The Struggle is Real: Financial Independence Strategies for Young Adults

Have you heard of this concept before? A personal board of advisors. I think it is kind of interesting.

Many companies have a board of directors who help advise and guide them on key decisions. Why shouldn’t we have a similar group to rely on?

Especially as early career professionals, we face many critical questions about career pivots, job opportunities, work-life balance, purpose, leadership moments, and more.

When I started thinking about it, assembling a personal board of advisors is a must for high-performing professionals. We can’t do this all alone. We need guidance and support from a diverse group of professionals.

But I have so many questions about how to actually execute this concept. Who should be on my board? How do I ask them? How often do we meet? How do I make sure it is meaningful for my board members too?

So I invited my friend Pete Schramm to the podcast to tell us how to assemble a personal board of advisors and to get all of our questions answered.

Pete is the CEO and Founder of Latitude, a software company focused on employee connection, and the author of Pathfinders, Navigating Your Career Map with a Personal Board of Advisors.

This is a really powerful concept so I am hoping you take what you learn today and run with it.

Key Takeaways:

• How a personal board of advisors differs from a group of mentors
• How a personal board of advisors can help guide you through a career transition
• 10 different seats and functions you can recruit for your personal board of advisors
• SMARTY goals
• Why one individual shouldn’t be responsible for multiple seats
• How often do we meet with our personal board of advisors
• How to ask someone to be on your personal board of advisors
• Pre-qualifying questions to make sure someone is a good fit for your board
• How to get an easy yes from a potential board member
• What’s included in your career map
• How you can add value to your board members

Mentions:

Episode 108: 7 Local Events Where You’ll Meet Your Next Boss, Mentor, or Business Partner www.tsirpodcast.com/108

More of Pete:

Book: Pathfinders, Navigating Your Career Map with a Personal Board of Advisors

LinkedIn: https://www.linkedin.com/in/pete-schramm-pmp/

More of The Struggle is Real:

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

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We are kicking off a new series called “Your Map to Professional Growth.” The goal of this series is to give you ideas for how you can take ownership of your career. Each episode will center around a different blueprint for growing professionally.

But all of these tools are useless, just like a map, if you don’t know where you want to go.

With that in mind, it seems fitting to kick off this series with a conversation about setting professional goals for yourself. In particular, there are 3 types of goals that we are discussing to help you give clarity to your career and define your Northstar.

Having a sense of your professional goals and what you want from your career, at least in the near term future, is going to give you a starting place when implementing the strategies that we will be talking about in the rest of this series.

So if you’re ready to get serious about your professional growth, understand the map ahead, and pick a direction that is going to get you excited, let’s get into it.

Key Takeaways:

• 3 types of professionals goals to set for yourself
• 4 questions to ask yourself to decide what skills you need to focus on
• Deciding on the next stop of your career path
• Putting numbers to your financial targets

Mentions:

E117 - The Career Conundrum: Follow My Passion or the Money www.tsirpodcast.com/117

More of The Struggle is Real:

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I have to admit, this is one subject in the personal finance space that I don’t have much experience with. I’m so impressed with my friends who get free airfare and hotels through credit card points and I think it is time for you and I to do the same.

I just get overwhelmed and I’m not really sure where to start. What cards should I have in my wallet? Which card should I use on what? Are cards with annual fees worth it?

These questions and more are all going to get answered in today’s episode and to give us those answers, I invited my friend Danielle Desir Corbett who is the creator of The Thought Card, a travel and finance blog and podcast.

Danielle is quite the expert when it comes to traveling cheaper through credit card hacking. My approach up until this point with credit cards has been pretty elementary. I take my 1% cash back and call it a day but Danielle has me really excited to move up to the next level and start getting more from my credit card provider.

I thought this was an excellent capstone episode for our series on Mastering Money at Work. We’ve covered 401(k)s, asking for a raise, employee perks that can make you money, HSAs, and most recently the passion versus paycheck conundrum. If you missed any of those episodes, download them now so you have something to listen to after this one.

Key Takeaways:

• Why are credit card companies giving away such lucrative deals
• The potential risks of credit cards
• Criteria for what credit cards right for you
• How to maximize your spending categories
• Should I use a free card or an annual fee card?
• Danielle’s favorite credit cards
• An app that helps you determine which credit card you should be using at checkout
• A DIY approach to keeping your credit cards organized
• How to make sure you always get the sign-up bonus
• Earn and burn mentality
• Creative ways to boost your points
• Popular brand partnerships to link your credit card to
• How to stretch your PTO to take more vacations

Mentions:

CardPointers: https://cardpointers.com/

Rakuten: https://www.rakuten.com/

More of Danielle:

Thought Card Blog and Podcast: https://thoughtcard.com/

Blog: 7 Easy Ways To Earn Thousands of Points and Miles a Year

Blog: 6 Travel Hacking Mistakes To Avoid

Book: Traveling With a Full-Time Job

Book: Affording Travel: Saving Strategies For Financially Savvy Travelers

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/

Should my career be driven by passion and purpose or serve as a means of financial stability? At one point or another, you will face this career conundrum. 

I’ve thought a lot about whether I should follow a practical career path with a stable income and obvious earning power or take a chance on a path that will be filled with passion and fulfillment but the money and stability aren’t quite as obvious.

At some point in the first decade of your career, this will probably be a decision that you have to consider.

I don’t know why it is that some of the most stable and practical careers lack excitement and the thrilling and purposeful choices always come with huge question marks when it comes to money, stability, and freaking health insurance.

It would be very easy for me to be the optimist and daydreamer and say go for it. Follow your dreams. You only live once but money and stability are significant factors and your job is only one dimension of your whole life that doesn’t have to be optimized for fulfillment.

This choice is daunting, if not downright overwhelming. But I’m here to offer some thoughts on which path might be right for you at this current moment or even better, how one might find a balance of passion and practicality.

Key Takeaways:

• 6 reasons to choose money over passion
• Lacking passion for your work can come at cost
• 6 reasons to choose passion over money
• Why passion with no money can add unnecessary financial stress
• 3 approaches to have a career filled with passion and money
• How your perspective and priorities can change your approach over time

Mentions:

Passion Or Profit? Crafting A Career That Honors Both (Forbes): https://www.forbes.com/sites/kathymillerperkins/2023/07/26/passion-vs-pragmatism-decoding-the-career-conundrum/?sh=39807bf02d75

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 often hear about 401Ks and IRAs, two incredible retirement planning tools but what if I told you there was a third, secret retirement account that trumps both of these?

Today we are discussing the Health Savings Account, or HSA, and why the HSA is not only a financial game-changer for managing your medical expenses but also a powerful tool to build wealth for your future.

This episode is a replay of episode 40 where I interviewed Sean Mullaney Financial Planner, and the voice behind FITaxGuy.com. I needed to recast this episode because it is hard to cover Mastering Money at Work if I don’t talk about HSAs.

You’ll uncover how HSAs offer a triple tax advantage, giving you tax deductions when you contribute, tax-free growth, and tax-free withdrawals for qualified medical expenses.

But here’s the real kicker: an HSA can become a pseudo-retirement fund by delaying your reimbursements and investing your contributions for the long haul.

If you want to learn how to do that along with if you qualify for an HSA, how to keep your expenses organized, and what to do if your company doesn’t offer an HSA, well then you’re in the right place.

Also, note this episode is originally from 2021. All of the information is still relevant and helpful but the HSA contribution limit has increased from $3,600 to $3,850 and increasing to $4,150 in 2024.

Alright, let’s get into it. I hope you enjoy my conversation with FI Tax Guy himself…Sean Mullaney.

Key Takeaways:

• What is a HSA
• How do you qualify for a HSA
• Tax benefits of an HSA
• Is a HSA my health insurance?
• Who a HDHP the right for you
• How to figure out if your insurance qualifies for a HSA
• How to get a FICA tax break when funding your HSA
• Examples of qualified medical expenses
• How to use your HSA as a pseudo-retirement account
• The HSA contribution limit (increased to $3,850 in 2023)
• How to keep your HSA expenses organized
• How to set up an HSA independently if your employer doesn’t offer one

Mentions:

IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdf

More of Sean:

www.MullaneyFinancial.com

www.FITaxguy.com

More of The Struggle is Real:

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

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So far in the Mastering Money at Work Series, we’ve discussed 4 steps to setting up your 401(k), which was episode 113, and last week, Jesse Cramer taught us how to ask for a raise.

These were two topics that I really wanted to cover because I believe they can be huge game changers for your career-earning power and lifetime take-home pay.

This week though, we are going to get a little more…creative and scrappy.

We are talking about employee perks and how these seemingly nonchalant offerings can add up to tens of thousands of dollars.

These fringe benefits that go beyond normal salaries could include awesome perks like snacks, yoga classes, summer Fridays, flexible hours, company time off for volunteering, and unlimited PTO. The list goes on and on.

But today, I’m going to throw at you 9 employee perks that I think you should be aware of they could significantly save or make you money which is of course, what this series is all about.

So if that sounds like something you want to learn about, let’s get into it.

Key Takeaways:

• 9 money-making or saving employee perks
• Finding win-win-win situations with employee referral bonuses
• Cover your education with tuition reimbursement
• Jumpstart your HSA funds with an employer match
• Hard work and get recognized through employee achievement awards
• Make some commission money by referring clients to your company
• Get your gym membership paid for with a wellness stipend
• Subsize your transportation costs with commuter benefits
• Find a great deal through your employee discount catalog
• Make a bigger impact with employer matching charitable donations

Mentions:

https://www.tsirpodcast.com/113 - 4 Steps to Setting Up Your 401(k) l E113

https://www.tsirpodcast.com/114 - How to Negotiate a Raise l E114 Jesse Cramer

More of The Struggle is Real:

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

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I don’t want to steal Jesse’s thunder so I won’t tell his specific example that he shares, but negotiating a raise early in your career can lead to a 6-figure increase in your lifetime earnings. And that is just one negotiation. By developing your negotiation skills and making a habit of consistently asking for a raise throughout your career, you’re bound to outearn a peer who starts at a similar salary by a long shot.

But on the flip side, asking for a raise is intimidating. The fear of rejection is real and rejection does hurt. You don’t want to say the wrong thing, that makes you appear ungrateful or puts tension in a relationship with your manager. Asking for a raise is a tricky situation.

Luckily, in today’s episode, Jesse Cramer will be discussing how to ask for a raise in a respectful yet effective way that maximizes your chances of getting what you ask for.

Jesse is the voice behind The Best Interest, a popular personal finance blog and podcast. Jesse has first-hand experience with negotiating a raise and understands the feelings that come with it. He’s going to give us a strategy for getting the conversation started well in advance of the ask, talk through how to overcome the fear of rejection, and how to respond if told no.

Jesse has been a guest on the podcast before and I appreciate how he shares applicable advice, not theoretical nonsense that doesn’t actually work in the real world. If you’ve been wanting to ask for a raise, get ready.

Let’s get into it. I hope you enjoy my conversation with the chess savant, fizzy lover, and the man with a voice like butter….Jesse Cramer.

Key Takeaways:

• Why is it even important to ask for a raise? What a small raise early on can compound over a 30-year career.
• How to start the conversation about a raise 3-6 months in advance of the ask. Building your case for a raise.
• Your performance might not match your salary positioning. You have to be an advocate for yourself on top of being a great performer.
• The importance of aligning your role and work with what your manager and company find important.
• The Commitment Consistency Principle and being clear with your manager about the plan.
• How to overcome the fear of rejection by defining what rejection really is.
• How to respond if they say no. Staying positive while making your disappointment clear.
• Option of last resort = going nuclear. How to decide when to use your final piece of leverage and if it is the right situation for you.
• Is there a right or wrong time to ask? Some considerations: the fiscal health of the company, layoffs, and interest rate hikes. Making sure you don’t come across as tone death.
• How to advocate for yourself without coming across as a brag or brown noser. 
• The power of staying positive and language to use whenever you’re getting stubborn pushback.
• Creative solutions for other benefits when negotiations can’t raise salary.

Mentions:

Is Investing Still a Smart Choice During this Recession? I’m Feeling Discouraged. | E75 Jesse Cramer: www.tsirpodcast.com/75

More of Jesse:

Best Interest podcast: https://bestinterest.blog/the-best-interest-podcast/

Best Interest blog: https://bestinterest.blog/

More of The Struggle is Real:

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

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Starting a new job always comes with a hectic first week of paperwork. More than likely, one of the documents is about investing in your company’s 401(k) program.

If you grew up in a household like mine, the importance of investing in your 401(k) account was hammered into you but let’s say you didn’t set up your 401(k) account right away.

Maybe the thought of investing for your future seemed like a pipe dream when student loans, car payments, and buying furniture that isn’t Grandma’s hand-me-down was looming in your mind. Or the process and decisions of setting up a 401(k) account felt intimidating and overwhelming to you.

The first point is trickier. Money is typically pretty tight in our 20s as we are building our earning power. I totally understand why prioritizing our current needs seems to be more important than our future needs. But hopefully, through this conversation, I can convince you that even starting with a small amount can go a long way.

The second point though, being intimidated by the setup process, is something I can help with. This is definitely a topic that should be taught in school, but now having gone through this multiple times, I can assure you that setting up a 401(k) account is an easier process than you think.

In today’s episode, I am going to walk through 4 steps to setting up your 401(k) account, discuss decisions you are going to have to make, and share some guidance along the way.

Key Takeaways:

• Why 401(k) accounts were established by Congress
• How to initiate the setup process
• The difference between a Traditional and Roth 401(k)
• How to choose which account is best for your situation
• How to calculate your employer match
• 2023 401(k) employee contribution limits
• How to decide how much to contribute to your 401(k)
• How to choose an investment option that is right for you
• How much should I be paying in investment fees
• How to automate investing using target-date index funds

Mentions:

How to Get Started Investing, the Cost of Actively Managed Funds, and a 2-Step Plan to Retire in 15 Years | E57 Jeremy Schneider - https://tsirpodcast.com/57

Hidden Cost of Investing: 3 Common Fees and How to Stop Paying Them | E94 - https://tsirpodcast.com/94

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 are concluding our series on how to level up your professional network. We’ve learned easy ways to find in-person networking events, how to host an easy yet effective networking party, the best practices for virtual networking, and how to make connections at the next business conference you attend.

With all of this knowledge, you’ve been busy meeting new people. But we don’t want the payoff from all of this hard work to disappear by this time next year.

We need to make sure to stay on top of and continue to strengthen these relationships. We need a process and that’s what we are going to be talking about in today’s episode.

This is a replay from my friend Dan Brodsky podcast, Career Focus. Dan invited me on his show to discuss networking and honestly, we geeked out hard. Come on, what did you expect from me?

Dan and I both shared our process for organizing our key professional contacts and the system we use to remind ourselves when an important relationship has gone too long without some attention.

I also share a lot of other networking tips, many of which I’ve shared throughout this series, which is why I feel like this is a perfect capstone episode to the series. I want to make sure we reinforce what we’ve learned over the last month.

Also, go give Dan and his show some love. Career Focus is a new podcast that launched in July and we have very similar missions to equip young professionals with the skills they need to succeed in their careers. If you’re looking for more content like that, go follow Career Focus in your podcast player.

That’s enough from me. I hope you enjoy my conversation with a former St. Louisian now turned Austinite…Dan Brodsky.

Key Takeaways:

• A key element of job satisfaction 
• How to develop your networking skills
• How networking can help you
• How introverts can network without fatiguing themselves
• The power of active listening
• Do’s and dont’s of networking
• A process to help you stay organized when networking
• How to break the ice when you start a conversation with a stranger
• How to politely exit a conversation
• How to leave a good impression when virtually networking
• Follow-up techniques
• What to do when you flop at a networking event
• The joy of career serendipity

More of Dan:

Listen to Career Focus: https://linktr.ee/danbrodsky

Instagram: https://www.instagram.com/careerfocuspod/

TikTok: https://www.tiktok.com/@careerfocuspod?is_from_webapp=1&sender_device=pc

LinkedIn: https://www.linkedin.com/in/dan-brodsky-ms-166314107/

YouTube: https://www.youtube.com/channel/UCtqWfpKnCj0kT-ccSh0vMkQ

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/

With the calendar turning to fall, conference season is heating up. People are making arrangements and gearing up to attend academic, industry, and professional conferences. Some “volun-told” by their employers, but others, assuming someone like yourself that would listen to a podcast like this, are attending because they’re wanting to level up their career.

I love attending conferences. I typically plan to attend at least 3 a year. In the spring, I attended a podcast conference called Podcast Movement and this coming fall I’ll be at a personal finance creator conference called FinCon along with 2 other conferences on behalf of my 9 to 5.

I attend these conferences to learn from the speakers and stay on the pulse of industry changes but the biggest benefit of them all is networking.

In such a condensed, short period of time, I meet a lot of amazing people along with seeing some friends from attending similar conferences in years past. I always come home with many collaborations and follow-up conversations that I know will help me with my business and career.

After attending a few conferences, I’ve learned a few things that have really helped me maximize how to meet other people at conferences. I’m not a seasoned vet though but my friend Mark Herschberg is.

If that name sounds familiar, that may be because you’ve heard Mark on the podcast before. In episode 35, Mark came on the show to discuss how to gain clarity with your career path and now he is back on to discuss how to network like a pro at your next conference.

In this episode, he shares tips on how to get started networking before the conference even begins, opening lines to break the ice with attendees, how to meet conference VIPs, and so much more. This conversation left me feeling both excited and prepared for my upcoming fall conferences, and if you want to feel the same way, this is the episode for you.

So let’s get into it. I hope you enjoy my conversation with the tech founder, shot glass collector, and author of The Career Toolkit…Mark Herschberg.

Key Takeaways:

• How to decide which conference is worth your time
• How to get your manager to say yes to you attending a conference
• Hidden negotiation factor: education budget
• How to start networking before the conference even starts
• Opening lines to break the ice with another attendee
• How to look more inviting
• Ideas for hosting an event at a conference
• Techniques for politely exiting a conversation
• How to meet the conference VIPs
• An efficient way to track post-conference action items
• How to pass along what you learned to your colleagues

Mentions:

MIT Professor Explains How to Gain Clarity on the Next Steps in Your Career | E35 Mark Herschberg: www.tsirpodcast.com/35

The Ultimate Guide to Attending a Conference - Part 1 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-1-of-2

The Ultimate Guide to Attending a Conference - Part 2 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-2-of-2

What to Say at a Conference or Networking Event: