The Prosperity Podcast

Welcome to the 212th episode of the Prosperity Podcast! In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about the five biggest financial mistakes that startups make according to David Ehrenberg. Find out how to avoid these mistakes to maximum your cash flow and ensure the success or your small business. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode. Links in this Episode: Submit your questions: hello@partners4prosperity.com Article: The Five Giant Financial Mistakes that Startups Make Show Notes: 0:00 Intro 00:57 Starting up a Business 01:15 So Many Tools are Available for Starting up a Small Business like a Big Business 03:25 The Five Giant Financial Mistakes that Startups Make 03:44 Mistake #1: Miscalculating Your Cash Burn Rate 06:21 Mistake #2: Not Completely Understanding Your MarketPlace 10:00 The Importance of Pricing Effectively 11:06 Mistake #3: Hiring and Expanding too Quickly 13:07 Mistake #4: Making Bad Hires 14:12 Mistake #5: Doing Your Own Finances (When You Have No Training)

Join best-selling author Kim Butler and No B.S. Money Guy Todd Strobel in this episode of the the Prosperity Podcast as they discuss the financial challenges that millennials, and really many generations face. Find out what solutions they have for problems like student debt, financial illiteracy and stagnant wages, and how they differ from popular opinions and mainstream media. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode. Links in this Episode: Submit your questions: hello@partners4prosperity.com eBook: Financial Planning Has Failed Credit help: NationalCreditCare.com Article: How Millennials Can Overcome their Six Biggest Financial Obstacles Show Notes: 0:00 Intro 00:24 How Millennials Can Overcome their Six Biggest Financial Obstacles 02:08 Challenge #1: Millennials are Financially Illiterate 05:38 Solution: Get An Auto-Didactic (Self Taught) Education in Personal Finance 08:35 Solution: Get Help With Your Education 10:45 Challenge #2: Millennials are Financially Fragile 12:42 Challenge #3: Millennials are Burdened with Student Loan Debt 13:32 Why You Might Not Want to Pay Down Student Loan Debt as Fast as Possible 15:00 Solution: Skip College? Maybe Not, But Consider Postponing 16:26 Challenge #4: Millennials Wages are Stagnant 18:26 Kim's Solution: Learn to Save, Live on Your Salary 17:04 Articles Solution: Negotiate for a Higher Salary, Look for a Higher Paying Job 19:44 Challenge #5: Rising Rents Eat up a Burdensome Amount of Millennial's Income 20:32 Kim's Solution: Get a Cheaper Apartment, a Second Job, or a Roommate 21:08 Article's Solution: Move Somewhere Cheaper 22:28 Challenge: Fewer and Fewer Millennials are Becoming Full-Time Entrepreneurs 23:03 Solution: Do Both 23:40 Pursue an Entrepreneurial Thought Process

In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel pack in a ton of information on how to make the most of your dollar. They offer take-away solutions that you can start using today. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode. Links in this Episode: Submit your questions: hello@partners4prosperity.com Financial Calculator: truthconcepts.com eBook: Financial Planning Has Failed Show Notes: 00:00 Intro 00:37 How to Make Cash Flow from Your Asset Base 01:05 Make your dollar do many jobs. 02:19 Interest and bonds are not as secure now 03:10 Real Estate Investing 03:25 Bridge Loan Providers take away some of the work of Real Estate 04:54 Financial Calculator 09:45 Truth trainings 10:10 Questions about bridge loans 10:51 Residential vs. Commercial bridge loans 13:48 Accredited advisors 14:24 Senior Life settlements 14:41 eBook: Financial Planning Has Failed 17:14 Independent Advisors provide better advice  

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel walk through a magazine article from Kiplinger Magazine. This episode sheds light on some technical facts about everyday finance you may be surprised to learn. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@prosperitythinkers.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: welcome@prosperitythinkers.com   Show Notes: 00:00 Intro 00:43 Kiplinger Magazine- Financial Fluency 01:34 Where to store large sums of cash 04:02 How to boost your paychecks 06:30 What will help you build a credit history or build your credit? 07:12 Your credit card balance should never be 30% of your limit 09:44 Investments for your long term financial goals 11:36 Senior Life Settlements- send us an email about this 12:11 What insurance could you do without? 13:41 FDIC explained 16:54 What affects your auto-insurance rates? 18:00 What age do you start filing a tax return? 20:43 Withdrawing from a Roth IRA 22:22 Please leave us questions

In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about how to continue giving to your community after passing on. If you think you might want to include a charity in your will, give this episode a listen and you’ll find out some keen insight on how to do that. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@prosperitythinkers.com and we may answer it in an upcoming episode.

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about the differences between Stock and Mutual Insurance Companies. In just 15 minutes you will have a better understanding of where you should invest your money for life insurance. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@prosperitythinkers.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: welcome@prosperitythinkers.com Free ebook and audiobook: Financial Planning Has Failed   Show Notes: 00:00 Intro 01:20 Should you go with a Stock company or a Mutual Company? 01:35 Kim defines these terms 03:23 Only 19% of life insurance companies are mutual 03:42 75% are stock companies, who pay stock holders first 04:03 6% of life insurances companies are fraternal. 05:35 Explaining dividends. 07:44 Cash value can never go down- aspect of choosing mutual 13:39 Most mutual companies are over 100 years old. 14:31 Mutual reserves are dollar for dollar 14:45 Listener gift: Financial Planning Has Failed

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about the importance of finding out what Prosperity means to you. This is the first step to developing a prosperous mindset, in life and with finances. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: hello@partners4prosperity.com Sneak Peak of New Book: Eight Perspectives on Prosperity Economics   Show Notes: 00:00 Intro 00:37 Today’s topic: the definition of Prosperity 00:50 We want listener feedback 01:00 Define Prosperity to have a goal to work towards 02:30 Gratitude comes first 02:36 Applying a good mentality to your finances 04:51 Definition of Prosperity changes throughout time for individuals 07:07 Three listener questions 09:12 Patrick Donohoe: The infinite vs. the finite game 12:29 Article about Chic-fil-a 12:42 New book: 8 Perspectives on Prosperity Economics 13:15 Sneak peek of book for listeners 13:41 Contact the podcast for questions hello@partners4prosperity.com

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about the advantages and disadvantages of buying vs leasing a car. This topic comes from a recent article by Jane Bryan Quinn in AARP magazine. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: hello@partners4prosperity.com Free ebook and audiobook: Financial Planning Has Failed   Show Notes: 00:00 Intro 01:50 The authors opinion focuses on three different options 02:37 Challenges from the lease company 04:22 The biggest issue with a lease and how they add up massive fees. 06:05 If you’re going to do a lease understand all the costs 08:09 Paying cash vs financing cars 10:56 Each time you decide to get a new car look at dealer financing vs your own financing

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel talk about 99 Ways to save money which was featured in the July/August AARP magazine. Listen to hear how many of these saving strategies you are applying in your financial life. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at hello@partners4prosperity.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: hello@partners4prosperity.com www.pparx.org - Partnership for Prescription Assistance www.wallethub.com - Credit card comparisons www.farecompare.com - Flight pricing comparisions   Show Notes: 00:00 Intro 01:44 Maxing out your retirement plan 04:35 Apply for free medication www.pparx.org 05:23 Audit a college course to expand your learning 07:13 Paying your mortgage twice a month 09:46 Transferring your credit card debt to a card with 0% interest 10:49 Cancel your collision coverage on your auto insurance 12:25 Pick your flights carefully by flying on the best days 14:04 Hire someone to negotiate your bills 14:58 Quit drinking soda to save $120 a year 15:58 Get reimbursed for ATM fees from using outside banks

Summary: In this episode, best selling author Kim Butler and No B.S. Money Guy Todd Strobel test their knowledge by taking a quiz from FINRA.org. Advisors: listen up to see if you could correctly answer these interesting financial questions. Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@prosperitythinkers.com and we may answer it in an upcoming episode.   Links in this Episode: Submit your questions: welcome@prosperitythinkers.com Financial quiz: FINRA.org   Show Notes: 00:00 Intro 00:38 Taking a quiz on financial literacy on FINRA.org 01:30 Calculating compounding interest 02:30 Calculators that Kim and Todd use 02:46 Free Calculator App 04:20 Inflation vs. Interest rates 04:45 What happens to bond prices if interest rates fall 06:00 Mortgage payments 07:20 Financial Planning Has Failed 07:44 Buying single company stock vs. stock mutual fund 08:50 Investment calculations 12:45 Busting The Interest Rate Lies 14:00 Listener input welcomed