Cover image of Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.
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Rank #8 in Investing category

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Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

Updated 22 days ago

Rank #8 in Investing category

Careers
Investing
Read more

Honest and uncensored - this is not your father’s boring finance show. This show brings much needed ACTIONABLE advice to a people who hate being lectured about personal finance from the out-of-touch one percent. Andrew and Matt are relatable, funny, and brash. Their down-to-earth discussions about money are entertaining whether you’re a financial whiz or just starting out. To be a part of the show and get your financial questions answered, send an email to listenmoneymatters@gmail.com.

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Honest and uncensored - this is not your father’s boring finance show. This show brings much needed ACTIONABLE advice to a people who hate being lectured about personal finance from the out-of-touch one percent. Andrew and Matt are relatable, funny, and brash. Their down-to-earth discussions about money are entertaining whether you’re a financial whiz or just starting out. To be a part of the show and get your financial questions answered, send an email to listenmoneymatters@gmail.com.

iTunes Ratings

1584 Ratings
Average Ratings
1269
136
48
46
85

Take a pass

By 14ch14 - May 16 2019
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I've listened to a lot of financial podcasts. This was the 2nd worse I've ever tried. It seems they're unknowledgable and stumbling their way through. I tried to listen to a whole podcast but the F-Bombs caused me to cut it short and delete it. Take a pass. There is way better content out there.

Really Helpful!!!

By NYChusbands - May 04 2019
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I started listening to this podcast at the start of 2019, as I turned 35. It has greatly helped me clean up my finances and get a financial plan in place. My only critique is that I wish these episodes were shorter. I tend to skip through a lot of the episodes to get to the meat of the topic. If these were 20 minutes, I’d be delighted! I don’t have a full hour to dedicate to this and I’d like it to be easier for me to listen by shortening the episodes and removing some of the fluff. Otherwise this is certainly the best personal finance podcast I’ve ever heard.

iTunes Ratings

1584 Ratings
Average Ratings
1269
136
48
46
85

Take a pass

By 14ch14 - May 16 2019
Read more

I've listened to a lot of financial podcasts. This was the 2nd worse I've ever tried. It seems they're unknowledgable and stumbling their way through. I tried to listen to a whole podcast but the F-Bombs caused me to cut it short and delete it. Take a pass. There is way better content out there.

Really Helpful!!!

By NYChusbands - May 04 2019
Read more

I started listening to this podcast at the start of 2019, as I turned 35. It has greatly helped me clean up my finances and get a financial plan in place. My only critique is that I wish these episodes were shorter. I tend to skip through a lot of the episodes to get to the meat of the topic. If these were 20 minutes, I’d be delighted! I don’t have a full hour to dedicate to this and I’d like it to be easier for me to listen by shortening the episodes and removing some of the fluff. Otherwise this is certainly the best personal finance podcast I’ve ever heard.

Cover image of Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

Updated 22 days ago

Rank #8 in Investing category

Read more

Honest and uncensored - this is not your father’s boring finance show. This show brings much needed ACTIONABLE advice to a people who hate being lectured about personal finance from the out-of-touch one percent. Andrew and Matt are relatable, funny, and brash. Their down-to-earth discussions about money are entertaining whether you’re a financial whiz or just starting out. To be a part of the show and get your financial questions answered, send an email to listenmoneymatters@gmail.com.

Rank #1: 5 Questions: Home Equity Loans, Student Loans, and Mortgages

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 Today we’re answering listener questions. Student loans, home equity loans, over paying your mortgage and a day in the life of a data engineer. We love to answer your questions on the podcast. If you are wondering, odds are someone else in the audience would like to know too. 1. I miscalculated and took out too much in student loans. Should I pay it back right away? Yes, pay it back if you don’t need it. Pay off the higher interest rate loan first. 2. Should I take out a home equity loan to pay for roof repairs? Yes, a home equity loan will have a lower interest rate than a personal loan or heaven forbid, putting it on a credit card. 3. Should we use Betterment as a savings account for a down payment, to bulk pay student or car loans, and as a place to keep a 3-6 month emergency fund? If you’re going buy a house in less than five years, no. Yes to the loans again applying the five year rule. Yes to keeping your emergency fund there. 4. How to allocate extra money to mortgage payments versus to a retirement fund or emergency fund? It’s almost never best to over pay the mortgage. It’s better to throw extra at the retirement account. If you do want to pay extra to the mortgage, pay more than once a month to cut down on the interest you pay. 5. What’s a typical day for a data engineer? Data engineer is a niche job so it commands good money. Andrew has an undergrad in info technology. He pulls data from various sources, builds warehouses to store it, and gathers insight from the culled data. He goes to lots of meetings.Show Notes:Betterment: The easy way to invest. Patreon: Help support LMM.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 13 2015
29 mins
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Rank #2: How to Actually Save Thousands on Your Mortgage

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Adam Carroll joins us to discuss how to actually save thousands on your mortgage with home equity lines of credit. When we interviewed Adam for our new Rich Tips series, he mentioned how he is paying off his mortgage years ahead of schedule and saving thousands of dollars in interest. We were intrigued and asked him to join us to explain his strategy in greater detail. What Is A Home Equity Line Of Credit? A home equity line of credit, HELOC, is “An open ended line of credit extended to a homeowner that uses the borrower’s home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion. Interest is charged on a predetermined variable rate, which is usually based on prevailing prime rates.” Most institutions will lend up to about 90% of loan to value. Strategy Adam has an ingenious use for his HELOC and you can use his strategy too. The HELOC is used as a checking account. All of your income is deposited into it and all of your expenses are paid out of it. Depositing your paycheck into the HELOC acts like a payment so you aren’t adding a monthly payment. The money left over at the end of the month gets sent to the mortgage. What this does is send a massive payment to your mortgage each month. The trick to make this work though is that you have to make more than you spend. Let’s look at an example: You bought a home for $100,000 with a $20,000 down payment. You can immediately take out a HELOC for $10,000. You then put that toward your mortgage. In order for this to work though, you must make more than you spend. You make $5,000, spend $4,000 and have $1,000 left. That $1,000 goes into the HELOC until it’s paid off, so for ten months. Let’s say your interest rate is 5%. So that’s $500 over 12 months, $41.33 the first month in interest but when the income goes in, you’re paying a little less each month because you’re slowly paying the loan down with that $1,000 a month. Rather than taking ten months to pay off, it takes around 7. And because your mortgage went from $80,000 to $70,000, you will pay less interest not just over ten months but over the entire life of the loan. What If You Don’t Own A Home? You can still use a similar strategy if you don’t own a home. You can get a personal line of credit, PLOC. A PLOC is “A loan that you use like a credit card account that you access without using a card. Instead, you write special checks or request a transfer to your checking account by phone or online. You have a credit limit, receive a monthly bill, make at least a minimum payment, pay interest based on your outstanding balance, and possibly pay a fee each time you use the account.  PLOC are unsecured, unlike HELOCs, which are backed by a mortgage on your home. PLOCs are offered by banks and credit unions and usually require that you also have a checking account with the same institution.” PLOCs have their drawbacks. The interest rate is higher than a HELOC and the interest is not tax deductible. But if you have high-interest debt and don’t own a home, they can be beneficial. What Keeps Us In Debt It’s the way we bank and borrow. Taking out a 30 year mortgage is just SOP in the United States. Amortization is the process of paying off a debt, like a mortgage over time with regular payments. An amortization schedule is a table detailing each periodic payment on an that loan. We borrowed $80,000 to buy our home above. With a 30 year mortgage at 3.5%, you will pay $50,000 in interest when it’s all over! Your first mortgage payment will be $359,Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 07 2015
1 hour 9 mins
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Rank #3: Prioritizing Your Financial Plan

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  By now as a long time LMM listener, you have a financial plan.  But do you know how to prioritize it?  We’ll explain how best to get your ducks in a row. Matt and Andrew got into a pillow fight the last time they tried to do a show on this topic this takes two.  The good folks over at LearnVest set out a list of three financial priorities.  Retirement, emergency savings and debt. 1.  Retirement comes first.  Because of inflation, the dollars you have now will be worth less than when you retire so you need to accumulate those dollars now.  Most of us will also not be able to rely on social security or pensions once we stop working.  Pay yourself first whatever that means for you, 401K, Ira, Roth IRA etc. 2.  Emergency Savings.  Have a rainy day fund otherwise, you have to rely on a credit card which may mean racking up lots of interest charges or you’ll draw from your retirement account which means robbing the future you. 3.  Debt.  Debt is an emergency, this is a no-brainer. We have some issues with this list.  If you have debt, that should be higher on the list.  We would put retirement first only so far as you are getting matching funds from your employer. Mortgage and student loan debt with low-interest rates get a bit of a pass on the “debt is an emergency” category.  If your student loan interest rate is high, refinance with a company like Earnest to get the rate reduced. Credit card debt and in some cases, car loan debt, are emergencies and should be dealt with first.  Once you have money going into your matched 401K and your credit cards are paid off, save one and a half to six month’s expenses in a checking account.  Once you reach that you start investing in something like Betterment or Vanguard up to $25,000. Now you can start playing around a bit.  Maybe buy individual stocks you are interested in, emerging markets, Lending Club.  You can also start going after your low interest student loans and mortgage. There was some contentiousness in this episode because some of these rules are so dependent on each person’s situation and various interest rates.  The interest rate drives the urgency. Show Notes Rogue Farms Pumpkin Patch Ale:  The perfect October beer. Village Idiot Punk O’ Lantern:  A local Jersey brew. Betterment: The easy way to invest. Vanguard:  Next level investing. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 12 2014
53 mins
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Rank #4: The 8 Best Vanguard Funds That You Should Buy

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We’re big fans of Vanguard, but admittedly, investing in Vanguard funds is a bit more complicated than using a Robo Advisor.  In this article, we break down what we think of Vanguard’s 8 best funds while balancing both performance and cost. If you’re looking for a deeper dive into our logic as well as some colorful commentary than check out the podcast episode we did on this: Before we jump in, it’s important to mention why we are focusing so heavily on fees here. Due to their exponential nature, fees of just 1% can cause you to lose up to 25% of your earnings. That’s pretty horrendous and often what turns investors on to Vanguard in the first place. I also highly suggest you check the fees on your accounts via the free Personal Capital fee analyzer. In addition to running simulations, the analyzer pinpoints all of the overly fee-hungry funds across your accounts – retirement or otherwise. The difference between an Index Fund (ETF) and a Mutual Fund First, let’s quickly discuss what an Index Fund (ETF) and a Mutual Fund are. Who better to ask then Vanguard themselves? An ETF is a collection (or “basket”) of tens, hundreds, or sometimes thousands of stocks or bonds in a single fund. If you’ve ever owned a mutual fund—particularly an index fund—then owning an ETF will feel familiar because it has the same built-in diversification and low costs. Source: Vanguard A Mutual Fund is very similar to an ETF with one crucial difference: You can set up automatic investments and withdrawals into and out of mutual funds based on your preferences. Source: Vanguard on ETF vs. Mutual Fund In other words, if you want to automate your investing, then you use a Mutual Fund. If you want cheaper fees over time and don’t mind making contributions every month, then you should choose an ETF. I use ETFs because I don’t mind making investments manually and fees are the worst. We often get asked how much you need to invest in Vanguard. If you’re investing in an ETF, then all you need is $1. If you’re investing in a Vanguard Mutual Fund, then the minimum initial investment is between $1,000 and $3,000. Total Stock Market (ETF) – VTI NYSEARCA:VTI | Vanguard | MorningStar | Fee: 0.04% | 5yr Avg: 14.24% This ETF is Vanguard’s flagship fund and in our opinion,Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 25 2014
47 mins
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Rank #5: Being a Successful Penny Stock Trader with Timothy Sykes

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What is a penny stock?  Can they make you rich?  Well, it worked for our guest Timothy Sykes who turned $12,000 into $4.2 million by trading them. Timothy took his bar mitzvah money and started trading penny stocks against his parent’s wishes. What they warned him would be a hard lesson in the value of a dollar, turned into a small fortune. What Is A Penny Stock? Penny stocks are stocks sold by speculative companies for under $5 per share. Penny stocks are usually growing companies that have limited cash and resources or companies in dire financial trouble, often already in bankruptcy. As such, they are much riskier than traditional stocks. You don’t trade penny stocks with the intention of finding the next big thing, rather, you’re trading momentum. If you’re wrong about a pick, get out fast. This is not a buy and hold discipline. When a “conventional” stock is down, over time, it’s likely to bounce back. That’s not the case with penny stocks. The companies often go out of business before a bounce back can happen. Short Selling You can make money betting against a company too. You take a negative position and sell first, then buy. If you see a stock that you think is over valued at $10 a share, you sell it and buy it back later at $2 a share. How do you sell a stock you don’t own? You borrow from your broker. You’re betting on failure. What Makes A Penny Stock Risky? This all sounds good, take a small amount of money and turn it into millions through penny stocks. But nothing is that easy and the vast majority of penny stock traders lose money. There isn’t much publicly available information on these companies and some of what you can find is from dodgy sources. Never risk disaster, don’t be sure of anything. Some of the companies are very young so there isn’t much information to be had. Many are in bankruptcy making it hard to find a fair valuation. The exchanges that these stocks are sold on do not have any minimum requirements to remain on the exchange. Because these stocks don’t have a lot of liquidity, you might not be able to sell them. More Is Not Always Better If you have $1000 to buy Apple stock with, that won’t get you much, currently less than ten shares. But if something is selling for .50 a share, you can snap up 2000. It seems more likely that your .50 cent stock will rise to $1 a share and you’ll double your money. But you have to consider the value, not just the price. The value is what someone else is willing to pay for something. In this case, part of the value of the stock is the value of the company. And a company selling shares so cheaply, is not doing well. It’s better to own part of a company that is making money than losing it. Do Your Research This kind of trading takes a lot of research. Timothy spends about 17 hours a day doing this. And as mentioned above, it isn’t easy because there sometimes isn’t much information to be had and what you find might not be accurate. Look for momentum, look for warning signs. Yahoo Finance is a good resource. The SEC website also contains a search engine where you can find all official filings made by a penny stock or any notices about an enforcement action from the SEC directed at any particular penny stock. You can use the lack of coverage for penny stocks to your advantage. CNBC and the Wall Street Journal aren’t following them. But you are and if you see some momentum, the company just got a big order for example, there is a lag between the time you see it and the time more casual observers see it. General Rules Look for big movers based on a big earnings win or a big contract win. Look for signs of economic value gains.Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 25 2015
42 mins
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Rank #6: When To Invest and When to Just Save

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At LMM we bang the drum loudly in favor of investing over saving. But are there times when it’s better to just save? We’ll find out today. We’ve gotten a lot of questions about when to invest and when to just save so we thought we would dedicate a whole show to the subject for you. One of the good things about Betterment, and why we encourage you to keep your emergency fund there is that there is no penalty for taking money out and you can have it quickly, within a few days. But an emergency fund is for emergencies.  If you’re constantly pulling money out, that’s a problem.  If your time frame of needing to access money is less than a year, that money should be kept in a savings or checking account. The Rule of 72 is a way to determine how long it will take to double your investment.  With a 7% return rate, it will take about ten years to double your money. What do you need to buy soon?  A car in two months, a house in two years?  If you need the money in that time frame, you’re better off just saving it. Unless, you have some flexibility in that time line.  The more fixed your time line, the greater the risk.  Your hard date could be the day the market crashes. If you have a big, non-monthly expense coming up, like paying for your semester, it’s not a good time to invest or even to pay down existing debt.  Outside of this scenario, paying debt almost always comes first. If you’re in a grey area, something low risk like Treasury Bonds are an option.  There is no one answer.  The decision to invest or save is based on your risk tolerance, your time frame, and a host of other factors. Show Notes Penn Dark:  A European style dark lager. Betterment:  The easy way to invest. College Info Geek:  How to save on textbooks.Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 18 2015
36 mins
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Rank #7: Stop Living Paycheck to Paycheck

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Your paycheck gets deposited, groceries purchased, bills paid, and then you’re broke again until the next payday. That is the story for almost half of American households, and the vicious cycle is hard to break. It won’t be easy, but you can stop living paycheck to paycheck. An NYU study found that about 70 million Americans live in “wealthy hand-to-mouth” households. These are families that own assets like homes, retirement accounts, college funds and cars but yet still live paycheck to paycheck. They spend almost every dollar of their annual income to keep up their lifestyle and pay all the bills. Why is it happening? If you want to stop living paycheck to paycheck, you need to find the root of the problem. It is probably very simple – you are spending more than you earn. You may not throw your money away on extravagant things, but you are still living above your means. It’s time to consider making some lifestyle changes. Start by making a list of necessary and optional expenses see where you can save. If your spending is already very low, ask yourself what you need to survive and reframe your lifestyle choices. That can mean moving to a cheaper apartment, stop eating out,  taking the bus to work, making lunch at home, getting rid of the gym membership or get your bills lowered. There are many people who people survive on very little – look at Mr. Money Mustache. Take a hard look at the choices you have been making and create a budget that will give you the flexibility to save, even if it’s just $50 a month. You can build wealth one dollar at a time. Prosperity Mindset The mind is a powerful thing. To make real changes in our lives, we need to create a positive shift in our thinking. I’m not talking about The Secret “think it and it shall happen” b******t. Well, maybe a little. Having a bigger vision for what you believe is possible for yourself is the first step to getting there. There is truth in the law of attraction. If you feel that you will never be financially stable or you’ll never get out of debt you most likely won’t. That negativity is reinforcing your limitations. Take full responsibility for your financial circumstances. Your willingness to change it is a key factor in your ability to make better financial decisions. Remember, prosperity is not about having a big house or ton of money. It is about being happy and living comfortably, and the way to get there is with a positive attitude and motivation. Breaking the Cycle Think for a moment on what you’ll gain from breaking the cycle. How will it feel to have extra money at the end of the month? Once you start having money left at the end of every pay cycle, you’ll begin to feel a little freer. Having financial breathing room will significantly reduce your stress.  Give yourself a pay cut. Living slightly below your means will help you stashing away some savings every month to grown an emergency fund. Try to pretend you earn less than you do. Start a crash savings program and do it in a short period like one to two months. Try saving 5-10% of your paycheck. Set up an automatic transfer to your account so it is easier to stick with it. Roughing it for a short period is all you need to get out of the cycle. Once you see that it is doable, it will be much easier to stay on course. If cutting expenses aren’t enough, then you need to build more income. Having an additional stream will make a huge difference even if it’s only $100 extra a month.  It doesn’t necessarily have to be another job. If you have a few extra hours a week,Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 01 2016
43 mins
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Rank #8: How To Retire Early with Mr. Money Mustache

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Do you dream of retiring early? We interview the expert in early retirement, Mr Money Mustache. We must learn his ways. A Crisis Mr Money Mustache didn’t retire because he was making so much money from his blog. He had actually been retired for six years before he started writing. The blog was born when he looked around at his friends who had good jobs but were still living pay check to paycheck. They bought into what has long been sold as the American Dream; go to college, get a job, buy a house, fill that house with as much stuff as it can hold (and when it can’t hold anymore, rent a storage unit), have some kids, and get stuck in an unfulfilling job, dreaming of freedom that will always be out of reach. Retire, maybe at 65 if you’re lucky, and live out your days, just kind of existing, hoping your money will outlast you. The best years of your life long past. But what if you could be retired by thirty? Why is not spending so hard? It’s largely cultural. We believe it’s normal to borrow money for a car, to consider shopping a hobby, to order takeout every single day for lunch at work. We think it’s normal because that’s all we see. There aren’t any frugal people represented in the media unless you count those coupon shows but those people aren’t the norm any more than a Kardashian is a norm. But just because everyone is doing it, doesn’t mean it’s the right thing to do or that you have to do it too. MMM started the blog out of frustration, he wanted to show them, and now us, that they could do what he did. And an empire started. So What’s The One Simple Trick? MMM doesn’t have some magical secret. The first and most important step is to keep spending low. Really low. MMM spends 50-75% less than his peers. He was saving about half of his income. He has shown that if you can save 50% of your take home pay starting at age 20 (a time when you probably aren’t making much, so this isn’t about having a big six figure salary), you could retire before you turn 40. It sounds impossible. Save half your income? You can. Name a category and you are spending too much on it. Your housing costs alone would probably go a long way to getting you to that 50% savings. Here’s why; the average house size in the 1950’s was 983 square feet. The average household size was 3.37 people. In the 2000’s, the average house size was 2,300 square feet while the average household size was 2.63 people. Do you see the odd inverse? We are buying bigger homes to house fewer people! Cars are another biggy. It certainly is a convenience to have two cars if there are two adults in the household but is it absolutely necessary? What if one of the cars were totaled and no replacement was available for a week? Would one of you just stay home from work or would you figure out a solution? Like many things in life, if you had to do it, you would find a way. Saving this way goes against societal norms for sure. If you’re saving this much, you aren’t living in a 3000 square foot McMansion, you aren’t driving a brand new car, and you aren’t eating only the most expensive, hand harvested, organic quinoa from Whole Foods. You are living in an affordable home, near your place of work. Because you’re so near to work, you don’t have a car at all. You bike or use public transit if you’re lucky enough to have it. Real Happiness But how will you be happy if you aren’t always buying stuff? Because stuff does not make us happy. It’s true. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 08 2014
55 mins
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Rank #9: The Personal Finance Blueprint 2.0

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The Personal Finance Blueprint 2.0 will show you how to build a strong financial foundation and show you when and where to start with investing.Show Notes Freddie Murkury IPA Mikkeller Brewing San DiegoLeftover - Matts new home brewBetterment Smart SaverSimple Bank- No ATM fees hereLearn more about your ad choices. Visit megaphone.fm/adchoices

Nov 05 2018
1 hour
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Rank #10: The Real Difference Between a Rich Mindset vs. a Poor Mindset

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Maybe you are rich. Maybe you are poor. Maybe you have experienced being both at some point in your life. If you haven’t figured it out yet, being rich isn’t all about money. It’s about well-being, abundance, having time, success, and the right mindset. There are definitely social issues that contribute to poverty, however, rich vs poor mindsets can also drive wealth and success. There are many poor people with a rich mindset, financially poor due to circumstance. And there are many trust fund babies with a poor mindset.Full Article HereShow Notes:Order of Man PodcastMenfluential Conference The Dip By Seth GodinLearn more about your ad choices. Visit megaphone.fm/adchoices

Mar 26 2018
1 hour 18 mins
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Rank #11: Finding Cheap Flights with Nathaniel Boyle

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Wish you could travel more but think it’s too expensive?  Nathaniel Boyle has devoted his life to travel and will school us on finding cheap flights. There are so many air travel booking sites now, Expedia, Travelocity, Hipmunk however the prices are all about the same.  Nathaniel recommends booking directly through the airlines.  It’s often cheaper and can offer more protection than booking through a third party. It’s much easier if you need to make a change to your itinerary and some low cost carriers like Southwest only offer direct sale. The most important thing when buying a cheap ticket is time.  When you buy your ticket, the time of year you’re planning to travel, and the days of the week you choose to fly on.  The best time to buy is on a Tuesday or Wednesday.  Those are also the best days to fly. Off season will always be cheaper. Orlando over a holiday will always be expensive. Flying to Europe in March is cheaper than flying in July. Nathaniel uses Kayak as a baseline to see what they’re selling it for and then play around to see what you can do to get a lower prices than that.  But don’t over think it.  If you see what looks to you like a great deal, jump on it. Rome2Rio is another great resource.  It tells you how to get from point A to point B for the least amount of money via air or ground travel.  SkyScanner and Google Flights with give good over views of pricing.  The travel time may be longer but if you don’t mind connections, they can save lots of money. If the thought of pulling the trigger on the ticket makes you sweat, check out Flyr.  It tells you the likelihood that your flight price will go up and down.  Data nerds like Andrew love this site. I’ve actually listened to Nathaniel’s show from day one and it’s great.  He has excellent tips and terrific guests. Check him out. If you are looking for some more great tips on the best time to book your next vacation check this out! Show Notes Ommegang Valar Morghulis:  A Game of Thrones inspired beer. LMM Financial Rant Hotline:  Call 856-818-3738 and leave us your money rant. The Daily Travel Podcast: Nathaniel’s daily podcast devoted to all things travel. Airfare Watchdog Alerts:  See when your preferred flight changes price. The Flight Deal:  A site that posts crazy low airfares daily.       Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 20 2014
54 mins
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Rank #12: 5 Questions: Roth IRA's, Investing 10K, and Using Acorns

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Competition is heating up among the Robo-Advisors. We get a lot of emails asking which is better: Acorns vs. Betterment vs. Wealthfront so we broke down each of the services to see who deserves your investment. The whole point of going with a Robo-Advisor is the ease of use. Based on the research, it’s highly unlikely you’ll outperform the market on your own. Better yet, if you tried to do it on your own, it would be much more expensive. For someone just looking to invest with the right service, it’s getting harder and harder to tell where you should put your money. Before we get started, I also wrote an incredibly in-depth Betterment Review, an equally detailed Wealthfront Review as well as interviewed the Acorns founders so if you’re looking to go even deeper check those out. In this article, I’ll be focusing more on the nuances of each service than the nitty-gritty features and how they work. Let the Robo-Advisor battle begin!   A Birds Eye View Every good investment comparison needs a sexy chart breaking down the differences. I’m not one to leave you wanting so bask in its glory:           Promotions Students Invest For Free Up to 6 Months Free Invest $15,000 Free   Management Fees 0.25% a year 0.25% – 0.5% a year 0% – 0.25% a year   Minimum Deposit None None None   Automatic Rebalancing Yes Yes Yes   Tax Loss Harvesting No Yes Yes   Assets Under Management $73.6 Million $5 Billion $3.5 Billion   iOS App Yes Yes Yes   Android App Yes Yes Yes   Taxable Accounts Yes Yes Yes   IRAs Yes Yes Yes           On paper they’re very comparable but as you know, the magic is in the details. In order to objectively compare Acorns vs Betterment vs Wealthfront I’ve come up with three main rounds the services will battle in to win your investment.  Round 1: Ease of Use and Sex Appeal Acorns has a beautiful app and a beautiful website. It’s one of the best-designed apps on my phone by a long shot. I’m of course not the only one to notice this – they’ve won some design award every year since they opened their doors.  That’s sexy investing, am I right or am I right? This Round was just going to be called Ease of Use, but Acorns elevated it to Sex Appeal. I’m willing to bet this is the biggest way they get people to try them out. Sexy screenshots. That can also be a downside though. We’re about investing for the long-term here so if you need to keep opening your app just to see the pretty colors; you’ll also see daily fluctuations and go slowly insane.Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 02 2014
36 mins
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Rank #13: How To Use a Credit Card Like A Responsible Adult

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Used properly, a credit card can have all sorts of benefits. Used improperly, it can drag you into bankruptcy.  A credit card can be a blessing or a curse. Some people refuse even to touch one. But if you know how to use one, it is a tool like anything else. Full Article HereShow NotesTallgrass Brewing Buffalo Sweat:  A sweet, oatmeal cream stout.Credit Karma:  Get your credit score for free.Extra Pack of Peanuts:  Learn how to churn airline miles.LMM How to Improve Your Credit Score:  Hacks to boost your score fast.LMM Best Travel Cards: If you want free flights and hotels, these are the best cards.Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 13 2015
53 mins
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Rank #14: The Hidden Costs of Buying a House

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If you’re sick of renting, you might be considering a home purchase. After all, mortgages tend to be cheaper than paying rent — so why doesn’t everyone just stop renting and buy a home? The truth is that buying a house isn’t just a matter of paying the mortgage every month. There are all kinds of hidden costs of buying a home. Today we’ll help you sort them all out. One of the top draws to homeownership, among many, is the fact that mortgage payments are often much less expensive than rent. However, just because a mortgage payment is less than your current rent does not necessarily mean that buying a home would be cheaper. There are numerous costs to consider when deciding to buy a new home. Loan origination fee To start, there will be a loan origination fee whenever you take out a mortgage. This is what you pay the lender for doing the work involved with making the loan. Because this fee can be a large one and it is required to be paid upfront to your lender, it’s important that you figure this origination fee into your total cost calculations. Although the exact amount you pay can vary based on the amount of your mortgage loan and the specific lender with which you work, you can expect to pay between .5 percent and 1 percent of the total value of your mortgage to cover this fee. Working with a real estate agent If you choose to consult a real estate agent, you’ll have to pay that person’s fee, as well. Not all agents have your best interests at heart — the more you pay for your home, the bigger their fee. Hiring a real estate agent is not the right choice for everyone, and you should consider your specific circumstances before moving forward. If you want to minimize your home buying costs as much as possible, and you feel confident in your ability to navigate the real estate market in which you’d like to buy, you may be just fine without an agent. On the other hand, if you are not well versed in buying real estate and you are feeling a little overwhelmed by the process, it can be well worth it to work with an agent. The amount you will have to pay toward a real estate agent’s fee can be tough to calculate. In most cases, the home’s seller is on the hook to pay the fee of both his or her agent and the agent of the buyer. You will still see this fee, although it will likely be absorbed into the listing price of the home. While you won’t be able to avoid the ultimate cost, you can make sure that you get your money’s worth by working with a reputable agent. Be sure to ask for references, read reviews online and check any relevant credentials of an agent before you hire someone. Insurance fees Another one of the commonly overlooked costs associated with homeownership comes in the form of insurance fees. Renters insurance is a relatively inexpensive form of coverage that you might not even need to cover, depending on where you live.  When you purchase a home, however, you sign up for several new insurance requirements.  You will be buying lots of different kinds of insurance, including title insurance, homeowners’ insurance and (possibly) additional flood insurance. None of them are break-the-bank expensive, but they can add up in the long run. Homeowners’ insurance may cost you upwards of $1,000 annually, although this amount can be much more depending on the extent of your coverage and where you purchase your home.  As we mentioned above, you may have to spring for additional insurance coverage if you live in a flood or natural disast...Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 16 2015
45 mins
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Rank #15: Types of Budgets: What Is Your Budgeting Style?

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Budgeting sucks. No one really wants to do it. It’s hard to stick with, it’s a chore to review it every month and it makes you feel like crap when you spend way too much on lattes. But, you’re an adult so you need to do it. There are a few types of budgets, which one is right for you? We’re getting back to basics of budgeting. Both Thomas and Andrew have been off the rails with their own budgets so get ready for some confessions. They will discuss different types of budgets, how they work and which ones are the least painful. Reverse Budgeting This budgeting method focuses on savings goals. Instead of setting up budget categories to look at your spending, create savings goals and whatever is left you have to spend. Start allocating money at the top of your priority list and work your way down. Pay yourself first. Retirement, savings, and emergency fund are put aside first. Next are fixed expenses such as mortgage/rent, utilities, car payment, etc. Third are non-fixed expenses. Anything that can fluctuate from month to month, such as groceries and gas. After that comes debt payments. Anything that is left over can be used for fun stuff like eating out, travel, fancy coffee or whatever else you like to treat yourself with. Balanced Money Formula You may have heard the balanced money formula also called the 50-30-20 rule. It’s a budget framework outlined by Elizabeth Warren and Amelia Warren in their book All Your Worth: The Ultimate Lifetime Money Plan. It is a very simple type of budgets. Fifty percent of your take-home pay goes towards fixed expenses and necessities like food, housing, utilities and ideally all this should be should be kept at 35%. Thirty percent of your take-home can be spent on wants like eating out, treating yourself to a new dress, electronics, etc. The last twenty percent goes right into retirement accounts, savings and emergency funds. The Envelope System Ah, the good old envelope system. This was a great way to keep your budget and savings goals in check before budget management tools were created, This method may seem is old-fashioned, but it’s great for those who are you are just starting out on their financial journey. Also for people who need to whip their financial ass back into shape. This is a cash budget method so you won’t need to check credit card balances to see how much you spend. Start by looking at what your monthly cash flow is and what you have been spending in different categories. Once you know those numbers, get our your envelopes allocated your expenses. Every dollar has a name and a job. $200 for groceries, $75 for gas, $150 phone, etc. By giving yourself a set amount of money in your envelope to use towards a specific category, it will help you control your spending. When there is no more money in the envelope, you can not spend any more in that category. If you absolutely need more money, cut from another category to cover the access. Budget Management Tools Personal Capital – This is the Mint.com for investors. They will track your investments, analyze your investments and suggest ways to improve things like your 401k allocation. I use this as a tool to monitor my diversification and risk levels. This is for more advanced investors. Mint – Create budgets that make sense today and set you up for success tomorrow. Receive alerts for unusual account charges, and get custom tips for reducing fees and saving money. We also wrote a book to help you get started called Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 05 2016
55 mins
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Rank #16: Travel Across America for Free with Rob Greenfield

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Rob Greenfield is an adventurer and environmentalist who’s mission is to teach people to be happier with less and to make yourself and the earth happier. Rob recently biked from Madison, Wisconsin to New York City with no money.  His journey really started three years ago when he started to notice the impact his actions had on the world around him.  He started educating himself and learned he was unknowingly creating a lot of destruction.  But it didn’t have to be that way. Money can be used for good or evil.  But it takes more time to do good than to throw money at a problem and that’s what many of us do.  America has 2% of the world’s population and consumes 25% of it’s resources. You can’t change this overnight but you can take small steps every day.  Rob made a list of things he wanted to change.  Only shopping with reusable bags, buying locally rather than at a big box store.  Rob started easy but as he progressed, the bigger changes didn’t seem that hard. Yes, Rob is a dumpster diver. He set two rules for himself, he could only eat locally grown food or food that was going to go to waste.  And the waste food goes into dumpsters.  Two thirds of his diet came from dumpsters during the trip.  He never went hungry.  One day he drank $100 worth of unopened, not expired juice from Whole Foods. Because such a large portion of our tax dollars goes to war, Rob advocates living a more “moneyless life.”  Enjoy the things in life that are free, nature (for now), friends, family.  Ride a bike rather than drive a car. Rob indeed walks the walk.  His next project is building an tiny house from trash.  We’ll have to introduce him to Ethan Waldman!  Show Notes Rob Greenfield:  Rob’s blog about making yourself and the earth a happier through minimalism and sustainability. Tethered:  Rob’s upcoming show on Discovery.   Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17 2014
40 mins
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Rank #17: How to Make Passive Income a Reality

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There is a lot of chatter in the personal finance world about passive income, why you need it and how great it is. But what is it and why is it such a topic of conversation? Passive income is money that you earn without doing much to make it. Some passive income ideas take a degree of upfront work to earn, like writing an e-book and some don't take any effort at all, such as investing with a robo advisor. Today we talk about what exactly passive income is and understanding the non-passive nature of building it.Full Article HereShow Notes:Seated:  You nee to use Seated to book restaurant reservations. Every time you complete a reservation, you get a gift code for up to 25% of your bill that you can use at Amazon, Uber, or Starbucks. The rewards are available within 24 hours of your completed reservation. Laura and I almost exclusively eat out with Seated because it saves us so much.Paribus: Receiving refund checks are our favorite past-time. As it turns out, stores owe you money but they don’t pay if you don’t ask. That’s where Paribus comes in – they go to bat for you. Price drop? Get cash back for the difference. Deliveries arrive later than advertised? Get cash back.Fundrise: Did you know that investors with 20% allocated to real estate outperform those who only invest in stocks and bonds? Diversify without the dramatics of actual tenants. The minimum investment is $500.Lending Club: The banks had a monopoly on personal loans until Lending Club came along. Now you can get a loan sourced from normal people. Reduce the cost of your debt and refinance. Lending Club has competitive rates and borrower benefits.Drop: Earn cash rewards from your favorite brands. Drop is the free app that's giving out millions in cash rewards for the spending you do everyday. BizBuySell: BizBuySell is the Internet's largest and most heavily trafficked business for sale marketplace, with more business for sale listings, more unique users, and more search activity than any other service. BizBuySell also has one of the largest databases of sale comparables for recently sold businesses and one of the industry's leading franchise directories. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 29 2018
52 mins
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Rank #18: 5 Questions: Frugality, IRAs and Saving in College

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We get a lot of great questions from listeners and readers. And if one of you asks a question, dozens of other people have the same question. In order to reach you all, we like to do five questions episodes. So here they are, five awesome questions from you! Is there such a thing as being too frugal, Betterment or Vanguard, how can you save money in college, what should you do with an IRA, where should your emergency fund live? We’re going to find out. Full Article HereShow NotesTool Box: All the best stuff to manage your money.Simple Wealth: Research and evaluate rental properties.Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 06 2017
54 mins
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Rank #19: Investing Is Not Hard And Anyone Can do It

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Many people are afraid to get started investing. Some are scared to lose money, feel they don't have enough money or it can be due to lack of personal finance knowledge. Investing is not hard and anyone can do it. You can start investing with any amount money and the earlier you start, the better. We'll explain the fundamental concepts, lingo, types of investments and the basics of how to start investing. You got this!Full Article HereShow NotesAn Mas Chili Jesus: 12% ABV, what else do you need to know?Krane Financial Solutions: Justin's fee only investing firm.JKrane.com:Justin teaches business owners how to be smart with their money so they can fund personal goals.Simple Wealth: Research and evaluate rental properties.Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 24 2017
1 hour 12 mins
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Rank #20: It’s About Time You Stop Wasting Money

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All of us have spending leaks, money we spend that we shouldn’t. We’re getting back to basics. While you were all busy investing in real estate and monitoring your portfolios, you’ve been steadily wasting money. We’re all guilty of it, but from time to time we need to go back to personal finance 101 and take a hard look at how much we are spending day to day. Stop wasting money already!  And remember what gets measured gets managed.Full Article HereShow NotesCascade Kriek Ale:A sour ale from Cascade Brewing.LMM Pro:Research, evaluate, and track rental property.Toolbox:All the best stuff we use to manage our money.Community: Join the conversation.Learn more about your ad choices. Visit megaphone.fm/adchoices

May 15 2017
51 mins
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