For most normal people, personal finance is boring! There are many reasons why Americans have a really difficult time getting their money act together, but today we’re addressing the fact that we’d rather spend our time doing almost anything else. This is a problem as it takes intentional action for the rubber to meet the road and for our hopes and dreams to be turned into a debt slaying, wealth building reality. Gamifying our personal finances can help us to actually achieve some of those goals...
Jan 08, 2020•48 min•Ep. 155
It’s probably going to be hard, but waking up earlier this year can help you to get your personal finances in order! We’re excited to talk with our friend 5am Joel about how he got started waking up early and how this has impacted him personally. We both met Joel at a personal finance conference and immediately bonded over a mutual love of craft beer as well as talking about nerdy money things like investing in real estate and financial independence. He’s been waking up early for years now and w...
Jan 06, 2020•56 min•Ep. 154
When 80% of folks report that they’re living paycheck to paycheck, it’s clear that this lack of margin in our lives is a major contributing factor to why we have some much stress in our lives. It’s true of our money and it’s true of our time as well. And with it being the new year, it’s easier to believe that a new and better narrative is possible- and it is! We have the power to change our previous negative money associations and to start handling our personal finances better this year. In this...
Jan 01, 2020•41 min•Ep. 153
This week on the podcast we’re answering your questions! 1 - Should I consider renting out a furnished spare room, and do I go about to vet possible roommates? 2 - How diversified are index funds? 3 - Can I use funds from a car loan to pay off some high interest credit card debt? 4 - When should I transition my side hustle to a legit small business and how do I start deducting my expenses come tax season? 5 - Should I invest in my 403b with pre-tax or post-tax dollars? And if you have a question...
Dec 30, 2019•42 min•Ep. 152
Merry Christmas and happy holidays! In the midst of all the festivities, now is a good time to ask ourselves: “Buying new stuff makes us happy, right?” Well if you have a need that is now being met, there is certainly some value that item is now providing. But value isn’t the same as happiness. Hedonic adaptation, or the hedonic treadmill, helps us understand the effect of consumption. Coming to grips with that can help us end unhealthy cycles of mindless consumerism and set us on a path to a he...
Dec 25, 2019•51 min•Ep. 151
Our guest today is Keith Schroeder who began working in the backwoods of Wisconsin on a family farm fixing silo unloaders- not the kind of job most of us had growing up! But his passionate distaste for that work led him to file tax returns on the side and that hustle led to Keith being able to retire at age 22 however he didn’t stay retired for long. His tax preparation business exploded into a full on accounting firm where at his busiest, he was serving over 2,000 clients. He started his own bl...
Dec 23, 2019•46 min•Ep. 150
How we pay for things has a LOT of implications. Chances are whether you use “cash, debit, or credit” is more a result of habit than a thoughtful approach to your spending. “I use my check card because that’s just what I do- and it’s easy!”. But it’s important to note that some payment methods are more secure than others, while others provide better rewards, peace of mind, or might even cause you to spend less of your money. So how do you know whether you should be pulling out your debit or cred...
Dec 18, 2019•35 min•Ep. 149
This week on the podcast we’re answering your questions! 1 - Should we go with a cash out mortgage refinance in order to pay off student loans? 2 - Can I contribute to a self employed retirement account while also contributing to my employer sponsored plan? 3 - What does it take to be a HUD landlord and how do I balance community renovation with gentrification? 4 - We have a lot of available credit through our credit cards, but we never use it. Should we keep those cards open or close those acco...
Dec 16, 2019•44 min•Ep. 148
Fees are a major pain and they’ve worked their way into so many different industries! We recently talked about travel lodging and discussed the annoyance of the countless fees that might get tacked on: resort fees are some of the most confusing, but parking and WiFi fees abound too! With fees becoming so prevalent across our financial lives, we need to be aware of how and when we encounter them so we can be vigilant and intentional to avoid them whenever possible. While we understand and will re...
Dec 11, 2019•44 min•Ep. 147
On average, we lose 3 hours of productivity every single day due to distractions! There are countless ways that we’re distracted in our lives today, and these distractions are keeping us from doing the things we truly need to do. MAYBE YOU’RE CURRENTLY DISTRACTED RIGHT NOW. It is very easy to allow ourselves to be constantly barraged by notifications, social media, or by email and these distractions are keeping us from being good friends and family members at home, and they’re keeping us from be...
Dec 09, 2019•57 min•Ep. 146
When 99% of American companies are small businesses, it’s no exaggeration to say that these businesses are the backbone of our country. These startups have been responsible for almost all new job creation over the past 3 decades! And not only are small businesses important to our economy but they’re important to us on a personal level as well. These are the storefronts and people who make up our communities and neighborhoods- they’re a part of our identity! However as technology marches on, smal...
Dec 04, 2019•33 min•Ep. 145
This week on the podcast we’re answering your questions! 1 - Should I close a credit card that has a $40 annual fee? 2 - As a minor with my first job, where should I save and invest my money? 3 - How do I get my spouse on board using one of the budgeting apps? And with those apps are there any security concerns? 4 - I have a chunk of money that I plan to live off of in the coming years- where should I put it? 5 - Should I consider financing a car in order to keep my credit score high? And if you...
Dec 02, 2019•43 min•Ep. 144
Before you’re tempted to rush out and pounce on those Black Friday deals: How amazing is it that we live in a world where there are so many ‘free’ things all around us? And how unfortunate it is, that we often don’t even see these ‘free’ resources because we’re so used to purchasing and consumption- we don’t even think to make use of them. Our technology and culture steers us in the direction to spend. Chances are you’re not taking advantage of this ‘free’ stuff and you’re overspending because m...
Nov 27, 2019•53 min•Ep. 143
Kristin Wong is passionate about helping people understand money in an accessible way. She started Lifehacker’s personal finance blog called Two Cents and she also authored the book “Get Money” last year - which is a great beginner’s guide to personal finance. She has also been featured in other major publications like Refinery29 and Glamour Magazine and you can currently find her writing in Smarter Living and the NYT. Even though Kristin is not a fan of Costco, we still had a great time talking...
Nov 25, 2019•46 min•Ep. 142
There are times in our lives as consumers, that we’re faced with a decision: even though I can’t afford it, do I buy this thing that I really want? “Ohhh, that new iPhone looks really awesome” or “It would be a ton of fun to take a trip to the mountains next month!”. We often already know that the answer to these questions should be “No, I don’t have the money” because we know it’s not worth going into debt for these types of expenses. But sometimes the answer isn’t always as cut and dried as we...
Nov 20, 2019•37 min•Ep. 141
This week on the podcast we’re answering your questions! 1 - Should I make additional principal payments on my mortgage? 2 - I want to open a flexible account for my daughters- what should it be? 3 - Would you recommend a foreclosure or pre-foreclosure for us as first-time homebuyers? 4 - What do y’all think about investing in gold and other precious metals? 5 - While shopping for a house, should we take into account the potential rent from house hacking with our friend, as we consider what we c...
Nov 18, 2019•42 min•Ep. 140
The price of college has gotten so incredibly expensive that we’re wondering if college is even worth it anymore. With the current total outstanding student loan debt totaling over $1.6 trillion, the return on your investment isn’t as obvious as it was decades ago. Now is the time to ask: Is getting a degree from a traditional academic institution the best course going forward? The answer isn’t going to be the same for everyone, but we’ll touch on the important things to consider before you deci...
Nov 13, 2019•49 min•Ep. 139
Our guest on this episode is personal finance writer J.D. Roth who started his blog, Get Rich Slowly in the early days of the internet- back in 2006! It’s grown to be one of the most well-respected personal finance sites around thanks to his honesty, superb writing, and desire to serve his readers. We hear all about J.D.’s history with money, whether politics belong in personal finance, the different stages of financial freedom, as well as the intersection of depression and money. And let’s not ...
Nov 11, 2019•51 min•Ep. 138
Most folks we know are big fans of Airbnb- they’ve either had a great experience while traveling or they’re considering it for their next trip. There’s a good chance this is also true for you, but have you ever considered hosting on Airbnb? There are countless ways that we can make extra money on the side, but we’ve found that most of them aren’t nearly as rewarding as welcoming travelers into your home! Matt’s Airbnb apartment has been up and running for a few months now so in this episode we d...
Nov 06, 2019•44 min•Ep. 137
This week on the pod we’re answering your questions! 1 - How do I justify going on vacation while I still have student loans? 2 - Should I pay for an addition with a home equity loan or by draining my emergency fund? 3 - Is the rental car insurance provided by my credit card a good option? 4 - How can I drop PMI early? 5 - What should I do with my Roth IRA that is currently with a high cost brokerage? And if you have a question for us, we’d love for you to submit your own via HowToMoney.com/ask ...
Nov 04, 2019•39 min•Ep. 136
Imagine that you have a well paying job but otherwise it sucks and you wish you could leave. And now imagine that an amazing opportunity comes along for you to start your dream business- that thing you’ve always wanted to do, but the problem is that you know you won’t be able to pay yourself for a solid year. What you need is peace out money to keep you afloat! Or maybe some family or health issues have come up and you want to be able to spend time with family, or maybe you just want to take som...
Oct 30, 2019•38 min•Ep. 135
Liz Thames, better known as Mrs. Frugalwoods, is the creator of the award-winning personal finance blog, Frugalwoods.com and she’s the author of the book, Meet The Frugalwoods: Achieving Financial Independence Through Simple Living . At age 32, she reached financial independence and left a successful career in Boston to create a more meaningful, purpose-driven life on a 66-acre homestead in the woods of Vermont with her husband and their two young daughters. Liz has been featured on The Today Sh...
Oct 28, 2019•54 min•Ep. 134
In order to travel affordably, we have to keep our lodging costs in check! The money we spend on a comfortable place to sleep at night can be a huge expense, sometimes keeping us from traveling at all. Luckily there are some incredible ways to save more thanks to the internet and different apps created specifically to improve price transparency and to help you find the best deal online. We also have some great suggestions with some specific strategies to allow you to save big money on travel lod...
Oct 23, 2019•40 min•Ep. 133
This week on the pod we’re answering your questions! 1 - Should I negotiate my salary for an entry level position? 2 - As we begin to consolidate our debt, what effect will closing some credit cards have on the type of loan we’re able to get? 3 - Should I keep my HSA with my employer or take it somewhere else? 4 - Is a salvage title a deal breaker? 5 - How to save and invest effectively on a wildly varying paycheck? And if you have a question for us, we’d love for you to submit your own via HowT...
Oct 21, 2019•40 min•Ep. 132
Countless Americans don’t have a plan for how much they will spend or who they will be buying for this holiday season. What results is we end up with that all too familiar spending hangover with folks paying off those “unforeseen” expenses well into the New Year. Instead, we can avoid that debt by beginning to think and save now (even starting to save now for next year!), and creating a spending plan that includes things like gift budgeting, making cuts to your list of who to include, and tracki...
Oct 16, 2019•35 min•Ep. 131
For this episode, we’re excited to hear from David Greene who is a nationally recognized authority on real estate investing. David has been on CNN, Forbes, and HGTV several times and he’s also a former police officer and current co-host of the BiggerPockets real estate podcast. He is the author of best selling books like “Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple” and “Long Distance Real Estate Investing”. We not only hear his tips on what to ...
Oct 14, 2019•54 min•Ep. 130
It’s vitally important to discuss financial optimism because a LOT of folks have negative money scripts floating around their heads. Their pessimism hurts their current view of their money and their future financial wellbeing. How can we combat that? Financial optimism. We need to understand the good that currently exists in our lives and cultivate a hopeful attitude towards our finances. When we’re pessimistic about the current state of our financial health, it leads to inaction and that create...
Oct 09, 2019•35 min•Ep. 129
This week on the pod we’re answering your questions! 1 - What are some strategies to keep my healthcare affordable before Medicare kicks in? 2 - Financially speaking, should I be preparing to take care of my aging mom who is bad with her money? 3 - What kind of receipts should I be keeping up with as I manage my financial affairs? 4 - Are car subscription services, like Care by Volvo, a good way to pay for a car? 5 - Timeshares seem so cheap these days, are they a good deal? And if you have a qu...
Oct 07, 2019•41 min•Ep. 128
With mortgage rates near all-time lows, now is a great time to consider refinancing. Pouncing on these lower rates can lower our monthly mortgage payment, allowing us to free up some money that was being funelled towards housing. But what else should we consider? Are you a good candidate for a refinance? And then on top of that there are also costs involved in refinancing that can make it prohibitive. In this episode we discuss the factors you need to consider, some great reasons to refi, and ho...
Oct 02, 2019•30 min•Ep. 127
This week we’re excited to have our friend Brad Barrett join us on the podcast. Brad is co-host of the podcast ChooseFI, but before that he was a CPA who left his job thanks to his pursuit of financial independence so he obviously knows a thing or two about personal finance. However, Brad’s favorite topic is leveraging credit card rewards to save more money, and take trips you never would have dreamed possible! Listen as we kick things off by discussing financial independence, but then we dive i...
Sep 30, 2019•59 min•Ep. 126
