The Financial Independence Show

10 Money Tips for 2023 (Replay)

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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.

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