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

I know most of you are counting the days until 2020 is OVER.

I hope that during the quarantine, lay-offs, etc. you were able to find a way to capitalize on that extra time you may have had.

I'm talking about a side hustle. Something that you could do to make some extra income.

In today's podcast I want to share 12 different side hustle's that you can take a look at and implement today.

Imagine being stuck with over $44,000 of debt.

Then you stumble on a side hustle that allows you to earn an extra $3k a month to pay off that debt in a short amount of time.

Today we are going to talk to someone who did just that.

It has been a while since I have interviewed anyone for a podcast.

Today I will be talking with Robert Farrington.

Robert is with the College Investor - he is known as the Millennial Money Expert.

Do you have any idea how much it costs to get an MBA from Harvard?

There is a long list of fees: tuition, student health fee, student health insurance, course and program material, room and utilizes, living expenses, etc. Add all of these costs together and we are looking at $111,000 per year. It is going to take you TWO years.

I have to ask…..is there something better? I think there is.

So what do I think is better than a Harvard MBA? Starting a blog. Yes, a blog.

When you get started you are not going to be making tons of money. But it is something you can do in your spare time. Even better, it doesn't take a lot of money to get started.

Here are the key principles I learned by starting my blog:

1. How to start a business 2. How to build a thriving network 3. How to be a better communicator 4. How to market yourself 5. Learned high income skills 6. How to scale a business

Yes! Blogging is definitely my preference. But as I mentioned, you don't make a lot of money in the beginning. If you stick with it and publish quality content you will get there.

How to turn something really good into something really awesome.

I've enjoyed talking about FIRE so I thought I would mention how some that follow the FIRE movement have ventured into the entrepreneurial world.

This includes a group that has found financial independence and have left the traditional workspace. They have not necessarily retired because they continue to find different ways to earn additional income.

What does financial independence mean to me?

Here are some of my thoughts/views around financial freedom or financial independence:

Financial independence is not about:

Making the most amount of money you can make The balance in your bank account The kind of car you drive How big your house is How much you spend Where you spend vacation How much you make from your job

Financial independence is all about choices. It is about being able to choose where you work and what you work on. Choosing where you live and who you live with. Choosing where and how often you travel.

For me, it is all about doing what I want, when I want, and with who I want.

We travel a lot. We don't have to stay in 5 star hotels, but we do want a comfortable place to stay where everyone has some space.

Maybe I don't like the FIRE Movement, but I don't hate everything about it.

Today I'm sharing the principles that I respect about the FIRE movement:

1. It forces people to live with intentionality.
2. It puts emphasis on focusing on the things you can control.
3. It forces discomfort.
4. It forces you to know your numbers.
5. The idea and the concept of contentment.

Which one of these principles do you like?

Is there something you like about the FIRE movement that I didn't share? Let me know.

This may come as a surprise, as it is a little known fact…

I have always hated the FIRE movement.

For those of you that don't know what the FIRE movement is….it is 'Financially Independent Retire Early.'

This is a movement that has been around for a while, but has picked up a lot of steam over the last 8-10 years.

The first time I heard of this movement was back in 2012.

So why do I have such a bad taste in my mouth for something (financial independence) that I've been teaching and sharing in my videos?

In this episode I am going to share 7 key reasons why I hate the FIRE movement.

My idea of building wealth at an accelerated rate didn't start until I read Rich Dad Poor Dad. 📚

This book gave me the motivation and the inspiration to make it happen, but I had to figure out on my own how to make it work.

I created the M.O.R.E. Method as a framework to help you get started.

The first M = Mentor, the second M = Mastermind Group

The first O = Open (an investment account), The second O = Open (a personal equity fund)

The R = Research

The E = Execute and Enjoy

As you go through this M.O.R.E. Method I want you to have a goal of making that first $100 and not stopping until you do. 😊

Do you want to make more? Have you implemented these steps?

What do the rich people really invest their money into?

You may be surprised! It's not all about the Hedge Funds or private equity.

What I learned from watching and following other really successful people is that to I needed to invest my money/time into accelerated learning.

Here are 5 ways you can approach this:

1. Reading self-development books
2. Investing in a physical or digital course
3. Mentors
4. Mastermind Groups
5. Build relationships

Did those answers surprise you? Were you expecting portfolio summaries and business venture highlights?

How do you do that in this crazy market?

For me, following the barbell investing strategy is what works.

Here are a few key principles you need to know about the barbell investing strategy:

1. Cash is always king

2. Having the right insurance

3. Low exposure to stocks and bonds

4. High Risk Investments

5. Bring It Home

What do you think about this strategy?

Is this something you could rally behind?