The Struggle is Real: Financial Independence Strategies for Young Adults

Nate Dukes is an author, speaker, property investor, leader at his church, and serves on the board of a non-profit for underprivileged youth. Already an impressive resume for someone in their 30s. 

But what is even more impressive is the journey Nate took to get here. After getting busted for stealing a car, Nate spent 6 months in a Tennessee jail. He was written off as a lost cause and told that he’d never change.

Nate decided to tear up that script by getting focused on what he wants and making the right choices.

After changing his life, he shifted his mission to helping others do the same. To do this, Nate wrote and published his debut book, You’ll Never Change: Create Your Comeback and Prove Them Wrong.

In this conversation you’ll hear the story of how Nate went from successful business owner to innate to author.

We’ll discuss how to find inspiration in unlikely places, how to surround yourself with the right people, and repairing the damage of your past.

 

Key Takeaways:

[1:50] How Nate’s childhood influenced the broken mindset he carried into his 20s

[21:30] Nate’s initial feelings when he found himself in jail

[26:50] Nate’s first interaction after being let out of jail

[31:35] Nate surprising inspiration for personal development

[33:53] Spending time with the right people

[38:53] Repairing the damage of your past

 

Favorite Quotes:

[4:29] “What feels good in the moment, isn’t always good for your future.”

[14:47] “The truth is, if I wanted to, I could always go back. I could always go back to living the way I was before. But I didn’t know what my life could look like if I committed one year and did whatever it takes.”

[29:52] “I’m smoking weed and listening to Tony Robbins at the same time.”

[35:12] “I was a super messy person at that time, but there were some people that were willing to get messy with me.”

[39:19] “Having the right voices in your life is going to help you make the right choices in your life.”

[43:34] “There are people that know a version of you that doesn’t exist anymore.”

 

More of Nate:

Book (Amazon): https://www.amazon.com/Youll-Never-Change-Create-comeback/dp/057888996X/ref=sr_1_2?crid=3UP25N90ZRNZ9&dchild=1&keywords=you%27ll+never+change+book+nate+dukes&qid=1628715127&sprefix=you%27ll+never+change%2Caps%2C1219&sr=8-2

www.youllneverchange.com

Pay it forward program: www.youllneverchange.com/payitforward

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

In our last episode, we covered so much material about taxes including terminology, the US tax system, and retirement accounts. One topic that came up but we didn’t get to discuss extensively was Health Savings Accounts or HSA.

I was going to let this go as I always have an endless list of topics I wish I could have covered with my guests but both Sean and I agreed HSAs were too important of a topic to be left unturned. So Sean agreed to come back on and share more of his knowledge.

A high deductible health plan paired with a HSA can be a great option to consider for young adults with minimal medical issues.

This episode is packed with a ton of information including what an HSA is, how to identify if you’re a candidate for a high deductible health plan, the mechanics of how an HSA works, and how HSAs can be used as a retirement account.

Reminder that this discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation.

 

Key Takeaways:

[2:32] What is an HSA and who qualifies

[9:46] Is a HDHP for me?

[15:12] What’s a qualified medical expense?

 

Favorite Quotes:

[7:50] “A HDHP is not optimal medical insurance coverage for every person but for a lot of young folks, it can work really well.”

[18:48] “There is no time limit on reimbursing yourself out of your HSA for your old medical expenses.”

 

Mentions:

IRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502

 

More of Sean:

www.FITaxGuy.com

www.mullaneyfinancial.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

A month ago, I went to Instagram and asked what money topics you’d like to learn more about. To my utter surprise, taxes had the most votes.

I figured side hustles, investing, even budgeting would attract more attention but maybe I failed to realize the desire you had to learn and feel more confident about this perplexing topic.

I went looking for a guest that had a deep understanding in this field but could also explain terminology and foundational concepts in a simplistic, engaging way.

In my experience, this isn’t the traditional profile of a tax professional but my guest today will deliver on that promise.

Sean Mullaney is the President of Mullaney Financial & Tax where he provides financial planning services to individuals and families. His credentials include a Bachelors in Accounting from Georgetown University, a certificate in Financial Planning, a law degree, a CPA designation, and spending the last 20 years working with corporate or individual taxes which include stops at Deloitte, PwC, the IRS, and now his own practice.

Sean is a glorified tax nerd in the best way possible. Since he apparently can’t get enough of tax, he also created a blog, FITaxGuy.com, where he writes about the intersection of tax and financial independence.

This episode will include both breadth and depth on a myriad topics related to taxes including tax brackets, standard vs itemized deductions, retirement accounts, and more.

Friendly reminder: this discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation.

 

Key Takeaways:

[9:17] What are the tax deductions you see on your paycheck?

[15:46] How do tax brackets work in the US?

[19:01] Standard deduction vs itemized deduction

[22:57] What is the difference between a 401K and IRA?

[36:31] How does vesting work?

[41:17] How do you open up an IRA?

[50:30] Why is FI important to Sean?

 

Favorite Quotes:

[6:14] “Tomorrow hopefully I will be better than I am today but all I can do today is do my best.”

[29:18] “The right answer starts with I’m paying attention to this stuff and I'm going to be intentional about how I do my retirement savings.”

[57:49] “Nobody is on their deathbed thinking, you know I didn’t save enough in my HSA.”

 

Mentions:

Nerd Wallet, Federal Income Tax Calculator: https://www.nerdwallet.com/taxes/tax-calculator

The School of Life: https://www.youtube.com/c/theschooloflifetv/videos

 

More of Sean:

www.FITaxGuy.com

www.mullaneyfinancial.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

At one point or another, you’ll probably have to deal with apartment hunting. For some, online searching and taking tours is exciting. For myself, it’s exhausting.

You find the perfect place: the floor plan works, it has the amenities you were hoping for, and it’s in the area you want to live.

That’s when you check the most important factor: how much does it cost?

If you have my luck, it’s just outside your budget. But your move out date is quickly approaching and you haven’t found a viable alternative so you sign anyway. What if you simply negotiated a better deal with your landlord?

You can do that? Yes, and in fact, my guest today is here to teach us how.

Since 2003, Justin has developed and managed apartments, rental homes, and student housing across the United States. Seldomly, has he had to negotiate with tenants, but who could blame them? There is a misunderstanding and lack of resources around this topic. That’s when Justin decided to fill the void and wrote “Rental Secrets: Reduce Your Rent, Get Better Value, and Create Quality Communities.”

In his book, Justin shares stories about his landlording experience and the inside scope on the real estate industry so renters like you are better equipped to negotiate your next lease.

 

Show Notes:

[2:19] What Leasing Agents mean when they say “rents are comparable with the market”

[10:19] How Justin got into real estate

[23:49] When is the best time to look for an apartment?

[27:49] What to do before you start looking for an apartment

[36:08] Understanding vacancies to find a hidden gem

[41:09] How to collect information about a future apartment community

[46:47] Negotiating with small real estate investors vs corporate investment groups

 

Favorite Quotes:

[20:52] “I look up in the rearview mirror and I see the refrigerator that I just bought flying out of the back of the truck.”

[37:18] “They’re trying to collapse the options. You’re trying to expand them. Expanded options means more power for you as the renter.”

[42:39] “If the property is being managed properly, the property manager should have no problem with you talking to the residents about what’s going on on the property.”

[46:15] “It’s really about knowing what your situation is and thinking through the offerings that are presented to you so you can make the best choice for you.”

 

More of Justin Pogue:

www.RentalSecrets.net

Twitter: @RentalSecret

IG: @RentalSecrets

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Today's guest is Tim Traill.

Tim has spent three decades working his way up to a Corporate Executive in the financial services industry.

Last year, Tim decided he needed a career break. As you’ll hear, the beginning of his break was a challenging period. Tim was missing a sense of purpose and community he found through work.

That was until he stumbled into TikTok. It started as a joke with his kids. He created DIY videos showcasing home improvement, decor ideas, and handyman tips but what started as a joke turned into viral content, and only 5 months later, Tim has 148,000 followers and 1.6 million likes.

Of course we’ll talk about TikTok, but I hope you also pick up something about embracing change, developing curiosity and empathy too.

 

Key Takeaways:

[2:10] How Tim find himself on TikTok

[9:13] Why Tim decide to take a career break after 30 years

[21:26] Responding to criticism with respective and empathy

[25:55] How Tim became an Executive

[31:48] Parenting and what Tim has learned from his kids

 

Favorite Quotes:

[5:44] “What I find about TikTok is that it is bringing together the masses in real time but it is not sugar coated. It is not like FakeBook...or the Facebook.”

[12:45] “I realized that TikTok allowed me to be who I am...be myself.”

[18:59] “As a 49 year old, I can tell you, we continue to learn every single day.”

[33:42] “Just take an opportunity to learn something new. Introduce yourself to things, to people that you otherwise might not want to.”

[45:21] “I realized that I am so grateful as a human being to get the opportunity to be able to learn and be corrected every single day.”

 

More of Tim:

TikTok: @thediytraill

Instagram: @thediytraill

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Imagine if you had two years to travel the globe in order to better understand happiness. Where would you go?

I’m assuming the Nordic countries who I hear always rank high on the World Happiness Report. Potentially Australia and New Zealand? They seem to be happy down there.

What about places that aren’t known for happiness but more so the opposite? I feel like it would be important to understand that perspective.

Well, that’s exactly what today’s guest did.

Joining me on the podcast is Dr. Ali Binazir who is an author, speaker, and clinical hypnotherapist. But if you asked Ali today, his primary title would be Happiness Engineer.

During this episode, we are going to dive into happiness, particularly why it isn’t something you are trying to find but instead engineer into your life.

This is a great conversation to tune into if you’ve been looking for practical ways to feel more fulfilled. Dr. Binazir shares many prescriptive methods that you could act upon today.

 

Key Takeaways:

[1:42] What Ali learned traveling the globe studying happiness

[17:20] 5 Pillars of Human Thriving

[21:53] Why do good people stay in bad relationships

[26:41] 3 C’s of an optimal venue

[35:01] Novelty Night

[39:13] The story of 3 bricklayers

[43:25] Why is sleep so critical?

[52:41] How meditation can help balance you in this chaotic world

[58:36] How to stay motivated to workout

 

Favorite Quotes:

[11:40] “We are designed to cooperate. That is how this wimpy little creature with no fangs or claws or fur became the most dominant species on the planet.”

[21:25] “I always say texting is how I lose friends. Talking is how I make friends.”

[34:43] “Just recognize if you’re the one that is willing to do that you have a huge advantage but so many people are still cowering in fear.”

[43:58] “My time at McKinsey was when I looked like I was on top of the world but I was really at the very bottom.”

 

Mentions:

Together: The Healing Power of Human Connection in a Sometimes Lonely World by Vivek Murthy

The WEIRDest People in the World: How the West Became Psychologically Peculiar and Particularly Prosperous by Joseph Henrich

Mating in Captivity: Unlocking Erotic Intelligence by Esther Perel

Why We Sleep: Unlocking the Power of Sleep and Dreams by Matthew Walker

Exercised: Why Something We Never Evolved to Do Is Healthy and Rewarding by Daniel Lieberman

 

More of Ali:

https://happinessengineering.com/

http://taoofdating.com/

Medium: https://dralibinazir.medium.com/ (I suggest checking out “9 Simple Strategies to Read More Books: How I Read 150+ Books a Year”)

 

Books:

The Tao of Dating: The Smart Woman's Guide to Being Absolutely Irresistible by Ali Binazir

Should I Go to Medical School?: An Irreverent Guide to the Pros and Cons of a Career in Medicine by Ali Binazir

 

Courses:

Super Charisma: How to Be a Transformative Speaker (https://drali.teachable.com/p/super-charisma-public-speaking)

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Most of us have this exciting yet frustrating thing we call a career path. One day we know what our calling is and how we are going to get there only for us to break down in panic the next day.

Careers are fascinating because we have to balance what we enjoy, what we are good at, what the world needs, and how we’re going to pay the bills.

As you go through your 20s, you’ll have to make many career decisions. Go broad or narrow in? Take a chance with this new opportunity or stay the course? Make more money doing something I enjoy less?

Luckily there are amazing mentors out there helping us figure this all out and one of them is my guest today.

Mark Herschberg is the author of The Career Toolkit, Essential Skills for Success That No One Taught You. If you know anything about my show, you know I love the topic of this book which gets into career planning, interviewing, managing, networking, negotiating, and more.

If you don’t have a good idea on what your career path is, listen to this episode as Mark will share questions that you can ask yourself to gain more clarity on where you are going with your career and how to create a plan to get there.

 

Key Takeaways:

[4:09] How much can you actually plan your career?

[12:25] Broad skill set or deep expertise?

[21:11] How to learn skills outside of work: volunteer work, peer groups, reading books

[35:39] Questions you can ask yourself if you don’t know where to start with career planning

[39:05] When Mark threw a party at a private nightclub

[45:33] When you think you don’t have anything to offer to your network

 

Favorite Quotes:

[33:03] “They spent more time learning how to tie their shoes when they were 5 than how to interview people over a 30 year career.”

[40:31] “If you know NYC, where do you put 250 people? Most bars don’t have capacity for 250 people let alone all of the other patrons.”

 

Mentions:

Range: Why Generalists Triumph in a Specialized World by David Epstein

Taproot Foundation (https://taprootfoundation.org/)

Never Eat Alone by Keith Ferrazzi

The Charisma Myth by Olivia Fox Cabane

Reinventing You: Define Your Brand, Imagine Your Future by Dorie Clark

 

More of Mark:

www.thecareertoolkitbook.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

If you have a skill of finding free food, you’re consistently dealing with an unreliable laptop or phone, or you furnished your apartment with cheap furniture from family and Craigslist, I’m assuming you might be a broke 20-something. “I Need a Dollar” by Aloe Blacc probably hits a little different.

My guest today knows a thing or two about this stage of life. Erin Lowry is the author of the 3-part book series, Broke Millennial. Her newest book, Broke Millennial Talks Money shares advice on how to navigate awkward financial conversations at work and with your friends, family, and romantic partners.

If money has ever caused awkward tension when it comes to splitting the bill or picking an Airbnb for your upcoming girls trip, this conversation is going to be perfect for you.

Most of this episode centers on having money conversations with your friends. Erin shares her thoughts on when it’s appropriate to share how much you make, setting financial expectations when your friend asks you to be in their wedding, and why creating a friend fund might be what you need to say yes more often.

 

Key Takeaways:

[8:22] How a coffee with a friend turned into Broke Millennial blog

[24:23] What numbers should we share with our friends?

[36:13] Why Erin wishes she would have spent more money in her twenties

[44:08] How to manage the onslaught of other people’s weddings

 

Favorite Quotes:

[7:38] “I just had a really fun job in entertainment...but I also had to work two other jobs to sustain my life.”

[10:22] “I never really felt stressed about controlling money. I had stressed at times about how much I had but not about if I felt like I was in control.”

[33:53] “I’m a true fan of saving for/investing for opportunities/options.”

[36:53] “What would you have done differently with money in your twenties...I would have spent more money.”

[49:19] “Bridesmaids...they should just be able to pick a cocktail dress at knee length in a certain color scheme or….if you want them in a particular gown, add that in your wedding budget and f’ing pay for it.”

 

More of Erin:

Twitter: @BrokeMillennial 

Instagram: @BrokeMillennialBlog

Broke Millennial Book Series: https://brokemillennial.com/get-the-book/

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

One of the best experiences of my 20s has been living on my own. Sure, I have to buy my own groceries and dirty dishes aren’t going to magically disappear, but moving out of my parent’s house gave me the challenge to start figuring things out on my own.

One thing I do really miss about mom and dad’s is all of the space in their house. My tiny apartment doesn’t compete with my parent’s spacious, midwest suburban home. There is no garage or basement let alone a spare kitchen cabinet for any excess stuff. This has forced me to live smaller and stay organized.

If you’re someone who believes you’re “not an organized person”, my guest is going to change that mindset.

Joining me today is Lucy Milligan Wahl, Founder of LMW Edits.

After completing her MBA and wanting a career change, Lucy asked her friends what she was good at. The common answer? Organizing.

Lucy ran with that idea and started her own boutique professional organizing company where she provides common sense organizing solutions to modern urban living.

By listening to this episode, you’ll get advice on managing paper in a digital world, creating a system to keep your bathroom organized, solving the Tupperware crisis, and more.

 

Key Takeaways:

[4:36] Is organization a personality trait or a skill?

[11:03] Maximizing your closest space

[15:06] Creating separation between your bedroom and home office

[20:32] Organization solutions for the bathroom

[24:57] Solving the Tupperware crisis

[30:18] Dealing with parents that give you too much stuff

[38:28] Staying organized while living with others

 

Favorite Quotes:

[4:44] "There really isn’t such a thing as an organized person. Being organized isn’t a personality trait. When someone says they aren’t an organized person, what they really mean is that they don’t know how to organize their space.”

[8:37] “Clutter and disorganization just zaps all of your nonrenewable resources like your time.”

[28:45] “I can’t create an organizing system without context. That is just putting stuff in containers and labeling it. That’s not organizing.”

 

Mentions:

thredUP: https://www.thredup.com/

 

More of Lucy:

www.lmwedits.com

Instagram: @lmwedits

Twitter: @lmwedits

YouTube: https://www.youtube.com/channel/UCn2el8k_VRKy4JxtsQQgrjA

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

At one point or another, you've felt undervalued at work. Maybe you believe you should be paid more, be given more responsibility, or get a promotion.

But believing it doesn’t get us very far. How do we actually get what we want?

Today’s guest believes it starts by becoming a self-advocate. She’s going to explain how to get the confidence to do that without coming off as bragging or boasting.

Stephanie Ritz is a career consultant and mindset transformation coach. She founded Claim Your Career where she helps professional women rise faster, earn what they’re worth, and claim their seat at the table with confidence.

Stephanie gives tons of great advice throughout our conversation. My favorite was creating a living resume to record and organize your skills and accomplishments. This is just one of many goodies she shares.

 

Key Takeaways:

[6:16] How Stephanie found her place within the banking industry

[8:11] Motherhood: how that changed the plan but not the goal

[16:38] Building relationships with the leaders at your employer

[27:00] An easy method for keeping track of your accomplishments and skills

[36:45] Self advocating vs boasting and bragging

 

Favorite Quotes:

[3:56] “I had no idea that was coming. Sometimes you just have to make the most out of what you have.”

[23:58] “You’re usually your own worst critic when it comes to sharing out your ideas.”

[35:44] “I didn’t care that she didn’t have a masters in Excel. She had the initiative to go out and learn what she was missing. And she got the job.”

 

More of Stephanie:

www.claimyourcareer.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/