Cameron Huddleston from Kiplinger joins us to talk about a 27 year old who is already a millionaire. How did he do it? What were the keys to his success? You might be surprised.
(You also might be surprised…as were we….to find out that he lied. Here’s a link to the correction from Yahoo! Finance).
They also discuss the problem of baby boomers not moving out of their homes. Some (the ones with the least amount of money, in fact) say they’re going to upscale in retirement. Is this good or bad news? The team weighs in.
Joe & OG discuss recent problems in the FOREX market. How will these banking probes affect your money?
We take a letter from a listener about building his own portfolio AND Joe reviews Big Hero 6.
People Not Ready For Higher Interest Rates – The Guardian
Forex Market Problems
<> My Dad’s Shortwave Roundtable
On Today’s Podcast:
– Cameron Huddleston – Kiplinger
(Check out her column, Kips Tips)
– Paula Pant – Afford Anything
(Here’s her epic update involving her AirBnB hosting experiment, including a police incident and more)
– Len Penzo – LenPenzo dot Com
(Try out Len’s Primer on the true meaning of a dollar)
Baby Boomers Not Moving Out of Their Homes – CNNMoney
27 Year Old Millionaire (now with the correction) – Yahoo! Finance
8 Things You Didn’t Know About Saving For Retirement – Kiplinger.com
John asks – How Do I Start Putting Together My Own Portfolio?
(OG’s answer involves a discussion on asset classes, mid and small caps overlap often with regard to fluctuation. Joe compares a portfolio to a ship, with bonds being the anchor, large caps the hull and international and smaller stocks are the sail).
<> End Show
Big Hero 6 review
Looks like they made a correction the the 27 year old millionaire article. He received a pretty significant inheritance. http://finance.yahoo.com/news/27-year-old-millionaire-anton-ivanov-financessful-184823184.html
That’s been all the talk around here. We’ll (obviously) be talking about THAT on the December 2nd episode…..next week is all Black Friday stuff.
Pretty crazy episode with the lies! Oh well, some of what he said was still sensible!
Just to let you know, the point in the episode about mortgages going up by 2% being a problem for 30% of people is probably a very UK problem. 2 year fixed mortgages are the norm, and 5 year is pretty much the longest fixed rate you can get (but these come with very high fees).
Therefore, here in the UK, if there is a rate rise in 2 years, then the majority of mortgage holders will be impacted. And, it is a real problem here. People are buying houses (with help from government scheme) which makes their repayments fairly unaffordable if rates were to rise by more than 2% (which may not be impossible in a 3-5 time frame)…
Now that’s something to learn, a very informative, gives us a clear starting point
James River Realty
This guy serves as a motivation to everyone most especially the millennials. Good post!