Summary

In this episode, the hosts share 12 money tips for 2024. They discuss the importance of consuming financial education, cooking or meal prepping to save money, decluttering and selling unused items, preparing for death by setting up wills and trusts, creating additional streams of income, limiting online shopping, avoiding gambling, tracking credit scores, practicing mindful spending, and opening high-yield savings accounts. In this episode, Derrick and Brett share their final three money tips for 2024. They discuss the benefits of high-yield savings accounts, which offer higher interest rates and can help combat inflation. They also recommend making one extra mortgage payment per year to pay off the loan faster and save on interest. Lastly, they emphasize the importance of giving back and suggest various ways to contribute, whether through monetary donations or volunteering time.

Takeaways

Consume financial education to improve your financial knowledge and decision-making.

Cook or meal prep to save money on food expenses.

Declutter and sell unused items to make extra money and create more space.

Prepare for death by setting up wills, trusts, and directives to ease the transition for your loved ones.

Create additional streams of income to increase your financial stability.

Limit online shopping to avoid impulsive purchases and overspending.

Avoid gambling to prevent financial losses and potential addiction.

Track your credit score to monitor your financial health and improve your creditworthiness.

Practice mindful spending by identifying your wants and needs and prioritizing your spending accordingly.

Open a high-yield savings account to earn more interest on your savings. Consider opening a high-yield savings account to earn more interest on your savings and combat inflation.

Make one extra mortgage payment per year to pay off your loan faster and save on interest.

Create a plan to give back by donating time or money to charitable causes.

Chapters

00:00 Introduction and Overview

01:00 Tip #13: Consume Financial Education

04:05 Tip #14: Cook or Meal Prep

06:19 Tip #15: Declutter and Sell

08:45 Tip #16: Prepare for Death

10:42 Tip #17: Create Additional Streams of Income

12:11 Tip #18: Limit Online Shopping

13:38 Tip #19: Avoid Gambling

15:42 Tip #20: Track Your Credit Score

18:31 Tip #21: Practice Mindful Spending

37:36 Tip #22: Open a High-Yield Savings Account

38:06 High-Yield Savings Accounts

41:10 Pay One Extra Mortgage Payment per Year

43:35 Create a Plan to Give Back