The Money Millhouse

Bethany and Ellie talk about ways your finances can spark joy--like cutting the cable, the different sorts of television subscription, how to enjoy free activities, and paying off debt.

They are joined by Joy Liu, a Certified Financial Trainer and military spouse. She heads up Trainer Academy for The Financial Gym and shares the benefits of this program for people looking to learn more about finances. They touch on savings, debt repayment, navigating student loan debt, and goal setting. She also talks about why she shifted in her career from working in advertising to working in the financial education space as a military spouse.

Resources mentioned in show: 

Atlas Coffee Club

The Financial Gym

The Financial Gym's Instagram

Wine & Learns

Bethany and Ellie take a road trip to San Antonio to talk with Christine Kirkley from AMVETS. Before they get there, Bethany and Ellie talk about Women's History Month and what it means to each of them. They celebrate being strong females and share their role models portrayed throughout history.  

They then meet up with Christine Kirkley works for AMVETS or American Veterans and is an accomplished and knowledgeable executive with over sixteen years of experience in non-profit development, marketing and fundraising. She has a proven track record in managing staff, developing new business, meeting revenue and fundraising goals. She’s skilled in developing donor retention programs and growing new and existing corporate relationships. At AMVETS she takes a particular interest in helping women who currently serve in the military and female veterans as well.

Ellie and Bethany open the show talking about what a pour over is, and why Bethany keeps singing phrases around the house. They also discuss how to avoid getting scammed in life and business. They then welcome Kerry Hannon into the Millhouse to talk about how she created a business in mid-life. 

Kerry talks about how she shifted careers and how pulling from her previous network helped her when she launched her business. She talks about how she was always freelancing on the side while she was a full-time employee. Having that base behind her was important when she was ready to take the leap. They also talk about the importance of diversifying your income and the challenges that come with starting business later down the road. The key steps in shifting into a new direction is to be financially fit, physically fit, and spiritually fit. Kerry talks about the importance of having a place of centering and a de-compressing time to shift your brain.  

Kerry discusses wether or not you should have a business partner and says it depends on the individual. Some people are wired to work on their own, and sometimes a partner is important to give you balance so you can tap into your skillset. She also warns against jumping into a business relationship, and talks about how women are especially good at working as partners. Ellie and Bethany talk about their working relationship and how they balance when it comes to their business. Kerry also discusses ways to avoid getting scammed in business. She also encourages people to do the job firstly apprentice or volunteer to find out if it is something you really want to do. 

Bethany and Ellie finish the show continuing to the discussion about avoiding scams in business. Bethany also shares the story about how she almost got scammed by a Golden Doodle. 

Bethany and Ellie kick off the show talking about an article written by Michael Peggs for The Muse called 5 Reasons to Consider Changing Careers. They discuss different ways to pronounce epitome before introducing Rebecca Wiggins, the director of the Association for Financial Counseling and Planning Education (AFCPE).

Rebecca joins the conversation sharing her reasons she loves waking up in the morning and working for AFCPE. She also tells more about the organization, how she got involved with them, and their goals for the company. AFCPE believes that all people, regardless of income level or background, have access to the highest level of professionalism just like we have come to expect for people with wealth. She also talks about what an AFC (Accredited Financial Counselor) is and how people are able to get that certification, and how it was designed as a way for Military spouses to have a portable career.

Rebecca hasn't always been the director of AFCPE. Before she started this position, Rebecca went to school for music performance. She was always interested in social work fields. She ended up getting into education and outreach in the non-profit world through the arts. Those skills of program management translated well into the AFCPE world. She has held many different hats along the way and continued to grow into being the Executive Director.

Resources: 

Coffee of the Day—JavaPresse

AFCPE

FINRA Investor Education Foundation Military Spouse Fellowship

5 Reasons to Consider Changing Careers

In this special episode of Drinks with Darbi, Bethany and Ellie talk about taxes when you are self-employed. They talk about setting up a separate tax account so you will be ready when it comes time to pay your taxes. They also talk about automating savings with an app like Digit or Albert, and they also suggest to not skip your quarterly taxes. 

Darbi joins the Money Millhouse and they discuss the difference between deductions and write-offs. They talk about keeping expenses organized and what expenses you may not know are tax deductible. They also give several tools and apps that can help when it comes to filing taxes as well as ways to keep track of write-offs. 

Bethany and Ellie finish the show discussing deductions and write-offs, but also suggest to double check your tax documents so you aren't paying more or less than you should be. 

Resources: 
How to Avoid a Huge Tax Bill When You're Self Employed by Carrie Smith Nickelson


Saving Apps:
Digit
Albert

Freshbooks
Expensify
Mile IQ
Quickbooks self-employed
Turbo for self-employed

Bethany and Ellie meet at Ellie’s Kitchen Table after having gone on an inexpensive cruise to Mexico. They go over ways people can save money on travel (specifically cruises). Bethany learns how to pronounce gratuities, and how to book a cruise with shipboard credits when booking a cruise. They also tell you the best time to buy spa services on a cruise and when to buy your excursion.

Steven M. Hughes joins the Millhouse discussing the #1 money myth that he things can hold people back in life, especially from a young age. He says that money gives you the ability and options, and that the "lack of money is the root of all evil." He shares about the work he is doing to teach college students about money. He shares the biggest challenge he sees when teaching young adults, and he gives the specific goal he made when he was in college (which was increasing his credit score by 315 points). 

Steven answers the question about what Millennials have learned about money from their parents. Bethany shares the difference she sees with Millennials changing jobs more often than the previous generation. Steven says how this could help when done intentionally. They shift gears to discuss credit scores and what he sees in regards to college students. He shares about the mistakes he made in college and what he did to increase his credit score when he graduated. 

Steven also addresses the racial divide when it comes to the financial resources available to a household for a black family versus those available to white families. In a study done recently, the average net worth of a white family is $140k where the average for a black family was $11k. Steven works with students of color at colleges and universities with success programs for students learning financial education. Know Money, Steven's company, is actively fighting financial illiteracy in the black community though his programs and events geared to students of color. They just launched the Bank Roll Summit, which will kick off April 3rd in Columbia, South Carolina.

Bethany and Ellie have a special episode for Valentines Day! They share inexpensive ways for you to celebrate Valentines Day even if you aren't in a relationship! Bethany also shares how Valentine's Day is not always fun for people (she was also dumped the day before Valentine's Day once). 

They welcome Jennifer McDermott, the Consumer Advocate at personal finance comparison website, finder.com. She shares fascinating statistics about Valentine's Day and the money spent not only on the holiday, but specifically on fur-babies as well. 

Bethany and Ellie open this week’s episode discussing philanthropy and giving back. They go over the scientific studies that show it is better for you physically to give back. They stress that it is not just volunteering, but it is also better to be kind. Sometimes you can’t give money, but you can also ways share a smile. 

Joining the conversation is Jay Lucas, the founder of the Lucas Group. He says the thing he is most proud of, and he finds the most reward in, giving back. He is highly involved with an organization called Children of Fallen Patriots, which is an organization that pays for the college education of any child who loses a parent in military service. They will pay for whatever it takes to make that child success, and they have taken care of over 1,150 kids. Out of eery dollar, $.98 goes to the children of the fallen patriots, which allows all these students to graduate debt-free.  He also gives ways people can give help those who have lost a parent in the military. 

Resources:

fallenpatriots.org

newhampshiresupportsfallenpatriots.com 

Description

Bethany and Ellie meet at Ellie’s Kitchen Table and discuss how Ellie is 30% French instead of Spanish. They also talk about what Blackish, Everybody Loves Raymond and Jane the Virgin all have in common: multigenerational families under the same roof. They discuss the article by Mary Beth Sturgon called Discussing Financial Tips for Multigenerational Living. When multiple generations live under the same roof, they should discuss making house rules about paying for mortgage, rent, and other assets, utilities and monthly expenses, medical expenses, as well as household division of responsibility.

Grant Sabatier comes into the Millhouse discussing how he defines who is qualified to be a millionaire. Grant became a millionaire in 5 years after working several side-hustles, including having a moving company, watching his neighbors cat, walking dogs, renovating VW vans, and flipping domains on the internet. He tried to make at least an extra $50 a day so he could invest that money.

Bethany loves that Grant had such diverse interests in making money, and Grant suggests always focusing on goals. His goal was to become financially independent, so he was side-hustling to invest. His mindset was to invest as much money as he could.

It has never been easier in history to make as much money as we can. Whatever you want more money for, there are more opportunities to make more money. Grant says it is so much easier to make money doing what you love because the ROI over the long term more happiness along the way.

Grant talks about millennials and their money habits. He distinguishes the difference between older and younger millennials, and says both categories are questioning the “success narrative,” which can be a great financial decision in the long run. Grant also mentions that Millennials are the new burnout generation, and that work/life balance is definitely important.

They end the conversation talking about Grant’s new book Financial Freedom: A Proven Path to All the Money You Will Ever Need, and Grant explains how much money IS “all the money you will ever need.”

Bethany and Ellie end the show playing a game “Two Truths and a Lie.”

Resources

Financial Freedom Book

Millennial Money

"I am your mother" SNL Video

USDA Cost of Food at Home

Description

Ellie tells Bethany a story about a billboard she saw saying, “Stay our of Jail this year”. This lead to a great conversation about how to stay on the right side of the law when it comes to your business or side hustle. If you have a side hustle or small business, this is a great episode to answer a lot of questions you may have, including 6 points on how to set up your side hustle and keep it legal.

Danielle Roberts joins the conversation to discuss the important subject (that may not seem exciting): Medicare. She specifically speaks on why Millennials should care about Medicare, because it seems to be in the distant future for their generation. She explains what Medicare is, as well as who it covers. She also talks about how recent tax cuts affect Medicare, and what this specifically means for Millennials. Danielle discusses the tweaks Medicare can be doing right now to change the course of Medicare’s future, including allowing for longer life expectancy. They discuss how Boomer’s refusing to retire can possibly affect Medicare and what this means for the future of Millennials. They cover how more and more people are bringing their kids into this conversation because many adult children are helping out their parents with costs in their old age. She says one of the biggest challenges for people who are new to Medicare is having no knowledge about how a national health insurance works. She also shares several resources that people can take advantage of before they begin to make decisions when it comes to Medicare. Danielle recommends starting early when it comes to educating yourself when it comes to these issues, instead of 6-12 months before you age into medicare.

Resources:

Lexington Law Blog

Boomerbenefits.com

Medicare Youtube videos

Medicare.gov

Freshbooks

The Business Boutique

Small Business Administration

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