Former financial planner Joe and Paula provide advice for an ex-inmate starting fresh. They discuss investing strategies like lump sum vs. dollar-cost averaging. The episode also covers stock pricing, index funds vs. individual stocks, and international investing for true diversification. The hosts share personal testimonials, sponsor highlights, and a listener's financial transformation story.
Developing specialized skills is crucial for increasing earning potential.
Advocating for fair treatment in employment is crucial for creating more opportunities for formerly incarcerated individuals.
Entering entrepreneurship through freelancing can lead to owning an agency and advocating for fair hiring practices.
Deep dives
Focusing on Skill Development and Increasing Earning Potential
Developing specialized skills and increasing your earning potential is crucial. By focusing on a niche skill set, you can command higher pay in the job market. This emphasis on career growth lays the groundwork for future financial success.
Navigating Job Search Challenges as a Formerly Incarcerated Individual
Formerly incarcerated individuals face challenges with job applications due to bias. Programs like the Work Opportunity Tax Credit and Federal Bonding Program incentivize employers to hire individuals with past incarcerations. Advocating for fair treatment in employment is crucial for creating more opportunities.
Entrepreneurship as a Path to Ownership and Advocacy
Entering entrepreneurship by developing specialized skills can lead to starting a service-based business. Freelancing is a low-cost entry point that can evolve into owning an agency, allowing for independence from traditional employment structures. As an entrepreneur, you can advocate for fair hiring practices and create opportunities for others.
Maximizing Savings and Financial Planning for Future Goals
Committing to saving a specific amount per week, such as $510, sets a clear financial goal for building wealth. Keeping expenses low while increasing income allows for faster wealth accumulation. Setting sights on long-term financial objectives, such as real estate investment, aligns savings efforts with future aspirations.
Utilizing Travel Logs to Share Insights and Experiences
Documenting travel experiences like trips to Jordan and Egypt provides valuable insights for others planning to visit. Sharing personal perspectives, travel highlights, challenges, and recommendations can serve as educational resources for future travelers. By detailing travel adventures, you offer a glimpse into unique destinations and enrich travel planning with firsthand accounts.
#507: Robert was recently released from prison and wants to start his life on the right foot. What’s Joe and Paula’s advice for him?
Suzy is excited to deploy her first corporate bonus but scared to invest everything in a lump sum. Should she stick with what’s worked in the past and just dollar cost-average?
Meghan doesn’t understand how stock pricing affects capital appreciation. Is it always better to buy when share prices are low?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.