Personal Finance

095: Listener Q&A – Austin Netzley

By Austin Netzley

Check out all of the episodes and the new podcast player HERE!

Personal finances are… personal.

So, to help you directly, I’m answering your specific questions on how you can move forward with your finances. If you want your questions answered on a future Q&A edition of YoPro Wealth, be sure to submit them HERE.

In this episode, I answer questions such as:

How to determine whether to pay your debts or invest instead.
What someone interested in the stock market needs to do.
How to overcome the overwhelm of life and bills.
The secret to having more disposable income.
If you should increase your level of risk with your investments.
How to attack student loan debt.
And more!

Please note that all information is for informational purposes only and may not be suitable for your direct needs. Please see the full disclaimer here.

Take control, and take action!

Join thousands. Get weekly updates on how to build true & massive wealth.

Experts: Do You Need a Budget?

By Austin Netzley

There aren’t many financial words that make me cringe more than this one: budget.

Nobody wants a budget. It is restraining, and is something most avoid like the plague. But do you need a budget to become wealthy?

Well, the experts weigh in on this along with their reasons why, as well as how to create a budget that works.

Enter the experts…

Yes, You Need a Budget (6 Experts):

“Personal finance cuts across all social strata. Personal finance is not passive; it requires you to take action to control it. Budgeting your finances is important because if you don’t begin controlling your funds, it will control you. Success with money comes from creating discipline.

Personal finance is a sum of your money and your behavior. Too often, we count ourselves out of the game because we have made a few mistakes. I want you to consider the following statement:“You are not your bank balance; you are not the sum of your debts. You are a human being.” – Natasha M. Campbell, Founder and CEO, Lifestyle Success Unlimited

—————————————

“Budgets are an essential part of creating a healthy financial life. Without budgeting, you can’t track what you’re spending. Budgets are like a map. You wouldn’t drive across the country without a GPS so why not budget?

For people who don’t want to think too hard about categories and percentages, I advocate the 50/30/20 rule, which says that 50% of your pay should go to living expenses, 30% to entertainment/shopping and 20% to savings and debt payments.” – Zina Kumok, Blogger, Debt Free After Three

—————————————

“What are some tips that you would give someone to create a sustainable and simple budget?

1) Start with Why – people can do budgets perfectly but if there isn’t a strong reason to follow through it’s pointless

2) Start Simple – round numbers, make educated guesses

3) Expect Issues – it takes a long time to dial in numbers and match it to your real behaviors. If you go into it knowing there will be issues, you won’t view it as failure…just something to adjust.” – Dave Jacobson, Financial Coach, Financial Fitness

—————————————

“Tracking spending is the only way to truly know where your hard-earned money goes. A recent NFCC poll showed that most people think a budget is restrictive, when in fact it is meant to put you in charge of your money. [Read more…]

25 of the Best Personal Finance Books

By Austin Netzley

Reading without a doubt changed my life…

And the list of the best personal finance books below have changed millions of other people’s lives as well.

My football coach in college told me that the smartest people in the world read at least 1 book per month. At the time (of course I was drowning in school work), I thought that was crazy. Who has time to read?

Well, it isn’t about having time. It is about making time… And it is well worth the effort.

It wasn’t until I was 24 and given some books by my boss as my first assignment that I really caught the book bug. From there, I didn’t look back. Over the next 2 years I consumed 2 books per week via audio, Kindle and print. That was the turning point in 1) changing my mindset, and 2) really opening my eyes to what was possible – financially and beyond.

The reason books are so great because you get access into the stories behind the story. You get to see how the most successful and wealthy people in history think and act. You get this access all for very cheap, if not free.

When you talk about a great investment, books have to be at the top of the list!

I asked a bunch of experts what the best personal finance books are, and here are their responses:

Think and Grow Rich (2 Votes)

“The key lesson is that the world is filled with abundance and opportunity for those who control their thoughts and emotions and turn them into positive actions.” – Kevin Cahill CFP, CLU, President and Founder of Canadian Legacy Builder

“It is a brilliant book, but the underlying theme is if you visualize it and work hard for it you can have it.” – Blake Janover, CEO of Trusted Nutrients

Simple Wealth, Inevitable Wealth

“His strongest points are:

Owning a diversified portfolio of equities over the long-term does not carry significant risk of capital loss. The diversified portfolio of equities is subject to volatility, but volatility passes away under long-term time horizons and should not be conflated with risk.
Building wealth through the steady accumulation of equity mutual funds is simple, and the result of this behavior, over a lifetime, is inevitable wealth.
Bonds will not build wealth.

In fact, here’s a list of some of the best, with my reviews linked. – Michael Taylor, Bankers-Anonymous.com

The Giving Tree

“The classic children’s book, The Giving Tree, has taught me a lot about personal finances. Like the titular tree, it’s entirely possible for a parent to give too much, to overextend themselves and jeopardize their own future for someone else, and this is something I see all the time in my work.

I always advise parents, just as airlines tell you to make sure you secure your own oxygen mask before you help someone else, make sure that your finances are taken care of before you start worrying about others. If you don’t take responsibility for your own finances, no one else will– a child can subsidize their higher education, for example, but you can never subsidize your retirement. Always make sure your own financial health is your number one priority.” – Elle Kaplan, CEO and Founding Partner of LexION Capital

Make Money, Live Wealthy

The beautiful thing is that when you write your own blog, you put your own book on the list! Coming this November is my first book: Make Money, Live Wealthy. 🙂

After interviewing 75 successful entrepreneurs, I realized that although the details of their stories are much different, they all go through the same sequential steps to obtaining true wealth. So, this book guides people through the 10 simple steps to true wealth, one piece at a time. Get your free copy today before it is too late! [Read more…]

Book: Financial Blueprint

By Austin Netzley

{This is an excerpt from my book to be released in November!}

“As we grow up, we learn about money and watching other people – friends, family, own experiences… this creates our blueprint about how money works. Some of it is correct, but some of it is incorrect. These blueprints shape how we interact with money.” – JD Roth

Our beliefs that we gain over time create our blueprints, which essentially create a certain level of wealth and success that we’re set for. If we get too far away from this level, we make decisions that will get us back towards it. It works much like the thermostat in your house.

This is why you see poor people that win the lottery end up broke again. On the other hand, you see people like Donald Trump who file for bankruptcy only to be a massive success only a few short years later. It is all about what level of wealth and success that you’re set for. And you control that.

To change your financial blueprint (and thermostat), you have to find those limiting beliefs and then change them…

Savings Tip #2: Avoid the SOS Mentality

By Austin Netzley

After all, it’s not how much you make; it is how much you keep that matters.

Whether your income is $500,000 or $50,000, you can’t get ahead unless you live below your means. The best way for many to make progress with how much you save is by avoiding the emotional (see: regrettable) purchases As a result, savings tip #2 is to avoid emotional spending.

Get rid of the SOS (shiny object syndrome) mentality – the feeling of going out and having to buy stuff. – Mike Kawula on the YoPro Wealth podcast

[Read more…]

#1 Money Saving Tip

By Austin Netzley

[Read more…]

074: Icon Lessons: Rich Dad, Poor Dad (Robert Kiyosaki)

By Austin Netzley

Podcast: Play in new window | Download

Check out YoPro Wealth in iTunes here!

Icon Lessons Rich Dad Poor Dad Robert Kiyosaki

I will be doing a series of icon lessons (see others here), highlighting some of the great business and financial leaders of our time. First up on that list is Robert Kiyosaki, and specifically his book Rich Dad, Poor Dad.

Rich Dad, Poor Dad is one of the staple personal finance books, and is a must read for anybody with a middle class mindset. The book was the first to really open my eyes to this world of money that I never knew existed.

Below are 6 key lessons that Robert talks about in the book, and I highlight these lessons in this solo edition of the YoPro Wealth podcast.

1. The Rich Don’t Work for Money

The poor and middle class work for money, while the rich have money work for them.

Poor	Middle Class	Rich
Buy things.	Buys liabilities (they think are assets).	Buy assets.

2. Why Teach Financial Literacy

[Read more…]

The Experts on Investing – Part 5

By Austin Netzley

{This is Part 5 of a 5-Part series. Check out the other Parts here. Please note that all information on YoProWealth.com is for informational purposes only. See a full disclaimer here.}

The wealthy do something well that the majority of others do not do so well… they invest.

Investing can be hard, scary, and complex. Many don’t know what to do, nor do many even know where to start.

So, to help you master this touchy subject, I asked a bunch of experts for some helpful investing advice.

Their responses follow.

Grant A. Webster, CFP®, AKT Wealth Advisors LP

The best investment advice I have ever received is to never let emotions lead you to make dumb investment moves.

As a young financial planner and investor, there are many times when the markets have made me feel uncomfortable and nervous-but in reality, the short term bumps in the market are meaningless. Don’t make irrational investment choices like selling when the stock market dips, buying the “hot stock” of the week, or thinking of investments as a “get rich quick” vehicle. [Read more…]

The Experts on Investing – Part 3

By Austin Netzley

{This is Part 3 of a 5-Part series. Check out Part 1 here and Part 2 here. Please note that all information on YoProWealth.com is for informational purposes only. See a full disclaimer here.}

The wealthy do something well that the majority of the Middle Class do not do so well… they invest.

Investing is hard, scary, and complex. Many don’t know what to do, nor do many even know where to start.

However, it is an essential part to obtaining massive wealth. If you’re interested in having more money in your life, investing is likely to be a top priority for you (see the power of compound interest here).

So, to help you master this touchy subject, I asked a bunch of experts for some helpful investing advice.

Their responses follow.

Richard Sturm, Financial Advisor and Public Speaker, Sturm Financial

As a financial adviser, my best advice for every age bracket is, “get out of debt, and stay that way!”

David Bakke, MoneyCrashers.com [Read more…]

Experts: One Piece of Financial Advice – Part 3

By Austin Netzley

{This is Part 3 of a 3-Part series. Check out Part 1 and Part 2 here.}

There is a shortcut to massive wealth…

And you can learn that shortcut by listening to successful people that have come before us.

I asked experts from all over the globe this question:

If you could tell yourself one piece of financial advice, what would it be?

Be sure to implement these strategies, and true wealth is yours!

Jeran Van Alfen, CFP®, Empire Wealth Strategies LL

One thing I wish I knew early in my career about finances and a topic that comes up regularly among young professional clients is to place more importance on short term savings and establishing liquid funds before putting so much emphasis on long term savings.

So many young people get caught up with their 401k and buying an expensive house before thinking about what matters to them right now and establishing financial security in the short term. They can find themselves without adequate emergency savings, in a high amount debt, and still putting significant amounts of money into their retirement account.

Barry Maher, Author, Consultant, and Motivational Speaker

If I could give one piece of advice to my younger self, it would be to start building a financial cushion as early as possible. I was self-employed then and operating on a shoestring, often a broken shoestring. That made business (and life) stressful and it also kept me from taking advantage of several big opportunities.

[Read more…]

095: Listener Q&A – Austin Netzley

In this episode, I answer questions such as:

Join thousands. Get weekly updates on how to build true & massive wealth.

Experts: Do You Need a Budget?