We’re hopping in the time machine and re-airing one of our most popular episodes.
In this episode, we share our opinion on some of the biggest money topics.
While this episode originally aired in 2019, our views have remained largely the same.
These tips have helped us grow our combined net worth to over $3.5M! So don’t sleep on the fundamentals.
Some of the major topics include:
Credit Card Balances
We discuss why you should ALWAYS be using a credit cardThe need for setting up autopay to pay off the full balanceNeither of us recommends carrying any balanceRent vs Buy
Keep in mind closing costs, HOAs, insurance, etcIt’s much more complicated than just comparing a mortgage to your rentIf you can go beyond and do things like house hacking, then buying is certainly a great optionNew vs Used
Justin recommends buying a car that’s 5 years old on a dealThen keep that car for two to three years and try to sell it before you hit 100kGood vs Bad Debt
Obviously, there is some debt that’s terrible such as credit cards with 15% interestThen there is a middle ground where it’s debt that doesn’t earn revenue but allows you to invest moreGoing to College
Going to a community college first isn’t a no-brainerIt’s so important to be intentionalMany trades and technical skills don’t require a college degreeFilling Up Savings Accounts
Inflation can be destructiveMany people have avoided investing during uncertain timesBuy and holdLife Insurance
What kind should you get?Does whole life insurance ever make sense?What do the experts say (our episode with Sa El)Financial Advisors
There’s value to using a tax specialist but most don’t need a financial advisorIt may be a good idea to pay a one-time fee for an advisor to help set up a plan you’re comfortable withThese advisors often charge at least 1% which can really add upYou can see how much these fees are costing you by using Empower’s Fee Analyzer tool.We truly believe these fundamentals can radically change your life regardless how far you are into your journey.
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