Since September is Life Insurance Awareness month we wanted to cover an episode on life insurance. What is it? How much do you need? What are the different types? We cover all of that and more in this weeks episode.
Tune in this week to learn if Angie's crazy utility saving tricks worked or if Brett was right in thinking it wouldn't make a difference. Then we dive into Sunk Cost Fallacy - the irrational decision making because you've already put money into something. We discuss what it is, how to avoid it, and why if you wouldn't buy something today you should probably sell it even if you "lose" money in the process.
Join our No-Spend September challenge! The goal is to deprogram yourself of bad habits and only spend money on essentials this month. It's a great challenge to help combat the ease of 'one-click' ordering that's made impulse spending so much easier. We spend the second half of the episode discussing how we talked about finances early on in our relationship and why it's beneficial to have those talks sooner rather than later.
Do you often dream of retiring and having more time for all of your hobbies? Or maybe you don't care about retiring right away but the idea of financial independence is compelling. Tune in this week to learn how many more years you have to work based on your current savings rate. Then get ready to be able to live the life you want your way. Maybe that means continuing to work but maybe it means part time work with a side of gardening. While it's not a one-size-fits-all the approach to financial freedom is the same!
To figure out your personal plan head over to the retirement calculator.
Here's the savings percentages we discuss in the podcast.
Do you have variable income each month? Either because of inconsistent hours or because you are commission based? If so this is the episode for you! We chat about some of our best tips to make sure you can pay all of your bills even when your income might be all over the place.
What does it really mean to afford something? Is it simply enough if you have the money in the bank or is it bigger then that? Tune in this week as we discuss how to afford the bigger things in life and achieve your long-term goals. Plus hear Brett yell at me for complaining about thermodynamics......I still stand by my opinion - coffee cups should be better insulated especially if I'm paying for it!
This weeks challenge is to track your expenses for one week and see how much you spend per day. Then see if you can rack up more no-spend days than us ;)
Are you buying a house for the first time? How on Earth does this process work? I promise it's not as terrifying as it may seem. Learn how to plan ahead to make sure your first time is super exciting instead of super overwhelming! Make sure you plan ahead financially, find a good team of professionals and you'll be happy in your new home in no time!
In this episode we discuss how you should allocate your budget as well as challenge you to save $30 a week. With the power of compound interest on your side $30 a week can turn into massive amounts of money down the road. No matter what your budget looks like today, making small changes over time leads to big results. So how are you going to save $30 this week?
In this weeks episode we discuss different ways of budgeting from the envelope model to the intuitive method. Figuring out what works for you is one of the first steps to be successful with a budget!
We made it to episode 50!!! We've given a lot of advice over the past year but if we had to boil it down to 10 bullet points here's what our list would be:
1. Compound Interest
2. Opportunity Cost
3. Stick to the Plan
4. Don't fall for marketing
5. Kill consumer debt
6. Cars are more expensive than you think
7. Don't inflate your lifestyle
8. Rent vs. Buy
9. Don't listen to people who are bad with money
10. Pay yourself first
What separates successful small businesses from failures? There's so much that goes into owning your own business we are really just scratching the surface in this episode as we discuss traits of highly effective people, how to incorporate these into a business to be more successful and what topics you should learn more about to be successful. We'd love to do more so if you want to hear about business topics leave a comment or shoot us an email!
Would you describe yourself as frugal? 5 years ago I would not have but now I would say it's a pretty accurate description. Join us as we chat about how we've slowly become more frugal over the years and give some fun facts on why you might want to consider it too!
This week we dive into our first case study! A listener contacted me and asked for help to break out of poverty. After arming myself with research and crunching the numbers I helped come up with an action plan to turn the train around and start building wealth. 45 million Americans find themselves in poverty and since I aim to be a podcast for the Average Joe it means tackling the tough issues and helping people pave their path to a better future. I cannot wait to see how they turn their lives around and climb out of poverty.
In part one we talked about saving money for your short, mid and long term needs. In this episode we talk about the other half of that: distribution! Someday you'll need access to that money you've been saving up so we wanted to chat about the best ways to tap into it. 20% of Americans run out of retirement money within 6 years because they take the lump sum of money out of their retirement accounts. In this we chat about what strategy you should use to make sure you don't out live your money!
Join us for the 1st of a 2 part episode. In this one we chat about how much you should be saving for your short term, medium term or long term goals! We also define what goals fall into which buckets and what tools you should use to reach your goals. So often we hear you should be saving x% of your income but finally we share where to put all that savings!
In our third episode on investing we talk about how to actually invest in the stock market! There are so many options out there now and we try to touch on all of them. Despite popular belief you don't have to travel all the way to NY and put your order in on the stock floor anymore - there are plenty of electronic ways to invest which makes it super easy to automate and take full advantage of dollar cost averaging.
Who runs the world? Girl! Unfortunately women typically are not running the financial world. It's still primarily dominated field with investment managers being 93% male! Over a 35 year working career the investment gap averages one million dollars! Study after study shows that women do not invest at the same rate as men for a multitude of reasons. One of my goals is to help educate women and men to make them more comfortable putting their dollars to work for them. Join me as I discuss these topics and propose solutions to remedy the situation!
We decided to become a one car family! Join us as we talk through that decision and discuss how much we'll be able to save by ditching the spare car. We will definitely keep you guys updated on how well this is working for us. We do live in a very suburban area that is very car heavy but by prioritizing this goal we were able to move close to work and stores to get down to one vehicle.
Obviously when you combined finances certain areas can be reduced but not always as much as you think. Join us as we discuss how we saved when we had single incomes versus how we merged finances and increased our savings rate. No matter where you are in your journey it's always a good idea to review your big ticket items and make sure you are content with your spending levels and make sure your savings rate is where you want it!
In this weeks episode we discuss various financial terms and break down the definitions to help you understand them. A lot of financial topics seem more complicated then they really are so we demystify various topics this week!
Don't forget to enter our giveaway by leaving a review on iTunes, Stitcher or Google Play OR sharing our podcast on Facebook/Instagram OR texting/emailing a friend. Send a screenshot of your review/share and send it to Angie@moneyinthebankpostcast.com to enter and we will host the give away during our 50th episode!