Listen, Money Matters! http://www.listenmoneymatters.com Manage your money like a badass! Wed, 22 Oct 2014 03:44:52 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 Honest and uncensored - this is not your father’s boring finance show. This show brings much needed ACTIONABLE advice to a generation that hates being lectured about personal finance from the out-of-touch one percent. Andrew and Matt are relatable, funny, and brash. Their down-to-earth discussions about money are entertaining whether you’re a financial whiz or just starting out. To be a part of the show and get your financial questions answered, send an email to listenmoneymatters@gmail.com ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. listenmoneymatters@gmail.com listenmoneymatters@gmail.com (ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. ) Copyright © ListenMoneyMatters.com ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer since 2013. money, personal finance, money management, investing, debt relief, debt management, how to save money, how to make money Listen, Money Matters! http://www.listenmoneymatters.com/wp-content/themes/LMMv3/images/podcast-art.jpg http://www.listenmoneymatters.com New York Daily How I’m Escaping Debt With Automation http://www.listenmoneymatters.com/escaping-debt-automation/ http://www.listenmoneymatters.com/escaping-debt-automation/#comments Tue, 21 Oct 2014 12:00:26 +0000 http://listenmoneymatters.com/?p=6314 I've been an ultra-conscious debt avoiding maniac but it seems after 14 years of focus, all I had to do was take my eye off the ball once.

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escaping-dept-automation

To the uninitiated, debt happens. For me it came way later in life when I had my guard down. I’ve been an ultra-conscious debt avoiding maniac but it seems after 14 years of focus, all I had to do was take my eye off the ball once.

Not only did I take swift action to fix the problem but I leveraged technology and my laziness to make sure it stayed out of my hair. In this article I’m going to detail everything I did to turn my situation around.

The Concept

In case you didn’t know, I have a daily podcast where I talk money. That meant that I was not only ridiculed by my mother but by the entirety of the internet for getting into debt. Ok, maybe not the whole internet but there were definitely a ton of people commenting on the blog and emailing me with not so kind things to say. In an effort to redeem myself I decided that I would exhaustively document how I escaped my debt of roughly $17k at the peak with automation.

This guide is setup in the order it’s intended to be acted on. Some people may say things like “refinancing should come first” but as it turns out, many aspects of this guide take time to play out including refinancing. What I’ve hoped to do is try and structure it such that you can immediately start benefiting and reduce the workload of managing the debt. It turns out that obsessing about your debt for hours does nothing towards reducing it.

Automate Payments Efficiently

When I was in college I subscribed to Skeptic Magazine. I instinctively question everything and I often don’t believe that anything will live up to the hype. While I had used Ready For Zero to map debt and generally thought the tool was pretty cool, I had difficulties trusting the tool would manage my debt better than I could. Would minimum payments be missed? Was it just a glorified payment scheduling platform? As it turns out the answers are no and no.

The reason I decided to give Ready For Zero a try is because it uses the Stack Method, a vastly superior method at reducing debt. Why is it superior? Because it’s based on cold hard math. Dave Ramsey will say you don’t get the “emotional” win of paying of individual cards which I think was probably correct in 1995 but please, take a look at this:

rfz_graph1

That’s the awesome RFZ graph that shows the progress of my debt reduction. Those gold circles on there are when I’ve brought a credit card balance to zero. I also get trophies and encouraging emails when I make major break throughs. By making major breakthroughs I mean RFZ does this because I basically do nothing. If a visual representation of your progress coupled with a killer team of debt reduction cheerleaders isn’t motivating then I don’t know what is.

Ok that’s all well and great but I still have debt spread across five credit cards in addition to a mortgage – managing it all is madness. Or it was until I finally had enough faith in RFZ to let the tool take the reigns.

The setup is very easy and smacks of a sexier version of Mint – a version Mint might have been if it wasn’t purchased by a company who makes all their money off of a paid competitor to Mint but I digress. You add in your debt and your checking account that you’re going to pay through. There are additional layers of verification due to the whole payment portion of things which went great except for my AMEX account where I was a bit confused. I emailed Shannon and she fired back with a near-instant reply showing me what I had missed.

When RFZ pulls in your credit card details it grabs both your balance and the interest rate you’ll pay on your balance month. Then, it sorts your debt such that the most expensive debt goes on top and focuses all of your non-minimum payments on the first account. This is what mine looks like now:

rfz_accounts

Doesn’t the Stacking Method look sexy when you visualize it?

Including emailing Shannon it took me maybe 20 minutes to set everything up, wait for RFZ to sync and enable debt payment from my checking account. You can only automate payments if you pay for the tool at $10/month otherwise your automation stops here and all you can do is admire the tool’s elegance. It does serve to at least provide the emotional wins allowing you to choose the Stack Method over other less effective methods. If saving time and reducing stress is worth at least $10/month to you then continue on. For what it’s worth, you almost certainly have Netflix and you don’t NEED that. Whatever, you’re an adult.

The hardest part for me was letting go and trusting the tool. I have an immaculate credit history so I had palpable anxiety turning over control. It was kind of a big deal for me. When I finally took the leap and witnessed their focus on making me feel comfortable about the whole thing it changed everything. I mean they email me days before my payment goes out, they withdraw the money a little early so I don’t screw myself over AND after the payment posts they let me know how much I saved on interest by making that payment.

Never having to think about the status of your debt is an amazing experience and I highly recommend tasting it at least once. The tool distills debt payment down to the absolute basics. To do this, comes with some assumptions. First, RFZ will always pay all minimum payments. Second, it will follow the Stack Method and direct all payments above the minimum to your most expensive debt. Finally, when your most expensive debt is paid off it will redirect all payments to your next most expensive debt and continue that approach until all the debt is gone.

rfz_payment_plan

All of that work is done behind the scenes and you can choose to receive alerts or not every step of the way. All you need to do is make a decision on your payment plan, something you setup when you first signup for Ready For Zero Plus. You decide either when you want your debt to be gone or, how much you plan on contributing every month. RFZ does all the rest.

That’s it. Sign up, get over your trust issues and let the computer do the heavy lifting. Still have some small unresolved trust issues? Just check out the RFZ payment tab and you’ll get to see every payment made and every future planned payment.

rfz_payments

Optimize Your Credit Score

Your debt is automated, great! Now what? Now we focus on squeezing a bit more up side out of your credit score so we can get a better deal when we look to refinance exceptionally expensive debt – like credit card debt.

I’m not going to go into too much detail here as we’ve already created an episode on it and Candice also wrote a killer article on it. I will try and break it down into the basics for you.

  1. Sign up for CreditKarma.
  2. Increase your Credit Limits.
  3. Reduce your credit utilization by paying down debt.

Follow Credit Karma’s advice and you can’t go wrong. Spend a month doing the best you can to make your credit situation look as pretty as possible then move on. Too much delay on this step will significantly reduce the benefits you’ll get from just refinancing already.

Refinance Expensive Debt

I get a lot of questions about refinancing – like a lot. Most of it stems from a misunderstanding of what debt refinancing is and why it’s important.

First, why is it important? Simply put you will save a ton of cash – the more cash the longer it takes you to pay down your debt. So, while I can save some nice cash with my remaining $11k in debt I could save a lot more if that number was higher. Since debt compounds in some cases monthly and daily in other cases (like your mortgage or student loan) it’s really important to reduce the size of the penalty you get hit with every month. It’s that simple.

Imagine you were offered a Honda Civic for 12 payments of $1,000 or 24 payments of $1,000. Without a doubt you’d pick the first option. If you’re paying down an 18% APR credit card and looking to refinance it at 7%, the comparison is not that different from our Honda Civic example.

Slickly, Ready For Zero integrates Prosper refinancing into their platform. It takes all of 3 minutes to apply and RFZ will come back to you with something like this:

rfz_refinance

While RFZ makes it super easy to refinance through their tool, I’ll be doing my refinance with Lending Club because I’m already a big fan and an investor over there. Once I finish that process I’ll be documenting it in an article of its own. In the end though Prosper and Lending Club are virtually the same thing and I don’t really think that you’ll get a better deal from one or the other. It really comes down to personal preference.

What Does All This Mean?

For me it’s all about my time and stress level. Between my day job at iHeartRadio, Listen Money Matters, spending time with Laura and trying to go outside I don’t have a lot of time to spare. Perhaps more importantly, I don’t want to spare my time – especially not for tedious stuff like paying down my idiotic debt. If Ready For Zero only saves me two hours a month, I’d only have to earn at $6/hour for it to be worth my investment in the tool.

I’m lucky that $10 won’t sink me but what will is stress. I’ve got quite a lot of gray hairs already (hey, I’m married) and I don’t want any more. Last thing I need is die early because of an accounting distract that the computer can handle for me. Plus, the computer won’t make mistakes and if there’s one thing I’ve learned with this whole debt this is that I’m definitely not immune to mistakes.

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5 Questions: Refinancing, HSA’s, and First Home Mortgages (Ep. 211) http://www.listenmoneymatters.com/5-questions-refinancing-hsas-and-first-home-mortgages/ http://www.listenmoneymatters.com/5-questions-refinancing-hsas-and-first-home-mortgages/#comments Tue, 21 Oct 2014 10:00:38 +0000 http://listenmoneymatters.com/?p=6358 We answer five of our listener's questions about loan refinancing, HSA's, and first home mortgages.

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5questions-refinance-hsa-mortgages

 We answer five of our listener’s questions about loan refinancing, HSA’s, and first home mortgages.

This format has become so popular that it’s now a regular feature on LMM.  We answer questions sent in by listeners.

1.  Why is refinancing a loan so important? If you can refinance, it will lower your interest rate, thereby lowering your monthly payment and interest payments.  Refinancing works the same no matter the type of loan, student, mortgage, car etc.

"One bank charges and arm and a leg so go to one that charges an arm."

2.  If I invest in the Retirement Target fund 2055 will I invite penalties if I need to cash out early?  Can I pocket dividends or so I have to reinvest them?  You won’t get a penalty for cashing out early on that fund.  You can pocket the dividends, you just have to set your account to send them to you rather than to reinvest them.

3.  Is there a benefit to paying 25% of my student loan payment a week rather than 100% once a month?  Check the terms with your lender.  Some will hold the payments until the full balance is reached thereby removing any benefit you might have accrued.  If your lender isn’t a super dick, there is a benefit.  You are cutting down on the interest you will owe.

4.  What is the advantage of saving health related receipts to turn in after cashing out your HSA for non-health related expenses?  Why not just use it for health related expenses?  It’s really a matter of flexibility.  If you have the money in your account and plan to save it for retirement, you could pull it out to pay for an emergency if you had one.

5.  Should you pay cash for a house if you can or are you losing out on some tax benefits if you do? If parting with that much cash at once isn’t a burden, do it.  The interest you save vastly outweighs any tax benefit.

Thanks everyone, keep sending them in!

 Show Notes

Ommegang Valar Morghulis:  A Game of Thrones inspired beer.

LMM Financial Rant Hotline:  Call 856-818-3737 and let fly with your money rant.

LMM Episode 171:  Our HSA deep dive.

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How to Find Cheap Flights with Nathaniel Boyle from The Daily Travel Podcast (Ep. 210) http://www.listenmoneymatters.com/how-to-find-cheap-flights-with-nathaniel-boyle-from-the-daily-travel-podcast/ http://www.listenmoneymatters.com/how-to-find-cheap-flights-with-nathaniel-boyle-from-the-daily-travel-podcast/#comments Mon, 20 Oct 2014 10:00:52 +0000 http://listenmoneymatters.com/?p=6354 Wish you could travel more but think it's too expensive? Nathaniel Boyle has devoted his life to travel and will teach us how to do it on the cheap.

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nathaniel-boyle

Wish you could travel more but think it’s too expensive?  Nathaniel Boyle has devoted his life to travel and will teach us how to do it on the cheap.

Credit card churning is a great way to fly for free but it can be a burdensome process to book with miles.  There are other, less complicated ways to fly cheap.  Nathaniel Boyle from The Daily Travel Podcast will tell us how he does it.

There are so many air travel booking sites, Expedia, Travelocity, Hipmunk.  But the prices are all about the same.  Nathaniel recommends booking directly through the airlines.  It’s often cheaper and can offer more protection than booking through a third party. It’s much easier if you need to make a change to your itinerary and some low cost carriers like Southwest only offer direct sale.

The most important thing when buying a cheap ticket is time.  When you buy your ticket, the time of year you’re planning to travel, and the days of the week you choose to fly on.  The best time to buy is on a Tuesday or Wednesday.  Those are also the best days to fly.  Off season will always be cheaper.  Orlando over a holiday will always be expensive.  Flying to Europe in March is cheaper than flying in July.

Nathaniel uses Kayak as a baseline.  See what they’re selling it for and then play around to see what you can do to get a lower prices than that.  But don’t over think it.  If you see what looks to you like a great deal, jump on it.

Rome2Rio is another great resource.  It tells you how to get from point A to point B for the least amount of money via air or ground travel.  SkyScanner and Google Flights with give good over views of pricing.  The travel time may be longer but if you don’t mind connections, they can save lots of money.

If the thought of pulling the trigger on the ticket makes you sweat, check out Flyr.  It tells you the likelihood that your flight price will go up and down.  Data nerds like Andrew love this site.

I’ve actually listened to Nathaniel’s show from day one and it’s great.  He has excellent tips and terrific guests.  Check him out.

Show Notes

Ommegang Valar Morghulis:  A Game of Thrones inspired beer.

LMM Financial Rant Hotline:  Call 856-818-3738 and leave us your money rant.

The Daily Travel Podcast: Nathaniel’s daily podcast devoted to all things travel.

Airfare Watchdog Alerts:  See when your preferred flight changes price.

The Flight Deal:  A site that posts crazy low airfares daily.

 

 

 

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http://www.listenmoneymatters.com/how-to-find-cheap-flights-with-nathaniel-boyle-from-the-daily-travel-podcast/feed/ 4 Wish you could travel more but think it's too expensive? Nathaniel Boyle has devoted his life to travel and will teach us how to do it on the cheap. Wish you could travel more but think it's too expensive? Nathaniel Boyle has devoted his life to travel and will teach us how to do it on the cheap. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 54:07
Surround Yourself with Financial Friends (Ep. 209) http://www.listenmoneymatters.com/surround-yourself-with-financial-friends/ http://www.listenmoneymatters.com/surround-yourself-with-financial-friends/#comments Sun, 19 Oct 2014 10:00:59 +0000 http://listenmoneymatters.com/?p=6350 Do you have financial friends? If you don't, you should get some. Being around liked minded people will help to smooth your personal finance path.

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financial-friends

Do you have financial friends?  If you don’t, you should get some.  Being around liked minded people will help to smooth your personal finance path.

You are an amalgamation of the five people you spend the most time with.  Think of those people.  Are any of them financially responsible?  Are any of them materialistic?  Adults though most of us are, we can still be influenced by peer pressure.

Peer pressure can help you to make good decisions.  If you have frugal friends, they understand when you can’t afford to go out to dinner and are happy to split a pizza at your place. It can also cause you to make bad decisions.  If you have baller friends, they choose the expensive restaurant and you agree then spend way more than you can afford.

Your friends don’t have to be financial ninjas to qualify.  Not everyone has a Warren Buffet in their life to go to for money advice.  You can both be starting from zero but as long as you’re learning together and keeping each other accountable, it is still a bolstering relationship.

Immersion is the best and fastest method for learning nearly anything, including personal finance.  Listen to this podcast, read the Wall Street Journal, talk with your friends, family, and co-workers about money.  By giving it a prominent place in your life, it is easier to stay on track.

If you find yourself with no financial friends, you can convert your existing friends.  I start by showing people Mint.  Then I introduce them to the podcast and Betterment.  It hasn’t worked on everyone but it has worked.  And converts always make the best zealots.

"You can be the one to initiate the uninitiated into this whole thing."

You and your financial friends don’t have to discuss money the entire time you’re together.  It’s not the most exciting topic even if it is one of the most important.  But all this money stuff gets easier when you surround yourself with a support team.

Show Notes

Schneider Weisse Aventius:  A deep and complex wheat dopplebock.

Leinenkugel Octoberfest:  A fall beer with toasted caramel malts.

Mint:  An easy first step to managing your money.

Betterment:  The easy way to invest.

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Expensive Taste May Be Prohibiting Your Financial Growth (Ep. 208) http://www.listenmoneymatters.com/expensive-taste-may-be-prohibiting-your-financial-growth/ http://www.listenmoneymatters.com/expensive-taste-may-be-prohibiting-your-financial-growth/#comments Sat, 18 Oct 2014 10:00:29 +0000 http://listenmoneymatters.com/?p=6342 Champagne tastes hurting your wealth building? Unless you're a Russian oligarch, the answer may be yes. We like nice things even if we can't afford them.

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expensive-taste

 Champagne tastes hurting your wealth building?  Unless you’re a Russian oligarch, the answer may be yes.  We like nice things even if we can’t  afford them.

There comes a time when we have to live within our means.  Easier said than done when you have expensive tastes.  Even harder to do in a big urban area like New York City.  The reason we are so revolted by mediocrity is because we are surrounded by excellence.  But when it comes to wealth building, this is a dangerous mind set.

Dinners, cars, clothes.  We all have our weak spots.  So what to do about it?  Does everything have to be top shelf for your special self?  It’s not like you’re the Pope or anything.  So instead of the $50 bottle of Bordeaux, how about the $25 bottle?  You’re probably no wine expert either so likely won’t notice the difference.  That’s not too say you can’t ever have the really good stuff.  But save it for special occasions.  It’s part of what makes them special.

"I like my sausage fresh. How can you fault a man?"

Quality is sometimes largely perception.  Quality doesn’t always mean the most expensive.  It’s better meaning would be the most durable.  Many people who buy only the most expensive things often don’t recognize quality anyway.  They just follow the herd in buying what they’ve been told is the best via advertising.  People interested in quality have done enough research to discern quality from cost.

We’re not condoning PBR consumption but after beer number four, what difference does it make really?  I type this as I’m listening to Matt describe Andrew rubbing his new I-Phone on his face.  So what is the point of this episode?  Do as we say not as we do?  No, that doesn’t seem like the correct message to send.  How about this?  Buy the best that you need, not the best you can afford.

Show Notes

Mint:  Track how many I-phones you buy!

Betterment:  Invest so you have money for more I-phones!

 

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http://www.listenmoneymatters.com/expensive-taste-may-be-prohibiting-your-financial-growth/feed/ 1 Champagne tastes hurting your wealth building? Unless you're a Russian oligarch, the answer may be yes. We like nice things even if we can't afford them. Champagne tastes hurting your wealth building? Unless you're a Russian oligarch, the answer may be yes. We like nice things even if we can't afford them. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 32:20
Travel Across America for Free with Rob Greenfield (Ep. 207) http://www.listenmoneymatters.com/travel-across-america-free-rob-greenfield/ http://www.listenmoneymatters.com/travel-across-america-free-rob-greenfield/#comments Fri, 17 Oct 2014 10:00:36 +0000 http://listenmoneymatters.com/?p=6335 Rob Greenfield is an adventurer and environmentalist who's mission is to teach people to be happier with less and to make yourself and the earth happier.

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rob-greenfield

Rob Greenfield is an adventurer and environmentalist who’s mission is to teach people to be happier with less and to make yourself and the earth happier.

Rob recently biked from Madison, Wisconsin to New York City with no money.  His journey really started three years ago when he started to notice the impact his actions had on the world around him.  He started educating himself and learned he was unknowingly creating a lot of destruction.  But it didn’t have to be that way.

Money can be used for good or evil.  But it takes more time to do good than to throw money at a problem and that’s what many of us do.  America has 2% of the world’s population and consumes 25% of it’s resources.

You can’t change this overnight but you can take small steps every day.  Rob made a list of things he wanted to change.  Only shopping with reusable bags, buying locally rather than at a big box store.  Rob started easy but as he progressed, the bigger changes didn’t seem that hard.

Yes, Rob is a dumpster diver. He set two rules for himself, he could only eat locally grown food or food that was going to go to waste.  And the waste food goes into dumpsters.  Two thirds of his diet came from dumpsters during the trip.  He never went hungry.  One day he drank $100 worth of unopened, not expired juice from Whole Foods.

Because such a large portion of our tax dollars goes to war, Rob advocates living a more “moneyless life.”  Enjoy the things in life that are free, nature (for now), friends, family.  Ride a bike rather than drive a car.

Rob indeed walks the walk.  His next project is building an tiny house from trash.  We’ll have to introduce him to Ethan Waldman!

 Show Notes

Rob Greenfield:  Rob’s blog about making yourself and the earth a happier through minimalism and sustainability.

Tethered:  Rob’s upcoming show on Discovery.

 

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The Most Productive Thing You Can Do is Ignore The Numbers http://www.listenmoneymatters.com/ignore-the-numbers/ http://www.listenmoneymatters.com/ignore-the-numbers/#comments Thu, 16 Oct 2014 12:00:48 +0000 http://listenmoneymatters.com/?p=6234 Too much data and information is a bad thing when it comes to investing. Stop stressing and start investing!

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productive-numbers

I woke up this morning with the sun beating on my face from the tiny window above my bed. It’s sunny out, the sky is blue, the pillow is warm, and I’m starting to sweat. Fine, sun! Time to get up, I get it!

The very first thing I do is rollover and check the time on my iPhone which is charging on my nightstand. Fuck, it’s only 7am. I could sleep some more, but I’m awake now. Let’s see what Twitter has going on. Let’s see what Facebook’s up to. Let’s check Mint. Now, Betterment.

Here’s what I see:

IMG_2305

God damn it! Why am I losing money?

Now it’s time to react. It’s time to freakout! That’s my cue to fire up Headspace and take a chill pill. After 20 minutes of meditation, I don’t react. I sit still and think about how awesome breakfast is going to be instead.

This may not sound like your typical morning, but it is for me. I have a bad habit of gluing my eyeballs to a glowing screen every morning, when instead, I should ignore my phone. I should embrace the warm glow of the sun instead and think about how awesome breakfast is going to be.

Perhaps, though, this DOES sound like you. Are you the kind of person who freaks out when you check your investments?

This is pretty normal, but I’ve learned — and am still learning — that this is a bad habit. Looking at the data is unproductive.

When I make breakfast (which I’ve already mentioned now 3 times because it’s the fucking best), I listen to podcast. I stick my iPhone in a glass bowl to amplify the sound — yes, it works! I was listening to the Tim Ferriss show where he interviewed the man who changed my personal finance life, Ramit Sethi (pronounced Rameeth Set-Tea).

He said…

One of the most unproductive things you can do is look at the data.

In context, he was talking about email statistics, but he also mentioned checking his investment accounts. He admitted to checking his investments every 6 or 12 months.

This really struck a chord with me because I’ve fallen into this trap myself.

Which is really funny and ironic because I often yell at Andrew for checking the stats on our website and podcast so much, and yet, here I am checking my personal finance data everyday.

The problem with checking this shit everyday is it can cause you to make rash and quick decisions that you wouldn’t make if you didn’t know. It’s better that your investments be out of sight, out of mind, for your own safety and wealth.

My brother recently freaked out when he saw his Betterment account take a sudden drop. He texted me in a panic. I had to reassure him of a couple of things I know to be true:

  1. The stock market goes up and down. It has since the beginning. However, overall the stock market goes up. Slow and steady wins the race when it comes to investing.
  2. If you’re worried about the stock market dipping a little, then you really don’t know how long-term investing works. If you listen to our show or read this blog, then you will have a better understanding and a more zen-like approach to building wealth.
  3. Frequent trading and moving your money around out of fear will statistically cause you to gain lower returns than someone who just buys and holds for a very long time.
  4. Sometimes the world gets shitty. People find out that the world is shitty through the 24-hour news cycle. Those people are idiots, especially when they freak out and move their money because of Ebola or ISIS or whatever is happening on CNN that day. (oh, and fuck you, Jim Cramer!)

Too much data and information is a bad thing when it comes to investing. Case in point, according to research from two finance professors from U.C. Davis and U.C. Berkely, found that the more carefully you watch the market, the more likely you are to believe that you have a good handle on things (and thus trade more often). The problem is, you don’t:

Studies show that, as people acquire more information, their confidence in their ability to predict outcomes rises far faster than the accuracy of their predictions.

Online investors have access to vast quantities of data. This data may give them a false confidence that they can pick stocks.

Billions of bytes of market data give most investors no more ability to pick individual stocks than to pick numbers on a roulette wheel. Of course some investors will succeed anyway, and they will be certain that they knew all along which stocks would be winners. And those who fail will be certain that they too were right, but unlucky—this time.

Thanks for that info and quote, LifeHacker!

So let’s end it with this lesson…

The more you check your data (the numbers, your investments, etc.) the less time you will have to do the most important thing: make more money to invest!

"Stop stressing and start investing!"

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Negotiating, Side Hustling and Student Loan Debt with Stephanie Halligan (Ep. 206) http://www.listenmoneymatters.com/stephanie-halligan/ http://www.listenmoneymatters.com/stephanie-halligan/#comments Thu, 16 Oct 2014 10:00:38 +0000 http://listenmoneymatters.com/?p=6332 Fellow Best New Blog winner Stephanie Halligan talks to us about student loan debt, negotiating and Matt's favorite, the side hustle.

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stephanie-halligan

Fellow Best New Blog winner Stephanie Halligan talks to us about student loan debt, negotiating and Matt’s favorite, the side hustle.

Like a lot of teenagers, Stephanie took out a lot of college loans without realizing what that meant.   She graduated with $30,000 in debt.  She was asked through an internship if she wanted to teach personal finance to newly migrated refuges.

The more she learned, the more she wanted to help her students and herself manage money and get out of debt.  Prioritizing not only debt, but what mattered to her most was the first  lesson.  Spending money on the things that really matter to you and scrimping on things that matter less is key.

Negotiating is lesson two.  Negotiating salary, with debtors, when buying big ticket items, are things everyone should do but few of us attempt.  We talked about negotiating in Episode 191 but that was from a male perspective.  Things are a little different for women.  Stephanie recommends Get Raised to help you learn how to get more money from your employer.  Women are generally more concerned with preserving relationships at work so it’s important to come into the conversation about a raise from that angle.  Particularly if you’re negotiating with a female boss.

Side hustles have been a big topic on this show and Stephanie is in agreement.  If you can bring in even a few hundred extra bucks a month, it helps.  Particularly if you don’t know what you want to do with your life.  Stephanie reached out to companies she was interested in and offered a few weeks of free work.  It led to some free lance work and helped to build relationships.

Stephanie found that she liked writing about finance and that’s what inspired her to start her blog.  Had she never had that debt, she wouldn’t be where she is today but she’d like to smooth the path for those coming after.  $30,000 is a lot of money.

Stephanie started The Empowered Dollar while she was still working.  It started as a “mommy blog” (I hate those words the same way Matt hates side hustle) to help moms teach teens about finance.  But evolved to an audience Stephanie was more comfortable with, Millennials.  She does the drawings on her site to bring a little light heartedness to a sometimes dry subject.

"If you want to change something, you can change it."

Stephanie took $30,000 in debt and turned it into a career she loves.

Show Notes

Rogue Farms Pumpkin Ale:  A great fall beer.

Empowered Dollar:  Stephanie’s blog that explains PF through comics!

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http://www.listenmoneymatters.com/stephanie-halligan/feed/ 0 Fellow Best New Blog winner Stephanie Halligan talks to us about student loan debt, negotiating and Matt's favorite, the side hustle. Fellow Best New Blog winner Stephanie Halligan talks to us about student loan debt, negotiating and Matt's favorite, the side hustle. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 43:47
What the F**k is Bankruptcy with Steve Rhode (Ep. 205) http://www.listenmoneymatters.com/fk-bankruptcy-steve-rhode/ http://www.listenmoneymatters.com/fk-bankruptcy-steve-rhode/#comments Wed, 15 Oct 2014 10:00:40 +0000 http://listenmoneymatters.com/?p=6309 We get a lot of questions about bankruptcy at LMM but it's a complicated subject so we brought expert Steve Rhode to help explain the fine details.

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banktruptcy

We get a lot of questions about bankruptcy at LMM but it’s a complicated subject so we brought expert Steve Rhode to help explain the fine details.

Some people consider bankruptcy the easy way out but it’s more complicated that.  Any time money is concerned, there is no quick fix.  But in some cases it’s also not as dire as some of us believe and may be the best option.

It takes seven years for bad marks to fall off your credit report but you don’t have to wait seven years to start rebuilding your credit.  According to Steve that is just not as big a deal as people make it out to be.  Missing payments stays on your record just as long but you’re still paying that bill.  About twelve months after declaration, you can get secured credit cards, get better rates on loans and even qualify for a mortgage and car loan.  It might not be a great idea to do that, but it is possible.

Bankruptcy doesn’t have to be a last resort.  If the amount of debt you have is going to really hamper your ability to retire, screw it.  Declare bankruptcy.  It’s no moral failing.  Do you think the banks and student loan creditors have any morals?  Well why in the hell should you take the high road?

Student loans are a different story.  Some can be discharged in bankruptcy.  Federal loans almost never can but private loans can be under these three criteria:

1.  The statute of limitations for repayment have expired in your state.

2.  If your loans were for more than the cost of tuition, the amount over the tuition expense can be discharged.

3.  If the school you attended was not accredited.

If you are struggling with college debt, look into these three criteria and see if you qualify.

What is the fallout if you declare?  You likely won’t lose your home.  Bankruptcy may save your house because in some states it removes the second mortgage.  You will still be able to get a job, even a job that requires security clearance.   Bankruptcy doesn’t solve an over spending problem though.  If you’re filing because you have an out of control shopping habit, this won’t solve the root of the problem.

"Take the emotion out of the bankruptcy decision."

Declaring bankruptcy does not make you a bad person.  Do you really think you’re worse than the bankers who immolated the economy in 2008 and then took massive bailouts and bonuses?  Bankruptcy is the only tool that allows you to take some of the power back from creditors.

Show Notes

Rogue Farms Pumpkin Patch Ale:  Pumpkin beer for October.

Village Idiot Punk O’Lantern:  Pennsylvania brewed pumpkin beer.

Get Out of Debt:  Steve’s site about getting out of debt.

The post What the F**k is Bankruptcy with Steve Rhode (Ep. 205) appeared first on Listen, Money Matters!.

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http://www.listenmoneymatters.com/fk-bankruptcy-steve-rhode/feed/ 0 We get a lot of questions about bankruptcy at LMM but it's a complicated subject so we brought expert Steve Rhode to help explain the fine details. We get a lot of questions about bankruptcy at LMM but it's a complicated subject so we brought expert Steve Rhode to help explain the fine details. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 36:01
Leave the Millenials Alone! http://www.listenmoneymatters.com/leave-millenials-alone/ http://www.listenmoneymatters.com/leave-millenials-alone/#comments Tue, 14 Oct 2014 12:00:59 +0000 http://listenmoneymatters.com/?p=6251 The Millenials I know are smart. They are hard working. They bought the bill of goods the Boomers sold them.

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millenial-boomer

The Millenials are those born between the early 1980’s and the early 2000’s.  Sort of.  These generational markers are usually pretty clearly delineated. Gen Xer’s are defined as having been born between 1965 and 1985 and Boomers between 1946 and 1964. The Millenials don’t even get an agreed upon span.  Maybe this was the first indicator that the world would not be a kind place for them.

Yes, Some of Them Are Terrible

Full disclosure, I’m not a Millennial, I’m Generation X.  I endured some down times as all generations do but also enjoyed those sweet, sweet Clinton years. Big Daddy Bill made it rain for us all, for awhile anyway.  And if I’m honest, there are Millenials that annoy me, the SJW (social justice warriors) Tumblrinas on Tumblr, the Hashtivism on Twitter.  I think this quote from Shonda Rhrimes sums this phenomenon up better and more pithily than I could:

“Hashtags are very pretty on Twitter. I love them. I will hashtag myself into next week. But a hashtag is not a movement. A hashtag does not make you Dr. King. A hashtag does not change anything. It’s a hashtag. It’s you, sitting on your butt, typing on your computer and then going back to binge-watching your favorite show. I do it all the time. For me, it’s Game of Thrones.”

Hipsters and Bobos don’t bother me, maybe because I’m in NYC so they’re just part of the scenery and honestly, I don’t see them much.  I live on the Upper West Side and they wouldn’t be caught dead above 14th St.

What Boomers Think Of Millenials

So why am I writing an article to defend them?  Well, to put in crudely, I’m sick to my back teeth of hearing the Boomers, the most naval gazing, self congratulatory generation of circle jerkers ever to exist on this planet in all of human history crapping all over them. Read any article about Millenials that allows reader comments and you’ll find vitriolic little gems like these:

“It’s funny how the illegals seem to have no trouble finding a job. oh wait, they are willing to actually get their hands dirty & break a sweat. Allow me to fill you guys in, NOBODY is going to pay you to sit around and play video games and look at your smartphone all day.”

“Laziness & entitlements. I was out there raking leaves, shoveling snow & cutting grass to earn a dollar when I was a kid. I was riding around on my bicycle & socializing with friends face to face. If you want it, go get it.”

“Go work at a deli or Burger King”

“You snot nosed punks want everything handed to you. If you want it, you can have it too. There’s jobs out there. May not be your dream job or what you went to school for, but set a goal and go get it.Time to get out of mommies basement.”

So in just four poorly worded comments containing appalling grammar and punctuation, let’s look at the key words and phrases that jump out.

Illegals. Ooh, the scary illegals all have jobs.  Why don’t you? As if the jobs they have to take would pay off $50,000 in student loan debt.  Also, the obligatory reference to video games and smart phones.  Because clearly this commentor is out making the world a better place in his spare time rather than watching Nascar and attending Promise Keepers Rallies.

Laziness and entitlements, which doesn’t even make sense.  We’ll give angry grandpa the benefit of our doubt and assume he meant entitled.  How cheeky that Millenials would feel entitled to a job that paid a living wage. The nerve!  If only they weren’t so lazy working two jobs to keep the lights on, they too could have an over mortgaged McMansion and sickening sense of unearned superiority.

Work a fast food job.  Well, they are.  That is their second job.  And it’s still not enough.  We’ve seen mass walkouts by fast food workers trying to get a little something more than the crumbs their social betters brush off the table and onto the floor for them.

Snot nosed punks (ooh, getting in the way back machine to bring the insults!).  There’s (sic) jobs.  Just go get one off the job tree you lazy hippy that lives in a filthy opium den!  Then you can have the crap spelling yet oddly incongruous superior tone that I have.

The Boomers had everything handed to them by the Greatest Generation on a silver platter so why they look down on the Millenials is a mystery.  I guess it goes back to not valuing what, through no merit of your own, you have managed to accumulate.

A week doesn’t go by where the Boomers aren’t featured in some fawning documentary about how they revolutionized the world, ended the Vietnam War, fought for Civil Rights, and changed the face of music.  And the Boomers did those things, full credit.  Although if I see Sir Paul McCartney trotted out as some fund raising concert in his New Balance sneakers one more time, I’m not responsible for my actions.

What they don’t like to talk about or have the National Geographic Channel wax rhapsodic over is how they created a national debt that will takes generations to pay off through their reliance on easy credit, government backed mortgages, and overvalued properties.

And the reason the Millenials can’t get a job is because the Boomers thought the gravy train would never end.  Until it did.  And when it did and they hadn’t saved anything for retirement in their mortgaged to the hilt lives, they won’t exit stage left so the Millineials can take the jobs they should no longer need had they had a modicum of foresight and planned for the future.

The reason Washington can’t create any long term debt reduction is because the Boomers represent a massive, active voting block.  And they love their free health care too via Medicare.  But when the rest of us would like to not go bankrupt if we get sick, the Boomers begrudge us the ACA.  They got theirs and the rest of us can fuck off.  And that seems to be their attitude overall.  I got mine, piss off.

A Not Exhaustive List of the Sins of the Boomers

Do I dare thwack the hornet’s nest some more?  I do dare.  Let’s look at a few of the ways the Boomer’s have screwed all those who came after.

1.  Sold our robust manufacturing economy oversees to tighten up their balance sheets which decimated the middle class. Ross Perot was dead on when he talked about “that giant sucking sound.”

2.  You complain about the Millenials but they are yours. Claim them.  If you don’t like how they turned out, have a look in the mirror.  You brought them up, you taught them in school, you fed them a steady diet of crap fast food, you parked them in front of television where from the age of one they learned to covet all the things they saw advertised.  In fact you geared ads for crap food and crap toys directly to them and then complained when they grew up materialistic.  And you fueled that materialism by giving them things instead of time because you were too busy working and accumulating to spend any time with them.

3.  Under your watch, CEO compensation has risen 725% since 1978 while worker’s wages have risen a measly 5.7%.

4.  You loved cheap gas and big cars.  As a consequence, you burned up a whole lot of something that is finite, sending the cost soaring and then scored the perfecta by contributing so heavily to climate change that in a few generations humans will have to huddle in the fly over states because the coasts will be under water.

5.  Your greed caused the crash in 2008 and your political influence not only kept those responsible out of jail where they ought to be, but scored massive bailouts for yourselves and your cronies shortly to be followed by record bonuses.

6. You have allowed the cost of college to rise so much that your children will be dead before they pay back the entirety of their debt. And while doing so you robbed them and the community they may have served of the chance to do some good in the world through volunteering or making charitable donations. They don’t have the time to volunteer because they’re working two jobs to even stay afloat and all their “spare money” goes to frivolities like the roof over their heads.  What’s the last thing the Representatives you bought and paid for have done to address $1.2 TRILLION in student loan  debt floating around out there?  In 2005 they passed a law that no student loan could be dismissed in bankruptcy unless the borrower could prove “undue hardship.”  Congress’s definition of undue hardship apparently does not extend to ending your life because you are so consumed by the hopelessness of ever being out from under this debt because the families of people who have made this terrible, ultimate decision have been chased and harassed to pay back the loan.  The loan of their dead child.  If that doesn’t make you want to vomit than you have a stronger stomach than I do.   And I don’t know which one of you is responsible for the cost of college text books but there is a Circle of Hell waiting for you.  May you be condemned to an eternity of paper cuts under your finger nails for it.

7.  You have involved us in endless wars since 2001 costing billions of dollars and thousands of lives and made the rest of the world hate us to the point we pretend to be Canadian when abroad.

8.  You sold our freedom for your twisted version of security theater.  I give up my Fourth Amendment right if I want to do something as innocuous as get on the subway or fly on an airplane.  Your naked porno scanners operated by America’s D students are probably giving me cancer.  Only I won’t subject myself to them so instead I get sexually assaulted by said D students.  Also thanks to this, everyone at the NSA is personally acquainted with my Youporn viewing preferences.  This knowledge will surely prevent the next 9-11.  Well done.

9.  You made us all fat and diabetic.  Thanks to your reliance on fast and convenience foods to feed us and not teaching us good eating habits, Millenials will be the first generation IN HISTORY to have a shorter life expectancy than their parents.

10.  You’ve overseen reverse posse commitatus.  Rather than the military becoming the police, you’ve turned the police into the military.  You pepper spray non-violent protesters, you brutalize and terrorize citizens on a daily basis.  You’ve kitted out small town police forces with military grade weapons, even armored vehicles.

11.  Citizen’s United.  You sold our government and everything it entails to the highest bidder.  Who is always you.  Of all the nefarious shit you have done, this is probably the worst.  And it was a crowded field from which to choose.

The Millenials I Know

The Millenials I know are smart.  They are hard working.  They bought the bill of goods the Boomers sold them.  Go to college, get a good job and it all works out. No no, don’t look at the math. It just works out as if by magic.  Serve your country, the greatest country in the world.  And now they are coming to realize the enormity of your lies.

They are literally killing themselves over debt.  And it wasn’t debt accumulated through buying smart phones and fancy cars.  That is a fairy tale you Boomers tell yourselves so you can sleep at night.  And serving your country is your way of saying, “Go over where the brown people live and get your ass blown up so we can continue to profit off the military industrial complex that Eisenhower tried to warn the country about fifty years ago.”

The Millenials I know are the Occupy movement who are buying up and forgiving millions of dollars in student loan debt. The Millenials I know are not lazy and entitled, the Boomer’s favorite epithet.

And the Millenials I know see that they can’t win at your game.  So they’re changing the rules.  They’ve started their own sharing economies, they’ve started building and living in tiny houses because they don’t buy into your demented idea of the American dream of an ugly pre-fab McMansion filled with crap on a mortgage they can’t afford.

They don’t own cars and contribute to global warming by burning fossil fuels the way the Boomers burned the middle class. They ride bikes.

They are moving into the cities you washed your hands of like Detroit and New Orleans and bringing them back from the brink with hard work, cooperation and ingenuity.  Urban farms where you left a foreclosed house to rot. Small businesses in a city you left, to quite literally drown.

The Reckoning Is Coming

I could go on.  Your lousy generation has pissed me off.  But let me send you off to sleep with this thought: You can’t and won’t live forever.  Oh you’ve tried.  You won’t go quietly into that good night.  But so far your quest for eternal youth and life has only netted Botox treatments and silicone fillers.  And when you’re drooling into your incontinence pan, it will be a Millennial, forced to take a second job as a nursing home assistant to pay off the remaining eleventy billion dollars they still have left on their student loan who will be looking after you.  And they know.  We’ll see how insufferably superior you’re feeling then.  So on behalf of the Millenials, in the words of my generation, Up Yours.

If you did not like this article, don’t hate on a truth teller.

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The Indomitable Investor with Steve Sears (Ep. 204) http://www.listenmoneymatters.com/the-indomitable-investor-with-steve-sears/ http://www.listenmoneymatters.com/the-indomitable-investor-with-steve-sears/#comments Tue, 14 Oct 2014 10:00:18 +0000 http://listenmoneymatters.com/?p=6301 Why do so few succeed in the stock market and so many fail? We interview the man who literally wrote the book on the subject, author Steve Sears.

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indomitable-investor

Why do so few succeed in the stock market and so many fail?  We interview the man who literally wrote the book on the subject, author Steve Sears.

One of our favorite quotes in from Warren Buffet, “Be fearful when others are greedy and greedy when others are fearful.”  But that takes balls and his willingness to buy fear is one of the reasons he has amassed a fortune.

We advocate long term investing and that strategy is better and more successful than jumping in and out of the market.  So why do so many people do that?  They’re driven by what they hear and read in the news and follow the “market mob.”  They hear about a fast rising stock and jump on it without doing even the most rudimentary research.  A successful investor stays away from this like the plague.  Until the stock bottoms out, that’s when they buy.

"A man without a plan isn't a man."

Fifty percent of your gains will come from doing nothing.  Buy stocks that pay steady dividends and make them the foundation of your portfolio. Bad investors think of ways to make money and good investors think of ways not to lose money. 

You have to learn to tune out the noise that is just information without value.  It’s not easy when we are subjected to it constantly.  I even wrote an article on it.  Focus only on what has value.

The most basic step is to pay yourself first.  At least ten percent.  Make sure some of that percentage is in non-taxable accounts like an IRA.  You have to live a little less today to live a little better tomorrow.  Empathize with your future self.  The future is not some vague, foggy thing, it’s creeping up on you every day.

Sorry guys.  Steve did not provide us with the magic bullet.  He confirms the cold hard truth.  Put your money in the market and leave it.  You are unlikely to strike it rich an an IPO or whatever the latest stock the media is shouting about.  Slow and steady to win the raise.

Show Notes

The Indomitable Investor:  Steve’s book on success and failure in the market.

Betterment:  The easy way to invest.

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http://www.listenmoneymatters.com/the-indomitable-investor-with-steve-sears/feed/ 3 Why do so few succeed in the stock market and so many fail? We interview the man who literally wrote the book on the subject, author Steve Sears. Why do so few succeed in the stock market and so many fail? We interview the man who literally wrote the book on the subject, author Steve Sears. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 41:03
Money Day Monday (Ep. 203) http://www.listenmoneymatters.com/money-day-monday/ http://www.listenmoneymatters.com/money-day-monday/#comments Mon, 13 Oct 2014 10:00:47 +0000 http://listenmoneymatters.com/?p=6297 It's key to have a day set aside to check in on your financial situation. We hereby declare a Monday as "Money Day Monday" because Matt likes alliteration.

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money-day-monday

It’s key to have a day set aside to check in on your financial situation.  We hereby declare a Monday as “Money Day Monday” because Matt likes alliteration.

Some companies will allow you to choose the day your payment is due.  If you can group as many bills as possible together, it streamlines your bill paying and finance management system.

You probably have certain days of the week devoted to certain chores, food shopping on Saturday, cleaning on Sunday, laundry on Monday.  Your money “chores” should be similarly organized.  It helps make it a habit and we’ve talked before about how important it is to build good money habits.

Make a check list of tasks for your money day.  Pay bills, check where you are with your budgets for the month, look around for a better deal on your cell phone, car insurance, and credit cards.  Ask those credit card bastards to lower your interest rate or raise your limit. Make sure your Mint categories are on point.

"You want your money day to fly by? Stop spending money."

Check for possibly fraudulent charges on your credit and debit cards.  Some big retailer or bank is getting hacked on a nearly weekly basis so chances are good that you will eventually be hit.

Plan out some long term goals.  If you want to take a vacation, start pricing it out now and figure out how much money you need to set aside each week to pay for it.  The holidays are coming too so now is a good time to start planning for those expenses.

Once Money Matters Monday becomes a habit, it will be easy to track everything.

 Show Notes

Southern Tier Warlock:  Imperial stout brewed with pumpkin.

Village Idiot Punk O’Lantern:  A tart, pumpkin beer.

Facebook The Beer Season:  Follow the best seasonal beers.

Betterment:  Start investing today.

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http://www.listenmoneymatters.com/money-day-monday/feed/ 6 It's key to have a day set aside to check in on your financial situation. We hereby declare a Monday as "Money Day Monday" because Matt likes alliteration. It's key to have a day set aside to check in on your financial situation. We hereby declare a Monday as "Money Day Monday" because Matt likes alliteration. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 34:14
Prioritizing Your Financial Plan (Ep. 202) http://www.listenmoneymatters.com/prioritizing-your-financial-plan/ http://www.listenmoneymatters.com/prioritizing-your-financial-plan/#comments Sun, 12 Oct 2014 10:00:58 +0000 http://listenmoneymatters.com/?p=6289 By now as a long time LMM listener, you have a financial plan. But do you know how to prioritize it? We'll explain how best to get your ducks in a row.

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financial-priority

By now as a long time LMM listener, you have a financial plan.  But do you know how to prioritize it?  We’ll explain how best to get your ducks in a row.

Matt and Andrew got into a pillow fight the last time they tried to do a show on this topic this is take two.  The good folks over at LearnVest set out a list of three financial priorities.  Retirement, emergency savings and debt.

1.  Retirement comes first.  Because of inflation, the dollars you have now will be worth less than when you retire so you need to accumulate those dollars now.  Most of us will also not be able to rely on social security or pensions once we stop working.  Pay yourself first whatever that means for you, 401K, Ira, Roth IRA etc.

2.  Emergency Savings.  Have a rainy day fund otherwise you have to rely on a credit card which may mean racking up lots of interest charges or you’ll draw from your retirement account which means robbing the future you.

3.  Debt.  Debt is an emergency, this is a no-brainer.

We have some issues with this list.  If you have debt, that should be higher on the list.  We would put retirement first only so far as you are getting matching funds from your employer.  Mortgage and student loan debt with low interest rates get a bit of a pass on the “debt is an emergency” category.  If you’re student loan interest rate is high, refinance with a company like SoFi to get the rate reduced.

Credit card debt and in some cases, car loan debt, are emergencies and should be dealt with first.  Once you have money going into your matched 401K and your credit cards are paid off, save one and a half to six month’s expenses in a checking account.  Once you reach that you start investing in something like Betterment or Vanguard up to $25,000.

Now you can start playing around a bit.  Maybe buy individual stocks you are interested in, emerging markets, Lending Club.  You can also start going after your low interest student loans and mortgage.

There was some contentiousness in this episode because some of these rules are so dependent on each person’s situation and various interest rates.  The interest rate drives the urgency.

Show Notes

Rogue Farms Pumpkin Patch Ale:  The perfect October beer.

Village Idiot Punk O’ Lantern:  A local Jersey brew.

Betterment: The easy way to invest.

Vanguard:  Next level investing.

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http://www.listenmoneymatters.com/prioritizing-your-financial-plan/feed/ 13 By now as a long time LMM listener, you have a financial plan. But do you know how to prioritize it? We'll explain how best to get your ducks in a row. By now as a long time LMM listener, you have a financial plan. But do you know how to prioritize it? We'll explain how best to get your ducks in a row. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 53:27
Home Brewing with Gilad Nachmani and James Spencer from Basic Brewing Radio (Ep. 201) http://www.listenmoneymatters.com/home-brewing-gilad-nachmani-james-spencer-basic-brewing-radio/ http://www.listenmoneymatters.com/home-brewing-gilad-nachmani-james-spencer-basic-brewing-radio/#comments Sat, 11 Oct 2014 10:00:26 +0000 http://listenmoneymatters.com/?p=6258 Beer hurting your bottom line? We talk to two home brewers who will teach us a new hobby.

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homebrewing

Beer hurting your bottom line?  We talk to two home brewers who will teach us a new hobby that incorporates saving money and catching a buzz, the perfecta!

Gilad Nachmani from Small Space Home Brewer and James Spencer from Basic Brewing Radio join us to discuss home brewing.

Brewing your own beer can be a great hobby.  But if it’s your first time, start small.  Don’t go out and buy every piece of equipment you could possibly ever need.  Try a beer in a bag kit to see how you like it.  if it’s something you find enjoyable, then you can start accumulating all the specialized kit.

Just brew a six pack of anything new to see if you like the taste.  If you don’t or it comes out wrong, you haven’t wasted a keg’s worth of beer on your experiment.

Home brewed beer makes for great gifts and the holidays are not too far away.  People love home brewed beer and it will be much more interesting and thoughtful than picking up a six pack of Miller Lite from the gas station on your way to the party.  A little class please.

Winter is coming and there won’t be anymore boozy backyard barbecues so take the fun indoors.  Invite some friends over, order a pizza, put the game on and try your hand at home brewing.  Sounds like the perfect way to spend a cozy evening to me!

 Show Notes

Rogue Farms Pumpkin Patch Ale:  October is time for pumpkin beer.

Small Space Home Brewing:  Gilad’s site for the small batch brewer.

Basic Brewing Radio: James’ podcast devoted to home brewing.

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http://www.listenmoneymatters.com/home-brewing-gilad-nachmani-james-spencer-basic-brewing-radio/feed/ 1 Beer hurting your bottom line? We talk to two home brewers who will teach us a new hobby. Beer hurting your bottom line? We talk to two home brewers who will teach us a new hobby. ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 39:40
The 200th Episode Special! (Ep. 200) http://www.listenmoneymatters.com/the-200th-episode-special/ http://www.listenmoneymatters.com/the-200th-episode-special/#comments Fri, 10 Oct 2014 10:00:02 +0000 http://listenmoneymatters.com/?p=6254 Two hundred episodes! To mark this special milestone we look back at five of the best episodes as voted by our listeners. Here's to two hundred more!

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200-episode

Two hundred episodes!  To mark this special milestone we look back at five of the best episodes as voted by our listeners.  Here’s to two hundred more!

It’s not even been a year and we have two hundred episodes in the books.  We’ll look at some of the highlights from the past one hundred episodes.

1.  Mr Money Mustache.  MMM is a legend in the world of personal finance and you were as excited to hear the interview as we were to conduct it.  If you want the road map to retire early, very early, MMM is the go to resource.  Hint, live on half your money.

2.  The Mad Fientist: A genius when it comes to figuring out tax shelters through various investments.  This guy has it on lock down. We redeemed ourselves with some of you who were unhappy with the previous IRA episode and we were grateful for the second chance.

3. Our Twelve Financial Philosophies:  This was just Matt and Andrew discussing their twelve financial rules for success.  I like guest episodes but there is nothing like a good Matt and Andrew rant.

4.  Breaking Bad Habits with James Clear:  James laid out some simple ways to break bad habits and replace them with positive behaviors.  When you hear someone break it down to such a degree as James did, it makes breaking those habits seem so much less daunting and I think that’s why this episode really resonated.

5. How to Stop Being a Spendaholic: This hit home for a lot of you.  It’s so hard to stop spending even when you know you’re putting yourself into a hole.  Listening to how Matt was able to overcome his addiction was inspiring for many of us.

We owe every one of these two hundred episodes to our listeners, readers, and all the corespondents via e-mail, Twitter, Facebook, reviews, and comments.  It’s been an honor to reach this point of the journey along with all of you.

Show Notes

Rogue Farms Pumpkin Patch Ale:  A perfect October beer.

The Mad Fientist:  Take your investing to the next level.

James Clear:  James’ site devoted to helping you build good habits.

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http://www.listenmoneymatters.com/the-200th-episode-special/feed/ 2 Two hundred episodes! To mark this special milestone we look back at five of the best episodes as voted by our listeners. Here's to two hundred more! Two hundred episodes! To mark this special milestone we look back at five of the best episodes as voted by our listeners. Here's to two hundred more! ListenMoneyMatters.com | Running laps around The Dave Ramsey Show, Suze Orman and Jim Cramer’s Mad Money since 2013. yes 43:57