Radical Personal Finance

I'm fascinated by long-term travel stories. After all, some people have to wait until they're retired to travel but some people are able to do it long before? How? Why? What can we learn from them? My guest today is fascinating. Greg Denning and his wife, Rachel, are living a long-term travel lifestyle. Currently, they're driving from Alaska to Argentina via Europe. Impressively, they're doing it together with their six kids! Why are they doing it? How are they paying for it? Tune in to the show to find out! Joshua Links: Greg and Rachel's website: www.discovershareinspire.com

Most of us have heard the example of the magic penny that doubles every day in value for a month. But, have you sat down and looked at that example to really understand what lessons you can apply to your own life? Today, I share with you 5 lessons I've learned from that example: 1. Rate of return matters 2. Time matters 3. In the beginning, it's easy to spend. That's what most people do. 4. In the beginning, the amount you save matters more than the interest rate. 5. In the end, the interest rate matters more than the amount you save. Enjoy the show! Joshua Links: Support RPF: www.radicalpersonalfinance.com/patron The Compound Effect by Darren Hardy

https://www.patreon.com/radicalpersonalfinance I don't think it's unfair to say that the financial planning industry is known for being a bit stuffy at times. If you ask an average person what they think of when they think of a financial planner, it's more likely to be an old, white guy in a suit and tie sitting in a mahogany-lined conference room than a young, vibrant lady with a theater and women's studies double-major. But, perhaps that's changing! My guest today is Sophia Bera, CFP® and she's shaking up the financial planning industry! Her tagline is "I'm not your father's financial planner." And, she's certainly not. Instead of going after the retiree market, she has chosen to focus exclusively on serving Gen Y clients. Sophia is part of a new generation of financial planner who is working to bring a different style of financial planning services to a new market. And, she's doing it on her own terms. In this interview, we discuss: Sophia's story and how a non-financial person wound up becoming a financial planner. How financial planning fits into Sophia's ideas for the ideal design for her own lifestyle. Why entrepreneurship is the new job security for millenials. How the financial planning industry is dealing with its reputation of being filled with old, white men. Enjoy! Joshua Links: Sophia's website: http://genyplanning.com

http://Patreon.com/RadicalPersonalFinance We continue our Masterclass on 529 plans today. If you haven't heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You'll need it for context on today's show. Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may not be important for you. Topics: Which states give a tax deduction for 529 contributions and how much? Which states offer tax parity? How to take advantage of the 529 State Income Tax Loophole. How to figure out if you should take advantage of a plan with lower fees or a plan with a better deduction. Who should own the plan--parents, grandparents, or child? How do 529 plan distributions get reported? What are the best 529 plans to choose for each state? How can you get free money for college? Enjoy the show! Joshua Part 1 of this 529 Plan series: http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ Which states offer a 529 Plan deduction? http://www.finaid.org/savings/state529deductions.phtml Free money for college: http://www.fastweb.com/financial-aid/articles/free-money-for-college-savings Information on Individual Development Accounts: http://cfed.org/programs/idas/ida_basics/ If this information has been useful to you, please support the show on Patreon! https://www.patreon.com/radicalpersonalfinance

http://radicalpersonalfinance.com/patron I had the opportunity to sit down with Michael Kitces while I was in Dallas last week for the Technology Tools for Today conference for financial advisors. Michael is, in many ways, a conference king. He speaks at 60 to 70 conferences per year. He also writes the most influential blog focused on financial advisors. What fascinates me is the development of his career. Michael's career developed from very humble origins. He found an area of interest and then applied years of diligent effort. Years later, he has succeeded in raising his personal income by a factor of 10 through the consistent application of some basic principles. Enjoy this peak into the development of a career and consider how you can apply the same principles to your own endeavors. Enjoy! Joshua Links: Michael's first appearance on Radical Personal Finance: http://radicalpersonalfinance.com/the-business-of-financial-advice-opening-the-curtain-on-the-history-present-state-and-future-of-financial-advice-with-michael-kitces-rpf0092/ How to increase your income by 1000% over the next decade: http://radicalpersonalfinance.com/rpf-0010-you-are-100-percent-responsible-for-your-income/ Please become a Patron of the show! http://radicalpersonalfinance.com/patron

http://radicalpersonalfinance.com/patron You've probably heard that your income is your biggest and most important tool in your wealth-building toolbox. It is. But it's hard to see and feel that when you simply sit down and look at your net worth statement. Today, I want to share with you a technique that has been useful for me. It's primarily a framing technique: it allows you to actually see the value of your income as compared to your current financial condition. It's been incredibly useful to me and I hope it's incredibly useful to you! Notes: Calculate the lifetime value of your income. Then, think about what you can do to increase that number. There are three primary levers to push: The higher your starting income, the better. Focus on starting from a position of strength (higher wages). Look for high-skill or high-education industries. Focus on a difficult industry. Hard work pays! The higher the annual increase, the better. Build and apply knowledge, skill, and ability. Be in an industry which will reward your increases. Look for big-jump increases by constantly job hunting. Establish yourself as a leader in your industry. Look for industries where competition is low and you can gain a competitive advantage. Look for exponential growth and leverage opportunities. The more years of income, the better. Start earlier. Can you simply get started now without waiting for formal credentials? If it's too late for you to start earlier, can you help someone young start earlier? Work longer. But consider if you'll be able to persist. Look for work that you can do for longer. (Be careful of laboring jobs or mandatory retirement programs.) Look for work that you'll want to do for longer. (Does it integrate with your lifestyle? Do you gain satisfaction and enjoyment from the work itself?) Look for work where your age and wisdom will be an advantage. (Plan ahead for ageism and be prepared to overcome it.) Look for work where your lifetime knowledge and experience will be an asset, not a liability. Your homework: Calculate the expected value of your life's income. Is it enough? Play with the variables and see what kind of alternatives you can create. Links: Patreon Page for Radical Personal Finance Instructional video for how to make an income spreadsheet Bonus episode for Irregulars with details about my Dallas trip

Hey amigos, I've decided last minute to fly out to Dallas, TX tomorrow morning to attend the "Technology Tools for Today" conference for financial advisors. There may not be a show for the next couple of days. I will do my best to release some shows while I'm there but no promises! If you're interested in what's happening at the conference, please feel free to connect with me on Twitter https://twitter.com/JoshuaSheats or Facebook https://www.facebook.com/joshuasheats. If any of you listners who are in Dallas would like to meet up while I'm out there, please either email me or reach out on social media. Thanks! Joshua

Today's show is a fabulous interview about career creation. My guest is Scott Ginsberg. Scott is most well-known for his love of name tags. He's worn a name tag every hour of every day for 5,241 consecutive days! This decision was, in many ways, the foundation of his empire. It formed the story for his first book. Since then, he's written a total of 27 books on a variety of topics. I'm utterly fascinated by Scott's career. You'll hear that in the interview today. We discuss: Scott's utter lack of planning for his career? The power of a positive family environment The value of being remarkable Input vs. output vs. throughput The importance of excellence vs. prolificacy Enjoy the interview! It's super fun! Joshua p.s., thank you to each of you who have supported the show so far on our crowdfunding Patreon campaign! We're off to a great start with 15 patrons and $280 per month! Go sign up with at least a $1/mo. pledge and you'll receive access to my brand-new 20-minute video: "A Framework for Wealth." Links: Scott's website: http://www.hellomynameisscott.com/ Also, http://nametagscott.com/

http://RadicalPersonalFinance.com/patreon Today, we launch our brand-new crowdfunding campaign! I've closed the old Irregulars membership program and am replacing it with this new campaign. Tune in to the show to hear: What worked well in the Irregulars version 1.0. What didn't work at all. Why I've felt guilty every time I've recorded a show for the last few months. Why I'm launching the new crowdfunding campaign. Also, we're launching our brand new app! Go get it from the app store and let me know what you think! Joshua Links: Check out the Patreon Page!

Have you ever thought about the money you could save if you didn't have to pay taxes on the profits of your business? Might be nice, eh? Well, have you ever considered establishing a not-for-profit corporation instead of a for-profit company? Perhaps it might have some advantages for you! My guest is James O'Neil. James is a former police officer and now is involved in a company called Training For Safety. Having run both types of companies, James is a great guest to introduce the topic. Enjoy! Joshua Pros and Cons of a Not-for-Profit Entity Pros No Corporate Income tax, often no State or Local Income Tax Eligible for Public and Private grants Donations – Cash and Non cash (e.g., batteries) Corporate structure / Liability protection Cost savings – Insurance, business license, business discounts People view nonprofits differently IRS (kinder and gentler IRS) Lots of free or low cost assistance You are a “real” business Volunteers Cons Must have a nonprofit goal (charitable, educational, religious, literary, or scientific purpose) Expense to setup (about $1,000) Lots of time to setup (IRS and State forms & waiting for approval) Paperwork (but applying recently got easier) Lack of privacy (tax returns are on Internet) Shared control (Board of Directors, corporate officers) Book Recommendation: “How to Form a Nonprofit Corporation” by Anthony Mancuso (Nolo Press)