95: Finance Tips Your College Professors Didn’t Teach You - Michael Taylor

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Business, Investing

4.8 • 518 Ratings

🗓️ 11 June 2018

⏱️ 95 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Michael teaches personal finance at Trinity University and writes a weekly finance column for the Houston Chronicle and San Antonio Express News. He previously sold bonds for Goldman Sachs, and used to run a distressed debt hedge fund. He is not your typical finance professor as he gives you the real-life perspective of how to manage your money.

During the episode, Michael reveals several tips in growing wealth which you did not learn from school. He believes that venturing into investments at an early age promises a future of fortune. He explains how compound interest works, why we need to understand it, and what benefits it could provide. You might not be interested in learning such early in life, but once you listened to this episode, you’ll have a whole new outlook at your finances.

Where we are:

Johnny - Bulgaria

Sam - Florida

Book:

The Financial Rules for New College Graduates

Discussed:

ILAB 11 – Advice for 17-24 Year Olds on Money, College, Credit and Finances

Time Stamps:

07:52 – Why professors experience difficulty understanding and teaching finance
13:05 – His personal finance course
16:55 – Students in debt vs. Students investing
24:00 – Investment advice for young adults
32:12 – Explaining compound interest to young adults
38:53 – US Tax Code
43:10 – Saving money based on income
49:04 – Advise for youngsters in getting an investment adviser
56:47 – The use of Robo-Advisor
1:00:28 – Favorite investment books
1:05:21 – What to look forward to in his book

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Transcript

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0:00.0	Welcome to the Invest Like a Boss podcast.
0:02.5	I'm Sam Marks and I'm Johnny FD.
0:04.4	We're self-made entrepreneurs who invest our own money and use modern technology to invest
0:08.2	like a boss.
0:08.8	Join us each week for exclusive interviews with our network of modern investors, business
0:12.7	owners and multimillionaires to discover new ways to invest our hard-earned cash.
0:18.5	Hey bosses, welcome to episode 95 of Invest Like a Boss. I'm here in Bangsco, Bulgaria, and Sam is in Tampa, Florida. Welcome, buddy.
0:27.6	Why do you say that laughing like it's boring and not interesting like Bulgaria?
0:33.7	Well, both Bulgaria and Tampa are pretty boring. I think we're both in our kind of comfort spaces where I think it's actually perfect. This is both places where we kind of just go back to relax and rewind in between, you know, kind of more exciting places.
0:52.5	Yeah. Well, if that becomes that type of place for you long term, that'd be pretty cool. I think my prospects for Tampa are limited to one year. But for now it's serving its purpose. I have a good setup here. I got a good desk. I bought a nice lamp. You know, I'm doing all these domesticated things I never thought I'd be doing. But now that it's set up, it's been like a month of, you know, all this BS shopping. But now that's set up, I'm actually starting to enjoy it. You know, I got on my balcony at eight in the morning, have a coffee, get prepared to talk to you, put on all my makeup. And, uh, and now we're ready to roll. Ready seize the day baby so how far are you living from
1:29.3	were you into college college was for about four hour drive so i'd actually never knew
1:34.4	anything about Tampa until after college uh and still learning it still really learning the lay
1:39.0	of the land there's a lot of a lot of different areas of Tampa it's a big ass city when you start talking about driving
1:45.3	like to the coast St. Pete, Clearwater. But I'm kind of right smack in the middle. I'm looking
1:51.2	forward to showing it to you sometime. I think there's this there's it's it's all about neighborhoods
1:54.7	wherever we live right Johnny. Yeah. Shanghai is probably famous for that like where we live in
1:59.5	Neiman. And this is like, this is the exact same thing.
2:02.6	It's a neighborhood that is a bubble and you very much live in the bubble.
2:06.5	And I don't, you know, drive anywhere that I need to.
2:09.4	I just walk and it's all right here, which is pretty cool.
2:12.0	So I'm curious, how does this apartment that you're living in now compare to the apartment you lived in when you're in university? Well, I lived in the fraternity house in university. So, uh, my place, the place I lived was so
2:24.9	incredibly bad by some people's standards like my mom's that when she showed up, she started crying.
	...

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