The Rate Wealth Podcast

A new bill was proposed in the senate to make student loans have a 0% interest rate.  However, there is a catch to it. We break down this new bill and if we think its good or not as well as the likely hood that its going to pass.

Many are curious whether renting or buying is a better. It is a complex question with a lot of moving parts. There's a behavioral component as well the mathematical/financial side. Joseph will provide you a few points to consider if owning or renting is better for you. Some of the points he brings up may surprise you.

In the workshops Joseph does at universities, he gets 3 common questions that are similar and they are related to money anxiety:

1. How do I stop my money anxiety?
2. Why does money give me anxiety?
3. Why do I stress about money?

In this episode, Joseph discusses the reason why we have anxiety when it comes to thinking about money, managing our money, making decisions about money, etc…

The reason why we have financial anxiety is important to understand so that you can reduce it.  Joseph is hoping this podcast helps a lot of people with money anxiety disorder (or some call it financial anxiety disorder).

To make it easy to understand, he compares money anxiety and financial anxiety to anxiety we used to get when driving prior to the invention of GPS.

If you're attending undergrad or grad school, you may need to take out student loans to pay for your schooling.  In this episode, Joe discusses four recommendations that will make student loans more affordable and manageable. Some you can do yourself; others require policy changes. 

1. Setting a max.

2. Having a private lender.

3. 0% interest rates

4. One income driven repayment plan

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This episode will teach you how not to feel guilty spending money.  There’s a difference between being cheap and being frugal, but what’s more important is to not feel guilty for spending money.  How do you get what you need while still saving for retirement and stick to your plan?  First step is having a budget.  The key piece is the next step.  Listen in to learn what you need to do to not feel guilty spending money.  

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What is the difference between consolidation and refinance?

Student loan consolidation: Merging of loans into one big loan.  Doesn’t save! Doesn’t drop your payment!

Consolidation can cost you for 3 reasons:

1. Can’t target prepayments anymore
2. Every time you pay off a loan, the required payment drops… once you consolidate, it won’t happen any more because it’s one big loan
3. Lose flexibility to go into new plans in the future

Student loan refinance: Replacing an old loan with a new loan at a lower interest rate.  Goal is to save money.

Confusing because sometimes when you refinance you also consolidate multiple loans into one loan.

For those of you who are still in school, or just graduated in the last year, this episode will dispel some of those myths that you've heard about investing.

There a difference between institutional investing vs those who are just starting out to invest.  There's a difference between those who have assets vs those who are starting out.  There's a difference between academic theoretical vs real-world investing.

Financial Pearls:

• "Manage your risk and your returns will be there. "
• Emergency Funds
• "Invest aggressively when you have no funds - WHAT!!!???"

Listen in to learn how to apply what Joe is discussing to yourself.

In this quick episode, Joe goes over how to optimize employee benefits.

If you're single...he proposes options.

If you're married...he proposes a way to optimize your compensation by turning down your employee benefit.

In this podcast, Joe shares his thoughts on coins, specifically Bitcoin, from a high level.  He also discusses who he thinks should be buying coins and who shouldn't.

In this episode, Joe discusses the new bill that removes the tax on student loan forgiveness through 2025 as well as the potential of 50k in student loan forgiveness.

He discusses if these things will help you, hurt you, or do absolutely nothing in the long run.

If you need help with your student loans, be sure to speak with one of our expert student loan planners.

Other podcast mentioned in this episode:

Fixing The Student Loan Problem