Personal Finance for Men: Finding Freedom in a World of Slavery

Reader response to our Personal Finance Podcast for Men was overwhelming, so we recorded a second part. In this episode we take on reader questions while also providing our own viewpoints on wage slavery and personal freedom.

Go to our SoundCloud or press play below:

Topics We Cover and Questions We Answer:

  • Should you buy or lease a car? (Why did Mike buy a used car even though he could have afforded a new car?)
  • How Jay almost got ripped off on a car lot – even though he was personal friends with the owner.
  • What are the most common cognitive traps that young entrepreneurs need to watch out for?
  • How fear and uncertainty, and poor cash flow management can derail you.
  • The Wage Slave Mindset.
  • How do I make money right now?
  • Making cash in real estate and a story from Marc Cuban about selling shoe laces.
  • The mindset: “There is money out there. Take it.”
  • The money-making secret Jay wish he knew about 10 years ago.
  • How can I climb up the corporate ladder?
  • Why Mike could never work in a large company.
  • Should a single man rent or buy an apartment/house/condo?
  • Buying a house isn’t just about economics. It’s also about personal freedom.
  • How to kick out a rent-controlled tenant for fun and profit.
  • College degrees – rip off or not?
  • Why going to college today is not the same as when Mike and Jay attended college.
  • What college Mike would go to if someone else were footing the bill.
  • “If you have the skills to succeed in college, you already have the skills to succeed in life.”
  • Is freedom a mindset or a number? Is it $1 million in the bank or just knowing you don’t have to work?
  • “The problem is thinking there is a magic number you will reach and then retire.”
  • “Freedom is being able to live a life completely unaffected by people that you really don’t care about.”
  • What do we mean when we say wage slave?
  • Freedom is being able to take a trip to Vegas whenever you want.
  • Time freedom v. financial freedom, according to Warren Buffett.
  • “Freedom to me means that, yes, I work, but I never have to do a job I don’t want to do.”

What’s next?

You tell us. What do you want us to cover in our next podcast?

  • Dman

    Enjoyed the podcast and I agree with you and Jay with respect to the car thing. Cars are a very personal item; some people just view it as a point A to point B thing (or completely unnecessary), and others as an ultimate status symbol. There is a whole spectrum in-between. Being around your age, I did not want to wait until I was 60 to enjoy a nice car. I bought a car pretty much the way you bought yours D&P, a late model CPO. I think a lot of the manosphere blogs (and their related blogs) poo-poo the notion of owning a nice car, but it’s something I enjoy, so therefore I will do.

    Buying a CPO also allows you the option of buying an extended warranty from the manufacturer that goes on top of the additional 1 year warranty you get from buying CPO (the price of this warranty is negotiable). Also, do not buy cars from dealerships in wealthy areas. For example, you can often get a much better deal driving 1 hour away from a major urban center (that’s what I did).

    One thing you may want to mention in a future podcast is the huge importance of having good credit. For example, you got 0.9% financing on yours, and I got 1.99% financing on mine. This is, for all intents and purposes, almost like a free loan…the interest charges are inconsequential over the period of the loan (there is no significant incentive for a 48 month loan vs. 60 month because the charges are so small relative to the loan principal). Those rates are advertised and marked with an asterisk because they are generally only available if you have a FICO score over 720 (or thereabout).

    Another thing when buying a car, especially from a dealership, is to come with your own financing in hand even if you ultimately decide to go with manufacturer financing. One of the better ways to do that is to join a local credit union, which typically has lower rates than a major bank. When I bought my car I had the money in hand, but when the finance guy offered me a lower rate, I went with dealer financing instead (they also paid 2 months of my loan as part of the incentive, which was nice).

    If your have poor credit you could be costing yourself thousands of dollars on things like car loans. I have a friend who has an interest rate of about 6% on his loan, and this is AFTER he re-financed it recently because he has shit credit due to some bad decisions he made in the past (before re-financing he had about 11%, if you can believe it).

    • Danger & Play Blog

      All good points.

      A post on establishing credit/repairing bad credit is in the works.

    • Jay

      Great points. I work with an amazing Credit Restoration Company for many of my clients and the ‘Credit Discussion’ will be a good one. Credit is important for some things and MEANINGLESS for others.

    • bear

      Another thing to add: Negotiate hard throughout the process, when a stale mate is reached, offer to drop the CPO guarantee, in return for an extra lump sum of money knocked off. I did this during the purchase of my last vehicle and it worked out well. I picked up a 2010 Toyota Tacoma with 10,000 miles for $ 20,000 using this tactic. Granted Toyota has high reliability ratings , and covers engine/drive trains to 50,000 so it was a risk I felt comfortable taking

  • dentshop

    Would like to see something on changing careers for men in their 30s and essentially starting again at the bottom.

    • Danger & Play Blog

      Hah. Jay might have a thing (or three) to say about this. ;)

    • NC_DJ

      Dentshop, I think we are on the same page. I just posted a big A$$ question on this topic, so hopefully we will have this addressed in a podcast. cheers!

      • http://www.fabfitover40.com/ FabulouslyFitOver40

        Sorry I missed this Man. Holla at me over the weekend via email. jay@fabfitover40.com

  • ello

    I will be keeping this podcast for when I feel like giving up.

    Do you have specific examples you are willing to share of tough times you had breaking out with your business? I just finished How To Get Rich ( http://amzn.to/1pyWCWU ) and I can’t get enough: I want to hear more non-sugarcoated stories about some key moments (in terms of entrepreneurialism) along the way which you think might help.

  • ceobrah

    The soundcloud for this podcast seems to be either broken or misplaced. It plays the old, TRT podcast and not the personal finance one. Could you update it and get it fix D&P? I am looking forward to listening to it; thanks in advance.

    • Danger & Play Blog

      Thanks. It’s been fixed and is good to go now.

  • NC_DJ

    Great podcast. I am 37 years old, have worked in Corporate America since I graduated; I am in banking. I am really good at what I do but lately, over the past 3-4 years, I have become unmotivated to the point where I started getting sick, physically and mentally (started taking meds, seeing a therapist, etc …)… took 3 leaves of absence already. I even switched departments within the bank, hoping that it was the boss or the tasks, but essentially, its is a f*king boring job that is crushing my soul and draining me to the point where it has started affecting every facet of my life (family relationships, women, etc.) I am sure you guys can related to this … basically i am the guy from Fight Club movie who is slowly dying.

    I used to ignore this and sweep it under the rug for a while and covered it up buy going out and picking up chicks and traveling but i always had to come back to the bureaucratic system of the large bank where there are constant conference calls you have to attend, mandatory diversity classes you have to take every fking year, so on and so forth, not to mention dealing with bunch of d-bags all day long from different departments who always questions numbers and reports that are absolutely meaningless and inconsequential, at least as far as I am concerned…

    I am on a medical leave RIGHT NOW… and am supposed to report back to work in 5 weeks but i am fking dreading it. Frankly i am fed up with being sick and having this scarcity mentality that takes away my confidence; i feel like i have no control in my life and sort of developed this tunnel vision that outside of the “comfortable” cubicle and a steady pacy check i will be doomed. Sometimes i wish they never paid me as much money as they do, would make it easier for me to walk away … What contributes to this fear and hopelessness is the fact that i have never ever made money outside of the corporate setting

    I am rambling here a lot I believe, but i wanted to throw out a question out there and obviously i do not expect a specific answer but would appreciated some suggestions, anything you guys can offer in terms of advice. I have about $ 150 K saved up, and I am 90% leaning towards quitting my job, b/c I honestly think i am just going to continue being miserable there and don’t want to drag my feet to work while being heavily medicated, not to mention having low T levels and all the other BS.

    I own a condo and am leasing a 335, so basically i have become this consumerist douche who is a slave and I am OK parting with these items if only i could regain my sanity back – as my health is priceless.

    I want to have that “freedom” that you guys talked about at the end of the podcast. I know it takes time and hard work and dedication to get to the point where you are “free”. I am not saying I don’t want to work, but i really just don’t see myself doing the 8 to 6 rat race again, not including the traffic …

    So that leaves me figuring out how to start making money on my own. But I have to admit i have no idea where to start … Going back to school and getting some other degree is not an option here for me, as i see so many people getting their MBA’s and then coming back to same cubicle jobs they had before …

    Jay was mentioning real estate, and i think something like that would be more feasible as it does not require much time or money…. Would you guys recommend buying a franchise? Also how do i go about finding people who are in a similar situation like me so possibly i can partner up with them, whether to generate new business ideas or just chip in on buying or starting a business….

    Some have suggested to take the career tests like Myers Briggs that helps you identify you weaknesses and strengths and points you into right direction or a field of work that is suitable for you.

    sorry if I have not been very specific but i am sure you guys can relate and provide some sort of advice so i can get started.

    thank you guys!

    • Danger & Play Blog

      Wow, this is a heavy comment. Thanks man. I love detailed questions like this. I’ll troubleshoot this in a future podcast.

    • http://www.fabfitover40.com/ FabulouslyFitOver40

      WOW!!!! Sorry I missed this. If you live in Southern CA or Nevada (or would consider moving there), let’s chat. Holla at me bro: jay@fabfitover40.com and maybe I can help you make a life change.

  • Mark J

    I never commented before but reading NC_DJ post definitely resonated with me and I suspect a lot of other readers. Men so rarely reach out to other men. If we did it more I suspect we’d be surprised by how many others have found themselves or still find themselves in the same position.

    • NC_DJ

      Mark, thanks for your comment. I do realize that I have hit a rock-bottom in my life and as painful and frustrating it is, i try to view it as an opportunity to embark upon a new journey in my life … In a way I am glad this is happening to me, because it is forcing me start thinking outside of the box. There is ton of fear of uncertainly involved, but at the same time I refuse to live a life of mediocrity … I keep re-reading a quote from Fight club “quit your job, start a fight, prove that you are ALIVE … otherwise, you are just a statistic” … I want to feel ALIVE.

  • bear

    Working in corporate america truly is about ass kissing. During a low point in my life, I settled and took a job in that world, did well ( performance wise), even instituted measures on my own initiative to save the company a significant amount of money. Despite the hard work, I was still shit canned. Why? Because I refused to kiss the ass of the head of the department and for that he didn’t like me. He was a thin skinned, insecure alpha/beta who viewed any independent, confident guy under him as a threat. In hindsight I am glad. Getting shit canned was the best thing for me.

    • http://www.fabfitover40.com/ FabulouslyFitOver40

      It is a necessity for any WAGE SLAVE no matter how high their business card acronym-to be SHIT CANNED unceremoniously before they can awaken to the POWER&FREEDOM of entrepreneurship.