We’re back!!! 

Today going to do a deep dive into Bitcoin ETFs

Money Hack of the Week: Cancel unused subscriptions.

Go to settings on iphone, click your name, tap subscriptions to review active subs

Amazon: Accounts and lists: Other subscriptions 

Check your credit card statements

Main Topic: The Bitcoin ETF

Bitwise Bitcoing ETF - BITB -.2% E.R.

These funds essentially just hold Bitcoin in a coinbase account

Questions that need answers

-PLEASE WRITE US AT [email protected] 

Money Hack of the Week: Diversify your assets

Main Topic - Net worth by Age

Average Net Worth By Age

Age -- Average net worth -- 4% Rule

Under 35 - $76,300 - $3,052.00

35–44 - $436,200 - $17,448.00

45–54 - $833,200 - $33,328.00

55–64 - $1,175,900 - $47,036.00

65–74 - $1,217,700- $48,708.00

75+ - $977,600 - $39,104.00

Median Net Worth by Age

Age -- Median net worth

Under 35 - $13,900

35–44 - $91,300

45–54 - $168,600

55–64 - $212,500

65–74 - $266,400

75+ - $254,800

Action Step:  Do you know your net worth?  If not, download a copy of the net worth tracker on our website under the show notes - episode 1 - track your net worth and make sure you’re making progress toward your financial goals.

Money Hack of the Week: Automate savings and investments

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Other things to note:

Here's how the Debt Snowball works:

1.    List Your Debts: Begin by making a comprehensive list of all your debts, including credit cards, personal loans, student loans, and any other outstanding balances. Arrange them from the smallest balance to the largest.

2.    Minimum Payments: Continue making minimum payments on all your debts to avoid penalties and late fees.

3.    Focus on the Smallest Debt: Allocate any extra money or funds you can towards the smallest debt on your list while maintaining minimum payments on the others.

4.    Pay Off Smallest Debt: Once you've paid off the smallest debt, celebrate this accomplishment! The key to the Debt Snowball method is the psychological boost you get from achieving these small victories.

5.    Roll Over Payments: Now that the smallest debt is paid off, take the money you were using to pay it off and add it to the minimum payment of the next smallest debt on your list.

6.    Repeat and Build Momentum: Continue this process, "snowballing" your payments from one debt to the next as each one is paid off. As you progress, your ability to pay off larger debts increases, creating a momentum that keeps you motivated throughout the debt repayment journey.

The Debt Snowball method emphasizes the importance of behavior and motivation in paying

off debt. While it may not be the most mathematically optimal strategy in terms

of interest savings (compared to the Debt Avalanche method), its psychological

benefits can be highly effective in helping individuals stay committed and focused on their debt repayment goals.

Here's how the Debt Avalanche works:

1.    List Your Debts: Start by making a list of all your debts, including credit cards, personal loans, student loans, and any other outstanding balances. Arrange them from the highest interest rate to the lowest.

2.    Minimum Payments: As with any debt repayment plan, continue making minimum payments on all your debts to avoid penalties and late fees.

3.    Focus on the Highest Interest Debt: Allocate any extra money or funds you can towards the debt with the highest interest rate while maintaining minimum payments on the others.

4.    Pay Off Highest Interest Debt: Once you've paid off the debt with the highest interest rate, take the money you were using to pay it off and add it to the minimum payment of the next debt on your list with the next highest interest rate.

5.    Repeat and Save on Interest: Continue this process, "avalanching" your payments from one debt to the next based on their interest rates. By targeting the high-interest debts first, you reduce the overall amount of interest you'll pay over time.

-PLEASE WRITE US AT [email protected] 

Money Hack of the Week: Sim Swapping

https://clark.com/cell-phones/sim-card-swapping/

SIM swapping, or a SIM swap scam, happens when a crook is able to take control of the personal information stored on your SIM card by using it on another phone.

According to the Federal Trade Commission (FTC), a successful SIM swap can occur if a scammer impersonates you and contacts your phone service provider with a bogus story.

According to the FTC’s website, “They may call your cell phone service provider and say your phone was lost or damaged. Then they ask the provider to activate a new SIM card connected to your phone number on a new phone — a phone they own.”

Once scammers successfully take over your phone, they can access your bank account, social media accounts, email account and more. How? While two-factor authentication is typically a decent form of protection, the scammer now has access to your phone number and email. That means they have access to any codes sent through an email or text message.

What can you do?

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Should you buy a house with today’s interest rates, or is it better to just wait?

What is the current rate: Somewhere between 7.2 and 7.9% depending on if you go VA, conventional or FHA

What is the historical 30 year rate?

First off - Let’s talk about why rates are higher

If you are thinking of buying a house, you are probably well aware that interest rates have a direct correlation with how much home you can afford.

So with a $1,200 difference on a 500k house - what are the pros and cons to buying now?

Pros:

Cons:

So would we buy a house right now if we were in the market - or would we wait?

Then it’s probably time to go ahead and buy that house!

Money Hack of the Week: 30 Day financial audit / challenge - put in spreadsheet/categorize it

What type of investor are you?

General:

Evaluating an investment property:

Intro: Lance and I have both dipped our toes into the water when it comes to Airbnb investing.  We are excited to share some tips/tricks we have learned as we have launched our first couple properties.  We will also explore the ROI you can earn by investing in Airbnb and what sort of work it takes to get started with AirBNB Investing.

Money Hack of the Week: Turo

What is Airbnb?

Lance’s Limiting Beliefs

Technology

-Build Your Dream Team: Self management can happen from a-far.

Who is Airbnb investing right for?

STAY TUNED FOR PART 2

Questions that need answers

-PLEASE WRITE US AT [email protected]

Money Hack of the Week: Libby App - Free audio books and e-books through your existing library subscription - everything is free

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Core principles we live by:

   2.  Get rid of any high interest debt.  Anything higher than 5-6% - get rid of it from your life.  If it’s low interest rate debt - keep it and pay as agreed on it.

   3.  Automate your savings

  4.  Invest in low cost mutual funds and ETF’s OR Buy assets that will make you money.

Episode # 5 gives you our favorite ETF’s

  5.  Track your spending

  6.  Know your net worth

Episode # 1 - net worth tracker, Mint.com.

  7.  Set big goals so you know if you’re on track - episode 13

Questions that need answers

-PLEASE WRITE US AT [email protected]

*This not official legal or investment advice, and this is for entertainment purposes only.  All investments involve risk.  Do your own research before making any investments for yourself*

Money Hack of the Week:

Look at your 401k, your old IRA’s, and investment accounts - figure out what funds you’re invested in and look up their expense ratios.  If you are in high-fee funds inside of your 401K, change to investment options that are low fee.

How do you do this?  Go to your 401k or IRA online, look at the positions, you will see a symbol - usually 3 to 5 letters long, pop that into google, look at the expense ratio.  What’s high? Anything over .25% is pretty high.  Some of you may be looking at expense ratios of around 1% which is entirely too high.

If that’s the case - I want you to look at your plan and the investments offered.  Some good options may be: s&p 500 fund, target retirement fund, etc…

What’s a good expense ratio? Below .10%

This 1 change can literally save you tens of thousands of dollars by retirement. If you have listened to our old podcasts - we have found that the higher the fee the fund doesn’t necessarily get you more money in retirement.  It often costs you money in retirement.

If you’re someone who invests 15k annually in your 401k, a 1 % difference in expense ratio between investment options can mean a 400k difference when you get to retirement (over 30 years)

Main Topic

We’re talking recession now - It doesn’t really matter what news source you turn on right now - everyone is talking about whether or not we’re in a recession.

Here are the latest worries:

So, how do we invest if we’re in a recession?

BEAR MARKET GRAPHIC

https://www.investopedia.com/a-history-of-bear-markets-4582652

Ashley wrote a question for the pod and I decided it was important enough to make a whole show out of this topic.  Question is: My employer is going to be allowing us to invest in digital assets including Bitcoin within my 401k coming soon.  Is it a good idea to be investing in bitcoin within my 401k?

Pro’s:

Con’s:

Money Hack of the Week:

Spray and forget: Do you powerwash your house or deck every year?

Rant - Get upside

Main Topic

What is house hacking?

How to rent out the other units:

Ways to house hack:

House hacking as an investment strategy: Scott Trench (Set for life)  and David Greene

Why house hack?

Who is house hacking for?

Questions that need answers

-PLEASE WRITE US AT [email protected]