If you're on a steady salary, creating a spending plan is straightforward, because you know both what's coming in and what's going out every month.

But what if you don't have a stable salary? What if you're one of the millions of Americans who do side work or own a business or get paid commission?

For you, a variable income is just part of the deal. This is also true for people who depend on tips, like bartenders, Uber drivers, servers -- you name it.

So, how are you supposed to budget or create goals when you don't know how much money you're going to make tomorrow, much less next month or next year?

Let's find out. In today's podcast, we're going to tackle the topic of creating a stable budget with an unstable income.

As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Our guest is Barbara Sloan, a former exotic dancer and the author of "Tipped," a book about financial empowerment for service industry workers.

Be aware that nothing you hear on this podcast constitutes financial advice. Always do your own research and consult your own experts before acting on anything you learn here.

You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

What kind of career do you have?

We tackle some of the main things you need to be aware of when you work in a career that features a variable income. Barbara's book, Tipped, takes you through what you need to know as well.

If you're looking for a new career or source of income, check out some of our articles on different jobs and side hustle ideas.

• The Ultimate Guide to Building Freelance Income
• Side Hustle Success: Financial Freedom From Lipstick and Bras
• 7 Tips for Getting a Great Part-Time Job in Retirement
• Calling All Night Owls: 14 Jobs for People Who Like to Stay Up Late
• 16 Early-Morning Jobs for People Who Wake Up With the Sun
• 10 Companies That Hire Part-Time Proofreaders and Editors
• 7 Things You Need to Know About How to Get a New Job in 2023
• 4 Tips for a Modern Online Job Search
• 25 Companies Switching to Permanent Remote Work-From-Home Jobs
• 9 Top-Paying Side Hustles Where You Could Earn More Than Full-Time Work
• Why You Can Benefit From a Career Coach

Get more from your money

Don't forget about money moves you can make, no matter what your income looks like. Here are some of our best resources for budgeting, saving, investing and spending your money.

• 6 Things Every Self-Employed Worker Should Know About Taxes
• Money Tight? 4 Legit Ways to Bring in Extra Cash
• Keep Your Money and Health on Track With These 9 Apps
• 32 Inflation Hacks to Save You Money in an Economic Downturn
• 10 Depression Era Hacks and Frugal Living Ideas to Save Money Now
• 10 Ways to Change Bad Spending Habits and Save Money
• The 5 Best Budgeting Apps to Get Your Finances Together
• 8 Surprising Ways to Become Richer Within the Hour
• Your Guide to Alternative Investments
• Where Stocks Are Going in 2023 and Where You Should Invest Now
• 7 Things You Should Know Before Investing in I Bonds
• The 60/40 Investment Mix Is Dead – or Is It?

Meet this week's guest, Barbara Sloan

Barbara Sloan is the author of the book Tipped: The life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals.

Barbara was a homeless teen, who danced for dollars, and definitely did not graduate from college. She spent two decades working in every imaginable position in the service industry all over the country and learning about money on her own.

In addition to owning and running a construction company in the heart of Manhattan, she is a personal finance expert and coach. She leverages her experience in the service industry to focus on issues that many in the mainstream financial media don't cover.

Barbara lives in New York City with her wife of 10 years, an esteemed corporate finance exec, and together they are a couple of adorable money nerds who point out every dog they see.

• Website
• Facebook
• Instagram
• Book

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

Welcome to Money Talks News, the podcast making you richer one day at a time.

Close to 61% of Americans have a business idea, but it can be tough to actually take the next step. Plus, what happens if you make a major mistake and fail?

In this episode, we're talking about how to avoid major blunders when starting a business with special guest Jaspreet Singh from The Minority Mindset.

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on YouTube Music (formerly Google Podcasts)
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

Starting a business can have benefits

Stacy, podcast producer Aaron Freeman and Miranda all run their own businesses, and this week's guest, Jaspreet, talks about his. Interestingly, money isn't the only reason people start a business although it's certainly a major one. Freedom and flexibility are also reasons to get started, as well as the desire to diversify income and leave the corporate grind.

You might be surprised to learn that you can start a business for $1,000 or less. In fact, Jaspreet points out that one of the best things you can do with your business is to get started and aim to make your first $1,000 and figure out the rest later.

Even if you think of your business as a side hustle, it can still make sense to consider its benefits and focus on those as you create your plan for the future.

Avoid these business mistakes

We also talk about the biggest business mistakes to avoid as you get started. Jaspreet points out that mistakes can be expensive, so it's better to learn from others so you know how to avoid the worst business blunders.

Some of the business missteps we cover in this episode include:

• Not planning for taxes, including Miranda's mistake of forgetting that state governments levy taxes on top of your federal taxes.
• Failing to understand where to invest time and money in your business. Jaspreet talks about how so many people get hung up their logo and business name and never even get started. He shares some of the most important things to focus on.
• Forgetting to think about who you plan to serve and what you have to offer.
• Not putting together a marketing plan. You can have the best business idea in the world, but if you don't have a plan to reach those who need it, you won't be successful.

Meet this week's guest, Jaspreet Singh

Jaspreet is a licensed attorney and the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel. Although he didn't receive any formal financial education. He's on a mission to make financial education fun and accessible.

During the launch of his sock company, he was scammed by a marketing company which cost him thousands of dollars. This scam pushed him to start an educational social media page called Minority Mindset. The Minority Mindset implies thinking differently than the majority of people. It's not a racial minority.

He started the Minority Mindset YouTube Channel as a hobby to teach others how not to make the same mistakes he made.

Now, the Minority Mindset brand has grown into a number of companies, including Briefs Media and Market Insiders.

• Website
• Twitter
• YouTube
• Facebook
• Instagram
• TikTok

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

In this episode of the Money Talks News podcast, we're talking about how organizing your money can make you richer and how to get there with the least possible pain.

This will probably come as no surprise, but according to a recent survey, only 23% of Americans have a formal financial plan. And you can probably guess why: 76% of those without a plan say they feel overwhelmed by the thought of creating one, and 56% say life is too uncertain for a plan to have any value.

That's a bummer because having a plan for your money can lead directly to having more money. And as we like to say around here, more money is better.

That's why this week's guest is going to help us get our money ducks in a row.

Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Our special guest today is Alissa Maizes, the founder of Amplify My Wealth, a registered investment adviser.

Remember, this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Better organization in finances and in life

Getting organized can help you in lots of ways, including your finances. From using containers to organize your stuff to using an app to organize your money, we've got tons of tips and resources for you.

• How to Organize Your Finances, Step by Step
• 10 Ways to Get Your Financial Life in Order
• Frugal Living Guide: How to Have Less Stuff and Save Money
• 17 Products to Keep Your Car Clean and Organized
• Get Organized Using Containers You Already Own
• 10 Ways to Reuse Takeout Containers
• How to Organize a Home Office on the Cheap
• 10 Set-Up Essentials for Working From Home
• Organize Your Home With These 10 Thrift Store Finds
• 12 Smart Tricks to Organize Every Room of Your Home
• 17 Things You're Keeping for No Reason — and Should Toss
• 14 Things We Buy and Then Almost Never Use

How to budget for more organized finances

A budget, or spending plan, can be a great way to stay on top of your finances. We talk about that in this podcast episode, but there are plenty of other resources available on Money Talks News. Here are some of our articles that can help you better budget and keep track of what's going on with your money.

• How to Create a Budget You Love: 5 Things You Need to Know
• How to Use the 50/20/30 Rule as Your Budgeting Plan
• 10 Top Budgeting Lessons to Improve Your Money Management
• How to Create a Budget You Love: 5 Things You Need to Know
• The 5 Best Budgeting Apps to Get Your Finances Together
• How to Create a Realistic Retirement Budget
• 4 Tips for Setting (and Sticking to) a Vacation Budget
• 4 Money Conversations to Have With Your Partner When You Budget
• 10 Tips to Travel Abroad on a Budget (for Weeks at a Time)
• 9 of the Best Ways to Save Money on a Tight Budget
• 25 Tax Planning Tips for Now and the Future
• Start Planning Your 2023 Vacations With These Cards
• Financial Advisers Say These Are the Top 10 Retirement Planning Mistakes

Meet this week's guest, Alissa Maizes

Alissa is a licensed attorney and registered investment adviser providing women and young adults with financial advice and a plan that embraces the life they want.

Alissa launched Amplify My Wealth to enable you to benefit from receiving financial advice, a financial plan and a partner that guides you on your journey to living the life you want. Her approach eliminates the traditional "waiting game" for clients who otherwise would be unable to avail themselves of having a fiduciary financial adviser that puts their needs first.

• Website
• Instagram
• LinkedIn

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

Most people expect to retire one day, and while they may have images of their future selves perfecting their golf game and hitting Wimbledon-worthy serves, let's face it: There's only so much golf and tennis you can play before becoming bored.

In fact, if you don't find some purpose beyond work after you retire, you could literally be at risk of dying sooner!

Today, we're talking to Nicholas Yeomans, CFP and president of Yeomans Consulting Group. We're going to discuss a new type of retirement. One where you find passion and purpose, stay engaged, and best of all, stay ALIVE!

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on YouTube Music (formerly Google Podcasts)
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

What will your retirement look like?

So often, we recognize that we need to save for retirement, but we don't often stop to think about what it will look like. What will you do during retirement? How will your lifestyle change?

Our guest, Nic, talks about The Millionaire Next Door, and the fact that you can develop a lifestyle that leads to a fulfilling retirement. Don't forget to go back and listen to our episode with Thomas J. Stanley's daughter about the latest millionaire lifestyle trends you can use to create a life you can enjoy.

We also go through some of the different things to consider as you plan for retirement—including your lifestyle preferences. Some of the items we address include:

• Cultivating and maintaining meaningful friend and family relationships
• How to plan for better health and cover health care costs in retirement
• Where the retirement income to support your lifestyle will come from
• What you need to know about maintaining your mental health
• How to have intentional conversations about money and what you want to do in retirement with your partner

The whole point of retirement is to enjoy your later years. But too many people don't actually think about what retirement looks like. Our guest takes us through the most important things to consider, so you know how to take the next steps.

Planning for retirement income

Once you've figured out what matters most to you in retirement and what you want it to look like, you need the money to make it happen. With our guest, we discuss how to map out your income, including a debate over the 4% rule, mention of annuities, and how to invest for a bigger nest egg.

Don't forget that you can learn how to spend less, save more and grow your income to work toward your goals. The reality is that understanding what you want from your retirement can help you visualize the results and keep you on track. That's why it's so important to understand your values and how you want your retirement to look so that you remain motivated.

Meet this week's guest, Nicholas Yeomans

Nicholas "Nic" Yeomans, CFP, is President of Yeomans Consulting Group, Inc., a registered investment advisor (RIA) based in Marietta, Georgia serving pre-retirees, retirees, family businesses, and professional real estate investors.

As a Certified Financial Planner (CFP®) and fiduciary, Yeomans specializes in tax planning, estate planning, and retirement income strategies, providing clients with education and understanding so they can make important financial decisions for a successful retirement. With more than 20 years in the financial industry, Yeomans considers himself a "retirement coach" and is passionate about providing guidance to those seeking lasting financial security by finding opportunities to build financial legacies that benefit them for years to come.

• Website
• Facebook
• Instagram
• LinkedIn

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

Episode 165 webpage and links.

What if you could live in your home while someone else pays the mortgage? That's the idea behind house hacking.

House hacking refers to living in a home or multi-unit while renting out part of it. Dedicated house hackers say it's a great way to lay a foundation for a real estate empire—one that can catapult you to financial freedom. But will it work for you? Let's find out.

As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week's guest is Robert Leonard, the author of The Everything Guide to House Hacking.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations because they're not. Before investing in anything or making any money moves, do your research and make your own decisions.

You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

What is house hacking?

In this episode, we talk about house hacking and the different forms it can take. From buying a home and living in it while you fix it up to purchasing a multi-unit property and living in it while your tenants pay the mortgage, there are different ways to get more from your primary residence.

Other real estate-related links:

• Learn about the 10 Things Preventing People From Buying a Home Today
• Listen to our podcast episode on 5 Ways to Cash in on Real Estate
• Ready to retire? Read our article on 8 Ways to Invest in Real Estate for Retirement
• You don't need a lot of money to start investing in real estate: How to Get In on Real Estate Investing Even If You Don't Have Much Money
• Wondering whether to focus on stocks or real estate? We break it down with this podcast episode: Which Is the Better Investment: Stocks or Real Estate?
• Looking for more ideas to make money? We've got some, including real estate, in 6 Clever Ways to Build Wealth Outside the Stock Market

What can you expect from real estate in the future?

Is now the right time to invest in real estate? Or should you wait? Before making that decision, check out our resources on what you need to know.

• Is the Housing Bubble About to Burst?
• The Top 10 Emerging Real Estate Markets Right Now
• 14 Markets Where Home Prices Could Plummet by 30%
• Is It Time to Buy Real Estate?
• 10 Housing Markets That Are Most Likely to Keep Their Value

And, if you're not sure about real estate, you can also turn to the stock market. It's pretty shaky right now, but that doesn't mean you can't make the most of it. Check out our podcast episode on 5 Things You Need to Know About This Horrible Stock Market.

Meet this week's guest, Robert Leonard

Robert Leonard is the vice president of growth at The Investor's Podcast Network, podcast host of "Real Estate 101" and "Millennial Investing," founder and managing partner of Piranha Capital, and founder of EverythingHouseHacking.com. He earned an MBA in accounting and finance and a BSBA in finance and economics, and is a certified management accountant (CMA).

• Robert's book
• Robert's Instagram
• Publisher Instagram
• Robert's podcast network

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

In this episode of Money Talks News, the podcast explores the history and importance of financial independence, particularly for women, with special guest Jannese Torres. Jannese shares her personal journey from a toxic marriage to financial independence and discusses her award-winning podcast 'Yo Quiero Dinero,' which aims to educate women about financial literacy. The conversation covers effective financial strategies, side hustle ideas, the significance of legal agreements like prenups and postnups, and the psychological benefits of paying yourself as an entrepreneur. Jannese also introduces her new book, 'Financially Lit,' designed to guide Latinas through various financial challenges.

00:00 Introduction to Financial Independence

00:26 Meet Janice Torres: From Toxic Marriage to Financial Freedom

00:46 The Accidental Personal Finance Educator

01:28 The Birth of 'Yo Quiero Dinero' Podcast

02:30 Why Financial Independence is Crucial for Women

03:51 Practical Tips for Financial Freedom

04:46 Overcoming Bad Money Habits

07:07 Exploring Side Hustles and Income Streams

12:04 Success Stories and Entrepreneurship

17:26 Overcoming Public Speaking Anxiety

18:41 Building a Freelance Writing Career

19:58 Understanding Social Media Marketing

22:27 Financial Management for Entrepreneurs

24:31 The Importance of Prenups and Postnups

31:23 Conclusion and Final Thoughts

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

Building a business to improve your money choices

Did you know that a woman's right to get a credit card without the signature of a man is only 50 years old? It's true. Until the passage of the Equal Credit Opportunity Act in 1974 financial institutions could discriminate against women who didn't have a male cosigner. The right for women to get a business loan without a male cosigner is even later—1988. 

For women, having money can be especially important, but everyone can benefit from starting a business for income stability and a shot at a better life. Owning your own business can also facilitate:

• Leaving a bad job or just getting a better job
• Walking away from a toxic relationship
• Moving to a better situation
• Build an emergency fund

Even if you don't plan to use a business to replace a day job, having a side business or other type of income diversity can expand your choices. It can be part of your financial independence journey. Regardless of where the money comes from, our article on building a financial plan for the life you want can help you figure out how to establish your priorities and make money choices that work for you.

Tips for building a successful business

This episode includes practical tips for building and protecting your business. For more ideas on getting started, check out our podcast episode on how one man built a business empire by selling lipstick and bras.

Jannese shares some of her best tips for getting started, including:

• Understanding what you have to offer potential customers and clients
• Focusing on going to where those who need you actually are, including being choosy about which social media platforms you spend time on
• Choose your advertising strategy based on where customers and clients are likely to be
• Create compelling content
• Don't forget about business planning, including planning for taxes and creating a separate bank account to handle business income and expenses
• Look into different legal insurance, business insurance or other insurances you need to protect your business
• If you're planning on getting married, get a prenup that protects your business assets and preserves them for you in the event of a divorce
• Consider a postnup if you start your business after getting married
• Don't be afraid to talk about money

We also talk about the difference between a coach and a consultant, and how figuring out where to get the right advice for you is also part of growing a successful business. We also talk about Miranda's book, Confessions of a Professional Blogger, and how it serves as another income source for Miranda, as well as a practical book for those who want to get started with the business of freelancing.

Meet this week's guest, Jannese Torres

Jannese Torres is an award-winning Latina Money Expert. She became an accidental entrepreneur after a job loss inspired her to turn her food blog into a six-figure business.

Throughout the years, her passion for entrepreneurship led her to notice a gap in the conversation around money. Inspired by the J. Lo and Cardi B song "Dinero," in 2019, she decided to start teaching marginalized communities about entrepreneurship, investing, and financial independence through her 5X award-winning personal finance podcast and platform, "Yo Quiero Dinero."

Jannese is an expert in the areas of digital entrepreneurship, content creation, financial independence, creating multiple income streams and passive income. With over a decade of experience in digital entrepreneurship, content creation and multicultural marketing, she is now a highly sought-after business coach who helps her clients monetize their skills and pursue financial independence.

• Website
• Book
• Twitter
• Instagram
• TikTok

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

Editor's Note: Here's one of the best podcasts from the archive that you may have missed. This episode initially aired on March 06, 2021.

When my wife and I joined households 11 years ago, we combined our kitchen stuff, our furniture, our linens and just about everything else. The one thing we didn't combine? Our money.

When it comes to money, she does her thing and I do mine. About the only time our money meets is on our joint tax return.

This is the system that works for us, although it likely wouldn't work for everyone. That's the thing with money and relationships: There's no right answer. Anyone who tells you there's only one correct way to mix money and marriage -- and there are plenty of "experts" who do -- is just plain wrong.

The one thing that's universally true is that money secrets are bad. My wife and I don't combine our money, but we do discuss it. Often.

Whether you've been together for 30 months or 30 years, avoiding talking money puts your relationship at risk. This is especially true if finances are tight, or if you combine your finances and have different money "personalities" -- such as a spender or borrower in a relationship with a saver or investor.

To nobody's surprise, money is routinely cited in surveys as a major source of stress.

So when, and exactly how, can we discuss money with our significant others without causing friction? How do we get on the same page and stay there? Or are differences about money just something couples have to learn to live with?

In this week's "Money!" podcast, we're going to find answers to these questions, as well as many more. Our guest is best-selling author and award-winning speaker Tarra Jackson, also known as Madam Money.

As usual, my co-host will be financial journalist Miranda Marquit, and we're joined by our producer and sound effects guy, Aaron Freeman.

Sit back, relax and listen to this week's "Money!" podcast:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Not familiar with podcasts?

A podcast is basically a radio show you can listen to anytime, either by downloading it to your smartphone or other device, or by listening online.

They're totally free. They can be any length (ours are typically about a half-hour), feature any number of people and cover any topic you can possibly think of. You can listen at home, in the car, while jogging or, if you're like me, when riding your bike.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to a podcast yet, give it a try, then subscribe to ours. You'll be glad you did!

Show Notes

Want more information? Check out these resources:

• MadamMoney.com (Tarra's website)
• "10 Things You Should Know about Joining Finances in Marriage"
• "8 Key Steps to Planning for Retirement as a Couple"
• "6 Ways to Get Your Spouse to Save More Money"
• "Living Together but Not Married? 5 Important Things to Know"
• Business Insider: "8 ways to talk to your partner about money"
• Money Under 30: "How To Have 'The Talk': 6 Tips For Couples Discussing Finances"
• Mint Life: "How to Talk Money in a Relationship: Dos and Don'ts"
• NBC News: "The 3 money conversations you and your partner need to have"
• Subscribe to the Money Talks News newsletter
• Take our The Only Retirement Guide You'll Ever Need course
• Take our Money Made Simple course

About me

I founded Money Talks News in 1991. I'm a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

In this episode of Money Talks News, the podcast dives into the challenging housing market as Stacy Johnson and Miranda Marquit discuss strategies for buying a home despite high rates and low inventory. They are joined by real estate expert Mindy Jensen from BiggerPockets. Mindy shares insights on preparing finances, creative financing options, and the pitfalls to avoid in such a tight market. The conversation extends to the recent legal changes affecting real estate agent commissions, offering listeners a thorough understanding of the current landscape. Whether you're an eager buyer or a cautious renter, this episode provides valuable advice and perspectives.

00:00 Welcome to Money Talks News: Navigating the Housing Market
00:33 Expert Insights with Mindy Jensen on Real Estate
01:32 The Art of Live-In Flips and Tax Benefits
03:16 Navigating a Tough Market: Strategies and Stories
09:44 Financial Strategies for Buying in a High-Rate Market
10:57 Understanding Mortgage Payments and Home Affordability
14:50 The Rent vs. Buy Debate in Today's Market
18:02 Exploring Alternative Financing and Investment Strategies
19:56 The Risks and Rewards of Margin Loans for Real Estate
23:12 Making Decisions in a Challenging Real Estate Market
24:20 Navigating Real Estate Pricing and Mortgage Payments
26:11 The Art of Negotiation and Seller Financing
32:52 Exploring Mortgage Assumptions and Creative Financing
42:36 Adjustable Rate Mortgages: A Risky Solution?
45:17 The Future of Real Estate Commissions and Buyer's Agents

Existing home sales surged 9.5% in February 2024, the largest increase in a year. Even with the rate of home sales slowing down a bit, they remain relatively strong. With home sales still fairly strong, we're not likely to see prices come down anytime soon. Combine that with relatively high mortgage rates, and it's definitely NOT a buyers market.

But what if you're ready to buy a home anyway? What can you do to best position your finances to get ready to buy a home, no matter what's going on with the market? In this episode we welcome back a friend of the show Mindy Jensen from BiggerPockets to help us sort out how to get the best bang for your homebuying buck.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

Why is the housing market so tough for buyers right now?

We start by taking a look at why the housing market is so tough right now—and why prices remain stubbornly high. Some of the reasons that home prices haven't come down as much as we'd like:

• There remains a housing shortage of at least 1.5 million homes.
• It can be difficult to buy a home on a current income since home prices have far outpaced wage growth in recent years.
• Coming up with a down payment can feel challenging in the current climate.

On top of that, there are concerns about how the recent settlement with the National Association of Realtors could impact buyer representation and costs for buyers.

However, some of these pressures might finally help bring home prices down, at least in some markets. Depending on where you hope to buy, you might be able to find lower home prices as you move forward with your homebuying journey.

Tips for preparing your finances for buying a home in any market

Our episode includes helpful information on buying a home, pointing out that it depends on your goals. Trying to time the housing market, especially when you're looking for your primary residence, might not make much sense in the long run.

We reference a past episode featuring Mindy, which offers tips on getting the best homebuying deal possible. But we also talk about some of the realities of getting financing these days.

• You don't need to put down 20%, even though that's the conventional wisdom. Indeed, first-time homebuyers often put down 6%, and some conventional programs through Fannie Mae and Freddie Mac allow as little as 3% down. Figuring out how to come up with a down payment is one of the most difficult parts of the process.
• Government programs can help you get a lower down payment. We talk about FHA loans and VA loans as ways to get help financing a home with a low down payment.
• Another option is to use seller financing. If you can work out a deal with the seller, and they don't need an immediate chunk of cash, you might be able to convince someone to help you with a deal.
• Keep your credit score as high as possible and make sure you have a low debt-to-income ratio to increase your chances of being approved at the most competitive rates.
• Understand your goals for buying. In some cases, getting a cheap live-in fix and flip, like what Mindy does, can be a way to make the most of your dollars—as long as you have the ability to upgrade the home yourself.

We also spend some time on the rent vs. buy debate. In the end, figuring out why you want to buy is essential to moving forward. Miranda also talks a little bit about how much she likes renting.

Meet this week's guest, Mindy Jensen

Mindy Jensen is a licensed agent in Colorado, and has been buying and selling houses for more than 20 years. She's the Community Manager for BiggerPockets.com, and the host of the BiggerPockets Money Podcast.

• Website
• Podcast

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

Editor's Note: This episode initially aired on June 22, 2023. It may contain some details that are out of date.

Are you familiar with Roth IRAs? If you're not, you should be, because Roth IRAs are a great way to get tax-free income after you retire.

There is a potential fly in the ointment, however. Namely, not everyone qualifies for a Roth. If you make too much money, Uncle Sam says you can't use 'em. But there's a way around that rule: Fund a regular retirement account, then roll it over to a Roth. It's called a backdoor Roth. Sounds sneaky, right? Should you do it? And if so, how do you go about it?

Let's find out. In this podcast episode, we're talking about how to convert an IRA to a Roth IRA without getting eaten alive by income taxes. In addition, we'll be talking about nearly every facet of Roth accounts and why they should be an integral part of every retirement strategy.

Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman.

This week's guest is Ed Slott, the founder of IRAhelp.com. He's ready to tell us why a Roth conversion is his No. 1 tax tip for this year.

Before we start, remember this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Using an IRA for your retirement

We talk about individual retirement accounts (IRAs) in this episode. Here are some great resources on how to make the most of your IRA — whether you get a traditional or a Roth.

• Investing in Gold and Gold IRAs: 5 Things You Need to Know
• The 7 Most Popular IRA Investments
• 15 Mistakes People Make With Roth IRAs
• Got an IRA? Here’s How to Use the Bear Market to Your Advantage
• How a Roth IRA Conversion Turns a Stock Market Plunge Into a Plus
• 8 Ways to Maximize Your Traditional or Roth IRA
• How to Buy Real Estate With Your IRA

If you decide to do a Roth conversion, like our guest Ed suggests, make sure you know the rules. We recommend checking out Investopedia's article "Roth IRA Conversion Rules."

Learn more about retirement accounts

An IRA isn’t your only choice for retirement. There are different accounts and strategies you can use to make the most of your golden years. Here are some great resources for getting more out of retirement.

• My Retirement Savings Are Shrinking. Should I Worry?
• How to Retire at Any Age Using Your Retirement Number
• 12 ‘Course Corrections’ That Will Improve Your Retirement
• The Top 11 Sources of Retirement Income, According to Retirees
• 5 Dumb Retirement Mistakes Everyone Makes
• How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement
• How to Save for Retirement, Decade by Decade
• 11 Huge Retirement Costs That Are Often Overlooked
• 9 Topics to Tackle Now to Survive Retirement With Your Spouse
• 8 Countries That Offer Retirement Visas to Americans
• How 401(k) Plans Could Soon Be More Like Pensions
• Have a 401(k)? Here’s a Secret Retirement Plan You Probably Don’t Know About
• 7 Key Habits of 401(k) and IRA Millionaires
• 4 Ways to Save for Retirement Without a 401(k)
• Why a Solo 401(k) Offers Big Savings Opportunities for the Self-Employed

Meet this week's guest, Ed Slott[caption id="attachment_426514" align="alignnone" width="1920"] Courtesy of Ed Slott / Money Talks News[/caption]

Ed Slott is a nationally recognized IRA distribution expert, television personality, and best-selling author who has dedicated his life to educating Americans on the intricacies of IRAs.  He was named "The Best Source for IRA Advice" by The Wall Street Journal. Slott is the author of numerous highly acclaimed books, including his latest, "The New Retirement Savings Time Bomb" (Penguin Random House, 2021) and "Ed Slott's Retirement Decisions Guide: 2022 Edition" (IRAHelp, 2022).

He has also hosted several public television programs, including his latest,  "Ed Slott's Retirement Freedom," and is a professor of practice at the American College of Financial Services.

• IRAhelp.com

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

No doubt you've imagined being financially independent: No job necessary, no money worries, no debt and plenty of savings. Of course, "financial freedom" means means different things to different people, but one thing's for sure: Not many of us are there yet. One recent survey found that only about 11% of Americans are living their definition of financial independence.

But no matter what financial freedom means to you, there are some steps you can take to get there faster. And that's what we're going to talk about today's podcast.

We're talking to Gigi Gonzalez, the author of the best-selling book Cultura & Cash.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can listen with the player at the top of this article, or download the episode wherever you get your podcasts:

Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

"Traditional" Personal Finance Advice Doesn't Work for Everyone
Our guest Gigi talks about how some of the personal finance advice that we typically receive doesn't always work for everyone. (Check out this article from Kiplinger on how budgeting advice is often flawed.)
Some of the reasons that standard personal finance advice doesn't work for first-generation Americans have to do with some of the cultural norms surrounding money.
Gigi gives the example of lending money to family (and friends). We're often told to "just say no" or help in other ways, but that might not be the norm, depending on your culture.
We also assume that debt shouldn't be used to improve financial fortunes, but many people need some type of debt—especially student loan debt—to move into the next socioeconomic bracket.
Yes, paying off high-interest debt should probably be a priority, but how you tackle it might look different.
We go through ways that you can shift your mindset around money and look for creative ways to interact with money once you understand your money story and how it impacts you.
Steps for Using Money Advice That Works for You
Don't forget that you can take some of the money advice you see and tweak it for your circumstances.
Set money goals that work for you, by asking important financial questions that are relevant to your situation.
Get away from the "supposed tos" and the prescriptive checklists. Not every frugal habit is worth it. Carefully consider which habits you want to change, and think about why you want to change those spending and money habits.
Rules of thumb can be useful, but don't assume they're the answer to everything.
Meet this week's guest, Gigi Gonzalez

Giovanna "Gigi" Gonzalez is a TikTok influencer, financial educator, and author of the bestselling book Cultura and Cash. During The Great Resignation, she quit her 10-year corporate career to pursue her true passion: teaching financial literacy to young adults.

Gigi teaches personal finance and career navigation for First Gen at various organizations and on her TikTok account. She was named 40 under 40 by the Hispanic Alliance for Career Enhancement, "Latinx to Watch" by Hispanic Executive Magazine and Top 25 Creator by Fast Company.

Website
Instagram
TikTok

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.