Those that graduate with a degree and enter into the real world face a challenge and a choice. How do they make a living? How do they start paying back their student loans? How do they make a successful start down the road to financial freedom? In this episode of the podcast, I address that issue and whether you should get a job and work for someone else or create a job and work for yourself by starting a business. To give some insight on this choice, and some tips on how to prepare financially ...
Sep 24, 2021•44 min•Ep. 137
When it comes to saving for retirement, there is no better time to start than yesterday. The sooner you start putting money away, the sooner it has a chance to grow and ensure your financial future. But most people, fresh out of school and into their first job aren’t thinking about something that will happen in 40 years or so. That’s why in this episode of the podcast I wanted to talk about why it’s always best to start retirement savings early and how starting early actually makes it easier to ...
Sep 10, 2021•25 min•Ep. 136
Although we are slowly coming out of the pandemic, nobody knows when it will be over, especially with the delta and lambda variants out there. People are still hurting economically, especially couples with children. Even if they’re back to work, childcare costs can really eat into the increased income. That’s why in this episode of the podcast I wanted to talk about two tax breaks for families that can really ease the financial burden until we are fully out of the pandemic. Whether you need the ...
Aug 27, 2021•17 min•Ep. 135
One of the most stressful parts of back-to-school season is making sure your children get everything they need, while spending on a budget and within your means. Teachers today seem to request more and more supplies than ever before. Whether physical or electronic, it’s a tall task to find and purchase the items at a reasonable cost. That’s why in this episode of the podcast I wanted to give you some tips and ideas on how to save money while ensuring that your children are well-equipped for the ...
Aug 13, 2021•19 min•Ep. 134
It’s been a rough 17 months with the COVID-19 pandemic, but it looks like we are finally coming out of it. One sign that it is ending, though, are all of the end dates of CARES Act programs that have been helping people through the economic crisis, with two of them coming up at the end of this month! That’s why in this episode of the podcast I wanted to talk about how to plan for this shift back to normality. What can you do to plan for these changes? How can you get ready for a post-pandemic ec...
Jul 23, 2021•26 min•Ep. 133
There’s been quite a bit of talk in the media about how we are heading into inflation. With demand for goods being lower during the pandemic, a surge in demand could cause prices to soar. But how do you deal with this? What can be done to plan for inflation? More importantly, how do you maintain your financial freedom and retirement plans with this on the horizon? That’s why in this episode of the podcast I wanted to talk about both short term and long term strategies for keeping inflation from ...
Jul 09, 2021•22 min•Ep. 132
There are only so many hours in a day. So, if you want to increase your income, but don’t have the time to work a second job, what do you do? How do you generate that income to meet monthly expenses, save for emergencies, and invest for retirement? The answer is: passive income! I talked about this in Episode 91 but wanted to take a deeper dive into the subject. That’s why my guest on this episode of the podcast is Eric Martel, who has developed a turnkey system for generating passive income and...
Jun 25, 2021•32 min•Ep. 131
For some reason, parents seem to have difficulty talking to their children about money. The mindset of good money habits doesn’t seem to get passed down to the next generation. This is why 7 out of 10 American millionaires are first generation. That’s why in Episode 97 of the podcast I talked about this subject at length. However, as this topic bears repeating, I have brought on to this episode of the podcast Derrick Kinney, a fellow financial freedom advocate to share his thoughts on the subjec...
Jun 11, 2021•52 min•Ep. 130
Investing and saving for retirement is something that the earlier you do it, the better! But getting involved in the stock market (or even just mutual funds) can be an intimidating prospect, and many people end up putting off doing it for that reason. But where do you go to learn about it? How can you get the information you need to feel confident and competent in investing for your future? To answer those questions, in this episode of the podcast I talk to stock trader Markay Latimer about how ...
May 28, 2021•41 min•Ep. 129
The impending divorce of Bill and Melinda Gates has been in the news a lot lately, and journalists have been discussing whether or not they should have gotten a prenuptial agreement before getting married. I remember thinking at the time of the wedding that I hoped that he had one, but apparently not. So with so much attention being drawn to the subject, I thought I would discuss in this episode all about what a prenuptial agreement is, the pros and cons, whether you might need one, how it might...
May 14, 2021•22 min•Ep. 128
People that are in debt are in a difficult situation when it comes to planning for their financial future. It can be difficult enough to amass enough disposable income to pay down their debt, let alone have any left over to put towards retirement! But if they concentrate on paying down the debt, they delay their retirement investing, which puts that retirement at risk! That’s why in this episode of the podcast I talk to Jerry Fetta, a financial expert, who helps people to make and save money, ev...
Apr 23, 2021•51 min•Ep. 127
In many states, including New Jersey, the car insurance bill can amount to quite a bit every year. It can be a struggle to pay, and many Americans either get the bare minimum coverage or don’t get it at all, hoping that they never need it. But having good car insurance is not only key to your financial freedom, in New Jersey and other states it is mandatory, and serious penalties can occur if you go without. That’s why in this episode of the podcast I wanted to talk about tips for reducing the c...
Apr 09, 2021•20 min•Ep. 126
When it comes to retirement, the focus always seems to be on the saving and investing part of it. Will you have enough money to retire? Although this is a very important part of the process, and should not be taken lightly, it is not the only thing you should be thinking about when it comes to that topic. Many people retire and are comfortable financially but are then at a loss as to what to do. Their jobs and commitments up to that point had given their lives meaning, but now what do they do? T...
Mar 26, 2021•17 min•Ep. 125
If you work for someone else, your income is what they pay you, unless you get a raise or a promotion that pays more money or get a better job. But if you own your own small business, your household income rises and falls with the profits of that business. So, if you want a raise, you have to do it yourself by increasing profits. One way to do that is to learn from others and how they did it. That’s why in this episode of the podcast I talk with business coach and podcaster Joe Pardo on how he h...
Mar 12, 2021•55 min•Ep. 124
As the pandemic continues to drag on, even though people are starting to receive a vaccine, lots of folks here in New Jersey and the nation are still suffering financially. Congress and the President are currently working on more economic relief, but as of this episode, nothing is definite. As listeners may have a lot of questions about the relief currently being discussed, any long term strategies being planned by the President, and the tax implications of what has happened so far, I wanted to ...
Feb 26, 2021•20 min•Ep. 123
One of the budget line items I often discuss with my bankruptcy clients is their utility bill. The gas, electric, water, and sewer bills can get out of hand and threaten their fresh start after they get their discharge. But even if you aren’t filing bankruptcy, getting a handle on that expense can help balance a budget and free up funds for more long-term financial goals. That’s why in this episode of the podcast I wanted to talk about ways in which you can get these numbers down. I wanted to pr...
Feb 12, 2021•24 min•Ep. 122
In Episode 96, I talked about getting your money ready for marriage. But what if you’re already married and have been for years? If you are both of the same mind when it comes to money, then great! But what if you have different money mindsets? What if you are having trouble coming to agreement on spending? That is why, as we round out a series of episodes on preparing personal finances for 2021, I wanted to address this issue and discuss ways in which you can come to an agreement going forward ...
Jan 22, 2021•26 min•Ep. 121
In previous episodes I’ve talked about budgeting and how it’s important to have one to keep your spending in line with your income and help you towards your long-term financial goals. I also discussed in the last episode setting goals and being more strategic in how you handle your finances. In the process of researching that episode, I ran across personal finance coach Tim Jordan who, by his own admission and branding, takes an atypical approach to the subject with his clients. After learning m...
Jan 08, 2021•42 min•Ep. 120
As the year 2020 comes to a close, it’s time to start thinking about our financial goals for 2021. This year has presented some challenges and shown us how important it is to plan for bad times, so that when they come, we are ready, and our financial freedom isn’t threatened. That’s why in this episode of the podcast I step you through what you need to do to look over this past year, learn from it, and use that information to create a solid financial plan going forward. In this episode you will ...
Dec 25, 2020•26 min•Ep. 119
In Episode 114 I started a series of episodes around reducing expenses in your budget in order to help you live within your means and have money left over to save for the future. It was also in follow up to Episode 113 in which I talked with “Tightwad Todd” Miller about living below your means. That’s why in this episode of the podcast I take on that expense that seems to get bigger, your cell phone bill. It’s a budget line item I discuss a lot with my bankruptcy clients, and one that can be tou...
Dec 11, 2020•27 min•Ep. 118
Due to the COVID-19 pandemic, many people have lost their jobs because their employer had to close up shop; the work could not be done remotely. Some of them were able to pivot successfully to other jobs or transfer their skills to one that can be done from home. Unfortunately, many others are still looking. That may be because they haven’t been able to figure out how to apply their skills in a different context, or they aren’t looking in the right places. That’s why in this episode of the podca...
Nov 27, 2020•17 min•Ep. 117
Way back in Episode 13 of the podcast I did a review of an app from personal finance guru Dave Ramsey called EveryDollar. It is an app my wife and I have been using since then, and it’s great! But there are a lot of other apps out there that can help you keep your finances straight, and one of them might be better for you than EveryDollar. Which is why in this episode of the podcast I wanted to look at three other apps that might be more up your alley: Pocket Guard, YNAB (You Need a Budget), and...
Nov 13, 2020•27 min•Ep. 116
People trying to achieve personal financial freedom are often initially struggling with debt and trying to get out of a financial hole. They are getting letters from collection agencies and law firms that are demanding that the debt be paid. They have to get out of debt before they can ever hope to achieve their goal. But people in debt, in my experience, are often dealing with collection lawsuits that result in judgments, and these judgments can be very problematic when the lawyers who obtained...
Oct 23, 2020•15 min•Ep. 115
In Episode 113 of the podcast I talked with “Tightwad Todd” Miller, a personal finance consultant and coach on the subject of spending below your means. I did this because reducing spending as much as possible to free up money to save and invest for the future is a key part of achieving long term financial independence and freedom. So, I thought it might be a good idea to follow up with some episodes on how to reduce spending in various budget categories. One big one is the cable bill, and with ...
Oct 09, 2020•18 min•Ep. 114
Achieving financial freedom in the short term requires living within your means. In other words, your monthly expenses need to total no more than your monthly net income, so that you don’t sink into debt. But achieving long term financial freedom requires even more discipline; you need to live below your means. By doing this you generate unused income every month to put towards savings and long-term investing, so that you will have a net worth to support you in retirement. But how do you do that...
Sep 25, 2020•39 min•Ep. 113
Every business should have a web site to promote its goods and services and attract new customers, especially as more of them are functioning virtually. Despite this, so many of them don’t have a web presence, or just have a domain name for e-mail. By not having one they are leaving money on the table and passing by an opportunity for growth. That’s why in this episode of the podcast I wanted to talk about getting on the web with a great site and using it to attract and covert new customers for ...
Sep 11, 2020•57 min•Ep. 112
With the COVID-19 pandemic going into its sixth month, many businesses have either filed bankruptcy, closed for good, or have shed employees to slim down. No matter the cause, a lot of people are now out of work and looking for a new job. This has become especially urgent with the end of the supplemental unemployment benefits under the CARES Act. Looking for a job during a pandemic presents a special challenge. That’s why in this episode of the podcast I wanted to talk about some tips and ideas ...
Aug 28, 2020•16 min•Ep. 111
A major part of the American Dream is to strike it rich, to become a millionaire. However, for the vast majority, that is just a dream. 3.5% of our population holds nearly half of our wealth. Back in 1996, a couple of Ph.D.s, Thomas J. Stanley and William D. Danko, decided to do some research into America’s millionaires. The surprising answers they got are reflected in the title of their book, The Millionaire Next Door . That book provides all sorts of great information about what millionaires l...
Aug 14, 2020•29 min•Ep. 110
The COVID-19 pandemic has now reached over 3.9 million cases in this country (with over 179,000 in New Jersey) and has caused over 144,000 deaths (with over 15,000 in New Jersey). Even those who have survived the illness have had a tough time, with many having lengthy hospital stays. This taste of our own mortality has been sobering for all of us; something like this hasn’t happened for over 100 years! But that doesn’t mean we shouldn’t be prepared for its eventual arrival. Way back in Episodes ...
Jul 24, 2020•30 min•Ep. 109
Due to the pandemic, lots of people are either working from home or have lost their jobs because they cannot be done from home. Those in the latter group may be looking for a job that allows them to do so. On the other hand, many small businesses are looking for help, but are unsure whether hiring someone (and taking on the payroll and other administrative tasks that go along with doing so) is the right move. That’s why in this episode of the podcast I talk with Connie Gray, the owner of Virtual...
Jul 10, 2020•42 min•Ep. 108
