Ignition to Wealth

In Today’s Episode

Eric and Brandon break down the exciting topic of Credit Cards! The guys talk about some positives and negatives of credit cards, along with fees that are associated with them. They also talk about the different types of credit cards that are out there. Bonus: There’s a bonus trivia question this week!

What You’ll Get Out of Today’s Show

• Some positives and negatives of credit cards
• Types of fees associated with credit cards
• • Late payment fees
  • Balance transfer fees
  • Foreign transaction fees
  • Over the credit limit fees
  • Convenience fees
  • Annual fees
• Secured credit cards
• Unsecured credit cards
• • Student credit cards
  • Business credit cards
  • Rewards credit cards
  • • Cash back credit cards
    • Travel rewards credit cards
    • Branded credit cards
    • Charge cards

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 important topic of Credit Building. The guys explain the factors that make up a credit score and discuss some strategies to build your credit. Whether you’re new to the game, have bad credit, or just have some room to grow, this episode is for you!

What You’ll Get Out of Today’s Show

• The 5 factors that make up your credit score
• • Payment history
  • Total amount owed
  • Length of credit
  • Type of credit
  • New credit
• Easiest and best ways to start building your credit
• Strategies to help build your credit
• • Paying bills on time
  • Credit line increase
  • Keeping credit cards open
  • Student loan restructuring
• Utilizing a monthly FICO score tool

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

Ignitiontowealth.com

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In Today’s Episode

Eric and Brandon start a new series about infamous financial crimes! Al Capone is the topic of discussion today!

What You’ll Get Out of Today’s Show

• The history and story of Al Capone
• Different types of crimes Capone commited
• How much money did Capone really make and where did it mostly come from?
• Run ins with the IRS (Internal Revenue Service) and FBI
• What led to his inevitable downfall
• Prison life and influence

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com/tools

Ignitiontowealth.com

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In Today’s Episode

Eric and Brandon breakdown some top level Individual Tax Topics and the main forms of an Individual Tax Return. The guys discuss the types of income that show up on a tax return and how they are taxed. Check out the 2020 and 2021 Tax Brackets!

What You’ll Get Out of Today’s Show

• A breakdown of the 2020 and 2021 Tax Brackets
• Top level review of the Individual Tax return including:
• • Form 1040
  • Schedule 1: Additional Income and Adjustments to Income
  • Schedule 2: Additional Taxes
  • Schedule 3: Additional Credits and Payments
  • Schedule A: Itemized Deductions
  • Schedule B: Interest and Ordinary Dividends
  • Schedule C: Profit and Loss from Business
  • Schedule D: Capital Gains and Losses
  • Schedule E: Supplemental Income and Loss
• What is Adjusted Gross Income (AGI)?
• Types of deductions:
• • Medical and Dental
  • Additional taxes paid
  • Interest paid
  • Charitable givings
  • Casualty and theft loss
• Short-term and Long-term capital gains and how they are taxed
• Where rental income, royalty income, REIT’s, passive income, estates, trusts, etc. all get input on the tax return

Links Mentioned in This Episode

ignitiontowealth.com/resources

Ignitiontowealth.com

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In Today’s Episode

Fact or Fiction is back! Eric and Brandon discuss Brokerage Accounts, and the strategies involved in utilizing them for retirement. The guys discuss the different types of income that you can generate from brokerage accounts.  

What You’ll Get Out of Today’s Show

• A breakdown of what a brokerage account is and how to use it to your advantage
• Deep dive on short-term capital gains and long-term capital gains and how they are taxed
• What Qualified Dividends and Ordinary Dividends (Unqualified Dividends/Non-Qualified Dividends) are and how they are taxed differently
• DRIP (Dividend Reinvestment Plan) breakdown along with strategies on how to use them to your advantage
• What is a Robo-advisor? A description of what they are and how to know when to use one
• Professionally managed accounts
• A couple options and other tips to look at when finding the right brokerage account for you

Links Mentioned in This Episode

ignitiontowealth.com/resources

Ignitiontowealth.com

https://www.nerdwallet.com/article/investing/what-is-how-to-open-brokerage-account

https://jlcollinsnh.com/stock-series/ 

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In Today’s Episode

Eric and Brandon wrap up the three part series called The Risk Tiers. The guys explain what characteristics make up Tier 3 and breakdown the different types. 

What You’ll Get Out of Today’s Show

• A breakdown of the types of Tier 3 investments
• • Bonds
  • Money Market Accounts
  • Certificate of Deposits (CD’s)
  • Annuities
• New type of resource with the Risk Tolerance Questionnaire! Answer some questions dealing with risk and get a personalized email with what Tier you fall into based on your answers

Links Mentioned in This Episode

ignitiontowealth.com/risk-tolerance

ignitiontowealth.com/resources

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon continue with part two of the three part series called The Risk Tiers. The guys explain what characteristics make up Tier 2 and breakdown the different types.

What You’ll Get Out of Today’s Show

• A breakdown of the types of Tier 2 investments
• • Mutual Funds
  • ETF’s
  • Index Funds
  • Real Estate
  • Real Estate Investment Trusts (REITs)
  • Whole Life Insurance
• Why these investments are considered Tier 2

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon introduce a three part series called The Risk Tiers. The guys go into detail about the definition of risk and break down the different types of investments that make up Tier 1, which are riskier investments.

What You’ll Get Out of Today’s Show

• An understanding of what risk is in finance

• What factors make up your risk tolerance
• • Time
  • Capital/Resources
  • Goals

• A breakdown of the types of Tier 1 investments
• • Stocks
  • High-Yield Debt
  • Derivatives
  • Venture Capital
  • Cryptocurrency

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon discuss Individual Retirement Accounts, and the strategies involved in utilizing them for retirement. The guys discuss the different types of IRAs and the pros and cons of each.  

What You’ll Get Out of Today’s Show

• An understanding of Individual Retirement Accounts, and their advantages. 

• A description of what can be held in an IRA such as stocks, bonds, and ETFs

• A list of the different types of IRAs

• An in-depth description of Traditional, Roth, and Rollover IRAs

• A description of the tax strategies that can be employed through your IRA

• An understanding of the income that can be used to fund and IRA

• A description of what to look for in a broker to house your IRA 

• Contribution Limits that apply to IRAs

• An explanation of how Modified Adjusted Gross Income affects your IRA

• An explanation of when you can withdraw money from different IRAs

• An Introduction to the first-time home buyers rule for Roth IRAs  

Links Mentioned in This Episode

ignitiontowealth.com/resources

ignitiontowealth.com

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In Today’s Episode

Eric and Brandon discuss the ever complex topic of 401(k)’s. Traditional and Roth accounts are discussed along with some discussion on loans, fees, and employer matches. The guys also talk about some audience feedback about the show.

What You’ll Get Out of Today’s Show

• An explanation and in depth look at 401(k) plans

• Brandon and Eric touch on some Pros and Cons of 401(k) loans

• Eric provides an analogy for a better understanding between Traditional and Roth 401(k)’s

• Eric and Brandon continue the segment Fact Or Fiction, the 401(k) edition

• Brandon outlines tax bracket contribution limits for different accounts

• Brandon describes Required Minimum Distributions (RMD’s) 

Links Mentioned in this Episode

ignitiontowealth.com/resources

Ignitiontowealth.com

Facebook Group

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