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

Latest Episodes:

New Year's Resolutions Jan 03, 2019

Show notes

A new year's resolution is a powerful way to make a big change in your life – as long as you stick to your plan. 😊 Every year everyone wants to accomplish a personal goal and here's what we want to achieve this year.

[:] New year, new goals
● Katie wants to do more freelancing and also wants to go back to teaching
● She also aims to have her student loan paid off by June ● Denis' goal for 2019 is to buy a house

[:] Some reasons why some people don't achieve their new years resolution
● People often say unrealistic goals
● People quit early
● They don't hold themselves accountable and track what they are trying to achieve

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Beverly Harzog from The Debt Escape Plan Dec 31, 2018

Show notes

Beverly Harzog is a consumer finance analyst and credit card expert at U.S. News and author of The Debt Escape Plan, she paid off $20,000 of debt in only 2 years and now inspires others to do the same.Beverly Harzog is a consumer finance analyst and credit card expert at U.S. News and author of The Debt Escape Plan, she paid off $20,000 of debt in only 2 years and now inspires others to do the same.

Welcome!

[:] First off can you tell us a bit about your debt payoff journey? What motivated you to tackle all that debt and what was the debt from?
● When Beverly was young she knew nothing about personal finance, she was a CPA
● Getting out of College, she got a ton of offers for credit cards
● She spent a ton of money on her image (she was self-conscious)
● She took things seriously and really cut back to get rid of her debt
[:] Debt, debt, debt! We’ve seen a whole bunch of rate hikes this year, debt’s like one of those things that you should be using responsibly. When do you think it’s a good time (if any) to go into debt and what are some things to look out for?
● There is good debt and bad debt,
● Good debt is something like debt on a home
● Bad debt is credit card debt
[:] It it’s always easy, some people have bad credit. What advice do you have for people with bad credit and do you have any good resources they can use?
● Don’t feel terrible
● Get a secured credit card; US News is a great resource
● Some credit card have fees
● If you are against a credit card, you could try get a credit builder loan.
[:] You wrote a post about whether you should get a credit card or a loan, do you want to give us your view of when you’d want to choose either option?
● People often reach for their credit card if they have big purchases
● If something is much more long term, then you might want to look at a loan
● Get a 0% intro APR on purchases if you have good credit
● You should always be careful of taking out any debt, get online and do research about the companies
[:] Value Link RoundIf you want to listen to books on the go check out chainofwealth.com/audible for a free trial
[:] What is your saving or retirement plan?
● Emergency fund - a year's worth of expenses in the fund
● IRAs as self employed
[:] Do you have any other books or podcasts you can recommend?
● Beverly’s book - The Debt Escape Plan
[:] Favorite Quote?
● Do or do not, there is no try
[:] Parting piece of advice?
● If you have debt do whatever you have to do

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

New Years Eve Planning Dec 27, 2018

Show notes

New Year's Eve is one of those special nights that you want to have plans set weeks in advance, whether they involve a movie night with your friends or a fancy family party in an exclusive place.
Here's are some tips and we want to share based on our personal experiences.

Happy new year everyone!

[:] New year expenses
● Katie wants a new dress for new years eve but instead of shopping to the mall, she goes shopping to her friends closet
● Host a party and invite people to your place instead of going out
● Katie hates crowded places

[:] New years eve is the great time to make money
● Uber driving

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Financial Independence with Chris Reining Dec 24, 2018

Show notes

After graduating college, Chris Reining took a job in corporate America, and a few years later bought a condo and BMW. Happily living the American dream. One day, he was sitting in his cubicle and thought, “This is it? I just have to do this for the next 40 years?” He then put together a plan and at 37 he was finally able to quit his job. Chris has been featured on major news outlets including the New York Times, Business Insider, CNBC and others.

Welcome!

[:] A lot of people are unfamiliar with the FIRE moment, can you talk a bit about what FIRE means to you personally?

● Freedom to have the financial means to be independent
● A ton of people get the RE part incorrect
● Chris emailed his list and nobody mentioned the doing nothing part or early retirement.

[:] You have a post about how much you really need to be financially independent, so what’s your magic number? :)

● Be able to support the lifestyle that you want, do you want to live on $60k a year of $100k a year?
● The magic multiplier is 25x, multiple $40k by 25 = $1million

[:] If you’re trying to achieve financial independence and you’re young and want to do it quickly there are a few key components which you outline on your website, saving more money (so cutting expenses), earning more money (take home more money) & investing to build wealth. Why do you think so many people fail at these components and which do you think is the most important one?

● The idea sounds great of having financial independence
● You really need self discipline to stick with it for a very long time
● Just like being healthy
● Young people have no interest :)

[:] Being financially independent is a major mindset shift. You no longer need to work and that obviously changes your lifestyle quite a lot. What is something you didn’t expect to come about when you reached FI or put another way is there anything you wish you knew before you took the leap?

● Reached FI goal and worked 2 additional years
● Walking away from a 9 to 5 routine and a lot of attachments (co-workers, relationships, etc.)
● You always feel that you always need more money

[:] Value Link Round

Check out Katie’s guide to tracking your spending - https://www.chainofwealth.com/resources/why-you-need-to-track-your-spending/

[:] What is your saving or retirement plan?

● Not really trying to make a ton more money, more trying to help other people with their money.
● Completely FI :)

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

● The Art of Living

[:] Favorite Quote?

● Be fearful when others are greedy and greedy when others are fearful

[:] Parting piece of advice?

● The world is made up of people, you need to decide what you want your life to be. Find the balance that works for you.

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Why You Need To Plan For a Pet Dec 20, 2018

Show notes

Have you thought of adopting a pet? Pets make good companion and they are good for our emotional and physical health.

[:] Katie's cat Raven's ear problem
● Katie didn't plan for Raven's vet expenses
● Katie spent $350 to cure Raven's ear infection

[:] Pet expenses
● Animal food is expensive
● Pet surgeries are also expensive

[:] Having a pet is fun
● While having a pet is expensive, animal pets make you feel good
● They will love you no matter what

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Liz from Chief Mom Officer Dec 17, 2018

Show notes

Liz is the creator of Chief Mom Officer, a personal finance blog whose mission is to teach working women about how to manage their money. Liz has been pursuing financial freedom for over 20 years and is currently the breadwinner for her family of 5.

Welcome!

[:] Could you tell us a bit about your story, your husband is a stay at home dad, was it always like that and what prompted that lifestyle?

● Married for quite some time with 3 kids
● Health issues 6 years ago
● Becoming more of a trend

[:] What’s some of the biggest struggles that women face in the workplace and do you feel like things have become more fair in years gone by?

● Face a ton of different struggles
● Gotten much better over time
● Negotiating is not done as much

[:] Liz, you’re a busy person. The breadwinner in your home and you have 3 kids you take care of. You also manage your blog and still find time for people. I know you’ve been asked this question before, but how you manage to fit all that in and still have spare time?

● Liz’s husband is able to give Liz a lot more spare time because he helps out around the house a lot
● Always been busy; went to school part time while working
● Having a knit list(3 things) has been fundamental to getting stuff done

[:] What’s one of the best pieces of advice you can give working women who are trying to get ahead financially?

● Know where you are and where you want to go and make a plan to get there

[:] Value Link Round

Check out our post on passive income- www.chainofwealth.com/passive-income/ there’s a ton of advice and strategies that can help you get ahead.

[:] What is your saving or retirement plan?

● Stocks and bonds
● Vanguard before it was cool

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

● Your Money or Your Life
● Taylor Larimore
● Stacking Benjamins

[:] Favorite Quote?

● None :)

[:] Parting piece of advice?

● Take it easy on your self

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

How to Create a 529 Plan Dec 13, 2018

Show notes

In our generation today, saving money seems hard especially for our kids' future education expenses.

Katie helps us understand how starting a 529 plan works.

[:] What is a 529 plan

● A 529 plan is an education savings plan sponsored by a state or state agency

● 529 plans can be used to pay for college costs

[:] Best option for you

● You have the option to use other states' 529 plan

● Do some research online so you can the best options that you are looking for

[:] 529 plan calculator

● There are tons of 529 plan calculators when you search on Google

● mamafishsaves.com/choosing-best-529-plan

[:] Takeaways

● The best way to save for college is to start early

● Start a 529 plan

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Real Estate & Cryptocurrency with Matthew Sullivan of QuantmRE Dec 11, 2018

Show notes

Matthew Sullivan is the CEO and Founder of QuantmRE, a cryptocurrency startup that supports homeowners by helping them sell a fraction of the equity in their home without taking on more debt. A seasoned entrepreneur, Matthew has a proven track record in real estate innovation through his experiences as Co-Founder of the $50M Secured Real Estate Income Strategies Fund, and as Founder and President of Crowdventure.com, a real estate crowdfunding company.

Welcome!

[:] As mentioned above you’ve founded a startup that specializes in Real Estate & Crypto. First off can you talk about what a security token is in crypto?

● Securities are well understood as stocks, bonds etc.

● ICO’s appeared over the last few years and companies started making money off these as tokens. Companies were able to use these tokens as a means to create funding of working capital.

● Companies started using ICOs to avoid disclosures and protections offered by typical securities.

● Tokens allow a huge amount of liquidity

● Leverages benefits of blockchain and is governed by the SEC/other regulatory bodies

[:] In traditional housing, you’ll apply for a home loan from the bank and based on your credit profile and down payment the bank will lend you money. How is crypto disrupting this space?

● QuantmRE allows people to unlock the value of their homes without taking on more debt

● If you have equity in a home, you can get paid cash for the equity

● Ultimately it comes down to trust

● Fund structured as REIT

[:] What makes the transaction enforceable? What’s to stop me from “selling” a part of my home and then disappearing? Visa versa, for the investor how do I know what I’m investing in is real?

● Traditional mechanisms are used to enforce, Matthew’s team has been involved in Real Estate for many years

[:] Do you think we’re going to see a shift from traditional funding sources to crypto with respect to real estate? Who actually owns the title of the property?

● Separate crypto from blockchain, blockchain creates a layer of truth

● The home owner remains on title

[:] Value Link Round

Check out the Chain of Wealth podcast show notes pages! Tons of links and useful information

[:] What is your saving or retirement plan?

● Not Bitcoin!

● Matthew bets everything on his businesses

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

● Crypto the Wonderdog (Podcast)

● Reading the news- build up your knowledge over a period of time

[:] Favorite Quote?

● Success is not final, failure is not fatal: it is the courage to continue that counts.

[:] Parting piece of advice?

●The answer is right in front of you!

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Holiday Shopping on a Budget Dec 06, 2018

Show notes

Holidays are fast approaching and a lot of items that you've been wanting to buy are on sale and you find yourself spending a lot more than what you have expected.

[:] How do you plan on spending your money?
● Budget your money
● Katie starts stashing money as early as August to spend for the Christmas season
● List what you want to buy

[:] How to keep your holidays spending in check
● A lot of people fall for the store upsell. Have a price and stick to it.
● Don’t buy stuff just to buy it
● Set limit on what you are spending

[:] The true meaning of holidays
● Spending time with family
● Most people want company instead of presents

Advertising Inquiries: https://redcircle.com/brands
Privacy & Opt-Out: https://redcircle.com/privacy

Duke of Dollars with Master Duke Jack & Master Duke Chris Dec 03, 2018

Show notes

From the wonderful and mystic kingdom Master Duke Jack & Master Duke Chris are from dukeofdollars.com where you can learn how to vanquish your debt, recruit a barracks full of greenback soldiers to do your bidding and establish impenetrable moats to protect your livelihood and ultimately build your own financial kingdom!

Welcome!

[:] Every good duke has had to breach a castle at least once in their lives, what strategy would you use to cross a moat? (ice breaker, doesn’t need to be PF related)

● Chris: Let’s see what Jack says but disguise would be a great strategy (like a ninja)
● Jack: Dragon ;)

[:] The pair of you have quite different backgrounds, tell us a bit about your background Master Duke Chris and then yours Master Duke Jack.

● Chris: from a small town with 2 parents, very fortunate and built up some strong values. Chris really enjoyed sports and got some good strenghts like integrity. He was the first in his family in College. Since then got into IT and grew his income.
● Jack: Starting early is definitely key, started at 17 full time. Had a rough college and had to walk away from family. Worked through college full time, ended up leaving the country at 21. Had some good support from mentors and got featured on budgetsaresexy.com; Jack’s wife’s parents died and left behind $500k and they’ve been trying to do some good in the world.

[:] One of the most popular articles on your site is about whether we as family members should give our friends & family free money, it’s an interesting topic and not really one spoke about too much, what are your thoughts on helping family out?

● Chris: Blog has been more of a hobby, Chris personally had dealt with it because of a divorce. Grief, depression, hate and money are all massive things to deal with. If you want something in life you need to work for it. There is a thin line between enabling someone and empowering someone.

[:] For people looking to transform their financial life, what are some of the first steps people should take financially?

● Chris: Find why before you figure out anything else.
● Jack: There’s opportunities out there to capture “free” money, the earlier you capture it and get it to work the better.
● Chris: A ton of people who are listening have the why- Chris created a list of blogs and started following them; Sign up for Mint

[:] You have a section on your website about the great war of debt, could you tell us a bit about that?

● Chris: After getting his foundation set (work wardrobe, emergency fund, clothes, 401k match) he figured out he wanted financial independence- starting young is so important. Followed Jack’s strategy, the debt pool strategy- double your payment. Once done take a trip!

Value Link Round

[:] What is your saving or retirement plan?