Unfiltered: Revealing tactics to meet life's demands - Episode 6 - Tim Heisterkamp on how to have healthy WEALTH habits, and how money can compound and grow in YOUR FAVOR

Episode 6 - Tim Heisterkamp on how to have healthy WEALTH habits, and how money can compound and grow in YOUR FAVOR

03/01/21 • 88 min

Unfiltered: Revealing tactics to meet life's demands

Tim Heisterkamp, certified financial planner, talks about wealth management, and how the habits of saving money and preserving wealth are generally the same amongst those who ave been successful. He drops useful foundational knowledge such as; money isn't evil, the love of money is. Money is AMORAL, meaning it itself has no moral value until it takes on the morality of its user. It is up to you what character money takes on.
Surprising to me, he mentions how the #1 motivating factor to create healthy wealth habits is FEAR, based on self-preservation and survival, which makes people live within their means vs overextend themselves with money they don't have. WISDOM, and understanding the money habits that creates exponential growth is the second most motivating factor in his experience, once you know, you can't unknow true knowledge. After that, it's up to you to apply it. That is when knowledge becomes wisdom.
Principles mentioned include:
-Save 10% of what you make
-Delay instant gratification - don't go in debt to buy too many expensive things
-Understand the exponential compounding growth of money via interest, and how much more interest can work for you when you start saving as soon as you can.
-Understand different retirement accounts and how more than one can help you, such as "tax deferred" accounts vs "after tax" accounts (Tim calls them "tax never accounts" because they aren't taxed upon withdrawal like tax deferred accounts are).
-AUTOMATE your savings.
-JUST START, don't despise meager beginnings, start with $25/month if you can.
-LOTS MORE.
Tune and turn it up!

Previous Episode

BONUS episode - What to do when your in-laws come to visit? Put em on the PODCAST

So what do you do for fun? Around here, we podcast. Bonus/Visitor edition #1 features my mother-in-law from Brookings, South Dakota, where we discuss her and her family's days traveling the country selling furniture and her own personal hand made craft creations, all while raising 7 kids, all while homeschooling them from kindergarten on, all while managing to DESTROY the perception that homeschoolers are awkward or anti-social, as all 7 seven have gone on to be high-achievers and role models of work ethic. If you are curious about homeschooling and how Karen can spot a homeschooler a mile away, or about a family dynamic with 7 kids and 70+ cousins is like, this 50 minute session is for you!
What is some of the top advice we gathered from Karen for raising kids, homeschool or public school?
1) Set boundaries/parameters and have consequences for when the boundaries are crossed.
2) "Readers make great leaders" - encourage reading as much as possible
3) Allow slotted time for both work AND play
4) Don't be concerned about being overwhelmed
5) RELAX, as parents, don't fret about the decision you make. Keep growing forward.
6) Don't compare yourself to other parents or your kids to other kids
7) Discipline your kids towards opportunity. i.e. Too much tv? Removing tv time = time to learn new things such as the guitar, as was the way with the Nelson boys.
8) "If its not prompt obedience its not obedience."
9) Focus on the 3 R's: Reading, wRiting, and aRithmetic.
10) Kids in the birth order have different character traits, and often have distinct needs and desires. Letting them pick out a book, or some other source of entertainment/engagement can often direct you to what their interests actually are, even though they may be hard to see at a young age.
Tons more to pull from this episode, enjoy!

Next Episode

EPISODE 7 - DR. KEN WILSON - Defines "Normal is brilliant" & "Aggressive Patience," goes deep on life & purpose

Ken Wilson is a chiropractor extraordinaire and entrepreneur from Minnesota, with a ton of experience helping doctors grow their practice to new heights. Ken goes deep on his doctoral experience and what experiences, both high and low, that he's had, leading to big personal and professional growth, all while being a family man with his wife and three kids under 5 years old.
One knowledge bomb he drops is about the progression of stress from panic, into depression, and then inaction, and how "aggressive patience" can disrupt the built up stressor that often plagues people in today's society.
Ken also defines a term called "Normal is Brilliant," bringing deep principles to the nature of your genius body, that we often take for granted. When it works right, we often don't notice how brilliant and amazing that is, we only notice when symptoms arise and disrupt normal function.
Listen in to hear his top health tip beyond using chiropractic, and the top lessons he's learned since earning his doctorate, not to mention influential movies and books that left an impact on him!!