Money Mastermind Show: Personal Finance | Investing | Retirement | Entrepreneurship

The three-legged retirement stool is broken. You can’t rely on Social Security and the pension system isn’t fool-proof. All that’s left is your own savings. We’re joined by Andrew Meadows from BrokenEggsFilm.com, a documentary about the looming retirement crisis in America. We talk about how we got to this point and what you can do to shore up your own retirement. We also wade into the murky waters of public policy and try to figure out what can be done to fix the retirement system. https://moneymastermindshow.com/episode48-how-to-start-fixing-your-retirement/ Some important questions discussed in this episode: Why are we facing a retirement crisis in the United States? Will you be able to rely on Social Security for your future? What are some of the changes that are likely to affect you in terms of saving for retirement? Are there policy solutions that might make sense to fix retirement? What strategies can you use to protect your own retirement? Panelists In This Episode: Special guest: Andrew Meadows f

Life is about change. We all experience major changes in our lives, whether we are getting married, losing a job, moving across the country or preparing for a new baby. These major life changes are often expensive, however. How can you prepare for a major life change? This week the crew discuss some of their own major life changes, and what they did to prepare for them. We talk about the practical steps you can take to shore up your finances and protect your assets, and what you can do if the major life change is unexpected. https://moneymastermindshow.com/episode47-how-to-financially-prepare-for-major-life-changes/ Some important questions discussed in this episode: What are some of the ways major life changes can cost you? How can you prepare for life changes without breaking the bank? Are there ways to prepare for major life changes that are unexpected? What strategies can you employ to better protect yourself and your assets? Panelists In This Episode: Glen Craig | Free From Broke Kyle Prevost | Young

Outstanding student loan debt tops more than $1 TRILLION. And, as anyone who has graduated in the last couple of years knows, finding a job that earns you enough to repay your student loan debt is difficult. The good news is that you have options when you can’t pay your student loans. Jay Fleischman of The Student Loan Show joins us to talk about what you should do if you can’t make your student loan payments. Find out why you should avoid forbearance and deferment at all costs, and learn what you can do to be smart about student loan repayment from day one. https://moneymastermindshow.com/episode46-what-if-you-cant-pay-your-student-loans/ Some important questions discussed in this episode: What’s the difference in the way you pay your student loans if they are federal or private? What are your options when you can’t pay your student loans? Are there programs designed to help you discharge your student loans early? What types of schools will give you the worst return for your (borrowed) education dollar? P

Most of us have heard of the “Latte Factor,” a term introduced in David Bach’s book The Automatic Millionaire. But will cutting coffee (and other little expenses) from your life really turn you into a millionaire? Matt Giovanisci from Roasty Coffee and Stephanie Halligan from You Deserve More join us to talk about the realities of penny pinching. Along the way, we learn about coffee made from the poop of a mountain cat and talk about someone’s Penthouse subscription. Oh, and we also include strategies that will help you reform your financial life and actually get on track to become a millionaire. https://moneymastermindshow.com/episode45-will-cutting-coffee-make-you-a-millionaire/ Some important questions discussed in this episode: What is the “Latte Factor,” and what does it really accomplish? Can small savings add up over time? What are some better strategies for building wealth and becoming a millionaire? Should you spring for expensive coffee beans that have been through the digestive tract of a rare mo

It seems like everyone wants to be an entrepreneur. But what separates the entrepreneur from the small business owner? Jason Vitug, the founder of Phroogal.com is learning what it takes to be a successful entrepreneur and he joins us to talk about it means to strike out on your own. We talk about what you can do to determine if you are cut out to be an entrepreneur, and what steps you need to take if you’re ready for the plunge. https://moneymastermindshow.com/episode44-what-does-it-take-to-be-an-entrepreneur/ Some important questions discussed in this episode: What is an entrepreneur, and how does an entrepreneur differ from a small business owner? Do you need special training to be an entrepreneur? How can you start a business venture without a lot of your own money? When do you know it’s time to quit your day job and be an entrepreneur full time? Panelists In This Episode: Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money M

In this episode, we’re joined by a cast of financial experts who chime in on what makes money jokers. You might be surprised at how costly fees can be. Without paying attention, you might get roped into a monthly payment plan that costs you more in the long run. Before you make a purchase, do your research. We’ll help you spot money jokers so that you can sidestep efforts to separate you from your hard-earned cash. https://moneymastermindshow.com/episode43-money-jokers-ruining-your-finances/ Panelists In This Episode: Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money Matters Tom Drake | MapleMoney Special guest: Stephanie Halligan, You Deserve More Special guest: Michelle Jackson, Shop My Closet Project Special guest: Kraig Mathias, Create My Independence Special guest: Adam Hagerman, AdamHagerman.com Special guest: Athena Lent, Money Smart Latina

In this episode we discuss the concept of opportunity cost with special guest Kevin Stewart from stocksfortheweek.com. We look at opportunity cost, and how it could be killing your financial future. What is opportunity cost? How can you determine if something is worth the cost? Is it about more than just money? https://moneymastermindshow.com/episode42-why-you-need-to-know-your-opportunity-cost/ Some important questions discussed in this episode: What is opportunity cost, and how does it impact your life? What else could you be doing with your money? Could what you spend now be the key to a financially sound future? What are some of the tradeoffs you make with money, time and relationships? Are you really spending your money and time on what matters to you? Panelists In This Episode: Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money Matters Tom Drake | MapleMoney Special guest: Keven Stewart from Stocks for the Week

Ever wonder what makes a millionaire tick? Why does that person become one and another doesn’t? Ever wonder how you could be a millionaire? Tonight we delve into the traits that make you a millionaire, while referencing the works of Thomas J. Stanley, author of books like The Millionaire Next Door. https://moneymastermindshow.com/episode41-what-traits-make-a-millionaire/ Some important questions discussed in this episode: What makes one person a millionaire, while another isn’t? What are the attributes that make millionaires successful? What things do millionaires do that others don’t? What mindset do you need to be a millionaire? Panelists In This Episode: Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money Matters Tom Drake | MapleMoney

Wasn’t it just yesterday we were doing the annual “Make Your New Year’s Goals” episode?  Statistically speaking it’s pretty safe to assume more than a few of us are having troubles making the lofty changes we initially set out for ourselves.  Todd Tresidder of FinancialMentor.com is here to let us in on a few hard realities surrounding setting financial goals, and some tried-and-true strategies he has used to keep himself and his clients on track.  He also has some encouraging words for those of us who have went a little off track (or maybe you forgot that there even was a track?). https://moneymastermindshow.com/episode40-how-to-get-back-on-track-with-your-financial-goals/ Some important questions discussed in this episode: Why does Todd like the phrases “Judge by results, sometimes harsh, always fair,” and “a goal without a plan is just a dream.”? What is reverse engineering and how will it help me achieve my goals? Should you view your goal-setting as a process or a something with an end result? How can

If you’re a free-thinking individual that often finds themselves not just outside the proverbial box, but so far away from the norm that you forgot what “the box” ever looked like, then this is the episode for you!  Joan Sotkin of ProsperityPlace.com has left SMART goals in the dust in her pursuit of emotional nirvana and financial utopia.  We try to bring it every episode of MMS, but we promise you that this week will be especially entertaining! https://moneymastermindshow.com/episode39-how-your-emotional-habits-affect-your-finances/ Some important questions discussed in this episode: Why does Joan believe it’s key to “Recognize, Realize, Respond?” How is Kyle going to drive a Porsche on his teacher’s salary? Why is determining what’s truly important so um… important? Aren’t you treating yourself like someone you love? And how are your emotions messing up your finances? Panelists In This Episode: Special Guest: Joan Sotkin | ProsperityPlace.com Glen Craig | Free From Broke Kyle Prevost | Young and Thrift

The Money Mastermind Show welcomes Dorethia Conner Kelly from #MoneyChat to our studios to chat about how you can take your next step on the staircase to wealth and prosperity no matter where you currently are.  Some people believe the path to financial success is too daunting to take on, but every journey starts with a first step! https://moneymastermindshow.com/episode38-steps-to-achieving-financial-success/ Some important questions discussed in this episode: What should financial success mean to you? What first steps should I take? How do I go about bettering myself with so many options out there? Are budgets truly the foundation of financial success? What are some of the stages as it relates to achieving financial success and/or financial freedom? How can I lower my mental barriers to entry? Panelists In This Episode: Special Guest: Dorethia Conner  | ConnerCoaching.com Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money Mat

Don’t listen to financial gurus… unless you consider us gurus… then only listen to us!  Confused yet?  We brought in in Joe Saul-Sehy from Stacking Benjamins to help us sort it all out.  He wrote a whitepaper examining the value (or lack thereof) of what these “gurus” are putting out there on TV and other forms of media.  Tune in to hear us explain why popular financial advice is often flawed and how you can identify where the best sources of information are for you. https://moneymastermindshow.com/episode37-why-you-shouldnt-listen-to-financial-gurus/ Some important questions discussed in this episode: Is the goal of financial gurus on TV to inform or to entertain?  How does this affect you? What’s the difference between us and the gurus? How does anyone identify who is a “good guru” is and who is selling snake oil?  Perhaps video games can help! Should you ever listen to one person exclusively when it comes to your money? Who do we like to listen to on money-related advice? Panelists In This Episode Spec

Your portfolio doesn’t need to be perfect, it just needs to be average to be better than most.  A reasonable person might wonder how that could be true, but then again, a reasonable person wouldn’t conceive of the myriad of ways the financial industry had come up with to siphon off your savings and investments.  Barbara Friedberg from BarbaraFriedbergPersonalFinance.com joins us to explain how low maintenance investing strategies, combine with a basic understanding of concepts such as asset allocation and cutting down on investing fees can have you coming out ahead.  Tune in to hear our thoughts on what your portfolio should look like depending on your investment goals and interest in time commitment going forward. https://moneymastermindshow.com/episode36-how-to-build-a-better-investing-portfolio/ Some important questions discussed in this episode: Do you need a separate portfolio for each of your savings and investment goals? Is your company pension plan a good idea? Is asset allocation really that import

Valerie Rind joins us to talk about a major life event that no one wants to believe will happen to them, but has become all-too-common over the past couple of decades.  Divorces are obviously a destructive emotional experience, but in addition, there are financial-based problems that are bound to complicate the situation even further.  As a divorcee, Valerie helps others learn from her experience.  Her blog is cleverly titled Gold Diggers and Deadbeat Dads but you can find it under the URL ValerieRind.com. https://moneymastermindshow.com/episode35-how-to-financially-recover-from-a-divorce/ Some important questions discussed in this episode: What does the following quote, “Divorce is not a solution, but an exchange of problems” by Harvard sociologist Armand Nicholi III actually mean? If you’re going through a divorce what is the first thing you should consider with regard to finances? What sort of legal considerations are there when a couple has to split their finances? Should I be preparing in some way for

Want to pay off $28,000 worth of debt in under three years?  Zina Kumok of Debt Free After Three will tell you how she managed this Herculean feat of frugalistic strength this week on the Money Mastermind Show.  Tune in to hear about everything from stocking up on shampoo samples, to debating the merits of free-at-the-point-of-delivery college/university courses. If you’re ready to live debt free, here’s your road map to getting on the right track. https://moneymastermindshow.com/episode34-paying-off-your-student-loans-to-live-debt-free/ Some important questions discussed in this episode: Is there a culture around blindly accepting student debt that needs to change? How did Zina manage to “earn” $1,000 by switching bank accounts a few times? Is there a case where paying off my student loans early isn’t in my best interests? What does entitlement have to do with a student loan? Should society allow $100,000 student loans?  Should post-secondary education be free? Panelists In This Episode: Special Guest: Z

Earning money is fun, watching your account balance grow can be very satisfying, but when it comes to that warm feeling inside, giving your cash away might be the most rewarding thing we can do where money is concerned.  Friend of the show Luke Landis is back and he brought his playoff beard with him!  We talk about what responsible giving might look like, how to make sure your given dollar goes as far as it can (whether it’s a Loonie or a Greenback), and we’ll even get slightly philosophical as we discuss what reasons people have for giving. https://moneymastermindshow.com/episode33-how-to-use-your-time-and-money-for-good/ Some important questions discussed in this episode: Should I be giving to charity if I’m in debt? Are my taxes enough when it comes to giving to others? Where and how is it best to give?  Which groups/organizations are for real? Do people give for good reasons?  Can you tell who was a “good person” by looking at donation plaques on bridges, hospitals, and/or museum wings? Panelists In T

Lauren Bowling from L Bee and the Moneytree joins us this week to explain why having multiple streams of income is quickly becoming not just a pleasant luxury, but for many young people at least, a real necessity in the quest for financial security.  Tune in as Lauren and the panel discuss not only why pumping up your bank account from several different sources is important, but to breakdown some strategies they’ve used in order to generate several different streams of income. https://moneymastermindshow.com/episode32-creating-multiple-streams-of-income/ Some important questions discussed in this episode: Do real people actually have “multiple streams of income” or is this just another thing for people with a net worth in the top 1%? If I have a second job am I already doing everything I can when it comes to diversifying my income sources? Tom’s tell us why his favorite quote is, “7-2 in the morning is plenty of time to do damage,”      by Gary Vaynerchuks. Are dividends and real estate doable as streams of

So 2015 arrives and everyone around you is making these epic-quest goals and everywhere you look has lists of uber-ambitious resolutions.  What’s a sane person to do?  Do you buy into the mania and say you’re going to run a marathon while getting that MBA this year, or do you scoff at the people at the gym in January that aren’t really sure what they’re doing?  Eric Rosenberg from Narrow Bridge Finance joins us this week to talk about his approach to goal setting – and even more crucial – goal achieving.  Listen in for our thoughts on how to increase the likelihood that you’ll realize your goals and what financial aims we have for the upcoming 365-day stretch. https://moneymastermindshow.com/episode31-how-to-achieve-your-financial-goals-this-year/ Some important questions discussed in this episode: Don’t most New Year’s resolutions fail?  Are they even worth it? How can I increase the odds I’ll get to the light at the end of the tunnel this time? Are there any tools or resources that can help me in 2015? Wh

The holiday season is upon us, but what happens when you run into a financial emergency? Did you spend too much on gifts? Are you still scrambling to find last-minute frugal gift and entertaining ideas? Is an unexpected emergency room visit straining your finances? What can you do when your holiday threatens to be less than happy? We’ll discuss some of the difficulties that come with the holiday season — or that can arise during any financial emergency. We’ll look at some of the last-minute solutions to your last-minute holiday financial problems, and talk about what you can do to prevent it from happening again. https://moneymastermindshow.com/episode30-how-to-avoid-a-holiday-financial-disaster/ Some facts and important questions discussed in this episode: Shoppers around the country say they are planning to spend an average of $861 for gifts this holiday season, up from $801 last year. A Bank of Montreal survey shows Canadians polled expected to spend an average of $1,517 on holiday spending. Time.com rep

Just because your dad always said, “My house is the best investment I ever made,” doesn’t make him a real estate investing expert.  Having a plan to retire on a million dollars in real estate-related cash flow probably does though.  Our guest this week is Brandon Turner of Bigger Pockets and he’ll tell you how to get started on your real estate journey, as well as what to stay away from.  Tune in to hear how Brandon decides on which properties to purchase and how he ended up living in Kurt Cobain’s old house! https://moneymastermindshow.com/episode29-how-to-successfully-invest-in-real-estate/ Some important questions discussed in this episode: What are some rules of thumb for real estate success? How many ways can I make money off of real estate? What is “House Hacking” and how do I make it work for me? Why does Brandon like to say, “Invest for today, not for tomorrow” and what does it mean? Does paying people to move OUT of your properties make sense?! What is a mentor and do I need one? Panelists In This