Financial Freedom Podcast

According to research done by the authors of the book *The Millionaire Next Door,* 70% of American millionaires are first generation. This means that in most instances wealth is not being effectively passed down to the next generation, as it is not being preserved. That generation doesn't know how to handle that much money (how many lottery winners are broke a year or two later?)

So to talk about how to deal with inherited wealth, in this episode of the podcast I talk with Master Life Coach Chase Collins about how people who achieve significant financial independence can prepare their children for the receipt and handling of a significant financial legacy.

In this episode you will learn:

- The 3 biggest mistakes people make with inherited wealth
- How to teach your children how to handle inherited wealth
- How to deal with guilt associated with wealth
- About avoiding the "Expectation Trap"
- How to manage wealth and avoid losing it shortly after inheriting it

There are only so many hours in a day, and sometimes, even with a second job, it can be hard to make enough money to achieve financial freedom for yourself and your family.  One way to get past this problem is to disconnect time from money and start generating passive income.

That's why in this episode of the podcast I talk with former practicing lawyer Tanisha Souza about what she calls an "Income Snowball" that can get you that extra income you need.

In this episode you will learn:

- What an Income Snowball Is
- The Kinds of Investments That Are Used to Create One
- How it Reduces Risk for Passive Income
- How to Find the Money to Invest in One

No matter how hard they try, a majority of Americans are living paycheck to paycheck, and even more don't feel secure with money. With no money left over after the bills are paid, it makes it nearly impossible to save for the future and reach long term financial independence.

That's why in this episode of the podcast I talk with financial expert Bill Westrom on how folks can break the paycheck to paycheck cycle, save for the future, and gain financial freedom.

In this episode you will learn:

- The leading causes for people living paycheck to paycheck
- How to get unstuck and and moving closer to financial freedom
- How people can get better control of their money
- About Credit Line Banking (what it is and how it can help you)
- About tools to minimize expenses and achieve lasting financial independence

The sooner kids learn about financial literacy the better. They have a greater chance of maintaining financial freedom and independence in their adult lives. But this goes beyond budgeting, spending, and knowing how credit works; it includes saving for short and long term goals.

So to find out more about what parents can do to educate their children on saving I talked with personal finance expert and podcaster Timothy Smith, who hosts "The Financial Dad" with his two daughters. He has some great ideas on how to start your kids out right with money. 

In this episode you will learn:

- How to educate your children on saving and investing
- How to teach your children about taxes
- About basic saving skills
- How to choose a good long term investment
- About red flags to look for in investment scams and get-rich-quick schemes

Tax time can be very stressful for folks, especially if they owe money. For those struggling with debt and trying to pay the bills, it is even worse. But it may not always have to be.

Tax planning throughout the year is a good idea if you want to minimize your taxes (or maximize your refund) when you ultimately file your return. That's why in this episode of the podcast I talk with financial advisor Frank Buchholz about strategies you might be able to use to be in better shape when you file your next tax return.

In this episode you will learn:

- Strategic use of IRA contributions
- How to spot the good tax tips among the bad
- How not getting a refund helps with your taxes and retirement savings

President Trump's efforts to downsize the federal government through the Department of Government Efficiency has a lot of federal workers nervous. Many of them have built a career with the government and spent years in public service. The thought of transitioning to the private sector, should they receive a pink slip, can be very stressful.

That's why in this episode of the podcast I bring back Certified Career Coach Bonnie Negron to talk about the best and most effective ways to find the right job in the private sector, as quickly as possible, to stay on track to financial freedom.

In this episode you will learn:

- How to determine the kinds of jobs to apply for
- How to draft a private sector resume (they're different) to showcase yiour public sector skills for private sector employers
- How long you should expect it to take to get that next job
- What resources you can use to get that job

One of the first steps on the path to financial freedom is getting your spending under control and creating a budget that has you living within your means. But determining **why** you overspend is an important part of the process if you want to stick to that budget.

That's why in this episode of the podcast I talk with certified financial coach Scott Yamamura on the psychology behind overspending and how you can use it to identify your motivations and keep your spending under control.

In this episode you will learn:

- The Psychological Components of Overspending
- The Emotional Triggers and Mental Barriers that Lead to Impulsive Financial Decisions
- How Tax Season Has an Effect on Buying Decisions
- How to Overcome the Psychological Barriers

The ultimate goal of retirement savings is to have a source of income once you leave the workforce for good. One of the scariest things about retirement is that leap of faith that you will still have the money to pay the bills once there's no longer a paycheck.

One way to address this is to plan for streams of income in advance, like annuities, which I discussed in Episode 218. But it's good to have options, which is why in this episode of the podcast I spoke with Tom Wall about how life insurance can create another income stream.

In this episode you will learn:

- How life insurance fits into your retirement savings plan
- How life insurance can be a good investment
- How life insurance gives you "permission to spend"
- What your greatest concerns should be when you retire

One of many financial tools in the retirement savings toolkit is the annuity. Most people have heard about them, and that they provide a stream of income, but beyond that, not much is known.

That's why in this episode of the podcast I bring back repeat guest Michael Karwic to talk about what annuities are, how many types they have, and how they can fit well into your retirement investment strategies. 

In this episode you will learn:

- What an annuity is
- How many kinds there are
- When they are a good idea for you
- How to decide what kind to get