Created with Sketch.
Million Dollar Plan
26 minutes | Dec 21, 2016
Ep. 125: Renae just had a giant income increase and needs help budgeting
M$D: 7/11/2062 Meet Renae Age: 28 Renae’s main concerns, in her words: Took my time to get into college, graduated undergrads in graphic design in 2013. Got pregnant. Took any work possible. Landed a decent 30k salary/benefits job that I enjoy. Earned $7,800 additional in raises over 2 years. Went to grad school for nerdy tech/engineer stuff, and now have an offer for a role that would be 20k difference from my current rate.
39 minutes | Dec 14, 2016
Ep. 124: Essential Truths
26 minutes | Dec 12, 2016
Ep. 123: Judy is coming-off a divorce and has some work to do
M$D: 12/29/2037 Meet Judy
42 minutes | Dec 8, 2016
Ep. 122: Healthcare
Topic: Healthcare Special Guest: Paul Ashley from FirstPerson.
34 minutes | Nov 15, 2016
Ep. 121: Joey’s income went up and his margins shrunk
M$D: N/A Meet Joey Age: 26 Joey’s main concerns, in his words: I used to be a budgeting boss but now that I am the boss I’m a lifestyle creep – maybe. It felt easier to budget and handle money when our income was modest and followed a straight line. I need help thinking through how much money I should feel okay about spending. Should I save a certain percent or amount and then get a free pass to spend the rest on whatever I want? My income has grown significantly over the last few years and my wife quit her job in a field she didn’t like about a year ago. She is now pursuing a career in programming/web development but there isn’t a lot of pressure to get her income back in the mix. She had been making around $65-70k. I own an economic consulting business with a partner and my income has grown from $50k per yer a couple years ago to making $250k $250k $450k $300k in the last four years. I take a decent salary through out the year but after extra tax withholding and maxing out my 401k, I net about $2k per 26 pay periods. A big chunk of my money comes through a K-1 distribution that I take in the spring/summer of the following year. My money comes in lumps as Fiddy would say. Prior to the increase in income we were really disciplined and paid off over $80k in college loans (all of our debt except the house). During the first couple years of the higher incomes ($250k years) I was continuing to buy in to the business so between living expenses, income taxes, and payments to buy in, we didn’t feel like we were rolling in it – we were certainly comfortable but we were still really careful with our money and we hadn’t felt the income increase. Last year, after a lot of research and being patient, we bought a duplex with 25% down as an investment which has worked out well. We hired a property manager who takes care of keeping it leased and tenant issues. This year after my income jumped to $450k , we paid for some home improvements for my parents just cuz ($11k), paid off our house ($142k – house worth about $280k now), made some home improvements at the now paid-for house ($10k), bought a 2016 Mazda CX-5 SUV ($19.5k). We don’t have any debt (except $240k on the duplex investment property) and together we have about $250k in retirement. With no kids or plans for kids and a pretty stable high income, how should we look at budgeting? We’d like to contin
41 minutes | Nov 14, 2016
Ep. 120: Power Percentage
Topic: Power Percentage * Why we need it * How to calculate it * The scale * 10% and below – Eh * 11% to 20% – OK * 21% – 34% – Getting there * 35% and above – Perfect
24 minutes | Nov 7, 2016
Ep. 119: Monica is your financial role model
M$D: 8/5/2028 Meet Monica Age: 26 Monica’s main concerns, in her words: My income isn’t crazy high (active duty military), but I’m able to save and invest 50-60% of my take-home pay depending on the month, while feeling that I live a pretty high quality life. I have a somewhat closeted goal of being financially independent by 35. I say somewhat closeted, because if I reveal that goal to 99.9% of people, I’m hit with all the reasons why that’s impossible. I’ve done the math, the retirement calculators, and have briefly ran my plan and the numbers a by financial counselor who said I’m doing what it takes to make that goal. I feel like I’m ahead of most Americans, but that’s only because most Americans choose to do nothing when it comes to financial planning. I’m curious if I’m really tracking toward my goal, are there some things I should be doing (or am forgetting to do) since I’m fairly new to the financial independent (“early retirement”) game?
39 minutes | Nov 4, 2016
Ep. 118: Patience
Topic: Patience * Housing Patience * Until you have a downpayment * Until you prove you can save money * Until you have an emergency fund * Until you can afford the 15 yr mortgage * Until you can afford a house which you’ll be able to sell later * Until you can buy a house which doesn’t prevent you from spending any money. * Market Patience * “Should I change my investments, the market isn’t having a very good year” * Your contributions are the key. * Manipulation * Risk Tolerance * A snapshot of your portfolio is rarely helpful * Fear sets-in, you make mistakes * Wrong forms of Patience * Waiting to invest * Waiting to budget * Waiting to save * Waiting to decide * Waiting to care Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here Audio Player
27 minutes | Oct 31, 2016
Ep. 117: Tony wants to be able to shut it down at 40. Can he?
M$D: 7/31/2026 Meet Tony Age: 28 Tony’s main concerns, in his words: I’m 28, my wife is 26. We have a 16-month-old son. Our main goal is to have enough money where I can semi-retire at 40 (or earlier), if I want, and work part-time/full-time for my father’s company. We earn about $110,000 a year and have $94,000 in retirement savings. Right now we are saving almost $3,000 per month for retirement ($2036.44 per month into my 403b (including 9.5 % match), and maxing out both of our Roth IRA’s ($916.67 per month). My wife anticipates continuing to work after age 40, but I’d like to be in a place where money doesn’t matter and be able to help out the family business on a full time or part time manner at age 40, or before. Our second goal is to make sure my sons college is taken care of. Currently we have $5,000 saved on a 529 account and anticipate adding $2,500 per year. My wife’s parents will likely help out or offer to pay for all of it, but I’d like to have at least 1/2 saved in the 529 by the time he’s ready for college and cash flow the rest, if necessary. If he doesn’t need it the money, I’d like to help fund part of my twin nieces college. Our final goal is to buy a reasonably priced home within the next 12 months. Our current home is worth about $150,000 and we owe $109,000. I’d like to purchase a house around $200,000 with 20% down on a 15 year fixed. We have $5,000 saved in addition to our equity, and I anticipate having $10,000 saved by the end of the year for a potential summer 2017 move. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here Audio Player
39 minutes | Oct 31, 2016
Ep. 116: Emails
Topic: This week, I answer your emails. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here
31 minutes | Oct 24, 2016
Ep. 115: Malcolm is a doctor and is about to get paid
M$D: 4/14/2051 Meet Malcolm Age: 28 Malcolm’s main concerns, in his words: I’m a little over a year out of medical school, doing a three year residency training program. I have about $312,000 in student debt, and make about $50,000 a year until I graduate...Read MoreThe post Ep. 115: Malcolm is a doctor and is about to get paid appeared first on Pete the Planner®.
41 minutes | Oct 19, 2016
Ep. 114: Action
Topic: Action What we cover: How to get out of a financial rut and get your motivation up The importance of doing something Why action is the key to a successful financial life What is the financial equivalent of a FitBit?...Read MoreThe post Ep. 114: Action appeared first on Pete the Planner®.
34 minutes | Oct 11, 2016
Ep. 113: Steve is a public defender who doesn’t get frisked
M$D: 6/17/1945 Meet Steve Age: 28 Steve’s main concerns, in his words: Hello. I am a 28 year old guy who works as a Public Defender. I am in a long term relationship that will lead to an engagement very soon (ring is already purchased),...Read MoreThe post Ep. 113: Steve is a public defender who doesn’t get frisked appeared first on Pete the Planner®.
39 minutes | Oct 10, 2016
Ep. 112: Obsession
Topic: Obsession What we cover: Grant Cardone joins us to talk about his new book Be Obsessed or Be Average Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply HereThe post Ep. 112: Obsession appeared first on Pete the Planner®.
30 minutes | Oct 3, 2016
Ep. 111: Omar wants to retire by 40
M$D: 12/27/2023 Meet Omar Age: 30 Omar’s main concerns, in his words: I think my wife and I could make for an interesting case study. We’re both 30 with aspirations of achieving very early financial independence/retirement by 40. Neither one of us are doctors/lawyers/engineers...Read MoreThe post Ep. 111: Omar wants to retire by 40 appeared first on Pete the Planner®.
41 minutes | Sep 30, 2016
Ep. 110: Self-Sabotage
Topic: Self-Sabotage What we cover: Spencer Jakab author of Heads I win, Tails I Win The act of not saving before spending is self-sabotage Knowing that you have to fund your retirement and not doing it, is self-sabotage Voluntarily Buying something...Read MoreThe post Ep. 110: Self-Sabotage appeared first on Pete the Planner®.
22 minutes | Sep 27, 2016
Ep. 109: Gordon has paid down a ton of debt and is ready to party (buy a bigger house)
M$D: 8/23/2028 Meet Gordon Age: 37 Gordon’s main concerns, in his words: Hi, Pete. I kid you not, it feels like I have listened to every one of your episodes since I discovered you on Stacking Benjamins a couple weeks ago. I think I may...Read MoreThe post Ep. 109: Gordon has paid down a ton of debt and is ready to party (buy a bigger house) appeared first on Pete the Planner®.
36 minutes | Sep 23, 2016
Ep. 108: Raises
Topic: Raises What we cover: How our income shifts overtime Why people don’t save their raises They feel underpaid They want stuff They want to reward themselves Raises versus bonuses Subscribe on iTunes | Subscribe on Stitcher Want to be a...Read MoreThe post Ep. 108: Raises appeared first on Pete the Planner®.
28 minutes | Sep 19, 2016
Ep. 107: Sophia
M$D: 10/13/2032 Meet Sophia Age: 27 Sophia’s main concerns, in her words: Hi there! My husband and I are 27 and we make good money, but we’re unsure what goal to focus on next. We want to save for financial independence, buy a house at...Read MoreThe post Ep. 107: Sophia appeared first on Pete the Planner®.
38 minutes | Sep 19, 2016
Ep. 106: Problem Solving
Topic: Problem Solving What we cover: Solve or Cause What I’m trying to teach my daughter Identifying the problems in your life Short term problems Mid-term problems Long-term problems Have the guts to admit you have problems Ignoring problems actually causes...Read MoreThe post Ep. 106: Problem Solving appeared first on Pete the Planner®.
Terms of Service
Do Not Sell My Personal Information
© Stitcher 2021