Topics: Scott shares the M.A.P. principle to help you achieve your retirement goals.
- Phoenix Jet has an AA Advantage card and is deciding if it's worth to change to something more favorable to travel.
- Our April challenge is here!
- Victor has a questionable 457 plan and asks if he should stay in or switch to putting money in a Roth IRA.
- Another reason why commissioned salespeople should be avoided.
- Roger is a Gen-Xer and shares his goal of having $3.2M by retirement.
- The imperial state overlords of California bumped up the cigarette tax in CA by $2 a pack, will it cause people to save more money?
- One billionaire lost a bunch of investor money, what can you learn from it?
- Juan (Florida) shares what he learned about money as part of our scholarship contest.
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Trinity Study on Safe Withdrawal Rates - http://afcpe.org/assets/pdf/vol1014.pdf
Topics: How much money do you need in retirement so that you don’t run out of money before you run out of life? And where does that number come from?
- M works for a railroad and has a question on employee stock purchase plans.
- Bill (Maryland) is deciding on the financial choices between buying a house in neighboring states where there are different property tax rates.
- Justin asks for some clarification on picking the right investment mix.
- Chris gets a win by using BillShark to save $1,000 a year.
- George responds to another listener's situation and let's him know he is not alone in dealing with a spouse with mental health issues.
- Aubrey (Texas) has a mom who wasn't good with money and her mom is considering selling her house to Aubrey at a discount. What are the issues that could come up?
- Quote of the day from @ElvisPresely
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Trinity Study on Safe Withdrawal Rates - http://afcpe.org/assets/pdf/vol1014.pdf
If You Can - https://www.etf.com/docs/IfYouCan.pdf
Topics: Rock star real estate investor Katie has completed her rehab project of her 1950's house and shares the good, the bad, and the ugly.
- Kelly got laid off and asks for suggestions on transferring her old 401(k) from her previous employer.
- Jason started tracking his expenses and found out pizza was eating him instead of the other way around.
- Justin is trying to set up a three-fund portfolio but doesn't have the minimums required and asks about what alternative he should do.
- Miriam has a Thrift Savings Plan with a company match and needs to decide what percent should go towards pre-tax vs. post-tax contributions.
- Abdulah (Saudi Arabia) is working for a company that will be split off and he's getting a severance package. He asks what to do with the money.
- Shelley is in her 40's and has some BP stock she lost money on and wonders if it's time to take the loss and move on.
- Laura (Arizona) got an $80,000 inheritance in 2013, invested it with a financial adLIEser and it's now worth $86,400. Listen to hear if she was taken for a ride.
- Chris used Bill Shark to save over $1,000 on his cell phone and cable bills.
- George (anonymous) writes in to encourage another listener who has a wife with a mental disorder.
- Quote of the day from @SammyHagar
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Topics: Scott announces his brand new discounted home delivery food service.
- Why paying attention to your reward points on your credit card can save you money.
- Rhonda has $5,000 in medical debt that is holding her back and asks what to do about it.
- Darren (Winnipeg, Manitoba) and his wife are deciding between paying down their primary home, getting a rental home, or investing their excess cash.
- Sylvia shares how timing the car buying market saved her big bucks.
- Emily (Massachusetts) is applying for scholarships and wants some tips on how to pay for college.
- Starr has 15 credit cards and asks about having too much credit available if she plans on getting a mortgage.
- No. 1 Question Asker Rafael asks why Warren Buffet tells people to do passive investing when he (Warren) does active investing.
- Jay (Philippines) sold his refrigerator to pay off a medical debt for his grandpa.
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Topics: Scott shares a recent conversation he had with someone that created a financial plan for a client that just became a billionaire. Hear about the simple philosophy of how the ULTRA RICH manage their wealth and how you can apply the same principles to your own finances.
- The 19-year-old millionaire who's on his way to being broke.
- Chris has a wife with a mental illness and is having challenges trying to get out of debt.
- Princess Leia is moving from American Funds to Vanguard next year and is deciding between waiting to put the money work or let it sit in cash.
- How did the Eton Park hedge fund do compared to the boring old stock market last year?
- Miguel wants feedback on the Robinhood app for investing.
- Bryan (Saco, Maine) is unloading a rental home at a loss and asks about the tax implications.
- Brian and his wife paid of $10,000 in debt!
- Quote of the day from @MichaelHyatt
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- Cuban slugger orders ten exotic cars
- $7 Billion Hedge fund shutting down
- National Alliance on Mental Illness
Topics: How can you improve any area of your life? Scott shares what he did in he's doing in his business to take it to the next level. The same principals can be applied to health, relationships, careers, business, and more.
- A simple negotiating tip.
- Chase asks how to get smarter with money if you're living paycheck-to-paycheck.
- El Toro is in great financial shape but needs some investing advice.
- Alison has tried multiple ways to make a budget work and asks for help.
- Rebecca is paying down her debts but still feels like she's playing catch-up.
- Mr Gym (Northern Virginia) needs some help picking between different investment options at Vanguard.
- Jeremy is living at home and asks about knocking out debt or moving out and getting an apartment.
- Snapchat had it's IPO. Who's buying the stock and why?
- Congrats to Sarah P. who won the $100 Amazon Gift Card
- Quote of the day from @DaveMustaine
Links mentioned on the show:
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Topics: Brad (Hotlanta, GA) gets a rude awakening when looking for financial help. Scott shares insider information on the financial advisor industry.
- One couple's picnic turns into a money saving tip for you.
- Dalton recently signed up for a 401(k) and is interested on finding income through investing.
- Karl is with a credit union that is pitching him on a low mortgage loan and he asks if it's too good to be true.
- Bryan is making $30,000 at age 25 and asks about saving priorities.
- Geordi is considering a cross-country move and wants to know what he should consider when making the decision.
- Rashad (Norfolk, VA) is 25 and in good financial shape. He asks about getting started in real estate investing.
- Ashley is pretty good with money but wants to be debt free.
- K'mpec moved to a brand new town and is feeling down about the move. She asks about improving her job situation.
- Miguel (El Paso, TX) shares his debt success story.
- Quote of the day overhead at Walmart.
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Topics: Mark (Michigan) is deciding on having a mission of leisure.
- Lee (Kansas City, MO) asks how much of a young person's investments should be in international stocks?
- Forget Helium, is it time to buy either?
- Roger (Orlando, FL) asks about the power of compound interest if you have multiple investments.
- Austin and his fiance are considering a home purchase in the future and ask about how canceling a credit card would impact their credit scores.
- Chris has a high expense target date fund in his 401(k) and wonders if picking other lower cost mutual funds would be better.
- What is the most important home buying question you can ask?
- Michael shares his debt success story.
- Quote of the day from Marilyn Manson.
Links mentioned on the show:
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Topics: Trey and his wife are looking for the perfect budget for them. He's heard a lot of different approaches and asks about the 'no budget' philosophy from some financial experts.
- Alli is on fire and paid off $22,000 in debt.
- Dale has $750,000 invested and is trying to figure out if he can retire if he spends $30,000/year.
- Mike is getting started investing and asks about the Stash app.
- Yahya (Mauritania) has meteorites for sale.
- Caroline (Jekyll Island) is late to the investing game and trying to balance saving for retirement and a potential house downpayment.
- Rachel is trying to save my by quitting smoking.
- Don't feel bad - even high income earners are defaulting on their student loans.
- Quote of the day from Gwen Stefani.
Links mentioned on the show:
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Topics: Scott reviews the latest high-paying jobs for college graduates. Plus the story about one woman who's happy sitting in a box all day earning $53,000/year.
- Felicia needs help with credit card bills, student loans, and pay day loans.
- Sandy is 63 and still working on overcoming impulse spending.
- Chris asks if employer stock purchase plans are worth it.
- Anne (Wyandotte, MI) is 23 and needs advice on investing or paying off her student loans.
- Diego (Bolivia) and wants to learn how to invest if you live outside the U.S.
- Kaycee picks up a $2,000 wine fridge for free. What are the three P’s of getting a deal?
- Mortgage lenders are fear mongering to get you to refinance.
- Quote of the day from Bon Jovi.
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Callings: The Purpose and Passion of Work: https://www.amazon.com/Callings-Purpose-Passion-David-Isay/dp/1681682168
Topics: You may have been brought up thinking a college degree was the path to building wealth. Scott shares some of the many jobs that don't require a degree. Plus how one teacher made $4 million/year tutoring others in English.
- Warren Buffet's latest comments on how the common person should invest.
- Justin has $30,000 in a 401(k) to rollover and asks how to minimize the tax hit on with a Roth conversion.
- Anonymous asks about investing if you only get paid enough to make ends meet.
- Scott calls out more idiots using fake math to line their pockets (and empty yours).
- Jared (La La Land, CA) works for the film industry and has 50% of his income going towards rent. He asks how to get out of debt if you have capped income and high rent.
- Karin switched from Acorns to Betterment and wants help understanding how to stay on track with her investments.
- Petra gets a win by using a bonus to pay off credit card debt.
- Quote of the day from Bruce Dickinson of Iron Maiden
Links mentioned on the show:
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Topics: Scott tells the store of a man held back in school three times, graduating high-school at age 21, who stuttered, had epilepsy, and still went on to grow a multi-million dollar business.
- Steal my business: Scott shares a business idea you can have.
- Humberto gives us an update on his financial situation and asks about target date funds.
- Lesego is failing at saving money and needs financial advice to improve the situation.
- Mark is 27, lives with his parents, earns $42,000/year and asks about the best way to pay off his debts.
- Grace (Canada) has a 13-year old with autism and wants to know the best way to invest to provide for her son later in life.
- Teal'c (Chulak) is unloading expensive toys and wonders about paying off a boat with cash makes sense.
- Dianne is 52 and an empty-nester and wonders if she should sell her house.
- Marc (Michigan) is leaving his job and looking for advice on how to find his next thing.
- Quote of the day from Spock
Links mentioned on the show:
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Topics: Scott explains how price and cost are different and how you can apply that knowledge to purchases, asking for a raise, hiring people, or making more sales.
- Megan's husband received some stock options and they have several questions on how they work.
- Justin needs help finding good people to grow his business.
- Samin is struggling with making payments to creditors due to a job loss.
- Krista just graduated college and asks for some budgeting tips.
- Lael is deciding between debt consolidation or using the debt avalanche to pay off debts.
- Red alert warning: A financial advisor rips off an unsuspecting customer for $1,500 of her hard earned money.
- Three quick debt success stories of people who decided to ask for help.
- Quote of the day from H. Jackson Brown Jr.
Links mentioned on the show:
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Topics:
- The Stupendous Yappi once again gets another prediction right and shares how you can profit from his psychic ability.
- Another pension plan bites the dust and its the union members who are paying the price for mis-management.
- Bart (Orlando, FL) is a bartender with inconsistent income and needs a good way to budget. Genevieve is an independent contractor with the same situation.
- Nick reported using Credit Karma free tax service he got a higher return back than last year when he used a pro.
- Steve asks about ETF newsletters and if they are worth the cost.
- Neil (Minneapolis, MN) works two jobs and can't find the time with his wife to budget.
- Homeowner tip for new buyers and current home owners.
- Stefanie asks where to put an emergency fund.
- Loren (Grey Eagle, MN) has a pension and wants a way to calculate the net present value.
- Brian (Cheesehead, WI) has a lump sum to invest and asks if it's better to do dollar cost averaging (DCA) or get the money working all at once.
- Is my wife's local advisor charging unfair fees and taking advantage?
- Quote of the day from ???
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N.Y. retirees struggle to survive
Topics: Scott shares the story of how he once lost a basketball game 108-12 and how the biggest competition in your life isn't what you think it is.
- Trish is a photographer who always ends the month in debt and asks how to make more money while pursuing her passion.
- Justin is 30 years old with $50,000 and is deciding if he should put money into a Roth IRA or put the money towards real estate investing.
- Mario is in debt and wonders if he should just stop paying on his credit cards.
- Juliana is spending 2/3 of her income on rent and doesn't know how to budget for her situation.
- Samuel (Parts Unknown) is an international listener and is looking for free ways to invest.
- Nuno and his wife are debt free and want advice on the next step after maxing out retirement accounts and paying off their homes.
- John isn't happy with his investing returns and wants to know how to increase them.
- Grace (Canada) is interested in socially responsible investing and wants my take on it.
- Are you putting your raise to work?
- Quote of the day from W. James Bragg.
Links mentioned on the show:
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Topics: Scott reveals another hidden financial cost Wall Street and commissioned salespeople don't want you to know about. He comes up with another classic food analogy to make it 5th-grade simple.
- Is your bank pushing you into the wrong products?
- Natalie has a great income but can't real in her spending.
- Rebecca has some debt to get out of and wants to start investing.
- Julian has a 457 plan and wants my thoughts on the target date fund option in it.
- Mike has been digging into his wife's 401(k) plan and doesn't think he's getting the best returns.
- What do you do with your raises and bonuses?
- Bart (Orlando, FL) has a 6-year old that may have autism and he wants to know how to provide for her later in life.
- Rich wants to automate his budget and learn about working from home.
- Russell is coming out of bankruptcy and working towards being debt free.
- Walter is going to save $2,000/year as a result of the Save $1,000 challenge.
Links mentioned on the show:
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Shedding light on the costs of trading in actively managed mutual funds
Topics: Scott's afraid of heights but it didn't stop him from parasailing off a 1,000 FT cliff in Switzerland. How can you overcome the fears of the decisions you're making today that will ripple through the rest of your life?
- Adam (St. Louis, MO) is 29 with 3 kids with a lot of financial priorities and needs some guidance on ordering them.
- JohnnyIPA (Lincoln, NB) has a follow up question on his whole life insurance policy and the cash value inside it.
- Josh is starting to earn a good commission at his job but has a problem with overspending.
- Medical marijuana ETFs are coming - what's all the buzz about?
- John (Ohio) is 56 with $600k in a 457(b) and asks about recommended stock/bond split for his age and retirement goals.
- Phil has maxed out his Roth IRA and wonders where to put extra investment money.
- Helen (BBQ Capital of the World) is having challenges focusing on paying down debts.
- Chris has a HELOC about to reset to 8% and wonders what he should do about it.
- Quote of the day from Steve Vai.
Links mentioned on the show:
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Topics: Matthew is married, age 36, wants to retire early, and asks how to fund early retirement before age 59 1/2. Scott explains how to pay the bills while waiting to withdraw from a 401(k), including how to take money out of tax-deferred retirement accounts before age 59 1/2 penalty free.
- Can buying a boat give your family financial protection if you get hit by an asteroid?
- Steve asks about budgeting and the leading tools.
- Confirmation that you can withdraw contributions (your basis) from a Roth IRA at any age tax and penalty free.
- Lore (Columbus, OH) needs help with asset allocation and picking the right stuff in their available investments.
- Rita (Portugal) has a mortgage with 9% interest and is deciding if she should invest or not.
- Elaine says she can’t afford to invest because she doesn’t want to lose money. She can't afford not to.
- Walter is age 43, wants to retire at age 55 and asks which index funds I recommend.
- What do you do with your raises and bonuses?
- Quote of the day from Jimi Hendrix.
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IRS Form 8606, Distributions from IRAs
Retire early and avoid 401(k) penalties
Topics: Five 401(k) millionaires share their not-so-secret strategies to reaching the $1 million milestone. They range in age from 49-64.
- Jason asks if he has a credit freeze will Credit Karma still be able to monitor my credit?
- Tracie is looking for healthcare options if you can't get medicare.
- One tip to help raise your savings.
- Dave asks if ETFs or mutual funds are better for a three fund portfolio.
- Michael says you cannot take a principal only withdrawal from a Roth IRA and not get hit with a penalty. Is he correct?
- Ann asks how to get her husband on board with the plan.
- Twitter - What are my thoughts on the six month emergency fund?
- Tasha (Columbus, OH) and her husband paid off $19,000 in four months to become debt free!
- Quote of the day from Jean Luc Picard.
Links mentioned on the show:
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Money Magazine How I Saved $1 Million
https://www.libertyhealthshare.org/Christian
IRS Ordering rules for Roth IRA distributions
How to get your partner on board with a budget
Topics: Scott lays out the things people of all ages should do to build and protect their retirement savings.
- Lori disagrees with me on getting term insurance for a stay-at-home parent.
- Alex is 16 years old and wants some saving tips.
- Erica asks if foreclosures and short sells are the most affordable way to accomplish purchasing rental properties.
- Neal has a bunch of student loan debt and asks if he should pay it off before investing.
- Viko is checking into trading FOREX.
- Lucas (SoCal) has a debt payoff plan but is concerned about not having an emergency fund during the 3-year payoff.
- Elon Musk isn't as smart as people make him out to be.
- Zach (Silicone Valley) is 30 and paid off $50,000 in debt!
- How much is enough?
Links mentioned on the show:
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Topics: There is one word that will do more to build wealth in your life than any other. Do you know what it is?
- Nicholas has a simple tax situation and asks if the free Credit Karma tax service would be better than a $250 CPA.
- Don has $220k cash value in a whole life policy and is considering if he should switch to a term policy.
- Phil has $35,000 in investments, will be looking to buy a house soon and asks where the money should be put.
- Deanna the dog walker is opening a taxable investment account and wants to know the yearly tax implications.
- You're killing it with your 401(k), right?
- The YOLO lifestyle
- Quote of the day brought to you by Charlie Brown.
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Topics: Scott discusses why frugality is not always the best option for your finances.
- Jen (New Jersey) has a 401(k) with high fees and asks if it's better to invest in a taxable account instead.
- Brandon just graduated from college, is unemployed, and asks if it is wise to start investing.
- Alexis was recently laid off, has no savings, and wonders if she should consolidate her credit card bills into a single monthly payment.
- Shajee is 17 years old and wants to start investing and asks how he can get started if he is underage.
- Chris has a pension from an old employer and is deciding on an early distribution or rolling it over to an IRA.
- Update on what's going on with Scott's car after it got rear ended.
- Gillette welcome back program gives out free razors.
- Susan (Denton, TX) and her husband paid off 5 credit cards.
- Quote of the day brought to you by Bob Ross.
Links mentioned on the show:
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Topics: Scott discusses the power of being nice and how it can lead to bigger and better opportunities, both in business and in life.
- What are the tax implications of day trading?
- Increase productivity in 5 seconds with this simple trick.
- Javier has $250k in a TSP and is looking to expand into other investments.
- Maggie's husband wants to get involved in a business venture and she wonders if it's a scam.
- How to invest in gold.
- Frankie is 28, married, debt-free and has a $46k inheritance he would like advice on what to do with.
- Brady wants to setup an online savings account for a new car fund and wonders where to do it.
- Terry's husband re-allocated his 401(k) funds to a money market account and want help knowing what funds to invest in.
- Wife of a listener wants her husband to be polite but firm when asking for discounts.
- Quote of the day brought to you by Thor.
Links mentioned on the show:
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Topics: Scott shows the simple math behind how the rich continue to get richer at a much faster rate than the middle class.
- A study shows the more expensive your wedding the more likely you are to get divorced.
- Kristin (Massachusetts) has found a fiduciary to help her parents get through retirement.
- Brandon is a college graduate with $200 to his name and asks if he should start investing.
- Elon Musk isn't as smart as people make him out to be.
- Eddie (Houston, TX) asks about a specific insurance company compared to other insurance providers.
- Roberto has $50,000 in credit card debt and his options are limited on how to pay it off.
- Clink investing app for getting started investing.
- The South Americans (San Francisco, CA) are living the American dream.
Links mentioned on the show:
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Topics:
- Lena (Wheeling, IL) is trying to figure out her investment options in her HSA.
- How to get ahead by netweaving instead of networking.
- Henry (CT) has a 30 year fixed loan with a $225k balance and asks about refinancing with a VA Hybrid ARM.
- This company is raising prices to get rid of it's customers.
- Daniel (Buffalo, NY) has a son graduating from college and wants to know if he should keep a life insurance policy for him.
- Karah (Cincinati, OH) is 33 and deciding how to invest between her 401(k) and HSA.
- John (Cleveland, OH) asks if he should suspend his 401k contributions to pay off debt.
- Bobby (age 32) completes a bachelor's degree while working full time and raising 3 kids.
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Trumps executive order on the DOL rule