Today I’m writing about financial education podcast episodes that deal with investing through Robo-advisors, investing outside of the stock market via alternative investments, starting an online business, and the Miracle Morning.
This week I was fortunate to have to make two round trips to a medical center about 2.5 hours away. I say fortunate because it gave me ample time to meet my goal of listening to at least four financial education podcasts each week of 2016. I’ve set out this year to get better at managing my finances, solidifying my retirement plans, and sticking to an investment strategy that makes sense and works for me. The only way I can do that is if I educate myself. I’m not quite ready to say I’m a better learner via listening to something versus reading it, but I enjoy throwing headphones on and going about my day while listening to a podcast or audio book. Don’t tell my bride but this is sometimes why I’ll pitch in with extra chores around the house. It allows me to put headphones on and catch up on whatever I want to listen to!
I listened to the Money Masterminds show and learned a ton. I’d have to say this was my favorite episode I stumbled across for the week because I learned about two totally new topics, Tax Lien Investing and Self Directed IRA’s. After that I gave ears to another Money For the Rest of Us podcast on Robo-Advisers. This one was particularly interesting to me as I personally hold an account at Acorns, which is a penny rounding savings and investment platform. I’d also consider it a robo-advisor. I’ll post my review of that service this weekend. Bigger Pockets interviewed Hal Elrod, the founder of the Miracle Morning. Hal was critically injured in car accident and was clinically dead several times during the hours immediately following the incident. He rebuilt his life after creating a morning ritual that combines several aspects of successful people’s daily rituals. If you’re interested in starting your own online business, you might have heard of Steve Chou’s My Wife Quit Her Job. This was my first time listening to his podcast and it just so happens he interviews his spouse to talk about how they were able to create their successful online business selling lace handkerchiefs.
I’d love to hear your feedback on the Financial Freedom Review. I’m trying different formats and commentary styles so please leave me a comment and let me know if this helps you find something you’re looking for. This site is dedicated to financial education for your financial freedom so let me know if I’m off the mark. Here’s my review of this week’s listens.
If you have any interest in trying out WealthFront, Betterment, Charles Schwab, or another Robo-advisor give this one a go. The criteria for how each advisor determines what risk category and asset allocation you should own varies widely. Go to the link for the episode and you’ll also see David Steins written explanation of how each Robo-advisor differs. I find it interesting that each one of them takes a different approach. Maybe it makes sense because each system was created by a real stock broker (financial adviser) if you will. Every stock broker or adviser out there is going to try and find some way to beat the market and what we find is that these Robo-advisors are no different. Each company thinks that their mix and algorithms will provide their customers with an edge. The better your WealthFront account does, the more money they make.
Run Time: 36:38
I enjoyed this one and remained engaged throughout the entire podcast. Guest Kirk Chisolm of Innovativewealth.com articulates very clearly what some of the alternative investments out there are available to the individual investor. Prior to listening to this show, I’ve heard rumors of investing in Tax Liens (Rich Dad Poor Dad) but had no idea what they were or how to use them. Have you heard of Self-Directed IRA’s? Me neither. Kirk explains that you can use this alternative investment to tax shelter a wide range of items: race horses, certain types of coins, business entities, tax liens, precious metals, and joint ventures. You are almost just limited by your imagination.
A key point of the Money Mastermind crew and the guest is that you should invest in what you know, and not invest in what you don’t know. Figure out what is right for you. The guest goes so far as to say if you’re going to try Tax Liens, start out small with about $100 or less and see what happens. It is not a get rich quick scheme. I could go out right now and buy a Tax Lien off an auctioneer’s website but I had better do my due diligence before I purchase one of these things. I definitely think it could be done but I know I am not educated enough on how to execute this investment to purchase anything. That’s why I’m dedicated to learning about all things personal finance. I know one day I’ll have the knowledge I need to make an informed decision on whether this investment is right for my portfolio. Give this one a listen if you are curious about what you can invest in outside of stocks and real estate.
Run Time: 1 hr 5 mins
100: An Interview With My Wife – How We Made $100K Profit In Our First Year Selling Handkerchiefs
My Wife Quit Her Job
Steve Chou interviews his wife Jennifer for the very first time on this podcast. Jennifer walks you through how their successful online business, bumblebeelinens.com, got started and how they’ve dealt with challenges and obstacles along the way. Listen to this one if you’re interested in starting an online business and especially if you want to start one with your spouse. This family was able to work together at home and create what is now a $1 million plus business, all while raising children in the house! That is a miracle in and of itself. I can’t tell you how hard it is sometimes to get work down with 2 rambunctious kids running around the house, unplugging power cords and wanting to race cars for the umpteenth time. Steve and Jennifer don’t go into a great amount of detail on their business but this is a good introduction to their story and how they were able to achieve financial freedom.
Run Time: 52:58
It won’t say much about this one as you can read the BP summary in the graphic above. I personally like the Hal Elrod story and the idea of the Miracle Morning. I have no doubt it is a legitimate way to center yourself, focus your mind, and prepare yourself to meet the challenges of the day while achieving your goals. Implementing this technique of time management is definitely on my list of things to do. Since I’m required to exercise for my job I already have part of Hal’s ritual down pat! I’ll just have to get myself out of bed before I head off to work each morning so I can get in the Word, work on this website, and continue working towards financial freedom.
Run Time: 1 hr 29 mins
Thanks for reading this week’s Financial Freedom Review. If you purchase an item from Amazon after clicking through the Rich Dad Poor Dad link I will receive a very modest commission. Thanks for your support and feedback; please look out for next week’s edition of the FFR.