The Struggle is Real: Financial Independence Strategies for Young Adults

For today’s episode, we are going to pause our money content to share a powerful story. With 2024 quickly approaching, I’m sure you’re giving thought to some changes you’d love to make in your life. It could be that you want to eat healthier, repair a relationship, feel more confident, tap into your true potential, or anything of the sort.

But maybe those ideas come with some discouragement. If it is something you want to change now, it is probably something you’ve been thinking about changing for a while. I’ve been there. I make empty promises to myself that “next Monday is whenever I start” and of course, that day comes and for some reason, I’m still acting the same way and not taking action on that promise.

2024 is going to be different for both of us though. No more empty promises. We are going to prove to those who have been doubting us, our parents, friends, partners, but most importantly, ourselves.

And there is no better story to end our 2023 content with and leave us feeling empowered like my friend Nake Dukes. This guy has gone through a lot from hugely successful business owner to being behind bars after getting caught stealing a car. I don’t want to ruin this reinvention story so I’m going to leave it there. This one is a great one to play in the car for everyone to hear out loud as you’re headed to Grandma's house for the holiday celebrations. This story originally aired years ago as episode 41 and has been a fan favorite ever since.

This is the last episode of 2023. Thanks for an amazing year. I had so much fun creating content for you in 2023 and I’m even more excited about 2024. As a reminder, moving forward we’ll be publishing bi-weekly on Wednesdays to make some space for some other projects we have in the works. You’ll see our content shift in 2024 with a major focus on money so if this is the year that you are dedicated to taking control of your finances, make sure to hit the subscribe button. I’m working on February content right now and our guest lineup is so incredible so far so you don’t want to miss out.

Oka, enough teasing. I hope you have an amazing end of your year and happy holidays. Let’s get to the interview. I hope you enjoy my conversation with the innate turned author…Nate Dukes.

Key Takeaways:

• How a broken mindset can impact you
• Nate’s initial feelings when he found himself in jail
• The power of kindness
• Where to find inspiration for personal development
• The impact of spending time with the right people
• How to repair the damage of your past

Mentions:

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

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

Website: www.youllneverchange.com

More of The Struggle is Real:

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

Follow us on Instagram at...

I’ve noticed that New Year’s resolutions have been taking some heat lately. I get it, it is totally illogical that a single predetermined day is chosen for everyone to start a major life change and by February, most of us have given up on our grand changes and retreated back to our normal lives.

But there is something about a fresh calendar year that gives me hope and naturally makes me prioritize the changes that I’ve been putting off. I think with intentionality and some realistic level setting, New Year’s resolutions don’t have to be something you feel guilty about by February.

But what do I mean when I say intentional and realistic level setting? Have you heard the quote, “Most people overestimate what they can do in a year and underestimate what they can do in a decade?”

Well, that summarizes why New Year’s resolutions get their bad rep. We set unrealistic expectations - to completely reinvent our career path, pay off 6-figures in student loans, or to go from super spender to super saver. These goals are just impractical - at least in a short timeline such as a year.

Here is the thing - you don’t need to solve all of your money problems in one year. You just need to point the sail in the right direction. So what would be more practical New Year's resolutions related to money?

Well, that’s what we are going to talk about today. Here are 4 realistic financial goals that if accomplished in 2024 will set you up for a decade of success.

Key Takeaways:

• How to accomplish your 2024 New Years’ resolutions
• 4 realistic money goals you can set for yourself
• How to create a simple budget to manage your spending
• A simple side hustle that you can start this weekend
• How to save up for your first emergency fund
• The power of compound interest

More of The Struggle is Real:

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

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

I’ve always dreamt about becoming a dad. I know little moments like teaching them the ABCs, running them to soccer practice, or helping them pick out their prom outfits are going to bring me a lot of joy. I’m even ready for the challenging moments like sleepless nights, pre-teen outbursts, and difficult “growing up” conversations.

One thing that I’m not sure I’m ready for is the cost of children. I was reading a survey and apparently, the average cost of raising a kid from 0 to 18 years old in the United States is $237,000. And I’m not quite sure I would be on the low end of the average.

I agree with Maya Corbic, our guest today, that you can’t put a price on the love that you’ll have for your child but the financial impact has to at least be considered in your decision-making progress.

How much does a pregnancy cost? What financial milestones should I accomplish before having a child? Can I realistically afford to take care of a child right now?

These are all questions that will be answered in today’s episode. As I mentioned, we’ll be talking to Maya Corbic. She is the creator behind the popular Instagram page teach.kids.money where she is helping parents raise financially savvy children. She is also the author of “From Piggy Bank to Stocks: The Ultimate Guide for a Young Investor” where she introduces children (and honestly parents) to the exciting world of investing.

This is a great episode for anyone considering parenthood and also soon-to-be parents as we discuss a lot of early childhood cost savings tips.

Let’s get into it. I hope you enjoy my conversation with the 1st gen immigrant, CPA, and energetic mom of 2…Maya Corbic.

Key Takeaways:

• The average cost of raising a child
• Financial milestones to consider hitting before becoming a parent
• Financial to-dos to prepare for an addition to your family
• How to reduce your child-related expenses and find great deals
• How to invest in your children's education through a 529 account
• The sneaky benefits of a custodial account
• The importance of aligning your family and financial values

More of Maya:

Instagram: https://www.instagram.com/teach.kids.money/

From Piggy Bank to Stocks: https://dinariiwealthykidsclub.lpages.co/from-piggy-banks-to-stocks/

More of The Struggle is Real:

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

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

We are closing up on 2023 and I thought it would make for a fun episode to recap some of the top financial news headlines from the year.

Being a fellow money nerd, this year provided many interesting headlines that were fun to follow and watch play out. And looking back at it all, these stories reminded me of an important lesson that I’ll share at the end of this episode.

Key Takeaways:

• The Federal Reserve continues its interest rate hikes
• The new Federal borrowing benchmark
• The impact of the global banking crisis
• Reflecting back on the debt ceiling deadlock
• How the debt ceiling works
• Are tech industry layoffs behind us?
• What you can do when faced with negative news?
• Should I change my investing approach in 2024?

Mentions:

The Best Interest (Does the Debt Ceiling Affect Your Finances? - E57): https://pod.link/1553180943/episode/697707e884c01785b397166817ac6d91

More of The Struggle is Real:

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

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

Today we dive deep into a universal struggle that affects us all: the comparison trap. In a world fueled by social media highlights and curated success stories, it's easy to find ourselves measuring our worth against others.

This happens to me all of the time. I see someone else’s life: the promotion, the new house, a fancy vacation, their business success…and start frantically wondering why I don’t have that yet. Setting aside dismissing my own successes, never once did I stop and think…is that something I actually want?

With the highlight reels and the constant moving of our own goalposts, it is easy to see how our definition of success would start to get muddy. We slip into allowing others to define it for us and fall back into the never-ending loop of the comparison trap.

It’s time to take back control, use comparison as inspiration, not envy, and define success on our own terms. To help us do that is my friend Hayley Dawson, Founder of The Blocks.

Hayley and I immediately connected over many of our shared interests including unpacking the unique struggles of today’s 20-somethings. On top of overcoming the Comparison Trap, we discuss why your goals aren’t timebound to your 20s, why quitting should be celebrated, and how to make decisions based on what matters to you.

Key Takeaways:

• Today’s unique struggles of people in their 20s
• How social media has exasperated comparison and self-doubt
• 5 powerful ideas for overcoming the Comparison Trap
• How to change jealousy and envy into inspiration
• Your dreams don’t have deadlines
• Defining success on your own terms
• The false definition of success
• Why quitting should be celebrated
• How to make up your own mind

Mentions:

Tenants: The People on the Frontline of Britain's Housing Emergency by Vicky Spratt (https://www.amazon.com/Tenants-Frontline-Britains-Housing-Emergency-ebook/dp/B094DTJLZR)

More of Hayley:

Instagram: @_theblocks

More of The Struggle is Real:

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

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

The holiday season is in full swing and I’m so excited to spend the next month celebrating with friends and family. With all of the parties and get-togethers, it will be 2024 before we know it. But before we say goodbye to 2023, I have a few things I want you to check off your to-do list.

In today’s episode, I’m going to give you a financial checklist of 8 tasks you may want to consider doing by Dec. 31 to tidy up your finances. Don’t worry, all of these tasks take 30 minutes or less so you can get back to enjoying the holidays.

So if you’re ready to set yourself up for financial success in 2024, let’s get into the 8 tasks on the end-of-the-year financial checklist.

Key Takeaways:

• 8 easy and essential year-end tasks to complete
• Reviewing your retirement accounts and adding additional contributions where you can
• Rebalancing your assets to stay aligned with your investment strategy
• Creating a debt payoff plan for 2024
• Conduct a year-end tax review to maximize your savings
• Applying tax loss harvesting to offset capital gains
• Completing a Roth conversion to take advantage of a low effective tax rate
• Reviewing your budget and finding areas to cut costs
• Where to get your free credit report and a simple task to improve your credit score

Mentions:

www.annualcreditreport.com

More of The Struggle is Real:

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

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

I love big, life changes…said absolutely no one ever.

Significant life changes like moving out of your hometown, changing career paths, or ending a significant relationship are terrifying even if you know it is what you should do. It takes proper planning and a lot of courage to follow through with these major milestones.

These decisions have never come easy to me. I was terrified to quit my first job. It took me over 6 months to pull the trigger on moving out of my hometown. And I don’t even want to talk about the countless relationships that drug on because I didn’t have the courage to end them.

At the end of the day, they were all the right decisions. The only thing I regret is not making those decisions sooner.  I needed some encouragement from my friend and today’s guest Kay Cote.

Kay knows a thing or two about change. Growing up outside of Fargo, North Dakota, she’s learned to embrace these big life decisions. She’s lived in South Africa temporarily, tried RV life, quit her corporate job to become an entrepreneur, relocated to Austin, and most recently, decided to take a chance on a career change by jumping into the music industry.

Through Kay’s story and her PIVOT method, by the end of this episode, we’ll be feeling equipped to say yes to that hard decision and embrace the change that comes with it.

So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with the minimalist, storm-chasing fanatic, and shuffle dance queen…Kay Cote.

Key Takeaways:

• Building the courage to move out of your hometown
• Communicate without verbal language
• The benefits of moving to a new city or country
• Breaking out of the mundane
• Building confidence and independence by moving
• How to use the PIVOT method when thinking through major changes
• How to get more opportunities by staying open-minded
• Using reflection to figure out what you want to do with your career
• Nothing in this life is permanent

More of Kay:

Website: www.kaycote.com

Instagram: thekaycote

More of The Struggle is Real:

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

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

Do you currently feel like you’re stagnant in your career? Like you haven’t learned a lot lately and are living the same work day over and over?

Or maybe you want to expedite your professional growth as you’re looking to take the next step?

Well, this is the episode for you because we are going to be talking about how starting a side project can solve these feelings and 8 ideas for projects that you can start today.

Key Takeaways:

• 3 reasons why side projects are helpful
• Using side projects to foster learning
• Building a network through your side project
• Finding a sense of identity outside of your 9-to-5
• 8 ideas for side projects you can start today

More of The Struggle is Real:

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

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

What kind of impact would it have on your career if you could be mentored by Tim Ferriss, Brene Brown, Cal Newport, Oprah Winfrey, Les Brown, Ryan Holliday, James Clear, and Carol Dweck?

This is a handful of the top thinkers from the last decade and the great news is, we can receive their mentorship.

No, unfortunately, they don’t have a special lottery program where you can enter to win a free mentoring session but they do have something even better, a book.

Yes, all of these top thinkers are also authors and they’ve condensed the knowledge they’ve gained from decades of experience into an organized format that costs less than $20 even free if you’re savvy about it.

Today we are talking about the power of books. My friend Nick Hutchison from BookThinkers is going to teach us how to boost your career through effective reading. Nick and I get into all kinds of reading techniques like note-taking strategies, how to read faster, finding time to read, and when to stop reading a book that isn’t serving you.

If you’re ready to take your career and life to the next level by reading impactful books, then this episode is for you.

I hope you enjoy my conversation with the creator of BookThinkers a massive online community of book lovers and the author of the newly minted book, Rise of the Reader…Nick Hutchison.

Key Takeaways:

• How to make time to prioritize reading books
• One easy shift that will allow you to read 26 books in a year
• How to get access to books for free
• The importance of reading wide when you first start reading
• Why it is critical to set an intention before reading a book
• Note-taking strategies to maximize retention
• Short-hand note-taking strategies
• How to read faster
• A mathematical framework for deciding when to stop reading a book

Mentions:

$100M Offers: How To Make Offers So Good People Feel Stupid Saying No (https://www.amazon.com/100M-Offers-People-Stupid-Saying/dp/1737475731)

More of Nick:

Personalized Book recommendation: DM Nick at www.instagram.com/bookthinkers

Buy the book on Amazon: https://a.co/d/c9dE0ln

Learn more about Nick: www.nickhutch.com

Learn more about BookThinkers: www.bookthinkers.com

More of The Struggle is Real:

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

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

In this current series, we’ve been deep-diving into blueprints for how you can take control of and accelerate your career with various professional growth strategies.

Assembling a personal board of advisors and reading books are amazing avenues for taking steps forward in your career but we also want to be playing defense and ensuring we aren’t taking any steps backward.

We don’t want to be putting all of this hard work in only to be paddling upstream. Over the first decade of my career, I’ve noticed 3 career-killing habits that can set young professionals back regardless of their talents.

If you want to ensure that you aren’t slipping into one of these habits and what to do if so, well, this episode is for you.

Key Takeaways:

• The line between arrogance and confidence
• Specific examples of arrogance in the workplace
• What to do if you find yourself slipping into the habit of arrogance
• How complacency can flat-line your career
• Recent trends show concerns about complacency in the workplace
• How to break out of complacency
• Why a negative attitude at work will isolate you
• How to correct negativity and become a coworker people like to be around again

More of The Struggle is Real:

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

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