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

It is not too often that you associate a 401k with a really sad story.

 

This wasn’t one of my clients but I remember reading about it.

 

The story is about a young man that was working at a grain mill or maybe on a farm.  He was in his early 20’s and recently married.

 

He had a 401k plan and at his young age had already saved a large chunk of money.

 

Shortly after getting married he was involved in a freak accident at work and died.

 

He had named his parents as his beneficiary for his 401k and didn’t get around to changing this to his wife before he died.

 

You would assume the parents would give that money to the surviving daughter-in-law, they did not give her a penny of the money.

 

This could have been avoided if the beneficiary form had been updated.

 

So, what happens to your 401k when you die?

 

Do you need to change your beneficiary? Reevaluate your investments? Update any other information?

 

It only takes a few minutes to make these updates.

 

Check out my YouTube channel here.

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Direct download: Episode179.mp3
Category:general -- posted at: 10:23am CDT

Do you remember the first time you tried something that was scary?

 

How did that work out?

 

I’m sure there were lots of emotions around that experience.

 

If you are a ‘beginner’ at anything it can be a scary thing.

 

Today I want to share some of the basics of investing. This may help to ease the fears or anxiety around investing for beginners.

 

The 6 most important reasons for investing:

 

1. Building long-term wealth

2. Preparing for retirement

3. Meeting shorter-term goals

4. Minimizing the need for credit

5. Having money to pass on to your kids

6. Strategy for dealing with inflation

 

Resources:

Investing for Beginners: Learn the Basics of Investing in 2022: https://www.goodfinancialcents.com/investing-for-beginners/

How to Invest: https://www.goodfinancialcents.com/how-to-invest/

How to Invest in Index Funds: https://www.goodfinancialcents.com/how-to-invest-index-funds/

How to Invest in Stocks:  https://www.goodfinancialcents.com/how-to-begin-investing-in-stocks/

Investing for Dummies:  https://www.goodfinancialcents.com/guide-to-basic-investing/

 

Check out my YouTube channel here.

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Direct download: Episode178.mp3
Category:general -- posted at: 8:57am CDT

We all love the idea of making money while we sleep.

 

Regardless of how or when you make money - the IRS is going to want their cut.

 

I am answering a reader question today.

 

The question is ‘How is passive income taxed.’

 

Let’s dive in and talk about passive income.

 

02:01 What is passive income

04:59 True passive income sources

05:53 Semi-passive income sources

06:33 Material participation and/or activity

 

Resources

28 Passive Income Ideas To Build Real Wealth

https://www.goodfinancialcents.com/passive-income-ideas/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode177.mp3
Category:general -- posted at: 12:34pm CDT

What’s going on with Crypto?

 

Wanted to hop in today and give you a bit of an update on Celsius Network and talk a little about BlockFi.

 

For a little context, at the time of this recording 6/20/22 Bitcoin is trading at $20,341.  It did drop over the weekend down in the $17k range.

 

It is nice to see it moving back up.

 

Now let’s get into what is happening with Celsius and with BlockFi

 

 

02:43 Update on Celsius Network

07:08 Update on BlockFi

09:15 What I am doing with my Cryptocurrency

10:40 What happens when you set up your own ledger

 

 

Check out my YouTube channel here.

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Direct download: Episode176.mp3
Category:general -- posted at: 2:10pm CDT

What is the easiest, greatest way to set your kids up to be a millionaire

 

Today I am answering a question that I have received many times, in many different ways.

 

This discussion is specifically for parents who want to set up a Roth IRA for their children.

 

02:20 Why is this such a great gift?

04:25 Roth IRA Rules (for kids)

06:35 How do you set up a Roth IRA for kids?

09:06 Who owns the custodial account?

11:48 How does the IRA affect college funding?

12:32 Can multiple children share one Roth IRA account?

13:20 Not every brokerage offers custodial Roth IRAs

 

Resources:

https://www.nytimes.com/2022/06/10/business/kids-roth-ira-retirement.html

Roth IRA Success Story – How to Get $50,000 Tax-Free Money For Your Kids

Roth IRA Rules For Minors. Your Kids Guide to Tax Free Money

5 Best Investments for Roth IRA in 2022

https://www.goodfinancialcents.com/ask

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode175.mp3
Category:general -- posted at: 10:08am CDT

Have you ever seen one of those life hack videos where you discover something you didn’t know existed and it blew you away?

 

That is exactly how I felt when I discovered some basic money hacks that allowed me to become a millionaire.

 

I had to learn these money hacks the hard way.

 

Fortunately, you don’t have to because I am going to share them with you.

 

These money hacks will help you save money and build wealth in your financial future.

 

Let’s get started:

 

03:40 Understanding compound interest

10:02 Set a reminder to check credit report

13:02 Get my rate verified

16:59 Do a savings challenge

21:59 Unsubscribe from retailers

 

Resources:

https://www.goodfinancialcents.com/ask

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: Episode174.mp3
Category:general -- posted at: 1:49pm CDT

What is going on in Crypto?

 

OMG

 

It seems like the Crypto just exploded and I got caught in the aftermath.

 

It has been a crazy few days, starting Sunday evening into Monday morning.

 

Headlines were popping up everywhere.

 

Bitcoin is trading (at the time of this recording) at $22k.

 

The previous high back in March was $47k.  So what is going on?

 

01:58 Celsius Network

03:32 I was invited to the weekly AMA

06:11 Withdrawals from Celsius

08:21 I don’t like it!

11:30 Will the market be affected?

13:22 ‘2000 Super Bowl’ analogy

16:26 The future of Celsius

 

Resources:

https://www.goodfinancialcents.com/ask

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

 

Direct download: 173_-_Celsius_Network.mp3
Category:general -- posted at: 10:50am CDT

What if you were faced with this difficult decision - You can either get a payout for the rest of your life or you can get a big fat check once?

 

Don’t worry, you don’t have to make this decision alone, that is what I am here for!

 

I received this question from a reader, Jared:

 

‘I have worked with my company for over 27 years this Spring. I am one of the lucky ones that have been given a very generous pension and a 401k plan.’ …. ‘My pension should be more than enough to take care of my wife and I.  I am almost 60 and I have the option to roll my pension over into an IRA.’

 

‘Should I roll my pension to an IRA or leave as is?’

 

04:28 IRA rollover options

06:54 Annuitizing your pension

08:01 Borrowing against an IRA

09:08 Pension payout options

10:51 Tax Liability 

12:49 Working with a professional

 

Resources:

Pension Benefit Guaranty Corporation: https://www.pbgc.gov/

CFP Board: https://www.cfp.net/

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode172.mp3
Category:general -- posted at: 1:38pm CDT

In Episode #169 we talked about how we can flip $100 and turn it into $1,000 or more.

 

In this episode we are going to talk about how we can take $100 and start building real wealth.

 

You can grow this $100 into $1,000, $10,000 or $1,000,000.

 

Here are 10 ways you can start investing $100 today:

 

02:44 - 1. Rounding up your savings.

04:47 - 2. Dabbling in fractional shares

06:24 - 3. Investing in real estate

09:31 - 4. Cryptocurrency

11:07 - 5. Index Funds (w/Betterment)

12:21 - 6. M1 Finance

14:16 - 7. Enrolling in a Course

16:55 - 8. Open a Roth IRA

18:06 - 9. Worthy Bonds

19:44 - 10. High-Yield Savings

 

Resources:

https://wealthhackerlabs.com/ask/

7 Ways to Invest $100

What Happened With My $1,000 Fundrise Investment (3 Years Later)

 

Check out my YouTube channel here.

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Direct download: Episode171.mp3
Category:general -- posted at: 11:04am CDT

So what do you do when you start a company, grow it, and sell it for millions?

 

You do it again, and again……

 

Then you go out and start a new company that disrupts the Crypto World.

 

I got to interview Alex Mashinsky, CEO of Celsius Network.  I am a huge fan of Celsius network, and have other videos where I share my experience, but this interview is all about Alex’s story.

 

01:06 Where it all started

07:08 From an early age you were a ‘tinkerer’

09:15 Wireless service in the NY Subway

13:20 VOIP - it’s a big deal!

18:56 Was creating Celsius the next logical step for you?

22:42 How did you want to stand out from other crypto networks?

27:08 Free swaps are an awesome benefit.

29:15 Why are you so passionate about the weekly ‘Ask Alex’ sessions?

33:45 Why is it important to you to publicly share your failed ventures?

Resources:

Celsius Network | Earning Passive Income Through Cryptocurrency [Step-by-Step Guide]

https://youtu.be/geVvCl4tUxM

 

Celsius Network Loans Walk-Thru (USING LEVERAGE TO BUILD WEALTH)

https://youtu.be/BUJ6EjLPCC0

 

Buying Bitcoin - How to Transfer From Fidelity ➡️ Celsius Network (ask the CFP®)

https://youtu.be/tij7cHaUqgU

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode170.mp3
Category:general -- posted at: 11:25am CDT

It was once said that if Bill Gates were to stop and pick up a $100 bill off the ground - he would actually be losing money.

 

That is how rich he is.

 

If I saw $100 bill on the ground, I would definitely stop and pick it up, I’m sure you would too.

 

A lot of people think that when it comes to investing $100 will not have any impact, it’s just not enough money to make a difference.

 

Today, I want to change that opinion.

 

I want to show you have you can take $100 and flip it into $1,000.

 

What if you were to invest $100 every single month?

 

02:43 The power of compounding interest

04:01 Consistency and discipline are key

06:33 How to make quick profits

10:12 Flipping garage sale and flea market items

14:47 Flipping sneakers

18:13 Flipping sports cards

 

Resources:

7 Ways to Invest $100

Best Items for Garage Sale Flipping for Fun and Profit

Investing Essentials for Beginners & Intermediates

 

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_169_.mp3
Category:general -- posted at: 12:50pm CDT

It is time for a Robo-Advisor Throwdown!

 

We are looking at two heavyweights: M1 Finance v Betterment.

 

I think these platforms are the two best options for beginners.  Anyone that is ready to start investing but isn’t sure how - one of these tools are best for you.

 

 

01:27 Why am I comparing these two platforms?

02:30 Platform information and stats

07:08 Account types offered by each platform

15:14 The fees involved

16:20 Additional features for each platform

18:59 Which platform do I declare the winner?

Resources:

https://wealthhackerlabs.com/ask/

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: Episode_168_.mp3
Category:general -- posted at: 11:56am CDT

If you have inherited an IRA lately you are probably pulling your hair out trying to understand the rules.

 

If you are trying to make sense of the rules on your own, you are probably exhausted.

 

We have a reader question asking this very thing.  Let’s take a look at that question from Chris:

 

“I have an inherited IRA and it is currently managed by one of the few investment companies that accepted these accounts.  It is losing money and  need advice of self managing this account.  What is the best strategy and investment for this to protect the assets from inflation and an unstable market?”

 

There are a few different things going on here.

 

02:47 Rules for inherited IRA and 401k accounts

04:15 Benefits of an inherited acount

09:15 Which investment firms will manage inherited accounts?

11:22 Protecting yourself from inflation

13:37 Understanding the strategy of your IRA

 

 

Resources:

https://wealthhackerlabs.com/ask/

5 Best Hedges in the face of Inflation

7 Best Inflation Hedges (protect your money). - YouTube

 

Check out my YouTube channel here.

Follow me on Twitter and Instagram

Direct download: episode-167.mp3
Category:general -- posted at: 10:15am CDT

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