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

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Jenny is the blogger behind the personal finance blog, Living Life Loving Us. As a mother, wife and RN by day and a blogger by night. Jenny and her husband have had some huge celebrations recently- including paying off a debt of $120,000.

Welcome!
[2:3] So $120,000- yikes! Where did the debt come from?
Medical problems
Traditional debt
Wanted to pay off debt to give their family a jumpstart
[4:35] What lifestyle changes did you have to make to achieve the debt free life?
Got rid of things that didn’t bring value
Worked a lot of overtime
Downsized home
[6:43] What was the most surprising thing you realized when you started budgeting your money?
How much money you are wasting
Grocery bill was huge before- started making a list
[9:22] How did you start? Did you use an app or just straight pen and paper?
Sat down with pen and paper
Didn’t know about apps at first
Everydollar app- free!
[10:54] Where did the idea for your blog come from?
Loves writing
Wanted to help people with their money mistakes
[12:15] You wrote a post about talking to your spouse about money. What advice do you have for a couple who is struggling to see eye to eye about finances?
Key to being on the same page financially
Had similar values
Have clear goals as the big picture
Clear communication

[16:45] Value Link Round: https://www.chainofwealth.com/credible

[17:32] Why do you think people struggle to achieve their dreams?
Fear- was nervous about paying off debt at first
[18:36] What other books or podcasts do you recommend?
Podcast: ChooseFI, firedrill podcast, saw bones
Books: simple path to wealth
[19:29] Do you have a favorite quote?
“Never compare yourself to others where you are today as to yesterday”
[20:3] Any last advice?
Keep at it! It won’t happen overnight.

Visit www.chainofwealth.com to grow your wealth

Totally different today-
No interview but we talk all about budgeting and how we are doing it.

For a “boring” subject- I thought it was quite a fun conversation.

[34:22] Value Link: Looking for an easy side hustle? Check out chainofwealth.com/airbnb for some free information on how to get started.

Meh- there were no sponsors or value link round this time- but I’ll keep the airbnb link in there for good measure.

This wasn’t actually talked about but I like these questions, so I’ll give it a try.

Why do you think people fail to achieve their dreams? 

Like most of our guests- I agree, people are always too afraid to start.

Just get out there and try it! What’s the worst that will happen?

What are you favorite books or podcast? 

Books: Your money or your life

Podcasts: Obviously Chain of Wealth but How I built this is a close second. 

What’s your favorite quote? 

Education is not the learning of facts but the training of the mind to think. – Albert Einstein

Any last advice?

Yah- sign up for our emails below! 

Visit www.chainofwealth.com to grow your wealth

One of the great things about America is that we have such an amazing military. Because of them we get to go about our everyday lives with much less threat than in other places in the world. Today, we are super excited to have a military member/ personal finance wizard to help explain to us some of the perks that military people get and how to manage money while serving. Military Dollar is a personal finance blog that caters to the men and women in uniform and have been featured on sites such as Rockstar Finance!

[9:23] Why do you think people struggle to achieve their dreams?
Fear of trying
[10:32] What other books or podcasts do you recommend?
Books: Your money or your life
Podcast: ChooseFI & FireDrill, NPR, Dear Hank & John
[12:17] Do you have a favorite quote?
“No matter how you feel, get up, dress up and show up”
[12:45] Any last advice?
Listen to Chain of Wealth!

Due to the special occasion- there is no formal value link round. It’ll be back on the future episodes.

A special thank you to Military Dollar for explaining SO much to us.

We hope it answered some questions!

Visit www.chainofwealth.com to grow your wealth

One of the great things about America is that we have such an amazing military. Because of them we get to go about our everyday lives with much less threat than in other places in the world. Today, we are super excited to have a military member/ personal finance wizard to help explain to us some of the perks that military people get and how to manage money while serving. Military Dollar is a personal finance blog that caters to the men and women in uniform and have been featured on sites such as Rockstar Finance!

Welcome!
[4:9] What made your decision to joining the military?
Wanted to be an astronaut
Planned to become a pilot so joined Air Force
Changed focus in college
[5:43] What branch did you join? Why that one?
Air Force
Nerdy- not a huge fan of dirt
[6:57] What are some of your favorite perks of being a veteran?
all the cool experiences the military has offered
[11:32] From a listener: What do you recommend for the younger soldier who wants to come home and drop 40k cash on a truck instead of investing it etc
Made smart choices before they deployed- put it aside before
Saving deposit program- can only get while deployed- 10% savings interest
Thrift Savings Plan- put all extra money into TSP
Can use that money to live off of and contribute money to retirement
Instead of a car- invest in experiences
[16:2] What to do and how to handle the influx of money post deployment?
Sometimes there are areas where you can spend money
[17:1] What do you recommend as far as all of the offers? When should you accept deals? Ie- credit card lenders offering far more than they would to a civilian.
Deals that aren’t good: Payday lenders/ used car sales
Think about the deals offered
Take advantage of deals offered- when it makes sense
[22:25] A lot of people get in trouble because they don’t look at their paychecks and then have to back pay due to divorce or children, leaving them in debt. How do you recommend saving for an emergency fund?
Backed pay story
Always reach out for help- talk to finance to set up a payment plan
[30:0] What are some options to organize finances when a family member is deployed?
Give powers of attorney to someone you completely trust
Best thing: set things up for autopay
2018- there is still internet
Deployment pause: cell phone service, cable, car insurance
[37:2] Veterans have special mortgage loans they can apply for when buying a house. What is the name of the loan and how do they go about purchasing? Is it different than buying a house with an FHA loan?
Called a VA Loan
Depends on what you are looking for
Can buy a house with 0% down and there is no PMI
Don’t buy more house than you can afford
VA Loan MUST be owner occupied- not a rental property
[42:42] You recently wrote a post, the civilians guide to understanding military pay and allowances. Can you talk a bit about that and some common misconceptions that civilians usually have?
3 main sources of money in a paycheck and explained
Basic pay
Housing allowance
Food allowance

Will be talked about in the next episode 70B.

Visit www.chainofwealth.com to grow your wealth

Scott is the creator of the blog I Dream of FIRE- a personal finance blog dedicated to his journey down the road of financial independence and early retirement. Scott has recently started a mini-retirement in April and is working on creating amazing content for his blog.

Welcome!

[3:20] So you are new to a mini-retirement, what has been your biggest adjustment?
·       Epic birthday this year
[4:47] How do your days look now?
·       Breaking out of being a secret blogger
[10:5] Were you nervous at all about quitting your job?
·       Started to feel stagnant about work
·       Felt ready for a change
·       Ran through numbers on the spreadsheet
·       Was not a quick decision
·       Wife said to just pick a date- settled on birthday
[12:20] You are on a mini-retirement, does that mean you plan to go back to work at some point?
·       Means different things for everyone
·       Going to spend time looking to do something different
·       Not financially independent
[15:24] So you tell about how you thought that you had a ton of money in your retirement fund, and then realized you didn’t. How did you turn that situation around?
·       Switched careers in 2013
·       Shifted to higher education
·       2013 the market had recovered- but the money was not growing
·       Realized his needed to track his own money
[18:24] What advice do you tell others to avoid being in that same situation?
·       Tells everyone that story
·       Happens to people very often
·       Do your own research
[28:16] What inspired you to create your blog?
·       Started talking to friends
·       Had some amazing conversions
·       Shared what was read on blogs
[29:16] What has been your favorite post?
·       Highly effective money management matrix
·       Video collaboration- 12 days of Christmas
·       Guest post for J$
[33:39] What are some goals that you have for your retirement or your blog?
·       Have a bunch of book recommendations to read
·       Try some new environments
·       Volunteering
·       Dad stuff
[35:33] If you could go back and tell a younger version of yourself something, what would it be?
·       Start travel hacking

[36:44] Value Link: Learn how to make some extra cash! chainofwealth.com/airbnb

[37:0] Why do you think people struggle to achieve their dreams?
·       Might have too many priorities
[38:2] Do you have any podcast or book recommendations?
·       Podcast: ChooseFI, countdown to Fi, Fire Hoppy, 99 Percent invisible
[38:59] What is your favorite quote?
·       I never make the mistake of arguing with people for whose opinions I don’t respect
[39:32] Any last advice?
·       Start wherever you are

Visit www.chainofwealth.com to grow your wealth

Kelan and Brittany are the power couple behind the quickly growing personal finance blog, The Savvy Couple. They have been featured on sites such as USA Today, Rockstar Finance and Millennial Money Man.

Welcome!

[2:23] So Kelan, you have recently quit your 9-5 job to blog full time. How’s it going? What does your day look like?
·       Going great! Coming up on a year long
·       Had 6 different jobs after college
·       Was going to do home inspection but blogging took over
[4:12] Did you plan ahead for the career change?
·       Did plan a bit
·       Went to a trade school
·       Saved for about a year and a half
·       Had emergency fund
[8:3] Where did the idea for the blog come from?
·       Knew it would be a joint effort
·       Took a long time to create name
·       Started over the summer
[9:28] How do you guys’ balance working on the blog and being in a relationship?
·       Learning curve
·       Try to have a normal business day
·       15-minute rule
·       Ups and downs
[12:43] What do you guys do to be savvy with your money? Any special hacks or programs you use?
·       Use Ibotta
·       Budget through Mint- helps to know where money is going
[22:58] What is your first product idea?
·       Will probably be blogging related

[25:50] Value Link Round: Got student loans you are trying to pay off? Refinance them and get a lower interest rate! Go to chainofwealth.com/credible and you’ll even get a few extra bucks off by signing up- it’s a win/win!

[25:54] Why do you think people struggle to achieve their dream?
·       K: people are scared to go after their dreams
·       B: not having the education and path for themselves
[26:42] What other books or podcasts do you recommend?
·       Podcast: ChooseFI, Do You Even Blog
[27:53] What’s your favorite quote?
·       K: You work for an entrepreneur or you become one
[28:19] Any last advice?
·       You’re in control of your own happiness
·       Podcast: smart passive income, do you even blog?, mind your business podcast
·       Books: you are a badass at making money
[29:10] Do you have a favorite quote?
·       Never give up on a dream just because of the time it will take to accomplish it, the time will pass anyway.
[30:24] What is the best advice anyone has given you?
·       Start pushing yourself to help achieve those steps
·       Push yourself outside of your comfort zone

Visit www.chainofwealth.com to grow your wealth

We are so excited for our guest today. We have Chelsea from MamaFishSaves! In case you don’t know, MamaFishSaves is a PF blog that talks all about budgeting, side hustle, kids- you name it. Recently she has been featured on the Modest Money Top Finance Blog list.
Welcome Chelsea!
[2:8] So first, what is an embarrassing story?
·       Big Harry Potter fans
·       Came down in full HP gear with friends over
[2:37] Where did the idea for your blog come from?
·       Didn’t feel fulfilled with hedge fund job
·       Started answering money questions in a “mom’s group”
[3:57] As a mom and a blogger, how do you manage your time during the day?
·       Husband is stay at home dad
·       Work outside of the house
·       Has a must-do list
·       Blog laptop stays in the office
[5:29] What has been your proudest achievement when it comes to your blog?
·       Finalist for Plutus award
[6:3] What are your goals for the next couple of years?
·       Grow the audience
·       Helping others realize they don’t have to be trapped by their jobs
[9:27] Any big projects in the works that you can share with us?
·       30-day $500 emergency fund challenge
·       Free email video course coming in June
[10:59] What has been your biggest challenge as a blogger?
·       Blog makes no money
·       Graphics and social media

[13:18] Value Link: Are you looking to pay off your student loan? Refinance your loan with Credible. Click this link and get $100 off your loan! chainofwealth.com/credible

[13:27] Why do you think people fail at achieving their dreams?
·       People don’t understand their “why”
[13:56] Do you have any other books or podcasts you can recommend?
·       Podcast: Pete- Do You Even Blog?
·       Books: Conscious Capitalism
[15:40] Do you have a favorite quote?
·       Live less out of habit and more out of intent
[15:52] Any last advice?
·       Don’t forget to invest in your health
[27:43] Can you recommend any other books or podcasts?
·       Podcast: smart passive income, do you even blog?, mind your business podcast
·       Books: you are a badass at making money
[28:49] Do you have a favorite quote?
·       Never give up on a dream just because of the time it will take to accomplish it, the time will pass anyway.
[30:3] What is the best advice anyone has given you?
·       Start pushing yourself to help achieve those steps
·       Push yourself outside of your comfort zone

Visit www.chainofwealth.com to grow your wealth

Monica Louie is a Facebook Ads Coach who works with dozens of entrepreneurs and some of the biggest names in the online space. She helps people who are looking to increase their sales, grow their online traffic and businesses through targeted Facebook Ads.
Monica also has an amazing debt pay off story, tackling over $120k in 2 years with her husband on a single middle-class income. To document her journey, she originally had a Personal Finance blog which she has now sold to focus on her new business and online course called Flourish with FB Ads which Chain of Wealth recently joined.

Welcome Monica!

[3:18] So, what is an embarrassing story that nobody knows?
·       6th grade
·       Song and dance
[4:57] Let’s chat about your debt pay off story! $120k, wow! What motivated you to tackle the debt and what strategy did you use to knock it out?
·       Started in 2013
·       Was about to have second child
·       Created a plan and budgeted
[11:29] You sold your PF blog to focus on the FB Ads Coaching, were you sad to let your blog go and start something new?
·       Natural progression
·       Debt free story
[15:23] Turning to FB, what are your thoughts about Mark Zuckerberg appearing before Congress to answer their insane questions?
·       Most have good intensions
·       Facebook is learning from the experience
[17:36] For our readers that don’t know, can you tell us a bit about what a FB ad is and how people can use it?
·       FB Ads can be sponsored ads that look like regular post
·       The intention is for business owners to reach out to target audience
[19:46] Flourish with FB ads is your flagship online course- what inspired you to take the plunge and create it?
·       Was time to create a course to be able to help more people
·       Organized in a way to do on their own time
·       6 modules
[22:30] Ok – so free tip time- Can you give two tips: 1. for people that are interested in FB ads and never used them; and 2. for people that have used FB ads but have had little to no success in implementing them?
·       1- start being aware of ads in your own news feed: what catches your eye?
·       2- testing is part of the process: a lot of people give up quickly
[25:32] Can you talk a bit about success stories you or your clients have recently?
·       Running an ad to her quiz: growing her email list at 0.41 per subscriber
·       Traffic campaigns for about .03 per cent- SUPER CHEAP clicks

[27:38] Value Link: Monicalouie.com/chainers

[27:51] Why do you think people struggle to achieve their dreams?
·       Mindset
·       Self- doubt
[28:23] Can you recommend any other books or podcasts?
·       Podcast: smart passive income, do you even blog?, mind your business podcast
·       Books: you are a badass at making money
[29:29] Do you have a favorite quote?
·       Never give up on a dream just because of the time it will take to accomplish it, the time will pass anyway.
[30:43] What is the best advice anyone has given you?
·       Start pushing yourself to help achieve those steps
·       Push yourself outside of your comfort zone

Visit www.chainofwealth.com to grow your wealth

Allea is a millennial who has paid off a huge amount of debt. She has documented the whole journey on her blog Askallea.com. She is a passionate personal finance blogger who helps her readers develop a better relationship with money. Fun fact: she is from a teeny tiny town in Nebraska and she has no sense of smell.

Welcome!

[2:55] Tell us something else about yourself
·       Have broken nose two times
[5:33] You have quite the debt payoff story- can you share it with us?
·       Graduated with $21 in student debt
·       Car loan
·       Study abroad loan
·       Lead a frugal life
·       $550 of pay would go towards “future me”
·       Side hustle/ roommates
[14:2] Have you made any big financial mistakes?
·       Not really
·       Budgeted $100 a month on clothes
[21:5] What topic do you like posting about most on your blog?
·       Money mindset
·       Mom taught about money in a practical way
[23:46] So you offer budgeting services- can you tell us a bit about your prices and what comes with the package?
·       Started by helping her friend create a budget
·       1 on 1 meeting
·       Starter homework
·       1-hour meeting
·       Can do over Skype
[28:26] What do you think is most important to remember when trying to pay off debt?
·       Make a plan and stick with it

[34:22] Value Link: Looking for an easy side hustle? Check out chainofwealth.com/airbnb for some free information on how to get started.

[34:50] Why do you think people fail to achieve their dreams?
·       People don’t know what to dream at first
[35:35] Do you have any favorite books or podcasts?
·       Book: Financially Fearless; the millionaire next door
[37:26] What’s your favorite quote?
·       Progress over perfection
·       Living in your means doesn’t have to suck

Visit www.chainofwealth.com to grow your wealth

Jim from Route to Retire is an aspiring early retiree with plans to take his family to move to Panama once he is retired from his IT job. Jim’s posts have been featured on sites such as Rockstar Finance and Modest Money- Top Finance Blogs.

Welcome!

[4:0] Tell us something we don’t know about you
·       Can walk on hands
[4:37] So you chose Panama but where would have been your second choice?
·       Panama has a lot of characteristics we are looking for
·       Costa Rica or Tennessee
[5:25] So most early retirees we have spoken to don’t have kids- has having a family made your FIRE goals harder to achieve?
·       Misconception about kids and FIRE
·       Family needs to decide on priorities
[9:6] So you are going to retire, but what about Mrs. R2R?
·       She will be done working in the near future
[9:50] After you retire, what will be a goal that you want to accomplish?
·       Spend more time on blog
·       Write some more books
·       Try out new things I haven’t had time for
[11:12] What topic do you think needs to be addressed more often in the personal finance space?
·       Focus is always on money side
·       Post retirement side of things
·       People need to retire to something
[17:42] What advice would you give someone in their 20s-30s who also wants to be an early retiree?
·       First, get out of debt ASAP
·       Make changes accordingly- stop buying crap
·       Invest in low- cost mutual funds
·       Start a side hustle

[19:9] Value Link: Are you looking to pay off your student loan? Refinance your loan with Credible. Click this link and get $300 off your loan! chainofwealth.com/credible

[19:13] Why do you think people fail at achieving their dreams?
·       When you run into a hurdle, people seem to quit
[21:20] What other books or podcasts do you recommend?
·       Podcasts: ChooseFI Podcast, Afford Anything
·       Books: Rich Dad, Poor Dad; Cash flow Quadrant, Millionaire Next Door
[24:20] Do you have a favorite quote?
·       You’re not going to master the rest of your life in one day, just relax, master the day and just keep on doing that.
[24:49] Any last advice?
·       Don’t trade today’s happiness for tomorrow’s