Chain Of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Getting a handle on your student loans is SUPER important. In this episode, we do a deep dive into some of the terms and concepts you should be familiar with.   [1:53] There are TONS of different loans when it comes to student loans - public, private, subsidized, unsubsidized etc   [2:34] What is the difference between subsidized vs unsubsidized loans? It depends whether you’re doing a graduate or postgraduate degree The government will pay your loan’s interest while you’re in an undergraduate degree While you are studying for your postgraduate degree - you are being charged interest on your loans.   [4:29] Chatting about the difference between private and public loans Private through a bank or another financial institution - your credit will be pulled, exactly the same as buying a car. There are a lot more restrictions on the loans such as qualifying for public service loan forgiveness (PSLF) PSLF actually isn’t that hard to follow as long as you are eligible The reason so few people get it is they don’

Andrew is constantly thinking, talking, or writing about his never-ending pursuit of a better life & career through personal experiments, lessons learned, and smart money habits. In 2017, he took a detour off the path towards financial independence and embarked on a one-year mini-retirement. Now he is using the insights gained from a year off to reframe his goals and ambitions for decades to come.   Welcome Back!   [2:19] So Andrew took a mini retirement, when he was last on the show he was in the middle of it, now we have a chance to catch up with him and see how it went. First off, how did you plan for your mini retirement? Was there a dollar figure you needed to save up? Spoke last right at the beginning of his mini retirement, it wasn’t planned but it evolved over time, the plan was to travel the world, their number figure was $40,000 each. There was a lot of stuff that happened in their personal lives that changed their plans- Andrew’s wife got diagnosed with Thyroid cancer. Andrew was also complete

[1:40] We've all had the moment when you see something you like, you want it and next thing you know your credit card is in your hand. Katie hasn't done any massive impulse purchases but it's super easy to just get something in your hand and be ready to pay for it. Impulse purchases are actually a very common thing, it can be expensive items. One of the biggest items is your personality - are you materialistic It literally becomes a habit and people start to expect you to have the latest stuff Be careful about the company you keep [4:55] This is exceptionally relevant for people trying to get out of debt. Forming a habit, it starts compounding and adds up so quickly. 3 or 4 days later you've forgotten about your purchase and you end up spending more  [6:21] So what are some of the best things you can do to control your impulse purchases? Be mindful of the company you keep - find someone that is trying to accomplish something with money It's easy to feel lonely when you're trying t

Deanna Broaddus is a 46-year-old single woman on the path towards financial independence. She, however, has not always been money savvy, but with a change of mindset, she became serious about striving for financial peace in 2014. By the end of 2017, Deanna has paid off just under $47,000 in debt, and in early 2018, she began her journey as an investor.   She blogs over at msfiology.com inspiring other women to take control of their lives.   Welcome!   [2:43] In addition to getting your finances under control, you had a battle with drug addiction in late 2009, which was really the turning point for you, was there any one thing that caused you to want to get your life back under control? One word to describe is transformed, really hit a heavy bottom Ended up asking for help surrendering and really doing some self reflection and realizing she had a lot of denial and resentments Always a high functioning addict but stuff needed to be dealt with Healed relationships, thought patterns.   [6:21] You really have be

Coming to terms with your debt is tough, very often you'll need to mentally prepare, The worst thing you can do it wait too long to take the first step. [1:44] Finding out exactly how much debt you're in is absolutely critical as it's the first step in starting your financial future ●     It's really great being able to help people and teaching them how to conquer their debts ●     We're putting together debt destruction course that we're busy building, feel free to apply for the the scholarship! ●     The fear of the unknown is what gets people [4:36] Diving into Kate's debt plan to help people understand exactly what we're talking about ●     When Kate moved in, after a few weeks the bills started rolling in ●     Kate always thought nothing good ever came from checking the mail ●     When they finally checked the mail Kate felt ashamed and didn't have the answers ●     When the looked through all the information, after calculating everything in excel, we came up with Kat

Chella Diaz is a life coach and the owner of Transcend Abundance, she believes there is a very strong link between money and spirituality. Having written many books about the topic, Chella mentors women and teaches them how to live a prosperous life.   Welcome!   [1:55] What are some of the biggest money mistakes you’ve made? Having someone invest her money for her without asking the tough questions Always do your due diligence   [3:19] How do you believe spiritually and finances mix? There are two sets of rules, if you are spiritual then you won’t have abundance, and if you are rich you won’t be spiritual It’s about changing the way you view both of them Always try to get yourself in a strong position before helping others   [6:17] How much of money management do you believe is linked to your mental well being? If you remember the first money conversation you can remember, that is probably related to your current beliefs about money As an example if the first conversation you hear is about someone not b

Katie is presented with the opportunity to negotiate her salary as the school year is going to renew(she’s at a private school). We cover general salary negotiations, it’s definitely an interesting topic and can help you take home a ton of more money.   [2:17] People don’t realize how much they can actually negotiate their salaries, Katie was in a position where her salary was set, so here’s some things to consider about salary negotiations- Women typically don’t negotiate as much as men Katie had to take a pay cut when she originally took the job, so she felt like she didn’t really have the upper hand.   [4:2] How do you know when you’re in a position to try push salary negotiations? You need to be comfortable with yourself and know when you’re asking for a reasonable amount. If you have a number you want and won’t settle for it then that’s a good point to try negotiate. Lots of jobs have a fixed increase so there isn’t typically the ability to negotiate, one of the best times to negotiate is when you’re

Sara Williams is a debt adviser in London, England. She set up her personal website, Debt Camel, five years ago, wanting to provide good information about debt in a more approachable, easy to read manner than official debt advice websites. She now blogs about everything to do with debt and credit ratings in England, from improving your credit score for a mortgage to asking for a payday loan refund for unaffordable lending. Her aim is to answer common questions with as little jargon as possible.   Welcome!   [2:6] In the US one of the biggest debt problems is student loans, what does the typical millennial struggle with in the UK when it comes to their money? Didn’t used to be a problem at all back in the day, however 20 years ago the loans started coming in 10 Years ago they really started getting high Typically you only need to pay what’s affordable Some advisors believe it puts off a lot of people from wanting to go to university [6:16] What is a debt management plan and how does it work? Get a list of

Building your credit is an absolutely fundamental thing to do.   In this episode, we'll walk you through all the step you should take to move towards a high credit score.   [1:38] What did you do when you started building your credit Katie? Kate was added onto her brother’s credit card when she went to college Kate’s mom also opened an account for her and then made the payments When she had to pay for her teeth she had to open a care account A credit card application came after college because she had her student loan that was now due She’s not got the Uber credit card [5:35] Denis had quite a different story for his credit history He had a platinum credit card in South Africa, however in the US it does not translate Denis was told he had no credit history so he had to start from scratch The easiest way is to open up a secured credit card- essentially you fund the credit card Pro tip- put more money in then you can use the points Eventually after 6/7 months Denis started getting stuff in the mail Denis no

Personal finance expert Jackie Beck is the creator of the app store hit "Pay Off Debt by Jackie Beck", an award-winning smartphone app that's been featured in the Oprah Magazine. The app has helped over 53,000 people use a debt snowball to break free from debt. Jackie and her husband Miles became completely debt free (including their house) in August of 2012, after paying off more than $147,000 in debt. She now helps motivate others to do the same so they can live the life they're dreaming of.   Welcome!   [2:10] So your app is all about debt and I’m sure there’s a big story to that, what is your personal debt pay off story? Came off a long period of unemployment debt comprises of- Student loans Home equity line of credit Credit cards Car loan Started with an extra $35 on her house and payments get bigger and bigger   [5:24] So we love money apps and since you had one we had to have you on the show! Can you tell us a bit more about your app- who is the audience that would benefit the most fr

With summer finally here, we decided to dive into an episode all about travel hacking! If you become effective at travel hacking you can get free trips. [1:51] Do you want to share a few places you've traveled to London FLorida Free hotel stay in Times Square New York Half a free flight [2:34] You need to be paying your credit cards off in full Listen to episode 161 [3:31] How many credit cards do you have? Amex, Barclay Card, Chase, etc. About 10 credit cards in total They are all used for very different reasons, as an example, Denis earns 6% cash back on groceries [5:19] What are your favorite credit cards? Amex Cash Back Preferred- 6% cash back on groceries and 3% back on groceries Chase Sapphire Reserve- great for travel in general. It does carry a high annual fee but if you're a big traveler it's great, good sign on bonus. Amazon [9:35] Any spending on Amazon you should definitely make sure you're earning good points. The uber credit card is also great because it gets 3% cash back

Parker is a former professional football player turned wealth advisor turned entrepreneur. Together with his friend and cofounder Jerry Workman, they created Destiny, an app aimed at helping millennials pay off their student loan and credit card debt as fast as possible.   Welcome   [2:0] Tell us a bit about yourself- what’s your money story? Played in the NFL, noticed that debt was creating a lot of problems with his friends. Parker grew up at the poverty line and saw first hand what was happening. Youngest advisor on a 7 billion dollar book of business company.   [3:28] How did you and Jerry come to create a student loan payoff app? No experience in making apps and tech. In 2016 Parker started reading  about the tech world and startups, it took about a year to understand everything. He wanted someone who could help him build an app, which is where Jerry came in. Jerry started coding it in his spare time. Used to have a rigid schedule with a full family   [7:35] All new businesses have mess ups- what is

Nobody really tells you what to do with your paycheck, people don’t know what you should and shouldn’t do so today’s episode deals exactly with that. [1:40] Where are you putting your money Kate? Until recently (the last year) all of Kate’s money was kept in her bank account The money would rollover from a checking account from the savings account The big mistake with this is that it has an extremely low interest rate. Most investments are in the region of about 8%, savings accounts are typically below 1% and actually make you lose money as inflation is higher than the interest you’ll earn in a savings account Kate’s currently putting her money in mutual funds and stocks she uses her Robinhood account She makes sure that all her money is working for her There’s a common misconception that just because you have stock they aren’t liquid, but you can quickly sell them and convert them into cash [6:30] A ton of people make the mistake that they aren’t responsible with their credit cards Lots of people live off

Today we have Jeffrey Anazalone who is a doctor that writes at debtfreedr.com. Becoming a doctor involves spending a ton of money to get qualified, Jeff was over $300,000 in debt when he started. Jeff went to dental school then did a surgery residency. Welcome! [5:33] What is your secret to becoming debt free forever? Jeff stumbled across Dave Ramsey and listened to principles, Jeff thought he had a job secured so he didn’t worry too much about it at that point. When Jeff finally started making money he used Dave’s principles and did the snowball. Jeff managed to pay off his debt in 4.5 or 5 years [8:33] What’s the honest truth behind building a 7 figure or more net worth? Jeff had a slightly different take on Dave Ramsey’s principles so he was investing and paying off debt at the same time. He is also self employed so his take is slightly different Jeff was consistent about saving and after a long period of time he had a 7 figure net worth. [17:59] Why is it really bad to rely on a single stream of incom

For most of us, salary is the main income source. The truth is, everyone starts this way and typically the salary we get each month would only go to our bills. Come and join us talk about different sources of income and how we tend to spend them.  Welcome! [5:21] People receive bonuses from work,  what do they typically do with those? ●     People tend to spend the bonus before they even get it ●     They use them for vacations ●     Sometimes instead of cash they receive gift cards [12:06] For folks out there who have second jobs or additional side-hustles ●     Don't think of it as an extra money. Save it for future! ●     Set that money aside and pretend that you never got it  [14:08] Learn how to budget ●     Budgeting your TIME is as important as budgeting your money ●     Start tracking what you're spendingSupport this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepreneurship-wealth-and-more/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Ou

[2:46] First, what was going on with your debt? Can you tell us your story? Made some choices that were really beneficial to her- Lived in dorm only one year  then lived with roommates Applied for a ton of scholarships and programs Worked and paid during college Once she got her disbursement she always put it right back into the loan Parents took out loans as well   [5:40] What did you find most challenging when paying off your debt? Moved back home Wanted to go to Grad school but she had to decide what the next steps were Tawnya didn’t like owing money to people   [6:57] What lifestyle changes did you decide to make? Lived frugally Having side jobs helped a ton in getting  much more money coming in   [13:18] Did you qualify for any loan forgiveness? Tawnya took a slightly different route when she didn’t get into grad school She went back to school to get a masters, she built up quite a bit of savings for her masters, she paid out of pocket! Tawnya did qualify, however coming out of the recession, s

Your negative thoughts could have a negative effect on your finances! If you are one of those people who find it hard to change their attitude about spending, you might be interested in joining us learn how to you can make that change to transform your bad financial habits into a positive attitude to save more and build long-term wealth . Welcome! [2:45] Sometime you have to live with “Fake it ’til you make it” ●     It makes you feel better!  ●     Pretending you are in a good mood does flip your mindset and makes you happy. [9:25] Mindset problems most people have ●     They are stuck paying off debts ●     Retail therapy [15:16] Main takeaways ●     Money is a long-term strategy ●     Look towards a long-term view ●     Bulk-pack your lunches ●     Sing a song while driving (or while commuting) Support this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepreneurship-wealth-and-more/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.co

Lily Nwora is a personal trainer and founder of Dresses & Dumbbells have been featured on multiple news, media, and print outlets. Lily paid off $70,000 over 3 years and knocked out $40,000 in 2018 alone!  Welcome! [:] Tell us a bit about yourself Registered dietician and personal trainer and acquired some debt Mainly student loans [:] What financial hurdles are you most proud that you have overcome? Lifestyle creep was hard when she started making money and wanted a big apartment You’re (almost) always going to have some living above you so if it’s in an apartment building or basement, it doesn’t make much difference. [:] What link do you see between physical fitness and financial fitness? Consistency Having a set plan Setting a deadline Putting in place a plan that you’ll actually stick to! [:] What was you plan to pay off debt? Lily didn’t make a plan and was enraged when she discovered how little went to her principal payments Started listening to Dave Ramsey and started paying off extra each m

Katie has successfully paid off her student loan! Like other people's success story about being debt-free, it does not stop there. You need to continue your plan and making that plan means figuring out how much money you have to work with and deciding how to spend it. Welcome! [4:45] After being debt-free, what's next for me? ●     You can celebrate but no need to spend a lot!  ●     Shopping-spree after completely paying off your loan is not a  good idea. [8:42] Katie's plan after the wedding is paid  ●     Maxing out IRAs ●     Making sure to have enough money on emergency fund ●     Maxing out savings ●     Keep expenses cheap [10:16] What are dividends? ●     Payout for companies shareholders ●     Returns from stock investments  Support this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepreneurship-wealth-and-more/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Today’s episode is a bit different because we have a special occasion to celebrate. Katie’s student loan has been paid off! Yes, you heard it right! Listen about her journey and on what she’s really been trying to achieve. Welcome!  [1:25] Let’s get to know Katie and her story ●    She is 30 years old now, teaches elementary and has always taught public school until she moved to Virginia ●    She was a typical college student in her 20’s, took a student loan and thought she’d be paying it for the rest of her life ●    Moved to Virginia in June 2017, has known Denis for over a year at that time [6:35] How much did Katie have and owe back then? ●    Denis calculated everything and figured that Katie owed almost $200K ●    Katie was in so much debt not because of spending much on anything, but on not-so-great decisions with her car and student loans ●    Denis created a plan for Katie which started with selling her house, and was sold at 20% more ●    She got a Honda which costed more than a high-end BMW, and mo