Tag: personal financial strategy
Strategies for Paying College Tuition with Beth Probst
Beth is the founder and CEO of the At The Core program for launching High School students into College and helping them prepare for the coming life transition. Determining career aspirations, what courses of study will best support a given career?
- The cost of college: this could be made a broader conversation within the family, for example, discussions on the broader “cost” incurred by family. Such an approach can greatly prepare children on matters of money when they enter college and start living on their own.
- Without discussions about money – from the family level – there are no guards, no guidelines, and the child is not well positioned to handle finances/money at college level, whether in terms of negotiating fees and other axillary costs. As families, we need to guide our children on money and costs and how this interfaces with the choices we make whether in terms of which school, which career or which service(s) to consume.
- Embrace dual enrollment / dual credit program(s): this means doubling up both as a high school student and at the same time taking some college-level courses.
- A benefit to this approach is that it can reveal if one is ready for college-level coursework. So one earns both college and high school credits. In most cases, they are at a reduced cost or completely free. The only condition: pass the class.
- For every credit, the student can transfer the same to the college, reducing cost.
- AP Programs: if the goal is to save money in college, the AP class is an option.
- Take advantage of community college – which offers continuing education. This is a great option for the student who would like to find out how academically fit they are? It's an opportunity to test that.
Want Help Getting Your Finances Healthy?
Have a Strategy for Choosing College with Beth Probst
We come alongside families with students who are speeding toward a transition to college and career. Personal Career Path:
- Beth was in a sales and marketing career, selling tech products when she stumbled on students preparing to transition to high school, interviewing them as possible sales assistants, and realized they had no framework to make solid decisions about their life or career; this was the light bulb in her head moment. She asked herself: can I do something structured to help them make more informed decisions on their journey through High School into college?
- Are there alternatives that are viable and probably less costly?
- Pick a college
- Choose a course of study or major
- Determine a career path
- Help their students consider who they are – i.e. self-assessment
- Tie that to careers they like, i.e. what kind of education do I need for the career I aspire to?
- What major(s) do I need to consider that fit my career and which colleges offer them?
- The pre college prep: we provide free webinars on this; the best time is when a family or Student starts to ask specific questions or considering college visits
- Guided self-assessment – which actually requires a chunk of time; when the student has adequate experiences to enable a 5-hour interview, and this dovetails with their sophomore year in high school, but could extend to the first 2 years of college.
Want Help Getting Your Finances Healthy?
Finding the “Relational Fit” in Financial Planning with Jeff Bernier
Find the right partner, the right fit, by considering:
- Capacity to provide the services the client needs
- Relationships – are you comfortable with each other?
- Economic fit – does the client understand the cost benefit?
- So we want to know your dreams, your purpose; can that dream be converted into a dollar and deadline?
- Our role is to help you turn your dream into dollars, through advice, and investment within an acceptable timeline.
- Client’s need: what return are you looking at?
- Client’s appetite for risk: this helps to determine the perfect portfolio
- Client’s capacity to take risk: do you have debts, your risk is high and vice versa
- We communicate a lot with our clients especially on market volatility
- You need rising income streams to deal with the reality of inflation; hence you have to accept some short term strategies for long term outcomes.
Want Help Getting Your Finances Healthy?
Non-Traditional Investing with Maxwell Nee
Maxwell Nee is the Managing Partner of OENO Wine & Whisky Investment. He’s a multi-award-winning entrepreneur who earns his investors a recession-proof and market-beating return with wine and whisky alternative investments.
Here are the top tips from Maxwell.
- Take advantage of alternative investments; for instance, wine and whiskey. Consider 28% of high-net-worth individuals have a connection with wine. They either collect wine, distribute it or maybe they are in the end a consumer. In all facets, wine as an investment is somewhat recession proof.
- 54% of working individuals invest in alternative investments like wine & whiskey these assets are not correlated to normal investments and cushion against inflation and other market force dynamics. These alternative investments ride the inflation wave because they are in the category of “consumable”.
- Seek to acquire high value products at their early nascent stage and wait for them to mature.
- Spot a gap and leverage it, Example: Acquire a 12-yr aged whiskey at $25 and age it for an extra 6 years to sell it at $125, equivalent to 500% investment growth in only 6 years.
- Before investing, familiarize yourself with any legislative framework within your trading jurisdiction.
Connect with Maxwell:
lp.oenogroup.com/aus/
www.linkedin.com/in/maxwellnee/
www.facebook.com/MaxwellNeeCoach/
www.instagram.com/maxwellprincenee
Want Help Getting Your Finances Healthy?
Sustain Your Lifestyle Into the ”Choice Years” with Jason Hamilton
Today’s guest is Jason Hamilton who is a fee-only registered investment advisor with over $40 million in AUM. The Keep It Simple Wealth Academy is a program helping 1st generation wealth builders transform their relationship with money and become robust wealth managers. Jason also heads up Family Financial Coaching at his family's nonprofit IDEAL, a community development corporation located in East Los Angeles.
Here are a few of Jason’s get wealthy hacks:
- Do not ignore your background - whether or not it favors your career or occupation - it provides certain values, cultural orientation and formation that plays a 'success or failure' factor in your career.
- "Read, read, read. Read all you can around your career. Enroll in a course and improve your understanding in the area of business or service you are offering. There is so much information about anything one may want to know!"
- Do not just work for title - whether big or small - find a real solution to a real problem. That way, the world finds you.
- Believe in your vision; it's not just about providing a solution to a problem. It is also about being passionate about it and staying on it regardless of challenges and setbacks.
- Get genuinely interested in people - their beliefs, goals and resources - and allow these three to interface as a jigsaw puzzle. This is how you develop and mentor people wholesomely.
Connect with Jason:
www.keepitsimplefinancial.com/
www.facebook.com/keepitsimplefinancialplanning
www.instagram.com/keepitsimplefinancial/
www.twitter.com/keepitsimplefp
www.linkedin.com/in/jason-j-hamilton/
Want Help Getting Your Finances Healthy?
“Get in the Real Estate Game” with Pam Hill
Today’s guest is Pam Hill. She is a Harvard and Dartmouth-educated entrepreneur and CEO of a multi-million dollar real estate company, a business and money expert, a podcaster and a blogger, a former Fortune-500 executive, and the founder of My Smart Cousin. Here are the top tips from Pam.
- “My Smart Cousin” is a real estate company that was born from the desire to treat clients like family.
- When buying a home, rather than trying to qualify for as much money as possible for a mortgage, consider buying less. A cheaper fixer-upper might be a better long-term investment.
- When investing in real estate, especially for houses that you will renovate, consider waiting to see the value of the property increase over time vs. making a quick flip.
- Rental properties can allow you to earn income while also building long-term investment.
- Rental properties can break even in 4-5 years, and even economically priced homes often increase in value over time.
Want Help Getting Your Finances Healthy?
“Managing Life’s Risks” with Logan Wease
Our guest today is Logan Wease, the founder of an online insurance company called “We Insure Things.” He speaks to us today about the importance of the right insurance plan at the right time. There are two categories of insurance that Logan discusses in this episode, and we dive into both.
- The first category of insurance includes types that most people know about and probably have, such as car insurance, property insurance, life insurance, final expense insurance, etc.
- The second category is disability insurance, which protects your income if you are injured and unable to work.
- Umbrella policies, also known as extended liability coverage, provide protection beyond existing limits and coverage of other policies. Umbrella policies can provide additional coverage for accidents, property damage, certain lawsuits, and some personal liability situations. Once the liability limits of the insurance policy are exhausted, the Umbrella policy kicks in.
- Logan concludes by discussing different types of insurances that we will need in different stages of our lives. Although the expense of insurance can seem burdensome, when you need it you will be very glad you made the investment.
Learn more about Logan Wease and his company “We Insure Things” at:
www.weinsurethings.com/
www.facebook.com/we-insure-things-106005791865445
twitter.com/WeInsureThings
Logan@weinsurethings.com
Want Help Getting Your Finances Healthy?
“The Power of Self-Directed Retirement Accounts” with Daniel Blue
Our guest today is Daniel Blue, a Forbes contributor, a best-selling author, and owner of a 7-figure business called Quest Education. His company focuses on helping people learn how to make money tax-free, pay off debt, and get capital to grow their businesses.
Show Highlights:
- While working in real-estate early in his career, Daniel learned about the power of self-directed retirement accounts and how they could allow people to access and direct their own funds for a variety of reasons.
- Intrigued by the concept, he eventually worked in this unique financial space, helping people to see the benefits of using some of the money in their retirement accounts, penalty, and tax free, to fund their business.
- A Solo 401K is an IRS approved retirement plan for entrepreneurs that allows you to take out fifty percent of the account value or fifty thousand dollars, whichever number is less. You can then use these funds to build or grow your business. With this approach, you become your own bank, and you pay yourself back principal, plus interest.
- Solo 401K’s are not for everyone, and you do need to work with a broker to take advantage of this financial product. Make sure you understand the risks to you and your retirement accounts.
- Today, as owner of Quest Education, Daniel helps people navigate the questions, risks, and opportunities with Solo 401K plans. Go to www.DanielBlue.Me to learn more, as well as access:
- Free resources
- Links to his best-selling book “Blueprint to Your Best Retirement”
- Links to his podcast, “How Winners Win”
For more information about our Guest, Daniel Blue:
www.danielblue.me/
www.linkedin.com/in/daniel-blue-5b1339113/
www.facebook.com/profile.php?id=100026753792739
www.instagram.com/danielblue__/
www.blueprintretirementbook.com/
Want Help Getting Your Finances Healthy?
“Money Mindset & Investing Perspectives” with Florian Fritz
“The way you think about money determines how you behave and your behavior shapes who you are and how you interact.” — Florian Fritz
Florian is the founder of the Money Hero Academy, where he teaches how to create financial freedom by improving:
- your money mindset
- money management skills
- money making skills
By 2008 Florian was a “financial advisor” and during the financial crisis that year, he started learning from some of the world's best financial coaches like Robert Kiyosaki and others how wealth creation really works. He tested many learnings while working with a real estate company, increasing their sales by 86% per year on average and helping hundreds of people to improve their investment returns. Today he teaches what he learned, encouraging everyone to take control of their finances and create the life of their dreams instead of always hoping for the next raise or the next client.
Listen in as Florian shares his thoughts on creating freedom and prosperity.
- Florian realized that he could inform clients about the problems that were happening but he had no solutions for the problems.
- It’s interesting that he was over half a million in debt but was teaching about money. He was the perfect example of how and when to begin thinking about your wealth.
- Florian, in his own story, shows us that you can begin your journey no matter where you are, from zero or negative, and build your wealth.
- His journey began with free courses on Facebook and has grown to several programs that he runs every week.
- Thinking about money is better than working hard for it. (take time to think about it)
- What you associate money with, especially the negative side of money will automatically make your subconscious protect you from money.
- We’ve been conditioned in a certain way about money. It’s good for one to identify your conditions.
- In investment, you need to be consistent in what you are buying, no matter the circumstances.
- An Inverse ETF is one way to “hedge”.
Connect with Florian:
facebook.com/groups/moneyhero
facebook.com/florian.fritz.526/
instagram.com/fritz.florian/
Want Help Getting Your Finances Healthy?
“A Better/Faster Way to Financial Freedom” with Chris Miles
“Traditional financial advisors counsel us to plow our money into traditional investments, mutual funds, bonds, insurance, stocks, etc. I no longer take that position” — Chris Miles
Chris Miles, the Cash Flow Expert and Anti-Financial Advisor, is a leading authority teaching entrepreneurs and professionals how to get their money working for them TODAY! He’s an author, podcast host of the Money Ripples Podcast, has been featured in US News, CNN Money, Entrepreneurs on Fire, Bigger Pockets, and has a proven reputation with his company, Money Ripples (moneyripples.com/) getting his clients fast, financial results.
Listen in as Chris shares his thoughts on creating freedom and prosperity.
- I was raised by great parents, hard-working parents who taught good values. When it came to money, they lived with a scarcity mindset, they really felt like there was never enough.
- Before I finished my bachelor's degree, I decided to actually get real-life experience because I wanted to become a business consultant.
- My father was my biggest inspiration, and I wanted to make him financially free before he was too old to enjoy it.
- My father did everything “right”, yet did not have enough money to retire when he reached retirement age.
- I started to learn the things that others were learning and more about a perspective around money first, which was really like Robert Kiyosaki stuff more applied.
- I discovered how to invest and create passive income, which was really the trick to get out of the rat race versus just accumulating and saving money, hoarding it, and hoping that someday you might have something.
- Traditional financial advisors counsel us to plow our money into traditional investments, mutual funds, bonds, insurance, stocks, etc. I no longer take that position.
To connect with Chris:
https://www.moneyripples.com/
https://www.facebook.com/moneyripples
https://www.linkedin.com/company/money-ripples
https://twitter.com/Moneyripples
https://www.instagram.com/moneyripples/