The Post Money Plan

 

While definitely not for everybody, for those willing to make the harrowing journey down the rabbit hole and into the forest – get ready to throw your sense of pride out the window! The world of extreme frugality is not for the faint of heart, but once you go there you may not want to come back…

 

-Content Level: Advanced-

 

In the episode, we cover:

-What frugality really entails

-The difference between value and cost

-Ideas on how to cut housing costs

-Ideas on how to cut utilities costs

-Ideas on how to cut food costs

-Ideas on how to cut transportation costs

-The benefit of buying used instead of new

 

 

The episode is hosted by Dallas Post and Jason Colwick.

 

 

For those still in college or not too far out, the recruitment process to get a job can seem a bit of a mystery. This week, we provide an overview of what you should be thinking about in the process and the strategies you might want to consider implementing while on the job hunt.

 

-Content Level: Beginner-

 

In the episode, we cover:

-How to get the job you want

-What employers are really looking for in recruits

 

The episode is hosted by Dallas Post, joined by Peter Yeh – a management consultant and MBA graduate who has experience from both sides of the recruiting table as both a several time job candidate and an internal recruiter.

 

 

 

One of the problems contributing to wealth inequality internationally is people’s lack of access to banking services in developing countries. Traditional banks avoid providing banking services to people living in material poverty due to the perceived risks and high proportional overhead. This often leaves people living in poverty without access to bank accounts to store their money or start-up capital for entrepreneurial activities, excluding them from access to key financial services that help enable wealth creation. 

 

-Content Level: Advanced-

In this episode we speak with Jesse Casler, VP of Finance and Administration at HOPE International, about the basics of the microfinance industry and HOPE’s involvement in the industry. In a generalized sense, microfinance provides lending and banking services specifically to underserved people in developing countries. HOPE International is a Christ-centered nonprofit network of microfinance programs working in 16 countries around the world that serves over 900,000 clients.

 

In the episode, we discuss:

-What microfinance is

-The purpose of microfinance

-The history of the microfinance industry

-The current level of microfinance activity globally

-When microfinance activity is “good” and when it is “bad”

 

We showcase HOPE International in the discussion for their spiritual integration of microfinance activity and desire to give people living in poverty the opportunity to lift themselves out of the poverty. If you or someone you know is interested in working for a Christian microfinance institution, applying for an internship or fellowship, or getting involved in other ways HOPE offers more information here.

 

 

 

Supplemental Resources:

Wikipedia – Microfinance

Microfinance Information Exchange

Consultative Group to Assist the Poor

Kiva

Zidisha

Grameen Bank

 

 

 

 

That painful time of year, April 15th… when taxes are due. Although your first instinct when you think about taxes may be to run in the opposite direction to avoid the excruciating pain, when you start to think of the process in terms of how many thousands of dollars you can save yourself over the years, it gets to be worth the drudgery. What you learn early can save you money for decades to come, so invest the time upfront to learn how you can be optimizing your tax payments.

 

-Content Level: Advanced-

 

In the episode, we cover:

-When to file your income taxes

-Options you have for filing

-An explanation of what the most common filing forms are

-Common ways to reduce your tax bill

-What can happen if you evade taxes or make filing mistakes

 

The episode is hosted by Dallas Post, joined by Jason Colwick.

 

Supplemental Resources:

IRS official website

Turbo Tax – tax preparer

 

 

 

You often hear people mention the term “inflation”, but it can be confusing and seem rather obscure. In this podcast, we cover the basics of inflation to make it more understandable and real to you personally.

 

-Content Level: Advanced-

 

The episode is hosted by Dallas Post, joined by Reid I’Anson and Murray Williams.

 

In Part 1, we went over:

-What inflation actually is

-The impacts of inflation

-Causes of inflation

 

In Part 2, we cover:

-How inflation is measured

-The difference between measured inflation and reality (people’s own experiences)

-What you should do about inflation

 

 

 

You often hear people mention the term “inflation”, but it can be confusing and seem rather obscure. In this podcast, we cover the basics of inflation to make it more understandable and real to you personally.

 

-Content Level: Advanced-

 

The episode is hosted by Dallas Post, joined by Reid I’Anson and Murray Williams.

 

In Part 1, we cover:

-What inflation actually is

-The impacts of inflation

-Causes of inflation

 

In Part 2, we’ll go over:

-How inflation is measured

-The difference between measured inflation and reality (people’s own experiences)

-What you should do about inflation

 

 

 

 

In honor of the late Martin Luther King Jr., we are taking this week’s podcast to bring to light some of the existing racial inequalities that still exist for African Americans in the U.S. today and how the issue relates to economics.

 

-Content Level: Beginner-

 

In the episode, we address what we mean when we’re referring to racism and racial inequality, we identify some of the things that have been and still are taking place and why it’s also an economic problem, we discuss some of the potential sources and causes of the racial inequality, and we posit some solutions towards alleviating the problem going forward.

 

The episode is hosted by Dallas Post, joined by Stephen Ngao.

 

 

 

Related to our Frugal Friday Winter Purchases suggestion to be looking at big ticket purchases during the winter, in this week’s podcast we provide advice for would-be first time home buyers.

 

-Content Level: Advanced-

 

The episode is hosted by Dallas Post – the founder of The Post Money Plan, joined by Jason Colwick.

 

How to decide whether to buy or rent:

* Duration

* The longer you plan to live in the same place, the more it makes sense to own it

* The shorter you plan to live in a place, the less it makes sense to own it

* Costs

* Compare apples to apples between an owning choice and a rental choice

* Compare only money that is being “thrown down the drain”

* Remember that principal payments when owning are not “down the drain” –> those you are trading for more ownership (equity) in your home

 

Things to consider in buying your first home:

* Plan as much for the long term as possible, but be aware things can change

* It’s unrealistic for your first home to be your dream home

* The purchase price you agree to ≠ actual total cost you’ll pay –> you also have to account for closing costs and fees

* Lower monthly payment ≠ lower cost –> you may end up with a higher interest rate and paying more in interest and have less cash to show for it in the end

* Recurring home ownership costs

* Principal

* Interest

* PMI if down payment < 20%

* Home owner’s insurance

* Property taxes

* HOA fees

* Repairs

* Keep your debt/income ratio well under 33% when considering the amount of mortgage to take on

* Keep a financial margin of safety and err on the side of conservatism when taking on a mortgage

* When you buy, you become responsible for all the repairs and maintenance (and to pay for it!)

* As a renter, you can just call your landlord and have them fix and pay for maintenance

* Old appliances and equipment that need to be replaced can cost a lot of unexpected money

* Full inspections are valuable and can tell you about problems

* A fixer-upper may take more investment and effort than you expected

* If you have or are going to have kids, the school district where the house is is important

* Ask as many questions as you can before buying

 

Process to follow as a first-time home buyer:

 

* Define your lifestyle, what you want in a house, and your budget

* Wants: determine your time-horizon, location, size, quality, convenience, cost, etc.

* Consider all of the costs that go into buying a house

* Mortgage down-payment

* Mortgage principal payments

* Mortgage interest payments

* Private Mortgage Insurance (PMI) premiums if down-payment is less than 20%

* Home Owners Association (HOA) fees

* Property taxes

* Home owner’s insurance premiums

* Repairs if stuff is old or broken

* House price budget: make your mortgage payment/income ratio much lower than 33% (ex. $3,000/month income à monthly mortgage payment needs to be less than $1,000/month)

* Down-payment amount: Put down as much as possible without straining immediate needs (keep 6 months of living expenses in savings)

* Keep your expectations in check

* Qualify for a loan

* Approach a lender by reaching out to a bank or lending company

* Provide personal information documentation

* Pay stubs

* Tax returns

* Bank statements

* Rental history

* Net Worth calculation

 

 

In consideration of the Christmas season and the cultural theft of the meaning behind Christmas towards consumption and buying things, we delved into a discussion on Anti-Consumerism.

 

-Content Level: Advanced-

 

In Part 1 of the episode, we discussed:

* What we mean by consumerism

* Why consumerism is bad

* The results of consumerism

 

In Part 2, we cover:

* The causes of consumerism

* The capitalism vs. socialism debate

* What people should do instead of participating in consumerism

* The benefits of reduced consumerism

 

The episode is hosted by Dallas Post – the founder of The Post Money Plan, joined by Michael Fares – professor of Arabic at The University of Houston.

 

 

 

With the turn of a new year, the cliche practice of New Year’s resolutions comes to mind. That being the case, it’s worth considering how you can take the tradition and make it something personal, purposeful, and motivating so that you actually follow through and execute on your goals for the year.

 

-Content Level: Beginner-

 

In this episode we discuss:

* The value of planning and setting goals

* How to set goals

* How to achieve goals

* What goals to set

* Post Money Plan goals for 2017

 

The episode is hosted by Dallas Post – the founder of The Post Money Plan, joined by Jason Colwick.