The Good Financial Cents Show w/ Jeff Rose, CFP®

Passive income is one of the most searched topics on the web today.

Who doesn’t want to make money while they sleep?

The American dream for some is having the big house with the white picket fence, but for others it is making money while doing nothing.

You can do this through passive income.  Just be prepared to do the work up front because it does take some work to set it up.

I want to share how you can earn some passive income through dividend investing.

Just like any other form of passive income, this takes work on the front end and a little time to build.  

The first step is getting started.

07:18 Bonus Benefit #1
09:42 Bonus Benefit #2
15:42 ETFs
16:47 REITs
18:14 Sample Portfolio
22:124 How To Build Your Portfolio

Check out my YouTube channel here.

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Resources:

28 Passive Income Ideas To Build Real Wealth

How to Invest in Dividend Stocks

Best Long-Term Investment Strategies & Products

https://wealthhackerlabs.com/ask/

When I was in college I absolutely hated writing papers.

The paper that I spent the most amount of time trying to write was my resume. It ended up being one page.

Anyone looking to hire me would have this one page to learn all about me and make a decision of whether or not to hire me.

Financial lenders have one document to look at to determine whether or not they want to lend you money. It is your credit report, which gives them the details of your credit score.

Today I am going to give you some tips on how to build up your credit score.

6:52 What affects your credit score?
11:04 Open a secured credit card account.
13:31 Credit builder loans
14:44 Credit building Apps
15:46 Review your credit report
17:23 Dispute any charges that are not yours

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

Resources:

How to Raise Your Credit Score 100 Points or More in Less Than 5 Months

How to Dispute Your Credit Report and Get Negative Items Removed

What is a Bad Credit Score? (Plus How to Improve It)

7 Best Credit Repair Companies of 2022

https://wealthhackerlabs.com/ask/

It is time for a vacation!  

If you aren’t going to an ‘all inclusive’ resort - figuring out where to stay can really be a hassle.

We have a hard time finding a place that will fit our family (4 kids) with enough space to ‘spread out’.

Maybe your vacation is a time to check out some potential investment properties.

A reader, Steve, sent in a question about potential investment properties that we are going to answer today.

Steve asks: My wife and I are in our mid-50’s, we are debt free and own our home. We would like to have a place that our family and kids can use while we explore future retirement areas near the vacation home.

05:56 The pros of buying a short-term rental.
07:08 Generating Income
10:22 Long-term capital appreciation
13:20 Great Tax Benefits
16:24 The Cons - Higher Down Payment/ Higher Interest Rate
17:33 Not all communities welcome short-term rentals
18:04 Bad renters/property damage
18:54 Not passive income

I encourage you to have detailed conversations with your significant other and your CPA before you purchase a vacation/short-term rental property.

Check out my YouTube channel here.

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Resources:

How to Buy a Second Home that Pays for Itself

Real Estate or Index Funds – Which is the Better Way to Build Long-term Wealth?

How To Invest in Real Estate (12 Different Ways!)

https://wealthhackerlabs.com/ask/

It was 2001 and I was an intern at an investment firm - actually the brokerage firm that hired me to become a financial advisor.

I experienced, for the first time, what a stock market crash is.

Until you see how it affects people, you just don’t fully understand the stress, worry, and defeat that comes with it.

At that time, I thought that would probably be the worst crash I would see in my lifetime.

Then 2008 rolled around!

I decided to add some perspective to the current situation, I would share the top 10 crashes in history.

Check out my YouTube channel here.

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Resources:

The Best Online Brokerage Accounts: For Beginners To Experienced Investors

15 Ways To Start Investing Small Amounts Of Money

Betterment Investing Review: Make Investing Automatic

https://wealthhackerlabs.com/ask/

This is a question that I didn’t think I would ever have to answer.

It is a very unique question that a reader, David, sent in.

“Fundrise or a 529 College savings plan - what is the best when you are investing for your kid?”

04:08 Investment Component
06:56 Tax Component

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

Resources:

https://wealthhackerlabs.com/ask/

Fundrise Review: How to Invest in Corporate Real Estate With a Small Investment

7 Roth IRA Secrets You’ll Wish You Knew Sooner

Topic No. 553 Tax on a Child's Investment and Other Unearned Income (Kiddie Tax)

Roth IRA Rules and Contribution Limits for 2022

There was a time in high school, and I totally deserved it, where I got sent to the principals office.

Luckily I learned from my mistake and didn’t repeat it. Getting in trouble with your teacher and/or the school is not something I wanted to do again.

As an adult, I would say the equivalent to this would be if I were in trouble with the IRS. No one wants to do something that will get them in hot water with the IRS.

Today I want to share 5 mistakes that you want to avoid when filing taxes.

03:33 Forgetting paperwork
07:11 Missing or incorrect information
09:02 Don’t wait until the last minute
11:27 Choosing the incorrect filing status
12:41 Missing a tax break

Resources:

Best Tax Software Programs

TurboTax Review: An Industry Standard for DIY Tax Prep

What Happens If You Don’t File Your Tax Return?

Check out my YouTube channel here.

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What if you could go back in time and talk to the most successful investor of all time?

Do you think you would be an overnight millionaire? A billionaire? Maybe

Today we are going to talk about the top 11 investors of all time.

I found an article that talked about these investors and I wanted to do something a little different.

I wanted to find out what their first investment was or their best investment or both.

02:35 Benjamin Graham
04:53 Jack Bogle
07:21 John Templeton
09:40 Peter Lynch
11:53 Warren Buffett
15:39 Charlie Munger
17:47 Nassim Taleb
21:14 Ray Dalio
22:45 Peter Thiel
24:03 Carl Icahn
26:23 George Soros

Everyone wants to work until they are at LEAST 65 and can retire.

Oh wait….or is it that people want to retire early?

If you don’t want to stay stuck in your job until you are 65 or later, you have to start doing something different.

Tune in as I share 8 different strategies to help you retire early.

03:27 Get mentally prepared
05:34 Know your retirement target numbers
10:03 Have a strategy for health insurance
11:25 Cutting expenses now and for later
12:23 Pay off debt as soon as possible
13:23 Savings has to a priority in your budget
16:10 Increase your income and/or add additional streams of income
17:57 Invest aggressively but don’t speculate

Resources:

How to Retire at 50 in 7 Easy Steps

How to Retire at 55 (Safely!)

Here’s Your Plan to Retire in Ten Years

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Today we are comparing two heavy-weight investments.

Real Estate vs. Index Funds

Which one is better for building long-term wealth?

That was the question we received from Patrick, one of our readers.

Disclaimer: I am not a professional real estate investor.  The majority of my real estate investments are in private real estate notes and through Fundrise.

With that being said - let’s dive in and compare the two in greater detail:

06:10 Pros and Cons of Real Estate
15:01 Benefits of Index Funds
21:37 Risks of Index Funds
24:06 The numbers
28:30 The Winner Is…..

Resources:

7 Rules I Learned After Going Broke in Real Estate Investing

Fundrise Review: How to Invest in Corporate Real Estate With a Small Investment

Best Long-Term Investment Strategies & Products

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

Do you miss the good ole’ college days where you were spending 12 hours a week in class and felt that you had no time.

Many of you are probably in a place where you are considering college or you have children that are young adults working towards their degree.

Either way, you understand how complex the student loan process can be.

Tune in and I’ll share the 4 things you need to consider when you are looking into student loans.

07:40 Competitive Interest Rates

10:13 Flexible Loan Terms

11:13 No Hidden Fees

13:49 Check Out Company Reviews

Resources:

https://studentaid.gov/

Here Are The Best Student Loans of 2022

How To Pay Off Student Loans Faster Than Ever

The Best Ways to Reduce the Interest Rate on Your Student Loans

You are finally ready to take the plunge.  You’ve seen everyone else doing and you have serious FOMO.

Today I am going to answer a reader question.  He is a serious investor but he has never purchased any cryptocurrency.

I get it - I was a financial advisor with my own wealth management firm and I had no clue where to buy cryptocurrency when I was ready to dive in.

I started investing with crypto in 2017 and there were so many options to choose from

05:05 His question:

‘I am completely new to crypto with no brokerage account other than traditional Fidelity and Merrill accounts.  I have $50k in traditional savings accounts.  What is the quickest and safest way to purchase stable coins and transfer to Celsius?’

In the traditional channels for trading - it is a simple process to transfer from Fidelity to Merrill or other traditional institution - to and from like accounts.

In the Crypto space this type of transfer does not exist.

09:37 Let’s address a traditional savings account as a tool for transferring funds for trading crypto.

17:45 Other ways to transfer funds into a platform like Celsius.

 Be sure to tune in for all the details.

Check out my YouTube channel here.

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Say it ain’t so!

BlockFi has been hit with the largest fine of any Crypto exchange company - a $100 Million settlement.

How does this affect you?  How does this affect the crypto space?

BlockFi was the first Cryptocurrency savings account that I opened, I’ve been with them for several years.

Let’s dive in and answer some of these questions:

04:06 What did BlockFi do?

13:00 How will it affect customers?

17:56 How will it affect crypto exchanges?

22:08 What are my plans going forward?

Resources:

https://www.sec.gov/news/press-release/2022-26

https://blockfi.com/confidential-s1-filing

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

I know that you get them to…..the most annoying phone calls.

I don’t know how I got on the list but I continue to get these spam calls….’there is a dispute on my credit report’.

I know that this is a junk call, but what if there is something on your credit report..a collection, some dispute, how do you get it removed?

How is your credit score determined?

What is your real credit score?

If you do have some sort of collection claim on your credit report and it is false or you have taken care of the issue, how do you get it removed?

You should pull your credit report at least once a year to check for correct or incorrect information.

If you find incorrect information, you will need to dispute this data with each credit bureau.  

In your letter you will want to include your full contact information; your name, address, phone number, copies of your credit report with incorrect information highlighted, a comprehensive explanation of why the information is incorrect.

You want to include everything you can in this formal request.

Expect to wait at least 30 days after a dispute for the credit bureau to investigate and make changes to your credit report.

Resources:

https://www.annualcreditreport.com/index.action

https://www.consumerfinance.gov/

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1.1 Million Dollars is a lot of money. Is that enough money to retire?  What about retiring early?

One common question that these clients had was - once I hit 1 Million in savings/investments - is that enough to retire with?

https://wealthhackerlabs.com/ask/

I had a reader question, from Byron and this is his question:

‘I have 1.1 Million in my 401k, and will be retiring in January 2022 at 56. Who would you recommend I have mange this after retirement….”

02:58 Reader question

09:14 Finding a Certified Financial Planner

12:02 Using a financial calculator

Resources:

https://wealthhackerlabs.com/ask/

https://www.cfp.net/

https://www.bankrate.com/retirement/calculators/

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

Growing up I had no idea what the word Wealthy meant.

I was busy chasing all the wrong benchmarks - what I was driving, how much I was making annually, etc.

After growing my business, my podcast, this YouTube channel - I understand what it means to be wealthy.

When I think of wealth now, I think of net worth:

Assets - Liabilities - Net Worth

I want to share with you the 4 things I focused on to 10x my net worth and focus on my long-term wealth:

04:47 Give up my ‘broke mindset’

07:14 What is a ‘Butt Pew?’

08:44 Stop buying liabilities!

12:38 Investing over 20%

16:56 Redefining what investing is.

Resources: https://www.personalcapital.com/

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

“If I look back on my goals for life, say 20 years ago, I’ve exceeded EVERY Metric” - Luke Bogacki

That’s a quote from a buddy of mine that has one of the coolest titles I’ve ever heard ‘Race Car Driver.”  He has gone on to build an amazing on-line business.

This story is so good, you’ll get goosebumps.

Luke is going to share his journey with you and we hope that it will encourage and inspire you to be bold and make some significant changes.

Tune in as Luke answers these questions and so much more!

04:14 What is your day job?

06:45 Can you explain bracket racing to us?

08:48 When did you decide to race full time?

09:26 When did you win your first ‘paying’ race?

12:20 What led you to look into other opportunities?

19:17 How did you start your online journey?

24:12 Did you have anyone guiding you through the process of growing this online business?

28:39 At the last count, how many members are in your group?

29:18 Did you ever get pushback from members when you moved from a free to paid membership?

33:00 As this business has continued to grow, what freedoms have you gained?

Check out my YouTube channel here.

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Imagine if you signed a contracting agreeing to get paid $750,000.  Then you make a decision that nets you only $35,703.  

What made this decision turn out so bad?

We are talking about someone that is getting ready to play in his first Super Bowl, wide receive Odell Beckham Jr, who plays for the Rams.

02:12 Odell signed a deal with the Rams that paid him $750,000 and made headlines when he agreed to get paid for this deal in Bitcoin.

05:10 Because Odell lives in CA, the tax on this payment is 53.3%, right off the top.

09:05 I would be ‘that guy’ that would love to take this kind of risk - with a huge chunk of money - if it was money I could afford to lose.

12:02 If you are interested in Cryptocurrency and wondering if now is a good time to get in - yes, yes it is.

Here are a few platforms that are good for crypto investing:

Earn $50 With Celsius: https://wealthhackerlabs.com/celsius

Earn up to $250 in bonus with Blockfi : https://wealthhackerlabs.com/blockfi

Check out my YouTube channel here.

Follow me on Twitter and Instagram. 

For many, retirement can be one of the scariest things you face.

Imagine trying to do this all alone after the loss or your spouse or significant other.

I have a reader, Sherry, that is in this very situation and recently reached out with a few questions.

Sherry asks for advice for a widow at 57 that wants to retire in 10 years.  She has an annuity and wants to know what she should do with the annuity.

I think the real question or concern here is ‘Will I be ok, will I have enough money?’   

Here is my advice:

05:56 Step 1 - Do a financial inventory, or a net worth statement.

09:59 Step 2 -  Produce a cash flow statement (current and projected).

14:13 Step 3 - Identify your ‘why’ behind your retirement goal. What are your plans?

Resources Mentioned:

To ask a question

https://wealthhackerlabs.com/ask/

Video:

2 Types of People That Struggle With This (Never Retire)

https://youtu.be/VpSYTyjJLSo

USAA 

✅ Visit https://www.usaa.com/jeffrose

📞 Or call 1-800-531-3165 and talk to a specialist today.

Check out my YouTube channel here.

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I believe there are core habits that have led to my success.

I love to read posts, listen to podcasts, and watch videos that share the daily habits of self-made millionaires.

It’s fun to compare my habits to those of others and see if they are realistic and/or helpful.

Tune in as I share my opinion of an article I recently found that outlines the 5 daily money habits that keep self-made millionaires wealthy. 

Resources:

5 daily money habits that keep self-made millionaires wealthy, according to financial advisors who know

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You know what you want to do but you recognize where you are in life right now…you’re behind.

What should you do?

What is the right answer?

Tune in as I share the details of that answer and a whole lot more.

Check out my YouTube channel here.

Follow me on Twitter and Instagram.