Money Guy Show

The most important concept that determines how financially successful an individual/family is going to be is: * Deferred gratification * The hardest part of financial independence is not the investing… it is the savings factor: In today’s world it is getting harder to be a good disciplined financial household. There is so much outside influence and temptation that only the strongest make it (faking success). **Credit Cards ** The desire to drive a new flashy car ** “Same as Cash” for everything including Furniture, Electronics, & Plastic Surgery For more information, including How to Accumulate $1,000,000 by Age 65, visit the show notes at www.moneyguy.com/2007/09/simple-advice-for-your-finances Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover the fine line between using debt wisely and falling into financial chaos. Learn about the benefits of responsible credit card use and leveraging home equity for financial independence. Hear insights on how rampant debt impacts economic stability and historical crises. The importance of patience in investing shines through, as emotional decisions often lead to poor outcomes. Get valuable tips for managing debt and market entry to secure a prosperous future.

the benefits of using Long/Short Funds.   A long/short fund takes advantage of a technique that many hedge funds use that allows them to make money in both a rising and falling market. Long/short fund managers divide their funds’ assets into two types of positions (long and short holdings). Long positions – meaning they buy stocks expecting that they will rise in value and can be sold at some point in the future at a gain (this is the traditional form of investing that most investors are use to… buy value priced stocks with the anticipation of selling for a gain) For more information, visit the show notes at http://www.moneyguy.com/2007/08/act-rich-and-protect-yourself-from-a-down-market Learn more about your ad choices. Visit megaphone.fm/adchoices

I have spent the last two weeks preparing for the IRS. Unfortunately, I still do a small number of business tax returns (old habits are hard to get away from). One of my small business tax clients was selected for a full examination (Audit). I have over over 10 years of experience in completing tax returns, and this is the first business return that has been selected for an audit. I guess it was my turn to sit on the hot seat. We had the IRS agents here in the office on Wed. and then we met at the client’s business on Thursday for a site evaluation and Q&A session. I am elated that we made it through the audit without any problems and the client did not have to pay any additional taxes, but as you can imagine it has been a stress that has caused a few nights of restless sleep. I knew that we had nothing to hide, but you never know where there might be a difference of opinion on deductions.   For more information, visit the show notes at http://www.moneyguy.com/2007/07/attn-small-business-owners-a-legal-way-to-hide-money-from-the-tax-man Learn more about your ad choices. Visit megaphone.fm/adchoices

I’m a straight talker, so please don’t hate me for a harsh, but true statement: when people are falling short of their financial goals, it’s almost always because of their own actions and decisions. Examples: Putting off investing in your Roth IRA or maximizing your 401k at work (“I need the extra money to fake success for my friends and family”) Hating your boss and job, but doing nothing to change your situation (“I’m scared to try something new and the interviewing process for a new job is stressful”) Putting off the dream of being self employed (“Where will I get clients from and how do I get started?”) Renting your life and not having an ownership mentality (“I really like my low rent payments and driving a flashy car”) Taking foolish risks (“They’ll figure out Social Security’s problems by the time I retire”) THE SECRET TO SUCCESS IS THROUGH DEFERRED GRATIFICATION AND TAKING THE ROAD LESS TRAVELED   For more information, visit the show notes at http://www.moneyguy.com/2007/07/are-you-on-the-road-to-wealth-and-independence Learn more about your ad choices. Visit megaphone.fm/adchoices

A quick review of your financial health is today’s topic.  I am taking a brief break from talking about investments.  Instead I am going to load you up with planning ideas and even tools that I use to keep my financial house in order. Estate Planning & Risk Management (I know that it is dark to talk about death or other bad events that could occur in your life, but it is important to discuss). Wills – If you have children you must have a Will.  Otherwise, you are leaving their future in the hands of the state.  I find it hard to believe that the state would be better at determining your families future instead of you.  DON’T PLAY WITH FIRE….. GET A WILL!!!   For more information, visit the show notes at http://www.moneyguy.com/2007/06/the-30-minute-financial-plan Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover the nuances of Efficient Market Theory and why it suggests investors can't consistently beat the market. Dive into the essentials of stocks, bonds, and mutual funds while exploring the significant impact of fees on fund performance. Learn to spot promising mutual funds early using a screener tool and navigate real estate mutual funds by evaluating manager experience. Get insights on economic indicators and the vital role of estate planning for your financial security.

There are tons of podcasts out there that explain how to spend less than you make, and how credit card debt can drain financial freedom. How many actually have the training and know how to help you with the crucial portion of your extra cash flow and retirement funds? I would dare to say not many because most either do not know what to tell you or they are trying to sell you a product so they will never tell you (unless you invest $2k into their proprietary system). I am here to help by focusing the next few shows on investing. Today is the first part of our investment series and we are getting back to the basics, but before I get into the details I wanted to mention an article I read this weekend:     For more information, visit the show notes at http://www.moneyguy.com/2007/05/when-where-and-how-to-invest-investing-101 Learn more about your ad choices. Visit megaphone.fm/adchoices

Tax Refund Challenge: Now that you have filed your taxes it is time to evaluate where you are financially. Say what you will about filing tax returns they at least allow you to take inventory on how much you earned in 2006. I am always talking about saving for the future and making sure that you are locking away 15%-20% of your gross wages for the future. That is easy to say when you earn a good living, but I know from emails that I receive that many out there are struggling financially. The average refund was estimated to total $2,480 for 2006 up from $2,371 for 2005. I would challenge you to look at your return and if you are not happy with your income level do something about it. Success is easier than you think… You just have to believe and figure out where your passion is. Use the refund money as your initial savings for starting a business, or for going back to school. It is very fulfilling and can be financially rewarding to make a big change and have success that leads you to a better life.   For more information, visit the show notes at http://www.moneyguy.com/2007/04/lazy-investing-can-be-good-investing Learn more about your ad choices. Visit megaphone.fm/adchoices

The financial markets have been very choppy this quarter. We started off 2007 with day after day of the stock markets hitting new highs. Then one crazy Tuesday in February (27th to be exact) the bottom fell out of the market (I blame it on my producer Heidi; she was off that day spending time with her dentist and a root canal). Ever since it has been up and down to the point that many of you are wondering what in the world is going on. On today’s show I am going to share with you the resources that help me determine what is going on in the financial world.   For more information, visit the show notes at http://www.moneyguy.com/2007/03/free-professional-advice-and-research-my-little-blackbook Learn more about your ad choices. Visit megaphone.fm/adchoices