Episode 14: What You Need to Know About Investing – One of the Seven Sources of Residual Income
That 401k or IRA is fine, but there are many other ways to manage your money for residual income now – not just sometime after retirement.
On this episode of the Uncommon Life Podcast, we dig into the topic of Investments. It’s a fun and info-packed duocast with co-hosts Bryan Dewhurst and Phillip Ramsey.
For many people, investing consists of putting some money aside in a 401k and/or maybe some IRAs. But there can be so much more to your investment picture. Phillip and Bryan talk about ways to invest and save to make an impact in the more immediate future, not just money that is set aside and untouchable until you are 70.
Bryan and Phillip are passionate about helping people learn how to invest wisely, along with 6 other sources of residual income. You’ll learn why pensions are much less prevalent than they were a generation ago, and how today’s employees and entrepreneurs can make the most of their investment dollars.
What you’ll learn
- The difference between non-qualified and qualified investments
- Why pensions are mostly a thing of the past
- How to plan for the future without tying all your money up in traditional retirement accounts
- The four layers of fees you need to understand when you go to invest
- The difference between a mutual fund and an ETF
- How you may be speculating when you think you are investing
- Why a technical analysis is preferable to a fundamental analysis when choosing stocks
- How to be entrepreneurial and protect assets for the future
- Smart ways to leverage your money when you are younger and when you are older
- What an “engine account” is and how you can use it to generate cash flow
Golden Nuggets“We’re focused on the seven sources of residual income because we think there's a lot more wealth opportunity with your “now money,” your non-qualified money, because there's so many different things you can do with it.” – Bryan Dewhurst Click To Tweet “With a retirement plan you accumulate money. Then between age 59.5 and age 70.5 you are not required to make withdrawals. After that you will have to take out a required minimum distribution whether you want to or not.” – Phillip Ramsey Click To Tweet “When you put money in a qualified plan you can really only benefit in three ways: by you putting money in, your employer putting money in and then the long-term appreciation in the stock market. That's really it.” – Bryan Dewhurst Click To Tweet “Three questions we ask our clients: 1. Are taxes (generally) going up or down? 2. Would you rather be taxed on the seed or the harvest? 3. Can you buy more with your dollar today than you will be able to in the future?” – Phillip Ramsey Click To Tweet “Speculating on the stock market is not a great plan to fund a current dream or vision.” – Bryan Dewhurst Click To Tweet “We see a lot of people who expected more out of their 401k. So we try to help with diverse investment strategies that will pay off now and in the future.” – Phillip Ramsey Click To Tweet “I think the current system gives an unfair advantage to the people that get the money first, mainly the banks and Wall Street.” - Bryan Dewhurst Click To Tweet “If your financial advisor is not transparent about the fees involved in managing investments, that is not a good sign. Those fees should be displayed and disclosed clearly.” – Phillip Ramsey Click To Tweet “Exchange Traded Funds are a less emotional, less subjective way to diversify, pick a trend or a sector.” – Bryan Dewhurst Click To Tweet “Our rule of thumb for investment is to use only money you won’t need to access for three to five years.” – Phillip Ramsey Click To Tweet