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This weekend, I got hit with a hefty bill that felt like a punch in the stomach. Luckily, after looking at some of my options, I realized that the reoccurring bill really won't affect my financial goals too much. Why? While the average Joe asks, "How am I going to pay this bill?" I asked the question "How can I make additional income to pay this bill?" In short, the answer was "By running a better business."
USA Today reported that the number of elders, aged 75 and older, with debt and declaring bankruptcy is up almost 20%. The statistics are scary: average debt - $36,757; percentage of families 75 years or older with debt - 49.8%; share of homeowners 65 years and older with mortgages - 41%. You want the autumn or even winter of your life to be spent riding your money wave (sorry, I had to plug it.) You want to be living off of the interest on your assets, not the $1,400 Social Security gives you and contemplating declaring bankruptcy. In today's podcast, I give you three things you can do to make sure you are enjoying the last years of your life financially.
Today, I sat down with Chris Ostrowski, CTO of Dutchie, an online cannabis distribution platform. Chris's story reads almost like a mash-up of Jeff Bezos and Bill Gates - fascinated at a young age by computers, he learned how to program in his youth with the help of very supportive parents. He later dropped out of Western Michigan University to start the first of three businesses with his business partner. These businesses exposed him to various markets, consulting, product launch, marketing, website design, and financial instruments. Now, he is the CTO of Dutchie, based out of Bend, Oregon. Chris describedDutchie as the "Amazon of cannabis." His insight into business, markets, and technology reads like an MBA course. What I found most interesting is the side lessons he learned along the way that has helped become so successful.
USA Today recently reported that 1 in 8 (almost 13%) of divorces are due to student loan debt. Yikes. Can we catch a break with anything, please? In today's episode, I talk about this as well as a few conversations and experiences I have had recently that sheds some insight in regards to financial decisions and the lasting impact they have on your wealth, options, and life.
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