Topics: What is the golden rule on how does it impact business and your life?
Links mentioned on the show:
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Topics: Your past successes and mistakes hold a lot of valuable lessons to learn from and help you make more informed decisions about your future. But have you ever asked yourself how did our society as a whole become so comfortable with having no savings and making debt normal? Scott takes you on a trip back in time to how we got to where we're at.
- May Challenge - Reinvent your stock replies.
- Becky (TX) is a teacher with a bad 403(b) plan and wonders where to invest her money for retirement.
- Melissa (CO) is 24-years-old and getting a new job. She asks about how to maximize tax savings on a salary/commission income.
- Loren (Grey Eagle, MN) is 40 years old and needs help deciding between two options for health care benefits she won't collect on until retirement.
- Abrar (Phoenix, AZ) is 26 years old and will be moving back to India in 5-7 years. He asks how best to manage his finances so he can start a business later.
Links mentioned on the show:
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Topics: Do you know the opportunity cost of the things you buy? The decision isn't about to buy or not to buy a $5 coffee or making more money. It's about how you can create the type of financial awareness so you can achieve your dreams.
- Sharon is 57 and lost all of her money to a fraudulent investor and needs help rebuilding her life.
- Theopolina (Rexburg, ID) asks how to build wealth slowly and not get rich fast.
- Shane asks why are people recommending robo-advisors when the data disagrees?
- Apollo starts his financial journey and shares the first step his family has taken towards financial security.
- How will your employer-sponsored retirement plan protect itself from being sued by the employees?
- Did you know you can be wealthy without money?
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Topics: If you plan on traveling in retirement but you're a little short on savings, moving someplace exotic can save you big money. Hear the top spots for limited retirement funds.
- Katie makes a trip to the courthouse steps to bid on some foreclosures. Hear about what she learned.
- Bryan (Chicago, IL) shares his tips on buying foreclosures and a story of a purchase that went terribly wrong.
- Michael is a real estate agent and explains what he does when looking at distressed properties.
- Mick is a chiropractor with $250,000 in student loans and looking to increase his income to get out of the hole.
- Dean has some debts to pay off and is looking to help his daughter start off on the right foot.
- Thank you for supporting the show and our ability to sponsor the One Less Orphan Fund.
- Companies are depending on you spending your tax refund on wants. This is wrong on many levels.
Links mentioned on the show:
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Bryan Sonn, foreclosure expert - http://www.gcrealtyinc.com/
Michael Kelczewski, real estate expert - http://www.michaelkelczewski.com
One Less Orphan Fund - http://www.onelessorphanfund.org/
Links mentioned in the show:
The Mitchell Group - http://www.mitchellcg.com
Mitchell & Co Realtors - http://www.mitchellcr.com/
Topics: What is your net worth and why is it important to track?
- Can a HELOC protect your personal assets if your business is sued?
- Guillermo (Uruguay) wants to know my opinion on Franklin Templeton Investments.
- In pursuit of happiness.
- Dan (Limerick, PA) has a 401(k) match and a percent of his salary contributed towards his retirement. He wonders if directing some money to a Roth makes sense.
- Ghodaloo (Nigeria) has a wicked good investment opportunity.
- Kolt asks if having accounts at multiple robo advisors gains diversification.
- Alex (Stoughton, MA) has questions on the order to pay off debts.
- Killing fiduciary rule new DOL Chief's top priority. What it means to your retirement.
Links mentioned on the show:
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Topics: There is a problem with compound interest calculators, examples, charts, and planning. It's not pretty if you're unprepared for it. In the best case scenario you could retire five years early and in the worst case you might have to work an extra five years.
- Pedro (Chicago, IL) is planning on buying a home in three years but is weighing the decision of investing or putting more towards a home.
- Chad (IL) is going to qualify for a Roth IRA and is deciding if it's worth it to get a tax deduction from his employer plan or contribute to a Roth.
- Horatio is wondering if mutiny at work is necessary to get market wages for his position.
- Adam (UK) asks about how to invest in Vanguard funds if he is outside the U.S.
- So goeth California, so goeth the country. When you die the government will want your estate to repay your medicare bills.
- A 30-year-old that spends $1,100 a month on take out.
- Keeping up with the Clowns.
- Gambit shares his life turnaround story from bankruptcy to a 700 credit score and $11,000 in the bank after just 12 months.
Links mentioned on the show:
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Topics: Do you, your parents, or grandparents have a financial plan that will last you a lifetime? Sadly most people do not. Discover the important facts about today's retirees and how to make sure you or someone you love doesn't outlive savings.
- Katrina paid off $60,000 in student loan debt and now gets to do what she loves.
- Courtney is 25 and has been in a dead end job for six years and is looking for a way out.
- Empower is a new banking app looking to make your financial life easier.
- Jimmy (Phoenix, AZ) is thinking about getting married but his fiance has $15k of student loan debt she's happy paying the minimums on. He asks what he should do.
- Dan is a freelancer struggling with spending it all now instead of saving for the future.
- Good old Snapchat is falling again. But don't worry if you're a 20-something and bought some Snap stock, because you've got it all figured out!
Links mentioned on the show:
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Katrina McGhee - https://www.kmcgheecoaching.com
kmcgheecoaching@gmail.com
Welcome to The Morning X.
Featured music: Modern Myth
https://www.indiegogo.com/
Topics: Simple things can unravel your finances. Hear about three things you may not realize are consuming your hard earned money.
- Troy is desperate to be debt free.
- Dave (Schwenksville , PA) is paying off a bankruptcy and struggling to plan together with his wife.
- Will (Ohio) is deciding between two health insurance plans and asks for some guidance.
- Thi asks about dividing up employer retirement savings between pre-tax and post-tax accounts.
- The NFL rookie who was living out of his truck for two months.
Links mentioned on the show:
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http://www.espn.com/blog/tampa-bay-buccaneers/post/_/id/16954/after-living-in-a-car-stevie-tuikolovatu-poised-for-next-adventure-with-the-bucs
Topics: You won't believe how spoiled some kids are today.
- Looking for something unique to do? Airbnb is now offering experiences.
- One big investment firm drop popular mutual funds. Find out who and why.
- Nicolette (NYC) is in a high rent area and having a tough time saving money and getting out of debt. Guest expert Stefanie O'Connell gives advice on living on a budget in the city.
- Seema is 50 years old and has a 30-year fixed rate mortgage at 3.3%. He asks if a 15 year mortgage is better.
- Seema has an annuity inside an old employer's retirement plan and wonders if it makes sense to roll it over.
- Maximus (Phoenix, AZ) paid off $80,000 in student loans and is debt free!
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Stefanie O'Connell - https://stefanieoconnell.com/
The Smartest 401(k) Book You'll Ever Read, Daniel R. Solin
Topics: Achieving a goal doesn't mean you've achieved success. Hear why two or more people can have completely different perspectives on something, and why it's important in your job and relationships to figure out what success looks like.
- Jennifer (Madison, WI) has $135,000 in student loan debt and asks about the pros and cons of waiting 25 years for the loan balance to be forgiven.
- JP (Houston, TX) has been putting money into a 401(k) and is considering switching it to a Roth 401(k) instead.
- Mark (Plano, TX) has excess funds in his daughter's college savings plan and asks if it can be applied to law school.
- Deanna the Dog Walker asks how much car insurance is enough?
- The rich are getting richer because they are living longer. What you need to know to stay ahead of the government.
- Shelly (Seattle, WA) has a follow up to her question on if she's saving enough in her SEP IRA.
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Texas Tuition Promise Fund 529 Rollover - https://www.texastuitionpromisefund.com/content/after-you-enroll/cancellations-and-refunds/rollovers-to-another-529-plan
Why the rich get more from social security - http://www.investopedia.com/retirement/longevity-gap-why-rich-benefit-more-social-security/
Topics: Andrew Ly immigrated to the United States from Vietnam in 1979 with $1 in his pocket. Today he heads a $100 million family empire making baked goodies which you've probably eating without knowing the history.
- Don is 67, in retirement and receives a pension and social security. He asks about how to increase his income.
- Jude has a couple stocks that have lost value and wonders about hanging on to them. Jude also has a big debt from taking on a kickboxing franchise and needs to grow revenue.
- Chris (Bay Area, CA) has a question on what the 'total' in total stock market means.
- Jason wants to know the difference between fee-based and fee-only planners.
- Is there free money out there kids are leaving on the table that could be used to pay for school? Hint - Yes! Find out where it is and how you can get some.
Links mentioned on the show:
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Topics: Shelly's grandfather was the victim of $60,000 in fraud by someone they trusted. You'll want to hear this incredible story of how the thieves operated and escaped and what could have possibly be done to stop it from happening.
- James asks how to control reckless spending and blowing all his paycheck.
- Gia is 17-years-old and is deciding between paying $30,000 a year for college or taking a gap year to establish residency in another state to pay in-state tuition.
- Marty (Hill Valley, CA) has an advisor recommending ETFs over mutual funds. What is the better investment option?
- Jennifer (Biloxi, MS) has a son heading to college and asks about co-signing a credit car
- Should an 18-year-old get term or whole life insurance?
- Did you get a tax refund or a tax bill this year?
- The Millionaire Next Door - Karan (age 29) and Trishla (age 27) share how they got to $1M.
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Connect with Karan and Trishla:
MagFirst - http://www.magfirst.com/
Twitter - https://twitter.com/magfirstglobal
Facebook - https://www.facebook.com/magfirstglobal
Topics: You might not be aware, but restaurant owners have a bunch of tricks to get you to spend more money. Discover what they do and how you can avoid the traps of overspending.
- Reggie (Maryland) has an overseas girlfriend and isn't sure on his next steps in life.
- What can you learn from the Happy Days star who died after not living a life of happy days?
- Will asks about the pros/cons of paying off $150,000 of student loan debt quickly.
- The May challenge is here - how can you save money this month?
- Odo updates us on what he found out about his IRA rollover.
- Do you know the most common car financing scam?
- DJ (Cali) asks why I don't like Motif investing.
- Dancer Jordan got out of his comfort zone and is now realizing his dreams.
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Topics: Most people are terribly underfunding their retirement. What is the easiest way to save enough money for retirement so you don't run out of money before you run out of life?
- Shelly (Seattle, WA) has a SEP IRA and asks how long it takes for compound interest to start being obvious.
- Twitter Tango: Is using a Roth IRA for college funding a fool's game?
- Heather is 54-years-old with $150,000 saved and has a lousy 401(k). She asks where best to invest her money and if she can move it out of the 401(k).
- David shares his definition of financial freedom.
- Steve (Newport News, VA) needs direction on tackling his financial life.
- Auction cams?
- What are the pros and cons of long term care insurance?
- Jake shares his views on money as part of our scholarship program.
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Vanguard report on how people save
Money Chimp Investment Return Calculator
Topics: Scott reviews a book that provides a road map on how to use debt to your advantage so you can accumulate more wealth. Will this map get you to where you want to go?
- Matt has a 403(b) and is not eligible for a Roth IRA. He asks if he can take money out of the 403(b) and do a backdoor Roth.
- If you're an AT&T wireless user you need to hear about this deal.
- Jason is starting a small business and deciding between a SEP IRA and how to invest on his own.
- Neelix asks about setting up an HSA.
- John (Ohio) wants to retire early and needs to withdraw money from his retirement accounts early.
- What might be holding you back from getting a promotion?
- Listeners share what their definition of financial freedom is.
Links mentioned on the show:
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Comparison chart of Single 401(k) vs. SEP IRA
CareerBuilder survey on stumbling blocks to earning a promotion
Topics:
- Seema is 50-years old and asks how to invest an HSA so it grows.
- Loren is 25 with $51,000 in student loans with varying interest rates and asks if it's a good idea to refinance them.
- Will paying a mortgage bi-weekly instead of monthly save you money?
- Diedra accidentally put her family in debt and needs some quick cash.
- DJ (California) asks if having a HELOC just-in-cases is a good idea?
- Patriot with dyslexia has turned to helping kids read.
- Quote of the day from Ralph Waldo Emerson.
Links mentioned on the show:
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Topics: Rethinking student loans and even car loans could cost your high school student $550,000 over their lifetime. That's a lot of pizza!
- Rafael (New York City, NY) noticed Warren Buffet takes massive positions in individual stocks and wonders why.
- DJ (Cali) has four taxable investment accounts and asks if there is too much overlap.
- Darren (Irving, TX) earns $75,000/year and asks how much house he and his girlfriend can afford.
- Michaelina needs help sticking to her budget.
- How soon can you buy a house after a foreclosure?
- A money saving tip on car rentals.
- Megan shares the money lessons she learned growing up, submitted as part of our scholarship program.
Links mentioned on the show:
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Topics: Discover the pricing tricks used to convince you you're getting a good deal, then learn how to defend yourself from spending too much.
- Have you heard you make over six figures a year flying drones? Hold up, it's not as easy as the ads make you believe.
- Elaine (Greenville, SC) is graduating from medical school and is seeking out ways to make income without sitting in a lab checking on bacteria samples.
- Ralph has a 403(b) and not much else in the way of reducing his current taxes and wants to know if there are other options.
- Starr's business has a SEP IRA setup by a full-service Grinch that is robbing her retirement savings.
- What does Experian's state of the automotive finance market say about our spending patterns?
- Wonder woman (Northern Virginia) is 33, her husband is 35 with a net worth of $850k. They max out their retirement savings and ask about their next steps in investing.
- The way of the pirate.
Links mentioned on the show:
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Topics: Some experts say to pay for college with your Roth IRA, while others say a 529 is best. What are the pros and cons of each and which is best?
- Tips for acing final exams.
- HW is working with a fee-only planner who got him into some funds owned by the advisor's company, and asks if this behavior is normal.
- Ashley wants to know how to stop compulsive buying.
- Nicole (Columbus, OH) and her husband earn $200k a year and asks about how to prioritize their retirement account contributions.
- C (Maine) has over $1M in net worth and asks about estate planning, living wills and revocable living trusts.
- What do teens want?
- Larry and his wife paid off $192,000 in debt!
- Quote of the day from Zig Ziglar.
Links mentioned on the show:
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Topics: Scott shares tips on how to spend less for a house and end up with more home and more money.
- Digit app will now start charging $2.99 a month.
- Anne asks which IKEA kitchen designer we used for our fixer upper.
- Dan (Limerick, PA) needs a new roof and wants to know how low to go when negotiating.
- Kurt asks why there are contribution limits to retirement plans to prevent people from saving more.
- Cherene is improving her finances and wants to know the best way to become a master of her money.
- Kristine shares a money saving tip on where to rent just about anything.
- How cocoa can make you broke. Yay for chocolate!
- Quote of the day from Bill Earle.
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Topics: Mona saves $3,000 in the savings challenge. Little savings here and there add up to big bucks over time.
- Marty McFly (Hill Valley) shares his financial positions and asks Scott to poke holes in it.
- Aaron (Hotlanta, GA) has a car loan, mortgage, and student loans and asks about prioritizing investing over his debts.
- Kurt (Yorkville, IL) asks my opinion on Acorns.
- Jay's mom is 67 and is considering her insurance options.
- Daphne asks about insurance policies you can take loans against.
- Where does the 3-month minimum of emergency fund savings come from?
- What is the Rule of 10 and how can you use it to make better purchasing decisions?
- Sarah paid of $30,000 in debt!
Links mentioned on the show:
Please share the show by texting http://GetFR.com to 3 people.
Topics: Scott reveals the characteristics of debt-free people and what their lives look like.
- Rich can't see the power of compound interest working in his investments and asks if he's missing something.
- How to save money on home alarm monitoring.
- Cherene is on fire to get out of debt and start investing. She asks about Schwab vs. Vanguard.
- Fiona (Ewa Beach, HI) asks how to send a student to school and not take on $20,000 in student loan debt each year.
- Sachi has $280,000 in student loan debt and asks about how to get out of debt and afford a house.
- What states have the most millionaires?
- Capital One credit card hacks.
- Jeanine is struggling with pop up expenses like medical bills and groceries and asks for how to handle it.
- Shauntel shares what she learned about money.
Links mentioned on the show:
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Topics: Scott talks about his family outing to the city landfill, how most of our stuff will end up there, and how consumption is linked to becoming rich. And of course Iron Man is thrown in for good measure.
- Sarah (BBQ Capital of the World) is deciding on which budgeting app to pick.
- Examples of how companies are making us spend more money.
- Jeff (Asunción, Paraguay) is 35 years old, working abroad, and is figuring out if he can skip paying capital gains taxes on some investments.
- Jennifer has $183,000 in student loan debt and trying to figure out how to attack them.
- Dustin paid off $40,529.32 in debt!
Links mentioned on the show:
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Taxes for Expats - https://www.taxesforexpats.com