The Money Twins Podcast

On this Q&A Episode of The Money Twins Podcast, we answer the question, "What easy things can I do every day, to save money?".

We breakdown the answer into 2 segments; small daily habits, and big picture ideas.

After all, building your savings and emergency fund is one of the first things you do to strengthen your finances.

Small Everyday Habits (1:00)

The idea behind this part of the list is to create a new habit.  And overtime, it will come more natural to you. 

Some of these might seem small, or even common sense.  But, they all can add up.

The more of these you can implement, the more you can build up your savings, and start putting your money towards the goals that really motivate you.

Big Picture Ideas (5:28)

We like to think these are the most important. 

We're not saying the small, every day habits aren't important.  But, these next couple of items are more of a mind shift than a habit.

At first, they might come off as a little harder to motivate yourself to do, but over time, they become a habit, just like the small things.

On this episode of The Money Twins Podcast, the twins talk about why you should diversify your income, and how it can help you achieve your goals, much faster.

We all know we should diversify our investments, but did you know that you should diversify your income too?  To quote Warren Buffett, "Never depend on one course of income.  Make the investment to create a second source".

Matt brings up an article from CNBC on how Warren Buffet acts as a mentor to a certain NFL football player, and his number one piece of advice, is to not be complacent.

Brad discusses a family who was sitting on top of a side hustle and didn't realize it, while confirming that finding just one extra source of income is a great start. 

While Niesha, as a past photographer, gives a few ideas on how a stay-at-home mom can make extra money monetizing things you're already doing.

They give ideas on creating side hustles by using companies like Shopify, Leadpages and Teachable.  These platforms can give you the freedom to make money online, while still taking care of the day to day.

GOALS (16:22)

In the Goals segment of the podcast, Brad talks about health, one of his own goals.

He discusses how signing up for HealthyWage can give you the motivation to get healthy, while getting paid.

You have the option to either enter an individual or team challenge and win up to $10,000!

Q&A (23:04)

Matt & Brad answer the questions; "Can I trade stocks in a 401k, and what are the gains and fees associated?" and "Can I make a Roth IRA contribution for the previous year?".

You did it!  You've been working hard, and all that time and energy has finally paid off, you've gotten that raise. 

Now what do you do?  You spend it of course!  Just kidding…

But, in all seriousness, go for it.  You deserve it.

In this week's episode, the twins give you the 5 steps you need to take after you get a raise. 

Sometimes, personal finance can be brutal.  Some preach that you need to live like a pauper on the path to financial freedom. 

Matt & Brad discuss how that couldn't be farther from the truth.  It's all about discovering your goals and rewarding yourself along the way to keep you motivated.

Matt talks about how it is okay to reward yourself by pushing back your new responsibilities.  But, just how much should you earmark towards this reward? 

He also gives us an idea of how to keep you motivated for your larger goals, while enjoying your new-found income.

Brad gives us which of the 5 steps to start with after receiving a raise.  And, he explains which steps to complete first.

He talks about how you should make sure that your insurance is up to date, and how it should be towards the top of that list. 

You can receive instant quotes for life and disability insurance at Policy Genius.  It's a quick and easy way to compare quotes and buy insurance instantly.

GOALS:  (14:32)

Matt talks about one of his favorite books, The 4-Hour Work Week, and how it can create a mind shift in your retirement goals.

They talk about how the author, Tim Ferriss, views retirement, and life in general. 

He makes you think twice about traditional retirement as a goal, and challenges you to create your own definition.

Brad's favorite takeaway is that you should look at your retirement savings as insurance.  It's there for when you can't work any longer.

Matt admits how it has changed his perspective on retirement.  And Niesha loves the mindset that you shouldn't wait until you get older to enjoy life.

{Insert Book Image Somehow}

Q&A (20:20)

The guys answer the questions; "When is it worth while to buy life insurance?", and "Why is it hard for me to be financially responsible?".

In this episode of The Money Twins Podcast, the guys discuss what is the meaning behind the phrase, "The Millionaire Next Door".  They touch on ways to build good habits, and what could happen when you try to "keep up with the Joneses".

Matt brings up diversifying your income through creating passive income sources like real estate and online business.

While Brad brings up an easy rule of thumb to keep you from making those impulse purchases and how understanding your goals can help keep your family on track. 

GOALS (9:18)

In Episode 1, Niesha brings up that she had recently sent back her 23andMe DNA testing kit, and she was waiting on the results in hopes of getting a better understanding of her heritage.

Well, she got her results back!  She officially has ties to royalty, and not to mention, a famous astronomer.

She also covers how these results might have changed one of her biggest goals.

23andMe offers an Ancestry service for $99, and a Health + Ancestry service for $199.

Q&A – (17:05)

The twins answer the questions; "How should I divide my monthly income between retirement, savings, insurance, and investments?", and "How much should I budget for groceries?".

We can probably all agree that we need to step up our game on teaching our kids about money.  In this episode, we discuss just that.

Matt & Brad give their take on the best ways to teach your kids about budgeting, investing, and at what age you should start.

Matt brings up how teaching kids about entrepreneurship can help cover multiple sides of this complicated topic along with other important life lessons.  He covers a recent Forbes articles on how kids in Ireland are involved in an entrepreneurship program, and that they are building their confidence dramatically.

And Brad talks about how setting a basis is an integral key to helping teach your kids about money.  From the concept of simple transactions, to budgeting.  Starting these conversations early, can also make them easier along the way.

GOALS (16:05)

Brad isn't exactly the "globetrotting" type.  But, his recent discovery of National Geographic Expeditions might have caught his attention with their pre-packaged voyages around the world. 

From river cruises, to photography expeditions, these journeys of a lifetime might just be next on your list of goals you want to knock out.

Matt also brings up Remote Year, a planned travel experience for independent location entrepreneurs, and how these packaged travel sites are coming out of the wood work.

Q&A (24:05)

The guys answer the question, "What are the best investment options for the self-employed?

In this episode of The Money Twins Podcast, Matt & Brad discuss how transferring risk can be used to your benefit.  What happens if you don't have the assets to cover the loss of a loved one, and how transferring the risk to an insurance company can be extremely beneficial for you.   

Insurance is often looked at as a dirty word, and a lot of people say they don't believe it in.  Matt explains why insurance shouldn't be put in the same category as a "fairy tale". 

The guys also discuss how to go about understanding the amount of insurance you need when shopping for life insurance, and how much money a stay-at-home parent really is saving the family.  Get a free quote online at Policygenius.  It's fast and easy and will give you an instant and accurate quote.

Your ability to earn income is your largest asset, how will you replace it?  And, which goals should you consider as "non-negotiable" when deciding on how much life insurance you need. 

They also bring up the chances of becoming disabled, why it is almost always overlooked, and how disability insurance just might be the most important insurance you could consider.  Policygenius also offers disability insurance and all quotes are done quick and easy online.

Matt & Brad also give their insight on what kinds of insurance take priority over others, and in what order you should purchase them. 

Niesha brings up how looking up her ancestry is her main driver on traveling the world, and how she is using 23andme and Ancestry to help organize her goal of a lifetime.  She found a living relative who took the same career path as her, only in her heritage country.

Matt tells Brad about his heritage discovery while visiting Disney World with his family, and how their Coat of Arms might have Mickey Mouse ears.