Listen to the interview here:

Program Notes

(1) Find your calling in life. Do what you love to do and then work hard at it. You will earn more doing what you love.

A Wealth of Satisfaction – True life planning begins when you realize you are unique. There will never be another you in the history of the universe. Your calling is yours alone. Understanding yourself is the first step in managing your financial affairs to support your life plan.

(2) Don’t postpone. Get your finances in order now.

(a) Decide to be rich – You can live rich or you can be rich. Consume less and therefore have more wealth that you can invest and put to work creating jobs and producing goods.

(b) Stop Telling Yourself These Three Financial Lies – Most of us rationalize why we can’t get our finances together right now. Many Americans prolong these excuses during their entire working careers. Here are three lies you must stop telling yourself in order to build a solid financial foundation.

(3) Automate. Set up your finances so that you automate what is best for your finances.

(a) Pay Yourself First – The greatest engine to generate real wealth is saving and investing. And the best way to ensure that your default is saving and investing is to automate the process. Pay yourself first, and your savings will grow exponentially.

(b) Have an asset allocation and rebalance annually – To have a balanced portfolio, you must know your asset categories and what percentage of your portfolio to put in each one. Without such a plan, your portfolio is automatically out of balance.

(4) Manage taxes. Put your money where it won’t be subject to taxes.

(a) How To Cut Taxes On Your IRA Withdrawals – One tactic for reducing future RMDs is to convert your traditional IRA to a Roth IRA. Owners of Roth IRAs never have to take RMDs, no matter how old they are.

(b) Fourteen Tax Management Techniques – Good investment returns are important. But over the next few years, comprehensive tax management may reap even greater gains.

(c) Roth Segregation Accounts – A complex technique called “Roth segregation accounts” could earn your investments an extra 30% over the next two years, so you’ll have to study the linked column carefully to understand how it works.