Do you have student loans? This topic is a painful area to talk about, but one that is common for so many people. My guest today has great advice and nuggets of wisdom for you! He is passionate about helping to fix the problem of student loan debt for others. Don’t miss my conversation with Travis!

Travis Hornsby founded Student Loan Planner after helping his surgeon wife figure out how to manage her six-figure medical school debt. He quickly realized there was a huge need in this area and that he could provide valuable help for others. He was formerly a bond trader and is a chartered financial analyst, so he is a rock-solid and smart finance guy. He loves saving professionals money through creating customized student loan strategies for the top 2% of the most indebted Americans. Check out the resources below to see how to contact Travis and how he may be able to help you with your student loan debt.

What you’ll learn in this episode:

• The huge problem of student loans, especially for professional women, who carry a major portion of the debt
• Travis’ message to high school and college students pursuing higher degrees: “Go to the cheapest place you can.”
• The “real carnage” of student debt is in grad school because of debt caps for undergraduate education
• How he sees dental school and law school grads who owe $300-600K (the highest he has seen is $1.1 million in debt!)
• The hidden opportunity costs of student loans
• The story of Travis’ wife: she started medical school at age 18 and then did a four-year Ob-gyn residency in NYC, where she was a free-spender. They met at church in Philly when she was there for a fellowship training and he was a bond trader.
• How Travis had the “money conversation” with his wife while they were dating
• Mistakes that his wife made that cost her about $70K
• The idea for Travis’ Student Loan Planner business and how he had dozens and dozens of clients right away (He has now had over 1000 clients!)
• Advice from Travis: “Think about the future and take out federal loans that can be eligible for debt forgiveness.”
• Why if you owe more than two times your income, then you need a good plan and loan forgiveness
• The two paths to loan forgiveness
• After college, the loan players become private lenders who want in on the investment
• How student debt is unique and unlike any other kind of debt
• On Travis’ website, find his Refi Quiz and other free educational content to help you find the tricks and loopholes
• Travis’ consultation will include different strategies and paths, depending on your career and family goals
• “If you’re unhappy and feel financially insecure, look at your mortgage and car payment. Try to reduce one or both of these.”
• How “yesterday’s promises” reduce today’s flexibility and freedom
• How consolidation can help to speed up the payment and get old loans qualifying for loan forgiveness programs and help you have only one loan payment (watch our for scams!)
• Refinancing is to take loans out of the government system or from a private lender and create a new loan with a private lender at a lower interest rate
• How people in the same profession might have different needs as far as refinancing or consolidation, based on their income and needs
• The average mistake costs $60K--”There’s a lot that you don’t know that you don’t know.”
• How late student loan payments CAN affect your credit score

Resources:

www.studentloanplanner.com/refi-quiz  Check out Travis’ website for lots of helpful information!

Email Travis: travis@studentloanplanner.com

We all want our kids to be smart about money decisions, right, but how do we do this? Making decisions around money is much more than learning how to spend, but how do we teach our children in ways that they will understand, before they make those disastrous money mistakes? It’s a a topic that many parents have questions about and today’s show is full of answers and smart money advice for parents.

John Lanza is Chief Mammal of The Money Mammals and the author of The Art of Allowance, three children’s picture books, and the creator of an award-winning DVD, The Money Mammals. He’s the father of two daughters and a youth financial literacy expert and he’s here to help us learn the basics of raising financially empowered kids.

What you’ll learn from the episode:

• How John was influenced by his wife to become a Money Mammal, because they wanted their kids to be money smart
• Applying the concept of “emergent financial literacy” to spending, sharing, and saving
• The basic allowance rule: $1 per week, per year of age (Kids must have money to practice with!)
• Finding the balance between advising kids on purchases and giving them autonomy
• The BIG question: Should allowance be tied to chores? (Find out why John says NO!)
• The key in teaching kids about money is what lesson you want to teach them
• The concept of “breakthrough allowance,” when your child is older and becomes responsible for certain financial expenses
• The goal for kids is money empowerment, where kids control their money and money doesn’t control them!
• How to know WHEN to teach WHAT in progression
• Saving goals should be specific, measurable, attainable, relevant, and time-based
• How to teach awareness of investing and saving for college
• How to make adjustments to NOT pass on our money ignorance and money difficulties to our kids
• How a family of significant means can guard against raising spoiled kids
• How to teach visualization for kids to reach their financial goals
• The key to it all: Have an open dialogue with kids about money

Resources:

www.themoneymammals.com

www.theartofallowance.com--Find out how to win one of three signed copies of John’s book!

The Opposite of Spoiled by Ron Lieber

Is there really some secret to obtaining wealth? Everyone wants to be a millionaire, but today's guest, Steve Siebold, actually spoke with over 1,200 self-made millionaires to find out what their secrets to success are. He wrote a book about his findings, Secrets Self-Made Millionaires Teach Their Kids.

You may be surprised to learn that many of the secrets are actually counterintuitive. Once you know the "rules" of being a millionaire, you can begin taking steps to join their ranks! Join Hilary for her insightful discussion with Steve and learn what you need to know to teach your kids to be millionaires too!

Show Highlights:

• The rich rule the world
• The universe wants you to be rich
• Most self-made millionaires are not any smarter than you
• The government is not your friend - you must understand taxation
• Pay attention to Wall Street and the financial markets
• Understand results are gradual, not instantaneous
• Play sports of the rich - golf and tennis
• Use a vision board to map your money dreams

Resources:

www.stevesiebold.net

 Secrets Self-Made Millionaires Teach Their Kids.

This week I'm speaking with Kelly, whose lax money habits from her early 20s landed her in a stressful 25-year cycle of debt and uncertainty. Now, having sought help to finally improve her understanding of money and establish healthy spending and saving, she's debt-free. 

This episode is a great one for anybody wrestling with feelings of failure or inadequacy around money, but it's also educational for you parents out there who are wondering how to ensure that your children don't grow up with a sense of entitlement around finances. 

In the interview, Kelly takes us through her early money memories and the reasons she hated focusing on money. She talks about what those 25 years of constant debt were like, and how she finally reached out to a financial coach who helped her reform her treatment of money.