The Stacking Benjamins Show Westwood One

We're all tired of hearing about what a "dumpster fire" 2020 was. How do we reboot the computer, restart the machine, refresh the situation, and re-fire our financial engine? That's our topic today, and OG, Paula Pant (AffordAnything), and special guest Roger Whitney (Retirement Answer Man) all have helpful ideas about getting back on track.
Halfway through the show we're excited to talk to our old friend (and Joe's co-host on the Money Tree podcast), Doug Goldstein. Doug's created a constant happiness journal. If you've been waiting for the perfect journal to have a more happy 2021 and beyond, Doug will share with you why he created this, how to best use a journal, and why journaling works for so many people.
Finally, on our MagnifyMoney.com question of the episode: Jon is thinking about college costs for his four kids. He's heard the Stacking Benjamins expert, Pam Andrews (the Scholarship Shar), say that a HELOC, or equity in the home, can't be factored into the FASFA. Jon's kids are in private school and have to do something like FAFSA. Jon has $60,000 in savings and is thinking about putting two-thirds of the savings into a HELOC, to possibly get financial aid. Thoughts?

How do you balance getting what you want now without mortgaging your future? Or on the other hand, how do you avoid have ZERO fun today while you prep for a rosy tomorrow? We often recommend that you look at your situation as if you're a business, and today we'll talk to a man who led one business to amazing results, the former CEO of Honeywell, David Cote.
Plus, the cryptocurrency market value has topped $1 trillion, with Bitcoin now worth over $38,000 a coin. Feeling the itch to jump into the Wild West of investing? We won't stand in your way, but we do have a few stories about us selling a coin or two... WAY before we should have. In our second piece, is paying to improve your credit a smart play? We'll discuss everything from good habits to shady house financing, automation, and The Big Short.
Should you be paying taxes on your unemployment? Mike called the Haven Life Line after he noticed there were no taxes automatically deducted from his two months of unemployment. Should Mike worry about the IRS coming after him later? We'll answer that question, share Doug's trivia, and we'll be skeptical about exactly how many people actually listen to the podcast. Is it really two or maybe only just mom? Enjoy!

Know those people who say you need a 4-year university degree to reach success and financial independence? Our guest, Myra Oliver, has a thing or two to say about that. She's worked as a hairstylist, real estate broker, and now is our resident financial coach on today's show. Myra knew she didn't need a degree to reach her goals of financial freedom. Today Myra will share her story about working hard toward success. She shares stories about how she learned quickly how to bring in more money, how she manages real estate, surrounding herself with the right people, and how she and her husband were able to retire from their traditional jobs by age 33.
"You have to do what others won't, to get what you want." - Myra Oliver's mantra.
Plan on leaving something behind for your loved ones? Get your financial house in order first. We recently covered how former Zappos CEO Tony Hsieh passed away without a will, but you may remember Prince also didn't have a will. (Yes, we also talked about Prince way back in 2016). It turns out, that case is still ongoing, and the IRS believes Prince's estate owes over $32 million in federal taxes, based on a new valuation. During our headlines, we'll give you plenty of reasons to get your legacy in order today.
Plus, can you make 2020 Roth IRA contributions until Tax Day 2021 if you're already paying taxes for the new year? Stacker Josh calls in today with a voicemail for the Haven Life Line telling us he'd rather get it right now than have to deal with the IRS later... can't fault him on that logic.
As always, we'll also save some time for Doug's trivia, and much, much more. Enjoy!

Today we stay focused on goal setting. We're turning our attention to our group of financial media members and asking them how THEY are achieving their own goals. They'll share how they communicate, hold family members accountable, and stay on track. Joining us today is special guest and host of the Seven Figures podcast, Sandy Waters; Paula pant from the Afford Anything podcast, and Len Penzo from LenPenzo.com.
Halfway through the show, we'll give our contributors a break while we sit down with health and wellness expert Angelo Poli from MetPro.co. With the holidays over and the new year here, Angelo has some great tips to fatten up your wallet while you trim down the waistline. How are you going to grow your net worth without a healthy body to keep you focused on the prize? We'll share how.
Plus, how can early retirees make sure they have enough reserves in the bank to take care of emergencies down the road? During the MagnifyMoney segment, our contributors drop some knowledge for Laura, who called in asking about preparing for early retirement with a preexisting condition.
Plus we'll save time for all-new game show trivia from the big man himself, Doug. Enjoy!

Rules. When things go wrong we think, "We should make some more guidelines. That'll help people keep things moving." However, Netflix decided that rules might be the problem, so they eliminated many of them. Study after study shows that Netflix employees report high satisfaction with their jobs and perform at a highly productive rate. So how do they do it? Today we'll talk to Erin Meyer, co-author (with co-founder Reed Hastings), of a new book on the topic. Whether you manage a family, a department, or are an entrepreneur, today's interview will help you earn more and manage tasks (and people) more effectively.
Plus, in our headlines segment, we'll detail a different way of gifting money. MacKenzie Scott gave away $6 billion in 2020 without asking for buildings to be named after her. She gave it quickly and effectively, many say. But if you're giving away money, what oversight should YOU employ before turning over your hard-earned money? We'll share what you need to know, plus in our second headline, we'll review a recent Securities and Exchange Commission ruling approving testimonials in advisor's advertising. How will that change marketing? Possibly, a lot. We'll explain.
Of course, we'll also throw out the Haven Life line to Brad, who's retiring but still wants to max out his HSA contributions for the year. Are there any rules he needs to be aware of? In, fact, there are! OG will explain. Don't worry! We'll also save time for Doug's trivia question.
Mom says hello! Enjoy the show.

Most of us start each year looking at external goals, such as "What can I gain," or "How can I achieve...", but after the dumpster fire we just experienced last year, we think the best place to begin 2021 is to look INWARD. If you know yourself better, you'll be able to address your strengths and cover your weaknesses. On today's show, Rachel Cruze joins us to tackle your money history and how your family, upbringing, and past mistakes can help you become a more powerful saver, spender and earner this year and beyond. It's a powerful interview and we're excited to help you avoid the shame, remorse, and guilt that many of us feel around our financial lives.
"You can change yourself and you can change your habits." - Rachel Cruze
In our headlines segment, we'll discuss the tremendous pressure many students feel to go to college, by tackling one star who just emerged from her prison sentence. We'll also tackle the new Social Security rules for 2021. While there are lots of changes, even if you aren't yet receiving Social Security benefits, we'll widen this topic to share some best practices when it's your turn to apply.
During the Haven Life Line we'll take an answer from Eric, who has questions on HSA contribution limits. While his wife has an FSA, Eric has an HSA for him and his son. Eric asks: does he fall under the single contribution limit, or is he covered by the family limits?
Of course, Doug will share another fantastic trivia question, and there's much, much more.
Happy New Year! Enjoy!