Explorez tous les épisodes du podcast Hack Your Wealth
| Titre | Date | Durée | |
|---|---|---|---|
| Healthcare planning = retirement planning | 06 Jun 2023 | 01:14:21 | |
#95: The biggest concern many would-be retirees have, at least in the US, is the cost of healthcare. Not only is healthcare more expensive in the US than in every other industrialized country. There’s also no national health insurance system to control costs or standardize care quality…unless you’re a senior or very poor (or both).
Check it out here: https://hackyourwealth.com/health-insurance-retirement-planning
If you have NOT retired yet, how big of a factor is healthcare and health insurance to your decision of when to retire? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Real estate investing in short-term rentals and hotels | 04 Apr 2023 | 00:56:12 | |
#94: Real estate investing changed a lot the last couple years, but one asset class consistently punched above its weight: short-term rentals, a.k.a., STRs, e.g., Airbnbs. In 2020, when people couldn’t go on vacation by hopping on a plane to Europe, South America, or Asia, they got in their cars and drove to national parks and mountain / beach / lake towns. Short-term rentals, often seen as safer than hotels, were on 🔥. In 2021, this trend exploded. 🔥🔥 In 2022, when flying became a thing again, so did “revenge travel.” STRs accelerated even more. 🔥🔥🔥 With average daily rates skyrocketing the last couple years, hordes of real estate investors snapped up homes to turn them into Airbnbs, trying to chase yield. Now the market is super saturated, with daily rates even contracting in places, and there’s tons of new short-term rental inventory (over half of Airbnb listings added since 2020). So how can you stand out as an STR real estate investor in the current climate? In this episode, I interview Diya Liu, a seasoned short-term rental investor who scaled from zero to 9 STRs in one year, netting $100k annual profit, and then quit her BigLaw job to do short-term rental real estate investing full-time. She currently owns three hotels and a dozen STRs. We discuss:
Check it out here: https://hackyourwealth.com/short-term-rental-hotel-investing Are you an STR investor? If so, how have bookings changed in the last 1-2 years? Do you see over-saturation in listings inventory in your area? Are you trying out any different strategies this year? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How current economic changes impact retirement safe withdrawal rates | 11 Jan 2022 | 01:49:58 | |
#85: Recently I’ve really started to notice the impact of inflation on daily spending. Have you? At first, it was just 1-2 things. Then it was a handful. Now it seems like everything is noticeably more expensive. (Assuming it’s even in stock in the first place.) Gas. Groceries. Takeout. Toiletries. Utilities. Car maintenance. Healthcare/supplies. Pre-school. Appliances. Everything seems to cost more and you just can’t buy as much with the same budget anymore. This got me wondering about how recent macroeconomic changes over the last 6 months might impact retirement safe withdrawal rates and asset allocations. The macro changes I’m referring to are: Inflation at a 40-year high. Stock valuations doubling since their pandemic lows. Interest rates that are scheduled to increase a minimum of 3 times this year. In these times, what should investors and retirees be doing to defend their portfolio values and retirement security? This week, I asked my friend Karsten Jeske (aka “Big ERN”) to help us make sense of all that is going on right now in terms of macro trends…and what it all means for safe withdrawal rates and asset allocation. We had a wide-ranging, nearly 2-hour(!) discussion full of insights and tips that you won’t want to miss. We discuss:
Don't miss an episode, hit that subscribe button... If you liked this episode, subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| REPLAY: How to set and rebalance your asset allocation efficiently | 27 Dec 2021 | 00:36:29 | |
#84: Today's episode is about an important end-of-year planning topic: asset allocation and portfolio rebalancing. Many otherwise smart investors set their portfolio once, but then fail to rigorously monitor their asset allocation and rebalance regularly. Whether due to inertia or hassle, this inaction is costly. It results in lower returns and greater risk as your asset allocation drifts…bad for wealth-building. How do you set your target asset allocation optimally and rigorously? And how do you rebalance tax-efficiently? This week, I show you how to set your target asset allocation to match your risk profile and investment goals. I share how to track your asset allocation to see how much it has drifted from your target allocation. And I explain step-by-step how to tax-efficiently rebalance. If asset allocation and rebalancing feel like a mystery or chore, then don’t miss today’s episode. I’ll show you how to do it systematically, efficiently, and rigorously…all in 1 hour or less per year. What you’ll learn:
Check it out here: https://hackyourwealth.com/asset-allocation-rebalance-portfolio-replay
Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Retirement withdrawal strategies: tax-efficient portfolio drawdowns | 02 Nov 2021 | 00:52:24 | |
#83: You’ve worked hard all your life. At retirement, it’s time to kick back and relax, right? Not so fast. You still have to get THROUGH retirement. That means knowing how to draw down your portfolio to:
This is very challenging because you have to forecast things you simply can’t know with certainty. Inflation rates. Market returns. Sequence risk. Tax rates. Your health condition and anticipated healthcare needs. So, how can retirees plan their retirement portfolio withdrawals to actually enjoy retirement and not worry about running out of money? This week, I sit down with Steve Parrish, Co-Director of the Center for Retirement Income at The American College of Financial Services, to talk about tax-efficient portfolio withdrawal strategies in retirement. We discuss:
Check it out here: https://hackyourwealth.com/retirement-withdrawal-strategies Do you worry about running out of money in retirement? If so, what is the biggest reason why – not saving enough, spending too fast, market tanks during retirement, something else? Let me know by leaving a comment.
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you leave a quick review on Apple Podcasts? It’d mean the world to me and your review helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Annuities explained: are annuities a good investment for retirement? | 19 Oct 2021 | 01:01:34 | |
#82: Are annuities a good investment for retirement? With $250 billion in sales each year, and $2.5 trillion in retirement annuity assets under contract, annuities comprise a huge slice of US retirement assets. Understanding annuities – whether annuities are right for you, and how annuities fit into your retirement strategy – can get complicated given all the annuity options out there and the extreme uncertainty in today’s markets. So this week, I sat down with Stan Haithcock, aka “Stan The Annuity Man,” to deep dive on annuities. We chat about how annuities work, why annuities are not investments (in the portfolio sense), and why there is no such thing as “best annuities.” We discuss:
Check it out here: https://hackyourwealth.com/annuities
Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Taxes on stock gains: how to avoid capital gains tax on stocks | 05 Oct 2021 | 00:40:44 | |
#81: With the market rallying like crazy this past year, you might have significant capital gains on stocks right now. Now might be a good time for some of you investors to harvest some capital gains. Maybe you’re looking to buy a house. Or maybe you just want to rebalance your investments. But when you sell stock, you pay taxes on the sale. And capital gains taxes can get complex because the effective tax rate you pay when you sell stock depends on whether there are long-term vs. short-term capital gains, whether there are any long-term vs. short-term losses, what your marginal tax rate is, and even whether you are required to pay the Medicare Surcharge Tax. That’s why this week I invited CFA Scott Stratton to explain the intricacies of how capital gains taxes work. We discuss key rules and strategies you need to know to do thoughtful capital gains tax planning. If you want to learn how to minimize capital gains taxes, then don’t miss this episode. You’ll learn:
Check it out here: https://hackyourwealth.com/capital-gains-tax-on-stocks What other tax planning questions do you have about capital gains taxes? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Teaching your kids about money and financial independence | 21 Sep 2021 | 01:24:31 | |
#80: Teaching kids about money isn’t easy, but it’s crucial if you want to boot them off your payroll after they graduate from school. But while financial literacy is good, helping your kids build the mindset and momentum to achieve financial independence is even better. It requires that they internalize (and value) aggressive saving, investing, and compounding…not just living within their means. That’s why I was so excited to chat this week with Doug Nordman and Carol Pittner, father and daughter co-authors of a new book on how to teach next-generation financial independence. We discuss:
Check it out here: https://hackyourwealth.com/teaching-kids-about-money-financial-independence
Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| College student financial aid changes coming to the FAFSA application | 07 Sep 2021 | 00:55:17 | |
#79: This one’s for you parents who have kids in college or soon going to college… In the COVID relief stimulus bill that passed at the end of 2020, there was a big chunk about federal student financial aid. New rules are bringing significant changes to college financial aid. This week, I deep dive with my friend Ann Garcia, aka The College Financial Lady, on what these changes are and how they will impact you and your family. We discuss:
Check it out here: https://hackyourwealth.com/fafsa-federal-student-financial-aid-changes Will you be applying for college financial aid over the next few years? What one thing brings you the biggest worry when it comes to college financial aid? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Money lessons for kids: Tips from other personal finance influencers | 24 Aug 2021 | 00:11:00 | |
#78: For this episode, I polled other influencers in the personal finance community to ask for their best tip on teaching money lessons to kids. I had four different personal finance influencers weigh in – a range of bloggers, podcasters, authors, and community admins. All of them are parents themselves. I asked each person to answer one simple question: “When it comes to teaching your kids about money, what single method or strategy have you personally found to be most effective?” Check out their collective tips here: https://hackyourwealth.com/money-lessons-for-kids-tips-from-personal-finance-influencers What strategy have YOU found to be most effective when it comes to teaching your kids about money? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Financial literacy for kids: how to teach your kids about money | 10 Aug 2021 | 01:00:12 | |
#77: Teaching financial literacy for kids may seem like a tall order…when considering that financial literacy even for adults is a national deficiency. But teaching kids about money is crucial if you want your kids to grow up financially responsible and independent. As a parent, you will have a strong vested interest in it, because if you fail at it you’ll eventually pay the consequences (literally), e.g., if your adult kid can’t support themselves and move out of the house. And early retirement? You can probably kiss that goodbye if your kid is financially reckless. So, instilling good financial education for your kids is a wise investment…maybe even the wisest investment. This week, I spoke with Robin Taub, author of the book “The Wisest Investment,” about how to instill financial literacy for children. We discuss strategies, role modeling, and techniques for teaching personal finance and money lessons to your kids. What you’ll learn:
What methods have you found to be effective when it comes to teaching your kids about money? If your kids are self-motivated to learn about personal finance – earning, budgeting, saving, investing – how did you get them to be self-motivated? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Language learning through travel immersion courses in early retirement | 27 Jul 2021 | 01:11:37 | |
#76: Retiring early to travel the world is a common goal for FIRE aspirants. But full-time travel can lose appeal quickly. Churches and temples quickly start to look the same. Gardens and palaces quickly look the same. When you’re responsible for creating all the structure to your day – every day for weeks and months on end – it gets exhausting and can feel purposeless. But what if you could design early retirement travel around language learning? By enrolling in language immersion courses at local language schools in countries you travel to, you not only learn how to communicate conversationally with locals. You also get structured and even vibrant exposure to local culture, food, people, and activities because being situated in a school or university environment creates that exposure and structure for you naturally. This week, I invited Ingrid, a software engineer turned early retiree and successful travel blogger, to share about her early retirement experience pursuing language learning through travel immersion courses. Making language learning the focus of early retirement has brought joy and purpose and structure to her travel experiences. We discuss:
Check it out here: https://hackyourwealth.com/language-learning-courses-retirement-travel-immersion Don't miss an episode, hit that subscribe button... If you liked this episode, subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Health insurance for traveling early retirees | 22 Nov 2022 | 00:53:49 | |
#93: Early retirees often fill their early years in retirement with lots of travel. There is even a vibrant community of nomadic early retirees who travel long-term. But what do you do about health insurance, especially if you’re American? Unlike in most other industrialized countries that have universal health insurance, American health insurance is generally tied to your employer, at least before you’re old enough to qualify for Medicare. That means if you don’t have a job, you generally don’t have health insurance. For early retirees, that’s a problem.
Check it out here: https://hackyourwealth.com/health-insurance-retirement-travel If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links: Intro/Outro: Old Bossa by Twin Musicom. | |||
| How this middle income couple built a real estate portfolio of 25 doors (in expensive California!) | 13 Jul 2021 | 01:08:55 | |
#75: Real estate investing might seem like something only wealthy people can do.
Check it out here: Do you wish to invest in real estate but feel like you don’t know how to get started? What’s the biggest factor you think holding you back? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to early retire (FIRE) if your spouse isn’t on board | 29 Jun 2021 | 00:55:08 | |
#74: This week, I chat with Caroline Ceniza-Levine, a career coach now early retired, whose own spouse wasn’t on board with early retirement for many years before she finally convinced him to get on the FIRE train.
Check it out here: https://hackyourwealth.com/retire-early-with-spouse-working Have you ever been at odds with your spouse about early retirement? What were their main concerns? Were you able to change their mind – how? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Stock option and RSU tax planning | 15 Jun 2021 | 01:07:46 | |
#73: One big reason the tech industry attracts a lot of talent: you get partly compensated in stock, and if you’re early enough at a company that IPOs, your stock options or RSUs can make you a millionaire multiple times over when the company goes public. Google created >1000 millionaires at IPO. Facebook too. Microsoft has created >10k millionaires. Amazon probably even more. But with stock compensation, your taxes can quickly get complicated. You need thoughtful tax planning to make sure you don’t pay more in taxes than needed. As with other types of income, what matters isn’t what you earn – it’s what you keep. So this week, I spoke with Shane Mason, whose CPA firm specializes in advising entrepreneurs and tech workers, to share tips and strategies on stock option and RSU tax planning. We discuss:
Check it out here: https://hackyourwealth.com/stock-option-rsu-tax-planning
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode: Intro/Outro: Old Bossa by Twin Musicom. | |||
| 1031 exchanges: what real estate investors need to know | 01 Jun 2021 | 01:10:59 | |
#72: This week, I invited Bill Exeter to teach us about 1031 exchanges. He is the CEO of Exeter 1031 Exchange Services and has been doing 1031s for nearly four decades. You might know at a high level that a 1031 exchange means deferring real estate capital gains taxes. But the details are important to avoid dumb mistakes that will disqualify you. We discuss:
Check it out here: https://hackyourwealth.com/1031-exchange Ever done a 1031 transaction? What was your experience? Anything you would do differently next time? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Buying tax deeds to invest in real estate at a deep discount | 18 May 2021 | 01:16:01 | |
#71: Tax deed auctions provide an opportunity to buy tax-delinquent properties at a discount, wipe away existing liens and mortgages, and earn sizable profits in the process. This week, I invited my friend Phil Kessler back to the podcast to teach us how this unique type of real estate investing works. If you’ve ever wondered how tax deed auctions work, how to win them, and how to due diligence this type of real estate, then don’t miss this insight-packed episode. What you’ll learn:
Check it out here: https://hackyourwealth.com/tax-deed-investing Have you ever bid in a real estate auction? What was your experience? What other questions do you have about tax deed investing that weren’t covered here? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Is rental real estate a safer type of “yield shield”? | 04 May 2021 | 00:29:26 | |
#70: Last time, we talked about the pros and cons of the “yield shield” and the impassioned views on both sides of that debate. But what if you sidestep that entirely and generate your dividend yield through rental real estate instead? Unlike stock dividends, which can be cut by company management, rents are arguably way more stable. Plus, real estate can be leveraged with a mortgage to juice a higher capital return. Separately, regardless of which strategy you use, how should retirees think about the “crossover” point beyond which sequence risk effectively disappears? This week, in the final part of our 3-part series on asset allocation, we talk again with Karsten Jeske, CFA, about both these topics. We discuss:
Check it out here: https://hackyourwealth.com/sequence-risk-analysis Let me know by leaving a comment! Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Does a “yield shield” really protect against sequence of returns risk? | 20 Apr 2021 | 01:00:43 | |
#69: Last time we talked about using a “bond tent” strategy to reduce sequence risk in the years just before and just after retirement. In FIRE communities, an alternate strategy that has become popular is the “yield shield.” A yield shield strategy involves holding primarily investments that pay a high dividend yield. The theory is: if the investment pays a dividend yield of 3-4% that might be all you need to cover your safe withdrawal rate. If you don’t ever have to touch the principal, sequence risk might disappear entirely. But is it really that simple? This week, in part 2 of our 3-part series on asset allocation, we continue our discussion with Karsten Jeske, CFA, about the pros and cons of a yield shield strategy. We start by wrapping up our glide path discussion from last week, then dive into a critique of the yield shield. We discuss:
Check it out here: https://hackyourwealth.com/yield-shield-critique This yield shield critique has been very controversial in FIRE communities. Are you persuaded by it? Or do you believe the yield shield performs better? Why or why not? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to use a bond tent to reduce sequence of returns risk | 06 Apr 2021 | 00:56:32 | |
#68: This week, in part 1 of a 3-part series on asset allocation, I talk with Karsten Jeske, CFA, about how to implement bond/equity glide paths, both leading into retirement and in the initial years after retirement. We discuss:
Check it out here: https://hackyourwealth.com/asset-allocation What do you think about the bond tent strategy? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Tax filing updates to be aware of this year (tax year 2020) | 23 Mar 2021 | 00:38:30 | |
#67: Given how big of a shock the events of 2020 were for just about everyone on the planet, what changes to the tax rules happened as a result? This week I invited Katelynn Minott, CPA and managing partner at Bright!Tax, to share key tax filing updates to be aware of when you file your tax returns this year. What you’ll learn:
Check it out here: https://hackyourwealth.com/2020-tax-filing
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode: Intro/Outro: Old Bossa by Twin Musicom. | |||
| How tax lien investing works and how to buy tax lien certificates | 09 Mar 2021 | 01:14:36 | |
#66: Investing in tax liens may sound scary and complicated. But as you’ll see from today’s podcast interview, with a little bit of research upfront, it can be as easy as buying toilet paper on Amazon. And the capital required to invest can be as little as a couple hundred bucks, making it a low-risk way (compared to buy-and-hold real estate) to try a new investing strategy. This week, I deep dive on tax lien investing with Phil Kessler, a prolific tax lien investor who has extensively researched the tax lien investing laws of multiple states. He also creates a lot of educational content about tax lien and tax deed investing online. We discuss:
Check it out here: https://hackyourwealth.com/tax-lien-investing Have you ever invested in tax liens? What’s been your experience? What other questions do you have about it? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How a female MBA early retired at 39 (+ her advice for women pursuing FIRE) | 18 Oct 2022 | 01:05:35 | |
#92: Most FIRE stories are of men. A lot seem to be of ex-software engineers (on blogs anyway). It’s rare to see profiles of early retired women, especially single women who retired early from ambitious careers.
Check it out here: https://hackyourwealth.com/retire-early-women-business-career-professional
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links: Intro/Outro: Old Bossa by Twin Musicom. | |||
| Marriage and money: why spouses fight about money, how to fight with empathy, and how to convince your spouse to FIRE | 23 Feb 2021 | 00:50:55 | |
#65: Last time we talked about money issues when dating. But dating isn’t the end game (for most). As the schoolyard song goes: “First comes love, then comes marriage…” …And money matters, if anything, get amplified once you’re married. It’s why money problems are the top or second leading cause of failed marriages (read: divorce) depending on which study you read…and it’s always a contributing factor even if it isn’t the straw that breaks the camel’s back. So this week, I continue my conversation with Megan McCoy and Ed Coambs, two leading marriage therapists who specialize in financial therapy and conflict, to discuss how money matters get more complex after marriage…and what spouses can do about it to preserve and strengthen their relationship. We discuss:
Check it out here: https://hackyourwealth.com/money-marriage What is the most important thing young married couples should know about handling money issues together? Do you think keeping separate money accounts is a good idea? What’s your best advice for fighting about money with your spouse, with empathy? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to talk about money when you’re dating | 09 Feb 2021 | 00:48:44 | |
#64: How do you have difficult conversations about money when you’re dating? What words should you use? What do you do if the conversations go south? This week, I invited Megan McCoy and Ed Coambs, two leading couples therapists who specialize in financial therapy and conflict, to share insights about how to talk about money matters when you’re dating. We discuss:
Check it out here: https://hackyourwealth.com/money-dating How have you approached talking about money when dating? What tips and best practices have worked for you? What advice do you have for other couples? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Asset location for non-traditional assets + considerations for early retirees | 02 Feb 2021 | 00:35:40 | |
#63: Last time, we talked about general asset location principles, plus best practices for major asset classes like stocks, bonds, and real estate. But what about non-traditional asset classes? Also, if you’re planning to early retire, should your asset location considerations change at all…given that you generally cannot touch your tax-advantaged accounts until you’re nearly 60? This week, we continue our discussion with Jonathan Duong, CFA, about both these topics as they relate to tax-efficient asset location. We discuss:
Listen here: https://hackyourwealth.com/asset-location-part-2 If you’re thinking about early retirement, what is your asset location plan? What are you holding in your taxable vs. tax-advantaged accounts? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| What assets should you hold in each account to minimize taxes? | 19 Jan 2021 | 00:37:00 | |
#62: It might seem obvious that the best performing car isn’t just a function of the car itself…but also WHERE you’re driving it. Ferraris vs. Hummers will perform best in very different environments. When it comes to asset management, a similar thing is true. A few episodes back, I did a 3-part series on asset allocation. However, asset allocation is only part of the puzzle to optimizing your portfolio. To maximize total after-tax returns, WHERE you hold your assets is just as important as WHAT assets you hold. Asset allocation is WHAT you hold. Asset location is WHERE you hold it. You have to make sure you drive the Ferrari vs. the Hummer on appropriate terrains. Asset location strategy is about holding the right asset classes in the right accounts bearing the right tax profile. The goal is to minimize taxes on the way in, minimize tax drag while you invest, and minimize tax liability upon withdrawal. How do you do this? This week, I talk with Jonathan Duong, CFA, about how to manage your asset location to be as tax-efficient as possible. (This is part 1 of a 2-part discussion.) In addition to best practices and general principles, we discuss optimal asset location for:
Check it out here: https://hackyourwealth.com/asset-location-part-1 What asset location principles are most relevant to you? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| FIRE goal setting for the new year | 05 Jan 2021 | 00:12:57 | |
#61: All right champs – new year! That means a fresh opportunity for goal setting to transform your financial situation this year. To kick off the new year, I recorded a short episode this week about goal setting, mindset, and behaviors to help you make big strides toward your FIRE goals in 2021. I also invited a couple other leaders in the FIRE community to share their best advice when it comes to financial goal setting for people who are serious about pursuing FIRE. Check it out here: https://hackyourwealth.com/new-year-goals-2021 Are you setting any FIRE related goals for 2021? What are they? Let me know by leaving a comment! Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to FIRE with confidence, step by step | 08 Dec 2020 | 01:04:10 | |
#60: Over the past year, I’ve done various podcast episodes about early retirement. I’ve also had numerous guests share their FIRE stories. But what about the tactical steps for how to FIRE? Many FIRE blogs talk a bit too high-level and not enough about the mechanics of how to do it, step by step. So in today’s episode, I share tactics and best practices I’ve observed on how to retire early. With confidence and assurance. With hard numbers and analysis. With a proper weighing of risks and tradeoffs. If FIRE is a goal for you, then be sure to listen closely for key insights on how to do it effectively. What you’ll learn:
Check it out here: https://hackyourwealth.com/early-retirement-fire
Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to pick the best index fund | 01 Dec 2020 | 01:04:45 | |
#59: It’s hard to consistently beat the market as an investor…but it takes zero effort to match the market. Picking good index funds lets you match the market for near-zero cost. And matching the market produces some pretty good results. If you had invested – and held – $100k (and not a dime more) in a plain vanilla S&P 500 index fund in January 1990, today it would be worth over $1M. That’s 10x growth in 3 decades, or +7.7% annualized returns. That’s despite a 1990 recession, 2000-2002 dot com bust, 2008 financial crisis, and 2020 coronavirus. And all for zero effort. I dunno about you, but index fund investing sounds richer and a lot more laid back than active stock picking (which almost uniformly results in lower returns anyway). The key is picking good funds. What’s the best way to do this? This week, I talk with Jonathan Duong, CFA, founder of Wealth Engineers, a wealth management consultancy, about how to pick the best index funds to invest in. We discuss:
Check it out here: https://hackyourwealth.com/best-index-funds Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to set your target asset allocation and rebalance your portfolio efficiently | 24 Nov 2020 | 00:36:30 | |
#58: How to set your target asset allocation can feel like a mystery. How do you do it rigorously? How do you know what’s optimal? Rebalancing can also feel like a chore. Where do you start? How do you make sure you’re doing it rigorously and tax-efficiently? This week, I show you how to set your target asset allocation tailored to your investment and risk profile. I share how to track your allocation over time and analyze drift from your target allocation. And I explain how to tax-efficiently rebalance back to your target allocation step-by-step. If asset allocation and portfolio rebalancing feels like a mystery, chore, or headache, then don’t miss this episode because it will teach you how to do it rigorously and with no guesswork. What you’ll learn:
If you really learn the principles taught in today’s episode, you’ll be able to rebalance your portfolio and ensure your asset allocation stays closely aligned with your investment goals (yielding higher returns and lower risk). …And you can do it in 1 hour or less per year. https://hackyourwealth.com/asset-allocation-rebalance-portfolio What is YOUR target asset allocation? How often do you rebalance? Any rebalancing strategies you use that I didn’t cover? What questions do you have about asset allocation and rebalancing? Let me know by leaving a comment! Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Why writing an investment policy statement will make you a better investor | 17 Nov 2020 | 00:17:37 | |
#57: When it comes to investment management, it is crucial to write down your investing goals/plan in order to stay disciplined as an investor and get the returns you need with the least amount of risk possible. The way to do this is by writing an investment policy statement. This week, I explain about investment policy statements: what they are, why they’re important, and how to write a good one. What you’ll learn:
Check it out here: https://hackyourwealth.com/investment-policy-statement If you have an IPS, what are the key sections in it? When and how often do you reference your IPS? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode: Intro/Outro: Old Bossa by Twin Musicom. | |||
| Section 199A: how small business owners can skip 20% of their taxes | 10 Nov 2020 | 01:17:18 | |
#56: This week, I invited CPA Steve Nelson, whose tax blog I’ve followed for years, to chat with us about the details of how Section 199A works and the restrictions around it. Now, two years later, a lot has become clearer. We discuss:
Check it out here: https://hackyourwealth.com/section-199a Are you currently able to avail Section 199A? If so, how has it changed your business operations and/or financial planning considerations, if at all? Let me know by leaving a comment. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Financial independence in healthcare: how a dentist built a $7M nest egg | 20 Sep 2022 | 00:54:40 | |
#91: It’s no secret that many healthcare professionals earn lots of money. So, you might think it’s relatively easy for them to achieve financial independence and retire early (or at least step back from demanding clinical hours). Aaaand….you’d be right about that! Sure, earning healthcare money is not a requirement for FIRE. But if you do, you certainly have more options…even if you also have large expenses (like kids). This week, I talk with Dr. G (anonymized, his request), a dentist with two kids in the midwest who built a $7 million nest egg before stepping back from clinical practice. He explains the actions he took to build his wealth…and what he’s doing now. We discuss:
Check it out here: https://hackyourwealth.com/dentist-financial-independence-retire-early What type of FIRE profiles (career path, earning level, family/kid status, etc) do you want to hear more about? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Related links: Intro/Outro: Old Bossa by Twin Musicom. | |||
| Election day special: potential tax law changes coming? | 03 Nov 2020 | 00:20:31 | |
#55: This week, I explain 6 key areas where there may be significant tax code changes under a Biden administration – including how these changes may impact your personal financial planning and what actions you can take to prepare for them. What you’ll learn:
Check it out here: https://hackyourwealth.com/biden-tax-proposal Do you plan to make changes to your portfolio or personal finances in anticipation of tax law changes under a new administration? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode: Intro/Outro: Old Bossa by Twin Musicom. | |||
| How a self-directed 401k can help you beef up retirement investing, with Dmitriy Fomichenko | 27 Oct 2020 | 01:08:08 | |
#54: In all my prior jobs except the current one, I can now say in hindsight that my 401k sucked. It only offered 10-15 fund options…which is like being forced to shop for weekly groceries in a gas station mini-mart when you know that Kroger is on the other side of the street. Their fund expense ratios were mediocre, even for the passive funds. You couldn’t beef up pre-tax money with additional after-tax money. There was no mega-backdoor Roth conversion option. These are really easy ways for companies to create value for employees via 401k plans. Why they are so often deficient when it comes to these things, I’m sure I don’t know. Luckily, there is a way you can take greater control over your 401k money (or IRA for that matter) to invest more freely and build wealth. It’s called a self-directed retirement account. This week, I chat with Dmitriy Fomichenko, a financial planner who specializes in using self-directed retirement accounts “with checkbook control” to beef up your investing and retirement planning strategy. What you’ll learn:
Check it out here: https://hackyourwealth.com/self-directed-retirement-account-401k-IRA Are you satisfied with your 401k? Why or why not? Does a self-directed account sound appealing? Why or why not? Let me know by leaving a comment when you’re done. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| College financial aid tips and strategies, with Ann Garcia | 20 Oct 2020 | 01:20:14 | |
#53: No matter how you cut it, the cost of college these days is pretty crushing. And getting into your top choice college is well and good and all, but it doesn’t matter much unless you can afford to attend! How can parents and families afford college (potentially for multiple kids) without ravaging their retirement savings? This week, I invited my friend Ann Garcia, aka the “College Financial Lady,” back to the podcast to explain the intricacies of how college financial aid works. She shares insights and wisdom on how to plan for the cost of college, the different types of aid available, and strategies for maximizing financial aid. We discuss:
Check it out here: https://hackyourwealth.com/college-financial-aid Has your child (or children) attended college with financial aid? What surprised you about the financial aid process? What do you wish you had known that you know now? What other questions do you have about financial aid? Let me know by leaving a comment when you’re done. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to get into the best colleges in America, with Shirag Shemmassian | 13 Oct 2020 | 00:53:11 | |
#52: The competition for admissions to the most elite colleges in America (think Ivy League, US News top 10) is fiercer than ever. That’s because top colleges provide the best academic opportunities. Resources. Career opportunities. Pathways to elite grad schools. Student and alumni communities (where you’ll forge lifelong connections, friendships, potentially even meet your spouse). Not to mention, you’ll have a powerful brand associated with you for life. How can students and parents without special connections distinguish themselves amidst a sea of qualified applicants? This week, I chat again with my friend Shirag Shemmassian, a college admissions expert who has coached thousands of students to successful admission at elite colleges, about the mindsets and accomplishments you really need to win admission to the most elite colleges. We discuss:
Check it out here: https://hackyourwealth.com/college-admissions Did you attend (or send your kid to) an elite college? What do you think principally contributed to your / their admissions success? What would you have done differently if you could do it over? Let me know by leaving a comment when you’re done. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Estate planning basics: wills, trusts, power of attorney, and probate | 06 Oct 2020 | 01:33:28 | |
#51: Despite the pain (and cost) that not having an estate plan will cause your heirs, fully two-thirds of Americans don’t even have so much as a will if they got hit by a bus. There are many reasons why people fail to create an estate plan. None are good. So for this week’s podcast, I invited Spiro Verras, a Florida estate planning attorney, to share key things you need to know about creating a proper estate plan. We discuss:
Check it out here: https://hackyourwealth.com/estate-planning-basics Do you have a will or trust? What about a medical directive or power of attorney agreement? Have you ever been through the probate process? What was it like for you? Let me know by leaving a comment! Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| Social Security: How it works and optimal claiming strategies | 29 Sep 2020 | 00:59:18 | |
#50: Social Security is crucial to American retirement. 1 in 5 Americans and 1 in 4 families depend on it. That’s 65M people who will collect $1 trillion in Social Security benefits in 2020. I said, $1 trillion. With this massive of an entitlement program, it serves you well to understand how it works in gory detail so you can maximize your benefits. Sound good? (If you’re a youngster, don’t glaze your eyes over…you may think Social Security is not relevant to you anytime soon, but what you do now impacts how much you collect in the future. So listen up – your retired self will thank you….) This week, I invited Jim Blair to come share the goods on how Social Security works. Jim is a Social Security expert who spent 35 years at the Social Security Administration advising on benefits and claims, so he knows a thing or two about it. We discuss:
Check it out here: https://hackyourwealth.com/social-security-podcast Do you factor in future expected Social Security benefits into your retirement planning? Or do you just assume it won’t exist by the time you retire? Do you think it’s better to claim younger or older? Why? Let me know by leaving a comment when you’re done. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to use HSAs to avoid taxes and take charge of your healthcare, with the guy who implemented the HSA law, Roy Ramthun (aka “Mr. HSA”) | 22 Sep 2020 | 01:12:41 | |
#49: The Health Savings Account is an incredible tool to take greater control over your healthcare. It is the most tax-efficient investment account on the planet. So, if you’re eligible for it and not at least considering how to take advantage of it, you’re missing out. In this week’s podcast, I deep dive on HSAs with Roy Ramthun. Roy is a nationally-recognized HSA expert, because he led the Treasury Department’s implementation of HSAs when they were signed into law in 2003, and then he served as a White House healthcare policy advisor. I thought I already knew a lot about HSAs, but I still learned new things from Roy. We discuss:
Do you have an HSA? What kind of health expenses have you been able to save on using an HSA? Any follow up questions for Roy? (He’s offered to help answer them.) Let me know by posting a comment on the show notes page. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How Medicare works: eligibility, enrollment, cost, and coverage options, with Danielle Roberts | 15 Sep 2020 | 01:17:49 | |
#48: Seniors often enter retirement (a) thinking Medicare is free, and (b) not at ALL clear how the details work – rules, restrictions, limitations, costs. But it’s most certainly not free: your portion of costs could be unlimited and bankrupt you. And, like other healthcare matters in the US, “how it works” gets complicated fast! How can seniors (and their loved ones, like you) make sense of it all? This week, I talk with Danielle Kunkle Roberts, a nationally-recognized expert on Medicare insurance, about how to evaluate, navigate, calculate, and decide on the best configuration of Medicare coverage for you and your family. If health insurance “peace of mind” is important to you in your elder years, this is an action-packed episode you do not want to miss. What you’ll learn:
What other questions do you have about Medicare? If you’re looking into Medicare for yourself or a loved one, are you leaning toward original Medicare or Advantage? Why? Let me know by leaving a comment right now. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| 11 Essential Categories of Financial Info For Family Emergency Binders | 08 Sep 2020 | 00:24:40 | |
#47: In this week’s podcast, I explain how to create a family emergency binder using 11 essential categories of info to make it easy for loved ones to understand your finances and figure out what you have, what you owe, and what you’re owed. What you’ll learn:
Do you have a family emergency binder? What other info do you think belongs in it? Let me know by leaving a comment when you’re done. Don’t miss an episode, hit that subscribe button… If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to use whole life insurance to avoid taxes and grow wealth, with Eric Brotman | 01 Sep 2020 | 01:04:19 | |
#46: Most people know what life insurance is. But they tend to think of it as term life: fixed payments for 20-30 years that pay out a death benefit if you die before the term is up (while paying nothing if you outlive it). There’s another type of life insurance called permanent life insurance. It never expires. The most common type is whole life insurance. Whole life insurance can get very complicated, so I invited a financial planning veteran with extensive experience in it (not affiliated with any insurance company) to share insight on how it works. This week, I talk with Eric Brotman, CEO of BFG Financial Advisors, a wealth management consultancy, about the intricacies of whole life insurance: who it’s best suited for, its tax and estate planning benefits, and how to use it for investing purposes. What you’ll learn:
If you have whole life insurance, are you satisfied with it? Why or why not? If you borrow against your life insurance to invest in other assets, what do you invest in? Let me know by leaving a comment. If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How to pay for college | 23 Aug 2022 | 01:15:33 | |
#90: It’s back to school season, and that means it’s also the time of year for high school seniors to start agonizing over college applications.
Check it out here: Have you been through (or will soon go through) the college financial aid process? What’s been the most confusing or frustrating aspect? Let me know by leaving a comment. I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Intro/Outro: Old Bossa by Twin Mus | |||
| How to retire early with kids (and not go broke), with Michael Quan | 25 Aug 2020 | 01:05:28 | |
#45: Early retirement must be executed differently, and very intentionally, with kids. There are no easy, silver-bullet solutions. I think about this topic often. And, ever since my kiddo popped out a few years ago, I’ve made real changes to my financial planning in response – from building larger, stronger passive income streams to doing very detailed financial analysis of kid costs that, in turn, have influenced our planning decisions. This week, I invited to the podcast Michael Quan, an early retiree (now blogger) with 2 kids who founded and ran an IT services company for a decade before selling it (and not for “FU money” btw) and retiring. I ask about Michael’s mindset, actions, and challenges he faced when early retiring with kids. We discuss:
What resonated with you from Michael’s story? What seemed less relevant to your own situation? Let me know by leaving a comment when you’re done. Also: I want to bring on more guests who have FIRE’d with kids. Michael’s is one story, and hopefully you got good nuggets of insight from it, but it’s not the only story. If you know a good potential guest (early retiree family with unique story), tell me about them. I’d love to reach out. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| How personal tragedy motivated this engineer to achieve FI and retire early, with Adam Fortuna | 18 Aug 2020 | 00:38:08 | |
#44: One common trait of ordinary people who accomplish extraordinary things is their ability to turn personal struggle and tragedy into resilient energy channeled toward big goals. And one of the most challenging tragedies ordinary people commonly face is the death of an immediate family member. This week, I talk with Adam Fortuna, an engineer who turned his mother’s untimely death into motivation to achieve financial independence and retire early – which he did at age 36 with a portfolio >$2M. We discuss:
What personal life events motivated YOU to get smart about your finances? How would a windfall impact your retirement plans? Let me know by leaving a comment when you’re done. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||
| What a lifetime of travel taught these early retirees over 3 decades, with Billy & Akaisha Kaderli | 11 Aug 2020 | 01:09:32 | |
#43: People spend way too much time scrutinizing examples of early retirees who just recently FIRE’d and not nearly enough time on early retirees who actually made it through decades of retirement. That’s why there’s a whole cottage industry of blogs and books by recent retirees dispensing advice (and downloadable spreadsheets) on how to save a million bucks, retire to Southeast Asia, and sip mango juice all day and get cheap massages. But there’s nothing to actually scrutinize in these examples because no one really miscalculates their nest egg so badly that they have to go back to work within a few years. We should spend more effort analyzing examples of people who actually successfully STAYED retired for decades. (And I don’t mean folks with $10s of millions.) That’s because the shockingly simple math to get TO early retirement is different from the shockingly un-simple math to get THROUGH early retirement. Yet there are few and far between examples of early retirees who actually made it through decades, weathered all the ups and downs intact, lived a good and fulfilling life, and are still in good physical and financial shape. So you can imagine how excited I was to speak with today’s guests, a senior couple who achieved precisely this. This week, I chat with Billy and Akaisha Kaderli, a husband wife couple who early retired 3 DECADES ago in 1991 and are still going strong. With one full 30-year retirement already behind them and a nest egg that is bigger than ever, Billy and Akaisha have traveled the world across decades, lived a great life, and have tons of stories and advice to share. We discuss:
Does Billy and Akaisha’s story change your view on what it takes to get to FIRE? What it takes to successfully live a good and full retirement life for decades? Does it influence any choices you might make in your retirement planning plans? Let me know by leaving a comment when you’re done. Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode: Intro/Outro: Old Bossa by Twin Musicom. | |||
| How 2 engineers quit their jobs to retire early and travel full-time, with Kristy Shen and Bryce Leung | 04 Aug 2020 | 01:13:07 | |
#42: A big reason why I started HYW was to show how you can “hack systems” in large and small ways – whether related to taxes, travel, real estate, etc – to achieve FI and retire early… …and to continue growing wealth even in retirement. That’s probably why many readers are engineers: you likely know a thing or two about hacking / optimizing systems. That’s also probably why there are many ex-engineers in the FIRE community. Today’s guests, who were engineers before early retiring, were one of the first folks in the FIRE community I started following a few years ago. Their story is about applying simple rules of thumb to saving and investing to build a 7-figure portfolio and retire early, then optimizing your investments efficiently to withdraw safely into perpetuity. We discuss:
Would you travel long-term – potentially forever – in early retirement? Do you agree with Kristy’s and Bryce’s views on homeownership? What are your reactions to their safe withdrawal strategy (yield shield)? Let me know by leaving a comment! Don't miss an episode, hit that subscribe button... If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes! I need your help, please leave a listener review :) If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too! Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom. | |||