Money Mastermind Show: Personal Finance | Investing | Retirement | Entrepreneurship

Larry Ludwig from Investor Junkie is occupying MMS this week in order to give us his thoughts on the income inequality debate generated by this summer’s blockbuster bestseller: Thomas Picketty’s Capital In the Twenty-First Century.  Any time that a book as long as the Bible that is written by a French economist ends up on coffee tables around the world – you know something interesting has happened.  For those of you having flashbacks to boring English classes, have no fear – this isn’t a book club – we chat about what you can do claim your spot in a shrinking middle class no matter what the 1% is doing. https://moneymastermindshow.com/episode8-is-wealth-inequality-systemic-in-our-world/ Some important questions discussed in this episode: Is income inequality even a problem?  Hasn’t it been around forever? What has taxation looked like in the past?  It can’t have changed that much right? How does corporate taxation and recent “corporations as people” chatter factor into this whole income inequality debate? W

Is our addiction to credit cards and consumer debt really a necessary evil in today’s interconnected world – or is there another way? Steve Stewart of MoneyPlanSOS joins us to explain his anti-debt philosophy and what options the average person has if they want to stay away from making expensive debt-related mistakes.  Since a few of us on the panel have well-established love affairs with our travel rewards credit cards the conversation should prove lively! https://moneymastermindshow.com/episode7-can-you-get-by-in-life-without-credit/ Some important points made in this episode: Is it even possible to ditch credit cards in today’s world if one wanted to? Peter and Tom bring up some interesting proof of rewards credit cards being tied to higher spending habits. Will not using credit cards hurt your credit score? Is it safer to use a credit card than a debit card? Do your credit cards rewards points fall from the sky or is someone else footing the bill? Panelists In This Episode: Special Guest – Steve Stewa

Larry Ludwig from Investor Junkie joins us this week live from his survivalist bunker to discuss the coming financial apocalypse.  Our panel shares their thoughts on what a modern meltdown might look like, as well as if we believe it will ultimately be a human-made catastrophe or a product of nature’s ever-increasing fury.  Ever wondered if you could survive the worst-case scenario?  Worry no more as the Money Mastermind Show tells you how to prepare for everything from a government credit collapse to a hurricane. https://moneymastermindshow.com/episode6-are-we-heading-toward-a-financial-apocalypse/ Key Questions From This Episode: What would a financial apocalypse look like and what are the chances it will happen? Do we the right attitude about recessions and are they cause for concern? Are government’s doing enough to prevent a possible day of debt reckoning? Should you change your investing style in consideration of a financial meltdown? Are there similarities between the increasing amount of natural dis

Want to stir up a crowd in a hurry?  Walk into a room and say, “I think that good parents owe it to their kids to help them pay for college.”  Rob Carrick – author of How Not to Move Back in with Your Parents and personal finance columnist for the Globe and Mail – joins us to help us sort out the facts and emotions behind financially supporting young adults as they head off to college or university. https://moneymastermindshow.com/episode5-how-much-should-you-pay-for-kids-college/ Key Takeaways From This Episode With rising school costs, is it essential that parents help their children pay for their post-secondary schooling? If parents want to financially help their kids, what is an appropriate or ideal amount of help? Should putting money away for your child’s education take priority over saving for your retirement? Is it realistic to assume young adults can still work their way through college or university? Is it right attach “strings” or expectations to financial help? Why communication about financial

Join us this week as we toss around the idea of whether it is more rewarding to spend money on experiences or “things”. We brought in an “experiences expert” – the always-entertaining Martin from the Studenomics personal finance blog – and hilarity ensued. Tune in for some insights on how to find the personal balance between pursuing experiences and stuff in your life. https://moneymastermindshow.com/episode4-experiences-vs-things-which-is-the-best-way-to-spend-your-money/ Some important points made in this episode: What does science have to say about spending your money and correlation to happiness? Tips on how to re-orient your mindset away from the commercialism that is so prevalent in North America. If it’s a really cool experience or item it’s ok to go into debt right? Martin explains how a garage sale can reveal the seedy underbelly of materialism. Take our $100 experience vs stuff challenge and see the results for yourself. Panelists In This Episode: Special Guest: Martin Dasko | Studenomics Glen C

Want to have some fun in the sun, without getting burned by expensive costs?  The Money Mastermind crew has you covered (*insert sunscreen pun here*).  Tune in to listen to Tom, Peter, Glen, Miranda and Kyle talk about how to save on sunny vacations, summer-specific budget considerations, and generally enjoy many people’s favorite time of the year without breaking the bank. Frugal summer fun here we come! https://moneymastermindshow.com/episode3-how-to-have-a-frugal-summer-despite-rising-costs/ Some important points made in this episode: According to American Express, the average American family of four will spend $4,580 on vacation travel this summer. 28 million families with children under 18 plan to spend hundreds of dollars on their kids this summer — adding up to more than $16.6 billion. The average American family expects to dole out an average of $601 per child this summer, according to data released by American Express, based on a random sample of 2,008 adults. Affluent families, with annual househo

Our second show sees the Money Mastermind crew head back to school.  We debate what the value is of a university/college education is in today’s modern economy.  Discussion takes us from trying to quantify the return on investment offered by many post-secondary education options, to how college/university has evolved over the past few decades. We also talk about a few alternatives. https://moneymastermindshow.com/episode2-is-getting-a-college-degree-worth-it/ Some important points made in this episode: Average debt of 2014 U.S.four-year grad $33,000, more than $1 trillion outstanding Average debt in Canada $26,000 The cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade Do colleges and universities post scientifically accurate numbers when quoting earnings figures relative to other education levels? Is there an imbalance between theory-based educations (traditional 4-year degrees) and more skill-based

In this episode the panelists introduce themselves for the first time, and then have a discussion about financial philosophies, why it’s important to come up with a money philosophy of your own, and how your personal philosophy can help to guide your decisions about money. https://moneymastermindshow.com/episode1-the-importance-of-figuring-out-your-money-philosophy/ Some important points made in this episode: Having a philosophy about money is important to helping you live the lifestyle that you want. It’s important to know where your money is coming and going. Know what your values are, and what your immediate, short term and long term goals are. Figure out how you can use your money to reach your goals, while living within your money values. Know that your goals may change over time. Don’t forget to revisit them from time to time. Panelists Glen Craig | Free From Broke Kyle Prevost | Young and Thrifty Miranda Marquit | Planting Money Seeds Peter Anderson | Bible Money Matters Tom Drake | MapleMoney