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

Are we in a bear market? Is the stock market going to crash?

 

What do you need to do with your money?

 

I wanted to have a quick discussion about the market and all the fear and uncertainty swirling around out there.

 

When the fear sets in and our emotions take over, we lose sight of what we are trying to do.

 

Our last bear market was only 33 days, it barely affected anyone, so I understand why so many people aren’t sure what is going to happen.

 

Before that, going back to 2008-2009 (when many of you started investing) you have had a really long Bull market, so you are not used to seeing red.  At that time the ‘all time’ high was 14,164.

 

Right now, our ‘all time’ high is 36,952 - that’s more than two times of the all time high back in 2008-2009.

 

I can’t predict exactly what will happen but I can say that many that panicked back in 2008 and sold, or held in cash, lost out.  

 

They lost out on the longest bull market and the best growth we’ve had  in a really long time.

 

Check out my YouTube channel here.

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Direct download: Episode-166.mp3
Category:general -- posted at: 11:08am CST

I had planned to record something different today but I just wasn’t feeling it.

 

Instead I wanted to take a few minutes to talk to you about a tweet I put out recently.

 

I’ve recorded a video in the past that alluded to the shame that I sometimes feel.

 

My approach has always been to share some of the mistakes that I’ve made in the past in the hopes that someone out there listening can learn from them as I have.

 

This is what I tweeted:

I am a multi-millionaire and I have struggled with anxiety, rage, toxic shame, depression, and suicidal thoughts.  Here’s my story.

 

First, let me say how much shame I have had to let go of to admit my struggles. All my life I’ve considered myself successful so when depression hit me and I couldn’t out work it, the despair only compounded.

 

If you are dealing with depression, don’t try to do it alone.

 

What I’ve learned is that all the money and possessions in the world mean nothing if you are empty on the inside.

 

I learned that how each individual deals with trauma is what shapes who you are.

 

The trauma I faced as a child started when my parents got a divorce. I didn’t acknowledge this

as trauma when I was a child.  After the divorce I moved and lived with my father. 

 

As an adult, I realize how much I craved having a mom.  I only got to see my mom in the summer and holidays.

 

I realized that I never let myself acknowledge fear. Instead I felt shame and depression and it would spiral from there.  It was a constant loop of anxiety, shame, panic and depression.


Resources:

https://twitter.com/jjeffrose/status/1527014274698252289

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_165.mp3
Category:general -- posted at: 12:03pm CST

You know that you need to invest in the stock market but you’re not really sure how.

 

You don’t trust yourself to build your own portfolio.

 

The good news, there are investment platforms out there to help you.

 

It is crazy how easy it is to start investing with a robo-advisor platform.

 

Let’s talk about one of those platforms, Betterment, and the tools and services they offer.

 

03:39 What is Betterment

06:32 Pricing tiers

09:38 Accounts you can open

13:46 Is Betterment right for me?

16:50 Having access to a team

20:37 Behind the scenes of a Betterment account

 

Resources:

Betterment Investing Review: Make Investing Automatic

Betterment Checking: A Detailed Review

The Best Online Brokerage Accounts: For Beginners To Experienced Investors

Betterment vs. Wealthfront

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_164_-_Betterment_Review.mp3
Category:general -- posted at: 11:45am CST

Poor people consume, wealthy people create.

 

This was a tweet I put out earlier this month.  The response was NOT favorable.

 

I can elaborate on this and I want to share some of the responses from this tweet.

 

I tell my kids all the time to be careful with social media because things can be taken out of context.

 

That is what happened to me.

 

There were som many responses from people who:

 

Questioned my faith

Told me I was a piece of %$#@

 

This was a tweet from another CFP

 

“Terrible take - anyone who has spent meaningful time with  the materially poor sees how much hard work and creativity it takes to survive. The wealthy just have the luxury of being able to apply their creative energy to longer term things because they have their basic. Needs met.”

 

I decided to elaborate on my tweet so I added:

 

‘Poor isn’t all about monetary status or position, it all about how you approach your day.  Are you stuck in your own head and your own struggles? Do you constantly find blame for your shortcomings on others? If you are around these people, and they come from all walks of life, I have been surrounded by rich people that are bankrupt on the inside.  They constantly search for outwardly possessions to fill a void.  They never will.

 

Wealthy people  understand the word contentment. They breathe it, they live it, they also understand there is more to life than them.  Because of that they create opportunities.  Could it be jobs? Yes. But more importantly they create space for others to thrive.  They listen, they give empathy, they generally want to help without strings attached.

 

That was the core meaning behind what I was referring to.

 

People with a broke mindset are toxic. They constantly complain, they are never happy with anything.  They also blame others for their shortcomings.

 

That was the context behind my tweet.

 

Resources:

https://twitter.com/jjeffrose/status/1525157847394295810

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode163.mp3
Category:general -- posted at: 12:40pm CST

Decisions, decisions.  Sometimes we are faced with difficult decisions, they may both be good choices, but we have to pick one.

 

Today we are talking about the Roth IRA as I answer a reader question.

 

This question come from Carlos: “I just started a new job after a lengthy stretch of being unemployed. My last job had a 401k but I was excited when I found out my new job offers a Roth 401k. I already have a Roth IRA - thanks to you!  - but I’m not sure which one to do. I wish I could do both but financialy I can’t afford it. If I had to pick one which one would it be - Roth IRA or Roth 401k?”

 

If you have access to a 401k, your employer has the ability to add the Roth 401k provision.  If they do n to have the Roth provision yet, you could talk to HR to see if they are willing to add the provision.

 

00:00 Intro

04:35 Similarities of Roth IRA and Roth 401k

07:43 Early withdrawal restrictions

09:12 Key differences of Roth IRA vs Roth 401k

12:24 Loan provisions

15:21 You are in charge of your investments

19:02 Is that your final answer?

Resources:

The Ultimate Roth IRA Conversion Guide – Everything You Need to Know

401k Contribution Limits for 2022

The Traditional IRA vs. the 401(k) Plan – Which Plan Wins?

Roth IRA Rules and Contribution Limits for 2022

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

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Direct download: Ep-162-_Roth_IRA_vs_roth_401k.mp3
Category:general -- posted at: 8:07am CST

The headlines are already pouring in…’Dow falls more than 200 points….hits new 2022 low!

 

The media/news are all about selling you fear.  They want you to panic.

 

I don’t want you to panic.  I want you to be aware, but not panic.

 

Let’s address the 10 things you need to know about a Bear Market.

 

00:00 Intro

04:04 We are approaching ‘Bear Market’ territory 

05:55 Watch for the 20%

06:42 Stocks lose 36% on average in a bear market

08:56 Bear markets are normal

09:48 Bear markets tend to be short-lived

10:35 Every 3.6 years

12:21 Bear markets have been less frequent since WWII

12:47 Half of the S&P500 Index’s strongest days in the last 20 years occurred during a bear market 

14:37 A bear market doesn’t necessarily indicate an economic recession

15:08 Assuming a 50-year investment horizon, you can expect to live through about 14 bear markets

15:38 Bear markets can be painful, but overall, markets are positive a majority of the time

 

Resources:

 

https://www.hartfordfunds.com/dam/en/docs/pub/whitepapers/CCWP045.pdf

 

Recession Proof: How to Prepare for the Next Recession

Top 10 WORST Stock Market Crashes in History

How the Stock Market Works


Check out my YouTube channel here.

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Direct download: Ep161-_Is_a_Bear_Market_Here__10_Key_Stats_You_Need_to_Know.mp3
Category:general -- posted at: 10:30am CST

There was a time where I was making over a 17% return and I didn’t have to worry about the stock market.

 

Then a few years ago, my world changed when they took this investment away.

 

There are a lot of people that think this is still around.  

 

Today I want to answer the question - Is Lending Club still around and is it Legit?

 

I will also share some alternatives to use in place of Lending Club.

 

02:24 Are they legit

08:14 My account is still earning interest

09:15 Lending Club retires the note platform

14:55 Alternatives to Lending Club

20:55 Investing in Art Investments

Resources:

Lending Club Alternatives:

Fundrise

YieldStreet

Masterworks

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode-160.mp3
Category:general -- posted at: 1:10pm CST

How much money do you think it would take to be in the top 10%, worldwide, in net worth?

 

What is the difference between being rich vs wealthy?

 

The World Inequality Lab released a report that took a look at the income or net worth of every Country that exists. It showed that the average adult, worldwide, makes $23,380.  To be in the top 10% globally, you would need to make $122,100

 

06:08 Is being rich defined by how much you make?

11:55 If you are chasing true wealth, you need to do this.

12:55 You aren’t wealthy until you have something money can’t buy.

14:25 Time is your most valuable and limited asset.

17:45 Take control of your money generating assets.

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_159_.mp3
Category:general -- posted at: 11:04am CST

“If they are the people that love and support you, they don’t care., do what you have to do to take care of your family or to get there.  The people that judge you are the ones that aren’t taking risks, are not betting on themselves, don’t care about you and your best interest.  They just care about making themselves look better. Those really aren’t the people we should be listening to.” 

 

That is a brief clip from my interview with Jake Thompson. For those of you that don’t know Jake, he is the type of guy that will inspire you to live a better life.

 

He truly motivates me to compete every. Single. Day.

 

Jake’s path to success was not an easy one, but he still found a way to win at everything he puts his heart towards.

 

04:04 What are you doing right now?

05:10 Is every day a compete kind of day?

08:31 When did you first start as an entrepreneur?

10:03 What got you to the point of starting the compete every day business?

14:54 Tell us about the emotional journey of moving from a start up to a successful business.

21:49 Will you do what it takes to reach your goal?

22:50 What are some of the biggest changes your business has went through.

28:04 What is the scariest investment you’ve made in your business.

32:40 What was your hope, or your goal, when writing your book?

Resources:

https://www.competeeveryday.com/

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode158_Compete-Everyday.mp3
Category:general -- posted at: 12:44pm CST

If you are looking at your savings account and it is make you SICK…this may be just the podcast for you.

 

I am going to answer a simple question on how you can double your savings account in 12 months.

 

01:50 My daily routine

04:54 The key to double your savings

08:36 The 52 Week Challenge

10:01 Automate it!

12:44 Set reminders for review


Resources:

https://wealthhackerlabs.com/ask/

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode157.mp3
Category:general -- posted at: 9:39am CST

You’ve seen the headlines again and again.

 

Inflation is here.  It’s time to freak out!

 

Or is it?

 

Let’s take a look at some of the best hedges to beat inflation.

 

03:23 Gold

06:34 Real Estate (REITs)

9:40 Aggregate Bond Index

12:13 Stock Market

15:08 Treasury Inflated Protected Securities (TIPS)

17:20 Series I Bonds

21:20 Bitcoin

 

 

Resources:

5 Best Hedges in the Face of Inflation

https://www.investopedia.com/articles/investing/092514/better-inflation-hedge-gold-or-treasuries.asp

https://www.treasurydirect.gov/

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode-156.mp3
Category:general -- posted at: 11:25am CST

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