The Good Financial Cents Show w/ Jeff Rose, CFP®

You are finally ready to take the plunge. You've seen everyone else doing and you have serious FOMO.

Today I am going to answer a reader question. He is a serious investor but he has never purchased any cryptocurrency.

I get it - I was a financial advisor with my own wealth management firm and I had no clue where to buy cryptocurrency when I was ready to dive in.

I started investing with crypto in 2017 and there were so many options to choose from

05:05 His question:

'I am completely new to crypto with no brokerage account other than traditional Fidelity and Merrill accounts. I have $50k in traditional savings accounts. What is the quickest and safest way to purchase stable coins and transfer to Celsius?'

In the traditional channels for trading - it is a simple process to transfer from Fidelity to Merrill or other traditional institution - to and from like accounts.

In the Crypto space this type of transfer does not exist.

09:37 Let's address a traditional savings account as a tool for transferring funds for trading crypto.

17:45 Other ways to transfer funds into a platform like Celsius.

Be sure to tune in for all the details.

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Say it ain't so!

BlockFi has been hit with the largest fine of any Crypto exchange company - a $100 Million settlement.

How does this affect you? How does this affect the crypto space?

BlockFi was the first Cryptocurrency savings account that I opened, I've been with them for several years.

Let's dive in and answer some of these questions:

04:06 What did BlockFi do?

13:00 How will it affect customers?

17:56 How will it affect crypto exchanges?

22:08 What are my plans going forward?

Resources:

https://www.sec.gov/news/press-release/2022-26

https://blockfi.com/confidential-s1-filing

https://wealthhackerlabs.com/ask/

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I know that you get them to…..the most annoying phone calls.

I don't know how I got on the list but I continue to get these spam calls….'there is a dispute on my credit report'.

I know that this is a junk call, but what if there is something on your credit report..a collection, some dispute, how do you get it removed?

How is your credit score determined?

What is your real credit score?

If you do have some sort of collection claim on your credit report and it is false or you have taken care of the issue, how do you get it removed?

You should pull your credit report at least once a year to check for correct or incorrect information.

If you find incorrect information, you will need to dispute this data with each credit bureau.

In your letter you will want to include your full contact information; your name, address, phone number, copies of your credit report with incorrect information highlighted, a comprehensive explanation of why the information is incorrect.

You want to include everything you can in this formal request.

Expect to wait at least 30 days after a dispute for the credit bureau to investigate and make changes to your credit report.

Resources:

https://www.annualcreditreport.com/index.action

https://www.consumerfinance.gov/

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1.1 Million Dollars is a lot of money. Is that enough money to retire? What about retiring early?

One common question that these clients had was - once I hit 1 Million in savings/investments - is that enough to retire with?

https://wealthhackerlabs.com/ask/

I had a reader question, from Byron and this is his question:

'I have 1.1 Million in my 401k, and will be retiring in January 2022 at 56. Who would you recommend I have mange this after retirement…."

02:58 Reader question

09:14 Finding a Certified Financial Planner

12:02 Using a financial calculator

Resources:

https://wealthhackerlabs.com/ask/

https://www.cfp.net/

https://www.bankrate.com/retirement/calculators/

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Growing up I had no idea what the word Wealthy meant.

I was busy chasing all the wrong benchmarks - what I was driving, how much I was making annually, etc.

After growing my business, my podcast, this YouTube channel - I understand what it means to be wealthy.

When I think of wealth now, I think of net worth:

Assets - Liabilities - Net Worth

I want to share with you the 4 things I focused on to 10x my net worth and focus on my long-term wealth:

04:47 Give up my 'broke mindset'

07:14 What is a 'Butt Pew?'

08:44 Stop buying liabilities!

12:38 Investing over 20%

16:56 Redefining what investing is.

Resources: https://www.personalcapital.com/

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"If I look back on my goals for life, say 20 years ago, I've exceeded EVERY Metric" - Luke Bogacki

That's a quote from a buddy of mine that has one of the coolest titles I've ever heard 'Race Car Driver." He has gone on to build an amazing on-line business.

This story is so good, you'll get goosebumps.

Luke is going to share his journey with you and we hope that it will encourage and inspire you to be bold and make some significant changes.

Tune in as Luke answers these questions and so much more!

04:14 What is your day job?

06:45 Can you explain bracket racing to us?

08:48 When did you decide to race full time?

09:26 When did you win your first 'paying' race?

12:20 What led you to look into other opportunities?

19:17 How did you start your online journey?

24:12 Did you have anyone guiding you through the process of growing this online business?

28:39 At the last count, how many members are in your group?

29:18 Did you ever get pushback from members when you moved from a free to paid membership?

33:00 As this business has continued to grow, what freedoms have you gained?

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Imagine if you signed a contracting agreeing to get paid $750,000. Then you make a decision that nets you only $35,703.

What made this decision turn out so bad?

We are talking about someone that is getting ready to play in his first Super Bowl, wide receive Odell Beckham Jr, who plays for the Rams.

02:12 Odell signed a deal with the Rams that paid him $750,000 and made headlines when he agreed to get paid for this deal in Bitcoin.

05:10 Because Odell lives in CA, the tax on this payment is 53.3%, right off the top.

09:05 I would be 'that guy' that would love to take this kind of risk - with a huge chunk of money - if it was money I could afford to lose.

12:02 If you are interested in Cryptocurrency and wondering if now is a good time to get in - yes, yes it is.

Here are a few platforms that are good for crypto investing:

Earn $50 With Celsius: https://wealthhackerlabs.com/celsius

Earn up to $250 in bonus with Blockfi : https://wealthhackerlabs.com/blockfi

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For many, retirement can be one of the scariest things you face.

Imagine trying to do this all alone after the loss or your spouse or significant other.

I have a reader, Sherry, that is in this very situation and recently reached out with a few questions.

Sherry asks for advice for a widow at 57 that wants to retire in 10 years. She has an annuity and wants to know what she should do with the annuity.

I think the real question or concern here is 'Will I be ok, will I have enough money?'

Here is my advice:

05:56 Step 1 - Do a financial inventory, or a net worth statement.

09:59 Step 2 - Produce a cash flow statement (current and projected).

14:13 Step 3 - Identify your 'why' behind your retirement goal. What are your plans?

Resources Mentioned:

To ask a question

https://wealthhackerlabs.com/ask/

Video:

2 Types of People That Struggle With This (Never Retire)

https://youtu.be/VpSYTyjJLSo

USAA

✅ Visit https://www.usaa.com/jeffrose

📞 Or call 1-800-531-3165 and talk to a specialist today.

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I believe there are core habits that have led to my success.

I love to read posts, listen to podcasts, and watch videos that share the daily habits of self-made millionaires.

It's fun to compare my habits to those of others and see if they are realistic and/or helpful.

Tune in as I share my opinion of an article I recently found that outlines the 5 daily money habits that keep self-made millionaires wealthy.

Resources:

5 daily money habits that keep self-made millionaires wealthy, according to financial advisors who know

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You know what you want to do but you recognize where you are in life right now…you're behind.

What should you do?

What is the right answer?

Tune in as I share the details of that answer and a whole lot more.

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