Radical Personal Finance

Shannon McLay from the "Martinis and Your Money" podcast invited me on her show last month to talk about life insurance as part of "Life Insurance Awareness" month.

Enjoy this interview with me where I share all of my advice and thoughts about how to approach the life insurance situation.

The original interview with Shannon appears on her site here: http://financially-blonde.com/radical-thoughts-on-life-insurance/

Joshua

Have you ever thought about writing a book? If you have, you're part of the 80% of Americans that dream of doing just that!

But how do you go about it? And, perhaps more importantly, why should you consider it?

Today I present to you an interview with my personal publishing coach, Patrick Snow.

Patrick is an international best-selling author, professional speaker, publishing, speaking, and book marketing coach.

He's already been tremendously helpful to me as I work on my first book and I look forward to continuing to work with him!

Enjoy this episode where we talk about the business of writing and why you should write and publish a book.

Enjoy!

Joshua

• Patrick's websites: http://patricksnow.com and http://thepublishingdoctor.com
• Text Patrick at 206-310-1200 for a complimentary, 30- to 60-minute publishing consultation.
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

Let's put our work boots on today and dig into some of the science of financial planning. We've been doing a lot of fluffy, motivational-type stuff on Radical Personal Finance recently. That stuff is really valuable but it needs to be tempered with some serious knowledge.

Today, let's talk about annuities.

Annuities get a bad rap in the financial marketplace. And rightly so. They've been shamefully misrepresented, oversold, and abused by many insurance agents.

But do they have a place? Can they be an incredibly useful tool in the toolbelt of a good financial planner?

I believe so.

In today's show I work to share with you some background and structure about annuities. This will help you to understand the words involved and the different product structures available.

We talk about:

• The number of lives covered (single life vs joint life vs joint-and-survivor annuities)
• When the payments start (immediate vs. deferred)
• Methods of premium payment (lump sums vs. periodic payments)
• Pure/straight life vs. refund annuities
• Fixed vs. variable vs. indexed annuities
• And tons more!

Enjoy the show!

Joshua

• You Need A Budget! Use the same software that I use: http://radicalpersonalfinance.com/YNAB
• Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

We've generally been trained how to think about finance by the financial services industry. Their plan for your finances? Well, each step involves a financial product of some sort or another.

But what if we think a little more strategically? Could we get better results?

I think so.

After speaking with today's guest, Doug Goldstein, I think that the metaphor of chess is a good way to train our thinking.

Doug is the co-author of a book titled: Rich as a King: How the Wisdom of Chess Can Make You a Grandmaster of Investing.

Enjoy this interview as we discuss how to approach finances like a chess game!

Joshua

Links:

• Doug's book: RichAsAKing.com
• Doug's financial planning firm: profile-financial.com
• Doug's radio show (get a free ebook): http://www.goldsteinongelt.com/
• You Need A Budget! http://radicalpersonalfinance.com/YNAB
• Need a Financial Advisor? Start here: http://radicalpersonalfinance.com/paladin
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

One of the benefits that $200/mo. Patrons of Radical Personal Finance get is being able to choose a topic of the show.

Here's the note that prompted today's episode:

Joshua,

Double income medium- to high-earning couples frequently ask me how to lower their taxes (the second income is at a higher rate of >28%, plus state 3.75% and social security 7.65 or 40% all in). I don't have a lot to tell them:-calculate whether it's worth it for second spouse to work ('Money or Your Life' style-after tax/child care/gas income per hour of total time spent at job (commuting and working)-weigh the qualitative factors-max 401k-invest in real estate

I'm assuming I'm missing things. What do you have to say on the subject?

One reason my wife doesn't work is that its not worth it.

Thanks,

Patron

Today's episode includes my response and advice for how couples can approach this conundrum!

Joshua

• Need a financial advisor? Start your search here: http://radicalpersonalfinance.com/paladin
• Do you have a budget? You need one! Try this: http://radicalpersonalfinance.com/YNAB
• Want to support the show? Go here: http://radicalpersonalfinance.com/patron

The most challenging question that I get asked on Radical Personal Finance is this: "Joshua, how do I find a great financial advisor?"

It's hard because there are great advisors at most (all?) firms and there are terrible advisors at most (all?) firms.

More importantly, there are different advisors for different stages of life and different levels of need.

Unfortunately, all these get lumped together under the term "financial advisor," which is, itself, a non-specific and mostly useless term which could refer to any number of job descriptions.

However, I still try to answer the question. And today, I'm working to answer it with a new sponsor: Paladin Registry.

This show is an interview with Jack Waymire, the founder of Paladin Registry and it contains an in-depth interview discussing the challenges and process of finding a great financial advisor.

Enjoy the show!

Joshua

• Start your search for a financial advisor through Paladin here: http://radicalpersonalfinance.com/paladin
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

After a way-too-long hiatus, Friday Q&A is back! On today's show, we cover:

• Online Savings Accounts
• Commission-Free Life Insurance
• Why Don't I Have a CIMA Designation
• Would I Do A Daily Podcast Again
• Should I Max My 403(b) or Save for a Down Payment
• 529 Plan for Myself, and Thoughts on Leveraged Index Funds

Enjoy!

Joshua

• If you don't already use the YNAB budgeting software, download a 30-day free trial and try it! I think you'll love it. http://radicalpersonalfinance.com/YNAB
• If you're not listening to audiobooks, you should be! Get a free audiobook of your choice when you sign up for a trial membership to Audible: http://radicalpersonalfinance.com/audible I strongly recommend "Money: The Unauthorized Biography--From Coinage to Cryptocurrencies" by Felix Martin as your free book. You'll love it!
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

Sometimes you discover something that's been out there for years and you want to smack yourself in the head for not tuning in to it sooner. That's how I feel when it comes to YNAB. (For the uninitiated YNAB stands for You Need A Budget.)I used YNAB years ago and my response at that time was, "ho-hum." I then proceeded to ignore it for the next 6 years to my own detriment. Bummer. I wish I'd paid more attention!

I was reintroduced to YNAB by my own listeners (the full story is in this episode) and today I'm thrilled to introduce YNAB as a sponsor of Radical Personal Finance!

Check out this interview with Jesse Mecham, the founder of YNAB for an introduction to him, his story, and the YNAB company. It's a super interesting story of entrepreneurship, growth, and the creation of an awesome product which fits a real need that most of us have.

Enjoy!

Joshua

• Download a free trial of YNAB! http://radicalpersonalfinance.com/YNAB
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron

After a way-too-long hiatus, Friday Q&A is back! On today's show, we cover:

Enjoy!

Joshua

I love to talk with people who have achieved financial independence. But I especially love to talk to those financially independent people who have achieved it in a very accessible way!

Frankly, it's hard to relate to a tech titan who sells their latest greatest app company for a billion dollars.

But I can relate to someone who has simply worked hard, saved aggressively, invested conservatively, built an entrepreneurial side hustle and achieved their results over time!

My guest today is Scott Alan Turner and he's done exactly that. Sit back, relax, and enjoy his story! And make sure to take special note of how you can copy and model him and his success.

Enjoy!

Joshua

• Scott's website: http://scottalanturner.com/
• Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron