Inside Out Money

This week, I’m answering your questions about debt, emergency savings, sudden windfalls, deferred compensation, withdrawal strategies, Andrew going vegan, monarch money, savings on kid's stuff, when to track your net worth estate planning, and more!

In this week’s podcast, we talk about:

- How to stay motivated while getting out of debt

- How to handle an unexpected large sum of money

- Influencer courses and if they’re worth your money and time

- Finances in a blended family that is early retired

- Advice for Canadians that don’t have the same levers as in the US

- How to determine your withdrawal strategy at retirement age

- If there is anything that keeps me up at night about being early retired

- Tips and tricks for using Monarch Money

- Spending and savings on kid's clothing and activities

- Explaining deferred compensation to a 5th grader

- What day I track my net worth, and why

- Replenishing your emergency fund after using it for an emergency

- Tips, tricks, and advice for rental properties

- Estate planning and wills for people who are young and think they don’t need it

- Making sure you’re not passing on a money mess to your beneficiaries

- How many credit cards is too many?  I have seven and pay off fully monthly

- What actionable steps I took to become financially free

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/077-listener-qa-debt-savings-windfalls-deferred-compensation-withdrawal-strategies-and-more/

Investing often seems more complicated than needed, so we’re explaining some key terms to help you better navigate the investing and financial world more confidently. We share which ones we think matter the most and what you should focus on as an investor. 

Andrew joins this week’s podcast as we talk about:

- The difference between a stock and a bond and the historical performance of each

- The difference between ETFs, index funds, and mutual funds

- Market vs. limit orders and which one you should focus on

- Why target date funds in your 401K and 529 plans aren’t ideal and what to do instead

- Which brokerage firms and accounts we like the best and why

- Expense ratios, Dividends, Dollar-cost averaging, and more!

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/076-investing-terms-you-should-know-etfs-vs-mutual-funds-target-date-funds-expense-ratios-dividends-market-vs-limit-orders-and-more/

In the tradeoff between your time and your money, we discuss whether it’s worth it to pay for convenience, from pre-cut food at the grocery store to having your house professionally cleaned to food delivery apps. We explore whether these conveniences are worth the extra expense, and we explore the pros and cons, share personal stories, and offer tips for finding a balance between convenience and cost.

Liz joins this week’s podcast as we talk about:

- The tradeoff of our time versus our money

- How to be thoughtful and intentional about the conveniences we pay for

- The questions you should ask yourself as you consider how much you’re willing to pay for specific conveniences 

- Smash or pass round of all the many potential conveniences we could pay for

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/075-the-cost-of-convenience-is-it-worth-it/

Investing feels overwhelming and complicated to many people, but it doesn’t need to be. It can be simple and easy to get started. Join us for a discussion on investing that we hope will help you get started and feel better on your investing journey.

Erica joins this week’s podcast as we talk about:

- Why investing is more simple than many make it out to be

- Why investing in low-cost, simple index funds is the answer

- If ESGs are worth it

- What to do when the market is down

- Good books to read to help you learn more about investing

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/074-an-investing-discussion-how-to-get-started-are-esgs-worth-it-what-to-do-when-the-markets-down-automating-your-investments-and-more/

Groceries have been getting more expensive lately, but there are still plenty of simple, low-effort ways to save money on groceries. We share our best money-saving hacks for our family of five.

Greg joins this week’s podcast as we talk about:

- What we typically spend on groceries

- Why we do most of our shopping at Aldi, Lidl, and Sam’s Club

- How we keep our food costs lower and the specific things we do

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/073-grocery-savings-hacks-where-to-shop-freezing-food-and-more/

Everyone should keep their savings, emergency funds, and extra cash in a high-yield savings account (HYSA) to optimize their money. High-yield savings accounts are paying as high as 5.5% interest and have been for over a year. Make sure you’re taking advantage of this and maximizing your growth potential!

Liz joins this week’s podcast as we talk about:

- What is a high-yield savings account and why you should have one

- Why high-yield savings accounts are a safe place to keep your money

- FDIC Insurance 

- How banks make money

- Why online or digital banks can afford to pay higher interest rates

- Our favorite high-yield savings accounts

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/072-the-best-financial-advice-no-one-wants-to-take-move-your-money-to-a-high-yield-savings-account-already/

This week, I’m answering your questions about early retirement, investing, raising financially literate kids, making like-minded friends, and more!  

In this week’s podcast, we talk about:

- Sitting in the boring middle of achieving FI

- Enjoying the journey versus the destination

- How do you know when you have enough money to retire

- How to make FI friends

- Best FI meetup groups and conferences

- Investment strategies

- Thoughts on CFPs (Certified Financial Planners)

- Bringing up finances with someone not good at finances

- How you talk to the kids about money 

- Navigating spend on and for teens

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/071-listener-qa-boring-middles-making-fi-friends-investment-strategies-kids-and-more/

This one thing can save you money, help the environment, declutter your house, and improve your mental health; it’s using the things you already have! We share practical tips and strategies for reframing your mind to focus on everything you already own inside your home before you allow yourself to acquire new things. 

Erica joins this week’s podcast as we talk about:

- The many benefits of using what we already have before we buy new things

- Mindful approaches to consumption

- Practical tips and strategies for using up what we already have before we buy anything new

- Categories we’re focused on, including food, toiletries, cleaning supplies, books, gift cards, memberships, office and school supplies, and clothing

- What to do if you’re not willing to use the things you already own 

Get the full show notes, show references, and more information here: ⁠https://www.insideoutmoney.org/070-lets-use-up-what-we-already-have/⁠

This one thing can save you money, help the environment, declutter your house, and improve your mental health; it’s using the things you already have! We share practical tips and strategies for reframing your mind to focus on everything you already own inside your home before you allow yourself to acquire new things. 

Erica joins this week’s podcast as we talk about:

- The many benefits of using what we already have before we buy new things

- Mindful approaches to consumption

- Practical tips and strategies for using up what we already have before we buy anything new

- Categories we’re focused on, including food, toiletries, cleaning supplies, books, gift cards, memberships, office and school supplies, and clothing

- What to do if you’re not willing to use the things you already own 

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/070-lets-use-up-what-we-already-have/

The key to growing long-term wealth is to spend less than you make and invest the difference, but there are also some money mistakes you should avoid. Make sure you listen and avoid these money mishaps to win long-term.

Liz joins this week’s podcast as we talk about:

- Why whole life insurance is so bad

- The pros and cons of 401k loans

- Buying stuff you can’t afford and don’t need on credit cards

- Get rich quick schemes

- Trying to time the market

- The importance of tracking your expenses and net worth

- Lifestyle creep and why it matters

- Why emergency funds matter

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/069-avoid-these-money-mishaps-and-win-long-term/