Financial Freedom Podcast

Achieving financial freedom in the short term requires living within your means. In other words, your monthly expenses need to total no more than your monthly net income, so that you don’t sink into debt. But achieving long term financial freedom requires even more discipline; you need to live below your means. By doing this you generate unused income every month to put towards savings and long-term investing, so that you will have a net worth to support you in retirement. But how do you do that? To give you some tips, I brough personal financial services consultant Todd Miller onto the show to tell you about them. In this episode you will learn: Ideas on setting up a budget How to cut your expenses How to handle unexpected expenses How to track your spending to stay on budget How to resist the “urge to splurge”

Every business should have a web site to promote its goods and services and attract new customers, especially as more of them are functioning virtually. Despite this, so many of them don’t have a web presence, or just have a domain name for e-mail. By not having one they are leaving money on the table and passing by an opportunity for growth. That’s why in this episode of the podcast I wanted to talk about getting on the web with a great site and using it to attract and covert new customers for your business. These tips can help you grow your business and help ensure your personal financial freedom. In this episode you will learn: The first thing you need to do to get started The biggest mistakes made with DIY web sites How to choose a web design company How to turn web site visitors into customers

With the COVID-19 pandemic going into its sixth month, many businesses have either filed bankruptcy, closed for good, or have shed employees to slim down. No matter the cause, a lot of people are now out of work and looking for a new job. This has become especially urgent with the end of the supplemental unemployment benefits under the CARES Act. Looking for a job during a pandemic presents a special challenge. That’s why in this episode of the podcast I wanted to talk about some tips and ideas to increasing your chances of employment and getting back on your financial feet. In this episode you will learn: How to Network Online How to Prepare for an Informational Virtual Interview How to Boost Your Job Skills and Showcase Your Strengths How to Create a Job Hunting System  

A major part of the American Dream is to strike it rich, to become a millionaire. However, for the vast majority, that is just a dream. 3.5% of our population holds nearly half of our wealth. Back in 1996, a couple of Ph.D.s, Thomas J. Stanley and William D. Danko, decided to do some research into America’s millionaires. The surprising answers they got are reflected in the title of their book, The Millionaire Next Door. That book provides all sorts of great information about what millionaires look like, how they got to be millionaires, and why so few of them successfully pass on their wealth to their children. That’s why in this episode of the podcast, I wanted to talk about this book (which has been updated over the years), how it lays out how these people became millionaires (or at least wealthy), and how you can use this information to become wealthy (and maybe even a millionaire) as well! In this episode you will learn: What an American Millionaire Looks Like What Does It Take to Become a Millionaire? Ho

The COVID-19 pandemic has now reached over 3.9 million cases in this country (with over 179,000 in New Jersey) and has caused over 144,000 deaths (with over 15,000 in New Jersey). Even those who have survived the illness have had a tough time, with many having lengthy hospital stays. This taste of our own mortality has been sobering for all of us; something like this hasn’t happened for over 100 years! But that doesn’t mean we shouldn’t be prepared for its eventual arrival. Way back in Episodes 18 and 21 I talked about the importance of having an estate plan and how to go about doing it. But with all that is going on in the world today, I thought I would revisit the subject, as the pandemic has emphasized its importance. In this episode you will learn: Why it is important to have an estate plan The documents you need to create to have one What you need to think about to prepare them Federal and NJ tax issues

Due to the pandemic, lots of people are either working from home or have lost their jobs because they cannot be done from home. Those in the latter group may be looking for a job that allows them to do so. On the other hand, many small businesses are looking for help, but are unsure whether hiring someone (and taking on the payroll and other administrative tasks that go along with doing so) is the right move. That’s why in this episode of the podcast I talk with Connie Gray, the owner of Virtual Solutions 4U on how to be a virtual assistant, whether that’s the right career for you as an employee, and whether taking one on is the best move for your small business. In this episode you will learn: Things you should consider in whether to hire a VA or an employee for your business The tasks that VAs can perform for your business The skills you should have if you want to become a VA  

On March 27, 2020, the CARES Act was signed into law to help people deal with the devastating economic effects of the coronavirus. Many of the provisions help student loan borrowers, and while they provide some welcome relief, the law doesn’t address all of the problems that student loan borrowers face. In addition, these provisions are set to expire on September 30, 2020, so the relief is a short-term solution. Therefore, anyone with student loans, whether they are federal, state, or private, need to act soon to have a plan by the deadline. That’s why in this episode of the podcast I talk about some strategies you can look into to use this breather as an opportunity to get your loans back on track! In this episode you will learn: Ways to get out of default on federal and NJ CLASS student loans How to get an affordable, income driven loan repayment plan How to pay off your loans sooner if you are a public employee

Social distancing orders in light of the coronavirus pandemic have forced companies to send workers home and have them work remotely. The trend might continue. According to a Gartner survey of 317 finance executives on March 30, 3 out of 4 chief finance officers and finance leaders are considering moving at least 5% of their on-site workforce to remote positions permanently after the pandemic. In addition, many people have reported an increase in quality of life and a shift in the work-life balance after having worked from home for a while. But all of this can raise tax issues for you that could come back to haunt you. That’s why in this episode of the podcast I wanted to talk about those issues, so that if you’d like to make your kitchen, your spare bedroom, or your beach house  your permanent office, you will know what it might mean for your taxes. In this episode you will learn: What bordering states have reciprocal tax agreements How being taxed by two states can work for or against you The good and bad

Being in debt is stressful, no question! It can weigh on your mind with constant worry about how you will ever be able to pay the debts and avoid bankruptcy. It can have you afraid to open your mail or answer the phone. But there are helpful and constructive ways to deal with this stress, which is why in this episode of the podcast I talk to psychologist Dr. David Weiman on how you can address that stress head-on and keep it from ruling your life! In this episode you will learn: How financial stress can affect your health and mental state Key steps to lowering financial stress What you can learn from people who handle stress well How knowing your risk tolerance can lower stress in retirement planning

The COVID-19 pandemic has caused a huge disruption in our economy, as millions of people experience job loss or pay reduction, leading to great difficulty (or outright inability) to pay their bills. Congress responded with the CARES Act in March that gave aid in several different sectors, including student loans. As a student loan attorney, I have been following these developments and was encouraged by the help given in that area by this legislation. But as the assistance provided in the CARES Act doesn’t solve everyone’s problems, I wanted to talk in this episode about what you need to do during the pandemic to keep your student loans on track, whether they are federal or private. In this episode you will learn: What the CARES Act covers and what it doesn't How to deal with federal loans not covered by the Act How to deal with your CLASS loans from HESAA How to deal with your private loans

With the coronavirus pandemic forcing non-essential businesses to work virtually, the needs of those businesses have changed. Many may even discover that a virtual business model is better and change forever how they operate. This is made possible by a growing number of cloud services that can allow companies to run smoothly with a distributed workforce. Some may realize that they can run with a reduced workforce and outsource some tasks to outside vendors. But can that be done with things like your accounting department? To answer that question, I invited Frank Lunn of Kahuna Accounting, a virtual firm with clients all over the country, to talk to us on how it can be done! In this episode you will learn: How cloud accounting services can integrate with your other cloud platforms How accounting services can be molded to your strategic financial goals How accounting services can help you grow your business and reduce overhead

The coronavirus pandemic has shut down a lot businesses and forced many others to operate virtually, often times with reduced staff. Revenues have dropped, and businesses are looking for ways to pay their expenses until the crisis is over. Our situation today is a much bigger example of what happens to businesses every year, where they are going through tough times and need financing to keep going until things get better. That’s why in this episode of the podcast I talk with Ty Crandall, CEO of CreditSuite, on how you can get business credit for bridge financing to make sure your business stays in business. In this episode you will learn about: Tips on Bridge Loan Financing Programs Economic Injury Disaster Loans (EIDL) from the SBA Payroll Protection Program General Tips & Advice on How to Apply for and Get Bridge Financing

The outbreak of the Corona Virus and the recent drop in the stock market has a lot of people worried about their retirement investments. What does the current bear market mean for their retirement? Should they stop investing or keep going? Or if they are already retired, will they be okay, or will they have to go back to work? To answer these questions, I invited back financial planner Michael Karwic to talk about what this means to 20-somethings who have just started investing, 50-somethings who are starting to see retirement on the horizon, and retirees, who are already living on their retirement investments. In this episode you will learn: How the 2020 market drop happened How to deal with a market drop in your 20s How to deal with a market drop in your 50s How to deal with a market drop when you are already retired

I started this podcast in January of 2016 with the hope of providing helpful information to folks either after I had assisted them through a difficult financial situation to keep them moving towards a better financial future or to prevent them from having a difficult financial situation in the first place.  Many of the episodes were solo ones where I would discuss a topic in detail in a short enough period of time that you could listen to the whole thing on your way to work. But I also interviewed local businesspeople to elicit their expertise and show how they could help people in my area. This then grew to experts and authors further flung from my office in Woodbury, but still ones that had some great information for listeners. Now that I have reached the milestone of 100 episodes I wanted to look back at some of those interviews and provide some highlights from them that will take you down a path from getting on a good financial track yourself through building wealth, and then doing what's necessary to pas

Many Americans are living paycheck to paycheck, struggling to make ends meet, and having no plans, or hope for the future. Their only goal is to make it to the next payday, so they can pay the next bill. But unless something changes for them, they will never achieve financial freedom. Which is why in this episode of the podcast I talk about the steps you need to take to break the cycle, pay down debt, plan for unexpected expenses, and be able to dream about the future. In this episode you will learn about: Cutting back in spending and increasing income Breaking out of the debt cycle Developing delayed gratification on non-essential purchases Creating an emergency fund against unexpected expenses

There is a popular saying among entrepreneurs that most people don’t go out of business, they grow out of business. This can be due to several factors, including whether to expand at all or just raise prices with demand, whether or not the proper systems are in place pass off effectively to employees those things the owners did themselves, and whether the markets they’re expanding into have the requisite demand to produce the desired profits. That’s why in this episode of the podcast I talk to Somnath Sikdar who, along with his business partner Lonnie Beck, successfully expanded their martial arts school, Dragon Gym, from one location in Exton, PA, to two more in Berwyn and Malvern.

According to the book, The Millionaire Next Door, seven out of ten American Millionaires are first generation. Unfortunately, this means that 70% of the time, the money mindset that made them rich never got passed down to continue the financial winning streak. That’s why in this episode of the podcast I decided to discuss how people can communicate money matters to their children and teach them lessons that will increase the likelihood that they will continue on to financial freedom in adulthood. In this episode you will learn: How to start the conversation with a child as young as 5 Talking to pre-teens about money Getting your child to think like an entrepreneur Getting your child financially ready for life

Getting married is a big step. You are making a lifetime commitment to another person that will be tested in so many ways over time. One of those ways is financial stress, which has caused problems in many marriages, and ended many others, so how you prepare for it before the wedding becomes very important. Because this episode is being released on January 10, 2020, 33 years to the day from when I proposed to my wife, I thought the perfect topic would be a discussion of what a couple should do, from a financial standpoint, to prepare for the big day and their lifetime together! In this episode you will learn: The 4 Financial Issues to Discuss Before Marriage The 5 Money Mistakes That Can Destroy a Marriage Prenuptual Agreements How to Spend Money Wisely on the Wedding

In Episode 42 of the podcast I talked about how to use a particular type of savings account (referred to as a 529 account) to save for your children’s education. I gave some general information and urged people with children to look into them. However, I always wanted to revisit this topic later for a deeper dive. That’s why on this episode of the podcast I talk with Michael Karwic, a Certified Financial Planner in Pennsylvania, to take a more in-depth look at educational savings accounts to help you get started in saving for your children’s future! In this episode you will learn: What is a 529 Fund? How do you set one up? Who can set one up? Is a 529 plan right for everybody? If not, what alternatives are out there?

The retirement plan for a self-employed individual is often different from those who work for someone else. If it is a small business, it usually doesn’t have a pension plan or a 401(k), although the owner can set up an IRA and an SEP to put money aside. What the plan does include that makes it different is what that person does with their business upon retirement. Do they shut it down, pass it on to their children, or sell it to their partners or a third party? So in this episode of the podcast I talk to Australian podiatrist and entrepreneur Dr. Tyson Franklin for his tips on how to prepare your business for eventual sale, come up with a price, and find a buyer. In this episode you will learn: How to prepare your business for sale How to set your price How to find a buyer