Paychecks & Balances | Personal Finance & Career Advice for Millennials

The Master Passive Income business owner, Dustin Heiner joins the P&B family today. Dustin is a podcaster, author, real-estate investing coach and a wildly successful real estate investor. Dustin’s journey into real estate began after getting laid off from a corporate office job. At that point he realized that he would never get wealthy working for someone else, so he began working hard toward being his own boss. A weekend real estate seminar on how to buy rental properties inspired Dustin to make his first real estate investment. The key to this seminar was investing for passive income, not appreciation. The rest is history. Now, years later, Dustin and his family live off of the passive income his properties produce and they travel the world together.   Highlights: Not depending on anyone other than yourself to make money Setting up the real estate business FIRST, before buying property, i.e. hiring property managers and repairmen Getting business referrals and clients through networking events Why “location, location, location” is not always true in real estate Investing in the Midwest because it’s cheaper Working only 30 minutes a month Investing for passive income NOT appreciation Pricing your rents slightly below average Seller financing Buying a house on a credit card   The Takeaway: When you’re investing in real estate for passive income rather than appreciation, you have fixed costs, which allows you to predict your profit every month.   Resources:  

Rich and Marcus recorded this weeks episode at #Fincon19, with their friends Julien and Kiersten, of Rich & Regular. Fincon is a yearly conference aimed at helping financial influencers and brands create better content, reach their audience, and make more money. Julien and Kiersten are part of the FIRE movement (Financial Independence, Retire Early) and on today’s episode they discuss bridging money gaps with your partner, being obsessed with saving and setting unique financial goals based on a desired lifestyle.   Highlights: The problem with using a credit card with no intention of paying off the purchase Super Saving – Saving 50% of your income and investing it Investing in taxable accounts that you can access before your 60’s Sticking to financial goals with the added expense of having children There’s no financial plan for the “average individual” because everyone’s life is so different Having friends over for food and drinks, instead of spending money going out Focusing on increasing income vs. focusing on cutting down on expenses   Key Takeaway: There is no one-way to start saving and investing. You need to come up with a plan that fits your income, your goals and your lifestyle.   Resources Paybal.co/learn - We help millennials make money, save money and get out of debt.   Paychecks & Balances Website:                            

On today’s show we welcome back an old friend, Tiffany South. Tiff is a graduate of Cornell University and the Pennsylvania Law School. After becoming an accomplished lawyer, Tiff realized that although she was great at law, she had lost her love of life and began to redefine what career and success meant for her. It was in this transition that she founded Four Corners Coaching. Four Corners started as a blog and evolved into a company where Tiff helps people redefine what success means to them and works with them to develop strategies to leverage those strengths across all areas of their lives. On today’s episode Rich and Tiff are discuss career journey’s and provide some insight on how to know when your career path is out of alignment with the vision you have for your life. They also give some tips on how to document your work accomplishments so that you can accurately determine your value when employee review season comes around at your job.   Highlights: Being responsible for your own career progression Free thought and ideas are treated differently within different companies Tippy toeing around in the PC culture we live in How to asses a work environment to see if it’s right for you Anonymously reviewing a company via the blind app Staying motivated to work on your side gig after your 9-5 Determining your niche and how to monetize it Using your success to empower your community Undervaluing yourself at work The importance of documenting your work accomplishments   Key Takeaway: Know your values and recognize when your life and career are out of alignment.   Resources                        

This week we’re welcoming back Sylvia Inks to the show! As a Personal Finance Coach and author of the book, Small Business Finance for the Busy Entrepreneur , Sylvia’s mission is to help small business owners make more money to create and grow profitable businesses. On this week’s show, Sylvia shares her productivity tips and ignites an in-depth conversation on how each of us can strategize our next steps, in order to create forward momentum towards profitability.   In this episode, you’ll hear us discuss our methods of accomplishing necessary tasks, balancing relationships and your business, and how to take control of your finances in order to level up in your career.   Highlights: Volunteering your time and practicing your presentation skills Tell people what you do. Do not be shy! Financial Advisor vs Financial Coach To- Do List Debt and Productivity Hacks The 2-Minute Rule: “If any takes two minutes…. Get it done NOW!” Accomplishing High Priority/ Non-Negotiable Tasks to break out of “paralysis by analysis” Theme your weekdays to set purpose and create momentum in your week Navigating relationships and your business schedules Determining when you can afford to hire help, for your business The different ways to pay yourself as a small business owner   Key Takeaway: The name of the game is STRATEGY. You must focus very specifically on your goals, non-negotiable tasks, and the direction you want to go in order to be successful with your small business. It’s not enough to create a list of To-Do tasks and work several hours a week. You have to deliberately accomplish high priority tasks and become financially responsible, in order to change your life.   Paychecks & Balances Website:        

Diania Merriam joins Marcus and Rich on the podcast today. Diania is the creator of EconoMe. EconoME is a one-day conference aimed at reclaiming the American Dream. The American Dream started as an idea that every person had the right to pursue his or her own idea of happiness. EconoMe is about reclaiming that right! While EconoMe has roots in the FIRE movement (Financial Independence, Retire Early), EconoME really believes that happiness comes from freedom, creativity and community. It subscribes to a new American Dream that doesn’t necessarily include excessive material possessions, conveniences or money.   In today’s episode Diania talks about her journey into getting out of $30,000 of personal debt and what gave her the motivation to pay it off by aggressively saving 60% of her income. Her debt journey and her philosophy about the American Dream led her to create EconoMe.   Highlights:   Being 8 years away from being financially independent Money Mustache, the blog that started it all for Diania Saving 60% of income to aggressively pay off debt Focusing on a goal gives you a real reason to start saving 25x your yearly expenses, the magic number for being financially independent Investing via low cost index funds Maxing out retirement accounts Planning and launching a conference   Key Takeaway: The American Dream doesn’t have to include excessive material items and money. The American Dream is really living your ideal lifestyle and working on things that you want to do, not things that you have to do.   Paychecks & Balances Website: