Some financial pillars are earning, spending, investing, saving and donating. Why should we donate or give to charities? Lauren Powell jobs gave $100 million to revamp education. Mackenzie Bezos gave $4 billion in the last few months to food banks and emergency relief. Bill Gates and Warren Buffett have given billions to change the world. Willard Marriott and John Huntsman Sr. gave consistently millions of dollars every year to lift others. Should you give? Yes. And often. And until it hurts.
In today's podcast I talk about four lessons for debt free prosperity. Learn about the four t's: trimming, tracking training and targeting. The lessons come from a remarkable short book. The best way to become financially independent is to daily track your expenses know what your goals are, and constantly trim your expenses while you gain more financial intelligence.
There are a number of books out there about Warren buffett. Today I'll cover what I've learned from a few of my favorite books about Warren Buffett. What role does emotion play in investing? What's the difference between price and value? Should you buy a company because you want the stock to go up or because you like the company? How much cash does Warren Buffett keep on hand in case of an emergency? Should you buy a business with major problems?
Best Books For Growing Wealth & Businesses 1. Your Money or Your Life
2. Warren Buffett Speaks
3. The Behavior Gap
4. Rich Dad Poor Dad
5. Total Money Makeover
6. The Recovering Spender
7. The Richest Man In Babylon
8. Think and Grow Rich
9. Cash Flow Quadrant
10. The One Page Financial Plan
11. The 4 Hour Work Week
12. Security Analysis
13. Common Stocks and Uncommon Profits
14. The $100 Startup
15. Warren Buffett Wealth
16. One Minute Millionaire
17. Millionaire Mind
18. The 7 Day Startup
19. The 5 Lessons A Millionaire Taught Me
20. Killing Sacred Cows
21. All The Money In The World
22. Meet The Frugal Woods
24. Any Jane Bryant Quinn books
In this episode we talk about when a medical procedure may be negotiated, how to negotiate for the best deals with cash or an insurance, as well as how to find the perfect make and model of car that you want. Also discover the pertinent questions for a refinance or purchase for your home.
A new multi-millionaire told me she discovered money isn't a curse to be handled but rather a great gift to bless others. She no longer thinks of riches and spirituality as incompatible and mutually exclusive but rather as a unified inclusive whole. Her money lifts others up. It's a resource to rescue and redeem.
In today's episode I discuss about 50 things that are no longer important to me. Because of the book The 100 Thing Challenge, I've decided to focus on what matters most by stripping away the extraneous things.
Young Warren Buffett invested in pinball machines! And then he went on to invest in land. It wasn't until much later that he was investing in stocks and businesses. Young Larry H. Miller invested in car dealerships, restaurants, and movie theaters. His 27 million dollar investment in the Utah jazz turned into a 1.6 billion return 30 years later. In today's episode learn lessons from these masters of finance.
Whether it's Covid-19, loss of a job, health issues or a myriad of other challenges, preparation and trust in God are two foundational principles that yield huge results. In today's episode learn what my family has done and will do to best prepare for Covid-19 and other difficulties.
What's the difference between Kairos and Chronos? Would you rather have more and more fields or herds and flocks? What kind of results do you get when you invest in an employee? Should you collaborate with your spouse before or after purchases? In today's episode learn the difference between Kairos and Chronos, investing in investments or money drains and begin doing the most important things not just doing things right.
The average American household makes about $70,000 per year. Yet this typical family spends $30,000 a year on mortgages and car payments! If you simply spent half of what a typical family does on these two purchases, you would have an extra $15,000 a year to spend on your dreams, values, family, and experiences! Learn how to do just that in today's episode.
Think of your favorite video game, and what comes to mind? Of course you always know the score of your favorite game, you enjoy it and you often like to play it with friends. Furthermore you love to study the game and learn the hacks and the tips so that you can master it. What if you apply the same techniques and tips to your personal finances? Debt destruction can become a game that you absolutely thrill to play!
Tell me what you would spend really good money on in your house? Are there certain things that are worth a really good investment? For me it might start with a Purple bed, or the Bosch dishwasher but it doesn't end there. I'd go on to invest money in a great family picture and shoes that heal my feet naturally.
Do you remember Bernie Madoff? You might remember him as the man who ran a Ponzi scheme back in New York City for decades. He stole money from hundreds of people. Was he successful because he had money, friends, political clout, and influence,? Bernie lacked the biggest asset available! He didn't have the love of God and Mankind. Money without values and morals is like sex without intimacy and love. Or like faith without God.
We may oftentimes get stuck in a perpetual pattern of lowering our cost. But there is something better than continually optimizing and reiterating. Elimination of an expense is the best way to keep expenses low. Sure maximize your favorite things and experiences, but eliminating many of your wants and needs is a sure way to ensure you have plenty of money for the things that you enjoy.
What's your night gig? Can you make38 money in the gig economy? And are you stuck with one customer? One product? Build a backup revenue stream or two with a few of these ideas or some of your own. More money can help you solve most financial problems if combined with money smarts.
The Vietnamese used guerrilla warfare and had massive success against American forces. In finances, using gorilla tactics means increasing your assets with little cost, hacking your way to bargains luxury and comfort.
Maybe it was my time at the landfill with my wife, or maybe it was getting rid of a bunch of furniture and electronics in a couple offices, but I've been thinking a lot about what it the true cost of acquiring, maintaining and disposing of possessions is. Why not rent? Do we have to buy everything? Or anything?
Cheap is dirty, unclean and selfish. Frugal is selfless
Frugal creates value
Cheap exploits people and takes value.
Frugality lifts others, taking advantage of bargains not people
Frugality is abundance, not scarcity.
Frugality may upgrade, beautify or enjoy classic style for many years.
Cheap is miserly.
Frugal is philanthropic, and a humanitarian.
Frugality seeks more for all not less. Its Redemption not just salvation.
Creating more not preserving the status quo.
Stephen St. Amant asks some excellent question about assets: What can you use, rent, or borrow?
Where do you have access?
What can you have if you just ask?
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At times, we have what we need (or we can get it) but we’ve convinced ourselves that a few critical elements are still missing.
But that might not be true. We might have enough. More than enough, even.
So what’s holding you back?
PotatoBois (https://youtu.be/_3moPvU_OMo) is a YouTube channel that my son and 2 of his friends started. It doesn't make a lot of money right now but it's one way he's creating residual income. And would you think the Davis family did when they heard about Tesla offering 4 pieces of stock for every 1 piece of current stock? We talked about it over dinner and decided to invest a little. Family dinner time can be one of the best places to not only learn about investments but to invest in your number one asset and your most enduring asset-your family.
Bargains, bargains, bargains! Melissa wanted a pool table. And so did I. So we set a constraint, we would only spend $50. And I found a way to make a few extra dollars. Then we went to look on the classifieds for a bargain. And that's exactly what we found because we set constraints and earned some extra money.
Jesse over at YNAB taught me some amazing things in his Podcast. I can't recommend it enough. And of course you know I love Dave Ramsey and one of his best resources is Financial Peace University. As Melissa and I attended Financial Peace University, we learned some great basics and built a solid foundation for financial success.
I heard it said that there's something called fuzzy math. There is no such thing as fuzzy math, because if it's fuzzy for you it's very clear for others. And when it comes to being financially independent you must know the math. Just like a sports junkie knows all the statistics for shooting and scoring, you should know the statistics of your expenses, your equity, your income and outgo.
Recently I saw some things on social media that got me thinking a little bit. Dave Ramsey mentioned that your income is your most important financial tool. I immediately questioned this in my mind. No I don't think income our most important tool. Our financial intelligence is even more important than our income, our credit score or our family history or anything else that can happen to us.
Whether you buy mutual funds or start your own business it's imperative to learn how to run a business successfully. I ran into a gentleman who taught me some fine points about running your own business. He not only made money during COVID 19 and before, but he also put together systems that allowed him to be away from his business for 2 months and still have a good return on investment.
I couldn't believe the article I read about lost money in the state of Utah. I checked out the link and found out that I had 300 bucks unclaimed.. And when my wife and I wanted to improve our yard, we thought it would cost about $10,000, but we were pleasantly surprised to pay half that and to do it in cash.
Learn about the kid who has an infinite return on investment with 30 pairs of shoes. And also learn about how to rent more and buy less including boats, ATV's, RV's, movies, and music. And what are some frugal finds on Amazon? Or how about trading in goods on Amazon to cut your future expenses? Have you heard about the idea to improve your furniture with very little cost? And how about getting paid to cut your water bill?
I found MacGyver! Unbeknownst to me I have a friend who can fix pretty much anything! On a recent visit he told me about several fixes he's completed on appliances and furniture throughout his house. Just as impressive is the deals he gets on appliances. He bought a $60 dishwasher that needed a $20 repair. And he scored a $3500 double oven for only $200. Or how about his clothes dryer that he got for 50 bucks? Craig's list, patient searching and a willingness to drive are a few of his secrets.
Henry David Thoreau talked about having tools of tools. By buying one thing we often need to buy another thing and another thing to take care of it. What if you lived simplistically and thankfully? What if you learned to counteract the Diderot Effect: buy a robe and then a chair then a desk and then a table? Getting long lasting and self cleaning and self maintaining items can save you a lot of time and money. Discover some of the best ways to save time and money in this episode
Raising children can be very difficult. That's why Melissa and I decided that we wouldn't enable our children by giving them allowances for chores that are part of the normal expectations of running a household. But we did decide to give them money for reading books that are transformational and powerful. And we felt it a great idea to help them start and improve their own businesses.
I love bargains and I love high quality. But even better than good bargains and good prices is free. I met a gentleman the other day who taught me how to parlay one free car into two free cars. And while he was telling the story he was picking up a free bed. Having good connections and also making sure that you're searching for free items are two wonderful ways to live within a budget and have plenty of extra.
With 6 minutes to live if my kids wanted me to tell them everything I knew about finances this would be it. I would tell them about legacy, and about stewardship and about using money to help others. I'd each them what to work hard for and how to pivot before they nedd to.
Anyone that knows Melissa knows that she knows how to get good deals. So when my wife heard some of our children mentioning how slow our Internet connection was, she didn't just tell them to deal with it, she decided to do some homework. She studied the options of our current Internet provider and found out that their offers to new customers were better than our current offer. She then negotiated with a sales person to get 3 times faster Internet at 10% off of our current cost.
I love Dave Ramsey! My wife Melissa and I have had an opportunity meet him a couple times. He teaches so many good things. We've loved his books his seminars and his recorded teachings. There is one point that I disagree with though. On every purchase whether it be a service or product you and your spouse should ask does the warranty make sense? I don't believe that we should always get a warranty nor should we never get a warranty. Sometimes warranties will save you many dollars in the long run. Look for value in warranties on high cost items. Some of these items include refrigerators, dishwashers, flooring, and other high end electronics.
See what I have been thinking about over the last few weeks. I've come up with a few tips and tricks on how to be more frugal and have more freedom with your finances. In today's episode you'll learn about frugal options for sports and activity, actual cost value versus replacement cost, what dinners at home really save you, and how to turn your children into assets.
When looking to refinance or buy a house you may want to consider not only interest rates and payments but also principle or capital. Additionally your loan officer and where you get the loan from are vital components to make sure you get a good long term deal.
Living within our means is not easy but it's totally possible if we think of the phrase fix it up make it do or do without. It's not OK just to finance when we can't afford something. Resourcefulness and gratitude demands that we find a way to make what we currently have work or do without. We shouldn't be so quick to rush to purchase something brand new so as the fix a problem. Buying new simply adds a payment to the problem and brand new things DO break down and often cost more to fix then used items.
Investors, travel hackers, spiritual gurus, psychologists, family experts, and repair persons are best found through asking wonderful questions. The 6 gurus can help you make more money preserve your money and help you with your emotional and spiritual health.
Are there really people out there trying to take your money? Of course there are. They offer products such as gap in surance, lotteries, low monthly payments, and the offer of more money and less intelligence. In today's episode learn how to be more financially intelligent so your not taken for a ride.
Who's got the best financial ideas? Men? Or women? The answer is.... they come up with better ideas together than separately. Talk daily amongst yourselves to find solutions, to find opportunities and to prevent instead of repent. To prepare instead of repair.
The founder of IDEO, David Kelley, me that the best way to create wealth is to spend wisely. Often we spend money to consume products and experiences. But the best way to use our expenses is to create wealth. So how can we create wealth by spending money? Listen to today's episode.
Have you ever been taken to the cleaners? Paid so much stinkin' money that you're so frustrated that you've overpaid? I have met some people recently that overpaid in a major sort of way. In today's episode learn how to question experts early and often so you can avoid complaining often and loud.
In this episode I share stories from my life about how I have sometimes valued price more so than cost. Cost is figured by the time and emotions and money we give to any item over time; not just at initial purchase. What's more important than being cheap is being frugal: using our time and money to buy high quality items that enhance relationships.
One of my best friends, Mike, shared with me his philosophies about finances. He taught me that there's always a way and everything is negotiable. He shared experiences about graduate students who had options to go on to graduate school and others who didn't have options; they had only an option. How do you negotiate yourself into graduate school with money to boot? Or how do you get shoes at a discount? Learn more in today's episode.
So what does it take to be able to find a remote, high paying job? Might I suggest submitting several applications every month, uploading your resume on 3 to 5 of the top job boards?
You might also want to consider uploading only the best resume showcasing your top talents and who you really are. Usually you can get a high quality resume of yours uploaded on the top sites for free.
Investing is not about luck, timing or magic. It's about buying high quality companies (great leadership and customer centric) for a low to moderate price. Just because a stock is low doesn't mean its bound to increase. Pan Am didn't rebound. Nor did Enron/Circuit City/MCI/Motorolla. Financial Intelligence + patience>lucky guesses.
Bear, White Lightning and Credit were a few of my childhood dogs. I loved their companionship. And their independence.
White Lightning raced our bus in the morning and often won for the first 40 yards or so. I raised Credit for the seeing eye foundation yet he ended up as a bomb sniffer in NYC. He often pulled me down the street when I tried to take him for walks.
So when our children wanted a dog, Melissa and I discussed breeds, temperament, purpose, allergies, cost, longevity, etc.
A Goldendoodle named Lucille (Lucy) was the best fit for our family because we wanted an athletic, smart, healthy, cuddelable puppy.
We also knew we wanted to eventually breed her and so we researched top health certifications and pedigrees to ensure she met every health test.
We paid nearly $1,000 for Lucy.
The result? She's been a delight for our family. She cuddles, and plays and is intelligent.
And when we sold 7 of her puppies we netted over $3,500 after her cost and all other expenses. We even kept one of her puppies, a Double Doodle named Mozzie (Mozart).
When she has more puppies in a few months, we will sell them to wonderful families who want cuddles, love and energy.
Opportunities are everywhere. What will you see?
Research + Discuss + Invest = $
Getting your identity stolen, or having someone steal your credit card information or anything else where they have taken advantage of you financially can be very frustrating. In today's episode I share 3 tips and what my wife and I have used to help halt hackers.
It's easy to pay a few hundred dollars to get your wisdom teeth removed. But have you ever heard someone make a few hundred dollars getting their wisdom teeth removed? That's exactly what happened when my wife decided do her due diligence by finding a deal for my son's wisdom teeth to be removed.
Are the things that you can do each day they will cause peace and contentment for your soul and allow you more joy? What are the things that done daily would cause great happiness in your life? In this episode I share many little things that cost little to no money but bring immense joy.
Have you ever had to deal with collections judgments or liens? Many of us at one time in our life or another have had to deal with collectors. Today's episode goes through some ideas to help you or others struggling with collections, judgments and liens.
What if you and your spouse knew your income, your outgo, your weaknesses, deficiencies, as well as what to do to make more money, spend less money eliminate debt, and decrease expenses? In today's episode we do a complete financial check up to see what you can do to improve your finances.
Arguably one of the top expenses we have in life is healthcare. Preventative medicine, diet's, and surgeries cost thousands and even sometimes tens of thousands of dollars a year. Today I share best practices for sleep and eating to avoid large medical costs.
What if you had a bankruptcy? Or maybe you're just getting credit for the very first time? How about getting your credit score way up so you qualify for home or perhaps get lower interest rates on your insurance or just may be get into an apartment? In today's episode I'll share tips and tricks on how to get a credit score from 450 or 600 points clear up to well over 700 or 800 points. After all there are 3 main ways to increase your credit score and establish a credit score. 1. how many open lines of credit do you have? 2. how much revolving credit do you have? And 3. how quickly do you pay off your debts?
We've all had those really tough times when we were hard pressed to make ends meet. So what can you do to build and have more money? Learn to sell. Just saying it is going to make some people freak out. But selling; truly helping other people is one of the best ways to earn some extra money and build your family finances. In this episode learn how to sell often, to care about people, do research on similar products and to find out what customers want.
When it comes to insurance there's a lot of opinions. Many will tell you to get a high deductible or get rid of your agent, but what really matters most when it comes to insurance? In today's episode learn from nearly a decade of experience in the insurance world working with over 800 people.
7 years ago I bought a pair of shoes for $120. And then a few days ago I bought nearly identical shoes for $75. I checked 4 to 5 stores and spent about 60 minutes to get shoes that will last for several years. In this episode I share some lessons on bargain hunting, involving your spouse, gratitude, and quality goods.
If you've ever read the book The Total Money Make-Over by Dave Ramsey, you will know about the 7 baby steps. When I discovered these steps over 15 years ago, they began to change my financial life. As Dave Ramsey says, financial peace is available if you pay the price now.
My dad used to describe the abundant life as "living high off the hog." No matter your income, there are many ways to get your needs and many of your wants. How? Through using sites and apps offering free goods. Buying at thrift stores and gradually improving your possessions. Time and cash are your friends.
From Florida to Nigeria scammers selfishly lust after your money. Here’s a few signs to know so you’ll be protected from pirates and punks. Beware geography constraints , over-payment and unseen buyers.
A large amount of money can be consumed by fixing others’ problems when we should allow them to fix their own problem. A mechanic misdiagnoses, a home inspector misses a huge issue, a vandal tags your home, or a teacher fails to challenge your child. Let it slide? No. Never. Speak up. Listen and love so the person can fix the problem responsibly. They fix it; not you. It will save you money. But better yet, it will allow them to grow and become better.
What if 30 seconds a day gave you access to your credit score, net worth, budget, and financial warnings? What if you never had bank fees? Find a great credit union/bank with an app designed to give you a snapshot of your Cashflow and net worth. And make sure your bank/credit union abhors fees as much as you do.
Buying apartments at the right time for the right price is a science and an art. And making money monthly as well as when you buy and sell are skills that will pay you well. How can you manage your property instead of having your property manage you? Enjoy!
Bald tires, blown engines, creditors, braces, and dents. When an emergency strikes: slow down, find options, and pay cash. And remember an emergency doesn’t necessitate urgency. Discuss and unitedly proceed with wisdom and options.