The Free Retiree Show

Understanding the Difference Between Good Debt & Bad Debt

Credit cards can feel like financial quicksand if mishandled, pulling you into seemingly insurmountable debt. If you're not careful, credit cards can lead to trouble. Yes, reckless spending and the enticing instant gratification they offer can lead to a spiral of debt that's hard to escape. But does it paint the complete picture of debt? Absolutely not, because not all debt is bad. In fact, if you use debt the right way, it can actually help you! 

In this week's episode of The Free Retiree Show, wealth manager Lee Michael Murphy uncovers the golden rules of utilizing debt. With credit card debt, you should always clear your bill in full each month. This is because credit card companies charge high interest on unpaid balances. If you only make the minimum payment, you'll pay more over time due to these interest charges. 

We will also discuss how debt can lead you toward increasing your wealth, whether helping you obtain the education needed for a higher-paying job, starting a business, or investing in real estate. We'll discuss what opportunities to look for and how to increase your savings and income through debt. Ready for a paradigm shift? It's time to understand the good, bad, and ugly surrounding debt. 

What can you learn from this episode: 

Why should you always pay off your credit card in full every month?
How can you use a credit card for emergencies? 
Overcoming financial struggles through an intelligent debt management 
Is good debt real for real estate investing? 
How do wealthy individuals utilize debt as a financial tool? 

Dealing with Difficult Co-workers & How to be the Person Everyone Enjoys at Work

If you've ever wondered how to deal with difficult colleagues, you're in the right place. Unfortunately, some co-workers have a not-so-special gift of annoying us and making our work more complicated than it needs to be. The good news is that there are strategies that you can utilize with these challenging co-workers to repair and strengthen your relationship with them. Join career advisor Sergio Patterson as he shares tips to help you improve these relationships. Sergio also advises on becoming the co-worker that everyone gets along with and enjoys. 

 

In this episode, we'll discuss the importance of:

• Saying "Yes" 
• Actively listening
• Communication
• Solving problems 
• Bring positive energy
• Showing appreciation
• Demonstrating respect and empathy. 

 

Fear not if you have a problematic co-worker that's making you stressed out. You're a download away from understanding how to turn these relationships around and understanding how to be the co-worker that everyone wants on their team.

Establishing a Financial Foundation to Growth Your Wealth

As another graduation season approaches, many are filled with joy at the prospect of leaving college and beginning to make money. However, it is essential to note that college graduation does not equal financial freedom. 

 

Establishing a solid financial foundation is imperative who individuals who are starting their wealth-building journey, no matter what stage of life they are in. For those starting out, making the right financial decisions at the beginning of their wealth creation journey can make a difference in their economic future and impact whether they retire rich or poor. 

 

In this episode, Lee shares expert tips to establish a financial foundation that helps you excel in your finances. Whether you're a recent college graduate, millennial, or retiree, there are valuable insights and actionable steps to take charge of your finances.

 

What you'll learn in the episode: 

• How to establish your financial foundation.
• Why you need a substantial savings account.
• What to do with your 3 - 6 months of cash sitting in the bank
• How to be thoughtful and intentional with your money.
• Why you need more than a college degree to be wealthy.

 

Take advantage of this opportunity to gain valuable knowledge and take control of your financial future. Tune in now to hear Lee's expert advice and learn how to start building wealth today.

To learn more about our podcast, check out: https://linktr.ee/TheFreeRetiree

The Most Common Mistakes to Avoid When Buying a Home

Getting caught up in the excitement of purchasing your first home is easy, but this emotional rollercoaster can sometimes lead to hasty decisions and costly mistakes. With such a significant investment, it's crucial to consider various factors to ensure you make the right choice for your financial future.

 

When first-time homebuyers overlook essential financial considerations, they can face many challenges that jeopardize their financial well-being, overall satisfaction, and long-term goals. In addition, choosing the wrong location or an incompatible home type can lead to unhappiness and reduced quality of life. Buying a house you can't afford can put you in a difficult financial situation by making it difficult to save and cause you to struggle financially in your retirement. 

 

If you're a first-time homebuyer and want to avoid these mistakes, we got you! In today's episode of The Free Retiree Show, wealth manager Lee Michael Murphy shares common mistakes first-time home buyers make. In addition, this episode provides invaluable advice on navigating the home-buying process's complexities. 

 

What you'll learn in the episode: 

1. How much should you prepare for a proper reserve? 
2. What is the ideal credit score before buying a new home? 
3. To look beyond the house's beauty and focus on its location.
4. The importance of getting a home inspection to identify potential property issues.
5. Find out how much you should spend on your monthly mortgage payment. 

Finding Your Why w/7-figure Amazon FBA Seller Bashar J Katou

Understanding the importance of having a clear vision and purpose paves the way for a successful and fulfilling journey in the professional world. By setting precise goals and remaining committed to them, individuals can navigate the challenges and uncertainties of the business landscape with greater ease and determination.

 

However, neglecting to acknowledge the "why" behind one's ambitions can lead to a lack of direction, motivation, and achievement. The absence of a guiding purpose can result in wasted resources, time, effort, and the potential deterioration of personal relationships and well-being. It is essential to recognize the driving force behind your aspirations in order to remain focused and resilient in the face of adversity.

 

Our guest today, Bashar J Katou, is a 7-figure Amazon FBA seller and the founder of BJK University. Bashar's journey began with a failed attempt at running a restaurant, inspired by the show "Bar Rescue," which left him not only with a ruined business but also a fractured relationship with his father. Determined to redeem himself, Bashar ventured into the world of Amazon FBA. After a rocky start, he invested in a course that set him on the path to success. Today, Bashar runs a thriving 7-figure Amazon FBA business. He also runs BJK University, which aims to impact the lives of 1 million individuals by providing them with the resources and support he wished he had at the beginning of his journey.

 

Tune in to this inspiring episode to learn valuable lessons from Bashar's experiences, including the significance of planning, and the power of understanding your why.  Learn how to stay motivated and adaptable through business, career challenges, and setbacks.  Don't miss out on this opportunity to gain insights that can transform your career and business aspirations into tangible success.

 

What you’ll learn in this episode:

• How to determine your purpose for career and business.
• Importance of discovering your "why" for an unshakeable purpose.
• How to craft a long-term vision for enduring success.
• Why should you focus on a single primary goal to drive progress?
• Tips for building a sustainable and resilient business.
• How to stay motivated and adaptable through challenges and setbacks.

 

Top Challenges Facing Retirees with New York Times Best Selling Author Lynnette Khalfani-Cox

In an ever-changing world, the golden years of retirement seem like a distant dream to many. However, the key to a secure and enjoyable retirement lies in meticulous planning and steadfast discipline. Sustainable work practices are essential for ensuring a smooth transition into retirement. Adopting a balanced approach to work, incorporating self-care, and prioritizing mental and physical well-being will pave the way for a more fulfilling and enjoyable retirement. Furthermore, with increasing life expectancies, a volatile global economy, and rising healthcare costs, laying the groundwork for financial stability during our golden years is crucial.

 

We are thrilled to have the extraordinary Lynnette Khalfani-Cox as our guest in this week’s episode of The Free Retiree Show. A powerhouse in financial education, Lynnette co-founded TheMoneyCoach.net LLC in 2003 with her husband, Earl Cox. Lynnette's extensive background as a financial journalist and her Master of Arts in Journalism have culminated in a prolific career as an author, with 15 personal finance books to her name. Her New York Times best-seller,  Zero Debt: The Ultimate Guide to Financial Freedom, has transformed countless lives. As a passionate advocate for wealth-building in African-American and communities of color, Lynnette leads by example, investing in stocks, mutual funds, ETFs, crypto, and real estate. She has shared her financial expertise in over 1,000 news and lifestyle TV segments such as Good Morning America, The TODAY Show, Dr. Oz, Dr. Phil, Oprah, The Steve Harvey Show, and Rachael Ray. 

 

In this thought-provoking episode, we will explore the significance of sustainable work practices, planning for healthcare costs, and risks in retirement. Lynnette's invaluable insights on securing diverse income streams will empower you to build a solid financial foundation for your golden years. With her expert guidance, you will learn to navigate the choppy waters of retirement and sail smoothly toward financial freedom. 

 

It's never too early or late to prepare for the retirement you deserve! Tune in with hosts wealth manager Lee Michael Murphy and career advisor Sergio Patterson. 

 

What you’ll learn in this episode: 

 

• Discover the power of community and social connections. 

• Planning for income streams in retirement
• Why maintaining a healthy lifestyle is essential before retiring
• Sustainable work practices for long-term success
• Healthcare Costs and Risks in retirement
• Tips for leveraging technology for productivity and growth
• How to break the wealth gap and instill a positive wealth mindset in your kids 

 

How a Non-Linear Career Path Makes You a More Valuable Job Candidate and Employee

 

The traditional linear career path has long been a cornerstone of professional success. However, the modern workforce is evolving, and so are our perceptions of what it means to have a fulfilling career. In this ever-changing landscape, the non-linear career path is emerging as a viable and rewarding alternative, offering unique benefits and opportunities that can enrich our professional lives.

A contemporary trend of non-linear career paths reshapes how we view professional development. As the rigid, ladder-climbing mindset gives way to a more fluid and dynamic approach, individuals are increasingly charting their unique paths. Over the years, everyone witnessed a lawyer turned entrepreneur, an engineer who transitioned into marketing, and a teacher who found their passion in software development. These trailblazers have expanded their skills and experiences by charting their own courses, creating unique, fulfilling career trajectories.

In this episode of The Free Retiree Show, career advisor, Sergio Patterson, delves into the benefits of embracing a non-linear career path. From cultivating a diverse skill set to fostering personal and professional growth, we'll explore how stepping off the beaten path can lead to a more satisfying and successful career. Learn how this unconventional approach can empower individuals to forge their way, tap into their passions, and create new opportunities in an ever-evolving job market.

What you’ll learn in this episode: 

 

• The concept of a non-linear career path and how it differs from job-hopping
• How the non-linear career path is becoming the new normal
• The impact of the COVID-19 pandemic on people's values, priorities, and career choices
• The importance of saying yes to opportunities and raising your hand for projects
• The benefits of skill development and diverse experiences in different roles and companies
• The importance of being intentional in your career choices and taking strategic opportunities
• How diversity in your background can be highly sought after in the job market

Three Strategies to Reduce Your 2022 Taxes

Tax filing deadlines for businesses sometimes catch employees and business owners off guard. However, tax season is upon us again, and it is essential to be prepared with the right strategies. Staying on top of your tax preparation throughout the year is necessary to file your taxes accurately and avoid any unforeseen problems regarding your personal or business finances.

 

Regarding taxes, most people are looking for ways to reduce their tax liability and save money. You may minimize your tax liability and keep more of your hard-earned cash by being knowledgeable on tax planning options, deductions, and potential credits that are available to you. 

 

In this week's episode of the Free Retiree Show, Wealth Manager Lee Michael Murphy shares valuable tax strategies and tips. While none of the content provided is tax advice, Lee's expertise in finance has helped many individuals and businesses minimize their tax burden. Discover helpful tips on traditional IRA contributions, phase-out ranges, Roth IRA contributions, the benefits of having an HSA account, and more! By taking these proactive steps, you'll be better equipped to face tax season head-on and maximize your financial success. Tune in now. 

 

What you'll learn in this episode: 

• Contributing to retirement accounts, like traditional or Roth IRAs, can be a strategy for reducing taxes.
• Traditional IRAs may provide tax-deductible contributions
• How business owners can potentially benefit from accelerated depreciation on equipment or other assets
• How the benefits of Health Savings Accounts (HSAs) may give individuals a triple tax benefit.

 

Please note that the information provided in this episode is for educational and informational purposes only. It is not intended as legal or tax advice and should not be relied upon as such. We strongly recommend consulting with a qualified tax professional or accountant for personalized advice tailored to your specific financial situation. We do not assume any responsibility for actions taken based on the information provided in this episode. 

 

4 Strategies to Protect Your Job in an Uncertain Enviroment

In 2023, many companies are facing layoffs due to various factors such as economic instability, technological changes, and market competition. According to recent data, over 1 million people have lost their jobs in the first quarter of the year.  It's a scary environment for employees.  In this uncertain time, it's essential to focus on what you can control, and that includes keeping your job.

 

Losing a job is a stressful and overwhelming experience. It's not just about losing your source of income but also your sense of identity and purpose. Many people fear being fired because it can impact their self-esteem, career prospects, and social status. Others may worry about their financial obligations, health insurance, and retirement savings. 

 

In this week’s episode of The Free Retiree Show, career advisor, Sergio Paterson, outlines practical tips on how to keep your job and stand out in a competitive work environment. Learn the importance of managing up, building a strong relationship with your manager. And the importance of proactively seeking feedback, taking on new challenges, and identifying solutions to company problems, you can demonstrate your value and potential for growth. 

 

Learn how to navigate the challenges of a changing job market, enhance employability, and increase job security. Whether you are a recent graduate, mid-career professional, or senior executive, this episode provides actionable advice on how to keep your job and thrive in your career.

What you’ll learn in this episode: 

 

• The current state of layoffs in companies as of 2023.
• Tips on how to keep your job by developing a unique skillset, being consistent, managing up, and building strong relationships.
• The importance of being proactive and asking your manager what you can do to help solve problems and demonstrating your value.
• The benefits of being known as a consistent and reliable employee who can be counted on to deliver great work.
• The significance of networking and building strong relationships with coworkers and colleagues to increase your value and protect your job.
• The value of investing in learning new skills and using online resources such as Udemy, Coursera, and LinkedIn Learning.
• Strategies for standing out from the crowd and making yourself indispensable to your employer, such as taking on tough projects and being willing to work on the less glamorous aspects of a job.
• The importance of being prepared for potential layoffs and having a clear understanding of your skills and value in the job market.

Finances for New Car Purchases: What to Consider if You Want to Buy a New Car

The automotive market has been a rollercoaster in recent years, with people eagerly seeking their dream car amidst supply chain challenges, chip shortages, and rising prices. As the car market begins to stabilize, the excitement around car buying continues to grow. But before you jump into a purchase, it's crucial to make an informed decision.

 

In today's fast-paced world, it's easy to get caught up in the excitement of buying a new car without considering the long-term implications. Remember, a car is more than just a shiny object. It can be an investment, significantly impact your cash flow, and it must be approached with many other considerations in mind. Understanding the current state of the automotive market and assessing your financial situation are crucial steps in making a responsible decision.

 

In this week's episode of The Free Retiree Show, our hosts, wealth manager Lee Michael Murphy and career advisor Sergio Patterson discuss the state of the auto market,  what you need to consider before buying a new car, and how to calculate the ideal auto payment. 

 

Tune in to this episode of The Free Retiree Show to gain the confidence and knowledge you need to make a wise and informed decision about your next auto purchase.  

 

What you’ll learn in this episode:

• The state of the auto market and whether it's the right time to buy a car
• Factors to consider before purchasing a car, such as budget and affordability
• The impact of the pandemic on the supply chain and chip shortages in the auto industry
• Changes in how loans are structured and the potential for repossession
• What to do if you're struggling to make your car payments.