Investing On Your Own Without a Financial Advisor

Adam from Tampa is skeptical about working with a financial advisor and wants to know how to invest on his own.


Andy, 

I have a hard question for you. 

For most of my life, I have been told what to do with my money. I had a family member work for Morgan Stanley and he invested for us for years. 

Last year, we had some issues within the family and decided to part ways. My wife and I quickly decided to go with another guy who does good but the last email was life insurance focused.

The main question is I want to handle all of this on my own. I feel like I can’t teach my kids what is best without knowing. Any advice?

Continue reading “Investing On Your Own Without a Financial Advisor”

Pay Off the 30-Year Mortgage Early or Invest?

Our first question of the month comes in from Patrick from California:


Hey Andy, can I pick your brain real quick about paying off your mortgage?

I just bought a house here in San Diego and got a 30 year fixed on it. 

If I wait 30 years to pay it off, I will have paid $162,000 in interest which doesn’t sit very well with me.

What was your reason for paying off your mortgage?  

I was thinking instead of making extra payments on the principal that I would instead invest that money. After 8-10 years I would have amassed enough to pay off the mortgage in a lump sum.

What are your thoughts on that? Invest the money or pay off the mortgage?  

My reason to accelerate paying it off is that: 

1. I hate debt  

2. Lower my monthly expenses after loan is paid off  

3. Save at least $100K in interest payment

Many thanks bro!

Patrick 


Continue reading “Pay Off the 30-Year Mortgage Early or Invest?”

How to Invest in your 401k Easily – with Chris Costello from blooom

When I got my first 401k at work, it quickly realized that I had no idea what I was doing. There were more than a dozen fund options to choose from and I didn’t know what it was going to cost me to participate because there were so many hidden fees.

It made me want to give up right away … and I did. I thought, “This is too difficult and I can’t afford to invest for my retirement anyway.”

Years past and I missed out on some major growth for my retirement. It looks like my situation isn’t so different than most Americans given nearly half of them have less than $10,000 stashed away for retirement.

To help us solve this retirement conundrum, I invited the founder of blooom, Chris Costello, to tell us more about how their popular service is helping Americans save more money, time and heartache with the 401k process.

Continue reading “How to Invest in your 401k Easily – with Chris Costello from blooom”

How Grandparents Can Help With the Cost of College

Meg from Missouri wrote in about 529 plans and her generous in-laws:

I recently discovered your podcast and am really enjoying it.  I have a 529 question that I am having trouble finding the answer to.  My husband and I have a 5-year-old, 3-year-old, and 1 year old. My in-laws have been wonderful and opened 529 plans for each of our kids on their 1st birthday.  They contribute $600/year to each child. We are beyond lucky to have such a generous family. My husband has finally finished his medical training. We have purchased a home and are now able to start contributing to the 529 plans.

My question is … Can a child have more than one 529 plan?  We live in Missouri. Our in-laws opened 529 plans that are not associated with our state of residence.  Can we open 529 plans that would allow us to take advantage of tax benefits for the state of Missouri or can a child only have one plan?

Thank you for your help.

Continue reading “How Grandparents Can Help With the Cost of College”

Simple Millionaire Investing Strategies with the 401k, IRA and 529 – with Andy Wang

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.

Continue reading “Simple Millionaire Investing Strategies with the 401k, IRA and 529 – with Andy Wang”

14 Money Goals to Accomplish Before You Turn 40

Our question of the month comes in from Anonymous from Cleveland:

Hi Andy,

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?

Do you have any articles on that?

Thanks,

Anonymous

Continue reading “14 Money Goals to Accomplish Before You Turn 40”

Should I Stop Investing For Retirement When Paying Off Debt?

Our second question of the month comes in from a new listener named Erik!

Hey Andy,

Erik here. I’m a new listener on the Marriage, Kids and Money Podcast. I appreciate all you’re doing to help families achieve financial independence.

When you originally started out with Dave Ramsey doing the Total Money Makeover, did you stop continuing saving for retirement during Baby Step 2?

Continue reading “Should I Stop Investing For Retirement When Paying Off Debt?”

How to Become a Millionaire in your 30’s – Interview 19 (Adam)

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.

Let’s hear how Adam took advantage of the opportunities in his life and honored his family by pursuing a life of simplicity and stress-freedom. Continue reading “How to Become a Millionaire in your 30’s – Interview 19 (Adam)”