Penny is a teacher by day and a personal finance blogger by night. Her and her husband have paid over $85,000 on 2 teacher salaries while starting a family.

She has been featured all over the place including Rockstar Finance, Modest Money and was a Plutus Award Finalist!

Welcome!
[2:36] What big money mistakes have you made?
·      Yes, and no.
·      Graduated without student loan debt
·      However, spending everything Penny was earning
·      Penny had bought over 200 pairs of shoes!
·      Had a realization of “what are you doing with your life”

[10:0] You have paid off over $85,000 on two teacher salaries and had a baby. What has been your strategy? Have you had to make any huge cut backs?
·      “Strategy might be generous” 😉
·      Starting in 2015, contributed extra $34.04 towards mortgage
·      Any extra income has gone towards the mortgage since

[13:20] What advice do you have for another teacher, firefighter or the like who is in a financial mess and doesn’t know where to start?
·      First of all- “Thank you!”
·      A lot of teachers put their job before themselves and have so much other going on
·      Know where your money is going!
·      Don’t be afraid to ask questions from your benefits coordinator!
·      Asking questions is key

[17:47] What advice do you have for new parents when it comes to budgeting?
·      There is a lot of false information about how inexpensive children are
·      It can throw a wrench in your plans financially if you are not prepared
·      It’s a good idea to horde away money in preparation
·      Motherhood tax is real!

[23:30] What is your investment philosophy?
·      Start yesterday and don’t look back!
·      Don’t wait too long to get in the market
·      Take the emotions out of investing
·      Vanguard accounts are great!

[27:0] Where should you put your savings- meaning why should someone invest in the stock market or another savings vehicle rather than just keeping a ton of money in their savings account? What resources can they use to get a start?
·      Don’t squirrel money in your savings accounts
·      Terminology is weird you “save” for retirement, or “save” for a rainy day- people should say invest
·      Setup Roth IRAs from a young age
·      Do a search for “Vanguard” and find different blogs that write about their own experience
·      Don’t be afraid to call people and talk to them

Sponsors

[31:19] If you’re looking for ways to track your spending check out Katie’s post all about budgeting!

Value Link Round (VLR)

[31:50] Why do you think people struggle to achieve their dreams?
·      We value perfection over progress
·      People achieve more of their dreams than they realize

[33:1] Do you have a favorite book or podcast?
·      Harry Potter
·      Your Money or Your Life
·      The Loss of More
·      The Year of Loss

[33:57] What is your favorite quote?
·      Kindness costs nothing

[34:25] Any last advice? 
·      Everyone should take some time to do one thing on your to-do list, pick one thing and get it done

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