My Money My Freedom

Today, I'm thrilled to share with you the wonders of compound interest, famously dubbed the 8th wonder of the world by Einstein himself. We'll explore how leveraging dividend stocks and reinvesting those dividends can supercharge your retirement savings. Ready to unlock the power of compounding? Let's go!
What You'll Learn:

• [Understanding Compound Interest]
  • I break down what compound interest is and why it's such a powerful tool for building wealth. It's like that shampoo commercial from the '80s where everyone keeps telling two friends, except here, it's your money doing the work, leading to exponential growth.
• [Introduction to Dividend Investing]
  • We discuss the basics of dividend investing, including what dividends are and the types of dividend stocks, like blue-chip and high-yield stocks. I explain why dividend investing can be a smart strategy for your retirement portfolio.
• [The Power of Reinvesting Dividends]
  • Here's where the magic happens. I talk about the snowball effect of reinvesting dividends and how it can significantly boost the value of your portfolio over time. I'll even run through a simple example to illustrate the potential growth.
• [Building a Diversified Dividend Portfolio]
  • Diversification is key. I share some tips on selecting dividend stocks and the importance of considering factors like the company's dividend history, payout ratio, and financial health. We'll also touch on the role of dividend-focused ETFs and mutual funds.
• [Tax Considerations and Strategies for Dividend Investing]
  • Tax efficiency is crucial. I discuss the differences between qualified and non-qualified dividends and share strategies for managing your dividend income in a tax-efficient manner, including the benefits of holding dividend-paying stocks in tax-advantaged accounts.
• [Real-Life Scenarios and Case Studies]
  • From an early-career investor just starting out to a late-career professional looking to generate retirement income, I'll walk you through various scenarios to show how dividend investing and reinvestment strategies can be applied at different stages of your financial journey.
• [Tips for Monitoring and Maintaining a Dividend Portfolio]
  • I wrap up with some practical advice on maintaining a healthy dividend portfolio, including regular reviews, rebalancing, and staying informed about market trends and company performance.

I'm diving deep into the often-debated topic: "Should I Pay Off Debt or Invest for Retirement?" I'm passionate about debunking the myth that you have to choose one over the other and will guide you through striking the right balance between paying off debt and investing for retirement.
In This Episode:

• [Understanding Debt and Retirement Investing]
  • Breaking down the different types of consumer debt: credit cards, car loans, personal loans, student loans, and mortgages.
  • Explaining the differences between revolving debt and installment debt.
  • Shedding light on retirement investing, emphasizing the significance of accounts like 401(k)s and IRAs, and the power of compound interest.
• [Factors to Consider When Paying Off Debt vs. Investing]
  • Discussing the key factors in the decision-making process: interest rates, time horizon, risk tolerance, and tax implications.
  • Sharing my personal story about deciding between paying off a car loan and investing in a dividend stock, and why sometimes investing is the smarter choice.
• [Strategies for Balancing Debt Repayment and Retirement Investing]
  • Introducing the 50/30/20 rule for a balanced financial approach.
  • Comparing the debt snowball and avalanche methods and emphasizing the importance of retirement investing, especially making the most of employer-sponsored retirement plans.
• [Real-Life Scenarios and Case Studies]
  • Walking you through various scenarios: from an early-career professional grappling with student loans to a late-career individual urgently needing to boost retirement savings. I'll show you how each can effectively manage their debt and investments.
• [Tips for Staying on Track and Maintaining Balance]
  • Offering my top tips for maintaining a healthy balance between paying off debt and investing: creating a budget, adjusting financial goals, celebrating progress, and when to seek professional advice.

Financial wellness is taking steps to improve your overall quality of life with regard to the way you handle money. It involves paying attention to the big three - budgeting, saving, and investing. 

In this episode of the My Money My Freedom podcast, you'll learn:

• What financial wellness is and why it's so important
• My top 7 tips for financial wellness
• The "pay yourself first" strategy
• The core investment strategy I teach at My Money My Freedom
• The 4 types of insurance you need to protect yourself and your financial future
• My personal trick to avoid buying things on credit
• The #1 tool for budgeting and paying off debt

Planning your financial future is one of the most meaningful and important things you can do to take care of yourself, because your health – physical, mental, spiritual, and financial – affects every aspect of your wellbeing.

In this episode, we're looking at Suze Orman and what she claims you need to have saved to retire early.

She says you need $10 million and that "$2 million is pennies."

I share...

• A look at Suze's wild claims (and gold briefcase)
• The 3 things you need to retire on way less than what Suze says you need
• How to retire with more than $200k a year in tax free income on a $900k portfolio.

In this episode, we're looking at Dave Ramsey and his Baby Steps.

He touts them as a way to create wealth but as we see, they can really slow down your wealth-building.

I share...

• A deep dive into Dave Ramsey's 7 Baby Steps system to eliminate debt and create wealth
• The difference between good debt and bad debt 
• How Warren Buffett used good debt - a mortgage on his 2nd home - to make $750 million
• Why I have no plans to pull money out of my investments making 104% (!) to pay off my 3.5% mortgage
• How to double your retirement portfolio by ignoring Dave's advice

Mutual funds, index funds, and financial advisors all have one thing in common... 

Fees.

And lots of them. 

In this episode, I discuss...

• The two big buckets of fees you pay to own mutual funds - annual fund operating expenses and shareholder fees.
• The 10 - yes, count 'em 10 - fees you pay when you own a fund in your 401(k).
• The exact amount you'll give away in fees holding funds in your retirement  account over 30 years. (Spoiler alert: it's 6-figures.)

In this episode, we're looking at the pros who can help you manage and invest for retirement.

I explore...

• The 3 advisors that can help you invest - a person, a robot, or a coach
• The 3 ways financial advisors get paid
• What you'd pay Bobby Axelrod to invest in his Axe Capital fund
• What happened when I let a robot manage my money in 2015 
• The two 'F's" that you must know about before hiring any financial advisor

despite our continuing best efforts, there are still some major discrepancies between living life as a man and living life as a woman. And Finances are a big one. Huge. Ever heard of “the pink tax”? It’s a thing. For reasons no one can really figure out goods and services cost more for females than males. That’s The Pink Tax. We’re not talking about “this item that just happens to be for women also happens to cost more money to make and therefore the price is higher.” 
Nope. We’re talking about the exact same items that are sold to men for less money. Razors. Clothes. Toys. Personal care products. 
The list goes on and on. 

In this episode of the My Money My Freedom podcast, I share...

• What the 'pink tax' is and how it doesn’t just influence the products we buy, but directly impacts how much money we have throughout our lives. 
• How much more women pay each year due to the pink tax.
• Real examples of the pink tax in action - even in my own home.
• How the pink tax and the pay gap wreak havoc on women's financial futures.
• My surprising financial heroine and how she's impacted my investment strategy.

In this episode, we’re talking about financial literacy specifically for women. The statistics are pretty depressing.

According to CNBC, nearly half of Americans don’t expect to have enough money to retire comfortably and the Federal Reserve says that 40% of Americans can’t afford a $400 emergency expense.

And it's even worse for women.

I share...

• The 5 key components of financial literacy
• Several shocking statistics about women and retirement from the TransAmerica Center for Retirement Research
• What Coach Haremski, my high school health teacher, taught me about finances
• What I'm doing to try to fix this systemic problem of financial illiteracy and empower people - especially women who generally have less savings and outlive men - to be able to live their best life as long as they live.

Financial coach Susan Lassiter-Lyons unpacks and simplifies all things money and investing so that you'll always have more than enough to live your best life, for life.