Rocky Lalvani's story is a little different than that of most financial experts. He grew up as an immigrant to the US after his parents immigrated from India, spent his working career outside of the financial industry, and built a multimillion dollar fortune through old-fashioned saving and investing. On this episode of CFO at Home, Rocky and Vince discuss building wealth; Rocky's money lessons from his youth, a few of his money mistakes, the role of wealth in building a rich, fulfilling life, and more.

• Key Takeaways
• • Factors that contributed to Rocky's parents and fellow immigrants being able to successfully build wealth in America
  • • Open money conversations
    • Frugality
    • Negotiation
    • Living well below their means
  • Rocky's money lessons from his Dad
  • • Living a lavish lifestyle on a frugal budget
    • • Not about restriction, but rather how to get the nice life you want without having to spend what everyone else is having to spend on it
  • The Wealth Building template for younger generations is different than that for Baby Boomers
  • • The benefits of job hopping
    • • You can often get bigger salary increases through job hopping than you can by staying with one employer
    • Where you go to college is less meaningful now than for the Baby Boomers. In the future, if you go to college may become less important in the big scheme of things from a wealth building perspective
    • • After your first couple of years of work, you're rarely asked where you went to college. In the entrepreneurial world, it's often not a relevant question at all
      • Understand the value of networking and building relationships in college
      • One you graduate, identify a new and upcoming area where there are no experts, and become that expert
      • Spend your 20's/early part of your career building skills and networks
  • Chasing the next hot stock/mutual fund/currency
  • • By the time you become aware of the next hot investment opportunity, much of the runup in price has already taken place
    • There's value in creating a balanced plan and sticking to it. Consistency in investing is key

• • The role of wealth in building a rich and fulfilling life
    • Don't get caught in the "I will be happy when…." trap.
    • Don't postpone pursuing happiness for the sake of building wealth.
    • Enjoy the journey. Find happiness in this moment. Money won't give you happiness, it magnifies who you are.
  • Tips for the CFO at Home
    • Figure out your targets
    • Do the simple math of getting from where you are to that target
    • Figure out how to spend less and still be happy
    • Be conscious of the flow of your money and make sure that it's aligned with supporting your happiness

• Ways to contact/follow
• • RicherSoul
  • Profit Comes First

• Contact the Host - [email protected]

Luke Hohmann is CEO and Founder of FirstRoot and one of the world's leading experts on applying Participatory Budgeting at scale, in both communities and in business settings. On this episode of CFO at Home, Luke and Vince discuss using the principles of Participatory Budgeting to teach kids the power of money, both in schools and at home, and more.

• Key Takeaways
• • Participatory Budgeting
  • • Allows kids to have a say in family decisions on how discretionary dollars in their home are spent
    • • Planning family vacations
      • Charitable donations
      • Home Improvements
    • Teaches budgeting basics
    • Encourages collaboration between kids and parents on making financial decisions
    • Can work for kids as young as 8-10 years old
    • Teaches kids to
    • • Talk through, negotiate, and make choices with a budget
      • Value the opinions of others in through shared budgeting

• Resources:
• • FirstRoot
  • FYI FLI Podcast

• Ways to contact/follow
• • Luke Hohmann - LinkedIn

• Contact the Host - [email protected]

Andrew Warner is a virtual CFO for marketing agencies and e-commerce stores. His unique mix of experience in both finance and marketing allows him to approach how he helps the companies he works with in a unique way - helping them get a better handle on their numbers while not forgetting marketing best practices. On this episode of CFO at Home Andrew and Vince discuss how the principles that corporate CFOs use for budgeting, debt management, and more, can make you a better CFO at Home.

• Key Takeaways
• • Budgeting
  • • In both the business world and in your Personal Finances, it's good to create excitement behind the goals behind the budget
    • Getting buy-in from both partners in a household is critical as well.
    • Even when circumstances dictate changes to the budget, continue to ensure that it stays in line with your goals

• • Debt
    • Debt taken on in order to "Invest", as opposed for consumption, is often regarded as "good debt". It can be particularly tricky in your personal life at times to clearly distinguish when spending is truly an investment
    • Take a sober look at the risk/reward of debt that you enter into on the premise of it being an "investment"

• • Key Performance Indicators ("KPIs")
    • Businesses use KPIs (financial and non-financial) to keep track of their progress towards their goals
    • Net Worth is a key "KPI" in personal finances

• Resources:
• • The Goal

• Ways to contact/follow
• • https://marketingcfo.com/
  • [email protected]

• Contact the Host - [email protected]

Joseph Hogue is the Chief Awesome Officer at Let's Talk Money, a YouTube Channel with over 400K subscribers. He's also the founder of numerous personal finance blogs including one that focuses on work from home opportunities, MyWorkFromHomeMoney.com. On this episode of CFO at Home, Joseph and Vince discuss creating and monetizing a successful blog, YouTube channel, and more.

• Key Takeaways:
• • Blogging FAQs
  • • What should I blog about?
    • • Skills that you already have (you're already an expert in something); job-related skills, hobby, etc.
      • Something you don't know about but want to learn (take readers along with you on the learning journey)
      • It needs to come from a place of passion, but at the same time monetizable
    • How do I get people to visit my blog
    • • Find out where your audience is already hanging out on-online (social media groups, etc) and engage with them. Build up a reputation of having expertise and bringing value, then eventually expose them to your blog.
      • • Focus on platforms where your audience most likely to hang out and/or those platforms that you're most likely to use regularly
      • SEO (Search Engine Optimization) - Understanding how Search Engines work so you can better influence how your blog shows up in search results
    • How do I make money from my blog
    • • Start trying our different monetization strategies immediately. Figure out the short path to monetizing for your particular subject matter.
      • • Create an ebook from your blog posts
        • Explore affiliate programs/networks
        • Google ads

• • Creating/monetizing a YouTube Channel
    • More critical to niche down your YouTube Channel subject matter than your blog (more than 26 Million YouTube channels)
    • Easier to monetize with ads on YouTube than a blog
    • Easier to present affiliates through YouTube (product demos, etc).

• Ways to contact/follow:
• • Let's Talk Money - YouTube
  • MyWorkFromHomeMoney.com
  • Let's Talk Money Together! - FaceBook

• Contact the Host - [email protected]

Alex Mason is the host of the Stock Stories podcast, where he explores the histories, business models, and economic characteristics of publicly traded companies. On this episode of CFO at Home, Alex and Vince discuss factors to consider when accessing the value of a particular stock, how understanding the basics of stock valuation makes you a better investor, America's wealth gap, and more.

• Key Takeaways
• • Factors to consider when accessing the value of shares of stock:
  • • Earnings/Profits - Is the company offering the shares actually making money?
    • What's the quality of the company's earnings (how do they make money)?
  • Comparison of the current state of tech stocks versus the dot-com bubble days of the late 1990s-early 2000s
  • • In both cases valuations are really high
    • Many tech companies in during the dot-com bubble days had no profits; today's tech leaders are generating profits and have huge cash reserves
  • Even if you a mutual fund/index fund investor (as opposed to buying individual stocks), there's still value in you understanding how individual stocks are valued; many passive funds are heavily weighted towards a relatively small number of stocks, so understanding the value of those few stocks could we worthwhile
  • Understanding the basics of how stocks are valued makes you a more knowledgeable investor; knowledgeable investors are less likely to panic and make short-sighted moves during a market correction.
  • Mistakes beginning investors make:
  • • Lacking basic financial literacy
    • Buying stock because you like a company's products/service
    • • Popularity does not mean a company has earnings/ is making money

• Resources:
• • One Up on Wall Street

• Ways to contact/follow
• • Stockstoryteller.com
  • Stockstoryteller - Instagram
  • Stockstoryteller - Twitter

• Contact the Host - [email protected]

Carla Youngblood is a Certified Public Accountant, Comedienne, Speaker, Author and Podcaster. On this episode of CFO at Home Carla and Vince discuss tips for beginning entrepreneurs, the specific work that she's involved in helping Black entrepreneurs in Birmingham Alabama, and more.

• Key Takeaways:
• • The "4 P's" for beginning entrepreneurs
  • • Place
    • Price
    • Product
    • Promotion
  • Tips for beginning entrepreneurs:
  • • Make sure your personal finances are in order:
    • • (Preferably) debt free
      • Have sufficient income to meet personal obligations
      • Have 3-6 months of emergency savings
    • Understand you business model
    • Legally form your business (Appropriate business structure, Business License, EIN, etc)
    • Set up a proper bookkeeping system; documenting your revenue and expenses so you have a clear picture of how your business is performing. This is critical, even if you need to pay for bookkeeping services
    • Clearly segregate your business and personal finances
    • Ideally shoot to have access to funding equal to 2 years worth of expenses for your business before launching
    • Having a basic on-line presence (website, social media) is important even for brick and mortar businesses in underserved communities
    • Enlist help to take a 3-5 look at the viability of your business (important for financing)
    • Unless you're a CPA, enlist professional help in preparing your taxes and file every year.

• Resources:
• • BE BHM

• Ways to contact/follow:
• • CarlaYoungblood.com
  • Edge Of The Truth Podcast
  • CarlaYoungblood - Instagram
  • Carla Youngblood Facebook

• Contact the Host - [email protected]

Milan Kovacevic is the co-founder and CEO of Finny—a personal finance community and education app that's game-based, personalized to your interests, curriculum-based and free. On this episode of CFO at Home, Milan and Vince discuss how Finny helps to increase financial literacy through customized learning experiences, providing community, offering rewards, and more.

• Key Takeaways:
• • Main areas of Finny
  • • Learn - Customized learning experiences based on your interest such as:
    • • Save for a Rainy Day
      • Budgeting FUNdamentals
      • Make Your Budget Stick!

• Discuss - On-line discussion with community and Financial Coaches on subjects such as:
• • Budgeting and Saving
  • Investing
  • Planning (retirement, college)
  • Credit Scores
  • Taxes

• Community
• • Invite Friends
  • Choose Followers

• Rewards - Redeem dibs accumulated through completing learning exercises for rewards
• Finnyvest
• • Research help for the DIY investor

• Resources
• • Askfinny.com

• Ways to contact/follow:
• • AskFinny - Twitter

Contact the Host - [email protected]

Kelli Nielsen is a world traveler, toddler mom, cancer nurse, and blogger inspiring people to achieve dream travel on THEIR budget and live their best lives through her business, Trip Fixers. On this episode of CFO at Home, Kelli and Vince discuss traveling on a budget, avoiding travel FOMO, "clean" travel hacks, and more.

• Key Takeaways
• • Conventional "travel hacking" is often based on the practice of "credit card hacking"; opening multiple credit card accounts for the bonuses (dollars, miles, hotel stays, etc) and charging certain amounts over a certain period of time. Kelli teaches "clean" traveling hacking which relies more on knowledge and research.
  • The use of credit cards to accumulate bonuses like airline miles is a personal choice that ties back to an individual's comfort with credit and their ability to use credit responsibly.
  • Tips for Traveling on a budget
  • • Flexibility - Identify what you can be flexible about; things that you don't care as much about (destination, lodging, timing of travel, etc) to get the things you do care about.
    • Don't be afraid to start with smaller trips to develop good travel habits and build up to your dream destination
    • Think about the "whys" behind your dream travel destination; can you create those experiences in a less expensive location?
    • "Clean" Travel Hacks for:
    • • Airline travel
      • • Typically the #1 expense which makes it a great area of focus
        • Use the right sites to look up your flights for comparison shopping (see resources)
      • Hotel
      • • Be flexible on type of accommodation (Hotel, Airbnb, Vrbo, etc)
      • Destination/Activities
      • • Consider preparing at least some of your meals. If traveling to a foreign/exotic locale, shop for ingredients in local markets to make meal preparation part of your vacation experience.

• Resources:
• • TripFixers.com
  • Shopping Flights
  • • Skyscanner.com
    • TripFixers - Flights

• Ways to contact/follow
• • Trip_Fixers - Instagram
  • [email protected]

• Contact the Host - [email protected]

Dan Sarver is a college student who has written the book on money that he was looking for after graduating high school, 7 Investments In Your 20's That Will Change Your Life. On this episode of CFO at Home, Dan and Vince discuss his inspiration for writing the book, the 7 investment vehicles mentioned in the title, and more.

Key Takeaways:

Dan's 7 Investments in your 20's that will change your life:

1. Dividend Paying Stocks and Compound Interest
   • The greatest asset for a young investor is time
     • Long investment horizons minimize risk, allow for maximum returns
2. S&P 500 Index Fund
   • Funds with largest Market Cap
   • Allows investors to realize returns similar to the overall market over the long run
3. Nasdaq-100 Index Fund
   • Tech-driven; historically translates to higher volatility, higher reward
4. Mutual Funds
   • Returns are more reliant on the skills of the fund manager as stock-picker than index funds
   • Generally have higher expense ratios (costs more to invest in) than index funds
5. The Exchange-Traded Fund (ETF)
   • Similar to mutual funds, more available internationally, designed to be even more liquid than mutual funds
6. Real Estate Investment Trust (REIT)
   • Allows investment in Real Estate through a brokerage account, without the hassle involved in conventional real estate investing
7. Treasury Inflation-Protected Securities (TIPS)
   • May provide slightly more return for cash reserves than a savings account

• Resources:
• • 7 Investments in your 20's that will Change your Life
  • The Little Book of Common Sense Investing

• Ways to contact/follow
• • Danbusinesslifestyle.com
  • DanXSarver - Instagram

• Contact the Host - [email protected]

Patrice Washington is an award-winning author, transformational speaker, hope restoring coach, and media personality who Success Magazine named one of 12 Inspiring Black Voices in Personal Development. She's also the host of the Redefining Wealth podcast. On this episode of CFO at Home, Patrice and Vince discuss her new book, Redefine Wealth for Yourself; what it means to be truly wealthy, the role that fitness and relationship building play in attaining true wealth, and more.

• Key Takeaways

• • 12th century definition of Wealth - "The Condition of well-being and happiness"
  • Our relationship with money is not just about money, it's about all of the areas of our life that impact our finances even when we're not thinking about it.

• • The Six Pillars of Wealth from REFINE WEALTH FOR YOURSELF

• • • Fit - Become your best self

• Protect the Vessel
• Develop a Fit Mindset
• Examine Your Mental Health

• • • People - Take care of relationships that matter

• Protect Personal Relationships First
• Surround Yourself with the Right People
• Attract Allies and Advocates

• • • Space - Set up your life to support you

• Get it together
• Add the Energy You Want
• Timing is Everything

• • • Faith - Believe in something greater

• The Power of Faith
• Practice What You Say You Believe
• Demonstrate Your Faith in Real Life

• • • Work - Live Your life's purpose

• Accept you Purpose
• Put Purpose to work
• Earn More Without Chasing

• • • Money - Attract the prosperity you desire

• • • • Elevate Your Money Mindset
      • Master the Basics
      • Introduce the Money Maven in You

• • • The Six Pillars build upon one another. To build true "wealth follow them in order
  • • The basic tenets of good personal finance habits are well-known (spend less than you make, save, be responsible with debt). The first five pillars help put you in the position to execute on those tenets.

• Resources:
• • PatriceWashington.com
  • Redefine Wealth for Yourself
  • Redefining Wealth Podcast

• Ways to contact/follow
• • seekwisdompcw - Instagram

• Contact the Host - [email protected]