Updated: Sep 25, 2019
(Haven't heard the episode with our new FinCon friends, here's your chance. Click here.)
As a financial planner, my passion is helping you reach the goals that will make your life complete.
I recently went to the FinCon 2019 conference, a place where money and media meet. I asked some of the other financial experts to share their best tips so that my readers can start implementing the suggestions and change their financial lives.
Let’s see what some of them had to offer!
I'm here to suggest to you that you should save first, meet your future self now and spend what's leftover. If you do this, you can get yourself free in 20 years. So my shtick is work 20 for the money and the rest for joy. Get yourself FI (financial independent), get yourself free, and then you can give back willy nilly ad-lib and create change in the world that you want to see.
~Bill Yount of the Financial Literacy Project and Pivot Points M.D.
What people can implement today is to log into their bank account. They need to check all of their transactions and make sure everything is accurate. In order to get a handle on where your money is actually going.
~Melanie Locket from Dear Debt and the LOLA Retreat
I’ve had Melanie on a past episode of my podcast. You might want to check out the episode about mindset and money at One Million Apples.com. She also has a great blog at Dear Debt. Thank you, so much Melanie!
I call it the leaky faucet. There are so many things that people subscribe to that they purchase unconsciously. You’ve really got to watch the dollars as they go out. You could be losing hundreds of dollars. If you have a subscription plan, could you downgrade? Are you still using it? We all say well, I'm gonna get rid of it, but do you actually do it?
There might be other things that you buy subconsciously every day, such as a coffee. It’s important to be present, be conscious and think about. Ask yourself do I really need it?
~Bobby Lee with Two Minute Finance
When we have a leaky faucet, we usually can tell because we can hear it. It could be the sink is filling up. Perhaps, our water bill is really high.
Breanna: Bobby Lee, how do you recommend that we find those leaks quickly?
There's a lot of great apps. Many of these apps we are seeing here at FinCon these past couple of days. Honestly, if you're not a very proactive person, you can start to notice it slowly in your credit card bill.
If you review your credit card bills or your bank account statements more often, the quicker you can catch these things. There isn't a surefire way of finding it unless you're really productive with these apps. Keeping your eye on things is the best way to do it.
~Bobby Lee with Two Minute Finance
Breanna: Thank you so much. That’s awesome advice.
I've got a school for financial advisors, so I advise advisors. The one thing that I tell them, to tell all of their clients is to be conscious of what you do with your money. It doesn't matter whether you got a million dollars or $10,000. If you have a lot of money, or you don’t have a lot of money, just going through the motions subconsciously and hoping that eventually, at some point in time, it's going to sort itself out. It just doesn't happen.
~Steve Crawford from the Advice Movement
Absolutely, you’ve got to be making conscious decisions around what you're doing. Whether you want to spend a lot of money or you want to save a lot of money, it doesn't matter. Just be conscious about the way you go about it.
~Steve Crawford from The Advice Movement
Breanna: Awesome. Thank you for the advice.
I have Master Passive Income, that's where I teach people how to invest in real estate rental property, so they never have to work a job again. A lot of people want to save a buck, so you want to save money. I think that’s great. My in-laws are teachers, and my wife was a teacher. She’s homeschooling now, so she's still a teacher. We always try to think about saving a buck. However, we also need to think, how do we make a buck?
How do we make money? I'm very frugal, so I save lots and lots of money. I can then invest it, so I can make money with the money. What I do is I buy rental properties. I save as much money as I can, and then I buy one property.
I save all the money that I get from that new property to buy the next rental property. When I was 37 years old, I was able to quit my job. I love showing people, that there's another way.
Teachers probably love teaching or they don't. If you love teaching, this could be a good supplemental income, so that you don’t have to live paycheck to paycheck. If you really want to just move on and do something else with your life, where you can volunteer or whatever, rental properties are a good choice. I can literally work 30 minutes a month because I have people that work for me.
Going from saving a buck, which is great because you build up enough money to buy properties. Then you want to make a buck and my I love buying properties because I don't work and I still get paid money.
~Dustin Heiner, Master Passive Income.
A couple of quick things on that. As educators, you might know, because you have educators in the family, the pension is such a big deal. That's income, right? This is another way to bring in some of that income during retirement or pre-retirement. Also, you mentioned the work aspect. I think a lot of people get nervous about the amount of work that goes into it. Do you hire people to take some of the work off your plate, so that you have the time to do your day job? Would teachers be able to do their day job?
Absolutely. I started investing in 2006, before the crash. At the same time, I was working and started building my business. As I was doing that, I still had my wife and my kids, and I had another business on top of that. I'll pause that to say, I built so many businesses, but the easiest one was real estate.
The reason why is because exactly like you said, I hire people to do everything from finding properties, finding the money for me to buy those properties, managing them, evicting them and collecting rent. I work 30 minutes a month. Now, if anybody who listens is thinking about getting into rental properties, the last thing you want to do is buy the property first and then try to figure everything out.
First, you want to build the business by finding the people to do the business, and then buy the property. Real estate rental property is a piece of your inventory.
You build the business first
Add a piece of inventory (which is one rental property) to the business
Add another piece of inventory (another rental property) to the business
The downside if you buy at first, you're trying to scramble to figure it out. You’re more likely to lose money.
~Dustin Heiner, Master Passive Income.
Breanna: Those are great points, and I couldn't agree more. Thank you so much.
I teach young people how to invest. My whole goal in life is to get people to log-on to an investment website like Fidelity or Vanguard and set up automated investments into an index fund. It's literally like the 20 minutes of your life that will make you a million dollars over your life. If you just log on to this have a $500 auto investment into an index fund.
Over the last hundred years, the US stock market has gotten about 10% per year. That $500 over the course of your working career (40 years) will earn $3.2 million. You do it once, it'll auto deduct from your checking account every month. That's going to grow and compound.
~Jeremy Schneider, Founder of Personal Finance Club
(Haven't listened to Improve Your Financial Life by Following These Tips yet? The timing is really good right about now to do that!)
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