By Paula Pant
Happy 248th birthday, USA.
In this 5th of July First Friday economic update, we cover five topics: the economic impact of elections in the UK; the S&P 500 topping 5500; the effect of the Supreme Court’s Chevron ruling on Social Security and retirement planning; the latest jobs report; and California’s new law allowing accessory dwelling units to get sold separately as condos.
By Paula Pant
We sit down with Jim Kwik, a brain coach and expert in memory improvement, speed reading, and optimal learning.
As a child, Jim suffered a brain injury that made learning difficult. He was labeled “the boy with the broken brain,” which deeply affected his confidence and performance in school.
Fast forward to college, and Jim is still struggling. Overworked and stressed, he ends up in the hospital.
This becomes a turning point. Jim dives into brain science. Today, he’s an expert in memory, focus, learning, cognition and mental performance.
He’s here to remind us that our brains are our number one wealth-building tool.
Jim explains that asking yourself WHY you want to remember something, like a person’s name, can boost focus. He highlights the power of being present and attentive in conversations. He shares an anecdote about Bill Clinton’s impressive memory, crediting Clinton’s remarkable presence and focus.
Jim introduces the Explanation Effect, a method where you learn with the intention of teaching. This deepens understanding. If you prepare to teach something, you’ll engage more actively, take better notes, and personalize the material.
The conversation shifts to the concept of a good brain diet. Jim lists foods great for brain health, such as avocados, blueberries, and green leafy vegetables. He underscores that what you eat significantly impacts cognitive functions.
Jim debunks myths like multitasking being efficient. He stresses the importance of focusing on one task at a time for better productivity and mental performance.
He also talks about the negative impact of digital distractions and the myth that we only use 10% of our brains.
Jim wraps up with tips on maintaining brain health, such as regular exercise, a good diet, and surrounding yourself with positive people.
This episode is packed with practical advice. If you want to improve your memory, learn faster, and maintain better brain health, you’ll enjoy Jim Kwik’s tips.
By Paula Pant
If you want to learn about building wealth through entrepreneurship, you’ll enjoy this episode.
When Rachel Rodgers graduated from law school, she didn’t take the conventional path to working at a big law firm. Instead, she opened her own practice, specializing in intellectual property law. Many of her clients were entrepreneurs and small business owners.
Rachel quickly realized that many of her clients faced significant challenges in trying to grow their business. This ignited a new vision in her: to not just provide legal services but to help entrepreneurs achieve financial success.
She pivoted, shutting down her law practice to open Hello Seven, a company that offers comprehensive business strategies to help entrepreneurs reach seven-figure incomes.
She joins us today to share actionable insights that can help any entrepreneur, side hustler or small business owner reach seven figures in revenue.
By Paula Pant
Kimiko is dismayed that the asset allocation books she’s read led her down a path to an underperforming portfolio heavy in ex-US stock investments. Where should she go from here?
Julie and her husband dream of owning a vacation rental in the Denver area even though the math doesn’t add up. It seems like everyone around can make it work though. What’s missing?
Casey is excited to build his real estate portfolio and purchase his third rental property. He’s also worried that his plan to fund the purchase with his 457 Plan is flawed. What should he do?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
By Paula Pant
Have you ever wondered how small, seemingly insignificant actions can have massive impacts on your financial life?
In today’s episode, we talk to Dr. Brian Klaas, a Professor at University College London and an affiliate researcher at the University of Oxford.
He explains how our decisions can lead to unintended and unanticipated consequences.
He describes why resilience is more important than efficiency when it comes to protecting your investments and career from unexpected shocks.
You’ll learn how to tell the difference between predictable problems and those that are full of uncertainty, giving you a new way to think about your decision-making process.
By Paula Pant
Jessica and her husband are juggling two home sales and one home purchase within the next two to four years. How do they execute wisely while navigating a tight real estate market?
Zerai works two jobs that both offer a pension and retirement plan. Can he take advantage of everything at his disposal or must he make some tough choices?
Emily and her husband bought their home a year ago. But a national builder tempts them to sell and upgrade using a 3-2-1 buydown mortgage. Should they do it?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
By Paula Pant
The S&P 500 hit a record high — and the GameStop guy is back, and he now owns 9 million shares of GME, making him the 4th largest shareholder.
Interest rates from remain the same, and are expected to hold steady until September. Inflation remains unchanged from last month.
Last month we saw a massive explosion of new jobs, at 272,000 — nearly 90,000 more than predicted. But we also saw unemployment tick up, which created mixed signals.
Learn the implications of the latest economic news — and how it impacts your wallet — in this month’s economic update.
By Paula Pant
Jason Tartick, a former banker and TV star from The Bachelorette, discusses finances in relationships. He describes eight crucial questions about money that every couple should discuss.
When a couple is dating, but before they get serious, he says, each person should divulge their debt-to-income ratio. This is your monthly debt payments divided by your gross monthly income. Keeping this ratio below 30-40% is crucial for financial stability. Banks consider this when approving loans.
Couples still in the dating stage should also discuss their credit scores.
If you’re thinking about becoming serious with someone, you need to understand their history with debt, and their attitude towards debt, since you’ll likely be co-borrowing together if the relationship lasts.
A couple with a good credit score can save around $100,000 on a $300,000 mortgage over 30 years.
Couples should avoid shaming or blaming each other during these money conversations, he says. The goal is to understand each others’ financial attitudes, habits and history — not to point fingers or make judgments.
After marriage or lifetime commitment, Jason emphasizes the importance of having both individual and joint bank accounts. This allows each person to enjoy autonomy, while also contributing towards shared expenses. Regularly reviewing your net worth as a couple provides transparency and helps avoid misunderstandings.
He also talks about financial infidelity — what is it, and how can you spot it?
Finally, Jason encourages couples to discuss spending habits, in order to understand each others’ values and goals.
Here’s a great question to ask your boyfriend, girlfriend, spouse or partner: “If you had an unlimited budget, what’s the first thing you would you spend it on?”
The answer reveals the persons’ priorities.
By Paula Pant
An anonymous caller who received a large inheritance feels paralyzed by all the investment philosophies he’s read about. How does he pick a winning strategy he can stick with?
Josh is an expectant dad looking to buy a bigger house but doesn’t know how much everything will cost. Should he save more or invest more?
Another anonymous caller worries that large expenditures like buying a new car or replacing her home’s roof will blow up her budget in retirement. How does she plan for unexpected expenses?
Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
Enjoy!
By Paula Pant
Sara is five years from retirement with a paid-off house. But she’s worried that her money will run out before she turns 80. What does she need to do now to protect her future self?
Lauren is a personal finance nerd who gets it. But one question perplexes her: When should she choose an ETF […]
