Are you unknowingly losing money in your 401(k)? Discover the simple financial strategies that can help you pay off debt faster and build lasting wealth for your family's future.
In episode 38 of The Wisdom of Wrench Podcast, host Kevin Comerford sits down with financial expert Don Garman to give you a complete financial literacy check-up in part two of this two part series. This episode is packed with practical advice for home service professionals who want to achieve financial freedom. You will learn smart ways to handle good debt versus bad debt, the truth about your credit cards, and what you should do with old 401(k) accounts. Don also explains compounding interest in simple terms and reveals the critical difference between a 401(k) and a Roth 401(k). If you want to take control of your money, this is a conversation you cannot afford to miss.
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Chapters:
0:00 - What To Do With Old 401(k)s From Past Jobs?
0:40 - Financial Literacy for Home Service Pros (Part 2)
1:24 - Smart Strategies for Financial Freedom
2:16 - The Difference Between Good Debt and Bad Debt
5:42 - Is Your Credit Card APR a Financial Trap?
7:12 - A Simple 3-Year Plan to Become Debt-Free
9:53 - How to Earn More Without Spending More
12:06 - The #1 Mistake People Make When Their Income Increases
13:43 - Should You Pay Off Your Credit Card Every Month?
14:37 - The Smartest Way to Buy a Car (And Avoid Debt)
17:03 - My Car is Paid Off... Now What Should I Do With the Money?
18:16 - What is Compounding Interest? (Explained Simply)
20:23 - Why Young Investors Should Hope for a Stock Market Crash
23:04 - 401(k) vs. Roth 401(k): Which One is Right for You?
26:03 - How to Pay for Your Kids' College (The 529 Plan Strategy)
28:55 - The Power of Starting Small: A $10/Week Investment
30:17 - The Most Underused Tool for Tax-Free Healthcare Savings (HSA)
30:59 - I Have Dormant 401(k)s... What's My Next Step?
35:03 - Why Consolidating Your Investment Accounts is a Smart Move
39:07 - Passive vs. Active Investing: What's the Difference?
42:39 - How to Find a Financial Advisor You Can Actually Trust
45:06 - Brokerage vs. Fiduciary: The Critical Difference You MUST Know
47:25 - Key Takeaways: Your Roadmap to Financial Freedom