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businessinvesting
E37: Outside The Box Thinking That Will Make You Successful
About this Episode
In this episode, we will discuss the power of using your imagination with your money. And we will deep dive on outside the box thinking that almost always produces better results than doing what everyone else is doing.
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This is a topic that rings true for us and our podcast. You see, there are reasons why like outside the box: Typically, things inside the box don't always produce success. And using the average strategies and tactics will end up netting you status quo finances.
As the tagline of the show states, if you follow the heard you will be slaughtered. The average person goes along with what the crowd is doing without question. And they don't put much thought into it. They relinquish their control to an idea that it will all work out in the end. It has to; everyone else is doing it, after all.
We challenge those beliefs and arm you with the knowledge to question conventional wisdom today.
Financial Outside The Box Thinking Topics Covered:
- Rethinking and questioning 401K's
- How and why 401K's became so prevalent
- The long-term outcome of 'going with the flow' without questioning the destination
- A case story for teaching kids about money and generating passive income at the same time
- Rethinking and questioning the 529 plan
- When leveraging a Home Equity Line of Credit (HELOC) makes sense and doesn't
Episode Takeaways:
"There are reasons why like outside the box: Typically, things inside the box don't always produce success."
"Most of us do a 401K, not because we necessarily believe in it, but because everybody else is doing it. Instead, start asking the question, "Why are you actually putting money into a 401K?""
"I've heard people verbatim say this: "We thought we were doing everything right." It turns out it wasn't enough or some extenuating circumstances took it away from their retirement."
"You have to realize when you put your money even in a 529 program it limits you on what you're able to use it for, and it also can hinder even your kids and their financial aid in going to school"
"Don't be afraid just because nobody else is doing that, that you're wrong. Think outside the box and question the status quo."
"There can be times when it makes sense to use other people's money, whether it's a HELOC or other ways. A lot of people are so locked into trying to get to where they don't owe anybody anything, which is a good goal, but you may be letting the nickel hide the dime."
~ Get show notes and resources here:
Hosts & Guests
No transcript available for this episode.
