Extreme Personal Finance Show

https://heavymetal.money/rvrentals/

In this post, we’ll talk through what it means to rent your camper or RV, how much time and effort it can take, and understand how much money you can actually make. Keep in mind, this is just my experience and your mileage may vary.

The camper I rent is a 2016 Salem CruiseLite 21Ft Trailer. The attraction of this particular model is it’s approximately 3000lbs. It can be towed by many V6 vehicles. I found and purchased this camper on craigslist for just over $9k. I’ve experimented with a couple different sites/platforms, marketing, as well as pricing. I’ve found that keeping my rates lower, equates to more consistent rentals throughout the season.

Let’s break down this past weekend rental:

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https://heavymetal.money/cost-of-ownership/

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When shopping for things we often talk about the cost of something… but really what we are doing is comparing the Price.   It’s interesting, the price is what we pay for a good or service, while the cost can be the actual or perceived value over time, of the lifetime of the product or service we are exchanging for money.

A car is a very good example. The price of a car may be a particular amount.  However, the cost of the car also includes the registration, insurance, repair and ongoing maintenance, gasoline to get around…  These are things that someone can factor into the total cost of ownership.

There are many other examples, like appliances.  Let’s compare two washing machines.  One machine has price of $400, while another has a price of $550.  The model with the higher price, may have a much lower repair rate.  It may also be more energy efficient, and use much less water.

Sometime the value can be convenience, or comfort that you get for what price you have paid. I’ve used this example before, but it’s a great illustration. I do value my time and convenience, so I elect to pay for Clear to breeze through Airport security and not wait in line. In this case the price I pay has a value to me.

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https://heavymetal.money/529/

https://www.sec.gov/reportspubs/investor-publications/investorpubsintro529htm.html

In 2013 only 2.5% of all families had a 529 Education Savings Plan. This is so easy to set up, and contribute to that it is a shame more parents, grandparents, aunts, uncles, friends or others aren’t using this investment vehicle for a child’s education.

Changes continued to the program and additional qualifying expenses were added.  Not only Tuition but also room and board, fees, books, other equipment required for the education. In 2015 it was expanded to include a computer to be used for school and even internet access! Then, in 2017 the funds in a 529 Plan can also be used for up to ten thousand dollars of K-12 education per year!  As recently as 2019, a 529 Plan can also be used to pay student loan payments as well as the costs incurred by apprenticeships.

What makes a 529 Plan wicked-awesome, is that it behaves much like a Roth IRA, in that the money that is contributed into the plan is after-tax, and the growth is free from federal tax. The user also isn’t taxed when the money is used for the qualifying education expenses.

I mentioned that the after-tax continuations will grow. See, this isn’t just an education savings account. This is an investment account! Yup within the 529 Plans there are dozens of funds to choose from. This can vary by the state offering the plan. In general, the plans are made up of portfolios, and the portfolios are then made up of mutual funds, Index Funds, & ETFs (exchange-traded funds) CDs (certificate of deposits), or high-yield saving accounts.

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By preparing, and allocating money for a particular purchase, it can free you from the guilt of spending money.

In this video we talk about how we prepared for our annual trip to the MN State Fair. Was able to spend money of food, drink, entertainment, and spend the entire day guilt free!

We used the Envelope method of budgeting. Every time you are paid, you place an determined amount of money in an envelope. You can spend only money in that envelope for that category. Dining, Groceries, Gifts, Auto Repair, etc.

It’s a great way to begin budgeting. It helps with overspending, and also allows you to spend with out feeling the guilt. You’ve already allocated the money for that purchase!

Easy Peasy!

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https://heavymetal.money/divorcejouneypart2/

https://heavymetal.money/divorcejouneypart2/

Divorce can be a shock to the System! Your world turns upside down and your finances are part of this!

After divorce, we are now responsible for living and affording to live on our own. There is a lot of anxiety an uncertainly.

We begin to review expenses, review the mortgage, and refinance.

We need to create a budget, open new accounts, close older accounts, determine if you’ll continue to invest, and become more intentional in spending, saving and investing.

We now have to dig in a little deeper in how we were spending, and how to change our saving and spending.

We needed a way to see everything as once. I needed a dashboard of sorts to see all accounts to see what we were spending, and on what.

Personal Capital

Mint by Intuit

Determine categories, and those recurring expenses and what we can do without.

Determine what is important to you, and what you’ll spend on what you value!

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https://heavymetal.money/should-you-pay-off-your-mortgage/

Investing in Mental Health - The Fairer Cents

Sometimes it’s more than Math.

The Math doesn’t always make sense when paying off a mortgage. It’s a headspace. It’s psychological. It’s a state of mind. It changes the way you think, and the feeling you have when you wakeup in the morning. It allows some to truly go to work because they choose to, and not because they have to.

It can change the way you care for your home. You own your home, not the bank! It is a different feeling.

When a person no longer has this major living expense, like a mortgage or rent payment, it allows you to funnel of this money into investment accounts, or allows you to max out your tax advantaged accounts like a 401k!

It allows you the ability to more easily pay for your vehicle, vacation or home renovation in cash, not needed to incur any additional debt.

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https://heavymetal.money/couples-and-conversations/

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Do you talk to your significant other about sex, politics, religion? Do you talk about money? So many people would rather talk about these topics uncomfortable topics over talking about money.

Money can give us feelings of guilt, shame, embarrassment, and sadly, can even keep some in abusive relationships.

What are some things to consider regarding Money and divorce?

Should couples join their finances or keep them separate?

Couples can be successful by setting financial goals and priorities together!

Couples can avoid conflict by being open and honest about money.

In addition to couples and money, having money discussions with Parents or In-Laws change be a challenging situation.

Sandwich

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https://heavymetal.money/ways-i-save/

Here are some simple ways to save money!

Don’t Pay for TV

Simply use an Antenna for over the air broadcast. Catch local football games, local news and live network television for free!

Don’t be afraid of the clearance rack or thrift store

Take a look at the off season, or clearance areas at Kohl’s, Macy’s, or Target. Don’t feel shame about checking out those thrift stores either. Name brand dress shirts under 5 bucks!

It’s okay to buy Generic…sometimes

There are times when it pays to shop name brand. We have a great story in another post about that. But for those consumable products buying generic is totally fine, and can save tons of money!

The Home Workout

Joining a gym can be a costly recurring expense. I scored a perfectly fine treadmill from craigslist for only $40! I now can get daily walk for pennies!

Use Daily Deals & Coupons

You can score big discounts by signing up for rewards programs. I get weekly coupons for restaurants that can stretch your dining budget!

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What is Your Why for FI? Why Do You Want to Retire Early?

Why do you pursue FIRE, or, reach financial independence with an option to retire early?

Welcome to the very first video on the Heavy Metal Money YouTube Channel. Thanks for dropping by, and I really do appreciate your support!

Do you want to do more meaningful work with your life? Do work that fill your heart regardless of the pay?

Do you want to spend time traveling the globe and visiting amazing places before you are too old to really enjoy it?

Do you want to spend more time with your family or your children. Spend more time with them at activities, school functions, or maybe it’s just a mid-day walk to the park for lunch.

Perhaps you want to spend time learning new things, or digging into hobbies like painting, knitting, music, or other types of art?

Maybe you’d like to volunteer your time for a cause that you are deeply passionate about. Helping the elderly, helping animals, packing food for those less fortunate? The list can go on and on.

Let’s hear from you, drop your comments down below, and please tap the Like and subscribe. We’ll see you next time on Heavy Metal Money!

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A Rental vs. Buy Calculator from the Nerd Wallet

10 Reasons Why Renting Could Be Better Than Buying

Save Money on Utilities by Using Peak Usage Times

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