278 episodes

Helping you achieve financial freedom by dumping debt, investing like a champ, and building wealth on your terms.

The Good Financial Cents Show w/ Jeff Rose, CFP‪®‬ Jeff Rose, CFP®

    • Business
    • 4.6 • 108 Ratings

Helping you achieve financial freedom by dumping debt, investing like a champ, and building wealth on your terms.

    Ep. 180 - Can You Own Multiple Roth IRAs? (Ask the CFP®)

    Ep. 180 - Can You Own Multiple Roth IRAs? (Ask the CFP®)

    If one is good - three has to be better!

    We are talking about the Roth IRA, specifically: 
     
    ‘Can you have more than one Roth IRA account?’
     
    This is not a question from a reader but rather a question that I get A LOT.
     
    The short answer is YES.
     
    I want to give you a bit more information on why you would want multiple accounts, how to set them up, how you could manage them, and much more.
     
    02:17 Can you have multiple Roth IRAs?
    03:20 Rules and Contribution Limits
    06:34 How do you set up multiples accounts
    09:25 Why use multiple brokerage companies
     
    References
    Roth IRA Rules and Contribution Limits for 2022
    https://www.goodfinancialcents.com/roth-ira-rules-contribution-limits/
    https://www.goodfinancialcents.com/ask
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 

    • 15 min
    Ep. 179 - What Happens to Your 401k When You Die?

    Ep. 179 - What Happens to Your 401k When You Die?

    It is not too often that you associate a 401k with a really sad story.
     
    This wasn’t one of my clients but I remember reading about it.
     
    The story is about a young man that was working at a grain mill or maybe on a farm.  He was in his early 20’s and recently married.
     
    He had a 401k plan and at his young age had already saved a large chunk of money.
     
    Shortly after getting married he was involved in a freak accident at work and died.
     
    He had named his parents as his beneficiary for his 401k and didn’t get around to changing this to his wife before he died.
     
    You would assume the parents would give that money to the surviving daughter-in-law, they did not give her a penny of the money.
     
    This could have been avoided if the beneficiary form had been updated.
     
    So, what happens to your 401k when you die?
     
    Do you need to change your beneficiary? Reevaluate your investments? Update any other information?
     
    It only takes a few minutes to make these updates.
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 

    • 16 min
    Ep. 178 - From Beginner Investor to Multi-Millionaire - Learn the Basics of Investing

    Ep. 178 - From Beginner Investor to Multi-Millionaire - Learn the Basics of Investing

    Do you remember the first time you tried something that was scary?
     
    How did that work out?
     
    I’m sure there were lots of emotions around that experience.
     
    If you are a ‘beginner’ at anything it can be a scary thing.
     
    Today I want to share some of the basics of investing. This may help to ease the fears or anxiety around investing for beginners.
     
    The 6 most important reasons for investing:
     
    1. Building long-term wealth
    2. Preparing for retirement
    3. Meeting shorter-term goals
    4. Minimizing the need for credit
    5. Having money to pass on to your kids
    6. Strategy for dealing with inflation
     
    Resources:
    Investing for Beginners: Learn the Basics of Investing in 2022: https://www.goodfinancialcents.com/investing-for-beginners/
    How to Invest: https://www.goodfinancialcents.com/how-to-invest/
    How to Invest in Index Funds: https://www.goodfinancialcents.com/how-to-invest-index-funds/
    How to Invest in Stocks:  https://www.goodfinancialcents.com/how-to-begin-investing-in-stocks/
    Investing for Dummies:  https://www.goodfinancialcents.com/guide-to-basic-investing/
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 

    • 21 min
    Ep. 177 - How Much Taxes Do You Pay on Passive Income? (Ask the CFP®)

    Ep. 177 - How Much Taxes Do You Pay on Passive Income? (Ask the CFP®)

    We all love the idea of making money while we sleep.
     
    Regardless of how or when you make money - the IRS is going to want their cut.
     
    I am answering a reader question today.
     
    The question is ‘How is passive income taxed.’
     
    Let’s dive in and talk about passive income.
     
    02:01 What is passive income
    04:59 True passive income sources
    05:53 Semi-passive income sources
    06:33 Material participation and/or activity
     
    Resources
    28 Passive Income Ideas To Build Real Wealth
    https://www.goodfinancialcents.com/passive-income-ideas/
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 
     

    • 16 min
    Ep. 176 - Making Moves in Crypto - Celsius Network and BlockFi Update

    Ep. 176 - Making Moves in Crypto - Celsius Network and BlockFi Update

    What’s going on with Crypto?
     
    Wanted to hop in today and give you a bit of an update on Celsius Network and talk a little about BlockFi.
     
    For a little context, at the time of this recording 6/20/22 Bitcoin is trading at $20,341.  It did drop over the weekend down in the $17k range.
     
    It is nice to see it moving back up.
     
    Now let’s get into what is happening with Celsius and with BlockFi
     
     
    02:43 Update on Celsius Network
    07:08 Update on BlockFi
    09:15 What I am doing with my Cryptocurrency
    10:40 What happens when you set up your own ledger
     
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 

    • 12 min
    Ep. 175 - Roth IRA for Kids - Turning Your Children into Future Millionaires

    Ep. 175 - Roth IRA for Kids - Turning Your Children into Future Millionaires

    What is the easiest, greatest way to set your kids up to be a millionaire
     
    Today I am answering a question that I have received many times, in many different ways.
     
    This discussion is specifically for parents who want to set up a Roth IRA for their children.
     
    02:20 Why is this such a great gift?
    04:25 Roth IRA Rules (for kids)
    06:35 How do you set up a Roth IRA for kids?
    09:06 Who owns the custodial account?
    11:48 How does the IRA affect college funding?
    12:32 Can multiple children share one Roth IRA account?
    13:20 Not every brokerage offers custodial Roth IRAs
     
    Resources:
    https://www.nytimes.com/2022/06/10/business/kids-roth-ira-retirement.html
    Roth IRA Success Story – How to Get $50,000 Tax-Free Money For Your Kids
    Roth IRA Rules For Minors. Your Kids Guide to Tax Free Money
    5 Best Investments for Roth IRA in 2022
    https://www.goodfinancialcents.com/ask
     
    Check out my YouTube channel here.
    Follow me on Twitter and Instagram. 
     

    • 17 min

Customer Reviews

4.6 out of 5
108 Ratings

108 Ratings

Raven2500 ,

A lot to Learn

I’m about 6-10 years out till retirement. I have a 401k and pension but have been told not enough for a financial advisor to take over, unless I can combine them.
Also just out of a long-term marriage with a settlement and since I’ll invest in a property in a year, not looking to touch since short-term to invest. So, it’s all me to learn what to do to save, invest and make good choices. Thanks Jeff Rose for the podcast, emails of tips, examples and pointing me into a direction to invest in myself first and keep reading and better understand what I can do.

elle heit ,

Knowledgeable and practical

I really enjoyed his podcast and found his life lessons to be practical and well informed! Can’t wait to listen to more!

jon10402 ,

Great Podcast

I’ve only listened to 13 or so podcasts but I’m really enjoying them. He brings in a coaching mentality not only better your financial situation but also yourself. I’ve found his interviews with other people to be helpful introductions for additional resources.

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