The Good Financial Cents Show w/ Jeff Rose, CFP®

You know you love the Roth IRA!

 

What’s NOT to love about free tax money?

 

Sometimes it is nice to get that tax deduction.

 

There is a pre-tax retirement tool called the SEP IRA - we are going to answer a reader question today about the SEP IRA.

 

The question: “I have a question about the SEP and Roth IRA - if my employer does not offer any type of retirement benefits, but I do have a Roth IRA from a previous employer - I am regularly contributing to my Roth IRA - also I would like to contribute to a SEP or Simple.  Can I contribute to each without penalty?  I am above the age of 50, what is the best route for me to contribute without getting a penalty/

 

I have spent a lot of time answering questions about the Roth IRA, but this one is unique.  He is asking if he can have a SEP and a Roth.


6:00 What is a SEP and how does it work?
7:33 3 steps to set up a SEP
8:06 SEP vs Roth IRA from employer perspective
9:15 Who can open a SEP or Simple IRA
10:25 Contribution limits
15:45 Can you have both a SEP and Roth IRA?

Resources:

Distribution Rules for SEP IRAs

Rules and Limits to Open a SEP IRA for 2022

Roth IRA vs Traditional IRA: Understand the Difference

https://wealthhackerlabs.com/ask/

Direct download: Ep_155.mp3
Category:general -- posted at: 12:07pm CST

It’s a good day when we have a Good Financial Cents subscriber that is interested in ‘tax free money.’

 

That tells me you are listening and ready to take charge of your life.

 

Today’s question comes from Aaron:

 

“I am 28 years old and I keep hearing how much you love the Roth IRA. I am finally ready to get one but I am not sure which will give me the highest return - should I go with a bank or one of those online brokers?”

 

I would like to point out that a Roth IRA is not an investment, rather it is an investment tool.  You are not buying a Roth IRA, you are opening a Roth IRA account and putting investments into that account.

04:27 Take advantage of those tax free benefits
05:30 Bank or Online broker
07:04 Avoid these types of investments
11:57 Best investments to add to your Roth
14:15 The Blended Approach
18:09 Diversified Stock Approach
19:43 The paycheck stock method
22:24 Get Techie Method
25:23 Buy it like Buffet
26:14 Real Estate in your Roth
28:30 Adding cryptocurrency to your Roth

Resources:

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode_154_-The_Best_Roth_IRA_Investments_for_long-term_wealth.mp3
Category:general -- posted at: 12:57pm CST

Many people are familiar with the ‘FIRE’ movement. Fire stands for:

 

Financially

Independent

Retire

Early

 

If you are a FIRE advocate, you are saving large amount of your income - 30, 40 or 50% (or greater). People on the outside can’t understand how you can save so much.

 

If you have a hard time understanding how someone could save 50% of their income, imagine someone giving half of their income away!

 

I’m doing to introduce you to Bob Lotich who is giving away 44% of his income.  He has given away over a million dollars by the time he turned 40.

04:03 One Year Sabbatical

06:15 The ‘Aha’ moments

10:15 How did it feel when you started giving?

19:04 At what point was 10% not enough for a tithe

22:45 What is your take on true financial freedom

25:18 How hard was it to increase the % you were giving each and every year?

27:08 How do you make your contributions automatic?

30:01 What is an example of a situation or a person that you are able to plant the seed of giving?

33:06 How do you encourage someone to start giving, even if they do not feel able?

34:50 What message do you hope readers will get out of your new book Simple Money Rich Life?

 

Resources:

Simple Money Rich Life

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_153-_Bob_Lotich_Interview_.mp3
Category:general -- posted at: 2:57pm CST

You have hit a crucial investing milestone. Congratulations!!

 

You have $10,000 and you want to invest - but where? What?  There are so many options.

 

Don’t worry, I’ve got you - with 17 different investment ideas.

 

03:48 High interest/high yield savings account

04:59 Auto-pilot investing

06:52 Real estate 

09:22 Dividend paying stocks

11:33 Cryptocurrency

13:13 Investing in home renovations

16:42 Coaching program

14:41 Your credentials 

18:19 Get a license (real estate or life insurance)

18:33 Get a degree 

18:49 Online Courses

20:58 Start a business

20:58 Open a Franchise 

21:50 Start a podcast

21:50 Start a blog

22:22 Reselling on Amazon FBA

23:36 Pay off debt

 

Resources:

How to Invest in Dividend Stocks

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode_152_-_How_to_Invest_10000_.mp3
Category:general -- posted at: 11:34am CST

Let me know if this sounds like a dream come trie:

 

You can purchase a safe investment, guaranteed by the government,  and make almost 10% return. (Does that exist?)

 

I’m sure you saw the headline last week that said in March the CPI is up 8.5% from 1 year ago.  That is the fast annual gain since December 1981.

 

What does that mean?

 

CPI is a measure of the price of goods and services we purchase - it is a measure of inflation.

 

01:54 Areas with largest increase in costs.

02:46 Inflation hedges

05:14 Safe investment that will yield almost 10% return

08:40 Is there a catch/limitation?

09:50 Holding I Bonds

10:37 Should you buy now or later?

 

Resources:

5 Best Hedges in the Face of Inflation

Best Low-Risk Investments for 2022

https://wealthhackerlabs.com/ask/

https://www.bls.gov/cpi/

https://www.marketwatch.com/story/the-silver-lining-of-surging-inflation-i-bond-yields-should-climb-above-9-11649784459

https://apple.news/ArdYM3JWWRp2yGjCjaYuZNQ

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode_151_-_I_bonds_and_inflation_.mp3
Category:general -- posted at: 10:21am CST

What would you rather have, 1) a backyard paradise or 2) an investment that pays dividends for life?

 

You probably need more context to truly answer this question.

 

I saw a lot of people on twitter talking about investments with VOO (Vanguard 500 Index Fund ETF), this prompted me to make a tweet of my own.

 

I tweeted a picture of our backyard which included our pool and the poorhouse / my YouTube studio. This was the caption ‘I could have bout 1400 shares of VOO but decided my backyard paradise was a better investment - lifetime memories = generational dividends.’

 

We decided that we wanted to invest some money into a pool which grew into a pool house, an interruption free studio for video recording, and some space for guests to stay when visiting.

 

We are very happy with our decision and we have already made so many memories in this space.

 

How about you?  Is there anything that you have purchased that you feel will have generational dividends for you and your family?

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode150.mp3
Category:general -- posted at: 11:47am CST

$12,283.00

 

That is how much it costs to get three of our kids braces.

 

Well, 2 got braces and 1 got Invisalign.

 

Today we are going to talk about:

  • How much it costs to get braces in today’s inflationary market. 
  • How much it costs to get Invisalign.
  • Which one is better?

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_149_.mp3
Category:general -- posted at: 1:48pm CST

When you are a certified financial planner there is a lot of pressure when I reveal my investment portfolio.

 

My returns should be phenomenal - like 2-3 times higher than the average investor.

 

Regardless, I am about to share my returns on not one but two M1 Finance accounts with you.

 

It has been so long since I’ve logged into my M1 Finance accounts..I am almost afraid to look.

 

I hope this walk through of my accounts will show you just how easy it is to set up an account and start investing with M1 Finance.

 

03:09 Quick overview of M1 Finance
05:00 How are the markets doing right now?
06:17 Let’s look at the first M1 finance account
09:02 The 2nd (and larger) M1 Finance account
21:34 Buying Bitcoin ProShares Trust

 

Resources:

M1 Finance Review – Revolutionizing Robo-Investing

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Ep_148.mp3
Category:general -- posted at: 10:22am CST

If you are in the process of trying to buy a house, you know how crazy it is right now.

 

Especially if you live in an area with a high demand, like here in Nashville, TN.

 

You are either paying way over market value or using some unconventional methods to find a house.

 

I want to share a story with you about a couple, friends of mine, that were searching for a house to purchase after moving to the Nashville area.

 

After months and months of working with a Realtor they were getting absolutely nowhere.


They finally found their dream home and you'll never believe how they did it.

 Resources:

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Ep_147.mp3
Category:general -- posted at: 12:17pm CST

“In the last 8 years we’ve had 4,000 people come through the flipped lifestyle community.”

This is from an interview I did with a good friend, Shane Sams.  They have an amazing story! 

Shane says he even has to pinch himself to make sure he isn’t dreaming.

Tune in for the full story of how Shane and Jocelyn quit their jobs and flipped their life.


Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Resources:

https://wealthhackerlabs.com/ask/

14 Legit Ways Real People Make Money on Facebook

Here Are the Best Online Jobs to Make Real Money

17 Best Online Jobs for Teens

 

Direct download: Episode146_-Shane_Sams_Interview.mp3
Category:general -- posted at: 10:12am CST

Two Million Dollars

 

That is a lot of money.

(When I say that I can’t help but think of Dr. Evil saying ‘One Million Dollars.’)

 

Today we are not talking about how to make millions or how to invest millions - we are talking about protecting your family.

 

If something were to happen to you, does your family have the means to maintain the lifestyle you live now?

 

How do you know how much you’ll need?

 

Tune in and I’ll walk you through the process of picking a policy that works for your family and how much it will cost you.

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Resources:

https://wealthhackerlabs.com/ask/

The Best Life Insurance Companies for 2022

How Much Does a Million Dollar Term Life Insurance Policy Cost?

Five Life Insurance Riders You Need To Be Aware Of

Direct download: Ep_145_2_million_life_insurance.mp3
Category:general -- posted at: 10:29am CST

Are you tired of learning about ways to make an extra $1,000 per month?

 

I hope not!

 

I am excited to continue this series with the final 10 ways I want to share with you.

 

01:36 #21 Creating an online course
04:24 #22 Creating a digital product
06:24 #23 Become a freelancer
08:23 #24 Tutoring #25 Teaching English as a second language
09:16 #26 Amateur Sports Referee
10:06 #27 Become a HandyMan
10:48 #28 Rent out storage space in your home
12:35 #29 List your services (talents) for hire
14:02 #30 Flipping websites #31 Buying websites to generate passive income

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Resources:

https://wealthhackerlabs.com/ask/

https://www.gigsalad.com/

 

 

Direct download: Episode_144_-_Make_1k_part_3_.mp3
Category:general -- posted at: 10:45am CST

We are still talking about how to make an extra $1,000 a month on the side (or take it to a full-time gig if you like.

 

We covered the first 10 ways to make that $1k/month in Episode 142.  We are going to dive right in to #11 and beyond today.

 

01:25 #11 Podcasting
06:28 #12 Start a YouTube Channel
08:15 #13 Reselling Garage Sale/Flea Market Items
10:59 #14 Reselling Sneakers
13:43 #15 Reselling Sports Cards
17:14 #16 Trading Options
20:17 #17 Credit Card Rewards
24:27 #18 Paying off Student Loans
26:21 #19 Amazon FBA
28:55 #20 Become a Virtual Assistant

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Resources:

How To Make $1,000 Per Month in Dividends

Best Items for Garage Sale Flipping for Fun and Profit

$0 to $1000 a Month with Amazon FBA

7 Rules I Learned After Going Broke in Real Estate Investing

https://wealthhackerlabs.com/ask/

Direct download: Ep_143-_Make_1k_Part_2_.mp3
Category:general -- posted at: 11:10am CST

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