Good Money with Derrick Kinney

Latest Episodes:

Hot Money Topics: 7 Worst Retirement Mistakes You Can Make May 24, 2021

Show notes

Retirement can be a very scary word. Let's face it, if you don't save enough or you mistakenly invest in the wrong places, it can cost you dearly. After all your hard work, you deserve to make memories with your grandchildren and enjoy fun trips with your friends. Here's the secret: you must avoid these 7 HUGE retirement mistakes so many people make. In today's episode, Derrick shares how you can create the retirement you've always wanted.

What you will learn:

7 worst retirement mistakes you can make
Free money—what it is and how to get it
Retire to something, not from something
How to create a practice retirement budget
Ways to save money during retirement

Quotes:

"In retirement if you blow your planning…it could cost you the retirement you've always wanted having worked all those years to build it up." – Derrick Kinney
"Practice living on what you think you'll need in retirement, but do it while you're working. That way, you've got the safety net so you're testing it out." – Derrick Kinney
"If you're not looking at your goals on a regular basis, you can easily get so far off target that you can't make it back in time." – Derrick Kinney
"Take some time now to write down three financial goals, important to you, look at them every day and you're going to be for more likely to make progress toward what you really want." – Derrick Kinney
"The bottom line is the government incentivizes you to save for your retirement. Make sure you're taking advantage of those opportunities." – Derrick Kinney
"If the money is automatically taken out, you almost guarantee there's not more month left than there is money." – Derrick Kinney
"Let the market pay for some of what you want to do in retirement and be strategic about it." – Derrick Kinney

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Bill Perkins—Who Said Spending All Your Money is Bad? May 17, 2021

Show notes

My guest today says you should end with $0 in your bank account. You read that right—and you might be shocked by how much you agree with him. Successful hedge fund manager and entrepreneur Bill Perkins shares why waiting too long to do the things you've always wanted may mean you run out of time to do them at all. If your fear is still holding you back, Bill shares ways that you can take control of your finances so you can have a fulfilling life.

What you will learn:

Money is what you exchange your time for
We acquire money because we want to have a life
All of us go on autopilot
Don't over-delay gratification
Solve for net-fulfillment over net worth
Use your resources at the right time
How to overcome your fear of running out of money
Create time buckets for your life
Invest in experiences and reap the memory dividends
Choose your own adventure

Quotes:

"We want to pay our bills, we want to be healthy, we want to feed ourselves—but after that, it's our own unique individual choices, based on our own values and experiences. We want to have a life." – Bill Perkins
"If money is just the goal by itself, then there's simply no life satisfaction that occurs." – Derrick Kinney
"If you go to work, right, something that you normally wouldn't do, and you die with money in the bank, you've essentially given up a piece of your life, depending on how much you overworked, for nothing, for no reward." – Bill Perkins
"Life is like Tetris. Remember that video game, Tetris? Where you have the shapes down and they interlock. If you don't get the order right in life, you don't get as many experiences." – Bill Perkins
"Find out exactly where your fear is coming from and look at the products that will mitigate those fears so that you can have the most fulfilling life." – Bill Perkins
"I tend to be more productive and more excited when there's something to anticipate, not just be surprised by." – Derrick Kinney
"When you invest in experience, you get the joy of that experience, of doing that activity, but you also get what I call the memory dividend. Every time you recall that experience, you get a little bit of joy." – Bill Perkins
"I'm on the journey to the grave and I'm trying to minimize future regret. And as long as I stay on model, I'm going to get the most I can out of my money, my time and my health here on Earth." – Bill Perkins
"So many people think about investing, and they get a return on their stock or their bond, but when you invest in people, there is an exponential return you can get, not just in belief, but actually the impact they can make on society." – Derrick Kinney

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Recommended Resources:

Die with Zero: Getting All You Can from Your Money and Your Life by Bill Perkins (https://amzn.to/3bmK9XH)

3 Beliefs About Money No One is Teaching Your Kids May 10, 2021

Show notes

As a parent, you want your children to succeed in every aspect of their lives. And you want to be that person to lead them there. The problem is, when it comes to money, you don't even know where to start. You feel like you don't have the tools to teach your kids how to earn, save, give, or invest money. That's about to change. Today, Derrick is revealing the 3 beliefs about money no one is teaching your kids. Listen closely—you might be shocked at what they are.

What you will learn:

How to be the creator of money, not just the receiver
Be an investor, not a spender
How to be a confident wealth builder
Admitting your mistakes = teachable moments
The best investment you can make is in other people
Bet on yourself

Quotes:

"Whether you're a mom or dad or a grandparent, those are the exact moments where you can have the most impact on your kids, is revealing the mistakes." – Derrick Kinney
"There's so much that we're all learning together about ourselves, about our money, about each other. I cannot think of a better time than right now to simply be curious together." – Derrick Kinney
"Give your kids the option, the encouragement to start something of their own and do it while they're working full time." – Derrick Kinney
"You want to ask yourself all the time, am I spending money wisely? And with each purchase, is this helping me get closer to my goal or taking me further away from it?" – Derrick Kinney
"You ultimately control what you make and what you spend." – Derrick Kinney
"Now is the time to forgive yourself and say, 'Look, I can either live in that or I can admit those mistakes, help my kids or grandkids learn from those mistakes and we can move forward together.'" – Derrick Kinney
"We all get one life on this earth. I want to make sure it's a life of impact and a life of vulnerability and transparency." – Derrick Kinney
"That's the best investment I've ever found is investing in people because when you invest in people, you're investing in their potential, which has an unlimited opportunity for them." – Derrick Kinney
"I realized I'm going to have to either bet on myself now and take the leap or settle for someone else determining my worth and value, which simply wasn't right." – Derrick Kinney
"Until the pain is great, the change does not occur." – Derrick Kinney

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Steven Pressfield—This One Thing is Keeping You From Making Money May 03, 2021

Show notes

I know you have a dream or a big idea that you're holding on to—and today you're finally going to get the kick in the pants to take action. Best-selling author Steven Pressfield explains how Resistance, with a capital R, is that negative force that keeps people from pursuing their goals and holds you back from the money you deserve. He explains the difference between amateurs and professionals and says you can choose to mentally "turn pro" and play through adversity. If you're still frozen in fear about your big dream, Steven says the pain of not doing it is always greater than the pain it takes to do it. And this episode will give you the push to just start!

What you will learn:

How Resistance is costing you money
The difference between an amateur and a pro
Entrepreneurship requires self-discipline
Just plunge right in
Success is a by-product of doing what you love
Adversity builds virtues
The Warrior Ethos

Quotes:

"So, Resistance is that negative force that seems to cripple us all when we try to have a dream and try to act on it." – Steven Pressfield
"Adversity is the nature of reality." – Steven Pressfield
"A pro shows up every day. A pro doesn't show up only when they feel like it. A pro stays on the job all day." – Steven Pressfield
"When we're an entrepreneur, we're on our own. Or we're a writer or an artist, we're all alone in that room. We have to, that's whole other skillset to develop, to be able to self-motivate, self-validate, self-reinforce." – Steven Pressfield
"If you're in your chosen field, at least you're learning. It's better to be taking the blows than sitting on the sidelines somewhere." – Steven Pressfield
"So many people think that success, once you make a bold decision to launch something on your own, that things just happen. But it's facing that wall every single day." – Derrick Kinney
"Success comes as a by-product of doing what you love and doing it at a high enough level that people want it, people want to participate in it." – Steven Pressfield
"Patience, perseverance, aggressiveness, resourcefulness, asking for help, studying, learning—all of those are virtues that we need to learn, above and beyond whatever our particular business is." – Steven Pressfield
"If we're competing in business and we have rivals out there, we have to take them seriously. Because they're as smart as we are and they're doing the same thing we're doing. What do they know that we don't know?" – Steven Pressfield
"Don't wait. Start. But you don't have to start full time. You don't have to blow up your whole life to do it. But keep steady pressure on it and hours add up." – Steven Pressfield

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

https://goodmoneyframework.com

Follow The Good Money Show on Instagram!

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Recommended Resources:

Stevenpressfield.com
The War of Art by Steven Pressfield (https://amzn.to/3wH0gIF)
The Warrior Ethos by Steven Pressfield (https://amzn.to/3d20CSo)

Erin Lowry—3 Ways to Win at Awkward Money Conversations Apr 26, 2021

Show notes

Author of the "Broke Millennial" book series, Erin Lowry, explains why money conversations can be so uncomfortable. She discusses the unique money challenges that millennials face and offers practical strategies so you can have important conversations with your parents and your kids about their financial future. She says if you're not looking forward to regular money check-ins with your spouse, try 'temptation bundling' and find something you both enjoy while you have that difficult conversation. From how to tell your friends you can't afford their lifestyle to how to ask your parents if they can afford retirement - Erin shares tips on how millennials and their money can get along!

What you will learn:

When and how to ask for a raise
You have an emotional relationship with money
Talk about money before you need to
Pick the dream school for your dream life
Redefining 'generational wealth'
How to talk to your children about money mistakes
Focus on your situation today
Everyone makes mistakes with money

Quotes:

"It is so fascinating to me that we do just constantly talk about money, but we don't acknowledge that we constantly talk about money." – Erin Lowry
"Whether or not we understand what our personal relationship with money is, whether or not you acknowledge it, you have one and the way you interact with money is dictated by that dynamic." – Erin Lowry
"This process, which is also again, part of the reason I keep reiterating: talk early, talk early, talk early. So that decisions are not being made in duress." – Erin Lowry
"I went to the school that gave me the most scholarship money so I could graduate debt-free and therefore be able to take more risk upon graduation." – Erin Lowry
"Money is a tool that we use to make our lives better, to make the lives of those around us in our community better." – Erin Lowry
"The other part too, is we so often intertwine morality and shame when it comes to debt. There are myriad reasons people end up in debt, especially when coming out of a pandemic." – Erin Lowry
"So if you're in a position where you feel you are significantly underpaid, you don't think you're going to be able to negotiate to close the gap for whatever reason, it could be time to take your talents to another company." – Erin Lowry
"You don't have to be good at math to be good at money." – Erin Lowry
"Just like with anything else in life, first of all, you are going to screw up. The experts screw up. We're all going to make mistakes when it comes to money. So, don't let that be a reason that you give up." – Erin Lowry

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

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Follow Good Money Framework on Instagram!

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Recommended Resources:

Erin Lowry - brokemillennial.com

Money Hot Topics: Investing 101 Apr 19, 2021

Show notes

You requested and we listened. Welcome to our first "Money Hot Topics" episode all about INVESTING! We get it. Investing feels complicated and intimidating. That ends today. Here's the truth: if you're not investing, you're missing out on a huge money-making opportunity. Listen as Derrick reveals his best investing tools and tips that you can immediately implement so your money works hard for you. You'll walk away with your investing questions answered and start feeling confident about how to make money.

What you'll learn…

Why you should invest no matter how much money you have
4 lanes of investing
Biggest trends you should capitalize on
Different levels of risk and how to assess each one
How long to hold a stock and when to buy or sell

Quotes worth reading…

"I know that you work hard for your money and I want your money to work equally as hard for you." – Derrick Kinney
"Investing is simply taking your money, putting it somewhere with an expectation it's going to grow." – Derrick Kinney
"As an investor, you have to ask yourself, if you voted for the president or not, 'how can I make money based on what the situation is?'" – Derrick Kinney
"Keep disciplined and gradually adding money and eventually the sun does come out and you're betting and you're investing with belief that the market will turn around." – Derrick Kinney
"When you pay cash, research verifies this, you actually spend less money. If you just pull out the little plastic square as I call it and pay for things, you're going to be spending about 20% more because cash doesn't physically leave your purse or your wallet." – Derrick Kinney
"I want to help our listeners take control, even at a very small level, so they can begin to manage their life and not be managed by it." – Derrick Kinney
"How you manage your money, whether small or big, is the first step to taking control of not just your short term, but your long-term financial future." – Derrick Kinney
"You're going to need to have faith in the long-term of the market, but also you don't have to invest just in the market. You can invest in real estate. You can invest in shoes. There's a lot of collectible areas that are out there." – Derrick Kinney
"The key is to find a philosophy that you buy into and can follow and really understand and that will empower you to make good decisions. Even when times get tough, you'll want to make them because you tied your savings to a goal and a purpose, and that will drive you when things get hard." – Derrick Kinney

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn

That No One is Teaching Them"

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Jon Acuff—Stop Overthinking and Start Living Apr 12, 2021

Show notes

Overthinking is costing you money and keeping you from living the life you want. Author Jon Acuff says it starts with your "soundtracks" - the loudest thoughts that play in your head. Jon shares how if your soundtracks aren't speaking truth, his three-step strategy will change the tune for the better. And he tells us why acting like a tourist and being nostalgic in the moment are just a few of his simple strategies to say good-bye to overthinking once and for all.

What you will learn:

Overthinking is an epidemic
The 3 steps to fix your broken soundtrack
You can choose your thoughts
The power of symbols
Be nostalgic in the present moment
Stop trying to solve problems that don't exist yet
Overthinking is costing you money
Be a tourist
The 4 parts to every goal

Quotes:

"I mean, think about the isolation, the political stress, the social media division. So, overthinking only multiplied in the last year." – Jon Acuff
"You have to get rid of the word 'over' because 'over' is a word of perfectionism. 'Over' indicates there's one wall, you climb over it and you're all done. What you should say instead is, 'how do I go through imposter syndrome?'" – Jon Acuff
"Most people don't understand they get to choose their thoughts. They think a thought is something they have, not something they hone." – Jon Acuff
"Some people let life happen to them, but it's important to happen to life instead." – Derrick Kinney
"If you find something positive that you want to remember, that you want to repeat, give yourself a fighting chance of it working and tie it to a symbol." – Jon Acuff
"People who are always escaping the moment are only seeing the things that they didn't do, not the things they did do." – Jon Acuff
"There's no time suck like a fake problem." – Jon Acuff
"I like to tell people, when you ask somebody what they need, they become visible and valuable." – Jon Acuff
"If you work at a company with 10,000 people, you're still the CEO of you." – Jon Acuff

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

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Follow The Good Money Show on Instagram!

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Recommended Resources:

soundtracksbook.com

Why the World Needs the Good Money Framework Apr 05, 2021

Show notes

The tables have turned and Derrick's on the hot seat. One of our favorite guests, Bea Boccalandro, pulls no punches as she asks Derrick why he sold a very successful financial planning business to launch the Good Money Framework and the Good Money podcast. He shares why his fundamental belief is that money is NOT bad and good people should have more of it. Derrick gives you the tools to fight against today's media's money myths. And get this: Derrick says it's possible to support the cause you care deeply about AND grow your bank account. Then he explains his 7-Step Good Money Framework and how it can help you make more money so you can do more good. Enjoy!

What you will learn:

• Why Derrick sold his successful business

• Money is not bad

• You can reset your money beliefs

• Your current value is what you're currently paid

• The 7-Step Good Money Framework

Quotes:

• "Yeah, it was possibly a crazy decision. It was a bold decision. It was a decision that I was at peace with." – Derrick Kinney

• "For many people, it's so complicated and what I wanted to do was come up with a framework that people could step into, identify what's important to them, and really go step by step, not just how to make money, but really how to have true fulfillment from what money represents." – Derrick Kinney

• "COVID, for many people, has been a chance to press the reset button. A chance to ask themselves, 'What's truly important?' and, 'Is this the best use of my time and my talents?'" – Derrick Kinney

• "And what this good money message is all about is, first of all, a message to let people know that indeed, money is not bad. And people that have money are not bad. And you can be one of the good people that adds value to people's lives and helps make the world better but using your money to do good." – Derrick Kinney

• "Well, should you possibly be paid more? Possibly, but you've got to find a way to have people see more value in what you're doing." – Derrick Kinney

• "There's so much talent in people right now. I want to extract every ounce of potential people have- and that starts with managing their money very well." – Derrick Kinney

• "I think what it does is it re-shifts how people think about their money and injects not just purpose to profit from a business standpoint, but it adds meaning to money from a personal standpoint." – Derrick Kinney

• "So, when you start with that contribution in step one, you have just magically made all the other steps much easier because people are more motivated, they're more likely to get in flow, they're going to work harder." – Bea Boccalandro

• "Go make money, and a lot of it, and use it to help remake the world and make other people's worlds better. Because you're going to feel more fulfilled, more impactful, and really that you're making a lasting difference on this earth." – Derrick Kinney

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

https://goodmoneyframework.com

Follow The Good Money Show on Instagram!

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Recommended Resources:

• Goodmoneyframework.com

• Do Good At Work: How Simple Acts of Social Purpose Drive Success and Wellbeing by Bea Boccalandro (https://amzn.to/3ucRRuA)

Sharon McMahon—Politics and Money: Who Says We All Have To Agree? Mar 29, 2021

Show notes

Fed up with biased reporting and inaccuracies in the news and on social media, former government teacher Sharon McMahon decided to do something about it. She began posting non-partisan educational videos on Instagram to break down misinformation and give viewers easy-to-understand explanations of political news. Little did she know it would turn into a movement. In our conversation, she explains how she examines all sides of an issue to get to the facts and reminds us that listening to someone else's viewpoint doesn't obligate you to agree, but it does express empathy. Then she shares the amazing story of how she engaged her followers to donate enough to forgive $56 million dollars of medical debt in just 5 days! And she offers up insights on how she's built successful businesses and reminds us that the more money you make, the more good you can do in the world.

What you will learn:

People need fact-based information
The power of social media communities
Most of us want the same things
Fear is a powerful motivator
The danger of same-thinking
You don't have to care about everything
How to listen and understand without agreeing
Your business needs money to exist

Quotes:

"I found that people are hungry for just fact-based information that is not trying to convince them to vote a certain way." – Sharon McMahon
"They didn't need to have thousands of dollars to make a difference. They didn't need to be independently wealthy. Their small gift could be a force for good in the world." – Sharon McMahon
"My goal is always to give people peace and clarity about what is happening in the United States." – Sharon McMahon
"We differ on definitions and journeys, but we don't differ on the destination." – Sharon McMahon
"Being able to see a variety of viewpoints helps you make up your more educated mind instead of just going with what your friend said." – Sharon McMahon
"That's not the role of any one human to know and do and be and make up their mind about everything happening in the world. That's not your responsibility." – Sharon McMahon
"My position is that understanding someone else's viewpoint is actually extraordinarily useful to you. It does not obligate you to then reach the same conclusion. It does not obligate you to agree with them." – Sharon McMahon
"I wanted to reach out to people who are walking in shoes that I wasn't wearing." – Derrick Kinney
"One of the things I tell people is that the more money you make, the more good you can do in the world." – Sharon McMahon

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

https://goodmoneyframework.com

Follow The Good Money Show on Instagram!

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Recommended Resources:

Instagram.com/sharonsaysso

David Allen—Productivity Hacks to Make You Money Mar 22, 2021

Show notes

You know that nightmare where you wake up in a cold sweat worried you missed something uber-important? Productivity guru (and To-Do List myth buster) David Allen is here to help you get tons more done - the right way. In our conversation, he explains how trying to keep track of too many things means you can't be engaged and fully present on any one thing. And David shares the five-step process to take control of all the things that need your attention, starting with dumping them out of your head.

What you will learn:

Productivity should be redefined
Productivity myths
Your head is a crappy office
Your mind is like water
5 steps to take control of your to-dos
The six horizons
Do, Delegate or Defer

Quotes:

"So, productivity simply means, 'what kind of experience do I want to have?'" – David Allen
"Anything you do that allows you to lift horizon with altitude to see what you're doing is going to be a productive thing to do, but to assume that these are going to handle it all, that's the myth." – David Allen
"As soon as you give yourself more than four things you need to manage or try to keep track of, you're not going to be able to take a test as well, you're not going to be able to think strategically as well, and you're going to be likely more driven by what's latest and loudest in life instead of intuitive strategic choices." – David Allen
"It's impossible to be present if some part of your brain is still wrapped around a whole lot of stuff you're not appropriately engaged with." – David Allen
"There's no software, there's no technology that can substitute your mind from making decisions about what it is that has your attention to what you're going to do about it." – David Allen
"That's how you get any situation under control and more focused as you capture, you clarify, you organize, you reflect and then you engage." – David Allen
"One of the really hard realizations I had many years ago was that I couldn't do it all and do it well." – Derrick Kinney
"Ask yourself, are you the right person to do the next action on this? And if not, who is? And how could you hand that off to them?" – David Allen

Free Valuable Report for our Listeners: "3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them"

https://goodmoneyframework.com

Follow The Good Money Show on Instagram!

https://www.instagram.com/goodmoneyframework

Recommended Resources: