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

[2:11] Why you can’t strong arm your partner You can’t adopt the “my way or the highway” approach. Committed relationships require compromise Money is a team sport You can keep your money separate and if it works for you then that’s great but you need to find something that works for you both. It’s a difficult thing to talk about but its’s important to get on the same page. Don’t get emotions involved [4:21] How to handle the spender and saver relationship Denis is the spender and Katie is the saver despite her student loans and debt. Finding the balance is tricky- you need to be open to hearing other people’s ideas You need to find balance in your relationship or your middle ground. [6:35] Things to mention before getting serious with money Tell the other person your “deal breakers” and anything that if the role was reversed you think the other person should know Try to get on the same page as early on as possible Some things can be red flags for you- find out early! [8:50] How to agree on money goals

Podcast Interview with Ty From Campfire Finance Ty from Camp Fire Finance is a personal finance blogger that’s taken over twitter and social networks.  Ty had a late start on saving and has some great resources for families looking to get ahead. [2:14] Tell us a bit about yourself ·       Devilishly handsome blogger behind campfire finance and Get Rich Quickish ·       Lives in Seattle with wife and 4 kids ·       Trying to reach FI on a single income [2:55] Who was your role model growing up? What lessons about money did you learn from them? ·       Ty’s Pops and three brothers ·       Ty’s dad worked extremely hard to support his family ·       Started a restaurant business but ultimately sold it ·       Ty was taught how to work hard and the value in it ·       Developed a strong relationship [5:57] Where did the idea for campfire finance come from? ·       3rd personal finance blog ·       Ty doesn’t enjoy writing, it doesn’t come easily ·       Maintaining a consist posting schedule is hard ·

[2:19] he importance of your credit score Everyone wants to know if you have a good credit score Credit runs everything when you’re an adult Everyone seems interested in what your number is There are ways to fix your credit [3:30] Why you need a credit card yesterday Crucial for everything and gives you the ability to manage your money better You need to pay off your credit card in full each month It’s very easy to spend “invisible money” You want to have as many credit cards for as long as possible Don’t close your credit cards even if you’re not using them! You want to have lots of accounts open for as long as possible [5:24] How to manage your credit card Pay off your balance in full every month- avoid interest! Everything else will have interest Tons of credit card companies draw you in with good incentives Always keep your accounts open You can use your credit card to finance things, just make such you have a big available balance [7:17] Credit card gaming/ travel hacking You can travel for free if you s

Millennial Money is a personal finance, investing, and entrepreneurship community dedicated to financial independence and early retirement. He’s been featured all over the place including CNBC, the Washington Post, USA Today and the New York Times to name a few. Welcome Grant! [2:51] So before we talk about all of your accomplishments, tell us about your rock bottom moment. ·       In August 2010 Grant was back at home after 3 years after College ·       In month 2- had only $2.26 in bank account ·       There were no job prospects or nothing ·       Made a resolution to save $1 million as quickly as possible [4:56] Why did you start Millennial Money? ·       Started in 2015 after reaching financial independence ·       From August it took 5 years 3 months and 6 days to go from $2.26 to $1.25 million ·       The bulk was side hustle income ·       Got a job at a digital marketing agency and learned everything about it ·       Started a few different agencies ·       Keeping living expenses low was the sec

[2:34] Not knowing how to save and the importance of starting young If you are saving smaller amounts it will add up faster than someone earning more Consistency is key to getting rich It’s all about getting in the correct mindset [4:41] Do you have an emergency fund Americans and millennials as a whole live paycheck to paycheck Most people don’t have $1,000 saved up for an emergency Pay yourself first! [6:54] Managing a 401(k) Extremely important- everyone should take advantage At the least you need to match with your employer [8:15] What do do when you max your 401k Your 401k is technically invested in the stock market already Use IRAs – Traditional and Roth IRA Real Estate Crypto – but be careful and only invest a modest amount [10:3] Micro-investing Tons of apps available today to help you start investing, such as Stash Invest, Acorns, Digit etc. Automated savings that you don’t realize Great way to invest “spare change”Support this podcast at — https://redcircle.com/chain-of-wealth-debt-investing-entrepr

In December 2014 Chantl started a potluck to dive into vision boards- only one person showed up but after that Thrive Lounge DC was founded. Chantl has an inspirational story which will inspire anyone that is in debt. [3:13] what is a vision board? ·      Come up with goals and what you want achieve [3:38] Tell us a bit about yourself ·      Graduate from college top of her class ·      Had immigrant parents ·      Premed track ·      Had a rich boyfriend ·      Sold a bunch of stuff ·      Break up disaster- no money [16:46] Where are you now? ·      Studied for the GRE and got into school ·      Voluntary repossession on the car ·      Moved in with her mom ·      First one in the class to get a job [27:32] Tell us about your book! ·      Goal doing ·      Take yourself as you are & go with that ·      You can always get out of where you are ·      Focused on one thing at a time Sponsors [36:13] We’ve started a daily show – Check out Money Minute on Alexa! Value Link Round (VLR)

[4:11] Planning for College Prepaid programs are available CollegeBacker is a great resource Scholarships are available you just need to do your research 529 plans should be taken advantage of Small amounts make a massive difference Community College is also a great option for people trying to save money [6:50] Getting financing whilst in college Federal & public financing is available Scholarships – different grants are available Getting your employer to pay for your schooling even if you don’t have amazing grades Where there’s a will there’s a way [8:42] How to Consolidate Consolidate = mushing all your loans together in a single interest rate Lots of financial institutions can help you with consolidating You can only do consolidating once but only after you finish studying Much easier to manage  [10:13] Why you should refinance If you have a high interest rate on a loan- your loan can get bought out by another bank of financial institution Works out cheaper for you as it gets you a lower interest rate

Tonya is the author behind the PF blog Budget and the Beach which she started since her life turning point after losing her job and realizing the importance of learning how to budget her money. Flash forward a few years and she has been featured all over the place! Including Rockstar Finance, Lifehacker and Hello Giggles. Welcome! [3:12] Tell us about your financial rock bottom ·       Thresholds for money pain are all different ·       Always worked full time- easily finding jobs ·       2008 recession hit- Tonya lost her job and got severance ·       Took up freelance work- thought it was so easy ·       After the recession hit- jobs became scarce ·       February of 2012- had to get her car out of “car jail” after getting towed and check from work only just covered the cost [9:18] What was the hardest part about becoming a freelancer? ·       You are responsible for everything ·       Figuring out estimated taxes ·       Trying to stay organized ·       Having to hustle for everything [11:46] What step

Lorraine Ell is the CEO of Better Money Decisions (B$D) and Better Insurance Decisions. As co-owner of B$D, she is excited to continue her long career as an investment professional which started when she worked in the 1980s as an advisor with Drexel, Burnham and Lambert and J.W. Charles and as Co-owner of a Registered Investment Advisory (RIA) firm. Welcome! [2:35] Real quick- can you tell us your mission for both of your companies? ·       Primarily an investment advisor firm ·       “What’s money for but to live the life you want” ·       People lose sight of what they want from life [5:1] What are some first steps that you can recommend for people who are a bit behind in saving for retirement? ·       Don’t panic! ·       There are things you can do to catch up- working more, upping your savings ·       It’s important to take that first step ·       Try remove yourself from the expectations you hear [8:9] What are some things people should take into account when starting their retirement accounts? ·   

Today we have Mr. & Mrs. WOW from the quirky and fun pf blog, Waffles on Wednesday. Here is where they talk about everything from saving for retirement, awesome trips they’ve taken and sharing a piece of their story with the world! Welcome [2:14] So, first- the name. where did you think of it? ·       Tons of families sit on the weekend and make a breakfast ·       They decided on the name as they would love to be able to have Waffles on Wednesday ·       This has become a thing in the PF community- people tweet them pictures J [5:41] You recently went to South Africa! What did you think of it? ·       Quite an experience ·       Got caught off-guard a lot ·       Similar to SF in quite a few respects ·       Recent history was quite intense [14:21] What is your plan to finding financial independence? ·       FIRE bloggers that never had a set retirement/FIRE date ·       Made small changes to savings and spending ·       Being super passionate about careers change your perspective, Mrs. WOW loves wha

John Matheson is the CEO of Commercial Loan Success, a software and education platform that allows anybody who needs commercial financing to plug in their numbers and immediately find out if their transaction is lendable. [2:39] What has been a big risk you have taken? ·      At 32 went off on his own ·      Started with $300 and started his own business ·      Took $100 and invested in real estate ·      Often other parties will come on board ·      In your personal checkbook you hate debt, but in business debt can be a good thing- leverage [14:26] What is the most common mistake you see people make when starting a business? ·      Being underfunded is big- If you fail to plan you plan to fail [15:22] Where did the idea of CLS come from? ·      As a real estate developer you’re always using debt ·      Banking process always seemed to be a mystery ·      There is always a knowledge gap- you never know what to expect ·      John met a partner who had a good understanding and the rest is history! [20:52] W

Penny is a teacher by day and a personal finance blogger by night. Her and her husband have paid over $85,000 on 2 teacher salaries while starting a family. She has been featured all over the place including Rockstar Finance, Modest Money and was a Plutus Award Finalist! Welcome! [2:36] What big money mistakes have you made? ·      Yes, and no. ·      Graduated without student loan debt ·      However, spending everything Penny was earning ·      Penny had bought over 200 pairs of shoes! ·      Had a realization of “what are you doing with your life” [10:0] You have paid off over $85,000 on two teacher salaries and had a baby. What has been your strategy? Have you had to make any huge cut backs? ·      “Strategy might be generous”

Chris is the author behind the blog, Apathy Ends. Along with his wife, Chris had a student loan bill of $85,000, an expensive house and no savings. In the last 3 years, they have paid off $60,000 in debt while building a $90,000 nest egg. Welcome! [3:2] So what triggered the beginning of massive debt payoff for you? ·       Graduated 7 years ago with over $85,000 ·       6.5-6.8% with one at 10% ·       Had more interest than the maximum amount allowed to deduct by the IRS ·       Often you get handcuffed to living paycheck to paycheck [5:2] How have you managed to accumulate so much in such a short time? ·       The bulk is increasing income ·       Gone up 2.5x, similar with Josh’s wife ·       Kept big costs low and not letting lifestyle inflation take over [9:2] What do you own now that you wouldn’t buy again for its current value? ·       First house- only put 3.5% down and therefore was house poor. ·       Fortunately bought at a good time in the market ·       Beer brewing equipment [11:14] What sm

Today we have Josh from Money Life Wax- a personal finance blog designed for millennials. In 2015 he realized that his financial were in a mess and decided to do something about it, so in February 2016, he put a ring on his girlfriend’s finger and then they decided to get serious about their future. Together they had over $300k worth of student loan debt so it really took some serious planning for them to start tackling their debt. Welcome! [2:33] So, how much debt have you guys paid off to date? ·      $40k in student loans before he met his wife ·      His wife had $155k from grad school, $20 from Navient account and $97k ·      Interest is crazy high so even more than that! [4:53] What is has been your strategy to tackle the debt? Are you trying to pay off the highest interest rate loans first or tackling loans by value? ·      Read the Dave Ramsey with the Debt Snowball ·      Uses home equity line of credit to make massive payments ·      Ultimately big cash flow strategy focusing on largest amount w

FreeeUp is a gem for all new freelance writers and people in need of a writer. Founded by Nathan Hirsch and Connor Gillivan have an awesome story that starts when they met in college. They started selling online old college textbooks to pay the bills. Flash forward, they grew it steadily into a $25M business and hired a ton of outsourced folks along the way. They learned a ton and taught themselves how to spend wisely, invest in the business, and invest in human capital which they later began another business, FreeeUp! Welcome! [1:0] Tell us a bit about your back story- while in college, you were able to sell over $25 Million on Amazon- what were you selling? What was going on at that time? ·      Started as a kid learning how to work ·      Always hustling in college ·      Amazon was new at the time [3:40] What are some of the struggles FreeeUp faced in the beginning? Any funny or inspirational stories to share? ·      Hired and depended on only one person- then they quit [6:4] What advice do you have t

Kim Snider Hughes has spent 20+ years as an entrepreneur, options trader, investment advisor, financial engineer, author, speaker, educator, and financial radio talk show host. Kim retired at 47. And all was going according to plan, until crypto came along. Most people think cryptocurrency is too risky for a run of the mill portfolio. Kim believes the risk is in NOT investing in crypto assets. Welcome! [3:53] What is something that most people don’t know about you? ·       Painfully shy [5:28] For people who are still a bit unclear about crypto- what is a quick explanation that you would give them? ·       Explanation depends on who you are talking to ·       Hoodie or suit ·       Blockchain is the technology- just a software ·       Blockchain is the internet of money [10:50] Is there a difference between a cryptocurrency and a crypto asset? ·       Original terminology is cryptocurrency ·       Cryptocurrency name is too narrow ·       Being renamed into crypto assets ·       Can be broken down into di

Visit www.chainofwealth.com to grow your wealth Mr. and Mrs. Groovy are anonymous PF bloggers. They know that wanting to escape from the tyranny of big government and financial dependency is one thing. But it’s knowing how to do it is another. A true groovy freakin freedomist is someone who has broken the freedom code and that’s what we hope to do today! Welcome! [3:46] So tell us something about yourself that you haven’t shared on the blog. ·       18 years old and got expelled from college [7:24] You recently moved and are building a house. Where are you staying while it’s built? How long until it’s done? ·       Staying with parents ·       Should be done around the holidays [11:6] What was your plan to becoming financially independent? ·       We didn’t have a plan ·       Wanted to get out of New York [13:56] You created a checklist to help other people get on the roll to FI- what sort of things did you include on the list? ·       Habits are destiny ·       Do something silly [19:8] If someone in t

Visit www.chainofwealth.com to grow your wealth Countdown to FI is a personal finance blog and podcast also run by a dynamic-duo couple! They are anonymous bloggers that talk about their life out in the west raising a family, getting out of debt and achieving financial independence. Welcome! [3:6] Where did the idea to start a blog come from? ·       Delivered pizza as a side hustle ·       Started getting own ideas ·       Wanted to tell their story [6:2] You have decided to ride your bicycle to work- and at first were struggling a bit. Are you still riding? Has it gotten any easier? ·       Loves riding bike now ·       Has gone down to 1 car ·       Feels better [10:17] You guys also have a podcast! What are some of the topics you discuss? What have you learned? ·       Knew nothing ·       Steep learning curve ·       25,000 downloads in a year for a goal ·       Need to be persistent [16:30] What are some goals that you have for your blog/ podcast/ savings ·       Saving, budgeting and investing ·   

Visit www.chainofwealth.com to grow your wealth For millennials who are starting to have kids- the thought of paying for college is super stressful. After the financial down turn and everyone asking Brock about how to invest in their child’s education, he realized that a lot of people didn’t really know what they were doing when it came to paying for college. Flash forward, The College Funding Coach has helped thousands of people pay for college without going into debt. Welcome! [3:15] What is the worst mistake you have seen people do when paying for college? ·       Biggest mistake is waiting too long ·       Start saving ASAP [10:7] When should people really start preparing for saving for college? ·       Begin as soon as possible ·       Save money in general- then it can turn into a college fund [13:13] What can students do to help prepare for the college application process? ·       Cast a broad net- find a school that is the right fit ·       Write your essays early ·       Look for money early- sc

Visit www.chainofwealth.com to grow your wealth Karen created Debt Free Lab to share fast, actionable tips that would help real everyday people achieve financial success. She comes from a background of conquering massive financial stress and is now out of debt and financially stable- ready to share her story! Welcome! [2:37] You walked away from a marriage with $50K of debt, a 515 credit score and no money. How did you dig yourself out of that? It was rough Broke up the challenge into more manageable goals [4:30] What advice would you give to your younger self? Start now- too focused on having fun Didn’t think of the long term [5:25] Do you have any advice on getting a divorce? Don’t marry young Get a good lawyer Try to think with your head and not your heart [7:1] What is the struggle like being a single parent while getting out of debt? Super stressful Surround yourself with people to listen to you and encourage you [8:30] What advice do you have for other single moms or dads in the same situation? Le