Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Latest Episodes:

Shared Bank Accounts Feb 07, 2019

Show notes

A shared or joint account is beneficial to couples or partners. It's a very effective and helpful way to save toward your shared goals like buying a new house or planning that long vacation..or just spending it. Come and join us in this conversation!

[:] How we became comfortable opening a shared bank account
● Know the person you are sharing bank account with
● We've had so many financial conversations
● We have shared expenses

[:] We just want to stress this out
● If you are opening a bank account with somebody and gut is telling you NO? Don't do it!
● If you are feeling stress, anxious or just really uncomfortable, Don't open a shared account.

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Jason from The Wealth Hound Feb 05, 2019

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Jason from The Wealth Hound is an aspiring entrepreneur, husband & father. He recently got out of the US Airforce and is a die-hard Michigan State fan. His blog is all about personal finance, investing and every day money tips.

Welcome!

[:] Let’s chat about your decision to start your blog, why another personal finance blog?

● Always interest in personal finance & money management

● Enjoyed learning about money and wanted to have somewhere to jot down his thoughts

● Helping the everyday person learn about money

[:] Your post on inside the FIRE movement was a great read, can you talk a bit about your FI journey?

● Not on the retire early track

● Enjoying career

● FI is definitely the goal

● Always entrepreneurial minded- one Jason started making real money he realized he needed to look long term

[:] You also have a podcast, podcasting is a great tool to get in touch with inspirational people. Who would you say is a guest that you learned the most from or a guest that gave you the biggest take away?

● Connecting with guests has been awesome, you develop friendships

● Diana from Ms Fiology

[:] Money for members of the military can be slightly different to money for non-military members. Do you have a money tip for military members?

● Start contributing as early as possible!

Value Link Round

[:] What is your saving or retirement plan?

● Saving about 50% of joint income

● Max out tax advantaged accounts

[:] Do you have any other books or podcasts you can recommend?

● Stacking Benjamins

[:] Favorite Quote?

● A lot of people miss out on opportunity because it’s dressed in overalls and looks like work

[:] Parting piece of advice?

● Take a serious look at your financial situations

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Time Management Jan 31, 2019

Show notes

How do you take control of your time? Are you able to get on top of your to-do list? Join and learn with us as we share about time management and be inspired by our experiences.

[:] Katie's routine
● Katie puts her work out clothes out in the morning so when she comes home from work she will be reminded to go to the gym
● When she gets home from work she always makes time for side hustles
[:] Katie's usual side hustles (She does all the side hustles before changing her work clothes) 😎
● Regular day job
● Tutoring little kids
● Computer side hustling

[:] Update: Current balance left on Katie's student loan
● $10,003 👏🏻 👏🏻 👏🏻

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District Media Finance with Amanda Stewart Jan 28, 2019

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Amanda Stewart is the Editor, Writer and Website Manager for District Media Finance. With an audience of over 10 million visitors, District Media Finance’s objective is to deliver high-quality personal finance news and advice that informs, empowers, educates and entertains the public.

The company provide this information free of charge through their portfolio of 58 different personal finance websites, with all operating expenses paid through advertising.

Welcome!

[:] Could you tell us a recent money mistake you’ve made?
● Rented TV, bed and bed stand for 18 months (paid 3 times what it’s worth)

[:] Could you give us a brief history of District Media Finance?
● Running for the past 5 years; last 3 years Amanda has been involved
● Covers topics such as saving money, investing debt stories etc.
● Amanda loves talking about her debt story and inspiring people

[:] You serve an audience of over 10 million visitors. More and more bloggers, youtubers and content creators are growing their audiences and reaching more people. How important do you think the social responsibility is of content creators and do you think there’s going to be even more ways to reach people in the future?
● There will be tons of ways to reach more people the trend is going to continue growing
● People that make content have a huge responsibility to give factual information and morality behind the story

[:] What’s one of the topic money tips you have for our listeners?
● Don’t try to live without an emergency fund

[:] One of the best ways to read books is to do it via audiobooks. Check out audiobooks via chainof wealth.com/audible.

[:] What is your saving or retirement plan?
● Starting savings from scratch- emergency fund got depleted from the loss of a job

[:] Do you have any other books or podcasts you can recommend?
● Dave Ramsey Fan- Financial Peace University

[:] Favorite Quote?
● Be the change you want to see in the world

[:] Parting piece of advice?
● Whatever is happening to you financially right now is not the end of the world. It will get better.

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Denis and Katie Are Getting Engaged Jan 24, 2019

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Denis and Katie are engaged! Congratulations! In this episode we talk all about the proposal and things you should consider in getting engaged.
[:] Katie's strange suspicion
● Her mom suddenly screamed in excitement
● She's also texting while driving that she doesn't normally do
[:] Proposal using a fake ring
● Denis' dad made the real engagement ring who is a jeweller in South Africa
[:] Pay in cash or take it out on credit?
● If it costs you a lot of money to buy that ring, then take it out on finance
● Figure out what works for you. If it's not that expensive then buy it in cash

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Travis Hornsby of Student Loan Planner Jan 21, 2019

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Travis Hornsby is the chief student loan planner at StudentLoanPlanner.com. He started started Student Loan Planner in October 2016 after helping his wife and her friends figure out their six figure student loans. Travis used to be a bond trader, so he took his excel heavy skill set and built models for how to save money paying back student debt.

Welcome!

[:] What’s one of the biggest mistakes you see people making with their student loans?
● If you graduate with a $0 loan you can consolidate with the revised pay as you earn plan

[:] Do you believe the student loan crisis is going to get worse as time goes on as we see rates continue to rise?
● It’s getting worse and better at the same time
● There are different tiers, $0-80k are doing pretty well.
● The average default os $10k
● $80k to $1M is where the real problem is, the original estimate on income based repayment program is wrong
● PLF is unlimited

[:] You have a strong history with tackling student loan debt, your wife got her debt from med school, what made you want to start Student Loan Planner instead of pursuing a career as a bond trader?
● Travis tried to retire at 25
● Travis’ wife had 6 figure of student loan debt, he met her traveling

[:] How important do you think it is to have an individual plan to tackle your student loans?
● You can do it yourself if you are a certain type of person
● Refinancing can be a great option if you’re married and in the private section
● If you owe more than 2x your income you probably need a plan

[:] 30 second elevator pitch for Student Loan Planner?
● Best group in the country to help you solve your student loan problems
● $300-$600 for a 1 hour consultation

[:] Check out our brand new posts about financing. Get the ultimate guide to refinance your debt - chainofwealth.com/refinance

[:] What is your saving or retirement plan?
● Travis’s wife love living in the now and Travis enjoys saving
● Save 20-25% to savings
● Individual 401(k)s

[:] Do you have any other books or podcasts you can recommend?
● ChooseFI
● FireDrill
● Animal Spirits

[:] Do you have a favorite quote you like to live by?
● You can’t take it with you

[:] Parting piece of advice?
● Get a plan an educate yourself

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Understanding Credit Scores Jan 17, 2019

Show notes

What is a credit score? Join Denis and Katie as they learn talk about what credit scores are and how they affect your credit status.

[2:30] Credit score ranges
● 300 - 530 Bad Credit
● 580 - 670 Fair Credit
● 670 - 740 Good Credit
● 740 and up Excellent

[5:20] What affects your credit score
● Paying bills on time
● Late payment has a huge impact in your credit score
● Having a lot of accounts will boost up your greater facility

[12:14] Monitor your credit score
● Most credit card companies provide monthly credit score online

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Karsten from Early Retirement Now Jan 14, 2019

Show notes

Karsten Jeske is a personal finance blogger who writes at Early Retirement Now or ERN for short. He is originally from Germany but came to the U.S. in 1995. He blogs about a host of retirement topics oh and he recently retired at the age of 44.

Welcome!

[:] Your blog stood out immediately because you were a fellow speaker at Fincon, what did you speak about in Orlando?
● Panel discussion on safe withdrawal rates for early retirees
● Everyone on the panel said a safe withdrawal rate is probably better 3.5% or 4%

[:] A ton of people in the personal finance space always say Baby Step 1 is to get 6 months of living expenses saved up into an Emergency Fund, but you feel differently. Why do you think it’s necessary to have an investment fund and what would you rather do with the money?
● Karsten never had an emergency fund but everything he saved he put into stocks
● Why should the money be sitting idle
● Suze Orman talks about having 9 months of living expenses saved up
● Sometimes you might withdraw at the peak of the market and sometimes at the trough

[:] How long does it really take to plan for early retirement? Put in another way, can you ever start planning for early retirement too late?
● It took 10 years saving 50-60% of take home savings for Karsten to save up his nest egg.
● You definitely want to start saving up as soon as possible

[:] Tell us a bit about early retired life- what’s been keeping you busy lately?
● Initially planned to retire in February, but employer asked to extent to June.
● 7 Month trip around the world at the moment

[:] Value Link Round

[:] What is your saving or retirement plan?
● Bad portfolio in 2008
● Job prospects didn’t look too good either

[:] Do you have any other books or podcasts you can recommend?
● Your Money or Your Life
● The Millionaire Next Door

[:] Do you have a favorite quote you like to live by?
● Time is the most valuable things we have because it is the most irrevocable

[:] Parting piece of advice?
● It's never to late to start saving

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Why You Should Max Your 401k Jan 10, 2019

Show notes

For many years, 401k has been the main plan for retirement savers and inversting on your 401k could be a challenge. Here are our thoughts.

[:] People missing out if they are not contributing on their 401k

● Contriburting to 401k doesn’t mean the money is being invested

● 401k provider normally gives free consulting and make recommendations

[:] What if your employer doesn't offer a 401k plan? Any Alternatives?

● Look at IRAs

● Take the rough IRAs

[:] Takeaways

● Save for your downpayment

● Save for your emergency fund

● Save for your retirement

● Invest in your 401k as early as possible

● Contribute to the full amount that your employer will match it

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Marc Andre of Vital Dollar Jan 07, 2019

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Marc Andre is personal finance blogger who writes at Vital Dollar. He’s been a self-employed internet marketer since 2008 and prior to that he worked for a few years as an auditor and in other finance fields. He really got into his groove with internet marketing and has some interesting views on using your hobby as an investment tool.

Welcome!

[:] Making money online seems like it’s really straight forward but unless you know what you’re doing it can be really tough to stick it out. You’ve managed to make money from one of your hobbies (photography) as well as a side hustle as a web designer. Can you tell us a bit about your story?

● Started online back in 2007, based on web design

● Started as a portfolio site to find some clients

● After a few months, Marc discovered he preferred the blogging aspect

● Had lots of ad sales and affiliate marketing sales

● Naturally it led to photography

[:] You’ve managed to build and sell multiple six figure blogs, we have a ton of PF bloggers who listen to the show, what exactly does it take to get your blog to a level that is worthy of selling?

● Any blog that is monetized is worthy of selling

● The valuation is typically a multiple of the average profit per month

● Sold blog a few months ago and got a high multiple, definitely a sellers market at the moment

[:] Once you have some traction online how exactly do you go about selling a website or online business?

● Easiest way is to go through a broker

[:] Instead of investing only in traditional assets like stocks or bonds, some people are now growing their net worth through online businesses. Do you think this trend it going to continue into the foreseeable future?

● The market is hot right now and buyers have been unable to get what they want

[:] Value Link Round

Check out Katie’s round up post on what you should do when you get out of debt- https://www.chainofwealth.com/resources/experts-share-what-you-should-do-after-you-pay-off-debt/

[:] What is your saving or retirement plan?

● Contribute as much as possible into 401(k)s & IRAs;

● Lower Taxes

● Main strategy to get money in is through Marc’s business

● Income fluctuates as single income from business but he and his wife keep their expenses as low as possible

[:] Do you have any other books or podcasts you can recommend?

● Do You Even Blog

● The Money Peach

● The Side Hustle Show

[:] Parting piece of advice?

● Stick with it and keep going

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