Radical Personal Finance
1,310 episodes - English - Latest episode: 27 days ago - ★★★★ - 1.8K ratingsJoshua J Sheats, MSFS, CFP, CLU, ChFC, CASL, CAP, RHU, REBC is a financial planner who teaches people how to live a rich life now while building a plan for financial freedom in 10 years or less. He mixes creative approaches to lifestyle design, deep-dive financial planning techniques, and hard-core business strategy to equip you with the knowledge and inspiration you need to build financial independence.
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Episodes
200-My Podcasting Equipment, Workflow, and Lessons Learned From 200 Episodes
May 21, 2015 11:00 - 1 hour - 53.1 MBFrom time to time, I receive questions from listeners about the equipment that I use to produce my show. I also get questions about the mistakes I've made and what I would do differently if I were to do it over again. Today, I share the workflow that I use to create my show and some of the lessons I've learned in 200 episodes of podcasting. This show does not contain any specific financial planning or personal finance content. It does include a discussion of my thought process in creating ...
199-Whole Life Insurance
May 20, 2015 11:00 - 1 hour - 65.4 MBToday, we continue the life insurance series with the valuable background of whole life insurance. Exciting stuff! This show is an introduction to the various product features and design ideas. We cover: Ordinary life insurance Limited pay life insurance Cash values Policy loans Nonforfeiture or Surrender Options: Surrender for cash value Reduced amount of paid-up whole life Paid-up term Annuity or retirement income Policy conversion Participating versus nonparticipating policies...
198-What Would I Do If I Won the Lottery?
May 19, 2015 11:00 - 2 hours - 119 MBI received a question from a listner which I decided to answer for you on today's show: Joshua: So, this is a "fun question" that everyone loves to fantasize about. I hope it will be fun for you to answer, but it could have a really boring answer, but I'm sure you'll surprise me somehow! What would you do if you won the lottery? As a financial planner, what advice would you give to a client who had won the lottery? What would the most optimal tax strategy be? Do you take the payments or...
197-How Big of an Emergency Fund Should I Have? What Percentage of My Income Should I Owe In Debt Payments?
May 18, 2015 11:00 - 19 minutes - 15.5 MBToday, I have a tightly focused show for you with a few key points from the CFP® Board curriculum. You will need this information on the CFP® Board exam and it will be useful for you as an individual. First, I share with you how to choose between needing a 3-month emergency fund and a 6-month emergency fund. Next, I share with you the manageable percentages of your income which you can allocate to debt payments. Enjoy! Joshua Support Radical Personal Finance on Patreon: http://radicalpe...
196-Friday Q&A: Other Student Loan Ideas, Helping Kids Without Enabling Them, Consolidating Accounts, Maxing Out a Spousal IRA, Retirement Distribution Strategies, and Help With Goal Planning
May 15, 2015 11:00 - 1 hour - 63.6 MBToday, I'm cleaning out the voicemail inbox for my Friday Q&A show. Here are the questions for today: What strategies for student loan payoff did I forget last week? How do we help our young kids without enabling them? Thoughts on consolidating retirement accounts. What are the limits on retirement accounts for a stay-at-home spouse? Thoughts on various retirement income distribution strategies. Do I have additional services and options to help with coaching individual people? Enjoy! ...
195-Double (At Least) Your MPGs: 109 Hypermiling Tips from Ecomodder.com
May 14, 2015 11:00 - 59 minutes - 48 MBHow much do you spend each year on fuel costs for your car? What is your current mileage per gallon? Before you rush out and buy a new hybrid to save money on gas, consider improving your driving techniques. It doesn't cost you anything except attention and focus and it can make a substantial difference. As an example, check out this guy who got his 3/4 ton pickup truck from an EPA estimate of 15 mpg to almost 60 mpg! In today's show I feature 109 tips for more efficient driving. These ti...
194-You Just Got Laid Off. Here's What To Do Next!
May 13, 2015 11:00 - 1 hour - 52.2 MBToday, we finish out the 3-part series on preparing for layoffs in the coming recession. Today's show will be useful to you, even if you just got notice of your layoff and didn't do anything to prepare for it beforehand. The major theme of today's show is that you need to take appropriate action with appropriate speed. If you're stuck with little savings and no preparation, that means take massive action, now! If you've planned a bit better in advance, it means be strategic and thoughtfu...
193-Make a Backup Plan In Case You Get Laid Off In The Coming Recession: Simple Action Steps For You To Consider
May 12, 2015 16:00 - 1 hour - 55.5 MBYesterday, we talked about ways to avoid losing your job in the coming recession. But obviously there are factors beyond your control which might result in your being laid off, even though you've done everything "right." So, you need a backup plan. Don't wait and wonder what you'll do. Make a simple plan now for what you'll do. Think about some different scenarios and play some mental games with yourself. That way, you'll be able to better respond to events instead of being shell-shock...
192-Recession is Coming: How to Not Get Laid Off In the Next Recession
May 11, 2015 16:00 - 59 minutes - 48.3 MBFor most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job. If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (fina...
191-Friday Q&A: Invest or Pay Off Debt, Rent or Buy Calculations, Double Tax Credit for Multiple 529 Accounts, Roth Conversion or Not
May 08, 2015 16:00 - 1 hour - 50.4 MBToday, I handle these four questions: 3:02 Joshua, I just started listening to your show and I've learned a lot already. I originally started listening because I have an interest in one day becoming a personal finance consultant, but that's a long way off, for now I just need help with a crazy student loan issue! I am currently paying almost $600 a month for a $102k student loan at 7%, couple of key things, credit is shot due to bk filed last year, the loan is with the nelnet through dept o...
190-Learning To Trade Stocks: Interview With Steve Burns, Founder of New Trader University
May 07, 2015 16:00 - 1 hour - 49.5 MBToday we dig into the topic of trading stocks. And who better to speak with than the guy who started a "university" to teach the subject? My guest today is Steve Burns, founder of www.NewTraderU.com. Here's some background about Steve, directly from his About page: "After a lifelong fascination with financial markets, Steve Burns started investing in 1993, and trading his own accounts in 1995. It was love at first trade. A natural teacher with a unique ability to cut through the bull an...
189-Term Life Insurance
May 06, 2015 16:00 - 1 hour - 76 MBToday we continue our life insurance series dig into the topic of term life insurance. Term life insurance is an incredible financial product and extremely useful. It also has some options that are not commonly understood or explored. We discuss: What is term life insurance useful for? Normal life insurance policy designs: level term insurance annual renewable term insurance decreasing term insurance increasing term insurance Key policy features: renewability convertibility disab...
Out & About: Joshua's Interview on the "Work Strong America" Podcast with Rick Seigmund
May 06, 2015 03:00 - 41 minutes - 38.7 MBI'm not able to record and release a show for you today so I'm releasing an interview that I gave on the Work Strong America podcast with Rick Seigmund. This interview was originally released on Rick's show on February 4, 2015. Enjoy the show! Joshua Links: Rick's Work Strong America site: http://workstrongamerica.com The original post of this interview on Rick's site: http://workstrongamerica.com/wsa-episode-005-joshua-sheats-interview/ Support Radical Personal Finance! http://radica...
188-Avoiding the Sunk Cost Fallacy by Applying Zero-Based Thinking
May 05, 2015 02:10 - 40 minutes - 32.2 MBYears ago, I learned an extremely valuable thinking process from Brian Tracy called Zero-Based Thinking. Today, I share it with you. Here's the question: Is there anything in your life that, knowning what you now know, you wouldn't get into again today if you had to do it over? If the answer is yes, then you follow up with these questions: How do I get out? How fast do I get out? By consistently applying this question to every area of our lives, we can avoid much of the impact of the sunk...
187-Friday Q&A: Special Needs Planning, Podcast Feedback, 15-Year Old Son's College Account, My Investment Strategy
April 30, 2015 21:17 - 1 hour - 81.9 MBToday, we continue the Q&A blitz! Here are the questions I cover today: Do you have any tips or feedback about how to factor a special needs child when planning for retirement, college, etc?. The typical advice usually is that, typical, once you have a special needs child things change as you dwell into the wonderful world of early intervention, therapies, IEPs, tax planning, etc, I used to think I would just need to change my assumptions in terms of planning for our son to be with us lo...
186-Q&A: Real Estate Investing and the Financial Planning Process
April 29, 2015 16:00 - 58 minutes - 46.8 MBI'm continuing my Q&A blitz today. I set out to answer five questions and wound up answering two. Oh well. At least I think you'll enjoy them! Here are the two questions I cover: What are your opinions regarding real estate investing? Should people invest in real estate? What percentage of the portfolio should it be? Thoughts on wholesaling? Flipping? Etc.? My question is can you walk us through your typical financial planning process with an average client of yours. From the initial conv...
185-Q&A: Effective Journaling, Where to Invest First $100, Investing Like Your Money Or Your Life, Families Investing Together
April 28, 2015 16:00 - 1 hour - 48.5 MBToday, I do Q&A and answer these four questions: Joshua, I absolutely cannot get enough of your show. Thank you very much for the effort you put in and the thought provoking product you create! It is worth the voluntary money!I've got a very open ended question: You often talk about journaling and writing to help develop thoughts, ideas, and plans. How does one get started doing this? What should your listeners focus on when getting into the habit of journaling? How often do you write in yo...
184-Financial Freedom Afloat: Lessons We Can Learn From the Long-Term Sailing Community
April 27, 2015 17:35 - 51 minutes - 41 MBI enjoy looking for financial planning tips from odd corners of the world. Recently, I stumbled across the book Financial Freedom aFloat: How to Pocket a Paycheck in Paradise by Charles Tuller as I was browsing the finance section in my local library. Written for the cruising community, the book lays out some specific ideas and strategies for sailors who either need or want to earn some money to be able to afford to stay out on the water for the long-term. I'm most intrigued by the challen...
183-Friday Q&A: Response to Ep. 181, Dividend Strategy in 529 Plans, Group Life Insurance vs. Individual, Lowering the Cost of Home Ownership, and Exceeding 401(k) Contribution Limits
April 24, 2015 18:08 - 1 hour - 72.7 MBToday I handle your questions and comments. Right off the bat, I respond to some of the sharp criticism of Episode 181. Perhaps it will be useful to clarify my intention with the show material. Then, I answer these questions: 35:48 Dear Joshua, I have a question regarding a specific method for paying for my children's college education. Putting aside the merits of a college education in general; and putting aside thoughts that I have no obligation to pay for my children's school....let's...
182-Asset Protection Planning: A Practical, Introductory Primer
April 22, 2015 16:51 - 45 minutes - 36.7 MBI'm fascinated by the topic of asset protection planning. It engages my personal enjoyment of complicated, intricate planning. It's in important area of planning. But it's also one of the most over-hyped areas filled with sleazy marketing and sleazy business practices. How do we work through this? Today, I introduce the topic to you in a down-to-earth, accessible way. We'll keep a healthy sense of paranoia and a healthy sense of reality firmly together as we traipse through these topics....
181-Why We Need More Discussion of Politics, Religion, Philosophy, Morality, and Ethics in Finance, Not Less
April 21, 2015 20:21 - 3 hours - 169 MBEvery single aspect of personal finance is influenced politics, religion, and philosophy. Every law and every decision has a moral and ethical component to it. In modern conversation, we're unaccustomed to talking about philosophy and ethics. We steer away from discussing politics and religion because we're uncomfortable with how we can have a positive relationship with another person even when we disagree. Or, we might feel unequipped to battle in the world of philosophical or religious i...
180-How Life Insurance Policies Actually Work
April 17, 2015 21:52 - 1 hour - 64.3 MBToday, I share with you the framework knowledge of how life insurnace policies actually work. Once you understand these basic concepts you'll be able to look at any type of insurance policy and more easily understand its use. Topics include: Assessment life insurance Yearly renewable term life insuance Level premium life insurance The factors that affect life insurance policy pricing The five types of life insurance policies Enjoy! Joshua Support Radical Personal Finance on Patreon!...
Out & About: Joshua's Advice For Young People: Interview on the Anarcho-Yakitalism Podcast with Nick Hazelton
April 13, 2015 16:00 - 1 hour - 80.6 MBI'm not able to record and release a new show for you today due to the rather pressing deadline of the April 15 tax filing date. I'm finishing up my return today so I'm releasing an interview I gave on the Anarcho-Yakitalism Podcast with Nick Hazelton. Nick is a young man who raises yaks and pigs on his farm in the Pacific Northwest. He is 16 years old. I shared a bit of my story with him and gave him a bit of life coaching on how I think about financial planning and life planning for you...
179-Friday Q&A: Where to Keep An Emergency Fund, Should I Make a 50% Down Payment, How to Pay For a Master's Degree, How To Prepare For An Overseas Trip
April 10, 2015 03:02 - 52 minutes - 42 MBThis morning, I put out a note on the Patreon page for questions from the patrons and I received four: 02:38 I'm currently in the "Financial Stability" stage of building wealth. Where do you recommend keeping an emergency fund &/or savings for large purchases? 17:36 My only major financial goal is to buy a small condo in Hollywood in about 6-7 years. I am 33 years old, single and don't plan on starting a family. I have about $170K in investments/retirement and am on track to have an additi...
178-How Much Life Insurance Do I Need? A Simple Tutorial On How To Calculate A Life Insurance Needs Analysis For Yourself
April 08, 2015 20:54 - 44 minutes - 36.1 MBToday's show gives you the tools you need to sit down and calculate an appropriate amount of life insurance coverage for you to own. On Episode 173, I discussed the three primary ways of calculating an appropriate amount of insurance: Human Life Value approach Needs Analysis approach (the best) Rule of Thumb approach This show teaches you how to calculate a Needs Analysis. The process is simple: What You Want - What You've Got = What You Need In order to figure out what you want, sim...
177-Interview with Meb Faber of Cambria Funds: Investment Process for Normal People
April 07, 2015 20:04 - 57 minutes - 46.2 MBBy popular request, I've invited Meb Faber on the show for an interview. Meb is well known in the investment world for his contributions on tactical asset allocation and trend-following. In the interview we cover: Meb's background and accidental path into the investment world The philosophy of business behind Cambria Funds How to construct an investment process for individuals True historical rates of return for various asset classes The impact of asset allocation over the long-term H...
176-Practical Asset Allocation and Asset Location for Short-, Medium-, and Long-Term Goals
April 07, 2015 02:07 - 20 minutes - 16.2 MBToday I want to share a very simple concept with you regarding practical asset allocation. If you plot your goals on a simple matrix and plot all of your investments on the same matrix, you'll more easily be able to select an appropriate investment to fund each goal. Here's the matrix: home-run dollars aggressive dollars safer dollars -------------------> short-term -----> mid-term -----> long-term Enjoy the show! Joshua Support the show as a patron: http://radicalpersonalfinance.c...
175-Friday Q&A: Can Financial Advisors Increase Your Returns, How to Prepare For the CFP Exam, Fastest Way to Become a 1%er, How Do You Trust Insurance Agents, What is the Role of an IPO in an Investment Portfolio
April 03, 2015 21:48 - 1 hour - 53.2 MBFriday Q&A shows are fun and today is no exception. Today I answer five questions: Is there any academic support for the value of financial advisors? What is the best way to prepare to pass the CFP exam? What is the fastest way to become a 1%er? How do you learn to trust insurance people? What is the role of an IPO within a broader investment portfolio? Enjoy my answers! Joshua Links: Research on investors' actual returns with DFA funds. Vanguard's paper on the value that an adviso...
174-The Stages of Financial Independence: A Useful Roadmap to Help You Navigate from From Broke to Financial Freedom
April 02, 2015 21:00 - 54 minutes - 43.4 MBYou can’t go from broke to rich in a single step. There’s no magic fairy who will suddenly transform your financial life for you. You have to do it yourself. But you can work your way through a path that leads to financial independence and complete abundance. That path has stages and you should celebrate your progress at every stage! In today's show, I share with you my ideas regarding the stages of financial independence. I believe this is a useful roadmap to help you navigate from where ...
173-Economic Basis of Life Insurance and Individual/Family Uses of Life Insurance
April 01, 2015 21:11 - 1 hour - 53.2 MBAt long last, we enter into the oft-requested topic of life insurance! Today's show is an introduction to the economic basis and justification for life insurance and it's also an outline of some of the uses of life insurance for individuals and families. (We'll cover business uses another day.) You also get the joy of a bit of a sales pitch on why I love life insurance planning so much. It's truly an incredible financial product. Life insurance is founded on the economic value that each of...
172-Retirement Planning From The Financial Advisor's Perspective: Interview with Roger Whitney, Host of the Retirement Answer Man Podcast
March 31, 2015 18:51 - 59 minutes - 47.3 MBRetirement planning is at the core of the financial planning profession. But, it's a very complex subject and it's tough to wrap your head around the process. I've invited Roger Whitney, CFP®, CIMA®, CPWA®, AIF®, financial advisor and host of the Retirement Answer Man Podcast on the show today to chat about retirement from his perspective. Roger specializes in working with retirees and prospective retirees in a formal financial planning capacity. I think you'll be intrigued by some of his ...
171-Constantly Adjust the Scale of Your Budget Numbers for Maximum Mental Impact
March 31, 2015 02:50 - 55 minutes - 44.2 MBOne of the challenges of personal finance math is the relevance of a particular scale. Sometimes you can get a massive benefit by switching to a different scale. One famous example is the daily latte. $4 for a latte sounds about right in today's world. But if you do it every day, it adds up. To fully appreciate the impact of the seemingly small expenditure you can change the scale from daily to annual. $4/day x 5 days per week x 52 weeks per year is $1,040/year spent on coffee. That's a lo...
Out & About: Joshua's Interview on the "Dough Roller Podcast" by Rob Berger
March 25, 2015 21:42 - 2 hours - 111 MBI've got a double problem this week that is keeping me from releasing shows: No internet at my house. Launching the new site. So, I'm releasing a couple of interviews that have been recorded with me in the past. This one is very good. Rob is a great interviewer and he was able to get very in-depth. This show has an in-depth discussion of the benefits and problems of financial advisors. Rob was also able to pull some pretty personal stuff out of me from my past! Joshua Links: The o...
Out & About: Joshua's Interview on "Side Hustle Nation" with Nick Loper: Tax Savings Tips for Side Hustlers
March 21, 2015 03:00 - 50 minutes - 46.4 MBI'm not able to record a normal show today, so I'm releasing a copy of an interview I conducted with Nick Loper from Side Hustle Nation. This interview was released on February 19, 2015 on Nick's show, just in time for tax-time! This show is a good overview of some general tax tips: When and why you should incorporate your business, and why most beginning side hustlers should NOT. How to set up a business name even as a sole proprietor. The types of expenses you can deduct as a side hus...
170-The Voluntary and Forced Transitions of The Financial Industry: Interview With Fred Gabriel, Editor of Investment News
March 19, 2015 19:42 - 43 minutes - 34.9 MBMy guest today is a veteran of financial reporting. Fred Gabriel has spent the last 17 years reporting on the financial advice industry. He began his career as a mutual fund reporter and progressed to be named the editor of Investment News in 2012. I spoke with Fred at the Technology Tools for Today Conference and we focused our conversation on the changing landscape of financial advice. Due to the nature of his job, Fred has a front-row seat on all of the changes happening in the industry....
169-If You Understand and Apply Opportunity Cost to Every Decision, You'll Coach Yourself To Your Ideal Life
March 18, 2015 20:59 - 56 minutes - 45.5 MBOn Monday, I released the show on new cars vs used cars. It became clear to me while doing that show that I really needed to do an in-depth discussion of the concept of Opportunity Cost. If you understand Opportunity Cost you can easily help people to make better decisions. All of us make decisions based on what we value. Every transaction is based on each party involved preferring what the other has more than what he/she has. Good decision making is largely based on simply understanding ...
168-The Profit Potential of Niche Industry Conferences: Interview with Philip Taylor of PTMoney.com and FinCon
March 18, 2015 03:00 - 1 hour - 60.5 MBI've brought you some shows on the concept of advancing your career by attending industry conferences. But what about getting a double bonus by organizing the conference yourself? That way you get all the benefits you would get from attending but you get the added bonus of becoming an industry leader. Plus, perhaps you can make some money on the event! My guest today is Philip "PT" Taylor, founder of http://ptmoney.com/ and http://finconexpo.com/. PT started working as a CPA, transitioned...
167-Used Cars vs New Cars: The Great Debate
March 17, 2015 03:00 - 1 hour - 57.4 MBAhhh, the great debate over cars! Should I buy new or should I buy used? In reality, the answer is simple: What are the needs and wants you're trying to satisfy? Which option meets those needs for the lowest total, lifetime cost? Choose the option that fits best. But, of course, there are as many ways to answer those questions as there are people in the world. Regardless of the decision you make, here are some ideas for you to consider to lower the total cost and enhance your results: ...
166-Why I Host a Daily Podcast and Why You Should Model Me (But Not Necessarily Copy Me)
March 13, 2015 18:53 - 1 hour - 78.1 MBI'd like to share with you a look behind-the-scenes of the business of Radical Personal Finance. I want you to know why I host a daily (or at least almost-daily) podcast and why I've stuck with that, even with many people suggesting less frequency. To be clear: I don't think you should copy what I'm doing. But perhaps if you understand why I'm doing what I'm doing you may be able to apply it to your own endeavors. I'm creating this show for a few reasons: Some listeners are concerned abou...
Out & About: Part 2 of Joshua's Interview on "Family Adventure Podcast" with Erik Hemingway: "Build a Budget for Travel"
March 11, 2015 21:13 - 55 minutes - 50.7 MBThis week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 2 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in November 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife an...
Out & About: Part 1 of Joshua's Interview on "Family Adventure Podcast" with Erik Hemingway: "Build a Budget to Live Free!"
March 11, 2015 02:00 - 54 minutes - 49.6 MBThis week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is Part 1 of an interview I gave on the Family Adventure Podcast with Erik Hemingway. It was released in October 2014. The interview is an introduction to a bunch of concepts on how to focus your budget so that you can afford long-term adventure travel. It's super fun. Erik has a great podcast that my wife and...
Out & About: Joshua's Interview on the "Create My Independence" Podcast With Kraig Mathias
March 09, 2015 13:00 - 44 minutes - 41.1 MBThis week I'm focused single-mindedly on the new version of the Radical Personal Finance website. So, I'm releasing some alternative content to you for your listening pleasure. This is an interview I gave that was released on September 4, 2014 on the Create My Independence Podcast with Kraig Mathias. It was the first podcast interview I ever gave after starting my show! It has a good bit of my story as well as some various bits of advice on finance. Enjoy! Joshua The original post on K...
165-Friday Q&A: Handling Aging Parents Finances, Roth Rollovers, Thinking More Broadly About Investing, How to Pay for Your Body to Be Frozen Until You Can Be Reanimated and How to Be Rich When That Happens!
March 06, 2015 15:00 - 1 hour - 58.8 MBIt's Friday and on Fridays, I answer your questions. If you'd like me to answer your questions, please email them to me or call them in on the website. Question #1: Joshua, My father, who is 60 years of age, has become a victim of numerous scams over the last year or two. Generally, they involve him receiving calls that he won some prize and needs to wire some money (usually in $500 increments) to the West Indies, Jamaica, etc. His decision making with his finances is not good, to say the...
164-An Introduction to Hackerspaces and Makerspaces: Interview with Jessica Fong, President of the South Side Hackerspace in Chicago
March 05, 2015 21:42 - 36 minutes - 29.4 MBYears ago I heard of the concept of a hackerspace/makerspace. In essence, a hackerspace is a community-operated physical place where people can meet and work on their projects. But, the work that can come out of those spaces is far more impressive than that description makes it sound like. I've wanted to bring you the concept but since I'm not an expert, I needed to do it in the context of an interview. I was thrilled when a listener of the show recommended that I interview Jessica Fong, p...
163-The Impact of Your Savings Rate on Your Time to Financial Independence (A Tribute to the Value of "The Shockingly Simple Math Behind Early Retirement")
March 05, 2015 04:00 - 39 minutes - 31.3 MBI spent years consuming personal finance literature and the idea of saving 10 to 20% of my income was hammered into my head. That is the standard percentage that is recommended to be saved by prudent, diligent people. I took that number with me into my foray into the financial planning world without ever questioning it. But, somewhere around 2011 I had my world rocked by reading Early Retirement Extreme by Jacob Lund Fisker. The most useful concept I took from that book was the huge conne...
162-Teaching Financial Planning as an Undergraduate College Curriculum: Interview with Dr. Nathan Harness, Assistant Professor of Finance at Texas A&M University
March 04, 2015 03:00 - 1 hour - 67 MBTraditionally, the knowledge and skills of financial planning were learned by financial advisors on the job. Most financial advisors started as either stockbrokers or insurance salespeople and then moved into financial planning simply as an extension of their career. A common educational path was to simply take the state-required insurance licensing courses and the state-required securities licensing courses and then to take further courses (such as CLU, ChFC, CFP, etc.) only after getting s...
161-A Tribute to Tom Stanley: 10 Major Finance Lessons I Learned From The Author Of The Millionaire Next Door
March 03, 2015 04:00 - 1 hour - 56 MBI was very saddened to hear on Sunday night that Dr. Tom Stanley, author of the famous book "The Millionaire Next Door" and many others, died in a car accident near his home in Atlanta on Sunday afternoon. As I reflected on the impact that he and his work had on my life, I came to realize that he probably had a greater impact on my way of thinking than any other personal finance author I can think of. Not only did he impact my way of thinking, he impacted me personally. I reached out to h...
160-Friday Q&A: Career Planning For Ideological Changes and How To Budget for an Irregular Income
February 28, 2015 03:00 - 1 hour - 71.5 MBToday on the show, I answer these two questions: Joshua, The reason why I am writing has nothing to do with finances, but career advice. Did you (or do you) provide career counseling? If not, can you at least recommend someone you trust? I thought I heard you mention on a previous show that you were involved in that line of work, unless I am mistaken and it was a guest. Brief intro: I am 32 years old, a recent MBA graduate, and have a really unique professional background that makes c...
159-Financial Planning Isn't Just For Boomers Anymore: Interview with Alan Moore, Co-Founder of XY Planning Network
February 27, 2015 03:18 - 1 hour - 61.1 MBThe financial planning industry faces many challenges. One of the major challenges has been how to effectively serve younger generations of clients. My guest today has some ideas on how things can be done better. He set out originally to develop a different model of financial planning practice for himself and wound up creating a company dedicated to bringing the model to the world. Alan Moore, MS, CFP, is from Bozeman, Montana. He runs a financial planning firm called Serenity Financial Co...
158-Masterclass on 529 Plans a.k.a. Qualified Tuition Programs - Part 3: Pre-Paid Tuition Plans
February 26, 2015 03:00 - 53 minutes - 43.2 MBToday, we dive into the details of Pre-Paid Tuition Programs. I'm generally not a fan of these programs and you get to hear why! (I do acknowledge that they have their uses). This opinion (my non-fan-ness) has always been a bit challenging since I do financial planning the state of Florida...and Florida has the most popular pre-paid tution program in the country! But, I still believe I'm right and today, I defend that belief. Listen to the show to hear: Why pre-paid tuition programs are...