Money Mastermind Show

Join us this week as we toss around the idea of whether it is more rewarding to spend money on experiences or "things". We brought in an "experiences expert", the always-entertaining Martin from the Studenomics.com personal finance blog, and hilarity ensued. Tune in for some insights on how to find the personal balance between pursuing experiences and stuff in your life.

Show notes: http://moneymastermindshow.com/episode4/

Key Takeaways From This Episode:

What does science have to say about spending your money and correlation to happiness?

Tips on how to re-orient your mindset away from the commercialism that is so prevalent in North America.

If it's a really cool experience or item it's ok to go into debt right?

Martin explains how a garage sale can reveal the seedy underbelly of materialism.

Take our $100 experience vs stuff challenge and see the results for yourself.

Links:

Proof That Life Experiences Make You Happier

Study: For Greater Happiness, Spend Money on These

To Buy Happiness, Spend Money On Other People

Spending Your Way To Happiness

Items/Services Mentioned In This Show:

Happy Money: The Science of Smarter Spending

The High Price of Materialism

Panelists:

For a quick bio of each of our show participants, head on over to our panelists page. http://moneymastermindshow.com/panelists/

Glen Craig | FreeFromBroke.com

Kyle Prevost | YoungandThrifty.ca

Miranda Marquit | PlantingMoneySeeds.com

Peter Anderson | BibleMoneyMatters.com

Tom Drake | CanadianFinanceBlog.com

Social Accounts:

Join us live every week for a new discussion about money! Follow all of our social media accounts to stay up to date on the latest shows and news!

Twitter: https://twitter.com/MoneyMstrmind

Facebook: https://facebook.com/MoneyMastermindShow/

Google +: https://plus.google.com/+MoneyMastermindShow/

YouTube: https://www.youtube.com/user/moneymastermindshow

Follow hashtag: #moneymastermindshow on Twitter every week during or after the show, or send your questions tagged with that hashtag!

Join us this week as we toss around the idea of whether it is more rewarding to spend money on experiences or "things". We brought in an "experiences expert" – the always-entertaining Martin from the Studenomics personal finance blog – and hilarity ensued. Tune in for some insights on how to find the personal balance between pursuing experiences and stuff in your life.

https://moneymastermindshow.com/episode4-experiences-vs-things-which-is-the-best-way-to-spend-your-money/

Some important points made in this episode:

• What does science have to say about spending your money and correlation to happiness?
• Tips on how to re-orient your mindset away from the commercialism that is so prevalent in North America.
• If it's a really cool experience or item it's ok to go into debt right?
• Martin explains how a garage sale can reveal the seedy underbelly of materialism.
• Take our $100 experience vs stuff challenge and see the results for yourself.

Panelists In This Episode:

• Special Guest: Martin Dasko | Studenomics
• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

Want to have some fun in the sun, without getting burned by expensive costs? The Money Mastermind crew has you covered (*insert sunscreen pun here*). Tune in to listen to Tom, Peter, Glen, Miranda and Kyle talk about how to save on sunny vacations, summer-specific budget considerations, and generally enjoy many people's favorite time of the year without breaking the bank. Frugal summer fun here we come!

https://moneymastermindshow.com/episode3-how-to-have-a-frugal-summer-despite-rising-costs/

Some important points made in this episode:

• According to American Express, the average American family of four will spend $4,580 on vacation travel this summer.
• 28 million families with children under 18 plan to spend hundreds of dollars on their kids this summer — adding up to more than $16.6 billion.
• The average American family expects to dole out an average of $601 per child this summer, according to data released by American Express, based on a random sample of 2,008 adults. Affluent families, with annual household incomes of more than $100,000, are dishing out double that amount — at an average of $1,116 per kid.
• Can your business help pay for your vacation?
• Do cottages and/or RVs offer a good bang for your buck? Maybe renting is the way to go?

Panelists In This Episode:

• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

Want to have some fun in the sun, without getting burned by expensive costs? The Money Mastermind crew has you covered (*insert sunscreen pun here*). Tune in to listen to Tom, Peter, Glen, Miranda and Kyle talk about how to save on sunny vacations, summer-specific budget considerations, and generally enjoy many people's favorite time of the year without breaking the bank. Frugal summer fun here we come!

Show notes: http://moneymastermindshow.com/episode3/

Key Takeaways From This Episode:

According to American Express, the average American family of four will spend $4,580 on vacation travel this summer. (source)

28 million families with children under 18 plan to spend hundreds of dollars on their kids this summer -- adding up to more than $16.6 billion. (source)

The average American family expects to dole out an average of $601 per child this summer, according to data released by American Express, based on a random sample of 2,008 adults. Affluent families, with annual household incomes of more than $100,000, are dishing out double that amount -- at an average of $1,116 per kid.(source)

Can your business help pay for your vacation? (source)

Do cottages and/or RVs offer a good bang for your buck? Maybe renting is the way to go?

Links

Peter's all-encompassing post on summer savings.

Tom's summer family guide.

Take your kids bowling for free.

Let Bank of America pay for your museum visit.

Some tips from a staycation expert.

Looking for fun & cheap roadside attractions?

Create the engineers of tomorrow with free lego workshops.

Items/Services Mentioned In This Show

YNAB

Capital One 360 Account

VRBO

Expedia

CAA

AAA

Panelists:

For a quick bio of each of our show participants, head on over to our panelists page. http://moneymastermindshow.com/panelists/

Glen Craig | FreeFromBroke.com

Kyle Prevost | YoungandThrifty.ca

Miranda Marquit | PlantingMoneySeeds.com

Peter Anderson | BibleMoneyMatters.com

Tom Drake | CanadianFinanceBlog.com

Social Accounts:

Join us live every week for a new discussion about money! Follow all of our social media accounts to stay up to date on the latest shows and news!

Twitter: https://twitter.com/MoneyMstrmind

Facebook: https://facebook.com/MoneyMastermindShow/

Google +: https://plus.google.com/+MoneyMastermindShow/

YouTube: https://www.youtube.com/user/moneymastermindshow

Follow hashtag: #moneymastermindshow on Twitter every week during or after the show, or send your questions tagged with that hashtag!

Our second show sees the Money Mastermind crew head back to school. We debate what the value is of a university/college education is in today's modern economy. Discussion takes us from trying to quantify the return on investment offered by many post-secondary education options, to how college/university has evolved over the past few decades. We also talk about a few alternatives.

https://moneymastermindshow.com/episode2-is-getting-a-college-degree-worth-it/

Some important points made in this episode:

• Average debt of 2014 U.S.four-year grad $33,000, more than $1 trillion outstanding
• Average debt in Canada $26,000
• The cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade
• Do colleges and universities post scientifically accurate numbers when quoting earnings figures relative to other education levels?
• Is there an imbalance between theory-based educations (traditional 4-year degrees) and more skill-based options (technical colleges and co-op programs)?

Panelists In This Episode:

• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

Our second show sees the Money Mastermind crew head back to school. We debate what the value is of a university/college education is in today's modern economy. Discussion takes us from trying to quantify the return on investment offered by many post-secondary education options, to how college/university has evolved over the past few decades. We also talk about a few alternatives.

Show notes: http://moneymastermindshow.com/episode2/

Key Takeaways From This Episode

Some important points made in this episode:

Average debt of 2014 U.S.four-year grad $33,000, more than $1 trillion outstanding (Source)

Average debt in Canada $26,000 (Source)

The cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade (Source)

Do colleges and universities post scientifically accurate numbers when quoting earnings figures relative to other education levels? (Source)

Is there an imbalance between theory-based educations (traditional 4-year degrees) and more skill-based options (technical colleges and co-op programs)?

Links

More than 7 million borrowers are in default on their loans (source)

The Project on Student Debt, a non-profit, says that 15% of borrowers default within three years of entering repayment. At for-profit colleges the rate is 22%. (source)

The cost of university per student has risen by almost five times the rate of inflation since 1983, and graduate salaries have been flat for much of the past decade (source)

According to the College Board, the average cost of tuition and fees for the 2013–2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities.

Universities are spending a lower percentage on teachers/faculty/instruction, and more on administrative and support services. (source) They have become less about quality teaching and one on one instruction, and more about entertainment, school amenities, research, subsidizing athletics and pumping out degrees: Roger Geiger of Pennsylvania State University and Donald Heller of Michigan State University said that since 1990, in both public and private colleges, expenditures on instruction have risen more slowly than in any other category of spending, even as student numbers have risen. Universities are, however, a higher percentage on administration and support services

Big university building spree (to have the best to attract students/researchers) - taking on debt to pay for it (which leads to rising tuition and fees.) (source) Harvard may be the wealthiest university in the U.S., but it also has the most debt, to the tune of $6 billion. Miami University is a public institution in Ohio; its debt in 2011 was $326 million, up from $66 million in 2002. A small Catholic school in Maryland, Mount St. Mary’s University, is $63 million in debt and its credit is now rated as junk. Ramapo College of New Jersey, a public institution, has racked up $281 million in debt to build a new business school, dormitories, a 2,200-seat arena and a new wing of a buildings for a nursing program.

Items Mentioned In This Show

What to Consider When Considering University

More Money for Beer and Textbooks

Free college courses taught online by renowned professors

Coursera

Udacity

edX

Khan Academy

Panelists:

For a quick bio of each of our show participants, head on over to our panelists page. http://moneymastermindshow.com/panelists/

Glen Craig | FreeFromBroke.com

Kyle Prevost | YoungandThrifty.ca

In this episode the panelists introduce themselves for the first time, and then have a discussion about financial philosophies, why it's important to come up with a money philosophy of your own, and how your personal philosophy can help to guide your decisions about money.

https://moneymastermindshow.com/episode1-the-importance-of-figuring-out-your-money-philosophy/

Some important points made in this episode:

• Having a philosophy about money is important to helping you live the lifestyle that you want.
• It's important to know where your money is coming and going.
• Know what your values are, and what your immediate, short term and long term goals are.
• Figure out how you can use your money to reach your goals, while living within your money values.
• Know that your goals may change over time. Don't forget to revisit them from time to time.

Panelists

• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

In this episode the panelists introduce themselves for the first time, and then have a discussion about financial philosophies, why it’s important to come up with a money philosophy of your own, and how your personal philosophy can help to guide your decisions about money.

Show notes: http://moneymastermindshow.com/episode1/

Key Takeaways From This Episode:

Having a philosophy about money is important to helping you live the lifestyle that you want.

It’s important to know where your money is coming and going.

Know what your values are, and what your immediate, short term and long term goals are.

Figure out how you can use your money to reach your goals, while living within your money values.

Know that your goals may change over time. Don’t forget to revisit them from time to time.

LINKS:

MoneyMastermindShow.com

Panelists:

For a quick bio of each of our show participants, head on over to our panelists page. http://moneymastermindshow.com/panelists/

Glen Craig | FreeFromBroke.com

Kyle Prevost | YoungandThrifty.ca

Miranda Marquit | PlantingMoneySeeds.com

Peter Anderson | BibleMoneyMatters.com

Tom Drake | CanadianFinanceBlog.com

Items Mentioned In This Show:

More Money for Beer and Textbooks

Confessions of a Professional Blogger

Social Accounts:

Join us live every week for a new discussion about money! Follow all of our social media accounts to stay up to date on the latest shows and news!

Twitter: https://twitter.com/MoneyMstrmind

Facebook: https://facebook.com/MoneyMastermindShow/

Google +: https://plus.google.com/+MoneyMastermindShow/

YouTube: https://www.youtube.com/user/moneymastermindshow

Follow hashtag: #moneymastermindshow on Twitter every week during or after the show, or send your questions tagged with that hashtag!