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Have you ever heard the financial world say something like this:

“How much is that cup premium cup of coffee actually costing you?”

or

“You need to start paying attention to the Latte Factor”

These are both great examples of what the finance world calls the opportunity cost, but the question many people want to know is simply this;

What the heck is an opportunity cost!?

I get it – I remember thinking this very thing and the reason why I didn’t know much about it is simple: I was never actually taught what this meant.

In this week’s episode of Money Peach TV, I am going to break down the Opportunity Cost Formula is a way we can finally all understand using real-life example from a former student of mine, Samantha.

By the end of the episode, you’re going to see how Samantha made some choices now that is going to have a $307k effect on her life over the next 11 years!

And it all started with using this FREE Budget below:

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

Thanks so much for watching Money Peach TV!

It’s time to take action,

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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]]> https://www.moneypeach.com/money-peach-tv-episode-ep012-opportunity-cost-formula/feed/ 0 https://www.moneypeach.com/money-peach-tv-episode-011-kids-and-money/ https://www.moneypeach.com/money-peach-tv-episode-011-kids-and-money/#respond Thu, 22 Sep 2016 07:20:49 +0000 https://www.moneypeach.com/?p=4031 EP011 Your Kids Are Watching You

Where did you learn how to handle the money?

Whether you are a financial rockstar, on your way there, or are still trying to fit the pieces of this financial puzzle together, the way our parents handled money has had a direct reflection on the way YOU handle the money today.

How do we make sure we don’t make continue these same financial mistakes with our kids? What can we be teaching them about money, and when do you even start to intentionally teach them the right ways to handle the one thing that touches every aspect of our lives…money?

In this week’s episode, we break down the step-by-step system to teaching your kids about money when they are 3-years-old, 10-years-old, 14-years old, and even 18-years-old.

Your kids are going to learn their financial habits from someone, so why shouldn’t that someone be you?

Thanks so much for watching Money Peach TV!

It’s time to take action,

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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Teaching Kids About Money

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What if you woke up and you no longer had credit card debt? What if you were free from student loans and the cars in your garage we paid for? What would it feel like if you didn’t owe anyone a dime?

Better yet….What if you paid off the mortgage?!

In this week’s episode of Money Peach TV, we are going to talk to about becoming ultra-fit with your finances. When I am talking about ultra-fit, I am talking about completing your first Iron Man Race (2.4 mile swim + 112 mile bicycle ride + 26.2 mile run back to back).

It’s an incredible feat alone when pay off your first credit card debt. Then, you get into better shape and you pay down the student loan and knock out the car payments. You’re feeling pretty amazing at this point and look to tackle your next debt…..and……uh-oh…

Holy Crap! It’s this giant mortgage!

This is where you get to separate yourself from the pretty-awesome crowd, to the you-got-to-be-kidding-me crowd.

—> They just paid off their mortgage…..you’ve got to be kidding me.

In today’s jaw-dropping episode, I am going to wow your socks off by showing you some simple things you can do right away to make a HUGE difference in the dollars you pay, the amount of time you pay it, and the amount saved while paying down the mortgage at lightning speed. This is the why didn’t anyone tell me this before lesson, and it’s starts right now!

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

Thanks so much for watching Money Peach TV!

(Now let’s knock that mortgage out early!)

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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]]> https://www.moneypeach.com/money-peach-tv-episode-ep010-30-year-mortgage/feed/ 0 https://www.moneypeach.com/money-peach-tv-episode-ep009-retire-a-millionaire/ https://www.moneypeach.com/money-peach-tv-episode-ep009-retire-a-millionaire/#respond Thu, 08 Sep 2016 19:19:15 +0000 https://www.moneypeach.com/?p=3821 EP009 Retire a Millionare

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Retire a Millionaire?

Did you know the average household income in the United States right now is just over $52k per year? Did you also know that if you earned $52k every year over the next 30 years, invested 15% of your income, and never once received a raise, you could also retire wealthy?

The reason why has to do with compound interest. The way compound interest works seems complicated, but it’s really not at all.

Here’s a quick example:

We are going to use a 10% annual return for easy math here. Therefore, let’s say you invested $1,000 last year into a mutual fund. At the end of the year, you would have the $1,200 you invested plus an additional $100 from the 10% annual return, for a total of $1,100.

Assuming the same 10% return is the same the following year, then you would earn 10% on the $1,100 inside the account, plus another 10% on the amount you invested in year two. In two years time, you invested $2,000, but your account value is $2,210.

You are getting the interest on the money you invested AND the interest from the previous years. This is called compounding interest, and Albert Einstein actually called this the 8th wonder of the world.

The key part to compounding interest and building wealth revolves around one main point: Time. The more time you have to invest, it becomes exponentially easier to build wealth. This is why it is so important to budget, live on less than you make, pay off your debt, and allocate your income to things that build wealth over time versus build wealth for somebody else over time.

One last shocking fact:

We can’t predict the future, but we can go off how the past has performed to make an educated assessment on the amount of wealth we will build up over time. From looking at the past, we would be able to assume a 8% – 10% rate of return simply based on how the markets have performed in our history.

What we couldn’t predict is a 28% rate of return. Although we may see it once or twice in a 30 year period, we can’t assume this high of a return each and every year. However, do you know you does get a 28% rate of return every single year?

Your credit card company.

There is a reason why every tall building, sports arena, and coliseum has a bank’s logo at the very top. We are investing for them.

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

Thanks for watching on another episode of Money Peach TV.

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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Even a Loser can Retire a Millionaire

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]]> https://www.moneypeach.com/money-peach-tv-episode-ep009-retire-a-millionaire/feed/ 0 https://www.moneypeach.com/money-peach-tv-ep008-car-payments-suck/ https://www.moneypeach.com/money-peach-tv-ep008-car-payments-suck/#respond Thu, 01 Sep 2016 07:20:16 +0000 https://www.moneypeach.com/?p=3772 EP008 Car Payments Suck

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Car Payments Suck!

The greatest separation of wealth in today’s society has to do with car payments.

In this week’s episode of Money Peach TV, I am going to show you exactly why your car is costing you way more than your monthly payment. I am also going to share with you a shocking statistic about what kind of car the average millionaire in North America owns and their reasoning behind the cars they drive.

I remember living paycheck to paycheck, with two nice cars in the garage carrying monthly payments that totaled more than our mortgage. Our change in behavior with our vehicles didn’t come right away, but was inevitable if we were ever going to truly be responsible with our money.

Could you imagine if you never had another car payment for the rest of your life? What would that feel like, what would you do with extra money, but more importantly what would you drive?

Join me inside this week’s episode of Money Peach TV, where I share with you our own success and how we have saved thousands of dollars over the past few years in making one simple choice with our money and the cars we drive.

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

Thanks so much for watching Money Peach TV!

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

Leave Chris Peach a Positive Review in iTunes

Mentioned in this Episode

Success Story: 5 People Who Dumped Their Car Payments

7 Steps to Selling Your Car Like a Boss

Help! My Car is Upside Down

The Millionaire Next Door

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]]> https://www.moneypeach.com/money-peach-tv-ep008-car-payments-suck/feed/ 0 https://www.moneypeach.com/money-peach-tv-ep007-debt-free-formula/ https://www.moneypeach.com/money-peach-tv-ep007-debt-free-formula/#respond Thu, 25 Aug 2016 07:20:51 +0000 https://www.moneypeach.com/?p=3714 EP007 The Debt Free Formula

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Debt Snowball vs The Debt Avalanche

Money is 10% behavior and 90% fifth grade math. I want you to keep that in mind throughout today’s episode where we dissect the two main methods of paying down debt as quickly as possible: The Debt Avalanche and the Debt Snowball method.

The good news is they both get the job done because in the end if you stick to the formula, your debt will be gone!

However, I still only recommend one method over the other, and I will explain why in this week’s episode. The old saying goes, “There is more than one way to skin cat”.

That may be true, but in my opinion (and I am an expert in my opinion), there is one method that is so much better than the other, and is the only method I recommend. Knowledge is power, which is why I am showing you both, but at the end of the episode you will see there is a clear cut winner.

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

Thanks so much for watching Money Peach TV!

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

Leave Chris Peach a Positive Review in iTunes

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Debt Snowball

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When is the Absolute Worst Time to Go Further into Debt?

How about when you are having a financial emergency.

I talk about this more inside this week’s episode of Money Peach TV, but the fact is every single one of us is going to experience a financial emergency. The thing about emergencies is we can’t predict when they will happen….which is why they are called emergencies, right?!

Here are some facts:

• 70% of people are living paycheck to paycheck
• 6 out of 10 people cannot write a check for $1,000
• The #1 stress among people is financial worry
• The #1 cause of divorce in North America is related to financial problems

What if you could lessen that stress with money? What would it feel like to actually have money the next time an unexpected medical bill pops up? How much better would life be when your hot water heater goes out and you simply go out and pay CASH for another one?

In this week’s episode of Money Peach TV, you are going to learn:

• How much of an emergency fund do you need?
• Where should you park your emergency fund?
• The difference between a little starter emergency fund and a fully funded emergency fund.
• Wants vs needs of an emergency fund.
• Some hard and fast rules of emergency funds based on your income.

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

You were not designed to wake up and stress about money for the rest of your life. Money touches every aspect of our lives, so why not do something about it?

Get your emergency fund up and running and I promise you will FEEL the difference. There’s a better plan for you and your money. All you have to do is make that change.

Thanks so much for watching Money Peach TV!

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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5 Steps to an Emergency Fund

Who Really Needs an Emergency Fund?

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Welcome to Episode 005 of the Money Peach TV & Podcast. In today’s episode I am going to show you the absolute best way for saving money – Sinking Funds.

I want you to ask yourself this:

What would it be like if we actually had money the next time we needed a lot of it?

Sinking Funds work well because it forces us to be passively proactive. This means that we are planning for a big expense down the road without really feeling it. I want you to have money the next time your hot water heater blows, I want you to have money when Christmas comes around every year, and I want you to have money when your friends call you up and invite you on a weekend getaway!

The other alternatve is to simply go into debt….and debt sucks!

Bonus

I am going to also show you how to save money on things you’re already spending money on using Sinking Funds!

Get ready for awesome my friend! Sinking Funds will completely change the way you think about saving money…and you’re going to love it!

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

I’ll see you inside this Episode of Money Peach TV & Podcast each and every Thursday!

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

Leave Chris Peach a Positive Review in iTunes

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The 5 Sinking Funds to Start With

Open Your Sinking Fund Now

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Somehow we as a society have come to believe that debit cards are simply not safe. I hear this statement all the time:

“We must have a credit card in order to purchase anything because of the protection.” 

If you believe this to be true, then let me hit you with some truth:

Your Debit Card is just as safe as your Credit Card

In this week’s episode of Money Peach TV, I am going to explain to you exactly how your debit card actually works and what you need to do every time before you swipe that card. Hint: Have you ever wondered why there is either a VISA or MC logo at the botom of your debit card? You’ll be finding out that answer inside this week’s episode 🙂

Also, I am going to dive into these new microchip cards that you may start seeing very soon if you haven’t yet already. They are actually a really good thing and offer you the protection you are looking for when you are using them inside the actual store (not online).

The more you know about your money, the more fun you will have with it!

BONUS

If you are officially tired of 27 credit card offers in your mailbox every single day, then here is what you can do to stop the insanity….and save a few trees as well!

Stop Credit Card Offers

The first step to solving your problems with money is to take back control of your money. This always starts with the Budget.

Download the Budget

I’ll see you inside the next Episode of Money Peach TV & Podcast each and every Thursday!

-Chris Peach

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money. Thanks so much!

Leave Chris Peach a Positive Review in iTunes

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Stop Credit Card Offers for Good

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EP003 The Power of Cash

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In this episode of Money Peach TV, we break down the 7 common myths about using cash, and how we ended up saving $27,000 by switching to a cash lifestyle.

But first, let me share with you what is really going on…

Sadly, we are moving away from using cash as a society, and this bugs the crap out of me. First, let me share this little nugget with you:

Carnegie Mellon, Stanford, and MIT did a study in 2007 on the relationship of feeling pain when using credit cards vs using cash. What they found was the further you get away from using cash, the less you actually feel you are spending money.

Here is a direct quote from the article:

Credit cards effectively anesthetize the pain of paying,” said George Loewenstein, Carnegie Mellon

For you and I, this is more of a gee-wiz fact, but for companies all over the world, this is big money. If a company knows you are going to feel pain when using cash and that same pain can be minimized whenever you spend, companies are going to develop a plan. Their plan(s) may include:

• Accepting Credit Cards
• Apple Pay
• Amazon One Click
• Alexa, buy this for me

Think back to where you were or what you were doing in 2003. Did you know this was right around the same time McDonalds started to first accept credit card?! Prior to 2003, McDonalds would only accept cash or debit cards, however they also began to realize this whole idea of feeling money.

McDonalds later went on to report that when you use a credit card inside their restaurants, you will spend 47% more on average!

How could this even be possible?

It’s simple: You stopped feeling the money.

Please Leave me a Review in iTunes!

You would be helping me out more than you know if you wouldn’t mind leaving me a Review in iTunes. This will help promote the show and reach more people out there looking to take back control of their money.

Thanks so much!

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