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

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How to Start Making Money Online Nov 29, 2018

Show notes

Making money online is not really hard to do. Anyone can do it and it doesn’t require a complicated system to start earning that money.
There's a ton of ways to do it using the world wide web and get income.

[:] Benefits from making money online
You can make money online anywhere as long as there's internet
You can manage you own time

[:] How can you start?
You don’t need to have a blog to start earning.
Make money online by setting you own guest house or apartment through AirBnB
Use your extra room as a commercial space

[:] Apps and sites to check out
Craiglist is one of the great ways to find jobs online
Katie found some jobs online through Craigslist to pay her mortgage
Use JobSpotter app to find tons of available jobs
Google Search

[:] Easy extra income
Use your hobby and offer services to get extra income
Babysitting is pretty easy money
Uber driving

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Financial Pillars You Should Live by With Mike Nov 26, 2018

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Mike is a 30-something CEO, Blogger, and Forensic Scientist. On his blog, mikedupblog.com, he writes about financial insights for Family & Business, and gives fitness tips for everyone. Mike has a ton of financial pillars for millennials and we’ll be picking his brain!

Welcome!

[2:24] What made you decide to create financial pillars for millennials?

Wrote smaller series- 10 financial musts for high school students
Started thinking next level and how to apply them to millennials and other people
9 life, 3 more to come!

[4:7] One your pillars is to negotiate everything. Can you speak a bit about what that means to you and why it is specifically important for millennials?

Millennials currently making big decisions, e.g. buying a house is decided before you get to the negotiation table
Mike recently was buying a business and realized that everything comes down to negotiation, it doesn’t look like much in the moment, but over a long period of time it adds up quickly
Begs the question- what if you start negotiating everything, is the price really what it says
In purchasing a dental practice
Mike was close to signing a bill of sale, there was a last minute call from the seller and there was a unique situation. Mike had a choice on how to proceed, he could’ve insisted that the contract was enforceable, but decided to rather be understanding
Since then, 2 months later he bumps into the seller of the business at church; Mike’s wife was about to take time off due to pregnancy and Mike ended up contacting the seller who was happy to help.
Everything happens for a reason :)

[11:5] Another pillar is to diversity your portfolio, could you explain what diversification is and why it is so important?

Mike was graduating high school in 2004 and had the ability to save a ton of money due to low living expenses.
Mike’s grandfather convinced him to invest a sum of money that Mike saved up in the market.
After the financial crisis Mike lost all his gains and learned that he doesn’t want to be exposed to risk in only one asset class

[16:59] Paying yourself first is something everyone knows they should do but not many people actually get it right. Why is this skill so important?

In the last 18 months Mike had to relocate into a new dental office and there was tons of money going out of his checking account
Extra expenses always arise, Mike decided to automate his savings to make sure that he got money into his savings

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[20:54] What is your saving or retirement plan?

Creating retirement plan for business
Pension coming from day job
Mike knew that having a business was going to be big outflow but long term the business will return; however it does take time.

[22:49] Do you have any other books or podcasts you can recommend?

Extreme Ownership How US Navy Seals Lead and Win

[25:33] Favorite Quote?

Discipline = Freedom

[26:27] Parting piece of advice?

One of the pillars coming up- never stop your financial education

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Starting Your Own Personal Finance Blog Nov 22, 2018

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Today we will talk about starting your own financial blog.
There's a lot people who are interested to learn about personal finance, so starting a personal finance blog is a very good idea.

[:] You want to reach your goal?
The best way to reach it is to write it down.
While working out on reaching your goals, write your thoughts and ideas and things that you learn to keep track of what you have been doing so far in getting your goals.

[:] Mega-guide in starting your own blog
You can check out Pete from "Do You Even Blog?" at www.doyouevenblog.com.
See other people's blog about personal finance and make that as your motivation.

[:] Best part about blogging
Katie keeps track of how much debt she has and updates the "About Us" page of www.chainofwealth.com
This is one of her motivations and everyone can always see that achievement
Start saving and get ahead of your financial debts

[:] Paying your debts
When you consistently paying off your debts, it gets easier as times goes on.
The amount of interest you pay on a monthly basis decreases every month and you can really knock out of balance quick and easy.
Connecting with other bloggers gives you the opportunity to learn from them.
It's really very helpful when you see what other bloggers are doing and apply the learnings you get form them.

[:] Learn from joining different communities
Other people take home equity and make bulk payments
Denis enjoys attending to FinCon - Financial Conference for financial bloggers, content producers, influencers etc.
Having online friends is as important as real-life friends

[:] Blog loosely
Start a podcast and reach out to other people
Getting involved and being surrounded by people that have similar aspirations is really important

[:] Takeaways
Write down what you are trying to achieve
Make friends with people who are trying to do the same

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Hoda Mehr teaches about investing using stock cards Nov 20, 2018

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Hoda Mehr is the co-founder and CEO of StockCard.io. She started Stock Card about a year ago to enable the new generation of stock market investors to make fact-based investment decisions without time-consuming research.

She believes the old market wisdom that individual people should not invest in individual stocks. And it’s a thing of the past and she’s trying to equip a new wave of investors with the tools they need to succeed.

Welcome!

[2:26] Tell us a bit about yourself- What’s your favorite superhero?
Wine sommelier and loves puppies!

[4:41] Let’s chat about investing, you believe individual investors should not be purchasing individual stocks. Why?

Lots of people feel distant from money and investing
The people that really succeed in investing that are active are the ones buying stocks.

To be successful you need to be very hands on and be in charge.
Used to help father manage his investments- he taught her to take a hands-on approach

[8:45] You’ve stated that there’s no equivalent female investor to Warren Buffett, why do you think that’s the case and how are you planning to change that?
Women need to change their mindset and take more control.
Culturally women don’t take on the responsibility
Hoda attends a ton of workshops and conferences
It takes a lot of time for equality to come into play

[12:7] What exactly is Stock Card? Do you have an app?
Website- stockcard.io
Help anyone with any background and time commitments to decide very quickly.

[16:0] How do people use your service? What is the fee structure?
Basic product is free, but with ads
If you want to get investment ideas there are different strategies and that’s a subscription model.

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[20:14] Why do you think people struggle to achieve their dreams?
Life happens, and you need to learn how to prioritize things
You need to think long term vs short terms

[21:43] Do you have any favorite books or podcasts?
Thinking fast and slow
Freak-o-nomics

[23:33] Do you have a favorite quote you like to live by?
Frank S. – live your life the way you want to

[24:40] Any parting piece of advice?
Take charge of your money
Make money a hobby

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Checking Your Paystubs Nov 15, 2018

Show notes

[:] Check your paystubs
● Always check your paystubs especially if you are working in a new company
● Check if the old company paid the state tax
● Your income tax is your liability

[:] Keep in mind
● Check what you are actually getting paid
● Check the deductions

[:] In a budget
● It is very important to save money
● Nobody wants to pay big bucks for the taxes
● Don’t play catch up with your taxed because of paystubs mistakes

[:] Tax payments
● Any income that you earn would probably be taxable
● Don't take your tax responsibilities for granted and pay on time

[:] Important things to remember
● Check your paystubs
● Save money

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Losing a 9-figure Inheritance with Liz Nov 12, 2018

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When Liz was 21, she had a good life – a promising legal career, a 9-digit inheritance, and was one of the heirs to her father’s business empire. When she turned 22, however, she lost everything upon coming out to her family. It took a few pity parties, but she eventually picked herself up. Now, at 25, she’s working towards a $100,000 nest egg by the end of 2018. Her newly founded blog, Splurging on Freedom, is a reflection of what she has lost, and what she has learnt. It also chronicles her progress towards financial peace and freedom.

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#MyJunk Nov 08, 2018

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Have you ever bought something that you thought was amazing and you only used it one time?
We want to talk about all the junk you've accumulated in so many years and what you should be doing with it.

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Becoming an Angel Investor with Terri Mead Nov 05, 2018

Show notes

Terri Mead is an angel investor and fellow podcaster based out of the San Francisco Bay area. She has been investing in digital health- specifically in FemTech (women’s healthcare) and PediaTech (pediatric healthcare) all while teaching others how to live their best life through her podcast, Piloting Your Life. Welcome!
[2:24] How did you come to become an angel investor?
3.5 years ago Terri was chatting to a friend
She got into *SanHill Angles*
When she got involved 2 months later she realized that she had nothing to prove
Angel investor= own money

[4:7] What is the process an entrepreneur can expect to go through when finding an angel investor?
It’s not easy finding angel investors
Could join accelerator or incubator
Often it’s who you know not what you know

[11:5] Tell us some questions that you ask as an investor?
Usually there is a warm intro and a pitch deck
Terri ignores cold emails and calls
Angel investors have a huge amount of calls to get through so establishing that relationship is crucial

[16:59] What are some questions people should be asking you if considering partnering with an angel investor?
Typically in relationship for 7-10 years
Ask what additional value the investor can add other than a check
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[20:54] What is your saving or retirement plan?
Incredibly diverse
Got to work on father’s personal stuff (he was a CPA)

[22:49] Do you have any other books or podcasts you can recommend?
Terri’s own podcast, Piloting Your Life
Book: Angel
Book: Venture Deals

[25:33] Favorite Quote?
Go out on a limb, because that’s where the fruit is

[26:27] Parting piece of advice?
Invest early, invest often

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Setting Up Your Goals Nov 01, 2018

Show notes

What do you want to achieve next year
Envision where you want to get to and put a time frame on it.
Set mini goals. Sometimes the

Not meeting a goal? Don’t worry
If you can’t meet your goals, It's okay!
Although it is really hard, as long as you are always moving forward, you doing the right thing. At the end of the day it is still your goal and you are going to achieve it no matter what.
Don’t give up right away! Being a little late is better than quitting.

Reviewing your goals
Check your goals on a regular basis. It helps you set your next goals.
Once you have accomplished a goal, review it then decide to set new set of goals to achieve.
When you set goals, write them down. It also helps if tell a friend about your goals. That person may be able to help you and give you advice whether you reach your goal or not.

Goal setting: How?
Just do it and make sure to set those little goals and celebrate them regardless if they are small or big achievements. They motivate you and achieve more goals in the future.

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Living in an expensive city with Thomas Minter Oct 29, 2018

Show notes

Thomas Minter is a 33 year old millennial DINK (Double Income, No Kids), living in an expensive city. My Fiancée and I work hard, and earn a solid living. He started his blog, The City for Millennials, as a platform for urban-dwelling, up-and-comers to discuss ways to DO MORE, MAKE MORE, and SPEND LESS in cities.

Welcome!

[4:12] When you finished school you had $80,000 of student loan debt that you paid off in 3 years. To give people perspective the first job you had you were earning $40,000- what are some strategies you used to tackle such a large amount of debt?
● Had to increase income streams
● Shocked at first bill that came in, Thomas decided to get serious and pay it back quickly
● Ask questions at work how to increase your salary, any opportunity for overtime or travel
● Traveling for work really helped, sublet his apartment out
● If you work overseas you can exclude a ton of your salary

[12:3] What’s the number 1 thing you see millennials spending (or wasting) their money on and what are ways to cut back on it?
● Housing is the biggest expense, try live in cheaper housing
● Transportation can also be a big expense, don’t buy too much car for what you need.
● Live like you were at College to save up some money

[15:18] You had an awesome list of City specific side hustles- what are your favorite side hustles?
● New electric scooters! Check out Bird & Lime Scooters

[19:00] What do you think the price of housing is going to do for millennials?
● Millennials are definitely in a different position to older generations
● Need to consider whether it’s worth it

[24:26] Do you think the relative price in cities is going up faster than incomes are? In other words, is mild deflation happening for young people?
● City specific, the general costs is increasing faster than salary increases
● Older millennials entered the workplace at a bad time, start of the great depression

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[29:28] What is your saving or retirement plan?
● Currently on the FI journey, trying to save 50% of income, max 401ks
● Looking at alternative ways to invest money
● Real estate
● Crowd Funded real estate

[32:46] Do you have any other books or podcasts you can recommend?
● Financial Freedom Podcast
● Chain of Wealth
● Silent Spring

[34:59] Favorite Quote?
● It isn’t about what others think of you it’s about what you think of others

[36:12] Parting piece of advice?
● It’s about the journey

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