Radical Personal Finance

Latest Episodes:

251: Annuities: An Intoduction to the Types and Uses of Annuities Oct 20, 2015

Show notes

Let's put our work boots on today and dig into some of the science of financial planning. We've been doing a lot of fluffy, motivational-type stuff on Radical Personal Finance recently. That stuff is really valuable but it needs to be tempered with some serious knowledge.

Today, let's talk about annuities.

Annuities get a bad rap in the financial marketplace. And rightly so. They've been shamefully misrepresented, oversold, and abused by many insurance agents.

But do they have a place? Can they be an incredibly useful tool in the toolbelt of a good financial planner?

I believe so.

In today's show I work to share with you some background and structure about annuities. This will help you to understand the words involved and the different product structures available.

We talk about:

The number of lives covered (single life vs joint life vs joint-and-survivor annuities)
When the payments start (immediate vs. deferred)
Methods of premium payment (lump sums vs. periodic payments)
Pure/straight life vs. refund annuities
Fixed vs. variable vs. indexed annuities
And tons more!

Enjoy the show!

Joshua

You Need A Budget! Use the same software that I use: http://radicalpersonalfinance.com/YNAB
Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

250-How the Wisdom of Chess Can Make You a Grandmaster of Investing: Interview with Douglas Goldstein, author of Rich as a King Oct 19, 2015

Show notes

We've generally been trained how to think about finance by the financial services industry. Their plan for your finances? Well, each step involves a financial product of some sort or another.

But what if we think a little more strategically? Could we get better results?

I think so.

After speaking with today's guest, Doug Goldstein, I think that the metaphor of chess is a good way to train our thinking.

Doug is the co-author of a book titled: Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.

Enjoy this interview as we discuss how to approach finances like a chess game!

Joshua

Links:

Doug's book: RichAsAKing.com
Doug's financial planning firm: profile-financial.com
Doug's radio show (get a free ebook): http://www.goldsteinongelt.com/
You Need A Budget! http://radicalpersonalfinance.com/YNAB
Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

249-How Dual-Income, High-Earning Couples can Lower Their Income Taxes Oct 14, 2015

Show notes

One of the benefits that $200/mo. Patrons of Radical Personal Finance get is being able to choose a topic of the show.

Here's the note that prompted today's episode:

Joshua,

Double income medium- to high-earning couples frequently ask me how to lower their taxes (the second income is at a higher rate of >28%, plus state 3.75% and social security 7.65 or 40% all in). I don't have a lot to tell them:-calculate whether it's worth it for second spouse to work ('Money or Your Life' style-after tax/child care/gas income per hour of total time spent at job (commuting and working)-weigh the qualitative factors-max 401k-invest in real estate

I'm assuming I'm missing things. What do you have to say on the subject?

One reason my wife doesn't work is that its not worth it.

Thanks,

Patron

Today's episode includes my response and advice for how couples can approach this conundrum!

Joshua

Need a financial advisor? Start your search here: http://radicalpersonalfinance.com/paladin
Do you have a budget? You need one! Try this: http://radicalpersonalfinance.com/YNAB
Want to support the show? Go here: http://radicalpersonalfinance.com/patron

248-One Great Way to Start Your Search For a Financial Advisor: Interview with Jack Waymire, Founder of the Paladin Registry Oct 06, 2015

Show notes

The most challenging question that I get asked on Radical Personal Finance is this: "Joshua, how do I find a great financial advisor?"

It's hard because there are great advisors at most (all?) firms and there are terrible advisors at most (all?) firms.

More importantly, there are different advisors for different stages of life and different levels of need.

Unfortunately, all these get lumped together under the term "financial advisor," which is, itself, a non-specific and mostly useless term which could refer to any number of job descriptions.

However, I still try to answer the question. And today, I'm working to answer it with a new sponsor: Paladin Registry.

This show is an interview with Jack Waymire, the founder of Paladin Registry and it contains an in-depth interview discussing the challenges and process of finding a great financial advisor.

Enjoy the show!

Joshua

Start your search for a financial advisor through Paladin here: http://radicalpersonalfinance.com/paladin
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

247-Friday Q&A: Online Savings Accounts, Commission-Free Life Insurance, Why Don't I Have a CIMA Designation, Would I Do A Daily Podcast Again, Should I Max My 403(b) or Save for a Down Payment, 529 Plan for Myself, and Thoughts on Leveraged Index Funds Oct 02, 2015

Show notes

After a way-too-long hiatus, Friday Q&A is back! On today's show, we cover:

Online Savings Accounts
Commission-Free Life Insurance
Why Don't I Have a CIMA Designation
Would I Do A Daily Podcast Again
Should I Max My 403(b) or Save for a Down Payment
529 Plan for Myself, and Thoughts on Leveraged Index Funds

Enjoy!

Joshua

If you don't already use the YNAB budgeting software, download a 30-day free trial and try it! I think you'll love it. http://radicalpersonalfinance.com/YNAB
If you're not listening to audiobooks, you should be! Get a free audiobook of your choice when you sign up for a trial membership to Audible: http://radicalpersonalfinance.com/audible I strongly recommend "Money: The Unauthorized Biography--From Coinage to Cryptocurrencies" by Felix Martin as your free book. You'll love it!
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

246-You Need a Budget and Here's the Best Way for You to Make One! Interview with Jesse Mecham, Founder of YNAB Oct 02, 2015

Show notes

Sometimes you discover something that's been out there for years and you want to smack yourself in the head for not tuning in to it sooner. That's how I feel when it comes to YNAB. (For the uninitiated YNAB stands for You Need A Budget.)I used YNAB years ago and my response at that time was, "ho-hum." I then proceeded to ignore it for the next 6 years to my own detriment. Bummer. I wish I'd paid more attention!

I was reintroduced to YNAB by my own listeners (the full story is in this episode) and today I'm thrilled to introduce YNAB as a sponsor of Radical Personal Finance!

Check out this interview with Jesse Mecham, the founder of YNAB for an introduction to him, his story, and the YNAB company. It's a super interesting story of entrepreneurship, growth, and the creation of an awesome product which fits a real need that most of us have.

Enjoy!

Joshua

Download a free trial of YNAB! http://radicalpersonalfinance.com/YNAB
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

245-Achieving Financial Freedom With Hard Work and a Good Plan! Interview with Scott Alan Turner, a Financial Rock Star Sep 25, 2015

Show notes

I love to talk with people who have achieved financial independence. But I especially love to talk to those financially independent people who have achieved it in a very accessible way!

Frankly, it's hard to relate to a tech titan who sells their latest greatest app company for a billion dollars.

But I can relate to someone who has simply worked hard, saved aggressively, invested conservatively, built an entrepreneurial side hustle and achieved their results over time!

My guest today is Scott Alan Turner and he's done exactly that. Sit back, relax, and enjoy his story! And make sure to take special note of how you can copy and model him and his success.

Enjoy!

Joshua

Scott's website: http://scottalanturner.com/
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

244-Vending Machines as a Path to Wealth and Passive Income: Interview with Matt Miller from School Spirit Vending Sep 24, 2015

Show notes

When I was younger my brothers and I spent lots of time talking about how to make our millions of dollars with passive income. Two businesses seem to be prominent when you go down that line of thinking as a young person: car washes and vending machines.

We didn't pursue either of those businesses. But much later I did wind up working with some clients who had a vending business. And I was intrigued by their business.

My guest today is a vending expert. Matt Miller started his vending business the hard way and built it slowly.

Over time, he wound up finding a new niche for his vending products: stickers.

He's since gone on to create a franchise to teach others how to do what he has done.

Enjoy his wisdom, experience, and insight!

Joshua

Matt's website: http://ssvbusiness.com/radical/
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

243-Mastering the Art of Charm so You Can Navigate More Easily Through Life: Interview with Jordan Harbinger, Co-Founder of The Art of Charm Sep 23, 2015

Show notes

Interpersonal skills of relationship are a huge deal and your mastery of them will massively impact your level of success in life.

All else being equal, people would rather do business with people they know, like, and trust.

All else NOT being equal, people would STILL rather do business with people they know, like, and trust!

So, this is an area that we should give attention to.

My guest today has devoted years to studying, mastering, and teaching interpersonal skills.

Jordan Harbinger is the co-founder of the highly successful Art of Charm. I caught up with him at Podcast Movement 2015 and invited him on the show to share some lessons with us.

He delivered.

Enjoy the interview!

Joshua

Jordan's website: http://artofcharm.com
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

242-One Bed, One Bank Account: Interview with Derek Olsen from Better Conversations on Money and Marriage with Derek & Carrie Olsen Sep 22, 2015

Show notes

Money in marriage is an extremely challenging area of life. Researchers often say that money fights and money problems is the number one cause of marital stress.

My guest today is Derek Olsen. He and his wife Carrie have written a book called "One Bed, One Bank Account: Better Conversations on Marriage and Money."

I was able to catch up with him at Podcast Movement 2015 where we dug into the major questions of how to handle money together.

Make sure to stay tuned at the end of the episode. There's a 30-minute bonus episode on the radical lifestyle that they are living!

Joshua

Links:

Derek and Carrie's website: http://derekandcarrie.com/
Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

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