024 | Choosing Great Mutual Funds (Step by Step Instructions)

Today, Dave will share 10 ways to save an extra $400 a month. 

Sounds impossible? 

Well, listen in and learn how you can do it too!

Now these 10 things that are shared should be taken as a whole.

In other words, if you apply several of these ideas, you can get to the savings goal you want to reach. 

Most are little things that when taken as a whole will allow you to win... And, there’s even a couple that if you apply it you can save even much more than the $400 monthly.

So let’s get started!

Questions for Review:

• After listening to the episode, does saving $400 a month sound doable to you?
• How would your life change if you were able to save at least $400/month?
• What 1 of the 10 ideas can you go out and implement today?

Verse From the Episode: "As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life." - 1 Timothy 6:17-19

What is a 1031 Exchange Anyway?

Today Dave is going to share what I consider the 2nd best gift the US government has given us to win with money.

It’s a bit more complicated than other methods of winning with money that I’ve discussed prior, however, it’s such a good one, Dave will explain what it is and how it can help you keep more of your money! 

Now that’s worth listening to right?

I don’t know of anyone who wants to pay more in taxes than they have to. The 1031 exchange is an incredible way to defer your taxes, and in some cases never pay taxes on your appreciation of the assets that you own.

The long-term savings can be HUGE.

Throughout your lifetime, as you accumulate properties, you can upgrade them significantly and completely defer or never pay tax on them!

Questions for Review:

• Do you now feel like you better understand what a 1031 exchange is?
• How can using a 1031 exchange allow you to build wealth over time?
• Is a 1031 exchange something you feel like you can personally take advantage of?

Verse From the Episode: "The rich rule over the poor, and the borrower is a slave to the lender." -Proverbs 22:7

Is there such a thing as good debt?

In Dave's opinion, not all debt is considered "bad" debt.

Good debt is viewed as taking on debt that benefits your life.

This debt is a way to create wealth by leverage… a mortgage for a house will build equity, for example. 

Bad debt, on the other hand, does just the opposite. It’s a burden, a weight on your shoulders, and unlike most home purchases, bad debt almost always goes down in value over time.

Good debt is a type of debt that can potentially provide long-term financial gains and enhance your overall financial situation.

It typically involves borrowing money for investments or purchases that have the potential to increase in value (key to winning with money) or generate income over time.

That said, it's crucial to manage debt responsibly and within your means to avoid financial stress or negative consequences.

Questions for Review:

• Do you have any "good" debt?
• In what ways can you look at your future differently by looking at debt as both good and bad? 

Verse From the Episode: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?” -Luke 14:28

Over one-third of adults in the United States reported that they would not be able to cover a $400 emergency expense without borrowing money or selling assets (Federal Reserve Survey).

This suggests that as people's incomes rise, they often tend to increase their spending on non-essential items and experiences, leaving them financially vulnerable in the face of unexpected financial challenges.

In this episode, Dave will be sharing some examples and, more importantly, how to NOT get caught up in lifestyle inflation.

Lifestyle inflation, also known as "lifestyle creep" is a phenomenon where an individual's spending gradually increases as their income rises. 

It can have significant negative effects on your long-term financial well-being.

Trust me, the longer you spend more than you make, the longer it will be before you retire.

Honestly, lifestyle inflation or lifestyle creep is common to most people. But YOU are NOT most people.

YOU are unique, ONE of a KIND.

Starting today, be different in this one regard, be different with your money...

That includes living below your means and not following the crowd in your personal finances. If you do that you’re going to succeed with money.

Questions for Review:

• Have you suffered from lifestyle inflation as you've started to earn more money?
• Do you spend more than you make? If so, please think twice before making that next big purchase.
• How can you live life enjoying your resources without spending more than you make?

Verse From the Episode: "A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished." -Proverbs 28:20

Sadly, just this week, Charlie Munger passed away.

He almost made it to 100!

In this Podcast, Dave shares 8 practical tips from the famed investor Charlie Munger.

Munger was both straightforward and brilliant at the same time. We can ALL learn a thing or two about money from this wise man.

Even though Munger had reached billionaire status and was a longtime friend and coworker of Warren Buffet, Munger still maintained a frugal, down-to-earth lifestyle.

Listen in as you will learn a lot from Munger in this exciting episode.

Questions for Review:

• What of the 8 ways to win with money did you find most applicable to you?
• What of the 8 ways are most difficult for you?
• Apply one new thing from the episode this week.

Verse From the Episode: "Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal." -Matthew 6:19-20

In this episode, Dave is going to share 8 key daily habits that can help you change your life, including one focused on winning in personal finance. 

How many of these 8 habits do you follow?

Listen in and see how many of these 8 habits you currently possess and see if there are any others that you can begin implementing to start improving your life.

As you begin to follow these 8 daily habits your life will start to change in a positive way. It won't happen overnight, but little by little you will be chipping away at the things that are holding you back from success.

Likewise, building good money management habits can significantly impact your financial well-being and help you work towards winning with money.

Lastly, by looking at the big picture in regard to your overall quality of life, you just might find that your finances will follow suit.

Questions for Review:

• After listening to the 8 key habits, is there an area that we discussed that you just aren't winning?
• Are you burning the candle at both ends and feeling exhausted? If so, what can you do to relieve that burden and make a change?
• What is 1 habit you can start doing OR stop doing today to have better success personally and professionally?

Verse From the Episode: "Lazy hands make for poverty, but diligent hands bring wealth. He who gathers crops in summer is a prudent son, but he who sleeps during harvest is a disgraceful son." -Proverbs 10:4-5

The average American spends 10 minutes or less per day reading!

Even more, 27% of adults in the US didn’t read a book in 2018. As you can see reading has become a low priority for many Americans - I hope you’re not one of them! 

Today, Dave is going to share 5 books that he hopes will excite you about personal finance.

When Dave was beginning his financial journey he read hardbound books.

Today there are many other ways to expand your knowledge - from books of course, but also by listening to podcasts, online courses, lectures, and college classes.
 
Learning about personal finance is crucial for anyone to develop a strong foundation for growing and managing their money effectively.

Listen carefully and see if there is one of these 5 books that clicks for you and get to work!

Questions for Review:

• What medium do you find most helpful when learning about personal finance? Is it audio, video, or the written word?
• What one book of the 5 most interests you?
• How can you maintain a focus on continuous learning and growth in your own personal finance journey?

Quote From the Podcast:
"The more that you read, the more things you will know. 

The more that you learn, the more places you’ll go." 

—Dr. Seuss

Only 1 in 10 lower-income workers between the ages of 51 and 64 have ANY money saved for retirement!

That means 9 out of 10 lower-income workers have nothing to show for all their hard work. Think about that for a minute. This is an incredible statistic that we want to avoid at all costs.

On today's podcast, Dave shares 5 common money fails, plus 5 ways you can think differently to WIN with money!  

Dave is going to share the top reasons why some people have zero money saved for retirement and, of course, how you can reverse that.

Remember, saving money for retirement is like planting seeds in a garden.

The earlier you start and the more you take care of it, the bigger and better your garden will be when you're ready to stop working!

Questions for Review:

• Can you identify with any of these common money fails?
• Which of the 5 solutions to win with money do you need to start doing?
• Are you happy with where you are in terms of saving for retirement? If not, what can you do to kickstart that into gear?

Verse From the Episode: "On the first day of every week, each of you is to put something aside and store it up, as he may prosper, so that there will be no collecting when I come." -1 Corinthians 16:2

The Bible has a lot to say about money. More than half of Jesus' parables have to do with money and possessions.

If you are a Christian, it certainly is not something to be taken lightly. If you are not a Christian, then perhaps these verses don't have as much significance to you.

That said, whether you believe them or not, these 5 verses provide timeless, practical advice for anyone to win with money.

Listen in as Dave provides 5 more bible verses on how you can succeed financially and in life.

After listening, if there is a verse that makes sense to you, write it down, memorize it, and then apply it to your life!

Do that and you will be on your way to win with money!

Questions for Review:

• Did any of the 5 bible verses strike a chord with you?
• In what ways could you begin to live your life generously financially and/or with your time?

Verse From the Episode: "Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it." -Proverbs 21:20

16 out of 38 of Jesus’ parables deal with money and possessions.  

Nearly 25% of the words Jesus spoke in the New Testament deal with biblical stewardship and 1 out of 10 verses in the Gospels deal with money.

In this Podcast episode, Dave is briefly going to share 5 verses about money from the bible.

These are timeless statements from the Bible that I believe will help you to win with money - regardless of where you are spiritually.

I think you will see that these verses, from over thousands of years, are just as relevant today as when they were once written.

Personally, I don’t like being preached at and I doubt you do either, so my goal today is to not do that on the episode.

I will simply share the verse, and give you my take.

Questions For Review:

• Do you use the bible as a source of wisdom and truth in your life?
• What 1 verse from the 5 did you find most relatable or impactful?

Verse From the Episode: "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it." -Proverbs 13:11