DecaMillionaire Decoded

When you decide to invest, you might hire the services of an Investment Advisor or you might decide to go it alone using information that is readily available. Justin looks at two reports that investigate the topic of hiring an Investment Advisor, and the real and perceived value that having a professional on your side has.

In episode 202 of Financially Simple, Justin looks at another reason to invest: Compound Interest.

There are many reasons to invest, and Compound Interest is one of them. Justin explains what Compound Interest is, how it works, and why it's an integral reason for investing for future generations of your family.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

01:07 - Why Should We Invest: Compound Interest

02:59 - Time Sensitivity

07:50 - Making Millionaires From Average People

10:22 - Requires Patience

13:37 - Changes for Generations

17:05 - Wrap Up

_________________

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Dave Ramsey: How Teens Can Become Millionaires

Ramit Sethi: I Will Teach You To Be Rich

Ben Franklin's Gift

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

There are many reasons to invest, and Compound Interest is one of them. Justin explains what Compound Interest is, how it works, and why it’s an integral reason for investing for future generations of your family.

In episode 201 of Financially Simple, Justin gives an outline of Diversification in Investing.

Just as you shouldn't invest solely in your business, you should also avoid investing in only one or two portfolio options outside of your business. Justin looks at the process of Diversification: what it is, why it's a good idea, the options available, and the dangers to be aware of.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:54 - What is Diversification?

02:38 - Reasons to Diversify

07:35 - An Interconnected Free Lunch

10:27 - The Seven Most Popular Asset Classes

13:01 - Diversification Within Diversification

16:57 - The Danger

18:05 - Summary

_________________

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

Just as you shouldn’t invest solely in your business, you should also avoid investing in only one or two portfolio options outside of your business. Justin looks at the process of Diversification: what it is, why it’s a good idea, the options available, and the dangers to be aware of.

In episode 200 of Financially Simple, Justin revisits the topic of investing outside of your Business.

As a Business Owner, most of your wealth is tied up in your business and you plan on unlocking that wealth when you decide to sell or retire - but what if you can't sell, or don't get the best possible deal? Justin gives a quick revision on why you shouldn't invest exclusively in your business and should look outside of your business for investment opportunities.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:42 - Financially Simple: 200th Episode

02:46 - Why Should a Business Owner Invest in Assets Outside of Their Business?

06:21 - Some Stats

09:33 - Some Interesting Numbers

11:49 - Plan B

13:17 - Having All Your Eggs in One Basket

15:20 - Tax ROI

17:19 - Summary

_________________

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

As a Business Owner, most of your wealth is tied up in your business and you plan on unlocking that wealth when you decide to sell or retire - but what if you can’t sell, or don’t get the best possible deal? Justin gives a quick revision on why you shouldn’t invest exclusively in your business and should look outside of your business for investment opportunities.

In episode 199 of Financially Simple, Justin considers the investment strategy of Timing the Market.

When to buy, when to sell; when to invest, when not to invest - these are questions most investors ask. But, the answers are not as simple or straightforward as they might hope. Justin explains what Timing the Market is, and examines whether or not it really does work the way everyone thinks.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

01:36 - What is Timing the Market, and Does it Work?

05:57 - If You Have Cash, When Should You Invest It?

07:26 - What is Market Timing?

08:08 - Does it Work?

12:24 - Diving Deeper…

18:28 - In Summary

22:54 - Opportunity Cost & Crazy Taxes

24:41 - Wrap Up

_________________

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 199 of Financially Simple, Justin considers the investment strategy of Timing the Market.

When to buy, when to sell; when to invest, when not to invest - these are questions most investors ask. But, the answers are not as simple or straightforward as they might hope. Justin explains what Timing the Market is, and examines whether or not it really does work the way everyone thinks.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

 

TIME INDEX:

01:36 - What is Timing the Market, and Does it Work?

05:57 - If You Have Cash, When Should You Invest It?

07:26 - What is Market Timing?

08:08 - Does it Work?

12:24 - Diving Deeper…

18:28 - In Summary

22:54 - Opportunity Cost & Crazy Taxes

24:41 - Wrap Up

_________________

 

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

_________________

 

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

 

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

 

In episode 198 of Financially Simple, Justin continues with the Investing 101 Overview, looking at Dollar-Cost Averaging.

Dollar-Cost Averaging is a simple investment method that takes the complexity of reading the market and timing your investment strategy out of the equation. Justin looks at the pros and cons of Dollar-Cost Averaging, and explains some advanced strategies to get the most out of this investment technique.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

_________________

TIME INDEX:

00:45 - Dollar-Cost Averaging

03:28 - Benefits of Dollar-Cost Averaging

07:07 - Drawbacks of Dollar-Cost Averaging

11:29 - Where Dollar-Cost Averaging Works Well

12:28 - How to Start Dollar-Cost Averaging

13:17 - Advanced Strategy

15:21 - Wrap Up

_________________

RESOURCES:

Financially Simple Educational Website

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

Acorns.com - Investment App

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.