Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Nick Sky is the co-founder of ChangEd, an app that helps student loan holders pay down their debt quicker and more efficiently. ChangEd is design to align with a borrower’s natural spending by facilitating change roundups on everyday transactions and applying those funds to their student loans.

Welcome!

[2:37] Student loans are a massive problem in America and tons of people get stuck into paying them off over long periods of time. Do you think the cost of education is going to become easier to bear in years to come or do you think the problem will get worse?
The root of the problem is because it’s so easy to get loans and money
Universities and campuses are spending tons of money improving their grounds
It’s still great to get a degree, on average you’ll make $1 Million more over a lifetime
There are other options but it might still exceed inflation

[10:29] What’s one of the biggest mistakes you see young adults make when it comes to their student loans?
Extending payments
Forbearance & deferment 
Income based repayment plans have consequences
Don’t pay off over 25 years!

[11:21] Tell us how you came to form your company with your brother (Dan)?
Late 2016, Dan was looking at his student loans and after 3 years he owed more than he borrowed
Decided to look at change round up to apply it to student loans
People save on average $30-$50 every month
By increasing your contribution you’ll save thousands!

[13:29] I read an old interview you did where ChangEd had a goal to send more than $100,000 in student loan payments by the end of 2017. You recently hit a new goal in total student loan payments people have made, could you tell us a bit about that and where to from here?
Goal in 2017 was to do $100,000 in payments, all with spare change.
The goal for 2018 was $1 million, which was met early September.
Download ChangEd in the appstore

[19:50] If you have one piece of advice for people with massive student loan debt ($75k+) what would it be?
Ignoring your debt!
People have hundreds of thousands in student loan debt, so many people ignore it (costing them thousands!)

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[22:2] Credible– start decreasing the amount of interest you have to pay on your student loan by refinancing today. See chainofwealth.com/credible for more details.

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[22:42] What is your saving or retirement plan?
Having student loan debt and a bit of credit card debt, number one goal is to pay off the debt for now and then start saving

[24:27] Do you have any other books or podcasts you can recommend?
The Obstacle Is the Way Book by Ryan Holiday

[25:35] Favorite Quote?
Embrace the broom- don’t be afraid to do the small things

[27:7] Parting piece of advice?
Pay attention to your loans, setup auto debits but be aware of what interest is doing to your loans.
Even though you’re in debt life will go on so enjoy yourself.

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Market Down? Here's what to do:

[1:25] Why you should be investing in the market
Over a long period of time you should be investing because of compounding.
The power of constant reinvesting is your money will grow and will set you up for later in life.
Katie learned how much money she  would have if she just started with $100 a month

[6:45] Risk vs Reward
If you don’t take on risk you won’t reap any of the reward that comes with it
People always talk about how the stock market fluctuates but there are ways to add protection which we’ll cover in the next topic

[9:27] Importance of diversifying
It’s important to diversify within the asset class e.g. buying different stocks and not owning just one company, but then it’s also important to buy different asset classes as well such as bonds or real estate

[12:20] Market Risk
When big or small corrections happen you should ask yourself if you are too heavy in a particular asset class.
You are always going to have some exposure when you taken on risk

[15:2] What to do when the market goes down
You should buy!
It’s a long term game, the more you invest now the better you’ll be further down the line

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Monica Shah is a seven-figure business coach who helps entrepreneurs build businesses that
support their ideal lifestyles. After receiving her MBA from the Kellogg School of Management and working in marketing for L’Oreal Paris, Monica left corporate to start her first company – and then her second company, Revenue Breakthrough.

Today, she takes her clients step by step through building, growing and expanding their businesses. She combines her business acumen with her intuition and healing abilities to help her clients get unstuck, eliminate self-sabotage and move through fear.

She is also the author of Getting Rich: You’re Doing It Backwards and Pause: 52 Questions that Lead to More Money and Time.

Welcome!

[3:11] Everyone has a role model, who is yours?
Looks up to her dad, came from India with $1,000 and figured out a way to make it all work.
Put Monica on top of conference tables while he worked Saturdays

[6:45] How fast did it take you to get to the balance of $25K in debt?
Debt arose from starting first company
About a year and a few months

[8:46] What were you spending money on?
Living expenses & consumer debt
Rent, making bad business moves

[10:19] What was your turning point and how did you generate the revenue needed to pay off your debt?
You need to put your focus and attention into generating revenue
In school you are not rewarded for income generating activities which is ultimately what pays the bills so learn what to focus on.

[14:24] If you knew then what you know now, what would you have done differently to avoid that debt?
Started on everything sooner
Didn’t make the connection about generating revenue sooner
Build out tribe sooner

[17:12] What would you tell entrepreneurs today who are struggling with money?
Straight into a teaching point- Revenue Tracking
As you grow a business you get busier- you need to learn how to grow your revenue which ultimately makes or breaks businesses
The self journal- bestself.co

[23:7] 30 second elevator pitch for Revenue Breakthrough?
Helps women who are business owners to double income from 12 to 18 months
Change the conversation about money
Figure out sales, marketing

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[24:19] What is your saving or retirement plan?
Revenue goal, profit goal & savings goals
That money goes into savings for retirement

[25:2] Do you have any other books or podcasts you can recommend?
Monica’s books!
Revenuebreakthrough.com/marketingcalendar
Dan Kennedy – No BS Time Management
The surrender experiment

[26:33] Favorite Quote?
There is no such thing as failure
No matter what I do no matter what I try, when energy is put out, energy is gotten back

[27:32] Parting piece of advice?
When you’re in business there are moments in doing things that you don’t want to do. Remember what you love.

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Why talking about money can be a taboo topic

[1:41] Why is talking about money taboo?
We grow up in a culture where people are sheltered
The work place is a big one, but even with friends you should be talking with them about what they’re doing

[3:52] It doesn’t need to be awkward
It can be an awkward thing to talk about and people feel that they are in a place they want to be.
You will only get to the place you want to be if you have an accountability partner you are in a much better position

[5:43] Sharing & encouraging others safe space to answer questions
It’s really hard paying off debt, it’s very easy to get demotivated and theres so many other thing you could want to spend your money on.
You are not the only person in your position

[8:27] Keeping up with the Joneses
People are definitely in a mentality that they need to compete with everyone
You need to decide what’s important to you

[11:21] Pay off strategies
Side hustling is amazing as it’s extra income that you never really saw. 
You can spoil yourself and be more flexible
Making double payments are super powerful you’ll be done paying off your debt in a fraction of a time

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Today we have Jim from AcceleratedFI, Jim maintains that a ton of personal finance sites out there focus too much on the saving money part of budgeting and not enough on the income producing side. He uses his site AcceleratedFI as a means to document his side hustles and provide educational material to others out there. Welcome!

[2:50] If we were invaded by aliens and we had to give up one flavor of ice cream and you had the final say, would you give up vanilla or chocolate and why? (ice-breaker)
Chocolate

[3:37] Let’s chat about having a business on the side, you have a section on your website all about Amazon FBA, what is that and what does it entail?
Prime shipping – Fulfilled by Amazon
You source your own factories and goes straight to amazon
5 years ago company that Jim worked at started doing downsizing
Give people a reason to buy your product
Entirely done on amazon

[8:8] How do you find the balance between FI and spending money on your businesses? Has it been challenging at all?
Amazon you rely on a factory and they fulfill it

[9:54] How hard is it to build up a niche website and get up to speed with everything you need to know to make money online?
Nice to buy existing websites, you can make money from the first day
Probably takes 4-6 months to get going
Jim tried to do investing and then tried to buy the websites instead

[11:30] There are a ton of misconceptions about FI, is there anything you would tell the younger version of yourself, knowing what you know now?
Start when you’re younger
Look for other asset classes Sponsor

[14:20] Sponsor: Check out the Chain of Wealth Money Minute, available on Alexa, iTunes, Stitcher and Google Play

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[14:56] What is your saving or retirement plan?
Max 401k – plan to retire early by 45 years old

[18:18] Do you have any other books or podcasts you can recommend?
The Side Hustle Show
End of jobs by taylor peterson

[21:9] Favorite Quote you like to live by?
You shouldn’t follow your passion you should follow your pain

[21:54] Parting piece of advice?
Find a side hustle today and just start it, there never is a good time or a free time, the best thing to do is jump in

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Living Wills and Whether You Need One

[1:42] What are living wills?
Written instruction that details your last wishes regarding a medical treatment
Takes off undue pressure on family  

[4:30] Why are they important
Takes pressure off
People pray for miracles and it takes the hope away

[6:48] Can I write one myself
Yes you can but is it what you want to do?
It’s probably a great idea to chat to your family so they know about it and they are about to act on it.

[8:8] Where do I get one
Get a professional to help you
Lawyer can get it done, it might be an upfront cost but can be a lot cheaper

[10:31] What are some common mistakes
Not preparing, not chatting to family members, some people don’t want to die
Being prepared is the way to go

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Joel is a 33 year old technology sales rep from Los Angeles. However, he recently quit his job to travel, and test the waters of early retirement! Joel is sharing stories on his blog, 5AM Joel (.com), and writes about how to make better use of your time, and better use of your money. Welcome!

[3:27] Who’s your favorite superhero & why?
Wolverine, for no reason

[4:3] So, what exactly a mini retirement? How long have you been on your mini retirement?
Quit job in March, 5 months unemployed
Focus on your general well being
Watching 30ies fly by and needed something new
Creativitiy get sucks out of you

[7:40] Do you feel early retirement is an option for most people? What does into the planning of it?
Definitely possible for most people, but a lot of people don’t want to.

[9:21] Do you think your mini retirement is delaying your actual retirement and is there a cost/benefit analysis you did before taking it?
People ask if Joel has hit FI yet, but he’s far along the path so technically yes.
He’s far along and can take foot off the gas a bit
Mom sat down with Joel at a young age and explained the benefits of saving

[17:24] Your website isn’t 5am Joel for nothing, why have you been waking up at 5AM?
Started 2 years ago, Joel hated waking up early
His friend started waking up at 5am and did it for 30 days and told Joel.
It started as a dare and Joel has been doing it ever since

[22:58] What’s one of your favorite posts on your website?
Why do I own 7 surfboards
500 days till 2020

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Entrepreneurs and Money [2:57] The cost benefit of being an entrepreneur You are out there in the hustle as an entrepreneur Your are IT, HR, plumbing, literally everything
It’s one thing saying you’re a CEO but when you’re starting out it’s very challenging but you can learn a ton of skills that can set you apart
Your problem solving abilities become really good
There is also major upside from being an entrepreneur

[5:31] Quitting your job versus doing it full time
It definitely depends on your situation, how long have you been saving up
Quitting your day job is a major risk, you don’t have any income secured
People end up doing freelance work just do have food on the table

[6:37] How much money you need saved to start a business
People need to know how much money they need
People say you should triple the amount of money you need to get started
You need to consider the cost of living and how you are going to provide for your family
There definitely are consequences and you need to be real, there is no shame having a side hustle

[8:30] How many hours do you really work
A ton of hours, people that are entrepreneurs typically work a lot harder than when they are employees.
Nobody will care as much about your business as you will.
As a business owner you’ll end up working a ton more hours
After the 40 hours is when an entrepreneur will typically start working

[9:30] How to manage work life balance
Katie has a friend who owns a brewery and he said he does now know what work life balance is
People that go full on into entrepreneurship that end up sacrificing relationships
As a new business owner you need to find a work life balance that works for you, this will obviously look different for everyone.

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Hayk Tadevosyan is an entrepreneur passionate about serving the community and inspiring others to reach their goals and aspirations. Hayk has successfully coached and developed many business owners, aspirants and team members on replicable systems and processes of entrepreneurship and personal success.

Welcome!

[3:0] What did you have for breakfast this morning?
Don’t eat breakfast, Hayk believes in intermediate fasting
Our stomachs are not meant to be full all the time

[6:58] You immigrated to the United States in July of 2001, during which time you had to to learn a new language and culture, what were those early days like starting from the beginning?
Second time moving and going through post traumatic stress
He had to move to Russia originally and stood out like a sore thumb
Went to 8 schools in a few years, had to adapt and make new friends

[11:8] You are a real estate investor and you also run an insurance agency and have been involved in other businesses; how important do you think it is to have multiple sources of income?
Got involved in Amway early on, you want to have 3 sources of income:
Passive, Residual and Hard Income
Got inspired from a girlfriend’s father who was in the insurance business
Opened up business at 21 years old
First few years you work your butt off

[15:3] Looking back at what you’ve done, is there anything you would do differently now?
Look at adversity as a good thing
When you hit rock bottom you make the best decisions

[17:57] You just published a book, tell us a bit about Mind Control 14 Principles of Achieving the American Dream.
Started writing a diary when Hayk was exercising
Woke up early and started editing it, eventually approached Inspire Nation to do the editing
Book is about establishing balance in life, just because you are rich doesn’t mean you’re happy
Family, Fitness, Finances & Friendship- get 25% of each, you need to find a balance.

Sponsor

[24:33] Check out hostingyourpad.com for a great resource on how to setup a profitable business on Airbnb.

Value Link Round
[25:25] What is your saving or retirement plan?
Max out simple account and should have a few million dollars by the time he’s 67.
All about tax free retirement
Try get to tax free when you’re older

[27:6] Do you have any other books or podcasts you can recommend?
Inspire Nation
Christian Quotes

[27:50] Favorite Quote you like to live by?
To live in fear is to live in the future, to live in regret is to live in the past, to live in happiness is to live in the present

[31:43] Parting piece of advice?
Search for Mind Control on Amazon for Hayk’s book!
Get a camera, have a good camera for pictures and don’t take anybody’s advice.
Either you fail and learn or you gain and gain.

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Questions & Answers- Refinancing Katie has some questions about refinancing a new car she just bought. Refinancing is something most people have heard about but how do you actually go about doing it? Find out in today’s episode! 

[2:6] What is refinancing and why would I want to do it? Refinancing is swapping out one interest rate for another, e.g. you are currently paying 8% pa, instead you want to pay 6% pa. Say you take out a loan with bank ABC, you can refinance with bank XYZ and they’ll give you a better rate. In essence the bank buys you out. Does the 2% saving make a difference? Yes!

[5:45] Where can I go to refinance?
Anyone that can ordinarily give you the first loan can typically give you the second loan.
Some good resources are Credible or Sofi.
Credit Unions are a great place to start

[7:1] What documents do you need to have ready?
Do your homework and prepare before you get finance, know your credit score!
Are you in a good position
Have paystubs on hand
Know how much your average monthly expenses are

[9:13] How long does the process take?
Take a step back, you can refinance any time and you can refinance multiple times.
Even before your first payment!
 If you do go the refinancing route, banks will want to know that you’re in the money, you can’t be upside down on the loan (market value on the asset is worth less than your loan)

[11:15] What can I do if I don’t get a lower rate?
You can refinance as many times as what you want. If you don’t get approved first determine why you didn’t get approved, did rates in the market go up? Do you have a bad credit score?
It’s definitely not the end of the world, but you are going to take a hit on your credit

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