Ignition to Wealth

In Today’s Episode

Ever hear of the Bucket Strategy? I’m sure you’ve heard us talk about it before. Today, Eric and Brandon breakdown this strategy and what type of investments can be used in each.

What You’ll Get Out of Today’s Show

• Short-term goals
• Savings, checking, high-yield savings, etc.
• Intermediate goals
• CD’s, bonds, index funds, etc. 
• Long-term goals
• Individual stocks, mutual funds, etc.

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

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In Today’s Episode

Are I Bonds a viable investment with inflation being so rampant? Eric and Brandon discuss some positives and negatives on I Bonds.

What You’ll Get Out of Today’s Show

• Positives and negatives on I Bonds
• How they might be a great addition to your investing strategy now that they are at 9.62%
• How I Bonds could negate the current inflation rate

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

What does the Fed actually do and how do they impact our everyday lives by increasing interest rates? Eric and Brandon answer some common questions about the Fed and breakdown what increased interest rates actually impact.

What You’ll Get Out of Today’s Show

• Brief description of why too hot and too cold of a market can be bad
• How the Fed can keep the market at a ‘lukewarm’ level
• How the following are impacted by increased interest rates
• Stocks
• Bonds
• Savings and high-yield savings
• Consumer credit

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon break down some news in the points world. Why is now the best time to book your trips with points? Points will become significantly more devalued within the next couple of years.

What You’ll Get Out of Today’s Show

• How inflation and rising fuel prices are leading to a devaluation of points
• Why points are NOT seen as good long-term investments
• Some airlines and hotel chains are changing how points will be used
• No longer distance based, but based on dollar amount of ticket

Links Mentioned in This Episode

https://grow.acorns.com/use-points-travel-rewards-before-they-get-devalued-in-2022/

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

What would happen if you were literally the world’s worst market timer? Eric and Brandon go through a case study discussing what would happen if you only invested at market peaks until retirement.

What You’ll Get Out of Today’s Show

• A hypothetical breakdown of someone who invested right before the 4 biggest crashes from 1972 through 2007
• Why time in the market is much more important than timing the market
• How powerful the 8th Wonder of the World is…Compound Interest
• The important lesson to take away from this hypothetical situation

Links Mentioned in This Episode

https://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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Eric and Brandon discuss the best ways to redeem credit card reward points! With travel now starting to pick up in the United States, the guys wanted to share some of the more efficient ways to redeem points to fuel your future travel.

What You’ll Get Out of Today’s Show

• Why using your points on short flights is usually less efficient than using them for more expensive or long distance flights
• Why redeeming points on Amazon and other shopping portals might not be worth it
• Some ways to efficiently redeem points on long distance trips
• Why a travel card that partners with multiple airlines or hotels are usually the best cards to get

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

The part of side hustles that isn’t usually talked about…taxes. Yes, side hustle income does need to be reported as income on your tax return, but how does it need to be reported?

What You’ll Get Out of Today’s Show

• A good rule of thumb of what you should set aside for quarterly tax payments
• How working for an App-type side hustle (Grubhub, DoorDash, Uber, etc.) will make it nearly impossible for you to incorrectly report your income with 1099’s
• What threshold may cause you to pay additional fees
• What the IRS constitutes as Intentionally Under Withholding
• Difference between self employment taxes and W-2 taxes

Links Mentioned in This Episode

https://www.cpapracticeadvisor.com/tax-compliance/news/21258991/uber-taxes-yes-gig-job-income-is-taxable

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

Should you look at your net worth during a market correction? Eric and Brandon discuss some reasons why they do or don’t and what type of impact it can have on your decision making.

What You’ll Get Out of Today’s Show

• Why you would want to take a look at your net worth during a market correction
• What type of impact it could have on your investing mindset
• Why you wouldn’t want to take a look at your net worth during a market correction
• Best practices during a downturn
• Why a novice investor should not look at their net worth

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon discuss the current situation going on with the IRS…24 million returns backlogged! Due to the backlog of returns, there may be a significant delay in getting your return filed.

What You’ll Get Out of Today’s Show

• Detailed statistics on the current backlog
• • 24 million returns behind
  • Mix of returns, amended returns, stimulus payments, and correspondence with the IRS
• What seems to be holding up the processing of these returns and notices
• • Amount of paper filings and paper correspondence
  • Hiring issues for IRS
• Some best practices to try and avoid these delays and backlogs

Links Mentioned in This Episode

https://www.washingtonpost.com/politics/2022/02/11/irs-returns-backlog/

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

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In Today’s Episode

It’s all in the details! Brandon talks about some new credit card benefits that he’s signed up for. Eric and Brandon also discuss how important it is to pay attention to emails in order to take full advantage of these benefits to cover the cost of the annual fee… especially if you aren’t traveling as often.

What You’ll Get Out of Today’s Show

• American Express and Panera partnership
• • Breakdown of the benefit offered to cardholders and Brandon’s strategy to take full advantage
• Chase Sapphire and DoorDash partnership
• • Breakdown of the benefit offered to cardholders and Eric and Brandon’s strategy of taking full advantage
  • A recent update to the benefit to current cardholders
• The importance of using these offers in order to cover your annual fee in benefits…but do it responsibly!

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

ignitiontowealth.com

If You Want to Support Ignition to Wealth

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Subscribe to the podcast 

Leave us a 5 star rating and written review