GF¢ 029: 7 Financial Advisors I Would Like to Punch in the Face

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People who know me know I’m not a very violent guy.

I’ve never been in a fist fight in my entire life, I very seldom ever yell (except when the St. Louis Cardinals would blow a four run lead in the bottom of the ninth), and I cover my face with a pillow when there’s a confrontation on the TV (go ahead and laugh…my wife does).

In short, my personality type is one that is constantly smiling, and can be easily labeled as “Joe Cool”.

But, like any human being, there are some occurrences that get me really fired up.

One of the biggest things that gets me fired up? 

Financial advisors that lie, steal, and cheat.

7 Advisors I'd like to punch in the face
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The Prosper Vs. Lending Club Experiment

In late 2012 I made my contribution to my Solo 401(k).

As a business owner there is nothing sweeter than getting a nice big fat tax deduction.

After I deposited it into my account it sat there in cash for a considerable amount of time.

It sat there WAY too long….

The funny thing about being a financial advisor is that I spend 99.9% of the time managing my client’s money and about .01% of the time managing my own money.

Oh the irony….

As I sat there watching my cash grow at a snail’s pace the market continued to soar, and soar, and soar and soar.

Basically to the point where I felt that it hit a high. In hindsight it turns out 14,000 wasn’t even close.

To avoid buying at the high I thought, “You know what, I’m going to give peer to peer lending a real shot.”

Lending Club vs. Prosper
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100 Ways to Make $100 Fast

Free cash rocks!

Walking through a parking lot I one time stumbled upon a $20 bill.

Before I snatched it up I looked up around almost waiting for the hidden camera crew to jump out from the bushes to yell “Gotcha!”.

They didn’t and I was $20 richer. Score!

That is the only time that I’ve ever came across some quick cash.

Everyone needs some cash in a hurry from time-to-time.

Knowing that, I thought it would be fun to put together a post that outlined 100 ways you can make $100 fast.

100 ways to make money fast
Out of the 100, you should find at least a few that you can do any time you need extra cash.

Bookmark this page so you can refer to it anytime you need money!

One man’s trash is another man’s treasure – Selling your junk

One of the best and easiest ways to make quick cash is by selling what you have – or that you can acquire on the cheap. It also has a secondary benefit in that it keeps the clutter in your life to a minimum.
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How to Break a Bad Habit in 21 Days (Reader Challenge)

Download The Bad Habit Destroyer worksheet to replace those bad habits with positive ones.

“Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones.” -Benjamin Franklin

Have you ever tried to break a bad habit?

What about start a good one?

Sometimes the good ones can be even tougher!

how to break bad habits

Some of the good habits that I’ve struggled with sticking to are: eating clean during the week (stupid late night cravings), waking up at 5am to workout (snooze button is way too tempting) and being distracted by social media (hold up…just thought of something funny I need to Tweet).

One of the worst habits I used to have was that I would always lose my keys after I got home from work.

I’m always in a rush when I get home and for the life of me can never remember where I put them.

My wife, tired of me asking her “Where did I put my keys“, attempted to break me of my bad habit by placing a small box on the counter top by our back door.

This box became the designated spot for my keys and my wedding ring.

Did I mention that I often misplace that, too? Shhhh….don’t tell the wife about that one. ;) [Read more…]

Penny Stock Debacle: How I Lost $5,000 and You Can (and Better!) Avoid It

lose money penny stocksI get sick when I think about that day and the mistake that cost me $5,000.

I compare it to something in between smashing my thumb with a hammer to breaking your mother’s most beloved piece of China.

It is something that makes me sick just reliving it.

I actually just puked in my mouth a little bit. <ugh….>

I had been a financial advisor for almost four years so I should’ve known better.

But thanks to a lot of greed and even more ignorance, I got my rear handed to me on a silver platter.
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70 Super Easy and Practical Ways to Save Money

70 ways to save money

We’re all looking to keep a few extra greenbacks in our wallets.

But for many of us who have too much month at the end of our money, it can seem impossible to do more with the money we’re already making.

The truth is, there are always ways to pinch a penny, particularly if you’re willing to invest a little time.

Here are 70 ways you can save money in your four biggest budget categories: food, transportation, housing, and health.

Food Money-Saving Tips

According to a recent Gallup Poll, the average American family spends $151 per week on food, including restaurant eating. That adds up to a cool $7852 per year. Here are 20 ways you can keep more of that money in your pocket:

1. Make meal plans. One of the biggest food budget busters is when you have no answer to the question “What’s for dinner?” Rather than get in the habit of ordering pizza or going out for fast food when you’re stumped by the dinner question—which is infinitely more expensive than cooking at home—get used to planning out your meals for the week or month. Not only will this save you money on take out, but it will also put you in a good place to actually use all the food you buy at the grocery:
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Best Places to Open a Roth IRA

Do you know what your income tax rate will be in the future?

The answer to that question is key to your retirement planning. If you think your tax rate will be lower in the future then it makes sense to avoid paying tax now through a tax-deferred investment vehicle like a Traditional IRA.

The Roth IRA Movement

The Roth IRA Movement

But with a mounting national debt, many people believe personal income tax rates will eventually be forced to increase.

Even if the national debt somehow gets taken care of, the government doesn’t tend to lower a tax once it is set.

If tax rates are going to go up the best retirement account for you to open if you qualify is a Roth IRA.

You will pay income tax today and never pay income tax on your nest egg again.


Where to Open a Roth IRA

Once you’ve made the decision to open a Roth IRA there are a number of companies that are happy to accept your contributions. The number of options you have can be overwhelming: do you go with a discount broker, a full-service broker, or direct to a mutual fund company?

We’re here to help you cut through the confusion to find the best company to open a Roth IRA with. (Just getting started investing? Check out our Best Online Brokers for Beginners.)
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How Much Term Life Insurance Do You Need to Buy?

how much term life insurance to buyHow much life insurance coverage I need to buy was something that really wasn’t important to me until I got married.

My first policy was a $250,000 30 year term life insurance policy and I thought that was plenty.  It was not until we had our first son that I quickly realized that was not nearly enough.

After his birth, I decided to increase it substantially.   That was over two years ago.  With us in the process of building our first home and a second son on the way, I’m left wondering even with that increase if I really have bought enough life insurance.

Update: We now have our third son and I have increased the amount of life insurance I have on myself.  Check the end of the post to find what I’ve increased my term life insurance to and my rationale.

I know many struggle with this same decision so I wanted to shed some light how much life insurance is enough.

First things first, life insurance is for one purpose: income replacement.  While there are times where life insurance can aid in more complex estate planning strategies, a majority of the time it’s purchased to take care of your family once you’re gone.

My reasoning for purchasing life insurance is that I want to leave my wife and kids without any debt and the ability for my wife to not worry about finances in the event of my unexpected passing.


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Why I Gave Up $36,000 a Year So I Could Write THIS….

IMG_8899It all started in July 2008, when my blog, Good Financial Cents, was born.

I’ve always had a passion for educating people on the basics of investing and financial planning and I took that excitement to a whole new level with the creation of the blog.

I was fortunate in the sense that I had recently gone independent and after some convincing, my new brokerage firm allowed me to start blogging.

What was unfortunate at the time, was that I was a Series 7 Registered Representative, which basically meant that I could receive commissions off the sale of  certain investment products, and even though my Series 7 only accounted for a fraction of my overall business, I still fell under full regulation of FINRA (Financial Industry Regulatory).

What does that mean?
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