On March 27, 2020, the CARES Act was signed into law to help people deal with the devastating economic effects of the coronavirus. Many of the provisions help student loan borrowers, and while they provide some welcome relief, the law doesn’t address all of the problems that student loan borrowers face. In addition, these provisions are set to expire on September 30, 2020, so the relief is a short-term solution. Therefore, anyone with student loans, whether they are federal, state, or private, n...
Jun 26, 2020•15 min•Ep. 107
Social distancing orders in light of the coronavirus pandemic have forced companies to send workers home and have them work remotely. The trend might continue. According to a Gartner survey of 317 finance executives on March 30, 3 out of 4 chief finance officers and finance leaders are considering moving at least 5% of their on-site workforce to remote positions permanently after the pandemic. In addition, many people have reported an increase in quality of life and a shift in the work-life bala...
Jun 12, 2020•13 min•Ep. 106
Being in debt is stressful, no question! It can weigh on your mind with constant worry about how you will ever be able to pay the debts and avoid bankruptcy. It can have you afraid to open your mail or answer the phone. But there are helpful and constructive ways to deal with this stress, which is why in this episode of the podcast I talk to psychologist Dr. David Weiman on how you can address that stress head-on and keep it from ruling your life! In this episode you will learn: How financial st...
May 22, 2020•40 min•Ep. 105
The COVID-19 pandemic has caused a huge disruption in our economy, as millions of people experience job loss or pay reduction, leading to great difficulty (or outright inability) to pay their bills. Congress responded with the CARES Act in March that gave aid in several different sectors, including student loans. As a student loan attorney, I have been following these developments and was encouraged by the help given in that area by this legislation. But as the assistance provided in the CARES A...
May 08, 2020•18 min•Ep. 104
With the coronavirus pandemic forcing non-essential businesses to work virtually, the needs of those businesses have changed. Many may even discover that a virtual business model is better and change forever how they operate. This is made possible by a growing number of cloud services that can allow companies to run smoothly with a distributed workforce. Some may realize that they can run with a reduced workforce and outsource some tasks to outside vendors. But can that be done with things like ...
Apr 24, 2020•50 min•Ep. 103
The coronavirus pandemic has shut down a lot businesses and forced many others to operate virtually, often times with reduced staff. Revenues have dropped, and businesses are looking for ways to pay their expenses until the crisis is over. Our situation today is a much bigger example of what happens to businesses every year, where they are going through tough times and need financing to keep going until things get better. That’s why in this episode of the podcast I talk with Ty Crandall, CEO of ...
Apr 10, 2020•30 min•Ep. 102
The outbreak of the Corona Virus and the recent drop in the stock market has a lot of people worried about their retirement investments. What does the current bear market mean for their retirement? Should they stop investing or keep going? Or if they are already retired, will they be okay, or will they have to go back to work? To answer these questions, I invited back financial planner Michael Karwic to talk about what this means to 20-somethings who have just started investing, 50-somethings wh...
Mar 27, 2020•42 min•Ep. 101
I started this podcast in January of 2016 with the hope of providing helpful information to folks either after I had assisted them through a difficult financial situation to keep them moving towards a better financial future or to prevent them from having a difficult financial situation in the first place. Many of the episodes were solo ones where I would discuss a topic in detail in a short enough period of time that you could listen to the whole thing on your way to work. But I also interviewe...
Mar 13, 2020•1 hr 24 min•Ep. 100
Many Americans are living paycheck to paycheck, struggling to make ends meet, and having no plans, or hope for the future. Their only goal is to make it to the next payday, so they can pay the next bill. But unless something changes for them, they will never achieve financial freedom. Which is why in this episode of the podcast I talk about the steps you need to take to break the cycle, pay down debt, plan for unexpected expenses, and be able to dream about the future. In this episode you will l...
Feb 28, 2020•18 min•Ep. 99
There is a popular saying among entrepreneurs that most people don’t go out of business, they grow out of business. This can be due to several factors, including whether to expand at all or just raise prices with demand, whether or not the proper systems are in place pass off effectively to employees those things the owners did themselves, and whether the markets they’re expanding into have the requisite demand to produce the desired profits. That’s why in this episode of the podcast I talk to S...
Feb 14, 2020•49 min•Ep. 98
According to the book, The Millionaire Next Door , seven out of ten American Millionaires are first generation. Unfortunately, this means that 70% of the time, the money mindset that made them rich never got passed down to continue the financial winning streak. That’s why in this episode of the podcast I decided to discuss how people can communicate money matters to their children and teach them lessons that will increase the likelihood that they will continue on to financial freedom in adulthoo...
Jan 24, 2020•17 min•Ep. 97
Getting married is a big step. You are making a lifetime commitment to another person that will be tested in so many ways over time. One of those ways is financial stress, which has caused problems in many marriages, and ended many others, so how you prepare for it before the wedding becomes very important. Because this episode is being released on January 10, 2020, 33 years to the day from when I proposed to my wife, I thought the perfect topic would be a discussion of what a couple should do, ...
Jan 10, 2020•15 min•Ep. 96
In Episode 42 of the podcast I talked about how to use a particular type of savings account (referred to as a 529 account) to save for your children’s education. I gave some general information and urged people with children to look into them. However, I always wanted to revisit this topic later for a deeper dive. That’s why on this episode of the podcast I talk with Michael Karwic, a Certified Financial Planner in Pennsylvania, to take a more in-depth look at educational savings accounts to hel...
Dec 27, 2019•45 min•Ep. 95
The retirement plan for a self-employed individual is often different from those who work for someone else. If it is a small business, it usually doesn’t have a pension plan or a 401(k), although the owner can set up an IRA and an SEP to put money aside. What the plan does include that makes it different is what that person does with their business upon retirement. Do they shut it down, pass it on to their children, or sell it to their partners or a third party? So in this episode of the podcast...
Dec 13, 2019•48 min•Ep. 94
As we enter into the December holiday season, many people look to purchase a new car, as manufacturers advertise heavily in the media offering lots of deals to encourage you to buy. Toyota, for example, often holds their “Toyotathon,” which ends soon after the first of the year. For this reason, in this episode of the podcast I talk about the best way to choose the right car, shop for it, and make sure you end up with a monthly car loan payment you can afford and that won’t break the budget. Bea...
Nov 29, 2019•20 min•Ep. 93
These days, expenses continue to go up, but your salary at work doesn’t. There’s often a constant struggle to bring in enough money to cover all budgeted expenses, plus maintain an emergency fund and save for retirement! In Episode 91 I talked about how passive income can help to supplement the earned income at your job. In this episode of the podcast I talk about another way to bring in more money with what is known today as a “side hustle,” or second job. It takes more time and effort than str...
Nov 15, 2019•22 min•Ep. 92
It can often be difficult to pay the bills on your current income due to increases in costs or unexpected expenses. If you don’t have an emergency fund, one big car repair can derail your budget. But absent your boss giving you a raise, what can you do? There are only so many hours in a day, so a second job may well be out of the question. But that doesn’t mean that you can’t bring in more money. In this episode of the podcast I talk about passive income and how it can not only make your budget ...
Oct 25, 2019•19 min•Ep. 91
Travel is expensive, and people living on a budget trying to pay their bills and stay on an even financial keel often can’t afford a vacation. We all need some time off from the daily grind but finding the money to do so can be difficult. Credit card companies like Capital One have recognized this market and advertise products that allow you to accumulate airline “miles” with each dollar you spend on their card. Using them is part of a process called “travel hacking,” which allows many people to...
Oct 11, 2019•43 min•Ep. 90
Financial planners and retirement experts all preach on the importance of starting early in saving for retirement. The sooner you start, the more time your money has to grow. But what if you got a late start because life got in the way: marriage, children, financial setbacks and the like? What do you do then? That’s why in this episode of the podcast I talk to Dr. Fred Rouse about Short Window Retirement Planning and how you can use it to create financial independence in retirement, even though ...
Sep 27, 2019•41 min•Ep. 89
June was that they were issuing their own credit card, in partnership with Goldman Sachs. Lots of great features were detailed, and a sleek, modern design for the card was revealed. But now that the card is generally available in the United States, the question becomes, should you get one? Are all of the features that were announced worth it? Is it for you or should you look to get another card (assuming you are looking for one)? That’s why in this episode of the podcast I wanted to talk about t...
Sep 13, 2019•24 min•Ep. 88
Being in financial difficulty is stressful. You have debt that you can’t pay, you keep getting letters and phone calls demanding money you don’t have, and court officers are standing at your door to serve you with lawsuits. This can really weigh you down. Under these circumstances, it is natural for people to come up with reasons in their heads as to why things aren’t so bad; it’s a coping mechanism. They tell themselves things to make themselves feel better. That’s understandable. The problem i...
Aug 23, 2019•19 min•Ep. 87
Anyone who wishes to achieve financial independence needs to start taking the appropriate steps as soon as possible. The earlier in your life you start, the sooner you will reach a point where you no longer need a paycheck. That’s when you know you can retire and start enjoying life full time! There is a growing movement now in the world called FIRE (Financial Independence, Retire Early) that argues against the idea that you can’t or shouldn’t retire before age 65. Its members advocate for an ea...
Aug 09, 2019•45 min•Ep. 86
Home ownership has, for decades, been the “American Dream.” It gave people a financial goal to work towards, saving their money for a downpayment and trying to get their credit up to a point where they could qualify for a mortgage. In many ways, it has also become a bit of a status symbol. But lately, the Millennial Generation has been questioning the wisdom of this and saying it is better to rent, rather than own, and tie up your money in a downpayment. But are they right? Is it better (and fin...
Jul 26, 2019•29 min•Ep. 85
The vast majority of the people that come to me to file bankruptcy do so because of out of control credit card debt. The totals can run from the tens- to the hundreds of thousands of dollars. Credit card debt can drag you down and prevent you from having financial freedom. But are credit cards, in and of themselves, bad? Is it the card (and the system) itself that is bad or how we use them? Personal finance expert Dave Ramsey writes on his web site questioning whether you really need a credit ca...
Jul 12, 2019•19 min•Ep. 84
Graduating from college or university with your degree is a momentous occasion. You finally made it! You’re ready to go out into the real world and make your mark. But this occasion brings with it new challenges that you will have to face, such as finding a job (if you haven’t already) and figuring out how you are going to deal with your student debt. That’s why in this episode of the podcast I wanted to talk about how you can meet those challenges by finding the right job, figuring out how you ...
Jun 28, 2019•26 min•Ep. 83
We all fall into some bad habits at one time or another, and it can be difficult to get out of them. But sometimes those bad habits can have lasting effects on your life and can affect your financial freedom. They can get in the way of your saving money, spending responsibly, and having an enjoyable life both now and in retirement. That’s why in this episode of the podcast I talk about 8 bad habits that you should avoid or break that could be keeping you from saving money and realizing your drea...
Jun 14, 2019•25 min•Ep. 82
In order to complete any project, you need the right tools, and it’s no different when you are trying to establish and maintain financial freedom. For that you need the financial products that line up with your needs, priorities, and goals. They need to be the right ones for you. That’s why in this episode of the podcast I talk about how to identify and find the right banks, credit cards, and financial advisors that will give you the greatest chance for success. You might end up switching produc...
May 24, 2019•32 min•Ep. 81
Even with the Affordable Care Act, many people, especially millennials, struggle with the cost of health insurance premiums. People in their 20s are less likely to need healthcare than those over 40, but when they need it, it can be beyond reach without insurance. But how does a young adult, just starting out in the workplace, balance rent, car payment, student loan payment (if they graduated with debt), and a health insurance premium? The answer may lie in something called a Health Savings Acco...
May 10, 2019•18 min•Ep. 80
A key part of establishing and maintaining financial freedom is having a job you love that provides you with an income that allows you to have the lifestyle you want while still saving and investing for the future. But what if you don’t have that job right now? What if you find yourself dead-ended in a position with no real opportunities for advancement and increased income? What if you followed all of my tips from Episode 66 on asking for a raise, but didn’t get one? If that’s the case, then yo...
Apr 26, 2019•25 min•Ep. 79
When it comes to investing for retirement, the earlier you start the better. People that start in their 20s, rather than their 30s, or even 40s, give their money more time to grow and therefore give themselves the best chance at financial freedom. No one knows personal finance for 20-somethings like Broke Millennial Erin Lowry, a writer, speaker, and blogger that I had on the show in Episode 70. She is returning in this episode to talk about her crusade to get us thinking about “investing for re...
Apr 12, 2019•43 min•Ep. 78
