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

Jeff Hall never had a choice but to become an entrepreneur. 

At the age of 7, he sold candy because money meant escaping his life of poverty and neglect. At the age of 13, he acquired a reputation as a computer nerd at school quite by accident and began working on his school’s computers. At 15, he began his company, Overflow Cafe, in order to keep from being evicted from his home, and at 17 was lying about his age to get the commercial lease for his first office. 

Remarkably, he is still helping new and small businesses become popular online at
Overflow Cafe 23 years later along with another 4 successful startups under his belt.

[2:28] You have quite the extraordinary story, tell us about one of your failures- I’m sure it wasn’t easy!
The one that keep him up at night are losing the relationships
Extremely aggressive trying to grow a business
If you ever want to grow your business you need to deal with people
Everyone has their own agenda

[6:49] What’s the difference between running a business with money and running it
with no money?
Starting with no money makes you take your time to do your due diligence, you innovate and make less mistakes
Throwing money at things are easy, when you get more money it’s easy to throw money at problems, but it’s not the best way.

[10:18] What advice would you give to someone starting out in business?
It’s good to be cautious, know your numbers!
Know everything there is to know about your business

[12:35] What are some of the other startups you have?
High Tech Computer Systems – bring in PC to be upgraded
Prepaid gift card company
Kickstarter- over 200 participated in

[14:35] For bloggers: What are some of the metrics that search engines use to rank websites?
Don’t aim for 100,000 blog posts that nobody will ready
Rather have higher quality posts
People delete tons of posts to rank higher

[16:35] For people with online businesses: How can a website convert a visitors to paying customer?
Tons of companies charge a figure to figure it out
Have tons of photos of the product, ask yourself what people want to know.

[20:11] 30 second elevator pitch for Overflow Cafe
Founded when Jeff was 15- they make websites popular. Sponsor
[20:38] Value Link – Check out Audible for awesome audio books! Value Link Round
[21:19] What is your saving or retirement plan?
Started thinking about retirement a couple of years ago
Move over investments into stocks and real estate
Mutual fund is doing horribly

[23:15] Do you have any other books or podcasts you can recommend?
Total Recall by Arnold Schwarzenegger

[24:50] Favorite Quote?
You miss 100% of the shots you don’t take

[25:5] Parting piece of advice?
Surround yourself with experts

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The Power of Passive Income Passive Income – there’s nothing better than getting paid to do nothing.

[2:51] Stock and long term appreciation
You could earn 0.2% interest a year by leaving you money in a bank account.
Or, you could be making 5-10% in normal types of investments.
If you leave money in a bank account, you’re literally losing money because inflation is 1-2%
As an example, you can buy stock in Apple.

[4:33] The benefit of investing in dividend paying stocks
A dividend is something a company will pay to shareholders, as they earn profits they return 
Dividends are taxed more favorably than normal gains
Index funds pay dividends very often

[6:28] Real Estate and Rental properties
This is Katie’s favorite, she rented out a room and made easy money that helped her pay her mortgage
There’s ways to do this without buying the house, invest in a REIT!

[8:53] Capital Gains- what are they and why they are great
Capital gains are gains made from holding capital assets for a longer period of time.
You only get taxed when you sell the asset, it’s not a direct income

[10:46] Loyalties and affiliations
This can be from owning a blog and referring someone, this is obviously not limited to blogs
You can earn money from formulations or if you produce something from intellectual property

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[2:52] Tons of people think doctors had a ton of money and it’s all easy. Did you graduate with any student loan debt and how were the early days for you?
Had about 60k worth of loans
Lots of doctors

[5:46] The field of medicine has many different practices, you are an anesthesiologist but if you could go back and change your career path, is there any type of medicine you’d do?
Happy with choice
Trying to decide on retirement
Addiction is a major problem people face, it could be an interesting career path

[11:47] What sparked your interest to being on a path of FI
Study by Fidelity only 50% of physicians max out their 401ks
Father did a good job of teaching Lief

[16:27] What is some advice you would give the younger version of yourself knowing what you know now?
Building a large home- perhaps wasn’t the best thing to do.
Ended up losing $250k

[18:29] How are you preparing your children to be as equally financially responsible as you?
Teaching financially responsible behavior
Started giving kids 1% interest per month on their savings
Other things explained to the kids such as electricity and other costs

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The Power of the Side Hustle [3:10] Importance of Multiple Income Streams
Most millionaires have a ton of income streams (average millionaire has 7 income streams)
It’s not actually the high paying jobs are not the people that are millionaires
Upkeep become much less once you have setup a side hustle
The 5pm to 9pm (12am) is really how you get ahead

[4:53] Start one hustle at a time
Set stuff up slowly, it’s critical to start off slowly and build it up.
Same concept of starting a diet- the one that works is the one you stick to.
Pick one income streams and then start building up others
FOCUS- follow one course until success

[6:48] Build your emergency fund or vacation fund
You’re not eating into your normal income or savings
You need to have emergency money
Always be able to pay your deductible
Dave Ramsey problem recommends about 6 months of living expenses saved up
An extra income stream can help you so much

[9:34] Do something you’re passionate about so it’s fun
Find stuff you enjoy that way you don’t see it as work
Katie’s friend made jewelry and sold it, she found it relaxing and it made money

[11:7] Different ideas for side hustles
Drive for Uber of Lyft
Airbnb is great and can make you a ton of money
Being a server
There are grocery shopping side hustles
Call and remind people to take their meds
New app called Bird- become a charger

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Andy Hill is a husband, father and fellow podcaster! His podcast, Marriage, Kids & Money talks to tons of people on some of the big trending topics- like paying off debt, keeping a family balance and paying off tons of debt- which he has a ton of experience in.

[2:44] What is your favorite thing about podcasting?
·       Connecting with like-minded people

[4:26] If someone is thinking about starting a podcast- what is one piece of advice you could offer them?
·       Major passion around whatever topic you choose
·       Lots of learning on the backend

[6:30] Where did the idea for your podcast come from?
·       Growth opportunity
·       Andy wanted to learn how to help his family out

[8:18] You have paid off a ton of debt- including over $48k in a year and also your 195K house in 4 years- what did you do to accomplish this?
·       Accumulated debt being fun and living life for today
·       Decided it would be great to pay off all consumer debt before their first child

[12:40] What was a memorable life learning lesson you had when it came to budgeting your money?
·       Involving your spouse in the decisions
·       Kid free time is the best time to have serious conversions

[14:31] You seem to have a really good work/life balance- what is your secret?
·       Time management is crucial

[19:57] What tips do you have for people who struggle to find the balance?
·       Learn to prioritize the most important things first Sponsor

[21:15] Value link: If you enjoy reading books but don’t have the time why not listen to them? Check out Audible and get a 15 day free trial!

Value Link Round [22:10] Why do you think people struggle to achieve their dreams?
·       People talk about dreams in a fantasy type way
·       You need to create actions steps to implement

[23:5] What books/podcasts do you listen to?
·       The 5 Love Languages by Gary Chapman
·       How I Built This by Guy Ras

[24:46] Do you have a favorite quote?
·       Carpe Diem

[25:41] Any last advice?
Find out what really excites you and put some action steps inside it.

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[2:45] Alternative ways to get to work
Most people think about jumping in the car and sitting in traffic.
There’s a ton of other ways such as cycling to work, jumping on a scooter, motor bike etc.
It may seem weird but it’s great for your health and the environment.
If you’re cycling a few miles that can be your daily work out at well.
Think outside the box there’s a ton of other cheaper way to get to work
Some people walk to work as well!

[4:37] Do you really need more than 1 car per household?
Lots of people think they need the freedom but it’s additional gas, car payment and insurance.
In a lot of homes when you become of driving age everyone gets a car.
This comes down to family structure and work arrangements but it’s definitely do-able for most families it comes down to being flexible.

[6:41] Laundry method style commuting
Concept of making money by doing every day things and getting paid for them.
Imagine laying on the coach and thinking about doing laundry and cleaning up.
If you are side hustling such as Airbnb you are technically getting paid for cleaning.
You can also make money by commuting and most daily activities

[9:30] Co-workers and car pooling
Parking is normally a nightmare so car pooling can really help with saving costs/finding parking
You can get paid by a friend or co-worker, you can get to know the person much better and save money- less wear and tear on your car and save gas money
There’s a huge time saving and money saving as well and even if you do it a few times a week you’ll save a ton of money.

[11:36] Working flexible hours to save money on transport
Rush hour is a total pain- most people hate sitting in bumper to bumper traffic.
Normally you have to leave super early or super late to avoid traffic
It puts a damper on everyones mood to be stuck in traffic
You’ll save money on gas as well if you leave earlier and negotiate with your employer to work remotely and to even work more flexible hours such as negotiating better hours e.g. 6 to 3 instead of 9 to 5.

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Philip Taylor, or commonly known only by his website as PT Money has been blogging about personal finance since 2007. He is also the founder of Fincon, the annual financial conference which boasts over 2,000 attendees which he started in 2011. Philip has both a flair for money, inspired by his father who is also a CPA, and a gift for writing which stems from his mother who was also a writer!
Welcome!

[3:22] If you could be any animal what would it be and why?
A bear- he likes to wrestle (PT likes to wrestle with his kids), or a night owl as he’s up late!

[4:18] It’s quite funny how you are literally the product of your parent’s two professions! So I have to ask, what made you want to get into blogging after becoming a CPA?
Didn’t start thinking he should do blogging, he stumbled into it in 2007.
Coming out of highschool PT didn’t have a particular desire to do anything
Appreciated the stability of his dad’s CPA designation and its ability to provide job security
Did blogging for 3 years before taking it full time, even on lunch breaks

[11:37] Let’s chat about FinCon! What inspired you to try put together a conference and what were the early days like?
Discovered the community and wanted to bring everyone together in person
There was a community before fincon existed, it just gave it ownership
Creating an additional business was exciting

[13:31] What unusual advice do you have for creators of content? Blogs, podcasts, vlogs etc.
If you’re not in the niche you might not get the advice of tap into the community
Look at people as collaborators
Big focus on Niching down right now- might be better to not go too deep.
Don’t be afraid to expand into other topics.

[15:16] Have you made any money mistakes that you wish you could undo?
Trying entrepreneurship early on, the income side has changed PTs life.
Automating savings early on

[16:58] You have a section on your website about Robo Advisors- what are they and what do people need to know about them?
They don’t give advice but more help you invest
There’s a big focus on retirement savings and it provides an education piece in them Sponsor

[20:21] Value Link Round- Are you interested in attending Fincon? Check out chainofwealth.com/fincon to grab a ticket!

Value Link Round [20:54] What is your saving or retirement plan?
Historically maxed out limits on retirement accounts, pay as little in taxes are you can.
Pushed towards saving more
Aim is to get to a point where he will never need money from anyone

[23:0] Do you have any other books or podcasts you can recommend?
Paula Pants – Afford Anything
Ramit Sethi- I will teach  you to be rich
David Bach – Automatic Millionaire

[23:52] Favorite Quote you like to live by?
Clean desk, clean mind

[24:22] Parting piece of advice?
What’s worked for PT is making goals for future a priority
Make savings and things automated

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Budgeting Can and Will Change Your Life! [2:36] Why budgeting will change your life
It sounds really nerdy, but budgeting can help you get your life together.
Stop counting the days towards payday- start budgeting regularly
Your life will become to much easier
Budgeting doesn’t mean to restrict yourself
It gives you the ability to plan your life and figure out how to structure your money
Not looking at your finances doesn’t mean you’re doing a good job.
In the long run its going to help you dramatically!

[5:4] Categories to have in a budget
Savings is number 1- take money out your account IMMEDIATELY
Rent/Mortgage
Transportation
Food- Groceries & Eating out
Vacation- build in categories even if they’re not once off
Build out sections depending on whats important to you.

[7:40] How to manage spending within your means
It doesn’t have to be tough
Cutting back can be rough
Sometimes writing stuff down in a journal is really helpful to keep yourself accountable
If you can live without stuff then let it go
They key to getting rich is to living under or below your means
“Roughing it” is probably not that bad

[9:58] What to do after a binge weekend
Life happens, sometimes you won’t be able to save as much as you want
In future periods you can cut back
Sometimes your budget may have been too unrealistic
Moving money into other categories is totally acceptable
It’s totally ok to go over budget just don’t make it a habit

[11:43] Common apps you can use for budget
Mint is great
Budgeting can be difficult if you’re uncertain
Many apps sync with all your accounts.
You Need a Budget – another great budgeting app
Personal Capital – great for net worth
You can also use spreadsheets
No app will make you a great budgeter- you need to do it yourself and find what works for you.

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Vlad is the CEO of Logic Inbound, a digital marketing agency based in Seattle. He’s a serial entrepreneur who has been featured on featured on Shopify.com, TechCrunch.com, GeekWire.com, CrowdSourcingWeek.com. 
Welcome!

[2:41] What other entrepreneurial ventures have you done?
·      Started at 19 Shoplits – celebrity quote application
·      In 2 weeks 1500 downloads so decided to make more apps
·      30 apps in the app store
·      Get 300,000 downloads in a year and a half
·      Software company for real estate 13 brokers in 3 different states
·      Friend in college wanted marketing advice

[4:54] If you could restart and do something in a different industry, what would it be and why?
·      Company he has today- start a marketing agency earlier
·      Contact 3 people that are successful every day
·      Team of 25 people

[9:25] You and your co-founders started Logic Inbound from nothing and didn’t take a salary for a year and a half- what was going through your head at that time in your personal finances at home?
·      One of his mentors, one of the founders of BitTitan didn’t make a dollar after 7 years
·      No salary was being drawn but the company still had revenue
·      The growth a company can make can far outweigh the benefits of withdrawing

[9:30] How did you prepare for such a long time without a paycheck?
·      First company made a couple thousand a month
·      Still making income on the side from previous projects

[12:23] What was a scary financial risk you had to take? Either personally or in the business
·      Huge risk of not paying yourself
·      Don’t be afraid to put in extra hours

[20:0] Tell us a bit about Logic Inbound, what kind of work do you do and what clients do you serve?
·      90% of work is SEO
·      Make sure people are converting Sponsor
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[24:57] Why do you think people struggle to achieve their dreams?
·      You need to build up habits over a period of time
·      Set a target and build up increments over a period of time
·      Set achievable goals, smaller goals make you meet bigger goals

[28:11] What other books or podcasts do you recommend?
·      7 habits of highly effective people
·      4-hour work week
·      Awaken the giant within
·      Think and grow rich
·      How to make friends and influence people
·      Tim Ferris
·      Gary V
·      Eofire

[30:10] Do you have a favorite quote?
·      We are what we repeatedly do we are what we do
·      What’s the one thing that I can do right now that makes everything easier

[31:35] Any last advice? 
·      Start small and then take action

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