PoFU Podcast

What good are strong finances without good health? Nathaniel Williams joins us in the studio for another episode where discuss the 3 pillars of health: sleep, nutrition, and exercise. We delve into the hypocrisy of modern medicine, a universal approach to nutrition (hint: eliminate processed foods!), and, possibly the most important ingredient to good health: sleep! A slight deviation from our normal personal finance content, we contend that money is useless if you're not healthy enough to enjoy it.

Special thanks to Mr Nathaniel Williams for joining us in the studio where we do a deep dive on his "Vacation House Hack", his family vacation home that also doubles as a VRBO. Merlin Hütte is a single family house in the foothills of Schuss Mountain, an all-season golf and ski resort in northern lower Michigan. With year-round amenities including golf, skiing, mountain biking, and lakes, Merlin Hütte has proven to be a good investment that also creates lasting memories for the family. Check it out on IG @merlinhutte

Not every investment goes according to plan!Yes, every worthy investment comes with a certain level of risk. Not every investment will be a home run. Not every investment will hit projections.We've sung the praises of real estate syndications time and again, but they aren't as foolproof as we thought! It didn't help that the COVID cascade - excessive "printing" of currency leading to excessive rates of inflation - caused the adjustable-rate mortgages (which are very common in commercial/multifamily financing) on many of our syndications to shoot through the roof. The absurd rise in rates wasn't predicted by anyone, and it bit us in the ass. Although property values and our associated capital has appreciated, cash flow distributions have not hit the mark.Now, we still believe the syndication model is a solid path to financial freedom. But with anything, proceed with caution and always do your due diligence. Tune in to hear our lessons learned!

Back by popular demand! Well, sort of.We've heard you, PoFU fans! It has been a while. Nearly a year since our last publication, we are back to let you know that we are alive and well. A very sincere apology to the fans we forced to wait that long. We have plenty of excuses, and none of them are any good. Bottom line, we prioritized different things over the past year but are back in the studio with renewed energy.We use episode 54 to recap many of the highlights in the financial world over the past 12 months. Its good to be back and we hope you're glad we're back! Enjoy!

Should you rent or buy? Our conclusion...well it depends. Current state of your market, your need to be mobile, your career path , there's a lot to consider. From a pure financial perspective, we are basically 50/50 on the net financial benefit of owning vs renting. When you rent, your monthly rent is the MOST you will pay that month. When you own, your mortgage payment is the LEAST you'll pay that month. While owning has all the benefits of appreciation, equity, and tax benefits, it also comes with a slew of additional expenses like property taxes, repairs/maintenance, renovations, etc. What's best for you ultimately comes down to where you are in life and what you value most.

Over the next 10 years, the number of individuals in the workforce ages 75+ is going to quadruple! It shouldn't come as a surprise considering the majority of Americans live paycheck-to-paycheck and live beyond their means. It brings us back to the famous Warren Buffet quote: "If you can't find a way to make money while you sleep, you will work until you die."Most people don't understand that saving/investing just $125/month from ages 22-65 at 10% interest yields $1M+. Well, what if you legitimately don't have $125/month? A relatively simple way to make a few extra hundred dollars a month is ARBITRAGE. Buy things at one price, sell them at a higher price. Garage sales, Dollar Stores, Facebook Marketplace, Craigslist, any number of places where you can buy things on the cheap and flip them on Amazon, Ebay, Wish, Etsy, etc. Some of our favorite arbitrag-ers include Gary Vaynerchuk and Ryan Pineda. All the secrets to arbitrage are online FOR FREE. All you need is a phone.

If you could go back in time, how would you advise your 20 year old self? Grant Cardone says don't drink, don't do drugs, don't chase women, and learn learn learn. Fantastic advice, but we at the PoFU Podcast sing a slightly different tune. 

Surround yourself with good people. And when it comes to finance, surround yourself with financially successful people. Ask questions, learn, exchange ideas, talk about money! In this episode Jeremiah shares a statistic that's not at all surprising: 84% of Americans stress about money at least once a week.  Easy to understand seeing that the majority of Americans live paycheck to paycheck and have weak financial bases.The remedy to financial stress is obviously a strong financial foundation, but you don't get there by ignoring the problem. By surrounding yourself with successful people that want to talk about money, leaning on their expertise, and asking questions, you're exposing yourself to the secret sauce.

PoFU fans...it's been a while! Summer hiatus is no excuse, but that's what we are going with for now. It felt good to be back in the studio!Don't let the episode title fool you, we didn't dive deep into the financial benefits of marriage. Why? To be frank, we couldn't find any! Of course there are benefits of bill and resource consolidation, but from a tax perspective we aren't aware of any major benefits when it comes to marriage. Is there a CPA or financial planner out there that would like to shed some light on this subject? If so, please email us at pofupodcast@gmail.com. 

The Dave Ramsey's of the world will tell you that credit cards are evil and debit cards are the only way to go. We could not disagree more! Like everything, there are pros and cons to each. We break it all down for you in episode 48.

A new bill has been passed in the state of Michigan requiring all students (starting with the 8th grade class in Fall 2023) to complete a personal finance class in order to graduate high school. How man times have we heard "I was taught the pythagorean theorem but I was never taught how to balance a checkbook"? In the state of Michigan, that's all about to change.Kudos to State Representative Diana Farrington for sponsoring the bill and her efforts to get it endorsed by the governor. This is a step in the right direction. In episode 47 we discuss the implications, question the curriculum, and even volunteer to teach this class!

Going into a new year we normally talk about goal setting. In episode 46 we have a different take on the subject: habit-setting instead of goal-setting. Habits are controllable and allow you to take "digestible" actions toward hitting a goal. In 2023 we are all about setting new habits!

PoFU Nation we are back! Surgeries, vacations, holidays, and of couse Jeremiah Time has kept us out of the studio, but we are back and ready to charge into 2023! This episode we discuss what worked and what didn't in 2022 and are excited to move the financial needle forward in 2023.

An integral part of the PoFU journey is dreaming big dreams. What would you do if you had all the money in the world? Would you buy stuff like houses, cars, and toys? Would you buy investments like stocks and real estate? Would you give some away to meaningful charities? A little dream session from time to time is a great exercise to help reinvigorate your PoFU goals, and what better time to do that when the Powerball jackpot is nearly $2 Billion!  We rarely play the lottery, but the entertainment value of chipping $10 into a pool with your buddies and dreaming some big dreams is money well spent.

This episode centers around the announcement of the recent student loan bailout and the $300 billion (or more??) bill handed out to the American taxpayers.  We start with a profanity-laced rant about how this is a colossal mistake, but we regroup and propose a solution that will not only revamp the entire student loan industry but will reduce the skyrocketing cost of college at the same time. Tune in to find out!

Arguably one of the largest investments some people will ever make, a college education is one that has seen diminished value over the past 10+ years. On the low end (public, in-state) the total cost of attendance for a degree averages about $125k nationwide. For private universities, that number soars to $270k!As corporate demand for college degrees has reduced, the supply of college graduates has increased, and coupling these factors with the soaring cost of college, this investment has become an ROI-negative proposition for many. In this episode we explore why the value of college has dropped what we think should be done about it.

We heard you, PoFU Listeners! We took a little recording break over the back half of the Summer but we are back with a new episode. Summer in Michigan is a special time and we chose to soak up all the Summer we could before getting back in the studio.Episode 41 is a State of the Union to bring everyone back up to speed on what's going down in PoFU-land. From a financial perspective, the stock market is down in recent months and the real estate market has cooled significantly. Our message to the listeners: Keep buying and stay the course. Stocks or real estate, over time the market always goes up, so in these times of a down market just look at it like everything is on sale and you're getting a better deal when you buy now.

One of the great conundrums of the PoFU journey is striking the balance between living for today and planning for tomorrow. The PoFU journey is long and arduous. After years of saving, investing, and growing streams of passive income we often find ourselves asking the question "what is all this for?"For some people, the PoFU journey itself is what excites them and keeps them focused on tomorrow. For others, the need to live for today and enjoy some fruits of their labor is ever-present...and that's ok! We struggle with this balance ourselves. After all, what good is all the planning and investing when the stark reality is that we might not make it to tomorrow barring some unforeseen tragedy. We dive deep into this subject in Episode 40. Spoiler alert...it boils down to happiness and sacrifice! 

**Warning! Sensitive real estate agents, proceed with caution!**We love real estate agents. We really do. We have several friends who are real estate agents and we wish them nothing but success and hefty paydays. Real estate agents are a vital component to real estate transactions. However, the consensus at the PoFU Podcast is that for a large portion of transactions, real estate agents (especially LISTING agents) are grossly overpaid.We offer a scenario: When a $500k house is sold with 6% agent commissions, that costs the seller $30k in commissions. When a $600k house is sold with 6% commissions, it costs the seller $36k in commissions.  What is the seller getting for the extra $6k in costs? The agent is not spending extra time on the $600k house, they aren't hosting more open houses, they aren't spending more on better pictures, they aren't spending more on marketing efforts. So what is the seller getting for the extra $6k? The answer is NOTHING. Let's not forget that the cost of selling the house is as much as a new car!Most people don't know that real estate agent commissions are negotiable. We encourage all sellers to make sure they are getting the value they deserve out of the commissions they pay. All this discussion and more in Episode 39!

Addressing 2 listener questions in Episode 38:Should I use a HELOC for a home improvement project? While every situation is different, the basis for our answer is to determine whether your home improvement project is a NEED or a WANT? If you have a repair that needs immediate attention (roof leak, failed mechanicals, foundation issue, etc) and you don't have the cash handy, then YES you should use your HELOC to address that issue. Or if you have a dire NEED for extra space to accommodate children, roommates, family then go for it. However, if you simply WANT and updated kitchen or WANT to update your landscaping, then we would not advise using a HELOC.Should I refi my mortgage at a higher interest rate if it eliminates my PMI? Quick refresher, most situations a homeowner needs to have 20% equity (house value minus mortgage balance = equity) to eliminate PMI. Many homeowners that bought houses even a year ago with more than 80%+ LTV have seen their home values increase and in many cases their equity has increased due to higher home sales in their neighborhood. A year ago interest rates were in the 3% range but today we are in the 5% range. The answer to this question boils down to the math and your old payment to new and also consider the total interest cost by refinancing at a higher interest rate. That said, you might not need to refi at all. Call your bank, explain your situation, and a simple appraisal might be all you need. Keep the questions coming and thanks for listening!

Back from a short, Summer-induced podcast break, we are back in a fresh new studio for Episode 37!This episode centers around another of Jeremiah's famous "articles" that brings us a valuable lesson. Imagine this: over the past 40 years our country has experienced 6 recessions, 5 bear markets, 41 Fed rate hikes, 2 market crashes of 50%+, 12 wars, the Dot-Com Bubble, Black Monday, the Financial Crisis, a global pandemic, and now inflation over 8%. Lots of bad stuff, right? But guess what? Had you invested $500/mo every month during this same time frame you'd be sitting on $3.5M today. What's the message? STAY THE COURSE. KEEP INVESTING. STAY CONSISTENT. Lots of bad things will happen in the financial market, but over the course of time you will win!

The last in our 3-part series with special guest Brendan O'Driscoll from Treadstone. Brendan talks about the cost of waiting to buy a house relative to the recent rate hikes, we share some unfiltered feelings about Zillow and Rocket Mortgage, and we do our worst Jack Nickolson impressions from A Few Good Men. Enjoy!

The 2nd installment of our 3-part series with special guest, Brendan O'Driscoll. The co-founder of Treadstone Mortgage, Brendan talks about the power of giving and how success should not be defined by the amount of money you have, rather the amount of money you give. A tremendous lesson along this PoFU journey...happiness and self-fulfillment is the key. While money can buy you freedom and time, money has no value if you are miserable. Brendan and his amazing wife, Christine, have chosen to do great things with their money including support for Guiding Light Mission (www.guidinglightworks.org), Family Promise of Grand Rapids (www.familypromise.org), and substantial investments in The New Growth Project (www.newgrowthproject.org). Please consider supporting these causes or find something within your own community and contribute!

Owner and founder of Treadstone Mortgage, Brendan O'Driscoll, joins us for episode 34! Brendan has built a successful business out of the ruins of the sub-prime market in the late 90's. A phenomenal boss and an amazing philanthropist, Brendan talks about building a business with integrity and taking care of his people in ways every great boss should. It was an honor to have him join us in the studio.Follow Brendan at @OD_on_Mortgages or @treadstonemortgage

Don't let the opening dialogue fool you, we are not anti-billionaire! President Biden recently announced a proposal within the 2023 budget called the "Billionaire Minimum Income Tax." This proposal, if approved, would impose a 20% minimum tax rate on all households worth more than $100 million. Arguably the most controversial aspect of the proposal is the taxing of unrealized capital gains.  In this episode we give our very frank (and political!) opinions on this proposal and potential pitfalls. We'd love to hear your thoughts on the subject as well!

Should personal finance be taught in schools? We at the PoFU Podcast say YES! Florida recently mandated personal finance education in schools. The particulars (curriculum, subjects, etc) aren't exactly clear so we offered the subjects that we think most important to today's kids. Budgeting, credit, debt, investing, etc we feel are the core of personal finance knowledge. What personal finance topics did you learn in school? If your school was like mine, the answer is none! Let us know what subjects you wish you were taught and the ones you'd like to see taught to your kids!PS - Another subject we remembered after recording had ended was TAXES - definitely needs to be added to the list. 

It's tax season! Episode 31 we discuss the various ways the wealthy legally work the system to minimize their tax burden. Spoiler alert...you have to own ASSETS. Stocks, real estate, businesses. Depreciation, capital gains, & use of debt are the hot topics for this episode.

One of the hottest topics in the finance world these days is INFLATION. Recent report showed inflation in the US has hit 40-year highs of 7.5%. What is inflation? Who is and what is impacted? How do you hedge against inflation? We tackle all those questions and more in episode 30.Special announcement! PoFU t-shirts have arrived! Send us a message or engage with us on our social media platforms (Facebook, Instagram, Twitter: @pofupodcast) and you might have a t-shirt coming your way! 

This episode centers around the idea that we all have to get started somewhere. Jeremiah tells the story of a recent lunch with 2 cash-heavy professionals (we may have referred to them as "cash-holes"!) who had an interest in timing the market. We also clarified the messaging in Episode 27 about the need to be an accredited investor to invest in syndications. In short, you can still invest in syndications if you are not accredited and have a pre-established relationship with the syndicator. That said, if you're not accredited, let's rip the bandaid off and get you on the path to being accredited!

Special thanks to Jeremy at @personalfinanceclub for providing the inspiration for episode 28, The 7 Sins of Investing. This episode focuses on what not to do in the world of stock market investing. Be sure to follow @personalfinanceclub on IG. Thanks for listening!

We promised a deep-dive into syndications several episodes ago, and in Episode 27 we finally deliver. Syndication investing has become the medium of choice for both Ben and Jeremy. With all the benefits of real estate ownership (cash flow, appreciation, tax benefits, etc) but none of the headaches (property management, accounting, etc) syndication investing is the closest thing we've found to true hands-off mailbox money. Tune into hear our breakdown, what they are, how to find them, and everything in between.Special shout out to all the new listeners who joined our community in the past few weeks! Your patronage means the world to us! As always, reach out to us via IG @pofupodcast or email pofupodcast@gmail.com

Every year should start with a goal-setting exercise. Our areas of focus are personal, professional, and financial goals for 2022. Looking forward to a great year and tackling these goals!

Special guest David Williams joins Ben and Jeremiah at Studio 1164 for episode 25. A former collegiate national champion and professional cyclist, David shares with us the successes, struggles, and mental fortitude it takes to make it on the pro tour. This conversation deviates from our normal financial subjects but offers tips that can be useful in any endeavor. Whether it be athletics, career, or financial planning, mental toughness is a key with any great challenge.  Big thank you to David @d_rwill for a great contribution to the podcast!

Celebrating the 1 year anniversary of the PoFU Podcast, Ben & Jeremiah put a bow on 2021 and review their wins and losses from the year, financial and otherwise. Thanks to all the listeners for a great first year!

In this episode we share some good news stemming from episode 20, we dive a little deeper into some short term rental feedback from loyal listener Bryan Kuyper, and we share details on our recent business + pleasure trip to San Diego where we rode our bikes like all over SoCal and also spent some quality time with our business partners and real estate gurus, Equity Street Capital.

This episode is a follow-up to episode 21 where we broke down the evaluation of long term rental properties. Episode 22 we dive into short term rentals, a discussion inspired by our good friend Nathanial Williams and write-in fan/follower, Bryan Kuyper. Short term rentals can have a larger upside on paper, but also tend to require more hands on management. Reviews, amenities, attractions, and seasonality are just a few of the topics covered. 

After settling a bet made in a previous episode, we jump right into the bread and butter of our real estate investing journey: evaluating and purchasing rental properties.  The discussion gets granular into each data point that must be considered when vetting rentals and how to apply a formula to your decision making process.

You're. Gonna. Die. The 3 most motivating words anyone will ever hear. Inspiration from one of my favorite personalities @garyvee (video link below). If those words aren't enough to motivate you to get you financial affairs in order, we can't help you. This episode is a staunch reminder that tomorrow is not guaranteed for any of us, so now is the time to get your plan together and take action. Accelerate your financial timeline so you can spend the rest of your life doing what YOU want to do!You're Gonna Die - Gary Vee

In this episode we revisit an old topic of leverage but put more focus on accountability and eliminating excuses. Look in the mirror...and realize you are the only one holding you back!

Pay your self first! We've all heard people make excuses that they don't have money to invest, yet we frequently see these same people out to dinner, with a Starbucks in their hand, wearing the newest clothes, etc. In episode 18 we delve into the concept of reversing typical spending habits. Most people get their paycheck, pay their bills, and spend on expenses. Whatever might be left over at the end of the month - if anything - is what's used for investment. The "pay yourself first" mentality (inspired by Robert Kiyosaki in his book Rich Dad Poor Dad) means you first allocate $$ toward investing and whatever is left over is what you have to budget for bills and expenses. This ensures consistent investment over time and capitalizes on the 8th wonder of the world - compound interest!This episode also treats our listeners to the origin story of Ben and Jeremy's friendship and a bike ride that got everything started. Enjoy!

In this episode we revisit our foundational PoFU credo and and discuss the most common question from many financial planners, "What's your number?" We debate the pros and cons of a cash flow retirement model vs a stock portfolio model (and the 4% rule). 

Inspired by a recent episode of the @therobbaileyshow, Ben pings Jeremy with some thought-provoking questions. Some personal finance mixed in with general life questions, we give thanks to @killrobbailey and @rastarunner_ for influencing the agenda. Also special shout-out to our guy @jdiekema for living his best life out in Colorado.

This episode's discussion covers the current state of our syndication investment portfolios, investment targets, and future plans within this space. We also discuss current state of the market and our thoughts on where markets are headed in the coming years.

In this follow-up and to Episode 13, we welcome back our good friend and Eclipse on Tap host, Matt Deighton, to wrap up our conversation about crypto and blockchain technology. We ping Matt with all sorts of technical questions, talk about the applications of these technologies, and get Matt's "hot take" on the future of crypto.*Disclaimer: The PoFU Podcast seeks to perpetuate discussions of long term wealth-building and financial independence. While we do not recommend crypto as a path to long-term wealth, we felt it would benefit our audience to get some education on the technology. After all, knowledge is power!

In this episode we welcome back our good friend and Eclipse on Tap host, Matt Deighton, aka The Duke! Matt shares with us his extensive knowledge on crypto, the blockchain, and everything in between.  Crypto is a hot topic and an incredibly interesting (and brain-twisting!) technology, so we brought Matt on to help us better understand. Be sure to check out episode 14 in the coming weeks for the 2nd half of our crypto discussion.*Disclaimer: The PoFU Podcast seeks to perpetuate discussions of long term wealth-building and financial independence. While we do not recommend crypto as a path to long-term wealth, we felt it would benefit our audience to get some education on the technology. After all, knowledge is power!

Part 3 of 3: In this episode we wrap up our roundtable chat with the hosts of the Eclipse on Tap Podcast.  Matt Deighton, David Williams, and Nathan Williams join us in the studio to talk about long term financial goals.

We continue the conversation from episode 10 with the hosts of the Eclipse on Tap Podcast. Matt Deighton, David Williams, and Nathan Williams join us in the studio to discuss all things PoFU. The subject of loyalty in corporate America and defining your true team is prevalent in this episode.

The celebration of our 10th episode features our good friends from the Eclipse on Tap Podcast. Matt Deighton, David Williams, and Nathan Williams join us in the studio for discussions on their definition of the PoFU and their personal financial goals.  

In this episode we break down some write-in questions from one of our listeners about car leasing and 529 college savings plans. 

In this episode we cover an array of topics. After and handful of housekeeping items we introduce our first sponsor, Brendan O'Driscoll and Treadstone Funding. We reiterate our stance on the Stock Market "casino" and, lastly, dive into a story from Ben's personal experience that leads into discussion of entitlement, accountability,  and ownership. 

In this episode of the PoFU Podcast, Jeremiah presents yet another valuable case study brought to us by one of our loyal listeners.  We discuss the concept of house hacking where purchasing a multi-unit investment property and living in one of the units affords the opportunity to greatly reduce your housing costs, in some cases bringing your housing costs down to zero! This reduction in living expenses frees up cash to invest...or roll into another house hack, and another one, and another one...