The 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 Consulti...
Feb 27, 2015•1 hr 16 min
Today, 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 in tough...
Feb 26, 2015•54 min
I'm fascinated by long-term travel stories. After all, some people have to wait until they're retired to travel but some people are able to do it long before? How? Why? What can we learn from them? My guest today is fascinating. Greg Denning and his wife, Rachel, are living a long-term travel lifestyle. Currently, they're driving from Alaska to Argentina via Europe . Impressively, they're doing it together with their six kids! Why are they doing it? How are they paying for it? Tune in to the sho...
Feb 25, 2015•1 hr 9 min
Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life? Today, I share with you 5 lessons I've learned from that example: 1. Rate of return matters 2. Time matters 3. In the beginning, it's easy to spend. That's what most people do. 4. In the beginning, the amount you save matters more than the interest rate. 5. In the end, the interest rat...
Feb 24, 2015•59 min
https://www.patreon.com/radicalpersonalfinance I don't think it's unfair to say that the financial planning industry is known for being a bit stuffy at times. If you ask an average person what they think of when they think of a financial planner, it's more likely to be an old, white guy in a suit and tie sitting in a mahogany-lined conference room than a young, vibrant lady with a theater and women's studies double-major. But, perhaps that's changing! My guest today is Sophia Bera, CFP® and she'...
Feb 20, 2015•1 hr 15 min
http://Patreon.com/RadicalPersonalFinance We continue our Masterclass on 529 plans today. If you haven't heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You'll need it for context on today's show. Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may no...
Feb 19, 2015•40 min
http://radicalpersonalfinance.com/patron I had the opportunity to sit down with Michael Kitces while I was in Dallas last week for the Technology Tools for Today conference for financial advisors. Michael is, in many ways, a conference king. He speaks at 60 to 70 conferences per year. He also writes the most influential blog focused on financial advisors. What fascinates me is the development of his career. Michael's career developed from very humble origins. He found an area of interest and the...
Feb 17, 2015•1 hr 20 min
http://radicalpersonalfinance.com/patron You've probably heard that your income is your biggest and most important tool in your wealth-building toolbox. It is. But it's hard to see and feel that when you simply sit down and look at your net worth statement. Today, I want to share with you a technique that has been useful for me. It's primarily a framing technique: it allows you to actually see the value of your income as compared to your current financial condition. It's been incredibly useful t...
Feb 16, 2015•1 hr 4 min
Hey amigos, I've decided last minute to fly out to Dallas, TX tomorrow morning to attend the " Technology Tools for Today " conference for financial advisors. There may not be a show for the next couple of days. I will do my best to release some shows while I'm there but no promises! If you're interested in what's happening at the conference, please feel free to connect with me on Twitter https://twitter.com/JoshuaSheats or Facebook https://www.facebook.com/joshuasheats . If any of you listners ...
Feb 12, 2015•6 min
Today's show is a fabulous interview about career creation. My guest is Scott Ginsberg. Scott is most well-known for his love of name tags. He's worn a name tag every hour of every day for 5,241 consecutive days! This decision was, in many ways, the foundation of his empire. It formed the story for his first book . Since then, he's written a total of 27 books on a variety of topics. I'm utterly fascinated by Scott's career. You'll hear that in the interview today. We discuss: Scott's utter lack ...
Feb 10, 2015•1 hr 14 min
http://RadicalPersonalFinance.com/patreon Today, we launch our brand-new crowdfunding campaign! I've closed the old Irregulars membership program and am replacing it with this new campaign. Tune in to the show to hear: What worked well in the Irregulars version 1.0. What didn't work at all. Why I've felt guilty every time I've recorded a show for the last few months. Why I'm launching the new crowdfunding campaign. Also, we're launching our brand new app! Go get it from the app store and let me ...
Feb 10, 2015•57 min
Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh? Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company? Perhaps it might have some advantages for you! My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety . Having run both types of companies, James is a great guest to introduce the topic. Enjoy!...
Feb 06, 2015•1 hr 5 min
My guest for today's show is Dr. Alice Boyes, former clinical psychologist from New Zealand. She is an expert on overcoming anxiety (her new book " The Anxiety Toolkit: Strategies for Fine-Tuning Your Mind and Moving Past Your Stuck Points " comes out next month). She also happens to be quite tuned in to the financial independence and early retirement lifestyle! She's here today to give us some practical ideas and tools for how we can overcome anxiety about investing. The conversation includes: ...
Feb 05, 2015•1 hr 8 min
Good data is incredibly important to making good financial decisions. If you don't know where you are or where you've been, it's hard to know if you're on track and making measurable progress towards your goals. Today I've invited Ryan Marquez CPA, MSAT on the show to give an introductory overview. Ryan is an instructor in the Masters of Taxation program at Boise State University. He also runs a bookkeeping and tax business. Enjoy this introduction to business bookkeeping systems! Joshua Show Ou...
Feb 04, 2015•1 hr 51 min
My guest today is Nick O'Kelly . Nick is the co-author of Live On The Margin , a book about taking a different approach to regaining control of your time. (We previously interviewed Pat Schulte, his co-author, in Episode 50: "From an $8/hr Job After College to Financial Independence at Age 30 to 10+ Years of Global Travel With Family! Interview With Pat Schulte From Bumfuzzle.com" ) Nick is a meteorologist, a pilot, a captain, and an adventurer. He's also a writer, producer, and voiceover artist...
Feb 03, 2015•1 hr 43 min
Today, I bring to you three very fun but straightforward questions. Here they are: Question #1: @01:56 Dear Joshua, My wife and I are well read in the areas of index fund investing, frugal living, early retirement, and financial independence (including your podcasts). We have been on the path to early retirement for many years and we think we are there. We both have high stress jobs and want to quit to raise a child and do whatever interests us whether it brings additional income or not. We want...
Jan 31, 2015•1 hr
I've been looking for an expert on self-directed IRAs to bring on the show and I was thrilled to meet Kirk Chisholm at FinCon last year. Kirk is an expert in both the self-directed IRA niche and the alternative investments world. His firm, Innovative Advisory Group, helps serve clients in this space with advice. Self-directed IRAs can be a powerful tool in your arsenal. Just think of the magic of Mitt Romney's $100,000,000 IRA ! When you combine an IRA with alternative investments, you might rea...
Jan 30, 2015•1 hr 55 min
I designed a potential financial planning practice structure a year or so ago. It has been my backup plan if Radical Personal Finance were unable to be financially productive. (It's probably still a backup of a backup.) In light of the Episode 139: "My Advice for People Interested In Getting Into Financial Planning," I decided to follow up with some specific ideas for a practice I considered creating. Here are my ideas. The show includes a discussion of: The problem of providing planning for mid...
Jan 29, 2015•1 hr 25 min
The most popular episode--by a long shot--of the Radical Personal Finance podcast is Episode 40: "Making $80k on 1/3 Acre With an Urban Farm Without Owning Land? Yes, Please! Interview With Curtis Stone. " Today, Curtis is back for another appearance. We set out to record a show with a basic overview of how to get into urban farming with some practical steps lined out. The first step is to get your mindset right. Although our interview got stuck on step one, it wound up being a fascinating discu...
Jan 27, 2015•1 hr 32 min
On Fridays, I answer your questions! And, even though this is going out on Monday, I still answer your questions! :) Today, I handle these four questions: What practical steps can a couple take when planning for one spouse to stay at home? Is it wise to borrow money on a paid-off house to fund a real estate investment? How should I factor a defined-benefit pension plan into my asset allocation plan? How should I set my personal financial goals and pull my life back together after a divorce? Enjo...
Jan 27, 2015•1 hr 40 min
At this point, I'm honored to get about an email a week from someone asking about how to get into the financial planning business. Sometimes, I get multiple emails in a day! Here are four examples that I mention on the show today: Hi Joshua, I consider personal finance and financial planning a hobby and I dole out my amateur advice to friends, colleagues and family. A little bit of background -- I'm 25 years old and currently working as an auditor in big 4 in my third year and I've just been ear...
Jan 22, 2015•1 hr 22 min
We're continuing our college series with an in-depth discussion of 529 plans. 529 plans are incredibly popular in all their permutations. (Many people who are currently participating in a 529 plan don't actually realize it because they refer to it as a pre-paid tuition program.) They're also under attack. President Obama's most recent budget proposal targeted them for change . ( It also targeted Coverdell ESAs. ) Personally, I think 529 plans are often misused and mis-applied. The majority of th...
Jan 21, 2015•1 hr 30 min
As we rattle around and around the iron triangle of wealth (income, expenses, and intelligent use of the difference), we come today to the topic of income. Specifically, how can you create some extra income? The world is changing and there are more opportunities to earn some money from a side project than ever before. No longer are you limited to throwing papers early in the morning or delivering pizzas in the evening; now, you can work in all kinds of interesting ways with people from all over ...
Jan 19, 2015•53 min
We need to get into some economics today and I'm going to do some prognosticating. This is a very rare event on the show, so here goes! Prediction: there will be a global recession in the future. And gas will go up to $20/gallon. Now that we have that out of the way, let's talk about what we can do to get ready for it! After all, that's the only thing that likely matters to you or me. One of the keys to being financially successfully over the long term is to avoid the big mistakes. One big mista...
Jan 16, 2015•55 min
Today's show is a bit of a pep talk--for you but also for me! We are taught by society to compare ourselves with other people. Even though we're all supposed to be "unique and different, we're really not. After all, we're measured on our weight as a baby (compared to all other babies), our grades as a student (compared with our class ranking), and the amount of money we make and have (thus defining us as successful)! Well, let's challenge that a bit. Sometimes we need a reminder to forget about ...
Jan 15, 2015•52 min
Q&A continues with two very interesting questions today: 2:30 "Should I incorporate my business in California or in Wyoming? Also, for my son, should I establish a corporation for my 16-year-old son?" 33:26 "I live in Sri Lanka and have some money saved. How should I decide my asset allocation strategy?" Enjoy the show! Joshua
Jan 14, 2015•1 hr 13 min
We're continuing our Q&A series this week and today I handle these two questions: 00:01 Melissa heard about an idea of using a HELOC to pay off your primary mortgage as a method of paying off the loan faster and saving interest costs. This was referenced in the book " Master Your Debt " and the website TruthInEquity.com . 38:13 Robert asks about the safety of the deferred comp plan that he and his wife participate in at her Fortune 500 Public Utitlity company. Enjoy the show! Joshua...
Jan 13, 2015•1 hr 17 min
When I started recording the show, I planned to answer six questions. But, after finishing the first question and realizing how in-depth the show would be if I covered all six in one show, I decided to break it out into multiple shows. Today, I cover these two questions: 8:41-I'm thinking about buying life insurance on my two kids' lives. What do I need to know? 47:53-Will it work for me to use the 72(t) rules to retire at 50 and then change the payment terms at 59.5? Notes-Life insurance for ki...
Jan 13, 2015•56 min
I read a lot of financial advice from many different perspectices. I also frequently am asked about financial advice. "Is this a good idea?" "What do you think about this investment idea?" Over the years, I have noticed that I have developed a filter that many people don't have: I view all financial advice through a filtering lens of scale. When I hear advice, I don't immediately accept is a blanket statement; rather, I think, "what type of household profile would this be appropriate for?" When ...
Jan 08, 2015•47 min
I like the change of the calendar year. It's a convenient time to sit down and take an inventory of where things are and assess the plans for where things are going. 2014 was an awesome year. It was certainly one of the more challenging times of my life and was filled with change of all types. But it was awesome. 2015 will be transformative. This year, I'll be heavily focused on stepping up my game and making everything I do to be world class. I have plenty of goals. But for me, the end result o...
Jan 06, 2015•1 hr 19 min
