In today's episode, Adam and Nick talk about a topic that finance professionals have not come to an agreement about-- how much money should someone have before buying a car? Lucky for you, our hosts have not only created a rule of thumb but also explain their reasoning behind it. From gap insurance to auto repairs, to the cost of personalized plates, this episode will guide and assist you or someone you know throughout the car buying process, especially the things to consider to set yourself up to win.

Throughout college, there are many opportunities for unnecessary spending, so today's Mastery of Money episode about how to decrease unnecessary spending is sponsored by Thrivent Student Resources! Looking for ways to save money in college while not cramping your lifestyle? Check out Thrivent Student Resources’ list of the top 10 money-saving tricks. It’s a blend of tried and true, old and new, and some creative hacks that can help you be wise with money while still having fun! Head over to www.ThriventStudentResources.com and visit their “Pay for College” section. There, you’ll find the list of money-saving tricks and a few other resources to help you cover the cost of college!

https://www.thriventstudentresources.com/tools-resources/pay-for-college/resources/10-money-saving-tips

A question we get frequently is how much should people really budget for rent? What's fair and reasonable, especially given the cost of living of some cities in the United States like Los Angeles, San Francisco, and New York? To answer this question, Adam and Nick actually pose a few questions back to our Explorers, since how much budgets for rent and housing costs is so unique to individuals, couples and families. What types of amenities are important to you, if at all? Are there other priorities in your life outside of living location or condition? The standard rule of thumb is a % of net income, but even that suggests that with a higher income, you should budget more for rent, even though that may not be the best recommendation. Listen in on this episode and walk away being able to truly answer for yourself what's important to you when it comes to your humble abode and how much you should budget for it.

The Opposite of Spoiled" by Ron Lieber is a must read. Having read this book when Adam delivered his TEDx talk at the London School of Business about the "$10,000 Experiment: When Money Isn't Real", Adam shares in this episode how influential this book has been in raising his three children. If you have children or are looking forward to having children some day, "The Opposite of Spoiled" will give you guidelines and perspectives on things like why kids should work and how much to give for allowance, as well as how to instill positive financial habits to your little ones. For more inspiration, also listen to Adam's TEDx talk here: https://www.youtube.com/watch?v=_VB39Jo8mAQ

Planning for college can be confusing. That’s why Thrivent Student Resources has created the 2-Year Planning Calendar, a step-by-step guide to help students get ready for college. With a list of tasks starting the summer of your junior year through the end of your senior year, this calendar serves as your go-to guide when planning for college. Download the 2-Year Planning Calendar from ThriventStudentResources.com to start planning for college today!

https://www.thriventstudentresources.com/tools-resources/plan-your-path/resources/2-year-planning-calendar

In this episode, Adam and Nick start to explore how much money you actually need to make, and more importantly, why you need to make it. Are you income goals deep seeded in keeping up with the Joneses? Or are they more of a reflection of your burning desire to retire at 35? This conversation opens up many avenues and allows for authentic introspection-- that, and it also brings up Parkinson's Law, which states that "expenses will increase to fill the level of income generated." Walk away from this episode with new perspectives on L-factors, cost of living, expenses, and the role money truly plays in your life.

In this love and money episode, Adam and Nick talk about what money dates are and how to have them with your significant other. Building upon previous episodes about prenups and communication around money with your lover, the importance of money dates couldn't be highlighted any clearer. A money date is a safe space where you and your partner can discuss openly and freely about your money goals, spending habits, investment opportunities, and cash flow budgeting. It's an opportunity to be financially intimate and a new way to connect with your partner on a much deeper level. Listen in to find out tips and tricks about how to have effective and powerful money dates! Cheers to love...and money!

Thrivent Student Resources is dedicated to helping students borrow as little money as possible to pay for school. They’ve even got a section on their site dedicated solely to helping students figure out how to pay for college. Be sure to check out their “Borrowing Money for College: How much is too much?” article and the rest of their “Pay for College” section to better understand how you can borrow smart and avoid unnecessary debt.

https://www.thriventstudentresources.com/tools-resources/choose-your-colleges/resources/borrowing-money-for-college

What's the 4% rule? If you're interested in having sufficient retirement income when you reach that accomplishment, you'll want to pay attention. The 4% rule takes into account many factors like rate of return, time horizon, future retirement expenses, and long-term investor performance. With the inevitable slowdown of social security and its ability to fund retirees now and for future generations, it's time to roll up your sleeves and see how the 4% rule can work for you. In this episode, Adam and Nick not only talk numbers, but also about the concept and goal of "retirement" itself. When surveying the happiest retirees, studies have shown that there is a number of additional pursuits that they take on. Listen in to find out how many and discover how you can be happy while using the 4% rule.

"Creating Wealth" by Robert Allen is a must read. Every successful and wealthy investor swears by passive income, and it is Robert Allen that shares the importance of massive, passive, permanent streams of income that Adam and Nick loves so much. In this book review of Creating Wealth, real estate investing is at the forefront and Adam shares jaw-dropping examples of how Robert was able to transform a homeless person to a homeowner of multiple properties in 2 years. If that sounds like something that you're interested in, make sure to listen to this episode and commit to Creating Wealth!