Financial Planning Busts and the Lack of Financial Literacy in America

Podcast: Play in new window | Download (Duration: 46:00 — 63.2MB)

In this episode, I’ll discuss:

• Several financial strategies we are taught that have resulted in completely opposite, ugly truths
• Why following the crowd leads you to unfavorable financial results
• How to build home equity in your home again with a modern financial strategy in managing your mortgage
• How to view your mortgage as a wealth-building tool and not just something you hurry to payoff
• What banks don’t tell you when you are sending in extra mortgage payments
• Mortgage and financial planning discussion with Joel Wymer, voted #1 financial advisor in the Beacon Journal of Akron, Ohio.

… Continue Reading

What Are the Dangers When I Inherited an IRA?

Contributed by Tim Berry, JD – Tax Attorney

Awhile back I wrote an article about how most people are not doing the proper planning for inheriting assets. This issue really came to light over some email correspondence with some bankruptcy trustees.

It seems a trustee had come across an inherited IRA and felt it didn’t meet the technical definition of an IRA for bankruptcy exemption purposes. Since the bankruptcy trustee didn’t believe the inherited IRA met the definition of an IRA for exempt asset purposes, the trustee is now filing a motion to take the inherited IRA away from the debtor.

Chances are the bankruptcy trustee is probably going to take Mom and Dad’s hard earned money away.

… Continue Reading

GUEST POST: Why You Can’t Afford Not to Invest in your Health

Many of us try and try again to improve our health. We try to eat healthier, exercise regularly, or commit to healthy living and only a small percentage succeed.

So why do so many people fail to live a healthier lifestyle:

They believe they have no time. If you exercise 1 hour every day of the week, you are only exercising 4% of your time. Are you worth 4%???? During this small time investment, you manage your weight, increase your stamina, ward off viral illnesses, reduce conditions such as heart disease, high blood pressure, type 2 diabetes, stroke and certain types of cancer. You are also strengthening your heart, keeping your arteries clear and it reduces stress. Only 4% of your time gives you all these benefits. Don’t have 1 hour per day? Break in up into 10 minutes segments, it gives you the same results as a full hour.

… Continue Reading

Chris Searcy: How an Indie Artist Turned His Passion into Profit

Podcast: Play in new window | Download (Duration: 14:21 — 19.7MB)

Once a week, we profile an entrepreneur that has taken the courage to go way past their comfort zone to achieve the dream that God has placed solely in their heart.  This week’s featured entrepreneur is, Chris Searcy, an indie (independent) artist who produced his own hit song, Addicted.  By continuing to follow his passion, in the midst of a recession and amongst naysayers or “haters”, his song Addicted has climbed up the charts to #14 on the Gospel Music Channel’s top 20 songs.  His story and example is truly one that exemplifies an individual that has found their passion and found a way to turn it into profit.

What does an indie artist have to do with being an entrepreneur? Everything!  Without a major music label backing him, Chris not only has created his own hit song, but his own music label My Radio Records and is responsible for the management and marketing of his work.  Enjoy this video highlight of Chris Searcy and be sure to download the full interview below.

… Continue Reading

PODCAST: Why Getting a Large Tax Refund Puts the Joke on You

Podcast: Play in new window | Download (27.0MB)

This is the time of the year where most people will head to their local H&R Block, Jackson Hewitt and Liberty Tax offices to get their income tax return.  Some who anticipate a large tax refund and will even pay extra, or a premium, in order to get their money now via an income tax loan. Others will consider a large income tax refund as their forced savings plan, their vacation money or get-me-a-new-flat-screen-TV-now, fund.

… Continue Reading

How to Cut Your Credit Card Debt in Half with Debt Settlement – is this all hype?

One of the biggest questions I get via email or comments on our Facebook page is how to get out of credit card debt the fastest.  In addition to all the Debt Snowball strategies we’ve mentioned on past shows (Waging a War On Debt!), many have been very intrigued in the area of debt settlement.  I mean, who wouldn’t like to take $50,000 of debt, get someone to negotiate for you and bring down the final bill to $25,000 or lower?  Sounds to good to be true?  Perhaps.  Just like anything, do your research.

I’m glad we can bring another friend of Money Smart Radio and fellow Facebook friend, Jesse D. Niesen aka. The Debt-Go-to-Guy, to write a guest post on this particular topic…which happens to be his area of expertise.  By the way…he is also a former jarhead, as in…a United States Marine! OOOORAAAAH!

If you like his article as I do, you outta give this guy some props and enter a comment below saying, “SEMPER FI!”  This means, “Always Faithful”, the Marine Corps motto.  I’m sure it would mean a lot to him!

… Continue Reading

Skin in the Game: The Advent of a New Kind of Risk?

Here is another friend of Money Smart Radio, Paul Petillo, who had left quite an impression by commenting on our blog.  I had a chance to visit his site and was impressed, utterly speaking (no pun intended – look at his book titles) and how we is able to create a process to help people understand such complex financial strategies.

I hope you enjoy his guest post here.

Enter Paul Petillo…

… Continue Reading

Act Now to Keep Wealth in the Family

GUEST POST:

I’ve had the pleasure of meeting Ray Buckner at our financial and wealth-building workshops in the Chicago area.  He had some great ideas he wanted to share and I thought they were very relevant to being able to not only take care of yourselves, but looking towards the legacy of your future generation(s).

Enter Ray Buckner…

Interest rates, low asset values, and the legislative outlook in Congress make this the opportune time for estate planning.

… Continue Reading

PODCAST: Stupid Money Mistakes Learned by a Nuclear Scientist and How to Avoid Them

Podcast: Play in new window | Download (0.0KB)

I love when I meet guys who go against the grain and think outside the box.  Apparently for most, following the wisdom of traditional financial planning HAS NOT gotten people closer to financial freedom and independence.  In fact, the front page of the Money and Business section of the Chicago Tribune reported the “Lost Decade” of stocks, on New Year’s Day 2010.

I had a chance to interview Joe Templin on our Chicago-based financial talk radio show, who is a financial planner, with a background in nuclear engineering.  Yes, he is one of the smartest people you will ever come across and not only understands things from a 35,000 foot view, but can get into the details of subject matters long after it loses most people’s attention.

During this podcast, you’ll hear his personal story of how he went from nuclear engineer to financial planner, how he feels new college graduates future financial success and how to get ahead in a changing economy.

Joe Templin is the author of Top Tax Plays for the Individual and Financial Mistakes of New College Grads.

By the way, he made my Top Ten Money Smart Books of 2009.

Personal Branding Tips To Attract Wealth

GUEST POST

Often times through social networking, you meet courageous, God-inspired people.  I had the pleasure of meeting Jaye during the broadcast of our Monday AM show “Making God First Mondays“.  She is ON FIRE  and quite the friend to us, by constantly spreading the word of our Chicago-based financial talk radio show from a faith-based perspective.  She too, is a fellow broadcaster and you can tune into her radio show by clicking here and the link at the bottom of this post.  I am so thankful for her contribution to our blog!

May God continue to bless you abundantly Jaye!!

Enter Jaymerican:

… Continue Reading