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

So what do you do when you start a company, grow it, and sell it for millions?

You do it again, and again……

Then you go out and start a new company that disrupts the Crypto World.

I got to interview Alex Mashinsky, CEO of Celsius Network. I am a huge fan of Celsius network, and have other videos where I share my experience, but this interview is all about Alex's story.

01:06 Where it all started

07:08 From an early age you were a 'tinkerer'

09:15 Wireless service in the NY Subway

13:20 VOIP - it's a big deal!

18:56 Was creating Celsius the next logical step for you?

22:42 How did you want to stand out from other crypto networks?

27:08 Free swaps are an awesome benefit.

29:15 Why are you so passionate about the weekly 'Ask Alex' sessions?

33:45 Why is it important to you to publicly share your failed ventures?

Resources:

Celsius Network | Earning Passive Income Through Cryptocurrency [Step-by-Step Guide]

https://youtu.be/geVvCl4tUxM

Celsius Network Loans Walk-Thru (USING LEVERAGE TO BUILD WEALTH)

https://youtu.be/BUJ6EjLPCC0

Buying Bitcoin - How to Transfer From Fidelity ➡️ Celsius Network (ask the CFP®)

https://youtu.be/tij7cHaUqgU

https://wealthhackerlabs.com/ask/

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It was once said that if Bill Gates were to stop and pick up a $100 bill off the ground - he would actually be losing money.

That is how rich he is.

If I saw $100 bill on the ground, I would definitely stop and pick it up, I'm sure you would too.

A lot of people think that when it comes to investing $100 will not have any impact, it's just not enough money to make a difference.

Today, I want to change that opinion.

I want to show you have you can take $100 and flip it into $1,000.

What if you were to invest $100 every single month?

02:43 The power of compounding interest

04:01 Consistency and discipline are key

06:33 How to make quick profits

10:12 Flipping garage sale and flea market items

14:47 Flipping sneakers

18:13 Flipping sports cards

Resources:

7 Ways to Invest $100

Best Items for Garage Sale Flipping for Fun and Profit

Investing Essentials for Beginners & Intermediates

https://wealthhackerlabs.com/ask/

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It is time for a Robo-Advisor Throwdown!

We are looking at two heavyweights: M1 Finance v Betterment.

I think these platforms are the two best options for beginners. Anyone that is ready to start investing but isn't sure how - one of these tools are best for you.

01:27 Why am I comparing these two platforms?

02:30 Platform information and stats

07:08 Account types offered by each platform

15:14 The fees involved

16:20 Additional features for each platform

18:59 Which platform do I declare the winner?

Resources:

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

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If you have inherited an IRA lately you are probably pulling your hair out trying to understand the rules.

If you are trying to make sense of the rules on your own, you are probably exhausted.

We have a reader question asking this very thing. Let's take a look at that question from Chris:

"I have an inherited IRA and it is currently managed by one of the few investment companies that accepted these accounts. It is losing money and need advice of self managing this account. What is the best strategy and investment for this to protect the assets from inflation and an unstable market?"

There are a few different things going on here.

02:47 Rules for inherited IRA and 401k accounts

04:15 Benefits of an inherited acount

09:15 Which investment firms will manage inherited accounts?

11:22 Protecting yourself from inflation

13:37 Understanding the strategy of your IRA

Resources:

https://wealthhackerlabs.com/ask/

5 Best Hedges in the face of Inflation

7 Best Inflation Hedges (protect your money). - YouTube

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Are we in a bear market? Is the stock market going to crash?

What do you need to do with your money?

I wanted to have a quick discussion about the market and all the fear and uncertainty swirling around out there.

When the fear sets in and our emotions take over, we lose sight of what we are trying to do.

Our last bear market was only 33 days, it barely affected anyone, so I understand why so many people aren't sure what is going to happen.

Before that, going back to 2008-2009 (when many of you started investing) you have had a really long Bull market, so you are not used to seeing red. At that time the 'all time' high was 14,164.

Right now, our 'all time' high is 36,952 - that's more than two times of the all time high back in 2008-2009.

I can't predict exactly what will happen but I can say that many that panicked back in 2008 and sold, or held in cash, lost out.

They lost out on the longest bull market and the best growth we've had in a really long time.

Check out my YouTube channel here.

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I had planned to record something different today but I just wasn't feeling it.

Instead I wanted to take a few minutes to talk to you about a tweet I put out recently.

I've recorded a video in the past that alluded to the shame that I sometimes feel.

My approach has always been to share some of the mistakes that I've made in the past in the hopes that someone out there listening can learn from them as I have.

This is what I tweeted:

I am a multi-millionaire and I have struggled with anxiety, rage, toxic shame, depression, and suicidal thoughts. Here's my story.

First, let me say how much shame I have had to let go of to admit my struggles. All my life I've considered myself successful so when depression hit me and I couldn't out work it, the despair only compounded.

If you are dealing with depression, don't try to do it alone.

What I've learned is that all the money and possessions in the world mean nothing if you are empty on the inside.

I learned that how each individual deals with trauma is what shapes who you are.

The trauma I faced as a child started when my parents got a divorce. I didn't acknowledge this

as trauma when I was a child. After the divorce I moved and lived with my father.

As an adult, I realize how much I craved having a mom. I only got to see my mom in the summer and holidays.

I realized that I never let myself acknowledge fear. Instead I felt shame and depression and it would spiral from there. It was a constant loop of anxiety, shame, panic and depression.

Resources:

https://twitter.com/jjeffrose/status/1527014274698252289

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

Follow me on Twitter and Instagram.

You know that you need to invest in the stock market but you're not really sure how.

You don't trust yourself to build your own portfolio.

The good news, there are investment platforms out there to help you.

It is crazy how easy it is to start investing with a robo-advisor platform.

Let's talk about one of those platforms, Betterment, and the tools and services they offer.

03:39 What is Betterment

06:32 Pricing tiers

09:38 Accounts you can open

13:46 Is Betterment right for me?

16:50 Having access to a team

20:37 Behind the scenes of a Betterment account

Resources:

Betterment Investing Review: Make Investing Automatic

Betterment Checking: A Detailed Review

The Best Online Brokerage Accounts: For Beginners To Experienced Investors

Betterment vs. Wealthfront

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Poor people consume, wealthy people create.

This was a tweet I put out earlier this month. The response was NOT favorable.

I can elaborate on this and I want to share some of the responses from this tweet.

I tell my kids all the time to be careful with social media because things can be taken out of context.

That is what happened to me.

There were som many responses from people who:

Questioned my faith

Told me I was a piece of %$#@

This was a tweet from another CFP

"Terrible take - anyone who has spent meaningful time with the materially poor sees how much hard work and creativity it takes to survive. The wealthy just have the luxury of being able to apply their creative energy to longer term things because they have their basic. Needs met."

I decided to elaborate on my tweet so I added:

'Poor isn't all about monetary status or position, it all about how you approach your day. Are you stuck in your own head and your own struggles? Do you constantly find blame for your shortcomings on others? If you are around these people, and they come from all walks of life, I have been surrounded by rich people that are bankrupt on the inside. They constantly search for outwardly possessions to fill a void. They never will.

Wealthy people understand the word contentment. They breathe it, they live it, they also understand there is more to life than them. Because of that they create opportunities. Could it be jobs? Yes. But more importantly they create space for others to thrive. They listen, they give empathy, they generally want to help without strings attached.

That was the core meaning behind what I was referring to.

People with a broke mindset are toxic. They constantly complain, they are never happy with anything. They also blame others for their shortcomings.

That was the context behind my tweet.

Resources:

https://twitter.com/jjeffrose/status/1525157847394295810

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

Follow me on Twitter and Instagram.

Decisions, decisions. Sometimes we are faced with difficult decisions, they may both be good choices, but we have to pick one.

Today we are talking about the Roth IRA as I answer a reader question.

This question come from Carlos: "I just started a new job after a lengthy stretch of being unemployed. My last job had a 401k but I was excited when I found out my new job offers a Roth 401k. I already have a Roth IRA - thanks to you! - but I'm not sure which one to do. I wish I could do both but financialy I can't afford it. If I had to pick one which one would it be - Roth IRA or Roth 401k?"

If you have access to a 401k, your employer has the ability to add the Roth 401k provision. If they do n to have the Roth provision yet, you could talk to HR to see if they are willing to add the provision.

00:00 Intro

04:35 Similarities of Roth IRA and Roth 401k

07:43 Early withdrawal restrictions

09:12 Key differences of Roth IRA vs Roth 401k

12:24 Loan provisions

15:21 You are in charge of your investments

19:02 Is that your final answer?

Resources:

The Ultimate Roth IRA Conversion Guide – Everything You Need to Know

401k Contribution Limits for 2022

The Traditional IRA vs. the 401(k) Plan – Which Plan Wins?

Roth IRA Rules and Contribution Limits for 2022

https://wealthhackerlabs.com/ask/

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The headlines are already pouring in…'Dow falls more than 200 points….hits new 2022 low!

The media/news are all about selling you fear. They want you to panic.

I don't want you to panic. I want you to be aware, but not panic.

Let's address the 10 things you need to know about a Bear Market.

00:00 Intro

04:04 We are approaching 'Bear Market' territory

05:55 Watch for the 20%

06:42 Stocks lose 36% on average in a bear market

08:56 Bear markets are normal

09:48 Bear markets tend to be short-lived

10:35 Every 3.6 years

12:21 Bear markets have been less frequent since WWII

12:47 Half of the S&P500 Index's strongest days in the last 20 years occurred during a bear market

14:37 A bear market doesn't necessarily indicate an economic recession

15:08 Assuming a 50-year investment horizon, you can expect to live through about 14 bear markets

15:38 Bear markets can be painful, but overall, markets are positive a majority of the time

Resources:

https://www.hartfordfunds.com/dam/en/docs/pub/whitepapers/CCWP045.pdf

Recession Proof: How to Prepare for the Next Recession

Top 10 WORST Stock Market Crashes in History

How the Stock Market Works

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