Afleveringen
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2750:
In "The Four Pitfalls of Financial Planning," Lisa Whitley illustrates crucial missteps in effective financial planning, from ignoring underlying issues to overlooking personal habits that derail financial goals. She urges a holistic, well-rounded approach to planning that accounts for personal risks and life’s unpredictabilities to safeguard future financial security.
Read along with the original article(s) here: https://womenwhomoney.com/financial-planning-pitfalls/
Quotes to ponder:
"If you don’t know where you are going, you’ll end up someplace else."
"It is disturbingly common in personal finance to conflate a specific tactic with an actual, enduring answer to a financial problem."
"A plan is rarely, if ever, perfect. Still, the wrong strategy can leave you someplace you don’t want to be."
Episode references:
Social Security Administration: https://www.ssa.gov/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2749:
JL Collins elucidates the power of simplicity in investment strategies in "Stocks - Part V: Keeping It Simple, Considerations and Tools." He advises against complex investments which often incur high costs with lower returns, advocating for index funds as a simpler, more efficient method. Collins emphasizes the importance of understanding one's investment phase and risk tolerance to craft a personal investment plan that promises stability and growth over time.
Read along with the original article(s) here: https://jlcollinsnh.com/2012/05/09/stocks-part-v-keeping-it-simple-considerations-and-tools/
Quotes to ponder:
"Simple is good. Simple is easier. Simple is more profitable."
"The more complex an investment the less likely it is to be profitable."
"Nothing money can buy is more important than your fiscal freedom."
Episode references:
Vanguard Total Stock Market Index Fund: https://investor.vanguard.com/investment-products/mutual-funds/profile/vtsax
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2748:
Mike Ballew of EggStack.com explores the dilemma of being "house rich and cash poor," a situation where homeowners have significant equity locked in their property but lack sufficient liquid assets for a comfortable retirement. He discusses potential solutions like downsizing, reverse mortgages, and turning a home into an investment property, providing insights into the advantages and drawbacks of each approach.
Read along with the original article(s) here: https://eggstack.com/blog/2021-06-27-House-Rich-and-Cash-Poor/
Quotes to ponder:
"Owning a home is an important part of wealth-building and a cornerstone of The American Dream, but as we age, it can feel like an albatross."
"Downsizing to a smaller home has many advantages, including reduced utility bills and property taxes, making it an appealing option for retirees needing less space."
"The primary disadvantage of a reverse mortgage is that you are essentially married to your home, as in until death do us part."
Episode references:
How Does a Reverse Mortgage Work: https://dfi.wa.gov/homeownership/reverse-mortgages
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2747:
Nick Maggiulli's moving piece, "Losing More Than a Bet," delves into the poignant intersection of family, loss, and the perilous lure of gambling, inspired by the death of his grandfather. By reflecting on his grandfather's gambling addiction and its personal impacts, Maggiulli offers profound insights into the complexities of addiction, the deceptive allure of easy money, and the deep familial bonds that shape our understanding of risk and reward.
Read along with the original article(s) here: https://ofdollarsanddata.com/losing-more-than-a-bet/
Quotes to ponder:
"What goes up a chimney down, but not down a chimney up? An umbrella."
"Money won is twice as sweet as money earned."
"The cycle continues. Another loss. Another justification. Another gamble."
Episode references:
North American Foundation for Gambling Addiction Help: https://nafgah.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2746:
Emma Scheib's piece "The Story of Your Life: Rewriting Your Script" from Simple Slow Lovely dives deep into the concept of self-directed life changes by confronting our inner critic. She narrates her personal journey of identifying and dismissing the critical internal voices that dictated her life choices, showcasing a path towards embracing a simplified, intentional life that truly reflects one's aspirations and values.
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2745:
Delve into the elusive world of the "Closeted FIRER" with FIRECracker's insightful article from Millennial Revolution. Discover the hidden lives of those secretly planning their financial independence and early retirement (FIRE) and explore how their undercover efforts impact both professional life and personal growth.
Read along with the original article(s) here: https://www.millennial-revolution.com/build/five-types-people-youll-meet-way-fi/
Quotes to ponder:
"The Closeted FIRER knows what SWR stands for, they can discuss in detail the subtleties of the 4% rule, they can rattle off their favourite low-cost Index ETFs. But they don’t, because they don’t want to admit that they’re also trying to jump ship from their job too."
Episode references:
Quit Like a Millionaire: https://www.amazon.com/Quit-Like-Millionaire-Practical-Wealthy/dp/0525538690
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2744:
Explore the emotional rollercoaster of reaching milestones in personal growth through FIRECracker’s article on her experiences with publishing and early retirement. As she navigates the reactions of friends and the types of people encountered on her journey to financial independence, listeners gain insights into the complex social dynamics of success and ambition.
Read along with the original article(s) here: https://www.millennial-revolution.com/build/five-types-people-youll-meet-way-fi/
Quotes to ponder:
"Most people don’t want you to succeed."
"The Frenemy pats you on the back with one hand, while secretly gut-punching you with the other."
"The Hypocrite thinks you got lucky and don’t truly deserve your success."
Episode references:
Overview of FI Chautauqua UK: https://www.fichautauqua.com/overview-805691.html
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2743:
Miranda Marquit of GoodFinancialCents.com presents three actionable steps for financing your college education effectively. This guide explores options from scholarships and grants to federal and private student loans, helping students navigate the complexities of funding higher education amidst rising costs.
Read along with the original article(s) here: https://www.goodfinancialcents.com/paying-for-college-financing-priorities/
Quotes to ponder:
"Your first efforts should be geared toward getting free money to help you pay for college."
"Before you go to a bank, it might be worth it to check the terms you can get with peer-to-peer lending."
"Finding financing for college isn’t always easy and it can be expensive."
Episode references:
FastWeb: https://www.fastweb.com/
Tuition U: https://planning.colleging.com/cu/tuition-u-direct
FAFSA - Free Application for Federal Student Aid: https://studentaid.gov/h/apply-for-aid/fafsa
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2742:
Dori Cameron explores common misconceptions that lead to unnecessary spending in "5 Myths That Result in Excess Spending." By debunking myths such as the beliefs that items can always be returned, sold, or donated, Cameron encourages readers to reconsider the true cost and value of purchases, advocating for more mindful consumption habits to save time, money, and space.
Read along with the original article(s) here: https://www.becomingminimalist.com/myths-that-cause-overspending/
Quotes to ponder:
"When you have that George Foreman grill in your hands, it seems like a great idea."
"A rule of thumb when making a purchase is to assume it has no resale value."
"Is there a better way to give back to others or your community than dropping off used goods at a thrift store?"
Episode references:
Beyond Belongings Blog: https://beyondbelongings.wordpress.com/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2741:
Discover proven strategies to enhance your willpower in this insightful exploration of self-discipline and personal growth. Uncover practical tips and psychological insights that can help you build lasting habits, resist temptations, and achieve your personal and professional goals.
Read along with the original article(s) here: https://ptmoney.com/how-to-increase-willpower/
Quotes to ponder:
"Willpower is not just a skill but a daily practice that involves both mindset and action."
"Understanding the psychological aspects of self-control can transform your approach to challenges."
"Every step taken in discipline strengthens your ability to navigate life's temptations."
Episode references:
Willpower by John Tierney: https://www.amazon.com/Willpower-Rediscovering-Greatest-Human-Strength/dp/0143122231
Stanford marshmallow experiment: https://en.wikipedia.org/wiki/Stanford_marshmallow_experiment
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2740:
In "Own Less; Travel More," Lauren Keys of TripOfALifestyle.com shares her personal insights on how minimizing possessions can maximize freedom, particularly when moving. She argues that reducing clutter not only eases physical and mental burdens but also enhances the ability to embrace opportunities, travel, and improve financial stability.
Read along with the original article(s) here: https://www.tripofalifestyle.com/perspective/own-less-travel-more/
Quotes to ponder:
"By selling, donating, or just tossing out the items we don’t absolutely have to take with us, we’ve ended up with about half of the amount of stuff to move."
"I’m not saying to give up the things you love, but I do want to challenge you to give your home a good Marie Kondo-ing and ask yourself not only whether your possessions spark joy, but also whether they’re worth what you might be giving up to own them."
"Reducing clutter increases freedom."
Episode references:
Marie Kondo’s website: https://konmari.com/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2739:
Andy Hill reflects on the costly mistakes he made with his mortgage, highlighting the pitfalls of refinancing without fully understanding the terms and the impact of market conditions. His candid recounting offers valuable lessons on mortgage management and financial decision-making, making it a must-listen for homeowners and financial enthusiasts.
Read along with the original article(s) here: https://marriagekidsandmoney.com/how-i-wasted-over-13000-refinancing-my-mortgage
Quotes to ponder:
"Don’t buy something you don’t understand, especially a mortgage product."
"I didn’t believe it would last. I thought it was too good to be true."
"Listen to your wife. She’s smart."
Episode references:
LendingTree: https://www.lendingtree.com/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2738:
Dr. Margaret Rutherford guides us through the emotional terrain of an empty nest in her insightful article. She shares her personal journey and practical advice on embracing this life transition with intentionality and grace, providing an empowering perspective for parents facing similar changes.
Read along with the original article(s) here: https://drmargaretrutherford.com/how-to-not-be-victimized-by-empty-nest-letting-go-with-intention/
Quotes to ponder:
"Only your prominence in your child’s life changes. Not your significance."
"You’re not a victim. You’re sad."
"Intention gives you back a sense of control."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2737:
Jillian Johnsrud offers a refreshing analogy in "How to Avoid Early Retirement Failure," comparing life to a garden where each aspect, like work or hobbies, needs balanced nurturing. She emphasizes strategic planning for financial independence, suggesting a measured approach with pruning work commitments and integrating mini-retirements to ensure a flourishing life beyond work.
Read along with the original article(s) here: https://www.jillianjohnsrud.com/how-to-avoid-early-retirement-failure/
Quotes to ponder:
"Life is more like a garden box. We have a finite amount of time and space to grow what matters to us."
"The work plant becomes invasive, crowding out the smaller plants. It's like mint in an herb garden; left unchecked, it will take over."
"Mini-retirements are like a test run. They allow you to practice your ideal FI lifestyle, filling up your garden with new things."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2736:
Lisa Harrison of MadMoneyMonster.com encourages the frugal to selectively invest in essentials that enhance life quality without compromising financial goals. She outlines five critical areas where spending smartly can significantly benefit one's health, education, nutrition, living environment, and personal experiences, ensuring a fulfilling yet financially sound lifestyle.
Read along with the original article(s) here: https://madmoneymonster.com/2018/04/06/5-things-every-frugal-person-should-spend-money-on/
Quotes to ponder:
"Frugality is a major component of our overall plan to achieve financial independence and give ourselves the OPTION to retire early."
"Anyone who has dealt with major health issues or had a big scare can tell you that the quality of your health can have a tremendous impact on your mood and outlook."
"Spending money on experiences makes us happier than spending money on STUFF."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2735:
Discover the refreshing perspective Chris of KeepThrifty.com offers on personal finance by redefining the concept of wants. Learn why aligning your spending with your values rather than cutting out wants can actually lead to more meaningful and fulfilled living. This episode unpacks how prioritizing values-based wants can transform your financial habits and enhance your overall quality of life.
Read along with the original article(s) here: https://www.keepthrifty.com/spend-on-wants/
Quotes to ponder:
"It’s not having what you want. It’s wanting what you’ve got." -Sheryl Crow
"Money is a tool. A tool that is meant to be exchanged for things that are of value."
"Once we were able to look at our spending at a high level, we quickly saw that we had more than enough to spend on our wants - at least the wants that really added value to our lives."
Episode references:
The Hope Effect: https://www.hopeeffect.com/
World Vision: https://www.worldvision.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2734:
Explore how our quirky brains influence our financial decisions in Kristin Wong's enlightening piece. Delve into the psychological triggers behind spending habits, and learn about the strange ways our environment and even the condition of our money can impact our financial behaviors. Gain useful insights to help you harness this knowledge for better financial management.
Read along with the original article(s) here: https://www.getrichslowly.org/weird-ways-our-brains-control-our-money-habits/
Quotes to ponder:
"If you speak a language that doesn’t distinguish strongly between the present and the future, you save a lot more because the future feels closer. If you speak a language that separates present and future events, the future feels more distant, which makes it harder to do things to care for your future self like save money, exercise, and eat better."
"In experiments the authors found that people in a cluttered room were more likely to pay higher prices for products, such as a TV or movie tickets, compared with people in an organized room."
Episode references:
Keith Chen's exploration of how language affects savings behavior is well captured in his TED Talk: https://www.youtube.com/watch?v=lw3YTbubyjI
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2733:
Discover how to detach ego from your financial decisions with insights from the latest article by Tiny Buddha. Learn practical strategies to make money choices more mindfully and less emotionally, which can lead to greater happiness and financial peace.
Read along with the original article(s) here: https://tinybuddha.com/blog/the-top-4-ways-to-take-the-ego-out-of-money-decisions/
Quotes to ponder:
"Money often triggers our deepest insecurities, leading us to make decisions that might not align with our true needs."
"When we detach our self-worth from our net worth, we open ourselves up to making decisions that are not only smarter but also healthier."
"Recognizing that our ego often speaks first and loudest in matters of money can be the first step towards changing our financial narrative."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2732:
Darrow Kirkpatrick’s "Running Low in Retirement: Income Strategies - Part 2" explores the viability of reverse mortgages for retirees seeking to enhance their income. Kirkpatrick articulates the complexities and potential downsides of reverse mortgages, including substantial fees and the risk of losing one's home. However, for those "house poor" with substantial home equity but limited cash flow, this financial tool offers a critical income stream to maintain their lifestyle in retirement.
Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/
Quotes to ponder:
"Reverse mortgages could be a lifesaver for retirees low on income, providing a stream of cash but at a high cost."
"Government insurance protects you if the bank has problems, ensuring you'll never owe more than your home's value."
"Used for long-term planning rather than emergencies, reverse mortgages are likely to become a major tool for many Americans."
Episode references:
The Mortgage Professor: https://www.mortgageretirementprofessor.com/homepage/
National Reverse Mortgage Lenders Association (NRMLA): https://www.nrmlaonline.org/
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2731:
Explore vital strategies for securing a stable retirement income with Darrow Kirkpatrick as he delves into methods beyond the traditional work paradigm. Learn how to utilize annuities and other assets effectively to safeguard your financial independence in the later years, ensuring peace of mind amidst the uncertainties of retirement.
Read along with the original article(s) here: https://www.caniretireyet.com/running-low-in-retirement-income-strategies/
Quotes to ponder:
"Running out of money before you run out of life. It’s the biggest fear many retirees face."
"To be realistic, a retirement backup plan needs to be entirely under your control."
"When you purchase an annuity, you can usually increase your effective investment income yield by several percentage points, depending on your age."
Episode references:
ImmediateAnnuities.com: https://www.immediateannuities.com/
Vanguard’s Intermediate-Term Bond Index Fund (VBIIX): https://investor.vanguard.com/investment-products/mutual-funds/profile/vbiix
Improving Retirement Income Efficiency Using Reverse Mortgages" by Wade Pfau, Retirement Researcher: https://retirementresearcher.com/improving-retirement-income-efficiency-using-reverse-mortgages/
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