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131: Finance 101 for Solopreneurs, with Andrew Fiebert

131: Finance 101 for Solopreneurs, with Andrew Fiebert

Released Wednesday, 2nd July 2014
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131: Finance 101 for Solopreneurs, with Andrew Fiebert

131: Finance 101 for Solopreneurs, with Andrew Fiebert

131: Finance 101 for Solopreneurs, with Andrew Fiebert

131: Finance 101 for Solopreneurs, with Andrew Fiebert

Wednesday, 2nd July 2014
Good episode? Give it some love!
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As solopreneurs we want the freedom to do what we want, when we want and with whomever we want. And money is the tool that gives us that freedom.So says Andrew Fiebert of the Money Matters podcast and he joins us for episode 131 to talk about how to be smart about our money and the basics of finance for solopreneurs.More About This ShowAs is so often the case, Andrew didn’t start out in his current industry. Back in 2008, he was working for an investment brokerage firm called Lehman Brothers. Some of you may know what happened to that firm, but for those of you, the firm made some bad investment decisions and eventually went out of business. Naturally, all of their employees lost their jobs and Andrew was one of them.Even though he was completely removed from the numbers/investment side of the company as a tech person, he was still impacted. He realized that unless he was personally in control of his income, his livelihood would always be at risk.He set out to educate himself and one day while ranting online about the lack of financial education in our society, he realized he could do something about the very thing he was ranting about and so his podcast was born.The finer details of this show include:What's the monetary amount proven to provide peak happiness?The difference between being rich and being wealthy.The myth of "passive income”, according to Andrew.To LLC or not LLC? He shares his personal strategy.What’s the 4% rule and why should you use it?And so very much more!Andrew’s financial interest seems to pre-date his time on Wall Street though. His father opted to go into the finance industry when Andrew was born and his parents lived quite frugally, even after they had a comfortable income.When his financial interest resurfaced after being released from Lehman Brothers, he began researching and finding useful tools like Mint.com and Betterment.com. In this show, he tells us why he uses each and what they do for his bottom line.We also discuss money-saving tips for you at home like dropping that expensive cable package and opting for things like Apple TV or Googlecast. You can also replace your light bulbs through your local energy company, many of whom will sell you energy-efficient bulbs at a steep discount.And what about car payments? Did you know the average American spends over $400 a month on their car payment alone? If you’re looking for a way to lower your overhead, that would be a good place to start.There are a few main points Andrew wants to get across to you in terms of your finances: you have to know where you are spending your money (Mint.com is perfect for this), how much you are investing (Betterment.com can help) and what your process & strategy are for getting that money out (this is where you apply the 4% rule).If you want to be well on your way to financial independence, Andrew and I have your back. This show gives you tips and techniques to take control of your money and better manage it, both of which are incredibly important to live the life of freedom you are aiming for!As an added bonus, Andrew gives us some really awesome schwag here!Visit our sponsors:SwiftlyFresh Books - Enter "Solopreneur" in the "How Did You Find Us" SectionResources from this episode:Andrew’s web siteAndrew on TwitterMint.comBettermentThe Sexy SixRahmit Sehti and Tim Ferriss on financesFidelity Cash Management AccountWorld Domination SummitWould You Help Spread the Word About the Podcast? I’d be forever grateful if you helped share the podcast.  Click here for a pre-populated tweet to help spread the word to your friends on Twitter.  THANK YOU!Feedback on the Podcast If you have any suggestions for upcoming shows or a question for an upcoming episode, leave a comment below. If you enjoyed this podcast, I’d be extremely grateful if you would take a second and leave me a review and rating over on iTunes.
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