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As I sat with 3,000 fellow entrepreneurs waiting for the next speaker to enter the stage, the beauty of Portland's antique theater intrigued me. Wrought iron railings, ornate tapestries, brass fixtures, and gold inset wood designs set the mood for Tess Vigeland from NPR's “MarketPlace Money” (9 million weekly listeners) to take the stage. After thunderous applause, her bold statement stunned me…
Everything you need to know about financial planning is just 6 stories, and everything else written on the subject merely rehashes those core 6 stories over and over again to make them look different.
Could it be true? Was financial planning really that simple? Just 6 core ideas? I was intrigued.
Philip Taylor from PTMoney.Com was sitting in the audience with me and was equally taken by Tess's statement. After all, we are both authors of several hundred financial articles individually and more than a thousand articles combined. Was simple financial planning really possible?
As it turned out, yes, it was. In this 13th episode of the Financial Mentor Podcast, Philip and I arrange these 6 cornerstone principles (as inspired by Tess's presentation) into step-by-step logical order of execution so you know how to turn the corner on your finances and the exact order to do it in.
The point of this podcast is to simplify all the complication and noise coming out of the financial media because it keeps you from taking action. It is the infamous paradox of choice. When there is too much information to digest then our minds go into confusion and shut down. The result is no action.
That's why it is so important to simplify. The number one wealth killer is procrastination because a confused mind can't take action. You must proactively design your financial life by taking daily actions to create your wealth. The sooner the better.
This podcast will show you how to simplify all the financial planning noise down to just 6 cornerstone ideas and arrange them in a logical order of execution. It is everything you need to know about financial planning – simplified.
In this episode you will discover:
- Why awareness is the necessary starting point.
- How the 6 cornerstone ideas interconnect to support each other.
- A simple routine that will help you run your money like a business.
- The cornerstone principle that will simplify your financial life once and for all.
- Which expense should be optimized first to get the greatest result for the least effort.
- The difference between aligning your spending with your values vs. getting the best value for your money.
- The simple trick that can get you discounts on monthly recurring bills.
- The right – and wrong – way to use coupons to save money.
- How to define the efficient price point (Hint – it's not the cheapest, or the most expensive).
- The inherent limitation to frugality that can trap you.
- Why an emergency fund is essential to the early stage of your wealth building process, and why it is useless later on.
- The 3 reasons to save.
- The key difference between good debt and bad debt (yes, some debt can be good!)
- The dangerous self-deception that causes consumer debt.
- How Philip's “separate and automate” concept will help you save more with less stress.
- How to get motivated to save for retirement (if you aren't already).
- 3 simple steps to maximizing your retirement savings.
- The correct stage for emphasizing risk management disciplines and why it is later in the process rather than early.
- and much more….
Resources and Links Mentioned in this Session Include:
- Philip's website is PTMoney.com.
- Financial Blogger's Conference website is here.
- My 7 Steps To 7 Figures Wealth Building Course
- Tess Vigeland's speech from World Domination Summit 2013.
- You can learn more about my financial coaching services here.
- My bestselling book at Amazon is here How Much Money Do I Need To Retire?
- A retirement calculator to help you engineer your retirement.
- Ramit Sethi's book I Will Teach You To Be Rich
- M.J. DeMarco's book The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime.
- Michael Gerber's must read book for entrepreneurs The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It
- A calculator to implement the debt snowball/debt avalanche strategy as mentioned in this podcast.
- Here's one last calculator mentioned in the show… for calculating your life insurance needs.
- Jesse Mecham's podcast – Episode 5 – on advanced budgeting strategies to build wealth. My most popular episode to date.
- And finally, here is a link to Episode 1 mentioned in the podcast where Wade Pfau debunked Dave Ramsey's estimates for investment return and retirement spending.
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Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
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I read your article . Your article is full of knowledge and open up several options in front of us. I too believe that planning for investment is most necessary thing to do before you invest somewhere.
Todd, thanks for having me on. I enjoyed the discussion and I’m always glad to gain a little more of your perspective. Best of luck with the podcast.
Philip TaylorThanks for bringing the goods to the show. It was fun to banter with you and put all your ideas into a step-by-step format. Great stuff, IMHO! Hopefully others agree.
The piece of information you shared with us is very valuable. Liked your work.
Philip,
I couldn’t agree less with your college position. We believe it is our obligation as parents to provide an education for our children, including college if they so choose. College costs too much for an 18 year old. To saddle our children with college debt–especially since it’s not dischargable–is so unbelievable selfish and damaging, I can’t believe parents do it.
Imho, the way to deal with the college conundrum is to use every strategy you can to lower the cost, including letting your children know that college is generally a scam and they don’t have to go. They are perfectly capable of learning what they want outside of the academy. Then, save the balance of the tuition for them.
Our daughter wanted to go to college. We asked her to “pay half” by getting cheap credits. She entered her alma mater as a junior because she aced 8 ap tests, and took community college and online courses instead of high school. That cut the cost of college in approx. half. Then she lived with us, cutting the cost even further. Total was about $35k. No loans were necessary. We saved that over the years in a Coverdell account that we opened when she was born.
There’s also scholarships and grants. Generally, the more expensive schools have money for serious students those who can’t afford the tuition.
Our son didn’t want to go to college. Between taking a few community college courses and rooming with college students several years older than he, he saw what a scam college is and had no patience for the stupidity of it all.
Tuition should cost less now than when I went to college due to modern technology and the proliferation of schools (greater supply). Instead, due to the thoroughly corrupt federal govt, the rapacious banks, and the mendacious college industrial complex, we are bankrupting a whole generation before they can even begin their careers. And yet, they can’t declare bankruptcy. The baby boom generation–maybe the stupidest generation ever to disgrace the earth–has wrought this. When they are old, infirm and drooling in a corner, I hope their children act accordingly. In fact, I know they will.
Philip, don’t make the same mistake, and certainly don’t tell others to.
Thanks for listening. I agree with much of what you’ve said here. I still would advise letting your child pay for their own college (with debt or otherwise) vs risking your own ability to provide for yourself when you are old and unable to work. Being dependent on others when youre 90 (a time period you had 90 years to prepare for) is the ultimate selfish act, IMO. I think we agree more than we disagree.