DeepSummary
In this Q&A episode, Robert Croak and Austin Hankwitz answer questions from listeners regarding personal finance topics. They emphasize the importance of tracking net worth regularly, living below one's means even after getting a raise, and prioritizing building an investment base over lifestyle inflation.
They advise against using whole life insurance policies as an investment vehicle, recommending instead to purchase term life insurance with a death benefit tied to one's income. The hosts also discuss strategies for starting to invest after getting a significant raise, such as maximizing retirement accounts, building an emergency fund, and investing in index funds.
Other topics covered include using covered call options on index fund holdings to generate additional income, how to safely buy and hold cryptocurrency, and handling retirement accounts like SEP IRAs when changing jobs or careers.
Key Episodes Takeaways
- Consult professionals when handling retirement accounts like SEP IRAs
- Track your net worth regularly to monitor progress towards financial goals
- Live below your means even after getting a raise or higher income
- Build an emergency fund before heavily investing
- Maximize tax-advantaged retirement accounts like Roth IRAs
- Use term life insurance instead of whole life as an investment
- Consider using covered call options on index funds to generate income
- Dollar cost average into cryptocurrency like Bitcoin and Ethereum
Top Episodes Quotes
- “It's just crazy to me because I don't think people really understand that compound interest is your friend. And the sooner you can get money working for you, the sooner you can get to the goals you desire for later on in life.“ by Robert Croak
- “And just to remind you here, right, the reason why they want you to trade left and right and buy and sell and get you encouraged about trading all day long is because they make a 1% fee on every trade you make. All you got to do is dollar cost average into bitcoin and ethereum.“ by Austin Hankwitz
- “If you immediately go from 35K mindset and lifestyle to 90K mindset, you're not going to use this window to be able to set yourself up for the future.“ by Robert Croak
- “Do not rush, because at the end of the day, William, you said you're living with your parents. That is awesome if you can make that work and prevent yourself, because I think so many people want to rush to go get the first house, get the bomb apartment, or whatever it is. Don't do that.“ by Robert Croak
Entities
Company
Product
Person
Concept
Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
3/14/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz answer your questions!
---
To listen to Public's new podcast, The Rundown, click here!
---
Public has finally released options trading on their platform! To learn more about all of the product features Public offers, click here!
---
Sign up for our new Webinar, click here!
Opt-in and share your email, click here!
Learn more about our 4-module video course!
Download our FREE Budget Template, click here!
To learn more about Robert: https://stan.store/RobertJCroak
To learn more about Austin: https://stan.store/austinhankwitz
Contact: richhabitspodcast@gmail.com