Inside Out Money

This week, I’m answering your questions about 401Ks, Roth vs. regular 401Ks, how and where to save for future needs, where to park your money, early retirement, managing a budget, and more!

In this week’s podcast, I talk about:

- Maxing out 401K versus investing in the market

- Life insurance and whether work benefits are enough

- How you access your money for early retirement

- Ways to progressively increase your savings rate

- 401Ks vs. roth401Ks

- What is worth sacrificing to get to FIRE

- Biggest items on my early retirement FIRE bucket list

- How and where to save for a new vehicle 

- Favorite meals and beers

- FI in Europe vs the United States and which is easier or harder

- Where to park large sums of money while you save for future goals

- How seniors can budget and keep up with inflation

- Managing being over budget with post-retirement

- If HSAs are worth it if you have chronic health expenses

- My number one decluttering tip

- Inside Out Money meetups

- How to budget for retirement if you’re a stay-at-home parent

- How we decide where to go on vacation

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/081-listener-qa-401k-vs-roth-401k-budgeting-automation-decluttering-early-retirement-and-more/

We discuss everything you ever needed and wanted to know about life insurance. We share why life insurance is important even if you think you don’t need it, how much you need, how to shop around for it, the process of applying for it, and much more. We even share some next-level tips for getting the best rates.

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

- Why life insurance is important

- Why your job’s life insurance isn’t enough

- The types of life insurance and which type you need

- How much life insurance do people need, and how do you decide how much you need

- How long of a policy you need

- How to choose a plan and shop for it

- Tips for getting the best rates

- The laddering concept and how it could save you money

- Rewriting the lyrics to Jump Around for life insurance (you’re welcome!)

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/080-were-all-going-to-die-so-lets-talk-about-life-insurance/

We explore the concept of the American Dream and how it has evolved over time. What we initially considered success in life isn’t quite how we would define success today. Many people now choose to live beneath their means, save more, spend less, and sometimes even retire early. We share personal stories, practical tips, and insights to help you define your own American dream. 

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

- What we thought the American Dream was, and we each had different POVs

- A brief history of the American Dream

- What the “American Dream” will cost us throughout our lifetime

- How our view of success has evolved over the decades and years

- Cultural influences that are impacting how we define the American Dream

- Are financial independence and freedom part of the American Dream?

- Practical tips to help you define your own American Dream

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/079-the-new-american-dream-is-it-misunderstood-or-evolving/

The holidays have evolved into a time of the year overly focused on consumerism and spending money, but we encourage you all to take back the holidays and focus on what matters the most to you! We encourage you to reconsider how you’re spending the holidays and share tactical ideas to spend less on decor and gifts going into the holiday season.  

In this week’s podcast, we talk about:

- How to spend less going into the holidays

- How to take back the holidays to focus on what matters to you

- DIY ideas for holiday gifts and decor

- Alternative gift ideas

- Experiences versus things

- Upcycling and regifting and if it’s okay

- Setting a budget and guardrails around holiday spending

- Simplifying your decor to save money

- The importance of making lists and avoiding impulse shopping

- Coupons and cash-back or reward sites

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/078-take-back-the-holidays-8-ways-to-spend-less-this-holiday-season/

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/