The Money Millhouse

Thanksgiving is next week and Ellie and Bethany get ready by discussing the difference between financial independence and financial freedom. They give Financial Freedom Factors, including things to keep in mind when it comes to credit cards and Credit utilization. 

Tasha Cochran joins the Money Millhouse discussing the holidays, including how to keep happiness in check when it comes to the holiday season. Tasha recommends to set a budget and stick to it—find things to do that don’t cost a lot of money like sledding or decorating cookies. She also gives great tips when it comes to the day after Friday, best ways to navigate Black Friday and cyber Monday, and how we can be teaching kids about money during the holidays. She gives great travel tips around the holidays, and cost effective ways to keep kids busy while on the road. They touch on holiday giving and how to “win” Christmas. 

Resources:

Financial Freedom Factors

Atlas Coffee Club

Mint

Trim

Join Ellie and Bethany once again for another edition of Drinks with Darbi. 

Bethany and Ellie open the show discussing the work/life balance. They discuss the bad things that can happen when you have a poor work/life balance, and what to do when your office is also your home. Bethany admits that there are times when she leaves her home office to go relax and watch Netflix. Some of the consequences of a poor work/life balance is eating out a lot, which can be harmful to both your budget as well as your waistline. People who have a poor work/life balance can also sacrifice their health when they are stressed out. Another consequence can be retail therapy—AKA the Amazon effect. 

Darbi joins the Money Millhouse to discuss her questions during this special BYOB episode. Bethany brought Jack Daniel’s Fire Whiskey and Darbi brought Bullet questions. Darbi asks some of her questions when it comes to work life balance and prioritizing her time when it comes to the different jobs. Bethany commends Darbi on diversifying her income and Ellie commends her on working in this season. Bethany talks about Millennials and their desire to do what they are “Passionate about” and the balance between that. Darbi asks if she should be gauging herself and maintaining certain responsibilities when it comes to being an adult. Bethany discuses the “more” she thinks she needs to do as a right of passage to adulthood, while affirming what Darbi has accomplished. They discuss motivation and the importance of a community or mastermind. 

Bethany and Ellie finish the show giving practical and inexpensive ways to destress and self care. 

Bethany and Ellie have a personal show today as they discuss the world of health insurance. Bethany shares a personal story when it comes to some of the medical issues she has been facing in the last few months, and Ellie shares why it is important to have a family member go with you when going on medical visits. Bethany has a lot of questions when it comes to her health insurance, especially since she was shocked with a recent medical bill. Knowing the right questions to ask when you go into the doctors office is important, like making sure you know your co-pay when getting medical procedures done.

Sean Scaturro, Director of Life and Health Insurance Advice for USAA, joins them at Ellie’s kitchen table to help Bethany with some of her questions. Bethany shares with Sean that she feels duped and naive when it comes to her recent medical experience, and Sean gives advice when it comes to being a good consumer. He points out the three key things to be aware of when it comes to major medical insurance: health, wallet and wealth. They talk about the “B” word, and why it is important to have an emergency fund when it comes to health. They discuss some questions consumers can ask their doctor,  and Sean breaks down the difference between deductible and out of pocket limit. They talk about the difference between getting procedures done at a hospital as opposed to an out patient facility. Sean warns against the temptation of using good insurance carelessly. He advises to look at both sides of the spectrum—is it something that can wait a week or two, or is it something that needs to happen right now? Sean walks through the open enrollment timelines, and what to keep in mind when being a good consumer.

USAA Health Solutions

Financial First Aid Kit

Bethany and Ellie begin the show talking about the fresh pumpkin pie Bethany made for The Money Millhouse. They continue their conversation discussing investments. Bethany is under the impression that Millennials have a hard time investing—especially when it comes to having money to invest. Ellie gives good tips on how to live within your means and the meaning of the millionaire next door. Bethany shares a close and personal story of where she is in her finical journey and how she has cut back in their home budget.

Joseph Hogue joins the Millhouse discussing the basics of investment. He talks more about why it is difficult for Millennials have a hard time investing. He discusses the importance of investing and what it means to be financially free. He gives some practical ways of finding the leeway in someone’s budget in order to invest, and he explores the different age groups and how investing changes as someone gets older. He explains that the stock market isn’t the only way to invest as well as some examples of other places you can invest your money. He talks about the investing habits of the wealthy and what investments can give a higher return. Bethany and Ellie end the show discussing side hustles and ways to make some extra cash in order to invest. 

Bethany and Ellie open the show talking about some of the great deals they received from the Orlando Outlets, which they explain are things they splurged on but stayed in their budget. They give the secret to having name brands like Coach, but not paying Coach prices. They then magically transport to the FinCon18 USAA Podcasting booth in Orlando, where they talk to Cristin Gray from USAA. 

With Cristin, they discuss Money Movement, which is moving money from one account to another account, wether it is a friend, a merchant, buying a home, etc. Cristin helps Bethany and Ellie with a ‘hypothetical ’ situation of moving money from person to person, as well as mobile pay options. Bethany remembers how she was able to pay for a transaction with her Apple Watch, and Cristin explains what USAA is doing to keep up with the digital capabilities that are emerging. She also explains data aggregation and how USAA’s members are able to securely interact with their accounts. They talk about ways they keep their members money safe, as well as the requirements it takes to be a USAA member (including how many civilians are a part of that community). 

Bethany and Ellie return to The Money Millhouse to talk about their USAA podcast booth experience from FinCon18, as well as sharing their total savings from the shopping spree they talked about earlier. They share their love for USAA and the reasons why they are members for life. They also talk about managing next steps and what they are doing to organize their post conference opportunities—including how long to wait before contacting people they have met at a conference. Bethany talks about the things she is working on post-FinCon, and explains what a one-sheet is. They discuss the importance of a debrief and an action sheet after a big event, and both Bethany and Ellie reveal their top 3 action items they are working on post-FinCon. 


Resources:

Zelle

Service and Ink featuring 3 of Ellie's Sons

Bethany and Ellie open the show Discussing their experience at FinCon18 and how they got of their comfort zones. Ellie shares about how writing a book was one of the things she did that was out of her comfort zone, as well as taking improv classes to improve the podcast. Bethany shares about how moving to England was out of her comfort zone, as well as online dating (where she eventually met her husband). Bethany also went out of her comfort zone when she emceed FinCon18 in front of 2,000 people, and she shares the things she discovered while doing so. They also discuss the Imposter Syndrome everyone can feel when going out of their comfort zone. 

Bethany and Ellie then travel to Orlando to interview Chris Browning from the Popcorn Finance podcast LIVE from the podcast booth at FinCon18. He describes the feeling when he won the Plutus Award for Best New Personal Finance Podcast (beating out The Money Millhouse). Chris shares what gave him the idea for Popcorn Finance and why he chose a short-format show. He also talks about his day job of being an analyst and what he hopes to one day do with his side-hustle of his podcast. He explains why he is suited to be an entrepreneur as well as his favorite financial advice for fellow entrepreneurs. He also gives specific advice to Ellie’s millennial kids and shares a financial fail he was able to bounce back from. 

Bethany and Ellie finish up the show back in The Money Millhouse discussing the Seven Benefits of Laughter found on Gaiam. They explain how a healthy mindset and body can help save money over time, as found on the episode of The Money Millhouse with Dana Demetre.

Resources: 

Seven Health Benefits of Laughter

Bethany and Ellie open the show talking about creative ways to earn more than you spend. Ron Anderson comes into the Money Millhouse and discusses taxes and how they could be fun. He gives some of his favorite year-round tax tips and some good general advice for a taxpayer dealing with their taxes. He suggests someone buys a home as a foundation to build their financial freedom. He also says to not spend money unless it is going to be productive when it comes to small businesses, and what to keep in mind if a small business is ever to get audited. He gives tips for keeping receipts and playing “show and tell” with them. 

They transition into Ron’s other profession: being a professional magician. He shares some of the stories of some of the famous people he has met along the way, including David Copperfield and Steve Martin. He talks about The Magic Castle, of which he is a member. He explains how to make a hobby into a business—understanding marketing, sales techniques, etc. He gives advice to anyone looking to start a business like this—including buying business cards and keeping records in order. He shares why he always asks for letters of recommendation, and being open to constructive feedback in order to get better. He shares how he manages his creativity and his process of comedy and magic, and why he writes every creative idea down on paper. 

Bethany and Ellie open discussing “Second Acts,” when people's careers shift down the road, specifically when life shifted with Ellie and her husband, Bob. Bethany and Ellie also explore ways to saving in little ways that add up so people can have margin in their budget to be able to transition into that Second Act.

Ryan Guina comes into The Money Millhouse to discuss his Second Act of serving in the military, working in the civilian world, becoming an entrepreneur, to then commissioning in the National Guard. Ryan explains the difference between active duty and National Guard, and USERRA, the legal protection that protects the jobs of those serving in the Guard. They discuss a good financial decision that everyone can make and how you can become a millionaire. Ryan also shares starting a side hustle and how that was a great decision for him over the course of the years. Ryan talks about buying cars new instead of used: the reasons and being an informed consumer. 

Ellie and Bethany start the show talking about great networking techniques. Ellie explains her “10 Question Game” which she uses to decide if she wants to make a connection with someone. They explore how to tell if people are being a ‘giver’ or a ‘taker’ when it comes to networking situations, as well as ways to develop an effective pitch (and why it is important even if you hate “elevator pitches”). 

Joe Saul-Sehy, the founder and host of Stacking Benjamins Podcast, joins The Money Millhouse as the very first, second-time guest exploring how to find a great financial advisor that fits your needs perfectly. He gives good tips on how to distinguish a good advisor verses a bad one, and what signs to look for that can help you tell the difference. According to Joe, the best advisors don’t need advertising and just because you see someone advertising doesn’t mean they are great at what they do. 

Joe explains why you should go an advisor’s office for the first meeting, and why you shouldn’t go to someone’s office in a van by the river. He also explains why you don’t have to be best friends with your advisor (and why your spouse doesn’t have to like them). He also gives a great resource to look up complaints against advisors and why it might be a good idea to bring up those reports when looking for a great advisor. He also gives details about how he and is team are taking the Stacking Benjamins Show on the road. The first stop: Orlando (The Money Millhouse will be there!).

Bethany and Ellie end the show talking about some of their favorite reasons to go to conferences and how they can be a good investment for you and your business. They talk about some of the best relationships in business they have found when attending conferences. They give great techniques to graciously exit an awkward networking conversation, as well as remembering how to show grace and mercy in conversations that appear uncomfortable. They also explore the importance of a good introduction, as well as giving their pitches for their personal business. 

Ellie and Bethany start the show talking about the idea that money can buy happiness. Even though people know money cannot really buy happiness, many people live like it can. Bethany shares techniques she and her husband use when it comes to Bethany’s impulse buys, as well as brands Ellie chooses to splurge on.

Kiné Corder, a best selling author, international speaker, and psychotherapy specializing in financial therapy, joins The Money Millhouse discussing financial therapy. She shares the designations a financial counsellor must have to help in this area, as well as what qualifies someone to be a financial therapist. Bethany asks about the marriage aspect of this topic, and Kiné explores the past money history and programming everyone has when coming into a marriage.

Kiné also explores money personalities/mentality people are prone to, and if people are able to change. She shows Ellie and Bethany techniques people can implement in order to play on strengths in a relationship, including Awareness, “Money Day,” “No Money Day,” and having a Money Challenge or Competition. They end their conversation on the topic of prosperity, and what things can block a prosperity mindset.