Net Worth Hacks

It’s a milestone episode of the Networks Hacks Podcast. Grateful for the community engagement, Ken tackles some of the questions from NWH Listeners. This week, Ken provides some thought provoking insight regarding finding the right financial advisor. There’s no reason to take advice from people you wouldn’t trade places with. It’s also incredibly helpful that they have similar values, similar experiences as you. How do they value things like children, aging parents, religion, or education – things that could pertain to you? Ken also covers some critical logistics that you should be aware of when interviewing advisors. Finally, Ken outlines what your working relationship with your advisor should look like.

Ken reveals the results of his latest online poll. Where do most people bank? Credit Unions? Traditional Brick and Mortar? Online? Ken explores how online banks are changing the financial landscape, offering better benefits and less antics than traditional banks. He shares his experiences with top online banks, one disappointing him, another impressing him. He explores the benefits and drawbacks of online banking. Overall, online banking is the way to go moving forward, listen in to learn why.

Building off of last week’s episode, Ken discusses how his son had virtually no credit history and was considered off the grid to creditors when he turned 18. This posed a challenge for Ken; how can you apply for a credit card if you don’t have credit? Ken found the solution: secured credit cards. Ken discusses the difference between secured and un-secured debt. Ken then walks you through how this secured credit card works and the best attributes that a secured credit card should have.

Ken shares how his son, who was serving an extended mission with the church, hadn’t accumulated hardly any credit history. This inspired Ken to seek ways to help develop good credit for his children in this increasingly credit-dependent society. Cash buying is a thing of the past, with demands for car loans and mortgages being commonplace. Ken covers the basics of credit reporting, and what you can do for your children and their credit score. It’s imperative that you teach your children how to use credit responsibly. Ken shares what concepts you should cover with your children.

In today’s episode, Ken answers many of the common questions that come with selecting your credit card. Which credit card is right for you? How do you leverage rewards? Is annual fees ever a good idea? Travel points or cashback? Ken shares what credit card strategies provide the most bang for your buck. It is imperative to find that credit card that doesn’t consume or impede on your lifestyle. This episode will help you find that credit card.

How well do you understand your FICO credit score? Did you know that if you have a high utilization on a card, your credit score is lowered even if you pay it off right away? Ken shares with you how credit card companies operate and what information is sent to credit agencies. Ken teaches you the math behind credit score and how to hack it. Ken shares his payment schedule and how he “games” the statement cycle.

In this week’s episode, Ken revisits the IMPACT model and discusses how it applies to the combined finances in marriage. It is imperative that you and your partner creates alignment around your finances, and seek out the whole picture. If you have a personal goal, pursue it! But be sure to be transparent with one another and adjust accordingly. Learn about what is “financial infidelity” and how you should be wary of it. Ken then discusses his own marriage and the valuable financial lessons he’s learned from it.

Have you ever thought about cutting credit cards out of your life? Seems like a good idea, right? You increase visibility on your finances, avoid interest rates and reduce stress. According to Ken, it turns out that this may not be the case. Ken shares his story of a year long freeze on credit cards and the anxiety that came along with it. Ken shares what he learned including the reality of his supposedly managed debt. Ken shares the way to “respect the credit card debt” and how he manages to utilize credit cards to the fullest without the stress of looming incurred debt.

Ken shares how his family greatly impacted his desire to build his net worth and plan his financial future. Children are expensive and they all have life events that require money such as college or weddings. Plus there are events that Ken wanted to share with his wife as well. So how do you account for and manage all these expenses? Factoring in details such as how much is needed, how soon is it needed and how will the money grow overtime, Ken discusses building a dynamic model to help forecast and overcome these hurdles.

What is the most important priority of all? Before Ken reveals the magic answer Ken provides some key steps to arrive to this point: Determine all your priorities, take the time to allocate the cash into those priorities and finally hold yourself accountable. In determining your priorities, Ken swears by the value of budgeting apps and actually going through the activity of giving every dollar a job. Finally, Ken reveals the Most Important Priority of All...listen to find out!