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

Original Episode: Student Loans

Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance.

He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics.

He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC and CBS evening news.

Welcome Jordan!

[2:49] So, how did you get the nickname “America’s Money Answers Man”?
·       Money magazine for 18 years
·       People used to call in with question and Jordan had the answers

Jordan, you talk a lot about student loans on your blog, we have some questions for you.
[3:20] What strategy do you advise on paying back the loans?
·       Don’t freak out!
·       Average person graduates with $38,000 and many people much more than that
·       It’s the problem of this generation
·       Lifestyles are changed, people live at home longer
First step should be to consolidate them:
Student loan help center- consolidatecollege.com
Even if you’re behind there are ways of working the system.

[6:52] When should you start to consider refinancing your student loan?
·       Take all the federal loans, combine with private loans (typically higher interest rates)
·       New loan is between 2-3% which is faster to pay off
·       Credible.com/moneyanswers – $200 off your first payment!
·       855-870-6005

[9:23] A lot of times, people graduate college and have these massive loan repayments but don’t make a lot of money. What can they do to not feel completely overwhelmed?
·       You have to have a budget, know what you can afford
·       Cut back on other expenses
·       20% of existing student loans are delinquent or in default
·       Parents and even grandparents are paying for the debt

[12:17] What can you tell to a person who is already going to owe money, but wants to continue their education? What is a smart step they should take?
·       Have boat 2 ready before you step out of boat 1.
·       Check out online courses – Coursera / Udacity

[15:15] Do you have any free tools or resources that you recommend to people who are trying to pay back their student loan?
·       Check out The Ultimate Guide to Student Loans written by Jordan
·       Website: moneyanswers.com
·       Website: credible.com
·       Website: consolidatecollege.com
·       Settle private loans: studentloanhelptoday.com (855) 533 – 2860

[16:27] There are lots of teachers and people that went to school with good degrees but aren’t earning lots of money?
Income based repayment program – Pay minimum for 10 years have the rest forgiven
Work for government, state, local, federal, post office, school teacher etc.
501(C)3
Specific other positions, check out consolidatecollege.com

[17:56] Sponsors: Chain of Wealth – Ready to get out of debt? Check out our awesome debt guide to become debt free in the fastest way possible.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[16:27] Why do you think people fail at reaching their dreams?
·       Not realistic and not defined
·       Do what you love first and the money will follow

[18:58] Do you have a book or podcast you recommend?
Podcast: The Money Answers Show
Book: The Ultimate Guide to Student Loans written

[19:38] What is your favorite quote?
Nelson Mandela – “I learned that courage is not the absence of fear but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear”

[20:10] Any last advice?
Loads of great resources – check out moneyanswers.com
Economy is doing great, good time to invest and go well.

Original Show Notes: Starting a food business

Shelby is the oldest of the Soom Sisters. Inspired by her entrepreneurial family, Shelby graduated from the Wharton School with a concentration in Entrepreneurial Management, and has applied this degree to all of her jobs since.

Shelby is responsible for developing the Company’s strategy, managing the finances and accounting, managing the team and overseeing contractor relationships.

Shelby spends her downtime exploring kid-friendly Philadelphia with her husband, Dan and their two sons, Malcolm and Julius. 

She loves drinking beer, working out and avoiding doing the laundry.

Welcome, Shelby!
[2:30] What is your least favorite household chore?
·      Wiping the counters/ cleaning the kitchen

[2:50] Where did the idea of Soom come from?
·      Started with sisters
·      Working abroad
·      Sister’s boyfriend was selling tahini
·      Loved it- turned into a discovery plan

[5:26] How did you come up with the name?
·      Hebrew: Soom Soom means sesame

[6:19] What was the most challenging part of starting up?
·      There are so many
·      Product side: consumer education
·      Operational side: no prior experience

[8:25] What is your favorite story you tell when talking about Soom?
·      First big distributor – loaded panel of tahini toppled over when being delivered. Ended up cleaning up then securing product and boxing better
·      Learning opportunity, have to take a loss when learning new stuff

[12:28] Where can we try it out?
·      Works with food service industry- loads of restaurants
·      150 independent retailers find out more on soomfoods.com/findus
·      Amazon – search for Soom tahini
·      Soomfoods.com/shop

[13:29] Chain of Wealth – Get some awesome free money tips and learn how to save money and get ahead in life.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[13:52] Why do you think people struggle to achieve their dreams?
·      People place limitations on themselves
·      Think of plants in a pot vs growing planted outside

[15:25] Do you recommend any other books or podcasts?
·      Podcast: Chain of Wealth 
·      Podcast: The Stuff You Met in History Class

[16:2] How can listeners contact you?
·      [email protected]

[16:48] What is your favorite quote?
·      “You miss one hundred percent of the shots you don’t take”, Wayne Gretzky
·      “This life is more than just a read through”, Red Hot Chili Peppers

It wasn’t until she understood, mastered, and mustered the courage to negotiate her salary that she was able to double her income, save over $16,000, and swap out that commute for the open road.

Welcome!

[2:45] So Kathlyn, if you could be a superhero, who would you be?
·      Wonder Woman

[3:26] Tell us the story of the first time you asked for your raise- what was the outcome?
·      The first time I didn’t ask for a raise
·      First job- didn’t negotiate
·      Doubled the offer after 2 years

[5:11] What advice do you have for people who are thinking they are under paid?
·      Look at the market- Glassdoor
·      Look at future growth
·      Begin having conversations with people
·      Ask friends/ mentors

[8:27] Tell us about the course that you offer- Be Brave, Get Paid. What is involved? How much is it?
·      Teaches to negotiate salary
·      Touches on fears to help gain confidence
·      Costs $200

[9:25] Chain of Wealth – Tired of not knowing how to handle money?

Look no further for our free money course! Head over to chainofwealth.com and sign up today.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[9:53] Why do you think people fail at achieving their dreams?
·      People often feel they are failing because they aren’t trying
·      Some never start
·      Their idea of success is different- need small wins

[13:18] What other books and podcasts do you recommend?
·      Books: think and grow rich, Awaken the giant within, 7 habits of highly effective people
·      Podcast: the big leap show, awesome with Alison, courage and clarity

[14:40] Do you have a favorite quote?
·      You get in life what you have the courage to ask for

[15:28] How can people get in touch with you?
·      Kathlynhart.com
·      Instagram

[15:57] Any last advice?
·      Just keep filling your head with empowering messages

[17:2] Bonus behind the scenes conversation: I talked to Kathlyn about how professionals like teachers can negotiate their salary

She has traveled the United States speaking on stages, teaching her simple strategies, and meeting with other successful real estate investors- and still buying houses the way she teaches others.

Since 2016, Whitney has led and trained hundreds of future real estate rock stars to grow their portfolios, collect checks and achieve financial freedom.

100’s of real estate newbies are securing leads, signing deals and scaling their dream incomes through the First Deal Done Fast Program.

Welcome Whitney!
[2:33] Tell us a bit about yourself? What is your favorite cereal? Why?
·      Likes cereal bars instead

[3:1] What is the worst money mistake you’ve ever made?
·      Bought a house without looking at it
·      Water squishing in the carpet
·      Infested with bugs

[4:14] What was your first step in acquiring all of these properties?
·      Started buying land
·      Borrowed money from family

[5:13] What is the best advice you have for someone who is looking to be on the housing market?
·      Talk to friends and neighbors
·      Good deals found off the market

[6:35] Tell us about the First Deal Done Fast Program?
·      Designed for new buyers
·      One student did first deal in 8 weeks

[7:48] How much money did you need to invest in property?
·      $10! Just skip lunch and you can start.

[8:24] Sponsors: Chain of Wealth – Are you looking to get out of debt? Check out chainofwealth.com/debt to find out more.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[8:40] Why do you think people have a hard time achieving their dreams?
·      People get scared

[9:42] Do you have any other podcasts or books you recommend?
·      Podcast: All real estate all the time

[9:51] What is your favorite quote?
·      Proverbs 31:16- She considers a field and buys it; out of her earnings she plants a vineyard.

[10:13] How can our listeners get in touch with you?
·      whitneynicely.com
·      Free Ebook

Original Show Notes: Investing in Gold

A frequent speaker at precious metals conferences and in the financial media, Peter is one of a handful of experts who have succeeded through multiple bull and bear cycles using skills honed during the dramatic fluctuations of the 1980s.

Prior to joining Kitco, Mr Hug served as Senior Vice President at Guardian Trust Company, now a part of Laurentian Bank, which became one of the largest international trading houses for precious metals.

Mr. Hug developed the first precious metals certificate program and the first margin trading accounts for metals on the cash market.

Welcome Peter!
[2:48] Tell us a bit about yourself.
·       Graduated from University of Toronto
·       Lives in California

[6:5] Why should I consider buying gold?
·       What is the motivation?
o   Apocalypse
o   Conservative investor
o   Traders
o   Collectors

[14:4] What’s the difference between buying gold and buying silver?
·       Gold is more pure
·       Silver follows/ out preforms gold in a bull market
·       Silver is an industrial metal

[15:43] How do you actually buy gold or silver?
·      Traders- futures market
·      Investors- Mining sector/ buy bars

[16:50] How do I know I’m getting a fair price?
·       Standard Gold delivery bars
·       Kitco.com= gold charts

[19:37] Can I insure it?
·       Stored with a dealer= fully insured and protected
·       Store at home- can insure it with your home policy (like insuring jewelry)

[20:46] Chain of Wealth – Are you looking for great actionable advice you can really use to bring about a financial change in your life?

Katie runs an awesome blog located at chainofwealth.com/blog check it out today and follow her journey to become financially independent.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[21:20] Why do you think people fail at reaching their dreams?
·       Impatient with their goals
[23:46] How can listeners get in touch?
·       You can email him here.
[24:39] Any last advice?
·       Think your purchase through
·       Do your research

Original Show Notes:Being Frugal

CJ Cato is the founder of the blog Vow Of Practicality.

Located in Austin, Texas he has a background as a financial analyst and a grant writer.

Welcome CJ!

[2:16] Tell us a bit about yourself
·       Lives in Austin, Texas
·       Married with 2 boys

[3:8] What is the biggest money mistake you have ever made?
·       Co- owned a gym
·       Life style creep

[7:35] Where did the idea for your blog, Vow of Practicality come from?
·       Saw how hard people can live in other countries
·       Family on street story
·       Wanted to put happiness into perspective

[11:12] What is your favorite blog post?
·       Most popular posts have characters
·       Imaginary characters are interviewed

[12:33] What advice would you give someone who is trying to pay off debt?
·       You have to have a plan

[15:19] Chain of Wealth – Ready to learn to master debt? We’ve got a free guide that will help you get out of debt and master your finances.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[15:56] Why do you think people fail at reaching their dreams?
·       Because they are afraid of failing

[18:6] What is your favorite quote?
·       “You don’t have to be great to get started, but you have to start to be great.” -Les Brown

[18:55] Do you have any other podcasts or books to recommend?
·       Books: Richest man in Babylon
·       Podcasts: Side Hustle Nation, BaldThoughts.com, Personal Profitability

[20:59] How can listeners reach you?
·       Vowofpracticality.com
·       Twitter

[21:19] Any last advice?
·       A life without perusing your dreams isn’t really a life.
·       Go after your dreams

Original Show Notes: Investing in the stock market

Today we are talking to Stephen Rischall from 1080 Financial Group. Stephen began learning to invest at the age of thirteen.

In college, he helped manage the University Corporation Student Investment Fund while starting his career in financial services.

Stephen is an award winning financial adviser and has been featured in the Wall Street Journal, Los Angeles Times and Investment News.

Welcome, Stephen!
[3:11] Tell us a little about yourself.
·       Dad would tell stories about investing
·       Started investing in cool companies at a young age

[4:30] Have you made any financial mistakes?
·       Over confident in investing strategy
·       Spent money on silly things

[6:1] Let’s talk about 1080 Financial. Where did the idea come from?
·       Mom was victim to fraud
·       Wanted to help people

[9:1] What was the biggest struggle about starting out?
·       Taking the first leap
·       Establishing relationships
·       Trust is very important
[9:59] What is the most common money misconception your clients have?
·       It’s not how much money you make, rather how you save it and spend it
·       “Some day” syndrome
[11:5] What services do you offer at 1080 Financial?
·       Make financial decisions in customer’s best interest
o   Employee benefits
o   Making budgets
o   Investment portfolios

[12:37] How much do your services cost?
·       No such thing as free investing

·       2 ways of compensation
o   Flat dollar amount (subscription based)
o   Flat percentage (highest fee- 1% annually)
[15:19] What is the average age range that you work with?
·       All ages
·       About 30% are young professionals and families

[16:24] What advice do you have for people who are starting to save a little later in their life?
·       Stop making excuses
·       Double down on savings

[15:56] Chain of Wealth – Are you deciding whether or not you want to rent your house out?

Check out our guide on becoming an airbnb host and see how much money you can make.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[18:14] Why do you think that people fail at achieving their dreams?
·       Treat them like dreams
·       Make SMART goals

[19:28] What other books or podcasts do you recommend?
·       Book: Thinking fast and slow, Ice Cream Maker
·       Podcasts: The entrepreneurs, the Pitch

[20:20] What is the best advice that someone has given you?
·       Life isn’t fair. Tough. Deal with it.

[21:6] What is your favorite quote?
·       Were all sitting in the shade of a tree today, because someone planted the seed a long time ago- Warren Buffet

[21:45] How can listeners get in touch with you?
·       Reply to ALL messages
·       Facebook Friday 12:30 PT Live question/answer

[22:25] Any last advice?
·       There is always room for improvement.

Visit www.chainofwealth.com to grow your wealth and learn more tips and tricks.

Original Show Notes: How to get out of debt

Zina Kumok is the founder of the blog Debt Free after 3– A former sports writer, Zina has written for the Associated Press and have covered the New York Yankees, NBA Draft and Final Four.

Currently living in Denver she is a full-time freelance writer specializing in personal finance.

She has taught several classes on budgeting, how to save money and how other people can pay off their loans.

Welcome Zina!

[2:59] Tell us a little about yourself.
·      From Tennessee
·      Journalism degree
·      Paid off student loans

[4:6] What is the biggest money mistake that you learned from?
·      Shopping- wasting money

[6:2] What is a common mistake that you see people making with their money?
·      Ignorance

[7:44] You have a section on your blog about your student loan repayment journey. Tell us about it.
·      $24,000 in loans
·      $28,000 with interest
·      Didn’t have any money left over after bills
·      Cut back spending

[12:24] You also have a course that helps people learn how to pay back their loans. Can you share some details about it?
·      Personal finance 101
·      Basics in investing

[13:42] What is one thing you wish you knew back when you were paying off your loans?
·      To refinance student loans

[14:52] Now that you are no longer in debt, what are you doing with your money that you are able to save?
·      Saving for a house down payment

[15:56] Chain of Wealth – Are you deciding whether or not you want to rent your house out?

Check out our guide on becoming an airbnb host and see how much money you can make.

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[16:34] Why do you think that people fail at achieving their dreams?
·      Hard to decide what to do to get to a goal

[18:27] What other books or podcasts do you recommend?
·      Book: The total money makeover & all the money in the world

·      Live like no one else so that later you can live like no one else

[22:15] How can listeners get in touch with you?
·      Blog: debtfreeafterthree.com
·      Course- Studentloanknockout.com
[23:38] Any last advice?
·      Anything is possible with your money

Original Show Notes: Becoming an entrepreneur

Nomad Trading Co. was founded in Summer 2016 by college friends Max Keilson and Jon Epstein to change how people treat drinks and snacks.

“We believe that you are what you eat. We wanted to consume things that were healthy, but that also are sourced to the highest ethical standards, and with a pointed focus on sustainability.”
 
Welcome, Max!

[2:51] Tell us a little more about yourself.
·      Co-founder of Nomad Trading
·      Grew up in Maryland
·      25 years’ old

[3:32] You could have created any industry. Why teas?
·      Tea found me
·      Wanted to repurpose underused agricultural products

[6:23] What was your biggest concern?
·      Were people going to try the tea

[7:11] Where can we try your tea?
·      New York based
·      Whole Foods in upcoming year

[8:16] How did you get funding? Savings? Investing?
·      Saved up
·      Got funding

[9:4] Tell us a mess up story.
·      Bottling disaster
·      Cheaper is not always better

[12:24] Chain of Wealth – Trying to get out of debt can be really toughm but we’ve got some fantastic news!

We’ve written a fantastic guide on how to get out of debt that anyone can use. Check it out today to get ahead and learn the basics of getting debt free!

If you’re enjoying this podcast, don’t forget to subscribe, rate and review!

[12:51] Do you have any books or podcasts you recommend?
·      Books: Camp, Principals
·      Podcasts: How I build this, Tim Ferriss, snap judgement, nocturne, dirt bag diaries

[15:58] Do you have a favorite quote?

[16:44] How can people get in touch with you?
·      Instagram
·      Twitter
·      LinkedIn

[17:4] Any last advice?
·      Set goals