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

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**Chain of Wealth – Debt, Investing, Entrepreneurship, Wealth & More**

Denis and Katie interview inspiring people on topics around debt, wealth, investing, financing and more. Building wealth is a fundamental principle where there is not enough knowledge – follow them on their journey to pay back all Katie's debt and learn from the masters themselves! Episodes Monday & Thursday, which are perfect for your commute, teach you actionable ways to build your financial life and achieve your dreams. During the episodes, we touch on questions that unlock thought leaders' secrets. Right after that we jump right into the value link round, where we get their take on why people fail, some of the best books or podcasts they recommend and much more!

Latest Episodes:

Couples Managing their finances Aug 16, 2018

Show notes

[2:11] Why you can’t strong arm your partner

You can’t adopt the “my way or the highway” approach.
Committed relationships require compromise
Money is a team sport
You can keep your money separate and if it works for you then that’s great but you need to find something that works for you both.
It’s a difficult thing to talk about but its’s important to get on the same page.
Don’t get emotions involved

[4:21] How to handle the spender and saver relationship

Denis is the spender and Katie is the saver despite her student loans and debt.
Finding the balance is tricky- you need to be open to hearing other people’s ideas
You need to find balance in your relationship or your middle ground.

[6:35] Things to mention before getting serious with money

Tell the other person your “deal breakers” and anything that if the role was reversed you think the other person should know
Try to get on the same page as early on as possible
Some things can be red flags for you- find out early!

[8:50] How to agree on money goals

Something you should do as a couple – you need to find out what works for you Long term-
what are your goals and how are you going to get there
Setting goals is super important- 800% more likely to achieve a goal if you write it down
Review your goals after a period of time
Setting new goals and crossing things off is super powerful

[11:20] Combining incomes as a couple

This is a tricky aspect to approach
There are pros and cons to whatever approach you take
You need to find what makes you and your partner comfortable
There’s nothing wrong with having a separate bank account
Maybe wait until you’re married to have a joint bank account

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Personal Finance Guru from Campfire Finance Shares His Knowledge Aug 13, 2018

Show notes

Podcast Interview with Ty From Campfire Finance

Ty from Camp Fire Finance is a personal finance blogger that’s taken over twitter and social networks.

Ty had a late start on saving and has some great resources for families looking to get ahead.

[2:14] Tell us a bit about yourself
· Devilishly handsome blogger behind campfire finance and Get Rich Quickish
· Lives in Seattle with wife and 4 kids
· Trying to reach FI on a single income

[2:55] Who was your role model growing up? What lessons about money did you learn from them?
· Ty’s Pops and three brothers
· Ty’s dad worked extremely hard to support his family
· Started a restaurant business but ultimately sold it
· Ty was taught how to work hard and the value in it
· Developed a strong relationship

[5:57] Where did the idea for campfire finance come from?
· 3rd personal finance blog
· Ty doesn’t enjoy writing, it doesn’t come easily
· Maintaining a consist posting schedule is hard
· Started doing a Sunday roundup and realized it deserved to have it’s own site
· Chain of Wealth got featured on Campfire Finance

[10:6] You said you have 3 different PF blogs, what was number 2?
· Ty is a Gen X blogger and created Genxmoney.com
· Currently available if anyone is interested

[13:36] What are your goals for campfire?
· First year is about driving traffic and gaining traction
· The goal is to improve people’s finances and help personal finance bloggers reach new audience
· Ty got the FIRE bug and started his blog to improve his own finances
· It’s weird and honest for people to be so honest especially online
· The fact that Ty features so many people creates a safety net on his site
· Syndicating content is an art- you can’t just feature stuff you believe in you need to have an open mind

[19:25] If you could go back in time, what is something you wish you could change?
· The advice that you give yourself when you’re older has to hit at the right time and in the right way
· Encouragement is all Ty would give his younger-self.

Sponsor

[21:44] If you’d like to listen to a book for free sign up with Audible.

Value Link Round

[22:16] Why do you think people struggle to achieve their dreams?
· People have dreams, but they don’t have goals
· Set specific and achievable goals to help you move in the direction you want to go
· Workback schedules have been a killer concept for Ty.
· You need to celebrate your goals
[26:15] Do you have any favorite books or podcasts?
· Sapiens a brief history of humankind
· The simple path to wealth
· Getting to yes – book has contributed over $100k over Ty’s life
[28:36] What’s your favorite quote?
· No success outside the home can compensate for failure within it
[29:52] Any last advice?
· Be tenacious with your financial goals
· The hype quickly fades

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Credit Cards - What You Should Know Aug 09, 2018

Show notes

[2:19] he importance of your credit score
Everyone wants to know if you have a good credit score
Credit runs everything when you’re an adult
Everyone seems interested in what your number is
There are ways to fix your credit

[3:30] Why you need a credit card yesterday
Crucial for everything and gives you the ability to manage your money better
You need to pay off your credit card in full each month
It’s very easy to spend “invisible money”
You want to have as many credit cards for as long as possible
Don’t close your credit cards even if you’re not using them!
You want to have lots of accounts open for as long as possible

[5:24] How to manage your credit card
Pay off your balance in full every month- avoid interest!
Everything else will have interest
Tons of credit card companies draw you in with good incentives
Always keep your accounts open
You can use your credit card to finance things, just make such you have a big available balance

[7:17] Credit card gaming/ travel hacking
You can travel for free if you spend and get points on the right points programs

[9:18] What happens when you’re late
Always make sure you pay on time! ALWAYS!
At least make the minimum payment so you’re in a good place with your creditors
A great way to make sure you pay it is autopay!

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How to Save $1 million in 5 years with Grant Aug 06, 2018

Show notes

Millennial Money is a personal finance, investing, and entrepreneurship community dedicated to financial independence and early retirement. He’s been featured all over the place including CNBC, the Washington Post, USA Today and the New York Times to name a few.

Welcome Grant!

[2:51] So before we talk about all of your accomplishments, tell us about your rock bottom moment.
· In August 2010 Grant was back at home after 3 years after College
· In month 2- had only $2.26 in bank account
· There were no job prospects or nothing
· Made a resolution to save $1 million as quickly as possible

[4:56] Why did you start Millennial Money?
· Started in 2015 after reaching financial independence
· From August it took 5 years 3 months and 6 days to go from $2.26 to $1.25 million
· The bulk was side hustle income
· Got a job at a digital marketing agency and learned everything about it
· Started a few different agencies
· Keeping living expenses low was the secret
· Most of the time was spent working

[11:12] What was the turning point for you? When did you decide to quit your job and blog full time?
· Always wanted to be an entrepreneur
· The person that has a higher perception of value will pay a lot more
· It’s important to have a ton of energy

[15:0] Wrote a post about good vs bad debt. What’s the difference?
· Good debt is things like a mortgage or a home- stuff that has a good chance of appreciating over a period of time
· Some people say student loan debt is good debt- this is debatable
· Bad debt – payday loans, car loans, debt that doesn’t allow you to leverage

[17:26] Where do you think a lot of millennials are making their biggest financial mistakes?
· Money is infinite your time is very valuable
· Big trade-offs for money are not the best in all cases
· Don’t become a wage slave
· Believe in yourself
· A lot of people get stuck

[22:8] if you could go back in time, what is something you would change?
· Big sacrifices with health – tons of all nighters
· Ate badly, didn’t exercise enough
· There was no balance
· Being always on call is not great
· Chilling out can actually help you do better- don’t get burnt out

[24:27] What’s the plan for the next 10 years?
· 200-300 emails a week from readers- hearing from them changes his life
· Felt very fulfilled with the growth of millennial money
· Walked away from a massive salary

Sponsors

[28:6] Value link: Check out the Money Minute on Alexa and on iTunes!

Value Link Round (VLR)

[28:41] Why do you think people struggle to achieve their dream?
· They are their own worst enemy

[29:0] What are some of your favorite books/podcast?
· Your money or your life – Grant knows Vicky!
· Financial freedom is on presale
· Revision History
· ChooseFI

[29:54] Do you have a favorite quote?
· Oh well guess we lose some we as long as the outcome is income
· Be in love with your life
· For things to reveal themselves we must abandon our views about them

[30:31] Any last advice?
· Thanks!
· Keep fighting the good fight!

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Saving and Investing Aug 02, 2018

Show notes

[2:34] Not knowing how to save and the importance of starting young
If you are saving smaller amounts it will add up faster than someone earning more
Consistency is key to getting rich
It’s all about getting in the correct mindset

[4:41] Do you have an emergency fund
Americans and millennials as a whole live paycheck to paycheck
Most people don’t have $1,000 saved up for an emergency
Pay yourself first!

[6:54] Managing a 401(k)
Extremely important- everyone should take advantage
At the least you need to match with your employer

[8:15] What do do when you max your 401k
Your 401k is technically invested in the stock market already
Use IRAs – Traditional and Roth IRA
Real Estate
Crypto – but be careful and only invest a modest amount

[10:3] Micro-investing
Tons of apps available today to help you start investing, such as Stash Invest, Acorns, Digit etc.
Automated savings that you don’t realize
Great way to invest “spare change”

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Chantl Gives Her Full Debt Story Jul 30, 2018

Show notes

In December 2014 Chantl started a potluck to dive into vision boards- only one person showed up but after that Thrive Lounge DC was founded.

Chantl has an inspirational story which will inspire anyone that is in debt.

[3:13] what is a vision board?
· Come up with goals and what you want achieve

[3:38] Tell us a bit about yourself
· Graduate from college top of her class
· Had immigrant parents
· Premed track
· Had a rich boyfriend
· Sold a bunch of stuff
· Break up disaster- no money

[16:46] Where are you now?
· Studied for the GRE and got into school
· Voluntary repossession on the car
· Moved in with her mom
· First one in the class to get a job

[27:32] Tell us about your book!
· Goal doing
· Take yourself as you are & go with that
· You can always get out of where you are
· Focused on one thing at a time

Sponsors

[36:13] We’ve started a daily show – Check out Money Minute on Alexa!

Value Link Round (VLR)

[36:25] Why do you think people struggle to reach their dream?
· People don’t ask themselves what their dreams are

[46:27] What other books or podcasts that you recommend?
· Book: Goal doing

[50:26] What is your favorite quote?
· “I am the architect of my life. I build the walls and chose it’s content”

[52:16] Any last advice?
· FOCUS

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Everything You Should Do With Your Student Loans Jul 26, 2018

Show notes

[4:11] Planning for College
Prepaid programs are available
CollegeBacker is a great resource
Scholarships are available you just need to do your research
529 plans should be taken advantage of
Small amounts make a massive difference
Community College is also a great option for people trying to save money

[6:50] Getting financing whilst in college
Federal & public financing is available
Scholarships – different grants are available
Getting your employer to pay for your schooling even if you don’t have amazing grades
Where there’s a will there’s a way

[8:42] How to Consolidate
Consolidate = mushing all your loans together in a single interest rate
Lots of financial institutions can help you with consolidating
You can only do consolidating once but only after you finish studying
Much easier to manage

[10:13] Why you should refinance
If you have a high interest rate on a loan- your loan can get bought out by another bank of financial institution
Works out cheaper for you as it gets you a lower interest rate
Works for all kinds of debt- great to take advantage of when rates go down in the general economy

[12:42] The problem with deferring your loans & minimum payments
People do this because they don’t have the money and you gotta do what you gotta do
However, don’t make it a habit!
You don’t want to pay minimums because in the long run you end up owing a ton more.
Your student loans will end up increasing in value

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Saving Money for Later Life with Tonya from Budget and the Beach Jul 23, 2018

Show notes

Tonya is the author behind the PF blog Budget and the Beach which she started since her life turning point after losing her job and realizing the importance of learning how to budget her money.

Flash forward a few years and she has been featured all over the place!

Including Rockstar Finance, Lifehacker and Hello Giggles.

Welcome!

[3:12] Tell us about your financial rock bottom
· Thresholds for money pain are all different
· Always worked full time- easily finding jobs
· 2008 recession hit- Tonya lost her job and got severance
· Took up freelance work- thought it was so easy
· After the recession hit- jobs became scarce
· February of 2012- had to get her car out of “car jail” after getting towed and check from work only just covered the cost

[9:18] What was the hardest part about becoming a freelancer?
· You are responsible for everything
· Figuring out estimated taxes
· Trying to stay organized
· Having to hustle for everything

[11:46] What steps did you take to get your budget together?
· Take income over course of several months and figure out average
· Simple spreadsheet can work really well
· Entering stuff manually works

[12:51] What advice do you have for someone who is also in a financial mess?
· Baby steps are keys
· Challenge yourself to cut down grocery spending
· Checking in often
· Keeping track of what’s coming in and going out
[15:52] Where did the name of your blog come from?
· Similar to a friend’s site

Sponsors

[19:29] Check out Katie’s new ebook- only available to podcast listeners! (you’ll need to listen to get the URL)

Value Link Round (VLR)

[17:55] Why do you think people struggle to achieve their dreams?
· People are bad at figuring out what they want
· You should have dreams and try achieving them

[19:25] What other books or podcasts can you recommend?
· Martini’s and your money
· Your money or your life

[20:59] Do you have a favorite quote?
· Sports don’t build character it they reveal it- replace sports with anything
· I’ve had some terrible things happen to me and some of them actually happened

[22:51] Any last advice?
· YOLO and FOMO are not your friends- stop living for just today
· You don’t have to sacrifice a huge amount now to be happy later

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Planning for Retirement with Lorraine Ell Jul 19, 2018

Show notes

Lorraine Ell is the CEO of Better Money Decisions (B$D) and Better Insurance Decisions.

As co-owner of B$D, she is excited to continue her long career as an investment professional which started when she worked in the 1980s as an advisor with Drexel, Burnham and Lambert and J.W. Charles and as Co-owner of a Registered Investment Advisory (RIA) firm.

Welcome!

[2:35] Real quick- can you tell us your mission for both of your companies?
· Primarily an investment advisor firm
· “What’s money for but to live the life you want”
· People lose sight of what they want from life

[5:1] What are some first steps that you can recommend for people who are a bit behind in saving for retirement?
· Don’t panic!
· There are things you can do to catch up- working more, upping your savings
· It’s important to take that first step
· Try remove yourself from the expectations you hear

[8:9] What are some things people should take into account when starting their retirement accounts?
· So much panic over student loan debt
· Put it aside and don’t forget to pay yourself- put money in your savings
· Take advantage of programs e.g. 401(k)’s
· It’s important having something for the future saved up

[14:54] You have a whole section on your website about suddenly becoming wealthy- what a dream!
How do you advise people who receive a large inheritance or win the lottery?
· Often people inherit money that they aren’t expecting
· Find an advisor that is a fiduciary

[16:49] What is a common mistake you see people making with their money?
· Buying a house that’s too big or beyond their means
· People that get very wealthy don’t spend too much on their house
· More stuff to fill the house costs a ton of money
· Everything costs more money – A/C, heat etc.

Sponsors

[18:49] Check out chainofwealth.com/spending – katie’s got an awesome post about spending and even a free budget template!

Value Link Round (VLR)

[20:4] Why do you think people struggle to achieve their dreams?
· Lack of focus
· People are afraid of change or pivoting
· Doing things differently is hard for people to accept

[24:14] Do you have any other books or podcasts?
· Podcast- The Better Money Decisions Show

[24:55] Do you have a favorite quote?
· I don’t want to be a poet, I want to change your life

[25:28] Any last advice?
· Spend some time thinking about who you are and where you want to go

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FIRE with Waffles on Wednesday [WOW] Jul 16, 2018

Show notes

Today we have Mr. & Mrs. WOW from the quirky and fun pf blog, Waffles on Wednesday.

Here is where they talk about everything from saving for retirement, awesome trips they’ve taken and sharing a piece of their story with the world!

Welcome

[2:14] So, first- the name. where did you think of it?
· Tons of families sit on the weekend and make a breakfast
· They decided on the name as they would love to be able to have Waffles on Wednesday
· This has become a thing in the PF community- people tweet them pictures J

[5:41] You recently went to South Africa! What did you think of it?
· Quite an experience
· Got caught off-guard a lot
· Similar to SF in quite a few respects
· Recent history was quite intense

[14:21] What is your plan to finding financial independence?
· FIRE bloggers that never had a set retirement/FIRE date
· Made small changes to savings and spending
· Being super passionate about careers change your perspective, Mrs. WOW loves what she does

[19:3] Do you have a favorite post you have written? Why?
· Article they collaborated on- took a rap song and made it FIRE
· Was created for themselves not the readers

[22:40] If you could go back and tell your younger self something- what would it be?
· Mr. WOW- Before discovering FIRE- would have started earlier, also bought an expensive car.
· Mrs. WOW- Pay attention to not assuming “Everything will be ok” – tracking expenses are so important.

Sponsors

[28:27] Value Link Round- If you have any student loan debt head over to chainofwealth.com/credible to get $200 off your loans if you refinance with them

Value Link Round (VLR)

[28:55] Why do you think people struggle to achieve their dream?
· Mr. WOW- People struggle to detach the current state to the future state
· Mrs. WOW- People don’t believe in themselves

[32:10] Do you have any favorite books or podcasts?
· Podcast: Countdown to FI
· Podcast: Mr. Groovy’s

[34:47] Do you have a favorite quote?
· When you are in a hole stop digging
· The best time to plant a tree is 10 year ago and the second best time is today

[34:19] Any last advice?
· Great waffle recipe on the website
· Personal finance is personal – find what works for you

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