Sheepdog Financial

Doug Nordman was a submariner in the Navy. He has been retired for over 17 years and has been living a life of financial independence since 2002. He also spends as much time as possible traveling around the world. He and his family will often take trips that revolve around visiting family or going to conferences like FinCon or FI Chautauqua which is based on interesting conversations with interesting people in interesting places. 

He is also a financial blogger, author, and podcaster. His blog and his book are called The Military Guide. He is passionate about sharing his knowledge with other service members about how to retire early, be financially independent, invest wisely, navigate complicated benefit structures and get the most out of them, and find the knowledge to make informed decisions. Doug is also a surfer and lives in Hawaii. He is someone who lives the life he wants and helps others to do the same. 

We dive deep into this episode and talk about Doug's journey, and specifics of military retirement. We talk about the TSP program, VA disability, reserve benefits, TAP, and more. All of these topics are huge, but Doug shares enough to help understand what's out there for you and what you need to learn more about. Doug's website and book are full of helpful resources, and we also provide helpful links in this episode. 

Highlights from This Episode 

[01:12] Doug is living the life that you live after financial independence and after the military. One of the things he is doing now is slow travel. 

[02:00] He recently went to FI Chautauqua in Portugal. The theme of it is interesting conversations with interesting people in interesting places.

[02:45] Doug has been retired from the Navy for 17 and 1/2 years. His wife is also retired and they have been financially independent since 2002.

[03:08] They were able to become world travelers when their daughter went to college in 2010.

[03:28] Doug was a submariner in the Navy and he got to Pearl Harbor in 1989 and never saw a reason to leave.

[04:24] His wife retired from the reserves, and the retirement process is more complex than it needs to be.

[05:10] After twenty good years in the reserves, you are allowed to retire. The gray area is the time between when you stop being active in the reserves and when you can collect your pension. The normal age is 60, but there are some earlier options for people who've been on active duty.

[07:11] In the reserves, you can buy TRICARE Reserve Select. In the gray area, you can still get it, but it's more expensive.

[09:31] The VA disability rating is also very confusing. It's ironic that those who are the most in need of the benefits are the least able to get through the process.

[12:15] Going to the dentist in other countries is cheaper and they go when they travel. 

[13:23] Only 15% of service members would ever serve long enough for a pension. 85% left the military with only what they put away in their Thrift Savings Plan and their investments. 

[13:52] Service members wanted a 401k or something that does matching. This is where the tsp, Blended retirement system, and the 5% match from the Department of Defense started up.

[15:23] The TSP is ran by a contractor for the federal government called BlackRock. The funds mimic the index and other funds. 

[16:30] The TSP used to be the world's largest collection of index funds with the lowest expense ratios. Now it has a lot of competition from other funds with lower expense ratios. 

[17:18] When choosing between a TSP or another 401k, do the math see who gives you the highest match and has the lowest expense ratio. Usually, the TSP will win.

[18:23] A traditional TSP could give you a tax break by allowing you to put money in before it's taxed. These taxes are only deferred, and you'll have to pay them sooner or later. This is why there can be benefits to a Roth.

[19:16] A Roth TSP can grow tax-free, you can withdraw what you put into it, but you do have to do required distributions.

[20:28] A Roth also passes to your heirs easier.

[21:44] When you get pay increases, you can put away serious money in your Thrift Savings Plan. Eventually, you'll maximize the TSP and your other IRAs. Then you put the rest of your savings in taxable accounts.

[23:15] Index funds are an easy and simple way to stay in the market. Doug also has some angel investments that he's waiting to see how they play out.

[26:21] Doug started out using Excel and then moved on to Quicken to manage his money. 

[27:07] He uses the Personal Capital app to track all of this spending. 

[28:03] Basis is what you spend on a property when you buy it and possibly the improvements. It's also the cost of selling the property.

[30:04] Have a professional help you when you first purchase your rental property, because if you calculate your basis incorrectly it will affect you for the rest of the life of the property.

[31:19] Doug and his family went to the Naval Academy.

[33:17] The GI bill can be a great tool. Sometimes people don't use it because of lack of knowledge.

[34:12] Doug has been following the financial independence movement since the early 90s.

[35:29] Financial independence can give you a lot of choices and allow you to make a career change if you want.

[40:05] It's easier now to transition out of military service with online services. There is a TAP program that can educate service members and their spouses. Review your VA benefits. 

Links and Resources

The Military Guide

Doug Nordman on Facebook

Doug Nordman on LinkedIn

The Military Guide to Financial Independence and Retirement

FinCon

FI Chautauqua

BlackRock

Personal Capital

Transition Assistance Program

Having a grasp on financial literacy can make a huge difference in a young person's life. Yet many young people don't even start saving until they are in their mid 30s. George and Gina Plytas are a couple who have worked in the financial industry for years. They even did a stint in collections and saw first hand how devastating it can be to not have a grasp on one's finances. 

They knew that they not only wanted to educate themselves, but they also wanted to educate their children about financial literacy. They coauthored the book Kids Get Rich: Teaching Children the Secrets to Wealth and Success and run the website Kids Get Rich. It's their goal to help educate parents on how to educate their kids on understanding finances. In this episode, we talk about how important it is to begin things like saving early to create lifelong habits. 

George and Gina share their principles for good financial discipline and how they implement this with their kids. It's their goal to help instill good financial habits when kids first encounter money. These habits can be used throughout adulthood. They talk about age-specific habits and share what has worked for them and others. They share their simple, yet powerful system that can help make wealth and success habits for life. 

Highlights from This Episode 

[00:47] Gina has worked in the financial services industry for over two decades. The majority of her career has been in talent development, knowledge, and learning. She's worked with institutions training their new hires and leaders around finances. 

[01:15] George currently has an IT consulting company. He also began his career in the financial services industry. He also worked in collections while he was in school and trying to make some extra money.

[01:44] Gina also spent part of her career in the collections area.

[02:23] The reality is that even people who work in the financial services industry make mistakes.

[02:48] George and Gina wanted to make a difference in the way they operated their finances, and they were very purposeful with their children and teach them how to effectively manage finances.

[03:04] They wrote the book Kids Get Rich. They wanted to write the book for their kids and for other people and their kids too.

[04:01] The book is about sharing knowledge and best practices that they discovered when they started learning about finances.

[04:52] Their six strategies include inspiring the spirit of advancement, pay yourself first, and starting early so positive habits become almost automatic.

[06:50] The idea is to pay yourself as if you're paying a bill. 

[07:26] Kids get access to money in different ways. Teaching discipline at a young age makes it a habit. 50% of an allowance can be saved. Pay in divisible denominations. 

[09:39] Starting with physical money makes it tangible. 

[10:37] Pay-for-performance is a strategy to help kids make the connection between working hard and earning money.

[11:40] Save for a rainy day. The impact of unexpected expenses can be stressful. Kids can use their rainy fund for their phone if it's lost or stolen. 

[13:53] George and Gina paid for grades. The financial reward for good grades can be effective. 

[15:14] The kids even set their own goals.

[15:28] Strategy five is investing in your future. Money compounds and grows. Show kids what happens when you save a little for a long term. 

[17:47] Giving back with money and time and other things.

[20:53] Find ways to give together through volunteer work.

[22:17] Teach kids what you are learning.

[22:49] Everyone in the house has responsibilities. There are also additional items that can be incentivized with cash. 

[27:20] You can share some basic monthly expenses with kids and share the math.

[28:11] This is also a good way to introduce budgeting. Sharing financial information made a light bulb go off for their kids. 

[29:17] Money oriented games are also good. 

[30:08] George shows his kids his stock charts.

[30:44] Some schools have programs where kids pick and research stocks. 

[31:31] Get two piggy banks. One is for saving and one is for spending. Save at least 50% of any money that comes in. 

[33:05] The book has a wealth check and helps open the conversation about money. 

[34:30] They are going to building workbooks to help parents work with their kids. 

Links and Resources

Kids Get Rich

Kids Get Rich: Teaching Children the Secrets to Wealth and Success

Riley Adams is here to talk about financial independence and taxes. After all, we are nearing that time of year again. We all know that taxes are something that need to be planned for in advance instead of waiting until it's time to file. Riley has a master's degree in applied economics, he is a CPA, and he works at Google. He also runs the website Young and the Invested. This is a place for young professionals to learn about financial independence and entrepreneurship.

Riley and his wife live in the Bay Area. She is a doctor and they have a six-month-old son. Riley's dream is financial freedom for him and his family, so he can work at whatever he wants to work at and not be dependent on a certain employer to make ends meet. We talk about saving, investing, paying yourself first, and the new tax laws. We tackle depreciation, tax savings, and why it's not a good idea to invest solely based on tax savings. Riley's enthusiasm for smart wealth building is contagious and this is a fun and informative episode. 

Highlights from This Episode 

[00:58] Riley is from New Orleans. He has a master's degree in applied economics.

[01:47] After graduating, he got a job at the power company in New Orleans. He dealt with financial planning, strategy, and renewable energy policies.

[02:04] He worked there for six years. He learned all about your renewable energy, and he even met his wife there.

[02:20] His wife graduated from medical school, and now they live in the San Francisco Bay Area.

[02:37] Riley now works at Google. His project is to streamline the advertising programs. He and his wife also have a six-month-old baby.

[03:42] At the end of 2017, the Tax Cuts and Job Act was passed.

[04:08] It's geared toward benefiting corporations by making the tax rate 21% as opposed to 35%.

[07:26] Depreciation is when you make a large capital investment, and you can't expense it in the same time that you purchase the asset. You recognize a proportional expense over a period of time.

[08:48] Depreciation with rental properties is very common. The depreciation can make a rental property income a loss and lower your taxes.

[11:37] You can depreciate the improvements versus the land value.

[12:12] The standard deduction was dramatically increased. The idea was to create less work without having to itemize deductions.

[16:06] State taxes do things a little bit differently. Each state is different. Navigating multiple states is complex. 

[23:35] There can be a huge amount of tax savings if you derive most of your income from qualified passive income.

[24:42] Saving on taxes shouldn't drive your decisions for investing.

[26:18] Riley is hoping that through wise financial decisions and investing, he will be able to free himself up from employers and have the freedom to do any job that he wants. 

[26:56] Millennials want to follow their passion and be able to do what they want to do.

[27:38] Riley recommends that millennials pursue financial independence.

[29:03] The FIRE movement is about being able to retire early. The Fat FIRE movement is about being able to retire early without scrimping and saving and living such a frugal life.

[31:30] Riley and his wife have savings goals. They look at their income and make a savings target. Whatever is left is to spent and enjoyed. 

[33:15] They have different IRAs and some shared accounts and a home savings account. 

[34:32] Multiple accounts make you liable for multiple capital gains at tax time.

[35:15] Young and the Invested is Riley's financial website. His target audience is his wife.

[37:01] The site explores ideas on reaching financial independence for young professionals.

[38:54] There was an article about him from NerdWallet that was syndicated in the New York Times.

[39:19] Sacrifice frivolous purchases to create financial independence. 

Links and Resources

Young and the Invested

[email protected]

Mint

Tiller

Financial Samurai

Time Your Credit Card Application This Bonus-Friendly Season

Young and the Invested on Twitter

Young and the Invested on Facebook

Tony Elion made $300,000 in 13 months by investing in the stock market. He has a unique story that highlights the benefits of being in the military, formal education, self education, and taking smart risks. Tony went to college and graduated, but he didn't really know what he wanted to do, and he was facing a tough recessionary job market. He learned to speak spanish, play the guitar, and take siestas, in Spain before coming back to the US and joining the Navy. 

He had a seven month gap before his deployment and worked in an Amazon fulfillment center. Amazon was giving employees shares of stock, and he received two shares of Amazon stock. This was his first introduction to the stock market. While deployed in Japan he continued to educate himself about finances, stocks, and investing. After leaving the military, he decided to take advantage of the GI bill and get his advanced degree and then attend law school. 

He also used scholarship money to invest. His investments started paying off, but Tony wants to emphasize that it was education and discipline that led to his success. He has also written a new book called Sailor to Student: How I Made a Quarter of a Million Dollars in the Stock Market, and You Can Too. In this episode, Tony gives us a first hand account of his amazing story along with sound tips and advice for investing, finances, and life. 

Highlights from This Episode

[00:47] Tony is from Memphis, Tennessee. After college, he wasn't sure what he wanted to do.

[01:13] He taught English in Spain for a while.

[02:25] Two weeks after returning from Spain, he signed up for the US Navy.

[03:58] He was an assistant for the chaplain and worked with people all day.

[04:47] He was in Japan for four years. He used his GI bill to get his master's degree. He then decided to go to law school.

[08:01] Penn State gave him a $33,000 a year scholarship.

[09:50] The GI bill is a versatile tool to change your future or your family's future.

[10:48] Tony recently wrote a book called Sailor to Student: How I Made a Quarter of a Million Dollars in the Stock Market, and You Can Too.

[11:24] Tony used his scholarship money and invested in the stock market. In 13 months, he was able to grow his portfolio to over $300,000.

[11:43] He would post his investments on social media and people started asking him questions.

[12:37] He decided to answer everything in one place in the new book.

[15:07] His first introduction to stocks was when he worked at the Amazon fulfillment center, and they gave everybody two shares of stock.

[16:25] When he came back from service, he now had 19 shares of Amazon stock and it was worth $18,000.

[17:02] His first investment was putting $20,000 into Amazon stock.

[17:27] He would look at companies that he knew. His next choice was Netflix.

[18:26] The most money he ever made was with a cannabis investment in Canada. He sold all of his stocks and bought this stock. He held it for 8 days and made $175,000.

[20:59] Tony is a big fan of discipline and delayed gratification. Create plan, a budget, and stick with it, and you can really grow your finances.

[23:29] He founded Love Now Incorporated in 2017.

[23:55] Tony's been successful, and he wanted to give back.

[24:53] His organization is about taking people where they are and giving them the help they need.

[25:11] Last year they had a coat giveaway event for International students who didn't have them. 

[26:49] Tony left the military in 2016.

[28:23] Tony would go to the library on base and learn all about finance. His success was more about discipline than luck. 

[30:01] It's better to sit down and learn everything on your own. 

[31:28] Passive investment is almost mandatory as society progresses. People need to take advantage of investing to benefit from compound interest. 

[33:55] The military is now creating programs to protect people who enlist after they leave. 

[35:44] Look at your money. Make a budget and track what you. Stick with your budget and save. Life insurance is an investment, have your foundation in place. Get an emergency fund. Then invest. 

[39:20] When stocks start to fall is the time to buy. Save now. 

Links and Resources

Tony Elion

Sailor to Student: How I Made a Quarter of a Million Dollars in the Stock Market, and You Can Too.

Love Now Inc. on Facebook

Tony Elion on Facebook

Tony Elion on Twitter

Tony Elion on Instagram

Personal Finance for Dummies

David Stein is the host of the Money For the Rest of Us podcast and the author of Money for the Rest of Us: 10 Questions to Master Successful Investing. David was an institutional investment advisor who managed money for endowments, foundations, and financial planners. Eventually, he knew that he wanted to branch out on his own, and he started Money For the Rest of Us. 

According to David, his new book distills the financial information that he has been talking about for the last 20 years. He breaks the chapters down into 10 questions that we can ask to build a framework for investing. He says that we don't have to be experts to invest, but having a plan and a framework to work through can help us ask the right questions to discover which investments are right for us. 

He says that portfolios don't have to be complicated and can be as simple as two or three funds. In this episode, David walks us through his 10 questions and shares insight and wisdom from his financial experience. He shares the difference between optimzing and diversify and why you can think of your portfolio as a flower garden with a diverse range of plants. He also gives his advice for people who are just starting out with investing and saving. 

Highlights from This Episode 

[00:44] David was an institutional investment advisor for about 17 years. He managed money for endowments, foundations, and financial planners.

[01:02] When he was in his mid-forties, he realized he wanted to do something else.

[01:16] He now works for himself and runs the Money for the Rest of Us Podcast where he teaches people about investing and how money works. 

[01:58] David Stein is the author of the book Money for the Rest of Us: 10 Questions to Master Successful Investing where he has distilled everything he has been talking about for the last 20 years.

[02:40] His book is geared towards individual investors to give them a sense of confidence.

[03:13] David wants to help individual investors find a way to analyze all of their options. This book will help them decide how to make decisions around investing and what to invest in.

[04:08] The book does include some tactics but those are to reinforce the strategic plan.

[04:35] The book is structured with each chapter having a question to ask ourselves before we invest. Together these questions form an investment discipline.

[05:45] Question 1 begins with what is it. If we can explain what we're investing in then it may not be the best option.

[07:22] Question two asks whether it's investing, speculation, or gambling. Is there an income component? Will the return be positive or negative? Gambling has a negative expected return. We do it for entertainment value.

[09:24] We should be spending money on things that help us figure out our purpose in life. When people leave the military they are often not sure what to do next.

[11:18] Be aware of the return on your investment whether it's college or another investment.

[12:54] The next two questions are what is the upside and the downside. Investments can be broken down into cash flow, how the cash flow is growing, and what are investors paying for that cash flow stream.

[14:35] The downside is the maximum potential lost that could happen and what the impact of that would be.

[15:30] Understanding how to measure risk helps us to make allocation decisions.

[17:18] We've been in a 10-year bull market with stocks. Don't assume recent events are going to continue.

[19:33] The next question is who's on the other side of the trade. Knowing who's selling something and why can be valuable information, because you'll know how motivated they are.

[22:46] Trading is a zero-sum game and there's a loser for every winner. When you trade Forex or options you're competing against institutions. Those institutions know more about trading and the flow of the orders and the drivers of the market.

[29:14] Question number seven is what does it take to be successful. In real estate, you need to separate the underlying expenses and cash flow.

[31:00] Question eight is think about who's getting a cut of the return. A lot of the return can go to taxes. Recognize taxes and fees. Having to pay taxes does mean you've been a successful investor.

[32:22] Question nine is how does it impact your portfolio. This comes down to asset allocation. Think of it as a flower garden that you want to diversify. You don't optimize your garden, you diversify it.

[35:33] Question 10 is should you invest. 

[37:24] Answering these questions will help you form an investing discipline.

[37:34] David's book was endorsed by Annie Duke. We shouldn't beat ourselves up for the outcome of our decisions.

[38:15] Professionals have a framework or checklist to guide them.

[39:45] Thrift Savings Plans have the G fund which is a government bond fund. It has a higher yield than many bond funds. The price won't fall as interest rates rise.

[40:42] You could invest in a TSP and then put your taxable money into an ETF or Index Fund.

[41:37] Portfolios don't have to be complicated. Investing can be as simple as owning two or three funds. 

[45:54] Start small with investing and about investing. You'll always be learning more. Set the discipline to start saving. Try to allocate 15 to 20% to savings. 

Links and Resources

Money For the Rest of Us

Money for the Rest of Us: 10 Questions to Master Successful Investing

David Stein on LinkedIn

Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts

College can be one of the most important choices that a young person makes. Yet, it's getting more and more difficult to navigate the admissions process and all of the financial choices that come along with it. A large percentage of students don't even know what they want to do or what their interests really are. Contributing to the issue is that high school counselors don't have the time and resources to really help with an individualized plan for most students. 

The answer to these issues are personalized college admissions consultants and we have two of them on the show today. Brooke Daly is one of the nation's leading experts in college consulting. She is the immediate past president of the Higher Education Consultants Association and the owner of Advantage College Planning which she started in 2008. She is joined by Lindsey Ringenbach. Lindsey has extensive experience in college admissions starting her career at UNC Chapel Hill where she worked in undergraduate admissions. 

Together they love to guide students and parents through the college admissions process and help ensure the student ends up attending a college that fits their personality and provides the experience they desire. In this episode they explain what a consultant does and how the selection and admissions process can be improved for kids and adults. 

Highlights from This Episode 

[01:30] Brooke started Advantage College Planning in 2008, after working for a nonprofit in the college planning process. She wanted to branch out on her own and start a business that would help families make this process less stressful and help them find affordable college solutions. 

[02:09] Lindsey has a background in college admissions and college counseling. She's a former assistant director of admissions at UNC Chapel Hill. She's spent time at public and private schools and colleges. 

[02:59] Brooke and Lindsey work with families in the planning process, and they take the budget and affordability into account. They don't want students to graduate with a lot of debt hanging over their heads.

[04:08] The college fit is very important. It's a major problem when a student has debt and hasn't even graduated.

[05:09] Look at the Higher Education Consultants Association or the Independent Education Consultants Association to see if your potential consultant is a member.

[05:48] The match between a student and a consultant is very important. Different consultants have different strengths such as helping athletes find the right school.

[07:27] A sweet spot to start working with students for the admissions process is in their freshman or sophomore year of high school.

[08:04] Brooke and Lindsey do a variety of personality and aptitude assessments.

[09:02] The application process and writing essays starts in the junior year. A great high school experience creates college opportunities and makes the high school years fulfilling.

[11:21] Curriculum is one of the most important factors. Students should challenge themselves. Students should look for ways to stretch themselves by taking advanced courses, but not be overloaded. 

[13:00] Taking a summer junior college class can also help.

[14:08] Online classes can be a great fit for some students. It really depends on a student's readiness.

[15:43] The first most important factor is rigor of curriculum and the second most important factor is grades. You want mostly A grades. 

[18:08] Lindsey and Brooke also help students make academic goals.

[18:44] Test scores round out the student profile. They help students understand what test to take and when and how to prepare for them.

[21:32] Gap years are becoming more popular. The time should be used wisely. 

[23:28] In North Carolina, credits from community colleges transfer over to the state universities. There may be more scholarship opportunities for state college freshman. 

[25:17] Military affiliation could be taken into consideration. It really just depends.

[28:14] A consultant can give you more personalized help compared to an overworked high school counselor.

[29:29] Reach out to the admissions office of your college and see if they have staff that works with non-traditional students.

[31:47] With extra curricular activities focus on depth of involvement as opposed to breadth. Be the kid with lots of angles instead of well-rounded. What was your involvement and contribution?

[34:59] Learn how to be organized and manage the process. Have an email just for college. 

Links and Resources

Advantage College Planning

Brooke Daly on LinkedIn

Lindsey Ringenback on LinkedIn

Higher Education Consultants Association

Independent Education Consultants Association

According to today's guest, unemployment for military spouses is six to seven times higher than it is for the general population. This makes sense considering that military families move frequently. Starting over and finding a new job can be a challenge. Today's guest experienced this herself. Ashley Metesh-McCoy was raised in the military and was used to the moves. She also served for about ten years. In this time, she met her husband, and now she is a military spouse and a veteran. 

After Ashley left the military she earned an MBA at George Washington University. She found a job working in corporate strategy for Carnival Cruise Lines. She also discovered that travel was a viable career option and the perfect fit for military spouses. After all, they travel frequently and the ability to work remotely would mean they wouldn't have to switch jobs after every move. She had always wanted to be an entrepreneur and turned her idea into a business. 

Ashley founded Kinship Vacations which is a travel design firm that helps people plan unique travel experiences. Ashley is the owner and lead travel advisor. She also found a way to help other military spouses. Within her business is a training component that teaches military spouses and veterans how to create long-term career opportunities in the travel industry in a portable business model. Her entire team consists of military spouses and veterans. In this episode, Ashley shares her business success and how she helps others do the same. 

Highlights from Episode 24

[01:22] Ashley's step dad was an Army Ranger. She joined the Washington National Guard to help with college expenses. She then started school at the University of Washington. She drilled as a guardsman and got an ROTC scholarship. 

[03:10] After graduating, she was commissioned as an officer in the National Guard.

[03:25] She was then deployed to Afghanistan in 2006 to 2007, and that's where she met her husband. 

[03:49] They've been married now for almost 12 years. 

[04:03] She got out of the military in 2011 and got her MBA. Her husband also got his master's at the same time. 

[04:35] They then moved to Florida. Ashley had a baby and her first post-military job was working for Carnival Cruise Lines in competitive intelligence. 

[05:26] Ashley always wanted her own business. The next time the family had to move, she decided to start her own travel agency. In the process, she learned that this would be a cool opportunity for military spouses.

[06:07] Military spouses want to work and for most families a dual-income is necessary.

[06:33] Military spouses move all the time and live in really cool places, so they have a really great travel knowledge and need portable careers.

[06:41] Ashley started a program for military spouses and veterans which trains them on how to start their own home-based travel agencies.

[06:52] The program has been going for about a year-and-a-half now, and she has seven sub-contracted travel agents working with her and one administrative person. 

[07:55] She won an ASTA Entrepreneur of the Year Award. Her competition included people who had been on Shark Tank. 

[11:25] Coming from a military background with all the challenges that we face makes us very entrepreneurial.

[12:57] Ashley uses Zoom to stay in contact with her virtual team that's all over the world. They also have a private Facebook group and use Trello.

[14:57] To avoid isolation when working at home, it's crucial to align yourself with some type of community.

[17:58] Having a remote business had been a life changer for Ashley and the people she works with. The flexibility is great. 

[23:16] The challenge of finding jobs for military spouses is finally getting the attention it needs. Ashley is working on a grass roots level.

[24:11] The Kinship training program has three components. The training portion is virtual module based training. The second component is structured mentorship. The third part is Ashley's proprietary system.

[26:08] Her program is designed so that someone who has never worked in the travel industry but has a passion for it can step into the job. The program is a year-long, but it's technically at your own pace.

[28:19] Everyone in Ashley's program is a military spouse and some are also veterans.

[28:50] Industry familiarization trips or research travel is a tax write-off for travel agents.

[29:17] Agents are also offered discounts and even free trips. Ashley has been to Slovenia twice in the last two years.

[30:38] Find something that brings you joy that you can monetize. Align yourself with a supportive community.

Links and Resources

Kinship Vacations

Ashley Metesh-McCoy on LinkedIn

[email protected]

Kinship Vacations on Twitter

Kinship Vacations on Instagram

Kinship Vacations on Facebook

American Society of Travel Advisors

Start-up Nation: The Story of Israel's Economic Miracle

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Hiring Our Heroes

The sooner you start getting informed about your finances and actively planning your earning, spending and investing the more wealth you can accumulate. I have Michelle Waymire on the show today. Michelle is a Certified Financial Planner and the creator of Young & Scrappy a specialty practice geared towards investing for younger people. She is also the host of the Young & Scrappy Money podcast a weekly podcast featuring tips and tricks to take control of your finances. 

Michelle takes a unique approach to many financial practices. She shares what a money squad is and how valuable it is to have a group of experts to help with decisions, especially for people who move frequently like military families. Michelle shares how she feels about real estate investing within a self-directed IRA and the importance of diversity. We also talk about things to ask before becoming a landlord. She shares her technique to make budgeting and keeping spending under control effortless. We also talk about a sinking fund, financial freedom, and Michelle gives her one best piece of advice that really applies to everyone. 

Highlights from Episode 23

[01:06] Michelle lives in the suburbs of Atlanta which creates more room for her dogs. 

[02:04] A money squad are the people in your life that help you keep your finances together. These are people like your CPA, bookkeeper,  estate planning attorney, financial adviser, financial planner, and anyone else who is a good financial influence.

[03:17] Having a money squad is important for military people, especially when they move around a lot. 

[05:29] Having a rental property depends on your personality, goals, and finding help for the management. It also depends on where you live and possibility for positive cash flow. 

[08:32] Michelle doesn't recommend using IRAs to invest in real estate. It can be tricky and have tax consequences. There are ETFs and REITs for investing in real estate with diversification. 

[12:16] For Michelle, budgeting is a time to build an aspirational spreadsheet. She tracks what's coming in, predictable expenses, savings goals, and what's left over to spend. She decides in advance how much to spend on the fun stuff based on what is spent on the necessary stuff. 

[13:42] She divides her overall spending bucket into a weekly amount and gives herself an old school weekly allowance. 

[14:28] She puts her spending money in a separate checking account, so she always knows how much she can spend without having to do any work.

[16:22] Michelle's family has semi-combined expenses. It's a separate joint bank account where they each pay the same amount on the first of the month. Shared expenses come from this account. 

[17:20] You have complete freedom when creating a joint or separate system with a partner or spouse. Find out how much you want to combine and if you are both on the same page. 

[18:57] There's usually a savings component to your budget. Have an area to pull money from if you go over your budget. 

[20:30] Consistent overspending is a good opportunity to take a look at your budget and see if it's realistic.

[21:21] A sinking fund is for large and unpredictable recurring expenses. List what's problematic and how much it costs. Divide that money by 12 and transfer it into a savings account. 

[23:16] Start with a $1000 emergency fund. A full emergency fund is anywhere from 3 to 6 months expenses. 

[26:05] Financial freedom equates to choice and having the options to do what you want in this world. 

[27:52] People with heavy student debt need to know that they aren't alone. Don't hide from it. There are options, but you need to do your homework. 

[29:29] You can get information about your private student loan on your credit report. 

[30:30] Michelle's one best piece of advice is to not ignore your finances. Don't wait. 

Links and Resources

Young & Scrappy

The Young & Scrappy Money Podcast

MIchelle Waymire on Twitter

Michelle Waymire on Facebook

Michelle Waymire on LinkedIn

National Student Loan Data System

Annual Credit Report

Repayment Estimator

Rob Berger is a personal finance expert, Forbes Deputy Editor, and author who is here today to talk about his new book and give us solid advice about finances and retirement. Rob practiced law for 25 years but instead of living the big law firm lifestyle, he wanted to focus on getting out of debt and financial freedom. He started a personal finance blog in 2007 along with a subsequent podcast. He was able to sell both and retire from his law career. 

After years of running a finance blog and podcast, he learned a few things about personal finance and retirement. He has a new book out called Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom. He also writes about finance for Forbes. Rob shares proven methods for building wealth. He shares methods to start small with changes that won't even affect your life and then move on to bigger things like changing the way you think about money. 

He is an out of the box thinking who gives a series of questions that you can ask yourself about your financial situation. He isn't a fan of hard and fast rules of thumb, because everyone's situation is different. It's his goal to help people build financial freedom no matter what stage they are at. We talk about the power of compounding and the value of time, budgeting, tools, money audits, and more powerful ways to transform your financial future. 

Highlights from Episode 22

[01:08] Rob is married. He has two kids. He lives in Northern Virginia, and he practiced law for 25 years.

[01:13] He didn't want the big law firm lifestyle. He created goals on being out of debt and achieving financial freedom. 

[01:28] This led to his blog in 2007 and then his podcast. He sold both of these, and they allowed him to retire from the practice of law. 

[01:37] He now works for Forbes and began writing his book. 

[02:04] His goal is to help people achieve financial freedom in a relatively short period of time. His book is called Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom.

[02:35] The book is for everyone. 

[02:53] The more you save, your level of freedom begins to grow. 

[03:40] He calls the ultimate freedom being able to achieve 25X your annual expenses. 

[04:26] Many people pursue passions after retiring. 

[05:56] Financial freedom is about how much you have in relation to your expenses. Lowering your expenses makes achieving financial freedom easier.

[06:34] Break your finances down to attainable steps. Rob has seven levels to help measure progress.

[07:34] Everyone should track their net worth over time. Assets-Liabilities=Net Worth

[08:32] YNAB is great for budgeting and tracking your spending.  

[11:17] Everything in your budget affects your net worth. 

[12:21] Don't follow a blanket rule of thumb. Don't give up an employer match. Prioritize and work on multiple goals at once. 

[14:15] The most powerful tool we all have is compounding. Part of the equation is time. The sooner you start saving, the sooner the compounding kicks in. 

[16:26] Think about car cost in opportunity costs. A car can be the difference between a comfortable retirement and living paycheck to paycheck. Hold on to your cars longer. 

[20:10] Defined benefit plans are part of your compensation. They force us to save for retirement. 

[22:03] The downside is that we have no control and can't leave it to our children. 

[24:25] Thrift Savings Plans or TSPs are some of the best savings plans. Small differences over time matter. Fees need to be understood. TSPs are virtually free. This can translate into money into your pocket. 

[30:16] Conduct a money audit and find ways to save money without changing the way you live. Map out all of your expenses. Is there anything you can cancel? Is there anything you can change to a lower cost? Then comparison shop for whatever is left. 

[33:05] Automated savings is the way to go. Wealth is produced over time. Repeat your money audit every year.

[38:37] Use what if questions to see what you can cut or if there is anything that you can change or stop for awhile. 

[41:59] There are families making the same amount of money with lives that look similar, yet one is living paycheck to paycheck and the other is a millionaire. 

[43:50] Rob is a fan of index funds at Vanguard or one of the other low cost brokers. You could do a three fund portfolio with US stocks, International stocks, and bonds. 

[46:46] When just starting out nail down your net worth and budget. Find the percentage you are saving and work through the money audit and some what if experiments. 

[47:29] Know your expense ratio. Put the ticker in Morningstar and find your expense ratio. You shouldn't be above 10 or 20 basis points. 

Links and Resources

Retire Before Mom and Dad

Retire Before Mom and Dad: The Simple Numbers Behind A Lifetime of Financial Freedom

[email protected]

Rob Berger on Forbes

Rob Berger on LinkedIn

Rob Berger on Twitter

Robert Berger on Facebook

Mint

YNAB

Tiller

Morningstar

Treveal C.W. Lynch is a certified personal trainer, ordained minister, mentor, motivational speaker and author. He is the founder of iamthepossible®, a company built on the philosophy that "everything you hope to be tomorrow, you already are today." He is committed to inspiring audiences to see their value and self-worth inside of their true selves. His new book is WHAT Is Enough: How to Lighten Your Load and Find What Makes You Happy. 

He is passionate about helping other people to see their true value not the labels society or others have put on them. In this conversation, he shares his wisdom and his journey to finding his true self and value. He is humble yet exudes a quiet confidence. He wasn't always this way, though. He grew up without a dad and had a mother with addiction problems. He was that kid in the neighborhood who always got picked on, and it really began to erode his self-esteem. 

Through the love of his grandmother and his own self awareness, he had an aha moment that changed his journey from one of self doubt and low self-worth to one of growth and true happiness. He is now on a journey to help others do the same, and we are lucky enough to have him on the show today to tell his story and share his life philosophy. 

Highlights from Episode 18

[00:47] Treveal is a self-worth specialist and speaker. He's a pastor and an author who understands the pain and tribulations of growing up in an environment that was conducive to tearing down his self-value. 

[01:25] When he was seven or eight, he put on weight and was known as the fat kid. He also didn't have a father in his home. His mom was on drugs and alcohol.

[01:44] He also was bullied because of his mother's lifestyle choices.

[01:57] Then he started stuttering when he was around 11 or 12.

[02:25] He was picked on in his neighborhood, and he thought of himself as worthless.

[03:06] He had low self-esteem and was smoking a lot of pot in college and not taking it seriously. His grandmother gave him an ultimatum. 

[03:21] He chose the latter choice and was kicked out of his grandmother's house and started staying where he could for the next two years. He was sleeping on a cockroach laden floor with his shirt for a pillow. 

[04:01] When he was 19, he purchased an ounce of pot for $120. It was a robbery set up. His life or his weed. For $120 bag of weed he was willing to risk his life. This was the beginning of the turning point for him. 

[07:11] Treveal's company is founded on the philosophy that the greatest form of self development is self-discovery.

[07:27] Self-observation was the beginning of his awakening and the revelation of his own self-value.

[08:52] Being told a teacher sparked something within in. This began an 18 year journey of the power of self discovery. 

[09:44] Once we discover our center of value we also discover our center of confidence.

[10:33] Treveal is the author of WHAT Is Enough. This is a question that answers itself. A lot of us live in a deflated image of ourselves. If we can only do enough or work hard enough we will be enough. 

[11:50] He shares his life journey and what he discovered through observation. 

[13:15] There's a lot of roles in the military. How one feels about themselves shouldn't be dependent on your office or rank. Humanity should be looked at as equal. Don't invest too much in your name plate or rank. 

[17:09] The number one thing that surprised him about writing a book is how much we can idolize other people.

[17:53] Treveal wakes up humbled and privileged every morning. It's a daily process to love and care for yourself. 

[19:54] We need to realize that we are a success to be a success. You are the source of your greatest confidence. We need to be able to self inspire. 

[21:34] Working from your worth makes you a slam dunk success. 

[22:23] Define what you really desire. Making more money doesn't make you happy. You want to be satisfied in and of yourself. Happiness is within it's not goals. 

[25:06] Three of the six human needs are significance, love, and certainty. Being retired gives you an opportunity to get in tune with other areas of your life. 

[27:11] Get involved in something where you again can experience significance, love, and certainty. 

[28:57] Ask what you can be to satisfy your needs. Discover what you are and what you are born as. 

[31:03] We can diagnose personal prerequisites by taking some time out each day and looking at ourselves and observing patterns. 

[32:36] Ask why you want what you want. Don't postpone your joy to obtain what you don't want. 

[36:40] Quiet yourself and begin to take note on what you do well.

[38:12] You are enough is the most important thing that you can take away. Don't compare your life to other people. 

[39:46] Don't let outer things define your value. 

Links and Resources

I Am the Possible

WHAT Is Enough: How to Lighten Your Load and Find What Makes You Happy

Treveal C.W. Lynch on Facebook

Treveal C. W. Lynch on Instagram

Treveal C. W. Lynch on Twitter

Tony Robbins