Money Talk With Tiff

Money is a touchy subject for a lot of people. But it doesn't have to be! In this episode, I give six tips for how to talk about money with your spouse or loved ones in a way that will keep the conversation open and positive. 

Check out the episode now for some great advice on how to make money conversations less awkward and more fun!

Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany

Key Takeaways

• Have an open and honest conversation about money, including what goals you have to make sure you stick with them.
• Set expectations for who will be responsible for different tasks related to money management.
• Schedule regular money meetings to stay on the same page.
• Practice empathy when discussing finances, as all parties may not come from the same situation or have the same opinions/concerns.
• Make a plan for how to handle disagreements that may arise when talking about finances.
• Work together to set short-term and long-term goals separately and as a unit.

Nia Adams is a personal finance expert and single mom who has been through tough financial times. In this episode, she shares her story and offers tips on overcoming any financial hurdles you might face. 

If you're struggling financially, don't give up! Listen to this episode for inspiration and advice from a successful single mom.

About Our Guest

Nia is the creator and founder of Perspectives, a personal finance education brand. A Speaker, Real Estate Investor, and Author. Financial obstacles and triumphs of her own inspired Nia to become a personal finance educator. She uses her own story, education, and experiences to help individuals of all ages with tools and resources, empowering them to achieve financial stability by changing their relationship with money.   She is the founder of The Money Mastery Academy and The Money Moves Program, and the author of Life is Short, Buy the House.  Nia is a Certified Financial Education Instructor, and holds a MBA in Finance from Keller Graduate School of Management. Nia attended Chicago State University, where she obtained her Bachelors of Science in Business Administration in 2014.

Connect with Nia

Twitter

Instagram

Facebook

Key Takeaways

• Nia Adams is a single mom finance expert who overcame her own financial speed bumps.
• At age 23, she started working at the post office and had two maxed-out credit cards.
• After 2 years of studying and learning, she was pre-approved for her first house but suffered a work injury 6 weeks later.
• The lengthy time off work without a full salary led to her inability to make mortgage payments and foreclosure of the home. 
• To start fresh, Nia filed for bankruptcy, downsized to a smaller apartment, and worked to prevent another similar situation from happening in the future.

Are you trying to figure out how much money you need to save for retirement? This can be a tough question to answer, but it's important! In this episode, I share the best way to figure out how much money you need to save and some tips on how to make it happen. Enjoy!

Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany

Key Takeaways

• When calculating how much to save for retirement, consider the age you plan to retire and ensure the money lasts until the end of life expectancy.
• Determine what your desired lifestyle in retirement will be and calculate how much income you need each year to maintain this lifestyle.
• Think about your expected sources of retirement income, such as pensions, annuities, social security benefits, etc.
• Consider how much risk you can tolerate with your investments depending on how close you are to retirement age.
• Ask yourself if you want to keep working part-time after retiring and if tax deferral strategies such as 401ks or Roth IRAs should be used for retirement planning.
• Factor in any other expenses, such as healthcare and long-term care costs.

If you're looking to achieve long-term financial wellness, you need to make sure all four of its key components are in check! In this episode of Money Talk With Tiff, expert guest Steven M. Hughes discusses each one and provides helpful tips for getting on track. Don't miss it!

About Our Guest

Steven M. Hughes is a Financial Therapist, Reiki Master Teacher, and professional speaker who helps 1-on-1 clients and corporate teams move their finances--and lives--forward. He has served as a financial expert for Google, Airbnb, Tiffany & Co., and more to help audiences reduce their stress around money and achieve lasting financial wellness. Steven is also the founder of the non-profit Know Money®, which exists to help Black college students avoid financial pitfalls and build healthy money mindsets and behaviors.

Connect With Steven

Twitter: @knowmoneysteve

Instagram: @stevenmhughes

Facebook: knowmoneysteve

Key Takeaways

• Stephen M. Hughes and Tiffany discussed the four components of financial wellness: Awareness, Education, Action, and Mindfulness.
• Awareness is being in the right frame of mind to make conscious decisions about money.
• Education is a greater understanding of financial concepts beyond the basics, such as budgeting and savings. It includes more complex topics like insurance, estate planning, investment strategies, etc.
• Action involves taking steps to improve one's own financial situation through research or professional guidance; it is considered the most critical step in financial wellness by the speaker.
• Mindfulness is an understanding that our emotions are intertwined with money matters; it contributes to overall well-being and should be considered when making decisions about finances.

Estate planning is an important process, but it can be confusing. What documents do you need? What's the difference between a will and a trust? Listen to this episode to learn more about estate planning and find out which documents you need to get started.

Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany

Connect with Tiffany on Social Media

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant 

Key Takeaways

• Estate planning documents to consider include a last will and testament, a durable power of attorney, an advanced medical directive, and a healthcare power of attorney.
• Trusts are helpful in managing financial assets or providing for dependents with disabilities.
• Beneficiaries should be set up on retirement plans and life insurance policies; these should also be reviewed periodically as circumstances change over time.
• TODs (transfer on death) should be established on bank accounts to keep money out of probate in the event of the owner's death.
• Funeral plans should include any specific wishes to avoid confusion when that time comes.

Money is one of the most important things in our lives. In this episode, Sammy Warrayat breaks down how money impacts every area of our lives - from health to relationships! This is a great episode for anyone looking to improve their financial situation.

About Our Guest

Sammy Warrayat is a money expert, fitness enthusiast, avid traveler, and host of the Successful Millennials Podcast. After having a data analytics career throughout his 20s, he left Corporate America with a vision of helping others achieve financial independence and a successful overall life in health, relationships, and purpose through discipline and grit rather than motivation and inspiration through his podcast and consulting services. As a digital nomad, he full time travels the world living the life he always wanted while helping others do the same.

Connect with Sammy

Instagram: https://www.instagram.com/disciplineismyfreedom/

Key Takeaways

• Sammy and Tiffany discussed how money affects various aspects of life, such as relationships and parental balance.
• Money can lead to increased stress if not managed correctly and can cause financial infidelity due to lack of communication.
• Money also impacts children, as their upbringing may be limited without adequate funds or mismanaged money.
• Impulse control is essential in budgeting, plus one should go grocery shopping only once a week and never when hungry.
• Prioritizing expenses is also crucial when saving up for something specific or establishing a sinking fund.
• Lastly, ordering groceries online and having them delivered helps reduce temptation while adhering to the list.

Are you curious about your net worth? In this episode of Money Talk with Tiff, Tiffany explains net worth and how to calculate it. Learn how to increase your assets and decrease your liabilities to increase your net worth. Plus, find out how to submit your questions to Tiffany for the podcast. Tune in now to get the answers you need to take control of your finances!

Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany

Connect with Tiffany on Social Media

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant   

Timestamps

[00:00:00 - 00:01:10] Introduction to Net Worth - Net Worth is the total of all assets minus liabilities. Assets include money in bank accounts, investments, houses, cars, and valuables. Liabilities include credit card debt, house debt, car debt, student loans, personal loans, and tax debt.

[00:01:10 - 00:02:12] Calculating Net Worth - Add all assets and subtract all liabilities to calculate net worth. It is possible to have a negative net worth, but working towards making it positive is essential.

[00:02:12 - 00:03:50] Increasing Net Worth - To increase net worth, increase assets, or decrease liabilities. Increasing assets can be done by investing or having more cash on hand. Decreasing liabilities can be done by paying down debt.

[00:03:50 - 00:04:47] Conclusion - Tiffany concluded the episode by encouraging listeners to submit their questions at www.moneytalkwitht.com/tiffany. She also reminded them to spend wisely by spending less than they make.

Do you want to know how to make money blogging? Chris Myles is a blogging expert, and he will tell you how! Chris shares his top tips for making money from your blog in this episode. You don't want to miss this! 

Want to buy or sell an online business? Check out Flippa at https://moneytalkwitht.com/flippa (affiliate link)

Check out the full show notes: https://moneytalkwitht.com/podcast-show-notes/how-to-start-making-real-money-blogging/

About Our Guest 

Chris Myles is the founder of a successful online business. When he and his wife discovered they had their first son, she wanted to quit her job to give him "mommy-care" rather than "daycare." Chris started building blogs and affiliate niche sites to replace the income she was bringing in. He struggled for a long time but eventually cracked the code. He quit his corporate job and has been doing this full-time for over seven years. His favorite saying is, "Do something now that your future self will thank you for." Those are words he lives by, and he hopes they can be helpful to you as well! Connect with Chris 

Website - https://bloggerevolution.com

Instagram - https://www.instagram.com/chrismylesofficial/ Connect with Tiffany 

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant  

This podcast uses the following third-party services for analysis: 

Podcorn - https://podcorn.com/privacy
OP3 - https://op3.dev/privacy

How often do you review your budget? 

It's a question that many people don't think about, but it's essential! In this episode, I'll tell you how to figure out how often you should be looking at your budget - and some tips for making the most of it!

Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant  

Are you looking to take control of your business finances and make your business more profitable? In this episode, Rocky Lalvani shares his insights on how businesses can remain profitable by utilizing the “drip” method. Learn about creating an income account, allocating funds into different accounts such as operating expenses, taxes, and profits, and using the “drip” method for controlling your finances. Tune in now to learn more about how you can increase profitability for your business!

Rocky Lalvani started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40s. It was his parents' second time starting over in life as they moved here to experience the American dream. In spite of a lot of struggles and his mom passing away when Rocky was 7, he has been able to achieve financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster. If you want to add the business part: Rocky serves as Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! He implements Mike Michalowicz's Profit First System as a certified Profit First Professional. We change the accounting formula of Sales - Expenses = Profit to Sales - Profit = Expenses. This ensures Profit comes first! (PS. It's not about money at all costs; people come before money!)

Facebook - https://www.facebook.com/ProfitComesFirst/

Instagram - https://www.instagram.com/richer.soul/

Twitter - @rockylalvani

Facebook: Money Talk With Tiff

Twitter: @moneytalkwitht

Instagram: @moneytalkwitht

LinkedIn: Tiffany Grant