Hustle Requires No Skill - Cal Ripken Experience

July 20, 2018

Hey everyone, I am here in Pigeon Forge, TN at my son's baseball tournament. We are here at the Ripken Experience which is an amazing complex with amazing fields.

If you haven’t gathered this yet, the Ripken Experience is named after the Ripken family, but most notably Cal Ripken, Jr.

Cal Ripken is arguably one of the greatest shortstops to ever play the game. But what he is most known for is the amount of consecutive baseball games he played in a row. He played 2,632 games in a row. Which is unprecedented. It is a record that people say will never be broken.

What we can learn from that is how do you play 2,632 games in a row or how do you work 2,632 games in a row?

How do you dedicate so much of your effort that nothing stops you from doing what you were meant or called to do?

That is what Cal Ripken did. But here’s the thing, growing up he was known as a power pitcher - he never even played shortstop. In his first season in the minor leagues, he committed a league high of 33 errors playing shortstop. So, many questioned his ability to move from pitching to playing shortstop.

So what did he do? He worked at it.

He stayed extra, he showed up early. He made a commitment to himself that no one was going to outwork him.

So what do we take from this? When you hear about successful business people - these are the ones that dedicate their time, their energy, their life to a goal that they have set for themselves. 💪

I think it was the first Allstar game where Cal Ripken and Derek Jeter played the first game together. Derek was like how do you do it?” What do you have to do to be able to play every day? Cal simply responded “I just play” it wasn’t the fact that he showed up for work --it’s that he showed up TO work.

See the difference? 🤔

It is not just showing up for something - it is showing up to DO something.

The biggest take away I want you to get from Cal Ripken and my experience being here...if you want something, you have to put in the work.

Many people comment on my YouTube channel with “I want to do this” ...and I challenge them by saying WHEN are you going to do it? 🤔

We have to hold ourselves accountable, we need action words. Show up early and stay late. Put in the work! 💪

Success doesn’t just come to you, it is not a gift.🎁 It is something you have to earn.

Now I am going to put it to you. I want to know when you had a situation where you put in the work--where you showed up early and stayed late to get it done.

🤔 How did you put in the extra work? Share with us in the comments.

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$17,000 Pipe Dream (this will make you laugh 😆 or cry 😭 )

July 19, 2018

What’s going on ya’ll?

I’m sitting at my son’s baseball practice and working on our core family values. As I’m doing this, since I’m a quick start and I get big ideas all the time, for some reason I started thinking about a client meeting I had 8-9 years ago.

He was the son of a good client. He was about my age at the time, maybe 3 years older. All I knew about him was that he lived out of state, was married with kids, and made good money.

My clients, his parents, were excited to refer him to me. He and his wife came in and I got to learn more about their situation. Both he and his wife worked for the same company and each of them were making around $250k a year. So combined they were making about a half a million dollars a year. 💰💰

That was pretty impressive considering he was in his mid thirties. I was excited about this. He was a high achiever with big ambitious goals. 👨‍💻

He wanted to retire at the age of 50. 🌴 Not that he wanted to call it quits, he just wanted enough money and investments saved up to be able to quit.

I love meeting younger people that are driven, motivated, and their success comes from their own efforts. No silver spoons, no family connections, just hard honest work. Nothing makes me more excited than that.

However, as I got to learn more about them, I discovered that although they were making a LOT of money, they had no idea how much they were saving. I started the process with how much they had in investments and savings.

They brought in tons of paperwork, savings accounts, life insurance policies, etc. I went through all of this paperwork, crunched the numbers, and discovered he had $17,000 in total assets. He was in his mid to late 30’s, he wanted to retire in 12-15 years, and ALL he had $17,000. 😮

At first, I was thinking….what am I missing. I had to ask him. Do you have another account that I’m not seeing? The answer was no. There were no other accounts, there was no hidden money. There was lots of debt. But no savings. Hardly any assets.

In his thinking, he made lots of money so he should have plenty for retirement right? WRONG. They weren’t saving anything. They were spending everything. 💸 They traveled a lot, they had a big house, nice cars, boats, etc.

I told him, it’s great that you have the big ambitions and you make really good money. But you are not saving enough money to retire at 50. You are not even saving enough to retire at 70!

I shared my numbers with him and told him he basically needed to start saving about $6,000 a MONTH if he wanted to retire at 50.

I think the important lesson to be learned here is that a lot of people have no concept of what it takes to retire. They have the misconception that they are saving enough.

If you are not saving at least 20% or more of your income, you are not even close to what you need for retirement.

Don’t be this guy! Just because you make a lot of money, that doesn’t mean JACK. You have to put money away.

You can enjoy your money and spend it as you make it, but when you are ready to retire, you won’t have anything. 💸

So here is my question to you right now, if you are comfortable sharing, what percentage of your income per month are you saving? If you don’t know the percentage, what’s the dollar amount? $50 ---- $100?

Most people have no clue how much they are saving. If you don’t know what you are saving, you are not living for the future, you are just drifting.

Don’t be the $17,000 guy. Be better than that!

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Build Your Professional Team (WHW #8)

July 18, 2018

Back with another Wealth Hack Wednesday!

Today I want to talk about the importance of building a professional team around you. Especially if you have any desire for building wealth. 🕴️

If you are watching, and you are saying to yourself “I am not a business owner or entrepreneur, how does this apply to me?” 🤔

It does.

Let me share a story about how it does. I was deployed to Iraq, I had two years of tax returns that I hadn’t filed yet. (When you go overseas you don’t have to file until you get back). I didn’t know where to go, I didn’t have an accountant. So my wife and I went to Walmart to one of the tax services that were set up there.

Now, did they do the job? Yes. But they didn’t ask many questions about what we wanted to do in the future. They didn’t offer any planning or consulting. As a financial planner, I knew that I needed to find a tax professional. I ended up hiring a CPA, because I wanted someone that wouldn’t JUST get the job done, but also help us prepare for our future.

I thought about this today because my CPA is coming by and I have all my 1099’s spread out behind me. (I share one of my 1099’s to show you that I actually do earn a good amount of passive income).

Back to talking about building a professional team - with my CPA, this is someone that I met in a networking group. I went to him for my own personal services, because I wanted to be able to refer him to other people. I have been working with him for 14 years, so he has watched me move from a W2 employee to a successful entrepreneur.

He knows almost everything about me! He gets to see all the emotions of going through the growing process, the stress, the excitement, etc. He has been invaluable through all of that. 🙌

But here is the thing, going back to before I hired him, I had this misconception that it was going to cost way more than I could afford. Was I prepared to hire a CPA? Why not just continue going to a service, like the one I went to at Walmart? 🤔

When I compare the cost of what I spent at that service vs. what I paid my CPA the first year I used him, the difference was like $100. But for that additional $100 I had a Certified Public Accountant that asked me questions, offered advice, consulted with me, and had me and my wife thinking more about our goals and future planning.

I can’t imagine how we would have accomplished what we did without him. 😊

I also have an attorney and a business insurance professional that we use. I have this group of business professionals that I can go to with questions on the topics that they specialize in.

Having that team that surrounds you will contribute to you growing wealth so much faster than you trying to do it on your own or by using a service like TurboTax. You may save money with those services, but are you going to get those probing questions that are going to make you think and challenge yourself?

I am going to say No, you are not.

You may not feel like you are ready to hire a professional right now, but I would actually argue that you are. Hiring a professional is going to open your eyes. You are going to get their experience that you won’t get elsewhere. They will share information with you that you will not get just by going online and reading articles.

🕴️ Start building that team NOW. When your career takes off, you will have that team around you that will help you build wealth.

I hope you enjoyed this Wealth Hack Wednesday! Be sure to check back next week for the next tip!

 

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Best Investment For Me? (reader question answered)

July 6, 2018

What’s going on everybody.

I wanted to share a reader question that I received:

🤔 “Ok Jeff, I really like what you’re saying. I have been watching your YouTube videos for a couple of weeks while driving to work, with is an hour minimum. I have $1,10 to invest from my ETrade Account. I have been growing this account for the last 3 years and went from $2,000 to $5,500.

Now I want to try Betterment, LendingClub, or Fundrise. I just can’t pull the trigger on which one to use. I am looking to you for the direction on which one to try first.”

This is a question that I get a lot, or some variation of this question. Ultimately it is that the person is not confident in their ability. I get it, if you’ve never done it - investing can be a scary thing.

You want to make sure you don’t make a mistake, especially when it comes to investing. Because you will typically lose money, or you don’t have access.

So in this case, this person is already investing with ETrade which is awesome. They are in the market some way somehow, so they have some money in the stock market.

They have ETrade and they are considering Betterment, LendingClub or Fundrise. So how would I respond to this person. It can vary depending on things like age, how much you have to invest, etc.

What I told this person was since they already had some money in the market, I did not offer Betterment because that will also put them in the market and won’t be a lot different than what they are already doing.

🤔 That leaves LendingClub or Fundrise - my opinion is to pick the one that you are the most comfortable with. Which of the two will give you the least amount of stress.

I didn’t factor in return, because if you are stressing out each day about getting your money back or having access to your money, peace of mind will trump return every day. 😀

So I asked this person what they were comfortable with. They had the option of investing in providing loans through LendingClub, if they were comfortable investing in people. If they were more comfortable investing in real estate, then I felt Fundrise made more sense.

So you can apply this same method when you are trying to decide where to invest. Look at the options and see which one will give you the most peace of mind. 🤔

Watching my videos and educating yourself on investing is great. But you need to go a little deeper and learn about each option as it pertains to how you get your money back out, how much you need to invest, etc.

For those of you that are watching this and haven’t pulled the trigger yet….what are you waiting on? 😀

Just do your research, know where you want to invest, put that money in, and then learn the rest as you go.

Get started with Betterment here:
https://www.goodfinancialcents.com/resources/betterment-youtube-invest-500.php

Get started with Fundrise here:
https://www.goodfinancialcents.com/resources/fundrise-youtube-invest-500.php

Get started with LendingClub here:
https://www.goodfinancialcents.com/resources/lendingclubinv-youtube-get-started-with-lc.php

Watch Now:

5 Biggest Investment Ripoffs to Avoid ❌(shady scam alert)

July 5, 2018

Don't get ripped off by these shady investments that are basically scams in disguise.

I've seen too many people financially wounded from buying this crap. 😠

There is nothing worse than getting ripped off, losing money to something you shouldn't have bought in the first place.

Because someone misrepresented something and sold it to you just to make money.

Being a financial advisor, I’ve seen so many people that have bought investments that they shouldn’t have. They didn’t understand it and their advisor sold them something that they didn’t need.

Thankfully, you are watching this video and I want to prevent you from being Ripped Off!

I am going to highlight the 5 biggest investments to avoid because I don't want you to lose your money.

➡️ 1. Loaded Mutual Funds (A Shares) [1:39] - These are mutual funds that when they are sold the advisor or broker that sold them are going to make a commission for that sell.

➡️ 2. Actively Managed Indexed Funds [6:01] - This is one of the most common investments that people get into when they start investing.

➡️ 3. Non-traded REIT’s [9:51] - REIT’s can be a good investment - but Non-Traded REIT’s are different, the are “Illiquid” meaning you can’t cash out your money until it comes due (which could be 10 years or longer).

➡️ 4. Whole Life Insurance [14:14] - It is not 100% bad, but for the most part investing in whole life insurance is not a good move. Buy a term policy, it is so much cheaper!

➡️ 5. Indexed Universal Life Insurance [19:05] - These policies may make sense if you have maxed out your 401K and Roth IRA. So what is it? It is a policy that is tied to some sort of index, so you are subject to what the index does.

You can make a lot of money if you chose to invest wisely. There are so many scams, and so many ripoffs you can avoid.

Have you bought one of these investments? Have you been ripped off?

Have you bought an investment, that I didn't’ mention, and feel like you’ve been ripped off? 😤

Let me know in the comments. Let me know what you bought and how you got ripped off.

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Can’t Build Wealth Unless You Track This (WHW #7)

July 4, 2018

Sign up for a free Personal Capital account here and track your net worth:

👉🏽https://www.goodfinancialcents.com/resources/personalcapital-personal-capital-review.php

What’s going on everybody? Back with another Wealth Hack Wednesday!

If you have been checking these out, Thank you. 😀 I really enjoy putting out this content.

Today I want to talk about the number one thing you need to be tracking if you are serious about building your wealth.

Many people get stuck on where to get started investing, what they should invest in, or how their investments are doing.

That’s not bad.

But the reality is, if you want to build your wealth and become wealthy, you have to start tracking this one thing.

Your Net Worth. 💰

So what is your net worth? That is your Assets (minus) your Liabilities (expenses, etc) and that is your Net Worth. 💲

So a lot of people think ‘Well, I have $50,000 in the bank - Woo Hoo! Well, you also have things like car notes, mortgages, and loan debt. Chances are you have a negative net worth.

A lot of people don’t know that -- because they don’t want to know.

They are too busy thinking about how much they are investing and saving that they don’t consider how much they OWE others.

It is important information to know. 98% of people have no idea what their net worth is.

So, how do you track your net worth?

Well, there are lots of ways - but I want to share one of my favorites.

It is with a free App called Personal Capital - anyone can download this App. All you have to do is sync all of your checking, savings, and investment accounts. You can also sync some of your debt accounts.

Personal Capital will tell you every single day, what your net worth is. 💰

So if your net worth is increasing or decreasing, it will let you know.

Personal Capital will update your net worth based on increases in market value or even if you withdraw money from your checking account. 💲💲

Now it is free - but of course they are a business so they will most likely reach out to you to try to sell you something. Like financial planning or something like that. You can just decline the offer, or even ignore the calls.

That is my Wealth Hack Wednesday tip for you today! Stay tuned for next week’s Hack! 😀

 

Watch Now:

How to Invest $500 (5 Brilliant Ways to Invest 500 Dollars)

July 3, 2018

Today we are going to talk about INVESTING!!

Particularly, how to invest $500.

For some of you that may seem like nothing and for others that may seem like a lot. Like how do you even come up with $500. (But that is a whole other video).

So, if you have $500 and you want to start investing….how do you do it? Where do you go? What options do you have? 🤔

So you have $500 - does that limit you on your investment options? Yes it can limit you somewhat. Vanguard you will need like $1,000, Fidelity $2,500 and Schwab you need $1,000 - unless you do a monthly ACH. However, there are some options out there that you can invest in for $500.

★☆★Resources Mentioned in Video:★☆★

Best Investment Platform Where They Choose Investments for You:

📈 https://www.goodfinancialcents.com/resources/betterment-youtube-invest-500.php

Best Investment Platforms Where you Choose Investments:

📉 https://www.goodfinancialcents.com/resources/ally-youtube-invest-500.php

https://www.goodfinancialcents.com/resources/etrade-youtube-invest-500.php

📊 https://www.goodfinancialcents.com/resources/tdameritrade-youtube-how-to-invest-100.php

Micro-Investing Platform:

🤝 https://www.goodfinancialcents.com/resources/stash-youtube-how-to-invest-100.php

You can read more about Fundrise here:

📰https://www.goodfinancialcents.com/fundrise-review-how-to-invest-in-corporate-real-estate-with-a-small-investment/

You can start investing with as little as $500 here:

https://www.goodfinancialcents.com/resources/fundrise-youtube-invest-500.php

There are lots of options out there - but I want to focus on my Top 5 options. The ones that I feel are the easiest to implement while seeing the best return.

➡️ 1. Investing in the Stock Market [1:48] - Investing in mutual funds, ETFs and/or stocks depending on your experience, your time frame, etc., you can start with companies like Ally Invest, E*Trade, or Betterment.

➡️ 2. Investing in Real Estate with Fundrise [10:49] - This is a great way to get into real estate investment without having to get a loan and actually finding and buying a property.

➡️ 3. Start an Online Business [13:32] - There are so many options for an online business and the room for financial growth with an online business is amazing!

➡️ 4. Invest in Online Courses [20:17] - There are a ton of online courses. Lots of them are scams - avoid those! (You are not going to become a millionaire overnight). I am talking more along the lines of educational courses. Courses that will teach you how to run your business and be more profitable.

➡️ 5. Flip Challenge [26:03] - If you are going to spend so much time on your phone - be productive while doing it. Instead of playing games or trolling social media, go to a garage sale or Craigslist, find something on sale and then flip it online for a profit.

So those are my top 5 picks for investing.

Which one resonates with you? 🤔

Which one are you going to take action on immediately?

🙌 Maybe you have already tried one of these options, share your story!

Let me know in the comments.

★☆★Resources Mentioned in Video:★☆★

Best Investment Platform Where They Choose Investments for You:

📈 https://www.goodfinancialcents.com/resources/betterment-youtube-how-to-invest-100.php

Best Investment Platforms Where you Choose Investments:

📉 https://www.goodfinancialcents.com/resources/ally-youtube-how-to-invest-100.php

📊 https://www.goodfinancialcents.com/resources/tdameritrade-youtube-how-to-invest-100.php

Micro-Investing Platform:

🤝 https://www.goodfinancialcents.com/resources/stash-youtube-how-to-invest-100.php

You can read more about Fundrise here:

📰https://www.goodfinancialcents.com/fundrise-review-how-to-invest-in-corporate-real-estate-with-a-small-investment/

You can start investing with as little as $500 here:

✅https://www.goodfinancialcents.com/resources/fundrise-youtube-fundrise-review.php

 

 

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Avoid This $80,000 Mistake 😳 (in less than 5 minutes)

July 2, 2018

I’ve been a financial advisor for over 15 years. Of all the client meetings that I’ve had, there are only a handful that truly stand out, that I don’t forget. It’s those meetings where you feel the pain the client is going through.

At one particular appointment that I had, it was THIS one sheet of paper, that had the client spent 5 minutes to find out what it was all about, they would have saved $80,000!

It takes 5 minutes to double check - not spending that 5 minutes could cost you a lot.

Let’s take a look at what this piece of paper is and talk about how you can avoid the same mistake.

So I was meeting with a new client. We were sitting in my office and he was telling me how he had lost his mom recently. He has two brothers and they get along really well. I could connect with this because I have 3 boys. It made me think about how it would affect them if something happened to me and/or my wife.

So he is telling me this story of how he grew up, etc. He told me that his mother’s wish was for all three brothers to get ⅓ of her estate. Her estate included a house, an IRA, an annuity, and some other investments. The mother had a will set up and felt that she had done everything correctly.

In the Will, she set it up so that the oldest son was the executor, the one that would take care of all of the paperwork and details.

🤔 At this point in the story, I didn’t see any issues that stood out or any cause for alarm. So, that brings us to this one sheet of paper.

So, even though the mother had set up her will stating that each brother would get ⅓ of her estate, each annuity and IRA has their own beneficiary forms. What she didn’t realize was that on the annuity she ONLY listed the oldest brother as the beneficiary. 😞

She thought that the will would take care of them all. Now, you would hope that since the oldest brother knew his mom’s intent, in that she wanted all brothers to share equally, that he would do the right thing and split it up. But he didn’t.

This is the point in the meeting where I was sitting in my office with my jaw open. The annuity was worth $240,000 - meaning each brother should have received $80,000. However, the oldest brother, being named as the only beneficiary on the annuity, kept it all. He took the full amount, all $240,000 and bought an airplane. ✈️

Now you obviously think this brother is a pilot or has his pilot’s license. Nope. He was not a pilot, didn’t have a license, but went out and bought an airplane.

I could not believe that happened. 🤦

Like seriously, you are going to take ALL the money and buy an airplane?

So all because the beneficiary form was not checked, two brothers lost out on $80,000. 😞

I’ve heard so many stories like this. It all has to do with this form.

Check your beneficiary form.

Have you recently gotten married and still have your parents listed as the beneficiaries because you haven’t added your new spouse to the beneficiary forms? 🤔

Check that form!

Make sure that it is updated. Do not assume that your money will go where you want it to go.

For more information on this topic check out: https://www.goodfinancialcents.com/beneficiary-review-designation-form-life-insurance-retirement-accounts/

 

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How These Numbers 8-2-8-3 Helped Me Build Wealth (WHW #6)

June 29, 2018

What’s up everybody? Back with another Wealth Hack Wednesday.

What I want to talk about today is understanding your personality type so that you can build your wealth a whole lot faster, for some accelerated wealth building. 😁

So what am I talking about here? Well I am going to do a longer video today so I can go into more details about this.

The gist of it is I had to take this personality test several years ago called the Kolbe exam.

Here's more info on the Kolbe exam: http://www.kolbe.com/

I believe it was created by the daughter of the person that created the IQ test?

There are lots of personality tests out there you can take, but the Kolbe Exam is one that I see a lot in different coaching programs, etc. It gives you a better understanding of why you do things, how you do things, and basically what makes you tick. ⏰

There are four categories: Fact Finder, Follow Through, Quick Start, and Implementor. With these, I was an 8-3-8-2, respectively.

📖 Fact finder = you do a lot of research.
🏁 Follow through = you get things done.
🐇 Quick start = Big idea people, creators.
👷 Implementor = Process drive, you like to build things.

Since I scored the highest in fact finder and quick start, this lets me know I like to do a lot of research. As a financial planner, before making recommendations to my clients, I do a lot of research to find the best options. The down side, maybe I spend too much time researching and not enough time doing.

As a high scorer in Quick start, I know I get really excited with new ideas and new projects. Working on big things gets me energized. 😁

My lower scores: follow through and implementor lets me know that while I may get excited about the big ideas, i get bogged down in the processes and follow through.

So how do I use this information to my advantage when building wealth? Learning more about who I am and how I work, has helped me to realize that I have to make time follow through and get these important ideas implemented.

If I am constantly focusing on new projects and new ideas, I will never get any of them finished.

Basically, at the end of the day you only need so much information before you have to stop and actually execute.

Taking this test also showed me that it made sense to hire team members and delegate those tasks that I don’t want to do.

The important thing to remember is that you shouldn’t think of low scores in an area as a bad thing. You just don’t thrive with those types of tasks.

Once you find out why you are the way you are...it will change your life.

Now that you have heard about it - you should check it out and learn a little about yourself and your work style.

You can take the Kolbe Exam here: http://www.kolbe.com/

 

Watch Now:

5 Ways Being a Christian Helped Us Create Better Businesses

June 28, 2018

Check out my good friend's Bob's YouTube channel here:

https://www.youtube.com/user/ChristianPFdotcom

-------

Yes I am a Christian. Does that make me better than you? Absolutely not.

Just because I am a Christian now, does not mean that I have lived my life without sin.

I do not want you to watch this video and think that you are being judged in any way.

I am here today in my buddy Bob’s office. We have been talking about doing a video collaboration for a while. We want to talk about how being a Christian has help us build better businesses. 😇

I think a lot of people miss out on some really incredible ideas in the Bible. It’s this book that is thousands of years old, but so much of it is still relevant to us today. A lot of businesses operate under biblical principles, whether they know it or not.

We want to break down the top 5 ways that being a Christian has help us and incorporate some scripture and personal experiences that we hope you can take note of and apply to your life and the way you are building your business.

I’m sure there are things that we will miss but these are going to be the top 5 that stand out for us.

➡️ 1. A compassion to serve others [3:25] - Treat others the way that you want to be treated.

➡️ 2. Owning Your Work (working hard) [7:42] - Stop cutting corners and put in the time and effort.

➡️ 3. Rest - Sabbath Rest [10:05] - Rest is an essential element that we all need to take seriously.

➡️ 4. Exude Diligence [15:07] - Be passionate in your work. Devote your time into building

➡️ 5. Remembering God’s Timeline [14:39] - Take a long-term approach to things that you do.

Which one of these 5 ways resonated with you the most? Let us know in the comments.

Also, is there something that you feel that we missed? There are so many different ways that being Christian helped us build a business. If you have a personal story, be sure to share in the comments and let us know.

📖 Bible Verses Discussed 📖

Matthew 7:12
Matthew 8:21
Colossians 3:23
Proverbs 16:3
Leviticus 25
Proverbs 10:4
Proverbs 21:5
Genesis 8:22
Zechariah 4:10
John 20:29
Philippians 4:19

 

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