The recording of this episode was sponsored by NEFE at #FinCon19.
Damien Peters is a personal finance nerd and former Facebook Product Manager who started Wealth Noir to help others build wealth and gain financial freedom. He actively invests in stocks and enjoys real estate investing. Damien currently lives in Valencia, Spain with his wife and 2-year-old son.
In this episode we cover:
What it means to build wealth and why it is important.
Why Damien chose to move to Valencia, Spain with his family.
The factors he considered when picking a location to move abroad including healthcare, cost of living, average temperature, political economy, safety, and more.
How moving abroad has helped him build wealth.
Recommended resources for those thinking about moving abroad and becoming an expat.
https://podcast.thoughtcard.com/wp-content/uploads/2019/09/Damien-Peters-Wealth-Noir.jpeg32452748Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-10-01 07:00:112019-10-03 20:24:20Episode 34: Building Wealth and Moving Abroad with Damien Peters of Wealth Noir
Denis O’Brien is a Chartered Accountant who is passionate about money and personal finance. Along with his fiancé Katie Welsh, they run Chain of Wealth a personal finance blog and podcast that inspires millennials to openly talk about money and tackle their financial issues. Together Katie and Denis have paid off $200,000 of debt in less than 2 years and they inspire others to reach their financial dreams by creating easy to understand resources. Chain of Wealth has been featured in USA Today, Nerd Wallet, Rockstar Finance and other publications. In this episode, Denis shows us how he has set up different passive income streams to reach his goals and how you can too!
In this episode we cover:
What is a side hustle?
Why people should consider multiple income streams
The difference between side hustles and passive income
How to convert an active income stream into passive income
https://podcast.thoughtcard.com/wp-content/uploads/2019/03/Chain-of-Wealth-Denis-Obrien.jpg10241024Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-03-20 19:30:132019-05-19 16:05:36Episode 25: Passive Income with Denis O'Brien from Chain of Wealth
So you’ve stashed a significant amount of money away in your emergency fund. Congratulations! But now that you’ve accomplished your savings goal, you might be wondering, what’s next? In this mini episode, I share ideas for what you can do after you’ve reached your emergency fund savings goal.
It really depends on how much you think you’ll need. Everyone’s savings target will be different.
However, conventional wisdom says that you should have anywhere between 3-12 months of expenses saved in your emergency fund.
How did I do it?
I started my emergency fund by saving $1,000.
This is actually what personal finance guru Dave Ramsey suggests as well. In Baby Step 1, Dave Ramsey suggests saving $1,000 in your starter emergency fund for when something unexpected comes up.
After you’ve saved $1,000 now what?
My Top Emergency Fund Milestones:
Save $1,000 in emergency fund
Save $5,000 in emergency fund
Have a $500 to $2,000 buffer in my main checking account. This pot of money serves as the first line of defense and gives me some leeway to spend without having to dip into my emergency fund.
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This episode of The Thought Card is sponsored by my brand new course Back to Budgeting Basics. In this fundamental budgeting course, I teach you how to create a goal centric budget that helps you accomplish your short and long term financial goals faster. I also teach you how to track where your money is going every month, organize your banking and create a simple money routine.
https://podcast.thoughtcard.com/wp-content/uploads/2019/03/After-Reaching-Your-Emergency-Fund-Goals.jpg8171024Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-03-06 19:06:412019-03-22 12:42:45Episode 23: Ideas for After You've Reached Your Emergency Fund Goal
Goals are important because they allow you to create your future today. Although a lot of people set financial goals every year, most people don’t actually end up sticking with them because they get distracted along the way. So how do you set financial goals that you will achieve? In this episode, I share easy ways to set yourself up for financial success by setting financial goals that are a good fit for your life right now.
This episode is sponsored by my brand new course, Back to Budgeting Basics. In this course we debunk the myths that budgeting is “hard” and I help you create a personalized goal-centric budget that aligns with your priorities and values.
Things to Consider When Setting Financial Goals
1. Assess your current situation.
When you’re setting financial goals, what you’re really doing is assessing where you are right now and determining where you want to be in the future.
To do this, ask yourself:
Where am I right now?
What do I want to accomplish?
Helpful Tip: Money serves different purposes. You can spend money, save, pay off debt, invest or give money to charity.
Typically financial goals will fall into one of these major categories.
2. Is your goal too hard?
You are less likely to achieve goals that are too difficult.
Truth is, the best goals are realistic but not too over the top.
3. Check yourself.
Are these goals for you or are they based on what others want for you?
Set financial goals based on what you want for yourself not what you think others want for you.
4. Create an emotional connection.
Can you visualize yourself achieving your goal?
What sort of emotions will you feel when you accomplish your goal?
Will you feel excited? Calm? Relaxed?
Remember, it’s easier to achieve goals that you are emotionally connected to.
5. Bridge the gap.
To bridge the gap, break down your goals into smaller more manageable tasks or mini bite-sized goals. You can do this by setting monthly, weekly or daily goals.
6. Celebrate milestones.
Lastly, be sure to celebrate any big milestones or money wins. This will give you the motivation to keep going.
Did you find this episode informative?
Take a screenshot of you listening to the show and tag me @thethoughtcard on Twitter, Facebook or Instagram so I can personally say thank you!
https://podcast.thoughtcard.com/wp-content/uploads/2019/02/Setting-Financial-Goals.jpg6831024Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-02-20 02:09:412019-05-19 16:37:58Episode 21: How to Set Yourself Up for Financial Success by Setting Financial Goals
Brandon Neth left the U.S. for the first time in 2008 destined to teach English in Thailand. Him and his wife left with only $3,500 to their name. Twenty-two months later they returned home addicted to travel.
During their time abroad, Brandon taught English in China and India and worked in Australia for a year where he made some serious cash. Knowing he wanted to continue his nomadic lifestyle, Brandon tried a little bit of everything, however, when he discovered points and miles, it all came together.
Combining entrepreneurship, side hustles, investing and real estate, Brandon continues his nomadic lifestyle by diversifying his income streams.
Sixty-four countries later, Brandon and his wife travel six months out of the year. In addition to owning several real estate properties, Brandon works at Financebuzz.com, a personal finance site that provides valuable and entertaining content about personal finance and travel.
In this episode we chat about:
Why using credit cards is a good idea if you want to travel more
Brandon’s favorite credit cards for travel rewards
What to look out for when getting a new credit card
How Brandon saved $100,000 working in Austraulia on the working holiday visa
Ratings help this show get more easily found in search, so don’t forget to rate, review and subscribe to the show. By subscribing you’ll automatically get notified as soon as new episodes come out every other Thursday.
Interested in sharpening your budgeting skills?
Join us over at Back to Budgeting Basics, the course where I teach you how to create a budget that helps you save money every month!
https://podcast.thoughtcard.com/wp-content/uploads/2019/01/Brandon-Neth-Europe-1.jpg10241024Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-01-23 16:32:292019-04-29 14:06:59Episode 18: Points and Miles and Diversifying Incomes Streams with Brandon Neth
https://podcast.thoughtcard.com/wp-content/uploads/2019/01/2018-Year-in-Review-The-Thought-Card.jpg6851024Danielle Desirhttp://podcast.thoughtcard.com/wp-content/uploads/2018/08/ThoughtCard_300x300.pngDanielle Desir2019-01-08 16:25:382019-10-16 16:41:30Episode 17: 2018 Year End Review: What Worked, What Didn't & Lessons Learned
In today’s mini episode I share why I rented out two bedrooms in my house and some of the challenging situations that I had to deal with while living with roommates. What was living with two roommates like? I would be lying if I said that living with roommates was easy but after 13 months of house hacking, I can look back at my experience, appreciate the lessons and move on with my life.
Living with two roommates was extremely challenging – there were plenty of stressful moments, lots of annoying moments and quite a few tears. The truth is, after signing the dotted line and buying a house back in May 2017, I quickly realized that I wasn’t financially prepared for the aftermath.
What was living with two roommates like?
Here I was the owner of a beautiful home but I had no furniture or working appliances. My house was empty and I didn’t have any money saved up for furniture or decorations.
Slowly buying what I needed, I got roommates to help pay off all the credit card debt that I accumulated and offload some of my monthly expenses.
What’s important here is that I had a goal for the extra income. I used the extra income to pay off debt, pay my monthly bills and I saved the rest.
Although there are obviously plenty of financial benefits to having roommates, it’s not always about the money. You have to also think about how having roommates may affect your mental and physical health.
Overall, I’m thankful that I’m at a point where I can afford to live on my own now.
Helpful Tip: When saving for a house also save up for furniture, appliances and repairs.
My name is Danielle Desir, and I believe that when we make informed financial decisions, we can go extremely far. As a financially savvy traveler, I also believe that anyone can afford to travel, and this podcast shares the tools and resources, secrets and stories of how travelers from around the world are making smart money decisions to afford to travel more, pay off debt and build wealth.