Net Worth Hacks

Back by popular demand, The Kaufman Kids share with you their decision to invest in the Stock Market. Find out why in 2020 you should invest as well. Two of Ken’s youngest are getting Roth IRAs in 2020, listen in to hear what they’ve invested in.

This podcast episode is merely the personal experiences and opinions of children and not a guarantee. These minors are not liable for any financial decisions you make as a result of this podcast. It is advised that you consult a certified financial adviser and be aware of the risk involved before entering the Stock Market. Besides, who would sue children?

Christmas is about spending time with the family, so the gang decided to hijack Ken’s podcast! In this short but adorable episode, the kids introduce themselves and talk about “their age of money.” These budget savvy kids share their ambitions for Legos, books and smoothies. Uncut for the sake of cuteness. Trust me, this is one you don’t wanna miss.

We have a financial plan; we’ve established a baseline and our end goal. With the groundwork laid, what we need to do now is chart and understand your income over the course of your lifetime. Don’t worry, it’s fairly easy and Ken will help walk you through it. There are two types of income you must consider: active and passive income. Ken discusses what both of these are and certain considerations you must take. It’s recommending you chart this out on a spreadsheet and update it annually or as needed.

Now that we have an understanding as to where we are (Ep. 36), we can look to the future and decide where we want to go. Ken recounts his own goals that he and his wife shared and how they began to evolve this plan to incorporate not only themselves but their children as well. Ken highlights why “dreaming” and planning is so beneficial. Listen in as Ken offers up some thought provoking questions as to what you want in life. With careful planning, just about anything is possible.

This episode, Ken begins step one of building out your financial plan. This first step is determining your current financial situation. You need to know where you are in order to understand where to go. This “status check” can be reflected in your net worth statement (ep. 9) and your cash statement. Gain a sense of your assets, debts and various other factors outlined in this episode. You may feel hesitant or embarrassed to air it all out, however reviewing your situation can create an incredible, calming sense of clarity as to what needs to be done.

Links

Episode 33 - Key Elements of a Financial Plan

http://networthhacks.libsyn.com/33-you-need-a-financial-plan

Episode 9 - Track Your Net Worth

http://networthhacks.libsyn.com/9-track-your-net-worth

With Thanksgiving happening this week, Ken reflects on how an attitude of gratitude is actually a crucial part of building your net worth. Ken recounts a time early on in his career where he made some poor decisions as a result of a lack of gratitude...including missing out on a 100K deal! Building net worth over the course of your lifetime is a long term discipline. It requires that you resist the temptation of instant gratification. Science proves that gratitude actually helps combat instant gratification; Ken shares a few tips on how to be grateful, including patience, contentment, and perspective.

Links

Can Gratitude Reduce Costly Impatience?

https://www.psychologicalscience.org/news/releases/can-gratitude-reduce-costly-impatience.html

40 Simple Ways to Practice Gratitude

https://www.lifehack.org/articles/communication/40-simple-ways-practice-gratitude.html

Whoa whoa whoa! We need to pump the brakes here. After last week’s episode, Ken realized he jumped the gun when it comes to financial planning. Ken started talking logistics and failed to outline the importance of financial planning. This episode hopes to rectify that. Listen in for Ken’s top ten reasons why you need a financial plan.

Ken cuts it down to brass tacks. Now that you know the ropes for asset cultivation, it’s time to put together a game plan that will outline how you’ll accomplish your goal. A financial plan will reveal where you are on track and what short comings you may have. Ken breaks down the process and key elements of a financial plan. Where are you, what are your priorities, build out a plan centered around these points. Ken covers all the touch points of financial planning and how to construct one.

We made it. Our journey is at an end, having touched every point of Ken’s Cultivation Roadmap. Ken reviews in brief, every stop along the way, along with the corresponding podcast episode number. If you are brand new to the Net Worth Hacks Podcast, this episode is great for jumping in. If you hear of a topic that interests you, or maybe you decided that you haven’t fully grasped a concept, you are encouraged to go back and listen to the episodes referred in this episode. This episode also shows you the bigger picture with regards to asset cultivation, and shows you just how many ways there are to grow your net worth.

We’re back on the road reviewing Ken’s Cultivation Roadmap. This time, Ken takes the roadmap metaphor a step further discussing dollar cost averaging and gas prices. If you were to take a vow to drive cross-country and never pay over a certain amount for gas, you just might not ever reach your destination! Gas prices are out of your control and if you let it completely dictate your actions, you’ll have a tumultuous journey, the same can be said about your investment. That being said, people don’t have lump sums to invest, thus dollar cost averaging might be our only option. Listen as Ken explains the discipline of dollar cost averaging and how you should approach investments so you’re not stuck roadside calling AAA.

This podcast episode is merely the personal experiences and opinions of Ken Kaufman and not a guarantee. Ken is not liable for any financial decisions you make as a result of this podcast. It is advised that you consult a certified financial adviser and be aware of the risk involved before entering the Stock Market.