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Download the Ralphs app now to save big on your next purchase. Ralphs, fresh for everyone. Must have a digital account to redeem offers? Restrictions may apply. See site for details. Welcome to Radical Personal Finance. Today it's Friday, and today of course that means live Q&A. Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now, while building a plan for financial freedom in 10 years or less.

My name is Joshua, I am your host, and today on the show we've got live Q&A. We've got our phone lines open here with, looks like, one, two, three, four, five callers. So let's go. Let's get to it. I love these Friday shows. First time recording live and broadcasting live on Facebook simultaneously.

If you would ever like to join me for one of these live shows in the future, the call-in line is available to patrons of the show. If you'd like to sign up to support the show, you can do that on patreon.com/radicalpersonalfinance. patreon.com/radicalpersonalfinance, and that's where you can find all that information.

But today we begin, let's see if I can make this work, everything work. We begin on the phone with, looks like, Lisa. Lisa, welcome to Radical Personal Finance. How are you? I am good. Thank you, Joshua. How are you? I am very well. How can I serve today, Lisa?

I thought I was too, but I will go. So I've called in before and you were very helpful. Thank you. I enjoy your show. But with the volatility in the markets and with the COVID and everything else, previously I was looking into total stock index funds, but once again, I just saw a movie, The Big Short, and with all the volatility and the corruption and the recent pandemic, are total stock index funds even a safe bet these days?

And if not, what is your recommendation? And I know that you don't hold that license anymore, but I value your opinion. And so I'm just wondering, in light with everything else that's going on, I know it's a good time to buy. However, the fact is they are. What is your opinion on that?

Depends on what you mean by safe bet. There are a lot of ways to do that. When you think about risk in general and specifically what risk, there's so many different kinds of risks that you have to define what you mean by safe bet. So tell me specifically, what are your concerns about the stock market?

What are you specifically concerned about? Well, for instance, I would only invest in something like a total stock index fund, like a VTI or something. But after seeing, once again, I'm not a weirdo, but I did watch again, Snowden and The Big Short and things like that. And it does bring light to the fact that we don't know really what's going on and buying into the stock market is like a crapshoot.

That's why total stock index funds, in my opinion, are the best. And I also purchase, I buy green funds as well. But before I put money out there for VTI or anything else, whether it's Vanguard or other total stock index funds, I was just wondering what your opinion is on those because I guess my fears are stock market is basically the prices are, they're not real.

I mean, they're real, but they're not. And I know you know what I mean by that. And so a total stock index fund, yes, it's less volatile because you get the best of the best, however, it's still the stock market. So the other options are, you know, people say Bitcoin.

Well, you and I both know that's not going to happen. And gold and silver, you know, okay. But what other options are as safe, and I'm doing hand quotes in that, as a total stock index fund, meaning semi-conservative. - Well, so let me give you some ideas to think about and kind of just to talk through how I think about the subject.

So first of all, there are tons of investment options available. Just yesterday, somebody offered me and asked me if I wanted to invest $625,000 in a short-term loan for a company that had sold millions and millions of dollars of face masks, millions of face masks to a government, and basically we could pick the terms.

And so, you know, I didn't do the deal, but that's the kind of thing that really is available. Like, there are tons of options available for you in the marketplace if you're willing to, I guess, think creatively is a big thing. If you're willing to think creatively and consider what you'd like to invest in and then start talking with people about the different ideas that are available and the different things that can be done, there are tons and tons of investments available.

Can you buy gold and silver? Sure. Can you buy Bitcoin? Sure. But those are by far from the only worthwhile investments. Now, let's begin with the risks of the stock market. Whenever you're working on and talking about risks, you have to identify what risks are we dealing with because there is nothing in life that is without risk.

The stock market is filled with risk, but in some ways it's a lot safer with regard to risk than many other things. So, when you're talking about a widespread passive investment, like an index fund, like a total stock market index fund, what that represents, your shares of that mutual fund, what that represents is it represents thousands and thousands of companies.

Thousands and thousands of companies. And those companies have active businesses that are profitable. Those companies have facilities and land that is all around the world. So, it's globally diversified. They have customers, they have brand equity, their customers like them. Whether it's everything from Coca-Cola that I drink Coca-Cola or I drink Pepsi or I use Thai detergent or I use Apple computers or I use Windows or whatever, the customers love them.

The customers use their products every day. And then by virtue of having an active business, they can adjust to the current environment. If they're running out of money, they can build new products. If they are going unprofitable, they can fire employees, they can lay off staff, they can do whatever they need to do to start to build profits.

And so, if you try to get me to believe that investing in the stock market is risky, I have a very hard time believing that. Now, what are the risks in the stock market? Well, the risk of the stock market is it's highly volatile. And I prefer to use the word volatility rather than risk because it's a specific form of volatility.

The market is clearly incredibly volatile. Clearly, it goes up, it goes down. And it goes up and down with practically no idea from us of what it is on any particular day. And it's hard sometimes to figure out how to know what's even going on. I do not understand at this point in time, I do not understand the stock market.

And I'm one who should understand it. I'm one who should understand why it's doing what it's doing, but it's not. Because basically, what you see when you look at market volatility, you see the expression of millions of people's individual decisions to buy, to sell, to you know, just, and it's hard to put all that together.

So, the market is very volatile. Now, it does face significant risks. So, let's say that you did have a scenario where you were convinced that the market was going to, that overall, the economic situation was going to be really low, that things were, everything was going to be stuck, how it is that companies are not going to have any profits, that the economy is going to be in recession for many, many years, where you would expect then the stock market to be pretty low in terms of its overall performance.

You would expect that it wouldn't perform. I'm going a little bit in circles, partly because it's a hard question, and partly because I'm broadcasting live at the moment, answering your question, trying to make an intelligent job of it, and then simultaneously handling multiple camera feeds, which is an interesting experience.

No, no, it's not nothing about you. I'm just acknowledging out loud to the audience that's watching on Facebook and on YouTube and whatnot, that this is a new thing for me. I've got to build, you know, yesterday's show was all about the fact that I got to build these new skills, and one of it is, and that's what I'm doing.

The point is that volatility is not the same as risk. So if you believe fundamentally in the promise of index funds, if you believe fundamentally in the promise of the US economy, if you believe fundamentally in those things, then you should invest and you should ignore the volatility. Now, that said, I'm going to do a show pretty soon on basically why I don't miss the stock market.

And I will tell you this, that I have not missed. I sold out of the stock market a number of years ago, not out of a market timing or a prediction, but just out of frustration, annoyance, and offense at the general kind of stock market, the way that things are done.

And I have not missed sitting on the sideline. I have not missed the volatility. I have enjoyed sitting back and just having stable money right now. And I'll try to articulate that in a future show where I'll say that for me personally, I think I'll probably own some stocks in the future, but it's hard for me to imagine ever going back into the market generally.

What I have to admit and concede is what the market itself is really good at is the market is really, really good at giving you the ability to invest passively. And because the market is so efficient, as long as you can deal with the volatility, the US stock market is in some ways relatively low risk.

For example, the risk of your being defrauded in the US stock market is relatively low. If I'd taken that deal that a friend of mine offered me yesterday to invest $625,000 in short-term loans to a company that was trying to do a deal with a national government, they'd already sold the contract.

They just needed some bridge financing. If I had taken that deal, there's a very real possibility that that kind of deal could have resulted in my facing significant, I could have been defrauded. Because I don't know these guys. I don't know what's going on. Whereas when you're dealing with a big publicly traded company, it's a very different risk proposition.

Go ahead. But the government is, as you know, is not honest either. We all know that. I just heard that somebody else tried to sell a bunch of masks and they were sold. And then I think Trump put the kibosh on it. So I mean, I'm sure that you saw that and you were hesitant.

But anything with the word government in it, I'm hesitant on. But that's why when I say total stock index funds, even that earnings can be adjusted or depending on owners and companies, I don't really trust anything. I'm a little bit like you in that camp. But if I was going to do something, that's why I thought the total stock index fund is better than betting on certain stocks in individual just because, yeah, you know what I'm talking about.

Yeah. And I'm not trying to tear that strategy apart. And that's why it's so hard, because we're trying to have about a five minute conversation or at this point in a 10 minute conversation on something that is really complex. What I just point out to you is that, yes, an index fund, a broad stock market index fund is going to be far safer than investing in individual stocks because your wipe out risk of any one company going bankrupt is extremely low.

But by that regard, it's far safer. What I will say this is this. Since I don't sell stocks anymore, I used to sell stocks and I used to have thus a financial incentive to talk up the stock market. I still believe there's value in the stock market, but I'm not nearly as persuaded of the value for individuals as I was when I sold stocks professionally.

Are they useful? Yes. My family members own stocks. I'm not trying to get my parents to sell their stocks. I'm not trying. I'm not on a crusade to get people to sell their stocks. But I am willing to say at this point for people who have an interest and who are willing to study and are willing to think and willing to work that there are probably other options available that are better.

I've been working for the last few years on trying to figure those options out. I still haven't solved it perfectly, but I'm working on it. And so if you'll stay tuned to the show in the coming years, in the coming months, I'll try to keep on giving you some ideas that will help you to figure out how to make better decisions and how to provide options that are going to be more profitable, but satisfy that risk, that concern that you have.

What I'll tell you is that if you are concerned, you should probably wait until you're really sold. I think that people get into the stock market far faster than they should, and they get out far slower than they should. We go to Drew in Missouri. Drew, welcome to the show.

How can I serve you today, sir? Hey, Joshua. I've got a mix of a couple of your favorite topics today. Okay, let's go. Postmasters and confidence. Okay. So I've committed myself to, I've been to about 10 postmaster meetings now. I just, yesterday after your Facebook, I signed up for the role of a speaking role.

I guess it's the icebreaker speech and the pathways. But I'm just really almost kind of sick to my stomach. I'm actually much more nervous than my a hundred percent stock portfolio about speaking on Monday night. Did I, right? Is it hard to that sounds? Well, they actually say that a lot of people are more scared of public speaking than they are of death.

I haven't, I haven't fact checked that statistic in a while, but if you're sick to your stomach, you should know that's normal. And I'll tell you that it doesn't, it, it, it, that'll never go away. Right now, as I mentioned on yesterday's show right now, I am live streaming the show on Facebook and live streaming and creating video content.

And it makes me, I've, I've, I don't get very nervous when I'm speaking in front of a crowd these days, cause I've done a lot of it. I don't get nervous anymore speaking with a, in a, on the podcast just because I've done it for so long. So I don't actually get nervous in that, but I'm nervous as anything right now.

When I went to hit, hit go live and I'm saying, okay, I got to perform in front of an audience. Um, that's all over the world where they can see me. I'm going to lose that, that mystique, that, that mystique of it just being my voice. They can see my, my DIY haircut.

I cut my hair myself. They can see my big beard. That's not cool yet, but it's still bushy. Like it's, I got sick to my stomach, um, just before the show, um, right now, as I'm talking to you, I'm nervous. Um, my hands are shaking. My, my, my blood grows a little bit cold.

And so that, but the point is that none of that matters. Um, because those are just emotions that I'm experiencing. Those are just physical reactions. And as I do it more and more, uh, I will go through that phase. And so if you're going for your first speech at Toastmasters, what you need to know is that every single person at Toastmasters has been through that same experience.

Every single one of them, um, you know, had their knees knocking. And so the, the point of Toastmasters is to provide you with a friendly environment is to provide you with, uh, people who are going to support you, who are going to listen to you and you will find no more friendly environment.

So even if you completely flub the entire thing, even if you put yourself in a situation where you, you, you freeze on the spot and you can't, um, you know, you can't do anything. They're going to say that's all right. Try again next time. And so you're in good company.

What will happen is by the end, by the time you get to that 10th speech in your competent communicator workbook, when you get to that 10th speech, um, you'll still be nervous. There'll still be butterflies, but it won't be as paralyzing as it is right now. What you've got to commit to is no matter what, no matter how I feel, I'm going to do it.

Um, and then that, that habit of doing something that invokes just tremendous fear in you will revolutionize your life over time. Awesome. That's funny to hear. Um, uh, one last thing. I'm also signed up to the word master role. Uh, I'll talk to your head. Do you have any words that you'd want to represent Monday?

Oh, you mean you're going to, um, you're going to talk, you're going to bring the word of the day. Is that the key? Yes, exactly. Okay. So you need a word of the day. Is that, is that what you're asking? Yes. All right. Um, let's go with sanctimonious, sanctimonious.

Um, there's your word of the day because I think it, it, it, um, uh, it applies in today's world. If we look up the definition of sanctimonious, I'm not sure if you're, uh, uh, familiar, but if we look up, um, sanctimonious, are you, do you know the word? Uh, no, but I'll be sure.

So sanctimonious means behaving with sanctimony. That doesn't, um, that doesn't mean anything, but hypocritically pious or devout is the definition that pops up for me when I do a quick look, hypocritically pious or devout. And so when somebody, um, is just so kind of saccharine sweet, when somebody is so, um, hardcore in the fact that they're, um, you know, that they're, uh, Oh, well, they're just perfect, right?

They don't have anything to, to applaud for. And I, I view that right now, when I look at all the debates, especially the political debates and whatnot, it's a useful word in today's word. So there's your word of the day. Sanctimonious. I'll follow up with you on Facebook. Yeah, that'd be great.

Go for it. All right. We move now to Lucas in New Jersey, Lucas, welcome to the show. How can I serve you today? Hey, Joshua. Uh, I called him last week or two weeks ago, whatever the last one was, uh, about, uh, starting a childhood, uh, development school or, uh, Montessori school.

And you had recommended that I go and look up, uh, Nick Kozel's manual, which I downloaded it. Um, uh, I went to Gary Norse website and you suggested and bought a copy. Uh, it's very long. So I got through probably the first 20 pages and, uh, spurred my interest.

Um, but you would ask that I call back and we could talk a little bit more about the subject. So that's what I'm calling for today. Yeah. So, um, I'll tell you kind of, let's start with, uh, I'll give you some ideas that I've thought about, and this has been one of my genuine, um, backup plans that I've thought about as far as an interesting business that I would enjoy doing that I would think has real meaning.

And that would be really, um, up my alley, uh, for me just as an individual. Um, the reason it's up my alley is because it combines profit, um, you know, potentially massive profit, um, with impact. Um, you know, when you think about the role of a teacher and you think about the, the ability that a teacher has to, to influence students, um, I mean, is there anything better?

Is there anything more? And when I think about it, the re the way that I think about it is I start with even just like my thought as a father, right? I consider my work as a father to be my most valuable work. Um, I consider that to be probably the biggest part of my legacy.

I'm optimistic that I'll be able to impact my friends. I'm optimistic. I'll be able to impact my family. I'm optimistic that I'll be able to impact your life as a listener positively in this context, but at the end of the day, the people that I'm going to have the most impact with are my children.

And because I can impact them at such a young age, I can chart the course of their life. And if you think about that, that's why teachers are so important, which is why the choice of a teacher is so fundamentally important. One of the, the major issues that I have personally with government schooling is that you don't get a chance to choose your teachers in a government school.

You are basically accidentally pushed into a place based purely on your geography. So you can choose what house you live in, what zip code you live in. Um, but if you, at the end of the day, you don't choose that teacher. You don't get to choose what that teacher stands for.

You don't get to choose, um, the worldview of that teacher. You don't get to choose the education level, that teacher, you don't get to choose that. So if you want a little bit of freedom and a little bit control of your children, you have to move out of that system where it's forced upon you based upon where you ha you happen to live.

And you have to move into a system and move into an environment where you can choose. And that's where private schools come in. So you can be private schools that could be home education. Those are fine. Um, I'm, I'm purely in public anyway. I'm purely an anti-government school person.

Um, I'm pro any other solution that parents want to choose because they'll choose it intentionally. And so when you're choosing teachers for your children, you get to choose the philosophy of education that you, um, are interested in. You get to choose the, um, belief system of the people. Like, I think it's crazy why any Christian would send their child to a government school.

I think it's crazy why any Muslim would send their child to a government school or why any Jew would send their child to a government school. Like you have this officially, um, secular system that is going to do nothing but work to undermine the religious beliefs that you have as a family.

And you're going to send your child to that school and expect them to come out a good Muslim. Like, you're going to spend your child to that school and expect them to come out a, a faithful Orthodox Jew. Like it's crazy. And so, um, you can work in that environment and you, if you'll recruit other teachers that you're the one who chooses, then it's, then it opens up the doors to you.

So now what about you as somebody who's seeking to, um, to market something in that space? Well, I'm going to assume that you have some ideas that you care about. You have a philosophy, a religion, a worldview, um, an educational, you know, uh, what do they call it? Just, uh, uh, like a system of, of, of development that you care about.

And you think this is really going to work. This is going to work really well. And so the, you're going to say, um, how can I, um, how can I inculcate the Montessori educational philosophy? How can I help my child to explore the world around them? How can I help the child to learn in this, this very, uh, you know, simple way.

That's, that's the kind of philosophy that you have the chance to promote. And maybe that's super, super influential on a child. So like the educational philosophy that we have found to be the most inspiring as a family is the educational philosophy of Charlotte Mason. Like we're really, I love Charlotte Mason's philosophy and we do kind of a quasi hybrid Charlotte Mason approach with our, with our children, but you can market a philosophy and you can adjust your children.

Um, the classical schools do this really, really well. You can have an opportunity to, um, help the classical school in the classical tradition. You can have an opportunity to say, listen, we're going to, to inculcate this, um, uh, trivium into your child. And it's going to have all these benefits and you can market that really effectively.

So, um, daycare, I think provides you with a really easy way into that. And if you follow an approach like Kozel writes about in his manual, where you, and basically for the uninitiated, the basic idea is that you go to churches, you, um, ask those churches, if you can use their facilities, their church buildings, their, um, you know, their fellowship hall or whatever they have, the stuff that's unused during the week, you go to those churches and you ask them, can I use, uh, your facilities and, and, and host a daycare for my children, for children in that.

And then what you do in Kozel's approach, you provide daycare services, which are an increasing need when you have more and more dual income families, you provide daycare services, but then you bring into those daycare services, you start to add in additional levels of instruction. So you start to add in good amount of teaching and that starts to build the platform for your, um, your student base where they actually, the parents want that high level of education for the daycare.

So you're not just competing with a daycare that's going to put the pop the kids in front of the TV all day, or just let them do nothing. You're starting that education. And in our current society, where education is basically thing number one for most people, that ability to, to educate a young child really will, will set you apart in the marketplace.

And if you can prove your results, you can prove your ability to, um, to actually get results for the child, for the children. Um, it's, it's really remarkable. Um, as far as a sales process, if you can, if you can keep your costs low by using church property at a less expensive rate, and you can keep the quality high, you can build a big business.

Now, what can that lead into? I think that naturally leads into, um, giving parents an opportunity for the next level of schooling. What I would love to do myself, and I don't know, and this is what I was talking about. I don't know if the market actually exists for this.

You would have to test it. I've never tested it in the actual marketplace, but what I would love to do is I would love to provide a place of education and supervision, um, for parents, but without the full requirements of school. And so, um, the thing that I've thought about is how could I bring together home education and homeschooling parents, but provide a neutral place where children can have, um, supervision, a little bit of tutoring, uh, a little bit of basically, um, help without necessarily having the need for, um, for certification and accreditation, et cetera.

And to me, that would seem to be a really good model. Let's say that you had a stimulating environment that you could find, might be a big house, um, but you could set up students and a place for students to work. And you could arrange a deal with the parents to say, you're the teacher, you're in charge of the homeschool environment.

We're just here to facilitate it. We're just here to help you, but you're the teacher and you're in charge of it. But we know that you need to go to work. We know that you're a single parent. We know that you can't stay home all day and take care of, of your children.

And so what we'll do is we'll give the facilities, we'll give you the environment. And in this environment, you'll be able to then, um, you'll be able to, uh, get a great education for your child. And what I would do is I would leverage, um, workbooks. I would leverage online education and I would try to market that like middle tier space because I know a lot of families who would love to homeschool.

They don't mind taking on the official responsibility of the homeschooling. And by the way, this can be, you could, you could actually help them there. So you could provide, um, you could keep the records for them. They're the homeschooler. You're just an assistant tutor. Basically you keep all the records for them.

So at the end of the year, when they're sitting down with the accredited teacher to fulfill their, their requirements with the government, you have the records. They can easily pass that. You're supervising the children, you're tutoring them, but you're not taking on the role of a teacher. I would market that like crazy because I think that's fundamentally good for the student.

I would have an age integrated environment, a safe environment. We'd have a zero tolerance policy on anything, any kind of bullying on anything. It would just be very easy because we don't have the same problems that a school has. It'd be very easy to keep the bad kids out and get them somewhere else so we can have a really healthy environment.

We could do it in a very casual learning environment. Again, a big giant house would be great. We could integrate fun. We could integrate exercise. We can integrate the child being able to work at a desk, the child being able to work outside, sitting under a tree. We could integrate the food, all that stuff really inexpensively, but by avoiding the need for the accreditation, we could keep the whole thing really lean and mean and just encourage student directed education with parental supervision that we're just there as tutors and the parent is responsible.

That's the idea that I've had. I think there's so many people who are attracted to homeschooling, but who can't handle the logistics of it. They need to work. They're a single parent. They have to work during the day. They don't have the energy to do it at night. I think you could do something with a tuition of some thousands of dollars per year for those services and have it be really, really effective and also really profitable.

I haven't looked into the law on that, but that was my idea that I was referencing. I'd love to see some people trying that and seeing if that could work on a commercial basis. Yeah, that sounds really attractive. I really like the idea of being more of a facilitator for people who want that difference in education for their children.

Then maybe combining it with some type of worker space where you can actually develop skills that could be valuable in the marketplace as children grow. I guess just in summary, I've been at least nudged in terms of convincing of homeschooling since your Seven Rings of Liberty series. That's a pretty attractive option.

I appreciate you sharing. I think with that, what I would do and how I would handle it would just be I would emphasize. Here's what I would lean on as my sales pitch. This would appeal to people who are inclined in the direction of home education. It would not appeal to people who are not inclined in that direction.

The number one thing that I would lean on would be parent-directed. I would host seminars for the parents. I would say, "Let's talk about philosophy and we'll help you integrate any philosophy that you want." Now, some of the philosophies do require a specialized teacher. If you're going to do modus ori or something like that, they're going to say, "Well, we want somebody who's trained in the modus ori method." I would encourage my parents that we'll help you with any philosophy that you want.

We'll talk about it. That would be the first thing. I would let the parents choose the curriculum. I would say, "We'll support any curriculum choice that you want." If you want your child to go through, I don't know, Liberty University homeschooling or a BECA homeschooling, a BECA classroom, we'll provide a safe environment while you're at work.

We'll provide an environment. Your child can sit in front of the screen and your child can take the lessons from the tutor. If you want to do, I like the Ron Paul curriculum that Gary North facilitated with Ron Paul. The Ron Paul curriculum would be a great thing for people to do.

You could easily market that and say, "All the teachers, all the lessons are here, right here online. All of the child's work is being performed, and we'll grade the weekly essay, or we'll make sure it's sent home to the child." I would allow total freedom with curriculum. You want to have a Muslim curriculum?

Great. You want to have a Christian curriculum? Great. I think there would be naturally that those religious groupings, Jewish schools are a really natural place for there to be ideology familiarity, but it doesn't have to be. Someone can say, "We're going to have an entirely secular school," because there's tons and tons of secular homeschoolers out there, that because there's such a broad influence of Christianity in the homeschool community, they would love to have environments where they could come together and have a totally kind of secular grouping of people.

You could allow the parents to choose whatever curriculum they wanted. Number three thing is that you could really, what I would sell is I would sell student-directed learning. The idea here is by helping the student to take charge of themselves, by telling the student that, "Listen, our job is as proctors or facilitators.

We're here to keep you accountable. You've got to do these things. Here's your checklist, but we're not going to hover over you and make you switch on this 50-minute schedule. We're going to allow you and keep you in a place where you're the one who has to teach yourself." I love the philosophy.

I always found Art Robinson's work to be really influential. He was a homeschooler. His family sells a, it's outdated now, but they sell a homeschool curriculum. I think it's robinsoncurriculum.com. Robinson was in a situation where he was a research scientist. He and his wife were both research scientists, PhD research scientists.

They had six children. They wanted to homeschool. They were ideologically committed to homeschooling, but she died unexpectedly when their sixth baby was a child. It was some crazy illness that killed her in about two or three days. Here he was as a full-time research scientist with six children, ideologically committed to home education, trying to figure out, "How on earth do I do this?" What he settled on was basically that he was going to facilitate a schoolroom environment, a quiet environment for his children to study, but he was going to require them to teach themselves.

He refused to teach them math. He required them to teach themselves math through the use of a textbook. The educational credentials that his children went on to achieve are simply incredible in terms of their ability to function in an academic environment. They taught themselves. It's one of the things that's really important to me is that the younger years, I want to help my children.

I want to help them to learn to read, but once they can read, I refuse to teach my children. I want them to learn how to access information from books, because if you can give the child that skill and you can say, "I will not teach you that, but I will teach you how you can teach yourself," then that's the key question that I think can really make all the difference in the world.

Lucas, I would explore something like that. The cool thing about it is, in my opinion, you can explore that in a really low-cost way that could start very organically. That can be a great family business that you start in a home, a large house, and then it could expand, and you could eventually grow it to be dozens.

Then you can have multiple houses. There's a bunch of ways it can do it, but that's what I would love to see somebody explore and see if there's more opportunities. Anything else, Lucas? No, I think I have enough research I need to do to fill a couple more of these sessions.

Thank you very much, Jeffrey. Go for it. It's interesting because I think there are opportunities. What I see, especially in the wake of what's happening right now, especially as we look and say as coronavirus is changing and everybody's homeschooling, I think there's tons of room in the marketplace for lots of people to explore new options.

All right, Sean in Illinois, welcome to the show. How can I serve you today, sir? Hey, Joshua. Thanks for having me. I think, at least for me, I have a lot more time on my hands these days, and I'm sitting in front of a stack of money books and at a certain point I'm just looking for something else to learn about.

Just wondered if you had a suggestion as the next subject to pick up if I was just interested in something that wasn't money or the coronavirus or the political winds of the day. What are your goals? Good question. I think I'm increasingly keen to learn to do, looking to do things with my hands.

The idea of just some small garden. I live in an apartment in Chicago, so it's hard to have a full garden, but something with planters and just starting to learn rudimentary things about seeds and soil, just something to do with my hands during this time. I think trying to stay away from wealth cold, and that's something I've probably focused on.

Health is probably part of that as well. I thought about picking up a book on intermittent fasting. I know that you've done some work with the ketogenic diet and probably the relationship with my soon-to-be wife. Read a lot about relationships, both with regards to money and just how to communicate more effectively.

So I think that those are all excellent. And the answer to it, so money books, let's talk first about money books. Most money books are basically the same. They basically have the same ideas. They have the same basic advice. You should save some money, depending on whether you're reading at the consumer level, where they say, "All right, go ahead and open an IRA.

Here's what an IRA is, or here's what a Roth IRA is." They're basically all the same, just a slightly different branding. And so once you've read a handful of consumer-level money books, you don't need to read anymore. There are different approaches. Maybe there's a book on getting out of debt that's going to help you because you're in debt.

Well, then you need that book focused on getting out of debt. And then maybe there's a book on early retirement, financial independence, the FIRE movement. Maybe that's what you do. But once you've read a few mainstream books, you really don't need that many more. What you need is you need to specialize.

And so with regard to money, what I say is that you break things down based upon my framework for wealth. So by way of reminder, years ago, I wrote the framework for wealth, and this is what I use to organize everything on. There are a total of five things you can do with your money, and it takes 10 words.

Number one is increase income. All else being equal, the higher your income, the more money you're going to have. Number two is decrease expenses. All else being equal, the lower your expenses, the more money that you're going to have. Number three, invest wisely. All else being equal, the better your investment rate of return, the more money you're going to have.

Number four is avoid catastrophe. So as long as you avoid the big risks, that will insulate you in difficult times. And then number five, optimize lifestyle. You want to optimize how you earn your income. You want to optimize how you spend money, and you want to optimize how you invest.

But within those, there is an infinite variety of ways that you can adjust. And what you need to do is you then need to say, "Okay, I've read a few books on money. Where is my biggest strength, and where is my biggest weakness?" So an example would be, let's say that you recognize that...

Let me ask you, how much money do you earn? About 130 a year. All right. So with 130 a year, you have a good, strong, kind of upper middle class income. So how much money do you spend per year? About 40. Okay. So with $40,000 of expenses, you are in a situation where you have a very good savings rate.

We've got to factor in your taxes, but you're probably at about a 50% savings rate, depending on how we include your taxes and your expenses, which is awesome. Now, what kinds of things are you investing in? I am primarily invested in the stock market, and I have one rental property looking to expand that.

Okay. That being the portfolio. Okay. All right. So in that situation, the stock market is an interesting area of focus, but it's probably not nearly as much of a priority as your rental market. I think, especially given the timing of when we're doing this show, that there's going to be a lot of opportunities in the rental market in the coming years.

And so what I would do is I would go through what I've just did with you, as I went through an analysis. If you were making $30,000 a year, I would say that bar none, your highest priority in life should be to figure out how to make more money.

Because at $30,000 a year, you can't get rich, or at least it's going to take you a very long time. But with $130,000, you can live well and you can save a lot of money. The next thing I did was your expenses. If you told me my expenses are $100,000 a year, then I would have said your most profitable focus right now is to figure out how to decrease expenses.

How can you go from $100,000 of expenses to $50,000 of expenses without giving up lifestyle? Because if you're spending that much and you're not saving a lot, then you're just wasting time, but you're doing great on that. So now it would go to rate of return, because your rate of return is now going to be your limiting factor.

If you're just getting stock market returns, you bought an index fund, you're getting stock market returns, it's going to take you a really long time to get rich at 6%, or 7%, or 8% per year. Is it possible? Yes. And are you turbocharging based upon having a high savings rate?

Yes. But now your biggest weakness is your investment rate of return. And so you've got to figure out how do I go from 6% rates of return to 20% rates of return? Sean, have you ever done the math on what a 20% rate of return for your portfolio would do versus a 6%?

Sean O'Toole I've done the math on 6% and 8%, and I know that that impact is huge. So I can't imagine what 20% would be. All right, so let's do the math. You're investing, how old are you, Sean? 28. All right. So you're investing, you're 28 years old. Okay.

Let's assume a 40 year time horizon, because it's going to make impressive numbers for the radio. Right. So we're going to do a 40 year time horizon. Just a second. Let me get my calculator going here. Okay. All right. So 40 years, let's clear this, 40 years, and you're investing $40,000 per year.

So let's do that as our $40,000 payments. Let's start with $0. Well, actually, how much money do you have in your investments right now? Sean O'Toole About, call it 100 in the property and 100 in the market. All right. So let's call it $200,000 of present value. This is just, of course, rough math.

I just want to impress upon you how valuable this is. All right. So we've got $200,000 of present value. We've got 40 years and we're going to invest $40,000 per year as our contributions. And we're going to get 6% in a stock market index fund. Well, at the end of 40 years, under those scenarios, you would have $8.2 million, $8,247,622.

Right. So $8.2 million. That's good. Right. There's nothing wrong with that. That's really, that's really helpful. Okay. But what if you could move that to 20%? The number now would be $587 million. Let me redo that because I hit a button and let me just make sure that I did that right.

Okay. Cause that sounds a little bit too high. Let's see if I can redo this. Just a moment. Okay. So 40 years. I'm nervous doing performative math. I hate doing math live. 20% per year, $40,000 going in and starting with $200,000 to begin with. All right. Yep. $587 million.

So the difference between 20% and 6% is $580 million. Now, am I predicting that you can make 20% every single year for the next 40 years? I'm not. No, I'm not. I'm just doing math to show how big of a deal this is. What I am saying is that if you could study the market and you could study your opportunities for investment and you could move from 6% to 10%, let's just do that.

Okay. Let me, let me redo this. Okay. So 10% as our interest rate, 10% is $26 million. So if you can go from 6% per year to 10% per year, that's a difference between $8 million 40 years from now to $26 million 40 years from now at 12% per year, it is.

I messed it up. Anyway, it's more. And so the point is that your best area of focus, now that you've solved the income thing, and now that you've solved the expenses, your next area of focus needs to be, how do I increase my rate of return? How do I go from six to 10?

How do I go from 10 to 15? How do I go from 15 to 20? Now, I think that this is very doable. I don't think that you can do this every year for the rest of your life, because if you've got a $500 million portfolio, it's really hard to invest $500 million at 20%.

But I think you could definitely invest a few hundred thousand dollars at 20%. I think that you can skirt around the edges and I think that you can find some investment strategies. So if you want to do that in the real estate market, right, go and start talking to real estate investors and work on your real estate strategies, read real estate books.

If you want to do it in the stock market, try to figure out, is there a stock strategy that I'm really interested in that I'm willing to put in the time to develop? But whatever you can do to increase your investment return, that's going to be your most profitable area for your personal focus.

Okay. And that's what you read. Okay. Thank you for the commentary. Yep. My pleasure. The other stuff is also good, Sean. I'm not saying, obviously, reading about relationships and all that, that's obviously valuable. And you should do that. Reading about relationships is going to be really useful for you.

But what you want to do is you want to, I answered the financial question. Don't just read money books. Once you've read five of them, skip money books for a while, unless it's a narrowing in, a drilling down on something. How can I triple my income? How can I 10x my income?

How can I live on $10,000 a year? But I think for you specifically, you're in this scenario of needing to work on investments. Matilda in Florida, welcome to the show. How can I serve you today, Matilda? Hi, Joshua. I'm new to your show, so thank you for having me.

My pleasure. My question is, let's see. So my income is not as high, kind of bouncing off from your previous conversation. I make about $50,000 a year and I own my own property right now. My mortgage is very small. It's about $450 a month. So I'm trying to get a homemaking line of credit in order to pretty much bank on the money until prices drop.

And my question is, if I do that, first of all, the line of credit I can pull money from, I know that at any time, but the bank can take that away from me at any time as well. So do I take the money out? And if I do, how do I make up the difference between the 3% interest that I'm being charged and the payment that I'm making every month?

Why do you want to take out a home equity line of credit? What are you going to do with it? Reinvest it for another property. Okay. So into a rental property. Correct. Okay. If you sold the house, how much is it worth? $450,000. And what's the current mortgage balance?

About $50,000. And what's the current interest rate on the mortgage? 4%. All right. Do you have other savings, other cash savings? Yes. How much? About $50,000. All right. And do you have other credit card debt or other debt? No debt except for a vehicle. Okay. And how much is the vehicle worth if you sold it?

20 grand. And how much is the loan on it? $370 a month. How much is the loan balance? Oh, balance. $21,000, $22,000. Okay. And do you have any other investment assets? Do you have any other rental properties? Do you have any other 401ks? Yes. So if I were to put all of the investments together from 401k and IRA would be another maybe 50 or 60,000.

And do you have any other debts? No. And how much is your annual income at the moment? 50 grand. $50,000. Okay. So your question, your idea is I should take out, I have $100,000 of potential equity available in my house that I could use it for a down payment on a rental house.

Is that the basic idea? Correct. Okay. And so what's your question? So my question is, does it make sense for me to take out the HomeMade Free Line of Credit that's available, but to already like take the cash out completely and then keep that in like a savings account?

Because if it just sits available, I wouldn't know exactly the timing of the market dropping and them allowing me to take the money out. So it's like the risk versus... Right. Right. So does it make sense? Yes, if you're going to invest the money and if you can be disciplined.

Your big risks are number one, your personal discipline. The reason most people get really hurt by doing a cash out refinance or by taking out a Home Equity Line of Credit is they take out the money and then they go and spend it on a consumption item. They spend it on fixing up their kitchen.

They spend it on a fancy trip. And because of that, they don't wind up actually investing the money. And so they had some equity, they had some savings, but then they wind up using it up on consumption. So you have to ask yourself, honestly, am I in a good situation where I'm going to not use the money?

Am I a person of discipline? Am I able to resist the siren song of a fancy your car or a fancy vacation or something like that? If you are, then yes, it does make sense to use some of it for investment. The second risk is, of course, that what do you invest it in?

Do you have the ability to find something that's going to be a better investment? Does something emerge? And at this point, you don't know. So if you're going in that direction and you're studying it diligently, you're studying the local rental market, you're planning ahead, you're saying, I'm really going to invest into, I'm really going to do this, then yes, I think it does make sense to prepare for it.

So is there a cost? Yes. What was the homemaker line of credit interest that you got quoted? A three and a quarter. Okay. So that's basically negligible for a while. I mean, if you recognize how that we're talking fairly short term, let's say that you take out, I don't know, how much will they give you?

$80,000? No, a little bit less than that. Probably, I'm thinking about 65 based on my income and my debt. Okay. So your maximum cost on $65,000 is going to be three and a, your maximum cost is going to be about $2,100. So when you're in a situation like you are, where you've got $65,000, they charge you three and a quarter, your annual cost on that is going to be $2,100 of interest.

So the question is, is it worth it to me to pay $2,100 for the opportunity to have this money, given that the market may go down, they may shrink my home equity line of credit, et cetera. I don't know the answer to that. I would think about doing it if it were me and I were really serious about investing, I probably would do it.

The second thing that you should think about is just simply refinancing. You should just talk to a traditional mortgage broker and think about just simply refinancing your mortgage as a basic mortgage. And then that might give you more money cheaper and be simpler than the home equity line of credit possibly.

But would I do it conceptually? Yeah, I would if I were serious about investing. The only reason why I was thinking the line of credit is because of the liquidity factor of doing, instead of doing a cash out rate by having the funds available. So if there is an investment opportunity to buy a property, I can get it cash versus being able to get a mortgage at a later time.

So that was pretty much my risk on having to get a mortgage in the future versus buying something with a line of credit and purchasing it with a better deal. Does that make sense? Not really. I think that either one could be fine. But I think the home equity line of credit is more flexible.

The whole point is just simply how can I get some money out of the house that I could use for a down payment on the property? That's the basic point, right? Yeah. Okay. So I don't see that it matters. It's just a matter of getting a quote. I would talk to a mortgage broker, find out the cost of refinancing, how much fees do they want to charge, what interest rate, and then find out the fees on the home equity line of credit.

The home equity line of credit would be more convenient because you could put money in and out. So I don't know the answer. I would just get some quotes from the mortgage broker and go from there. Great. Thank you so much. My pleasure. All right. We go now to, looks like James.

Is that you, James? Welcome to the show. I'm going to serve you today, sir. Hi, Josh. I'm going to keep this quick. I got to hop off for another call. But my main question is, so a bit of background. So my wife and I did a pretty good job of following your prepping advice from your course, How to Survive and Thrive in the Coming Economic Collapse, well before this COVID thing started.

We got our emergency savings out to maybe like six to eight months. And we both are still working remotely, fortunately. We lost our daycare, as with a lot of parents. So we're struggling to keep up with that. My question philosophically for you is, my wife and I make approximately the same amount of money.

Each of us are about 80k a year. Hers is the one with, her job is the one with the healthcare. And my job is a startup. And so I have a bit more room to increase my income. But there's obviously more instability. And so we've sort of been talking about like, how nice it would be if one of us wasn't working, my wife would like to not work.

But right now, with the economic climate, keeping in mind what you always say, keep your income as high as possible. Just kind of like, just weighing on my mind about whether I should be thinking about getting her, my wife staying home with my son full time. Or whether we should just stay on the path we're at now, keep saving money and be in a better position when this all blows over.

I'm going to leave it with you. Oh, I'm sorry. My son's 2.5 years old. One child? Yes. Do you hope to have more children in the future? We don't plan on it. Okay. I know you got to go. I got a couple more minutes. Hang up when you need to.

I guess I would just say that it's going to come down to what's your vision? I'm convinced it's not a financial question. I'm convinced it's an ideological question. If I were in your shoes, what would we do? We've got a two and a half year old, the two and a half year old, that is the most important time in our child's life for him to have parental input.

And so we would probably go to... My wife would quit her job, at least for this period of time. Just because to me, that's the best investment we can make. And especially if I've got more opportunities to make more money because I'm in a startup, if I'm competent as an individual, I'm have a lot of potential in my income, I can quickly make up the difference in income.

I can double my income within a few years and the money can always be replaced, but the time cannot. And so right in that precious, really crucial time of two and a half to four or five years old, I think that's really, really valuable time. But that's an ideological question.

It's not a financial question. I think the answer is just simply, you've got to think about your specific ideology, what you and your wife, what your dreams are for your family, and then ask yourself what the price of those dreams is. And I can't answer that. All I know is that it's not a financial question.

It's an ideological question. I just want to follow up and say that my wife and I have been switching off during the day. We both work from home and caring for our son exclusively, not multitasking, just spending time with him and spend unbelievable. It makes us want homeschooling so much more or something like that.

And we're trying to figure out how to make it work now. And I just really wanted to air that out and sort of get some advice. Thank you. Yeah, my pleasure. I know you got to go, so I'll mute you out here so you can go. But I would focus on just saying kind of what's sustainable.

Because it might be sustainable for you to keep doing what you're doing. If she can make 80 grand and you can make 80 grand and you can pass off childcare back and forth while you're working, or maybe if you can hire a nanny who comes into your home, a part-time nanny.

We have a nanny right now, which helps out. It allows me to work more during the day and it allows my wife to care for, do homeschooling and whatnot. So if you can hire a nanny who comes into your home, that's an ideal mixture, I think. If you can find, there are also then think about what you want as far as schooling, but you could do some kind of co-op, you could do some kind of sharing.

There's lots of ways to do it. It doesn't have to be all of us all the time or partway. It's just a matter of what are the options. And so if you have flexible jobs, I don't see why in a flexible job scenario, why you can't do a combination of those things.

I guess I would just point out that it's an ideological decision based upon your vision for your family and not a financial decision. My wife and I have a clear vision for our family. I've had a clear vision of how I wanted my family life to be structured for a very long time.

I never even considered the money. It was just never even a consideration because it was an ideological commitment. And because of that lifestyle that I want, I want the lifestyle of flexibility. I want the lifestyle of that. And because I have a business that can generate enough money to make that doable, that just was never really a calculation.

So those are my thoughts. I think you think about your vision and then you go from there. Matt in California. Oh Matt, hold on. You said you didn't have a question and yet here you are hanging out on my phone call. You better go with a question or have some topic of conversation.

Well, Matt's playing quiet. All right. That is it for the callers. And look at that. I did that in an hour. I'm going live on Facebook here today. And so as a special bonus, try to get you guys to come watch my live streams, which you can do at facebook.com/radicalpersonalfinance.

Find the Facebook page. I would love for you guys to join me there and watch these live streams. So I'll answer a couple of questions from Facebook that are coming in as well. Usually these Q&A shows are for patrons, but I'll answer some questions and hopefully incentivize you to come on over and join me there.

Adam says, "Hi Joshua, if you have time today, would you give us your thoughts and strategies for staying productive while working from home? I'm sure many in the audience are new to the virtual work environment." Well, I'll tell you yes, but the answer is it depends on what facilities you actually have.

So the first thing is, and also what your scenarios are. I've worked from home. My dad worked from home before. It was cool a long time ago. And so I think one of the most valuable things is do you simply have a place that you can work? Sorry for the siren guys.

I'll record over it because I got no choice. Do you have a place that you can work? If you've got five children, six and under, and you're trying to work in your home office that's at your living room, that's going to be really tough. And so the first thing is you have to think about what place do I have to work?

Where can I actually go and do the work? If you have a home office, then that's really valuable. Or do you have a corner of the bedroom? But at the end of the day, you cannot work and supervise children. If you're a couple and both of you work from home, then I don't see that you really have any problem.

You just put your laptops on the kitchen table and you work there. But if you have children, that's a really tough scenario. So my tips are, number one, is I make sure that I have a quiet place to work. I will often leave the house because at this point in time, I have four children, six and under.

It's very noisy. And so I will often leave the house and I'll work in a lot of different places. Over the last few years, I've worked on picnic tables. Even when we had a house, at one point my house, my office, I had an office, but I didn't have good sound insulation.

I moved into the master bedroom closet because I had a bunch of clothes in there. I put a desk in there and that gave me enough sound insulation to work. Now, of course, my work is unique because I'm creating audio. And so I do my best to make that high quality.

I have gone and worked in a parking lot. I actually did that for some of my courses have been recorded in a parking lot at a local park. And what I would do is I set up a mobile office that I really didn't need anything except, I didn't even need an internet connection.

I just needed a computer. And so I would take a deep cycle battery with me and have an inverter. And I would set up a deep cycle battery, grab, or I would just use the battery on my car too with an inverter. And so I would use that to power my stuff.

I would set up, I would carry a table with me that I carried a plastic folding table. And I would set up a plastic folding table, set up my laptop. I would set up a soundboard. I would set up microphones and I would power everything from my car battery with an inverter, or sometimes I would carry an external battery along with me as well.

And so a lot of my courses have been recorded in a parking lot under a tree. So that's one thing that I have done with internet access. If you have a high data plan and you don't need to do a ton of live video or streaming video, you can get away with tethering a phone.

I've done that a lot of times. I traveled for six months around the United States and I did all my work tethered from a cell phone. So I just have a cell phone, computer and my audio stuff and my audio gear. And as long as you've got a decent connection on your cell phone, that can work as well.

So all that to say that a lot of times my strategy is to leave home. And I think that that's important with children. I simply can get far more work done outside of the home. Now, if I'm working on quiet stuff, then I also, then I will work in, or sorry, if I'm working on places where the noise is not going to bother me, where the noise is not going to destroy my, my audio, destroy my, my course, et cetera, that I'm building, then I will work from home.

And I do, I do prefer to be at home. It's so nice to just be able to come and go from your home office. I love to be there with my children. I really like that. But my strategy is it, my strategies have been to, to develop a mobile office for the live watchers here.

I'll pop up the, the screen that shows you my, my office. If you look at my office my office is totally, is totally mobile, totally virtual. And so I have, you know, my gear that I use, I have a, I have a couple of laptops. I have an audio recorder that's mobile and I can set the whole thing up anywhere in the world.

And so the whole thing goes in a backpack. And for me, that has been an important strategy with regard to my, my travel schedule, just simply to be able to do my work from anywhere in the world that I travel with a backpack. But long winded way of saying that the answer is I don't really work from home a lot of times just because I just because it's, it's too loud.

All right. Bill says Joshua just started doing the carnivore diet. How's it been going for you? Any updates for us for us on that? I went off the carnivore diet for a while because I was curious to see if I could go to some normal way of eating and see if that would help me to be not fat.

I went on the carnivore diet strict for a while, lost a bunch of weight. And I was curious, is there some way that I can go back to a more normal style of eating? Because I, I didn't experience any dramatic improvement in my health by eating only meat. Some people do, but some people vegetables seem to make them sick, but not me.

I like vegetables. I'm good at eating them. I like all the food. And so I wondered, is there a way that I could go back to some normal eating? And I was curious based upon if I just simply don't have a good reference point, because I should be able to eat using a normal, varied quote unquote healthy diet.

Like I should be able to eat that kind of diet and not be fat. And so maybe I'm just used to eating like a fat man, and I just eat too much food. And so maybe what I need to do is just do a really careful counting of stuff.

So I got a food scale and I started eating kind of normal food, a mixture of meat, vegetables, carbohydrates, all the food, but I counted every calorie and counted all the macronutrients. And what I did find is that I did indeed have, I did indeed have kind of a misplaced judgment of what's normal.

That I ate more, it was easy for me to eat way more calories than I should have. And so the calorie thesis, I think made sense. I found that it was easy for me, relatively easy for me to eat 3,500 or 4,000 calories in a day. And if I'm maintaining a sedentary lifestyle, that's just too much.

And so I did find out based upon that experiment that I was getting fatter based upon eating too much food. So in theory, I could reduce my food intake and not gain weight, but I couldn't figure out how to lose weight because if I dropped the calories down and I ate meat and vegetables and carbohydrates and I dropped the calories down, I just wound up still hungry all the time and kind of miserable.

I didn't enjoy it. It wasn't satiating. And so I gained weight again. I gained another 15 pounds. And so I just found that's not working for me and I still want to lose about 50 pounds. And so I went back to kind of low carbing, just eating kind of more ketogenic with vegetables.

And then I found that also it was just frustrating to keep going. So I went back to carnivore. And so I don't think I'll go strict carnivore. I don't think that I'll go strict carnivore for very long or necessarily forever, but I do find it really useful. It's so simple.

So carnivore plus fasting is good. What I'm doing right now is eating one meal every two days and eating a carnivore and the weight goes off very quickly under that. So it's a combination of fasting, carnivore, low carb, et cetera. That's it for today's show. Thank you all for listening.

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