The Financial Freshman

This week, Rod and Chloe discuss the financial aspects of parenting as a young adult. From healthcare to childcare to paying for guitar lessons, it gets expensive—fast—so it's essential to have a clear plan, even if this stage of life is a few years away. McRae's budget template can help with that. When it comes to future expenses, is a 529, UTMA, or Trump account right for your family? Don't worry—the answers are here! 

How can the average person make meaningful financial progress over the years? Rod assures Chloe that there are plenty of ways to do this without having a high-paying job (which isn't always worth the salary). The pair also discuss alternative ways to build wealth, such as side hustles and real estate. 

Rod and Chloe discuss all things investing in this episode. How do you choose between stocks and bonds? Is it ok to choose somewhat "riskier" investments as a young adult? How important is diversification in this stage? Don't miss Rod's rapid-fire definitions at the end of the episode, too. 

Social media turns some people's highlights into everyone else's measuring stick, and it's messing with how we think about our money. On a more personal level, things can get even trickier when it comes to friends and finances; Rod and Chloe discuss how to stay financially considerate and responsible when dining out or hosting friends.

Is all debt bad? Not exactly, and Rod would tell you it largely depends on the type. In this episode, we break down the basics of debt and discuss an outline for what a manageable amount of debt actually looks like for someone in their 20s or 30s.

The real cost of homeownership includes a lot more than the "monthly estimate" lets on. This episode breaks it all down from additional costs like appraisals and taxes to how much income-based wiggle room you really need. Rod and Chloe talk about mortgages, your house as an investment, and what kind of return can you really expect when you sell.

How do I know if I'm ready to buy a house? And when should I combine finances with my partner? This episode makes sure you're going into big decisions such as these with a deep understanding of what's to come. Plus, Rod shares his essential piece of advice for any major life decision. 

What does a financial advisor do, and at what point do you need one? And until then, how do you properly manage your money on your own? We answer these questions and much more in this week's episode.

Bonus: Here's the infographic we talk about in the episode. 

Are your 20s really the right time to seriously think about retirement? Rod would tell you they are. In this episode, we talk all things retirement—with an essential breakdown of the types of accounts—so you can feel confident about your choices.

Rod's #1 rule: Do not get yourself into credit card debt. In this episode, we break down why credit card debt so dangerous; we also discuss the right way to use a credit card, having multiple cards, when to pay them, credit scoring, debt consolidation, and more.