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