We all know it’s important to invest for the future. But with endless investing options like the 401k, the IRA, the 529, the 457, the 403b, it’s no wonder we’re confused on where to start. I mean, what kind of names are these anyway!?
Our guest today is going to help us make sense of all this investing madness. Andy Wang is here with us today. He is a Managing Partner at Runnymede Capital Management and the host of the Inspired Money Podcast. He has been named among the INVESTOPEDIA 100: Most Influential Advisors, Top 100 Most Social Financial Advisors by Brightscope, and has appeared on Reuters TV, The Huffington Post, Barron’s, and Forbes.
Outside of his financial advising world, Andy is a father of three and loves playing the Hawaiin guitar.
For our Family FI segment this month, we’re talking about achieving financial independence with kids. A lot of people out there think that you have to choose one or the other. “You can’t have financial independence if you want to have kids” or “you can’t have kids if you want to have financial independence”.
My guest today completely disagrees with that sentiment because he’s walking, talking proof that you CAN have both.
Jim White from Route to Retire is my guest today. He’s a father, husband and recently he left his 9-5 job after becoming a millionaire and reaching financial independence at the age of 43.
Our question of the month comes in from Anonymous from Cleveland:
I just finished reading an article of yours about paying off your mortgage early. Congratulations on that. I have a 30-year mortgage and I’m not sure if I want to pay it off, but it got me thinking about where I should be with my financial goals.
I’m 35, married, two kids. I want to make sure I’m on track.
What financial goals should I have checked off my list by the time I turn 40?
For our Fintech Spotlight segment this month, we are featuring qplum, a company that is bringing AI, data-driven strategies, and affordability to the world of investing. I’ve invited the co-founder and CEO of qplum, Mansi Singhal, to tell us more about the company today.
We’re also going to discuss why monitoring our investment portfolio might actually be a really bad idea.
Andy Hill: The markets have been up and down a lot lately, and I’ve been checking my portfolio a lot more frequently. Why is that not a good idea?
One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?
One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.
After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!
We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.
A major step in becoming a young millionaire is tracking your net worth. On the other hand, wealth building is not all about the numbers.
Our guest today, Adam from Minafi, sees wealth building as a way to travel, explore the world and create lifelong memories with his wife. By securing solid financial footing in his 30’s, Adam has been able to realize those dreams early in his life.
Our second question of the month comes from Angela from California:
I’m enjoying your podcast and wanted to ask you a question as I’m starting to get into more aggressively saving for my retirement.
I’m 32 years old. I recently modified my contributions to my workplace 401k so I’ll be maxing it out at $18,500 this year. I recently paid off my last student loan and had extra money. My husband is matching his 401k too after a little convincing. So we’re really getting serious about our retirement savings now. Both our companies match so that’s another perk.
I do feel like I’m behind overall though. Where else should we consider investing outside of our 401k?
When you’re free to openly plan your day and your future, a whole new world starts to open up to you. What once wasn’t clear … is now clear.
That’s how the young millionaire Trip Seibold from Financially Possible described it to me in today’s interview. As a financially independent 30-something millionaire, Trip has the ability to spend quality time with his family and pursue his dreams.
Let’s learn more about his path, his new motivations and how his family is at the center of all of it.