An Investment Policy Statement sounds scary & fancy but really it’s something that everyone should have. Whether it’s simply a few lines jotted down on a piece of paper, or a more well-thought out plan - it helps make sure you are comfortable and confident with your investment plan no matter what the market does.
On this weeks episode we chat about various hobbies we have and how we keep the costs down. The key is to just get started with what you have and then slowly add nicer items to your collection as your hobby develops over time.
Frugality is a muscle but luckily it’s a muscle that fills your life with meaning and purpose. By choosing to focus on things that make you happy and only adding items to your life that bring meaning you reduce the amount of money you spend while increasing your overall happiness. It takes a while to change your mindset but once you do it’s a really powerful lesson that continue to reap benefits for years to come.
On today’s episode we chat about how to get started with personal finance. It can be intimidating to take an inventory of where you currently stand and compare it against where you want to go but as they say “A Journey of a thousand miles begins with the first step” - today we talk about how to take the first step.and begin learning about personal finances.
A couple good books I would recommend for those interested in reading more about personal finance:
The Millionaire Next Door by Thomas J. Stanley
Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
The Simple Path to Wealth by by JL Collins
Most of us that have 401k’s or IRA’s or even a taxable account will have something called a mutual fund. This is essentially just a collection of stock, which takes the guess work out of picking choosing stocks and sets us up on a path to success. However, if you ever take a step back and click on your 5-character ticker symbol your head might start spinning as you try to make sense of it all. On this weeks episode we open up a Fidelity fund and walk through what all the different information means - you’ll find similar information no matter who your service provider is, but if you want to follow along with us, here’s the fund we were looking at: https://fundresearch.fidelity.com/mutual-funds/analysis/315911693?documentType=QFR
What do you do when you have a large expense in a month? For most people this might have to go on a credit card - but today we chat about sinking funds and how setting them up can help absorb large expenses. While emergency funds help to cover unplanned expenses, sinking funds are a great idea for semi-annual tax bills, annual insurance payments, and things that you might not know the exact dollar amount of but can save for anyway like car repair. Tune in to hear how we’ve used sinking funds and how they might benefit you.
We chat through the various emotions of budgeting and prioritizing savings goals. So much of how we manage our finances becomes emotional but if we step back and think about things logically it's typically easier to find a solution.
We took a break from the podcast recently since we were moving. On today's episode we chat through our thought process of moving and the choices we made such as hiring movers, buying instead of renting, how we unpack our house and more!
There's a lot of financial advice out on the internet that is both good and bad. Today we discuss some of the common financial myths we hear and why they aren't super reliable to believe. Tune in to hear our opinions on credit cards, buying a house, and more....
Okay guys get ready for one of our longest episodes ever. We’ve been landlords for a few years now and we’ve learned a lot along that way that we wanted to share with you in this episode. From how we got started in real estate to tips on marketing your property or figuring out if your property will cashflow we cover all of the basics on this episode.
On this weeks episode we finally pull in some information for our international listeners and chat about the different tax rates in different countries as well as how retirement programs work. We compare pension programs to hybrid programs to 401k style savings plans in this episode and talk about what is best for long-term retirement success.
When I was a kid if I complained about being bored my parents always told me to “use my imagination”. As adults it seems like we have lost our ability to use our imagination. I recently saw an article talking about how the average American spends $2,500 a year on entertainment and several people in the comments mentioned they couldn’t imagine cutting their spending in this category. So the challenge this week is to think about ways to be entertained that cost absolutely nothing (or very little). From free content you can stream on your TV to free apps that teach you how to plan an instrument and much more there is something for everybody to explore. You can have a good time, and save some extra dough!
This episode is a bit different than our usual so buckle in and get ready for a rant. We discuss various spending categories and why it’s important to keep an open mind when you are starting to make budget cuts. Instead of immediately thinking it would be impossible to spend a lower amount each month why not set a goal to spend 5% less in a category than the month before? All these baby steps add up and after all, a Millionaire is Made $10 at a time.
In this weeks episode we talk about the big decision of buying a house. How to make sure you save enough for the down payment, those pesky closing costs, as well as setting up a maintenance fund because if there’s anything we’ve learned in our years of home ownership it’s that you will always need a rainy day fun!
The fourth part of our investing series is here! This one covers some more advanced topics such as timing the market with dividends and TLH. If you haven’t listened to our other three episodes on investing I highly recommend checking those out before jumping into this one!
One of the reasons I started the podcast was every time I talked about personal finance with my friends people often remarked "I wish they taught this in school". We pulled together a list of the things every body should learn about personal finance before graduating high school in this weeks episode.
In a world with so much free content how will the payment system change in the future? Patreon has done a lot to help smaller creators make a living but at the same time that passes the burden onto the listeners to support their favorite producers. It’s a fast-changing industry so on this weeks episode we talk about the various models and discuss why we personally haven’t tried to monetize just yet.
In this weeks episode we chat about the things we actually spend money on and when we do spend money we don’t have any guilt about it! We chatted last week about how we don’t follow a strict budget so while we don’t go overboard in any of these categories we’ve learned to be at peace with our spending levels.
Join us as we chat about how we try to optimize each financial decision we make in lieu of a super formal budget. It’s worked well for us for many years so we wanted to share our thought process!
A large goal for many of our listeners is to help pay for their childs college education. With college costs increasing by 4% each year this can quickly inflate to a large amount. In this episode we tackle how much you need to save per month if you want to pitch in $20k each year for your childs education, this information can be found in the table below. We also chat about how to offset that cost with scholarships, community college programs and even exploring other options to education.