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Most of us are average.
Itās just a statement of fact.In this episode, Dave is going to discuss what being in the middle looks like - financially speaking, and then shares suggestions that you can implement into your life to be better than average.
Being average in America is all too common.
We quickly spend as much as we make, and lifestyle inflation creeps in when we do end up making more money. The point of this podcast and our hope for you is to become better than average.
Here, Dave discusses the 10 key things that hold people back and which keep them stuck in average.
As with every podcast, Dave gives some practical tips to become better than average.
Take what you hear and apply it to your life so that you can win with money!Take these āsuggestionsā seriously. Begin this week to practice some of these ideas and you will win with money.
Questions for Review:
Do you consider yourself average financially speaking?Do you have enough money in the bank account to cover a financial emergency?What 1 thing from the episode can you do to get outside your comfort zone and become better than average?Verse From the Episode: "Whoever despises the word brings destruction on himself, but he who reveres the commandment will be rewarded." -Proverbs 13:13
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Today, Dave will share 10 ways to save an extra $400 a month.
Sounds impossible?
Well, listen in and learn how you can do it too!Now these 10 things that are shared should be taken as a whole.
In other words, if you apply several of these ideas, you can get to the savings goal you want to reach.
Most are little things that when taken as a whole will allow you to win... And, thereās even a couple that if you apply it you can save even much more than the $400 monthly.
So letās get started!
Questions for Review:
After listening to the episode, does saving $400 a month sound doable to you?How would your life change if you were able to save at least $400/month?What 1 of the 10 ideas can you go out and implement today?Verse From the Episode: "As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. They are to do good, to be rich in good works, to be generous and ready to share, thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life." - 1 Timothy 6:17-19
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What is a 1031 Exchange Anyway?
Today Dave is going to share what I consider the 2nd best gift the US government has given us to win with money.
Itās a bit more complicated than other methods of winning with money that Iāve discussed prior, however, itās such a good one, Dave will explain what it is and how it can help you keep more of your money!Now thatās worth listening to right?
I donāt know of anyone who wants to pay more in taxes than they have to. The 1031 exchange is an incredible way to defer your taxes, and in some cases never pay taxes on your appreciation of the assets that you own.
The long-term savings can be HUGE.
Throughout your lifetime, as you accumulate properties, you can upgrade them significantly and completely defer or never pay tax on them!
Questions for Review:
Do you now feel like you better understand what a 1031 exchange is?How can using a 1031 exchange allow you to build wealth over time?Is a 1031 exchange something you feel like you can personally take advantage of?Verse From the Episode: "The rich rule over the poor, and the borrower is a slave to the lender." -Proverbs 22:7
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Is there such a thing as good debt?
In Dave's opinion, not all debt is considered "bad" debt.Good debt is viewed as taking on debt that benefits your life.
This debt is a way to create wealth by leverageā¦ a mortgage for a house will build equity, for example.Bad debt, on the other hand, does just the opposite. Itās a burden, a weight on your shoulders, and unlike most home purchases, bad debt almost always goes down in value over time.
Good debt is a type of debt that can potentially provide long-term financial gains and enhance your overall financial situation.
It typically involves borrowing money for investments or purchases that have the potential to increase in value (key to winning with money) or generate income over time.That said, it's crucial to manage debt responsibly and within your means to avoid financial stress or negative consequences.
Questions for Review:
Do you have any "good" debt?In what ways can you look at your future differently by looking at debt as both good and bad?Verse From the Episode: āSuppose one of you wants to build a tower. Wonāt you first sit down and estimate the cost to see if you have enough money to complete it?ā -Luke 14:28
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Over one-third of adults in the United States reported that they would not be able to cover a $400 emergency expense without borrowing money or selling assets (Federal Reserve Survey).
This suggests that as people's incomes rise, they often tend to increase their spending on non-essential items and experiences, leaving them financially vulnerable in the face of unexpected financial challenges.
In this episode, Dave will be sharing some examples and, more importantly, how to NOT get caught up in lifestyle inflation.
Lifestyle inflation, also known as "lifestyle creep" is a phenomenon where an individual's spending gradually increases as their income rises.
It can have significant negative effects on your long-term financial well-being.Trust me, the longer you spend more than you make, the longer it will be before you retire.
Honestly, lifestyle inflation or lifestyle creep is common to most people. But YOU are NOT most people.
YOU are unique, ONE of a KIND.
Starting today, be different in this one regard, be different with your money...
That includes living below your means and not following the crowd in your personal finances. If you do that youāre going to succeed with money.
Questions for Review:
Have you suffered from lifestyle inflation as you've started to earn more money?Do you spend more than you make? If so, please think twice before making that next big purchase.How can you live life enjoying your resources without spending more than you make?Verse From the Episode: "A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished." -Proverbs 28:20
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Sadly, just this week, Charlie Munger passed away.
He almost made it to 100!
In this Podcast, Dave shares 8 practical tips from the famed investor Charlie Munger.
Munger was both straightforward and brilliant at the same time. We can ALL learn a thing or two about money from this wise man.Even though Munger had reached billionaire status and was a longtime friend and coworker of Warren Buffet, Munger still maintained a frugal, down-to-earth lifestyle.
Listen in as you will learn a lot from Munger in this exciting episode.
Questions for Review:
What of the 8 ways to win with money did you find most applicable to you?What of the 8 ways are most difficult for you?Apply one new thing from the episode this week.Verse From the Episode: "Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal." -Matthew 6:19-20
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In this episode, Dave is going to share 8 key daily habits that can help you change your life, including one focused on winning in personal finance.
How many of these 8 habits do you follow?
Listen in and see how many of these 8 habits you currently possess and see if there are any others that you can begin implementing to start improving your life.
As you begin to follow these 8 daily habits your life will start to change in a positive way. It won't happen overnight, but little by little you will be chipping away at the things that are holding you back from success.
Likewise, building good money management habits can significantly impact your financial well-being and help you work towards winning with money.
Lastly, by looking at the big picture in regard to your overall quality of life, you just might find that your finances will follow suit.Questions for Review:
After listening to the 8 key habits, is there an area that we discussed that you just aren't winning?Are you burning the candle at both ends and feeling exhausted? If so, what can you do to relieve that burden and make a change?What is 1 habit you can start doing OR stop doing today to have better success personally and professionally?Verse From the Episode: "Lazy hands make for poverty, but diligent hands bring wealth. He who gathers crops in summer is a prudent son, but he who sleeps during harvest is a disgraceful son." -Proverbs 10:4-5
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The average American spends 10 minutes or less per day reading!
Even more, 27% of adults in the US didnāt read a book in 2018. As you can see reading has become a low priority for many Americans - I hope youāre not one of them!Today, Dave is going to share 5 books that he hopes will excite you about personal finance.
When Dave was beginning his financial journey he read hardbound books.Today there are many other ways to expand your knowledge - from books of course, but also by listening to podcasts, online courses, lectures, and college classes.
Learning about personal finance is crucial for anyone to develop a strong foundation for growing and managing their money effectively.
Listen carefully and see if there is one of these 5 books that clicks for you and get to work!Questions for Review:
What medium do you find most helpful when learning about personal finance? Is it audio, video, or the written word?What one book of the 5 most interests you?How can you maintain a focus on continuous learning and growth in your own personal finance journey?Quote From the Podcast:
"The more that you read, the more things you will know.The more that you learn, the more places youāll go."
āDr. Seuss
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Only 1 in 10 lower-income workers between the ages of 51 and 64 have ANY money saved for retirement!
That means 9 out of 10 lower-income workers have nothing to show for all their hard work. Think about that for a minute. This is an incredible statistic that we want to avoid at all costs.
On today's podcast, Dave shares 5 common money fails, plus 5 ways you can think differently to WIN with money!
Dave is going to share the top reasons why some people have zero money saved for retirement and, of course, how you can reverse that.
Remember, saving money for retirement is like planting seeds in a garden.The earlier you start and the more you take care of it, the bigger and better your garden will be when you're ready to stop working!
Questions for Review:
Can you identify with any of these common money fails?Which of the 5 solutions to win with money do you need to start doing?Are you happy with where you are in terms of saving for retirement? If not, what can you do to kickstart that into gear?Verse From the Episode: "On the first day of every week, each of you is to put something aside and store it up, as he may prosper, so that there will be no collecting when I come." -1 Corinthians 16:2
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The Bible has a lot to say about money. More than half of Jesus' parables have to do with money and possessions.
If you are a Christian, it certainly is not something to be taken lightly. If you are not a Christian, then perhaps these verses don't have as much significance to you.That said, whether you believe them or not, these 5 verses provide timeless, practical advice for anyone to win with money.
Listen in as Dave provides 5 more bible verses on how you can succeed financially and in life.
After listening, if there is a verse that makes sense to you, write it down, memorize it, and then apply it to your life!Do that and you will be on your way to win with money!
Questions for Review:
Did any of the 5 bible verses strike a chord with you?In what ways could you begin to live your life generously financially and/or with your time?Verse From the Episode: "Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it." -Proverbs 21:20
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16 out of 38 of Jesusā parables deal with money and possessions.
Nearly 25% of the words Jesus spoke in the New Testament deal with biblical stewardship and 1 out of 10 verses in the Gospels deal with money.
In this Podcast episode, Dave is briefly going to share 5 verses about money from the bible.
These are timeless statements from the Bible that I believe will help you to win with money - regardless of where you are spiritually.
I think you will see that these verses, from over thousands of years, are just as relevant today as when they were once written.Personally, I donāt like being preached at and I doubt you do either, so my goal today is to not do that on the episode.
I will simply share the verse, and give you my take.
Questions For Review:
Do you use the bible as a source of wisdom and truth in your life?What 1 verse from the 5 did you find most relatable or impactful?Verse From the Episode: "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it." -Proverbs 13:11
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What does it mean to have a satisfied mind?
In this episode, Dave is going to share how having balance or, you could say having āA Satisfied Mindā can make all the difference in your journey financially speaking.Dave shares how your passions, relationships, and personal growth all contribute to living a good life.
Remember, the pursuit of wealth should never come at the expense of your mental and emotional well-being or the things that truly matter to you.
Join us on the episode, as we explore the key principles and practices that can help you achieve both financial well-being and a satisfying life.We hope you come away with a clearer sense of what you need to work on to live a more balanced and enjoyable life.
Questions for Review:
What does a satisfied mind or satisfied life look like to you? Write it down and reread it from time to time to keep yourself on course. Do you feel like you have a good balance between financial success and personal/relational success?What one thing can you start doing or stop doing today to have a more satisfied life?Quote From the Podcast (Song):
"How many times have you heard someone sayIf I had his money I'd do things my way
Hmm, but little they know
Hmm, it's so hard to find
One rich man in ten with a satisfied mind"
-Bob Dylan -
Did you know that being frugal comes with some incredible advantages?
Today, we'll explore some of the best frugal examples from the life of one of the world's most renowned investors - Warren Buffett!
For instance, did you know that Warren Buffett still lives in the same modest house in Omaha, Nebraska, that he purchased in 1958 for $31,500?
Despite his immense wealth, Buffett prefers to drive an old Cadillac instead of a luxury car.
In doing research on Buffett I came to realize that he is just a regular person. Heās just like us in many ways.
What does that have to do with you?
Our world may be different from Warren Buffett's in some ways but not all ways.We can learn from him and apply that knowledge to winning with money as it fits our own individual family's situation, just like he has done.
Find the balance between frugality and enjoying life and you will win with money.
Does being frugal sound boring to you? How can you make saving exciting?Do you find yourself always looking for the next new gadget, or having the latest fashion item?What one thing from Warren Buffett can you take away and do differently?
Questions for Review:Verse From the Episode: "The wise store up choice food and olive oil, but fools gulp theirs down." -Proverbs 21:20
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Early retirement sounds great in theory, but have you ever thought through all the increasing risks of running out of funds?
Additionally, retiring early may result in a loss of social connections and a sense of purpose, potentially impacting mental and emotional well-being.This is something Dave knows all too well.
In this episode, Dave is going to go a bit more in-depth on this subject of retiring early as he weighs both the good with the bad.
It's important to consider all possible options before taking social security. Taking the benefits early is PERMANENT!That said, if you have become a student of personal finance, and are practicing some of the key lessons Iāve shared over the past year or so, YOU will win with money and YOU will have a really good retirement!
Questions for Review:
Are you hoping to retire early?Have you considered when you might want to start taking social security?What would an ideal life look like for you when you do choose to retire?Verse From the Episode: "The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." -Proverbs 21:5
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In our opinion, the Roth IRA is the best available retirement product for every American.
When planning for your future, where else can you get tax-free withdrawals in retirement with long-term tax advantages?In this episode, Dave presents 5 great reasons to open a Roth IRA today (and start contributing) so that you can start winning with money.
There are a bunch of tax advantages that we discuss in the episode. In addition, it's flexible and accessible unlike many other popular retirement products out there.
If you haven't created a Roth IRA yet or perhaps you aren't really sure what exactly it is, make sure to give this a listen.
After listening, let us know. Are you convinced?Is the Roth IRA the best retirement product available today?
Do you meet the requirements to invest in a Roth IRA?If so, what's holding you back from starting a Roth IRA?Do you feel like you have a better grasp of the pros and cons of a Roth IRA?
Questions For Review:Verse From the Episode: "Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest." -Proverbs 6:6-8
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Dave is going to touch on 10 things that separate the rich from the poor.
No shame here, just a little knowledge for you to dissect on your way to winning with money.For instance, individuals with higher levels of education tend to have higher earning potential and access to better job opportunities.
It's important to note that financial success is influenced by various factors, including personal circumstances, industry trends, market conditions, and individual choices and behaviors.
That said, donāt get too caught up on all those factors.
Focus on YOU and what YOU can do now to win with money.
How many of the 10 things that Dave mentioned do you currently possess?Is your current lifestyle setting you up to live a rich life down the road or a poor one?What 1 thing can you focus on from what Dave taught on?
Questions For Review:Verse From the Episode: "Whoever is generous to the poor lends to the Lord, and he will repay him for his deed." -Proverbs 19:17
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Welcome to this lesson on becoming a better financial investor.
In this episode, Dave is going to share 6 key things that you will need to do to become a great financial investor.
Investing can be a powerful tool to build wealth and achieve financial goals, but it requires knowledge, discipline, and a well-thought-out strategy.Today's podcast will cover some essential principles and strategies to help you improve your financial investing skills while leaving you with lots of practical takeaways.
Remember, investing is all about making informed decisions and staying focused on the big picture. Best of luck on your investing journey!
Questions for Review:
How many of the 6 points Dave mentioned on the podcast do you feel solid on? What's 1 that you can focus on?Do you feel like a smart, calculated investor that is on track to win with money? If not, what can you do to get more knowledgable?Verse From the Episode: "Honor the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine." -Proverbs 3:9-10
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Excellence is never an accident.
It is always the result of high intention, sincere effort, and intelligent execution. It represents the wise choice of many alternatives.Today, Dave is going down a different path in the sense that heās going to cover more of the psychology of why we make decisions and how to make better ones.
"Choice, not chance, determines your destiny." -Aristotle.
YOU will not achieve your money goals by accident or by āchanceā.
YOU will achieve those goals as a result of a written plan, educating yourself on the subject of money and hard work. YOU will have many choices in life and some of those choices can move you closer to your goal or further away.
Make the wise choice of the many alternatives.
Chose to become a lifelong saver and investor.
That one decision will allow you to break the cycle of always being in debt and never getting ahead. It will change your life for the better... forever!Questions for Review:
Do you consider the success in your life a result of chance or do you consider it a result of many positive choices (along with some luck along the way)?What choices are you holding off making which are hindering you from your future success?Quote From the Episode: "Excellence is never an accident. It is always the result of high intention, sincere effort, and intelligent execution; it represents the wise choice of many alternatives - choice, not chance, determines your destiny." -Aristotle
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Attention Millennials - have you ever thought about winning the lottery?
Now donāt act like you havenāt. I know you haveā¦ everyone has.Today, Dave is going to talk about the greatest wealth transfer in history.
Baby boomer parents are set to leave their millennial children $68 trillion!
But, hold on to your horses because Dave has a little more to add to the story and why youād be prudent to save for your future anyway.If you are planning to receive an inheritance or hoping to leave one, this is an episode you won't want to miss!
Questions for Review:
Are you hoping to either receive or leave an inheritance?Have you considered some things that may or may not lessen the total value of the inheritance?What can you do today to not rely on receiving an inheritance?Verse From the Episode: "Dishonest money dwindles away, but whoever gathers money little by little makes it grow." -Proverbs 13:11
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Donāt let the government decide for you where YOUR money goes.
Today, Dave is going to share some important thoughts on what you need to do to best protect your assets when you pass on because you can't take them with you.You are going to learn the basics of why it's important to set up a will or a trust and also what it means to set a beneficiary or executor.
Dave simplifies the whole process in this episode.
If youāve been a good steward with your money in lifeā¦ letās finish well and have a plan for where it will go when you pass.
Remember, you canāt take it with you.
However, YOU can make your family's life a whole lot easier when it comes time to complete your estate.
Take the time now to get organized and do the needed steps on your estate. They will all be very appreciative!Questions for Review:
Are you okay with the government deciding what to do with your money?Have you set up a will or a trust for the unfortunate scenario of you passing unexpectantly?If you have set it up, when was the last time you reviewed it? Have things changed a bit in the last few years or should they stay the same?Verse From the Episode: "I tell you the truth, those who listen to my message and believe in God who sent me have eternal life. They will never be condemned for their sins, but they have already passed from death into life." -John 5:24
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