Jeff Rose from GoodFinancialCents.com is a Certified Financial Planner and Iraqi combat veteran with over 14 years of real world financial planning experience. Launching The Money Uprising Movement his mission is to give people the tools and resources they need to achieve financial freedom.
The Experience Challenge (WHW #22)
Today I am bringing you the challenge of finding a mentor, getting coaching, or any other way of learning from others that gives you a leg up in building wealth.
What’s going on Y’All? Back with another Wealth Hack Wednesday!
I love giving you information, but if you notice at the end of my Wealth Hack Wednesday’s I like to drop a challenge. Today I am going to start with a challenge. 😀
If there is something that you want to learn? Maybe it is investing, tracking your net worth, real estate investing; whatever it is. Is there someone that you know that can give you some information to start this process? 👨🏫 Then reach out to that person.
It’s not really a challenge if I haven’t done it myself. Let me give you an example. When it comes to whole life insurance, I know that most advisors that sell whole life insurance do it more for the commission that they will make rather than if it is the right investment for you. Because of that, I have a very bad taste with whole life insurance. That’s not to say that there aren’t cases where whole life insurance does make sense.
There was a guy that I met at a conference a year ago and we were supposed to have a call to discuss whole life insurance. We finally had the call yesterday. This is an agent that focuses mostly on whole life insurance. But, he does it differently in that he knows it is one of the most misused, missold, and misrepresented products out there. But he does subscribe to the infinite banking concept (more info on this in future videos).
I set up the call because I wanted to learn more about whole life insurance. I was blown away by the information he shared with me. He has structured his policies in a way that benefits the client. His commission is a fraction of what most insurance agents would make. That way it is structured to put more money in the clients pocket than his.
The whole point is that I want to learn more about investment strategies and wealth building strategies. I am not going to just settle for what I know. There are people out there that are experts in different spaces and I can learn from them. 👨🏫
Chances are there is information that you want to know, so I am challenging you to reach out to these people. 😀
Some of you have commented that you want to learn more about real estate investing or online business. You can reach out to me with questions. Leave a comment or send an email, you may not reach me, but chances are that I have or will be doing a video on that topic.
It is all about taking a chance. I could have reached out to this guy and he could have said I don’t have time, go somewhere else and I would have.
If it is information you truly want, you have to reach out to someone. Then keep reaching out until you find someone that is able to help you hack your wealth. 🏁
7 Rules for Investing in Your 20s (best way to invest when you're young)
Investing in your 20s is the best...I repeat...BEST thing you can do to set yourself up for success.
When I was 20 years old, I was broke.
I didn't know anything about investing, I didn’t know what a mutual fund was, I didn’t know how to invest in the stock market, I barely had $100 to my name.
By the end of my 20’s I had paid off all of my debt, I was investing in a 401K, I had maxed out my Roth IRA, I was on top of the investment world. I had it all figured out.
How did I do this? I found the 7 rules to investing in your 20s.
Most people assumed that since I was a finance major I should know about investing. The truth is they didn’t teach you that in college. When I started my career, I didn’t know how to invest. But I got real world experience and knowledge when I started my career as a financial advisor.
I started investing with as little as $25/month. I should have started with more, but I felt good with what I was doing. Those first mutual fund investments taught me how to get started in my 20s.
So let’s take a look at those 7 Rules:
➡️ 1. Just freaking start [2:40] - It doesn’t matter where you start investing - just START somewhere.
➡️ 2. Respect compounding interest [5:28] - Many people do not understand or appreciate the power of compounding interest. Let’s look at an example at 20 yrs. old investing $300/month with 8% return - you will have a one million dollars by the time you are 60. 💰 At 30 yrs. Old with the same investment you will have $440,445.
➡️ 3. Uncover those golden eggs [7:03] - When it comes to investing you only know what you know. Until you actually start investing you are not going to know what is out there.
➡️ 4. Choose tax-free status [8:38] - This contradicts what Dave Ramsey will tell you. I suggest that you start with the Roth IRA vs. the 401K. With a Roth IRA, you have to open your account and choose your investments (you will learn more).
➡️ 5. Invest in your number 1 Asset [10:20] - That number one asset is YOU. Invest in yourself. You can start this by reading books, attending conferences, etc.
➡️ 6. Understand the power of the side hustle [12:35] - Do you want to be in control of your future? That is what the side hustle can give you. It doesn’t happen overnight, but with work it will happen.
➡️ 7. Do what the wealthy do [13:58] - When you start in your 20s this might be tough but one way I started was opening a self-directed retirement account. The wealthy invest in real estate. 🏠🏠 You can do this with real estate notes or a platform like Fundrise.
It doesn’t matter where you are in your investment journey. If you are a rookie or if you have experience and want to learn more - if you are in your 20’s these are 7 rules that you can 10x where you are right now.
It is all about getting started!
From $12 Per Hour To $1.5 Million Real Estate Investor
Rich Dad Poor Dad has impacted thousands of people with me included. When my buddy Travis read the book he was impacted in a much deeper way.
After reading the book he was determined to become a real estate investor. Even though he had ZERO money, ZERO experience, and ZERO mentorship, he didn't let that stopped him and didn't quit until he acquired his first rental property.
Since then he has acquired several more properties and with each one becomes more confident in the process. His latest property should net him over $200k in profits.
Learn more about Travis' story and enjoy this behind the scenes look at some of his best real estate investments.
Travis: There are always deals, whether the market is up or down - you can still find good deals. You will run out of cash doing real estate but you can start partnering and working with other people.
You goal is a quick turn around to cash flow - whether you are rehabbing and selling or doing repairs and renting. I try to complete remodels within 30 days.
Once you start a remodel, you can run into issues you were not expecting. This can make staying on budget difficult, so it is always best to allow your self a margin to cover these surprises.Owning assets is definitely a major component in building wealth. With real estate I am able to rent some properties for ongoing monthly income and also rehab and sell houses to create cash flow for my company.
When you are investing in real estate one of the hardest things can be actually finding properties that will allow you to make a profit. When I first started I was approved for a small mortgage, but I have grown that amount through the years. The biggest thing with real estate is to not give in too soon. You have to stick with it to find the right properties, find the cash flow to make it happen, and then keep building on that.
It takes time to build up a real estate investment business. You have to be prepared for the ups and downs.
Fastest Way to Become an Expert on Anything (and stop feeling like a fraud)
Today I want to talk about how to become an expert in your field. How to use your knowledge to build wealth and potentially create passive income.
At 24 I was fresh out of college and ready to take on the world. I had just completed a two-week intensive training on learning how to become a financial advisor.
I was preparing for my first client meeting and I was scared but confident. I can remember thinking that I was really going to mess things up. And I did. I bombed. I started to question whether I should have become a financial advisor, if I had made the right decision.
Those people did not become clients, but I learned so much from that first meeting. It taught me how to teach what I knew. I had the knowledge, I just didn’t know how to deliver that knowledge to others.
I know many of you have an interest in becoming an expert in your field, but you feel like you don’t have the knowledge or the experience to do so.
I want to challenge that belief. 😀
Today, I am going to show you how you can become an expert in 4 easy steps - and become an expert 10 times faster than what you would expect.
In Malcolm Gladwell’s book Outliers he talks about the 10,000 hour rule. Basically he says to become an expert in your space, it takes 10,000 hours to become world class in whatever it is you are trying to do. I disagree with that rule.
In reality, you may be an expert and not even know it yet.
When was the last time you have been to a restaurant that a friend or family members has not been to. They come to you and ask ‘how was the food’ how was the service’? You can share your experience with them because you are one step ahead of them. You are the expert. You have been there. They look to you to be that expert. 😀 Now granted they are not going to pay you for that knowledge, I just wanted to share that example with you.
My buddy Travis, who is a real estate investor here in Nashville was thinking about doing some sort of course to teach others about real estate investing. But he didn’t feel like an expert.
Even though he had 5 properties that he was consistently making money from and he could potentially make six figures on one property he didn’t look at himself as an expert.
I told him what I will tell you: If you have done something that someone else hasn’t - you are an expert. All you have to be is one step ahead of that person and continue to stay ahead of that person through that journey.
Now I want to share with you the four steps you can take to become that expert.
➡️ 1. Study and do research [5:02] - You can learn from other experts in your field, by buying and reading books related to your topic, and by attending conferences or trainings in your field. 📚
➡️ 2. Test it out and apply what you have learned [7:33]- You have to take all that research and all that information that you have learned and test it out. Make an outline of the topics you want to discuss.
➡️ 3. Document what works and what doesn’t [9:15] - This allows you to build on what went well and gain more knowledge around what went wrong. As a bonus if you document your learning process you can use that document to create a product that you can sell.
➡️ 4. Just teach it [12:05] - Teach everything that you have learned in steps 1-3. Teach one person what you know, show them the steps, then you can teach others. 👨🏫
If you want to become an expert you have to be willing to share both your successes and your failures.
Now for the time hack to become an expert 10x’s faster. It is the OC method. OC stands for Oh Crap! 💩
You find a way to teach on the topic you want to become an expert in. This could be at your local community college, a library, or an organization. You put that date on your calendar and if it is 4 weeks or 6 weeks out - that is how long you have to learn and prepare to speak on that topic.
Go Out of Your Way (WHW #21)
What’s up everybody? Back with another Wealth Hack Wednesday!
I don’t know if this is hacking your wealth, but it is all about building relationships, which can grow your wealth if you do it right. 💰
Just the other day I got a chance to meet up with a buddy of mine Chris Greenwood. I shared his story about being a musician and getting tired of being on the road all the time. He started teaching other musicians how to market their business and how they can make money.🎵
The point I wanted to share was that we have known each other for roughly 3 years and we communicate on Voxer. During that time we have only met in person twice. He came to town to meet me when we were in our rental house. He was just in town again and I made sure that I was able to meet up with him while he was here. 😀
The moral of the story is we both went out of our way when we had the opportunity to get together. Just to have the opportunity to connect and see if we could help each other.
There are so many examples where I have went out of my way, either making a trip to meet someone, or to attend a conference. I’ve driven over 2 hours to meet up with people before. 👋
Those connections that you make over time are invaluable. That is how you build your network.
They say your network is your net worth. I don’t really care for that quote because it makes it seem as if you are using people for money. 🤔
But you don’t get those connections if you don’t go out of your way to meet those people. You have to build a network of people that you can help or they can help you. They may connect you with someone else that they know.
A lot of you ask me how to find a mentor, this is one of the ways you do that. This is how you are going to grow your wealth.
97% Can't Answer These 6 Basic Questions on Money - Can You?
There was a time in my life where I had over $30k in student loan and credit card debt. I used to use my ATM receipts to balance my checking account. I would get in stupid arguments about money with my girlfriend, now my wife.
I can remember one argument where I wanted to buy a new TV using a zero percent credit card. She lost it. That was a pivotal moment and I had to make some tough decisions.
Was I going to continue down this path of financial destruction? This path where I didn’t understand personal finance. Was I going to change and be better? Start learning the principles of how interest works, how to invest, how financial tools work?
I am thankful that I made the right decision. I committed to understanding the basics. The basics are what you need to build wealth.
I came across a study done by CNBC on basic money skills. Only 3% of Americans could answer the 6 basic money questions. I want you to take this quiz with me. Many of you may feel that you don’t need to know this stuff or that it is too hard to understand. ❌ The truth is, it’s not hard and you need to understand it if you want to change where you are right now.
If you are ready, get pencil and paper and let’s take this quiz:
➡️ 1. Is a 401K a Tax Credit for retirement? True or False
➡️ 2. Which of the following best describes APY?
A. Adjusted prices for inflationB. Annual rate charge for borrowing or earned by an investmentC. Annual rate of return accounting for compounding interestD. Annualized principle payment amountsE. Annuity payout per yearF. Automated payment
➡️ 3. Your income does not impact your credit score? True or False?
➡️ 4. What does a CD offered by a bank stand for?
A. Capital defermentB. Certificate of depositC. Collateral defaultD. Collateralized discountE. Commodity dividendF. Credit dividend
➡️ 5. What is the difference between a checking account and a savings account? (Select all that apply)
A. Only savings accounts earn interestB. A savings account can’t be used for automatic bill payC. Only checking accounts have overdraft feesD. You can only transfer money from checking accounts to savingsE. Checking accounts are designed for regular useF. Savings accounts are designed for investing long term
➡️ 6. What are the three major credit bureaus (this applies to U.S. only)
A. Capital One; Bank of America; JP MorganB. Deloitte; KPMG; Ernst & YoungC. Fannie Mae; Freddie Mac; Sallie MaeD. FICO; Moody’s; FitchE. Transunion; Equifax; and ExperianF. Visa; Mastercard; and American Express
Those are the six money questions that only 3% of Americans got all questions right.
This will help to show you what you need to work on. Where to invest your time. Do you need to read more, open investment accounts, or going into your bank and asking questions?
Let me know in the comments how you did. How many did you get correct? ✔️
Take this quiz, share it with your friends and see how they do and help to empower them.
Let’s see how many of these questions you got correct.
1. False2. C3. True4. B5. E & F6. E
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Keep it up.
Awesome personal finance podcast!
Jeff is about as entertaining and knowledgable as they come in the financial advisor world. He makes it super easy to understand complex financial topics. If you like the Dave Ramsey podcast, you will really enjoy this one.
Excellent advice on finances and investing
I love this show - Jeff Rose does a great job of breaking down complex financial ideas in ways I can understand.