Nov 22, 2016
In this episode Kim Butler and No B.S. Money Guy Todd Strobel sit down and talk about another financial myth that even affects some financial advisors. Kim and Todd share the 3 mistakes people make around the calculations of finances.
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00:30 Today’s topic is addressing the Financial Myth - Finding Miscalculations
02:09 The 3 mistakes people make around the calculations of finances
02:34 Mistake #1 - Trying to Make Financial Calculations with a Traditional Calculator
03:39 Look for additional calculator functions that provide future value, present value, time, rate and payment
07:17 Mistake #2 - Time Value of Money
07:42 Anytime you have dollars doing anything greater than one day's work you have a time value issue
09:14 Time value of money is essentially applying an interest rate to your calculation
10:43 For more information on how this works look at the ebook: Busting the Interest Rate Lies
10:51 Mistake #3 - Misunderstanding and Misstating Timeframes