Financial Freedom Podcast

In light of the national student loan crisis, parents and students continue to struggle with college choice and financial aid to avoid an unaffordable student debt load upon graduation. I have dedicated several episodes to guests who help people with that.

One balancing act parents go through is educating their children while still saving and investing for a comfortable retirement. That's why in this episode of the podcast I talk with Certified Financial Planner Paul Compeau about how to do just that.

In this episode you will learn:

• What happens when families pick a college without a solid financial plan
• What financial facts should parents know before the applications start
• Are high school guidance counsellors or the financial aid office of their top picks enough
• Why you should approach college planning like a CFO
• Should you always fill out the FAFSA

Serving in the military can teach you many things: discipline, the importance of service, focus, and the determination to carry out goals. But who would have thought that it would also teach you the skills to attain financial freedom?

To find out more about how this can happen, I talked in this episode of the podcast to Joshua Brooks about what he learned in his military career as an army chaplain about how to achieve your personal finance goals.

In this episode you will learn:

• What the army can teach you about handling your money and achieving financial freedom
• How you can apply these tips to your finances

When people think about retirement, they mostly look at whether they can afford it. They plan out long term savings and hope that when they get to their golden years, that money will be enough. But how much is enough? Well, that somewhat depends on what you want to do in retirement.

In Episode 125 I talked about planning for what to do in retirement, but to figure out how to use that to determine "how much is enough," I talked with financial advisor Jeffery Panik on solving that puzzle.

In this episode you will learn:

• How to determine how much you need to save to retire
• Why what you want to do in retirement helps in determining that number
• How all of that could change over time as you approach retirement

Most people have a checking account with a traditional bank, while a majority of those also have savings accounts. But what about credit unions? Should some people use those rather than traditional banks? What are the benefits?

To answer those questions, in this episode of the podcast I talk with Grant Gallagher of Affinity Federal Credit Union about the benefits of credit unions and why you should consider putting your money there.

In this episode you will learn:

- What credit unions offer that you can’t find at other banks
- Some of the unique financial and community offerings credit unions can provide
- Financial tools and resources credit unions create that address the real needs of their communities
- The role education plays in a credit union’s approach to financial wellbeing

Having an estate plan is very important. It ensures not only that your legacy is protected, but that you've planned for disruptions in your health and well being while you're alive. It's part of making sure that you are prepared for life's challenges (and the ultimate end of your life).

But how you draft and prepare that plan can make a difference in avoiding problems when those documents are needed, especially your will. To tell us about how to avoid probate nightmares I talked with Certified Financial Planner Cameron Zabko on what you should do.

In this episode you will learn about:

- Challenges Facing Surviving Spouses
- The "Widow's Tax"
- Probate Pitfalls to Avoid
- Not to Miss Estate Planning Tips
- The Importance of Succession Planning for Your Small Business

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