The Financial Fitness Handbook: Making Your Money Outlast You

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Once we develop a routine of sitting on the couch, rather than running, or snacking whenever we pass a doughnut box, those patterns always remain inside our heads. By the same rule, though, if we learn to create new neurological routines that overpower those behaviors—if we take control of the habit loop—we can force those bad tendencies into the background,. Second, clearly define the rewards. If you get those elements right, Hopkins promised, it was like magic. Look at Pepsodent: He had identified a cue—tooth film—and a reward—beautiful teeth—that had persuaded millions to start a daily ritual.

Studies of people who have successfully started new exercise routines, for instance, show they are more likely to stick with a workout plan if they choose a specific cue, such as running as soon as they get home from work, and a clear reward, such as a beer or an evening of guilt-free television. This explains why habits are so powerful: They create neurological cravings.

But as we associate cues with certain rewards, a subconscious craving emerges in our brains that starts the habit loop spinning. To understand the power of cravings in creating habits, consider how exercise habits emerge. In researchers at New MexicoStateUniversity wanted to understand why people habitually exercise. What they found was that many of them had started running or lifting weights almost on a whim, or because they suddenly had free time or wanted to deal with unexpected stresses in their lives.

However, the reason they continued—why it became a habit—was because of a specific reward they started to crave. Only when your brain starts expecting the reward—craving the endorphins or sense of accomplishment—will it become automatic. That craving is an essential part of the formula for creating new habits that Claude Hopkins, the Pepsodent ad man, never recognized.

After Pepsodent started dominating the marketplace, researchers at competing companies scrambled to figure out why. What they found was that customers said that if they forgot to use Pepsodent, they realized their mistake because they missed that cool, tingling sensation in their mouths. They expected—they craved—that slight irritation.

Anyone can use this basic formula to create habits of her or his own. Want to exercise more? Choose a cue, such as going to the gym as soon as you wake up, and a reward, such as a smoothie after each workout. Allow yourself to anticipate the reward. Eventually, that craving will make it easier to push through the gym doors every day. In order to change a habit, you must keep the old cue, and deliver the old reward, but insert a new routine. Almost any behavior can be transformed if the cue and reward stay the same.

Small wins are exactly what they sound like, and are part of how keystone habits create widespread changes. A huge body of research has shown that small wins have enormous power, an influence disproportionate to the accomplishments of the victories themselves. It was clear what our values dictated. Not sharing an opportunity to learn is a cardinal sin.

And the best way to strengthen willpower and give students a leg up, studies indicate, is to make it into a habit. A five-year-old who can follow the ball for ten minutes becomes a sixth grader who can start his homework on time. Or angry. We Listen to the customer,. Acknowledge their complaint, Take action by solving the problem, Thank them, and then Explain why the problem occurred. Then we can role-play a little bit. Destructive organizational habits can be found within hundreds of industries and at thousands of firms.

And almost always, they are the products of thoughtlessness, of leaders who avoid thinking about the culture and so let it develop without guidance. There are no organizations without institutional habits. There are only places where they are deliberately designed, and places where they are created without forethought, so they often grow from rivalries or fear. How can an organization implement habits that balance authority and, at the same time, choose a person or goal that rises above everyone else?

How do nurses and doctors share authority while still making it clear who is in charge? How does a subway system avoid becoming bogged down in turf battles while making sure safety is still a priority, even if that means lines of authority must be redrawn? All those leaders seized the possibilities created by a crisis.

During turmoil, organizational habits become malleable enough to both assign responsibility and create a more equitable balance of power.


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Rather, wise executives seek out moments of crisis—or create the perception of crisis—and cultivate the sense that something must change, until everyone is finally ready to overhaul the patterns they live with each day. Pregnant women and new parents, after all, are the holy grail of retail. There is almost no more profitable, product-hungry, price-insensitive group in existence.

A movement starts because of the social habits of friendship and the strong ties between close acquaintances. It grows because of the habits of a community, and the weak ties that hold neighborhoods and clans together. It is just that Angie Bachmann should be held accountable and that Brian Thomas should go free because Thomas never knew the patterns that drove him to kill existed in the first place—much less that he could master them.

Bachmann, on the other hand, was aware of her habits. And once you know a habit exists, you have the responsibility to change it. If she had tried a bit harder, perhaps she could have reined them in. Others have done so, even in the face of greater temptations. As you test four or five different rewards, you can use an old trick to look for patterns: After each activity, jot down on a piece of paper the first three things that come to mind when you get back to your desk. Then, set an alarm on your watch or computer for fifteen minutes.

When it goes off, ask yourself: Do you still feel the urge for that cookie? To re-engineer that formula, we need to begin making choices again. And the easiest way to do this, according to study after study, is to have a plan. You can have unlimited dreams and goals, but not unlimited priorities.

Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy. On the other hand, despite a stated desire for change and the ability to do basic research, Aaron remained stuck behind the wall of fear. He lived a life of quiet desperation, peeking through to the other side but failing to dismantle the bricks. We have big dreams and ideas, but we also have big fears. The quest to overcome fear is lifelong, and almost no one is truly fearless. People will always try to stop you from doing the right thing if it is unconventional.

Gatekeepers are especially effective at telling you which choices you have, thus giving you the illusion of freedom while simultaneously blocking access to what really matters. Why do we do things this way? When the underdog adopts an unconventional strategy and changes the rules of the game, the percentage of victory jumps even further, to 63 percent. In other words, when the underdog deploys an unconventional strategy, the underdog is actually favored to win…. Remember that gatekeepers are all about limiting choices you can have a or b, but not c or d.

The underdog strategy looks for alternatives. Here are some more things that are completely unnecessary for your success:. The gap between ignorance and knowledge is much less than the gap between knowledge and action. Retro Razor signed up for Amazon. Personally, I value learning, but formal education and learning do not always go hand in hand.

If your primary goal is to learn instead of to prepare for a career, you may be better off going it alone. I start with the premise that the function of leadership is to produce more leaders, not more followers. If your actions inspire others to dream more, learn more, do more, and become more, you are a leader. Instead of selling products, you focus on solving problems. I embrace frugality as a personal value, but frugality for me is not about pinching pennies in every part of my budget. The way I approach my discretionary spending is outlined below: 1. I happily exchange money for things I truly value.

All things being equal, I value life experiences more than physical possessions. Investing in others is at least as important as my own long-term savings. Travel is my biggest personal expense, and I regularly spend about 20 percent of my annual income on it. To get serious about saving, focus on increasing income more than cutting expenses. This is because cutting expenses is essentially a scarcity behavior, whereas increasing income is essentially an abundance behavior. Doctors Without Borders: This organization, known around the world by the French name Medecins Sans Frontieres, brings medical teams to war zones, natural disasters, and countries that lack sufficient health care.

Learn more at DoctorsWithout Borders. Some of the experts on these boards are even more experienced than I am, and if you ask nicely, several will offer free advice on your itinerary or travel issue. In addition to dorms, many of the properties offer private rooms with breakfast and Internet access.

These cruises take place twice a year as cruise lines move their ships from the Mediterranean to the United States. When you set out to create something that will outlast you, there are a number of characteristics you need to consider by answering the following questions:.

Create a continual metric for your most important work. Can you get it out some other way? Among other things, the resources page includes:. Just go to ChrisGuillebeau. Real wealth is time. Time to spend with your loved ones. Time to go on a 3 month vacations. Time to give back to those who have less. Forgiveness is the firs step to cleaning out old stuff and making room for new wealth to come pouring in. Forgiveness is a daily cleanser, preparing your spirit for the riches to come. I commit to filling my life with wealth.

I commit to filling my life with happiness. I commit to being bold. I commit to taking positive actions. I commit to a new result. Remember: Buy assets first because they bring you money. Buy liabilities second because they cost you money. What is more important the idea or the execution? The execution! Everybody has ideas. You must do something daily to bring you closer to your goals.

When it comes to weight loss, A lot of your financial problems are caused by one person: you. On average, millionaires invest 20 percent of their household income each year. It all depends on your individual situation. You can find it at www. So they followed patients for fifteen more months. Only two line infections occurred during the entire period. They calculated that, in this one hospital, the checklist had prevented forty-three infections and eight deaths and saved two million dollars in costs.

No, the real lesson is that under conditions of true complexity—where the knowledge required exceeds that of any individual and unpredictability reigns—efforts to dictate every step from the center will fail. People need room to act and adapt. Yet they cannot succeed as isolated individuals, either—that is anarchy.

Instead, they require a seemingly contradictory mix of freedom and expectation—expectation to coordinate, for example, and also to measure progress toward common goals. You must define a clear pause point at which the checklist is supposed to be used unless the moment is obvious, like when a warning light goes on or an engine fails.

But then they stop. They pause to run the checklist and confirm that everything that was supposed to be done was done. When starting a business, you want to find ways to apply your time and money that are scalable and to shift your focus from things with a hard maximum return to things that have the potential to be infinitely scalable.

We are going to deep dive and give you a master class on diversification with Adam Grealish. In the U. This spending problem is leaving too many American households living paycheck to paycheck with close to nothing saved for the future. The savings rate has been falling for most of the past few decades. Annuities are not exactly transparent, and neither are the people selling them. There is so much misleading information out there for Annuities in no small part because the financial incentives for selling them s is very high.

We will take an unbiased look at them. The worst has happened. Whether their fault, your fault or nobodies fault, you lost your job. This is what to do after a job loss so you can stay or get back on your feet quickly. We have all probably suffered a job loss at some point so we know how scary it can be. But there are lots of things you can do to mitigate the damage. We get a lot of questions from listeners, and sometimes they are so good, we want to share them with everyone.

Today we answer five awesome questions from you about LLCs, winning the lottery, budgeting an irregular income, Roth rollovers, and buying quality. There is a lot of misinformation about the 10,hour rule theory of self-improvement, and it turns out now all 10, hours are the same. We delve into the truth behind the 10,hour rule and show you how to become great at anything.

But there are ways around that. None of us likes paying taxes, and everyone agrees that the tax code is too complicated. But taxes are not meant as a show of our civic commitment but as a series of incentives set by the government to encourage citizens to do things that grow the economy. And if you look at things that are deductions, buying a home, having a kid, and starting a business, you can see what the government wants us to do to bolster the economy. These are tax deductions that most people will be eligible for. They know all the secrets and tricks to picking the right stocks and making the right investments.

They know things you will never understand. Andrew did the math. Maybe you are rich. Maybe you are poor. Maybe you have experienced being both at some point in your life. 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. And really, saving money is not nearly as impactful as making more. So whether you want to increase your income to pay off debt, save for a home, take a vacation, or retire early , we have ways to do it.

Here are our favorite money making ideas. The most valuable thing in the world is knowledge. Everything else in our lives, money, health, things, love, they can all come and go. They can all be taken away from us. The one thing that no one can ever take from you once you have acquired it is knowledge. You can lose your money, all of it, and all of the stuff it brought you in an instant and through no fault of your own. But the knowledge you have earned is something that no one and nothing can ever take from you.

Tax-Free Wealth : The book that started Andrew's rental property obsession!

Financial Fitness

The two most expensive things in life are taxes and interest, and we want to avoid both. One of the best ways to avoid taxes is by starting a business. We want to illustrate the massive tax advantages allowed to small businesses and how utilizing these advantages can be as beneficial if not more so as compared to traditional retirement accounts. Also, they can be used in conjunction with retirement accounts for an added big advantage.

Full Article Here Show Notes Disclaimer: We are not tax advisors, and you should consult with one before you start deducting things like crazy and stuff like that - both Thomas and Andrew do. Impending Descent: A bourbon barrel aged Imperial Stout. Gusto: A cloud-based payroll, benefits, and human resource management solution for businesses.

LMM loves listener questions. Today we have five awesome questions from you. Thanks guys, we love reading your questions. You keep asking, and we'll keep answering! Our guest today, Kal Zurn, from Sharper Trades will break down what stock options are, how they work, what they are used for and why you should care. There is nothing more nerve-wracking than a job interview. As we have discussed in our future of work episode, the face of employment is changing. More than ever we need to be able to stand apart from the competition. One important way to do that is to improve your interview skills.

The national debt is big boogeyman during election years but how bad is it really and do you need to worry about it? Today we will have an a political discussion on how the national debt actually works. There are all kinds of doomsday scenarios surrounding what would happen if the US were to default, but the likelihood of that is pretty low.

It could happen but it almost certainly won't. So like Warren Buffett, you can sleep tight and now let the national debt keep you up at night. Because it affects us all, we need to discuss the importance of understanding the US healthcare system. Our guest today is here to explain how consumers can take back some control of healthcare costs.

David Vivero is co-founder and CEO at Amino a healthcare transparency company working to connect everyone to better, more affordable care. When the robots steal our jobs, we will have to have money coming in from somewhere to house and feed ourselves?


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  • One way to do that is through universal basic income. That episode begs the questions, will universal basic income be part of our future? Will free money be the answer to our problem? Today we look at the pros and cons of universal basic income and see how free money will effect out future. The Future of Work is Changing Jan Robots are going to take our jobs. Things are changing faster now than even during the industrial revolution. We have to start planning now because the future of work is changing rapidly. This episode is not meant to scare you.

    Breaking the looms is not a long-term solution. You can DIY a lot of your financial life, but sometimes you need some help. But you only want to choose the best people when it comes to your money. Shannon McLay from Financial Gym is our guest today. Financial Gym provides one on one personal training to help people achieve their financial goals. Financial Gym : Get financial personal training Learn more about your ad choices. Data breaches have been in the news recently, and the headlines are scary.

    Today Farnoosh Torabi joins us to discuss protecting yourself from credit card fraud and identity theft. Most of us spend too much on food. You can still eat well or maybe better than you currently are, and spend less money. Looking for a way to make cheap meals that hit the spot? The shopping trolley is one of the easiest places to cut spending. Here is our ultimate guide to saving money on groceries and making good food on a tight budget.

    Understanding Financial Bubbles Dec Bubbles are nothing new. The first bubble may have happened nearly years ago. Our episode a few weeks back on cryptocurrencies got us thinking about economic bubbles. Woodchuck Cider: An amber cider. Learn how to retire and what to do with your time and money.

    David Stein retired at 46 and had since launched his successful podcast, Money for the Rest of Us. We will explain the BRRR strategy and how cash out deals work. Roofstock: Turn key rental property. Getting Rid of the Victim Mentality Nov Wes shares his story and tells us how getting rid of the victim mentality can bring us greater success. Wes is the founder of A Human Project , an organization that incubates creative, scalable solutions to systemic problems and gathers together the greatest minds to solve global issues in education, health, and society.

    Wes Chapman: Wes's site. 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?

    The Art of Meaningful Conversation Oct Small talk only gets you so far. If you want to improve your career, your relationships, and your life, you have to move past small talk to something deeper. Today we interview two experts on the art of meaningful conversation. Conversate Kickstarter: The campaign is live until November 10, Convers ate 's Website: Check out the details of the game. Money has been around for thousands of years and now there is a new form of money on the scene.

    A cryptocurrency is a form of digital money. It uses cryptography to create secure, digital transactions that are in theory, anonymous. BitCoin was the first cryptocurrency, created in and is the most well-known. But, what even is cryptocurrency? Allison Karrels has been investing in rental properties for several years. She currently owns nine properties so she has a lot of experience. With all the things That could go wrong with rental properties, Allison has only had two major repairs over the years, neither of which were surprises which is pretty amazing.

    She does a lot of research on exactly what she wants. It wasn't always that way. Today she shares her lessons learned investing in rental properties. Stocks and commodities are both traded but that's where the similarities end. Carley Garner, author of Higher Probability Commodity Trading, joins us today to teach us all about commodites; what are they and why are they important.

    Decarley Trading: Carley's brokerage firm. Chris Costello joins us to talk about how to retire happy when you optimize your K account with Blooom. Once upon a time, only people with serious money had access to financial advice but technology has made investing and financial services more democratic and available to a much larger pool of people. Blooom : See how healthy your k is today. Linkedin: Get in touch with Chris Learn more about your ad choices.

    We have covered the problem of student debt many times and we are always trying to find alternative ways to get a good education without being saddled with debt. Full Article Here Show Notes adam ipromise. Instagram: Follow MissionU Learn more about your ad choices. Invest or Pay Off Debt? That is the Question. There are a lot of questions in personal finance but maybe the biggest is invest or pay off debt? That is the question we get at LMM most often.

    There is a lot of emotions involved when it comes to making financial decisions but this framework largely removes emotion. This is straight up what you should do to optimize your finances. So, what should you do first, invest or pay off debt? Today Andrew has done the math. Rental property investing is one of the best ways to earn passive income but you need to understand the potential for failure. There are a lot of rules when it comes to real estate but there are ten that should never be broken. These are 10 real estate investor commandments. Some of our this financial life guests were just getting their financial footing and we got to learn along with them.

    Broc is doing pretty much everything right so his this financial life gives us the chance to learn from him. He and his wife even managed to pay off their mortgage in just five short years! We Need to Break Up. It's so much harder to build wealth and achieve financial independence when you are dragging around debt. If you have high-interest debt, start making a plan today to get it paid off as quickly as you can so you can stop paying debt and start growing your money.

    Dear Debt: Melanie's blog. Here are five awesome questions from you about mortgages, credit cards, and retirement. Your questions about mortgage rates, side hustles, rental properties, and analyzing individual stocks. Simple Wealth: Make your life easier as a real estate investor. The most important thing in real estate is location, location, location. Today we discuss the key factors to finding the perfect rental property neighborhood. Zach Evanish from Roofstock joins us to discuss what factors to consider when choosing a rental property neighborhood.

    Roofstock's Neighborhood Ratings: The five criteria used to measure investment risk against potential return. None of us deserve to be undervalued so we will tell you how to know your worth with Adrian Granzella Larssen. How do you know what your position is worth? Tool Box: All the best stuff we use to manage our money. The U. Financial Diaries with Jonathan Morduch Jul Much has changed for the average American family from a financial standpoint in the last few decades.

    Book Trailer — Financial Fitness for Teens: Take the Mystery out of Money - Life Leadership

    A study is based on families from all across the United States. For one year they gave the authors access to every detail of their financial lives. The families were not among the poorest nor were they among the richest. A quarter was below the poverty line, half were at or making two times the poverty line, and a quarter were above the prior group.

    Today we discuss The U. Financial Diaries with Jonathan Morduch. Financial Diaries: More information about the study, the people involved, and the book. 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! Krane Financial Solutions: Justin's fee only investing firm. When buying investment properties, most people focus on the cash flow. However, there are greater benefits that are sometimes overlooked — rental property depreciation and tax benefits. It can get complicated but we want to lay it all out for you.

    There are certain things that we should splurge on. When we spend more money on things like good food, a good mattress and bedding, and good medical care, we improve all the other aspects of our lives. Spending money to see a functional medicine doctor rather than a pill pushing doctor can preserve your quality of life for decades. When the inputs are quality, the outputs will be quality. Farnoosh: You can find Farnoosh's books and podcast.

    We love the word fuck, so that's what turned our heads when we saw this book. But the key word is subtle. We have to care about some things but we need to be more conscious of who we value and what we care about. We only have so much time and energy. But it's not always obvious what we should give a fuck about.

    You have to figure out who and what matters. We all get to choose what we give a fuck about, and we choose every day whether we realize it our not. You have a finite supply of fucks to give. Don't waste them. Mark Manson: Author, thinker, life enthusiast. LMM Pro: Research and evaluate rental properties. What you need to know when choosing the best rental property management company. Ever dreamed of living in a van down by the river? Our guests actually do. You hear about people who decide one day just to give up the life most of us live to do something different, and today we speak to a couple who did just that.

    Syd and Macky's Website: Follow along on the adventure and find their new Youtube channel. Instagram: Syd and Macky's IG for the hardcore bike fans. We all have preconceived notions around money, many of them unconscious. If we can tease those notions to the forefront, we can conquer them and the behaviors they cause that hold us back financially.

    Break old money habits and change your mindset around money. Today we rewrite your money story with Belinda Rosenblum.

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    Dogfish Head SeaQuench: A sour made with lime and black lime. The Oracle of Omaha is a font of wisdom. He is perhaps the most successful investor in history. So he knows a lot of lessons we can all benefit from. Here are 22 life-changing lessons from Warren Buffett. Whether you want some words of wisdom on investing or how not to be a better person, there are Warren Buffett quotes to guide you. Sometimes we get awesome questions from our listeners and we like to do an episode around them.

    Today we have five awesome questions from you about k loans, side hustles, student loan interest rates, buying a home and early retirement. The future is creeping up on all of us. Some of us put off worrying about money for a long time. But the clock is ticking and you are wasting the most powerful thing in personal finance, the power of compounding interest. The longer your money is invested, the more it grows.

    There is no substitute for the power of time. This is the time to pay iff your debt, grow your income, start investing. Well, there is no time machine to take us back and invest our money earlier but if the best time to start investing was when you were 18, the second best time is now. We know, adulting is hard. Stop wasting money already! And remember what gets measured gets managed.

    LMM Pro: Research, evaluate, and track rental property. Toolbox: All the best stuff we use to manage our money. Community: Join the conversation. Money is almost as taboo a subject as sex and arguably, just as important in a relationship. But too few people bring it up. Today we are getting financially naked with the Broke Millennial.

    How to talk about money, with yourself, your partner, your friends, and your parents. Broke Millennial: Get your financial life together. Need Some Money Motivation? No matter what your financial goals are, sometimes reaching them can feel like a slog. Do you need some money motivation?

    We got you. We are going to motivate you to take action, to stop making excuses and to finally do what you already know you need to do. Because when you change your money habits, you will change your life. Good personal finance habits start young. There are things we can do throughout their childhood to turn our kid into a money master. She started Teens Got Cents as a home school project when she began to get interested in personal finance.

    She started doing some research but found that most information was geared toward adults and there wasn't much to help kids. Eva saw a gap and decided to fill it and that's how her site started when she was just Eva blogs about how teens can shop smart, get a great part time job, go to college debt free, save money, and start their own business. In she founded The Teenpreneur Conference.

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    This annual conference brings together teen business owners as well as teens who want to start their own business in a community that truly is by teens, for teens. LMM Tools: All the best stuff we use to manage our money. LMM Pro: Research, evaluate, and track rental properties. Do you hate making a decision? Sometimes the fear of making a decision means we miss out on a good opportunity.

    We make dozens of decisions every day. Some of them are minor like what to wear to work, and some are major like deciding between buying a rental property or a house to live in. When you learn to master the decision-making process you can improve every aspect of your life, your job, your health, your relationships and not least of all, your finances. Today we will get you off the fence and show you how to master the decision making process with Matt Bodnar. The Science of Success: Get the guide to making better decisions. The Science of Success Podcast: Unleash your human potential.

    Mindset: The book that changed Matt's life by Carol Dweck. We love robo-advisors, and lots of other investors do too. But admittedly, robo-advisors are missing that personal touch some investors prefer. We found the best of both worlds in Wealthsimple. Not only for engineers but certainly focuses on their blind spots. Special for LMM fans, the ultimate try before you buy. Lots of us dream about turning our passion into a money-making business, and it can be done! In our on-going series about starting an online business, we discuss monetizing your passion and building your business.

    A business plan can be a scary term conjuring images of thirty-page documents. But it doesn't have to be that involved. It's just writing down what you have to get done and a simple one page business plan is a great place to start. A simple one page business plan is nothing more than a map for your business that gives an outline of your goals and the steps you will take to achieve those goals. We'll discuss creating a simple one-page business plan. Lifestyle Business vs. Growth-Minded Business Mar If you want to start a business what kind do you want it to be?

    There are two competing business philosophies: lifestyle business vs. The goal of a lifestyle business is to make enough money to be comfortable while having freedom and a good work-life balance while doing work that you enjoy. When you think of the startup world, you typically think of founders who are working like mad to grow their companies as fast as possible.

    This is the growth-minded business model. Whichever type of business appeals to you, starting and building one puts you on a different plane than the great majority of people. Most people spend their entire lives working for someone else, making someone else money.

    Starting your own business can give you more choice, freedom, and independence than your average 'er can ever dream of. And we think that makes it all worth the effort. It offers long-term advice that will help people grow a business. Crabbie's Ginger Beer: A slightly sweet, alcoholic ginger beer. Okay, so we want you to start your own business. But why are we advocating for online businesses? Because a brick and mortar business only goes so far. You have to physically be present, and there is a logical maximum you can earn based simply on space restrictions. Restaurants can only turnover so quickly; clothing stores can only fit so many people inside at a time.

    The internet is infinitely scalable. It has almost limitless reach. There are people from every corner of the world who hear what Listen Money Matters has to say. An online business also gives you the freedom we all want. We want to motivate all of you to get started creating online businesses. Many people are afraid to negotiate be it for a raise or a salary offer for a new job. When it comes to getting a raise, most of us could do better.

    Today we talk fearless salary negotiation tips with Josh Doody. Salary Negotiation Sample Email: To counter offer once you have a job offer. Salary Increase Letter Sample: Asking for a raise. Josh's Twitter: You can reach him here. Fearless Salary Negotiation: Josh's site. The Science of Resourcefulness Feb How resourceful are you? When we harness the science of resourcefulness, we can achieve great things in our personal, professional, and financial lives.

    How do we define success? For many people success means more; more money, more stuff, more employees. But that definition is wrong. There are two approaches to resources; chasing and stretching. When we chase, we tire ourselves out going after more, more, more. If we stretch, we use the resources we already have available. Once we stop chasing and start stretching, we are better able to solve problems and innovate which means we are more fully engaged in our endeavors. Author Scott Sonenshein joins us to discuss his new book on resourcefulness.

    Full Article Here Show Notes scottsonenshein. Mint: Start budgeting today. On This Financial Life episode, the guys chat with Brian, a long time fan of the show. They talk about his finances, mortgage, and debt over a cold one. He and his wife are new first-time home buyers and live in the Philly area. The first house they put a bid on majorly failed the inspection and they were looking at k worth of repairs. No bueno. They finally ended up finding a place they loved, but the price was a lot higher.

    After doing the math, they decided they could afford the house and used an FHA loan to pay for it. Finding the perfect job is a daunting task. You send out tons of resumes, create custom cover letters, go on interviews, anxiously wait for a call and then end up not getting an offer. Rinse and repeat. If you have been searching for a new job for some time, it might be time to step up your game.

    Today the guys talk to Mark Fiebert Andrews dad and pick his brain on how to land a job. After years of experience being on both ends of the hiring process, Mark has some great incites on how to get your foot in the door, nailing your interview and making connections. Holiday spending hangovers make January a debt month for some of us so we are bringing you five questions on how to deal with debt.

    If you currently have debt there are ways to make it less expensive. Today we will discuss why you should refinance your debt. If you have debt, it can feel hopeless. We can show you how to be lazy and pay off your debt. Total household debt—a category that includes mortgages, student loans, and car loans along with credit card and other debt—dipped in the wake of the Great Recession, but it has since steadily rebounded in the years since. Mortgage debt, for instance, is typically low-interest debt and a home can be an investment.

    Paying off debt is a process Paying off debt is a process, and there are several steps. These steps can take a while to accomplish. Make a list of all of your outstanding debts and the interest rate on each. The best way to see all of your debt is in your Credit Karma account. Go through your credit report and make sure all of the listed debts are legitimate.

    Well, go to Personal Captial and get a good overall picture of your finances and your spending. How much money do you have coming in compared to how much is going out? Your budget is going to identify the cash you can use to pay off your debt. Where are your spending leaks?

    Saving money is easier than making more money, so if you want to be lazy and pay off your debt, this is the best place to do it, by cutting your budget. Let Billshark negotiate better rates for things like your cable and internet service. Every dollar you save is an extra dollar you have to pay off your debt more quickly. Triage the Damage Are you behind on any payments but not so far behind that We use credit cards to buy everything these days- groceries, drinks with co-workers, cat beds, gum, sweater vests and all the other things that make us happy.

    Then the end of the month rolls around. Your bill comes, and you come to the dreaded realization that you blew your budget once again and your credit card bill is more than you can handle. Introducing Debitize , a new way to pay off credit cards on time and responsibly. You can listen to the episode here: What is Debitize? Liran founded Debitize to help simplify, optimize, and automate personal finances, especially around credit card spending where he witnessed a significant need. Two-thirds of Millennials avoid using credit cards mostly because they have seen debt negatively affect friends and family.

    However, building credit is important, and Liran wanted to create a tool to help people use credit responsibly. Before founding the company, he was an Executive Director at JPMorgan, where he spent nine years as a derivatives marketer, focusing on structured credit, exotics, and cross-asset hybrids. After working on the institutional side of finance, he wanted to build something to make a real impact in the financial world and help people avoid credit card debt and better manage their money.

    How does it work? In a nutshell, Debitize automatically debits your checking account every day to cover your credit card purchases. The funds are temporarily held in your Debitize Reserve Account, and then they automatically pay your balance for you every week. Yes, finally someone who will pay your bills on time for you and in full. Using Debitize is very simple. You will do this by logging in with your bank credentials like you would with Mint.

    With Debitize, you get the best of both worlds. You can use your credit card as a debit card while still earning rewards and points credit card companies off. Debitize will send you a weekly spending summary and confirmations of scheduled payments to keep you in the loop. They will notify you when you have a low balance or if there was a large transaction on one of your cards. Although they encourage you to pay your bills in full to avoid paying interest, if you are making a large purchase that you would like to pay off over time, Debitize will give you the flexibility to do so.

    It acts as a safeguard against overspending. They make automatic withdrawals from your checking every day you make a purchase and set the funds aside to pay off your credit card bill. For the month of January, Listen Money Matters is getting back to the basics with a month focused on the debt and the importance of credit. Over the course of the month, the guys will cover the fundamentals of credit, debt reduction plans and talk to an awesome guest about a tool he created to help keep you out of debt. What is affected by your credit?

    Well, everything really. Your credit score is a number that reflects your credit risk level. If you are looking to borrow money for any reason — to purchase a car, get a mortgage or to take out a student loan, your credit score will determine how much that loan will cost you. If you have a low credit score, you will have a harder time getting a loan, and when you do qualify for a loan, the interest rates will be very high. Compared to people with good credit scores, your monthly payments will be more per month to pay off a loan of the same value.

    Bottomline, having bad credit will cost you. Having good credit history is not just about being able to buy things. Sometimes your credit history is considered by potential employers. Landlords absolutely look at your credit score, and it plays a big part in approving you to rent a home.

    The cost of insurance rates can be higher if the insurer pulls your credit data to calculate your insurance risk score.

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    Even some utility providers may be required to provide a down payment for service for people with bad credit history. What does good credit get you? A cheaper life. The better your credit history, the cheaper it is to borrow money.

    Louis Berlin – Synergix

    When you have large loans like a mortgage or student debt that you will be paying off for years, those interest rate savings could add up to thousands of dollars in the long run. Having an excellent credit score will give you access to better credit cards with awesome rewards and no fees. Sometimes you can even get perks with your bank by upgrading to better accounts without ATM fees or minimum balances. Most importantly, using credit cards protects your cash. If your debit card gets lost, stolen or there is fraud, you can kiss your money goodbye in most cases. When your credit card gets stolen, the credit card companies money is gone, not yours.

    If you report it immediately, the bank will nine times out of 10 resolves it in your favor pretty quickly. When it comes to protecting your money, it is definitely using credit cards compared with cash, checks or money orders are numerous. Find out your credit score and see why your score is what it is. Call them, do it automatically online, get it done. There can be a lot of emotion around credit and debt but having credit is important. These days, everything in life is tied to it and if used correctly life will be cheaper and easy for you if you have good credit.

    Understanding the how the credit process works will help you manage it and make it work for you. Every day, even sometimes every hour, there are ups and downs causing a constant battle of emotions in their mind. Entrepreneurs tend to struggle silently not to show their vulnerability. Entrepreneurs juggle so many roles when building their business. Sheryl knows firsthand how difficult it can be to balance business, family and mental health without one or more pieces falling by the wayside. When she began to struggle with an eating disorder she realized something needed to change.

    In Killing It, she shares her experiences being an entrepreneur running two fast-growing companies. When in start-up mode, some business owners severely neglect their health which makes them much less resilient. Not eating properly, not getting enough sleep and not exercising will just make the daily stressor harder to deal with. Sheryl wants to mentor and inspire others to invest in their wellbeing.

    Growing a new business can become an obsession for entrepreneurs. Although maintaining meaningful, supportive relationships are crucial, family and friends who are trying to support them ofter times get pushed away. This comes at a huge cost. In Killing It, Sheryl shares her journey and provides her readers with guiding principles for anyone looking to balance their career, family, and life.

    Are you financially ready for the new year? Whether you want to save for a home, get a new job or start a side hustle, you need to financially prepare you and your family. Today the guys review their last year in business and finance and talk about how they are going to prepare for next year. Start by giving yourself a high five and think about all the things you did accomplish.

    What areas did you improve and what goals did you achieve? Now that you reached those goals, are there any things you need to do in the next year to maintain those goals? Next is the not so fun part. Move into the new year with a renewed commitment. If your stay focused on what you want you will make progress going forward.

    This holds true for any area of your life. Every year Andrew and I write down our resolutions on a post it and keep it in our wallets all year. What do you want to happen in the coming year? Think about what do you want to happen in the coming year. Is there anything big you need to save for — a move, a baby, a home, a car? Is there anything missing in your financial plans such as retirement savings or life insurance? Setting financial goals for your future self and family will help lower stress and set your finances back on track.

    Carve out time for yourself and or partner to review your goals and financial progress regularly. This week the guys tackle five questions from the audience on debt, real estate investing and freelancing. And not even those who use invoicing systems. Putting together a financial system when you have variable income is uses the same fundamentals as someone who is a salaried employee.

    You need to keep more in a reserve account than someone who has steady pay. Keep track of your income month to month and use that data to plan for the upcoming year. If you have a pool business and make most of your money from April to September, budget accordingly. Six months worth of expenses should be a big enough war chest to get you through a hard time if need be. Are there any limitations or conditions to performing this rollover? I have only had a Roth IRA for two years. There are some advantages of rolling over your Roth into a Traditional.

    When you move money from a Roth retirement account to a traditional IRA, you can get back the taxes you paid on that contribution, but there are rules and deadlines. Be aware of the calendar deadlines that the IRS imposes. Question Three: Hey guys, I am trying to refinance my credit card debt. Do you know why this is? What would you guys do?

    Lending Club is a peer to peer lending service. That means, instead of going to a bank for a loan, you can get a loan from a group of random people. Lending Club because they get better rates than they would with a bank loan and loans are issued much faster through the power of the crowd. The crowd will also approve loans that normally banks may not. Lending Club offers better rates than a bank would, and loans are issued much faster. The origination fee you pay for your loan will depend on your loan rate. The crowd will also approve loans that normally banks may Budgeting sucks.

    No one really wants to do it. There are a few types of budgets, which one is right for you? 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. 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 rule.

    It is a very simple type of budgets. 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.

    Also for people who need to whip their financial ass back into shape. 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. 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. They will track your investments, analyze your investments and suggest ways to improve things like your k 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.

    Today on the show the guys talk with Shannon McLay, a financial planner, author, blogger, and podcaster. She left her traditional financial services job to start her own company, The Financial Gym in NYC — a fun, judgment-free space where you can talk freely about your finances, get the help you need and have a glass of wine while doing it. Shannon left her corporate job because she felt that the financial firms only provided the tools and resources to help those who had high net worth.

    She started doing a lot of pro bono work on the side for people who were earning a lower salary and soon realized that helping those people was much more fulfilling. She understands that the road to financial fitness is different for everyone, so she offers multiple solutions to help people get and stay financially fit. Shannon is committed to making financial fitness fun, easy and accessible for others.

    She has interviewed many influential people in the personal finance space. She also has a monthly group Happy Hour Ladies, where they chat about the financial challenges and some other fun topics. Want to make a little money on the side? There are a ton of people making money selling on Amazon and eBay using retail arbitrage. Forty percent of Amazon sales come from third-party sellers. So clearly, there is money to be made.

    The general idea is simply of finding products for a good price, maybe something on clearance which you are able to sell for profit. Most people seel through Amazon, because well, they are you can find anything online at a great price. Clearly, you can make a huge profit here. So you buy it, send it to an Amazon warehouse using FBA and they ship it to you when it sells. Yes, it does entail a little more work than that but you get the idea. What Are You Selling?