Optimal Finance Daily - Financial Independence & Money Advice
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Optimal Finance Daily, hosted by Diania Merriam, the innovative mind behind the personal finance conference EconoMe, takes you on an enlightening journey through the world of personal finance. Each episode brings to life the most compelling and practical advice from leading financial bloggers and experts. Diania’s engaging narration and insightful commentary transform complex financial concepts into relatable, actionable insights. Whether it’s budgeting, investing, debt management, or money mindfulness, she covers it all, making financial wisdom accessible to everyone.
Gain not just knowledge, but also the motivation to apply it in your daily life. It's not just a source of personal finance tips; it’s a daily companion that guides you towards financial independence and savvy money management, all delivered with Diania's trademark enthusiasm and expertise. By focusing on early retirement, financial independence, and saving money, each episode provides you with the tools needed to achieve your financial goals.
This podcast is designed for those passionate about personal finance, early retirement, financial independence, and saving money. It’s your go-to source for practical advice on managing your finances, saving money, and working towards early retirement. Each episode offers actionable steps to foster financial independence and secure your financial future.
Listen now, and become an OLD friend--your optimal life awaits...
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![2865: [Part 2] Traditional Retirement Is Dying. This Is How I’m Preparing for a Future Without It. by U-Ming Lee](https://megaphone.imgix.net/podcasts/fdba7520-63cb-11ef-9d26-67b193422867/image/384a9db285b127ec5d7f9af42212edfd.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress "2865: [Part 2] Traditional Retirement Is Dying. This Is How I’m Preparing for a Future Without It. by U-Ming Lee")
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2865:
U-Ming Lee highlights the pitfalls of chasing short-term trends and emphasizes the value of building deep expertise in a specific niche for long-term success. He also underscores the importance of developing social skills and community ties to navigate the changing landscape of retirement and life’s challenges.
Read along with the original article(s) here: https://themakingofamillionaire.com/traditional-retirement-is-dying-this-is-how-im-preparing-for-a-future-without-it-45829394ed3d
Quotes to ponder:
"Flitting from one trend to the next in search of the dopamine rush of a viral article is a lot of fun at first. But it is no basis for a long-term writing career."
"Deep expertise, built on a foundation of meticulous thought and substantial real-world experience, is much rarer and thus more prized."
"Developing social skills will be crucial as we navigate this new 'no retirement' age."
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![2864: [Part 1] Traditional Retirement Is Dying. This Is How I’m Preparing for a Future Without It. by U-Ming Lee](https://megaphone.imgix.net/podcasts/b7f4cf7c-63cb-11ef-b291-53a3a7af43a3/image/064c91af6ee79e37fecacccdb2d17ce9.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress "2864: [Part 1] Traditional Retirement Is Dying. This Is How I’m Preparing for a Future Without It. by U-Ming Lee")
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2864:
U-Ming Lee challenges the outdated concept of traditional retirement, emphasizing the importance of planning for a future where stopping work at a predetermined age is unrealistic. He advocates for simple life insurance plans and building a career on substantive work rather than following trends, preparing for a dynamic and unpredictable financial future.
Read along with the original article(s) here: https://themakingofamillionaire.com/traditional-retirement-is-dying-this-is-how-im-preparing-for-a-future-without-it-45829394ed3d
Quotes to ponder:
"Play stupid games, win stupid prizes."
"Stick to a simple life insurance plan that you can understand and resist the urge to add too many features."
"Purchasing life insurance is a no-brainer, think of life insurance premiums as putting money aside for a rainy day - something you want to set and forget."
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1Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2863:
Lisa Harrison of MadMoneyMonster.com shares practical strategies to help individuals navigate the rising cost of living. From creating a budget to finding additional sources of income, her advice empowers readers to manage their finances more effectively and reduce their expenses during these challenging times.
Read along with the original article(s) here: https://madmoneymonster.com/2022/07/18/8-tips-to-cope-with-the-rising-cost-of-living/
Quotes to ponder:
"It's important to remember that we’re all in this together."
"The cost of living in the US has risen by 14% over the past three years, and around 71% of Americans claim their paycheck is not enough to match the current levels of inflation."
"We can’t control how much things cost, but we can control how we respond to it."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2862:
Honey Smith emphasizes the importance of prioritizing and planning for long-term financial goals, stressing the need for setting achievable mini-goals and maintaining motivation through personal finance buddies. By breaking down complex objectives and fostering accountability, individuals can stay on track and make meaningful progress toward financial stability.
Read along with the original article(s) here: https://www.getrichslowly.org/how-to-achieve-long-term-financial-goals/
Quotes to ponder:
"Knowing what is most important to you can help clarify and tailor your short-term decisions to meet that goal."
"Instead of giving up, however, I set my goals a different way."
"It isn’t very motivating to be told that the other person is awesome and you suck!"
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2861:
JL Collins explores the allure of investing fads in "Magic Beans," highlighting the recurring trends of Growth Stocks, Actively Managed Funds, and Dividend Aristocrats. He argues that true financial success lies not in chasing these trends but in the reliable, long-term strategy of broad-based index funds.
Read along with the original article(s) here: http://jlcollinsnh.com/2012/01/02/magic-beans/
Quotes to ponder:
"For supposedly rational creatures we humans seem irrationally drawn to Magic Beans."
"You know what Warren Buffet recommends for individual investors? Broad-based Index Funds."
Episode references:
The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2860:
Mr. 1500 from 1500Days.com shares his unconventional journey from aspiring pilot to computer programmer and blogger, emphasizing the unpredictable nature of career happiness. He highlights the importance of exploring different paths and the joy of discovering unexpected passions along the way.
Read along with the original article(s) here: https://www.1500days.com/ill-figure-out-what-i-want-to-be-when-i-grow-up/
Quotes to ponder:
"You’re never really sure what will make you happy."
"I think life is much more fun when the future is uncertain."
"An uncharted path is much more interesting. I’ll go where opportunities and passions take me."
Episode references:
So Good They Can’t Ignore You: https://www.amazon.com/So-Good-They-Cant-Ignore-You/dp/1455509124
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2859:
Liz of Frugalwoods.com shares how embracing an unconventional frugal lifestyle has enabled her and her husband to pursue financial independence and early retirement. By rejecting societal pressures and consumerism, they find happiness and freedom in living below their means, ultimately achieving their goals on their terms.
Read along with the original article(s) here: https://www.frugalwoods.com/2014/06/11/frugality-is-not-mainstream/
Quotes to ponder:
"We accept, and announce, that we are officially unusual. Frugal weirdos. Contrary to the mainstream."
"The minute we stepped off the ridiculous carousel of consumerism we felt free."
"Living a super frugal lifestyle is what makes us happy and is our most genuine iteration of existence."
Episode references:
Your Money or Your Life: https://www.amazon.com/Your-Money-Life-Transform-Relationship/dp/0143115766
Mr. Money Mustache Blog: https://www.mrmoneymustache.com/
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2858:
Chalene Johnson debunks common weight loss myths, explaining why muscle doesn't weigh more than fat, the truth about calorie burning during and after workouts, the misconception about bulking up from weight lifting, and the impossibility of spot reducing fat. Her insights offer clarity and practical advice for anyone on a fitness journey.
Read along with the original article(s) here: https://www.chalenejohnson.com/weight-loss-fact-and-myths/ & https://www.chalenejohnson.com/get-the-whole-family-eating-healthy/
Quotes to ponder:
"How can a pound of muscle weigh more than a pound of fat, if they both weigh one pound? What this myth is really trying to get across is that muscle is more dense than fat, so it takes up less space in your body."
"Workouts that burn more after are usually heavy strength training or cross-training. If you’re doing things like HIIT or heavy strength training, you will continue to burn more calories for upwards of 24 hours after."
"Lifting weights, especially heavy weights, will transform your body and will help to keep your body fat lower."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2857:
Kevin Ha of FinancialPanther.com explores why people still invest in expensive mutual funds despite the availability of cheaper alternatives. He reveals that a lack of financial literacy and over-reliance on brand names or financial advisors often lead to poor investment choices. Kevin offers practical solutions, recommending low-cost funds and roboadvisors for better financial outcomes.
Read along with the original article(s) here: https://financialpanther.com/why-does-anyone-invest-in-expensive-funds/
Quotes to ponder:
"Why pay ten times more to invest your money in what amounts to basically the same thing?"
"My brother’s situation showed me exactly why people still invest in these types of funds."
"If you want to make it really easy on yourself, go with something I listed in the alternatives."
Episode references:
M1 Finance: https://www.m1finance.com
The Vanguard Total Stock Market Index Fund (VTSAX): https://investor.vanguard.com/mutual-funds/profile/VTSAX
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2856:
Bud Hebeler shares eight invaluable retirement tips gleaned from his own 27 years of retirement, emphasizing the power of compounding, professional advice, careful allocation, and living below one’s means. His insights, shaped by experiences from the Great Depression to modern times, provide a blueprint for achieving financial security and stress-free living in retirement.
Read along with the original article(s) here: https://www.newretirement.com/retirement/retirement-advice-8-tips-for-financial-success/
Quotes to ponder:
"Einstein was right: One of the great miracles is the power of compounding from saving."
"Living below our means - something that seems to have escaped many today."
"I strongly urge people to do serious retirement financial planning with conservative inputs."
Episode references:
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2855:
Jeff Rose's article on GoodFinancialCents.com reveals how an umbrella insurance policy, often misconceived as a luxury for the wealthy, offers essential financial protection by covering gaps left by standard policies. He explains its affordable premiums and extensive coverage, urging readers to consider this policy to safeguard their assets against unforeseen liabilities.
Read along with the original article(s) here: https://www.goodfinancialcents.com/personal-umbrella-insurance-policies-protection/
Quotes to ponder:
"Umbrella insurance policies cover the gaps left by your existing insurance coverage."
"The modest annual premium for a substantial coverage amount is a small price for peace of mind and financial security."
"In navigating the unpredictable avenues of life, especially in a litigious society, having a cushion against unforeseen liabilities is wise."
Episode references:
Investopedia on Umbrella Insurance: https://www.investopedia.com/terms/u/umbrella-insurance-policy.asp
Insurance Information Institute: https://www.iii.org
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Episode 2854:
Millionaire Mob emphasizes the benefits of dividend investing over side hustles, highlighting how it provides a passive income stream and moves you closer to retirement goals without demanding significant time or effort. By strategically building and reinvesting in a dividend growth portfolio, investors can enjoy compound interest and financial freedom.
Read along with the original article(s) here: https://esimoney.com/dividend-investing-will-always-beat-a-side-hustle/
Quotes to ponder:
"With dividend investing, you really do not need to devote a significant amount of time to monitoring your portfolio."
"Dividend investing is the only way to both earn income AND get closer to your retirement goals."
"Our single goal in achieving financial freedom is to increase our earnings on a per hour basis. And dividend investing has some of the best earnings per hour spent out there."
Episode references:
The Power of Now: https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808
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Episode 2853:
Mr. Money Mustache shares an insightful reader case study of a family realizing they are closer to early retirement than they thought. With strategic financial adjustments, the reader learns they can enjoy financial independence much earlier than their initial projection of age 65.
Read along with the original article(s) here: http://www.mrmoneymustache.com/2011/05/16/mmm-reader-case-study-the-man-who-didnt-realize-he-was-already-rich/
Quotes to ponder:
"You can retire a lot earlier than most people if you have moderate living expenses. Even without a million dollars in investments."
"I believe most people who retire well under 60 will find they WANT to do some paid work occasionally to keep their minds sharp and to have challenging interactions with other adults."
Episode references:
Choose FI Local Groups: https://www.choosefi.com/local-groups/
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Episode 2852:
Chris Reining highlights the path to financial freedom by investing in assets that produce income. By focusing on real estate and stocks, he demonstrates how these investments can generate steady, long-term returns, emphasizing the importance of having your money work for you rather than merely speculating on price increases.
Read along with the original article(s) here: https://chrisreining.com/things-producing-things/
Quotes to ponder:
"Instead of endlessly working for money you can have your money work for you."
"What matters is investing in things producing things."
"A dollar from a rent check is the same as a dollar from a stock."
Episode references:
The Simple Path to Wealth: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2851:
Nick Maggiulli of OfDollarsAndData.com explains the unpredictable nature of asset pricing through the lens of Schrödinger's cat thought experiment. He emphasizes the importance of liquidity and emergency savings to avoid selling assets at a loss during economic downturns.
Read along with the original article(s) here: https://ofdollarsanddata.com/why-you-dont-know-the-price-until-you-sell/
Quotes to ponder:
"Only once you have opened the steel chamber could you determine whether the cat was living or deceased."
"The cruel world of price discovery can befall anyone."
"Cash during a panic is like having water in the desert."
Episode references:
Wealth, War, and Wisdom: https://www.amazon.com/Wealth-War-Wisdom-Barton-Biggs/dp/0470223073
When Genius Failed: https://www.amazon.com/When-Genius-Failed-Long-Term-Capital/dp/0375758259
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Episode 2850:
Rose Lounsbury's reflection on managing our to-do lists draws a powerful analogy between childhood road trips and adult productivity struggles. By focusing on the journey rather than the myriad of unchosen paths, she encourages us to prioritize and find joy in our chosen destinations, transforming our perspective on daily tasks.
Read along with the original article(s) here: https://roselounsbury.com/stop-stressing-to-do-list/
Quotes to ponder:
"We can only go one place at a time."
"Somewhere, isn’t someone getting all of the things done? Somewhere, isn’t someone managing everything? And why can’t I seem to do it?"
"Sure, I’m just one car out of billions, but I’m my car. This is my journey. The only one I get to take."
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Episode 2849:
Sean Mullaney of FITaxGuy.com demystifies the concept of tax basis, illustrating how it prevents double taxation and clarifies taxable gains. Learn the essentials of depreciation, the benefits of a step-up in basis at death, tax loss harvesting strategies, and the unique considerations for basis in retirement accounts.
Read along with the original article(s) here: https://fitaxguy.com/tax-basis-for-beginners/
Quotes to ponder:
"Basis is what allows us to measure the appropriate gain or income to the seller of property."
"The tax basis of inherited assets is 'stepped-up' to the fair market value of the asset on the original owner’s date of death."
"Tax loss harvesting is a neat tool in the tax planning toolbox."
Episode references:
Internal Revenue Service: https://www.irs.gov
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Episode 2848:
Helene Massicotte explores the striking parallels between financial independence (FI) seekers and the fictional character Dexter, highlighting the unique mindset and behaviors that set FI enthusiasts apart from societal norms. Through an engaging comparison, she illustrates how the pursuit of financial independence fosters a strong inner drive, a sense of not fitting in, and a selective adherence to societal rituals, much like Dexter's dual life.
Read along with the original article(s) here: http://www.freetopursue.com/blog/2014/12/22/dexter
Quotes to ponder:
"You sometimes question your drive to do things that are 'wrong' or different."
"Your inner voice never quiets down."
"You don’t feel 'normal' and you seek out others like you."
Episode references:
Darkly Dreaming Dexter by Jeff Lindsay: https://www.amazon.com/Darkly-Dreaming-Dexter-Novel/dp/038551123X
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![2847: [Part 2] Why Is Taking Financial Risk Important? by Vicki Cook and Amy Blacklock of Women Who Money](https://megaphone.imgix.net/podcasts/3e7ecb34-5be7-11ef-b411-77a1e3d9651e/image/ba96419057ddd5e37f4fd6b91b2c4f58.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress "2847: [Part 2] Why Is Taking Financial Risk Important? by Vicki Cook and Amy Blacklock of Women Who Money")
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2847:
Vicki Cook and Amy Blacklock emphasize the importance of self-education and continuous learning in investing. They recommend using diverse resources and tools to understand financial risk tolerance and taking informed actions to build wealth confidently.
Read along with the original article(s) here: https://womenwhomoney.com/why-is-taking-some-financial-risk-important/
Quotes to ponder:
"Educate yourself in anything of interest, and never invest your hard-earned cash in something you don’t understand."
"Your money 'story' and emotions will impact the decisions you make now and in the future."
"The important thing is you’ll be making decisions about how to invest for your future. Rather than being afraid to take action."
Episode references:
The Simple Path To Wealth by J.L. Collins: https://www.amazon.com/dp/1533667926
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![2846: [Part 1] Why Is Taking Financial Risk Important? by Vicki Cook and Amy Blacklock of Women Who Money](https://megaphone.imgix.net/podcasts/e272232c-5be6-11ef-859e-d32c92f65635/image/aa0aa70d875c531730cbbd3b69eb029f.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress "2846: [Part 1] Why Is Taking Financial Risk Important? by Vicki Cook and Amy Blacklock of Women Who Money")
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2846:
Vicki Cook and Amy Blacklock from WomenWhoMoney.com explain the significance of taking financial risks to build long-term wealth. They stress that relying solely on savings can lead to diminished buying power due to inflation, and outline strategies to balance risk and return to achieve financial goals, regardless of one’s current financial situation.
Read along with the original article(s) here: https://womenwhomoney.com/why-is-taking-some-financial-risk-important/
Quotes to ponder:
"Building your own financial house must be a priority."
"Your future self will thank you when your net worth grows along with your confidence."
"Putting all your (financial) eggs in one basket isn’t a wise thing to do."
Episode references:
Financial Industry Regulatory Authority (FINRA): https://www.finra.org
Investor.gov: https://www.investor.gov
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I can understand both sides. On the one side, the majority of people who are good with money won't have a million dollars, and probably won't until they're in their 50s or later. That doesn't mean that their advice is worthless until they've made it. On the other side, plenty of people will give unsolicited advice on money while being terrible with it. I think what it comes down to is knowing who the advice is coming from.
I knew a guy who paid something around $800 per month who said he'd never be able to retire, and I believe him.
Thank you for helping people to improve their finacial literacy.
Some of the financial problems people face can be because of poor choices, but it's hard to deny the fact that people aren't making what they did a couple generations ago, and those generations encourage and put pressure on the future generations to live up to the same lifestyle.
This feels more like bragging than it does helpful advice.
This isn't a very good example. It is highly doubtful that a more expensive school will guarantee you a 50% pay increase for your first job. It would have been a better example to compare saving up for school for several years vs getting a loan and starting the career job sooner.
With a Roth, you're betting that you'll have a higher tax bracket in retirement and that taxes will be higher in the future. Considering that most of us on here should have high savings ratios and that we are at a historic low for taxes, that's a bet I'll make.