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

Latest Episodes:

Understanding Commercial Loans with John Matheson Jul 12, 2018

Show notes

John Matheson is the CEO of Commercial Loan Success, a software and education platform that allows anybody who needs commercial financing to plug in their numbers and immediately find out if their transaction is lendable.

[2:39] What has been a big risk you have taken?
· At 32 went off on his own
· Started with $300 and started his own business
· Took $100 and invested in real estate
· Often other parties will come on board
· In your personal checkbook you hate debt, but in business debt can be a good thing- leverage

[14:26] What is the most common mistake you see people make when starting a business?
· Being underfunded is big- If you fail to plan you plan to fail

[15:22] Where did the idea of CLS come from?
· As a real estate developer you’re always using debt
· Banking process always seemed to be a mystery
· There is always a knowledge gap- you never know what to expect
· John met a partner who had a good understanding and the rest is history!

[20:52] What type of start-up do you typically help?
· Any type of start-up that needs financing

[26:39] Do you have terms and conditions?
· Typically, software in this space is expensive!
· CLS wants to provide the software affordably, $149 per screener per year

Sponsors

[26:39] If you’re looking for ways to make more money check out our Airbnb host guide

Value Link Round (VLR)

[27:21] Why do you think people struggle to achieve their dreams?
· Dreams are goals, if you don’t get there you need to keep moving
· If you stop you won’t get there

[28:18] Do you have any favorite books or podcasts?
· Think and Grow Rich
· Never Split the Difference

[30:0] Do you have a favorite quote?
· When you reach the end of your rope, tie a knot and hang on!

[30:43] Any last advice?
· Know before you apply

Link to a chapter in John’s Book

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

Penny Teaches Us Ways To Up Saving Jul 09, 2018

Show notes

Penny is a teacher by day and a personal finance blogger by night. Her and her husband have paid over $85,000 on 2 teacher salaries while starting a family.

She has been featured all over the place including Rockstar Finance, Modest Money and was a Plutus Award Finalist!

Welcome!
[2:36] What big money mistakes have you made?
· Yes, and no.
· Graduated without student loan debt
· However, spending everything Penny was earning
· Penny had bought over 200 pairs of shoes!
· Had a realization of “what are you doing with your life”

[10:0] You have paid off over $85,000 on two teacher salaries and had a baby. What has been your strategy? Have you had to make any huge cut backs?
· “Strategy might be generous” 😉
· Starting in 2015, contributed extra $34.04 towards mortgage
· Any extra income has gone towards the mortgage since

[13:20] What advice do you have for another teacher, firefighter or the like who is in a financial mess and doesn’t know where to start?
· First of all- “Thank you!”
· A lot of teachers put their job before themselves and have so much other going on
· Know where your money is going!
· Don’t be afraid to ask questions from your benefits coordinator!
· Asking questions is key

[17:47] What advice do you have for new parents when it comes to budgeting?
· There is a lot of false information about how inexpensive children are
· It can throw a wrench in your plans financially if you are not prepared
· It’s a good idea to horde away money in preparation
· Motherhood tax is real!

[23:30] What is your investment philosophy?
· Start yesterday and don’t look back!
· Don’t wait too long to get in the market
· Take the emotions out of investing
· Vanguard accounts are great!

[27:0] Where should you put your savings- meaning why should someone invest in the stock market or another savings vehicle rather than just keeping a ton of money in their savings account? What resources can they use to get a start?
· Don’t squirrel money in your savings accounts
· Terminology is weird you “save” for retirement, or “save” for a rainy day- people should say invest
· Setup Roth IRAs from a young age
· Do a search for “Vanguard” and find different blogs that write about their own experience
· Don’t be afraid to call people and talk to them

Sponsors

[31:19] If you’re looking for ways to track your spending check out Katie’s post all about budgeting!

Value Link Round (VLR)

[31:50] Why do you think people struggle to achieve their dreams?
· We value perfection over progress
· People achieve more of their dreams than they realize

[33:1] Do you have a favorite book or podcast?
· Harry Potter
· Your Money or Your Life
· The Loss of More
· The Year of Loss

[33:57] What is your favorite quote?
· Kindness costs nothing

[34:25] Any last advice?
· Everyone should take some time to do one thing on your to-do list, pick one thing and get it done

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

Chris discusses way to tackle debt Jul 05, 2018

Show notes

Chris is the author behind the blog, Apathy Ends. Along with his wife, Chris had a student loan bill of $85,000, an expensive house and no savings.

In the last 3 years, they have paid off $60,000 in debt while building a $90,000 nest egg.

Welcome!

[3:2] So what triggered the beginning of massive debt payoff for you?
· Graduated 7 years ago with over $85,000
· 6.5-6.8% with one at 10%
· Had more interest than the maximum amount allowed to deduct by the IRS
· Often you get handcuffed to living paycheck to paycheck

[5:2] How have you managed to accumulate so much in such a short time?
· The bulk is increasing income
· Gone up 2.5x, similar with Josh’s wife
· Kept big costs low and not letting lifestyle inflation take over

[9:2] What do you own now that you wouldn’t buy again for its current value?
· First house- only put 3.5% down and therefore was house poor.
· Fortunately bought at a good time in the market
· Beer brewing equipment

[11:14] What small things can a person do in very little time, with no money at all, to have a big impact?
· Spending review- easy to do in a few hours
· There’s tons of information these days- reading and acquiring

[12:3] For someone in their mid to late 20s/ 30’s who is coming to terms that they haven’t had the best financial path- what advice do you have for them?
· Making small changes massive a massive impact
· Increase your 401(k) and start very small amounts

[13:21] Do you track your spending?
· Originally did monthly spending reviews and didn’t work
· Then decided to set a goal and automatically comes out of checks so you never see it
· Then having guilt free spend

[14:49] If you were on a game show and won $500,000- what would you do with it?
· FI number in mind, so invest $400k into the stock market
· $100k for College for kids

Sponsors

[18:32] Head over to chainofwealth.com/credible to get $200 off your student loan refinancing

Value Link Round (VLR)

[18:49] Why do you think people struggle to achieve their dreams?
· People expect a “Big Bang” event that never materializes
· Make smaller changes much sooner

[19:23] Do you have any other books or podcasts you recommend?
· The Automatic Millionaire
· Your Money or Your Life
· ChooseFI
· Stacking Benjamins

[19:44] Do you have a favorite quote?
· Don’t search for the needle in the haystack
· The miracle of compounding returns is overwhelmed by the tyranny of compounding costs

[20:38] Any last advice?
· Increasing your income is vital

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

Josh teaches us how to get out of debt Jul 02, 2018

Show notes

Today we have Josh from Money Life Wax- a personal finance blog designed for millennials. In 2015 he realized that his financial were in a mess and decided to do something about it, so in February 2016, he put a ring on his girlfriend’s finger and then they decided to get serious about their future.

Together they had over $300k worth of student loan debt so it really took some serious planning for them to start tackling their debt.

Welcome!

[2:33] So, how much debt have you guys paid off to date?
· $40k in student loans before he met his wife
· His wife had $155k from grad school, $20 from Navient account and $97k
· Interest is crazy high so even more than that!

[4:53] What is has been your strategy to tackle the debt? Are you trying to pay off the highest interest rate loans first or tackling loans by value?
· Read the Dave Ramsey with the Debt Snowball
· Uses home equity line of credit to make massive payments
· Ultimately big cash flow strategy focusing on largest amount with the largest interest rate some at 8%
· Has not refinanced due to federal perks
· This is not recommended for everybody as it’s a specific strategy.

[9:51] What are some areas you had to cut back on?
· Deciding to live a different lifestyle- which a lot of people might not want to hear J
· Focus on what’s important, get rid of cable and gym membership
· Stop eating out so much and not take expensive vacations

[13:41] Do you have any strategies for planning a wedding on a budget?
· Decided to put wedding off a bit to try save some money
· Realization that inviting 200 people to get into massive debt isn’t worth it so invited fewer people and identified their true friends.
· Used wedding mix instead of a videographer
· All in all was about a $15k wedding

[16:54] What advice do you have for people who also have a ton of debt or are taking out massive loans for school?
· If you’re going to assume the debt you should pay the debt
· You need to claim responsibility
· Be smart with Colleges and decide if the return on investment is worth it

Sponsors

[19:8] Head over to Credible to get up to $200 off your student loans using our affiliate link!

Value Link Round (VLR)

[19:29] Why do people struggle to achieve their dreams?
· Distractions that we see every day like so many ads
· There are good and bad distractions
· We live in a world of instant gratification and it’s easy to get distracted

[21:4] Do you have any other books or podcasts you can recommend?
· Greg Cardone – The 10X Rule
· Jeff Olson- The Slight Edge
· Dixie Gillaspie- Just Blow it Up
· Malcolm Grodwell’s Podcast
· The Power of Zero
· Marriage Kids and Money – Andy Hill

[23:25] Do you have a favorite quote?
· Observe the masses and do the obvious
· If nothing changes, nothing changes

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

Nathan Hirch talks about Freelancing Jun 28, 2018

Show notes

FreeeUp is a gem for all new freelance writers and people in need of a writer.

Founded by Nathan Hirsch and Connor Gillivan have an awesome story that starts when they met in college.

They started selling online old college textbooks to pay the bills.

Flash forward, they grew it steadily into a $25M business and hired a ton of outsourced folks along the way. They learned a ton and taught themselves how to spend wisely, invest in the business, and invest in human capital which they later began another business, FreeeUp!

Welcome!
[1:0] Tell us a bit about your back story- while in college, you were able to sell over $25 Million on Amazon- what were you selling? What was going on at that time?
· Started as a kid learning how to work
· Always hustling in college
· Amazon was new at the time

[3:40] What are some of the struggles FreeeUp faced in the beginning? Any funny or inspirational stories to share?
· Hired and depended on only one person- then they quit

[6:4] What advice do you have to a new freelancer just breaking into the scene?
· Start viewing yourself as a business

[7:6] What separates FreeeUp from other freelance types of platforms that offers opportunity to work?
· We pre-vet our freelancers to make sure they are the best- the top 1%

[9:35] What type of freelancing work do you offer?
· Over 100 skill sets
· Freeeup.com

[10:28] How can someone apply to be a writer or advertise a job?
· To apply and be in the network go to FreeeUp.com

Sponsors

[15:25] Value link round: www.chainofwealth.com/passive-income-ideas

Value Link Round (VLR)

[15:38] Why do you think people struggle to achieve their dreams?
· People are really bad at prioritizing and problem solving

[17:2] Do you have any favorite books or podcasts?
· Podcasts: EoFire
· Books: Start with why

[17:45] Do you have a favorite quote?
“Work hard, play hard”

[18:23] Any last advice?
Figure out what you are passionate about

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

Bitcoin- Investing Responsibly with Kim Snider Hughes Jun 25, 2018

Show notes

Kim Snider Hughes has spent 20+ years as an entrepreneur, options trader, investment advisor, financial engineer, author, speaker, educator, and financial radio talk show host.

Kim retired at 47. And all was going according to plan, until crypto came along.

Most people think cryptocurrency is too risky for a run of the mill portfolio. Kim believes the risk is in NOT investing in crypto assets.

Welcome!
[3:53] What is something that most people don’t know about you?
· Painfully shy

[5:28] For people who are still a bit unclear about crypto- what is a quick explanation that you would give them?
· Explanation depends on who you are talking to
· Hoodie or suit
· Blockchain is the technology- just a software
· Blockchain is the internet of money

[10:50] Is there a difference between a cryptocurrency and a crypto asset?
· Original terminology is cryptocurrency
· Cryptocurrency name is too narrow
· Being renamed into crypto assets
· Can be broken down into different categories

[13:23] How big is the crypto asset market?
· It seems like a constrained supply
· The numbers are possible

[18:47] What other applications does technology for blockchain have?
· Bulls or bears
· Rather be an owl
· Nobody knows what will happen
· Last year- 1,044% return
· A very unique opportunity

[23:55] If someone wanted to invest in this, what are some indicators they should be on the lookout for?
· Only invest 2% in crypto
· Only money you can afford to lose

[27:14] Tell us about your business- SANE Crypto.
· Teach people how to invest in crypto assets
· Helps people who are looking to create a portfolio to live off of
· Created a system for clients to answer all questions

Sponsors

[28:45] If you want to get started with Bitcoin check out this post.

Value Link Round (VLR)

[29:33] Why do you think people struggle to achieve their dreams?
· Comes down to not planning and not making a plan

[30:56] Do you have any other books or podcasts you recommend?
· Books: A random walk down Wall Street, The One Thing
· Podcast: The Sane Crypto podcast- an investing podcast wrapped up in cryptocurrency

[35:46] Do you have a favorite quote?
· “You can have everything you want in life if you just help others get what they want.”

[35:59] Any last advice?
· Just to be thoughtful about information

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

How this New Yorker achieved financial independence Jun 21, 2018

Show notes

Visit www.chainofwealth.com to grow your wealth

Mr. and Mrs. Groovy are anonymous PF bloggers. They know that wanting to escape from the tyranny of big government and financial dependency is one thing. But it’s knowing how to do it is another. A true groovy freakin freedomist is someone who has broken the freedom code and that’s what we hope to do today!
Welcome!
[3:46] So tell us something about yourself that you haven’t shared on the blog.
· 18 years old and got expelled from college
[7:24] You recently moved and are building a house. Where are you staying while it’s built? How long until it’s done?
· Staying with parents
· Should be done around the holidays
[11:6] What was your plan to becoming financially independent?
· We didn’t have a plan
· Wanted to get out of New York
[13:56] You created a checklist to help other people get on the roll to FI- what sort of things did you include on the list?
· Habits are destiny
· Do something silly
[19:8] If someone in their 20’s or 30’s is listening- what is one or two really important things they need to be doing to set themselves up for financial success?
· Get in the habit of tracking your spending
[25:9] Let’s talk about your post, How Saving for Retirement Is Like Removing Dingleberries from Your Ass- there are so many great points in this post- like how saving isn’t taught in schools. What are your thoughts on this?
· Talking to Billy from Wealth Well Done
· Was a joke post
[32:38] Last- can we please talk about a junior IRA? Actually IRAs in general because it’s a commonly used phrase and not a common taught subject.
· IRAs for kids

Sponsors

[37:34] Value Link: https://www.chainofwealth.com/airbnb or
wwww.hostingyourpad.com

Value Link Round (VLR)

[38:3] Why do you think people struggle to achieve their dream?
· Focus on the prize rather than the process
[40:14] Any books or podcast recommendations?
Podcast: Tim Ferriss, Stacking Benjamins, Paula Pant, ChooseFI, FireDrill, Countdown to FI
[43:2] Favorite quote?
“Discipline is freedom”
[43:43] Any last advice?
Fix yourself before you fix the world

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

This couple is raising a family and on their way to FI- Hear how! Jun 18, 2018

Show notes

Visit www.chainofwealth.com to grow your wealth

Countdown to FI is a personal finance blog and podcast also run by a dynamic-duo couple! They are anonymous bloggers that talk about their life out in the west raising a family, getting out of debt and achieving financial independence.

Welcome!
[3:6] Where did the idea to start a blog come from?
· Delivered pizza as a side hustle
· Started getting own ideas
· Wanted to tell their story
[6:2] You have decided to ride your bicycle to work- and at first were struggling a bit. Are you still riding? Has it gotten any easier?
· Loves riding bike now
· Has gone down to 1 car
· Feels better
[10:17] You guys also have a podcast! What are some of the topics you discuss? What have you learned?
· Knew nothing
· Steep learning curve
· 25,000 downloads in a year for a goal
· Need to be persistent
[16:30] What are some goals that you have for your blog/ podcast/ savings
· Saving, budgeting and investing
· Health goals
· Not a ton of blog/podcast goals right now- having fun doing it
[23:23] So you have your post, The New Plan. What is your new plan? What are the goals you created?
· Planned to save 100K this year
· Paid off 1 student loan
· Sold 1 car
· Get rid of all debt except for mortgage

Sponsors

[31:37] Value link round: https://www.Chainofwealth.com/spending

Value Link Round (VLR)

[31:49] Why do you think people struggle to achieve their dreams
· People generally get comfortable
· Get into a certain lifestyle
[33:42] What other books or podcasts do you recommend?
Podcast: Countdown to FI, ChooseFI
[36:35] Do you have a favorite quote?
No
Words: Resiliency and persistence
[37:25] Any last advice?
Try not to do what everyone else is doing
Don’t not to something because you’re afraid

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

Stressed about your kid's education? You need to PLAN NOW, we can help! Jun 14, 2018

Show notes

Visit www.chainofwealth.com to grow your wealth

For millennials who are starting to have kids- the thought of paying for college is super stressful. After the financial down turn and everyone asking Brock about how to invest in their child’s education, he realized that a lot of people didn’t really know what they were doing when it came to paying for college. Flash forward, The College Funding Coach has helped thousands of people pay for college without going into debt.

Welcome!

[3:15] What is the worst mistake you have seen people do when paying for college?
· Biggest mistake is waiting too long
· Start saving ASAP
[10:7] When should people really start preparing for saving for college?
· Begin as soon as possible
· Save money in general- then it can turn into a college fund
[13:13] What can students do to help prepare for the college application process?
· Cast a broad net- find a school that is the right fit
· Write your essays early
· Look for money early- scholarships/ grants/ corporations
[20:13] Applying for scholarships is such a pain- any unknown hints that could help out?
· Loads of scholarships available to all students
[20:0] Tell us about your services.
· Works with families all over the country to help prepare for college tuition
· Helps to find money for college students
· Visit www.thecollegefundingcoach.org
· Workshops all over the country
· Can have a free consultation to develop a plan
· Offers webinars

Sponsors

[33:50] Value Link Round: Subscribe to help us grow!

Value Link Round (VLR)

[34:29] Why do you think people struggle to achieve their dreams?
· They don’t take the time to figure out their dreams
· They don’t actually start their goals
· Take baby steps
[39:35] What is your favorite quote?
· Hard work, given time will beat talent
[40:20] Any last advice?
· It takes hard work and planning to achieve your goals

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

This single mom paid off $50K of debt- hear this incredible story! Jun 11, 2018

Show notes

Visit www.chainofwealth.com to grow your wealth

Karen created Debt Free Lab to share fast, actionable tips that would help real everyday people achieve financial success. She comes from a background of conquering massive financial stress and is now out of debt and financially stable- ready to share her story!

Welcome!

[2:37] You walked away from a marriage with $50K of debt, a 515 credit score and no money. How did you dig yourself out of that?

It was rough

Broke up the challenge into more manageable goals

[4:30] What advice would you give to your younger self?

Start now- too focused on having fun

Didn’t think of the long term

[5:25] Do you have any advice on getting a divorce?

Don’t marry young

Get a good lawyer

Try to think with your head and not your heart

[7:1] What is the struggle like being a single parent while getting out of debt?

Super stressful

Surround yourself with people to listen to you and encourage you

[8:30] What advice do you have for other single moms or dads in the same situation?

Let go of guilt

Don’t fill the void with material stuff

[10:36] What did you learn from that time?

To be patient with myself

[12:24] When did you start budgeting?

About 6(ish) years ago

Was desperate and had to start something

[13:12] Were you apprehensive- did you find it easier or harder than you expected?

Trial and error

[13:20] What method do you use to budget your money now?

Excel spreadsheet

Spending tracker app

Try to have leeway in each category

Sponsors

[15:56] Value Link Round: Want to listen to all these great book recommendations? Check out Audible! www.chainofwealth.com/audible

Value Link Round (VLR)

[16:44] Why do you think people struggle to reach their dream?
They don’t have a plan- a dream without a plan is a wish
[17:23] What other books or podcasts do you recommend?
Books: Dave Ramsey: Complete guide to money, The life changing magic of tidying up
[18:35] Do you have a favorite quote?
“I am not a product of my circumstances, I am a product of my decisions”
[20:4] Any last advice?
Never give up

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