The Financial Independence Show

10 Money Tips for 2023 (Replay)

Listen Later

We’re hopping in the time machine and re-airing one of our most popular episodes.

In this episode, we share our opinion on some of the biggest money topics.

While this episode originally aired in 2019, our views have remained largely the same.

These tips have helped us grow our combined net worth to over $3.5M! So don’t sleep on the fundamentals.

Some of the major topics include:

Credit Card Balances
  • We discuss why you should ALWAYS be using a credit card
  • The need for setting up autopay to pay off the full balance
  • Neither of us recommends carrying any balance
    • Rent vs Buy
    • Keep in mind closing costs, HOAs, insurance, etc
    • It’s much more complicated than just comparing a mortgage to your rent
    • If you can go beyond and do things like house hacking, then buying is certainly a great option
      • New vs Used
      • Justin recommends buying a car that’s 5 years old on a deal
      • Then keep that car for two to three years and try to sell it before you hit 100k
        • Good vs Bad Debt
        • Obviously, there is some debt that’s terrible such as credit cards with 15% interest
        • Then there is a middle ground where it’s debt that doesn’t earn revenue but allows you to invest more
          • Going to College
          • Going to a community college first isn’t a no-brainer
          • It’s so important to be intentional
          • Many trades and technical skills don’t require a college degree
            • Filling Up Savings Accounts
            • Inflation can be destructive
            • Many people have avoided investing during uncertain times
            • Buy and hold
              • Life Insurance
              • What kind should you get?
              • Does whole life insurance ever make sense?
              • What do the experts say (our episode with Sa El)
                • Financial Advisors
                • There’s value to using a tax specialist but most don’t need a financial advisor
                • It may be a good idea to pay a one-time fee for an advisor to help set up a plan you’re comfortable with
                • These advisors often charge at least 1% which can really add up
                • You can see how much these fees are costing you by using Empower’s Fee Analyzer tool.

                  • We truly believe these fundamentals can radically change your life regardless how far you are into your journey.

                  If you got value out of this episode, please share it with a friend!

                  Join the Community

                  We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

                  1. Grab the Ultimate FI Spreadsheet
                  2. Join our Facebook Group
                  3. Leave us a voicemail
                  4. Send an email to contact [at] TheFIshow [dot] com

                    5. If you like what you hear, please subscribe and leave a rating/review!

                    >> You can do that by clicking here <<

                    Learn More About Your Hosts

                    CodyDBerman.com (Cody’s Blog)

                    Saving-Sherpa (Justin’s blog)

                    ...more
                    View all episodesView all episodes
                    Download on the App Store
                    The Financial Independence ShowBy Cody Berman and Justin Taylor
                    • 4.8
                    • 4.8
                    • 4.8
                    • 4.8
                    • 4.8

                    4.8

                    296 ratings

                    More shows like The Financial Independence Show

                    View all
                    Afford Anything by Paula Pant | Cumulus Podcast Network

                    Afford Anything

                    3,564 Listeners

                    The Stacking Benjamins Show by StackingBenjamins.com | Cumulus Podcast Network

                    The Stacking Benjamins Show

                    1,987 Listeners

                    Financial Independence Podcast by The Mad Fientist

                    Financial Independence Podcast

                    1,650 Listeners

                    Marriage Kids and Money: Personal Finance for Families by Andy Hill

                    Marriage Kids and Money: Personal Finance for Families

                    605 Listeners

                    ChooseFI by ChooseFI

                    ChooseFI

                    5,162 Listeners

                    Millionaires Unveiled by Jace Mattinson, CPA

                    Millionaires Unveiled

                    894 Listeners

                    BiggerPockets Money Podcast by BiggerPockets

                    BiggerPockets Money Podcast

                    3,081 Listeners

                    Earn & Invest by Jordan Grumet (Doc G)

                    Earn & Invest

                    452 Listeners

                    The Personal Finance Podcast by Andrew Giancola

                    The Personal Finance Podcast

                    1,421 Listeners

                    Risk Parity Radio by Frank Vasquez

                    Risk Parity Radio

                    277 Listeners

                    Personal Finance for Long-Term Investors - The Best Interest by Jesse Cramer

                    Personal Finance for Long-Term Investors - The Best Interest

                    158 Listeners

                    All the Hacks: Money, Points & Life by Chris Hutchins

                    All the Hacks: Money, Points & Life

                    1,617 Listeners

                    Mile High FI Podcast by Doug Cunnington & Carl Jensen

                    Mile High FI Podcast

                    200 Listeners

                    Catching Up to FI by Bill Yount & Jackie Cummings Koski

                    Catching Up to FI

                    351 Listeners

                    Inside Out Money by Maggie Tucker

                    Inside Out Money

                    294 Listeners