Well, we went and added a comma. Today we’ll share the money lessons we’ve learned over our first 1,000 (wow, have we really made that many?) episodes. Plus, we’ll hear from many of our friends you’ll recognize from the financial community. We’ll share a monster list of our favorite books and resources, but all of the things that we’ve learned on our journey over the past (near) decade.
During our headlines we’ll double up on the experts. First we’ll talk to Dirk Izzo, president and GM of Hospitality at NCR, who’ll share how restaurants embraced innovation and kept revenue flowing in the face of unprecedented challenges. In our second piece, we’ll invite the man who literally wrote the book on silver investing to explain the craze in the silver markets hitting the news lately. What was happening while we were all watching Gamestop? It turns out, a TON. David Morgan will share his best tips on today’s show.
As always, we’ll save some time for Doug’s trivia.
Finally, thank you Stackers for making a thousand episodes of this little podcast a reality. We couldn’t have done it without you. Enjoy the show.
Thanks to our sponsors who give us the opportunity to bring you 3 shows a week!
Navy Federal Credit Union
If you’re an active duty service member, veteran, D-O-D civilian, or military family member, you can join Navy Federal. That means if you’ve served in any branch of the military–you can join Navy Federal Credit Union. You could pay no fees, get low rates and rate discounts, plus earn cash back and grow your savings. Visit NavyFederal.org for more information.
A very special thanks to all of our friends who’ve been a part of our podcasting journey.
- Paul Ollinger from the Crazy Money podcast
- Rich Jones from Paychecks and Balances
- Jill Schlesinger from Jill on Money
- Matt and Joel from How To Money
- David Stein from Money For the Rest of Us
- Lacey Langford from the Military Money Show
- Doc G from Earn & Invest
- Mindy Jensen (and Scott Trench) from BiggerPockets Money
- Andy Hill from Marriage, Kids, and Money
- Dave Jackson from the School of Podcasting
- Glenn Hebert from Horse Radio Network
- Bobbi Rebell from Financial Grownup
- Rocky Lalvani from Profit Answer Man
- Jen Smith from the Frugal Friends podcast
Facing challenges? Innovation (and new systems) could be the answer.
Thanks to Dirk Izzo, President and GM of Hospitality at NCR, for spending sometime with us today. Are you a restaurant owner looking for some technology help to run your business? Maybe NCR can help. (No affiliate business here!)
Wondering what the heck is going on with silver? We have you covered.
Another thanks to David Morgan for joining us. You can subscribe to David’s free newsletter at TheMorganReport.com. Click below to read David’s rules on silver.
Our Financial Lessons From 1000 Episodes of Podcasting
No matter how many fancy, cutting-edge strategies you come across, the fundamentals of becoming financially independent have always been the same.
- Spend less than you earn. Invest the difference. Find a strategy that works for you and your plan, and stay consistent.
- CASH RESERVES. We have covered countless stories of investment strategies being derailed from a lack of emergency funds. We’ve also had Stackers reach out and tell us how much their cash reserves saved them in an emergency AND kept their long-term investments untouched.
- Don’t touch credit without a system. Here it is again: DON’T TOUCH CREDIT WITHOUT A SYSTEM. Credit is a powerful tool. Utilized correctly, it can serve plenty of useful functions. Used incorrectly… we’ve all seen how that one goes.
- Taxes: you can’t do much about them, and can’t do much to change them. Regardless of associated costs in traditional or Roth IRAs, we don’t know what the future holds. It’s okay to have a preference, but it’s probably a good idea to inject some flexibility into your retirement portfolio. (You can’t go back later and change your mind).
Our Not So Financial Lessons (or podcasting lessons we’ve learned along the way)
- Don’t get in podcasting for the money.
- Good podcasting is more about strategy and content then expensive equipment.
- 10,000 hours. It takes a long time to become an expert on any given thing. The same rule applies to podcasts. Don’t rush the process, and don’t expect to be an expert after a few episodes.
- Community. We couldn’t have made it without an amazing network, and that list includes more than just podcasters. There’s no need to go it alone, even if you’re by yourself behind the mic.
The Stacker Mailbag
We told our listeners we’d read a few letters on air for our special show, and they delivered! Below are the (summarized) letters.
Felix: Thanks for covering the GameStop news. You were the only media source I heard that accurately covered the situation. I’ve been severely disappointed in establishment news.
Colleen: I’m a regular listener. I’m a business owner of 14 years, I’m a single mom. The demands on my time and money are many and varied. I strive to learn all I can about finances and business to continually supplement my business degree and fine arts degree. Education is a lifelong endeavor and your podcast is great. Fun to listen to. And I always learned something.
Play-doh asked for our book recommendations. Here are a few of our favorite books with financial lessons (starting with Joe):
- Truth About Money by Ric Edelman
- Your Money or Your Life by Vicki Robin
- Happy Money by Ken Honda
- The Little Book That Makes You Rich by Louis Navellier
- The Little Book of Common Sense Investing by John Bogle
- Beating The Street Peter Lynch
- Broke Millennial by Erin Lowry
- Set For Life by Scott Trench
- I Will Teach You To Be Rich by Ramit Sethi
- Dumb Things People Do With Money with Jill Schlesinger
- Just about anything from Jean Chatzky
- The Latte Factor by David Bach
Here’s OG’s list:
- The Richest Man in Babylon by George Clason
- Fooling Some of the people all of the time by David Einhorn
- The Psychology of Money by Morgan Housel
- Odds On: The Making of an Evidence-Based Investor by Matt Hall
- The Intelligent Investor by Benjamin Graham
- Margin of Safety by Seth Klarman (but good luck getting your hands on this one).
- The Millionaire Next Door by Thomas Stanley
Doug’s Trivia
- What is the most common type of homeowner’s insurance claim?
That does it for today! Thank you for tuning into a thousand episodes, we truly couldn’t do this without you. Keep on Stacking Benjamins… we’re on a non-stop trip to another thousand episodes!
Written by: Richie Rutter-Reese
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Thank you for sharing your informative podcasts. I’m a newbie here — having fun learning. I appreciate you guys