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Steve Stewart

The BEST and WORST of the Money Plan SOS Podcast

By Steve Stewart on November 23, 2020

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If this is the first time you’ve visited Money Plan SOS, you are in luck!

I’m going to help you navigate through the 200 episodes of the podcast to find the 20 most ACTIVE episodes, share some of the STAPLE episodes, and avoid the WORST of Money Plan SOS.

THIS is a very unique episode, as we are celebrating the 10-year anniversary of the launch of MPSOS.


I hate debt. I probably hate your debt more than you do. So I did something about it and launched the Money Plan SOS podcast on November 23rd, 2010.

The MPSOS podcast covers many of the normal personal finance topics like:

  • How to get out of debt
  • How to save money
  • Basics of Investing

…but the real difference between this show and all the others is this:

The relentless pursuit of the truth about the credit score system and how you can remain credit WORTHY without a credit score.

Even Dave Ramsey doesn’t take it as far as I do.

If you’d like to listen to a handful of episodes rather than binge on more than 4 days worth of content, then focus on the episodes I highlight below.

WELCOME! This is THE BEST AND WORST OF THE MONEY PLAN SOS PODCAST.


MOST ACTIVE (aka: Best Of)

Episode 28: The Debt Snowball Calculator with Eric Lentz

This episode was released in August 2011, yet I still get more people contacting me about it than any other for a copy of the spreadsheet Eric created to help him get out of $53,000 worth of debt.

Listen to his story and how he used the spreadsheet: The Debt Snowball Calculator with Eric Lentz

To download a copy of the spreadsheet for free, simply go to moneyplansos.com/debtsnowballcalculator


Episode 78: Which Do I Pay Off First: Highest Interest or Lowest Balance? The Scientifically Proven Debt Snowball Method

Two researchers from Northwestern University did a study and scientifically proved the best way to get out of debt was by using the Debt Snowball method, which is paying off the lowest balance debt first irregardless of interest rate.

Who knew? (Well, we knew of course)

Listen to Episode #78 to learn the how & why of debt payoff methods – and download the free Vertex42 Debt Snowball Calculator linked in the show notes to follow along.

Which Do I Pay Off First: Highest Interest or Lowest Balance? The Scientifically Proven Debt Snowball Method


Episode 81: 5 Things Debt Settlement Companies Won’t Tell You

Interestingly enough, I bumped into Michael Bovee in Orlando at FinCon18. I had never met him in person before, but I heard him talking about 10 feet away from me and thought “I know that voice from somewhere!”

Anyway, Michael shares 5 things you need to know about before going to see a debt settlement company – because they sure aren’t going to tell you these things.

5 Things Debt Settlement Companies Won’t Tell You


Episode 134: 7 Common Denominators Of The Wealthy

Results from studies done by Dr. Thomas Stanley about what helped the wealthy become – and stay – wealthy.

I thought this was a real fun episode – and it’s only 19 minutes long.

7 Common Denominators of the Wealthy


Episode 150: Top 5 Ways To Pay Off Your Mortgage Early

Okay, so I had to include this one because it truly was – and is – an episode that continues to get lots of downloads.

Unfortunately, it’s not my show.

On April Fools Day, 2014, I switched shows with Joe & OG from Stacking Benjamins. They’re kind of a big deal in the personal finance podcast space, so you can probably see why this episode is still getting downloads 6+ years later.

BTW: Ignore any talk in there by the Roundtable about credit cards. I’m Steve Stewart, and I DO NOT approve that message.

Top 5 Ways To Pay Off Your Mortgage Early


Episode 66: Tips for Saving up and Paying for Vacation

In this episode I share 5 creative ways to save up the money to pay cash for a vacation.

We did many of these to save up for the first of a half-dozen trips to 7D Ranch in the mountains of Wyoming, which ain’t cheap… and was worth every single penny.

Go listen to find out how an old pretzel container can help you save hundreds of dollars. Yeah. Really.

Tips for Savings Up and Paying For Vacation


Episode 76: Quick Wins to Save Money Fast – That Last!

Here I share a couple more ways to make saving easy. One will sound familiar a couple others are tips everybody is sharing now these days, but you don’t hear them while the host is on a recumbent bicycle!

Yep. This was one of 4 episodes I recorded while on my FitDesk.

Quick Wins to help you Save Money Fast!

BTW: A tip. I was still new at this podcasting thing back then. This was all before I realized the importance of GETTING TO THE POINT QUICKLY. Feel free to skip forward a dozen times until you hear me talking more about the topic than whatever chit-chat or promotional thing I had going on at the time. That should save you some more time listening to the BEST of MPSOS. You’re welcome.


Episode 90: How a 401k Can Save You Income Taxes

There’s a lot of numbers in this episode, but stick with me.

I go through examples of how much an American can save if they just invest 3% in their 401k plan at work – and how much they can grow if their company matches the contributions!

How a 401k Can Save You Income Taxes


Episode 98: Zillow’s Erin Lantz Shares Ways to Avoid Pitfalls When Buying A Home

I got an employee from Zillow to come on and share 7 Pitfalls you need to avoid when buying a home.

Need I say more?

Zillow’s Erin Lantz shares Ways to Avoid Pitfalls When Buying A Home


Episode 110: 10 financial products Debt Free people must have

In this episode, I share 10 financial products those of us who want to become and remain debt free should have.

Go! Go listen now!

10 Financial Products Debt Free People Must Have


Episode 75: You can have No Debt, No Credit, and No Problems

In 2012, I attended my first FinCon. One of the evening events was something called “Ignite FinCon”, which is this crazy Ted-Talk-like thing where you give the person in charge 20 slides, the slides auto-advance every 15 seconds, and you need to do a speech or presentation perfectly to match your slides.

I rehearsed a lot…and it went over really well..

Anyway, this episode 27 minute episode was based on that 5-minute talk. If you would rather watch my Ignite presentation than listen to me ramble on about who I got to meet at FinCon, click on the link in the show description for Episode 75, or simply go to moneyplansos.com/75


Episode 95: The Credit Card Surcharge and How to be Responsible with your Debit Card

This topic was an eye-opener for me – and formed much of what I believe about the damage credit card usage is to our neighbors and economy as a whole.

I don’t quite get into that in this episode, but I do go over what I learned about Credit Card Surcharges and how to be responsible with my Debit Card.

The Credit Card Surcharge and How to be Responsible with your Debit Card


Episode 135: Why Credit Cards are Against My Religion

This is actually a staple episode of the MPSOS podcast, but needs to be highlighted as a BEST OF.

Go listen to how credit card use relates to Matthew [22:39] – and about the problems that almost kept anyone from hearing this message.

The Devil Doesn’t Want You To Hear This: Credit Cards Are Against My Religion


Episode 143: What Happens To My Credit Score When I Pay Off Debt?

In this episode I share:

  • What makes up a credit score
  • What ISN’T included in your credit score
  • And the results from my debt-free survey

Go listen to “What Happens To My Credit Score When You Pay Off Debt?”


Episode 158: What Happens When My Debit Card is Stolen?

This episode took a LOT of work to produce, so you should go listen to it!

All kidding aside, this is a great episode to learn what really happens when your debit card is stolen and used for fraudulent purchases.

Spoiler alert: In the 15+ years I’ve been talking to people about money, not a single person has lost money due to a stolen debit card.

Go listen to the interviews with 5 individuals that had their debit cards stolen.

BONUS: I also provide a downloadable pdf of “What to do when your ID is stolen” that is still helpful to this day.

What happens when my debit card is stolen?

Episode 59: Financial Products Keep Middle Class Middle Class

This episode was almost a STAPLE, but it keeps getting more downloads than most of the other episodes.

Similar to Episode 110 (10 financial products Debt Free people must have), this episode juxtaposes financial products that will keep us in the middle class.

Go listen, and pay attention – not interest.

Financial Products that keep the Middle Class in the Middle Class


Episode 71: 12 Key Questions to Ask a Financial Planner Before You Hire One

The title says it all, doesn’t it?

Scott Plaskett, a CFP, explains the difference between:

  • Commission based advisors
  • Fee based advisors
  • Fee only advisors

and then we go through the 12 Key Questions to Ask a Financial Planner Before You Hire One


Episode 72: The Simple Math Behind Whole Life and Term Life Insurance

Okay, so math isn’t always simple. But in this episode, I verbally crunch some numbers to show the difference between buying Whole Life Insurance vs getting a Term Insurance policy.

BTW: I have a $500,000 term policy that will expire in April 2024. Listen to the end of the show to hear about our financial situation and why I’m not worried.

The Math behind Whole Life and Term Insurance


Episode 74: Where Minimalism Fits Into Personal Finance

This episode continues to get downloads – And there is a reason why: It’s good.

Listen to Episode 74 to hear about how minimalism ties into personal finance.

Where Minimalism fits into Personal Finance


Episode 104: Teaching Kids About Work and Money with MyJobChart.com

My daughter got into earning money for doing her chores when the MyJobChart app came along.

The app has since been rebranded as “BusyKid”, and my guest Gregg Murset is still running the company.

If you are interested in motivating your kids to learn how to work for a reward, give this one a listen. I promise it’s worth your time.

Teaching Kids About Work and Money with MyJobChart.com


STAPLE EPISODES

Here are 10 episodes that are staples of everything I believe in and that the overall show is about.


Episode 5: Steve Stewart’s Absolute Simplest Budget That Works

I’ve boiled the process down to the simplest elements and have come up with a signature process that will:
• Show how far your money can truly go
• Foster communication between you and your partner/spouse
• Expose your true priorities – to yourself!

Download this free spreadsheet and work the exercise while you listen.

The Absolute Simplest Budget That Works


Episode 33: Credit worthiness without a credit score? eCredable is INCREDIBLE!

WHAT A GAME CHANGER! AN EYE OPENER!

An ex-Equifax employee turned CEO of eCredable comes on to talk about what’s wrong with the credit scoring system and how eCredable CHANGES THE GAME for debt-free people like you and I.

eCredable is Incredible: Using alternatives to prove credit worthiness


Episode 51: Earn Points and Rewards WITHOUT Credit Cards

Yes. There are dozens of ways to get free stuff without using debt products like credit cards.

You can read this one fairly quickly, but the episode is pretty good to listen to (if I do say so myself).

Earn Points and Miles without Credit Cards


Episode 53: Understanding YNAB Budgeting with Jesse Mecham

ANOTHER GAME CHANGER!

I didn’t “get” YNAB until I spoke with Jesse Mecham, the creator of the budgeting system my wife uses. (That’s a joke)

You don’t have to speak directly to Jesse to understand YNAB. I did it for you. Learn about “The 4 Rules” of YNAB and why you’ve never budgeted like this.

Understanding YNAB with Jesse Mecham


Episode 101: Where money and debt came from

Before Money: Trading was unregulated and inconsistent
We need money to act as a medium of exchange.

However, somewhere along the way someone broke math and created debt.
“Debt” is an impossible number. Yet, our current society THRIVES on it.

Check out this history lesson (24 minutes long) about how God created the universe, and the Devil created debt 🙂

Where money and debt came from


Episode 148: Habits of the Rich: Interview with Tom Corley

SO GOOD! TOM CORLEY comes on the show to talk about Rich Habits.

We also learn about the 4 things that can make you un-fireable.

Just go check this one out. Good stuff!

Habits of the Rich: Interview with Tom Corley


Episode 155: 10 Ways To Pay Attention To Money

How many of these things do you do? If you do all of them, you get an A+ for paying attention to your money – and you’re probably paying less interest!

10 Ways to Pay Attention to Money


Episode 164: Facts about FICO and the truth behind the Credit Score Industry

HISTORY IN THE MAKING

This was THE FIRST EVER broadcast interview with an employee from FICO.

How can I make such an outrageous claim such as this? Because my guest in this episode, Senior Consumer Credit Specialist Anthony Sprauve of FICO said so!

Learn about FICO and hear the truth behind the credit score industry.

FICO and the FACTS behind the Credit Score Industry


Episode 166: How can Dave Ramsey’s advice be dangerous to his audience

I got a lot done at FinCon14. The interview with Anthony Sprauve happened at the podcasting booth on Day #1, the Plutus was awarded to my blog a couple days later, and in the middle of it all I sat down for about 80 minutes with Joshua Sheats from Radical Personal Finance.

Joshua and I went back and forth about the advice Dave Ramsey gives on his radio show (and still does). We ultimately agree at the end, but it’s a great discussion that will make you think about how you accept the advice you hear.

Definitely a staple of the show. How can Dave Ramsey’s advice be dangerous to his audience?


Episode 200: What people learned about Money by Blogging about Money

Capping off the final episode of the MPSOS podcast, I asked 9 bloggers to answer a simple question: What did you learn about money while you were blogging about money?

The episode was recorded live at FinCon15 and was the perfect setting for such a historic event in my life.

If you’d like to hear about the revelations bloggers got as they wrote about money topics, this is the one.

What People Learned About Money By Blogging About Money


EPISODE SERIES

These are episodes that should be listened to in succession – like binging in a Netflix show.


Episodes 17, 19, 20, and 22: Living Without Credit Cards

I take you through the progressive steps of removing credit cards from your life over the span of a couple months.

Your results may vary, but I found 6 months to be PLENTY of time – and I wasn’t even thinking about it.

Each of the 4 episodes covers a full step, so you may want to listen to them all in a row.

Living Without Credit Cards – Part 1

Living Without Credit Carts – Part 2

Living Without Credit Carts – Part 3

Living Without Credit Carts – Part 4


Episodes 111-117 Dave Ramsey’s Baby Steps Explained (by a Financial Coach)

Dave Ramsey’s Baby Steps is the simplest plan to get out of debt and build wealth I’ve ever heard.

But that doesn’t make it easy.

Throughout this 7-episode series, I cover different examples and scenarios that go deeper into each of the Baby Steps – and some tips to help you get through it even easier.

Dave Ramsey’s Baby Steps Explained by a Dave Ramsey Trained Financial Coach


WORST OF

These aren’t necessarily all bad, but if I were to give you a dozen episodes to skip past – these would be them.


Episodes 3, 6, 9, 12, 15, 18, 21, 24, and 30:

The “Real Life Case Studies” was a great idea about a decade before its time.

The idea was to get permission from one of my financial coaching clients and share their financial information (anonymously) with another financial coach.

The fellow coach and I would discuss tips and solutions this person could take to improve their financial lives.

BRILLIANT IDEA! Not only could people receive free coaching, but the fellow coach would get exposure to help them find new clients as well.

…except it was like pulling teeth to get coaches to come on.

In order to get back on schedule, I decided to scratch the idea and move on.

So skip every 3rd episode, beginning with #3 and ending with #30 (although 30 was a great story by a great couple).


Episode 25: Dave Ramsey’s Great Recovery Action Steps

Back in 2011, DR did a live stream to give people hope in what was the aftermath of the Great Recession.

I did the episode right after the live stream ended with hopes of further explaining and encouraging others to take action.

It was good, but not evergreen.


Episode 57: PerkStreet

PerkStreet was one of the first companies to offer rewards for debit card purchases.

Fantastic idea, but the economics of the business couldn’t sustain PerkStreet’s business model – and they closed down a couple years later.

No need to listen to this one. Move along 🙂


Episode 106: Paying for a Speeding Ticket with Emergency Savings

What was I thinking?

You don’t need to hear my story of getting a speeding ticket – and the subsequent conversation I had with myself about what budget category the money should come from.

Proceed with caution.


Episode 179: We’re talking #BitCoin with OpenBazaar

It’s a good idea to learn about BitCoin and the BlockChain.

Unfortunately, I’m not sure this episode gets the job done.


Where has Steve been?

The Money Plan SOS podcast was my effort to spread financial literacy and grow my financial coaching business.

I started blogging in 2007, launched the podcast in 2010, won awards and was getting great download numbers in 2014 while still working a salaried “day job”.

In 2015, the day job and I parted ways – and I focused all my energy on Steve Stewart Financial Coaching.

I felt the need to retire the Money Plan SOS podcast at episode 200 (September 2015) and launch a new show.

In the mean time, I was approached by J. Money from Budgets Are Sexy and Paula Pant from Afford Anything. We had a call together, and they essentially said “Steve, we just want to hit record. Will you do the rest?”

For years I had been encouraging others in the FinCon community to start their own shows, offering my help wherever I could. This wasn’t what I had expected – and they offered to pay me for my efforts.

The M.O.N.E.Y podcast launched in January 2016 and BLEW UP – reaching #5 on the iTunes Business chart within 24 hours.

By June or July, I had so many others from the FinCon community asking for help with the post-production of their podcast that I had to give everything else up.

AND. I. LOVE. IT.

I miss podcasting and may start another show in the future, but my new business is profiting more than the old salary job – and I get to work from home full time.

Thank you for your time and attention. I hope the Money Plan SOS podcast has helped you in some small way. Or a big way.

God bless you. Keep Paying Attention – Not Interest!

Why We Don’t Talk About Money

By Steve Stewart on July 16, 2020

why we dont talk about money

There are three things you aren’t supposed to talk about at the dining room table: Politics, sex, and money.

I have heard horror stories about family members talking about politics at Thanksgiving, and sex can certainly be inappropriate for a dinner conversation…

…but why is money such a taboo subject?

Everybody uses money. The basic principles of money are the same for everyone.

And I’d bet you would like to learn more about how money really works.

So how are we supposed to learn more if we won’t talk about it?

Granted, a “household budget meeting” goes a lot smoother when there is more income than household expenses, but having conversations if money is tight is when it is needed most!


Here are 3 reasons why people won’t talk about money:


1. We think income is equal to self worth

We are afraid to talk income with others because we think what someone makes is a true representation of their value.

Someone making 6-figures is thought of as successful, while another making $50k a year is only half as good.

You’ve probably worked with someone who was a horrible person, but made more doing the same job as you. Does that mean you are worth less as a person? ABSOLUTELY NOT! It just means they were able to get more pay – and there are a dozen different variables that play into salary range that have nothing to do with self worth or even moral values.

Another example: I have been blessed with a wonderful new career making more money than I ever have before. Does that mean I’m a better person than others now that my income is greater? NO! It’s completely irrelevant.

If we compare ones self worth based on income alone then we are elevating them to a higher status in our own mind or discounting them to the bargain bin.

#biblelesson: You are INVALUABLE to God. He loves you beyond measure – whether you make more money than everyone else on your block or are underemployed. God loves the homeless and even law breakers. Money has nothing to do with it.

Note: An argument can be made for keeping salaries secret in the workplace. I agree. Don’t talk salary with co-workers as it only leads to problems – for you, your team, and your boss.

2. Money exposes who we really are

I have coached hundreds of people through their money issues and can say with all certainty: What you spend your money on can say a lot about who you are.

When was the last time you said “I deserve ___” to justify a purchase? I did it the other day.

The reasons why I purchased an Ariana Grande album is kind of irrelevant to the problems of the world, but I shouldn’t worry about telling you about it.

Wait. Did I say Ariana Grande? I meant Metallica !

“For where your treasure is, there your heart will be also.”
– Matthew 6, verse 21

In financial terms, this passage from the Bible clearly states that we spend our discretionary income towards what we value.

Have you noticed how often people talk about how much they saved in the clearance section, but almost nobody shows their entire household budget?

They might brag about the great bundle they got for cable/phone/internet, but won’t talk about how much they put into retirement savings.

The taboo of talking about money ensures we only share favorable details about our finances in order to distract the discussion from getting close to exposing our true money mannerisms.

Debt says a lot about who we are too.

What would you think about a person with a new Apple watch when they have a 5-figure number on their credit card statement?

Yeah. I thought the same thing too. Consumer debt often exposes a lack of will power and attention to ones finances.

It doesn’t matter what financial facade you put on, the truth about who you are – or who you are trying to become – shows up in your bank statements.

Regardless of the facade we put on, the way we handle our money shows who we really are.

3. Fear of judgement

The main reason we don’t talk to others about money is: We fear being judged.

What did you think when you read the example above about buying a new gadget while having 5-figures of credit card debt?

Yep. You judged the situation just like I did.

Let’s turn the tables: What if you were the one wearing the Apple Watch? How does that feel now?

Nobody likes to be judged in a negative manner, so we never talk about our money. When we do talk about money, we only share the shiny bits of information that looks good or buys us sympathy.

BTW: The #1 reason people won’t go see a Financial Advisor is fear of being judged by the numbers. Trust me, if a financial advisor judged their clients on their current money situations then you’d hear all about it from people on Facebook!

The fear of being judged keeps us from talking about money, and the lack of talking about money usually keeps us from seeking knowledge.

Educating yourself on how money really works can make the difference between retiring and retiring early.

Don’t let the fear of judgement keep you from talking about money.


Take a look at your finances. Do you like what you see? If not, act like a rich person by:

  • Reading a book about money
  • Taking a class like Crown Financial or Financial Peace University
  • Buy some time with a Financial Advisor

I have coached hundreds of people through their money issues and can say with all certainty: Those who seek wisdom and apply it to their finances reduce their stress levels, become more productive in all areas of their life, give generously, and become better people overall.

Money should not be a taboo subject. Fear of judgement should not keep us from asking for help.

Start having conversations about money today with your spouse or trusted friend. They are just as afraid to talk about money as you, so let’s just put all the cards on the table and get it over with 🙂


Want to start reading?

These are my 5 favorite books about money:

  1. The Millionaire Next Door – Dr. Thomas Stanley
  2. Total Money Makeover – Dave Ramsey
  3. Rich Habits, Poor Habits – Tom Corley
  4. Richest Man in Babylon – George S. Clason
  5. Wealthy Barber – David Chilton

Also highly recommended:

  • Broke Millennial – Erin Lowry
  • I Will Teach You To Be Rich – Ramit Sethi
  • Rich Dad, Poor Dad – Robert Kiyosaki
  • The Automatic Millionaire – David Bach
  • Your Money or Your Life – Vicki Robin

Our 20-year Turnaround from Nothing to $1M Net Worth

By Steve Stewart on December 23, 2019

From a negative 80,000 net worth to 1 million
You can do it even faster with the education available to you today!

Looking back, it was a slow crawl to get to about a $1M net worth in 20 years.

If only I knew then what I know now.

In the year 2000, my wife and I essentially had about $25k in liquid assets: Retirement accounts, savings accounts, our household checking account, etc.

Of course, we also had a mortgage. But we were good with our credit cards…most of the time 🙂

We started with a NEGATIVE net worth of $100,000.

In 2006, I got serious about money. We paid off our last consumer debt – a 5-figure car loan.

I was done with debt and have never looked back.

We started saving more because, well – when you don’t have any debt you can either spend more or save more. Saving more was a priority, so we increased the amount going into our 401(k)s and saved about 6-months worth of expenses in the bank.

As it typically goes with investing, we rode the market up and down. Most of the first couple years the market kept going up.

Then the Great Recession hit in 2008. I was committed to stick to our plan – even when our investments dropped 45% in one year!


My $100 a month *experiment* in its 7th year:

Coincidentally, I opened my first Roth IRA the same month the market hit bottom – March 6, 2009. My Roth was an *experiment* because I wanted to see what $100 a month would do over a very long period of time.

In the first year, my 100% investment in stocks (no bonds, I wanted to be as risky as possible in my experiment account) grew from:

2013: $1,437
2014: $2,632
2015: $3,799
2016: $5,446
2017: $8,020
2018: $8,247 (not good)

to now: December 23, 2019: $11,720

Over time, 84 deposits of $100 each has turned $8,400 into $11,720.

Can you imagine what our other accounts are like?

Remember, this is an account where I only invest $100 a month. Everything gets re-invested so it grows more and more value.

This is a very small portion of our net worth. However, it proves the point that you need to get started and invest consistently over time.

Note: Past performance is no guarantee of future returns. In fact, you can see how I deposited $1,200 in 2018 but the account only grew by $227. That’s because the market took a dump in December 2018 and my account value dropped a ton.

But I’m not investing for the short-term.

Which is the point of this whole article.


How we started “not being average” and started being rich

We started out like the average American couple: Married, mortgage, two cars and a newborn.

We took average vacations: Not too frugal and not too lavish.

We paid off our credit cards (most of the time) and put a little money into our retirement accounts – at least enough to get the match.

…because that’s what everyone else does.

In 2003 I began learning about how money really works – and it didn’t take long before I realized we were living the average American lifestyle.

To be honest, it wouldn’t take much for us to become abnormal.

I started following Dave Ramsey’s principles and became hooked on budgeting, living on less than we made, and killing off our debt.

A lot can be learned just by listening to his radio show.

Those were the building blocks of my informal education on personal finances. You can certainly follow in my footsteps and find even more free financial literacy lessons in all kinds of ways today.


Staying invested when the market is good and bad

This year, the market has hit all-time highs over a dozen times. In fact – at the time of this writing – the DOW is hitting another record of 28,551 – more than four times the DJI was just 12 years ago!

The market has gone up precipitously, but it can only be temporary.

Which brings me to my next point:

The next big market drop is going to be MUCH scarier than the last!


Net Worth Time-line:

Our net worth in the year 2000, including the value and mortgage of our house, was a negative $86k.

After drawing the line in the sand on debt, our net worth was $139k – almost a 180 degree turnaround by 2006!

The Great Recession hit, but we stayed the course. Our net worth still grew to $175k by the end of the decade (2010).

We were determined to continue investing in our retirement accounts, opened a tax-advantage account for our daughter’s college, and even paid off the house early.

Currently, we estimate our net worth (including the value of our property) to be close to a million dollars.

Let me ask you this: Do you think we will be more scared of the next market drop even though it’s unlikely to be less severe than the last?

You bet your bottom dollar we will be! There’s much more at stake!

Losing 50% of $200k probably won’t seem as scary as losing 25% of a $1M!


The Comfort of Living a Debt-Free Lifestyle

We are prepared for the next drop. We don’t owe anybody AN-Y-THING!

No car loans, no mortgage, and we have money saved for our daughter’s college. I don’t even have a credit card. I’m completely free of any obligations to anyone.

…and that’s what I want for you!

No matter how bad the market gets, we have our house and transportation taken care of.

I want you to seriously consider paying off all your debt.

Do it now while the market is good. And do it when the market isn’t good – because it won’t matter how much is in your brokerage account when you still have to make the car payment.

I’ve been completely debt free for over 4 years now, and consumer debt free since 2007. Replacing an air conditioning unit in the hottest week of the summer isn’t an emergency when you are debt free and have 5-figures of cash set aside for “unplanned expenses”. It’s not fun, but it’s also not devastating!


You can do this faster!

Until recent years, the traditional advice was:

  • Have emergency savings
  • Pay off all consumer debt
  • Invest 15% of income into retirement
  • Save for your kid’s college
  • Retire at age 59 1/2

But there’s a new movement taking hold of young people today.

It’s called “The FIRE Movement”, which stands for “Financial Independence Retire Early”.

I grew up in a time when we only focused on the FI part of FIRE.

Retiring early wasn’t talked about, although it wasn’t a new concept. Lots of people stopped working before Social Security kicked in.

Today, the movement is introducing people of all ages to the concept of saving as much money as you can today so you can quit the day job before 59 1/2.

Personally, I won’t stop working until I can no longer physically serve my clients. However, I’m sure you can see the attractiveness of having an “F-you” fund and being able to re-create yourself because money will no longer be an obstacle.

People are turning 12 years of working, saving, and investing into an early retirement. Blogs like EarlyRetirementExtreme.com and MrMoneyMustache.com shocked people into this “new” idea and are credited with starting the movement.

We can’t ignore one of the first books to talk about retiring early: Your Money or Your Life by Joe Dominguez and Vicki Robin from 1992.

Now there are hundreds of FIRE blogs and podcasts educating and encouraging people to take control of their finances, and the result is they are taking control of their lives.

Can you imagine being completely debt free and able to retire in a dozen years? These young adults are doing it, so certainly you can too!


Simple ways to get started

If you don’t do something today then you won’t have the advantage of making time work for you.

Compound growth over time is a powerful force. Knowledge is the key to unlocking that potential:

Reading Resource:

Book by by Joe Dominguez and Vicki Robin:
“Your Money or Your Life”, which was revised by Vicki Robin in 2018

Stock series by JL Collins: https://jlcollinsnh.com/stock-series

Blog post by Mr. Money Mustache: The Shockingly Simple Math Behind Early Retirement

Audio:

Podcast by Choose FI: https://choosefi.com

Audiobook: Playing with FIRE by Scott Rickens

Other Financial Independence podcasts often credited by those in the FIRE community include Afford Anything, Fire Drill, and the Mad Fientist’s “Financial Independence Podcast”.

Conferences and communities:

FinCon: Not necessarily a FIRE conference, but FinCon is THE place where those who create content around the topic of money meet once a year. FinConExpo.com, which will be in Long Beach, CA September 30 – October 3, 2020.

Financial Freedom Summit: A 3-day event in St. Louis, May 1-3, 2020

Local meetups: Find a local group https://apps.choosefi.com/local-groups

Facebook group: Once again, Choose FI has something for you: https://www.facebook.com/groups/ChooseFI


How will you start to work towards financial independence?

Will you be reading about FIRE or listening to personal finance podcasts?

How will you begin your 20 year journey to complete financial freedom and possible early retirement?

What People Learned About Money By Blogging About Money

By Steve Stewart on September 23, 2015

Podcast: Play in new window | Download

This is the last episode of the Money Plan SOS podcast.

It was only fitting that it featured others who write/podcast about money topics – and what they have learned along the way!


Are you ready for the 200th episode of the Money Plan SOS podcast? Here we go…

Live from FinCon15, I interview nine financial bloggers.

They answer the question, “Have you learned anything about money since blogging about money?”

MPSOS200 at FinCon15 tt

Guests featured in this episode

Eric Rosenberg @ericprofits

Emily Guy Birken @EmilyGuyBirken

Katie Austin @Activehours

Todd Tressider @Financialmentor

Stefanie O’Connell @brokeandbeau

Athena Lent @accordingathena

Miranda Marquit @mmarquit

JD Roth @JDRoth

Eva Baker @TeensGotCents


The MoneyPlan SOS podcast is now retired

#tear

This was the final episode of the Money Plan SOS podcast.

Somehow, amazingly, I became known in the FinCon community as the Podcast Guru (they even gave me a shirt that said Podcast Guru on the front).

My new career allows me to help others who podcast about financial literacy topics by editing/engineering their recordings.

My new home-base is SteveStewart.me

Thank you for being a listener. It’s been a true honor to host this show and help anyone who will listen PAY ATTENTION – NOT INTEREST!

Chris Brown from True Stewardship – Is Tithing Mandatory for Christians? – MPSOS199

By Steve Stewart on September 3, 2015

CHRIS BROWN ON MONEYPLANSOS

Podcast: Play in new window | Download

Is tithing mandatory for Christians? Chris Brown and I discuss this to get to the root of the problem – which has little to do with ten percent.

Chris Brown profile picChris Brown has been a pastor for several years, speaking to congregations and audiences all over the United States.

He recently became one of Dave Ramsey’s Speakers and now hosts the popular True Stewardship Podcast.

In this episode, Chris and I tackle this touchy subject of tithing:

  • What is a tithe?
  • Who is called to give a tithe?
  • What about the “Old Testament vs New Testament” argument around giving a tithe?
  • Are we asked to give a tithe based on the gross or net of our paychecks?

Do you agree with the answers Chris gave in the interview? Please comment below this post.

Connect with Chris Brown online:

Twitter.com/chrisbrownonair

Facebook.com/chrisbrownonair

Instagram.com/chrisbrownonair

Listen to the True Stewardship podcast on iTunes


Also in this episode:

Ponda from the Honda: If a Billionaire doesn’t have to buy a new car then why do we?

Where is MoneyPlanSOS going? Listen to find out.

8 Great Mistakes of Investing and Fractional Savings Accounts

By Steve Stewart on August 28, 2015

Stacking Benjamins OG on MoneyPlan SOS

Podcast: Play in new window | Download

OG (aka The Other Guy from Stacking Benjamins) joins me to share the 8 Great Mistakes in Investing.

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  • 8 Great Mistakes of Investing and Fractional Savings Accounts
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8 great mistakes of investing

Under-diversification 

  1. Over-diversification 
  2. Euphoria 
  3. Panic 
  4. Leverage 
  5. Speculating 
  6. Investing for yield and not total return 
  7. Cost basis dictating decision 

Thanks to OG for coming over. You can find him at http://StackingBenjamins.com – my favorite podcast.

Also mentioned in this episode:

The Great Beanie Baby Bubble – the latest book by Zac Bissonnette. Amazing stuff! Purchase using this link will help Joe & OG over at Stacking Benjamins.


Ponda from the Honda

Thoughts that I have while driving my paid for (with CASH) used Honda Civic

SPEND IT ALL (sort of)

IMG_4291


Fractional and Automated Savings Accounts – are they a good idea?

Deanna Richardson from Richardson Accounting and Consulting, PLLC @ theCPA-4U.com asked

“Have you heard of Digit? Seems like a great way to build up an emergency fund and….it says it is free. Then their are bonuses for keeping $100 in it over 3 months. If I did my math right, the bonuses are over 2.5% interest (5 cents / week per $100). Would love to hear what you think.”

I tackle these new fractional, or automatic, savings accounts: Acorns, Digit and Betterment’s SmartDollar

ACORNS

Open an account: https://www.acorns.com or install the free IOS or Android app

Listen to my interview with the creators of Acorns http://SteveStewart.me/161

DIGIT

Open an account: https://digit.co

BETTERMENT’S SMARTDEPOSIT

Open an account: http://moneyplansos.com/betterment 

More information: https://www.betterment.com/resources/inside-betterment/product-news/smartdeposit-auto-deposit-but-smarter

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