbennettfinances) • Instagram
- Linkedin.com/in/justinbennettfinances/
Contact the Host - vince@thecfoathome.com
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, I wrap up my conversation with Suzanne Leydecker, lifelong philanthropist and author of "A Woman on Top: My Journey Through Self Discovery Through Love and Money." This time around Suzanne continues to share her personal evolution with money, detailing her experiences from a young marriage to navigating life as a single mother. She discusses the complexities of wealth, self-worth, and the journey toward happiness, emphasizing that financial status does not determine personal value. Through her story, Suzanne illustrates the importance of self-care, philanthropy, and the power of giving back. For more about Suzanne and her work, visit SuzanneLeydecker.com.
Key Topics:
- Evolving Relationship with Money: From Marriage to Independence
- The Connection Between Self-Worth and Net Worth
- Philanthropy and the Joy of Giving
- Understanding Gender Dynamics in Financial Conversations
- Practical Tips for Overcoming Financial Anxiety
- The Importance of Self-Discovery in Relationships
Key Links
- Suzanne Leydecker - suzanneleydecker.com
- A Woman on Top: My Journey of Self-Discovery Through Love and Money: Leydecker, Suzanne
- Suzanne Leydecker (@suzanneleydecker) • Instagram
- Suzanne Leydecker - LinkedIn
- :Suzanne Leydecker - Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On the next two episodes of CFO at Home, Vince's guest is Suzanne Leydecker, a lifelong philanthropist and author of "A Woman on Top: My Journey Through Self Discovery Through Love and Money." Suzanne opens up about her experiences of inheriting money, and how it·s shaped her understanding of love and finances. She also reflects on the complexities that arise when women possess greater income and the impact it can have on personal relationships, the connections between love and money, and her personal story of growing up in a family with contrasting views on money and how those experiences influenced her own financial habits and choices in relationships. For more about Suzanne and her work, visit her website SuzanneLeydecker.com.
Key Topics:
- Navigating Wealth and Relationships
- The Impact of Inheritance on Personal Identity
- Understanding Sudden Wealth Syndrome
- Communication as a Key to Financial Harmony
- The Role of Women in Wealth Management
- Personal Responsibility and Financial Empowerment
Key Links
- Suzanne Leydecker - suzanneleydecker.com
- A Woman on Top: My Journey of Self-Discovery Through Love and Money: Leydecker, Suzanne
- Suzanne Leydecker (@suzanneleydecker) • Instagram
- Suzanne Leydecker - LinkedIn
- Suzanne Leydecker - Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince and his guest, Kyle Gabhart, author of "Legends Don't Retire and Neither Should You"., discuss creating a meaningful legacy, financial and otherwise. They discuss the importance of living a meaningful life in the present, and how wealth can amplify influence but is not the essence of one's legacy. Kyle also challenges the conventional notion of retirement, advocating instead for a life of engagement and purpose throughout our lives, and shares strategies for integrating passion into our lives while preparing for the future. For more about Kyle and his work, visit KyleGabhart.com.
Key Topics:
- The Meaning of Legacy: Living vs. Leaving
- Challenging Conventional Retirement Notions
- The Importance of Community and Engagement
- Balancing Financial Planning with Life Fulfillment
- Understanding the Role of Wealth in Legacy
- Strategies for a Holistic Approach to Budgeting
Key Links:
- Kyle Gabhart.com
- Legends Don't Retire and Neither Should You
- Kyle Gabhart | LinkedIn
- Bluegrass Legacy Group | Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of Vince·s conversation with Chase Collins, Certified Master Life Coach and author of "Trust Your Trust Fund." This time out Chase and Vince explore the often misunderstood dynamics of wealth and the mindset that surrounds it. They dive into common misconceptions about the wealthy, such as the belief that money solves all of our problems, and discuss the stigmas faced by those who inherit wealth. Chase shares insights on the importance of mindset, emphasizing the difference between operating from a place of scarcity versus abundance. Vince and Chase also tackle the notion of doing what you love and how that intersects with financial success, the role of networking, the impact of societal inequalities, and the traits that distinguish financially successful individuals from those who struggle. For more about Chase and his work, visit TheTrustFundCoach.com.
Key Topics:
- Debunking Myths About Wealth and Inheritance
- The Impact of Mindset on Financial Success
- Understanding Scarcity vs. Abundance Mentality
- Networking and Its Role in Building Wealth
- The Relationship Between Passion and Financial Success
- Insights on Philanthropy and Generosity Among the Wealthy
Key Links
- TheTrustFundCoach.com
- Trust Your Trust Fund
- Chase Collins (@trustfundcoach) • Instagram
- Chase Collins | LinkedIn
Contact the Host - vince@thecfoathome.com
Check out full video of the podcast on YouTube! - CFO at Home on YouTube
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x84079330903067250
On this episode of CFO at Home, Vince·s guest is Chase Collins, a Certified Master Life Coach and author of "Trust Your Trust Fund." Chase shares his unique perspective on generational wealth, drawing from his own experiences as a fifth-generation inheritor. Vince and Chase discuss the challenges faced by those who inherit wealth, including feelings of entitlement, the importance of building a life of purpose, and the psychological impact of sudden wealth syndrome and how it can affect relationships and personal well-being. For more about Chase and his work, visit TheTrustFundCoach.com.
Key Topics:
- Understanding Generational Wealth and Its Challenges
- The Importance of Purpose and Fulfillment
- Sudden Wealth Syndrome: Psychological Impacts
- Finding Clarity and Direction with Inherited Money
- Redefining Wealth: Beyond Material Possessions
- Building a Legacy: Lessons for First-Generation Wealth Builders
Key Links
- TheTrustFundCoach.com
- Trust Your Trust Fund
- Chase Collins (@trustfundcoach) • Instagram
- Chase Collins | LinkedIn
Contact the Host - vince@thecfoathome.com
Check out full video of the podcast on YouTube! - CFO at Home on YouTube
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of Vince·s conversation with Bart Merrill, entrepreneur and author of "Monetize Your Mindset." This time around Bart shares his journey through various ventures, from bungee jumping to dog training to poker, illustrating the importance of evaluating choices and knowing when to pivot. They also discuss the value of creating dual lists of what you enjoy and what comes easy to you as a tool to use in evaluating side hustle choices, and the value of mentorship and how it can guide decision-making. Bart also introduces his resource, "25 for 25," a guide to successful side hustles, aimed at inspiring budding entrepreneurs looking to make their first step. For more information about Bart and Monetize Your Mindset, visit BartMerrell.com
Key Topics:
- Evaluating Your Choices in Entrepreneurship
- The Importance of Passion vs. Practicality
- Mentorship in Business Decisions
- When to Pivot: Knowing When to Move On
- Introduction to 25 for 25: Successful Side Hustles
- The Role of Storytelling in Entrepreneurship
Key Links
- BartMerrell.com
- https://offer1.bartmerrell.com/25for25
- Bart Merrell Facebook
- https://www.youtube.com/@BartMerrell
- https://www.linkedin.com/in/bart-merrell-2440148/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 1 of Vince·s discussion with Bart Merrell, an entrepreneur and author of "Monetize Your Mindset." Bart and Vince discuss his journey of creating financial security through the monetization of personal experiences and knowledge, starting with his upbringing on a pig farm, where he learned the value of entrepreneurship from his father, and how that foundation led him to explore various business ventures, including a mobile disco and bungee jumping. Bart emphasizes the importance of recognizing opportunities in everyday life and discusses how he helps others identify their ideal side hustles through a structured system of questions. For more information about Bart and Monetize Your Mindset, visit BartMerrell.com
Key Topics:
- Inspiration Behind Bart's Entrepreneurial Journey
- Monetizing Personal Experiences for Financial Security
- The Importance of Recognizing Opportunities
- Creating a System to Identify Side Hustles
- Lessons from Dog Training and Overcoming Challenges
Key Links
- BartMerrell.com
- https://offer1.bartmerrell.com/25for25
- Bart Merrell Facebook
- https://www.youtube.com/@BartMerrell
- https://www.linkedin.com/in/bart-merrell-2440148/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is Pravat Lall, the founder of SmartHeritance, a platform dedicated to preserving digital legacies. Pravat and Vince discuss the concept of digital legacy, the importance of keeping estate planning documents updated, and the need to integrate digital assets into estate planning. Pravat also highlights the challenges of managing digital footprints, cybersecurity measures needed to protect sensitive information, and the emotional significance of digital legacies, including social media. For more information about Pravat and SmartHeritance, visit SmartHeritance.com.
- Understanding Digital Legacy
- Challenges in Traditional Estate Planning
- The Importance of Keeping Estate Plans Updated
- Unclaimed Assets and Digital Footprints
- The Role of Digital Assets in Modern Estate Planning
- Security Concerns in Digital Legacy
- Emotional and Practical Aspects of Digital Legacy
- Advice for First Generation Wealth Builders
Key Links
- SmartHeritance.com
- SmartHeritance - Linkedin
- SmartHeritance - Facebook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of Vince's conversation with Aaron Miller, an elder law attorney who this time around shares his perspective on long-term care insurance. Aaron discusses the critical importance of planning for potential healthcare costs, particularly as they relate to aging and unexpected illnesses. He recounts personal experiences that highlight the financial strain families face when care is needed, emphasizing how long-term care insurance can serve as a vital tool for asset protection. Aaron also explores the evolving landscape of long-term care products, including hybrid policies that offer benefits even if care is never needed.. For more information about Aaron and his services, visit aaronmillerlaw.com
Key Topics:
- The Importance of Long-Term Care Insurance in Asset Protection
- Personal Stories Highlighting the Financial Impact of Care Costs
- Understanding the Evolving Landscape of Long-Term Care Products
- Strategies for Effective Planning: Timing and Health Considerations
- How to Approach Financial Advisors About Long-Term Care Insurance
Key Links
- Miller Law Office, PLLC
- https://www.facebook.com/MillerLawOfficePLLC/
- Aaron Miller - Miller Law Office, PLLC | LinkedIn
- Miller Law Office, PLLC - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Aaron Miller, an elder law attorney whose personal experiences have shaped his passion for helping families navigate the complexities of estate planning and elder care. Aaron shares his personal story, then they get into the importance of understanding the financial implications of aging, including misconceptions surrounding Medicare and Medicaid, and the necessity of proactive planning. Aaron discusses various options for funding care, including private pay, long-term care insurance, and government benefits, while also shedding light on common myths on the subjects. For more information about Aaron, visit aaronmillerlaw.com
Key Topics:
- Aaron's Transition to Elder Law: Personal Motivations
- Understanding Medicare vs. Medicaid: What You Need to Know
- The Importance of Planning for Long-Term Care
- Common Misconceptions About Government Benefits
- Strategies for Funding Care: Private Pay, Insurance, and More
- Navigating the Medicaid Look-Back Period: What to Avoid
Key Links
- Miller Law Office, PLLC
- https://www.facebook.com/MillerLawOfficePLLC/
- Aaron Miller - Miller Law Office, PLLC | LinkedIn
- Miller Law Office, PLLC - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is part 2 of Vince·s conversation with Frank Buchholz, a seasoned financial expert and author of The Investor·s Golden Playbook: 12 Rules for Achieving Real Wealth. This time around Frank and Vince dive into the foundational principles of building first-generation wealth, focusing on key concepts from Frank's book, the importance of developing a prosperity mindset, discussing how mindset shapes financial success and the actionable steps to cultivate it. Frank shares insights from his experiences with clients, emphasizing the significance of paying yourself first through retirement accounts and the necessity of keeping your money protected from scams. For more information about Frank and his book, visit investorsgoldenplaybook.com.
Key Topics:
- The Importance of a Prosperity Mindset in Wealth Building
- Paying Yourself First: Maximizing Retirement Contributions
- Protecting Your Wealth: Understanding Financial Scams
- Lessons from Frank’s Most Memorable Clients
- Automating Savings: The Modern Approach to Wealth Accumulation
Key Links:
- Investors Golden Playbook
- Contact - Investors Golden Playbook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince's guest is Frank Buchholz, a seasoned financial expert with over 40 years of experience, and the author of The Investor’s Golden Playbook, 12 Rules for Achieving Real Wealth. Frank shares his personal financial journey, building an impressive retirement savings of over $8 million, beginning with modest contributions to his 401(k) in the early 1980s. He discusses the importance of maxing out contributions, the critical decisions he made during market downturns, and the lessons learned from navigating the Great Recession. Frank also emphasizes the significance of understanding investment strategies and the need for guidance in today’s investment landscape. For more about Frank and The Investor’s Golden Playbook, visit investorsgoldenplaybook.com
Key Topics:
- Frank's Journey: From $2,000 Contributions to $8 Million in Savings
- The Importance of Maxing Out Your 401(k)
- Navigating Market Downturns: Lessons from the Great Recession
- The Shift from Pensions to 401(k)s: A New Era of Retirement Planning
- Building a Legacy: Passing Wealth and Knowledge to the Next Generation
- Understanding the Need for Investment Guidance
Key Links:
- Investors Golden Playbook
- Contact - Investors Golden Playbook
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince continues his conversation with Victor Idoko, wealth strategist and author of '7 Basic Wealth Strategies'. Victor and Vince dive into how the 7 Basic Wealth Strategies are applicable specifically to those struggling to manage their finances. Victor shares his observations on the challenges faced by those living paycheck to paycheck, emphasizing the critical role of cash flow management and the dangers of bad debt. He outlines practical steps for tackling debt effectively and discusses the importance of creating a sustainable cash flow plan that allows individuals to enjoy life while working towards financial stability. For more about Victor and his resources, visit cfvservices.com.au/resources
Key Topics:
- Applying Wealth Strategies to All Financial Situations
- Understanding Bad Debt and Its Impact
- Strategies for Quick Debt Elimination
- Creating a Sustainable Cash Flow Plan
- Budgeting for Different Life Stages
- Success Stories: Transforming Financial Lives
Key Links:
- https://cfvservices.com.au/
- CFV Advisory - Wealth and Financial Planning - Facebook
- Victor Idoko - Financial Adviser (@iamvictoridoko) • Instagram photos and videos
- victoridoko (@victoridokowlthadv) | TikTok
- Victor Idoko, CFA - 7 Basic Wealth Strategies | LinkedIn
- Victor Idoko - Elevate Your Wealth & Fin. Adviser - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here:
https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
In this episode of CFO at Home, Vince’s guest is Victor Idoko, wealth strategist and author of 7 Basic Wealth Strategies. Vince and Victor discuss the importance of a holistic approach to wealth management, and walk through the seven strategies outlined in his book, which serve as a roadmap for anyone looking to enhance their financial well-being, regardless of their current financial status. We also discuss common biases that affect financial decision- making, the significance of tailored cash flow management, and the critical need for a mindset shift when it comes to budgeting. To learn more about Victor and the 7 Basic Wealth Strategies, go to cfvservices.com.au/resources
Key Topics:
- Victor's Journey in Personal Finance
- The Motivation Behind 'Seven Basic Wealth Strategies'
- Overview of the Seven Basic Wealth Strategies
- Understanding and Overcoming Financial Biases
- The Importance of Tailored Cash Flow Management
- Shifting Mindsets Around Budgeting and Spending
Key Links
- https://cfvservices.com.au/
- CFV Advisory - Wealth and Financial Planning - Facebook
- Victor Idoko - Financial Adviser (@iamvictoridoko) • Instagram photos and videos
- victoridoko (@victoridokowlthadv) | TikTok
- Victor Idoko, CFA - 7 Basic Wealth Strategies | LinkedIn
- Victor Idoko - Elevate Your Wealth & Fin. Adviser - YouTube
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince·s guest is Paris Cluff, a Certified Financial Educator and Coach. Paris shares his journey from a corporate career, to becoming a financial advisor and educator, all while navigating his own personal financial setbacks during the 2008 economic downturn. He candidly discusses the challenges he encountered, and how those experiences reshaped his approach to personal finance. Paris emphasizes the importance of managing, protecting, and growing wealth, and shares valuable lessons learned, including the necessity of having an emergency fund and tracking expenses effectively. Check out the conversation and discover how Paris transformed his financial philosophy, and how you can apply his lessons learned to your own financial journey. For more insights and resources, visit pariscluff.com.
Key Topics:
- Paris's Journey from Corporate Employee to Financial Educator
- Facing Financial Hardship: Lessons Learned
- The Importance of Emergency Funds
- Managing, Protecting, and Growing Wealth
- Tracking Expenses: The Key to Financial Awareness
- The Transition from Budgeting to Cash Flow Statements
Key Links
- ParisCluff.com
- Paris Cluff (@pariscluff) • Instagram photos and videos
- https://www.facebook.com/pariscluff
- Paris Cluff - Owner - Financial Self-Reliance | LinkedIn
- Paris Cluff (@pariscluff) | TikTok
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode is Part 2 of Vince’s discussion with Paul Craan, author of 'How to Be Financially Free'. This time around Paul shares his personal journey from being a person who spent all of his extra income, to discovering a unique savings strategy that allowed him to build wealth steadily over time. He walks listeners through his Five-Step Savings Plan, emphasizing the importance of discipline in managing money and how this unconventional approach can help break the paycheck-to-paycheck cycle. For more insights and resources, visit paulcraan.com.
Key Topics:
- Introduction to the Five Step Savings Plan
- The Importance of Discipline in Saving
- How Loans Against CDs Can Work for You
- Building Wealth Over Time: A Personal Journey
- Transforming Your Financial Mindset
- Practical Tips for Managing Everyday Expenses
Key Links:
- Paulcraan.com
- How to Be Financially Free
- Paul Craan (@paulcraanofficial) • Instagram
- Paul Craan | Facebook
- Paulcraanofficial |TikTok
- Paul Craan official - YouTube
- Paul Craan | LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatchhere: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Paul Craan, author of 'How to Be Financially Free.’ Paul and Vince explore the concepts of financial freedom and independence, Paul’s thoughts on how to transition from relying solely on active income to building passive income streams that can cover expenses, and the importance of gratitude and happiness in the financial journey. Paul also shares his thoughts on common financial practices like budgeting and credit card usage, with Paul offering his unique perspective on why traditional budgeting may not be the best approach. For more on Paul and his work, visit paulcraan.com
Key Topics:
- The Difference Between Financial Freedom and Financial Independence
- The Importance of a Positive Money Mindset
- Building Passive Income Streams
- The Role of Gratitude in Financial Happiness
- Rethinking Budgeting: A New Approach to Managing Finances
- Smart Credit Card Usage and Its Impact on Financial Health
Key Links:
- Paulcraan.com
- How to Be Financially Free
- Paul Craan (@paulcraanofficial) • Instagram
- Paul Craan | Facebook
- Paulcraanofficial |TikTok
- Paul Craan official - YouTube
- Paul Craan | LinkedIn
- Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of Vince’s conversation with Christopher Wilson, author of 'How to Make Your Nest Egg Last a Lifetime. This time around Chris and Vince discuss building a financial legacy. Chris shares insights from his book, particularly his innovative North Star Nest Egg Legacy Model, designed to help individuals avoid some of the common pitfalls of retirement planning, and the importance of preserving purchasing power in order to thrive, not just survive, in retirement. To learn more about Christopher and his work, visit christopherawilson.com
Key Topics:
- The Importance of Building a Financial Legacy
- Understanding the Risks of Annuities
- The North Star Nest Egg Legacy Model
- Investment Strategies for Retirement
- Preserving Purchasing Power in Retirement
- Thriving in Your Golden Years
Key Links:
- Christopherawilson.com
- Talk with Chris about starting an Investment Club!
- How to Make Your Nest Egg Last a Lifetime
- Chris Wilson | LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Christopher Wilson, author of 'How to Make Your Nest Egg Last A Lifetime.' Chris and Vince discuss the resurgence of investment clubs, especially for young people looking to build wealth. Chris outlines the basic structure and benefits of investment clubs, emphasizing their educational value. He also covers the evolution of investing from traditional clubs in the 80s and 90s to today's virtual platforms. Chris explains the importance of having a well-defined operating agreement for successful club functioning and highlights the benefits of combining personal brokerage accounts with club investments to enhance financial literacy and investment strategy. To learn more about Christopher and How to Make Your Nest Egg Last a Lifetime, go to christopherawilson.com
Key Topics:
- The Concept of Investment Clubs
- How Investment Clubs Operate
- Benefits of Joining an Investment Club
- Mechanics of Investment Clubs
- Investment Strategies and Education
- Long-term Investing and Market Understanding
- Getting Started with Investment Clubs
Key Links
- Christopherawilson.com
- Talk with Chris about starting an Investment Club!
- How to Make Your Nest Egg Last a Lifetime
- Chris Wilson | LinkedIn
- Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince continues his conversation with Amy Adler, President of Five Strengths Career Transition Experts, this time focusing on job interviews. Amy and Vince explore the critical steps in preparing for interviews in today’s competitive job market, and the importance of showcasing your experience and aligning personal goals with the organization's mission. Amy shares valuable insights on handling panel interviews, the significance of crafting a compelling elevator pitch, and the art of responding to unexpected questions with poise. To learn more about Amy, go to Fivestrengths.com
Key Topics:
- Strategies for preparing for panel interviews
- The importance of a concise and engaging self-introduction
- Techniques for handling curveball questions during interviews
- The value of following up with interviewers post-conversation
- How to leverage ChatGPT for interview preparation
- Understanding the subtext of interview questions
- Key Links:
- Five Strengths Career Transition Experts
- Amy L. Adler | LinkedIn
- The Job Search Podcast
- How I Hire Podcast
- Courageous Career Change: Fearlessly Earn the Executive Role You Deserve
- Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is part 1 of Vince’s conversation with Amy Adler, President of Five Strengths Career Transition Experts, a firm specializing in resume writing for executives and their teams. In this part of their conversation, Amy and Vince discuss the transformative impact of technology, particularly AI and ChatGPT, on the job search process. They delve into how candidates can leverage these tools to enhance their resumes and cover letters while avoiding the pitfalls of over-reliance, and discuss best practices for updating outdated resumes, the significance of LinkedIn profiles, and the necessity of aligning one's online presence with their professional brand. To learn more about Amy, go to Fivestrengths.com
Key Topics:
- The role of AI and ChatGPT in modern job applications
- The importance of personalization in resumes and cover letters
- Best practices for updating outdated resumes
- Strategies for effective job searching in a competitive market
- Aligning your LinkedIn profile with your professional goals
- The impact of social media presence on job searching
Key Links:
- Fivestrengths.com
- https://www.facebook.com/amyladler
- Amy L. Adler | LinkedIn
- Amy Adler's “How I Hire”
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
In this episode of CFO at Home, Vince delves into the fascinating world of behavioral finance, particularly focusing on the concept of The 7 Money Personalities as introduced by Ken Honda in his book "Happy Money." Vince explains how understanding our own and our partner's money personalities can significantly improve financial decision-making and communication within relationships. He breaks down the seven distinct personalities: the Money Maker, the Worrier, the Compulsive Spender, the Compulsive Saver, the Indifferent to Money, the Generous Giver, and the Financial Avoider. Listeners will learn how these personalities can complement each other and foster unity, trust, and transparency in financial discussions. Additionally, Vince highlights the different emotional needs men and women have regarding money, emphasizing the importance of mutual understanding and open communication for couples to thrive financially together.
Key Topics:
- Exploring The 7 Money Personalities and their impact on financial behavior
- How understanding money personalities promotes unity and peace in relationships
- The importance of trust and transparency in financial discussions
- Balancing different financial tendencies for a harmonious partnership
- Recognizing and respecting emotional needs related to money in men and women
- Strategies for effective communication and goal-setting in financial planning
Key Links:
- Happy Money: The Japanese Art of Making Peace with Your Money
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince continues his discussion with Mel Stubbs, author of "Your FERS Federal Retirement: The 10 Decisions that Will Make or Break Your Retirement." Their focus shifts to the critical Social Security decision, exploring how to maximize benefits while considering the implications for beneficiaries. Mel breaks down the complexities of when to take Social Security, the impact of life expectancy, and the importance of strategic planning. They also discuss long-term care decisions, evaluating self-insurance versus insurance policies, and the significance of working with an advisor to navigate these crucial choices. For more insights, visit christycapital.com.
Key Topics:
- Understanding the optimal age to start taking Social Security benefits
- Evaluating the trade-offs of postponing benefits for higher payouts
- The implications of Social Security on beneficiaries
- Exploring long-term care options: self-insurance vs. insurance policies
- The importance of working with a financial advisor for retirement planning
- Strategies for transitioning to retirement and finding purpose
Key Links:
- Christy Capital
- Your FERS Federal Retirement: The 10 Decisions that Will Make or Break Your Retirement
- Christy Capital Management - YouTube
- Mel Stubbs - LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On the next 2 episodes of CFO at Home, Vince’s guest is Mel Stubbs, author of "Your FERS Federal Retirement: The 10 Decisions that Will Make or Break Your Retirement," to discuss key decisions that can shape our retirements. In this episode, Mel and Vince focus on 4 of the 8 decisions that many of us will face, regardless of whether we’re federal employees or not; when to retire, what to do with company offered life insurance, what to do with our retirement accounts, and the tax planning decision. To learn more about Mel and his book, go to christycapital.com
Key Topics:
- Determining the right time to retire based on financial readiness
- Evaluating company-offered life insurance options
- Understanding the benefits and rules surrounding 401(k) and TSP accounts
- Tax planning strategies for retirement savings
- The role of Social Security and pensions in retirement planning
- How to effectively manage retirement income to avoid tax pitfalls
Key Links:
- Christy Capital
- Your FERS Federal Retirement: The 10 Decisions that Will Make or Break Your Retirement
- Christy Capital Management - YouTube
- Mel Stubbs - LinkedIn
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of Vince’s conversation with Certified Financial Planner Filip Telibassa. This time, Filip and Vince tackle the topic of investment fees; the significant impact that fees can have on long-term investment returns, and the importance of understanding the different fee structures associated with financial advice. They also discuss the trend of lower-cost investment options like ETFs and index funds. For more from Filip, visit his website BenzinaWealth.com
Key Topics:
- Understanding the impact of investment fees on long-term returns
- The difference between fee-only and fee-based financial advisors
- The advantages of a flat fee structure over asset under management fees
- The importance of unbiased fund selection for clients
- Trends in investment options: ETFs and index funds
- How to evaluate financial advisors and their fee structures
Key Links:
- Benzina Wealth
- https://www.linkedin.com/in/filiptelibasa/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince sits down with Pav Lertjitbanjong, a career and financial resilience expert, and self-made millionaire, to discuss the critical topic of preparing for layoffs and career setbacks. Pav shares her personal journey of overcoming significant financial challenges, including a life-changing divorce that led her to discover the importance of financial literacy and resilience. They discuss practical strategies for financial preparedness, including the creation of an "FU Fund" to cushion against unexpected job loss, the importance of diversifying income streams, and the power of building a personal brand. To learn more about Pav and get more of her tips on navigating layoffs and career changes, check out mycoachpav.com
Key Topics:
- The importance of financial preparedness for unexpected layoffs
- Creating an "FU Fund" for financial security
- Diversifying income streams to enhance financial stability
- Building a personal brand to increase job marketability
- Recognizing warning signs of potential layoffs
- The role of mindfulness and resilience in overcoming setbacks
Key Links
- https://www.mycoachpav.com/
- https://www.mycoachpav.com/pav-ai
- Moments of Reset (@momentsofreset) | TikTok
- https://www.linkedin.com/in/mycoachpav/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 1 of Vince’s conversation with Certified Financial Planner Filip Telibassa. In this part of our conversation Filip and Vince explore the concept of reverse budgeting. Filip explains how reverse budgeting flips traditional budgeting on its head by prioritizing savings and financial goals before addressing fixed expenses. He also shares insights on how this method can alleviate the feelings of deprivation often associated with budgeting, making it easier for clients to plan for their goals. Filip and Vince also discuss the importance of aligning financial goals with core values, and the dynamic nature of reverse budgeting, including how to assess its effectiveness over time. To learn more about Filip, visit his website BenzinaWealth.com
Key Topics:
- Understanding reverse budgeting and its benefits
- The emotional impact of traditional budgeting vs. reverse budgeting
- How to set financial goals based on core values
- Managing cash flow and assessing the success of reverse budgeting
- The role of budgeting apps in financial tracking
- Using reverse budgeting for debt elimination strategies
Key Links:
- Benzina Wealth
- Reverse Budgeting: A strategy to spend more, without guilt
- https://www.linkedin.com/in/filiptelibasa/
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Derrick Kinney, a successful entrepreneur who achieved millionaire status by age 37. Derrick shares his inspiring journey of going from a lower middle class background to financial success, emphasizing the importance of mindset and how it can shape one's financial destiny. Derrick and Vince discuss the significance of problem-solving in any career, the crucial steps to managing money effectively, and Derrick’s five-step framework, the Millionaire Money Map, designed to help individuals escape the middle class and achieve true financial freedom. For more of Derrick’s wisdom, check out DerrickKinney.com and his Good Money Podcast.
Key Topics:
-
The journey from lower middle class to millionaire
-
The entrepreneurial mindset and its importance in any career
-
Understanding and managing money effectively
-
The Millionaire Money Map: five steps to financial freedom
-
The impact of mindset on financial success
-
How to create a giving strategy that aligns with your goals
Key Links:
DerrickKinney.com
Good Money Revolution
Good Money Podcast
Derrick Kinney - LinkedIn
Derrick Kinney - Instagram
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
This episode of CFO at Home is Part 2 of VInce’s conversation with Jonathan Blau, Founder and Chief Executive Officer of Fusion Family Wealth, a Long Island-based, fee-only, registered investment advisory firm. Jonathan and Vince discuss the misconceptions surrounding risk and volatility, how our fears can lead us to make poor financial decisions, the importance of understanding purchasing power and the long-term nature of investing and dive into three common behavioral mistakes that investors often make. To l earn more about Jonathan, go to fusionfamilywealth.com, or check out his podcast, Crazy Wealthy Podcast.
Key Topics:
- Understanding risk and volatility in investing
- The impact of inflation on purchasing power
- Common behavioral mistakes investors make
- The importance of disciplined investing for long-term goals
- Overcoming psychological barriers to investing
Key Links
- Fusion Family Wealth
- Crazy Wealthy Podcast
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On the next two episodes of CFO at Home, Vince’s guest is Jonathan Blau, Founder and Chief Executive Officer of Fusion Family Wealth, a Long Island-based, fee-only, registered investment advisory firm. Jonathan is also an industry thought leader in behavioral finance – helping investors learn to make rational money decisions and identify biases that drive poor money decisions and then helping to modify their “money behavior".
In part 1 of their conversation, Vince and Jonathan dive into the psychology behind procrastination, particularly how it affects our ability to plan and make crucial financial choices. They also discuss what makes some of us overspenders, while others are frugal, and how the pain associated with making financial choices leads many to avoid planning altogether, often opting for immediate gratification instead. To learn more about Jonathan, go to fusionfamilywealth.com, or check out his podcast, Crazy Wealthy Podcast.
Key Topics:
- Understanding procrastination in financial planning
- The pain of making financial choices and its impact on behavior
- The physiological effects of spending and the pursuit of happiness
- How hyperbolic discounting affects long-term financial decisions
- The balance between overspending and being overly frugal
- The influence of upbringing on spending habits and financial fears
Key Links
- Fusion Family Wealth
- Crazy Wealthy Podcast
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Nicole Smith, author of "Diagnosis Dementia: Your Guide to Elder Care Planning and Crisis Management." Nicole shares her personal journey into caregiving, sparked by her mother's Alzheimer's diagnosis, and discusses the emotional and financial challenges faced by caregivers, including the significant costs associated with care, the complexities of Medicare and Medicaid, and the importance of planning ahead. They also discuss the necessity of having candid conversations about mortality and financial preparedness with loved ones. To learn more about Nicole and her book, visit njsmithbooks.com
Key Topics:
- The emotional and financial impacts of caregiving
- Understanding Medicare and Medicaid limitations
- The importance of planning for long-term care
- Navigating Activities of Daily Living (ADLs) and instrumental activities of daily living (IADLs)
- Building a supportive team of professionals for elder care
- The necessity of discussing financial and medical powers of attorney
Key Links:
- njsmithbooks.com
- Area Agencies on Aging - Eldercare Locator
- Elder Law Attorneys - National Academy of Elder Law Attorneys
- Nicole Smith - Author - NJS Press | LinkedIn
- Nicole Smith (@dementiabookreview) • Instagram
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Drew Boyer, a Certified Financial Planner and author of "Hip Hop X Finance: Become a Financial Gangster, Get off Debt Row and Stack your Cash Flow." Drew shares his journey of merging his passion for music and personal finance, illustrating how hip hop culture can serve as an engaging lens for financial education. He discusses the importance of understanding personal finance through relatable examples from hip hop moguls, including Hammer and Dr. Dre. Dre emphasizes the significance of patience in investing, the value of surrounding ourselves with the right advisors, and how to navigate the complexities of financial literacy in today's fast-paced world. To learn more about Drew and Hip Hop X Finance, visit hiphopxfinance.com
Key Topics:
- The intersection of hip hop culture and personal finance
- Lessons from hip hop moguls on success and failure
- The importance of patience and long-term investing
- Navigating financial literacy for younger generations
- How to choose the right financial advisors
- Understanding the impact of social media on financial advice
Key Links:
hiphopxfinance.com
@therealdrewboyer - Facebook
@drewboyer78 - Instagram
@hiphopxfinance - TikTok
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Janine Firpo, co-founder of the nonprofit Invest for Better and author of the book "Activate Your Money." Janine shares her journey as an investor and her passion for empowering women to take control of their financial futures. She discusses the systemic barriers women face in investing, the significance of values-aligned investing, and the importance of community in fostering financial confidence. Janine also highlights the need for women to understand their financial situations, especially during life transitions like divorce or widowhood. To explore more about Janine's work and resources, visit investforbetter.org
Key Topics:
- The importance of empowering women in investing
- Understanding systemic barriers to women's financial education
- The concept of values-aligned investing
- Community learning and support for women investors
- Navigating financial challenges during life transitions
- The significance of financial literacy in creating generational wealth
Key Links:
Janine Firpo - LinkedIn
Invest for Better
Activate Your Money
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is John Cousins, founder of MBA A$AP, an online business education community that provides individuals around the world with access to valuable business skills and knowledge John shares his thoughts on the importance of treating personal finances like a business, discussing key concepts such as income-producing assets, the pitfalls of consumer debt, and the significance of financial literacy. John also dives into the complexities of student loans, the value of education versus its cost, and offers practical advice for young adults navigating their financial futures. To explore more about John's work and resources, visit mba-asap.com.
Key Topics:
- Treating personal finances like a business
- Understanding income-producing assets vs. consumer debt
- The impact of student loans on financial health
- The importance of financial literacy for everyone
- Exploring alternative paths to traditional education
- Building wealth and securing financial futures
Key Links:
- MBA A$AP
- MBA ASAP - Facebook
- jjcousinsiii - Instagram
- Mbaasap - TikTok
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
In this episode of CFO at Home, Vince’s guest is litigation and personal injury lawyer Jon Groth. Jon shares advice for those seeking a personal injury lawyer, discusses proactive financial steps to take before an injury occurs, outlines strategies for negotiating medical bills, and discusses the significance of having a knowledgeable insurance agent as part of your financial team. You can learn more about Jon and Groth Law Firm by going to GrothLawFirm.com
Key Topics:
- How to choose the right personal injury lawyer
- Proactive financial steps to take before an injury
- Understanding insurance coverage and its importance
- Negotiating medical bills and costs
- The role of an insurance agent in your financial team
- Strategies for managing medical expenses post-injury
Key Links:
- Groth Law Firm
- Groth Law Firm on Facebook
- Follow Groth Law on TikTok
- Groth Law on Instagram
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Angelo Santiago, a men's marriage and relationship coach. Angelo shares practical tips on fostering open communication about money, recognizing the impact of upbringing on financial perspectives, and the necessity of shared financial goals. Angelo also shares the evolution of his relationship with his wife and the pivotal conversations that ultimately strengthened their financial partnership. To learn more about Angelo and his work, visit angelosantiago.com, and check out the Better Husband Podcast
Key Topics:
- The role of financial discussions in marriage
- Understanding different financial backgrounds
- Navigating disagreements about spending and saving
- The importance of having money meetings
- Building trust and respect in financial management
- Practical tips for effective communication about money
Key Links:
Angelo Santiago
Better Husband Toolkit
Better Husband Podcast
Contact the Host - vince@thecfoathome.com
Want to be a guest on CFO at Home? Send Vince Carter a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/1628643039567x840793309030672500
On this episode of CFO at Home, Vince’s guest is Sharon Soliday, a passionate advocate for financial education, particularly for young people. Sharon shares her own journey growing up with limited financial resources and how it shaped her desire to help others learn valuable money lessons. Sharon’s book "Cradle to Credit," emphasizes the importance of teaching kids financial concepts from an early age, and provides practical strategies for parents to engage their kids in age-appropriate discussions about money that resonate with them. Sharon and Vince discuss budgeting, allowances, the value of work, the significance of investing, and more. For more insights from Sharon, check out her website SharonSoliday.com
Key Topics:
- Sharon's journey to financial education
- The importance of teaching kids about money early
- Practical strategies for budgeting with children
- The role of allowances and chores in financial literacy
- Encouraging work ethic and responsibility in teens
- Engaging kids in investing through relatable examples
Key Links:
- Sharon Soliday
- Cradle to Credit — Sharon Soliday
- Sharon Soliday-Rolin, Author and Speaker | Facebook
Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince’s guest is Kurt Altrichter, the founder of Ivory Hill, a fee-only fiduciary financial advisory firm. Kurt and Vince discuss the importance of managing cash flow, understanding risk tolerance, and the often-overlooked "do nothing risk" of not investing. Kurt also provides insights into the challenges faced by individuals who are hesitant to invest and the value of having a financial advisor to navigate market volatility. You can learn more about Kurt and Ivory Hill by going to IvoryHill.com.
Key Topics:
- Challenges Faced by Non-Investors
- The Importance of Cash Flow and Risk Tolerance
- Understanding "Do Nothing Risk" and Inflation
- The Role of a Financial Advisor
- Selecting the Right Financial Advisor
- Managing Emotions in Investing
Key Links:
- Ivory Hill
- Instagram - Kurt S. Altrichter (@kurtsaltrichter) • Instagram photos and videos
- Facebook - https://www.facebook.com/kurt.altrichter
- Follow Kurt on Twitter Kurt S. Altrichter, CRPS® (@kurtsaltrichter) / X
- Explore Kurt's insights on Substack https://substack.com/@kurtsaltrichter
Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince’s guest is Valerie Greene, a relationship coach with a wealth of experience in helping couples navigate the complexities of money and relationships. Valerie shares her personal journey of learning to resolve conflicts, and how it led her to become a relationship coach. Valarie and Vince also dive into the deep-seated issues that money often represents in relationships, such as control, security, and personal values. Valerie provides insights from her extensive training with relationship experts and shares case studies that illustrate how couples can move beyond surface-level money arguments to understand the dreams and values underlying their financial disagreements. To learn more about Valerie and her work, check out CoachValerieGreene.com and The Soul-Shaking Love Podcast
Key Topics:
- Valerie's journey to becoming a relationship coach
- Understanding what money represents in relationships
- The role of control and security in money arguments
- Case studies: Resolving financial disagreements through empathy and understanding
- The importance of validating each other's dreams and values
- Practical exercises for couples to improve communication about money
Key Links:
- CoachValerieGreene.com
- Soul-Shaking Love Podcast | Relationship Coach Valerie Greene
- Valerie Greene (@val_greene) • Instagram photos and videos
- Coach Valerie Greene: Deepen Your Love Relationships | Facebook
- Valerie Greene - YouTube
Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince’s guest is Bri Conn, the Chief Experience Officer of Childfree Wealth®, a life and financial planning firm dedicated to helping Childfree and Permanently Childless people. Bri and Vince dive into key financial considerations for the childfree, including how childfree individuals can optimize their time, money, and freedom, the importance of having a plan for long-term care, the concept of legacy beyond traditional generational wealth and the importance of estate planning. Bri also shares tips on how to engage in sensitive conversations with childfree individuals, and the value of understanding their unique financial challenges. For more insights, check out the Childfree Wealth Podcast co-hosted by Bri and Dr. Jay Zigmont, and Dr. Jay’s new book, "The Childfree Guide to Life and Money”.
Key Topics:
-
Introduction to Childfree Wealth
-
Defining Childfree vs. Childless
-
Financial Planning Considerations
-
Die with Zero Approach
-
Flexibility and Home Ownership
-
Investment Goals for the Childfree
-
Long-term Care Planning
-
Legacy and Estate Planning
-
Sensitive Conversations with Childfree Individuals
-
Book - The Childfree Guide to Life and Money
Key Links
- Childfree Wealth
- Childfree Wealth Podcast
- Childfree Wealth (@childfreewealth) • Instagram photos and videos
- Childfree Wealth® - YouTube
- ChildfreeWealth | Facebook
Contact the Host - vince@thecfoathome.com
As the year comes to a close, CFO at Home is pausing for the month of December. New episodes will resume on January 1st, featuring interviews with money experts on topics such as wealth building, investing, money and relationships, and more. In 2025, expect a mix of interview-based episodes and short educational segments designed to enhance your CFO at Home skills.
With 184 full episodes and bonus content available, now is the perfect time to catch up on any you’ve missed. Visit thecfoathome.com to explore episodes by topic. Enjoy the holiday season, and remember to spend and eat wisely. Join us in January for an exciting new year!
Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince’s guest, Paul Murphy of Divorce Detox, shares his personal story of divorce, and the challenges that he’s faced in transitioning from a spouse who was largely uninvolved in the day to day management of his finances, into the CFO of his Home. Paul’s experiences inspired him to create Divorce Detox, a digital program aimed at helping men manage the emotional and financial aspects of divorce. You can find out more about Paul and Divorce Detox by visiting divorcedetoxx.com
Key Topics:
- Paul's personal story: career, marriage, divorce, and financial challenges
- The role of financial literacy and budgeting post-divorce
- Importance of involving both partners in financial management
- Emotional and mindset impacts of divorce on financial decisions
- Paul's creation of Divorce Detox and its role in supporting men
Key Links:
- divorcedetoxx.com
- WeekendWarriorbeme - Instagram
Contact the Host - vince@thecfoathome.com
With the 2024 Presidential Election behind us, what's our new President's plan to address voter's #1 issue?
Key Topics:
- Introduction and Election Reflection
- Understanding Inflation: Definitions and Current Rates
- President-elect's Inflation Strategy: Key Points
- Impact of Energy Production on Inflation
- Federal Spending and Deregulation
- Immigration and Housing Costs
- Geopolitical Stability and Inflation
- Tax Policies and Home Ownership Initiatives
- Conclusion: Holding Leaders Accountable
On this episode of CFO at Home, Vince’s guest is Luke Homen, a bankruptcy attorney and founder of Convenient Bankruptcy. Luke and Vince discuss two of the most common forms of bankruptcy, Chapter 7 and Chapter 13, and the importance of understanding the process and potential pitfalls of each. Luke shares insights into the emotional and financial aspects of filing for bankruptcy, and the impact of bankruptcy on aspects of your financial wellness such as credit scores. Luke and Vince also discuss the potential for student loan discharge through bankruptcy, a relatively new and evolving area of law, and the importance of financial literacy post-bankruptcy. For more information about Luke, visit ConvenientBankruptcy.com.
On this episode of CFO at Home, Vince’s discussion is with Jude Wilson, Chief Financial Strategist at Centrus Financial Strategies, about financial planning, specifically for underrepresented communities and the first-generation affluent. They discuss the importance of understanding cash flow versus net worth and the challenges of changing financial mindsets. Jude also shares his personal money journey as the son of Haitian immigrants as well as stories of individuals who have transformed their financial futures through strategic planning. You can learn more about Jude and his work by visiting Centrusfs.com and by listening to The Roth Guy podcast.
With more options available to us than ever, navigating the world of investments can be challenging, whether you’re a new investor just starting out, or a more seasoned investor looking to strike a balance between growth and income. On this episode of CFO at Home, Vince talks with Steven Wagner, from Integrity Wealth Advisors, about the importance of your investment strategy evolving in different stages of life, the psychology of money, the concept behind Lifestyle or Target Date funds, and more. You can learn more about Stephen and Integrity Wealth Advisors by visiting iwaplan.com
Key Takeaways:
- Investment Evolution: Investing strategies should evolve as individuals progress from young entrepreneurs to retirees, with a focus on more aggressive investments in the early stages and a gradual shift to conservative options as retirement approaches.
- 100-Age Rule: The 100-age rule is a guideline for determining the percentage of assets to invest in stocks, but younger investors may benefit from even more aggressive strategies.
- Psychology of Money: Understanding the psychological aspects of investing, such as fear and greed, is crucial for making sound financial decisions and maintaining a long-term perspective.
- Financial Planning: A comprehensive financial plan is essential for identifying short-term and long-term goals, which in turn dictates the appropriate investment strategy.
- Lifestyle Funds: These funds automatically adjust the asset allocation based on the investor’s age and retirement timeline, providing a hands-off approach to managing investments.
- Retirement Planning: As individuals approach retirement, the focus shifts from growth to income and risk management, making professional advice invaluable.
Key Links:
Integrity Wealth Advisors
Integrity Wealth Advisors, Inc. | Facebook
Steven H. Wagner | LinkedIn
Integrity Wealth Advisors | Twitter
steve@iwaplan.com
Contact the Host - vince@thecfoathome.com
Our thoughts, feelings, and emotions about money are key factors in determining our financial success. On this episode of CFO at Home, Vince talks with Pericles Rellas, a money mindset expert who has worked with tens of thousands of people for more than two decades to help them live lives of power, purpose and prosperity, using his concept of the "financial thermostat". They explore how our financial thermostats can dictate our earning and saving behaviors, the four keys to resetting your financial thermostat, and more. You can learn more about Pericles and the Financial Thermostat by visiting PericlesRellas.com
Key Takeaways:
- Financial Thermostat: Our financial thermostat is an internal setting that influences how much money we can earn and keep. It regulates our thoughts, feelings, and emotions about money.
- Understanding Money: Recognizing money as a currency that flows in a circle is crucial. Blocks in the flow of money, whether incoming or outgoing, can impede financial growth.
- Flow Focus: Identifying where your money is going and redirecting it towards intentional goals can empower financial decisions and create a sense of control.
- Prosperity Structure: Instead of a traditional budget, create a prosperity structure that includes all expenses and savings, fostering a mindset of growth rather than limitation.
- Mentoring: Finding a mentor or coach who resonates with you can provide guidance and accountability, helping to shift paradigms and reach financial goals.
Key Links:
- Pericles Rellas
- Pericles Rellas | YouTube
- Pericles Rellas | Facebook
- Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, the discussion is Side Hustles with Joan Posivy, host of the Side Hustle Hero podcast. Joan and Vince talk about the evolving landscape of side hustles, and she shares her insights on choosing the right side hustle, the importance of matching your side hustle to your personal preferences, the balance between a full-time job and a side hustle, and more. You can learn more about Joan and her work by visiting SideHustleHero.com
Key Takeaways:
- Choosing a Side Hustle: Select a side hustle that matches your personal preferences and work style, whether you prefer working with people or behind a desk.
- Goal Setting: Set clear, realistic goals and give yourself a specific timeframe to evaluate the success of your side hustle.
- Persistence: Many side hustles fail because people give up too soon. Commit to your side hustle for a set period before reevaluating its viability.
- Time Management: Efficiently manage your time by scheduling dedicated hours for your side hustle and minimizing distractions during those periods.
- Financial Planning: Before transitioning your side hustle to a full-time job, ensure you have sufficient savings to support yourself during the initial growth phase.
- Testing and Feedback: Use low-cost methods like farmers markets to test your product and gather feedback before making significant investments.
Key Links:
- Side Hustle Hero
- Side Hustle Hero | Instagram
- Joan Posivy | Facebook
On this episode of CFO at Home, Vince talks with JD Itri, founder of Olympus Money and author of "The Olympus Money Method: How to Gain Financial Freedom in a World Designed to Make You Poor." JD shares his journey from working at Intuit on products like TurboTax and Mint, to developing his own personal finance software, Olympus Money. They discuss the advantages of integrating tax preparation with management of your personal finances, psychological barriers to saving, and ways to streamline your financial management. You can learn more about JD and Olympus Money by visiting OlympusMoney.com
Key Takeaways:
- Integrated Finance: Combining tax preparation with personal finance can provide a more comprehensive view of one's financial health and streamline the tax preparation process.
- Elevated Balance: Instead of granular budgeting, focus on broad categories like savings, investments, and discretionary spending to simplify financial planning.
- Future Self Visualization: Viewing an aged version of yourself can increase savings by making the future feel more personal and immediate.
- Rich Habits: Investing in experiences and relationships can provide more long-term satisfaction than material possessions.
- Target Audience: The book and app are particularly useful for individuals aged 25-45 with household incomes between $75,000 and $250,000 who are looking to take control of their finances without dedicating excessive time.
Key Links:
- Olympus Money
- Olympus Money Method | Instagram
- Contact JD - jd@olympusmoney.com
- Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince talks with Tim Clifford, author of "Plan Assist: Make Better Financial Decisions," about the importance of having a financial plan, the difference between earning money and accumulating wealth, and the retirement crisis facing many Americans today. They explore the concept of diversification, the role of financial advisors, the significance of both formal and informal financial counsel, and more. You can learn more about Tim and PlanAssist, by going to PlanAssist.com.
Key Takeaways:
-
Financial Planning: A simple, clear plan is essential for financial success. It doesn't need to be elaborate; even a one-page plan can make a significant difference.
-
Diversification: Diversifying your investments is crucial. This includes a mix of stocks, bonds, and other assets, with a core portfolio and satellite investments for potential growth.
-
Seeking Counsel: Both formal and informal advice are important. Understand the biases in informal advice and ensure formal advice is unbiased and in your best interest.
- Retirement Crisis: Many Americans are unprepared for retirement. It's crucial to start planning early and make informed financial decisions to avoid financial stress in later years.
- Education: Financial literacy is key. Seek out resources and educate yourself on financial planning and investment strategies to make better decisions.
Key Links
- Website - PlanAssist
- Email - Info@PlanAssist.comContact the Host - vince@thecfoathome.com
Wills, Trusts, Powers of Attorney. Nearly all of us have some concept of what these are, but how many of us are really confident that we understand these fundamental estate planning tools and how they work? On this episode of CFO at Home, Vince talks with Adam Zuckerman, founder of Buried in Work, a comprehensive resource for estate planning and end- of-life tasks. Adam shares the origin story of Buried in Work, the importance of estate planning, common misconceptions, essential documents, and more. You can learn more about Adam and Buried in Work by going to BuriedInWork.com
Key Takeaways:
-
Estate Planning: It's not just for the wealthy. Everyone has an estate, and planning is crucial for the transition of assets and end-of-life wishes.
-
Essential Documents: Key documents include wills, durable powers of attorney, healthcare proxies, and various types of trusts.
-
Trusts: Trusts provide privacy and can help avoid probate. They are not solely for tax avoidance and should be set up with professional guidance.
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Digital Legacy: Modern estate planning should include digital assets like social media accounts and online passwords.
- Communication: It's vital to inform family members about the location and contents of estate planning documents to avoid confusion and stress.
Key Links:
- Buried in Work
- Adam Zuckerman - Buried In Work | LinkedIn
- adam@buriedinwork.com
- Buried in Work |(@buriedinwork) • Instagram profile
- Buried In Work | Facebook
- Contact the Host - vince@thecfoathome.com
A quick word of caution; this episode contains discussion of domestic abuse and suicide.
On this episode of CFO at Home, Vince talks with Sarah Doucette, author of "Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser." Sarah shares her story of enduring financial abuse while surviving domestic violence, and the lessons she learned along the way. We discuss Coercive Debt, the importance of each partner in a relationship being knowledgeable about their finances , and how Sarah rebuilt her life post-divorce. You can pick up a copy of Stronger Than That at Amazon.com or wherever books are sold. Also, check out Sarah’s podcast What’s My Age Again at Whatsmyageagainpod.com, or on your favorite podcast app.
Key Takeaways:
- Coercive Debt: Financial abuse can take many forms, including coercive debt, where abusers open credit accounts in their partner’s name without their knowledge.
- Financial Literacy: Understanding and being involved in household finances is crucial for everyone, regardless of their role in the relationship.
- Communication: Open and honest communication about finances between partners can prevent misunderstandings and potential financial abuse.
- Support Systems: Reaching out for help and utilizing financial advisors can be instrumental in recovering from financial abuse and rebuilding one’s financial health.
- Strength in Vulnerability: True strength lies in being vulnerable and seeking help, rather than suffering in silence.
Key Links:
- Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser
-
What’s My Age Again?
-
Sarah Lynn Doucette | Instagram
-
Sarah Doucette, MBA | LinkedIn
- Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, Vince talks with Regina McCann Hess, author of "Superwoman Wealth," a book designed to empower women to confidently plan their financial futures, about how societal expectations impact women's financial well- being, the importance of nurturing money, understanding money mindsets, understanding the role of communication between partners in managing finances, and more. You can learn more about Regina and Superwoman Wealth by going to Forgewealth.com
Key Takeaways:
- Societal Expectations: Historically, men have been expected to manage household finances, leaving many women unprepared to handle their own financial matters when necessary.
- Nurturing Money: Women are natural nurturers and can apply this trait to managing their finances by aligning their money with their values and goals.
- Money Mindset: Both men and women bring unique mindsets to financial management, influenced by their upbringing and societal roles. Understanding these mindsets is crucial for effective financial planning.
- Communication: Open and regular communication about finances between partners is essential for achieving common financial goals and avoiding misunderstandings.
- Kitchen Table Conversations: Regular, non-threatening discussions about finances can help couples understand each other's financial perspectives and work together more effectively.
Key Links:
ForgeWealth.com
Facebook - Forge Wealth
Instagram - Forge Wealth Management
LinkedIn - Regina McCann Hess
Contact the Host - vince@thecfoathome.com
Is college really worth the investment? On this episode of CFO at Home, Vince explores this question with James Bolin, creator of Secure Single, by diving into topics covered in James' blog posts; "Exposing the College Scam" and "Shocking Truth: Is College Worth It?" James also shares his personal experiences with higher education, and how they shaped his views on the value of a college education. You can learn more about James and Secure Single by going to Secure Single.com
Key Takeaways:
- Societal Pressure: The expectation to attend college starts in high school and is deeply ingrained in the American Dream, often leading students down a predetermined path.
- Student Loans: The availability of federal student loans incentivizes universities to raise prices, contributing to the creation of degree factories offering less marketable degrees.
- College Amenities: The rising cost of college is partially driven by non-essential amenities aimed at attracting students, such as luxurious dorms and recreational facilities.
- Student Lifestyle: The college environment often encourages partying and social activities that can delay adulthood and financial independence.
- Alternative Learning: Self-learning through online courses, certifications, and trades can be viable, cost-effective alternatives to a traditional college education.
- Financial Education: Early financial education, ideally starting in high school, is crucial for making informed decisions about higher education and managing personal finances effectively.
Key Links:
- Secure Single
- YouTube - Secure Single
- LinkedIn - James Bolin
- Contact the Host - vince@thecfoathome.com
Have you ever considered franchising as a business opportunity or a side hustle? On this episode of CFO at Home, Vince talks with Greg Mohr, CEO and founder of Franchise Maven, about the ins and outs of franchising, how to avoid common pitfalls and missteps, and the critical due diligence process. Vince also shares his own experience with a failed franchise, and what he learned from it. You can learn more about Greg and Franchise Maven by going to FranchiseMaven.com
Key Takeaways:
-
Franchise vs. Independent Business: Franchises offer a quicker path to success with a proven playbook, but come with franchise fees and royalties.
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Coachable Trait: Being coachable is essential for franchise success. If you prefer complete autonomy, franchising may not be for you.
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Due Diligence: Conduct thorough research, including talking to multiple franchisees and reviewing franchise disclosure documents to understand where the franchise makes its money.
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Red Flags: Be wary of franchises that make most of their money from franchise fees rather than royalties, and those that steer you towards talking to only certain franchisees.
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Financing Options: Service industry franchises often require lower initial investments and can be financed through SBA loans.
Key Links:
Website - Franchise Maven
Facebook - Franchise Maven
Instagram - Gregory K Mohr (@franchisemaven)
LinkedIn - Gregory K. Mohr
Contact the Host - vince@thecfoathome.com
Improving personal finances is consistently a top New Year’s Resolution. However, a study by the University of Scranton found that only 8% of people who set goals manage to achieve them. On this episode of CFO at Home, Vince discusses setting and achieving goals with Terry Fossum, the creator of the Oxcart Technique, a powerful yet easy-to-understand 3 step process, grounded in Nobel Prize-winning science, for overcoming obstacles holding you back from achieving success in in your finances, and many other aspects of life. You can learn more about Terry and the Oxcart Technique by visiting TerryLFossum.com
Key Takeaways:
-
Emotion Over Facts: We act based on emotion rather than facts. Creating strong emotional motivations is key to sticking to goals.
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Pain vs. Pleasure: Prospect theory shows we do more to avoid pain than to seek pleasure. The Ox Cart Technique uses this principle to drive action.
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Failure Scenario: Writing out a detailed failure scenario creates a strong emotional response that motivates action.
-
Daily Action Plan: A clear, actionable plan is essential. This includes what you will do daily to achieve your goals.
-
Success Scenario: Visualizing a positive outcome after following your action plan helps reinforce commitment and drive.
- Adaptability: Plans should be flexible. Execute now and adjust as needed rather than waiting for a perfect plan.
Key Links:
-
TerryLFossum.com
-
Terry Fossum TEDx Talk
- Instagram - Terry Fossum (@tlfossum)
- Facebook - Terry Fossum
- LinkedIn - Terry Fossum
- Contact the Host - vince@thecfoathome.com
Paying for college can be one of the most daunting financial challenges parents face, but a well thought-out plan that combines good parenting and sound financial planning can make it manageable. On this episode of CFO at Home, Vince talks with Ann Garcia, author of "How to Pay for College," about strategies to effectively save for college, prioritize financial goals, and navigate the myriad of scholarship opportunities available. Ann shares invaluable insights on the importance of early planning, the benefits of 529 college savings plans, and how to balance saving for college with other financial priorities like emergency funds and retirement. You can learn more about Ann by visiting Howtopayforcollege.com
Key Takeaways:
- Start Early: The ideal time to start saving for college is as early as possible, even before the child is born. 529 plans are a highly recommended vehicle for college savings due to their tax advantages.
- Prioritizing Savings: Emergency savings should come first, followed by retirement, and then college savings.
- Scholarship Opportunities: Every student is eligible for scholarships somewhere. Researching and applying for scholarships can significantly reduce the cost of college. Colleges offer need-based and merit-based scholarships, and there are scholarships for a wide range of skills and activities.
- ROI Analysis: It's crucial to consider the return on investment when choosing a college. This includes evaluating the cost of the college and the potential earnings from the chosen field of study.
- College Experience: Factors like mentorship, faculty engagement, and opportunities for applying classroom learning outside the classroom contribute more to future success than the type of college attended.
Key Links:
- Howtopayforcollege.com
- Facebook.com/collegefinanciallady
- twitter.com/anngarciacfp
- linkedin.com/in/ann-garcia-cfp%C2%AE-647507/
- Contact the Host - vince@thecfoathome.com
Did you know that fear of income taxes and the IRS is so real that there’s an actual physiological name for it? It’s Forosophobia. Tax debt in particular can be a daunting issue, affecting not only your finances but also your peace of mind. On this episode of CFO at Home, Vince talks with Morgan Anderson, a tax resolution expert, about the complexities and solutions surrounding tax debt, from understanding the common causes of tax debt to exploring viable options for resolution. You can learn more about Morgan and her firm, Golden Lion Tax Solutions by going to GoldenLionTaxSolutions.com
Key Takeaways:
- Common Causes: Tax debt often stems from unexpected events such as illness, death, inheritance issues, or business setbacks.
- Initial Reactions: The most common fear among clients is the possibility of going to jail, exacerbated by the intimidating image of IRS collectors.
- Resolution Options: The most common solutions include setting up monthly payment plans and seeking penalty forgiveness for justifiable reasons.
- Offer in Compromise: While enticing, this option has strict qualifications and is not suitable for everyone.
- Proactive Approach: It's crucial to be proactive in addressing tax debt rather than avoiding it, as early action can prevent further complications.
- Vetting Professionals: When seeking professional help, it's essential to verify credentials, ask about experience with similar cases, and listen to your instincts.
Key Links
- Website - GoldenLionTaxSolutions.com
- Book - Tax Debt Rule #1: There's ALWAYS A Solution
- Facebook - Golden Lion Tax Solutions
- LinkedIn - Morgan Anderson, EA, NTPI Fellow
Contact the Host - vince@thecfoathome.com
For so many of us, when we think of budgets and managing our money, what immediately comes to mind are things like restriction, sacrifice, or even conflict if money fights and disagreements are what we saw in our households growing up. If you have a partner who you manage money with, this can present challenges whether that person is you or them. But what if there’s another, healthier way of managing your money? That’s the discussion on this episode of CFO at Home with Aqura Nicholson, a money coach who empowers women entrepreneurs to master their money. You can learn more about Aqura by checking out her website AquraNicholson.com or her podcast Women Talk Money on your favorite podcast app.
Key Takeaways:
- Understanding your personal financial goals is crucial for effective money management.
- A healthy approach to managing money involves spending on what you truly enjoy while still working towards financial goals.
- Open financial communication and respect for individual preferences are vital in relationships.
- Avoiding extreme financial restrictions can prevent financial burnout and relapse.
- Building cash reserves and stabilizing expenses are essential steps before tackling debt payoff
Ways to Contact
- Aqura Nicholson
- Women Talk Money on Apple Podcasts
- Aqura | Money Coach for Small Businesses (@aquranicholson)
Contact the Host - vince@thecfoathome.com
Most of our time on this podcast is spent talking about how to prepare ourselves financially for the future; saving to meet different life goals, investing for retirement, things like that. What we don’t spend nearly as much time discussing are other topics that are just as important; things like finding meaning along the journey, be it through your job or other pursuits, and preparing emotionally for retirement. On this episode of CFO at Home, Vince dives into these topics and more with Michael Kay, Certified Life Coach and the creator of Chapter X, a community for men transitioning to life after their careers. You can learn more about Michael and Chapter X by visiting michaelfkay.com
Key Takeaways:
- Understanding your personal values and interests is crucial for a fulfilling retirement.
- Men often struggle with identity and purpose after leaving their careers due to societal conditioning to be competitive and independent.
- Building interdependent relationships and being open to new experiences can help ease the transition into retirement.
- Early emotional preparation for retirement is as important as financial preparation.
- Exploring personal interests and hobbies can provide a sense of purpose and satisfaction post-retirement.
Key Links:
- michaelfkay.com
- The Feel Rich Project
- Michael F. Kay | Facebook
- Contact the Host - vince@thecfoathome.com
In his book Not Another Lecture - 20 FinBit$ of Unsolicited Dad Wisdom about Money, Johnny Bohan uses his background as a Certified Financial Planner, college finance professor, and most importantly, a Dad, to share in a humorous way simple, straightforward, tips on how to how to manage money with his readers. Today on CFO a Home, you’ll get a double shot of dad wisdom from Johnny and Vince as they discuss the importance of getting a clear picture of your financial situation, “roboing” your savings, “boring” versus “trendy” investments, and more. You can learn more about Johnny and Not Another Lecture by going to JohnnyPBohan.com
Key Takeaways:
- Understanding your assets and liabilities helps you to develop a clear picture of your financial situation
- Automating your savings can help you build financial stability without the need for constant oversight
- While trendy investments like cryptocurrency can be enticing, a balanced approach with a focus on long-term, stable investments can provide a more solid foundation
- Having a "money buddy" can help you to stay accountable
Key Links:
Website - johnnypbohan.com
Instagram - Not Another Lecture
Contact the Host - vince@thecfoathome.com
In our last episode, Vince discussed conservative politics and the Black community with author, consultant, and entrepreneur Philip Blackett. This week, Philip and Vince wrap up their discussion, this time focusing on the upcoming Presidential election from the perspective of the economy, and the wealth gap between Black Americans and other groups.
Key Takeaways:
- Philip believes that conservative economic policies, such as smaller government and lower taxes, can be more beneficial for Black Americans.
- Government spending and national debt are critical issues that affect personal finances and future generations.
- The COVID-19 relief efforts had mixed results, with some programs being misused or not effectively targeted.
- Student loan forgiveness is a controversial topic, with differing views on its fairness and economic impact.
- Closing the wealth gap in the Black community requires a focus on education, entrepreneurship, and self-sufficiency.
Key Links:
Website - PhilipBlackett.com
Podcast - The Christian Conservative Capitalist Commentary
Contact the Host - vince@thecfoathome.com
This is a podcast about Personal Finance and Money. That being said, occasionally it’s tempting to go a bit off-script. This week’s episode is an example of giving into that urge. In last week's episode, Vince had a conversation with author, consultant, and entrepreneur Philip Blackett on the subject of artificial intelligence, and its potential impact on our jobs and careers. For the next 2 episodes, Philip, a self professed political conservative, and Vince go down a different path; discussing how, as a Christian Black man, Philip came to embrace conservative politics and believe it represents the best political path forward for the Black community, economically and otherwise. The result is a lively but respectful discussion of different viewpoints. If this episode intrigues you, check out Philip’s new podcast, The Christian Conservative Capitalist Commentary on your favorite podcast app.
Key Takeaways:
- Philip's journey from liberal to conservative is deeply rooted in his Christian faith and the alignment of his beliefs with the Republican platform.
- Voting often reflects personal values and financial priorities, making it essential to evaluate which political platforms align with one's beliefs.
- The importance of looking beyond the presidential race to down-ballot candidates who can significantly impact local and national policies.
Key Links
- Website - Philip Blackett.com
- Podcast - The Christian Conservative Capitalist Commentary
Contact the Host - vince@thecfoathome.com
As we hear story after story about Artificial Intelligence and how it's poised to revolutionize the way that we live and work, do you ever wonder how this revolution is going to affect you; change the way you work, or maybe even in time make your job obsolete? What steps can you take now to enhance the odds that AI has a positive impact on your personal economy? That’s the subject Vince and his guest, Phillip Blackett, author of the book Future-Proof: How to Adopt and Master Artificial Intelligence to Secure Your Job and Career, tackle this week on CFO at Home. You can learn more about Phillip and Future-Proof by going to PhillipBlackett.com
Key Takeaways/Quotes
"AI is not going to take your job, but the person who knows AI, that person is going to take your job."
"Artificial intelligence has been here for a while; it’s just becoming much more advanced."
"We don’t have the luxury of thinking that this AI thing is just a fad that will just go away in a couple of years."
"How do you cultivate a mindset around artificial intelligence that looks at it as an opportunity to collaborate with, rather than as a threat to fear?"
Key Links
- Website - Philip Blackett.com
- Instagram - Philip Blackett (@philipblackett) • Instagram photos and videos
- Facebook - https://www.facebook.com/PhilipBlackettFB/
- LinkedIn - https://www.linkedin.com/in/philipblackett/
- Twitter - https://twitter.com/PhilipBlackett
Contact the Host - vince@thecfoathome.com
On our last episode, we discussed Long-Term Care Insurance and options. Today my discussion with Bruce Weinstein, Co-Owner of Weinstein Wealth Insurance Solutions, focuses on Life Insurance; various types, and the roles they can play in our plans for wealth accumulation, protection, and leaving a legacy. You can learn more about Bruce and Weinstein Wealth Insurance Solutions by visiting PlanMan.tv
Key Takeaways:
(06:33) Life Insurance for wealth building and asset accumulation
(26:42) Having the courage to have the conversation about life insurance
(27:18) Permanent Insurance
(40:47) Common mistakes people make when evaluating life insurance
Ways to contact/follow:
- PlanMan.tv
- 844-PLANMAN
Contact the Host - vince@thecfoathome.com
Long-Term Care Insurance. Perhaps you were looking for something light and maybe a little informative to listen to while driving, walking the dog, exercising, or maybe knocking out a few household chores. Think Long-Term Care Insurance doesn’t fill the bill? Heavy subject? At times. But it’s a topic that will touch most of our lives at some point, whether it’s concerning a relative, close friend, spouse, or ourselves. And on this episode, Matt McCann of McCann Insurance Services keeps the conversation informative, relatable, and easy to follow. Give it a listen and decide for yourself. You can learn more about Matt and services that he provides through McCann Insurance Services by going to mccannltc.net
It’s that time of year. We’re finally shaking off winter and either looking forward to, planning for, or dreaming of travel. And while a quick get-away to the beach or mountains is always great, what about those bucket-list trips, places we’ve wanted to go, experiences we’ve wanted to have, or interests that we’ve wanted to dive into, but just haven’t gotten around to for some reason? Developing an intentional strategy for bucket list travel is the topic on this episode of CFO at Home with Christina Trotter, travel advisor, writer, and Founder of Destined Globetrotter. You can learn more about Christina and Destined Globetrotter by visiting destinedglobetrotter.com
(07:15) Family Travel
(14:43) Making Intentional travel plans
(17:40) Creating your bucket list
(41:15) Christina’s site destinedlglobetrotter. com
Key Links
- destinedglobetrotter.com
- Instagram - Chrissy Trotter (@destined_globetrotter)
- https://www.facebook.com/DestinedGlobetrotter
Contact the Host - vince@thecfoathome.com
When it comes to preparing for your retirement, at the end of the day, no one has as much on the line as you do. Even if you’re fortunate enough to have access to financial professionals to advise you, what are some essential things that you need to keep in mind, and be on the lookout for, in order to look after your own best interest? That’s the discussion on this episode of CFO at Home with Retirement Income Certified Professional and host of the Money Matters podcast Christopher Hensley. To learn more about Christopher and the Money Matters Podcast check out moneymatterspodcast.com
Key insights:
-
The significance of understanding your retirement plan and healthcare options (11:00)
-
Converting retirement savings into steady income (27:15)
-
The impact of financial literacy on retirement readiness across different communities (45:00)
Key Links
- Website - houstonfirstfinancialgroup.com MONEY MATTERS with Christopher Hensley
Contact the Host - vince@thecfoathome.com
Despite our best efforts to budget, save, invest, and be careful with our spending, a single medical emergency can present significant challenges to even the most thorough of financial plans. Given the ever rising price of healthcare and healthcare insurance, what can we do to help manage the impact of these costs on our finances? That’s the conversation that Vince has on this episode of CFO at Home with Robert Hertz, retired insurance agent and crusader against medical debt. You can learn more about Robert and his mission by going to theantidebtagenda.com
(05:10) Initial Avoiding and dealing with accumulated medical debt
(13:50) Beyond the initial steps
(14:05) Under some federal legislation, unpaid medical bills are not reported to credit bureaus
(21:03) Some doctors and even some hospitals will give you a payment plan
(25:12) There are a couple of things that can be done nationally to reduce medical debt
Ways to contact/follow:
- http://www.theantidebtagenda.com/
Contact the Host - vince@thecfoathome.com
Remember a couple of years ago when everybody was talking about Bitcoin, Cryptocurrency and NFTs? Hear much about them today? Was it all just a passing fad, or are there things about Cryptocurrency and the technology behind it that it would be beneficial for us to be aware of from a financial literacy standpoint? That’s the discussion Vince has on this week’s episode of CFO at Home with Professor Tonya Evans, Author of Digital Money Demystified, and host of the Tech Intersect podcast. You can learn more about Professor Evans, Digital Money Demystified and the Tech Intersect podcast by going to DigitalMoneyDemystified.com, or TechIntersectPodcast.com
Show Notes:
(3:16) Defining cryptocurrency and blockchain technology
(9:46) The trust factor behind crypto and how it compares to traditional currency
(17:15) The potential for marginalized communities to gain a first-mover advantage in the digital currency space
(26:30) The importance of becoming financially literate in the digital age and the role of crypto assets
(31:00) How recent events have affected the crypto market and what it means for investors
(42:02) Practical steps for beginners to start exploring and understanding the world of crypto
Ways to contact/follow:
- Tonya M. Evans
- Tech Intersect Podcast
- Digital Money Demystified
- Tonya M. Evans #DigitalMoneyDemystified (@ipprofevans) • Instagram
- Tonya Evans - Facebook
Resources
- Coindesk.com
- Coinmarketcap.com
- Unchained Podcast
Contact the Host - vince@thecfoathome.com
Google “Stressful life events”, and more often than not the results will list divorce as #2, right behind the death of a spouse or loved one. For all of the stress and pain that comes with the process, how can the financial part of a break-up be handled in a civil, respectful, and fair manner? That’s the topic that Vince dives into on this episode of CFO at Home with Leah Hadley, founder of Intentional Divorce Solutions, and host of the Intentional Divorce Insights podcast. You can learn more about Leah and Intentional Divorce Solutions by going to IntentionalDivorceSolutions.com
Show Notes
(06:27) Leah serves as a financial neutral or an advocate during divorce
(08:49) Common mistakes people make when going through divorce include giving up marital home
(12:49) Taking the time to fully understand your assets
(18:57) The importance of liquidity, having access to cash during transitions
(21:43) Protect your credit throughout the divorce process
(26:43) The importance of Financial Transparency
(29:13) Prenups
(32:30) Leah offers support groups for women and men going through divorce
Ways to Contact
- IntentionalDivorceSolutions.com
- https://www.instagram.com/intentionaldivorcesolutions
Contact the Host - vince@thecfoathome.com
Did you know that March is National Credit Education Month? To mark the occasion, Vince thought he’d share some info from the National Financial Educators Council Credit Education Guide. If you’d like a copy of the full guide, just drop him a note at vince@thecfoathome.com
Credit Bureaus are
- Companies that collect information about your credit and other financial obligations
Credit History
- Companies that you have loans with report how you have managed your debt to the credit bureaus. All this information is compiled into your credit history.
Credit Score
- Credit scoring companies (FICO and AdvantageScore) use credit history info to calculate and assign you a credit score, which is used as a measure your creditworthiness
-
The FICO scoring system is currently the most widely used and currently evaluates the following credit history elements with the following weights:
- 35% is based on your payment history.
- 30% reflects the amounts you currently owe.
- 15% is from the length of your credit history.
- 10% is from new credit and the number of recently-opened accounts.
- 10% is based on the types of credit you use.
-
FICO credit score ranges
- Exceptional 800 - 850
- Very Good 740 - 799
- Good 670 - 739
- Fair 580-669
- Poor 300 - 579
Credit Report
- A summary of your credit history and credit scores is published by the credit bureaus as a credit report
Resources
- www.AnnualCreditReport.com
Contact the Host - vince@thecfoathome.com
In the final episode of CFO at Home’s Money and Relationships series, Vince talks with Greg Davis, retired Senior Finance Executive, academic, and author of the book "Checkmate: Tips & Lessons to help you Make the Right Moves to Achieve Happiness!”, about how both Money and Relationships ultimately impact our happiness. You can learn more about Greg and Checkmate by visiting davischeckmate.com
Show Notes:
(00:00) Introduction to CFO at Home's financial coaching and education services announcement
(01:30) The staggering statistics on American happiness and financial preparedness
(6:47) Greg’s CHECKMATE framework and how it relates to money and relationships
(12:00) Work-life balance
(32:18) The concept of 'money dates' and how they can strengthen a couple's financial unity
(39:00) Take the time to find a good life partner
(46:18) Greg’s upcoming course based on "Checkmate" and the release of the audiobook
Ways to contact/follow:
- DavisCheckMate.com
Contact the Host - vince@thecfoathome.com
On this Money and Relationships episode of CFO at Home, Pastor, marriage coach and author Kelly DuPee and I dive into the subject of marriage and money. We discuss how Kelly successfully navigated through his own marital challenges, marital friction and financial disagreements, the importance of oneness, trust and communication when managing finances as a couple, and more. You can learn more about Kelly, his coaching services, and his book Turn It Up, How To Have The Lifelong Marriage That You Really Want by visiting turnitup.coach
Show Notes:
(00:00) Introduction to CFO at Home's new financial coaching and education services
(01:48) Kelly’s background and the personal experiences that shaped his approach to marriage coaching
(11:40) Financial arguments (explosive anger)
(15:34) The importance of financial unity (oneness)
(19:45) Strategies for couples to discuss and manage their finances collaboratively
(25:27) The importance of trust
(28:41) Kelly's techniques for effective communication and conflict resolution in financial matters
(40:46) The offer of discounted access to Kelly's book for CFO at Home listeners
Contact/follow:
-
Website: turnitup.coach
-
Book Offer: turnitup.coach/75
-
Contact the Host - vince@thecfoathome.com
CFO at Home’s Money and Relationships Month rolls on this week with a focus on Dating and Money with Christopher Hill, the Founder of The Gentlemen’s Group Christopher and Vince discuss the impact of stable relationships on financial success, the idea of financial “ do’s and don’t” in the dating world, the importance of establishing genuine connection with your romantic partner, and more. You can learn more about Christopher and The Gentlemen’s Group by going to thegentlemansgroup.com
Show Notes:
(07:25) The correlation between stable relationships and financial success
(10:37) The impact of societal definitions of manhood on personal and financial growth
(14:25) The importance of partnership and transparency in managing personal finances
(21:36) Christopher's approach to dating and establishing a genuine connection
(36:54) Addressing misconceptions and bad advice in the dating world
Ways to contact/follow:
- thegentlemansgroup.com
- Instagram @improvemydating
Contact the Host - vince@thecfoathome.com
All this month on CFO at Home, the focus is on Money and Relationships. Have you ever loaned money to a friend or family member, only to find yourself regretting it later? Have you struggled with saying no or setting limits in relationships, both personal and financial? If so, stick around for this episode and check out Vince’s conversation with Heather Claus. Heather is an educator, coach, and author of the book "Take No Sh*t" – Build better relationships through discovering, creating and maintaining healthy boundaries in three (sometimes five) simple steps. Heather shares her personal experiences and the lessons she learned about the importance of setting boundaries, breaks down the six types of boundaries and shares tips about establishing healthy boundaries, particularly in relation to money. Learn more about Heather and her book at My.Curiouser.Life
Show Notes:
(00:00) Introduction to CFO at Home's new financial coaching and education services
(02:50) Heather Claus's background and the impetus behind her book on boundaries
(5:56) The six types of boundaries and their overlap with financial well-being
(7:04) The nuances of material boundaries and the psychology behind lending money
(8:08) Strategies for setting boundaries with family members, including parents
(30:10) The relationship between self-esteem and establishing boundaries
(34:22) The importance of being true to oneself in relationships and financial matters
(42:00) Heather's approach to coaching and the wealth of resources available on her website
Ways to contact/follow:
- Curiouser.Life
Contact the Host - vince@thecfoathome.com
If one of your goals for 2024 is to break out of a professional or job search rut, endlessly sending out resumes and waiting for calls that never come, then this episode is for you. On this episode of 'CFO at Home,' Finance Guru and Bestselling Author of “The 5 Day Job Search” Annie Margarita Yang, shares her incredible story of how she landed three accounting jobs consecutively, each within five days, and all without an accounting degree. But this episode isn't just a narrative of Annie’s success; it's full of actionable advice, from leveraging LinkedIn as the new resume to crafting an authentic personal brand, Annie's insights are for anyone looking to stand out in today's competitive job market. You can learn more about Annie and The 5 Day Job Search by visiting AnnieYangFinancial.com
Show Notes:
(02:29) Annie's journey from minimum wage to accounting jobs without a degree
(04:36) Job description requirements and the magic behind Annie's resume
(12:25) The impact of personal branding in job searching
(13:47) Annie's take on honesty and values in building a personal brand
(20:22) The significance of an online presence and LinkedIn in today's job market
(35:53) The importance of authenticity and the dangers of oversharing
(40:29) Annie offers a special discount for her book to CFO at Home listeners
Resources:
-
Annie Margarita Yang's Website - anniengfinancial.com
-
YouTube - Annie Margarita Yang
-
Contact the Host - vince@thecfoathome.com
On this episode of CFO at Home, our series on your 2024 money goals rolls on, this time focusing on investing. Vince’s guest today is Shari Rash, founder and Financial Advisor with Greenway Wealth Advisory and the host of the Money Chic podcast. Shari and Vince discuss the importance of having defined investment goals, the difference between a budget and a spending strategy, how to allocate your income effectively between needs, wants, and savings, the basics of investment vehicles such as IRAs, 401(k)s and 529 plans, and more. You can find out more about Shari by going to greenwaywealthadvisory.com or checking out her podcast Money Chic on your favorite podcast app.
(00:00) Announcing CFO at Home's new financial coaching and education services
(05:00) Shari's insights on defining investment goals and the need for a spending strategy
(10:30) The 50/30/20 rule for allocating income and the difference between a budget and a spending strategy
(21:25) Understanding 401(k)s, IRAs, and the benefits of Roth options
(30:51) Navigating the nuances of 529 plans for college savings
Resources:
-
Greenway Wealth Advisory - greenwaywealthadvisory.com
-
Money Chic Podcast - Financial education on various topics
-
Instagram - @millennialmoneyadvisor
Contact the Host: vince@thecfoathome.com
Please note that this content is for informational purposes only and not intended as financial or investment advice. Consult a professional for guidance tailored to your situation.
When it comes to managing our money, oftentimes small, incremental changes implemented over a long period of time can yield big results. In her book Ditch Your Debt While Banking Bucks: Living the 60/40 Rule on Your Current Income, this episode’s guest Janine Bolon helps you to discover how small changes in your behavior can lead to leveraging more cash into your wallet, where daily and weekly actions can be implemented to loosen up more cash, and more. You can learn more about Janine and the 60/40 rule by visiting FinancialFirstResponse.com.
(00:00) Introduction to financial coaching and education services at CFO at Home
(2:18) Janine Bolon's personal journey from a high-powered career to financial independence
(4:42) The 60/40 principle explained, and how it can transform your financial life
(5:52) The importance of managing money outside of your paycheck
(11:50) Building habits and changing mindsets with the 60/40 rule
(18:22) The psychological and holistic benefits of the 60/40 principle
(29:00) How giving back fits into financial wellness and the 60/40 rule
(30:08) Janine's invitation to prove the 60/40 rule's effectiveness and her free resources
Ways to contact/follow:
- FinancialFirstResponse.com
- The 8 Gates
Contact the Host - vince@thecfoathome.com
It happens at the beginning of every new year; whether you plan to set goals for the year or not, the talk is everywhere; from social media to the ads that run during our favorite television shows; lose weight, get fit, goals in nearly every aspect of your life; including your money. Here on CFO at Home, we’re kicking off 2024 by focusing each episode in the month of January on your money goals. We’re starting things off this week with a conversation with author and Project Management professional Simon Tipler about setting and achieving goals, particularly when it comes to our money.
(00:00) CFO at Home will begin offering Financial Coaching using the National Financial Educators Council processes
(04:28) Goal setting is one of the things that we struggle with about money
(05:12) The power of asking “whys”
(10:30) Motivation and procrastination when working on finances
(13:58) The value of knowledge in overcoming procrastination
(19:43) Small steps are the best way to achieve goals
(26:07) Taking action is better than waiting until you have perfect plan and implementing
(37:51) When it comes to investing and being DIY versus involving a professional
Resources
- Simon Tipler
- Personal Productivity: Finally achieve your goals with proven methods and tools
Ways to contact/follow:
- Let’s Connect - Simon Tipler
Contact the Host - vince@thecfoathome.com
CFO at Home will be on break for the month of December, but will be back Wednesday January 3rd 2024 to kick off a month of episodes focused on helping you to start the new year strong when it comes to your money.
Episodes will cover:
- Getting your financial house in order in 2024
- Insurance
- Job search tactics and building your personal brand
- Harmoniously managing your money in your marriage
On this edition of CFO at Home, Vince wraps up the last of 3 consecutive episodes on preparing financially for college with a discussion with Kuni Beasley, founder of Beasley College Prep, on some of the top strategies that he and his team have used since 2011 to help students earn over $300 million in scholarships and grants, while being admitted to some of the top institutions in the country; including Ivy League schools, Service Academies, and Top Tier colleges such as MIT, Stanford and Duke. You can learn more about Kuni and Beasley College Prep by visiting beasleycollegeprep.com
Key Discussion Points:
(00:50) Determining if college is the right direction for your kids
(07:23) The Importance of good test scores
(13:29) The four elements that Kuni’s team works with dealing with admissions and scholarships
(17:16) There is no statistical difference in income success between Harvard and non-Harvard students
(28:13) Deprograming students so they can see a path forward
(30:31) The military offers a full scholarship with stipend monthly payments for medical school
Ways to contact/follow:
- Beasleycollegeprep.com
- info@beasleycollegeprep.com
- Beasleycollegeprep - Facebook
- Beasleycollegeprep - Instagram
Contact the Host - vince@thecfoathome.com
Last time out we talked about balancing saving for college and retirement with Dan Cieniewicz of Hyperion Financial. On this episode, Vince continues the college discussion with Honoria DaSliva-Kilgore, founder of Personal College Counseling, Inc., (also known as PCCI) this time focusing on college prep and how to best position young scholars for success in college in all aspects of their education, including financial. You can learn more about Honoria and PCCI at PersonalCollegeCounseling.com
Key Points
(01:15) From a financial perspective, you should start planning as early as when the child is born
(08:26) Early on, you're determining whether college is the path for your child
(13:16) More colleges are dropping the requirement to have certain standardized test scores
(23:51) In terms of cost, college choice plays a big part in that
Ways to contact/follow:
- PersonalCollegeCounseling.com
- nod@personalcollegecounseling.com
- Text or call - 508-622-5354
- Personal_College_Counseling - Instagram
Contact the Host - vince@thecfoathome.com
Saving for your kid’s College education. Saving for your own retirement. Which should you do first? Which is more important? Do you really have to choose between one or the other? Or is there a way to work towards both goals simultaneously? That’s the topic Vince discusses on this episode of CFO at Home with Dan Cieniewicz, Certified Financial Planner with Hyperion Financial. You can learn more about Dan and Hyperion Financial by going to hyperionfp.com
Key Topics:
(01:38) It's all about saving for college and retirement in that intersection
(08:12) College savings and retirement planning are foundational
(14:07) The 529 plan can be a great tax planning tool
(25:09) 401Ks and the IRAs
(33:01) Saving in a Roth IRA for college
Ways to contact/follow:
- Hyperion Financial
- thecollegedude.com
- dan@hyperionfp.com
Contact the Host - vince@thecfoathome.com
With the exception of a chosen few who are born into very fortunate circumstances, few of us wander into a position of sustained financial stability. It takes intentionally, and intentionally is driven by goals. On this episode of CFO at Home, Vince discusses goal setting in order to achieve life goals, financial and otherwise, with Aliki Samone, author of Conquer your Summit, How to Build a Five-Year Plan and live your best life. You can find out more about Aliki and Conquer your Summit by going to ConquerYourSummit.com
Key Takeaways:
(06:27) The Summit Method is designed to help readers create goals and plans
(07:35) Having a plan for your life
(18:29) Summit Method focuses on four areas: personal growth, financial freedom, community
(25:41) The Mountain of Financial Freedom
(29:14) Is the Summit Method is not prescriptive
Resources:
- ConquerYourSummit.com
Ways to contact/follow:
- AlikiSamonebooks - Instagram
- Conquer Your Summit - Facebook
Contact the Host - vince@thecfoathome.com
Google “Topics that people avoid talking about” and money appears on almost any list (along with politics, region, death, and sex). Throw in the often complicated dynamics of family relationships, and it’s no wonder that family conversations around finances can be so difficult particularly during critical life transitions that involve financial decisions. Family money conversations is the topic on this episode of CFO at Home with Lori Sackler, Certified Investment Management Analyst, Certified Financial Planner, and author of The M Word: The Money Talk Every Family Needs to Have about Wealth and Their Financial Future. You can find out more about Lori and The M Word by visiting themword.com
Key Takeaways:
(05:34) Communication barriers can make it difficult for partners to talk about money
(07:25) There's a natural difference between the way men and women view money and approach finances
(19:12) The Five Step Process to guide you through life’s transitions
(29:31) When should you introduce kids into your financial world, educating kids about money
Ways to contact/follow:
- themword.com
Contact the Host - vince@thecfoathome.com
I told myself that getting out of debt this year was a priority, so why did I just buy a new car? Why did I just spend the money that I was saving for a house down-payment on a vacation? We often can be our own worst enemies when it comes to achieving our financial goals. Why? Self-Sabotage and money is the topic Vince discusses on this episode of CFO at Home with Nancy Pickard, Master Life Coach and Author of the #1 Best Seller Bigger, Better, Braver. You can learn more about Nancy, her coaching, and her book by checking out NancyPicardLifeCoach.com
Key Takeaways:
(01:21) Your anxiety around money is often deeply tied to your childhood experiences with financial stability
(11:50) What causes self-sabotaging behavior with your money
(16:20) Low self esteem can lead to self-sabotaging behavior in relationships
(24:18) Cognitive dissonance is a disconnect between how you see yourself and what's happening
(36:03) Dealing with self-sabotaging behaviors
Ways to contact/follow:
- Nancy Pickard Life Coach
- Nancy Pickard (@nancypickardlifecoach) • Instagram
- Nancy Pickard Master Life Coach - Facebook
Contact the Host - vince@thecfoathome.com
When you hear the words “Tax Planning”, what comes to mind? For so many of us, those words stir up images of the well-to-do, working with their CPAs and tax advisors to build sophisticated strategies to take advantage of tax breaks that are only available to the wealthy and privileged. But in reality, proactive tax planning can play an important role in the wealth building strategies of those of us who are nowhere near the 1%. Tax planning for the rest of us is the topic of this episode of CFO at Home with Cathyana Jean-Baptiste, founder and CEO of Skinny Tax. You can learn more about Skinny Tax by going to Skinny.Tax
Key Takeaways
(11:16) Options in setting up an IRA
(14:03) HSA - A tax advantage savings account
(18:38) 529 accounts that allow parents to defer taxes on future education expenses
(24:16) With the standard deduction being raised, do fewer people itemize deductions
(29:51) Side hustles and deductions
(31:05) Skinny Tax focuses on helping people minimize their tax liability and maximize financial freedom
Ways to contact/follow:
- Skinny.Tax
Contact the Host - vince@thecfoathome.com
Vince has spent his professional career working with engineers, project managers, coders, and various other left-brain thinkers. The overwhelming majority are intelligent, logical, professional, and good at what they do. However, for all of their success in their chosen field, some are also good with managing their money, while others, not so much. For those who struggle with their finances, how can they improve? That’s the topic Vince discusses on this episode of CFO at Home with Kyle Simmons of Simmons Investment Management. You can learn more about Kyle and Simmons Investment Management by checking out his site at simmonsinvest.com
Chapters:
(15:17) There's this emotional component to investing that makes it unpredictable
(18:41) Most people lack basic understanding of investing
(29:20) Once you're financially independent, you can choose whether you retire early
(36:23) When you do retire, find something fulfilling
Ways to contact/follow:
- Simmons Investment Management
Contact the Host - vince@thecfoathome.com
When we think about what it takes to be a successful investor, many times what comes to mind are characteristics like being an excellent stock picker, knowing when to buy and sell stocks, and having some level of sophisticated knowledge of finance and markets. What we don’t always think about is one of the key elements that has been responsible for the success of so many everyday investors; consistency. One of the simplest ways to become a consistent investor is to automate your investments. That’s the topic that Vince discusses with Seth Wunder, Chief Investment Officer of Acorns, on this episode of CFO at Home. Acorns is one of the most popular saving and investing apps on the market today. You can learn more about Acorns by visiting Acorns.com.
(03:36) Younger millennials have difficult time trusting stock market
(05:22) Seth remains optimistic about the markets and investing
(13:16) Acorns helps individual investors understand the big picture of investing
(17:23) Starting small is one of the foundational ideas behind Acorns
(21:53) Trading versus investing
(29:50) Bitcoin and Cryptocurrencies
Ways to contact/follow:
- Acorns.com
- Acorns (@acorns) • Instagram photos and videos
- Acorns|Facebook
Contact the Host - vince@thecfoathome.com
Your average kid has no problem with asking their parents for money to buy things they want, but has limited interest in earning money. They would rather spend their time doing the things they enjoy; playing their favorite video games, drawing, doing whatever it is that they’re doing on their phones, the list goes on. But instead of advising your kid to go find a job in fast food, what if you could guide your child along the path of turning a passion into a business? That’s the discussion Vince has on today’s episode of CFO at Home with Jonathan and Renee Harris, where they discuss Parent Their Passion, a strategy based on their own experiences of teaching their kids business skills and guiding them in developing marketable talents that earn them a sustainable income. You can find out more about Jonathan, Renee, and Parent Their Passion by checking out ParentTheir Passion.com.
Key Takeaways
- Jonathan and Renee (and their kids!) go into business (1:16)
- “Parent Their Passion” (18:44)
- The “Window of Opportunity” of getting your kids interested in being entrepreneurs (23:05)
- Helping kids identify interests that they can turn a interest into business (30:32)
- Being of Value, being of Service (37:01)
Ways to Contact:
- Parent Their Passion
Contact the Host - vince@thecfoathome.com
Certified Financial Planners, Chartered FInancial Analysts, Chartered Financial Consultants, Chartered Retirement Planning Counselors, Certified Divorce Financial Analysts. These are just a handful of the types of different certifications that Financial Advisors have in today’s market. There are also Financial Coaches, Financial Educators, Financial Therapists, and a host of others financial professionals with an array of titles, credentials, areas of expertise, and specializations. While it’s great to have choices, how do you go about finding the right professional (or professionals) for you? That’s the topic that Vince discusses on this episode of CFO at Home with Brian Thorp, CEO of Wealthtender, an online marketplace helping people find the best financial advisors and educators for their individual needs. You can learn more about Wealthtender by going to Wealthtender.com
Key Takeaways
- The difference between Financial Advisors and Financial Coaches (4:15)
- Finding the right financial professional for your situation (7:40)
- How Financial Professional make money (12:08)
- Financial Certifications (19:05)
- The intangibles of selecting a Financial Professional (23:54)
- Free and Low Cost Financial Advice (27:00)
Resources:
- Wealthtender
Ways to Contact:
- Wealthtender (@wealthtender) • Instagram photos and videos
- Wealthtender|Facebook
- Wealthtender|Twitter
Contact the Host - vince@thecfoathome.com
According to NerdWallet, although there’s no official definition, most experts agree that a High Net Worth Individual is a person who has somewhere between $1-$5 million dollars in liquid assets. Given that attaining this status is a goal that so many of us aspire to achieve, on this episode of CFO at Home, Vince has a conversation with Ben Hockema, CFP and Founder of Illuminate Wealth Management, about how the habits, routines, and behaviors that he’s observed in High Net Worth Individuals that he’s actually worked with lines up with some of the common personal financial advice on wealth building that’s available today. You can learn more about Ben and Illuminate Wealth Management by visiting illuminatewm.com
Key Takeaways
- Budgeting (4:31)
- Frugality (10:07)
- Young People and Frugality (12:52)
- Spending Guardrails (15:18)
- Fostering an Abundance Mindset(18:13)
- Generosity (Money and Service) (21:22)
- Using Debt (26:10)
- Educating Yourself on Financial Topics (34:11)
- Vetting Financial Professionals (38:32)
Resources:
- Forbes (June 2021) 16 Habits Of The Wealthy Anyone Would Be Wise To Emulate
Ways to Contact:
- Illuminate Wealth Management
- Illuminate Wealth Management | Facebook
- Ben Hockema (@benhockema) | Instagram
- Ben Hockema, CFP® | LinkedIn
Contact the Host - vince@thecfoathome.com
Aaron Shelley is the author of The Family Flywheel: The Secret Business Principles Successful Families Use to Create Sustained Wealth And Happiness. On this episode of CFO at Home, Aaron and Vince discuss the differences and similarities of managing money in a business and at home, the different roles family members play in managing finances, the value of social resources in managing your money, and more. You can find out more about Aaron and the Family Flywheel by visiting thefamilyflywheel.com.
Key Takeaways
- Aaron’s story of writing The Family Flywheel (2:06)
- Comparing managing a business to managing money at home (5:18)
- The importance of understanding roles when managing money at home (6:31)
- The importance of defining roles when managing money at home (11:13)
- The value of intentionality in defining financial roles in a home (17:28)
- The business of family decisions (24:01)
- The value of social resources (35.25)
Resources:
- The Family Flywheel
Ways to Contact:
- Aaron K Shelley - LinkedIn
- Aaron K Shelley - Facebook
- aaron@thefamilyflywheel.com
Contact the Host - vince@thecfoathome.com
In nearly every discussion about achieving Financial Independence, one or both of two investments are usually talked about as being keys to a successful plan; investing in stocks and real estate. On this episode of CFO at Home Axel Meierhoefer, founder of Ideal Wealth Grower and Vince discuss using Real Estate as a key component to achieve what he calls the “Time Freedom Point” where we no longer need to exchange time for money, and have the freedom to decide what we want to do each day with our families, passions and time. You can learn more about Axel and the Time Freedom Point by going to his site idealwealthgrower.com, or by checking his podcast The IDEAL Investor Show.
Key Takeaways
- How Axel used Real Estate investing to prepare for retirement (1:17)
- Axel on reaching his “Time Freedom Point” (5:01)
- Axel’s thoughts on generating income from Real Estate investments (8:10)
- The “hassle factor” of being a real estate investor (28:21)
- The value proposition of using Property Management (34:50)
Resources:
- Ideal Wealth Grower
- The IDEAL Investor Show
Ways to Contact:
- Ideal Wealth Grower | Instagram
- Ideal Wealth Grower | Facebook
- Ideal Wealth Grower - YouTube
Contact the Host - vince@thecfoathome.com
At the end of the day, any effective budget is a communication tool. If you’re using it solo, it’s communicating to you where your money is going, and how well your spending aligns with the priorities that you’ve defined. If you’re budgeting with a partner, the budget is communicating this info to the both of you, helping to keep you both on the same page. However, this only works when both parties buy into using the budgeting tool, without which the budget can quickly become a source of resentment, frustration, and disagreements. On this episode of CFO at Home, Dan Seethaler, the Cofounder of the budgeting app Weekly and Vince discuss how budgeting on a weekly basis can make the process simpler and easier to manage for all parties involved. You can learn more about the Weekly app by going to WeeklyBudgeting.com
Key Takeaways
- How Dan and his wife decided to budget weekly (1:53)
- The clarity that weekly budgeting provides (5:04)
- Course correcting your budget (9:00)
- Getting started with weekly budgeting (13:57)
- Who weekly budgeting works best for (19:54)
- How weekly budgeting can help reduce money fights (29:47)
- Words of encouragement for budgeting (33:56)
Resources
- WeeklyBudgeting.com
Contact the Host - vince@thecfoathome.com
So many of our life’s money goals revolve around the positive; financial freedom, owning your own home, driving a nice car, taking wonderful vacations. But as much enjoyment as we can derive from these types of things, there’s also the other side of the coin; making sure that our loved ones are taken care of financially in the event that the worst happens. This is the topic that Vince discusses on this episode of CFO at Home with the Founder of Prepared Fathers, Jay Gabrani.
Key Takeaways
- Money Conversations, Assets, Paperwork (4:41)
- Protecting your family in times of loss/grief (6:15)
- Knowing your numbers (10:07)
- Distributing a loved one’s assets (13:12)
- Important financial skills to teach your teens (16:14)
- Investing
- Sales
-
Marketing
-
Non-Financial Skills (28:06)
Resources
- PreparedFathers.com
Contact the Host - vince@thecfoathome.com
Through his business Portal CFO Consulting, Manny Skevofilax works with business owners as an Outsourced Chief Financial Officer to help them gain a better understanding of their business’s financial health. Through this website MannySkevofilax.com, he offers products that help individuals to create personal household budgets using the same system that he used to pay off $65,000 in credit card debt and student loans. On this episode of CFO at Home, Manny and Vince discuss Budgeting like a Business, managing debt, Manny’s personal story of getting out of debt, and more.
Key Takeaways
- Importance of budgeting (1:46)
- The impact of personal finances on your small business (3:50)
- Budgeting like a business (5:14)
- Managing your debt like a business (7:12)
- Student loan debt (12:43)
- More on budgeting (19:01)
- Manny’s story of eliminating $65k credit card debt (28:31)
Resources
- https://www.mannyskevofilax.com/
Ways to connect/follow
- manny@portalcfo.com
- https://www.linkedin.com/in/mannyskevofilax/
Contact the Host - vince@thecfoathome.com
Think about it for a minute. It seems like just yesterday we were all social distancing and wondering if travel would ever be as accessible as what we’d all grown accustomed to. Today, travel is back with a vengeance as we hit the road and air in record numbers. On this episode of CFO at Home, Vince and author, travel writer, blogger, and Founder of The Smart Travelista, Linda King discuss traveling on a budget, with a special focus on international travel.
Key Takeaways
- (2:04) Booking Travel On-Line
- (6:00) Travel Websites
- (11:32) Saving $’s on flights
- (16:28) Meals on a budget while traveling
- (20:28) Doing your research before your trip to save money
- (23:35) Living accommodations (Hotels, Airbnb, etc)
- (27:47) Security while traveling
Resources
- TheSmartTravelista.com
- 6 best websites for travel health and safety
- 19 travel websites to save you money
- how to save big money on travel expenses
- Thesmarttravelista.com/books/
Ways to connect/follow
- TheSmartTravelista.com
- TheSmartTravelista - Instagram
- TheSmartTravelista - FaceBook
- TheSmartTravelista - Twitter
Contact the Host - vince@thecfoathome.com
Vince Shorb is one of the country’s leading advocates for promoting financial wellness, and a thought leader in teaching and scaling financial education programming. On this episode of CFO at Home, the VInces discuss the philological side of financial literacy and wellness, managing your finances during challenging economic times, the danger of living above our means, how childhood experiences shape our money habits, and more.
Key Takeaways
- The less financial margin (wiggle room) we have the more we need to understand our money mindset and closely manage your money.
- Product marketing is designed to prey on our insecurities and our need for self-esteem and contributes to us sometimes living above our means.
-
Understanding how our upbringing influences our current money mindset is fundamental to improving our realationship with money
-
If you have financial margin, understanding the basics about how money works is important in order for you to successfully weather tough financial times.
- Understanding stock market basics (including how emotions impact markets) helps you to be a more steady investor during volatile times.
Ways to connect/follow
- FinancialEducatorsCouncil.org
- Vince Shorb - LinkedIn
- Contact the Host - vince@thecfoathome.com
Teaching kids to earn, save and give are all important, fundamental money lessons. But so is learning to spend wisely, and one the best teachers of that lesson can be to let kids experience first hand, in a kid-friendly environment of course, the sting of impulse spending and buyers remorse, as well as the fulfillment of saving up and buying something of value that brings longer lasting enjoyment and pleasure. On this episode of CFO at Home, Vince discusses these topics and more with the Founder of Ketshop, and mother of 3 feral children, Mari Collins Harris
Key Topics
- Mari’s inspiration for founding Ketshop (:59)
- How the Ketshop App works (4:27)
- Teaching kids to make purchasing decisions (12:50)
- How you “give” money to kids (allowances, chores, etc) (14:27)
- “The Law of Natural Consequences” (19:53)
- The impact of on-line shopping on buying habits (21:08)
- The impact of the ease of spending money digitally on kids (23:57)
- How Mari and her husband manage their family finances (28:43)
- Kids learning to appreciate what they have (32:07)
Resources
- Ketshop.com
- Ketshop.com/cfo/ for $10 off your first Ketshop-fulfilled order!
Ways to connect/follow
- Ketshop.app - Instagram
- Ketshop App - Facebook
Contact the Host - vince@thecfoathome.com
Even the most caring parents make mistakes with their kids. We do our best but when we don’t know much about a subject ourselves, it can be hard to give the best advice. Or maybe the game is just different for our kids than it was for us for any number of reasons. On this episode of CFO at Home, Vince and his guest Natasha Sattler, Author of Shit Adults Never Taught Us, discuss some of the money topics that she and other millennials didn’t learn about growing up.
Key Topics
- 3:53 - The story behind the Money section of Natasha’s book
- 6:18 - Having Savings
- 16:52 - Investing/Investment Apps
- 21:52 - Retirement saving/investing challenges for younger generations
- 24:43 - Never make a decision because of money
- 32:48 - Taking care of your mind and your money
- 43:46 - Recognize it’s just stuff
Resources
- Shit Adults Never Taught Us
Ways to connect/follow
- ShitAdultsNeverTaughtUs@gmail.com
- Shit Adults Never Taught Us - Instagram
Contact the Host - vince@thecfoathome.com
So last week I attended my youngest son’s college graduation ceremony, an experience that needless to say brings up a lot of emotions; pride, joy, and little sadness about the passage of time. He graduated on a Friday and started his first “Adulting” job the following Monday working a research job back at his University while he plots out his post-graduate plans. As a certified money nerd it’s more or less impossible for me to reflect back on anything without money entering into storyline, so I thought I’d hit record and share a few thoughts:
Being Selective about College Costs
My oldest son was a right-brained creative and wanted to go to art school. The two most prominent art schools in the state that we live in are private. According to the site CollegeSimply.com the average net total cost to attend the leading private art school is currently $46k/year. Over our son’s objections (initially) we steered him instead to Community College first, then to a 4 year in-state school that had established a comparable art program to the private universities. The cost to attend that school for in-state students is $15k.
As for my most recent graduate, he was accepted at several out of state schools and really wanted to go to one of them, not so much for academic reasons but rather for the ‘college experience”. As parents, his mother and I made it clear to him that because we believed he could get a comparable education in-state and avoid out-of -state fees, we would only support him going to an in-state college. For comparison, the current average net cost to attend the university that my son just graduated from for in-state students is $17k/year, while the cost of the out-of-state university is $32k.
I’ll also add that we live in a state that offers a scholarship program that provides students who graduate high school with a 3.0 GPA and maintain that GPA in college with scholarships that cover a significant amount of tuition costs. Both of my sons held up their end of the bargain by attending in-state schools and meeting those GPA qualifications throughout their college years.
Budgeting
Before the graduation ceremony we had time to talk with our new graduate about managing his money, now that he has a job, he will be largely responsible for his own expenses. It filled my heart with pride when he said “I’ve been reading up and decided the 50/30/20 budget would work best for me”. For those of you unfamiliar with the concept, this is a budgeting method where you allocate 50% of your take-home pay towards needs (housing, utilities, food, transportation and the like), 30% to wants; things like eating out, entertainment, vacations, etc, and 20% for Savings/Debt repayment. I think this is a great way to start the process of budgeting, even if reality says that you may have to adjust the percentages a bit to reflect your reality. The fact that you’re only tracking 3 categories makes it easier and less intimidating than more complicated methods, and it sets you up nicely to automate your savings into an account that’s separate from those that you use for your wants and needs. This way, when you come up short on your needs, you’re more likely to look at your wants first instead of your savings to make up the shortfall.
Resources
- CollegeSimply.com
- 50/30/20 Budget Calculator - NerdWallet
Contact the Host - vince@thecfoathome.com
Regardless of your age, there comes a point in nearly every career where it’s time to change employers or even your occupation. Particularly for those who have been fortunate enough to attain some level of financial independence, this could mean it’s time to launch an Encore Career based on what you find to be most fulfilling, instead of what pays the most. Vince discusses Encore Careers on this episode of CFO at Home with Entrepreneur, Executive Coach and Podcast Host Lynn Friesth.
Key Topics
- What is an Encore Career? (:50)
- Portfolio Careers (2:30)
- Lynn’s Encore Career(4:28)
- Accessing your skills for your Encore Career (8:36)
- Highlighting your experience while deemphasizing your age (11:55)
- Success versus Significance (17:38)
- The desire to work longer versus reality (20:44)
- Preparing yourself early for your Encore (25:10)
- Lynn’s Encore Career Podcast and worksheet to help map out your Encore Career (28:31)
Resources
- LynnFriesth.com
- Create Your Encore Career Podcast
Ways to connect/follow
- Lynn@LynnFriesth.com
- LynnFriesth - LinkedIn
- LynnFriesth - Instagram
- LynnFriesth - FaceBook
- LynnFriesth - Twitter
Contact the Host - vince@thecfoathome.com
Even while he worked as a professional in the Financial Services industry, Andy Hoffman struggled to make conventional budgeting work at home. This struggle led him to create a system that is centered around automation, not budgeting, to manage his personal finances, and from there develop a course that teaches others to do the same. On this episode of CFO at Home, Andy and Vince discuss some of the principles of his course, and implementing a system of automation for managing your money.
Key Topics
- Expanding the use of automation in our finances (2:22)
- The importance of being cash flow positive in order to automate (6:30)
- Managing your finances through automation (11:32)
- The positive impact of automation on our money behavior (21:30)
- The advantages of using multiple bank accounts to manage your money (26:28)
- The importance of consistency (Dollars over Dogma) (30:37)
- Money Mistakes (35:09)
- Andy’s free resource (36:55)
- Automating with a Variable Income (37:24)
Resources
- https://www.andyhoffman.me/
- Automaticmoneyflow.com
Ways to connect/follow
- Andy Hoffman - Instagram
- Andy Hoffman - Facebook
- Andy Hoffman - Twitter
Contact the Host - vince@thecfoathome.com
The majority of today’s conventional personal finance advice is primarily designed to speak to a certain audience; salaried or hourly workers with fairly predictable and consistent incomes, with employers who provide benefits including paid time off and retirement plans. But what about America’s 5.5 million service professionals who live on a tipped based income? How can they manage their finances in a way that supports the quality of life they desire, and puts them on a track to reach financial freedom? That’s the conversation that Vince has on this episode of CFO at Home with Personal Finance Expert, Money Coach, and author of Tipped, Barbara Sloan
Key Topics
- Barbara’s road to Financial Independence (:57)
- Lean FI, Fat FI (3:09)
- Financial Challenges of Service Workers (6:26)
- Budgeting for Service Workers (11:46)
- Emergency Fund for Service Workers (27:21)
- Investing for Service Workers (30:28)
- Mindset (36:46)
Resources
- https://www.tippedfinance.com/
- Tipped: The life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.
Ways to connect/follow
- Tipped Finance - Instagram
- Tipped Finance - FaceBook
- Tipped Finance - Twitter
- TippedFinance - Tic Tok
Contact the Host - vince@thecfoathome.com
For so many of us, Financial Independence, reaching a point where money no longer dictates to us how we live our lives, is our ultimate financial goal. In this episode of CFO at Home, Vince discusses factors that we need to consider while pursuing Financial Independence, and some key traits of the Financially Independent, with Financial Advisor Justin Smith.
Key Topics
- 5 factors to consider when pursuing Financial independence (2:38)
1.Cash Flow
2.Health Insurance
3, Benefits
-
Tax Planning
-
Investing
-
Medical Costs/Health Insurance (6:49)
- Non-Transitional Retirement (11:20)
- Traits of the Financially Independent(17:02)
- The concept of a “Millionaire” (22:59)
- Lifestyle and Financial Independence (26:26)
- Planning for your “Next Career” (28:49)
Resources
- Victory Lap Retirement
- Savant Wealth
- The Career Crossroads Workbook
Ways to connect/follow
- JustinDSmith Savant Wealth - LinkedIn
Contact the Host - vince@thecfoathome.com
In her book Out of the FOG Into the CLEAR, Journaling to Help You Heal from Toxic Relationships, Shannon Petrovich helps victims of narcissistic, abusive, or other toxic relationships find their bearings, push past paralysis, clear away their vision, and rebuild their lives. On this episode of CFO at Home, Shannon and Vince specifically discuss the impact that toxic relationships with parents, children, partners, friends and our own habits can have on our money.
Key Topics
- Shannon outlines her book (1:21)
- Money and toxic relationships (3:32)
- Defining a narcissist (5:33)
- Toxic money relationships between:
-
- Adult children and parents (9:34)
- Partners (15:38)
- Friends (22:06)
- Dealing with our own toxic people-pleasing habits (25:39)
- The power of journaling in work though the experiencing a toxic relationship (28:10)
Ways to connect/follow
- NoFoggyDays.com
- TherapistTalks.com
- ShannonPetrovich - Twitter
- Therapist Talks - FaceBook
- ShannonPetrovich - LinkedIn
- Therapist Talks - YouTube
Contact the Host - vince@thecfoathome.com
Entrepreneurship has long been considered one of the primary methods of building wealth, whether it is by going all-in to start your own business, or by creating a side-hustle to help generate multiple streams of income. But what does it take to become a successful entrepreneur? Is the entrepreneurial path for everyone? That’s the discussion on this episode of CFO at Home with serial entrepreneur, marketing expert, course creator, and host of the Curate Your Success Podcast, Blaire Brown.
Key Topics
- Blaire’s business origin story (:34)
- Figuring out if the entrepreneurial life is for you (7:34)
- The drive of an entrepreneur (10:50)
- Leaping versus wading into entrepreneurship (12:10)
- Scaling up a business (13:25)
- Marketing tips for taking a business to the next level(16:42)
- The importance of a professional on-line presence (21:10)
- Social Media presence (22:58)
- New Tools (24:47)
- Blaire’s services to help entrepreneurs (27:43)
Resources
Curate Your Success Podcast
https://blairebrown.com/marketing-resources/
BlaireBrown.com
Ways to connect/follow
BlaireBrown - Instagram
Visionary Advantages - FaceBook
BlaireBrown - Twitter
Contact the Host - vince@thecfoathome.com
One of the unfortunate business trends of 2023 so far has been corporate layoffs. Even since the recording of this episode, companies as diverse as Disney, Salesforce, and Accenture have announced plans to reduce their workforce. If you’re laid off, or think you may get caught up in a numbers game and get laid off, what are the factors you need to consider as you plan out your next move? That’s the conversation on this episode of CFO at Home with CFP and founder Sterling Edge Financial, Kit Lancaster.
Key Topics
Preparing for the possible loss of a job (1:52)
Insurance (3:32)
Healthcare.gov marketplace (6:49)
Managing Employee Sponsored Retirement Plans (10:36)
The importance of working with a financial professional when evaluating a separation offer (14:07)
Having a strategy ahead of time (17:48)
Evaluating new job offers (23:49)
Reevaluating your priorities (28:26)
Resources
Designing Your Life
Ways to connect/follow
SterlingEdgeFinancial
Kit Lancaster - LinkedIn
Kit Lancaster - Let’sMakeAPlan.org
Contact the Host - vince@thecfoathome.com
Chad Johnson was a NFL wide receiver for the Cincinnati Bengals from 2001 to 2010 and played for the New England Patriots in 2011. You’ll hear him referred to at times as Chad Ochocinco because from 2008-2012 he wanted to be called by that name in tribute to his jersey number, 85.
Terrell Owens also played wide receiver in the NFL from 1996 to 2010 for 5 teams, starting with the San Francisco 49ers and ending with one year playing alongside Chad Johnson in Cincinnati. Wikipedia lists TO, as he is known, as currently playing for the Knights of Degen of the Fan Controlled Football League.
Johnson and Owens were regarded during their playing days as “diva” wide receivers; supremely talented, self confident, cocky, some would say selfish, and flashy. Their profiles more closely resemble the stereotype of the financially irresponsible pro athlete who goes broke after his playing days than those of money management role models.
As it turns out, Chad Johnson’s story today seems to contradict the stereotype. According to the site Celebritynetworth.com, he made $49 million dollars during his playing career, and has a current net worth of $15.M.
Unfortunately, Terrell Owens’ story plays more into the stereotype about athletes and money, and serves mainly as an example of what not to do when it comes to managing your personal finances. Celebritynetworth.com states that Terrell Owens made $80 million in salaries and endorsements during his playing career, but currently has a net worth of only $500k. According to the site, by 2011, one year after his NFL career ended, Owens was completely broke, telling a judge that he had no monthly income and very expensive monthly obligations.
What can we learn from both their positive examples and unfortunate mistakes?
Resources
- Chad ‘Ochocinco’ saved 83% of his NFL salary by buying fake jewelry and sleeping in the stadium — here are 5 simple ways to preserve your wealth at an all-star level
- Football star Terrell Owens said these are some of ‘the most idiotic’ purchases we can make. Pros say avoiding those kinds of expense traps could save you big bucks.
Contact the Host - vince@thecfoathome.com
Thanks in large part to investing apps like Robinhood, awareness of stock trading and investing has never been higher for the average person. But if you’re interested in becoming a real, long-term investor, where do you start? That is the subject Vince tackles on today’s episode of CFO at Home with Wall Street veteran and founder of Top Dollar, Josh Dudick.
Key Topics
- Josh’s journey to Financial Independence (:35)
- Josh’s definition of Financial Independence (5:28)
- Why Josh believes everyone has the opportunity to grow wealth (8:23)
- Thinking like an Investor (10:43)
- Trading vs Investing (17:38)
- How to Make an Investment Plan Yourself (Step-By-Step) (20:25)
-
- Step #1: Your Net Worth Today
- Step #2: Where Are You In Life?
- Step #3: Determine Your Money Goals
- Step #4: Understand How Your Savings Will Grow
- Step #5: Understand Your Taxes
- Step #6: Building A Portfolio
- Step #6.: Sample Asset Allocations
- Step #7: Use Tax-Efficient Accounts Whenever Possible
- Step #8: Review Annually and Make Adjustments
- Tax Efficiency in investing (31:14)
- Investment Risk (32:42)
Ways to connect/follow
- TopDollarInvestor.com
- https://topdollarinvestor.com/how-to-make-an-investment-plan/
Contact the Host - vince@thecfoathome.com
As much as we rightfully talk about topics like financial literacy, our problems with money are just as often caused by self sabotaging behaviors as by a lack of financial knowledge. On this episode of CFO at Home, Vince talks with author and founder of the Mind Muscles Academy Richard Friesen about this book, A Private Conversation with Money, what holds us back from doing the things we should do with our money, methods to overcome self sabotaging money thoughts, and more.
Key Topics
- Richard’s story of overcoming his self-limiting thoughts around money (1:58)
- Negative money behaviors sometime stem from a positive intent to keep us alive (8:16)
- What holds us back from doing the things we should do with our money (11:09)
- Methods to overcome self sabotaging thoughts about money (14:29)
-
- “Golden Keys”
-
- Awareness
- Acceptance
- Practical versus emotional money issues (17:49)
- Positive steps towards address limiting money beliefs (21:37)
- Our perception of money is just that; a perception (24:12)
- Dealing with your partner’s self sabotaging money behaviors (26:22)
Resources
- Get the Conversations with Money Book Companion Exercises course for FREE Conversations.money/CFO/
Ways to connect/follow
- Conversations.money
- Rich@mindmuscles.com
Contact the Host - vince@thecfoathome.com
In our last episode we looked at the role that generational poverty has played in maintaining the Wealth Gap, and discussed some possible solutions. Today on CFO at Home, Vince and the founder of Raise Financial and Scholar Raise Welsey Belden discuss some of the root causes of wealth inequality, whether or not the system is “rigged” and the work Wesley’s companies are doing to help level the playing field.
Key Topics
- Root causes of Wealth Inequality (3:58)
-
- Wage Stagnation
- Rising Real Estate Values
- Expansion of the economy, rising work productivity
-
Opportunities to level the playing field (6:48)
- Is the system “rigged”? (11:33)
- Overcoming obstacles to investing (16:49)
Resources
- Raise Financial
- Scholar Raise
Ways to connect/follow
- Wesley@RaiseFinancial.com
- Raise Financial - Instagram
Contact the Host - vince@thecfoathome.com
According to Forbes.com, The Federal Reserve reports that as of 2019 the median net worth of Americans based on educational level ranged from $21k for those having no high school diploma, to $309k for those with a college degree. Based on race and ethnicity, the range goes from $24k for black non-hispanics, to $189k for white, non-hispanics. For the next 2 episodes of CFO at Home, we’re diving into America’s wealth gap. This week is a discussion about generational poverty and what it takes to break free from it with Mr. BuildWealth, Jasper Smith.
Key Topics
- How important is it to understand how we got into a cycle of generational wealth in order to break that cycle? (7:33)
- Are there “secrets to wealth” that Black and other communities in a cycle of poverty? (14:14)
- Challenge questions to help you figure out how you feel about money (detailed in Jasper’s book) (22:25)
-
- Have taken inventory of your financial situation?
- Do you save monthly?
- Do you invest monthly?
- Disrupting Generational poverty is not about perfection (27:41)
- Building your money team (36:41)
Resources
- The #BUILDWEALTH Challenge
Ways to connect/follow
- Thebuildwealthmovement.com
- Instagram - Mr_BuildWealth
Contact the Host - vince@thecfoathome.com
On the last episode of CFO at Home we discussed a number of different ways to invest in Real Estate, both active and passive. In this episode, Vince and Whitney Elkins-Hutten, Director of Investor Education at Passiveinvesting.com discuss a popular form of passive Real Estate investing, Real Estate Syndications, which provide an opportunity to invest in large real estate projects that would otherwise be out of reach for most individual investors.
Key Takeaways
- Real Estate Syndication
- Passive investment that creates time freedom for the investor
- Groups of investors coming together to purchase an asset
- Syndication roles
- General Partner (ex: PassiveInvesting.com)
- Acquires deals
- Performs Due Diligence on the deal
- Secures lending if needed
- Operates the deal
- Takes the deal to Capital Events, delivering investor capital back
- Brings other key members to the table (brokers, Property Managers, lenders, Legal, Accounting, etc)
- Limited Partner (Investor)
- Underwrites the Operator
- Brings Capital to the table
- Reads monthly communication, quarterly financial and recording
- Responds to General Partner requests
- General Partner (ex: PassiveInvesting.com)
Ways to connect/follow
- PassiveInvestingWithWhitney.com
- LinkedIn - Whitney Elkins-Hutten
Contact the Host - vince@thecfoathome.com
Mike Cavaggioni is a licensed Realtor-Associate, Financial Coach, Real Estate Investor, and host of the Average Joe Finances Podcast, a top 1% internationally ranked podcast. On this episode of CFO at Home, Mike and Vince discuss different methods of investing in real estate; Real Estate Syndications, House Hacking, Investing in Rental Properties, and more.
Key Takeaways
- Real Estate Syndication investing
-
- Allows small investors to invest in larger commercial real estate ventures
- Has distinct tax advantages through claiming advanced depreciation
- Doesn’t have the “hassle factor” of individual Real Estate investing
- Has unique risks
-
- Syndication Team can have a “Capital Call” where they will need additional investment from you for the deal
- Typical minimum invest is the area of $50k
-
Ways of Investing in Real Estate (see article linked in “Resources” below)
-
- Rent out a Room
-
- Services like Airbnb allows for more
- House Hacking
-
- Buying a multi-unit property (Duplex, TriPlex, etc). Live in one unit, rent out the others. Use rent to pay the mortgage.
- Investing in Rental Properties
-
- BRR strategy (Buy, Rehab, Rent, Re-Finance, Repeat)
- Flipping
-
- Tough in certain markets (higher interest rates)
-
- Potential buyers can be less willing to buy
- Investors typically don’t want to hold flips too long due to higher interest rates on their loans
Resources
- https://averagejoefinances.com/6-ways-to-invest-in-real-estate/
- https://www.averagejoefinancespod.com/
- Bigger Pockets Forum
Ways to connect/follow
- Themikecav.com
- https://www.instagram.com/mikecavaggioni/
- https://www.facebook.com/michael.cavaggioni/
- https://twitter.com/mikecavaggioni
Contact the Host - vince@thecfoathome.com
Investopedia defines Financial Infidelity as when couples with combined finances lie to each other about money. Tracy Coenen is a renowned forensic accountant and the brains behind The Divorce Money Guide, a product that takes people step-by-step through the process of gathering and analyzing their financial documents to determine where and how much money is missing. On this episode of CFO at Home, Tracy and Vince discuss possible red flags for Financial Infidelity, actions you can consider if you suspect that your spouse is being financially deceitful, Tracy’s thoughts on Prenuptial agreements, and more.
Key Takeaways
- FInancial Infidelity includes:
-
- Secret Spending
- Spending that goes outside of an agreement with your partner
- Spending money in a way that your spouse wouldn’t approve of can range from expensive hobbies to affairs)
- Disappearing financial documents (bank statements, tax returns, etc, password changes)
- Being ask to sign things without reading them
- Small financial “white lies” now can lead to larger, more significant incidents later
- Possible Red Flags for Financial Infidelity
-
- Significant changes in your partner’s behavior/spending patterns
- Partner becomes more secretive or controlling about money
-
If you suspect Financial Infidelity
-
- Possible ways to protect yourself
-
- Pull and review a copy of your credit report for possible debt in your name that you weren’t aware of
- Get a new email address with a password that your partner can’t guess (allows for private communication)
- Gather information
-
- Bank/Investment/Credit Card statements and put them in a safe place (paper of PDF)
-
Regardless of how you manage your money (joint or separate accounts) each partner should ideally have some separate funds in case of a split
Resources
-
FraudCoach.com
-
Divorce Money Guide
- Post-Divorce Money Guide
- Marriage Money Guide
Ways to connect/follow
- DivorceMoneyGulde-Instagram
Contact the Host - vince@thecfoathome.com
While being financially literate is fundamental to our ability to manage our money effectively, if we don’t have healthy relationships and beliefs about money, our financial knowledge means very little. Today on CFO at Home, Vince and Certified Money Coach Dennis Harhalakis discuss the three things that make up our relationship with money, the beliefs that support positive relationships with our finances, how the money scripts that we bring into our relationships impact both us and our partners, and more.
Key Takeaways
- Your relationship with money is made up of 3 things:
-
- How you feel about yourself
- How you feel about money
- How you feel about money and yourself
-
A positive relationship with money is based on a set of beliefs
-
- People who are good with their finances:
-
- Feel good about themselves
- Feel confident in their decision making
- Take ownership of their outcomes
- Know that Net Worth does not equate to Self Worth
- View money as a tool to achieve wellbeing
-
Money behaviors aren’t “good” or “bad” unto themselves; it’s more about their relationship to your goals
-
- They support your goals
- They undermine your goals
- They’re neutral to your goals
-
Most people make bad decisions when they are:
-
- Hungry
- Angry
- Lonely
- Tired
- The “Flight, Fright, or Freeze” mindset does not lead to good decision-making
-
We each bring our own money scripts (our beliefs around how money works) into relationships. Self awareness of your own money script and the scripts of our loved ones helps us to develop healthy money relationships
Resources
- https://cambridgemoneycoaching.uk/take-money-type-quiz/
Ways to connect/follow
- Cambridgemoneycoaching.uk
- https://cambridgemoneycoaching.uk/contact/
- https://www.linkedin.com/company/cambridge-money-coaching/
Contact the Host - vince@thecfoathome.com
We began this series by introducing a study by a noted psychology professor that looked at how goal achievement in the workplace is influenced by three key actions: 1. Writing goals 2. Committing to goal-directed actions 3. Creating accountability for those actions In previous episodes we focused on the first two steps, Today we’re moving on to Step 3, Creating Accountability.
In the study we discussed last week on creating goal-directed actions, the group that was most successful in creating the outcome they wanted established some form of accountability for taking goal-directed actions. Some just told a friend about their goals, while others went as far as writing weekly progress reports and sending them to the people that they told about their goals. The more rigorous the process of accountability, the more success was had in creating the desired outcome.
A different study by the Association for Training and Development also demonstrated the power of accountability. The study showed that:
- Those that made a conscious decision that they wanted to achieve a goal increased their chances of success by 10-25%.
- Those who developed a clear plan of how they were going to achieve their goal increased their chances further, to 50%.
- Those committed to someone else that they were going to execute on their plan bumped their chances of success up to 65%.
- The chances of success increased to a massive 95% if participants made a specific appointment with another person to report back their progress to them.
So what are the qualities of a good accountability partner? A good accountability partner is:
- A good listener. It’s much easier to have someone hold you accountable if you believe they really understand your situation.
- Empathetic. Your accountability partner is much easier to open up to if you believe they are empathetic, and not judgemental about your situation.
- A cheerleader. Even if your accountability partner is not exactly a “Rah-Rah” type of person, the feeling that they are truly happy for you when you achieve an objective can be really encouraging.
- A drill sergeant. This is where the “holding accountable” part comes in. A good accountability partnership is not afraid to (tactfully) call you out when you’re not taking the actions that you’ve committed to take.
So, with all that being said, how can you go about finding an accountability partner? There are a few options:
- A good supportive friend who cares about and knows you can be an option. Friends often know what motivates and keeps us encouraged, have our best interests at heart, and some aren’t afraid to be brutally honest with us when needed. On the other hand, friends can also be more willing to let things slide or reluctant to hold us accountable when we fail to hold up to our commitments. Whether or not this works may depend to a large extent on the nature of the friendship.
- Local or online communities are another option. Social media sites like Facebook have groups for virtually every interest. Sites like Meetup.com are helpful in finding local in-person groups. These groups are often made up of enthusiasts who are very willing to share information. Many are either on the same journey as you or have walked in your shoes in the past. This can help relieve the sense of shame and isolation that we can sometimes have when we may feel that we're the only ones that are struggling with our finances. Of course, you always have to be careful and discerning when it comes to advice of any type from relative strangers.
- A third option is to hire a coach. A good, qualified coach has the training and experience to hold you accountable and keep you engaged and motivated. The fact that you typically pay for coaching can be a drawback, particularly if you’re already struggling with money. However, paying for accountability may make you more inclined to take it seriously and stick with it.
Resources
- Goals Research Study - Dominican University California
- New Study Says This Simple Step Will Increase the Odds of Achieving Your Goals (Substantially)
- How to write SMART goals (and why they matter)
- Medium - Accountability Partners; what are they and how do I get some?
- Actionbuddy.io - Achieving your goals with a Accountability Partner
Contact the Host - vince@thecfoathome.com
On last week's episode we introduced a study by a noted psychology professor that looked at how goal achievement in the workplace is influenced by three key actions: 1. Writing goals 2. Committing to goal-directed actions 3. Creating accountability for those actions In that episode we focused on the first step, Writing Goals. In this episode we’re moving on to Step 2, Committing to goal-directed actions.
In a study conducted at the Graduate School at City University of New York, participants were trained to throw darts:
- The first group was told to aim at the highest score possible; which is a clear goal
- Group 2 was told to use a specific process to get a high score: bring their arm back, adjust the angle of the throw, and have a firm grip on the dart
- Group 3 was told to take the same steps as Group 2. Once they mastered the skill, they were asked to switch their focus to the outcome (a high score). This group, whose members focused on both the process and outcome, far outperformed the other two groups.
So how does this all relate back to achieving our money goals? Last week, we used “Pay off my Visa Card in the next 6 months” as an example of a SMART money goal (SMART again is an acronym for Specific, Measurable, Achievable, Relevant, and Time-Bound). Once that goal is written down, what actions could we commit to in order to achieve the goal? Our steps could look like:
- If we don’t have an emergency fund, consider saving for that first. This may very well extend our timeline for paying off our credit card (change would require a change in plan), but having an emergency fund could help us to keep our momentum going once we start to pay the card off, because we’ve built up some cushion between our efforts to pay off the card and unexpected expenses.
- If we have an emergency fund, our next step could be to decide on a debt payoff strategy. One popular strategy is the Snowball Method, where you pay off your debts from the smallest balance to largest. This method allows you to pay off individual debts faster, which many people find to be motivating. Again, if we decide to go with this strategy it may cause a shift in our goal if that Visa Card is not our smallest debt. Again, nothing wrong with that.
-
If we don’t have a budget, our next step could be to devise a plan to develop one. If the idea of a budget seems intimidating, perhaps we could plan to develop it in steps:
-
- Keep a record of all of our spending for a month.
- Use that record of what we spent in the previous month as a starting point for creating a budget for the current month, adjusting to account for the unique expenses of that month.
- Scour our budget for any opportunities to reduce expenses in the current month in order to more aggressively pay down our debt.
- Repeat the process while being patient with ourselves. It typically takes a few months to get the hang of budgeting. After we’ve gained confidence with our budgeting, we should reach the point where you can project our budget out a few months ahead fairly accurately, so we can reassess our target date to pay off our debt.
This example, while very simplified, makes a couple of really important points:
- In the process of taking our written goal and turning it into goal-directed actions, our goal may shift. That's OK, particularly if this results in making our goal more achievable.
- As we mentioned last week, developing a plan to address one goal can lead to improved money habits that can serve us well in multiple areas of our financial lives. In this example, developing a plan to pay off our credit card could also lead to plans to create an emergency fund and a budget; common financial goals but in this case with a meaningful “why” behind them.
So now it’s your turn. If you haven’t developed your written goal, go back, listen to last week’s episode, and get cracking. Otherwise, right under your written goal, outline your action steps. Again, don’t obsess over each step being perfect. Think of this as a version 1 of your plan, that brave first step along the path. More than likely there will be twists, turns, and obstacles that require you to make adjustments along the way, but you gotta start somewhere.
You miss 100% of shots you don’t take, A journey of a 1000 miles begins with a single step. Pick your favorite motivational saying/cliche and get to it!
In the next part of this series, we’ll focus on the final step; creating accountability for our goal-directed actions Until next time...
Resources
- Goals Research Study - Dominican University California
- New Study Says This Simple Step Will Increase the Odds of Achieving Your Goals (Substantially)
- How to write SMART goals (and why they matter)
Contact the Host - vince@thecfoathome.com
In this episode CFO at Home, we look at goal setting by borrowing some ideas from the business world. If you’re listening to a Personal Finance podcast this time of year, you may be thinking “This is the year that I’m going to get better with managing my money!” “I’m going to be less wasteful, create a budget and stick to it, get out of debt, improve my credit score, start saving, or achieve some other other financial objective. These are all good and worthy goals, but before you pull out that spreadsheet, download that app, or read that “how to budget” article, let me challenge you to ask yourself a simple question; what’s your goal?
A noted study by psychology professor Gail Matthews recruited 267 business professionals to look how goal achievement in the workplace is influenced by three key actions:
- Writing goals
- Committing to goal-directed actions
- Creating accountability for those actions
The study showed a direct connection between following these steps and making progress towards achieving goals. 43% of those in the study who were told to simply think about their goals accomplished those goals or at least made it halfway through the process of achieving them. However, the number jumped to 76% for those who completed all 3 key actions.
So for starters, let’s focus on writing out a clear goal. Thinking about your goals is a good start, but getting that goal out of your head and written down has been proven to increase your likelihood of success. To help with this, let’s look at a classic method of establishing goals, again, from the business world, known as SMART goals.
SMART Goals. SMART is a acronym:
- S is for Specific - An example with your money would be “Pay off my VISA card”
- M is for Measurable - Progress towards paying off your VISA card is clearly measurable
- A is for Achievable - Goals should be both challenging and practical. Ambitious goals can be motivating, but goals that are extremely ambitious can lead to stress and burnout. In our example, paying off one card might be ambitious, but if you have balances on 3 more credit cards and a student loan, paying off all of your debt may be too overwhelming to take on as a single goal. In this situation you may want to attack each debt as a separate goal, allowing yourself the opportunity to enjoy a sense of accomplishment and celebrate each debt you pay off.
- R is for Relevant - Achieving goals usually requires sacrifices. The benefit of the sacrifices need to be clear to everyone on your “team” who will be impacted by the sacrifice (especially your partner).This buy-in can often be overlooked, but can be the difference between success and frustration.
- T is for Time-bound - Goals should always have a deadline that reflects their importance yet allows you time to work towards them at a steady pace. When choosing between goals of equal relevance, more urgent goals should be prioritized.
So at this stage of the game an example of our SMART goal could be “Pay off my VISA card in the next 6 months” The goal is specific and progress towards it can be measured on a weekly or monthly basis. We can verify that the goal is achievable in the time frame we choose as we develop our goal-directed actions (goals can be adjusted as needed to become more achievable in the timeframe chosen). We should also gut check that the goal is relevant and important enough to both us and our partner to justify the sacrifice required.
So for now, consider developing this one simple goal as your homework. Don’t over think picking the right goal. The great thing about your finances is that as you’re working towards one goal, you’re typically setting the stage to get multiple areas of your financial house in order. For example, one of the goal directed actions needed to pay off your VISA card could be to develop a spending plan in order to identify available funds to pay off the debt faster. A spending plan may also improve management of your bills, resulting in you paying your bills on time more consistently. Paying bills on time is the largest scoring factor in your FICO credit score. Credit Utilization (the % of your credit limit used) is the second largest factor. So actions taken while working towards the goal of paying off your VISA card may also have a positive impact on your credit score. As you progress from goal to goal, the accomplishment of each goal can have a positive impact on your total financial picture.
In the next part of this series, we’ll focus on developing and committing to goal-directed actions. Until then, get busy on that written goal.
Resources
- Goals Research Study - Dominican University California
- New Study Says This Simple Step Will Increase the Odds of Achieving Your Goals (Substantially)
- How to write SMART goals (and why they matter)
- What Affects Your Credit Scores? - Experian
Contact the Host - vince@thecfoathome.com
New episodes of the podcast will return Wednesday, January 4th 2023!
- In the meantime, here are a few episodes from 2022 I think are particularly worth catching up on or listening to again going into the New Year:
-
-
- Side Hustles, Hobbies, and Transitioning Out of Your 9 to 5 - Entrepreneur and Career Expert Anna Runyan
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- Change your Mindset, Change your Financial Future - Financial Coach Alissa Locke
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- Getting Unstuck in your Finances and your Life - Certified Financial Planner and Author Dominique Henderson
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- Financial Procrastination - Financial Expert, Money Coach, and Author Emily Guy Birken
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- Inflation, Recession, and your Finances - Senior Financial Planner Emily Rassam
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- Managing your Fear as an Investor - Financial Advisor John Stoj
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Resources
- Episode 102 - https://bit.ly/3WqTNP6
- Episode 95- https://bit.ly/3QGOyXp
- Episode 92- https://bit.ly/3AM0jHy
- Episode 88- https://bit.ly/3z3auq1
- Episode 86 - https://bit.ly/3Nu0muy
- Episode 79- https://bit.ly/3Lqk5uz
Contact the Host - vince@thecfoathome.com
Rob Phelan is an entrepreneur and high school personal finance teacher in Maryland. Through his classroom work and Simple StartUp Virtual courses, Rob has helped beginner entrepreneurs form over 250 new businesses, across all different types of industries. On this episode of CFO at Home, Rob and Vince discuss using entrepreneurship to teach kids about money, some of the methods he uses to guide kids through the process of discovering and executing on business ideas, Rob’s thoughts on higher education and entrepreneurship, and more.
Key Takeaways
- Allowances should be a starting point for kids; enough to buy small things, but leaving the big wants as motivation for kids to discover ways to make their own money
- Creativity in kids tend to start to wane as they enter the teenage years
-
- Collect and Connect - encouraging creativity by listing problems that bother us and brainstorming solutions that we could charge to provide
-
The Mini-Experiment
-
- Instead of waiting for the one perfect business idea, picks an idea and try it for 1-2 months
-
- Establish a hard deadline for re-evaluation of the idea
- Teaching kids that an unsuccessful business idea is not a “failure” but simply a part of the process of discovering a successful business idea is a valuable life lesson
-
The Imposter Syndrome
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- The feeling of “who am I to start a business?”
-
- To start a business you only have to be marginally better than (one step ahead of) those who you’re teaching
-
No idea is a bad idea when it comes to a kids business. They should be extremely low-cost and education should be more important than outcome.
Resources
- The Simple Startup
- The Rebel Entrepreneur
Ways to connect/follow
- FIeducator - Twitter
- The Simple Startup - Instagram
- The Simple Startup - FaceBook
Contact the Host - vince@thecfoathome.com
For 11 years Spencer Bishins worked as an Attorney Advisor for the Social Security Administration. He’s now the author of Social Security Disability Revealed: Why it's so Hard to Access Benefits and What You Can Do About It. On this episode of CFO at Home, Spencer and Vince discuss his book, some of the basics of how the Social Security Disability program works, and more.
Key Takeaways
- The Social Security Disability Program is split into two programs
-
- Social Security Disability Insurance (SSDI)
-
- Earned Benefit
- Form of Insurance
- Paid from the same fund as Social Security retirement benefits (OSDI); which also funds Survivor's benefit to minors
- Requires work history that passes the (recency) test
- Workers Comp/Private/VA benefits are based on an individual’s ability to perform a certain job; Social Security Disability eligibility is based on your ability to perform any job. This creates a fairly high bar of proof to qualify
-
Supplemental Security Income (SSI)
-
- Available to some who don’t have the earned credits for SSDI
- Qualification subject to income limits
Resources
- https://www.bishinspublishing.com/
Ways to connect/follow
- https://www.instagram.com/bishinspublishing/
- https://www.facebook.com/BishinsPublishing/
- https://twitter.com/bishinspub
Contact the Host - vince@thecfoathome.com
Question; when do you typically start thinking about your income taxes? After New Year’s, once the holidays are over and the W2s and other tax statements start to roll in? Are there moves that you should consider making sooner that could potentially lessen your tax burden? That’s the discussion on this episode of CFO at Home with Financial Advisor and Owner of Balanced Capital and Heber City Tax Prep Corey Noyes
Key Takeaways (2022 Tax Year)
- The Tax Cuts and Jobs Act of 2017 raised the standard deductions to the point where many taxpayers no longer itemize. This presents an opportunity for “Tax Lumping”
- Tax Lumping - a strategy of trying to shift the timing of deductions so they are lumped together within the same year, in an effort to clear the Standard Deduction hurdle.
- Even if you take the Standard Deduction there is an allowance for charitable giving ($300 of an individual, $600 for a couple)
-
Individuals over 70 years of age are eligible for the Qualified Charitable Distribution
- Qualified Charitable Distribution (QCD) - A withdrawal from an individual retirement arrangement (IRA) that's made directly to an eligible charity. QCD stacks on top of the Standard Deduction
-
Preparing your taxes yourself vs using a tax preparer (questions to consider when deciding)
-
- Do I want to prepare my own taxes?
- Do you have/want to spend the time it takes to get decent at it?
-
The difficult part of the tax process is not the filling itself; it’s the planning and strategizing
Ways to connect/follow
- Corey Noyes-LinkedIn
- Balanced Capital
- Heber City Tax Prep
Contact the Host - vince@thecfoathome.com
Budgeting. Living on less than you make. Saving. Investing. These are all fundamentals of building a solid financial foundation. That being said, what about income? What if you want to start a side hustle to bring extra income, turn a hobby into a side business, or turn your side business into your main source of income? On this episode of CFO at Home, Vince discusses those topics and more with former corporate consultant turned entrepreneur and Career Expert Anna Runyan.
Key Takeaways
- Questions to ask yourself when trying to identify a side-hustle
-
- What are things that you do outside of your job that excite you?
- What are people asking you to help them with?
- Identify a problem in the market that intersects with what excites you and what people of asking you to help them with
-
Once you have your idea:
-
- Start! Figure it out as you go along
- Put blinders on to competition
- Differentiate by building a brand around your product
-
Transitioning a hobby into a business
-
- Adopt the proper mindset. Commitment to the idea of your activity being a business
- Time management - Make sure you’re working on revenue producing activities
- Don’t get wrapped up in the idea of perfection
- Getting over fear
-
- Have a community of support around you
- Positive affirmations
- Create a business plan (simple 1-pager)
-
Preparing to transition from employee to entrepreneur
-
- Have a firm handle on your living expenses (personal budget)
- Have clients lined up
- Assume a more entrepreneurial mindset
Resources
- The One Thing
Ways to connect/follow
- ClassyCareerGirl
- ClassyCareerGirl - Instagram
Contact the Host - vince@thecfoathome.com
Debbie Emick and her husband Chris reached Financial Independence in their late 30s through rental real estate. Today, they’re both fully “retired” from W2 income and have dedicated themselves to a passion project they call “Go Bucket Yourself.” Today on CFO at Home, Debbie, Chris and Vince discuss their journey, their definition of “Financial Independence” and “Retirement”, the challenge of untangling our identities from our job when we retire, and more.
Key Takeaways
- When looking to make a change from being a W2 employee to a different lifestyle (entrepreneurial, retirement):
-
- Simply believing that a different lifestyle is possible can be an obstacle. Educate yourself about others who have already made the transition.
- Having a low level of debt can be empowering to some
- Passive investing is areas such as real estate can also be an option for income generation for some
-
There’s more than one way to reach early Financial Independence (having enough passive income coming in to not have to depend on a job for income)
-
- People with higher incomes invest high %s of their income (typically in broad market index funds), accumulate a targeted amount (25X of annual expenses is a typical rule of thumb) that can generate annual income
- Choosing investments such as Real Estate to generate passive income (use of leverage can result in lower initial out of pocket investment)
-
- Rent can be used to pay mortgage on investment property
-
Most early “Retirees” still are involved in generating income, but oftentimes in a way that allows for more lifestyle flexibility than a standard 9-5 job.
- The decision to retire is not always strictly financial because so much of our identity is wrapped up in what we do for a living.
Resources
-
The Other Side of Perfect
-
Bigger Pockets Podcast
- Rich Dad Poor Dad
- Cash Flow Quadrant
- Work Optional
- The Top Five Regrets of the Dying
- Taking Stock
Ways to connect/follow
- Go Bucket Yourself
- Imperfectprogress.me - Instagram
- BucketYourself - Instagram
Contact the Host - vince@thecfoathome.com
Stacy Edgar is CEO and co-founder of Venteur, a company whose mission is to help employers provide the best possible health benefits for their employees. On this episode of CFO at Home Stacy and Vince discuss some of the challenges that rising healthcare costs presents for us as consumers, some basics that we should be aware of as we make decisions about healthcare coverage, and more.
Key Takeaways
-
Healthcare costs can often keep individuals tied to a job for the health insurance, even if they would rather pursue an entrepreneurial venture or retire
-
US Census Bureau - Health Insurance Coverage in the United States: 2020
-
8.6 percent of people, or 28.0 million, did not have health insurance at any point during the year.
- In 2020, private health insurance coverage continued to be more prevalent than public coverage
- Between 2018 and 2020 more children under the age of 19 in poverty were uninsured in 2020 than in 2018. Uninsured rates for children under the age of 19 in poverty rose 1.6 percentage points to 9.3 percent
- Medical debt is the #1 cause of bankruptcy in the US
- Approx. 100 million Americans have some sort of medical debt
- In the last 20 years, the cost of healthcare has increased 215% for a average family of 4
- Good news:
-
- There are more and more options available on the market; the price of coverage decreases due to the number of competitors in the market
- Both the Affordable Care Act and the American Rescue Plan provide more affordable healthcare options
- ACA compliant plans the doctor’s cost for well-being visits at no additional cost (physicals, etc)
-
Open Enrollment
-
- Don’t miss your enrollment period!
- Make your coverage choices based on your individual circumstances
-
Deductible - The amount that you pay out of pocket before your insurance kicks in to cover costs
-
- With a High Deductible(or Bronze) plan, the average healthy person typically will pay most of their healthcare costs out of pocket. The insurance is really more for catastrophic events
-
- High Deductible plans sometimes have the unintended consequence of discouraging individuals from seeking medical care due to the out of pocket costs
- Lower Deductible plans (Silver, Platinum) have more expensive monthly premiums, have lower initial out of pocket costs
-
Health Savings Account (HSA)
-
- You can contribute up to $3,650 (individual) in pre-tax dollars that can be used to pay short term out of pocket medical costs or can be invested for future costs
- PPO - Fee for Service; you can go to any doctor that your health plan has contracted without a referral from a primary care physician; discounted rates for in-network
- HMO - You have to see a Primary Physician before seeing a specialist
- EPO (Exclusive Provider Organization) - Mix of PPO and HMO
-
- You can see any doctor, but only in- network
Resources
- Venteur.co
- HealthCare.gov
Ways to connect/follow
- Venteur.co - Facebook
- Venteur.co - Instagram
- Venteur.co - Twitter
- StacyMei - Twitter
Contact the Host - vince@thecfoathome.com
Matt Ruttenberg is a Financial Entrepreneur, CMO & Shareholder of Life, Inc. and founder of SureLI Insurance, an independent, digital insurance site that specializes in providing Life Insurance to those pursuing Financial Independence. On this episode of CFO at Home, Matt and Vince discuss the differences between Term and Permanent Life Insurance, factors to consider when determining how much Life Insurance you need, and more.
Key Takeaways
- Term Life Insurance - Renting somebody else’s deeper pockets until you can fill your own (reach financial independence)
-
- Younger people can often only afford term insurance due to other financial priorities
- Pricing based on the probability that policy holders die during the term of the policy; statistically most policyholders do not die during the policy term, which keeps prices low
- Permanent Life Insurance - Lifetime insurance as long as you continue to pay the Premiums and the health of the policy maintains
-
- Pricing is based on when you die, which makes it more expensive than Term
- Choice between Term and Permanent determined by specific goals, stage of life, etc.
- Employer provided Insurance is typically only available as long as you’re with that employer
- The amount of insurance you need is dependent on a host of personal factors such as:
-
- In the event of your death while covered:
-
- Do you want your spouse to have to get a second job?
- Do you want your family to perhaps have to move based on cost of living?
- Do you want your family to maintain their current lifestyle?
- The monetary value of a parent’s contribution to domestic responsibilities (Childcare, etc) needs to be factored in to the amount of insurance needed as well
Resources
- https://sureli.co/
- https://sureli.co/get-a-quote/
Ways to connect/follow
- Matt_Ruttenberg-LinkedIn
- Matt_Ruttenberg-Instagram
- Matt_Ruttenberg-TikTok
- Matt_Ruttenberg-FaceBook
- Matt_Ruttenberg-Twitter
Contact the Host - vince@thecfoathome.com
Over the last couple of years, our pandemic lifestyles have disrupted many areas of our lives, including our finances. On this episode of CFO at Home, Vince and Terri Nicklas, President and Founder of The Wealth Coach for Women, discuss some of the impacts of the pandemic on our money habits, and ways that we can get back on track.
Key Takeaways
- The lifestyle changes and stress brought on by the pandemic caused many of us to become lax with our good money habits, or to develop new habits that don’t serve our long-term goals.
- Money is an emotional issue. For this reason, when addressing our own financial misbehavior, it’s important that we:
-
- Face up face up to it
- Forgive ourselves
- When looking to develop better money habits, start with small goals. Attach a small goal to an existing existing habit
-
- After I_____, I _____ (example: After I spend money, I will write down what I spent)
- Tracking your money is the #1 habit that you need to develop in order to improve your financial wellbeing
- Look to identify events that trigger your impulse spending
- On-line purchasing tips
-
- Instead of instantly giving into a impulse purchase, place item on a wish list of shopping cart
-
- Provides a “cooling off” period to consider purchase
- Retailer will sometime provide a discount to incentivise you to complete purchase
- Base the value of the home you purchase on your personal budget, not the amount of the loan that the bank approves for you.
- Living below for means provides piece of mind and relieves stress
Resources
- Tiny Habits - BJ Fogg
- What Should I Do with my LIfe? - Po Bronson
Ways to connect/follow
- WealthCoachForWomen.net
- MoneyMasteryMovement.com
Contact the Host - vince@thecfoathome.com
Aaron Ahuvia is a Professor of Marketing, a research psychologist, and the author of The Things We Love: How Our Passions Connect Us and Make Us Who We Are. On this episode of CFO at Home, Aaron and Vince discuss why we fall in love with things, how our desire for things can cause us to overspend, and more.
Key Takeaways
- In the best case scenario, the desire to create products that consumers “fall in love with”, pushes companies to:
-
- Create high-quality products
- Establish a relationship with the consumer in which the customer trusts them
-
Reasons that we overspend
-
- We base our consumption on a lifestyle that we think matches our income. This is flawed because:
-
- Our income is not our gross income, but our take-home income
- The lifestyle of people in television shows, movies, etc are vastly inflated from what they could ever afford in real life.
- Build your budget from the ground up, not tops down
- We attach our sense of self worth to material things
-
- Many times people who grow up in middle to upper-middle class environments attach less of their self-worth to material possessions than those who grow up with less.
- People often overspend to buy their kids clothes, toys, etc that they really can’t afford. This can have the unintended consequence of doing more harm than good because of the money pressures it creates.
- Loving the things you have
-
- We often envision how our lives would be better if we have certain things
- In reality, we often get the most pleasure out of things before get purchase them; the reality doesn’t live up to the desire
- When you love and appreciate the things you have, it reduces the desire buy more things
- Sometimes our love of things can be related to a search for identity.
- Our relationship with things is usually a relationship with people in disguise
- Things that we love we often love to impress or connect with another person.
Resources
- Thethingswelove.com
- The Things We Love Book
Ways to connect/follow
- Aaron Ahuvia - Facebook
- Blog - Peace Love and Happiness (and Marketing)
- ahuvia@umich.edu
Contact the Host - vince@thecfoathome.com
One of the more frequently discussed topics when it comes to retirement planning is the idea of the “number”, or what’s the amount that you need to have saved and invested in order to finally transition into a life of financial independence? That’s the topic that Vince discusses on this episode of CFO at Home with Dennis Schlegal, co-founder of the wealth management group, Emeritus Wealth.
Key Takeaways
- As you approach retirement, it’s not so much how much you have saved, it’s the amount of monthly income you need.
-
- What rate of return do you need generate your desired income
- A different perspective/strategy is needed to generate income than to create your nestegg.
- Annuities
-
- Typically offered by insurance companies
- You give your money to the insurance company in exchange for an income stream; either immediately or at some point in the future
- Some annuities offer an immediate stream of income in exchange for a initial lump sum payment, others offer a death benefit
- With an annuity, the insurance company assumes sequence of return risk
- Safe withdrawal rate - the amount that you can pull from your retirement account savings safely (with exhausting the account).
-
- A 4% withdrawal rate is successful roughly 90% of the time based on Monte Carlo simulations
Resources
- Vanguard Nest Egg Calculator
Ways to contact
- Emeritus Wealth
- Emeritus Wealth - Facebook
- Dennis Schlegal Emeritus Wealth - LinkedIn
Contact the Host - vince@thecfoathome.com
Alissa Locke has spent her career helping people improve their financial situation, first in the mortgage industry, then insurance and financial services. However, it was her personal money journey that compelled her to become a Financial Coach. Alissa went from being a broke, single mother in her 30s to being able to achieve financial freedom and retire in her early 50s. The key to her turnaround? A change in mindset. Today on CFO at Home, Alissa and Vince discuss the lessons that she learned during her personal journey and some of the key takeaways that she uses in coaching her clients to achieve their financial goals.
Key Takeaways
- Shame and embarrassment over our financial habits can be a hindrance to dealing with our money issues
- Even before you start to budget, just tracking your spending can be a powerful first step in getting you finances under control
- Getting the “Big 3” expenses under control can provide more “bang for the buck” when getting your finances in order:
-
- Housing
- Transportation
- Food
- Focusing a shared financial priorities can help in unifying couples in achieving their financial goals
- “Me Money” provides couples financial flexibility
-
- Money that each person can spend without being questioned by the other
- When beginning to manage your money
-
- There is no point in tracking our fixed recurring expenses
- Lower those expenses as much as tolerable
- Use cash/debit card to manage all other (variable) expenses (helps to develop self control)
- Understanding the “whys” behind money habits that you want to change is critical in breaking those habits
-
- Budgeting is particularly important while you’re working on understanding your mindset
- Long-Term, strict budgeting can feel like deprivation and long to sustain in the long run. The more your money mindset changes, the less critical strict budgeting becomes to long-term success.
Ways to contact
- MoneyMentorGroup
- YourMoneyMama-Instagram
- MoneyMentorGroup-Instagram
- MoneyMentorGroup-FaceBook
- MoneyMentorGroup-LinkedIn
Contact the Host - vince@thecfoathome.com
These days, Crystal Williams, Financial Coach and Founder of Smart Money Financial Coaching, works with women and married couples who “make too much to feel this broke” move from financial stress to financial freedom. However, she’s also honest about not having always made the "right" decisions with money. It took Crystal decades to change her relationship with money and truly get control over her financial situation. Today on CFO at Home, Crystal shares how she and her family broke out of their cycle of debt, the money habits she developed and teaches others today, money management tips to prepare for uncertain financial situations, and more.
Key Takeaways
- Budgeting is key to getting and staying out of debt. Making a realistic plan for your money and tracking your actual spending against that plan is budgeting; tracking your spending after the fact is not.
- 5 minutes a day is enough to keep an established spending plan up to date.
- For new budgeters, budgeting with a spreadsheet (without a link to bank accounts) can be useful in getting the hang of the process by being closer to your transactions.
- Cash can still be useful for budgeting expenses like restaurant meals and other in-person out of pocket expenses.
- If you’re anticipating an interruption in income, pausing your debt reduction plan to build up a emergency fund/savings may be wise
Ways to contact
- SmartMoney Financial Coaching
- SmartMoney Coaching - Facebook
- SmartMoney Coaching - Instagram
- SmartMoney Coaching - LinkedIn
Contact the Host - vince@thecfoathome.com
So as I recorded this it was late August, and the Student Loan Debt Relief Plan was announced about a week ago. Since the announcement there’s been all sorts of discussion about whether or not the debt cancellation portion of the plan is fair; whether or not it goes far enough, if it’s just political pandering, and on, and on, and on. So instead of the typical episode I thought we’d take a quick look at the info currently available about the plan, discuss some of the pros and cons of a college education and college debt, and end with my thoughts on what the takeaways are from all of this for you.
Student Loan Debt Relief Plan
So let’s start with the basics. Perhaps the best place to get info on the Student Loan Debt Relief Plan is studentaid.gov, or specifically studentaid.gov/debt-relief-accouncement. Studentaid.gov is an official website of the U.S. Department of Education. Here you’ll find the basics of the plan. You can also subscribe to get updates at ed.gov/subscriptions
There are 3 main parts to the plan:
-
A final extension through the end of 2022 of the student loan repayment pause that initially was intacted during the early days of the coronavirus pandemic
-
A new income-driven repayment plan that will reduce future monthly payments for lower- and middle-income borrowers.
-
Targeted debt relief to low- and middle-income families
-
- Up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education
- Up to $10,000 in debt cancellation to non-Pell Grant recipients.
- Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.
- Nearly 8 million borrowers may be eligible to receive relief automatically because relevant income data is already available to the U.S. Department of Education.
- If the U.S. Department of Education doesn't have your income data, the Administration will launch a simple application which will be available by early October. (How do you know if you have to apply?)
- If you would like to be notified when the application is open, please sign up at the Department of Education subscription page.
- Once a borrower completes the application, they can expect relief within 4-6 weeks.
- Borrowers are advised to apply before November 15th in order to receive relief before the payment pause expires on December 31, 2022.
- The Department of Education will continue to process applications as they are received, even after the pause expires on December 31, 2022.
- Borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program. This is because of time-limited changes that waive certain eligibility criteria in the PSLF program. These temporary changes expire on October 31, 2022. For more information on eligibility and requirements, go to PSLF.gov.
Pros and Cons of College/College Debt (Britannica ProCon.org):
-
Pros
-
College graduates make more money
-
The average college graduate makes $570,000 more than the average high school graduate over a lifetime.
-
College education has a high return as an investment.
-
Return on investment (ROI) is calculated by dividing the money earned as a result of a college degree by the money spent on a college degree. A college degree has a return of 15% per year as an investment, larger than the stock market (6.8%) and housing (0.4%).
-
Jobs increasingly require college degrees.
-
Only 34% of American jobs require a high school diploma or less in 2017, compared to 72% in the 1970s.
-
College graduates have more and better employment opportunities.
-
The unemployment rate for Americans over 25 with a bachelor’s degree was 1.9% in Dec. 2019, compared to 2.7% for those with some college or associate’s degrees, 3.7% for high school graduates, and 5.2% for high school drop-outs
-
Cons
-
Student loan debt is crippling for college graduates.
-
Average Student Loan Debt (Forbes.com)
-
- $1.75 trillion in total student loan debt (including federal and private loans)
- $28,950 owed per borrower on average
- About 92% of all student debt are federal student loans; the remaining amount is private student loans
- Borrowers between the ages of 25 and 34 carry about $500 billion in federal student loans
- Borrowers ages 35 to 49 owe more than $620 billion in student loans.
- 2.4 million borrowers aged 62 or older that owe $98 billion in student loans.
-
Federal Loans by Age
-
Many students do not graduate
-
- About 19% of students who enroll in college do not return for the second year.
- Overall, 41% of students at four-year colleges and universities did not graduate within six years: 41% at public schools, 34% at private non-profits, and 77% at private for-profits.
- According to the Federal Reserve Bank of New York, roughly 34% of college graduates are underemployed,
-
College degrees do not guarantee learning or job preparation.
-
In 2013 56% of employers thought half or fewer of college graduates had the skills and knowledge to advance within their companies.
-
30% of college graduates felt college did not prepare them well for employment, specifically in terms of technical and quantitative reasoning skills.
-
Learning a trade profession is a better option than college for many young adults.
-
- The high number of young adults choosing college over learning a trade has created a ‘skills gap’ in the US and there is now a shortage of ‘middle-skill” trade workers like machinists, electricians, plumbers, and construction workers.
- Middle-skill” jobs represent half of all jobs in the US that pay middle-class wages.
- Certain big tech companies no longer require employees to have a college degree (MastersPortals)
- Especially when it comes down to programming, coding, and technology in general, you can find free online courses on mastering Linux, developing a website, administrating WordPress, and so on.
- In addition to free tutorials and how-to videos on YouTube, there are many other popular online education platforms, which offer free or affordable courses in any area you can think of:
- Coursera
- Skillshare
- Udemy
- EdX
- Khan Academy
- Some of the top tech enterprises that don’t ask job candidates for college degrees:
- Apple
- IBM
- Tesla
Final Thoughts/Takeaways
- Provisions are subject to change - Subscribe to updates on the U.S. Department of Education website (link in shownotes) for updates
-
- The Biden administration relied on the 2003 Heroes Act enacted following the Sept. 11 terror attacks to underpin its plan. It argues that because of the COVID-19 emergency, the law gives the Education Department the authority to both suspend loan repayments through Dec. 31 and cancel loan debt for many borrowers. (The Hill)
- If you already have student loans debt, assuming the debt forgiveness plan doesn’t get derailed:
-
- Take advantage! 1. Eliminate other debt (Debt Snowball, Debt Avalanche) 2. Build an emergency fund
- Have a plan. If loan forgiveness frees up cash for you, make the best of it. Consider using the freed up cash flow to
- If you’re considering taking on college debt
-
- Don’t assume that future debt forgiveness will be available (extremely political)
- Consider Return on Investment (run the numbers for your individual situation)
-
- While there are no guarantees that going to college will pay off, there are a few degrees that typically provide better chances than others. These include:
- STEM. Jobs related to science, technology, engineering and mathematics tend to do well. STEM careers are available in many forms and in all industries. The Bureau of Labor Statistics expects the demand for STEM careers to grow by 8% by 2029, which is more than double the expected growth for other fields.
- Medical, nursing and pharmaceuticals. Doctors, nurses, pharmacists and medical support staff are needed all of the time and all over the world. More than 2 million new jobs in the medical field are expected to be available by 2026. (GoBankingRates)
- Consider cost efficient alternatives (Trade schools, On-line education platforms, etc)
Resources
- Federal Student Aid - https://studentaid.gov/debt-relief-announcement/
- U.S. Department of Education - https://www.ed.gov/subscriptions
- Is College Worth It? - MastersPortal
- Is College Still Worth It: Which Degrees Are Still Worth the Investment? - GoBankingRates
- Is a College Education Worth It? - Britannica ProCon.org
- 2022 Student Loan Debt Statistics: Average Student Loan Debt - Forbes
- White House faces legal questions with student loan forgiveness plan - The Hill
Contact the Host - vince@thecfoathome.com
How many times in your life have you just felt stuck; in your job, in your relationships, in your finances, or in some other area? Vince’s guest today on CFO at Home is Dominique Henderson, a Certified Financial Planner and the author of the book Assess, Address & Adjust: A Practical Guide to Becoming Unstuck & Achieving Your Goals. In this episode Dominique and Vince discuss the principles of getting unstuck detailed in the book, how these principles apply to your finances, the importance of having trusted advisors in your financial life, and more.
Key Takeaways
- Getting Unstuck involves
-
- Assessing where you are
- Address how you’re being to address the problem
- Adjusting and implementing the change in behaviors need to change
- Just because you exercise behaviors that help you not to get stuck in one area of life, doesn’t mean that you’re not stuck in some other area
- When trying to find your financial “why”, don’t be afraid to dig
-
- I want to have a million dollars - Why?
- So I can retire - Why?
- So I can have more free time - Why?
- Etc, etc………….
- Finding your why can also help you to find your “thing”, your that thing that will bring your fulfillment in your current stage of life. Your thing can change based on your season of life
- Possible signs that your season of life may be dictating that you need to make a change
-
- Feeling less and less impactful with what you’re doing
-
- PRO TIP! A partner can sometimes notice these things before you do - LISTEN!!!
-
Traits of financial “1%ers”
-
- They don’t cut corners
- They are intrinsically motivated to do what they’re called to do (your zone of genius)
-
Even if you consider yourself to be financially savvy, you may benefit from the outside perspective that a financial professional can bring to your situation
-
Money is just a tool to help you to deal with the important things in life
-
When selecting a financial professional to work with:
-
- Trust your instincts (do they feel “weird” to you?)
- Information is everywhere; look to work with someone whose expertise you can leverage
- Research the person and their credentials
-
CFO at Home - Enjoy the journey (financially and otherwise)
Estate Planning; not the most fun or glamorous financial topic, even for us money nerds, but something that if done properly can really lighten the load for our loved ones at the time that they need it the most. On this episode of CFO at Home, CFP and Founder/CEO of Woodall Wealth Management James Woodall returns for a discussion about fundamental Estate Planning tools, legacy planning, why these subjects mean so much to both him and Vince, and more.
Key Takeaways
- Will - A legal document that states an individual’s wishes in regard to the care of children, family, assets, etc after they pass away.
-
- Generally speaking, if you don’t have a will your assets will go through probate with the state
-
- Time consuming
- Involves fees, allows for creditors to intervene and others to attempt to claim assets.
- A will can help avoid family squabbles over money, assets and items of sentimental value
- Wills need to be updated as life circumstances change
-
Trusts - Create layers of protection from creditors, can help to avoid probate altogether
-
- Trust controls asset
- The need for a trust is oftentimes proportional to the amount of assets an individual has
-
Power of Attorney - An individual you trust who will effectively acting legally as you
- Medical Directives - Makes your wishes known for End of life decisions
-
- Can take the burden of making these decisions off of the family
-
Legacy Planning
-
- Passing on financial values to your heirs; managing generational wealth
-
- Define your values
- Teach the next generation those values
- Create a plan that allows those values to be passed down
Ways to contact
- Woodall Wealth Management
- 214-281-4496
Contact the Host - vince@thecfoathome.com
So maybe up to this point you thought about retirement from time to time, but never got around to getting serious about it and creating a plan. Where do you begin? What are some of the basic factors and concepts that you need to be familiar with? That’s the discussion on this episode of CFO at Home with CFP and Founder/CEO of Woodall Wealth Management, James Woodall.
Key Takeaways
- When getting serious about your retirement:
-
- Verify assets that you have - do you have old retirement accounts from other employers or default retirement contributions with your current employer?
- Take a close look at your spending. Going forward, how much could you contribute monthly to your retirement?
- Consider small increases to your contributions annually. Some employers will automatically increase your contributions by a percent or so.
- Consider the timing of when you plan to start to draw Social Security
-
Roth versus Traditional 401k considerations
-
- Income - There are income limits on qualifying to contribute to a Roth 401K
- Unlike Traditional 401K/IRAs, you or your heirs do not have to take Required Minimum Distributions from a Roth
- Growth on a Roth account is tax free as long as they stay invested at least 5 years
-
The 4% Rule
-
- Assumes that in retirement you can safely withdrawal 4% of your account balance/year for living expenses and not run out of money in your lifetime
- A typical retirement consists of:
-
- Go-Go Years - Early years of retirement when you’re still very physically active. Can be more expensive due to travel costs, etc.
- Slow Go Years - Slowing down, spending more time at home, spending less money
- No-Go Years - Mostly staying at home. Living expenses decrease (particularly while health is still good)
- Spending may be > 4% in Go-Go Years, < 4% by No-Go Years
-
Annuities
-
- Sold by insurance companies. Provides a guaranteed income because the insurance company assumes the risk of return. In exchange, may provide a lower rate of return than investing on your own
-
Six behaviors to adopt for a successful retirement
-
- Have faith in future - understand market cycles
- Be patient
- Be disciplined
- Have the right asset allocation
- Be diversified in your investments
- Regularly rebalance your investments
Resources, Ways to contact
- Woodall Wealth Management
- James Woodall, CFP -LinkedIn
According to a 2021 study from Fidelity Investments, one in five couples identify money as their greatest relationship challenge, and 44% of partners say that they argue at least occasionally about money. My guest today, Financial Wellness Leader and speaker Michael de Haan, has lived on the wrong side of these stats while experiencing the breakdown of a 22 year marriage. Today on CFO at Home, Vince discusses that experience with Michael, and the lessons learned from it that he’s applying in both his current marriage, and his work.
Key Takeaways
- Lack on communication and a common sense of unity/teamwork in the area of money played a significant role in the failure of Michael’s first marriage
- Michael’s keys to a healthier money relationship in his new relationship
-
- Budgeting (Intentional Spending Plan)
- An agreed upon approach to take managing (and ultimately eliminating) debt
-
When your partner shares their money story, be mindful of any tendency to be judgemental
-
Fidelity Investments 2021 Couples and Money Study
-
For Financial Success, Make Money a Team Sport
-
54% of couples say they make day-to-day financial decisions jointly.
- 57% of couples say they make retirement and longer-term investing/ planning decisions jointly.
- Those who make money decisions jointly are:
-
- More likely to say they communicate very or exceptionally well with their partner.
-
- Jointly 75% Independently 70%
- More likely to feel confident in their partner’s ability to assume full responsibility of planning for retirement and other long-term goals.
-
- Jointly 84% Independently 54%
- More likely to agree on where they want to live in retirement.
-
- Jointly 86% Independently 80%
-
Many Couples Still Have One Partner Take the Financial Lead
-
Many Couples Still Have One Partner Take the Financial Lead
-
- 31% of men say they are the primary decision maker for day-to-day finances.
- 31% of men say they are the primary decision maker for longer term retirement and investment planning.
- 26% of women say they are the primary decision maker for day-to-day finances.
- 19% of women say they are the primary decision maker for longer term retirement and investment planning.
- 22% of women still report having little to no involvement in retirement or longer term planning.
-
Couples Who Communicate Well Are More Likely To
-
Expect to live a comfortable lifestyle in retirement (79% vs. 35%)
- Rate their household's financial health as excellent or very good (73% vs. 42%)
- Discuss finances together at least monthly (64% vs. 25%)
-
Say that money is not their greatest relationship challenge (84% vs. 59%)
-
Financial stress can be a contributor to anxiety and depression
Resources, Ways to contact
- Quantum Leap Global
- Fidelity Investments 2001 Couples & Money Study
- Money and Mental Health: Budgeting as Self-Care
Contact the Host - vince@thecfoathome.com
According to a 2021 study from Fidelity Investments, one in five couples identify money as their greatest relationship challenge, and 44% of partners say that they argue at least occasionally about money. My guest today, Financial Wellness Leader and speaker Michael de Haan, has lived on the wrong side of these stats while experiencing the breakdown of a 22 year marriage. Today on CFO at Home, Vince discusses that experience with Michael, and the lessons learned from it that he’s applying in both his current marriage, and his work.
Key Takeaways
- Lack on communication and a common sense of unity/teamwork in the area of money played a significant role in the failure of Michael’s first marriage
- Michael’s keys to a healthier money relationship in his new relationship
-
- Budgeting (Intentional Spending Plan)
- An agreed upon approach to take managing (and ultimately eliminating) debt
-
When your partner shares their money story, be mindful of any tendency to be judgemental
-
Fidelity Investments 2021 Couples and Money Study
-
For Financial Success, Make Money a Team Sport
-
54% of couples say they make day-to-day financial decisions jointly.
- 57% of couples say they make retirement and longer-term investing/ planning decisions jointly.
- Those who make money decisions jointly are:
-
- More likely to say they communicate very or exceptionally well with their partner.
-
- Jointly 75% Independently 70%
- More likely to feel confident in their partner’s ability to assume full responsibility of planning for retirement and other long-term goals.
-
- Jointly 84% Independently 54%
- More likely to agree on where they want to live in retirement.
-
- Jointly 86% Independently 80%
-
Many Couples Still Have One Partner Take the Financial Lead
-
Many Couples Still Have One Partner Take the Financial Lead
-
- 31% of men say they are the primary decision maker for day-to-day finances.
- 31% of men say they are the primary decision maker for longer term retirement and investment planning.
- 26% of women say they are the primary decision maker for day-to-day finances.
- 19% of women say they are the primary decision maker for longer term retirement and investment planning.
- 22% of women still report having little to no involvement in retirement or longer term planning.
-
Couples Who Communicate Well Are More Likely To
-
Expect to live a comfortable lifestyle in retirement (79% vs. 35%)
- Rate their household's financial health as excellent or very good (73% vs. 42%)
- Discuss finances together at least monthly (64% vs. 25%)
-
Say that money is not their greatest relationship challenge (84% vs. 59%)
-
Financial stress can be a contributor to anxiety and depression
Resources, Ways to contact
- Quantum Leap Global
- Fidelity Investments 2001 Couples & Money Study
- Money and Mental Health: Budgeting as Self-Care
Contact the Host - vince@thecfoathome.com
According to recent statistics, around 1 in 3 Americans have some sort of household budget plan, only 30% have a long-term financial plan that involves savings and investments for the future, yet 70% of us acknowledge that our financial plans need work. So why do we neglect such important elements of our lives and how can we motivate ourselves to do better? That’s the conversation I have with Emily Guy Birken, Financial Expert, money coach, and co-author of Stacked: Your Super-Serious Guide to Modern Money Management, on this episode of CFO at Home.
Key Takeaways
-
Many of the things that we procrastinate about financially (saving for retirement, investigating a questionable credit card charge, etc), fall into the category of “important but not urgent”, so there are no short-term consequences for not getting them done.
-
Reasons for Procrastination
-
- Anticipation that dealing with a situation is going to be unpleasant, time consuming, etc.
- All or nothing thinking (unless we have a certain dollar amount to apply towards our goal, we choose to do nothing)
- Guilt/shame
-
- Shame of dealing with old mistakes
- Guilt that we haven’t been managing our finances closely enough
-
Strategies for beating financial procrastination
-
- Put tasks on your calendar (and set reminders)
- Break tasks down into small component parts (work on it in 5-10 minute increments)
- Bribe yourself! Give yourself a treat for completing the tasks (indulge your inner 10 year old)
- Treat your financial past like you have amnesia. Focus how you deal with the issues going forward
- Start by taking small steps towards your goal
-
- Allocate a small amount of money to paying extra on your credit card balance, contributing to your 401k, etc. each month
-
- Helps to create a sense of empowerment about your future
- Sets you to take advantage of the time value of money
- Helps to view yourself as being more responsible with money
- Perform a cost/benefit analysis
-
- Often the tradeoff for procrastination in the long run is having to repeatedly put out fires
Resources
-
EmilyGuyBirken.com/CFO
-
Stacked, Your Super Serious Guide to Modern Money Management
- End Financial Stress Now
- Atomic Habits
Ways to contact:
- EmilyGuyBirken - Twitter
- Author Emily Guy BIrken - Facebook
- EmilyGuyBirken - Instagram
Contact the Host - vince@thecfoathome.com
For most of us, regardless of what other assets we have to fund our retirement, Social Security and Medicare still play a role in our plans. Given that, what are some of the basics and common misconceptions that we should understand about these programs? That’s the discussion that Vince has with Maryann Keith, COO and Investment Strategist with Beden Wealth Management, on this episode of CFO at Home.
Key Takeaways
- Social Security Retirement Benefits
-
- When can you collect
-
- If you’re collecting off your own work record you can start collecting as early as age 62
- If you delay until you reach Full Retirement Age (FRA) you will get a larger monthly benefit (for those born in 1960 or later, FRA is currently 67)
-
- Payout amount goes up 5% for each year you delay collecting the benefit between ages 62 and 67
- If you delay the age you start collecting from age 67 to age 70, the benefit goes up another 24%
- If you collect Social Security prior to age 67 your payments are subject to a “Earnings Test”, meaning that if your income is more than $19.5K, your benefit is decreased
-
If you lost a spouse you can collect survivor benefits - age 60
-
The role of Social Security benefits in a retirement plan
-
- In the past, Social Security was considered to be one leg of the “three-legged stool” of retirement (along with personal savings and pensions). With pensions becoming a thing of the past the model has changed.
-
Medicare
-
- Medicare enrollment eligibility starts at age 65
-
- Part A - Hospitalization - prepaid during working years
- Part B - Things outside of hospitalization (doctor’s appointments, physicals, etc) - extra charge
- Part D - Prescription Coverage - extra charge
- Pact C - Medicare Advantage
- Premiums are income based
- Because Medicare eligibility doesn’t start until age 65, dealing with medical costs can be an issue for those who want to retire early
- Misconceptions
-
- Medicare covers all medical expenses once they reach 65 (false!)
- Medicare covers Nursing Home costs (false!)
- Long Term Care insurance can also play a major role in retirement healthcare, but finding affordable options can be challenging
Resources
- Retirement Benefits - Social Security Administration
Ways to contact:
- Beden Wealth Management
Contact the Host - vince@thecfoathome.com
One of my upcoming guests, James Woodall of Woodall Wealth Management, is not only a Certified Financial Planner and experienced Financial Advisor, he’s also a grillmaster. In honor of the Independence Day holiday here in the US, here are a few of James’ grilling tips.
News about inflation and a looming recession has been dominating the headlines, but what does all of this mean for us and our finances? This is our second and final episode on Inflation, Recession and your Finances here on CFO at Home. In this episode Vince talks with Emily Rassam, Senior Financial Planner with Archer Investment Management, about the importance of sticking to the basics of solid money management during times of economic uncertainty; budgeting, knowing your risk tolerance, and more.
Key Takeaways
-
History shows that during times of economic change and uncertainty headlines and media stories often seek not to inform but rather to tap into emotions (especially fear) to attract attention.
-
The basics of a solid financial foundation remain the same regardless of economic conditions
-
- Get organized. If you have a written budget, what adjustments can you make to provide a bit more “padding”?
- If you don’t have a written budget, now is the time to start!
-
- Gather data on where all of your money is going monthly
- Create different categories of expenses
-
- Fixed monthly expenses (same amount every month)
-
- Look at the possibility of re-negotiating internet, subscriptions, etc
- Look at possibly cutting some subscriptions
- Variable monthly expenses
-
- Identify where you’re spending money and ask yourself “is this reasonable”?
- Identify what your baseline expenses are what can be cut if you experiences a job loss or reduction in income
- Extras
-
- Can you delay or do without?
- Not budgeting your money ahead of time means you run the risk that it will get spent before you know it on things that may not be a priority.
- Budgets need to be adjusted monthly because rarely are two months exactly the same.
Projecting your budget into the future can be motivating; it lets you project when you will hit your goals.
- Income/Employment - What can we do to help manage the stability of our jobs/income?
- Focusing on your long-term financial plan can help you manage through the emotions of uncertainty
-
Your financial plan should be built with decades, not days in mind.
-
Try a “on-line shopping challenge”
-
- Don’t make any on-line purchases for 30 days. Put things that you would ordinarily purchase in your cart, but don’t buy them.
- At the end of the 30 days look at the list and categorize
-
- Yes, going to purchase now
- Want to have, but not going to purchase now. Add to a “wish list” for others to purchase for you as gifts for holidays, etc.
- I don’t need it at all (at least right now). Delete or save for later.
- Helps to make purchasing decisions rationally, not emotionally
-
If your partner isn’t as “into money” as you are, focus your conversations about finances more towards big picture goals and your plans of how to achieve them
- Investments
-
- Times of market volatility can be a good time to assess your risk tolerance
Ways to contact:
- Book a consultation with Emily
Contact the Host - vince@thecfoathome.com
News about inflation and a looming recession has been dominating the headlines, but what does all of this mean for us and our finances? These are the topics that we’ll tackle in the next couple of episodes of CFO at Home. We’ll start today by talking with Economist Eric Mason to gain a better understanding of inflation, recessions, and how things got to where they are today.
Key Takeaways
- Inflation
-
- A measurement of how much prices have changed relative to some point in the past
- Core Inflation - how stabilized prices that ordinarily do not change over time are changing; Durable goods (washing machines, refrigerators, etc)
- Contributing factors
-
- People are earning more. More buying power drives up prices
- Deficit spending
-
- US Treasury has to borrow a dollar for every dollar it releases into the economy
- Deficit spending overheats the economy
- Producing beyond the production frontier - When an economy produces more than what it should be producing without taking on debt
- Pandemic stimulus payments increased deficit spending even more
- To equate to a household; if you constantly dipping into your saving or running up credit card, you’re not increasing your overall financial health
- America enjoys “privileged nation status” because we borrow money in our own currency because the US dollar serves as the world’s currency
- Recession
-
- A retraction of GDP across two or more consecutive quarters
-
- GDP is “Gross Domestic Product”, the value of the goods and services produced in the United States
- When the capital you have depreciates and you can’t replace it
- There currently aren’t that many traditional indicators that a recession is coming
-
- Significant numbers of jobs are still being added to the economy
-
What can we do to prepare/manage through
-
- If you’re currently budgeting, revisit your budget and look are opportunities to reduce spending in targeted areas
- If you’re not budgeting, start!
- Be discriminating in what financial information you listen to
Resources
- https://www.forbes.com/sites/jonathanponciano/2022/06/10/dow-plunges-750-points-after-very-troubling-inflation-report-fuels-fears-of-impending-recession/?sh=5f87c1e848a0
- TheInformalEconomist.com
Contact the Host - vince@thecfoathome.com
For everything that’s been said about Cryptocurrency, the one thing you never hear it called is boring. When its price shoots up, it’s talked about as the opportunity of a lifetime to make huge profits. When its price collapses, it’s dismissed by many of the same people who loved it in better times. But what is Cryptocurrency, and what determines its value? Vince and Professional Institutional Investor and creator of The Integrating Investor Seth Levine discuss those questions and more on this episode of CFO at Home.
Key Takeaways
- Bitcoin/Crypto Currencies are:
-
- Decentralized Databases, no one “owns” the database
- Ledgers/Digital Records of “Smart Contracts”
- Based on a powerful technology (Blockchain) that this still discovering it’s practical uses (think the Internet of the 1990’s)
-
Crypto was seen as a disruptor to the existing banking system; sidesteps existing regulation
- Crypto price increases are currently driven in large part by speculation and momentum, not by wide adoption as a currency.
- Big movement in Crypto towards DeFi; Decentralized Finance; using Crypto to decentralize finance. Supposed option to our current “corrupt” centralized banking system
- Thesis of Investments (why you invest)
-
- Value - Utility Value; good business at a good price, business introducing a product that will change its fortunes, etc.
- Momentum - All about trends; buying because the price is going up.
Resources
- Integrating Investor
Ways to contact/follow:
- @sethlevine2 - Twitter
- The Integrating Investor - Instagram
Contact the Host - vince@thecfoathome.com
There are those of us who are self confessed money nerds who love talking, reading, and learning all about money. Other folks appreciate the role that money plays in helping them achieve their goals, but aren’t interested in getting too far into the details. Regardless of your level of interest, what are the fundamentals that we all need to understand about the subject? That’s the discussion Vince has with Financial Mentor and Educator Eunicia Peret of Empowered Financial Planner on this episode.
Key Takeaways
- A baseline of true financial independence/security is the idea of paying yourself first.
- Fundamentals to understand about your money
-
- Understand what is happening to your money and WHY.
- What options do you have and how do they fit within your broader goals?
-
- Accounting/Tax/CPA services
- How does your money grow
- How do you protect your assets
- There is not a “one size fits all” when it comes to where your money can or should go
- Working with a competent financial professional can at times save you money even though you’re paying for these services.
Resources
- Empowered Financial Planner
- Empowered Financial Planner - Future MasterClasses
- Free Checklist - The 5 Biggest Financial Pitfalls Leading to Individuals Outliving Their Savings
- Who Not How
Ways to contact/follow:
- Eunicia Peret - Instagram
- Empowered Financial Planner - Facebook
- Empowered Financial Planner - LinkedIn/
Contact the Host - vince@thecfoathome.com
There are lots of ways to teach your kids about money; giving them an allowance, paying them for doing household chores, or encouraging them to get an after-school job or start their own small business can all be effective. But what about the money you’re already spending for your kid’s clothes, school supplies, and other items? What if you let them manage this money and budget for these expenses? Today on CFO at Home Vince has a conversation with Rachel Murphy of Raising Confident Teens and Rachel Murphy Coaching about using this method to teach kids about money, effective ways to communicate money messages to young people, and more.
Key Takeaways
- Letting kids gradually become responsible for manage a budget for things that you would ordinarily give them money for can be one effective way to teach them about money
-
- Concessions, school lunches
- Clothes, restaurant meals
- Birthday gifts
- School supplies
- Gasoline
- This method can give kids a certain amount of power and control over their spending
-
When trying to communicate with young people about money don’t lecture, inform.
- Kids and young people need to find their money “Why”
- Get comfortable with sharing some of your money mistakes with your kids
- When your kids share their money goals with you, don’t be dismissive (even if you think it’s silly!)
Resources
- RachelMurphyCoaching.com/CFO (free spending tracker, Rachel’s favorite book recommendations on money for teens, link to Rachel’s book, podcast)
- Raising Confident Teens Podcast
- Brainstorm: The Power and Purpose of the Teenage Brain
Ways to contact/follow:
- Rachel Murphy Coaching - Instagram
- Rachel Murphy Coaching - Facebook
Contact the Host - vince@thecfoathome.com
Attaining millionaire status is considered by many to be one of the signs that you’ve “made it” financially. Today there are more millionaires worldwide than ever, and more millionaires live in the US than any country in the world. However, if you have yet to reach that status, what does it take to get there? Is it really attainable? Today on CFO at Home Vince talks with Tony Bradshaw of the Millionaire Choice, whose mission is to encourage people to make the choice to become millionaires and equip them with the right knowledge, tools and assistance to do so. Check out the conversation where they discuss Tony’s keys to becoming a millionaire, obstacles that need to be overcome in order to reach millionaire status, and more.
Key Takeaways
- Millionaire: Asset - Liabilities => $1M
- 40% of the world’s millionaires live in the US
- Keys of becoming a Millionaire
-
- Foundational
-
- Maximize Your Time
- Develop Strong Character
- Change Your Money Mindset
- Get Money Smart
- Find a Money Mentor
- Budget
- Create a Plan
- Adult millionaires surpassed 1% of the world’s population for the first time in 2020
- Median wealth for an adult in the U.S. is $65,904. $1M net worth is roughly 1,517% of this median
- Lack of belief that you can go from broke to being a millionaire creates a huge mental barrier for many people.
Resources
- Free Money Mentor Call with Tony
Ways to contact/follow:
- The Millionaire Choice
- Tony Bradshaw - Facebook
- Tony Bradshaw - Instagram
- Tony Bradshaw - Twitter
Contact the Host - vince@thecfoathome.com
When it comes to the subject of faith, the church, and money, too often the images that come to mind aren’t exactly positive. Today on CFO at Home Vince talks with Scott LaPierre, a Pastor who is dedicated to teaching sound, practical biblical money principles through his sermons, podcast, blog, and most recently his new book, Your Finances God’s Way, A Biblical Guide to Making the Best Use of Your Money. Check out the conversation where we discuss Scott’s views on the bedrock financial topics of spending, saving, debt, and more.
Key Takeaways
- Developing healthy savings and spending habits involves balance and wisdom
-
- Sacrifices may be needed for a season of life to meet long-term financial goals, but that doesn’t necessarily mean a lifetime of denial
- Budgeting can reveal wasteful and even unintentional spending that can be applied towards savings
-
Managing your finances well is a wisdom issue. It’s determining how best to spend your money by applying the knowledge that you have.
-
- In order to be wise with your finances, you have to be knowledgeable.
- Having knowledge but not applying it is the biblical definition of behaving foolishly
-
Debt
-
- Scott is married, has 9 kids, has supported his family on a single income (as a teacher or pastor) and has no debt. Given that his professions have not been high-income, his belief that it is possible to live a fulfilling life without debt is rooted in personal experiences.
- Believes with careful planning and sacrifice, debt (even mortgage debt) can be avoided
Resources
- Your Finances God's Way: A Biblical Guide to Making the Best Use of Your Money
Ways to contact/follow:
- Scottlapierre.org
- Scott Lapierre - Youtube
- Scott Lapierre - Facebook
Contact the Host - vince@thecfoathome.com
John Stoj spent over two decades as an investment banker and money manager before striking out on his own after the 2008-2009 financial crisis. Today, he mentors people through providing them with financial & strategic advice. On this episode of CFO at Home, John and Vince discuss the role that fear plays in our investing lives; fear of missing out, fear of staying the course, and more
Key Takeaways
- Fear is not a terribly good driver of any life decisions, including financial
- Be honest and clear with yourself about why you’re purchasing an investment vehicle (Stocks, Crypto, etc)
-
- It the reason is for fun/speculation, there’s nothing wrong with that
-
- Having small amounts of "fun" investments may help you in having the discipline you need to leave your long-term investments alone to grow
-
Don’t confuse trading and investing; each can have their place in your financial world
- Passive investing does not mean that you’re not an active participant in managing your portfolio
Resources
- The Physiology of Money
- Verbatim Financial
Ways to contact/follow:
- @Stojboj - Instagram
- @Stojboj - Facebook
- @Stojboj - Twitter
Contact the Host - vince@thecfoathome.com
Walli Miller is a financial coach and money mentor who went from overspending and compulsive shopping to being debt-free and building a multiple six-figure investment portfolio. After gaining control of her finances and creating a plan, Walli is on her way to being work-optional before the age of 40. On this episode of CFO at Home, Walli and Vince discuss developing and managing a spending plan, what it means to become “work optional”, and more.
Key Takeaways
- Paying your first allowing spending to be more worry free
- Budgets are thought to be relatively static; Spending Plans are managed more as living documents that allow for more flexibility in management
- Use your Spending Plan to align your spending with your values
- A key to achieving Financial Independence is to generate passive income through equities, real estate, etc.
- Walli’s definition of Financial Independence - When you have a nest egg that will sustain your lifestyle any pay for your cost of living; being “work optional”
Resources
- Get Your Social Security Statement
- Financially Thriving Money Coaching
Ways to contact/follow:
- Financially_Thriving - Instagram
Contact the Host - vince@thecfoathome.com
Chris Mamula documented his path to Financial Independence for several years before achieving his own FI goals and leaving his career as a Physical Therapist at age 41. Today, he regularly writes about Financial Independence while expanding the conversation around retirement at CanIRetireYet.com. He’s also the author of the book, Choose FI. On this episode of CFO at Home, Chris and Vince discuss his personal definition of Financial Independence, the stages of Financial Independence outlined in the book, and more.
Key Takeaways
- Chris’ personal definition of Financial Independence
-
- Saved over 20X of annual expenses (25X is the standard definition of Financial Independence)
-
- Enough to sustain him and his family for a long period of time by drawing less than 5% annually
- Maintained low expenses (paid off house, cars)
- Goal was not traditional retirement, but to have enough financial resources to make lifestyle changes based on more than just income considerations
-
Stages of FI from Chris’ book
-
- Getting to Zero - Moving from a negative to 0 Net Worth
-
- Allows an individual to leverage tax advantaged accounts with savings
- Fully Funded Emergency Fund
- Six Figure Investment Portfolio
-
- Investing after building your emergency fund helps you to maintain the momentum and consistency needed to be a successful long-term investor
- Half FI - ½ way to getting to FI savings goal
- Getting Close
- FI
-
“Valuest” - aligning your spending with your values. Making conscious decisions
Resources
- Book - Choose FI
- Blog - Can I Retire Yet?
Ways to contact/follow:
- Twitter- Chris Mamula
Contact the Host - vince@thecfoathome.com
Shellee Howard is a Certified Educational Planner and the Founder/CEO of College Ready, where she fulfills her passion for helping students get into the college that fits them best academically, financially and socially. On this episode of CFO at Home, Shellee and Vince discuss looking at college admissions like a business plan, the importance of GPAs, class choice, and extracurricular activities in the admissions process, and more.
Key Takeaways
-
Break down college like you’re writing a business plan
- Build your resume as if you're building a company
- Take the emotion out of the admission process. Ask yourself “what do they want to know and who’s getting in”?
- Taking classes with rigor is important (Dual enrollment college courses), not just GPA
- GPA is generally the number one consideration, but other important factors are:
- Entrance essay
- Specific classes
- Extracurriculars
- Standardized test results
- Community service
- Letters of recommendation
- Picking the right school
- You don’t want your student to attend a school that’s too academically rigorous for them
- Think about the end game of your education
- Example: if you’re going into business, do you need to make contacts in the local business community while in school
- Students need to figure out what’s important to them
-
If you child doesn’t know what they want to do, encourage them to try out different ideas through internships, research projects, or somehow actually doing the work in different areas
Resources
- CollegeReadyPlan.com
Ways to contact/follow:
- Email - shellee@collegereadyplan.com
- CollegeReadyPlan - LinkedIn
- CollegeReadyPlan - Facebook
- CollegeReadyPlan - Instagram
- CollegeReadyPlan - TicToc
Contact the Host - vince@thecfoathome.com
Myles Wakeham is an Australian who migrated to the US in 1989 and has since become a multi-millionaire who lives a 100% free and unconstrained life. He also hosts "The Unconstrained Podcast" where he teaches the art of Financial Sustainability to his audience. On this episode of CFO at Home, Myles and Vince discuss the concept of Financial Sustainability, potential pitfalls in the traditional retirement model, and more.
Key Takeaways
-
Financial Sustainability:
- You front-load work; purchase income producing assets when you’re young (Real Estate, etc)
- Take proceeds from capital deployment to cover your expenses (financial “burn rate'').
-
78% of people in the US live paycheck to paycheck every month (Forbes magazine), making the prospect of a traditional retirement (saving throughout your working years, deferring spending until retirement) challenging
-
- You can plan to just work longer, but advances like automation may make that more difficult
-
Life Expectancy is also not on your side when it comes to conventional retirement
-
- From 2016 to 2021, life expectancy for the average US male/female declined by 5 years
- Since 1980 the cost of healthcare in the US has increased 25X. The average US worker’s wage growth is 1.6X.
-
The retirement question is not “how much money do I need to retire”, but rather “what level of return do I need to be able to draw off of my assets in order to fund my Burn Rate for the rest of my life, while factoring in inflation”.
Resources
- Expat Money Show - Myles Wakeham
- BeUnconstrained.com
- Be Unconstrained Podcast
Ways to contact/follow:
- BeUnconstrained - Twitter
Contact the Host - vince@thecfoathome.com
Howard Dekkers’ life journey has taken him from growing up in a lower middle class family in Detroit to becoming a self made millionaire whose single passion is to help others achieve their part of the American dream through the Howard Dekkers School of Success. On this episode of CFO at Home, Howard and Vince discuss the money lessons that he learned from his father, key principles that he teaches others to help them achieve Financial Independence, and more.
Key Takeaways
- Howard learned key money lessons from his father.
-
- Howards’ father was a factory worker who never earned more than $35k/year but saved/invested 10% of everything he earned. Today he has $3M dollars invested that generates a $85k/month income.
- Howard didn’t follow his father’s advice until he reached his late 30’s, but yet has still reached financial freedom.
- This advice allowed Howard to retire well-off, but he wanted to teach others how to become financially free
-
- Learning how to manage money is more important in wealth building than owning a business
- Understand how money grows (compounding)
-
- If a 20 year old saves $95/month they can become a millionaire by the time they are 65. $51K of what’s actually invested, the rest is growth. To achieve the same results, a 30 year old has to contribute $264/month, a 40 year old $754/month, a 50 year old $2,400/ month.
- Leverage the power of automated investing
- Trimming basic expenses (expense coffee, high $ car payments, etc.)
Resources
- HowardDekkers.com
- Think and Grow Rich
Ways to contact/follow:
- HowardDekkers - FaceBook
- HowardDekkers - Instagram
Contact the Host - vince@thecfoathome.com
Michele Paiva is a Licensed Psychotherapist, Recovery Coach, and Certified Finance Educator with 30 years of experience in helping others to see their true value in order to springboard into a full, rich life. On this episode of CFO at Home, Michelle and Vince discuss financial anxiety, spending habits, the impact of money stories on your financial behavior, and more.
Key Takeaways
- Financial Anxiety - Having an anxious/dysfunctional relationship with money; Identifying money as a part of ourselves
- Financial anxiety can occur in any ethnic/socioeconomic class
-
- Marginalized individuals have specific challenges when it comes to money
-
- Black men, Asian woman make 20% less than White males
- The well-to-do can struggle based on a unhealthy relationship with money (can never have enough money, etc)
- Our spending habits are often shaped by a need to “fit in” in your neighborhood, social group, etc
- Your money story is often your emotional story - As you begin to understand your self-value, your net worth often starts to improve
- Understanding your partner’s money story
-
- It’s often easier to see your partner’s money story than your own
- Be compassionate; if you’re struggling with some of your partner’s behavior that relates back to their money story, they could very easily be struggling with aspects of your behavior as well
Resources
- TheFinanceTherapist.com
- TheFinanceTherapist.com/books/
Ways to contact/follow:
- PaivaPsych - Instagram
- PaivaPsych - Tik Tok
- PaivaPsych - Facebook
Contact the Host - vince@thecfoathome.com
For this week’s episode we’re doing something a little different. Vince was recently a guest on his friend and former CFO at Home guest Suzanne Johnson’s show “Lessons Learned: The Dumbest Thing I’ve Ever Done with Money”. On that show he shared a personal story from his past involving the dumbest thing he’s ever done with money as the CFO of his home. This episode is the audio from that conversation.
Episodes of “Lessons Learned: The Dumbest Thing I’ve Ever Done with Money”
Grace Financial Coaching - YouTube
Contact the Host - vince@thecfoathome.com
Jonathan Heagle is President of Mountain Vista Wealth Management, a fee-only registered investment advisor that helps pre-retirees and real estate investors achieve time and financial freedom.. On this episode of CFO at Home Jonathan and Vince compare real estate and stock investing in terms of returns, liquidity, volatility, diversification, and more.
Key Takeaways
Returns
- Long-term returns of the stock market are often quoted between 8-10%.
- Since 1953 residential real estate prices have nominally increased 4-5% per year, but this does not factor in variables such as
-
- Leverage: Properties are often purchased with a mortgage, reducing the capital invested
- Cashflow: Investors typically target properties that produce positive cashflow
(collected rental income is greater than all expenses and reserves)
- Amortization: The tenant is paying down your mortgage for you, increasing your equity in the property
- Inflation: Rent, in addition to the value of the property, should increase over time, while your debt service remains the same, assuming a fixed mortgage
Liquidity
- The stock market, generally speaking, is very liquid.
- Single-family housing market is generally viewed as the most liquid segment of the real estate market; it still takes weeks, if not months, to convert a home to cash.
-
- While liquidity is generally viewed as a positive characteristic of an investment, it can also promote bad behavior
Volatility
- The stock market experiences a correction of 10% or more, on average, every 1.87 years
- Since 1963, the median sales price of existing homes experienced a YoY decline of 10% or more on only two occasions
Diversification
- Stocks - can easily be achieved by purchasing an ETF or index fund that owns a broad array of stocks and does not require a large amount of money
- Achieving diversification through rental properties is more difficult
-
- Money required for multiple down payments
- You would want your portfolio to be geographically diversified
- Publicly traded REITs or eREITs offered through crowdfunding platforms, that allow for investors to achieve diversified exposure to real estate,
Time and Effort
- Stock investing can be active, but most people buy a few individual stocks and index funds, sit back and watch their account value change over time
- Despite the common perception that you will be fixing toilets at 2 a.m., owning a rental property can be very passive, particularly if you have the right team behind you.
Resources
- MountainVistaWealth
Ways to contact/follow:
- JonathanHeagle - LinkedIn
Contact the Host - vince@thecfoathome.com
Keisha Bailey is an experienced financial strategist, entrepreneur, and the founder of Profit Jumpstarter, an independent investment advisory and education firm. On this episode of CFO at Home, Keisha and I discuss the fundamentals of different types of investment vehicles; stocks, bonds, cryptocurrencies, real estate, and more.
Key Takeaways
- Stocks - A security that represents the ownership of a fraction of a corporation. Benefits:
- Dividends
- Price appreciation
- ETFs - A bundle of stocks that can be bought and sold
- Bonds - Lending money to a bond issuer (government or corporation) in exchange for coupons (periodic payments)
- Cryptocurrencies - Digital assets on Blockchain technology
- When you purchase you’re buying into a finite amount of a digital asset
- Still in the process of becoming a mainstream medium of exchange
- Research is key
- Previous metals (Gold, Silver, etc)
- REITs (Real Estate Investment Trusts) - Efficient way to gain broad-based exposure to the Real Estate asset class
- Discussion of your “what” and “when” helps to define your investment strategy
- Picking the right investment for the right goal can be helpful in maintaining discipline as a long-term investor
Resources
- Profitjumpstarter.com
Ways to contact/follow:
- Profitjumpstarter - Instagram
- Profitjumpstarter - FaceBook
Contact the Host - vince@thecfoathome.com
Russ Thornton is a fee-only financial advisor with over 25 years of experience delivering personal financial advice that helps his clients achieve comfort and confidence for the future while making the most of their lives today. On this episode of CFO at Home, Russ and Vince discuss achieving millionaire status in relation to marriage, income, frugality, and more.
Key Takeaways
- “Millionaire Next Door” stats
-
- 80% believe spouses are critical factors in their economic success. 86.3% said their parents were married and remained married until they were 18
-
- “Division of labor” plays a practical role in wealth building
- Remaining married allows you to avoid the “financial penalty” of divorce
-
- Median Income of of $250k, 93% have a college degree, 60% have a graduate degree - HIgher incomes typically translate into more dollars available to invest, however, many achieve millionaire status without ever having earned 6 figure salaries. - Saving/Investing early is key to building high net worth, particularly if you’re not a high-earner
-
- 70% know how much they spend on food, clothing, and shelter each year, 59% have always been frugal, 60% consider frugality as a critical factor in their success. 70% said there parents were very frugal - Frugality doesn’t have to be a all or none proposition; at a minimum be frugal on things there are less important to you - Being super frugal your whole life can make it more difficult to enjoy your money when the time comes
-
- Investing - 70% say they know more about investing than most people - ⅓ say they rely heavily on an investment advisor - Nearly 40% have tried to time the market (mistake) * Stats may be more indicative of investing 10+ years ago * Today, arming yourself with basic broad knowledge of how markets work can be useful
Resources
- WealthcareforWomen.com
- Women’s Retirement Radio
Ways to contact/follow:
- Russ Thornton - LinkedIn
- RGT543 - Twitter
Contact the Host - vince@thecfoathome.com
Marilyn Pinto is the founder of KFI Global, an education company that’s on a mission to equip more teens with the financial education skills they need to step up, play full out, and live life on their own terms. On this episode of CFO at Home, Marilyn and Vince discuss the importance of helping kids understand their money mindset, sharing your own money stories with your kids, kids and investing, and more.
Key Takeaways
- Talk with your kids about the strategic parts of managing money(what they want for themselves, negative associations they have with money)
- Allow kids to get involved with family budgeting early (their birthday party, a family day out. etc).
- Giving a kid an allowance or letting them earn money alone does not guarantee that they will become “money smart”
- Talk, don’t lecture your kids about money
- Share (age appropriate) stories about your past experiences with money as well as current family money challenges
- Kids should understand that investing is like the roof of your financial house. Focus on building a strong financial foundation and walls first
Resources
- KFI.global
Ways to contact/follow:
- KFIGlobalTribe - Instagram
- KFIGlobalTribe - FaceBook
- KFIGlobalTribe - Twitter
Contact the Host - vince@thecfoathome.com
Pam Prine is a Financial Advisor and co-owner of Keystone Capital Management, an investment and retirement planning firm. She is also one of the hosts of the Wow Me ( Women on Wealth Management Education) Video Podcast. On this episode of CFO at Home, Pam and Vince discuss the importance of married women being knowledgeable about their family finances, differences in how men and women view money, the difference between your financial risk tolerance and risk capacity, and more.
Key Takeaways
- The average age of widowhood is 56, highlighting the need for married women to be knowledgeable about their family finances
- Steps in building confidence in managing your finances
-
- Learn your numbers (know your Net Worth)
- Build a foundational budget
- When assuming responsibility for managing their finances, women often wrestle with the fear of going broke
- Tips for engaging a disinterested spouse in family finances
-
- Relate finances back to priorities (sending kids to college, retirement, etc). Use each partner's priorities as a way to open up communication that leads to a common plan.
- General differences between how men and women view money
-
- Men have a tendency to be more numbers driven and competitive about money. Focused on the “scorecard”
- Women are more focused on security and practical things that money can be used for to bring enjoyment to life
- Men have a tendency to make more frequent changes to investments than women
- When planning your financial future it’s important to not only understand your goals, but also to have a realistic understanding of how much risk you’re willing to take to achieve them.
-
- Risk Tolerance - The amount of risk you feel you can tolerate is highly dependent on how you feel about the market (how optimistic/pessimistic your outlook is) at any given moment
- Risk Capacity - How much risk can you take/money can you lose and still meet you goals
- Consider your health as an investment, not an expense, particularly as you approach retirement
- Social and Emotional readiness is an underestimated part of retirement planning
Resources
- Beyond the Money
Ways to contact/follow:
- Keystonegroupaz.com
- Keystone Capital Management Group - Facebook
- Keystone Capital Management Group - LinkedIn
- Keystone Capital Management Group (Phone) - 623-299-9710
Contact the Host - vince@thecfoathome.com
Matt Pasierbek is the Host of the Journey to Freedom podcast, where he talks about world travel, finances, and success stories with people around the world. He’s also on his own personal journey to Financial Independence. On this episode of CFO at Home, Matt and Vince discuss the Financial Independence and Financial Independence Retire Early movements (FI and FIRE), Geoarbitrage, the importance of aggressive saving to achieving financial independence, and more.
Key Takeaways:
- The following is from our friends at the Motley Fool:
- Financial Independence
-
- Means, in the most basic sense, that an individual no longer needs to work for money. Put another way, they are no longer financially dependent on an employer to provide them with a paycheck.
-
From a purely mathematical standpoint, achieving financial independence requires having enough assets saved to predictably cover your living expenses in perpetuity. A good starting point is to set a savings goal based on the 4% withdrawal rule, which works out to building a nest egg equal to about 25 times your annual spending requirements. For example, someone who needs $50,000 per year would need to have a $1.25 million portfolio.
- Financial Independence, Retire Early
- The FIRE movement is made up of mostly ordinary individuals who have rallied around the principles of financial independence. Some are incredibly aggressive savers, some are remarkable investors, and some are insanely high earners. But all want to reduce the dependence they have on their respective employers and at least have the option to live life on their own terms.
- When it comes to FIRE, you most certainly can have the "FI" piece without the "RE." Many FIRE movement adherents recommend retiring "to" a career or lifestyle you enjoy as opposed to retiring "from" a workplace you hate.
- Standard practices of those looking to achieve Financial Independence:
-
- Aggressive savings (30, 40, 50% of income) can allow even those with relatively modest incomes to reach a level of Financial Independence at an early age
-
Taking advantage of Geoarbitrage - Choosing to live in a low cost of living area in order to take advantage of the disparity between income and the cost of living.
- Roth IRA
-
- Individual Retirement Account to which you contribute after-tax dollars. While there are no current-year tax benefits, your contributions and earnings can grow tax-free, and you can withdraw them tax- and penalty-free after age 59½ and once the account has been open for five years.
Resources
- Journey to Freedom Podcast
Ways to contact/follow:
- Matthew Pasierbek - Instagram
Contact the Host - vince@thecfoathome.com
Robin Taub is a Chartered Professional Accountant by training, a professional speaker, and the author of The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life. On this episode of CFO at Home, Robin and Vince discuss challenges for parents in educating their kids about money, having age appropriate conversations with kids about money, the importance of being a good financial role model for your kids, and more.
Key Takeaways
- Challenges for parents when it comes to educating their children about money
-
- Lack of Knowledge
- Lack of Time
- Lack of Opportunity - Finding teachable moments in a natural, organic way
- Feeling like you’re not good with money
-
- In order to be a good role model you have to gain control over your finances
- Having age appropriate conversations with your kids about family finances focused on the “5 Pillars of Money” (Earn, Save, Spend, Share, Invest) can be helpful in getting them to see beyond their own needs and wants. Concepts that are relatable and taking place in their world. Examples:
-
- Pre-teens - Spending, managing an Allowance
- High Schoolers - First Car, College costs and how they relate to family finances
- Give kids the opportunity to make money mistakes when the stakes are low (education with “training wheels” or “bumpers”)
- The introduction to earning their own money is pivotal in their financial education
- Teaching kids to balance spending and saving is a big challenge in part due to influences like Social Media that encourage consumption
- Our minds automatically make “upward social comparisons” (compare ourselves less favorably to those who have more), but resist doing the opposite, which makes it important for parents to model gratitude for their children
- Using your personal values to help guide financial decisions helps to internalize a valuable decision making process about money in your kids
- Focus on helping your kids develop good money habits while they are young. Much easier to develop good money habits early than to re-learn them later
-
- Knowing your cash flow
- Living within your means
- Paying yourself first
- Having an emergency fund
- Having adequate insurance
- Knowing how to delay gratification
Resources
- TheWisestInvestment.com
- RobinTaub.com
Ways to contact/follow:
- RobinTaubFinancialConsulting - Facebook
- RobinTaub - Instagram
- RobinTaub - Twitter
Contact the Host - vince@thecfoathome.com
Armond Croom is a Certified Financial Planner and family man who has learned how to make the right financial decisions for his family and help others avoid the mistakes he made early on. Today, his goal is to create more financial leaders in the average American home. On this episode of CFO at Home, Armond and Vince discuss what it takes to be the financial leader in your home, characteristics each partner in a relationship needs to bring to the table when planning their family’s financial future, payoffs of gaining control of your finances, and more.
Key Takeaways
- The Financial leader in the home
-
- Often ends up taking the back seat to the rest of the family in terms of spending
- Should seek to minimize the financial stress in the home
- Should seek to keep the family from over-extending itself
- Create a protective “bubble” where everyone in the family can concentrate on being the best they can be with minimal distraction due to money issues
- Hold the family accountable for making money decisions that support their goals
-
Each partner should be at least somewhat engaged in planning the family’s financial future
-
- Understand the basics of what goals money is being allocated towards
- Understand enough to be comfortable with the plan of what happens if the “CFO” partner is not around at some point
- Each partner needs have a role and know that role (financial and non-financial)
- Each partner needs to respect the others authority within their role
-
The payoffs of gaining control over your finances
-
- Give you space to dream
- Removes a major source of stress
- Gives you room to work on yourself (take care of your health, etc)
- Leaves more time to enjoy your family and your life
- Leaves more emotional space to deal with life’s unknowns
- Allows you to make financial decisions based on facts instead of emotion
Resources
- CroomFinancial.com
- The FinancialEffect.com
Ways to contact/follow:
- The Financial Effect - Facebook
- The Financial Effect - Instagram
- armond@croomfinancial.com
Contact the Host - vince@thecfoathome.com
Hassan Thomas is the Founder and CEO of the brand FYI FLI (For Your Information: Financial Literacy and Investing) where the mission is to promote financial literacy, and teach millennials how to manage and grow their money. On this episode of CFO at Home, Hassan and Vince discuss differences and common ground on how each of us views credit, debt, investing, and more.
Key Takeaways
- Financial areas where Gen Z/Young Millennials need to increase their knowledge
-
- Education about credit
-
- The importance of maintaining a favorable credit score
- Understanding the importance of compounding interest
- Debt
-
- Millennials, Gen Z are embracing the idea of “Good debt” and “Bad debt”
-
- Good debt - debt used to generate income. Plays into the entrepreneurial nature of this generation
- Student loan debt
-
- The burden of student loan debt is driving young people to start out their financial lives deeply in the red, causing anxiety and depression
- This generation is developing a more cautious view of student loan debt than their parents
- Cutting the cost of college
-
- Attending community college for the first 2 years
- Dual credit courses - classes taken in High School that also count as college credit
- Trading Apps
-
- Good for educational purposes and short-term trades. More traditional brokerages may be better for long term investing because there is less emphasis on frequent activity.
- The most effective way to reach Gen Z/Young Millennials with a message is through either entertainment or an experience.
Resources
- FYI FLI Podcast
Ways to contact/follow:
- FYIFLI - Instagram
- CEOSanni - Instagram
- HassanThomas - LinkedIn
- HassanThomas - Facebook
- FYI_FLI - TIcTok
Contact the Host - vince@thecfoathome.com
David Mulonas is a personal finance author who has spent over 20 years as a financial coach helping those that lacked personal finance education take control of their daily lives while planning for their retirement goals. After meeting his wife Cindy, they blended their families, and rebuilt their personal and financial lives. On this episode of CFO at Home David, Cindy and Vince discuss David and Cindy’s personal journey, financial lessons learned from their experiences, and more.
Key Takeaways
- Personal financial problems are often the result of life circumstances, not irresponsibility or being “bad with money”
- When working to clean up and bring some order to your finances, a support system is vital
- Money is emotional. Getting control over your emotions allows you to be systematic in executing on a wealth building plan
- Money doesn’t buy happiness but it can make your life easier if you manage it right
- When someone close to you shares their financial struggles, react compassion, not with judgement
- Having a fair amount of financial margin (difference between income and expenses), allows you to budget on a less granular level, which can feel less restrictive
- Paying yourself first is an extremely powerful financial concept. Money that you’re investing for retirement needs to be treated as a long term investment, not like a savings account.
- When blending finances and families:
-
- Set the rules up-front
- Establish common goals
- Build a new bottoms-up budget that encompasses the needs of your new family
-
- Make sure budget supports long-term goals
Resources
- I’m Not Flipping Burgers When I’m 70!
- Something On My Mind Podcast
Ways to contact/follow:
- SOMM.Podcast - Instagram
- SOMM_Podcast - Twitter
- SOMM_Podcast - Facebook
Contact the Host - vince@thecfoathome.com
Chris Felton is an experienced retirement strategist and best-selling author and speaker, who educates couples on their relationship with finances and each other. He’s also co-written a book with his wife Marlow, titled Couples Money – What Every Couple Should Know About Money and Relationships. On this episode of CFO at Home, Chris and Vince discuss the struggles that Chris and Marlow had to overcome while blending their finances, the importance of understanding money personalities, the need to balance financial sacrifice with fun, and more.
Key Takeaways
- Money Personalities - Be aware of the role that both you and your partner play
-
- The Controller - Has a need to be right and to control money, spending. Good at creating a financial vision for the family
- The Promoter - Has an inherent need to have fun
- The Supporter - Needs to be loved. Uses money relationally (family, community, etc.)
- The Analyst - Good with the details, but fearful of making mistakes. Creating a financial vision is not a strength
-
Money Mentalities
-
- Middle Class mentality - Addicted to comfort. Comfortable in being deluded about the state of their finances
- World Class mentality - Operating from a view of Objective Reality; viewing your financial situation objectively. Getting past denial and resentment is essential to getting “unstuck” financially and moving on to taking action
-
Projection and Resistance
-
- You cannot have a negative thought about someone else without seeing the same tendency in yourself
- Resist the temptation to be resentful of others when they to well financially
-
If you create negative thoughts about your partner, you must find a way to stop. Harboring bad thoughts toward your partner is the quickest way to drive money away.
- Create rewards to balance off financial sacrifices
-
- Allocate separate “Fun” money in your budget
- Important to have have a “designed outlet” for the natural tendency to want to enjoy the things that money can buy
Ways to contact/follow:
- CouplesMoney.com
- HowMoneyWorks.com/ChrisFelton
- CouplesMoney - Instagram
- Couples Money - Twitter
- Couples Money - Facebook
Contact the Host - vince@thecfoathome.com
Jamie Bosse is a Financial Planner and author with a passion for mentoring and financial literacy. Her newly released book, Money Boss Mom, is targeted at helping parents in their 20’s, 30’s, and 40’s take control of their financial lives. On this episode of CFO at Home, Jamie and Vince deep dive into one of the areas discussed in Money Boss Mom, increasing your Net Worth; building up cash, buying a home, investing, managing debt, and more.
Key Takeaways
- Net Worth
-
- Assets - Liabilities
- What you own - What you owe
- Net Worth supports building wealth. Building wealth supports freedom
- Common types of assets
-
- Cash
-
- When held as an Emergency Fund (3-6 months of non-discretionary expenses). Should be reserved for interruptions in income (job loss, etc), or other true household “emergencies”
- Rule of Thumb - Plan for 1% of your home’s value annually for maintenance costs (can be factored into the emergency fund of accounted for separately
- How to build/maintain an Emergency Fund
-
- Build - Automate; have money come out of your account automatically
- Maintain - Hide the money from yourself; keep it in an account that separate from the ones you use for everyday spending
- Home
-
- The ability to make a down payment (5-20% of the value) and having an emergency fund in place can be a more reliable indicator of when it’s time to purchase a home than low interest rates, marriage, etc
-
Investing
-
- Creates “Passive Income” (income that requires minimal labor to earn and maintain).
- The earlier you invest, the more time for compounding to increase the value of your investments
- Rules of Thumb
-
- Target 10-15% of your income for long-term saving/investing
- By age 30 have ½ of your total income in retirement savings
- By age 40 have 2X of your total income in retirement savings
- By age 50 have 4X of your total income in retirement savings
-
Liabilities (Debt)
-
- Rules of Thumb
-
- Student Loan debt - Less than your expected first year salary (based on 10 year pay-off)
- Mortgage Loan - 20-33% of your monthly income
-
Net Worth Targets by age
-
- Rule of Thumb
-
- (Age) X (Pre-Tax Income) /10
- (36 Years Old) X ($75K Salary before taxes) / 10 = $270K Ideal Net Worth Target
-
Take stock of your Net Worth Annually with the objective of growth over time, while acknowledging the possibility of short term, year-to year setbacks
Resources
- Money Boss Mom
- Milton the Money Savvy Pup: Brings Home the Bacon
- Milton the Money Savvy Pup: Makes Saving a Habit
Ways to contact/follow:
- Money Boss Mom - Instagram
- Money Boss Mom - Twitter
- Jamie Bosse - LinkedIn
Contact the Host - vince@thecfoathome.com
Elizabeth Dodson is a tech entrepreneur with over 20 years of experience in sales, marketing & finance. She’s also the co-founder of HomeZada, a software product that helps homeowners save time and money while managing their largest asset. On this episode of CFO at Home, Elizabeth and Vince discuss the role of home ownership in personal wealth building, commonly overlooked expenses for new homeowners, factors to consider when deciding the size of your mortgage, and more.
Key Takeaways
- Home ownership is a long-term play in your wealth-building strategy
-
- For single home ownership equity can be leveraged for products like a reverse mortgage or to pay expenses such as school or healthcare later in life
- Investment Real Estate can be used to build equity, generate cash flow, or both.
- In 2019, studies showed that we spent 33% of our annual income on our homes (mortgage, taxes, insurance, maintenance expenses, home improvements, etc)
- Remote work arrangements may allow you to buy a home in a more cost-effective area of the country
- Maintenance is an often overlooked expense of home ownership
-
- Rule of Thumb - Set aside 1-4% of your home’s purchase price annually for maintenance costs (less for newer homes, more for older homes)
- The dollar amount of the maximum mortgage you can qualify for is an important data point to have as you search for a home, but there are other important factors to consider as well
-
- Do you need as much home as the mortgage will buy you?
- How does the mortgage fit into your overall plan for achieving your financial goals?
- Can you pay the mortgage monthly and still
-
- Manage the other costs of home ownership?
- Maintain the amount of financial “wiggle room” that you’re comfortable with?
- Unfinished home improvement projects can actually de-value your home
- Having an inventory of the contents of your home facilitates making insurance claims in case of natural disaster, burglary, fire, etc.
-
- People who do not maintain a home inventory see 20-40% smaller payout of their home contents because they can’t remember all that they owned.
Resources
- HomeZada.com
Ways to contact/follow:
- Elizabeth Dodson - LinkedIn
Contact the Host - vince@thecfoathome.com
Paul Roux is a Financial Coach who helps people in recovery take control of their money so they can live the lives they were created for. On this episode of CFO at Home, Paul and Vince discuss Paul’s personal journey out of substance addiction, understanding our money behaviors, the use of money as a coping mechanism, and more.
Key Takeaways
- The lure of “retail therapy” can be strong; the use of shopping to cope with difficult feeling and emotions
- Self awareness is key to understanding your own money behavior - Being honest with yourself about why you’re spending
-
- It’s important that this self-awareness be non-judgmental. Shame is not useful to the process
-
Changing your money behavior means being open to trying new things and approaches
-
- Change can be difficult, drive for progress not perfection
-
If your partner is dealing with money behaviors that are counter to your family’s goals, it’s important extend them grace and foster a spirit of team and working together to achieve common goals
-
- Focus on helping them along their own journey of self awareness and discover the “whys” behind their behavior
- Practice humility
-
If possible check your own emotions before entering into a difficult money conversation
- Intentionality is key to achieving your financial goals
- If budgeting has negative connotations for you; reframe the concept
-
- Don’t view it as a limitation, but rather giving your money purpose
- Focus on the freedom of having your financial house in order (having savings, the ability to pay for items instead of purchasing on credit)
- Without a plan for your money, it often has a tendency to “disappear”
- Prioritize covering basic expenses/necessities, and “paying yourself” (saving/investing)
Resources
- The Laws of Wealth
- The Behavioral Investor
- The Physiology of Money
Ways to contact/follow:
- PaulRouxCoaching.com
- MasterPRoux - Instagram
- PaulRouxCoching - FaceBook
- Paul@PaulRouxCoaching.com
Contact the Host - vince@thecfoathome.com
Gordon Stein is the Author of the Cashflow Cookbook, which shows you how to save on just about everything you buy, and apply those savings to pay down debt and build wealth, all with minimal sacrifice and no budgeting. On this episode of CFO at Home, Gordon and Vince discuss ideas to cut down on everyday expenses, effectively managing what you save, and more.
Key Takeaways:
- Reducing what you pay on for everyday household needs can free up money for saving and investing without sacrificing things that bring enjoyment to your day-to-day life
- A few ideas to cut down on some everyday expenses (detailed in Cashflow Cookbook)
-
- Home repairs
-
- Take advantage of sources like YouTube videos that show you how to perform repairs yourself
- Comparison shop quotes you receive for home repairs; dollar amounts can vary greatly at times
- Transportation
-
- Use rate comparison sites to competitively for shop auto insurance
- Food and Drink
-
- Bringing you own lunch to work
- Tracking the increases that the reduction of everyday expenses can bring to your wealth is one way to keep yourself motivated to find more savings opportunities
- Target reading a Personal Finance book a month to keep your knowledge of investing and other financial topics growing so you can continue to make the most of the money you save by cutting down on everyday expenses
Resources
- Cashflow CookBook note: says Canadian Edition, but completely applicable to the US readers (US Edition forthcoming)
- Rich is a State of Mind
- Wealthing Like Rabbits
- Burn Your Mortgage
Ways to contact/follow:
- Cashflow Cookbook
- Cashflow Cookbook - Instagram
- Cashflow Cookbook - FaceBook
- Cashflow Cookbook - Twitter
- gord@cashflowcookbook.com
Contact the Host - vince@thecfoathome.com
Brandon Trammell is the founder of Purpose Financial and Insurance Services, where the motto is “Plan Your Legacy with Purpose”. On this episode of CFO at Home, Brandon and Vince discuss building a financial legacy, insurance, traits to look for when choosing a financial professional, and more.
Key Takeaways:
- A financial legacy is as much about the values and knowledge that you pass along to your heirs as it is about money and assets
- Areas of financial education that are closely related to building a legacy:
-
- Budgeting and understanding your personal balance sheet
- Savings/investing and paying of debt
- Being appropriately insured
- Choosing the right type of Life Insurance (Term, Permanent, etc) is a complex, individualized decision
- Statistically speaking, you are much more likely to likely to become disabled during your working years than to die; making disability insurance foundational to the average individual’s financial plan
- Medicare does not cover most of personal care options that we associate with “Long Term Care”; reducing the basic options to:
-
- Long Term Care Insurance (currently offered by a limited number of providers)
- Paying from personal wealth/care from family members
- Medicaid
- Some traits to look for when choosing a Financial Professional to work with:
-
- Someone who you align with value-wise
- Someone that you connect with on relational level
- Someone with high integrity
- Money without fulfillment is poverty
Ways to contact/follow:
- www.PlanYourLegacyWithPurpose.com
- PurposeFinancial (Instagram)
- brandon@purposefis.com (email)
Contact the Host - vince@thecfoathome.com
Sarah Blanchfield is a financial therapist and the founder of My Bulletproof Budget, where she’s on a mission to disrupt the finance industry by focusing on behavioral economics and how it can be used to heal people's relationships with money. On this episode of CFO at Home Sarah and Vince discuss how her behavior based approach to the subject of money differs from more traditional ones, the value of keeping your budget simple, tips for getting your partner’s buy-in to the budget, and more.
Key Takeaways:
- Traditional Finance/Economics teachings are based on math and “making the numbers work”. Behavioral Finance/Economics is more focused on how people actually make financial decisions and behave with money based on everything going on in their lives.
-
- We don’t always make logical decisions with our money
- It’s OK to let our emotions play a role in financial decision making
-
- Consider the role money plays in living a “happy life”
- Standard guidelines for what you should spend %s of your income on are just that, guidelines
- When developing a plan for your money start by defining your desired emotional outcomes, instead of how much you want to save or spend
- Having a refined budget can free you from having to think about your budget as much
- A key to getting buy-in from your partner on a budget
-
- Keep it simple
- Highlight the ways that the budget aligns with what’s important to them
Ways to contact/follow:
- MyBulletProofBudget.com
- Instagram - MyBulletProofBudget
- FaceBook - MyBulletProofBudget
- PInterest - MyBulletProofBudget
- The Money MythBuster Podcast
Contact the Host - vince@thecfoathome.com
Brian Dress is the Director of Research at Left Brain, a wealth management firm providing financial planning and investment advice .On this episode of CFO at Home, Brian and Vince discuss Active investing, Risk Tolerance, and more.
Key Takeaways:
- What Left Brain looks for in companies as growth investors:
-
- Revenue growth that’s accelerating
- Profitable companies that improve their margins over time
- Companies that are Category Definers entering new or growing markets; replacing legacy business
- Companies without fierce competition
- Quality management, particularly companies run by founders
-
Bond prices move in the inverse of interest rates
- Intellectual understanding of when to buy and sell as an investor often runs counter to what emotions are guiding you to do
- Tips for self education on a potential investment
-
- Investor Relations website of company
-
- 10K, 10Q reports
- Earnings conference call transcripts
Ways to contact/follow:
- LeftBrainwm.com (includes info on mutual fund launched by Left Brain Wealth Management)
- LeftBrainir.com
- BrianDress - LinkedIn
Contact the Host - vince@thecfoathome.com
Kate Grayson is a Money Coach and Founder of Beyond Money, where she specializes in helping people improve their financial lives on their own terms; no jargon, no shame, and no boilerplate solutions. On this episode of CFO at Home, Kate and Vince discuss tips for starting a budget, ideas for developing sustainable budget habits, debt pay-off methods, and more.
Key Takeaways:
- Tips for starting with Budgeting
-
- Understand where you are financially right now
-
- Get it on paper (spending, debt, assets)
- Estimate your monthly expenses
- Manually track your actual spending against those estimates for a couple of months
-
- Brings to light misalignments between how much you think you’re spending on certain items and how much you’re really spending. Some common areas of misalignment
-
- Groceries
- Shopping (in-person and on-line)
- Child-related expenses
- Ideas for developing, good sustainable budget/money habits
-
- Regular “Money Dates” for couples
- Budgets, like life, are dynamic and change. Keep the budget regularly updated so you can spot issues and “course correct” in a timely fashion
- Use “Value-Based Bookkeeping” - View your spending through the lens of your values, then use that information to prioritize spending
-
- Helps you to align your spending with your values, not someone else’s
- Debt pay-off methods
-
- Paying highest interest debt first (Debt Avalanche) - Often appeals to those with analytical minds based on the math. Not always the most emotionally motivating
- Paying the lowest balance debt first (Debt Snowball) - Can provide more “quick wins” in terms of eliminating individual debts which can provide motivation
- Pay the most hated debt first - Can be effective when there’s debt resulting from difficult life circumstances (injuries from an accident, divorce, etc)
- The best method is usually a personal decision - whatever best motivates you
- Credit Scores
-
- An important financial datapoint, but not the “end-all, be-all”
-
- Maintaining good, fundamental financial habits (paying bills on time, etc) can help your credit score without resorting to more “creative” methods
- Approach the subject of money with your “Non-CFO” partner with compassion
Ways to contact/follow:
-
BeyondMoney.co
-
BeyondMoney.co (Instagram)
Contact the Host - vince@thecfoathome.com
Today on CFO at Home, Christopher Calandra, Founder & Principal of Elliott Wealth Management Services, is back with Vince to discuss college costs; taking a “buyer beware” approach to the subject, recognizing a school’s “pitch”, an important thing to recognize about Financial Aid packages, and more.
Key Takeaways:
- A college or university’s first allegiance financially is to the institution, not the student or their family. The ultimate responsibility of weighing the costs and benefits should lie with the consumer.
- Parents have to stop believing that paying any sum of money for the child to go to college, disregarding any financial discipline, is a sign of love.
-
- Time is one of your greatest allies in building wealth. Student loan debt cripples a student’s ability to save and invest, particularly in the early stages of their working lives.
- Parents often end up damaging their financial future by taking on debt for their child’s education or funding that education at the expense of investing/saving for their own retirement
- Be sure to that you understand the nature of the Financial Aid being offered by a school (scholarship, grant, loan, etc)
- Earning credits at a community college then transferring to a 4 year school is one frequently recommended way of reducing the cost of earning a 4 year degree. One challenge with this strategy can be the limited number of slots available for transfers into 4 year institutions.
- Handled correctly, the process of paying for college can be a valuable financial education experience for young adults
Ways to contact/follow:
Simply Financial podcast
Elliott Wealth Management Services
Contact the Host - vince@thecfoathome.com
Brendan Lee Young is the CEO of Passiv. Passiv is a portfolio management tool that makes it easier for DIY investors to maintain a balanced portfolio and build and maintain a passive investment strategy. On this episode of CFO at Home Brendan and Vince discuss passive investing; what it is and the benefits, maintaining a balanced portfolio, and more.
- Key Takeaways:
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- General Benefits of Passive investing
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- Saves time when compared to stock picking
- Lower fund fees when compared to actively managed funds
- Based on Buy-and-Hold strategy that reduces opportunities for human error
- Provides stability relative to active management
- Tax Efficient
- Market history suggests that passive investing works best for those with long-term investment time horizons
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Keep a balanced portfolio
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- Asset allocation (%s of different investment types in a portfolio) can change from time to time due to changes in asset prices.
- Maintaining your asset allocation targets is important in order to keep your portfolio in line with your risk tolerance and investment time horizon
- When seeking to maintain a overall asset allocation within your portfolio, it’s important to take into account all of your investment accounts
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Recommended Resources
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- The Little Book of Common Sense Investing
-
Ways to contact/follow:
-
- Passiv
- Brendan Lee Young - Twitter
- PassivTeam - Twitter
-
Passiv CFO at Home Listener Discount - www.passiv.com/cfo
- Contact the Host - vince@thecfoathome.com
Ron Surz is co-host of the Baby Boomer Investing Show, President of Target Date Solutions, and CEO of GlidePath Wealth Management. On this episode of CFO at Home Ron and Vince discuss the current state of retirement planning, gauging retirement risk, risk tolerance versus risk capacity, and more.
- Key Takeaways:
-
- The Retirement “Risk Zone” is the time of transition from working life to retirement
- Sequence of Return Risk - The timing of when you start to draw down retirement savings; can impact how long your funds can last
- Your view of risk and risk tolerance can change as you get closer to retirement
- Target date funds are designed to help investors manage investment risk passively; they invest in equities more aggressively when you’re young, and become more conservative as you age.
- Risk Tolerance is about how much risk you can handle/live with. Risk Capacity recognizes that you may reach a point as an investor when higher levels of risk are no longer wise.
- At some point, what you’ve saved for retirement has to be “enough”. Taking more risk is not always practical.
- If you’re playing catch-up and close to retirement, how much you save can be as important if not more important than rate of return
- The stock market is currently richly valued
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Ways to contact/follow:
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- BabyBoomerInvesting.show
- Ron@ppca-inc.com
- GlidePathWM.com
-
Contact the Host - vince@thecfoathome.com
Eric Brotman is the author of the book Don’t Retire...Graduate! He’s also the Chief Executive Officer of BFG Financial Advisors and host of the Don’t Retire...Graduate! podcast. On this episode of CFO at Home, Eric and Vince discuss updating our concept of retirement, challenges that Millennials and Gen Z need to consider when planning for retirement, and more.
- Key Takeaways:
-
- Retirement should be an advancement to doing the next version of you, whatever that looks like
- Parts of our current retirement system (like Social Security) were built to help support you for the very short period of time between retirement and death. Longer life spans have changed the game.
- The idea of retirement today is not so much the absence of work, but rather the absence of needing to work (Financial Independence)
- Retirement planning requires more intentionality to those in their 20’s and 30’s today than in the preceding generation because of the number of different employers they can expect to have
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- List out your assets and liabilities and build a cohesive plan around them
- Have a accountability partner
- Key factors in determining a debt pay-off strategy
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- Interest Rate
- Impact on Cash Flow
- Impact on Net Worth
- Paying yourself first is as important (if not more important) than budgeting
- Understand the money habits of your partner before commingling finances
- Being wealthy is being financially independent enough to never work another day in your life. For most of us, this will still require discipline and living within certain spending parameters.
-
Resources:
-
- Book - Don’t Retire... Graduate!
- Podcast - Don’t Retire... Graduate!
- Brotman Media Group
- FinancialPlanningForAll.com
-
Contact the Host - vince@thecfoathome.com
Donovan Brooks is a Certified Financial Planner, the founder of Storyline Financial Planning, and the host of the Building Stewards podcast, where he dispenses biblical wisdom for where faith & finances meet. On this episode of CFO at Home Donovan and Vince discuss his thoughts on debt, money mindset, giving, and spending as seen through a Christian Biblical lens and more.
- Key Takeaways:
-
- Money problems are not always money problems, often they’re spiritual
- Know, Believe, Do
-
- What you know shapes what you believe
- What you believe dictates what you do
- Debt is unavoidable for most for at least a season of life (even if it’s just mortgage). Have a plan to free yourself that debt as soon as possible.
- Christians struggle with the same money mindset issues as non-Christians ( jealousy, greed, lack of contentment and gratitude)
- From a Christian perspective, giving should be done out of a sense of joy, not obligation
- Overspending often indicates an issue with contentment
- To be a successful CFO at Home, be humble, remember that family money management is a team effort
-
Ways to contact/follow:
- Building Stewards Podcast
- DonovanBrooks.com
-
Contact the Host - vince@thecfoathome.com
Chris Calandra is the Founder & Principal of Elliott Wealth Management Services, a Certified Financial Planner with over twenty-six years of experience helping entrepreneurs, retirees, & families achieve their financial goals & objectives, and the host of the Simply Financial podcast. On this episode of CFO at Home Chris and Vince discuss Chris’ 7 Wealth Building rules and more.
- Key Takeaways:
-
- Chris’ 7 Wealth Building Rules
-
-
- Setting Your Goals – Think short-term, mid-term & long- term.
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-
-
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- Financial success is based on having both long-term, written goals, and a series of short and mid-term tactical plans to get you there
-
-
-
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- Be Prepared – Get educated & do your homework
-
-
-
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- Often falls to the “CFO at Home”
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-
-
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- Develop a Wealth Building Plan – Figure out how to position assets & deploy income.
-
-
-
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- Figure out what resources/assets you have * Make sure those assets are positioned well positioned * How do those investments compare with alternatives? * Have a specific plan for your discretionary income
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-
-
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- You Need A Team – Building wealth is not a one-person task. We all need a little help. You need a team.
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-
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- Track Your Progress – Money is not the most important thing in life, but it is important. You need to track your progress by using tools like a personal net worth statement.
-
-
-
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- Personal Net Worth Statement + Personal Equivalent of a Business Balance Sheet + Assets listed line by line (money in the bank, retirement accounts,etc) + Debt listed line by line (Credit Cards, Student Loans, etc) + Net Worth = Total Assets - Total Debt + Regularly track your goals against your Net Worth
-
-
-
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- Diversification – Spread your assets & your risks around.
-
-
-
-
- Diversification can not only refer to the mixture of stocks and bonds in your portfolio, but also to things like having an emergency fund, having some exposure to real estate, avoiding having too much invested in a single stock, etc.
-
-
-
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- Be Careful With Debt – Avoid debt that comes from living above your needs. Be cautious about using debt to acquire assets
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-
-
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- Avoid debt that comes from living above your means * Becoming debt-free can become more important as you approach retirement
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-
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Ways to contact/follow:
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- Simply Financial Podcast
- Elliottwealth.com
-
Contact the Host - vince@thecfoathome.com
Rocky Lalvani’s story is a little different than that of most financial experts. He grew up as an immigrant to the US after his parents immigrated from India, spent his working career outside of the financial industry, and built a multimillion dollar fortune through old-fashioned saving and investing. On this episode of CFO at Home, Rocky and Vince discuss building wealth; Rocky’s money lessons from his youth, a few of his money mistakes, the role of wealth in building a rich, fulfilling life, and more.
- Key Takeaways
-
- Factors that contributed to Rocky’s parents and fellow immigrants being able to successfully build wealth in America
-
- Open money conversations
- Frugality
- Negotiation
- Living well below their means
- Rocky’s money lessons from his Dad
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- Living a lavish lifestyle on a frugal budget
-
- Not about restriction, but rather how to get the nice life you want without having to spend what everyone else is having to spend on it
- The Wealth Building template for younger generations is different than that for Baby Boomers
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- The benefits of job hopping
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- You can often get bigger salary increases through job hopping than you can by staying with one employer
- Where you go to college is less meaningful now than for the Baby Boomers. In the future, if you go to college may become less important in the big scheme of things from a wealth building perspective
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- After your first couple of years of work, you’re rarely asked where you went to college. In the entrepreneurial world, it’s often not a relevant question at all
- Understand the value of networking and building relationships in college
- One you graduate, identify a new and upcoming area where there are no experts, and become that expert
- Spend your 20’s/early part of your career building skills and networks
- Chasing the next hot stock/mutual fund/currency
-
- By the time you become aware of the next hot investment opportunity, much of the runup in price has already taken place
- There’s value in creating a balanced plan and sticking to it. Consistency in investing is key
-
- The role of wealth in building a rich and fulfilling life - Don’t get caught in the “I will be happy when….” trap. - Don’t postpone pursuing happiness for the sake of building wealth. - Enjoy the journey. Find happiness in this moment. Money won’t give you happiness, it magnifies who you are.
- Tips for the CFO at Home
- Figure out your targets
- Do the simple math of getting from where you are to that target
- Figure out how to spend less and still be happy
- Be conscious of the flow of your money and make sure that it’s aligned with supporting your happiness
-
Ways to contact/follow
-
- RicherSoul
- Profit Comes First
-
Contact the Host - vince@thecfoathome.com
Luke Hohmann is CEO and Founder of FirstRoot and one of the world’s leading experts on applying Participatory Budgeting at scale, in both communities and in business settings. On this episode of CFO at Home, Luke and Vince discuss using the principles of Participatory Budgeting to teach kids the power of money, both in schools and at home, and more.
- Key Takeaways
-
- Participatory Budgeting
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- Allows kids to have a say in family decisions on how discretionary dollars in their home are spent
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- Planning family vacations
- Charitable donations
- Home Improvements
- Teaches budgeting basics
- Encourages collaboration between kids and parents on making financial decisions
- Can work for kids as young as 8-10 years old
- Teaches kids to
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- Talk through, negotiate, and make choices with a budget
- Value the opinions of others in through shared budgeting
-
Resources:
-
- FirstRoot
- FYI FLI Podcast
-
Ways to contact/follow
-
- Luke Hohmann - LinkedIn
-
Contact the Host - vince@thecfoathome.com
Andrew Warner is a virtual CFO for marketing agencies and e-commerce stores. His unique mix of experience in both finance and marketing allows him to approach how he helps the companies he works with in a unique way - helping them get a better handle on their numbers while not forgetting marketing best practices. On this episode of CFO at Home Andrew and Vince discuss how the principles that corporate CFOs use for budgeting, debt management, and more, can make you a better CFO at Home.
- Key Takeaways
-
- Budgeting
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- In both the business world and in your Personal Finances, it’s good to create excitement behind the goals behind the budget
- Getting buy-in from both partners in a household is critical as well.
- Even when circumstances dictate changes to the budget, continue to ensure that it stays in line with your goals
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- Debt - Debt taken on in order to “Invest”, as opposed for consumption, is often regarded as “good debt”. It can be particularly tricky in your personal life at times to clearly distinguish when spending is truly an investment - Take a sober look at the risk/reward of debt that you enter into on the premise of it being an “investment”
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- Key Performance Indicators (“KPIs”) - Businesses use KPIs (financial and non-financial) to keep track of their progress towards their goals - Net Worth is a key “KPI” in personal finances
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Resources:
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- The Goal
-
Ways to contact/follow
-
- https://marketingcfo.com/
- andrew.warner@marketingcfo.com
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Contact the Host - vince@thecfoathome.com
Joseph Hogue is the Chief Awesome Officer at Let’s Talk Money, a YouTube Channel with over 400K subscribers. He’s also the founder of numerous personal finance blogs including one that focuses on work from home opportunities, MyWorkFromHomeMoney.com. On this episode of CFO at Home, Joseph and Vince discuss creating and monetizing a successful blog, YouTube channel, and more.
- Key Takeaways:
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- Blogging FAQs
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- What should I blog about?
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- Skills that you already have (you’re already an expert in something); job-related skills, hobby, etc.
- Something you don’t know about but want to learn (take readers along with you on the learning journey)
- It needs to come from a place of passion, but at the same time monetizable
- How do I get people to visit my blog
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- Find out where your audience is already hanging out on-online (social media groups, etc) and engage with them. Build up a reputation of having expertise and bringing value, then eventually expose them to your blog.
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- Focus on platforms where your audience most likely to hang out and/or those platforms that you’re most likely to use regularly
- SEO (Search Engine Optimization) - Understanding how Search Engines work so you can better influence how your blog shows up in search results
- How do I make money from my blog
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- Start trying our different monetization strategies immediately. Figure out the short path to monetizing for your particular subject matter.
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- Create an ebook from your blog posts
- Explore affiliate programs/networks
- Google ads
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- Creating/monetizing a YouTube Channel - More critical to niche down your YouTube Channel subject matter than your blog (more than 26 Million YouTube channels) - Easier to monetize with ads on YouTube than a blog - Easier to present affiliates through YouTube (product demos, etc).
-
Ways to contact/follow:
-
- Let’s Talk Money - YouTube
- MyWorkFromHomeMoney.com
- Let’s Talk Money Together! - FaceBook
-
Contact the Host - vince@thecfoathome.com
Alex Mason is the host of the Stock Stories podcast, where he explores the histories, business models, and economic characteristics of publicly traded companies. On this episode of CFO at Home, Alex and Vince discuss factors to consider when accessing the value of a particular stock, how understanding the basics of stock valuation makes you a better investor, America’s wealth gap, and more.
- Key Takeaways
-
- Factors to consider when accessing the value of shares of stock:
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- Earnings/Profits - Is the company offering the shares actually making money?
- What’s the quality of the company’s earnings (how do they make money)?
- Comparison of the current state of tech stocks versus the dot-com bubble days of the late 1990s-early 2000s
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- In both cases valuations are really high
- Many tech companies in during the dot-com bubble days had no profits; today’s tech leaders are generating profits and have huge cash reserves
- Even if you a mutual fund/index fund investor (as opposed to buying individual stocks), there’s still value in you understanding how individual stocks are valued; many passive funds are heavily weighted towards a relatively small number of stocks, so understanding the value of those few stocks could we worthwhile
- Understanding the basics of how stocks are valued makes you a more knowledgeable investor; knowledgeable investors are less likely to panic and make short-sighted moves during a market correction.
- Mistakes beginning investors make:
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- Lacking basic financial literacy
- Buying stock because you like a company's products/service
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- Popularity does not mean a company has earnings/ is making money
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Resources:
-
- One Up on Wall Street
-
Ways to contact/follow
-
- Stockstoryteller.com
- Stockstoryteller - Instagram
- Stockstoryteller - Twitter
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Contact the Host - vince@thecfoathome.com
Carla Youngblood is a Certified Public Accountant, Comedienne, Speaker, Author and Podcaster. On this episode of CFO at Home Carla and Vince discuss tips for beginning entrepreneurs, the specific work that she’s involved in helping Black entrepreneurs in Birmingham Alabama, and more.
- Key Takeaways:
-
- The “4 P’s” for beginning entrepreneurs
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- Place
- Price
- Product
- Promotion
- Tips for beginning entrepreneurs:
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- Make sure your personal finances are in order:
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- (Preferably) debt free
- Have sufficient income to meet personal obligations
- Have 3-6 months of emergency savings
- Understand you business model
- Legally form your business (Appropriate business structure, Business License, EIN, etc)
- Set up a proper bookkeeping system; documenting your revenue and expenses so you have a clear picture of how your business is performing. This is critical, even if you need to pay for bookkeeping services
- Clearly segregate your business and personal finances
- Ideally shoot to have access to funding equal to 2 years worth of expenses for your business before launching
- Having a basic on-line presence (website, social media) is important even for brick and mortar businesses in underserved communities
- Enlist help to take a 3-5 look at the viability of your business (important for financing)
- Unless you’re a CPA, enlist professional help in preparing your taxes and file every year.
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Resources:
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- BE BHM
-
Ways to contact/follow:
-
- CarlaYoungblood.com
- Edge Of The Truth Podcast
- CarlaYoungblood - Instagram
- Carla Youngblood Facebook
-
Contact the Host - vince@thecfoathome.com
Milan Kovacevic is the co-founder and CEO of Finny—a personal finance community and education app that's game-based, personalized to your interests, curriculum-based and free. On this episode of CFO at Home, Milan and Vince discuss how Finny helps to increase financial literacy through customized learning experiences, providing community, offering rewards, and more.
- Key Takeaways:
-
- Main areas of Finny
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- Learn - Customized learning experiences based on your interest such as:
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- Save for a Rainy Day
- Budgeting FUNdamentals
- Make Your Budget Stick!
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Discuss - On-line discussion with community and Financial Coaches on subjects such as:
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- Budgeting and Saving
- Investing
- Planning (retirement, college)
- Credit Scores
- Taxes
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Community
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- Invite Friends
- Choose Followers
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Rewards - Redeem dibs accumulated through completing learning exercises for rewards
- Finnyvest
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- Research help for the DIY investor
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Resources
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- Askfinny.com
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Ways to contact/follow:
-
- AskFinny - Twitter
Contact the Host - vince@thecfoathome.com
Kelli Nielsen is a world traveler, toddler mom, cancer nurse, and blogger inspiring people to achieve dream travel on THEIR budget and live their best lives through her business, Trip Fixers. On this episode of CFO at Home, Kelli and Vince discuss traveling on a budget, avoiding travel FOMO, “clean” travel hacks, and more.
- Key Takeaways
-
- Conventional “travel hacking” is often based on the practice of “credit card hacking”; opening multiple credit card accounts for the bonuses (dollars, miles, hotel stays, etc) and charging certain amounts over a certain period of time. Kelli teaches “clean” traveling hacking which relies more on knowledge and research.
- The use of credit cards to accumulate bonuses like airline miles is a personal choice that ties back to an individual’s comfort with credit and their ability to use credit responsibly.
- Tips for Traveling on a budget
-
- Flexibility - Identify what you can be flexible about; things that you don’t care as much about (destination, lodging, timing of travel, etc) to get the things you do care about.
- Don’t be afraid to start with smaller trips to develop good travel habits and build up to your dream destination
- Think about the “whys” behind your dream travel destination; can you create those experiences in a less expensive location?
- “Clean” Travel Hacks for:
-
- Airline travel
-
- Typically the #1 expense which makes it a great area of focus
- Use the right sites to look up your flights for comparison shopping (see resources)
- Hotel
-
- Be flexible on type of accommodation (Hotel, Airbnb, Vrbo, etc)
- Destination/Activities
-
- Consider preparing at least some of your meals. If traveling to a foreign/exotic locale, shop for ingredients in local markets to make meal preparation part of your vacation experience.
-
Resources:
-
- TripFixers.com
- Shopping Flights
-
- Skyscanner.com
- TripFixers - Flights
-
Ways to contact/follow
-
- Trip_Fixers - Instagram
- Kelli@tripfixers.com
-
Contact the Host - vince@thecfoathome.com
Dan Sarver is a college student who has written the book on money that he was looking for after graduating high school, 7 Investments In Your 20’s That Will Change Your Life. On this episode of CFO at Home, Dan and Vince discuss his inspiration for writing the book, the 7 investment vehicles mentioned in the title, and more.
Key Takeaways:
Dan’s 7 Investments in your 20’s that will change your life:
- Dividend Paying Stocks and Compound Interest
- The greatest asset for a young investor is time
- Long investment horizons minimize risk, allow for maximum returns
- The greatest asset for a young investor is time
- S&P 500 Index Fund
- Funds with largest Market Cap
- Allows investors to realize returns similar to the overall market over the long run
- Nasdaq-100 Index Fund
- Tech-driven; historically translates to higher volatility, higher reward
- Mutual Funds
- Returns are more reliant on the skills of the fund manager as stock-picker than index funds
- Generally have higher expense ratios (costs more to invest in) than index funds
- The Exchange-Traded Fund (ETF)
- Similar to mutual funds, more available internationally, designed to be even more liquid than mutual funds
- Real Estate Investment Trust (REIT)
- Allows investment in Real Estate through a brokerage account, without the hassle involved in conventional real estate investing
-
Treasury Inflation-Protected Securities (TIPS)
- May provide slightly more return for cash reserves than a savings account
-
Resources:
-
- 7 Investments in your 20’s that will Change your Life
- The Little Book of Common Sense Investing
-
Ways to contact/follow
-
- Danbusinesslifestyle.com
- DanXSarver - Instagram
-
Contact the Host - vince@thecfoathome.com
Patrice Washington is an award-winning author, transformational speaker, hope restoring coach, and media personality who Success Magazine named one of 12 Inspiring Black Voices in Personal Development. She’s also the host of the Redefining Wealth podcast. On this episode of CFO at Home, Patrice and Vince discuss her new book, Redefine Wealth for Yourself; what it means to be truly wealthy, the role that fitness and relationship building play in attaining true wealth, and more.
-
Key Takeaways
-
- 12th century definition of Wealth - “The Condition of well-being and happiness”
- Our relationship with money is not just about money, it’s about all of the areas of our life that impact our finances even when we’re not thinking about it.
-
- The Six Pillars of Wealth from REFINE WEALTH FOR YOURSELF
-
-
- Fit - Become your best self
-
-
Protect the Vessel
- Develop a Fit Mindset
-
Examine Your Mental Health
-
-
- People - Take care of relationships that matter
-
-
Protect Personal Relationships First
- Surround Yourself with the Right People
-
Attract Allies and Advocates
-
-
- Space - Set up your life to support you
-
-
Get it together
- Add the Energy You Want
-
Timing is Everything
-
-
- Faith - Believe in something greater
-
-
The Power of Faith
- Practice What You Say You Believe
-
Demonstrate Your Faith in Real Life
-
-
- Work - Live Your life’s purpose
-
-
Accept you Purpose
- Put Purpose to work
-
Earn More Without Chasing
-
-
- Money - Attract the prosperity you desire
-
-
-
-
- Elevate Your Money Mindset * Master the Basics * Introduce the Money Maven in You
-
-
-
-
- The Six Pillars build upon one another. To build true “wealth follow them in order
-
- The basic tenets of good personal finance habits are well-known (spend less than you make, save, be responsible with debt). The first five pillars help put you in the position to execute on those tenets.
-
-
Resources:
-
- PatriceWashington.com
- Redefine Wealth for Yourself
- Redefining Wealth Podcast
-
Ways to contact/follow
-
- seekwisdompcw - Instagram
-
Contact the Host - vince@thecfoathome.com
Diania Merriam is the founder and Chief Economist of EconoMe LLC, which was formed to launch the EconoMe Conference, an event centered around financial independence that’s known as the "Ted Talks" of the Financial Independence Retire Early, or FIRE movement. On this episode of CFO at Home, Diania and Vince discuss her personal journey out of debt and onto the FIRE path, some common misconceptions about FIRE, couples pursuing FIRE together, and more.
- Key Takeaways
-
- Increasing your savings rate in pursuit of FIRE
-
- Areas of focus for decrease your expenses
-
- Housing
- Transportation
- Food
- As your income increases, don’t let “lifestyle creep” consume your additional income
-
- FIRE movement is agnostic to income level; the key is the gap between your income and expenses - If you’re struggling to make ends meet, focus needs to be on increasing income to create income-expense gap
- FIRE is about creating options, not deprivation
- With FIRE, each person has to decide the level of frugality that’s comfortable for them
- For couples, finding common ground where you can be frugal in some areas, yet neither partner feels deprived is important
- Don’t be afraid to have open and honest conversations about your perceptions of money and wealth
- Financial Independence “Rule of Thumb” definition - Savings of at least 25X expenses, allowing you live off a 4% annual withdrawal rate
- The aggressiveness of the FIRE movement also makes it very appealing to those getting a late start in preparing for retirement
-
Resources:
-
- EconoMe Conference Tickets
- https://www.madfientist.com/how-to-access-retirement-funds-early/
- FIRE Misconceptions, Assumptions, and Criticisms
- EconoMe Conference- YouTube
- Optimal Finance Daily Podcast
-
Ways to contact/follow
-
- EconoMe Conference - Twitter
- EconoMe Conference - Intragram
- EconoMe Conference - FaceBook
- For the FI-Curious - FaceBook
- Diania Merriam - FaceBook
-
Contact the Host - vince@thecfoathome.com
Mike Fraietta is the Founder and CEO of KidFolio, an app that allows you to contribute to an experience, help a child save for college, or teach financial literacy by gifting an investment. On this episode of CFO at Home, Mike and Vince discuss how KidFolio can simplify gift-giving to kids, the various ways the app can help build financial literacy, and more.
- Key Takeaways
-
- Giving kids gifts like stock shares in companies that sell products they’re interested in (like Disney) can help them “connect the dots” between those companies and stock ownership, and help educate and fuel their interest investing
- As trading apps gaining popularity, the need for educating kids about long-term investing continues to grow as well
- Empowering kids to make their own (low stakes) purchasing choices with money teaches them financial skills that simply giving them gifts can’t.
-
Resources:
-
- KidFolio.app
- https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/bookshelf/
- https://twitter.com/pierre_rochard
-
Ways to contact/follow
-
- email: mike@kidfolio.app
- mike on twitter: https://twitter.com/mikefraietta
- mike on linkedin: https://www.linkedin.com/in/fraietta
Liz Hand is a Certified Financial Planner with Pleasant Wealth, LLC in Canton, Ohio. She’s worked in personal finance for over a decade, and focuses her practice on helping women step into retirement by managing investments, designing retirement income, and distilling the complex world of finance into bite-size pieces On this episode of CFO at Home Liz and Vince discuss the challenges that women face when they unexpectedly become the CFO at Home, engaging a disinterested partner in money conversations, and more.
-
Key Takeaways
-
- Engaging a disinterested partner in a money conversation - If you’re the “money geek” in your family, be conscious of devoting time in money conversations to discussing goals and dreams, not just figures and financial jargon. - Generally speaking, women can be less “performative” and more practical when it comes to financial discussions and making financial decisions, so again, keep the conversation goal-oriented. - Connection and trust with an advisor are high priorities, particularly for women - Find an area that’s tied to the national interest for the less engaged partner (ex: investing for kids' higher education) that they can take primary responsibility for managing.
-
Recommended resources:
-
- Sudden Money
- Pleasant Financial Conversations (YouTube)
-
Ways to contact/follow
- PleasantWealth.com
- PleasantFinancialConversations (FaceBook)
-
ElizabethKHand (LinkedIn)
-
Contact the Host - vince@thecfoathome.com
Kenny Ingersoll is a representative with Revolution Financial Management, which seeks to help people better their financial situation through education and awareness. On this episode of CFO at Home, Kenny and Vince discuss budgeting basics; budgeting for beginners, making a budget you can stick to, and more.
-
Key Takeaways
- How to budget for Beginners.
- Budgeting simply means that you know where your money is going and you have a way to track it.
- The aim with budgeting is to be aware of your spending, plan for your expenses, and make sure you have enough saved to pursue your goals
- A budget allows you to enact a strategy to help pursue your goals
- Quick step-by-step guide on how to get your budgeting habit off the ground!
- Track your expenses every day
- Add up expenses every week and develop categories
- Create a monthly list of expenses
- Adjust your spending as necessary
- Keep going
- How to budget for Beginners.
-
- How To Make a Budget You Can Stick To - Some people love to live a life of thrift, for others, budgeting conjures up images of living in tents, foraging for nuts and berries in the woods, and sewing together everyone’s old t-shirts to make a blanket for grandma. - Simplifying the budgeting process can help in finding the happy middle * Use that smartphone. * Plan for unexpected expenses * Go with the flow
-
Recommended resources:
-
- Dave Ramsey
- Grant Cardone
- Rich Dad Poor Dad
-
Ways to contact/follow
- https://kennyingersolltv.weebly.com/
- https://financialrevolution.com/jaleneingersoll
- https://anchor.fm/dreadnomondays
- https://www.linkedin.com/in/kennyingersoll/
- https://www.instagram.com/kenny.ingersoll/
- https://www.facebook.com/Kenny-Ingersoll-106023241133852
-
Contact the Host - vince@thecfoathome.com
Certified Financial Planner David Elder, Vince’s personal Retirement Advisor, is back with him on CFO at Home. This time around they discuss the GameStop trading craze and what it means for the average investor, Efficient Markets, when shorting stocks can be bad for the stock market in general, and more.
- Key Takeaways
-
- GameStop trading frenzy
-
- A number of Hedge Funds were “shorting” GameStop stock
-
- Shorting a stock is when you are loaned shares of stock by a brokerage company (with interest), you sell the stock, buy it back (hopefully at a lower price) in order to return the loaned shares. The difference between your sell and repurchase prices is your profit.
- Reddit users started buying significant numbers of shares of the stock, driving the price up. With the stock price started going up instead of down, the Hedge Funds started buying shares as well i order to limit their losses (a “Short Cover”)
- This same activity was also taking place with others stocks such as AMC Theatres
- S&P 500 started to drop during all of this, possibly driven by Hedge Funds selling shares in other stocks to raise money to buy GameStop stock and cover their Short positions.
-
- Efficient Market Theory - The theory that the collective intelligence of all investors is smarter than a single individual. If you just own the entire market you’ll benefit from that collective intelligence in a free sort of way - While trading like what happened with GameStop may not be “efficient”, not only is it not necessarily bad for long-term investors, it could actually work in their favor. - Market inefficiency creates opportunity for unique opportunities to make profits (arbitrage opportunities)
-
- “Shorting Stocks” can be bad for the market - Shorting stocks can results in dips in the broad market that can panic individual investors into selling at the wrong time
-
- Be careful in your consumption of financial media - Like any other media, their priority is to get viewers/readers, not to provide accurate unbiased information
-
Ways to contact/follow
-
- Meritfa.com
- David Elder Merit Financial - LinkedIn
- Delder@meritfa.com
- 678-867-7050
Contact the Host - vince@thecfoathome.com
William Glass is a FinTech entrepreneur whose mission is to improve financial well-being globally. As founder & CEO of Ostrich, William has developed an app to help individuals build financial literacy by creating social community and accountability around money - think saving & investing with friends. On this episode of CFO at Home, William and Vince discuss using the Ostrich App to build better financial habits in terms of spending, saving, investing, and more.
- Key Takeaways
-
- Ostrich Challenges discussed during this episode:
-
- Spending
-
- FRUGAL FALL - Cut out one category of spending from now through December 21st
- DROP IT LIKE IT’S HOT - Drop a few of those subscriptions that are weighing you down
- Saving
-
- MY LOVE FOR YOU IS PRICELESS - Planning to pop the question or already said yes? Love may be priceless but rings and weddings sure are not
- ACQUIRE THEN RETIRE - Increase your retirement contribution percent month by month and see your nest egg grow.
- Investing
-
- DCA IS THE WAY - Learn to invest like the pros! Dollar-Cost Average your way to wealth in this investing challenge.
- Debt
-
- CLEAR YOUR CARDS - Nobody likes to pay interest! Can you keep all of your credit card accounts paid off each month
- Giving
-
- DON’T HATE, DONATE! - Build the habit of giving to causes that are meaningful to you
-
Recommended resources:
-
- Getostrich.com
-
Ways to contact/follow
-
- william@theostrichapp.com
- William Glass (Ostrich) - LinkedIn
- TheOstrichApp - Instragram
- TheOstrichApp - Twitter
- TheOstrichApp - FaceBook
- WilliamPGlass3 - Twitter
-
Contact the Host - vince@thecfoathome.com
Jessica Durbin is a Financial Wellness Coach, a third generation tax preparer, bookkeeper, wife of a Navy Corpsman Veteran and the mother of two beautiful girls. In this episode on CFO at Home, Jessica and Vince discuss the role that gender plays in a family’s money dynamic; how the dynamic differs depending on which partner is the primary breadwinner, challenges created when the woman is that breadwinner, ways to manage through those challenges, and more.
- Key Takeaways
-
- How gender impacts the money dynamic in a family
-
- The unhealthy dynamic of “secret spending” by women when the man is the primary income earner exists even today
- When the woman is the primary earner, men can struggle with thoughts that they should be playing that role because for so long this was considered to be the more “traditional” arrangement
-
- The “non-traditional” arrangement can provoke positive conversations about the worth of what the partner who is not the primary income earner does in terms of running the household
- Important traits to remember when managing through this dynamic
-
- Communication; regular check-ins
- Sense of compromise
- Understanding of one another’s “love language”
- Don’t be afraid of discussing the “sticky questions”
- Regardless of which partner is the primary earner, each spouse can play a role in helping the family achieve it’s financial goals. Having each partner play some sort of role helps to foster a sense of “teamwork” and working together.
-
Recommended resources:
-
- The 5 Love Languages
- Listen Money Matters Podcast
- InvestED Podcast
- Jessica Durbin - Best Holistic Life Magazine
- IRS.gov
-
Ways to contact/follow
-
- Durbinbookkeeping.com
- Durbin_Bookkeeping - Instagram
- Durbin Bookkeeping - Facebook
-
Contact the Host - vince@thecfoathome.com
David Elder is a Certified Financial Planner, Wealth Manager, Branch Manager, and Partner with Merit Financial Advisors. He’s also Vince’s personal Retirement Advisor. Today on CFO at Home, David and Vince discuss retirement planning; factors to consider when starting or evaluating your plan, factors to consider when looking for a Retirement Planner, HSAs, ETFs, Target Date Funds, and more.
- Key Takeaways
-
- Defined Contribution Plan - A retirement plan in which an employee contributes money and their employer typically makes a matching contribution
-
-
- 401(k) - For employees of public corporations - 403(b) - For employees of schools, healthcare entities and non-profits - 457 - For public sector employees - Thrift Savings Plan - For federal employees - SIMPLE - For employees and employers of businesses with 100 or fewer employees
-
-
-
- Defined Contribution Plans are the most widely-used type of employer-sponsored retirement benefit plan in the US - Employees invest in these plans to supplement their Social Security benefits since Social Security alone is typically not enough to pay for the average retirement. - These plans have grown in importance since Defined Benefit Pension Plans, where the employer is responsible for all planning and investment risk, have become less common.
-
-
- Individual Retirement Account (IRA) A type of tax-deferred or tax free retirement account that individuals can open at many financial institutions.
-
- Questions to consider when starting/evaluating retirement savings: - Defined Contribution or IRA? - Contribute before or after tax (ROTH)? - What’s your investment time horizon and spending goals? - What’s your risk tolerance? - Is your asset allocation aligned with your goals? - If you have multiple accounts, are you optimized across them? - Is your retirement account coordinated with your spouse’s plan?
-
- Factors to consider when selecting a Financial Planner for Retirement - Professional credentials (CFP?) - Experience - Give yourself the proper time to evaluate - What they tell you - The questions they ask - How well they’re listening to you - Have a honest discussion about the pros and cons of working together
-
Ways to contact/follow
-
- Meritfa.com
- Delder@meritfa.com
Contact the Host - vince@thecfoathome.com
Stevyn Guinnip is a Financial Advisor's daughter who became an exercise physiologist and a certified wellness coach. She’s worked with hundreds of clients to get their health back on track and as the founder & CEO of Grow Wellthy, has helped money-minded professionals turn their health into their greatest asset. On this episode of CFO at Home, Stevyn and Vince discuss treating your health like a bank account, the importance of stress management and low-impact movement, the impact of your health on your retirement, and more.
-
Key Takeaways
-
Treat Your Health Like a Bank Account
-
- Stack deposits into your “health bank account”. Example:
-
- Taking a 15 minute walk
- Walk right after lunch
- Walk with a friend
- Walk outside
- Create a Health Balance Sheet (Assets/Liabilities)
-
- See your health as an asset to protect and grow
- See your health as a valuable tool in reaching your financial goals
- Do what’s in your control to avoid “Lifestyle Diseases”
- Health issues can rapidly deplete financial wealth that you’ve spent a lifetime building
- The average lifespan of retirement is 8000 days (22 years). To have a “quality” retirement, we need to maximize our healthy number of years in retirement (Healthspan). Live Long, Die Short.
-
- Stages of Retirement (Tom Hegna, “Don’t Worry, Retire Happy”)
-
- Go-Go - Active stage of retirement
- Slow-Go - Things slow down, less travel and activities
- No-Go - You no longer have the strength or ability to do things
-
Resources:
-
- Don’t Worry, Retire Happy
- NutritiousMovement.com
-
Ways to contact/follow
-
- GrowWellthy.com
- THE WELLTH PLANNERS Facebook Group
- GrowWellthy - Instagram
-
Contact the Host - vince@thecfoathome.com
Rachel Cruze is a #1 New York Times bestselling author, financial expert and host of the Rachel Cruze Show. On this episode of CFO at Home Rachel and Vince discuss her new book Know Yourself Know Your Money, how the lessons we learn about money growing up shape how we handle money, our money tendencies, the impact of fear on our financial lives, and more.
-
Key Takeaways
-
- Four types of money classrooms: Anxious, Unstable, Unaware and Secure.
-
-
- The Anxious Money Classroom
-
-
Emotionally stressed and verbally closed—You observed your parents’ money habits, but money wasn’t talked about.
-
-
- The Unstable Money Classroom
-
-
Emotionally stressed and verbally open—Money was a source of conflict in your family.
-
-
- The Unaware Money Classroom
-
-
Emotionally calm and closed—You didn’t hear or see much about money growing up.
-
-
- The Secure Money Classroom
-
-
Emotionally calm and verbally open—Your family was in control over their finances and open to discussion about money.
-
Major Money Tendencies
-
Experiences or Things
-
- What you prefer to buy (example: vacation or something tangible)
-
Safety or Status
-
- Why you want money.
-
- Safety people - Peace of mind.
- Status people - Personal achievement. Benchmark of success.
-
- The impact of fear on our financial lives - * Lack of security + Top money fear for women. You’re plagued with the “what ifs. * External forces + Circumstances you can’t control. - Job loss - No one taught you about money growing up.
-
-
-
- Fear of past mistakes
-
-
-
What you can control - The money you do have
-
- Get on a budget, live below your means.
-
Getting on the same page with your partner on money
-
- How You Talk About It
- Explain Your Why
-
Resources:
-
- Know Yourself Know Your Money
-
Ways to contact/follow
-
- RachelCruze.com
- RachelCruze Show - YouTube
- RachelCruze Show - Podcast
- Rachel Cruze Instagram
- Rachel Cruze Twitter
- Rachel Cruze Facebook
-
Contact the Host - vince@thecfoathome.com
Joe McKowen is a Financial and Personal Growth Coach who works with clients to create clarity in their plans, accountability in their actions, and growth in their life. In 2020 Joe joined the John Maxwell team and combined his business and coaching experience with the best leadership training in the world. Today on CFO at Home, Joe and Vince discuss using Maxwell’s Invaluable Laws of Growth to master your money, his new course “Your Best Year”, and more.
- Key Takeaways
-
- Maxwell’s Invaluable Laws of Growth (applied to money)
-
- Awareness is Everything (The Law of Awareness)
-
- “You Must Know Yourself to Grow Yourself”
- Know your Cash Flow, Balance Sheet, Credit, etc
- What path are you on? What path would you like to be on? How do you close the gap?
- Identifying Strengths (The Law of the Mirror)
-
- “You Must See Value in Yourself to Add Value to Yourself”
- Big Vision, Small Steps (The Law of Design)
-
- “To Maximize Growth We Have to Develop Strategies”
-
- Time Blocking
- Keeping your eyes on the future, while recognizing that what happens then is based on what you do today
- Building Empowering Habits (The Law of Consistency)
-
- “Motivation Gets You Going, Discipline Keeps You Going”
- Remember your original goal
- The Tension of Growth (The Law of the Rubber Band)
-
- “Growth Stops When You Lose the Tension Between Where You Are and Where You Could Be”
- Developing comfort with “The Vision Gap” between the path that you’re on and the path you want to be on. The gap keeps us driving forward.
- “Fall in Love” with the process of growth
-
Resources:
-
- “Your Best Year” Course
-
Ways to contact/follow
-
- WorthyLegacy.com
- Worthy.Legacy (Instagram)
Contact the Host - vince@thecfoathome.com
Seeing that it’s the end of the year and it seems that everybody’s publishing lists I thought I’d share my list of top lessons learned from our guests in 2020 on the #1 topic that we’ve discussed this year; Money Mindset.
6 takeaways from this year’s episodes on our number 1 topic - Money Mindset
-
Our money habits are shaped by our past and our values
-
When looking to get on the same page with your partner about money:
-
- It’s important to understand how their current relationship with money may be influenced by negative experiences and habits modeled for them earlier in their lives.
-
Cultivate empathy for your partner. Realize that they could be dealing with guilt, shame, embarrassment related to their money past
-
Think collaboration, not compromise. Aim for the “sweet spot”, something that piques each person’s interest and feels good while honoring shared values.
-
Seek common values when discussing money with your partner. As long as values are aligned, differing specific methods of pursuing those values can be worked through.
-
It’s important to understand our own money past and habits as well as our partner’s
-
Our money habits are shaped by behaviors we unconsciously pick up growing up; we tend to either emulate or do the opposite
-
Understand your own Money Past. Ask your questions like:
-
- What were you taught about money?
- How did your parents behave with money?
-
Mindset and budgeting; be flexible, communicate, keep it simple
-
Budgets are personal and unique to every situation; there are no “one size fits all” answers or simple formulas to determine the right approach. The best budget is the one that each partner buys in to.
- Unity of purpose between a couple is more important than having the “perfect” financial plan
-
Allocating dedicated money in your budget for each partner (no questions asked) can help to reduce the chances of secret spending by one partner.
-
Talk to your partner before starting a budget. The mechanics can primarily fall to one partner, but decisions need to be 50/50.
-
Each partner should have a role in the budgeting process based on their strengths
-
Keep your budget simple. Complicated budgets can discourage participation
-
Budgeting at the level the granularity needed to make adjustments when things don’t go according to plan
-
Be sensitive to the fact that some partners are resistant to discuss money because they don’t want to feel controlled, others are intimidated by the subject and feel they don’t understand it
-
Budgets can be too restrictive. Simple pleasures are often habits, for lasting change back away from them gradually like you would when trying to change any habit.
-
Budget needs to be realistic for your lifestyle, your needs, and sustainable.
-
Beware of Financial Enabling - can hurt both the giver and receiver of money
- Underspending is as much of a problematic financial behavior as overspending
-
Know your financial “Why”
-
If your partner is being secret about their financial behavior, Look to understand the “why behind the what”
-
- When seeking to engage your partner in a discussion about your finances, start with your why
-
- Make sure you and your partner are working towards the same goals
- Discuss what you would like to do with your time if money was not an issue
- Understand one another’s motivation, then come up with a plan
-
Accept responsibility
-
Be open to seeing how your own behavior could be a factor in your partner’s reluctance to engage in discussions about money
Money Mindset episodes to check out:
-
Amy Westbrook - Certified Life Coach, professional Wealth Coach (1)
-
Lindsey Bryan-Podvin - Financial Therapist, Author, Host, Mind Money Balance Podcast (2)
-
Karen Ford - Master Financial Coach and Author (3)
-
Assel EL-Baba Financial Therapist and Money mindset Coach (5)
-
Adam Kol - Couples Financial Counselor, Host of the Equal Partners Podcast (6)
-
Dan Hinz - Financial Coach and Founder of Adulting with Money (7)
-
Elle Martinez - Creator of CoupleMoney (website and Podcast) (8)
-
Les Nienow -Coaching Liaison and Senior Financial Coach at Ramsey Solutions (9)
-
Suzanne Johnson - Ramsey Solutions Master Financial Coach (12)
-
Jed Jurchenko - Life and Leadership Coach (13)
-
Annette Schmidt - The FinSavvy Mom, host of the Scared to Savvy Podcast (15)
-
Ericka Young - Founder of Tailor Made Budgets and Author (21)
Eric Mason is a published economist who currently works in the public sector as a Chief Financial Officer. On this episode of CFO at Home, Eric and Vince discuss the differences between the stock market and the economy, the impact of companies like Google on the competitive marketplace, ways the government can aid in the current US economic recovery, and more.
- Key Takeaways
-
- Ask an Economist Question #1 - Why are the stock market and home sales going up when the economy is “in trouble”?
-
- The stock market moves and reacts quickly to current events. Consumers purchase stocks because they believe its value will grow in the future.
- Home prices do well as long as the portion of the population that is most apt to purchase a home is doing well
- The economy moves more slowly than the stock market; stock market data is updated in milli-seconds, economic data is analyzed and updated quarterly. It more accurately reflects the present.
-
When people talk about “The Economy” common measures of health are:
-
The Unemployment Rate
- Gross Domestic Product (GDP) - Combination of 4 inputs:
-
- Investment
- Government Expenditure
- Consumption
- Net Exports
- ALLL - Allowed Losses for Leveraged Leases - Measurement of toxic assets held by banks
-
Labor Force Participation Rate
-
Ask an Economist Question #2:
-
- What determines if Antitrust action against companies like Google is good for the economy or not?
-
- Is the company causing any economic inefficiencies?
- Does the company behave as if it has competitors?
-
What type of Government intervention do you think would be most effective right in terms of helping the US economy recover?
-
- Production of products that the free market cannot get the financial return needed to produce them (example: Infrastructure spending)
-
Ask an Economist Question #3
-
Fox Business - “Atlanta Fed president about uneven economic recovery”
-
- Hotels, restaurants, small businesses and minority and lower-income communities, in particular, are “seeing much more difficult situations”.
-
- What can be done from an economic policy standpoint (gov’t, public sector) to help with recovery in these areas?
-
- Beyond the short-term safely nets (enhanced unemployment), investment in skills training is needed as the face of economic hubs in metropolitan areas where many service-driven businesses are located changes post-pandemic
- The “Work from Home” culture that’s emerging post-pandemic benefits those who have jobs that fit that model, but hurting those in the service industries that those work from home workers relied on in the past.
-
Resources:
-
- The Ascent of Money
-
Ways to contact/follow
-
- Eric Mason - LinkedIn
- One37capital.com
- Astro-nomics Podcast
Sarah St John is an entrepreneur, podcaster and author. She’s created several startups over the course of her entrepreneurial career, and through her books, blog, and podcast, shows people how to launch and manage an online business on a budget. On this episode of CFO at Home, Sarah and Vince discuss the advantages of choosing an on-line business, particularly when you’re sharing your financial life with a partner, different on-line business models, ways that podcasting can fit into your business strategy, and more.
- Key Takeaways
-
- An on-line business is a great way for the more entrepreneurial partner in a relationship to start and refine their business ideas at a relatively low cost, which is less likely to create household tension
-
Create a separate budget for your on-line business to maintain discipline and keep expenses under control
-
On-line business models:
-
- Physical products
-
- Drop Shipping -
-
- You are the middleman between the wholesaler and customer
- Customer purchases from you, then you purchase from the wholesaler, so you don’t have to maintain inventory
- Best suited for niche businesses
- Products are often coming from international locations (China) so fulfillment can commonly take weeks
-
Print on-Demand
-
- Similar to drop-shipping in the sense that you don’t have to maintain inventory
-
Fulfillment by Amazon
-
- Provides Amazon’s scope and reach
- Saves you the cost and time of advertising
- There’s typically lots of competition on the platform with similar products
-
Services
-
- Setting up a website at this stage is simple, effective ways to drive traffic to your site is of prime importance
-
- Social media (based on your niche), FaceBook, Instagram, Twitter, Pinterest, LinkedIn
- Google Ads
-
Once you drive traffic to your site you need an effective Lead Magnet to build your email list
-
- Free PDF, e-book, etc
- Lead magnets can be created for free using services like Canva or Beacon.by
-
Podcasting is a great tool for driving traffic to your product or service.
-
- The “Podcast as a business model” through advertising typically requires tens of thousands of downloads to generate any significant income, figures that are only reached by a very select % of podcasts
- Affiliate marketing is a type of monetization that’s open to the average podcaster. You recommend the product or services of another company
- and get a percentage of any sales.
-
Resources:
-
- TheSarahStJohn.com
- TheSarahStJohn.com/free
- PodcastProfitPro.com
-
Ways to contact/follow:
-
- TheSarahStJohn - Facebook
- TheSarahStJohn - Instagram
- TheSarahStJohn - Twitter
Harry Stout is a senior leader in the global financial services business with expertise in personal finance, life insurance, annuities, product innovation, and business management. He’s also the author of The FinancialVerse, A Common Sense Approach for Your Money, which presents a straightforward, easy to read explanation of what you can expect to experience at each stage of your financial life. On this episode of CFO at Home, Harry and Vince discuss the 3 financial life stages outlined in his book, their thoughts on credit, retirement, and more.
-
Key Takeaways:
-
Harry’s book The FinancialVerse breaks life down into 3 financial stages:,
-
The Adulting Stage (up to age 30)
-
- Skills/Attributes
-
- The ability to learn how to learn
- Student loan debt that has been carefully acquired and used to pay for an education that will produce employable skills
- An education and experiences that enable you to earn a cash income sufficient to support yourself and your family, if you have one.
- An understanding that your financial decisions are increasingly monitored by third parties who will rate you on how well you have managed your financial obligations
- A realization that if you fail in managing your financial life, there are ways to recover, but they can have heavy costs
-
The Striving Stage (31-70)
-
- Skills/Attributes
-
- Knowing where you stand financially by religiously using a budget
- Understanding all the new and innovative ways the assets and services you need can be acquired
- Making disciplined decisions on how you use debt to create the quality of life you desire
- Creating an emergency fund
- Consistently saving to accumulate assets and income streams that will fund the Fulfilling Stage of life
- Understanding the major asset classes you can purchase with your savings
- Maximizing your use of tax advantaged savings programs
- Protecting your income, assets, and potentially creating a legacy using insurance products
-
The Fulfilling Stage (over 70)
-
- Skills/Attributes
-
- Properly planning for the activities and charitable actions you desire to take later in life
- Understanding how to properly protect against rising healthcare costs
- Preparing the properly fund the costs of living, including long-term care, medical, and non discretionary items
- Working with a financial professional to establish income streams needed to fund an increased life expectancy
-
Resources:
-
- The FinancialVerse Site
- The FinancialVerse Book
-
Ways to contact/follow:
-
- FinancialVerse contact page
Today we’re all taught that investing in stocks through tax advantaged accounts like 401Ks is one of best ways to build wealth and prepare for retirement. But how much of the history of the stock market or of these accounts do we really know? On this episode of CFO at Home, Vince and Kenny Polcari, CNBC Financial Commentator and Managing Partner of Kace Capital Advisors discuss the early days of his career on the floor on the New York Stock Exchange, the birth of the 80’s bull market and 401k investing, other pivotal markets events during his career, and more
-
Key Takeaways
- The 1982 bull market run was precipitated by a huge interest rate cut designed to stimulate the economy and “break the back” of inflation
-
-
- Changes to the tax code were also enacted around this same general time frame that created 401(k). Together, these two occurrences changed the way corporate employees saved and planned for retirement, ushering the era of stock investing by “the common man” - The stock market “crash” of 1987 was the first major challenge to the bull run * Computer driven “quantitative analysis” had come to stock trading, which effectively took the reins of trading out of the hands of humans and turned them over to computers and algorithms * Portfolio insurance was designed to analyze market data and take actions to “protect” stock portfolios * The market impact of slower growth in the US economy (part of the normal business cycle) combined with slower international economic growth was severely amplified by computer driven trading to bring about the “Black Monday” stock market crash. * Market fundamentals were thrown out the window in favor of letting the algorithms make trading decisions * Market lost 22.5% of it’s value in 6.5 hours * This incident led to “circuit breakers” being installed to limit automatic trading of stocks under certain conditions. - The “Dot Com” bubble * Interest in Internet stocks from institutional investors drove the valuation up to unsustainable levels - 9-11 Terrorist attacks * Connectivity for the floor of the Stock Exchange (computer, server, telephone, etc) all ran through the World Trade Center. When the Towers collapsed, all the connectivity was severed, bringing the capital markets to a halt. Quick restoration was critical to maintaining market confidence
-
-
Ways to contact/follow:
- For Kenny’s digital business card text “INVEST” to 21000
- KennyPolcari.com
- Kenny Polcari LinkedIn
- Kenny Polcari Twitter
Ericka Young is president and founder of Tailor-Made Budgets, a recognized financial expert, and the author of “Naked and Unashamed: 10 Money Conversations Every Couple Must Have”. On this episode of CFO at Home Ericka and Vince discuss a few of the money conversations outlined in her book, share a bit about their own money past and money present, and more.
- Key Takeaways
-
- Naked and Unashamed groups the 10 money conversations referred to in the title into 3 categories:
-
- Your Money Past which is designed to help you find clarity regarding your financial foundations
- Your Money Present, which is all about getting clear on your current financial status
- Your Money Future which is about allowing ourselves to dream again
-
Your Money Past conversations include:
-
- Naked Conversation 1: Uncover and Make Peace with your Money Past
-
- What were you taught about money?
- How did your parents behave with money?
-
Naked Conversation 2: Grow up Financially and Understand Your Money Story
-
- What were you afraid of sharing about your finances when you first met your spouse?
-
Your Money Future conversions include:
-
- Naked Conversation 8: Get Into Agreement
-
- What parts of the financial management do you enjoy or want to lead in?
- In what areas of your finances are you not behaving as one?
-
Resources:
-
- TailorMadeBudgets.com
- Naked and Unashamed: 10 Money Conversations Every Couple Must Have
- 7daymoneychallenge.com
-
Ways to contact/follow:
-
- Ericka Young - LinkedIn
- Tailor Made Budgets - Instagram
- Tailor Made Budgets - Facebook
Melinda Livingstone is the Founder of IncomeConnection, which helps you find your side-gig or business idea and gives you the tools, insights and professional support that you need to set yourself up for success. On this episode of CFO at Home, Melinda and Vince discuss questions to ask yourself to help find your business idea, ways to evaluate your business idea, and more.
- Key Takeaways
-
- Questions to help you find your business idea (full list available here)
-
- What did you aspire to do or enjoy doing when you were a child/young person?
- What problems do people seek your advice about professionally and personally?
- Identify underserved niches that you may have particular insight into.
-
How to evaluate your business idea
-
- Is the idea a fit for me?
- Does the idea solve a real customer problem?
-
- Create low-cost prototype to test idea
- Use resources like Answerthepublic.com to identify questions that people are asking about a particular topic or Googletrends to find if interest in a topic is increasing or decreasing
- Will the idea make money?
-
Resources:
-
- IncomeConnection
-
Ways to contact/follow:
-
- Melinda Livingstone LinkedIn
- IncomeConnection LinkedIn
- Income Connection Instagram
- Melinda Livingstone Facebook
Bill Dwight is the CEO and Founder of FamZoo.com, where the mission is to bring financial literacy to 40 million American kids through thoughtful parent-moderated payment technology. On this episode of CFO at Home, Bill and Vince discuss creating “The Bank of Mom and Dad” to teach kids money management skills, the virtues and downsides of trading apps, the Family 401K, and more.
- Key Takeaways
-
- FamZoo is an App that helps to execute operating a “Bank of Mom and Dad”
-
- Teaches kids that you can put your money to work and it will gain return in an accelerated time frame.
- Creates a “virtual bank” which allows you to simulate real world financial transactions for kids, and takes the emotion out of the process
- Facilitates the process creating an allowance/budget for kids that helps to teach money management skills and ownership of financial decisions.
- Creates a safe but realistic environment for the “law of natural consequences” to teach the lessons
- Teaches kids the money skills they need; whether that’s saving, spending, or giving
-
Family 401K
-
- Concept - Open a ROTH IRA for your child when they get a W2 paying job, (custodial account if they’re under 18). The child, parents, relatives can all contribute. Helps to encourage a long-term perspective about investing. Teaches investment principals like dollar-cost averaging
-
Resources:
-
- The First National Bank of Dad
- Smart Money Smart Kids
- The Opposite of Spoiled
- The Art of Allowance
-
Ways to contact/follow:
-
- FamZoo.com
- FamilyFinanceFavs.com
Gail Hamilton is Owner and Principal at BEE Connected LLC. Through BEEconnectedlife.com, Gail provides financial education to help individuals and businesses protect their assets and structure generational wealth through the creation of private family or business trusts or private family foundations. On this episode of CFO at Home, Gail and Vince discuss simple and complex wills and trusts, 4 Keys to Wealth, the book that Gail recently co-authored, and more
- Key Takeaways:
-
- Simple Will, Simple Trust - Distributes assets once you’re deceased
-
- Assets go through probate
- Taxes consequences are attached in most cases
-
Complex Trust
-
- Contact that’s good nationally and internationally,
- You don’t own the assets in the trust but you control them
- Can provide tax-advantages, assets protected from lawsuits
-
“The 4 Keys to Wealth”
-
- Key 1 - Putting your wealth in the correct tax position
- Key 2 - Protecting wealth with trusts and foundations.
- Key 3 - Getting wealth and assets to work for you.
- Key 4 - Passing wealth and assets on to the next generation
-
Resources:
-
- Beeconnectedlife.com
- Docgail.com
-
Ways to contact/follow:
-
- docgail@docgail.com
Michael Lacy is the host of the Winning to Wealth Podcast. After paying off $61,000 in debt in only 16 months, Michael and his wife created Winning to Wealth to help couples like themselves save more money, pay off their debt, and get started investing. On this episode of CFO at Home, Michael and Vince discuss his investing regrets, seven steps to follow before starting to invest, what to do when the stock market falls, and more.
- Resources:
-
- Winning to Wealth Podcast
- A Random Walk Down Wall Street
- The Simple Path to Wealth
- Broke Millennial Takes on Investing
- The Bogleheads Guide to Investing
-
Ways to contact/follow:
-
- Facebook - Winning to Wealth
- Instagram - Winning to Wealth
- Twitter - Winning to Wealth
- Pinterest - Winning to Wealth
- You Tube - Winning to Wealth
Keli Calderon is Owner of The Smart Money Academy, whose mission is to equip the next generation with the tools and know-how to care for themselves financially, and the wealth to make an impact on the world. Today on CFO at Home Keli and Vince discuss educating kids and teens about money, one phrase not to use with your kids about money, and more.
- Resources
-
- TheSmartMoneyAcademy.com
- The 5 Money Conversations to Have with Your Kids
- The Latte Factor
-
Ways to contact/follow
- TheSmartMoneyAcademy - Facebook
- TheSmartMoneyAcademy - Instagram
Annette Schmidt is a Money Mindset Coach known as the FinSavvy Mom. After years of bouncing checks, paying overdraft fees, and learning how to live on a budget she finally found financial success by changing her mindset and the way she approached money. Today on CFO at Home Annette and Vince discuss her personal money mindset turning points, thoughts on credit cards, budgets, the dreaded latte, and more.
- Ways to contact/follow
-
- www.anchor.fm/scaredtosavvy
- www.instagram.com/thefinsavvymom
- www.facebook.com/thefinsavvymom
- https://www.facebook.com/groups/financiallysavvymoms
Bonnie Burkett is the author of Enough! The College Cost Crisis, How to Protect your Wallet and your Student’s Financial Future. On this episode of CFO at Home Bonnie and Vince discuss common myths about college education, essential skills for your student in High School and beyond, paying for college without going into debt, and more
Jed Jurchenko is a Life and Leadership Coach and author of over 20 books for couples, families and kids. He is passionate about helping couples have better conversations and increase their joy. Today on CFO at Home Jed and Vince discuss his unique views on money based on his background in physiology and as a Marriage and Family Therapist, his money conversation starters for couples, and more.
- Recommended Books and Resources:
-
- Books
-
131 Creative Conversations for Couples
-
Blogpost
-
- Conversation Starters about Money, Finances, and Saving
-
Contact
-
- Ithrive320.com
- Twitter - jjurchenko
- Instagram - @jed_jurchenko
Suzanne Johnson is a Ramsey Solutions Master Financial Coach who for the last 5 years has been teaching clients to take control or their finances . On this episode of CFO at Home Suzanne and Vince discuss the number #1 financial issue of her clients, her views on the student loan crisis, debt reduction, and more.
- Ways to contact/follow
-
- Facebook - Grace Financial Coach
- Instagram - Grace Financial Coach
- Twitter - Grace Financial Coach
- Grace Financial Coaching
Nick Loper is a Blogger, Podcaster, and Chief Side Hustler at Side Hustle Nation. On this episode of CFO at Home Nick and I discuss discovering your Side Hustle idea, the role of passion in a successful Side Hustle, the Side Hustle Snowball, and more.
- Recommended Books and Resources:
-
- Books
-
- Side Hustle Nation.com
- The Side Hustle Show Podcast
-
Ways to contact/follow
-
- Side Hustle Nation.com/FB
Deanna Brown is a Certified Financial Planner, Certified Divorce Financial Analyst, and Managing Director with Lakeview Capital Partners. On this episode of CFO at Home Deanna and Vince discuss the money struggles of her family growing up, preparing for challenging financial times, the perils of using your retirement savings for emergencies, and more.
- Recommended Books and Resources:
-
- Books
-
- The Millionaire Next Door
- The MIllionaire Woman Next Door
- Money - Rob Moore
- Women with Money
- Resources
-
- SavingforCollege.com
-
Ways to contact/follow
-
- Deanna-Brown.com
- Deanna Brown - Facebook
- Deanna Brown - LinkedIn
Les Nienow is Coaching Liaison and a Senior Financial Coach at Ramsey Solutions. On this episode of CFO at Home Les and Vince discuss his 16 years on Dave Ramsey’s Financial Coaching team, why one partner in a relationship can sometimes be reluctant to discuss money, the value of goal setting in opening up money conversations with your partner, and more.
Elle Martinez helps families achieve financial freedom by sharing tips for reducing debt, increasing income, and building net worth through her website and podcast, Couple Money. On this episode of CFO at Home Elle and I discuss the power of money habits, credit card usage, the value of college education, and more.
- Recommended resources:
-
- Book - Jumpstart your Marriage and your Money
- Couple money site
- Couple Money podcast
-
Ways to contact/follow
-
- Couple Money twitter
- Couple Money Facebook
- Couple Money Instagram
Dan Hinz is the financial coach behind Adulting With Money, where for six years he has taught couples how to unite-not fight-over money. On this episode of CFO at Home Dan and Vince discuss the role a Financial Coach plays on a family’s money team, Dan’s personal budgeting mistakes and how you can avoid them, thoughts on credit card usage, and more.
- Recommended resources:
-
- https://www.youneedabudget.com/ - for zero-based budgeting
- https://jamesclear.com/atomic-habits
- https://gretchenrubin.com/books/ - The Four Tendencies
-
Ways to contact/follow
-
- https://www.adultingwithmoney.com/
- https://www.youtube.com/adultingwithmoney
- https://www.facebook.com/adultingwithmoney/
- https://www.instagram.com/adultingwithmoney/
Adam Kol is a Couples Financial Counselor and Host of the Equal Partners Podcast. On this episode of CFO at Home Adam and Vince discuss how he uses his knowledge and skills in the areas of Finance, Mediation and Coaching to help his clients successfully achieve their financial goals, what to do when your partner is reluctant to discuss money issues, and more.
- Recommended resources:
-
- Adam’s money quiz -
- https://www.quiz-maker.com/QIBX5G7
- Adam’s Personal Finance music parodies - https://ahkcoaching.com/blog/parody-vol1
-
Ways to contact/follow
-
- https://ahkcoaching.com
- http://linkedin.com/in/adamkol
- https://instagram.com/ahkcoaching?igshid=133uy3y4wzcdu
- https://ahkcoaching.com/podcast
Aseel EL-Baba is a Financial Therapist, Money Mindset Coach, Empowerment Speaker and Changer . On this episode of CFO at Home Aseel and Vince discuss her holistic approach to Money Coaching, why understanding your own money mindset is key in developing a healthy money relationship with your partner, Financial Enabling, Value Based Accounting, and more.
- Recommended resources:
-
- Books
-
- The Art of Money - Bari Tessler
- The Seven Stages of Money Maturity - George Kinder
- Your Money or Your Life - Vicki Robin
-
Ways to contact/follow
-
- https://www.instagram.com/aseelbaba/
- https://ca.linkedin.com/in/aseel-elbaba
- http://www.holisticoptimalwealth.com
Brianne Soscia is a Certified Financial Planner and Financial Advisor who specializes in working with families, individuals, and business owners in the areas of retirement planning, investment management, and college savings. She’s also known as The Financial Yogi. On this episode of CFO at Home Brianne and Vince discuss when individuals should seek professional advice on their finances, qualifications you should look for in a financial professional, what you should know before you engage a financial advisor and more.
- Recommended resources:
-
- Books
-
- The Millionaire Next Door - Tom Stanley
- Smart Women Finish Rich - David Bach
- Think and Grow Rich - Napoleon Hill
-
Ways to contact/follow
-
- @TheFinancialYogi - Facebook
- https://www.linkedin.com/in/financial-yogi - LinkedIn
- www.financial-yogi.com
Karen Ford is a Master Financial Coach, public speaker, entrepreneur, and author who has coached clients through a variety of money issues. On this episode of CFO at Home Vince and Karen discuss dealing with a partner’s secret spending, the importance of visualizing financial goals, debt reduction strategies, and more.
Recommended resources:
- Money Matters - Karen Ford
- You Can Do It! - Karen Ford
Ways to contact/follow:
- @kbfmoneymanaging Instagram
- KBF Money Managing YouTube
- www.karenford.org
Lindsay Bryan-Podvin is an author, Financial Therapist, speaker, and host of the Mind Money Balance Podcast. On this episode of CFO at Home Vince and Lindsay discuss how to approach “the money talk”, the importance of aligning values, solving money arguments and more.
Recommended resources:
- The Financial Anxiety Solution
- Mind Money Balance Podcast
Ways to contact/follow @mindmoneybalance: Instagram
Amy Westbrook is a certified life coach, a member of the International Coaching Federation, and a professional wealth coach. On this episode of CFO at Home Amy and Vince chat about her motivation for becoming a money coach, aligning with your partner on money, the importance of understanding your partner’s money belief system and more.
Recommended resources:
- Mind Over Money - Claudia Hammond
- Your Money and Your Brain - Jason Zweig
- Amy’s free resource - bit.ly/JoyfulSpender
Ways to contact:
- @moneymojocoach: Facebook, Instagram
Are your family finances not where you want them to be? That's because you don't have a CFO at Home! In each episode, Vince Carter brings on amazing guests to discuss Personal Finance fundamentals and ways to better navigate the relational aspects of money to help listeners become the CFO at THEIR home!