020 | You're Gonna Die

Should you rent or buy? Our conclusion...well it depends. Current state of your market, your need to be mobile, your career path , there's a lot to consider. From a pure financial perspective, we are basically 50/50 on the net financial benefit of owning vs renting. When you rent, your monthly rent is the MOST you will pay that month. When you own, your mortgage payment is the LEAST you'll pay that month. While owning has all the benefits of appreciation, equity, and tax benefits, it also comes with a slew of additional expenses like property taxes, repairs/maintenance, renovations, etc. What's best for you ultimately comes down to where you are in life and what you value most.

Over the next 10 years, the number of individuals in the workforce ages 75+ is going to quadruple! It shouldn't come as a surprise considering the majority of Americans live paycheck-to-paycheck and live beyond their means. It brings us back to the famous Warren Buffet quote: "If you can't find a way to make money while you sleep, you will work until you die."

Most people don't understand that saving/investing just $125/month from ages 22-65 at 10% interest yields $1M+. Well, what if you legitimately don't have $125/month? A relatively simple way to make a few extra hundred dollars a month is ARBITRAGE. Buy things at one price, sell them at a higher price. Garage sales, Dollar Stores, Facebook Marketplace, Craigslist, any number of places where you can buy things on the cheap and flip them on Amazon, Ebay, Wish, Etsy, etc. Some of our favorite arbitrag-ers include Gary Vaynerchuk and Ryan Pineda. All the secrets to arbitrage are online FOR FREE. All you need is a phone.

If you could go back in time, how would you advise your 20 year old self? Grant Cardone says don't drink, don't do drugs, don't chase women, and learn learn learn. Fantastic advice, but we at the PoFU Podcast sing a slightly different tune. 

Surround yourself with good people. And when it comes to finance, surround yourself with financially successful people. Ask questions, learn, exchange ideas, talk about money! In this episode Jeremiah shares a statistic that's not at all surprising: 84% of Americans stress about money at least once a week.  Easy to understand seeing that the majority of Americans live paycheck to paycheck and have weak financial bases.

The remedy to financial stress is obviously a strong financial foundation, but you don't get there by ignoring the problem. By surrounding yourself with successful people that want to talk about money, leaning on their expertise, and asking questions, you're exposing yourself to the secret sauce.

PoFU fans...it's been a while! Summer hiatus is no excuse, but that's what we are going with for now. It felt good to be back in the studio!

Don't let the episode title fool you, we didn't dive deep into the financial benefits of marriage. Why? To be frank, we couldn't find any! Of course there are benefits of bill and resource consolidation, but from a tax perspective we aren't aware of any major benefits when it comes to marriage. Is there a CPA or financial planner out there that would like to shed some light on this subject? If so, please email us at pofupodcast@gmail.com.

The Dave Ramsey's of the world will tell you that credit cards are evil and debit cards are the only way to go. We could not disagree more! Like everything, there are pros and cons to each. We break it all down for you in episode 48.

A new bill has been passed in the state of Michigan requiring all students (starting with the 8th grade class in Fall 2023) to complete a personal finance class in order to graduate high school. How man times have we heard "I was taught the pythagorean theorem but I was never taught how to balance a checkbook"? In the state of Michigan, that's all about to change.

Kudos to State Representative Diana Farrington for sponsoring the bill and her efforts to get it endorsed by the governor. This is a step in the right direction. In episode 47 we discuss the implications, question the curriculum, and even volunteer to teach this class!

Going into a new year we normally talk about goal setting. In episode 46 we have a different take on the subject: habit-setting instead of goal-setting. Habits are controllable and allow you to take "digestible" actions toward hitting a goal. In 2023 we are all about setting new habits!

PoFU Nation we are back! Surgeries, vacations, holidays, and of couse Jeremiah Time has kept us out of the studio, but we are back and ready to charge into 2023! This episode we discuss what worked and what didn't in 2022 and are excited to move the financial needle forward in 2023.

An integral part of the PoFU journey is dreaming big dreams. What would you do if you had all the money in the world? Would you buy stuff like houses, cars, and toys? Would you buy investments like stocks and real estate? Would you give some away to meaningful charities? A little dream session from time to time is a great exercise to help reinvigorate your PoFU goals, and what better time to do that when the Powerball jackpot is nearly $2 Billion!  We rarely play the lottery, but the entertainment value of chipping $10 into a pool with your buddies and dreaming some big dreams is money well spent.