Have you heard of FIRE? It's short for Financial Independence, Retire Early. It sounds great, right? Who wouldn't want to have a million bucks in the bank and sleep in everyday? On today's MoneyWise, we take a hard look at the budding movement called FIRE, where it came from, where it might be going, and whether believers should grab on or pull away like it's a hot stove! The FIRE idea comes from a 1992 best seller calledYour Money or Your Life. The premise is that you compare the number of hours you have to work against the number of hours in your life. Every expense increases your working hours, so you cut your expenses to the bone, while at the same time putting every single penny you can into savings. Fat Fire. That's someone with a traditional lifestyle who saves more than the average retirement investor. A Lean Fire is someone with a highly restricted lifestyle and extreme savings. Barista Fire. This is someone who's saved enough to quit their high-paying job but still works part time to reduce the need to withdraw from their retirement fund. Coast Fire. That's someone who still works part time even though their retirement fund has enough to support their current lifestyle. The FIRE movement differs from the advice from MoneyWiseby pushing you to put up to 70 percent of your income into investment accounts. So instead of retiring in 30 or 40 years, their goal is for you to be able to quit working completely in half that time or less. In today's show we also answer your questions: How does an HSA (Health Savings Account) work? I've got a ton of debt. What's the best way to make it go away? I have a some extra money. Should I invest it (in the event the economy goes down) or pay off debt? What are Robo-advisors and what do you think of them? Ask your questions at (800) 525-7000 or email them firstname.lastname@example.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
You've heard it said The greater the risk, the greater the reward. That might be a good strategy for playing Monopoly but for investing a better approach might be to ask, What's the worst that could happen? When it comes to putting up your hard earned dollars there's more than one type of risk and they don't give equal results. Today, our host Rob West welcomes investing expert Mark Biller to explain that for us. The first key is to understand that when risk is discussed in an investment context, what's often being measured is the volatility of an investment in other words, how much does it's return vary over time. Stocks, whose returns vary a lot, have higher volatility, while bonds have lower volatility. And it's appropriate to think of stocks as being riskier than bonds, based on that measurement of volatility. Investors should always consider the likelihood of a permanent loss of capital. There are dangers of being too conservative.
Internet sites like Indeed, Monster, and LinkedIn make almost every job opportunity in the country just a click away! But this hasn't changed how 75% of all openings are filled by word of mouth. Hiring managers still fill most vacancies without ever advertising. So, making the right connections is still the best way to land your dream job. Learn more on today's MoneyWise with Kingdom Advisors president, Rob West. How do I get started in job networking? - Start small. Make a list of folks that might be able to help you with your job search. Consider each person then prioritize them. - Some people find networking difficult because they feel like they're being a burden to others. How do I overcome that? - Take notes of everyone you meet and what you talked about. Get their contact information. Put this information in a spreadsheet for easy access. - Write down an elevator pitch or speech. This is a 20- or 30-second summary of what you do and what type of job you're looking for. - If you're currently unemployed don't be shy about letting others know it! There's no shame in looking for work. Some contacts may go out of their way to pass along job leads to you. - Have an updated business card to hand out and have your resume up to date. - Here's the real secret to overcome the fear of networking: don't make it about you! Always ask your contacts how you can help them (and be genuine).
Hot foot, lead foot, put the hammer down, let er rip and give er the berries those are just a few of the colorful expressions people use for speeding, and you may have a few of your own. And while it might seem difficult or even impossible at times to obey the posted speed limit, there are good reasons to do it. Financial planner and teacher Rob West fills us in on those today.
It's tax season again! But you have less than a 1% chance of being audited. And unless you enjoy hearing from the IRS there are things you can do to improve those odds. How you fill out your return could make the IRS sit up and take notice. Today, Kingdom Advisors President Rob West has six ways to increase your chances of being audited. Obviously were taking a tongue-in-cheek approach to this topic as no one wants to improve their odds for getting audited! But if you take too many liberties with your return, it is a bit like gambling.
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