Hack Your Wealth

#15: I share some tangible ways that high earnings + a high credit score actually make life cheaper (with better service, to boot)…which in turn accelerates your FIRE goals.

What you’ll learn in this episode:

• Why banks, lenders, and credit card companies look for customers who don’t need them
• How you can use this to your advantage
• 5 major life expenses that get cheaper the higher your credit score / earnings are

Links mentioned in this episode:

• My 4×4 FIRE framework for creating and protecting wealth (HYW002)
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#14: The credit score is the metric for how borrower creditworthiness is judged.

In episode 14, I talk with Louis DeNicola a consumer credit expert and credit writer who works with clients including Experian, Credit Karma, LendingTree, and Nova Credit.

What you’ll learn in this episode:

• How credit scores are calculated and how each major component is weighted
• Why credit scores fluctuate constantly and how lenders and card companies often use proprietary credit scoring models internally
• How to increase and protect your credit score
• What to focus on when auditing your credit report
• The difference between soft vs. hard inquiries and how each impacts your credit
• The optimal “utilization” level (plus a hack for making your utilization appear low)

Links mentioned in this episode:

• Louis DeNicola
• FICO
• VantageScore
• AnnualCreditReport.com
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#13: Many folks dream of getting paid to travel. For Ernest Shahbazian, his side hustle as a travel content creator allows him to do just that.

In episode 13 of the podcast, I talk with Ernest, a management consultant who solopreneurs on the side as a YouTube travel influencer (>22k subscribers) providing travel tips, destination reviews, points and miles tutorials, and travel gear reviews.

With over 2B monthly users and crazy engagement, YouTube has become a “too big to ignore” platform for video influencers.

We talk with Ernest about how he got started, his content creation process, and how much he is currently earning.

What you’ll learn in this episode:

• How Ernest got the idea for starting a travel content channel
• Why he decided to focus on YouTube early on
• How he has grown his subscribership
• The diverse ways he is monetizing (not all ads and affiliates)
• Growing pains of scaling

Links mentioned in this episode:

• Trip Astute YouTube channel
• Trip Astute website
• TubeBuddy
• Yoast
• HARO
• CardRatings Affiliate program
• BlackBox
• Video Creators podcast (Tim Schmoyer)
• TubeBuddy Express podcast (Dusty Porter)
• Side Hustle School podcast
• Born for This: How to Find the Work You Were Meant to Do (Chris Guillebeau)
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#12: Ever wonder what type of solopreneur businesses are possible to help you build additional income streams?

A big part of the HYW podcast will be interviews with solopreneurs who are building lifestyle businesses that enable them to be completely time, location, and financially independent.

This week, I talk with Jeff Campbell, who spent more than 2 decades in the corporate world before starting an online side hustle with niche blogs. He plans to solopreneur full time starting in 2020.

We dive into the details of what he does, how he does it, and how he started.

What you’ll learn in this episode:

• What kind of niche blogs Jeff has started
• How he landed on the idea and got started
• How much he’s currently earning
• What his day looks like balancing side hustle and job at the moment
• How he taught himself the marketing and analytical skills needed to grow his traffic
• Jeff’s advice for other solopreneurs

Links mentioned in this episode:

• Pat Flynn’s podcast (Smart Passive Income)
• Tailwind
• Media Vine (ad broker)
• Income School podcast
• Brandon Gaille podcast (Blogging Millionaire)
• Authority Hacker podcast
• Simple Pin podcast
• Side Hustle School
• Side Hustle Nation
• Late Night Internet Marketing
• Help A Reporter Out (HARO)
• After we stopped the recording, Jeff also mentioned Lumen 5 for automated video creation using blog posts as the source material
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#11: I share some personal thoughts on FIRE and 8 key takeaways from a recent study of 150 millionaire interviews.

I share why there is no guaranteed path you can simply follow like an instruction manual to lead predictably to FI. FI must be achieved on your own terms, and we talk about lessons and mindsets to help you get clarity on your own pathway to FI.

What you’ll learn in this episode:

• Why, despite all the blogs/podcasts, no one can give you a golden formula checklist to follow that will lead you predictably to FI
• But how you can still draw critical lessons & insights from others to achieve FI on your own terms
• Some "things that I have done" that have worked to help me achieve FI
• 8 key takeaways drawn from 150 millionaire interviews
• Questions to think about to help you get clarity on your own pathway to FI

Links mentioned in this episode:

• List of questions to help you clarify your pathway to FIRE
• Lessons from 150 millionaires 
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#10: We talk about the pros and cons of using a robo advisor. Are the advantages of automating your portfolio management worth the costs and downsides?

What you’ll learn in this episode:

• What are robo advisors
• Pros and cons
• How much robo advisors cost in fees
• What parts of your portfolio robo advisors don't work for
• How to think about robo advisors vs. human financial advisors
• Ultimately, should you use a robo advisor?

 Links mentioned in this episode:

• Vanguard
• List of robo advisors
• Tax loss harvesting and tax gain harvesting step by step
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#9: We discuss the details of actually HOW to do estate planning, including the 16 essential estate planning checklist topics you need to prepare or update your estate plan.

We talk about: 

• The 16 essential checklist topics that should be part of any comprehensive estate plan
• The role of attorneys and CPAs in estate planning (and the distinction between what each does)
• How much an attorney will cost, how to find a good one, and things to think about if you’re considering to do parts of your estate plan yourself

Links mentioned in this episode:

• 16-point estate planning checklist
• How to set up a revocable living trust (with sample trust document)
• How to write a will
• Life insurance: How to calculate exactly how much you need in 4 simple steps
• Martindale-Hubbell
• Avvo
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom. 

#8: I discuss why estate planning is so critical for wealth preservation. This episode is part 1 of 2 and covers big picture questions around the “who, what, when, why” of estate planning. In the next episode, we’ll cover the “how” part of estate planning.

What you’ll learn in this episode:

• What estate planning is
• Why it’s critical to think about it as part of your FIRE framework for wealth preservation
• Who needs it
• When you should do it
• What does it involve

Links mentioned in this episode:

• 16-point estate planning checklist
• How to set up a revocable living trust (with sample trust document)
• How to write a will
• Life insurance: How to calculate exactly how much you need in 4 simple steps
• HYW private Facebook community

 Intro/Outro: Old Bossa by Twin Musicom.

#7: We talk about the importance of luck when it comes to FIRE.

How important is it for FIRE? Can you achieve FIRE even if you aren’t particularly lucky?

We’ll answer these questions and share some mindsets that’ll help you stay on track in making FIRE progress.

What you’ll learn in this episode:

• Why luck is hugely important in life to get to the very top
• How, even though you can't control luck, the factors you CAN control can get you to FIRE if you plan thoughtfully and work hard
• Plus, the simple strategy and mindset you need to do this

Links mentioned in this episode:

• My Top 5 Free Tools For Building Wealth And Minimizing Taxes
• HYW episode 2: My 4x4 FIRE framework for creating and protecting wealth
• Mobility Report Cards: The Role of Colleges in Intergenerational Mobility
• NYT: Extensive Data Shows Punishing Reach of Racism for Black Boys
• NYT: Income Mobility Charts for Girls, Asian-Americans and Other Groups. Or Make Your Own.
• NYT: What College Admissions Offices Really Want
• NYT: Getting Into Harvard Is Hard. Here Are 4 Ways Applicants Get an Edge.
• Robert Kiyosaki: Rich Dad, Poor Dad
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.

#6: I summarize the most important changes to the federal tax brackets and retirement contribution limits to be aware of in 2020.

What you’ll learn in this episode:

• Federal income tax rates for 2020
• Standard deduction changes
• Alternative Minimum Tax updates
• Capital gains tax rates for 2020
• Retirement & tax-advantaged account changes
• Roth IRA Income Limits
• IRA Deduction Phaseouts
• Misc updates: state & local taxes, mortgage interest deduction, Child Tax Credit, estate tax, foreign earned income exclusion, Section 199A

Links mentioned in this episode:

• How the final Trump tax bill affects you: analysis and charts
• Take a year off with the foreign earned income exclusion
• TurboTax TaxCaster
• HYW private Facebook community

Intro/Outro: Old Bossa by Twin Musicom.