BIZ Academy Podcast

Inflation in the U.S. is at a 40 year high of 7.5% in January 2022. However, most people's bank accounts are experiencing a much higher number. The reason is, there are some major misses in how the BLS calculates the CPI number that is the gold standard in inflation. In this episode, we discuss the 6 biggest issues with how we calculate inflation that ends up giving us a lower number than what most people are experiencing. 

This is part 1 of our 3 part series on inflation. Inflation measured by the Consumer Price Index (CPI) hit a 30 year high in October 2021 at 6.2%. However, depending on your situation you may be experiencing higher or lower price increases with your spending. How is that possible? Why are you experiencing a different number than what the news channels are telling you?

In this episode, I dive into the reasons behind how wha...

In this episode, I discuss the value of a Financial Advisor. Do you need a Financial Advisor? Are they really worth the extra expense? When does it make sense to hire a financial professional to help you? How do they get paid? What are some things you need to watch out for to make sure you are protected and served properly? What types of Financial Advisors are there? Do wealthy people use Financial Advisors? Listen to find out.

In this episode, I discuss what it means to be a millionaire. How many millionaires are there in the US? How do you determine who is a millionaire? What does the typical millionaire look like? What is their occupation? Where did they go to school? How long did it take them? Can you become a millionaire? Listen to find out.

Action Steps:
Calculate your Net Worth. Total up all your assets, everything you own, and then su...

In this episode, I discuss how much you need to save and invest for retirement. How do you calculate how much you need in retirement funds? What factors impact how much you need to save and invest for retirement? What one thing should you watch out for that can drastically reduce how much you have in your retirement accounts? Listen to find out.

Action Steps:
1) Determine Your Retirement Goal Number. Take the annual in...

In this episode, I discuss why waiting to save and invest for retirement is a bad financial habit. How much does delaying paying yourself cost you? What are the 3 reasons you cannot follow this mindset of investing later? Listen to find out.

Action Steps:
Go to this retirement calculator and enter in your current financial data and age to see what you will have in retirement savings at age 67. Then change the age numbe...

In this episode, I discuss why every parent has at least thought this at one time or another. What are your responsibilities as a parent? Should your kids be your financial priority? Does having kids change your financial priorities? Listen to find out.

Action Steps:
Look at line items in your budget that you are spending money on that you use your kids as a reason to justify the expense. Are these expenses a need or a...

In this episode, I discuss the benefits of starting early with saving for your children's education. What type of tax-advantaged plans are available for education savings? When should you start saving for your kids' education? What changes were made to these plans with the 2017 Tax Cuts and Job Act?  Listen to find out.

Action Steps:
Set up an Education Savings Account or 529 Plan to start saving and investin...

In this episode, I discuss the value of a college education. Should you get a college degree? Can you be successful without a college degree? What is the most important aspect of a college education? Listen to find out.

Action Steps:
Write down one skill you want to develop or thing you would like to learn. Then start working on it. Get that book, take that class, and/or start developing that skill.

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In this episode, we discuss the student loan forgiveness program. What percentage of borrowers actually have their loans forgiven? Can you count on loan forgiveness to eliminate your student loan debts? Is there a better way? Listen to find out.

Action Steps:
Go back and listen to Episode 6 and follow the action steps in that episode to tackle paying off your student loans before you would even be eligible to file for ...

In this episode, I discuss what investing in yourself means. What are the three reasons you should believe this myth in regards to your personal finances? What ways can you invest in yourself to increase your income? Listen to find out.

Action Steps:
Write down one way you can invest in yourself to increase your earning potential. Then start doing it today.

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In this episode, I discuss how we all have fallen victim to lifestyle creep in some way. What is lifestyle creep? How can you avoid and minimize it? Listen to find out.

Action Steps:
Identify areas in your spending where you have fallen victim to lifestyle creep. What changes can you make to either eliminate or reduce these?

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In this episode, I discuss this common myth that dooms couples with their finances and relationship. Are couples that combine their finances happier? Are couples that combine finances less likely to break up? How does combining finances improve your relationship? Listen to find out.

Action Steps:
1) Combine your finances with your spouse and eliminate all individually held checking and savings accounts.
2) Have fun...

In this episode, I discuss this common self-talk that gets people in trouble with their personal finances. What can you do when this type of self-rationalization occurs to make sure you stay on track with your financial goals? Listen to find out.

Action Steps:
Implement the 24 hour rule.

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In this episode, I discuss what you typically will pay in realtor commissions when you sell your home. Should you try selling your home yourself? What are the pitfalls when trying to do it yourself? Listen to find out.

Action Steps:
If you are looking at selling your home, find a good real estate agent to help you with the process. Vet them. Check their references. Negotiate their commission. Follow their expert advice...

In this episode, I discuss how large of a mortgage lenders will approve you for and why they are willing to do so. Is this amount too much? Who should determine what you can afford? What is a good metric to follow when budgeting for housing costs? Listen to find out.

Action Steps:
Calculate your current housing costs. Make sure you add in all the costs associated with keeping a roof over your head (mortgage payment, ta...

In this episode, I discuss the benefits of homeownership that lead to the existence of this myth. What has home value appreciation been historically? What are the tax benefits of homeownership? Is your home really an investment? Listen to find out.

Action Steps:
Change your mindset about your home. View only things that generate income and cash flow as investments.

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