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

A lot of you have been interested to know more this topic and it's important for all of you to hear some pros and cons when making your decision between paying down your mortgage or investing the money. Welcome! [:] There is a decision to be made ●     Cost-benefit analysis is a must ●     Check how much interest you will be paying on your mortgage in the long term ●     Additional payments toward loans will knock a lot of time off on the repayment term; use mortgage calculator to make side-by-side comparison on different terms [:] Why you should invest instead of paying down mortgage ●     You can try using Robinhood app to start in the stock market and can even start with $20 ●     The market is doing pretty well recently [:] What's the total interest like for a $100K on a 30-year repayment term ●     Total interest paid would be around $93K ●     If double payments are made, the loan will be paid off in less than 10 years and the total interest paid would have just been $26K ●     If you can, you

Stephonee is a mom, a wife and a personal friend. She blogs over at PoorerThanYou.com where she talks all about money- where to start if you’re clueless and what you can do if you want to invest/save. Although not in a financial career, she has lot of experience- mainly starting where she ran out of money and had to drop out of college. Today, she sits with a net worth of over $100K. Welcome! [:] Your website, poorerthanyou has been around for quite some time. Tell us your backstory and how you started. ●     I learned about personal finance blogging in college when I was so broke ●     She figured out that she didn’t have enough money to stay in college, dropped out of it and decided to write about it so people can follow along my journey ●     Net worth started at negative $26k when she was 20; took 12 years to turn around at 32 now ●     She ended up going back to school so had to take out more student loans. [:] What are the options when you move from one job to another with your 401K? What should you do?

As promised to be included in this series on retirement, here are facts that you need to know about Traditional and Roth IRA, as the two most popular types of IRAs. Check this episode and learn more about your journey to financial freedom. Welcome! [:] Difference between Traditional and Roth ●     Traditional IRA is pre-tax similar to a 401k while, ●     Roth IRA is typically tax-free or after-tax [:] Until when can I contribute for tax year 2018 and what are the contribution limits? ●     You can contribute up to April 15, 2019 ●     2019 limit increased to $6,000 from last year's $5,500, if you are under the age of 50 ●     If you are 50 or older, this year's limit is set to $7,000Support 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

Damion Lupo is the author of many books but we are going to talk mostly about his book called The QRP book today. Damion has actually appeared on the show before, where he has talked about how he went from being a multi-millionaire to being broke and building his net worth back up again.  [:] What is a QRP? Qualified Retirement Plan, broad term for these tax plans Most people are familiar with 401ks This gives a different option that most people don’t know about Damion has created EQRP - it’s different in that it’s a 401k that you can invest yourself It’s strange to think about because you are the custodian [:] What are the benefits? Match from company and then an IRA Over 20 years, you’re not going to save up a ton of money from that QRPs allow you to do up to $50k a year. You could even get a tax credit- paid out Most of the withdrawal rules are the same [:] You explain the 8th world wonder in your book, for anyone grappling with this idea, what advice do you have for them? The easiest way to think of

Here's what you should and shouldn't be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research. Welcome! [:] Things to always be mindful of ●     Don't withdraw 401k early mainly to avoid penalties ●     The value of your money now will considerably grow in the next 20-30 years from now ●     It can be disastrous to use your 401k money to payoff loans [:] What you should do with your 401k account ●     Decide wisely on how much your contribution amount should be ●     Check your available investment options [:] What to expect on 401k fees and taxes ●     All contributions toward your 401k are pre-taxed ●    Withdrawals made during retirement age will be taxedSupport 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

Erika has gone from 100,000 of debt to debt free in 5 years!  Her and her husband decided early on that it was time to take hold of their financial life together. After paying off her debt, she realized how passionate she is about helping people better their lives, thus Tailor Made Budgets was born!  Welcome! [:] You have quite an interesting story when it comes to your personal life and debt. What position were you in? How did you work your way out of it? Didn’t start at $100k, but Ericka got married young with about $65k worth of debt. She and her husband started buying goods like cars, even though they weren’t unreasonable it pushed them over the edge. After just over a year they realized how much debt they were in, especially with a new born baby. Got a second job. [:] Where do you see people, mostly millennials making their biggest mistakes? Not paying off debt? Not investing? The amount of student debt that is allowed to be taken on and people actually take it on and not pay it off. People don’t real

One of the most important life goals many of us want to achieve is to have the best retirement experience. Whether it's for personal or financial perspective, retirement requires a lot of preparation and planning. Please join us as we share our experience. Welcome! [:] When do you start getting that retirement plan? ●     Start as early as you can ●     Stop thinking that retirement is not gonna happen soon. That's the worse idea. [:] What's your advice? Where can people start? ●     Start contributing now ●     Make sure you are contributing enough [:] Quick takeaways ●     Don't rely your retirement on your social security ●     Start contributing on your 401k ●     Use IRA as an alternativeSupport 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 we have Kathy Longo, she is a CFP, CAP, CDFA and author of Flourish Financially – Values, Transitions and Big Conversations. Kathy is an expert in advising women about money challenges and believes too many women rely on their husbands for their financial planning. Welcome! [:] Den and I were discussing prenups last night as we’re getting married in July. We talked about how they are good for each others financial security in the off chance a relationship doesn’t work out. What are your views on a prenup and would you say there is any advice you have for people before they get married? Disclosure of financial assets are disclosed early on. Debt disclosed as well, it’s important to discuss finances before you get married. If someone comes into inheritance, the prenup takes care of those assets. People don’t always think very protectively when they receive the money [:] What’s the fundamental first step for women toward building financial confidence? Becoming in tune to their finances, understanding sp

Denis and Katie love watching documentary TV shows and lately they have been watching a TV show that features payday loans to people. You also maybe you are just curious as to what a payday loan is. We would like to share our experiences about it and how these loans work. [:] Beware of the loan that you getting ●     Katie was a victim of a student loan scam ●     Be sure to do your research before you apply for any type of loans [:] Takeaways to paying your loans ●     Be wise. It's more important to have that emergency fund instead of getting that salary loan. ●     If you are a single mom, know where you can cut back to pay your loans ●     Get more side hustlesSupport 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

Rob is an experienced investor in his early 40’s that is looking to pursue financial independence. He has some entrepreneurial experience, real estate experience, loves world travel, food, and computers. After finishing up at his latest contract office job, he moved to Taiwan to pursue a life with more freedom. He blogs at gettingcanned.com   Welcome!   [:] Your blog gettingcanned.com was created as a result of you losing your job. Can you walk us through where you were in your life and how you felt when you got fired? ● Got a great performance review but ended up getting pushed out of his job after 4 years after the financial crisis ● Rob had recently found financial independence so it was a natural fit   [:] You’ve been working in Asia quite a bit lately, what has living there taught you about money specifically with regards to how money is handled differently to what you were used to in the United States? ● After wrapping up latest contract gig, rob packed up his two bags of luggage and went over ● So m

A shared or joint account is beneficial to couples or partners. It's a very effective and helpful way to save toward your shared goals like buying a new house or planning that long vacation..or just spending it. Come and join us in this conversation! [:] How we became comfortable opening a shared bank account ●     Know the person you are sharing bank account with ●     We've had so many financial conversations ●     We have shared expenses [:] We just want to stress this out ●     If you are opening a bank account with somebody and gut is telling you NO? Don't do it! ●     If you are feeling stress, anxious or just really uncomfortable, Don't open a shared account.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

Jason from The Wealth Hound is an aspiring entrepreneur, husband & father. He recently got out of the US Airforce and is a die-hard Michigan State fan. His blog is all about personal finance, investing and every day money tips. Welcome! [:] Let’s chat about your decision to start your blog, why another personal finance blog? ● Always interest in personal finance & money management ● Enjoyed learning about money and wanted to have somewhere to jot down his thoughts ● Helping the everyday person learn about money   [:] Your post on inside the FIRE movement was a great read, can you talk a bit about your FI journey? ● Not on the retire early track ● Enjoying career ● FI is definitely the goal ● Always entrepreneurial minded- one Jason started making real money he realized he needed to look long term   [:] You also have a podcast, podcasting is a great tool to get in touch with inspirational people. Who would you say is a guest that you learned the most from or a guest that gave you the biggest take away?

How do you take control of your time? Are you able to get on top of your to-do list? Join and learn with us as we share about time management and be inspired by our experiences. [:] Katie's routine ●     Katie puts her work out clothes out in the morning so when she comes home from work she will be reminded to go to the gym ●     When she gets home from work she always makes time for side hustles [:] Katie's usual side hustles (She does all the side hustles before changing her work clothes)

Amanda Stewart is the Editor, Writer and Website Manager for District Media Finance. With an audience of over 10 million visitors, District Media Finance’s objective is to deliver high-quality personal finance news and advice that informs, empowers, educates and entertains the public. The company provide this information free of charge through their portfolio of 58 different personal finance websites, with all operating expenses paid through advertising. Welcome! [:] Could you tell us a recent money mistake you’ve made? ●            Rented TV, bed and bed stand for 18 months (paid 3 times what it’s worth) [:] Could you give us a brief history of District Media Finance? ●            Running for the past 5 years; last 3 years Amanda has been involved ●            Covers topics such as saving money, investing debt stories etc. ●            Amanda loves talking about her debt story and inspiring people [:] You serve an audience of over 10 million visitors. More and more bloggers, youtubers and content creators ar

Denis and Katie are engaged! Congratulations! In this episode we talk all about the proposal and things you should consider in getting engaged. [:] Katie's strange suspicion ● Her mom suddenly screamed in excitement ● She's also texting while driving that she doesn't normally do [:] Proposal using a fake ring ● Denis' dad made the real engagement ring who is a jeweller in South Africa [:] Pay in cash or take it out on credit? ● If it costs you a lot of money to buy that ring, then take it out on finance ● Figure out what works for you. If it's not that expensive then buy it in cashSupport 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

Travis Hornsby is the chief student loan planner at StudentLoanPlanner.com. He started started Student Loan Planner in October 2016 after helping his wife and her friends figure out their six figure student loans. Travis used to be a bond trader, so he took his excel heavy skill set and built models for how to save money paying back student debt. Welcome! [:] What’s one of the biggest mistakes you see people making with their student loans? ●            If you graduate with a $0 loan you can consolidate with the revised pay as you earn plan [:] Do you believe the student loan crisis is going to get worse as time goes on as we see rates continue to rise? ●            It’s getting worse and better at the same time ●            There are different tiers, $0-80k are doing pretty well. ●            The average default os $10k ●            $80k to $1M is where the real problem is, the original estimate on income based repayment program is wrong ●            PLF is unlimited [:] You have a strong history with tackli

What is a credit score? Join Denis and Katie as they learn talk about what credit scores are and how they affect your credit status. [2:30] Credit score ranges ●     300 - 530 Bad Credit ●     580 - 670 Fair Credit ●     670 - 740 Good Credit ●     740 and up Excellent [5:20] What affects your credit score ●     Paying bills on time ●     Late payment has a huge impact in your credit score  ●    Having a lot of accounts will boost up your greater facility [12:14] Monitor your credit score ●     Most credit card companies provide monthly credit score onlineSupport 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

Karsten Jeske is a personal finance blogger who writes at Early Retirement Now or ERN for short. He is originally from Germany but came to the U.S. in 1995. He blogs about a host of retirement topics oh and he recently retired at the age of 44. Welcome! [:] Your blog stood out immediately because you were a fellow speaker at Fincon, what did you speak about in Orlando? ●            Panel discussion on safe withdrawal rates for early retirees ●            Everyone on the panel said a safe withdrawal rate is probably better 3.5% or 4% [:] A ton of people in the personal finance space always say Baby Step 1 is to get 6 months of living expenses saved up into an Emergency Fund, but you feel differently. Why do you think it’s necessary to have an investment fund and what would you rather do with the money? ●            Karsten never had an emergency fund but everything he saved he put into stocks ●            Why should the money be sitting idle ●            Suze Orman talks about having 9 months of living expense

For many years, 401k has been the main plan for retirement savers and inversting on your 401k could be a challenge. Here are our thoughts.   [:] People missing out if they are not contributing on their 401k ●     Contriburting to 401k doesn’t mean the money is being invested ●     401k provider normally gives free consulting and make recommendations   [:] What if your employer doesn't offer a 401k plan? Any Alternatives? ●     Look at IRAs ●     Take the rough IRAs   [:] Takeaways ●     Save for your downpayment ●     Save for your emergency fund ●     Save for your retirement ●     Invest in your 401k as early as possible ●     Contribute to the full amount that your employer will match itSupport 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

Marc Andre is personal finance blogger who writes at Vital Dollar. He’s been a self-employed internet marketer since 2008 and prior to that he worked for a few years as an auditor and in other finance fields. He really got into his groove with internet marketing and has some interesting views on using your hobby as an investment tool.   Welcome!   [:] Making money online seems like it’s really straight forward but unless you know what you’re doing it can be really tough to stick it out. You’ve managed to make money from one of your hobbies (photography) as well as a side hustle as a web designer. Can you tell us a bit about your story? ● Started online back in 2007, based on web design ● Started as a portfolio site to find some clients ● After a few months, Marc discovered he preferred the blogging aspect ● Had lots of ad sales and affiliate marketing sales ● Naturally it led to photography   [:] You’ve managed to build and sell multiple six figure blogs, we have a ton of PF bloggers who listen to the show, w