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It's that time of year. Time to look back on Adulting Is Easy's FIFTH full year of podcasting.
About the listeners:
80% from the US (81% last year)
Others: Canada, UK, Australia, SouthAfrica, China, Cambodia, Germany, Spain, Philippines, Mexico, Netherlands, India,UAE, Sudan, Switzerland, Japan, Ireland, Ghana, Denmark, Israel, Belgium, Finland,Romania, Italy, Sweden, France, Pakistan, Argentina, Singapore, Nigeria, Peru,Bahrain, Costa Rica, Greece, Brasil, Oman, Bolivia, Czech Republic, Poland,Namibia, Norway, Russia, Austria, Turkey, Slovakia, Egypt, Portugal, Croatia,South Korea, Chile, Kuwait, Uganda, Zambia, Kenya, Indonesia, Malaysia, SaudiArabia, Republic of Lithuania, Sierra Leons, Morocco, Jamaica, Ukraine,Dominican Republic, Iceland, Malawi, Ecuador, Thailand, Taiwan, Qatar, Vietnam,Uruguay, Iraq, Bulgaria, Latvia, Republic of Moldova, Belize, Aruba, Lebanon,Bangladesh, St. Kitts and Nevis, Hungary, Iran, Ethiopia, Maldives, Zimbabwe,Paraguay, Slovenia, Albania, Cyprus, Grenada, Algeria, Liechtenstein, Mongolia,Faroe Islands, Honduras, Tanzania, Kazakhstan, Guatemala, Palestine, Bahamas,Curacao, Equatorial Guinea, Vanuatu, Guam, Luxembourg, Palau, Montenegro,Serbia, Cayman Islands, Andorra
Gender (Spotify):
35% female (43% in 2023, 31% in2022, 29% in 2021, and 69% in 2020)
52% male (55% in 2023, 69% in2022 and 2021, 49% in 2020)
13% none specified
Age (Spotify):
0-17: 0%
18-22: 4%
23-27: 4% (down from 14%)
28-34: 32%
35-44: 11% (down from 26%)
45-59: 36% (up from 14%)
60+: 0%
Unknown: 4%
Where are you listening?
Apple: 55%
Spotify: 8%
Overcast: 7%
Browser: 23% (up a lot)
Castbox: 3%
Other: 5%
159: What To Do When You Inherit aProperty (or Bequeath One)
160: Turning Real Estate InvestingInto MORE Businesses
161: Beyond Broke: Unleash YourFinancial Potential
162: Stop Stressing About Money (AHow To Guide)
163: Overcoming Landlord Not-SoHorror Stories
164: Move Yourself Physically,Mentally, and Financially
165: Personal Finance Questions toAsk Your Sweetheart
166: When You House Hack a HouseHack
167: Wealth Blueprint: Using Your9-5 To Buy Assets and Retire Early
168: Keep Finance Personal: GetYour Time, Energy & Financials Right
169: Real Money is Made DuringDownturns - Get Ready
170: All About Roofs & Don'tEver Skip Inspections (HMP 26)
171: Taking Over Dad's Real EstateBusiness
172: Hack Your Way to Wealth (Evenon Minimum Wage)
173: Passive Income with Andrewfrom The Personal Finance Podcast
174: Change Your Own Life: MakeMore & Pay Off Your Debt
175: Are Student Loans a Scam? HowTo Pay for College
176: Millions Locked in RetirementAccounts… What to Do?
177: Wedding Venue Business Breakdown
178: Bitcoin: Have Fun StayingPoor
179: REPLAY: Think and Grow RichAIE 61
180: The Landlord Who Rents
181: Car Wash Cash Flow: SmallBusiness Financial Tips
182: Equity Exchange: SellingStocks to Buy a Home
183: Net Worth: What, How, and Why
184: Small Expenses That Add UpOver Time
185: Financial Feast: ASmorgasbord of Personal Finance Tips
186: Generating Side Income: AreYou Buying Dividend Stocks?
187: What if You Can't Pay forCollege and Save for Retirement?
188: REPLAY: Budgeting for Dummies(AIE 131)
189: Fight All Day and Make Money
190: How Retiring at 44 Changed MyLife
191: The Government Has YourEstate Plan if You Don't
192: Paying Your Home Off is AnInvestment
193: Credit Cards are LikeFireworks
194: Real Estate vs Bitcoin
195: Lifestyle Design: The 5Freedoms
196: TODAY
Coming up: The plan is for me tobe interviewed for episode 200!
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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Brian and Lauren discuss college degrees, and whetherthey’re valuable or not, given Brian isn’t happy with his degrees. Spoiler, there’s inherent value in getting a degree. Lauren asks Brian to dive into what it was like to be in real estate during the bubble and leading up to the 2008 real estate crash. While he lost his job with a hard money lender, he was able to get another job in the real estate space, and that led to his current company, Spark Rental. Soon, the conversation transitions to lifestyle design. Brian and his family have lived outside of the country for years, starting in the UAE. He has borrowed the 5 freedoms framework to help with lifestyle design: 1) freedom from financial stress, 2) location freedom, 3) time freedom, 4) work freedom, and 5) financial independence. Interestingly, once you get the first 4 freedoms, you don’t usually need full financial independence. You are happy to do enough to cover any shortfalls. Brian brings it home by explaining why he likes real estate to achieve the 5 freedoms but notes it does not have to be everyone’s freedom vehicle of choice. He also dives into more detail about Spark Rental.
If you liked this episode, you’ll also like episode 44: All the Ways You Can FI or 77: FIRE in Your 20s.
About Brian:
Brian Davis is a real estate investor and personal finance writer. After graduating from University of Delaware in 2003 with two useless bachelor’s degrees and an even more useless minor in anthropology, he fell headfirst into real estate finance by accident. He promptly went on a property buying spree from 2005-2008. It was what you might call a “learning experience,” all of the lessons expensive. Eventually, Brian tired of land lording and unloaded his own portfolio of rental properties. Nowadays he only invests passively in real estate. Along with his wife and daughter, Brian spends most of the year abroad living by his own rules. He loves writing, hiking, cooking, pairing wine with said cooking, scuba diving, and occasionally surfing (badly). Most of all, Brian loves showing others how they too can create their ideal lives through real estate investing and lifestyle design.
Connect with Brian:
https://sparkrental.com/
https://www.facebook.com/sparkrental/
https://www.instagram.com/sparkrental/
https://x.com/sparkrental/
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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Which is the better investment – real estate or bitcoin? Is bitcoin even an investment? Or is it currency? A commodity? Lauren challenges her friend Rajat about bitcoin and he challenges her about real estate. The result is a rich debate about two different investment options that have minted millionaires. Naturally, real estate (and the stock market) have been around quite a bit longer and thus have a bigger track record to fall back on. Lauren educates Rajat about real estate, and he educates her about bitcoin. Let us know which you think is better when you’re done listening!
Connect with Rajat:
https://www.youtube.com/@rajatsonifinancehttps://x.com/rajatsonifnance
Full, original conversation:
https://youtu.be/A-hsooaDILU?si=Xa0LyhFqNKPno9j1
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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Brett opens up by defining what credit cards are, then he gets into the pros and cons of credit cards. The main pros are travel insurance, consumer protection, and rewards. The main con is the high interest rate and propensity for people to spend money they don’t have, the “poison” of personal finance, if you will. Both Brett and Lauren are using 0% credit cards right now to carry balances, but they arenusing these responsibly and will pay them off before the interest hits. Credit cards are like fireworks. If you play with them responsibly, you’ll get a beautiful show. If not, they’ll blow up in your face. How do you know which cards are best? It depends on what you’re looking for: cash rewards or travel ones. Lauren asked about annual fees, and Brett point out that you can get more value than the annual fee in most cases. Then, Brett casually drops into the conversation that he has had over 100 credit cards since he was 18, 13 years ago. Right now, he’s using his Chase Sapphire for everything, including a rental car recently in Denver. When a hailstorm rolled through, the damage was covered by the credit card! How does having so many cards affect your credit? It turns out it’s not too serious of an impact, usually 5-7 points. Lauren then asks about how credit card limits work. Interestingly, Brett points out that you can transfer credit lines to different cards with the same provider. Lauren asks Brett to explain how credit card companies make money if they’re able to give Brett all these rewards! They make money on interest, late fees, and processing fees as well. Lauren then shares a consumer protection win of her own. Brett closes by reminding people that they’re using their credit card every day. They should analyze whether they’re actually using the right one.
About Brett:
Brett Holzhauer is a self-proclaimed personal finance nerd. He currently works at Biz2Credit wherehe is a Senior Writer. Before that, he was a personal finance reporter at CNBC and Forbes. Along the way, he has been on his own financial journey. Hesuccessfully paid off $80,000 in student loan debt, while buying his first home in South Florida in 2022, bought his first investment property in 2023, and is currently under contract for his second investment property. When he isn't money nerd-ing, he is watching college football or getting tan at the beach.
Connect with Brett:
Twitter @brettholzhauer
Biz2Credit.com
Upgraded Points
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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Lauren kicks off by asking who should even buy a home. Homeownership is not necessarily always better than renting. You should consider your lifestyle and how long you want to live there. Dale believes your primary residence is an asset AND ALSO THAT YOU SHOULD PAY OFF YOUR HOUSE AS SOON AS POSSIBLE. It’s an emotional investment then, not a financial one. Lauren asks what Dale’s thoughts are about investment properties. They both agree that “primary hacking,” buying a home, living in it for a short time, then buying and moving into a new home, then renting the first one out is a good way to get started. The lowest interest rate loans are those on primary residences. Your risk tolerance is a huge factor here. The two then transition to discussing timing the real estate market. Some people just aren’t wired to build wealth. Or maybe they’re just not in the right circles. Networking with the right people is important, and also reading the right books can help with mindset. Then, they go back to discussing buying a home, and how much home you should buy. Perhaps you should look at it through the eye of primary hacking. Buy houses that would make good rentals. If buying in an HOA, make sure you’re permitted to rent the property out per the bylaws. Lastly, they talk about avoiding buyer’s remorse and taking action. Dale recommends you THINK BIGGER.
If you liked this episode, you’ll also like episode 149: Personal Finance is Personal, and so it investing.
About Dale:
Dale Wills is an experienced real estate developer who has been involved in the industry for more than 25 years. He is the owner and founder of Centra Companies, and since 2011, he has overseen the development of more than 1,500 homes. He recently established Centra Capital Partners, a real estate syndication company partnering with accredited investors to build wealth through the ground-up single-family home developments in the Midwest.
Connect with Dale:
https://centracapitalpartners.com/
https://www.facebook.com/CentraCompanies
https://www.instagram.com/centracompanies/
https://x.com/dalerwills
https://www.youtube.com/channel/UCkXyXiIUnUEFvX4mVJ4F98A
https://www.linkedin.com/in/dalerwills/
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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Estate planning is probably the least sexy topic in personal finance, but we need to talk about it. Death comes for all of us. David opens by telling us about the estate issues after his parents passed away, which made him passionate about this topic. Estate planning involves more than just wills, and it’s not just for rich people. The goal is to leave a legacy, not a mess. Professionals you need in your corner: accountant, lawyer, and financial planner. The professionals are there to help the executor settle your estate. Then, the conversation transitions from general ideas to Lauren’s situation specifically. It’s embarrassing, but she doesn’t have a will. Luckily, Lauren has encouraged her parents to get one, which they’ve just done, and she will have hers done by the end of 2024. Something else to consider: your digital footprint, like emails and passwords! David suggests having an envelope with everything your executor and beneficiaries need in it. Also, communication is key. An interesting trend is children fighting over estates before the parents pass away. Remember, that if you don’t have a plan, the government has one for you. Lauren shares a tough conversation her grandmother had about her estate going to her uncle instead of her mother. David continues the story he kicked off with, about fighting over his parents’ estate with his siblings. Even if you don’t want to go to a lawyer, do it online! Just do something.
If you liked this episode, you’ll also like episode 33: 5 talks you should have with your parents (one is about estate planning) and episode 159: what to do when you inherit a property or bequeath one.
About David:
David Edey is a Certified Executor Advisor with over 35 years of experience in the financial planning industry, specializing in estate and legacy planning. He is the author of the bestselling book, "Executor Help: How to Settle an Estate, Pick an Executor, and Avoid Family Fights," and hosts the Executor Help Podcast, guiding individuals to secure their legacies and maintain family harmony.
Connect with David:
www.davidedey.com X: https://x.com/DavidEEdey
Facebook: https://www.facebook.com/prepareyourexecutorprotectyourfamily
Linkedin: https://www.linkedin.com/in/david-edey-cea-b524342/
YouTube: https://www.youtube.com/channel/UCSpPucTHVEVN1AjXrSAl5Fg
Connect with Lauren:
https://www.realadultingiseasy.com/https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
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As the son of an immigrant, Lauren asks about how that shaped his life. Like many of us, Tony was under the impression that if you got to school and if you get a good job, you will be successful. That illusion was shattered when he was laid off. Even with a good job, it’s hard to pay even regular bills and also save money. The rules of the game have changed, and for the first time ever the upcoming generation is not better off than the one before it. Over half of young people 18-29 live with their parents. Lauren and Tony emphasize the importance of getting started, and not living in the past. Tony walks through how he got started investing in real estate. The concepts are the same and numbers you run today are the same as they’ve always been. If you’re not sure how to start, network and learn from others, whether it’s investing in real estate, businesses, stocks, or anything. Tony closes by reminding us that our goals should be our own, not anyone else’s!
If you liked this episode, you’ll also like episode 189: Fight All Day and Make Money and 174: Change Your Own Life: Make More & Pay Off Your Debt.
About Tony:Tony Lopes is first-generation American, CEO of Dirty Boots Capital, real estate professional, bestselling author, coach, and speaker. He earned a BS in Mechanical Engineering and an MBA from UMass. He worked in the defense industry for 19 years managing multi-million-dollar programs while simultaneously building a portfolio of residential income properties. His investments, coupled with his understanding of markets and economics allowed him to retire at age 44. What really drives Tony is sharing his knowledge and experience so that others can achieve financial independence and enjoy the same level of freedom he does.
Connect with Tony:
https://dirtybootscapital.com/
https://freedomatriskbook.com/
https://www.linkedin.com/in/tony-lopes-far/
https://www.youtube.com/@dirtybootscapital
https://www.facebook.com/FreedomAtRisk/
https://twitter.com/FreedomAtRisk_
https://www.instagram.com/Dirty_boots_capital
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.realadultingiseasy.com/
https://www.instagram.com/adultingiseasyreal/
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Chrissy opens up by telling us about her new book, Ladyshark, which is all about becoming a millionaire in your 30s. Why would you want to become a millionaire in your 30s? Freedom! But does being a millionaire mean you’re successful? Not necessarily. Chrissy talks about how her father, an immigrant, shaped how she perceives the world. The two touch on networking and its difficulty and importance. In keeping on the immigrant track, Lauren wonders if immigrants actually work harder or if that’s a stereotype. Chrissy thinks it’s about the parenting style more than anything, and she’s taking a lot of cues from her parents when parenting her own children (baby ladysharks). Lauren asks Chrissy why she became a lawyer. She shares a harrowing tale of her father’s rental unit experience with a lawsuit. She helped navigate that situation and came out inspired. Chrissy also ended up investing in real estate, even after this rough experience. Lauren asks about balance, and Chrissy suggests listening to yourself and your body.
If you liked this episode, you’ll also like episode 171: Taking Over Dad’s Real Estate Business with Vanessa. We’ve also had some ladysharks on the House Money Podcast, so definitely head over there as well.
About Chrissy:
CHRISSY GRIGOROPOULOS is the founding and managing attorney of The Grigoropoulos Law Group PLLC. She is also the corporate Real Estate Broker of Property Shark Realty, Inc, as well as the CEO of IME Sharks, Inc. Chrissy has vast experience in criminal defense, primarily handling high profile criminal cases and large exposure personal injury and third-party workers’ compensation matters. She also appears as Trial Counsel to other law firms, litigating their personal injury lawsuits in New York courts, at arbitrations and mediations.
Connect with Chrissy:
Theladyshark.com
https://grigorlaw.com/
https://twitter.com/grigorlawgroup
https://www.instagram.com/chrissygofficial/
https://www.youtube.com/@cgrigor.7552
https://www.linkedin.com/in/chrissygrigor/
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.realadultingiseasy.com/
https://www.instagram.com/adultingiseasyreal/
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Hey everyone! Lauren has been having quite the summer, and with a couple of trips, buying/renovating a new primary, and a move we're doing a replay this week. Fear not, though, this is our most popular episode of the last couple of years so if you haven't listened yet, you'll love it. If you have listened, you may just love it again.
Show notes:
Athena got into the personal finance content creation world to help the Latina community (and everyone) learn along with her. She’s passionate about helping her community because of the wage and income gaps present. Athena discusses the importance of diversifying income streams, as well as her investment portfolio. Since she literally wrote the (for dummies) book on budgeting, of course Lauren and Athena dove deep into this topic. The first method they talked about was zero based budgeting. The second was the 50/30/20 method, Lauren’s favorite. The third budgeting method discussed was the cash envelope method, Athena’s favorite. Finally, they talked about the pay yourself first budget, which is often not thought of as a budget at all! She offers tactical tips for sticking to a budget, like having groceries delivered. Athena also recommends an accountability partner, which can even be anonymous. Everyone should have a budget because it’s the foundation on which all personal finance goals are based.
About Athena:
Athena Valentine Lent is a finance columnist for Slate and the author of Budgeting for Dummies (Wiley, 2023). Her writing has appeared in BuzzFeed, Prudential, The College Investor, GOBankingRates, Money Under 30, among other places. Her personal finance blog, Money Smart Latina, won the Plutus Award for "Best Personal Finance Content for Underserved Communities" in 2020 and was nominated for "Blog of the Year" in 2022. When she's not working, you can find her reading a Stephen King novel with her main man, a polydactyl cat named Harrison George.
Connect with Athena:
https://twitter.com/accordingathena
https://www.facebook.com/moneysmartlatina/
https://www.instagram.com/moneysmartlatina/
https://www.slate.com/paydirt
Subscribe to the Adulting Is Easy YouTube channel: https://www.youtube.com/@adultingiseasy
If you liked this episode, you will also like Episode 144 with Jannese from Yo Quiero Dinero called You Should Have Multiple Streams of Income and 56 with Jrod called Simple Financial Advice.
Donate to the show: https://cash.app/$AdultingIsEasy
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Most families could do a lot more with a lot less with a bit of financial know-how and discipline, and that’s why Brad is passionate about personal finance. A big goal of parents is sending their kids to college. College kids basically can’t work their way through anymore. Parents can start saving generally and later earmark that savings for college. Lauren asks about having to choose between saving for college and your own retirement. On the bright side, as evidenced by packed college campuses, most people figure it out. Brad shares a concrete example about afather who planned for 4 kids to go to college successfully. The two also discuss lifestyle inflation and the importance of auditing your income and expenses. Then, they transition to a discussion around estate planning. Brad shares a sad story about a mistake that cost a family $100,000. Brad encourages us all to have conversations with our spouse about college planning for the kids sooner than later. Problems can arise when parents don’t agree. Also, be careful what you commit to for college in front of your kids. Saying “we’ll figure itout” was easier 15-20 years ago. You could be committing to hundreds of thousands of dollars. Brad ends by reminding us to get started now.
If you liked this episode, you’ll also like episode 175 about student loans and 33 about estate planning.
About Brad:
Brad Baldridge, CFP, is founder of Baldridge Wealth Management. He specializes in working withindividuals and business owners to reach their personal and financial goals. Brad received a Bachelor of Science degree from the University of Wisconsin – Platteville in 1990. He is a Certified Financial Planner professional and a member of the local and national chapters of the Financial Planning Association. Brad is well-known in his community where he conducts many workshops on college funding planning and how it impacts retirement. He is a co-author of a book written to educate business owners on financial topics. His articles have also appeared in newsletters for local chambers of commerce and other business owner groups.Connect with Brad:
https://tamingthehighcostofcollege.com/
https://baldridgewealthmanagement.com/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Gary graduated with a degree that didn’t allow him to make the kind of money he wanted, so he got into nursing to make more money. And then, he made more doing travel nursing. Now, he’s growing his income again by becoming a nurse practitioner. Making more money at work is great, but he learned during COVID to make more money on the side as well, when his 403b (like a 401k) match was paused while at the same time he was working harder than ever. Lauren and Gary discussed the tax deferred benefits of 401k’s and what happens if you withdraw the money early. Then, they transition to discussing what stocks and dividends are. They talk about how to pick dividend paying stocks, dividend yield/payout, and dividend growth stocks. How does Gary pick stocks? For one thing, he likes to buy stock in companies whose products he uses, like P&G. Lauren also asks him if he’s ever been wrong about stocks, and thankfully, he admits he has been wrong. We wouldn’t have believed him if he said he was always right! Luckily, individual stocks aren’t the only way to invest. They also discuss index funds, mutual funds, and ETFs. Gary closes by reminding us that you can give yourself a raise by investing.
If you liked this episode, you’ll also like episode 115: Dividends with Dividend Dream and 143: Dividends with Dividend Dave from the Passive Income podcast.
About Gary:
Gary is Darth Dividend. A travel nurse, Gary has a degree is exercise psychology. He also completed an accelerated nursing program to become an RN in 2019. Now, he’s becoming a nurse practitioner. Gary is passionate about investing, in particular dividend-paying stocks. He shares this passion on Twitter X and YouTube, where he has about 15k followers/subscribers on each platform.
Connect with Gary:
https://twitter.com/DarthDividend23
https://www.youtube.com/DarthDividend
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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DJ kicks off the interview by telling us how he became DJ the Money Coach. He became passionate about money because his mother was a victim of predatory lending and identity theft. Furthermore, DJ did what many of us have done: signed up for credit cards not really realizing he had to pay them back. His credit score was very low, and this impacted him in getting mortgages and business loans for a long time. So, he added to his accounting knowledge by listening to tapes and radio shows and reading. DJ learned that what you need to be successful in personal finances is: discipline, accountability, proven system, and do the work for 5 years. The conversation transitions to further personal finance topics, like budgeting (you should have one), student loans, student loan forgiveness, auto loans, whether your primary home is an asset, whether you should pay off your mortgage, insurance, and retiring early. DJ closes by emphasizing Jim Collins’ (from the book Good to Great) Hedgehog Concept: finding where your passion aligns with your skills and can earn income.
If you liked this episode, you’ll also like episode 120: Go to the Investing Gym But Don’t Get An Investing Tattoo or 156: Financial Independence doesn’t have to be extreme.
About DJ:
DJ The Money Coach is a distinguished professional speaker, Certified Estate Advisor, and Charter Senior Financial Planner. In 1997, DJ founded Deransburg International, Ltd. (DI), a professional sponsor of the Learning Institute for Financial Education (L.I.F.E). DI’s team of expert instructors specializes in financial education, wealth accumulation, asset protection, and small business planning for Middle Class America.In addition to his educational efforts, DJ owns a resort in Zanzibar that supports the African economy. He is also the author of “The ABC’s of Wealth: A Common Sense Strategy for Achieving the American Dream.”The Chicago native and Columbia college graduate is committed to delivering exceptional value to his audiences by teaching them how to achieve financial independence through debt elimination, early retirement, and building passive income streams.
Connect with DJ:
YouTube & IG: DJ the money coach
linkedin.com/in/djderansburgjr
https://djthemoneycoach.com/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Hi guys, Lauren here. First of all, thanks for being with me for nearly 5 years. Time has flown and this has been one of the best decisions I've ever made! That said, I'm buying a house and going on some vacations coming up. So, for the forseeable future Adulting Is Easy is going to do episodes every other week instead of every week. The House Money Podcast is going on a summer break, but in late August/early September you can catch House Money in those intervening weeks if you'd like!
Thanks again for everything :)
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Lauren invited her sister Jenny back from a mid-yearepisode. Lauren created a list of small expenses that add up over time. Take a look at your budget or spending and see if you can cut any of these low hanging fruit:
Subscriptions
Delivery memberships (Prime,Instacart)
Bank fees
Data storage
Physical storage
Insurance and warranties
Pricey gyms
Cigarettes and other vices
Eating out or takeout
Coffee
Shopping online (Amazon)
Apps
Lottery tickets
Sources for list creation:
https://money.usnews.com/money/personal-finance/saving-and-budgeting/slideshows/10-expenses-destroying-your-budget
https://www.becomingminimalist.com/latte-factor/
https://www.moneytalksnews.com/slideshows/9-small-expenses-killing-your-budget/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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They kick off by defining what net worth is and talk about why it matters. But they’re sure to point out that net worth isn’t self-worth. It’s just a part of your wealth. Since net worth is the value of your assets, less the value of your debts, they discuss some examples of assets and debts. They all agree that your primary home is an asset. Understanding and tracking your net worth helps you make financial decisions. Adam and Emily track their net worth and income statement monthly, and Lauren wonders if that’s cumbersome. They outline how often they update their real estate numbers. They use software to help track. They started 11 years ago, when they had just started dating. Lauren asks what couples should do when one member isn’t as into personal finance as the other. They say you should try to take an interest in what your partner is up to, even personal finance! And the financially minded one should make an effort to bring them in. Think of it as a monthly money date. Emily points out that if something happens to the person who solely understands finances, that will put the remaining person in a tough spot. They also discuss cash flow versus net worth. Cash flow matters! Don’t have dead money sitting around doing nothing. In many cases, it makes sense to grow your net worth early in life then transition to focusing on cash flow. Lauren points out that even if this stuff sounds overwhelming, you should start slowly and build up momentum from there. You don’t want to look back 10 years from now and wish you started today. Adam closes out the conversation by reminding us that even though net worth is very important, it’s not the only important part of your overall life. It’s just a part of it.
Book:
Buy This, Not That by Sam Dogen
If you liked this episode, you’ll also like episode 173: Passive Income with Andrew from The Personal Finance Podcast, 167: Using Assets to Retire Early. And many, many others.
About A&E:
Adam Roberts and Emily Cortright, both engineers by profession, transitioned from their corporate careers to real estate in 2013, initially focusing on single-family properties. They have since diversified their portfolio through multi-family syndications and by venturing into mortgage notes.
They aim to inspire a wealth-building mindset through their roles as mentors and educators. Adam serves as a coach for a prominent multifamily education program, while Emily educates on wealth-building strategies at Keller Williams offices nationwide. They live in Fort Worth, TX, and they balance their professional pursuits with travel, healthy lifestyle, live music, and family time with their 3-year-old daughter.
Connect with A&E:
https://www.instagram.com/ae_investments
https://www.linkedin.com/in/adam-roberts-23918aa/
https://www.linkedin.com/in/emilycortright/
https://www.aeinvest.net/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Before we talk about selling stock to buy a house, we must understand what a stock is, and how you can buy and own them, so that’s where Lauren and Landon start. They also go over what a brokerage account is, versus your retirement accounts. Sometimes, even for long term investors, short-term needs and wants start to outweigh long-term needs and wants. For example, it may become more important to you to buy a home than hold your stocks. Also, interest rates mean that putting more down pay be a good way to go to keep your payment down. So, Lauren wonders what the interest rate is that make it make more sense to put more into your home than have it invested in the stock market. It truly depends. Don’t forget, there is a possibility you can refinance later. And by the way, Landon believes in 30-year fixed mortgages. If you sell stocks, you pay taxes. What are the implications? Landon says that you decide what you want to do, then taxes can tell you how to do it. You shouldn’t make decisions based on taxes. Note that there is no withholding on stock sales. Lauren then asks about using retirement stocks to buy a house, like 401k loans. They briefly talk about taking $10k out with no penalty, but nowadays that just doesn’t help much. Finally, Landon agrees with Lauren that your primary home is an asset.If you liked this episode, you’ll also like episode 90: Stock Market History with Brian Feroldi or 115: Dividends with Dividend Dream.About Landon:Landon Loveall is a certified financial planner and dedicated advocate for tech professionals to increase their wealth through financial, tax and stock option planning. He is a partner of KB Financial Advisors which has been specializing in maximizing stock options for tech employees since 2014.Connect with Landon:https://www.linkedin.com/in/landonloveall/https://kbfinancialadvisors.com/Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Lauren and Rocky open up the conversation talking about what success means in business. Most business comes down to math, and simple math at that. If you sit down before starting a business and do the math, you should have an idea about whether the business can be successful. The conversation takes a turn towards cash washes, which Lauren welcomes. Is this really becoming as oversaturated as it seems? Lauren then asks Rocky to demystify and differentiate “money” in business: revenue, profit, cash. A huge key to understand here is that you can have a profitable business that runs out of cash. This occurs when you try to grow too fast. Not enough business owners understand this! Rocky also points out that you should be aware of some initial success, and that it won’t necessarily continue. He also recommends using conservative numbers when “underwriting” your business plan. Lauren then asks Rocky about buying a business. Is that easier than creating one? You should take into account how much involvement the owner has, the client number and mix, and more. This is when rocky explains the Profit First system, which is very like paying yourself first in the personal finance realm. Speaking of personal finance, Rocky touches on the importance of separating personal and business finances. Rocky closes with reminding people to do the math before they start (or buy) the business they’re considering. He warns us about going into franchises. It should make business sense, not passion sense.If you liked this episode, you’ll also like episode 67: Starting Your Own Business or 140: Online Businesses.About Rocky:Rocky Lalvani is the Chief Profitability Adviser for business owners. He teaches them how to ensure they get paid and make profit a priority! As a certified Profit First Professional, he implements Mike Michalowicz's Profit First System. Rocky started with nothing when his parents immigrated to the United States when he was two years old, and his parents were in their 40's. It was his parents' second time starting over in life as they moved here to experience the American dream. Despite a lot of struggles and his mom passing away when Rocky was 7, he has achieved financial and life success. Rocky loves to share his journey and inspire others to achieve their dreams even faster.Connect with Rocky:http://richersoul.com/https://profitcomesfirst.com/LinkedIn - https://www.linkedin.com/in/rocky-lalvani/Facebook - https://www.facebook.com/richersoulInstagram - https://www.instagram.com/richer.soul/Twitter - https://twitter.com/rockylalvaniConnect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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First, Lauren needs to know why people call him Rock/Rawk. Then, she asks about the “accidental landlord” thing. It turns out, what happened to Rawk and his wife is a tale as old as time: they bought a house thinking they’d stay a while, but then a job offer took them elsewhere. Lauren and Rawk dive into the numbers of that “deal”: purchase price, interest rate, and rent. Then, the conversation transitions to overall personal finance, like saving vs investing and budgeting. Interestingly, Rawk and his wife are long-distance landlords, but they rent in Atlanta! How did Rawk get into investing? One of his professors at UCF told him about Roth IRAs, and that’s how it started. Later, someone came in and spoke at his job about personal finance basics, like compound interest. It sounds like Rawk and his wife are aligned, which we know is very important. Currently, they are investing in index funds, hoping to have enough to live off of in their late 40s or early 50s. At that point, they will have flexibility to go part time or start a business. They’re very into traveling right now too. This leads to discussion about what it’s worth spending money on. Obviously, the answers are travel, good sauce, and movers. For Lauren, it’s wine. Lauren asks another difficult question: rent vs buy. And then she asks about Hondas vs Toyotas. They’re both Honda fans. Lastly, she asks about Rawk’s parents and what they taught him about money, and whether kids are on the horizon.If you liked this episode, you’ll also like 168: Keep Finance Personal or 156: Financial Independence Doesn’t Have to Be Extreme.About Rawk:Rawk is a project manager with a passion for personal finance. A Florida native now based in the Atlanta area, he is a self-proclaimed finance junkie. Rawk has been investing since 2018 and he became an accidental landlord since 2023 with 1 rental. For fun, Rawk is an avid hiker in his spare time.Connect with Rawk:https://twitter.com/Rawk_FIhttps://www.threads.net/@rawk_financeConnect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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Lauren needed a vacation, so we're replaying one of her favorite episodes in which she and her friend Kurtis absolutely destroy the beloved self help book Think and Grow Rich. Note that the sound wasn't as good back then, but it's still very easy to listen to. The original episode was posted October 12, 2021.
The book Think and Grow Rich was written by Napoleon Hill and published in 1937. It is a famous personal finance book recommended by many. On this episode of Adulting Is Easy, Lauren and Kurtis discuss what they liked and what they didn't like about this book - mostly what they didn't like. Let's just say, neither would recommend this book, and you certainly don't have to read it to enjoy listening to this one. As a matter of fact, you should never read it. Lauren gets HEATED at one point.
Kurtis Hanni is an Accountant who has a love of all things personal finance. After teaching Dave Ramsey classes, he thought 'there has to be a better way" and thus started the journey of creating his own finance content. Today Kurtis has a podcast Delve into Money and shares additional insights on Twitter daily.
Books You Should Read Instead:
Lauren: Your Money or Your Life by Vicki Robin, The Simple Path to Wealth by JL Collins, Set for Life by Scott Trench
Kurtis: 7 and a Half Lessons About the Brain by Lisa Feldman Barrett, Essentialism by Greg McKeown, Psychology of Money by Morgan Housel, I Will Teach You to Be Rich by Ramit Sethi
Connect with Kurtis:
https://www.kurtishanni.com/
https://twitter.com/KurtisHanni
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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You can’t talk about Bitcoin without starting with defining cryptocurrency. When you think about it, even the US dollar is somewhat digital. What makes cryptocurrency different is that it’s decentralized. Bitcoin started as a cryptocurrency, but it’s morphed over time to a store of value and hedge against inflation. Andy emphasizes that Bitcoin is very much in its infancy. He goes on to explain mining, the global ledger, blockchain, and how it all fits together. Andy explains how Bitcoin is inflating, and how the supply of Bitcoin is pre-programmed. Lauren wonders who created this interesting new space? Andy explains that no one exactly knows who Satoshi Nakamoto is/was. This person’s or group’s Bitcoin has not been touched, which has 1 million Bitcoin in it (worth billions of dollars). Lauren also asks about who mines Bitcoin currently and who will be doing it in the future. Recently, Bitcoin went through one of its “halving” instances, which decreased profitability in the short-term. Andy himself has 25 machines mining Bitcoin. Lauren asks about other cryptocurrencies, of which there are over ten thousand. In short, most are scams. Lauren asks Andy to discuss his portfolio. About 40% of his crypto portfolio is Bitcoin. And about 60-70% of his overall portfolio is crypto. Again, Andy emphasizes how young the cryptocurrency space is. Lauren also has to ask why crypto enthusiasts keep telling her to have fun staying poor, and Andy has a great answer for that. Andy is a believer in Bitcoin as an inflation hedge. Then, the conversation transitions to the future of Bitcoin. He’s obviously very optimistic about the future, but we need to remember that this is still a bit of an experiment. Lauren is also curious about custody of Bitcoin, which is a great feature for those in other countries because you can access your money with your password and the government can’t take it from you. But you don’t have to go that route. Then, the two transition to discussing Bitcoin ETFs. These transactions are not recorded in the blockchain. Surprisingly (or maybe not?), Andy holds some Bitcoin ETFs in a Roth IRA. Finally, he encourages you to keep learning if you interest is piqued at all.
If you liked this episode, you’ll also like episode 62, the first time Lauren interviewed Andy.
About Andy:
Andy has been in crypto for 7+ years, is a Bitcoin miner, a content creator on YouTube and Twitter, and a passive income enthusiast.
Connect with Andy:
https://youtube.com/c/YourFriendAndy
https://youtube.com/@andyandfriends
https://passivebites.beehiiv.com/subscribe
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
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