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

Nick Sky is the co-founder of ChangEd, an app that helps student loan holders pay down their debt quicker and more efficiently. ChangEd is design to align with a borrower’s natural spending by facilitating change roundups on everyday transactions and applying those funds to their student loans. Welcome! [2:37] Student loans are a massive problem in America and tons of people get stuck into paying them off over long periods of time. Do you think the cost of education is going to become easier to bear in years to come or do you think the problem will get worse? The root of the problem is because it’s so easy to get loans and money Universities and campuses are spending tons of money improving their grounds It’s still great to get a degree, on average you’ll make $1 Million more over a lifetime There are other options but it might still exceed inflation [10:29] What’s one of the biggest mistakes you see young adults make when it comes to their student loans? Extending payments Forbearance & deferme

Market Down? Here's what to do: [1:25] Why you should be investing in the market Over a long period of time you should be investing because of compounding. The power of constant reinvesting is your money will grow and will set you up for later in life. Katie learned how much money she  would have if she just started with $100 a month [6:45] Risk vs Reward If you don’t take on risk you won’t reap any of the reward that comes with it People always talk about how the stock market fluctuates but there are ways to add protection which we’ll cover in the next topic [9:27] Importance of diversifying It’s important to diversify within the asset class e.g. buying different stocks and not owning just one company, but then it’s also important to buy different asset classes as well such as bonds or real estate [12:20] Market Risk When big or small corrections happen you should ask yourself if you are too heavy in a particular asset class. You are always going to have some exposure when you taken on risk [15:2]

Monica Shah is a seven-figure business coach who helps entrepreneurs build businesses that support their ideal lifestyles. After receiving her MBA from the Kellogg School of Management and working in marketing for L’Oreal Paris, Monica left corporate to start her first company – and then her second company, Revenue Breakthrough. Today, she takes her clients step by step through building, growing and expanding their businesses. She combines her business acumen with her intuition and healing abilities to help her clients get unstuck, eliminate self-sabotage and move through fear. She is also the author of Getting Rich: You’re Doing It Backwards and Pause: 52 Questions that Lead to More Money and Time. Welcome! [3:11] Everyone has a role model, who is yours? Looks up to her dad, came from India with $1,000 and figured out a way to make it all work. Put Monica on top of conference tables while he worked Saturdays [6:45] How fast did it take you to get to the balance of $25K in debt? Debt arose from star

Why talking about money can be a taboo topic [1:41] Why is talking about money taboo? We grow up in a culture where people are sheltered The work place is a big one, but even with friends you should be talking with them about what they’re doing [3:52] It doesn’t need to be awkward It can be an awkward thing to talk about and people feel that they are in a place they want to be. You will only get to the place you want to be if you have an accountability partner you are in a much better position [5:43] Sharing & encouraging others safe space to answer questions It’s really hard paying off debt, it’s very easy to get demotivated and theres so many other thing you could want to spend your money on. You are not the only person in your position [8:27] Keeping up with the Joneses People are definitely in a mentality that they need to compete with everyone You need to decide what’s important to you [11:21] Pay off strategies Side hustling is amazing as it’s extra income that you never really saw.  You

Today we have Jim from AcceleratedFI, Jim maintains that a ton of personal finance sites out there focus too much on the saving money part of budgeting and not enough on the income producing side. He uses his site AcceleratedFI as a means to document his side hustles and provide educational material to others out there. Welcome! [2:50] If we were invaded by aliens and we had to give up one flavor of ice cream and you had the final say, would you give up vanilla or chocolate and why? (ice-breaker) Chocolate [3:37] Let’s chat about having a business on the side, you have a section on your website all about Amazon FBA, what is that and what does it entail? Prime shipping – Fulfilled by Amazon You source your own factories and goes straight to amazon 5 years ago company that Jim worked at started doing downsizing Give people a reason to buy your product Entirely done on amazon [8:8] How do you find the balance between FI and spending money on your businesses? Has it been challenging at all? Amazon you r

Living Wills and Whether You Need One [1:42] What are living wills? Written instruction that details your last wishes regarding a medical treatment Takes off undue pressure on family   [4:30] Why are they important Takes pressure off People pray for miracles and it takes the hope away [6:48] Can I write one myself Yes you can but is it what you want to do? It’s probably a great idea to chat to your family so they know about it and they are about to act on it. [8:8] Where do I get one Get a professional to help you Lawyer can get it done, it might be an upfront cost but can be a lot cheaper [10:31] What are some common mistakes Not preparing, not chatting to family members, some people don’t want to die Being prepared is the way to go 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

Joel is a 33 year old technology sales rep from Los Angeles. However, he recently quit his job to travel, and test the waters of early retirement! Joel is sharing stories on his blog, 5AM Joel (.com), and writes about how to make better use of your time, and better use of your money. Welcome! [3:27] Who’s your favorite superhero & why? Wolverine, for no reason [4:3] So, what exactly a mini retirement? How long have you been on your mini retirement? Quit job in March, 5 months unemployed Focus on your general well being Watching 30ies fly by and needed something new Creativitiy get sucks out of you [7:40] Do you feel early retirement is an option for most people? What does into the planning of it? Definitely possible for most people, but a lot of people don’t want to. [9:21] Do you think your mini retirement is delaying your actual retirement and is there a cost/benefit analysis you did before taking it? People ask if Joel has hit FI yet, but he’s far along the path so technically yes. He’s far along a

Entrepreneurs and Money [2:57] The cost benefit of being an entrepreneur You are out there in the hustle as an entrepreneur Your are IT, HR, plumbing, literally everything It’s one thing saying you’re a CEO but when you’re starting out it’s very challenging but you can learn a ton of skills that can set you apart Your problem solving abilities become really good There is also major upside from being an entrepreneur [5:31] Quitting your job versus doing it full time It definitely depends on your situation, how long have you been saving up Quitting your day job is a major risk, you don’t have any income secured People end up doing freelance work just do have food on the table [6:37] How much money you need saved to start a business People need to know how much money they need People say you should triple the amount of money you need to get started You need to consider the cost of living and how you are going to provide for your family There definitely are consequences and you need to be real, there is

Hayk Tadevosyan is an entrepreneur passionate about serving the community and inspiring others to reach their goals and aspirations. Hayk has successfully coached and developed many business owners, aspirants and team members on replicable systems and processes of entrepreneurship and personal success. Welcome! [3:0] What did you have for breakfast this morning? Don’t eat breakfast, Hayk believes in intermediate fasting Our stomachs are not meant to be full all the time [6:58] You immigrated to the United States in July of 2001, during which time you had to to learn a new language and culture, what were those early days like starting from the beginning? Second time moving and going through post traumatic stress He had to move to Russia originally and stood out like a sore thumb Went to 8 schools in a few years, had to adapt and make new friends [11:8] You are a real estate investor and you also run an insurance agency and have been involved in other businesses; how important do you think it is to h

Questions & Answers- Refinancing Katie has some questions about refinancing a new car she just bought. Refinancing is something most people have heard about but how do you actually go about doing it? Find out in today’s episode!  [2:6] What is refinancing and why would I want to do it? Refinancing is swapping out one interest rate for another, e.g. you are currently paying 8% pa, instead you want to pay 6% pa. Say you take out a loan with bank ABC, you can refinance with bank XYZ and they’ll give you a better rate. In essence the bank buys you out. Does the 2% saving make a difference? Yes! [5:45] Where can I go to refinance? Anyone that can ordinarily give you the first loan can typically give you the second loan. Some good resources are Credible or Sofi. Credit Unions are a great place to start [7:1] What documents do you need to have ready? Do your homework and prepare before you get finance, know your credit score! Are you in a good position Have paystubs on hand Know how much your average m

Jeff Hall never had a choice but to become an entrepreneur.  At the age of 7, he sold candy because money meant escaping his life of poverty and neglect. At the age of 13, he acquired a reputation as a computer nerd at school quite by accident and began working on his school’s computers. At 15, he began his company, Overflow Cafe, in order to keep from being evicted from his home, and at 17 was lying about his age to get the commercial lease for his first office.  Remarkably, he is still helping new and small businesses become popular online at Overflow Cafe 23 years later along with another 4 successful startups under his belt. [2:28] You have quite the extraordinary story, tell us about one of your failures- I’m sure it wasn’t easy! The one that keep him up at night are losing the relationships Extremely aggressive trying to grow a business If you ever want to grow your business you need to deal with people Everyone has their own agenda [6:49] What’s the difference between running a business with

The Power of Passive Income Passive Income – there’s nothing better than getting paid to do nothing. [2:51] Stock and long term appreciation You could earn 0.2% interest a year by leaving you money in a bank account. Or, you could be making 5-10% in normal types of investments. If you leave money in a bank account, you’re literally losing money because inflation is 1-2% As an example, you can buy stock in Apple. [4:33] The benefit of investing in dividend paying stocks A dividend is something a company will pay to shareholders, as they earn profits they return  Dividends are taxed more favorably than normal gains Index funds pay dividends very often [6:28] Real Estate and Rental properties This is Katie’s favorite, she rented out a room and made easy money that helped her pay her mortgage There’s ways to do this without buying the house, invest in a REIT! [8:53] Capital Gains- what are they and why they are great Capital gains are gains made from holding capital assets for a longer period of time. Y

Visit www.chainofwealth.com to grow your wealthSupport 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

Visit www.chainofwealth.com to grow your wealth [2:52] Tons of people think doctors had a ton of money and it’s all easy. Did you graduate with any student loan debt and how were the early days for you? Had about 60k worth of loans Lots of doctors [5:46] The field of medicine has many different practices, you are an anesthesiologist but if you could go back and change your career path, is there any type of medicine you’d do? Happy with choice Trying to decide on retirement Addiction is a major problem people face, it could be an interesting career path [11:47] What sparked your interest to being on a path of FI Study by Fidelity only 50% of physicians max out their 401ks Father did a good job of teaching Lief [16:27] What is some advice you would give the younger version of yourself knowing what you know now? Building a large home- perhaps wasn’t the best thing to do. Ended up losing $250k [18:29] How are you preparing your children to be as equally financially responsible as you? Teaching financially respon

The Power of the Side Hustle [3:10] Importance of Multiple Income Streams Most millionaires have a ton of income streams (average millionaire has 7 income streams) It’s not actually the high paying jobs are not the people that are millionaires Upkeep become much less once you have setup a side hustle The 5pm to 9pm (12am) is really how you get ahead [4:53] Start one hustle at a time Set stuff up slowly, it’s critical to start off slowly and build it up. Same concept of starting a diet- the one that works is the one you stick to. Pick one income streams and then start building up others FOCUS- follow one course until success [6:48] Build your emergency fund or vacation fund You’re not eating into your normal income or savings You need to have emergency money Always be able to pay your deductible Dave Ramsey problem recommends about 6 months of living expenses saved up An extra income stream can help you so much [9:34] Do something you’re passionate about so it’s fun Find stuff you enjoy that way you d

Andy Hill is a husband, father and fellow podcaster! His podcast, Marriage, Kids & Money talks to tons of people on some of the big trending topics- like paying off debt, keeping a family balance and paying off tons of debt- which he has a ton of experience in. [2:44] What is your favorite thing about podcasting? ·       Connecting with like-minded people [4:26] If someone is thinking about starting a podcast- what is one piece of advice you could offer them? ·       Major passion around whatever topic you choose ·       Lots of learning on the backend [6:30] Where did the idea for your podcast come from? ·       Growth opportunity ·       Andy wanted to learn how to help his family out [8:18] You have paid off a ton of debt- including over $48k in a year and also your 195K house in 4 years- what did you do to accomplish this? ·       Accumulated debt being fun and living life for today ·       Decided it would be great to pay off all consumer debt before their first child [12:40] What was a m

[2:45] Alternative ways to get to work Most people think about jumping in the car and sitting in traffic. There’s a ton of other ways such as cycling to work, jumping on a scooter, motor bike etc. It may seem weird but it’s great for your health and the environment. If you’re cycling a few miles that can be your daily work out at well. Think outside the box there’s a ton of other cheaper way to get to work Some people walk to work as well! [4:37] Do you really need more than 1 car per household? Lots of people think they need the freedom but it’s additional gas, car payment and insurance. In a lot of homes when you become of driving age everyone gets a car. This comes down to family structure and work arrangements but it’s definitely do-able for most families it comes down to being flexible. [6:41] Laundry method style commuting Concept of making money by doing every day things and getting paid for them. Imagine laying on the coach and thinking about doing laundry and cleaning up. If you are side hustling s

Philip Taylor, or commonly known only by his website as PT Money has been blogging about personal finance since 2007. He is also the founder of Fincon, the annual financial conference which boasts over 2,000 attendees which he started in 2011. Philip has both a flair for money, inspired by his father who is also a CPA, and a gift for writing which stems from his mother who was also a writer! Welcome! [3:22] If you could be any animal what would it be and why? A bear- he likes to wrestle (PT likes to wrestle with his kids), or a night owl as he’s up late! [4:18] It’s quite funny how you are literally the product of your parent’s two professions! So I have to ask, what made you want to get into blogging after becoming a CPA? Didn’t start thinking he should do blogging, he stumbled into it in 2007. Coming out of highschool PT didn’t have a particular desire to do anything Appreciated the stability of his dad’s CPA designation and its ability to provide job security Did blogging for 3 years before taking

Budgeting Can and Will Change Your Life! [2:36] Why budgeting will change your life It sounds really nerdy, but budgeting can help you get your life together. Stop counting the days towards payday- start budgeting regularly Your life will become to much easier Budgeting doesn’t mean to restrict yourself It gives you the ability to plan your life and figure out how to structure your money Not looking at your finances doesn’t mean you’re doing a good job. In the long run its going to help you dramatically! [5:4] Categories to have in a budget Savings is number 1- take money out your account IMMEDIATELY Rent/Mortgage Transportation Food- Groceries & Eating out Vacation- build in categories even if they’re not once off Build out sections depending on whats important to you. [7:40] How to manage spending within your means It doesn’t have to be tough Cutting back can be rough Sometimes writing stuff down in a journal is really helpful to keep yourself accountable If you can live without stuff then let

Vlad is the CEO of Logic Inbound, a digital marketing agency based in Seattle. He’s a serial entrepreneur who has been featured on featured on Shopify.com, TechCrunch.com, GeekWire.com, CrowdSourcingWeek.com.  Welcome! [2:41] What other entrepreneurial ventures have you done? ·      Started at 19 Shoplits – celebrity quote application ·      In 2 weeks 1500 downloads so decided to make more apps ·      30 apps in the app store ·      Get 300,000 downloads in a year and a half ·      Software company for real estate 13 brokers in 3 different states ·      Friend in college wanted marketing advice [4:54] If you could restart and do something in a different industry, what would it be and why? ·      Company he has today- start a marketing agency earlier ·      Contact 3 people that are successful every day ·      Team of 25 people [9:25] You and your co-founders started Logic Inbound from nothing and didn’t take a salary for a year and a half- what was going through your head at that time in your perso