Hack Your Wealth
Andrew Chen
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Top 10 Hack Your Wealth Episodes
Goodpods has curated a list of the 10 best Hack Your Wealth episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Hack Your Wealth for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Hack Your Wealth episode by adding your comments to the episode page.
How to attend any college for free, with Shirag Shemmassian, PhD
Hack Your Wealth
07/14/20 • 69 min
#39: Everyone knows the cost of college is cray. 😖
It can create serious retirement speed bumps for parents...
...and it only gets worse with every passing year. 📈
But for students and parents who are super on top of their 💩, there is a real path – through scholarships and fellowships – to make the cost of college (and grad school) FREE.
Not only that, if you’re really good and write superb applications, you can even get PAID to attend.
They say, “There’s tons of free money out there for college; you just have to know where to look.”
Well, so...where’s all that free money? And how can you get it?
This week, I talk in-depth with Shirag Shemmassian, PhD, about the exact tips and tactics you need to win scholarships hand over fist, so that you can attend college and grad school for free...or even get paid to attend.
Shirag is a university admissions expert and founder of Shemmassian Academic Consulting, where he has helped students win admission to every elite college in the country.
As someone who himself won over $200k in scholarships, Shirag’s insights are pure gold, so for you neurotic parents out there, this is an episode you won’t want to miss.
What you’ll learn:
- The biggest myths and misconceptions when it comes to winning scholarships
- The 4 key places to find scholarships and the pros and cons of each
- How to write a superb scholarship application (and do it super efficiently again and again)
- How to ask for standout recommendation letters
- How the game up-levels (and differs) for the most prestigious and competitive scholarships in the world (Coca-Cola, Gates, Goldwater, Rhodes, Marshall, Soros, Fulbright, Truman)
- How to prepare for interviews with these scholarship selection committees
What tips / advice resonate most? If you’re a parent of a successful scholarship student, what other tips did you find effective for winning scholarships? Let me know by leaving a comment when you’re done.
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If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- The Ultimate Guide to Finding and Winning College Scholarships
- Shemmassian Academic Consulting
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
Why I started Hack Your Wealth
Hack Your Wealth
10/30/19 • 20 min
#1: I share why I started Hack Your Wealth, my personal story, how I once lost 1/3 of my savings, what change my thinking afterward, how that motivated me to became a financial expert, how much wealth that expertise has created for me today, what I now teach on HYW and what makes HYW different from other personal finance podcasts.
What you’ll learn in this episode:
- My origin story – the personal struggles/setbacks that motivated me to become a financial expert
- My credibility and credentials
- What motivated me to become a financial expert and how I did it
- Why financial literacy/proficiency is only half the story
- How my thinking changed after starting a family
- How my actions changed as a result
- Why I didn’t like about other personal finance sites
- What makes HYW different and worth following
- Why I’m starting this podcast
Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom.
College financial aid tips and strategies, with Ann Garcia
Hack Your Wealth
10/20/20 • 80 min
#53: No matter how you cut it, the cost of college these days is pretty crushing.
And getting into your top choice college is well and good and all, but it doesn’t matter much unless you can afford to attend!
How can parents and families afford college (potentially for multiple kids) without ravaging their retirement savings?
This week, I invited my friend Ann Garcia, aka the “College Financial Lady,” back to the podcast to explain the intricacies of how college financial aid works. She shares insights and wisdom on how to plan for the cost of college, the different types of aid available, and strategies for maximizing financial aid.
We discuss:
- A big picture framework thinking about college financial aid
- The overall financial aid process, timeline, and key dates
- The role each type of aid (need-based, merit, government, and college aid) plays in a family’s financial aid strategy
- How FAFSA works, the 4 buckets of money that must be reported, what money can be excluded
- What federal EFC is, how it’s calculated, and how it’s used
- What the CSS Profile is, key differences vs. FAFSA, and what money must be reported on it
- How CSS Profile schools calculate EFC and differences vs. FAFSA methodology
- When it might be useful to leverage a grandparent-funded 529 plan + tradeoffs
- Student loan options and key types of loans available to students
- Tips for negotiating / appealing your financial aid package
- Financial strategies related to the “prior-prior” year once January of sophomore year arrives
- Financial strategies in the years BEFORE your child applies for college financial aid to maximize aid
Check it out here:
https://hackyourwealth.com/college-financial-aid
Has your child (or children) attended college with financial aid? What surprised you about the financial aid process? What do you wish you had known that you know now? What other questions do you have about financial aid? Let me know by leaving a comment when you’re done.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- The College Financial Lady
- College Data
- Federal housing multiplier index for financial aid
- 529 college savings plans: rules, tax benefits, & qualified expenses (HYW026)
- College financial aid strategies to optimize your assets, income & EFC (HYW025)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
10/13/20 • 53 min
#52: The competition for admissions to the most elite colleges in America (think Ivy League, US News top 10) is fiercer than ever.
That’s because top colleges provide the best academic opportunities. Resources. Career opportunities. Pathways to elite grad schools. Student and alumni communities (where you’ll forge lifelong connections, friendships, potentially even meet your spouse). Not to mention, you’ll have a powerful brand associated with you for life.
How can students and parents without special connections distinguish themselves amidst a sea of qualified applicants?
This week, I chat again with my friend Shirag Shemmassian, a college admissions expert who has coached thousands of students to successful admission at elite colleges, about the mindsets and accomplishments you really need to win admission to the most elite colleges.
We discuss:
- Biggest myths and misconceptions when it comes to getting into elite colleges
- What elite college admissions committees are looking for, and how to differentiate yourself
- What level/degree of accomplishment you need to get in
- What students (and parents) can do well ahead of the application year to distinguish themselves, and how far in advance to do it
- How lower / middle income / rural / etc students with access to fewer opportunities can still differentiate themselves compellingly
- Why your “message” and the way you deliver it is just as important as your actual accomplishments
- The mindset students should have when writing their college essays
- How to pick an essay topic and write it compellingly (even if you’re not a great writer)
- Who should write your recommendation letters, and how to build genuine relationships with recommenders that blossom into great letters
- The qualities that make a stand-out recommendation letter
Check it out here:
https://hackyourwealth.com/college-admissions
Did you attend (or send your kid to) an elite college? What do you think principally contributed to your / their admissions success? What would you have done differently if you could do it over? Let me know by leaving a comment when you’re done.
NOTE: Apologies in advance we had some audio problems in the second half of the interview, so some parts may sound choppy. However, all key points should still be clear. I’ve also cleaned up the transcript (at the link above) to fill in missing words / phrases, so check that out if you’re struggling to understand any key points.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Shirag's guide to getting into top colleges
- Shirag's successful college essay examples
- Shirag's tips on writing the common app essay
- How to attend any college for free, with Shirag Shemmassian, PhD (HYW039)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
Election day special: potential tax law changes coming?
Hack Your Wealth
11/03/20 • 20 min
#55: This week, I explain 6 key areas where there may be significant tax code changes under a Biden administration – including how these changes may impact your personal financial planning and what actions you can take to prepare for them.
What you’ll learn:
- How Biden’s proposal would impact income tax rates, deductions, and Section 199A
- How it could impact capital gains and qualified dividends tax rates
- How estate taxes and the step-up in basis at death could change
- Important changes that would affect retirement account contribution deductions
- How 1031 exchanges for real estate investors might be impacted
- Expected changes to the corporate tax rate
Check it out here:
https://hackyourwealth.com/biden-tax-proposal
Do you plan to make changes to your portfolio or personal finances in anticipation of tax law changes under a new administration? Let me know by leaving a comment.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
Intro/Outro: Old Bossa by Twin Musicom.
11/24/20 • 36 min
#58: How to set your target asset allocation can feel like a mystery. How do you do it rigorously? How do you know what’s optimal?
Rebalancing can also feel like a chore. Where do you start? How do you make sure you’re doing it rigorously and tax-efficiently?
This week, I show you how to set your target asset allocation tailored to your investment and risk profile. I share how to track your allocation over time and analyze drift from your target allocation. And I explain how to tax-efficiently rebalance back to your target allocation step-by-step.
If asset allocation and portfolio rebalancing feels like a mystery, chore, or headache, then don’t miss this episode because it will teach you how to do it rigorously and with no guesswork.
What you’ll learn:
- Why it’s prudent to sell your winning investments and rebalance toward your underdogs
- How to create and define your target asset allocation starting from first principles
- How to determine your investment style and risk tolerance in an intellectually honest way
- How to track your current allocation and analyze drift from your target
- How to rebalance your portfolio tax-efficiently step-by-step
- How often you should rebalance
If you really learn the principles taught in today’s episode, you’ll be able to rebalance your portfolio and ensure your asset allocation stays closely aligned with your investment goals (yielding higher returns and lower risk).
...And you can do it in 1 hour or less per year.
Check it out here:
https://hackyourwealth.com/asset-allocation-rebalance-portfolio
What is YOUR target asset allocation? How often do you rebalance? Any rebalancing strategies you use that I didn’t cover? What questions do you have about asset allocation and rebalancing? Let me know by leaving a comment!
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Download my FREE spreadsheet to track your current vs. target asset allocation
- My 4×4 FIRE framework for creating and protecting wealth (HYW002)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
What assets should you hold in each account to minimize taxes?
Hack Your Wealth
01/19/21 • 37 min
#62: It might seem obvious that the best performing car isn’t just a function of the car itself...but also WHERE you’re driving it.
Ferraris vs. Hummers will perform best in very different environments.
When it comes to asset management, a similar thing is true.
A few episodes back, I did a 3-part series on asset allocation. However, asset allocation is only part of the puzzle to optimizing your portfolio.
To maximize total after-tax returns, WHERE you hold your assets is just as important as WHAT assets you hold.
Asset allocation is WHAT you hold.
Asset location is WHERE you hold it.
You have to make sure you drive the Ferrari vs. the Hummer on appropriate terrains.
Asset location strategy is about holding the right asset classes in the right accounts bearing the right tax profile.
The goal is to minimize taxes on the way in, minimize tax drag while you invest, and minimize tax liability upon withdrawal.
How do you do this?
This week, I talk with Jonathan Duong, CFA, about how to manage your asset location to be as tax-efficient as possible. (This is part 1 of a 2-part discussion.)
In addition to best practices and general principles, we discuss optimal asset location for:
- Stock holdings (both indexes and individual stocks, both dividend and non-dividend paying)
- Non-tax exempt bond holdings
- Tax-exempt bonds
- REITS
- Physical real estate
Check it out here:
https://hackyourwealth.com/asset-location-part-1
What asset location principles are most relevant to you? Let me know by leaving a comment.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Wealth Engineers
- Financial planning software: eMoney, Advyzon, Covisum
- How to set your target asset allocation and rebalance your portfolio efficiently (HYW058)
- Schedule a private 1:1 consultation with me
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
02/02/21 • 35 min
#63: Last time, we talked about general asset location principles, plus best practices for major asset classes like stocks, bonds, and real estate.
But what about non-traditional asset classes?
Also, if you’re planning to early retire, should your asset location considerations change at all...given that you generally cannot touch your tax-advantaged accounts until you’re nearly 60?
This week, we continue our discussion with Jonathan Duong, CFA, about both these topics as they relate to tax-efficient asset location.
We discuss:
- Commodities (gold, oil)
- Currencies
- Illiquid investments like LPs, private equity, private loans, etc
- Speculative holdings like Bitcoin, art, collectibles
- How asset location considerations might change for early retirees
Listen here:
https://hackyourwealth.com/asset-location-part-2
If you’re thinking about early retirement, what is your asset location plan? What are you holding in your taxable vs. tax-advantaged accounts? Let me know by leaving a comment.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Wealth Engineers
- Financial planning software: eMoney, Advyzon, Covisum
- Asset location: What assets should you hold in each account to minimize taxes? (HYW062)
- How to set your target asset allocation and rebalance your portfolio efficiently (HYW058)
- Schedule a private 1:1 consultation with me
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
07/27/21 • 71 min
#76: Retiring early to travel the world is a common goal for FIRE aspirants.
But full-time travel can lose appeal quickly. Churches and temples quickly start to look the same. Gardens and palaces quickly look the same.
When you’re responsible for creating all the structure to your day – every day for weeks and months on end – it gets exhausting and can feel purposeless.
But what if you could design early retirement travel around language learning?
By enrolling in language immersion courses at local language schools in countries you travel to, you not only learn how to communicate conversationally with locals. You also get structured and even vibrant exposure to local culture, food, people, and activities because being situated in a school or university environment creates that exposure and structure for you naturally.
This week, I invited Ingrid, a software engineer turned early retiree and successful travel blogger, to share about her early retirement experience pursuing language learning through travel immersion courses. Making language learning the focus of early retirement has brought joy and purpose and structure to her travel experiences.
We discuss:
- How Ingrid came up with and built strong confidence in her FIRE number
- Her asset allocation and withdrawal rate
- Her blog’s revenue contribution (and what helped her blog get traction)
- How Ingrid plans travel around language immersion courses
- How she meets and connects with locals when she travels, plus her advice for solo female travelers
- How she handles health insurance and healthcare costs as an early retiree and when she’s traveling
- How she believes one’s emotional well being and personality change in early retirement
- How she contemplated family and children alongside her early retirement plan, why she decided against having a family, and her thoughts on loneliness, dating, and companionship as an early retiree
- What Ingrid would have done differently if she could do it over again
Check it out here:
https://hackyourwealth.com/language-learning-courses-retirement-travel-immersion
Have you ever studied abroad or taken a language immersion course in another country? What do you think about the notion of pursuing language learning through travel immersion courses in early retirement? Let me know by leaving a comment!
Don't miss an episode, hit that subscribe button...
If you liked this episode, subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Second-Half Travels
- Firecalc
- Couchsurfing
- Squaremouth
- Nomad Cruise
- Remote Year
- WiFi Tribe
- Schedule a 1:1 consult with me
- HYW FB community
Intro/Outro: Old Bossa by Twin Musicom.
How personal tragedy motivated this engineer to achieve FI and retire early, with Adam Fortuna
Hack Your Wealth
08/18/20 • 38 min
#44: One common trait of ordinary people who accomplish extraordinary things is their ability to turn personal struggle and tragedy into resilient energy channeled toward big goals.
And one of the most challenging tragedies ordinary people commonly face is the death of an immediate family member.
This week, I talk with Adam Fortuna, an engineer who turned his mother’s untimely death into motivation to achieve financial independence and retire early – which he did at age 36 with a portfolio >$2M.
We discuss:
- How Adam got into software development, then transitioned into product management
- How his mother’s premature death suddenly forced him to figure out how to manage and invest assets...and why it made him realize he wanted to retire early
- How he applied an estimation technique used in the software development industry to come up with his FIRE number
- Why moving states cost him 6 figures in taxes
- How his boss reacted when he pulled the trigger and gave notice
- How his portfolio crashed 30% when he quit his job...and why that didn’t faze him
- Why he scrutinizes trailing averages (rather than specific months) when analyzing his safe withdrawal rate
- How he uses the 4% rule as a heuristic, but doesn’t apply it strictly
- How he handles health insurance post-retirement
- The simple Google spreadsheet plugin he uses to import all his financial data into Google sheets for manual number crunching
What personal life events motivated YOU to get smart about your finances? How would a windfall impact your retirement plans? Let me know by leaving a comment when you’re done.
Don't miss an episode, hit that subscribe button...
If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!
I need your help, please leave a listener review :)
If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!
Links mentioned in this episode:
- Minafi
- Tiller (automatically export personal finance data into Google spreadsheets)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.
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FAQ
How many episodes does Hack Your Wealth have?
Hack Your Wealth currently has 95 episodes available.
What topics does Hack Your Wealth cover?
The podcast is about Financial Independence, Career, Real Estate, Entrepreneurship, Investing, Family, Podcasts, Fire and Business.
What is the most popular episode on Hack Your Wealth?
The episode title 'Social Security: How it works and optimal claiming strategies' is the most popular.
What is the average episode length on Hack Your Wealth?
The average episode length on Hack Your Wealth is 52 minutes.
How often are episodes of Hack Your Wealth released?
Episodes of Hack Your Wealth are typically released every 7 days.
When was the first episode of Hack Your Wealth?
The first episode of Hack Your Wealth was released on Oct 30, 2019.
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