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    Don’t Rely on Someone Else To Fix Your Life!

    en-usSeptember 20, 2023

    Podcast Summary

    • Becoming debt-free and having financial margin can help individuals be 'inflation-proof'Focus on debt freedom and financial margin to weather inflation, consider career changes for personal growth, and trust your abilities to adapt.

      While the current job market may offer many options, demanding a raise based on inflation is not a viable solution and could potentially harm one's employment situation. Instead, focusing on becoming debt-free and having financial margin can help individuals be "inflation-proof." Additionally, considering a career change, even if financially secure, can lead to new opportunities and excitement in life, especially if the current job is unfulfilling. It's essential to support such decisions and trust one's abilities to adapt and thrive in new endeavors.

    • Exploring a new career path with support and planningWith proper planning and resources, one can transition into a fulfilling career in three years.

      With proper planning and support, a person has enough time and resources to transition into a career they truly love and enjoy, without feeling pressured or forced into an extreme lifestyle change. In the discussed scenario, the husband, Chris, has three years to explore his interests and make connections to discover his dream job. This process not only allows him to find fulfillment but also enables financial independence, potentially changing the couple's living situation. The key is to approach this journey with a clear assessment, guidance, and determination, ensuring a successful transition.

    • Investing in a Roth IRA for children's earningsInvesting a portion of children's earned income in a Roth IRA can lead to significant financial growth, while allowing them to give to charity and learn valuable financial skills.

      Investing in a Roth IRA for children with earned income can lead to significant financial growth over time. The caller's daughters, who have earned money from acting, could benefit from this investment strategy. The key is to help them understand the concept of saving and giving while allowing them to experience the rewards of their labor. The example given was of investing a portion of the earnings in a Roth IRA, giving some to charity, and allowing the child to spend a small amount. This approach can help instill good financial habits and set the foundation for future financial success.

    • Starting a financial plan for children earlyStart young, save and invest, allow spending, focus on Roth IRA, encourage passions, teach money value

      Starting a financial plan for children at a young age, whether through a Roth IRA or a 529 plan, can lead to significant growth in their future. The speaker suggests saving and investing a portion of the money, while allowing children to spend a little and learn the value of giving. The Roth IRA, which can't be accessed until retirement age, should be the primary focus, as the compound growth can lead to substantial wealth over time. Parents should encourage their children to explore their passions, but not push them into specific activities. By allowing children to discover their own interests, they'll be more likely to succeed and be grateful for their parents' support. The speaker also emphasizes the importance of teaching children about the value of money and the importance of saving and investing. Overall, starting a financial plan for children early can set them up for a successful financial future.

    • Considering a long commute for a higher salary? Think again.Long commutes can negatively impact mental health and cost a fortune in the long run. Consider other options like finding a job closer to home or moving to a more affordable area.

      Commuting long hours every day for a higher salary may not be worth it in the long run. The guest on the show, Josh, was considering doubling his salary by commuting from Albany, New York, to Long Island, but the financial expert, Dave Ramsey, advised against it due to the negative impact on mental health and the high cost of living in Long Island. Instead, Ramsey suggested considering other options such as finding a job closer to home, moving to a more affordable area, or even getting a roommate to help with expenses. The expert emphasized the importance of considering all possible scenarios and not just focusing on the immediate financial gain.

    • Considering the impact of a potential rent increaseWhen considering a lower rent, evaluate the overall financial and personal impact, including potential salary increase, commuting costs, and desirability of location.

      While a low rent may seem appealing, it's essential to consider the overall impact on your life when faced with the possibility of a rent increase. In this case, the individual, Josh, is currently paying $575 a month for a 400 square foot apartment, but he may need to pay up to $2,200 for a one-bedroom or $2,500 for a two-bedroom if he moves to a desirable area for work. Although the rent increase would be significant, Josh would also gain more time and potentially double his salary, making the sacrifice worthwhile. Additionally, if Josh has a high-mileage car, the cost of commuting could outweigh the benefits of the lower rent. Overall, it's crucial to consider the entire picture and make decisions based on a holistic understanding of your financial situation and personal well-being.

    • Considering Gold Funds for Retirement?While gold can offer some protection against inflation, focus on growth stock mutual funds for long-term retirement investments due to their revenue generation and higher returns.

      When planning for retirement, considering various investment options to protect purchasing power, especially during inflationary times, is essential. A listener asked about using gold funds as a hedge for someone in their twilight years. While gold itself or gold funds can provide some protection against inflation, the Ramsey Show hosts cautioned against relying solely on gold due to its lack of production or revenue generation. Instead, they recommended focusing on growth stock mutual funds that produce profits and revenue, which can offer higher returns in the long term. The listener's concern about overvaluation in the stock market was acknowledged, but the hosts emphasized the importance of diversification and a well-thought-out investment strategy.

    • Understanding and Overcoming Fear in InvestingFear can hold us back from making informed investment decisions. Evaluate its validity and seek reliable advice to make informed choices, rather than letting it drive decisions towards non-inflation-beating investments.

      While it's natural to feel fear about the economy and consider alternative investments, it's essential to evaluate the source of that fear and consider seeking advice from a financial advisor. The speaker shared a personal story about a mother's retirement concerns and how fear can hold us back, but emphasized the importance of faith in the US economy and continuing to invest in stocks and mutual funds. The speaker also cautioned against letting fear drive decisions towards non-inflation-beating investments like gold funds or US treasuries. Instead, it's recommended to approach fear as a protector, evaluating its validity, and seeking reliable information and advice to make informed decisions.

    • Enjoy your child's experiences, not just their future educationFocus on supporting children's paths, not dictating their futures. Set realistic goals and let them choose their own way to success.

      Parents should focus on enjoying their young children's experiences and not put too much pressure on deciding how much to save for their college education. The future is uncertain, and the ROI on college degrees is decreasing rapidly. It's essential to let children choose their own paths and provide them with the resources to succeed in their chosen fields. Parents should aim to set realistic expectations and goals, such as graduating in four years with good grades, instead of focusing on specific degrees or career paths. Ultimately, the goal is to support and encourage children to become independent, successful adults.

    • Setting Kids Up for Financial Success: Prioritize Saving for EducationPrioritize saving for kids' education through a 529 plan, avoid underfunding, consider converting unused funds to a Roth IRA, and secure term life insurance for financial protection.

      Parents should prioritize saving for their children's education through a 529 plan, but avoid underfunding it to the point where their children have to take on debt. The speaker shares his personal experience of taking on student loan debt and the negative impact it had on his life. He emphasizes the importance of setting kids up for the future by saving, while also acknowledging the uncertainty of what the future holds. With the new Secure Act 2.0, there's even the option to convert some 529 funds to a Roth IRA if they're not used for college. It's important for parents to be prepared for the possibility that their children may not follow the same educational or career paths as they did, and to remember that a college degree is not the only path to success. Additionally, the speaker encourages listeners to prioritize getting term life insurance to protect their families financially.

    • Challenging Yourself to Live Without a Credit CardConsidering not using a credit card for 90 days can result in spending less, more margin, and potentially cutting it up permanently. Employer retirement plan matches and long-term benefits should be considered when deciding between retirement plans.

      The challenge of not using a credit card for 90 days could lead to spending less, having more margin, and potentially cutting up the card permanently. The speakers discussed the potential impact of increased transaction fees on consumers and the possibility of living without credit card rewards. They also shared anecdotal evidence and encouraged listeners who had tried the challenge to share their experiences. Additionally, during the call, a listener asked about investing in a company retirement plan versus a Roth IRA when the rate of return is low. The speakers suggested considering the match offered by the employer and the long-term benefits of retirement savings.

    • Diversifying investments for long-term returnsConsistently contribute to a mix of mutual funds in a 403b and Roth IRA for long-term wealth building, focusing on growth, income, and international investments, and ignore short-term market fluctuations.

      A well-diversified investment strategy, including both a 403b plan and a Roth IRA, can lead to significant long-term returns. The annualized rate of return is an important consideration, but it should be viewed over a long period of time. It's not necessary to check account balances frequently, as the overall trend of the market tends to be upward. The key is to contribute consistently and choose a mix of mutual funds that invest in growth, growth in income, aggressive growth, and international companies. Avoid getting hung up on specific numbers or short-term market fluctuations, and instead focus on the long-term goal of building wealth for retirement.

    • Considering a reverse mortgage for rental income? Think twiceReverse mortgages for rental properties come with risks like increased debt, loss of home equity, and ongoing loan obligations. Instead, explore other options like selling properties or wise investments for retirement income.

      While using a reverse mortgage to purchase another property and generate rental income may seem like a viable solution for some, it comes with significant risks and potential financial drawbacks. The expert in the conversation strongly advises against this strategy due to the potential for increased debt, loss of home equity, and ongoing loan obligations. Instead, they suggest considering other options such as selling existing properties or making wise investments to generate sufficient income for retirement. It's essential to carefully weigh the pros and cons and consult with financial advisors before making any major financial decisions.

    • Maximize retirement contributions and avoid debt for financial securitySmart financial decisions like maxing out retirement contributions, budgeting, and avoiding debt can lead to a secure financial future.

      Making smart financial decisions, such as maximizing retirement contributions and avoiding unnecessary debt, can significantly impact one's retirement savings and overall financial security. The discussion also highlighted the importance of having a budget to prioritize expenses and save for important goals. A reverse mortgage, despite its name, was advised against due to potential risks and uncertainty. Additionally, the importance of seeking professional financial advice was emphasized to help navigate the complex world of investing and ensure peace of mind.

    • Consider paying off debts in full for long-term savingsPaying off debts in full can save you significant interest over time and provide financial peace of mind.

      If you have the means to pay off your debts in full, especially large debts like student loans, it's often a good idea to do so as soon as possible. This can help reduce the overall amount of interest you pay over time and give you financial peace of mind. The speakers on the podcast encouraged a caller to pay off his $17,300 student loan debt in one lump sum instead of making smaller monthly payments. They argued that the initial shock of writing such a large check would be outweighed by the long-term benefits of being debt-free. The speakers also joked about the importance of getting their show to the top of algorithms to combat toxic advice and shared a lighthearted moment with a caller named Chappie.

    • Prioritizing debt reduction for financial progressFocus on reducing debt for long-term financial gain, increase income, and find purposeful work.

      Focusing on the reduction of debt instead of the temporary pain of watching money leave your bank account can lead to significant financial progress. This was emphasized during a call on the Ramsey Show where a listener shared her struggles with paying bills and maxing out credit cards while living paycheck to paycheck. The hosts advised her to prioritize getting control of her debt by increasing her income through additional jobs, and offered her a free resource to help. They also reminded listeners that having a strong income is crucial for building wealth, and that finding work that aligns with one's purpose can be a key factor in financial success.

    • Balancing work and personal life: A challenge for those pursuing passion projectsTo ensure overall well-being and happiness, it's crucial to find a balance between work and personal life, even when pursuing passion projects. Seeking professional help can also provide insight into underlying issues.

      Finding work that brings joy and fulfillment is essential for a balanced and happy life. However, TJ's case highlights the challenge of balancing work and personal life, especially when financial security and passion projects are involved. Despite making more money from his passion project than his day job, TJ struggles to prioritize his family life due to a deep-rooted need to be constantly busy. The hosts suggest that TJ might be running from something deeper and encourage him to seek professional help to address the underlying issue. Ultimately, it's crucial to find a balance between work and personal life to ensure overall well-being and happiness.

    • Exploring alternatives to constant workConsider dropping side jobs, focusing on passions, seeking therapy, and redefining financial security for a healthier work-life balance

      Constantly working long hours and neglecting personal relationships is not natural or healthy. The speaker encourages TJ to examine the root cause of his need to work all the time and consider options like dropping a side job, leaving his full-time job to focus on DJing, or seeking therapy to address underlying issues. The importance of being present at home for family, especially for young children, was emphasized. Additionally, the speaker challenged the common belief that a high salary is necessary for financial security, using the example of teachers as net worth millionaires despite lower salaries. The key message is to focus on adjusting income and expectations rather than relying on external factors for security.

    • Unrealistic financial expectations can lead to disappointmentFocus on living within means and making wise financial decisions, rather than unattainable numbers, for financial stability and goal achievement.

      Unrealistic financial expectations can lead to disappointment, frustration, and even despair. A study suggesting the average American should make $233,000 a year is unrealistic for most people, leading to a disconnect between their desired lifestyle and their current financial situation. Instead of focusing on unattainable numbers, individuals should consider their actual income and learn to live within their means, making sacrifices where necessary. This long-term perspective can help people achieve financial stability and ultimately reach their goals. The American dream should not be equated with material possessions, but rather a mindset of living within one's means and making wise financial decisions.

    • Overcoming Financial Challenges and Achieving WealthFocus on budgeting, make small sacrifices, embrace contentment, and adopt the right mindset to build wealth and become debt-free.

      Despite the challenges of inflation, high living costs, and uncertain economic conditions, it's still possible to build wealth and become debt-free. The speaker shares inspiring stories of people who have achieved financial freedom despite modest incomes and age. The key is to focus on budgeting, making small sacrifices, and embracing contentment. The speaker also emphasizes the importance of having the right mindset and not getting hung up on comparisons or external pressures. To help people get started, the speaker is offering a free virtual training on breaking the paycheck-to-paycheck cycle. Additionally, Dr. John Deloney's new book, "Building a Non-Anxious Life," offers techniques to recognize and break free from anxiety and transform one's life.

    • Tackling Debt: Small Steps to Financial FreedomSingle parents with debt can find relief by selling assets or increasing income, starting the journey towards financial freedom one step at a time.

      Starting the journey to financial freedom can be overwhelming, especially when dealing with significant debt. A new program participant, who is a single parent with $45,000 in debt, expressed feeling lost about where to begin. The expert advised taking small steps, such as increasing income or selling assets, to tackle the debt one bite at a time. The participant, who was living paycheck to paycheck and renting out a property, had an opportunity to sell the rental property for potential financial relief or explore options to increase income, like seeking growth opportunities in her current job or pursuing additional education for career advancement. Ultimately, the expert emphasized the importance of taking action, no matter how small, to start the journey towards financial freedom.

    • Managing Finances to Pursue EducationPrioritize financial stability, create a budget, attack debts aggressively, explore income-boosting opportunities, and seek support to achieve financial peace and pursue education

      While furthering education is important, focusing on financial stability and paying off debts could lead to greater financial gains and ultimately make it easier to pursue educational goals. The speakers emphasized the importance of prioritizing and not trying to do too much at once, especially for a single mother. They suggested creating a budget, attacking debts with a vengeance, and using tools like Everydollar to help manage finances. The speakers also emphasized the importance of finding ways to increase income and encouraged listeners to explore opportunities for promotions or additional income streams. They offered support and encouragement to the listener, emphasizing that they believed she could conquer her debt and achieve financial peace.

    • Considering Immediate Car Payoff? Be Aware of Hidden CostsImmediate car payoff could lead to hidden fees, prepayment penalties, and pressure to keep the loan active, ultimately costing more than anticipated. Buying a new car may not be the best financial move due to depreciation and expensive add-ons. Consider purchasing a used car instead.

      Financing a car with the intention of immediately paying it off may seem like a smart move to get a discount, but it could come with hidden fees, prepayment penalties, and pressure from the financing office to keep the loan active, ultimately costing more than expected. It's important to carefully consider the numbers and potential additional costs before making a decision. Additionally, buying a new car, especially with a large discount, may not be the best financial move due to significant depreciation and the potential for expensive add-ons. Consider purchasing a used car instead for better value and avoiding the pressure to finance.

    • Thoroughly research and inspect a car before buying from a private sellerDo research, inspections to avoid issues when buying a car from a private seller. Spend wisely on vehicles, avoid excessive debt.

      Buying a car directly from a private seller can be a good option, but it's important to do thorough research and inspections beforehand to avoid potential issues. The speakers also discussed the importance of being mindful of car payments and not overspending on vehicles. They shared that approximately one out of five people have car payments over $1,000, and encouraged listeners to spend wisely, save intentionally, and give generously. The discussion also touched on the idea that societal norms may lead some to believe that having a nice car is a right, even if it means excessive debt. Overall, the speakers emphasized the importance of being informed and making smart financial decisions.

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    Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-424:

    • YMYW Guide to Growing Your Wealth
    • Register for the Q1 2023 Market Update / Q2 2023 Financial Market Outlook Webinar, April 26, 12pm PT / 3pm ET with Pure Financial Advisors’ EVP and Chief Investment Officer, Brian Perry, CFP®, CFA. 
    • Episode Transcript
    • Ask Joe & Big Al On Air

    33-Year-Old Straight Up Isn’t Paying His Taxes

    33-Year-Old Straight Up Isn’t Paying His Taxes

    Check out these fun things:

    Patreon: ⁠https://www.patreon.com/calebhammer⁠ 

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    Do you want to be in a Financial Audit and you're in the Austin area? Email castingcalebhammer@gmail.com

    Sponsorship and business inquiries: calebhammer@creatorsagency.co 

    _______________________ 

    Timestamps: 00:00 Job and Income 04:39 Opal 06:06 What a mess 11:07 Pay your taxes! 17:10 SPEND SPEND SPEND 20:32 I'm scared for you 23:10 You need to budget! 26:10 Are you serious? 31:10 Clean up this mess 36:22 Please just do this... 43:19 Don't even think about it 49:18 Hammer Financial Score

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