This week, Farnoosh answers your money questions related to long-term care, whole life insurance and real estate. Is a cash-out refinance a smart way to leverage your home's equity to buy an investment property? Also, Farnoosh selects a recent reviewer on iTunes to receive a free 15-minute money session with her.
Bethanie Baynes is the Director of Strategic Partnerships at Google and has been with the company for 15 years. She’s worked to overcome gender bias in tech and is a strong female advocate. She’s also a breadwinning woman and has, what she calls, a Flip Family. When her husband was laid off, it felt natural for him to become a stay-at-home dad. They soon realized that many of their friends and family saw it differently. In her efforts to create a community for fellow female breadwinners, Bethanie founded the Breadwinning Women at Google.
You can find Bethanie on her site Bethaniebaynes.com.
Estão a faltar episódios?
If you’ve ever felt like budgeting just doesn’t work for you, my guest Kumiko Love can relate. Frustrated by traditional budgeting methods, she created her own technique to pay off almost $80,000 of debt in eight months. And this technique helped launch her business, The Budget Mom.
A few years ago Kumiko was struggling to pay down her debt. As a single mom, she knew that she needed to get out of the cycle of making minimum debt payments each month, but she had tried and failed to stick to a budget numerous times. So, she created a method that she could actually stick to. She calls this her Budget by Paycheck method and as she was using it to get out of debt, she started a blog to share her journey. That blog has now turned into a business that just launched its first physical product, the Budget by Paycheck Workbook™.
You can learn more about Kumiko on her website https://www.thebudgetmom.com/ and you can follow her on Instagram @thebudgetmom on Facebook @thebudgetmom
Farnoosh answers your top money questions related to refinancing, as well as managing a past due personal loan with a relative and the impact the FIRE movement and more people retiring early may have on society. Farnoosh also selects a winner for a 15-minute money session.
What does it take to go from growing up in poverty to running a multi-million dollar business and having a TV show on The Oprah Winfrey Network? Our guest today knows all about this.
Mahisha Dellinger had a very tough financial upbringing but she was determined to succeed. After college, she graduated and began working in marketing at Intel. While it seemed like a great job, the dream job, stable company with a lot of perks, a big part of her always wanted to strike out on her own. She got the idea to begin an eco-friendly line of hair products for naturally curly hair, and we'll talk about how she transitioned from corporate America to taking the leap to ultimately start CURLS. It was an idea that has in five years scaled BIG.
CURLS has now teamed up with Target to bring her products into their stores. Mahisha is also the author of the book Against All Odds: From The Projects to the Penthouse. Her business has even caught the eye of Oprah, and Mahisha has had the opportunity to have her own show on The Oprah Winfrey Network. Mahisha talks about not really being able to secure a small business loan, despite having good credit, despite having good sales, and why that served her well in the end.
Learn more about her business at curls.biz and follow her on Instagram @mahisha_dellinger and twitter @mahishadelling1
What is the equation for financial independence? Today we have the co-hosts of the very popular ChooseFI Podcast, Jonathan Mendonsa and Brad Barrett. Both of these friends come to the personal finance space with their own unique experiences.
Brad and his partner saved a million dollars in just 11 years. Jonathan was able to pay down a $168,000 in student loans. In 2017, Jonathan and Brad saw the need to bring even more community to the FIRE Movement, Financial Independence Retire Early Movement. After meeting up a few times together, they decided to create that community with their podcast called ChooseFI.
Today, ChooseFI is helping to spread the FIRE Movement. Their crowdsourced podcast is over 2,600 reviews and their Facebook group has over 48,000 members. Their message is spreading and their podcast is a big force in this movement. We talk about their histories with money, how they educate their audiences around financial independence and is there an equation for financial independence? There actually is one. I was curious to find out.
**This podcast originally aired on August 10, 2018**
This week's #AskFarnoosh addresses a listener's concerns about identity theft, as well as investing in index funds, renting versus owning and a mother who refuses to learn about the household finances because "it isn't her job." Oof!
Special co-host Addy Adewusi, a listener, joins Farnoosh with some great perspective and advice.
For more, check out www.somoneypodcast.com
**This episode originally aired on June 4, 2018**
Our guest today needs no introduction. She had 22 jobs by the age of 23. She built a $5 billion business with a $1,000 loan. She's a shark on ABC's Shark Tank and host of her new podcast called Business Unusual. We are in conversation with the one and only Barbara Corcoran.
I have had the privilege of interviewing Barbara many times over the years and every time, I get goosebumps. Every time I get a little nervous. I get butterflies in my stomach. That's why I think I love her. She's the real deal.
On our show today, she talks about childhood; goes down memory lane and talks about the impact that her mom had on her relationship with money today as an adult woman. She talks about why she felt lost the moment when she sold Corcoran Real Estate, her real estate empire for 66 million dollars.
If you listen to any show this week, make this the episode you definitely reserve.
Follow Barbara on Instagram and Twitter.
**Originally aired on Jan. 31, 2018**
What would you do if you woke up with $662,000 of student loan debt?
Yes, you heard that right, $662,000 in just student loan debt.
Well, that’s what happened to Drs. Renée and Nii Darko. After meeting in medical school and completing rigorous surgical residencies, Renée and Nii woke up to see their total debt balance had ballooned to the high six figures after years of deferment and forbearance.
Stressed, confused, and not making any progress on actually paying down their principal, the Darko family decided to get serious. They cut out their pricey insurance policies, took on a significant amount of extra shifts at hospitals all over the country, and reprioritized everything. And by prioritize, I mean they only paid $200/month in groceries for 2.5 years!
The result of all this hard work and adhering to that strict budget was that they paid off all their debt in only 3 years!
Today, I’m talking to the couple about how they did it and the challenges they encountered along the way (like the three failed IVF rounds that they paid for in cash). You’ll also hear about how paying off their debt has given these two physicians financial independence, enabling them to pursue their passions and business pursuits, like Dr. Nii’s website and a podcast called Docs Outside the Box.
To visit the couple’s blog, head to www.keepingupwiththedarkos.wordpress.com.
Renée runs Pre-med Strategies, a pre-med consultation business to help students overcome the challenges of getting into medical school. You can visit the website here: www.premedstrategies.com.
To learn more about Dr. Nii Darko, please visit his website, Docs Outside the Box, at www.docsOTB.com or find him on twitter @DocsOTB.
Equal Access Health is their locum tenens business, which you can learn more about here: www.equalaccesshealth.net.
**Originally aired on February 7, 2018**
My husband and I will be quitting our jobs later this year to travel globally for a year. Aside from savings and insurance, what should we consider?
My husband and I contribute to our retirement, savings and children's 529 plans. Should we be adding to these buckets or putting our money elsewhere?
What are risks to consider when renting out part of your home?
Answering these questions and more with co-host and marketing consultant Erica Gellerman.
To learn more about Erica visit www.ericagellerman.com or follow her on Twitter @ericagellerman.
**This podcast originally aired on April 25, 2018.**
Did you know only 7% of film directors in the U.S. are women? That gap is hopefully narrowing soon, as women in the movie industry (and everywhere) are demanding equal pay, equal treatment, and equal opportunities. Our next guest is a rising star - named by Hollywood Reporter as one of its “Ten Directors to Watch."
Today, we're welcoming Kari Skogland to the show. She's an award-winning director and producer known for her contributions to popular shows like The Handmaid’s Tale, The Walking Dead, The Americans AND House of Cards. Today, Season 2 of The Handmaid’s Tale premieres on Hulu.
Kari is a champion for women in the movie industry. She’s a big believer in sweat equity, taking risks, re-inventing yourself, and of course, being smart with your money. How does all of that actually play out? And what is the ONE big ticket purchase Kari’s saving up for these days?
You can learn more about Kari’s company, Mad Rabbit, here: https://redarrow.tv/company/mad-rabbit/ and follow Kari's Twitter: @KariSkogland.
**This podcast originally aired on May 9, 2018.**
Which is more important: your money or your life? Over 25 years ago, our guest asked the world this fundamental question, and her book became an international sensation. Today, I’m honored to welcome Vicki Robin to the show.
Vicki is the co-author with the late Joe Dominguez of the iconic book, Your Money or Your Life, which she recently revisited and updated for 2018 with a new forward by Mr. Money Mustache, who has been a guest on the show as well.
If you haven't heard of Vicki Robin before, she really began the Financial Independence movement before it was trendy. She realized the importance of living well on less quite early in her life, and she has spent the past few decades teaching this and other principles to people all over the world.
With over a million copies sold in a dozen languages, Your Money or Your Life remains one of the preeminent guides on personal finance in existence. Today, I’ll dig in and ask Vicki questions about her childhood, what made her write the book, and if she thinks our society has learned some of the lessons and the steps to financial independence that she teaches.
To learn more about Vicki, visit www.vickirobin.com. You can also follow her on Twitter @Vicki_Robin. The website for her iconic book is www.yourmoneyoryourlife.com.
In this episode of Ask Farnoosh, Farnoosh answers listeners' questions about the best way to "put to work" an extra $2,000 a year, deciding between two internships, and financial advice the host would give herself if she could turn back time to when she was embarking on college.
We’re in conversation with Justin Sinnott who is a certified financial professional and financial consultant in Charles Schwab’s Seattle branch. We’re answering your money questions that have come through on Instagram and the website. We’ve got questions about whether or not to pay down a mortgage early, how to tackle family planning and buying a home at the same time...and how much is too much to save for retirement?
As many of you know, I’m working with Charles Schwab to help spread financial literacy to the masses and it’s been a really great collaboration so far. I’m a Charles Schwab customer and have been for many years. So before we get started, just want to thank Charles Schwab for helping us get this financial education content to you.
To learn more about Schwab and how to work with them, visit Schwab.com/SoMoney. Schwab offers a range
of services for people looking to invest and plan for their future, whether you want to invest on your own
with the help of do-it-yourself tools and educational resources, get some periodic guidance from a
professional, or work with someone in a branch. Find it all at Schwab.com/SoMoney.
Farnoosh has been compensated by Charles Schwab. Farnoosh is not affiliated with
Schwab and the views she expresses may not necessarily reflect those of The Charles Schwab Corporation or
its affiliates. Farnoosh is a client of Schwab.
Interested in buying a home? This episode is for you! Our guest is Eric Chesin who leads strategy for Realogy, the leading provider of residential real estate services in the country.
You may have heard of some of their brands, which include Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Sotheby's International Realty and many others.
Eric oversees the development and execution of Realogy’s corporate strategy, as well as their projects and partnerships. The company just announced in collaboration with Amazon, the launch of TurnKey, a new home buying program that simplifies the process of finding and settling into a new home. You can check out TurnKey at Amazon.com/turnkey.
With TurnKey, Realogy is matching home buyers with top agents and upon closing on their home, Amazon provides a Move In Benefit, connecting those buyers with services and experts in their area to help make their house a home. This includes a selection of Amazon Home Services like deep cleaning, a handyman who assembles furniture and mount a TV to a wall, a curated side of smart home products. All in all, the products and services are valued at 1,000 to $5,000.
Now, as a self-described real estate enthusiast (that’s me,) TurnKey actually reached out to me to help them spread the word and share the campaign so very grateful for this partnership. Eric and I discuss how TurnKey can benefit buyers who often experience overwhelm, timing your purchase right and Eric's very cool travel hack that I think I’ll be implementing soon.
Are you a shameless mom? Our guest wants you to be. She believes that moms need to be a little more selfish with their time, prioritize themselves, and be shameless in their pursuit to live bigger, bolder, and braver, #everydamnday.
Sara Dean is the creator and host of the Shameless Mom Academy Podcast, a top-rated podcast with nearly 2 million downloads. She is also an entrepreneur to her core - having built and grown multiple businesses to multiple six figures. She is also among a small percentage of women who have sold a business in the US. Sara’s biggest passion is helping women own their space.
When Sara Dean became a mom, she expected life to be rainbows and unicorns every day. She had gone through two years and nine rounds of fertility treatments to have her son. But soon after her son was born, she had an identity crisis. Eventually, she was able to use her background in psychology, health, and wellness to rebuild her identity one step at a time. Now, she helps other mom’s do the same through her podcast.
Learn more about Shameless Mom on Sara’s website: shamelessmom.com and on her podcast, Shameless Mom.
And find her on social media in her free Shameless Mom Facebook group shamelessmom.com/facebook and follow her on Instagram instagram.com/shamelessmomacademy
Farnoosh and special co-host Annie LaCroix, founder of Brainy Boss, answer the latest questions from listeners...including how to invest in Socially Responsible Investments, how to improve one’s credit, how much is “enough” to save for retirement and what to do with millions of dollars earned through a settlement.
Just as I was about to publish this bonus episode, a listener messaged me on Instagram to ask, "How did you start your podcast?" Perfect timing! And as this is a top question I receive, I thought it would be helpful to air this interview I did with Jaclyn Mellone, host of the Go to Gal podcast. In this episode we talk about how So Money was born, the secrets to growing the show (and any podcast) and the truth about making money with a podcast. It is possible, but you have to be realistic.
"One of the real challenges that ambitious women face is working a lot...this idea that work has to be kind of not just efficient but it has to be across expansive amounts of hours and without really allowing for pleasure.”
Raise your hand if you’re out there trying to kill it at work and at home and everywhere else in between. It can be a lot, right?
Our two guests are the co-founders of a program called Integrated Hustle, which helps women align their personal vision with their professional ambition.
This idea of achieving balance is something that we all know is impossible. But is there a way to achieve an Integrated Hustle? Through their program, Laena and Ami give their clients the tools the emotional support and a little bit of therapy to help them navigate both the personal and the professional with flying colors.
But to get there, there are certain mindsets and certain belief systems that we just have to release. And I discovered that I’m as much on this journey as everybody else. I was learning all the way through this interview...and hope you do, too.
You can learn more about Laena and Ami on their website: https://www.integratedhustle.com/
And follow them on Instagram @integratedhustle
"When people give, it’s not only about making the world a better place but we find that it makes us happier too. When we’re happier, our mental health is better and hopefully our financial health is better and our physical health is better. It’s a good thing for all of us.”
You heard it here, giving can lead to happiness. We’re dedicating today’s show to the topic of philanthropy and in particular, the gender differences when it comes to giving. Our guest is Andrea Pactor who is the managing director of the Women’s Philanthropy Institute at Indiana University. The institute was created to provide research in giving to help create powerful female philanthropists.
A lot of questions on the show today about why are there gender differences when it comes to giving, what are those differences? Some really fascinating data, Andrea and her team found around how people give and the results of giving, you know? They say money doesn’t buy happiness but the research says that when we give, it can feel very rewarding and it can give us all the happy feels.
Andrea has also advice for us around how to actually construct a giving plan. Do you have a giving plan, what’s involved? How do you even start it? How can it actually be helpful to us as we decide how to give and how not to give as it may be.