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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2840:
Buying insurance is crucial to securing your financial future, but it's easy to make costly mistakes. Lisa Harrison highlights common pitfalls, such as inadequate coverage, delaying life insurance, and overlooking policy reviews. Discover how to make informed decisions to protect yourself and your assets effectively.
Read along with the original article(s) here: https://madmoneymonster.com/2022/12/08/mistakes-to-avoid-when-buying-insurance/
Quotes to ponder:
"Insurance can be a crucial part of a budget. And it’s possible there is too much at stake to go without it."
"By waiting, you also risk getting a serious health problem before you buy, which would make your future premiums much more expensive or make it so you can’t get insurance at all."
"It’s not necessary to purchase every sort of insurance there is if you’re young and healthy. But it’s important to consider your individual profile and risk before making any decisions."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2839:
Cynthia Meyer draws insights from philosophers like Henry David Thoreau to highlight the importance of mindful financial decisions. By tracking expenses and challenging unnecessary spending, she illustrates how adopting a simple and intentional approach can lead to greater financial independence and fulfillment.
Read along with the original article(s) here: https://www.financialfinesse.com/2016/03/14/9487/
Quotes to ponder:
"And you may ask yourself, Well - How did I get here?"
"Most end up living their lives on desperate terms to meet someone else’s obligations, instead of by their own design."
"Take control of your financial life and start making the decisions today that will enable you to do what you want to do in the future."
Episode references:
Walden: https://www.amazon.com/Walden-Woods-Henry-David-Thoreau/dp/0785822224
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2838:
Managing money creates freedom, not restrictions, as Steve Martile emphasizes in his practical guide on using the JARS system for budgeting. By organizing finances into specific categories, Martile demonstrates how simple changes can lead to significant financial growth, peace in relationships, and even the ability to enjoy life’s luxuries without guilt.
Read along with the original article(s) here: https://www.getrichslowly.org/learning-to-budget-with-the-jars-system/
Quotes to ponder:
"Managing money doesn’t restrict freedom, it creates freedom."
"Once we started to manage our money, I sold the 350Z. After our first year, our net worth increased by a surprising 45%."
"The real trick to managing your money is not what you do - it’s how you do it."
Episode references:
Secrets of the Millionaire Mind: https://www.amazon.com/Secrets-Millionaire-Mind-Mastering-Wealth/dp/0060763280
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2837:
Kiersten Saunders of RichAndRegular.com shares insights on how to take control of your financial future by giving yourself a raise. She discusses the importance of managing your paycheck effectively, avoiding lifestyle inflation, and investing in assets to create new income streams, highlighting the empowering shift from relying solely on employer-based salary increases.
Read along with the original article(s) here: https://richandregular.com/the-easiest-way-to-get-a-raise-is-to-give-yourself-one/
Quotes to ponder:
"When you work for someone else, you implicitly accept a limited upside and unlimited downside."
"Our raises come from being bullish about the unsexy realities of staying rich. We call them our 'richuals'."
"If you’re ready to make more money, you can. You just have to do the math and master the odds."
Episode references:
Thinking in Bets by Annie Duke: https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/dp/0735216355
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2836:
Generating income from multiple sources in retirement, much like packing for unpredictable weather, ensures stability and security against financial risks. Darrow Kirkpatrick highlights how a diverse portfolio that includes stocks, annuities, and Social Security can protect against longevity risk, inflation, market fluctuations, and solvency issues, providing a balanced and resilient retirement plan.
Read along with the original article(s) here: https://www.caniretireyet.com/why-you-need-multiple-sources-of-retirement-income/
Quotes to ponder:
"Some types of retirement income are good for a lifetime, but lock you into a set cash flow. Some protect against the menace of inflation, but cost more up front."
"The only way to obtain true security in a modern retirement is to generate income from multiple sources which, taken together, protect you from the range of financial risks."
"Wealth building is about transparency and simplicity. Spend less than you make, grow the savings, and don’t lose it."
Episode references:
Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds: https://www.ssa.gov/OACT/TR/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2835:
Karen Trefzger shares practical strategies for overcoming the urge to shop, emphasizing mindful reflection and gratitude. By identifying the root of your desires and finding alternative activities, you can avoid unnecessary purchases and cultivate lasting contentment.
Read along with the original article(s) here: https://www.maximumgratitudeminimalstuff.com/2021/01/how-to-resist-shopping.html
Quotes to ponder:
"When you have the urge to shop for something you don't need, open your journal or the note-taking app on your phone and examine that urge."
"Buying something new might give a momentary lift but it doesn't last."
"Shopping is not a hobby. It's not a pastime or a social activity. Never head to the store without a list or a plan."
Episode references:
Make a micro-loan: https://www.kiva.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2834:
Leo Babauta shares practical advice on how to transition from being overweight to living a healthier life by making small, manageable changes. Emphasizing the importance of gradual progress, he recommends starting with simple steps like eating more vegetables, walking, and drinking water to build a foundation for long-term health.
Read along with the original article(s) here: https://zenhabits.net/weight
Quotes to ponder:
"One small change leads to another, forming a spiral of success."
"What matters is that you start."
"Just take the first small step. Nothing huge or scary. Just a really, really easy one."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2833:
Preparing for retirement is crucial at any stage of your career. Sabado Domingo shares practical investment strategies, from maximizing 401(k) contributions to opening IRAs and HSAs, ensuring you can retire comfortably and securely.
Read along with the original article(s) here: https://lenpenzo.com/blog/id66022-5-investment-strategies-to-help-you-save-for-retirement.html
Quotes to ponder:
"Before following the tips listed in this article, you should be open to making investments and learning about the basics."
"Thinking about having your savings outlive you can make a lot of people anxious."
"Setting up a Health Savings Account (HSA) is one of the best ways to prepare for the health expenses you’ll incur in the future."
Episode references:
IRS Saver’s Credit: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit
Investopedia: https://www.investopedia.com/terms/1/401kplan.asp
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2832:
Planning for retirement as a single person offers both unique advantages and challenges. Kathleen Coxwell highlights the importance of addressing long-term health care, establishing reliable income sources, and envisioning how to spend time post-retirement. By considering these factors, singles can create a secure and fulfilling retirement plan tailored to their individual needs.
Read along with the original article(s) here: https://www.newretirement.com/retirement/are-you-alone-and-planning-for-retirement-retirement-planning-for-singles/
Quotes to ponder:
"Someone who is single doesn’t have to prepare for as long of a retirement as a married couple. A married couple is planning for the longest surviving partner, not just one person."
"If you’re married, your spouse can take care of you if something happens but what happens if you’re by yourself? It behooves someone to look into these contingencies."
"You may want to consider looking into a nursing home. It really helps for someone to know for certain if something were to happen they have this planned."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2831:
A Purple Life shares a thought-provoking story about her mother's decision to return to work after retiring early, highlighting the value of time over money. She emphasizes the importance of enjoying life now rather than sacrificing precious time for future financial gains, advocating for a balanced approach to living fully without unnecessary luxury.
Read along with the original article(s) here: https://apurplelife.com/2017/04/29/tossing-early-retirement-and-trading-money-for-time/
Quotes to ponder:
"Our most important resource is time. It’s finite unlike money."
"I personally choose time."
"Reflecting on this time with her a year later she says, 'Yeah - I don’t know what I was thinking!!'"
Episode references:
Mr. Money Mustache blog: https://www.mrmoneymustache.com
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2830:
Defining success in personal finance is essential for achieving financial stability. Mike Ballew emphasizes the importance of setting clear priorities based on values, such as building an emergency fund and saving for retirement. By examining daily spending habits and making mindful choices, you can ensure long-term financial health.
Read along with the original article(s) here: https://eggstack.com/blog/2020-01-19-Prioritize-Your-Budget-for-Success/
Quotes to ponder:
"Success is making ends meet, paying bills on time, and setting money aside for emergencies and retirement."
"If you struggle with your budget and have little or nothing left over to save for emergencies and retirement, you don’t have a funding issue, you have a spending problem."
"Every day people waste money on frivolous luxuries, money they could be saving."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2829:
Taking regular mini-retirements can significantly boost your health and open doors to new professional growth, as Jillian Johnsrud explains. By dedicating time to personal health and exploring new career possibilities, you can find more balance, reduce burnout, and discover fulfilling opportunities.
Read along with the original article(s) here: https://www.jillianjohnsrud.com/five-big-reasons-to-retire-often/
Quotes to ponder:
"Instead of thoughtful and intentional, all things health-related felt disorganized and reactionary."
"A funny thing happens when you give yourself time, energy, and resources toward just a few goals. And you get all the support and help you need. You make progress!"
"Taking a walk after breakfast or gardening. For most people, when they have more time and fewer demands on them, it’s easier to cook the food you want to be eating and feel more thoughtful with nutrition."
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Episode 2828:
Jillian Johnsrud shares the profound benefits of taking mini-retirements, emphasizing how stepping away from the daily grind can help you catch up on personal tasks, explore new ventures, and spend quality time with family and friends. Drawing from her own experiences, Jillian illustrates how these breaks can rejuvenate your life and create lasting memories.
Read along with the original article(s) here: https://www.jillianjohnsrud.com/five-big-reasons-to-retire-often/
Quotes to ponder:
"All these things act like open tabs on your phone or computer. Each one left open isn’t a big deal in itself, but when there are 100 open tabs, it creates a mental burden that we carry through our days."
"When life is full (and it’s always full), there is rarely room for something new and big. Those things will take a lot of mental and emotional energy to get going, plus the time commitment."
"Taking some time away from the 9-5 gives you a chance to focus on the people in your life that matter most to you."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2827:
Hetty Green, the richest woman in Wall Street history, amassed her fortune through extreme frugality, conservative investments, and living life on her own terms. Learn from her unique financial wisdom and discover the powerful lessons that can shape your financial future.
Read along with the original article(s) here: https://ofdollarsanddata.com/hetty-green/
Quotes to ponder:
"I always try to deal justly with everyone, but if anyone wants to fight me I’ll give him all the fight he wants."
"If you can’t save money, your investment returns won’t matter."
"Invest on your own terms. Your finances are unique, so there is no reason why they should be like anyone else’s."
Episode references:
Prospect Theory: https://en.wikipedia.org/wiki/Prospect_theory
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2826:
Leslie Watson shares her journey towards achieving digital minimalism, detailing how reducing screen time enhanced her energy, focus, and relationships. She emphasizes the importance of setting up systems for success rather than relying on willpower and provides eight practical strategies for managing technology use effectively.
Read along with the original article(s) here: https://www.becomingminimalist.com/digital-minimalism/
Quotes to ponder:
"Mastering digital minimalism is all about setting yourself up for success in advance so you won’t need to rely solely on willpower."
"I felt like a digital minimalism success story before quarantine, but as my schedule emptied my screen-free convictions faltered."
"Time for higher priorities plus a calm, focused state of mind have been my rewards for practicing digital minimalism."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2825:
Andrew of DollarAfterDollar.com unveils a savvy strategy for turning depreciating assets into wealth-generating machines. By investing in cash-flowing assets like rental properties, you can have your liabilities, such as car payments, covered indefinitely. Discover how this approach can revolutionize your financial future and make high-cost purchases stress-free.
Read along with the original article(s) here: https://www.dollarafterdollar.com/how-you-can-have-a-free-car-for-life/
Quotes to ponder:
"Cars are the kings of liabilities but what if you bought CASH FLOWING ASSETS that paid for your car?"
"Your cash can work just as hard as you do you can accumulate wealth at an alarming rate."
Episode references:
Rich Dad Poor Dad: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194
The Book on Rental Property Investing: https://www.amazon.com/Book-Rental-Property-Investing-Passive/dp/099071179X
The Millionaire Real Estate Investor: https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370
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Episode 2824:
Michael L. from FinancialPanther.com highlights the benefits of lazy investing through low-cost index funds, simplifying financial growth without the need for constant stock picking and research. Embracing a "Lazy Portfolio" can lead to consistent, diversified returns, making investing stress-free and accessible for everyone.
Read along with the original article(s) here: https://financialpanther.com/lazy-investor-instead-stock-picker/
Quotes to ponder:
"Honestly you don’t have to be a genius, wall street guru, or financial analyst to be a smart investor at any age."
"Lazy Portfolios will let you set it & forget it!"
"Most people don’t invest until it’s too late because it seems tedious, they don’t understand how to, or where to invest & because it requires constant upkeep."
Episode references:
Investopedia definition of index funds: https://www.investopedia.com/terms/i/indexfund.asp
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2823:
Jen Hayes shares her practical reasons for driving a 17-year-old car, highlighting how it saves money, reduces stress, and aligns with her goal of financial freedom. Her approach emphasizes the importance of humility and avoiding debt over the desire for a flashy, new vehicle.
Read along with the original article(s) here: https://www.jenhayes.me//17-reasons-why-drive-old-car/
Quotes to ponder:
"It’s what most people would consider embarrassing. Some people think I’m crazy for continuing to drive this vehicle, but here are seven reasons why I do it."
"My car might be 'embarrassing' to some, but this old car is part of the reason why we’ll be debt-free someday."
"Live like no one else now so you can live like no one else later."
Episode references:
Dave Ramsey's Financial Peace University: https://www.daveramsey.com/store/product/financial-peace-university-class
The Millionaire Next Door: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474
The Total Money Makeover: https://www.amazon.com/Total-Money-Makeover-Classic-Financial/dp/0785289089
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2822:
Vicki Cook and Amy Blacklock explore whether a gym membership is a wise investment or a financial burden. They weigh the benefits, like diverse fitness options and additional perks, against potential drawbacks, such as unused memberships and financial strain. This insightful analysis helps you make an informed decision about your fitness expenses.
Read along with the original article(s) here: https://womenwhomoney.com/gym-memberships-waste-money/
Quotes to ponder:
"With an average monthly membership fee of about $60, paying for your workouts may not seem like a budget-busting expense."
"But some reports state almost 70% of memberships go unused after the first few months."
"If you aren't sure you'll use the gym frequently, there are plenty of other options for you to consider."
Episode references:
NPR article: https://www.npr.org/sections/money/2014/01/14/261393781/why-does-the-gym-cost-so-much
Statista: https://www.statista.com/topics/1141/health-and-fitness-clubs
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Episode 2821:
Phil Town shares six timeless principles from the Rule #1 strategy that top investors like Warren Buffett and Charlie Munger use to achieve outstanding market returns. These principles emphasize rational decision-making, deep business understanding, investing in companies you believe in, waiting for market opportunities, reducing risk through basis reduction, and developing a comprehensive investment thesis. Discover how these strategies can transform your investment approach and help you achieve financial success.
Read along with the original article(s) here: https://www.ruleoneinvesting.com/blog/investing-news-and-tips/6-principles-the-best-investors-use-to-crush-the-market/
Quotes to ponder:
"Rule #1 states 'Don’t lose money,' and these 6 principles are always on my mind to help me avoid violating that critical rule."
"Fear of losing more than you can afford to lose tends to make the mind go irrational. You start guessing."
"Love what you own. Put your money where your values are."
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