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In this conversation, Matt Chambers interviews Steve Selengut, an investment management veteran, about achieving income independence in retirement. Selengut shares his method of using closed-end funds to generate consistent income and avoid drawing down on the principal.

 He explains the six principles of investing, which include quality, diversification, income production, profit taking, market cycle investment management, and income reinvestment. Selengut also discusses the advantages of closed-end funds, such as instant diversification and higher yields compared to other investment options. 

They discuss the importance of generating monthly income through closed-end funds and the power of compounding interest. He emphasizes the need to reinvest a portion of the income to continue growing it and using the rest for living expenses. 

They highlight the lack of knowledge about compound interest among many people and the potential for even small investments to grow into significant wealth over time. Steve also explains the active management approach he takes with his own portfolio, but notes that it is not necessary for everyone. 

They discuss the role of closed-end funds in providing income and the importance of selecting reputable financial institutions to manage them. He addresses the misconception that set-it-and-forget-it strategies are ideal and emphasizes the need for income-focused investing. They also cover the availability of safer closed-end funds and other investment options for those with limited knowledge of investing.

KEY TAKEAWAYS:

• Income independence in retirement can be achieved by focusing on income production rather than market value growth.
• Closed-end funds offer instant diversification and higher yields compared to other investment options.
• The six principles of investing include quality, diversification, income production, profit taking, market cycle investment management, and income reinvestment.
• Understanding market cycles and adjusting investment strategies accordingly can help maximize returns.
• Reinvesting income can accelerate portfolio growth and increase income over time. Generating monthly income through closed-end funds is crucial for financial stability and growth.
• Reinvesting a portion of the income allows for continued growth and compounding interest.
• Many people are unaware of the power of compound interest and the potential for small investments to grow into significant wealth over time.
• Active management of a portfolio is not necessary for everyone, but it can lead to faster growth and increased income.
• Selecting reputable financial institutions to manage closed-end funds is important for ensuring income generation and portfolio growth.
• The misconception that set-it-and-forget-it strategies are ideal can hinder income-focused investing.

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This conversation is a discussion between two friends, Matt and Jake, about Jake's journey in building a successful tutoring and college counseling business. They reminisce about their college days and the influence of their mentor. Jake shares how he started his business and the challenges he faced along the way. They also discuss the college admissions process and the common pitfalls that students make. Jake emphasizes the importance of being authentic and telling a unique story in college applications. The conversation covers various topics related to college admissions, education, and the future of formal education. Matt Chambers discusses the pressure on students to participate in extracurricular activities and the importance of finding one's own passion. He shares stories of students who pursued their own creative projects and found success. Chambers also criticizes the current college admission system and the emphasis on degrees. He suggests that colleges should focus more on practical skills and real-world experience rather than unnecessary classes. The conversation concludes with a discussion on the value of lifelong learning and the importance of continuous improvement in one's chosen field.

keywords

college admissions, tutoring, college counseling, authenticity, storytelling, college admissions, education, extracurricular activities, passion, creative projects, college admission system, degrees, practical skills, real-world experience, lifelong learning, continuous improvement

takeaways

• Building a successful business takes time, perseverance, and the ability to adapt to challenges.
• The college admissions process is highly competitive and often focused on rankings, but it's important for students to be authentic and tell their unique stories.
• Writing compelling essays and showcasing personal growth and experiences can make a significant impact on college applications.
• The role of mentors and supportive individuals in shaping one's journey and success should not be underestimated. Students should focus on finding their own passion and pursuing creative projects.
• The current college admission system is flawed and places too much emphasis on degrees.
• Colleges should prioritize practical skills and real-world experience.
• Lifelong learning is essential for success in any field.
• Continuous improvement is important for staying ahead in one's chosen profession.

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Could trading the hustle and grind of the American dream for the vibrant rhythms of salsa dancing in Medellin be the key to a more fulfilling life? Join us on Matt Chambers Connects as we chat with Michael Papa, a remarkable entrepreneur, author, and salsa dance aficionado who has embraced a liberating lifestyle in Colombia. Michael shares his captivating journey from Sacramento to Medellin, offering insights into the warmth and communal spirit of Colombian culture, and how his passion for dance reignited his zest for life.

Explore the transformative power of dance and the significance of staying informed amidst a sea of misinformation. Michael discusses his book, "Good Communication. A Lost Art," and its upcoming sequel, highlighting the crucial role of reliable information and positive influences in maintaining a healthy mindset. We delve into the importance of authenticity, open communication, and honest feedback in fostering personal growth and successful entrepreneurship. Michael's experiences underscore the value of passion and joy in all aspects of life, from hobbies to business.

Lastly, we reflect on the numerous benefits Michael has discovered from international living. From the fresher, healthier food options to the supportive community environment, Michael's insights offer invaluable perspectives for anyone considering relocating abroad. We contrast cultural practices, emphasizing the importance of respect and openness when immersing oneself in a new country. Tune in to discover how embracing a broader perspective can lead to a richer, more vibrant lifestyle.

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Have you ever wondered what the real difference is between Western and Amazonian Ancestral Medicine? In today's episode, we take you on a unique spiritual journey with Taita Elkin Cortéz, a Colombian shaman with over two decades of experience in ancestral medicine. Since childhood, Elkin was recognized by the elders of his community as someone special, which led him to be trained in the use of medicinal plants for both spiritual and physical healing. Discover how sacred plants play a crucial role in healing rituals and how knowledge is passed down from generation to generation.

We’ll also explore touching healing stories, including accounts of young people who have overcome addictions and mental health issues through prolonged ceremonies and the use of medicinal plants such as Ayahuasca and Psilocybin Mushrooms. Mr. Cortez also offers valuable advice for those interested in experiencing traditional Amazonian medicine with respect and responsibility. You’ll learn how to identify trustworthy places and people to take the medicine, and the importance of approaching these practices with devotion and good intentions. Don’t miss this deep and revealing conversation about the power of ancestral medicine to balance and strengthen both body and spirit.

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Unlock the secrets of ancient alchemy and modern healing on Matt Chambers Connects with our fascinating guest, Lobo, an alchemist committed to transforming lives. Discover the profound benefits of psilocybin, commonly known as magic mushrooms, and how they can stimulate neurogenesis and neuroplasticity. Lobo shares unique insights into how these natural substances offer a promising alternative to traditional pharmaceuticals, helping individuals to overcome depression, anxiety, and addiction through both ceremonial and microdosing approaches.

We'll guide you through the transformative power of microdosing psilocybin mushrooms and how it can rewire the brain to crave positive neurochemicals like serotonin and oxytocin. Through compelling personal anecdotes and success stories, we illustrate how microdosing has the potential to restore energy, joy, and creativity. Listen as we emphasize the importance of professional guidance in this journey and the necessity of taking breaks between microdosing cycles to maintain long-term benefits.

Our discussion takes a deeper turn as we tackle sensitive topics around sexual trauma and cultural pressures surrounding sexuality. Hear startling statistics that reveal the widespread impact of sexual performance anxiety and disconnection from pleasure. We juxtapose Western and Eastern perspectives on sexuality, highlighting how different cultural approaches can lead to more fulfilling sexual experiences. Additionally, we introduce Taoist techniques for managing sexual energy and preserving vitality, making this episode a comprehensive guide to mental, emotional, and physical well-being.

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Ever wondered what it takes to transition from a high-pressure corporate job to an adventurous, fulfilling life in Latin America? Join me, Matt Chambers, as I chat with my friend Tyler, who did just that! Tyler's journey from Texas to Medellin is packed with inspiring experiences, from his early days at KPMG to spontaneous trips across Latin America. Learn how he found balance between a demanding work ethic and the relaxed, vibrant lifestyle that cities like Medellin offer. This episode promises to be an engaging exploration of professional growth, cultural immersion, and the unexpected twists that make life abroad so captivating.

Discover the stark contrasts between life in different Latin American countries as we recount Tyler's transformative experiences in Nicaragua, Colombia, and Mexico City. We'll share tales of cultural integration, emphasizing how embracing local customs, like latin dance, enriches one's life abroad. Hear about the challenges Tyler faced, from working long hours independently to adjusting to new cultural norms, and gain insights into the rewards of stepping out of your comfort zone and immersing yourself in a new way of living.

Whether you're contemplating a move abroad or simply curious about life in Latin America, this episode offers practical advice and personal anecdotes to guide you. From language learning strategies to financial considerations and the intricacies of international banking, we've got you covered. Tune in to hear about the unmissable destinations and hidden gems that make this region so enticing. Prepare to be inspired by Tyler's story and find out why making the leap could be the best decision of your life.

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Ever wondered what it's really like navigating the legal landscape in Latin America? My guest takes us on a rollercoaster ride through his frequent encounters with the law  across Latin America. Expect humorous and chilling tales of close shaves with brothel raids and the sobering recount of arrests during political upheaval. These stories paint a vivid picture of life in Latin America, showcasing the vibrant, albeit sometimes chaotic, everyday reality.

From mouth-watering local dishes to high-quality, affordable healthcare, we dissect the allure of Latin American living. Discover why many successful Americans yearn for the relaxed, enjoyable lifestyle south of the border, and how misconceptions about countries like Costa Rica, Panama, and Colombia often miss the mark. We also delve into crucial safety advice for foreigners, especially in bustling dangerous cities like Medellin, Colombia. Personal anecdotes and practical tips offer a comprehensive guide to embracing the expat lifestyle while staying wary and wise. So tune in and enrich your understanding of life with a Latin American twist!

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Have you ever thought about starting a business abroad or had a desire to expand your current business abroad?  Join me, Matt Chambers, as I reconnect with old friend and very successful international business attorney Jessica Youngs as we take a little trip trip down memory lane and go in depth about some legal pitfalls to look out for when you're thinking of expanding abroad. From our early days in Champaign Illinois to our adventures in Atlanta. We explore the twists and turns of our career paths, from the humble beginnings of my furniture business in Minneapolis to  how Jessica's adapting to life abroad and built a renown international law practice in Europe. This episode is a testament to the power of building cross-cultural connections and the unique challenges and rewards that come with it.

Embrace the spirit of adventure as we recount travel stories that range from childhood trips to historical sites in West Virginia to her father's awe-inspiring motorcycle circumnavigation of the globe at 72. Discover how these experiences have fueled a lifelong passion for exploration and personal growth. We talk about overcoming the fear of traveling alone, starting small, and the sense of freedom that travel brings. Whether it's scuba diving in Egypt's Red Sea or a spontaneous skydiving adventure, our tales are sure to inspire your wanderlust.

We also delve into the evolving landscape of our global careers and remote work, highlighting the flexibility brought about by technology advancements. From working at a traditional U.S. law firm to embracing a remote lifestyle by creating an international law practice across Europe and the U.S. We discuss how this adaptability has shaped our professional lives. Learn about the legal intricacies of global expansion and the importance of cultural adaptability in professional settings. With insights into the tech and SaaS industries, and reflections on running a car rental business, this episode offers a rich blend of professional wisdom and life lessons.

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Ever wondered how an unexpected encounter at the gym can turn into a cherished friendship? Join me, Matt Chambers, as I sit down with my dear friend and Spanish Professor, Violeta Bernal and reminisce about our unique and humorous meeting in Medellín, Colombia. We laugh about how I mistakenly thought we met at a coffee shop, only to be corrected by Violeta who vividly remembers our first interaction at the gym. Discover the story behind her serious workout demeanor and how it led to our rare connection, all while highlighting the joy of making unexpected friendships.

From there, we journey through the gripping and resilient childhood of growing up in Medellín during the infamous Pablo Escobar era. Violeta shares vivid memories of living in neighborhoods marked by violence and crime, offering a raw and powerful glimpse into life during those tumultuous times. We reflect on the positive changes brought by President Álvaro Uribe's policies and the persistent dangers of guerrilla warfare, painting a comprehensive picture of Medellín's past and gradual return to safety and normalcy.

Finally, we explore the fascinating world of language learning and teaching. Hear how a chance encounter at the Tiger Paw hostel sparked her passion for teaching Spanish and led to the development of an efficient method for expats to learn the language. From understanding the differences between "ser" and "estar" to practical safety tips for travelers, this episode is packed with insightful advice for anyone keen on cross-cultural connections. Don't miss our heartfelt thank you to Violeta for her wonderful contributions and join us in staying connected through our various platforms.

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From Kansas to the vibrant city of Medellin, Colombia, we embark on an incredible journey with our special guest, who shares his inspiring story of transformation.

 Growing up in an outdoor-oriented community in Kansas, he transitioned from being a swimmer to becoming a hunter before making the bold part-time move to Medellin, Colombia. His entrepreneurial spirit shines through as he discusses his ventures and highlights his son's remarkable career in country music, showcasing the dedication and perseverance needed to thrive in such a competitive industry. Join us as we bridge the gap between the United States and Latin America through enriching personal anecdotes and shared experiences.

In our conversation, we uncover the often-overlooked benefits of living abroad, with a focus on Colombia's superior and affordable healthcare. Comparing the conveniences of Western living to the unique experiences in places like Medellin, we challenge common stereotypes. From the efficiency of services like Rappi to the excellent medical care , these insights provide a fresh perspective on international living. Discover how Medellin's vibrant real estate market has become a lucrative investment opportunity, surpassing traditional hotspots like Miami, and hear about the spontaneous decisions that led to falling in love with this dynamic city.

We also dive into the exciting world of cross-cultural living and business building, exploring the challenges of starting a mattress business in China and the rewarding experiences of balancing life between the U.S. and Medellin. Our guest offers valuable advice for young entrepreneurs, emphasizing the importance of passion and living without regret. Listen in as we discuss the financial wisdom of relocating abroad, particularly for retirees looking to maximize their Social Security benefits, and the cultural appreciation that comes from learning the local language. This episode is a treasure trove of insights for anyone considering a global lifestyle and seeking success beyond borders.

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