Inside Out Money

Andrew joins this week's podcast and we talk about what we’re each doing to set up our kids for financial success. The first step is teaching and educating your kids about money, and part of that is leading by example. We also discuss holding kids accountable to earn and spend money themselves, and teaching them about choices and tradeoffs. We wrap up by explaining 529 college savings accounts and custodial investment accounts and how we encourage family members to consider gifting to these accounts instead of physical gifts. Get the full show notes, show references, and more information here: https://insideoutmoney.org/012-setting-your-kids-up-for-financial-success/

Liz joins this week's podcast and we discuss Bill Perkin’s book Die with Zero. We share our top takeaways and insights from Die with Zero as we talk about validating the decision to early retire, memory dividends, giving your kids money before you die versus waiting for an inheritance, annuities, optimizing for net fulfillment, and more. While we would both recommend this book, it’s for different reasons. Get the full show notes, show references, and more information here: https://insideoutmoney.org/011-die-with-zero-5-takeaways-from-the-anti-frugal-book/

Erica joins this week's podcast, discussing what we consider “out of sight out of mind” spending. Maggie feels strongly that if you’re not tracking your expenses, 100% of your spending is out of sight, out of mind. We discuss a few spending categories that may be more out of sight and out of mind than others, such as subscriptions and memberships, insurance products, and expenses on autopay. We wrap up with some actionable tips for more mindful and intentional spending. Get the full show notes, show references, and more information here: https://insideoutmoney.org/010-out-of-sight-out-of-mind-spending/

Greg joins this week's podcast, and we finally share why and how we bought a Tesla. We sold our 2016 Prius and bought a 2023 Tesla, and we were out of pocket about $10K! We share Greg’s new side hustle that gave us such an affordable upgrade path and what we think of the Tesla so far. Greg also shares his personal stories, experiences, and insights. Get the full show notes, show references, and more information here: https://insideoutmoney.org/009-we-bought-a-2023-tesla-for-10k-yes-theres-a-little-more-to-the-story/

Erica joins this week's podcast, discussing intentional spending and where we each choose to save or splurge. Intentional spending is all about a values-based, mindful, and conscious approach to your spending. We discuss how we intentionally spend across clothing, shoes, books, restaurants, groceries, travel, toiletries, home decor, commodities, and more! We both appreciate quality over quantity, especially as we’ve gotten older, and we enjoy splurging more on travel and experiences. We encourage you to think about what matters to you and what tradeoffs you’re willing to make financially with your spending versus your goals. It also significantly helps to track your expenses to see if your spending aligns with your values and intentions.  

Get the full show notes, show references, and more information here: https://insideoutmoney.org/008-save-or-splurge-being-intentional-with-your-spending

Andrew joins this week's podcast, discussing our top 10 foundations of personal finance. We share how we’ve made progress against these categories, what we wish we had known sooner and did better when we were younger, and our advice for what to focus on to get your finances in the best shape possible. We discuss each of these 10 foundations: (1) Spend less than you make. (2) Create and stick to a budget. (3) Make savings automatic. (4) Accumulate assets that appreciate in value. (5) Avoid assets that depreciate in value. (6) Invest your savings early and often. (7) Live almost debt free. (8) 80% of personal finance is behavior 20% is knowledge and the numbers. (9) Your retirement is YOUR responsibility. (10) To be successful, you and your partner must agree on these principles.

Get the full show notes, show references, and more information here:

https://insideoutmoney.org/006-10-foundations-of-personal-finance

Greg joins this week's podcast, and we discuss our reflections and finances one year into early retirement. First, we share advice our campFI friends have given us along the way as we share how the first year of early retirement has been going. We then share what’s working well, what we’d like to improve, and the journey of feelings and experiences we’ve been through in our first year not working after each of us spent 20+ years working in Corporate America. We wrap up the episode by sharing what our family of 5 spent during our first 12 months early-retired and how our net worth looks a year later.  

Get the full show notes, show references, and more information here:

https://insideoutmoney.org/005-reflections-on-one-year-of-early-retirement/

We talk about the parallels between physical fitness and financial fitness, both taboo topics to many, and how they are both quite different yet also similar in some ways. Co-host Liz from @lizgetsloaded introduces herself as one of the rotating hosts and shares her passion for getting loaded and how she and Maggie met. We start off with sharing the easiest way to be thin and rich, while we delve into the systemic, psychological, genetic, and environmental factors that influence both. To close, we share thoughts on how you can make this discussion actionable and intentional.  

Get the full show notes, show references, and more information here: 

https://insideoutmoney.org/004-the-easiest-way-to-be-thin-and-rich/

Investing in index funds and dollar cost averaging are the boring yet effective ways to invest. Co-host Andrew introduces himself as one of the rotating hosts and shares his passion for personal finance, sourdough bread baking, and cycling. We discuss the history of index funds, the benefits of investing in index funds, and how dollar cost averaging works. We share the key messages from John Bogle’s book “The Little Book of Common Sense Investing.” We also delve into the concept of dollar-cost averaging, explaining what it is and why it is so powerful and how the psychology of it can help you avoid decision fatigue.  

Get the full show notes, show references, and more information here: https://insideoutmoney.org/003-how-and-why-to-invest-in-index-funds/