This month we discuss how to start a conversation with your parents to make sure that they are financially set for the future, and how to prepare if you may need to help them financially.

This includes:

Making sure that they have completed their will, trust, medical and financial directives, and other estate planning documents.

Asking them what they would like to have happen if they have a serious health issue.

Preparing financially for chronic or critical illness.

This can be a difficult topic to approach with your parents, so we also discuss ways to make the conversation easier for both of you.

These days, our lives are filled to the brim and overflowing with stress, anxiety, and distractions. How can you become radically more productive? How can you simplify your life to cut out the chaos? In this episode, we talk through embracing thes philosophy of eliminating the unnecessary in order to be fully alive and on purpose. On a daily basis, start keeping track of every chore or task that you do. Then ask yourself three questions: Should I eliminate this? Who can I delegate this to? How can I automate this so that I never have to do it again? Rick and Teresa both do this quarterly, and it has saved them an immense amount of time, money, and sanity over the years. Implement this strategy today and you’ll be amazed at how much more you will be able to accomplish.

In this episode, Rick sits down with BFS Blackbelt Member and Certified BFS Coach, Jason Wasser to discuss how you can have total life fulfillment, even during a pandemic. Although the world in a state of chaos, you can change your mindset to become more fulfilled and on purpose, even during a pandemic and a global crisis.

By using the Simplicity, Probability and Leverage decision-making framework, you can embrace a life-giving philosophy of positive, forward-moving action. You will realize that negative stuff happens all around us, every day. But, as you know, what you focus on, is what you promote. So, shift your focus to a forward-thinking, life-generating, profit-creating Positive Focus.

These are uncertain times. The only thing that you can be certain of is how you react to these times. You are a powerful force! Use that force to unleash your values and purpose in the world. Now is the time to transform!

Today’s investors are overloaded with information on market performance. In this episode, you’ll learn why it is imperative that you tune out the noise, and refrain from buying or selling under pressure. Most importantly: always let your objectives lead your investing. Rick and Teresa suggest the first thing that all investors need to do is DEFINE their overall objectives. An objective decision is one which is not influenced by one's personal feelings, perspectives, interests and biases. Filter out any investments or investment decisions that are not aligned with achieving your objectives. Remember, risk, which causes loss of capital, is the most important thing to avoid.

You can’t always judge wealth by appearance. Your neighbors may be wealthier than you think, and your seemingly “rich” friends could be exactly the opposite. In this episode, Teresa and Rick sit down to discuss two popular books: The Millionaire Next Door, and The Next Millionaire Next Door. These concepts, developed by Thomas J. Stanley, are together a strategy of achieving long-term wealth by developing an early lifestyle of living well below your means. Building wealth is a marathon, not a sprint, with discipline being of the utmost importance. Discipline is required to transform income into wealth. Spending less than you make, always being frugal, and spending time planning your financial future can help you attain the level of legacy wealth you need to retire comfortably. Take care of your money responsibly today, and it will take care of you tomorrow.

The greatest gift you can give to a child is to teach them the importance of being independent. American kids today seem to be connected to an I.V. drip of never-ending video games, social media, and screens. There is a frustrating commitment to things that are not real, tangible, and/or value-generating. We must begin parenting and grand-parenting in a way that moves children closer to their God-given right to be entrepreneurial and independent. Teach them about money and how to save it. Help them understand hard work by assigning chores and rewarding chores with an allowance. Have family dinners together, and discuss value-generating topics, such a determination and learning from failures. We believe that all human beings are born to be entrepreneurs. It is human nature, but today's society attempts to beat entrepreneurship out of people and replace it with dependence. It’s time to beat it back into them! If we all embrace some of the practices above, imagine how we could catapult future generations into success?

Here’s the truth: Personal finance isn’t just about the math. Your words, thoughts, emotions, relationships, and past history affect your relationship with money. In this episode, Teresa sits down with Christine Luken, known as “The Financial Lifeguard.” If you're ready for a change, it's time to feel empowered and learn the strategies to confidently make money decisions. As the Financial Lifeguard, Christine shows you how to manage the emotional side of money and guide you to a place of certainty with your finances. If you aren’t where you need to be, you need to hear Christine’s message. You can learn more about her 5-step process here: https://www.christineluken.com/.

Ep. 35 "Long-Termism" as an Operating Principle by BFS

Have you ever thought about the distinction between happiness and fulfillment? Happiness is short-term and fleeting, like chasing a butterfly. Fulfillment is a permanent reward for a well-lived life. It is achieved by being clear about where you are headed in life and eliminating any short-term fixes. Overall life satisfaction will increase, while at the same time, drama, toxicity, and complications will slowly vanish. Rick and Teresa have realized that fulfillment is a by-product of decades of hard work. Rick hates working out each morning, but he is fulfilled by the results of this lifelong practice. What can you eliminate from your life that doesn't align with your long-term future? This includes both material things and drama-filled relationships. We will always have problems. People that attack problems vs. avoiding problems are more fulfilled. Attack this “problem” by writing out your long-term vision for the most important areas of your life.

We all have financial regrets. Things we bought, bills we paid late, decisions we didn’t research. But people have NO idea how bad they are at investing. Over time their results far underestimate their actual returns. It is imperative for you to learn to manage the behavioral impulses of emotional buying and selling that can come from following the market's ups and downs. It’s seems to be human nature to fall victim to media hype or fear, causing us to buy investments at peaks and sell during the valleys of the cycle. We have to break this pattern, and always buy low and sell high! Investing without emotion is easier said than done, but Rick and Teresa recommend using the Barbell Investment Strategy and invest using fixed interest-paying, mutually--owned insurance policies. Be sure to maximize all your retirement accounts and invest those funds conservatively as well. To find out more, visit https://100yearsavingssolution.com