Hosts: John and David Thompson

Episode Summary: In this episode of SMPL Money, John and David discuss the first three reasons from Ric Edelman's article, "11 Great Reasons to Carry a Big Long Mortgage." They provide insights from their generational perspectives on why carrying a mortgage can be beneficial, challenging conventional wisdom that encourages paying off mortgages quickly.

What You'll Learn:

• Reason 1: Your mortgage doesn't affect the value of your home. The appreciation of your home is determined by the market, not by the presence or size of a mortgage.
• Reason 2: A mortgage doesn't prevent you from building equity in your home. Equity is primarily built through home appreciation and paying down the mortgage with your own funds.
• Reason 3: A mortgage is cheap money. Mortgages typically have low interest rates, especially fixed-rate mortgages, which can be advantageous in the long term due to inflation and increasing earning potential.

Timestamps:

• [00:00] Introduction to the episode and hosts
• [01:00] Overview of Ric Edelman’s article and its relevance
• [02:00] Discussion on why people generally avoid mortgages
• [03:00] Reason 1: Your mortgage doesn't affect the value of your home
• [04:00] How home appreciation works independent of the mortgage
• [05:00] Reason 2: A mortgage doesn't stop you from building equity
• [07:00] The concept of equity and its relationship with home value
• [08:00] Reason 3: A mortgage is cheap money
• [10:00] The benefits of long-term fixed-rate mortgages
• [12:00] The concept of liability asset gap and financial arbitrage
• [14:00] Importance of understanding opportunity cost in financial decisions
• [16:00] Wrap-up and preview of the next episode

Resources Mentioned:

• 11 Great Reasons to Carry a Big Long Mortgage by Ric Edelman
• Books by Ric Edelman: "The Truth About Money", "Ordinary People, Extraordinary Wealth"

Connect with Us: Reach out to John and David with your questions or feedback. SMPL Mortgage

Follow us on social media for updates and more insights. @smplmortgage

If you enjoyed this episode, please like, share, and subscribe to SMPL Money for more insightful discussions. Stay tuned for our next episode where we continue to unravel the complexities of finance in our lives.

Hosts: John and David Thompson

Episode Summary: In this episode of SMPL Money, John and David discuss the importance of goal setting and discipline from their generational perspectives. They explore why goal setting is crucial for personal and professional success, the common challenges people face when setting goals, and practical tips for maintaining discipline to achieve those goals.

What You'll Learn:

• The concept and importance of goal setting
• Different perspectives on goal setting across generations
• Common reasons why people fail to achieve their goals
• The role of discipline and habits in achieving goals
• Practical tools and techniques for effective goal setting
• The concept of time blocking and its benefits
• Insights from notable books on goal setting and discipline

Timestamps:

• [00:00] Introduction to the episode and hosts
• [01:00] Initial thoughts on goal setting from John and David
• [02:00] Generational differences in goal setting
• [03:00] The fear of setting and failing at goals
• [05:00] The definition and importance of discipline
• [07:00] The role of habits in maintaining discipline
• [08:00] Strategies for realigning with your goals
• [09:00] The 90-day priority setting method
• [11:00] Tools and techniques for daily and weekly goal tracking
• [12:00] Overcoming resistance to time blocking
• [15:00] The concept of "white time" and its importance
• [16:00] Final thoughts and a quote on goal setting

Resources Mentioned:

• Traction by Gino Wickman
• The Rockefeller Habits by Verne Harnish
• The Compound Effect by Darren Hardy

Connect with Us: Reach out to John and David with your questions or feedback. SMPL Mortgage

Follow us on social media for updates and more insights. @smplmortgage

If you enjoyed this episode, please like, share, and subscribe to SMPL Money for more insightful discussions. Stay tuned for our next episode where we continue to unravel the complexities of finance in our lives.

Hosts: John and David Thompson

Hosts: John and David Thompson

Episode Summary: In this episode of SMPL Money, John and David explore the evolution of money from its origins in bartering to modern-day digital currencies like Bitcoin. They discuss the fundamental properties of money, their personal experiences with money growing up, and speculate on the future of money and financial transactions.

What You'll Learn:

• The essential functions of money: store of value, unit of account, and medium of exchange.
• John and David's personal histories with money, from physical cash to digital transactions.
• The potential future of money, including cryptocurrency and digital banking.
• The impact of technology on financial transactions and the possibility of a return to barter-like systems through digital means.
• Insights into the rise of digital wallets and online banking, and the potential for blockchain technology to revolutionize financial data security.

Timestamps:

• [00:00] Introduction to the episode and hosts
• [01:00] What is money? Fundamental properties explained
• [02:00] John’s relationship with money growing up
• [03:00] David’s early experiences with money and transitioning to digital transactions
• [05:00] The evolution of financial transactions: from cash to checks to digital
• [07:00] Future of money: cryptocurrency, blockchain, and digital wallets
• [10:00] The impact of inflation on money and potential alternative transaction methods
• [12:00] Skepticism and adoption of new financial technologies
• [14:00] Modern money features and the importance of digital security
• [16:00] The role of open banking and blockchain in future financial systems
• [18:00] Introduction to Savology: a financial planning tool

Resources Mentioned:

• Savology

Connect with Us: Reach out to John and David with your questions or feedback. SMPL Mortgage

Follow us on social media for updates and more insights. @smplmortgage

If you enjoyed this episode, please like, share, and subscribe to SMPL Money for more insightful discussions. Stay tuned for our next episode where we continue to unravel the complexities of finance in our lives.