Radical Personal Finance

Latest Episodes:

451-The Millionaire Next Door Wealth Index: How Do You Stack Up? Apr 12, 2017

Show notes

The Millionaire Next Door Wealth Index:

"Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be."

450-Network Marketing, Multi-Level Marketing, & Pyramid Schemes: Are They Legitimate Business Opportunities or a Complete Scam? Apr 11, 2017

Show notes

About once a week, I get an email asking me for my opinion on network marketing opportunities. So, today, here is my opinion and advice for you!

Joshua

Please support Radical Personal Finance on Patreon. www.radicalpersonalfinance.com/patron

Secrets to Success (ETtheHipHopPreacher) Apr 10, 2017

Show notes

Here's a great Monday-morning sermon by ETtheHipHopPreacher to kick off your work week. Thank God it's Monday!

Original video: https://youtu.be/5fsm-QbN9r8

449-Friday Q&A: How Do You Help Young People Engage in Goalsetting, How Much Debt Is Too Much on Rental Properties, How Do You Help Your Brother-In-Law Learn About Money, Last-Minute Health Savings Account Contributions, Apr 07, 2017

Show notes

We do a live Q&A show on Fridays. Today we cover:

How Do You Help Young People Engage in Goalsetting?
How Much Debt Is Too Much on Rental Properties?
How Do You Help Your Brother-In-Law Learn About Money?
Last-Minute Health Savings Account Contributions?

Enjoy the show!

Joshua

Please support the show on Patreon! www.radicalpersonalfinance.com/patron
Sign up for a free 34-day trial of YNAB: www.radicalpersonalfinance.com/YNAB
Try out the Personal Capital dashboard: www.radicalpersonalfinance.com/personalcapital

448-Mythbusting: Your 401(k) Won't Make You Rich! Here's Why... Apr 06, 2017

Show notes

I've often made comments like, "Your 401(k) won't make you rich." Or, "People Don't Get Rich Because they Invested in Their 401(k)."

A listener recently asked for clarification on that statement. I thought it was so important that I dedicated an entire show to it.

In today's show, I give my defense of my statements and argue my case.

My thesis is simple: high 401(k) balances are correlated to people who are rich, but they are not a causative factor of wealth.

Enjoy!

Joshua

Please support my show on Patreon! www.radicalpersonalfinance.com/patron

Out & About: My Appearance on "Best Real Estate Advice Ever" with Joe Fairless Apr 05, 2017

Show notes

A little while back I gave this interview for Joe Fairless on his show, "Best Real Estate Advice Ever." We focused on the intersection between personal finance and professional financial advice. Enjoy!

Joshua

http://joefairless.com/best-financial-advice-achieving-maintaining-financial-freedom/

Out & About: My Appearance on Sound Retirement Planning Podcast with Jason Parker Apr 04, 2017

Show notes

Today, please enjoy this recording of my appearance on Episode 107 of the Sound Retirement Planning Podcast with Jason Parker!

This show was recorded in Q4 of 2016.

http://soundretirementplanning.com/107-radical-retirement-planning-joshua-sheats-radical-personal-finance/

447-Mythbusting: The Myth of Passive Income Apr 03, 2017

Show notes

I see lots and lots of people talking about the idea of "passive income." Everywhere I look, I hear people talking about passive income and why it's so great!

But, I've heard very few people define the concept and explain what a true passive income opportunity is.

And the vast majority of opportunities I hear of don't qualify as passive income in my book.

So, let's bust this "passive income" myth today!

Joshua

Looking for a financial advisor? Start here: www.radicalpersonalfinance.com/paladin
Please support Radical Personal Finance on Patreon: www.radicalpersonalfinance.com/patron

446-Friday Q&A: Should We Sell the House we Just Moved Out of, Should I Fire My Financial Advisor, A Cool Networking Event for Celebrities that I Admire, How Can Divorced Men Pay Less Child Support, and More! Mar 31, 2017

Show notes

It's Friday! On today's Live Q&A show we cover:

Should I sell the house we just moved out of?
How Do I Figure Out If I Should Fire My Financial Advisor or Not?
How Can I Organize a Really Cool Networking Event for Celebrities that I Admire?
How Can Divorced Men Creatively Avoid Paying Higher Child Support?
What Competitive Advantage Does Dimensional Fund Advisors Have Over Vanguard?
How Has Joshua Changed His Financial Plan Over the Last Three Years?

Enjoy!

Joshua

Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron

445-Should we Keep Paying off Our House with Gazelle Intensity or Switch to Saving 15% for Retirement? Mar 30, 2017

Show notes

Today, we cover this question:

Joshua,

My husband and I love your show and would LOVE IT if you could help us answer a question from your point-of-view.

Facts:

We're completely debt-free except for our house.
We make around $130,000 per year.
We're currently investing 10% for retirement.
We are dead-set on paying off the house in the next 2.5 to 3 years.

The DILEMMA:

Dave Ramsey suggests saving 15% for retirement for someone in our position. We can do this..but that'll slow down our house payment goal quite substantially (or, in my mind it's substantial, as I want this house paid off TOMORROW!)

The goal after the house repayment is to throw everything we can spare towards investing in retirement funds.

THE QUESTION:

Should we stay strong on our course to pay off the house in 3 years tops only saving about 10% for retirement or do we bump up retirement savings? Ultimately how do I figure out the opportunity cost in each scenario?

Thanks so much!

Taliah

Please support Radical Personal Finance on Patreon! www.radicalpersonalfinance.com/patron
This is the debt-payoff calculator that I use constantly! https://www.vertex42.com/Calculators/debt-reduction-calculator.html

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