The Financial Mentor Podcast

[https://www.financialmentor.com/wp-content/uploads/FM-026-Epochal-Change-600x400.png]   CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF TODD'S BEST TIPS FOR EPOCHAL CHANGE! Free Instant Access ---------------------------------------- Two years ago, I announced to my Expectancy Wealth Planning course community that we were about to enter epochal change. Between the Fed's permissive monetary policy, near-zero interest rates, Covid stimulus, and supply-chain issues, it was clear the game had changed. And here we are now, with a 20% stock market decline, historic bond market decline, the highest inflation in 40 years, and a slowing economy. The bad news is there's still more to come. But more importantly, epochal change means the investment rules changed for the next 10-15 years. What worked for the last epoch (40+ years) cannot be relied upon for the next epoch. I've been writing about this very topic for two years in my private course community to prepare my students, and I've published resources every month for more than a year in my public facing newsletter to prepare my free subscribers as well. My goal was to provide the knowledge required so that every person following my work could protect and prepare their portfolios in advance. Forewarned is forearmed. Related: Learn how to invest like Todd [https://www.financialmentor.com/educational-products/invest] While my private course community responded to the education, protected themselves, and even prospered, I was surprised that only a small percentage of my public facing, free subscribers took action. Even though I was providing academic level, third-party research proving every supporting point, people weren't responding. It was like they were asleep at the wheel, and didn't believe the regime change was fundamental in nature and would persist. I decided to check in with my course community in our weekly office hours call. The discussion that followed was so valuable  that I wanted to share it publicly. Fortunately, my private community students agreed. This podcast episode is a nearly unedited recording of one my weekly office hours support calls with my private Expectancy Wealth Planning community as we discuss epochal change. I hope this inside look behind the paywall helps you take appropriate action to secure your financial future. And if you got great value from this episode, make sure to check out my Expectancy Wealth Planning course here [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan]. IN THIS EPISODE YOU'LL DISCOVER: * What is epochal change? * The signs I saw two years ago for epochal change * Why I've been talking to my Expectancy Wealth Planning course students about epochal change * How inflation was inevitable after the Fed's stimulus in the face of supply chain disruption * The important role the Fed has played in creating epochal change * What you can expect [https://www.financialmentor.com/wealth-building/mathematical-expectancy/23353] to see the markets do for the next 10-15 years * How investing [https://www.financialmentor.com/investment-advice/investing/11370] in this epoch will be different from the last 40 years * How my course students were able to save [https://www.financialmentor.com/retirement-planning/how-much-money-do-i-need-to-retire/save/17120] their paper asset portfolios from the current bear market * The best tool to manage your paper assets during the next epoch and beyond * Why the investment strategy [https://www.financialmentor.com/investment-advice/risk-management-plan/10-commandments-of-investment-strategy/13136] that worked reliably in the past won't work in the future * How to avoid the insidious trap of “buy the dip” * The signs for epochal change * The best way to guard against volatile markets * The dangers of recency bias * Why most people don't understand epochal change * How to apply risk management to investing * Why epochal change isn't just in the markets * Why it's paramount to become your own financial expert [https://www.financialmentor.com/financial-advice/financial-expert/18286] * The destructiveness of inflation * Watching for “dead bodies” to float to the surface * What to expect for next steps in epochal change * The geometric growth of government debt caused by increasing interest rates * The final stage of epochal change and why most people won't be prepared * How to prepare your wealth plan for epochal change * and much more…. RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE: Financial Mentor podcast - How Chris Mamula achieved financial independence in 5 years [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7]https://www.financialmentor.com/25 * Expectancy Wealth Planning Course [https://www.financialmentor.com/3] * Allocate Smartly [https://www.financialmentor.com/educational-products/invest] * (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!) Are you prepared for epochal change? Find out how to guard your wealth and prosper through the new economic regime on the @FinancialMentor Podcast! [https://twitter.com/share?text=Are you prepared for epochal change? Find out how to guard your wealth and prosper through the new economic regime on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/epochal-change/28538] Click To Tweet [https://twitter.com/share?text=Are you prepared for epochal change? Find out how to guard your wealth and prosper through the new economic regime on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/epochal-change/28538] HELP OUT THE SHOW: Leaving a review and subscribing to the show on iTunes is the best way to support this show. I read every review, and your support helps the show rank so more people find us and benefit from the message. If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much! Click here to subscribe to the show on iTunes and leave a review… [https://itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Alternatively, this link below will help you subscribe and leave a review on your device… Click here to subscribe and leave a review from inside your iTunes account… [//itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Pyramid [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7]https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve "DISCOVER THE COMPREHENSIVE WEALTH PLANNING PROCESS PROVEN THROUGH 20+ YEARS OF COACHING THAT WILL GIVE YOU COMPLETE CONFIDENCE IN YOUR FINANCIAL FUTURE" * Get a step-by-step action plan to achieve financial independence - completely personalized to you. * How to live for fulfilment now, while building wealth for the future. * No more procrastination. No more confusion. Just progress and clarity Expectancy Wealth Planning [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve] will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it. Learn More... [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve]

FM 25 - FIRE Case Study with Chris Mamula [https://financialmentor.com/wp-content/uploads/FM-25-FIRE-Case-Study-with-Chris-Mamula.png] [https://financialmentor.com/25] CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF CHRIS'S BEST TIPS FOR FIRE! Free Instant Access I love sharing FIRE case studies to inspire you. They prove the dream really is achievable for normal people with no extraordinary financial skills. They also unmask the dream to show how the reality of financial independence and early retirement differ from your idealized vision. The truth is everyone hits potholes, makes mistakes [https://financialmentor.com/retirement-planning/mistakes/18212], and questions if it's worth all the hard work [https://financialmentor.com/retirement-planning/early-retirement/myth/5169]. Our guest, Chris Mamula, is no different. He candidly shares his FIRE story in this interview – warts, blemishes, and victories as well. Related:5 Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) [https://members.financialmentor.com/sneak-peek-plan/] Explained in 5 Free Video Lessons Despite several costly errors he managed to achieve financial freedom in just 5 years. * Chris paid excessive fees to a financial advisor * He bought a variable annuity within a 401(k) * He felt “less than” when comparing himself to other FIRE success stories * But he got several critical factors right like keeping expenses low and saving a high percentage of his income, and that proved to be good enough. Financial freedom isn't about luck, brains, or a single great investment. It's about having a valid plan based on proven principles and taking sufficient action with enough persistence to reach the goal (exactly as taught in my Expectancy Wealth Planning course here [https://financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan]). Anyone can do it, and these case studies prove it. I hope you enjoy the example Chris has shared. And if you got great value from Chris's story then please check out the other FIRE success case studies on this podcast [https://financialmentor.com/category/podcast]. IN THIS EPISODE YOU'LL DISCOVER: * What inspired Chris and his wife to become financially independent * Why Chris is so debt-adverse, and how it worked to his advantage * How Chris adopted the term “dirt bag millionaire” * The important role values play for achieving financial independence (they matter way more than you think) * Chris's personal definition of financial independence * How the 25x Rule, Rule of 300 and 400, and 4% Rule can give you a rough benchmark [https://financialmentor.com/about-us/press-room/safe-withdrawal-rates-in-retirement] of how much money to aim for in retirement * The mistake that occurs when you get overly focused on retiring early * How to balance spending now versus saving for the future * What Chris did once he realized how unhappy he had become on this journey * How to avoid the insidious trap of “I'll be happy when I'm retired” * The benefits of continued work after financial independence * How to redefine what early retirement and financial independence mean, and why it matters * Abundance versus scarcity in early retirement * How Chris's plan reflects the “new retirement [https://financialmentor.com/podcast/life-reimagined/11121]“ * The surprising reason why most people pursuing financial independence will continue to work * Risk management for early retirement * The key to understanding mathematical expectancy * Why it's paramount to become your own financial expert, lest you get taken for a ride by your financial advisor [https://financialmentor.com/financial-advice/financial-expert/18286] * The danger of financial advisor fees. Chris was paying over $8,000 every year! * The tax consequences Chris and his wife faced for not doing their due diligence quickly enough * Why it might make sense to select a fee-only financial advisor [https://financialmentor.com/podcast/how-to-choose-a-financial-advisor/11434] instead of one paid via commissions * How the pursuit of financial independence changes your thinking at a fundamental level * Why learning to be happy and present is the key * The resources that were most helpful to Chris for investing without any prior knowledge * Other sources of income that Chris and his wife are looking into * Why Chris doesn't feel like he really paid a price to become financially free * How living in alignment with your values [https://financialmentor.com/wealth-building/financial-commitment/are-you-living-in-financial-integrity/4219] creates happiness * and much more…. RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE: Financial Mentor podcast - How Chris Mamula achieved financial independence in 5 years [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7] [https://financialmentor.com/25] * Step 3 – Wealth Planning Course [https://financialmentor.com/3] * Can I Retire Yet? [https://www.caniretireyet.com/]– Chris's blog * @caniretire_yet [https://twitter.com/caniretire_yet] – Follow Chris on Twitter * Early Retirement Extreme [http://earlyretirementextreme.com/] * Into the Wild [http://amzn.to/2FpJzre], by Jon Krakauer * Mr. Money Mustache [https://www.mrmoneymustache.com/]//Early Retirement Police Article [http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/] * The 4% Rule [http://amzn.to/2oiR4ca], by Todd Tresidder * Mad FIentist [https://www.madfientist.com/] * Variable Annuity Pros & Cons [http://amzn.to/2CDYhrt], by Todd Tresidder * How Wall Street Can Legally Rip You Off [https://financialmentor.com/investment-advice/investment-fraud-prevention/wall-street-scams/18174] – Article * The White Coat Investor [https://www.whitecoatinvestor.com/]//Investment Advisors Are Not Doctors Article [https://www.whitecoatinvestor.com/financial-advisors-arent-doctors/] * The Secret to Happiness and Why It Has Nothing to Do With Money [https://financialmentor.com/true-wealth/secret-to-happiness/13075] – article * Stock Series [http://jlcollinsnh.com/stock-series/] from JL Collins * The Simple Path to Wealth [http://amzn.to/2F2bmjs], by Jim Collins * Intelligent Asset Allocator [http://amzn.to/2CCG79I], by William Bernstein * All About Asset Allocation [http://amzn.to/2EYrPVX], by Rick Ferri * Recommended Reading [https://financialmentor.com/free-stuff/best-books/beginner-investing-books] – Beginner Investing * Coach Carson [https://www.coachcarson.com/] * (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!) Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast! [https://twitter.com/share?text=Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast!+&url=https://financialmentor.com/podcast/fire-case-study/21724]Click To Tweet [https://twitter.com/share?text=Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast!+&url=https://financialmentor.com/podcast/fire-case-study/21724]HELP OUT THE SHOW: Leaving a review and subscribing to the show on iTunes is the best way to support this show. I read every review, and your support helps the show rank so more people find us and benefit from the message. If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much! Click here to subscribe to the show on iTunes and leave a review… [https://itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Alternatively, this link below will help you subscribe and leave a review on your device… Click here to subscribe and leave a review from inside your iTunes account… [//itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] SEE MY RELATED BOOK… How Much Money Do I Need to Retire? [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7] [https://financialmentor.com/educational-products/ebooks/how-much-money-do-i-need-to-retire]Amazon [http://www.amazon.com/dp/B0093CPJ9S/?tag=financcom-20]Kobo [https://www.kobo.com/us/en/ebook/how-much-money-do-i-need-to-retire-uncommon-financial-planning-wisdom-for-a-stress-free-retirement]B&N [https://www.barnesandnoble.com/w/how-much-money-do-i-need-to-retire-todd-tresidder/1135752790?ean=2940163921843]iBooks [https://books.apple.com/us/book/how-much-money-do-i-need-to-retire-uncommon-financial/id1493541745] RETIRING SOON? PICK UP A COPY OF MY BOOK. The conventional approach used by experts to figure how much money you need to retire is fundamentally flawed. Worse yet, you won’t even know it until it’s too late. This book takes you behind the scientific façade of modern retirement planning to reveal simple, robust solutions that will help you retire sooner and with greater financial security.

FM 25 - FIRE Case Study with Chris Mamula [https://www.financialmentor.com/wp-content/uploads/FM-25-FIRE-Case-Study-with-Chris-Mamula.png]https://www.financialmentor.com/25 CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF CHRIS'S BEST TIPS FOR FIRE! Free Instant Access ---------------------------------------- I love sharing FIRE case studies to inspire you. They prove the dream really is achievable for normal people with no extraordinary financial skills. They also unmask the dream to show how the reality of financial independence and early retirement differ from your idealized vision. The truth is everyone hits potholes, makes mistakes [https://www.financialmentor.com/retirement-planning/mistakes/18212], and questions if it's worth all the hard work [https://www.financialmentor.com/retirement-planning/early-retirement/myth/5169]. Our guest, Chris Mamula, is no different. He candidly shares his FIRE story in this interview – warts, blemishes, and victories as well. Related: How to be a pro at growing your wealth [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan] Despite several costly errors he managed to achieve financial freedom in just 5 years. * Chris paid excessive fees to a financial advisor * He bought a variable annuity within a 401(k) * He felt “less than” when comparing himself to other FIRE success stories * But he got several critical factors right like keeping expenses low and saving a high percentage of his income, and that proved to be good enough. Financial freedom isn't about luck, brains, or a single great investment. It's about having a valid plan based on proven principles and taking sufficient action with enough persistence to reach the goal (exactly as taught in my Expectancy Wealth Planning course here [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan]). Anyone can do it, and these case studies prove it. I hope you enjoy the example Chris has shared. And if you got great value from Chris's story then please check out the other FIRE success case studies on this podcast [https://www.financialmentor.com/category/podcast]. IN THIS EPISODE YOU'LL DISCOVER: * What inspired Chris and his wife to become financially independent * Why Chris is so debt-adverse, and how it worked to his advantage * How Chris adopted the term “dirt bag millionaire” * The important role values play for achieving financial independence (they matter way more than you think) * Chris's personal definition of financial independence * How the 25x Rule, Rule of 300 and 400, and 4% Rule can give you a rough benchmark [https://www.financialmentor.com/about-us/press-room/safe-withdrawal-rates-in-retirement] of how much money to aim for in retirement * The mistake that occurs when you get overly focused on retiring early * How to balance spending now versus saving for the future * What Chris did once he realized how unhappy he had become on this journey * How to avoid the insidious trap of “I'll be happy when I'm retired” * The benefits of continued work after financial independence * How to redefine what early retirement and financial independence mean, and why it matters * Abundance versus scarcity in early retirement * How Chris's plan reflects the “new retirement [https://www.financialmentor.com/podcast/life-reimagined/11121]“ * The surprising reason why most people pursuing financial independence will continue to work * Risk management for early retirement * The key to understanding mathematical expectancy * Why it's paramount to become your own financial expert, lest you get taken for a ride by your financial advisor [https://www.financialmentor.com/financial-advice/financial-expert/18286] * The danger of financial advisor fees. Chris was paying over $8,000 every year! * The tax consequences Chris and his wife faced for not doing their due diligence quickly enough * Why it might make sense to select a fee-only financial advisor [https://www.financialmentor.com/podcast/how-to-choose-a-financial-advisor/11434] instead of one paid via commissions * How the pursuit of financial independence changes your thinking at a fundamental level * Why learning to be happy and present is the key * The resources that were most helpful to Chris for investing without any prior knowledge * Other sources of income that Chris and his wife are looking into * Why Chris doesn't feel like he really paid a price to become financially free * How living in alignment with your values [https://www.financialmentor.com/wealth-building/financial-commitment/are-you-living-in-financial-integrity/4219] creates happiness * and much more…. RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE: Financial Mentor podcast - How Chris Mamula achieved financial independence in 5 years [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7]https://www.financialmentor.com/25 * Step 3 – Wealth Planning Course [https://www.financialmentor.com/3] * Can I Retire Yet? [https://www.caniretireyet.com/] – Chris's blog * @caniretire_yet [https://twitter.com/caniretire_yet] – Follow Chris on Twitter * Early Retirement Extreme [http://earlyretirementextreme.com/] * Into the Wild [http://amzn.to/2FpJzre], by Jon Krakauer * Mr. Money Mustache [https://www.mrmoneymustache.com/] // Early Retirement Police Article [http://www.mrmoneymustache.com/2013/02/13/mr-money-mustache-vs-the-internet-retirement-police/] * The 4% Rule [http://amzn.to/2oiR4ca], by Todd Tresidder * Mad FIentist [https://www.madfientist.com/] * Variable Annuity Pros & Cons [http://amzn.to/2CDYhrt], by Todd Tresidder * How Wall Street Can Legally Rip You Off [https://www.financialmentor.com/investment-advice/investment-fraud-prevention/wall-street-scams/18174] – Article * The White Coat Investor [https://www.whitecoatinvestor.com/] // Investment Advisors Are Not Doctors Article [https://www.whitecoatinvestor.com/financial-advisors-arent-doctors/] * The Secret to Happiness and Why It Has Nothing to Do With Money [https://www.financialmentor.com/true-wealth/secret-to-happiness/13075] – article * Stock Series [http://jlcollinsnh.com/stock-series/] from JL Collins * The Simple Path to Wealth [http://amzn.to/2F2bmjs], by Jim Collins * Intelligent Asset Allocator [http://amzn.to/2CCG79I], by William Bernstein * All About Asset Allocation [http://amzn.to/2EYrPVX], by Rick Ferri * Recommended Reading [https://www.financialmentor.com/free-stuff/best-books/beginner-investing-books] – Beginner Investing * Coach Carson [https://www.coachcarson.com/] * (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!) Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast! [https://twitter.com/share?text=Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/fire-case-study/21724] Click To Tweet [https://twitter.com/share?text=Get amazing insights on the journey to financial independence from @caniretire_yet on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/fire-case-study/21724] HELP OUT THE SHOW: Leaving a review and subscribing to the show on iTunes is the best way to support this show. I read every review, and your support helps the show rank so more people find us and benefit from the message. If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much! Click here to subscribe to the show on iTunes and leave a review… [https://itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Alternatively, this link below will help you subscribe and leave a review on your device… Click here to subscribe and leave a review from inside your iTunes account… [//itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Retire With Confidence [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=newboxretirement] Anybody can learn to build a secure retirement -- and you don't need a financial advisor. My course, Expectancy Wealth Planning [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=newboxretirement], has been called "the best financial education on the internet" and provides all the knowledge you'll ever need to build the life -- and retirement -- of your dreams. Expectancy Wealth Planning [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7] https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=newboxretirement Learn More Now [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=newboxretirement] 5 Free Sample Lessons [https://members.financialmentor.com/sneak-peek-plan/4-11-financial-advisor-taking-75-retirement-928/ ]

FM 24 - Paying for college when the cost of college is ridiculous [https://financialmentor.com/wp-content/uploads/FM-24-How-to-pay-for-the-high-cost-of-college-when-you-dont-qualify-for-financial-aid.jpg] [https://financialmentor.com/24] CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF BRAD & JOCELYN'S BEST TIPS ON MAKING COLLEGE AFFORDABLE WHEN YOU DON'T QUALIFY FOR FINANCIAL AID! Free Instant Access The cost of college is ridiculous. You can give your child a top quality education or s/he can have a home free-and-clear plus retirement fully funded instead. That trade-off doesn't make any financial sense. Sure, I'm a huge fan of education. I believe in the importance of the college experience as a valuable launch-pad into adulthood, but the cost of college shouldn't be so outrageously high that you're literally making a decision between higher education versus a debt free home plus retirement security. That's outrageous. Adding insult to injury, college education is the only business that demands all your financial statements before deciding what they're going to charge you. Just imagine buying a car from a dealer who demands full disclosure of every detail of your net worth and personal finances including tax statements before deciding how much he should charge you for the car. Absurd? Yes! But that's exactly how the college business operates. Even worse, the system is rigged against most of my readers. For example, some quality schools are running $70K per year for all-in costs meaning $280K total if you child graduates in 4 years, and $350K if s/he takes 5 years. Even if you round that number down to $250K to be conservative that's still $500K total if you have 2 kids. That's a big nut to swallow for anyone, even if you're reasonably successful. Only the very wealthy can afford to be cavalier about such a large number, and only the very poor qualify for enough financial aid that they don't have to worry about how to pay for college. So the purpose of this podcast is to help you figure out how to afford the high cost of college when you don't qualify for need-based financial aid. It's a tremendously important subject because paying for college is one of the biggest financial issues you'll face – right up there with buying a home and funding retirement. Related: Why you need a wealth plan, not a financial plan. [/educational-products/seven-steps-to-seven-figures/wealth-plan] I invited two experts in back-to-back interviews that will share two different perspectives on how to pay for college. The goal of this podcast episode is to provide you with a complete education in college affordability for the affluent all in one podcast episode. My first guest is Brad Baldridge, a CFP specializing in helping middle and upper-middle class families afford college. My second guest is Jocelyn Paonita, who secured over $126,000 in scholarships to cover her tuition and graduate debt free. She will teach her complete system for getting enough scholarships to pay for college without ever borrowing a dime. IN THIS EPISODE YOU'LL DISCOVER: * The six different categories of schools and the financial advantages and disadvantages of each. * Why college is just a business, like any other, so you can properly assess the costs vs. benefits of different school offers. * How you can attend certain out-of-state schools at in-state tuition rates. * Why you have a better chance at scoring merit aid at a private school than a state school. * The critical difference between merit and need-based aid. * How your children can get free scholarship money even when they're not academic or athletic rockstars. * A behind-the-scenes peek at colleges marketing strategies so you don't fall for their tricks. * How the bottom 25% of an incoming class pays for the top 25%  of students. * The four dimensions of paying for college. * Brad's favorite strategies for reducing the burden of paying for college, including business and tax strategies. * How to figure out your Expected Family Contribution (EFC) * What you need to know about FAFSA and the CSS Profile. * Why you must complete the FAFSA and CSS Profile even if you think you'll never qualify for need-based aid. * How to use net price calculators that colleges must provide (and their downsides). * How to set expectations with your child so you're not footing an enormous bill. * The formula for how income versus assets are weighted in financial aid calculations. * How to negotiate with schools to lower tuition or obtain better aid packages. * Why it's important to begin this process sooner than later – as early as sophomore year in high school. * Jocelyn's entrepreneurial strategy to pursue scholarship revenue as an alternative to a job. * The exact system Jocelyn used to win half the scholarship applications she submitted. * What it means to get into a “money-making mindset” before applying for scholarships. * How to separate legitimate scholarships from all the scams. * How to use mathematical expectancy principles to pick the most lucrative scholarships. * The surprising reason you'll want to pursue smaller scholarships over the large ones. * The unfortunate truth of how college financial aid offices deal with merit and need-based scholarships. * How storytelling and structure are critically important to your college essays. * How to use events and accomplishments to ‘sell' a story in an application. * The 529 loophole every parents must know. * and much more…. RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE: Financial Mentor Podcast - How to pay for the high cost of college [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7] [https://financialmentor.com/24] * Step 3 – Wealth Planning Course [https://financialmentor.com/3] * Financial Aid Handbook [http://amzn.to/2gm0te0] by Stack & Vedvik * Brad's website – Taming the High Cost of College [http://www.tamingthehighcostofcollege.com/] * EFC Calculator [http://www.tamingthehighcostofcollege.com/expected-family-contribution-efc-calculator/] * Scholarship Guide for Busy Parents [http://www.tamingthehighcostofcollege.com/scholarships] * Brad's podcast [http://www.tamingthehighcostofcollege.com/category/podcast/] * College Navigator [https://nces.ed.gov/collegenavigator/] * FAFSA [https://fafsa.ed.gov/] * FAFSA4caster [https://fafsa.ed.gov/FAFSA/app/f4cForm?locale=EN_en] * Jocelyn's Scholarship Systems course [https://financialmentor.com/scholar] * (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!) Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast! [https://twitter.com/share?text=Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast!+&url=https://financialmentor.com/podcast/how-to-pay-for-college/21152]Click To Tweet [https://twitter.com/share?text=Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast!+&url=https://financialmentor.com/podcast/how-to-pay-for-college/21152]HELP OUT THE SHOW: Leaving a review and subscribing to the show on iTunes is the best way to support this show. I read every review, and your support helps the show rank so more people find us and benefit from the message. If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much! Click here to subscribe to the show on iTunes and leave a review… [https://itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Alternatively, this link below will help you subscribe and leave a review on your device… Click here to subscribe and leave a review from inside your iTunes account… [//itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] SEE MY RELATED BOOK… How Much Money Do I Need to Retire? 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FM 24 - Paying for college when the cost of college is ridiculous [https://www.financialmentor.com/wp-content/uploads/FM-24-How-to-pay-for-the-high-cost-of-college-when-you-dont-qualify-for-financial-aid.jpg]https://www.financialmentor.com/24 CLICK HERE TO DOWNLOAD THE TRANSCRIPT OF BRAD & JOCELYN'S BEST TIPS ON MAKING COLLEGE AFFORDABLE WHEN YOU DON'T QUALIFY FOR FINANCIAL AID! Free Instant Access ---------------------------------------- The cost of college is ridiculous. You can give your child a top quality education or s/he can have a home free-and-clear plus retirement fully funded instead. That trade-off doesn't make any financial sense. Sure, I'm a huge fan of education. I believe in the importance of the college experience as a valuable launch-pad into adulthood, but the cost of college shouldn't be so outrageously high that you're literally making a decision between higher education versus a debt free home plus retirement security. That's outrageous. Adding insult to injury, college education is the only business that demands all your financial statements before deciding what they're going to charge you. Just imagine buying a car from a dealer who demands full disclosure of every detail of your net worth and personal finances including tax statements before deciding how much he should charge you for the car. Absurd? Yes! But that's exactly how the college business operates. Even worse, the system is rigged against most of my readers. For example, some quality schools are running $70K per year for all-in costs meaning $280K total if you child graduates in 4 years, and $350K if s/he takes 5 years. Even if you round that number down to $250K to be conservative that's still $500K total if you have 2 kids. That's a big nut to swallow for anyone, even if you're reasonably successful. Only the very wealthy can afford to be cavalier about such a large number, and only the very poor qualify for enough financial aid that they don't have to worry about how to pay for college. So the purpose of this podcast is to help you figure out how to afford the high cost of college when you don't qualify for need-based financial aid. It's a tremendously important subject because paying for college is one of the biggest financial issues you'll face – right up there with buying a home and funding retirement. Related: Why you need a wealth plan, not a financial plan. [/educational-products/seven-steps-to-seven-figures/wealth-plan] I invited two experts in back-to-back interviews that will share two different perspectives on how to pay for college. The goal of this podcast episode is to provide you with a complete education in college affordability for the affluent all in one podcast episode. My first guest is Brad Baldridge, a CFP specializing in helping middle and upper-middle class families afford college. My second guest is Jocelyn Paonita, who secured over $126,000 in scholarships to cover her tuition and graduate debt free. She will teach her complete system for getting enough scholarships to pay for college without ever borrowing a dime. IN THIS EPISODE YOU'LL DISCOVER: * The six different categories of schools and the financial advantages and disadvantages of each. * Why college is just a business, like any other, so you can properly assess the costs vs. benefits of different school offers. * How you can attend certain out-of-state schools at in-state tuition rates. * Why you have a better chance at scoring merit aid at a private school than a state school. * The critical difference between merit and need-based aid. * How your children can get free scholarship money even when they're not academic or athletic rockstars. * A behind-the-scenes peek at colleges marketing strategies so you don't fall for their tricks. * How the bottom 25% of an incoming class pays for the top 25%  of students. * The four dimensions of paying for college. * Brad's favorite strategies for reducing the burden of paying for college, including business and tax strategies. * How to figure out your Expected Family Contribution (EFC) * What you need to know about FAFSA and the CSS Profile. * Why you must complete the FAFSA and CSS Profile even if you think you'll never qualify for need-based aid. * How to use net price calculators that colleges must provide (and their downsides). * How to set expectations with your child so you're not footing an enormous bill. * The formula for how income versus assets are weighted in financial aid calculations. * How to negotiate with schools to lower tuition or obtain better aid packages. * Why it's important to begin this process sooner than later – as early as sophomore year in high school. * Jocelyn's entrepreneurial strategy to pursue scholarship revenue as an alternative to a job. * The exact system Jocelyn used to win half the scholarship applications she submitted. * What it means to get into a “money-making mindset” before applying for scholarships. * How to separate legitimate scholarships from all the scams. * How to use mathematical expectancy principles to pick the most lucrative scholarships. * The surprising reason you'll want to pursue smaller scholarships over the large ones. * The unfortunate truth of how college financial aid offices deal with merit and need-based scholarships. * How storytelling and structure are critically important to your college essays. * How to use events and accomplishments to ‘sell' a story in an application. * The 529 loophole every parents must know. * and much more…. RESOURCES AND LINKS MENTIONED IN THIS SESSION INCLUDE: Financial Mentor Podcast - How to pay for the high cost of college [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7]https://www.financialmentor.com/24 * Step 3 – Wealth Planning Course [https://www.financialmentor.com/3] * Financial Aid Handbook [http://amzn.to/2gm0te0] by Stack & Vedvik * Brad's website – Taming the High Cost of College [http://www.tamingthehighcostofcollege.com/] * EFC Calculator [http://www.tamingthehighcostofcollege.com/expected-family-contribution-efc-calculator/] * Scholarship Guide for Busy Parents [http://www.tamingthehighcostofcollege.com/scholarships] * Brad's podcast [http://www.tamingthehighcostofcollege.com/category/podcast/] * College Navigator [https://nces.ed.gov/collegenavigator/] * FAFSA [https://fafsa.ed.gov/] * FAFSA4caster [https://fafsa.ed.gov/FAFSA/app/f4cForm?locale=EN_en] * Jocelyn's Scholarship Systems course [https://www.financialmentor.com/scholar] * (Please note: some of the links above are affiliate links so if you buy a course or book using these links I will receive a little compensation. Thank you for supporting this site!) Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast! [https://twitter.com/share?text=Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/how-to-pay-for-college/21152] Click To Tweet [https://twitter.com/share?text=Learn how to make college affordable when you don't qualify for financial aid on the @FinancialMentor Podcast!+&url=https://www.financialmentor.com/podcast/how-to-pay-for-college/21152] HELP OUT THE SHOW: Leaving a review and subscribing to the show on iTunes is the best way to support this show. I read every review, and your support helps the show rank so more people find us and benefit from the message. If you could spare a minute to leave a review on iTunes it would mean a lot to me. Thank you so much! Click here to subscribe to the show on iTunes and leave a review… [https://itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Alternatively, this link below will help you subscribe and leave a review on your device… Click here to subscribe and leave a review from inside your iTunes account… [//itunes.apple.com/us/podcast/the-financial-mentor-podcast/id716934852] Pyramid [data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7]https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve "DISCOVER THE COMPREHENSIVE WEALTH PLANNING PROCESS PROVEN THROUGH 20+ YEARS OF COACHING THAT WILL GIVE YOU COMPLETE CONFIDENCE IN YOUR FINANCIAL FUTURE" * Get a step-by-step action plan to achieve financial independence - completely personalized to you. * How to live for fulfilment now, while building wealth for the future. * No more procrastination. No more confusion. Just progress and clarity Expectancy Wealth Planning [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve] will show you how to create a financial roadmap for the rest of your life and give you all of the tools you need to follow it. Learn More... [https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan?utm_source=internal_ctas&utm_medium=in_post&utm_campaign=achieve]