Pay Off Debt or Keep Investing? (Money Q&A)

Apr 28, 2025

The discussion dives into the dilemma of paying off debt versus investing, examining how personal circumstances affect financial decisions. Listeners learn how to optimize a child's Roth IRA and navigate small business finances, including write-offs and taxes. The hosts also tackle the value of disability insurance and provide strategies for managing student loans while maintaining an investment focus. Finally, they share insights on selecting the right business structure, emphasizing liability protection and tax implications in California.

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ADVICE

Choose Low Fee Roth IRA Funds

Minimize fees in your child's Roth IRA by choosing low expense ratio funds.
Consider switching to providers like Vanguard or Fidelity with fees as low as 0%.

ADVICE

Master Small Business Finances

Run your business with clear systems and know your weekly financial numbers.
Hire a CPA and bookkeeper to maximize tax deductions legally and focus on growth.

ADVICE

Consider Disability Insurance Wisely

Get disability insurance if you rely on your paycheck or have dependents.
Look for own occupation coverage, elimination period, benefit period, and illness plus injury coverage.

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Extreme ownership

How U.S. Navy SEALs Lead and Win

Leif Babin

Jocko Willink

This book by Jocko Willink and Leif Babin focuses on the principle of 'Extreme Ownership,' where leaders take full responsibility for their actions and decisions. The authors use their experiences in the U.S. Navy SEALs to illustrate how this mindset can lead to success in any organization. The book covers various principles such as believing in the mission, checking ego, and leading by example. It emphasizes that leaders must own all failures, develop plans to overcome them, and ensure their teams are well-conditioned and aligned with the mission. The authors also stress the importance of humility, discipline, and effective communication in leadership[1][2][4].

The culture code

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In 'The Culture Code', Daniel Coyle delves into the secrets of highly successful groups by examining some of the world’s most effective organizations, such as the U.S. Navy’s SEAL Team Six, Pixar, and the San Antonio Spurs. Coyle identifies three universal skills that generate cohesion and cooperation: building safety through belonging cues, sharing vulnerability to foster trust, and establishing purpose through clear narratives. The book combines leading-edge science, real-world examples, and practical strategies to help leaders and teams create an environment where innovation thrives, problems are solved, and expectations are exceeded.

Scaling Up

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This book, written by Verne Harnish, provides a comprehensive framework for scaling businesses. It focuses on the four major decision areas every company must get right: People, Strategy, Execution, and Cash. The book includes the updated One-Page Strategic Plan and the Rockefeller Habits Checklist, which have been used by over 40,000 firms to scale successfully. Harnish draws on decades of experience advising CEOs and executives, emphasizing the importance of routines, effective meetings, and clear communication to drive business growth and maintain organizational health[1][3][4].

Traction

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In Traction, Gino Wickman provides a systematic approach to achieving business success through the Entrepreneurial Operating System (EOS). The book focuses on six key components: Vision, People, Data, Issues, Process, and Traction. It helps business leaders clarify their vision, align their leadership team, solve common business problems, and foster healthy communication and discipline within the organization. The EOS system is designed to help businesses overcome frustrations such as lack of control, people issues, insufficient profit, hitting the ceiling, and feeling stuck. The book offers practical tools, real-world examples, and actionable strategies to drive sustainable growth and improve business operations.

Unreasonable Hospitality

The Remarkable Power of Giving People More Than They Expect

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In 'Unreasonable Hospitality,' Will Guidara shares his experiences as the General Manager of Eleven Madison Park and The NoMad, highlighting the importance of hospitality in any business. The book emphasizes that simply offering a great product is not enough; organizations must also focus on creating authentic connections and memorable experiences for both customers and employees. Guidara provides practical advice on setting expectations, managing teams, and adapting to unexpected situations, all while maintaining a commitment to hospitality that goes beyond mere service. His approach is applicable across various industries, not just limited to restaurants and luxury businesses.

Who

The A Method for Hiring

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Randy Street

In 'Who: The A Method for Hiring', Geoff Smart and Randy Street offer a comprehensive and structured approach to hiring top talent. The book outlines a step-by-step method to ensure that the right candidates are selected, emphasizing the importance of defining the job, finding A players, and conducting effective interviews. It also provides strategies for avoiding common hiring mistakes and ensuring long-term success.

Predictable Revenue

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The E-myth

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