Episodios

  • FM 026: Understanding What Todd Means By "Epochal Change"

    FM 026: Understanding What Todd Means By "Epochal Change"
    Nov 15 2022

    Two years ago, I announced to my Expectancy Wealth Planning course community that we were about to enter epochal change.

    Between the Fed's permissive monetary policy, near-zero interest rates, Covid stimulus, and supply-chain issues, it was clear the game had changed.

    And here we are now, with a 20% market decline, the highest inflation in 40 years, and a slowing economy. The bad news is there's still more to come.

    But more importantly, epochal change means the investment rules changed for the next 10-15 years. What worked for the last epoch (40+ years) cannot be relied upon for the next epoch.

    I've been writing about this very topic for two years in my private course community to prepare them, and I've published resources every month for more than a year in my public facing newsletter to prepare my free subscribers as well.

    My goal was to provide the knowledge required so that every person following my work could protect and prepare their portfolios in advance. Forewarned is forearmed.

    While my private course community responded to the education, protected themselves, and even prospered, I was surprised that only a small percentage of my public facing, free subscribers took action.

    Even though I was providing academic level, third-party research proving ever point made, people weren't responding. It was like they were asleep at the wheel, and didn't believe the regime was fundamental in nature and would persist..

    I decided to check in with my course community in our weekly office hours call.

    Our discussion was so valuable  that I wanted to share it publicly. Fortunately, my private community students agreed.

    This podcast episode is an almost unedited recording of one my weekly office hours support calls with my private Expectancy Wealth Planning community as we discuss epochal change.

    I hope this inside look helps you take appropriate action to secure your financial future.

    And if you got great value from this episode, make sure to check out my Expectancy Wealth Planning course here.

    In this episode you'll discover:
    • What is epochal change?
    • The signs I saw two years ago for epochal change
    • Why I've been talking to my Expectancy Wealth Planning course students about epochal change
    • How inflation was inevitable after the Fed's stimulus in the face of supply chain disruption
    • The important role the Fed has played in creating epochal change
    • What you can expect to see the markets do for the next 10-15 years
    • How investing in this epoch will be different from the last 40 years
    • How my course students were able to save their paper asset portfolios from the current bear market
    • The best tool to manage your paper assets during the next epoch and beyond
    • Why the investment strategy that worked reliably in the past won't work in the future
    • How to avoid the insidious trap of "buy the dip"
    • The signs for epochal change
    • The best way to guard against volatile markets
    • The dangers of recency bias
    • How Chris's plan reflects the "new retirement"
    • Why most people don't understand epochal change
    • How to apply risk management to investing through epochal change
    • Why epochal change isn't just in the markets
    • Why it's paramount to become your own financial expert
    • Other effects from epochal change
    • Why interest rates matter
    • The destructiveness of inflation
    • Watching for "dead bodies" to rise
    • What the next step in epochal change will be
    • The geometric growth of government debt
    • The final stage of epochal change and why most people won't be prepared
    • Why Chris doesn't feel like he really paid a price to become financially free
    • How to prepare your wealth plan for epochal change
    • and much more....

    Go to https://financialmentor.com/26 for the resources mentioned. 
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    1 h y 6 m
  • FM 025: FIRE Case Study with Chris Mamula

    FM 025: FIRE Case Study with Chris Mamula
    Jun 13 2018
    I love sharing FIRE case studies to inspire you. They prove the dream really is achievable for normal people with no extraordinary financial skills. They also unmask the dream to show how financial independence and early retirement reality differ from your idealized vision. The truth is everyone hits potholes, makes mistakes, and questions if it's worth all the hard work. Our guest, Chris Mamula, is no different. He candidly shares his FIRE story in this interview - warts, blemishes, and victories as well. Despite several costly errors he managed to achieve financial freedom in just 5 years. Chris paid excessive fees to a financial advisorHe bought a variable annuity within a 401(k)He felt "less than" when comparing himself to other FIRE success storiesBut he got several critical factors right like keeping expenses low and saving a high percentage of his income, and that proved to be good enough. Financial freedom isn't about luck, brains, or a single great investment. It's about having a valid plan based on proven principles and taking sufficient action with enough persistence to reach the goal (exactly as taught in my Expectancy Wealth Planning course here). Anyone can do it, and these case studies prove it. I hope you enjoy the example Chris has shared. And if you got great value from Chris's story then please check out the other FIRE success case studies on this podcast. In this episode you'll discover: What inspired Chris and his wife to become financially independentWhy Chris is so debt-adverse, and how it worked to his advantageHow Chris adopted the term "dirt bag millionaire"The important role values play for achieving financial independence (they matter way more than you think)Chris's personal definition of financial independenceHow the 25x Rule, Rule of 300 and 400, and 4% Rule can give you a rough benchmark of how much money to aim for in retirementThe mistake that occurs when you get overly focused on retiring earlyHow to balance spending now versus saving for the futureWhat Chris did once he realized how unhappy he had become on this journeyHow to avoid the insidious trap of "I'll be happy when I'm retired"The benefits of continued work after financial independenceHow to redefine what early retirement and financial independence mean, and why it mattersAbundance versus scarcity in early retirementHow Chris's plan reflects the "new retirement"The surprising reason why most people pursuing financial independence will continue to workRisk management for early retirementThe key to understanding mathematical expectancyWhy it's paramount to become your own financial expert, lest you get taken for a ride by your financial advisorThe danger of financial advisor fees. Chris was paying over around $8,000 every year!The tax consequences Chris and his wife faced for not doing their due diligence quickly enoughWhy it might make sense to select a fee-only financial advisor instead of one paid via commissionsHow the pursuit of financial independence changes your thinking at a fundamental levelWhy learning to be happy and present is key in the journey, and how to take responsibility for your happinessThe resources that were most helpful to Chris in jumping into investing without any prior knowledgeOther sources of income that Chris and his wife are looking intoWhy Chris doesn't feel like he really paid a price to become financially freeHow living in alignment with your values creates happinessand much more.... Go to https://financialmentor.com/25 for the resources mentioned. 
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    1 h y 1 m
  • FM 024: How To Pay For College When You Don't Qualify for Financial Aid, With Brad Baldridge & Jocelyn Paonita

    FM 024: How To Pay For College When You Don't Qualify for Financial Aid, With Brad Baldridge & Jocelyn Paonita
    Nov 28 2017

    Paying for your kids college is one of the biggest expenses you'll face. Many schools are so expensive that you could give your child a paid-off home and a secure retirement for what the education will cost. To make matters worse, the chances are good you won't qualify for need-based aid to help with the bill. So what are the strategies you can use to make college affordable? In this podcast interview, I provide proven strategies from two separate experts in back-to-back interviews providing a complete guide to making college affordable when you don't qualify for need-based financial aid...
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    1 h y 52 m
  • FM 023: Get Your Financial Goals Faster in Business with Brennan Dunn

    FM 023: Get Your Financial Goals Faster in Business with Brennan Dunn
    Jun 27 2017
    The business entrepreneur path to financial freedom has many advantages over real estate and paper assets. You can grow your wealth faster in business than any other asset class.You can achieve personal freedom, the real goal of financial freedom, long before you're actually rich because your passive income is not connected to equity. It's driven by business systems instead.You get personal benefits besides just financial wealth including purpose, community, contribution, and a creative outlet. Unfortunately, the business asset class is the least-discussed path to wealth, even though most people who make the Forbes 400 list are there because of it. The same is true for people profiled in The Millionaire Next Door. If you want financial independence earlier than old or you need to catch-up on retirement savings because you don't have enough, then this episode is for you. However, there are risks to growing a business as well. That's why it's important to choose the right business model congruent with your values. The right model will support your success, but the wrong model will leave you feeling stressed and resentful. To show you how fulfilling business entrepreneurship can be, along with the upsides and downsides, I invited Brennan Dunn, owner of Double Your Freelancing, to the podcast. Brennan has a long entrepreneurial success streak. He dropped out of college, freelanced as a web designer, started his own agency, then started a SaaS (software-as-a-service) business, and now has a very satisfying lifestyle business. While Brennan loves his business now, he had to learn many lessons the hard way. These lessons are typical of what most entrepreneurs go through, which is why it's better to learn vicariously through Brennan's experience rather than reinvent the wheel. So if you've been interested in starting your own business, or you want to accelerate your journey to financial freedom, then this podcast is for you. In this episode you'll discover: How Brennan went from being a college dropout to having a six-figure business, to ultimately having two seven-figure businesses.What drives Brennan's entrepreneurial streak.The idea of community and why it's so important to a fulfilling life.Why being an employee wasn't satisfying to Brennan, despite earning six-figures at the age of 21.How employment limits your creativity and how more possibilities open up when you're a business owner.How freelancer's blow it by not viewing their work as business ownership.How freelancer's and business owners undercharge by using the wrong pricing model.Why you need to view your business as a solution to a problem, rather than just a job.How to make the service you're offering more valuable by digging deeper into what your potential client actually wants.How Brennan re-positioned his marketing to get more clients than he could handle... at higher rates also.The valuable lesson that drove Brennan to sell his successful 11 person agency business serving big-name clients around the world.Why business owners need to focus on recurring revenue rather than one-off projects.The difficulty in productizing a service business and creating uniformity, especially with employees.The essential role of business systems automation to scalable growth and freedom.How a buyout offer can make you re-think your business model.Why Brennan's dream business model required total strangers paying him.How to not end up being an employee in your own company.How a SaaS (software as a service) business ended up being the opposite of what Brennan wanted, even though it looked great from the outside.How to achieve exponential success by listening to your clients.The reason why Brennan's lifestyle business is so much more satisfying than his other endeavors.How your values determine your business model.The Socratic Method Brennan uses to set his business apart and serve his clients better.Brennan's tips on how to price services so clients can't say no.Why Brennan wouldn't stop working on his business even if he received $50 billion.How a lifestyle business can give you the freedom you've always wanted, even before you get rich....and much more Resources and Links Mentioned in this Session Include: Step 3 of the Seven Steps to Seven Figures CourseSeven Steps to Seven Figures course seriesThe Millionaire Next Door (Book on our recommended reading list)Forbes 400 ListBrennan's site, Double Your FreelancingDouble Your Freelancing Conference & MeetupsDouble Your Freelancing AcademyDouble Your Freelancing Rate CourseFree Course - Charge What You're Worth@brennandunn on Twitter(Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!)
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    1 h y 14 m
  • FM 022: The Shocking Truth About Life After Financial Independence With Tess Vigeland

    FM 022: The Shocking Truth About Life After Financial Independence With Tess Vigeland
    Nov 21 2016

    Have you ever wondered what life is like on the other side of financial independence? It's not the series of endless vacations that you might think it is.

    In fact, it's the complete opposite. Many early retirees face a rude awakening a few months into financial freedom, wondering what to do when they don't have their career to give them purpose or an identity.

    I talk with Tess Vigeland, author of Leap, about what it's like to transition from a lifelong career to facing the responsibility of redefining yourself on your own. Get actionable advice and know what to expect so you can make the transition easily.
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    50 m
  • FM 020: How to Get Rich Slowly with J.D. Roth

    FM 020: How to Get Rich Slowly with J.D. Roth
    Apr 23 2015
    1 h y 22 m
  • FM 001: The Shocking Truth about Retirement Income and Dave Ramsey’s Preposterous ROI and Safe Withdrawal Rate Assumptions with Professor Wade Pfau

    FM 001: The Shocking Truth about Retirement Income and Dave Ramsey’s Preposterous ROI and Safe Withdrawal Rate Assumptions with Professor Wade Pfau
    Aug 21 2013

    Wade Pfau reveals the truth about retirement income and return on investment assumptions for your portfolio so that you can plan your financial future with confidence and security.

    These facts, based on extensive data and research, are then contrasted with Dave Ramsey’s preposterous claims that you can realistically expect 12% long-term, investment returns resulting in an 8% safe withdrawal rate. The result is clarity around what is possible in retirement planning, and what is not.

    In this episode you will discover:

    • How to forecast a realistic return on your retirement savings.
    • Why your investment return assumptions are critically important to your planning.
    • How safe withdrawal rates during retirement are calculated and what amount you should assume.
    • The critical difference between an average return assumption (statistical fiction) and the real-world compound return assumption that is affected by sequence of returns risk.
    • The difference between safe withdrawal rate research in the U.S. vs. safe withdrawal rates based on international data and why you should be concerned.
    • What is a reasonable savings rate to achieve financial security?
    • How the wealth accumulation phase is completely different from the spending and distribution phase of retirement planning, and how to plan accordingly.
    • And much more…
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    36 m
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