Bölümler
-
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/
-
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/
-
Eksik bölüm mü var?
-
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/
-
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/
-
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/
-
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 :)
-
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/
-
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/
-
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/
-
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/
-
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/
-
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/
-
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/
-
Lauren kicks the interview off asking about how Alex and his wife got into the wedding venue space. Their interest in the wedding space started when they were planning their own wedding over 5 years ago. It was important to them that they go away from the barn look that so many venues have now. They have both a groom and bridal suite. And they wanted it to be close to the airport. They do offer some additional amenities, like games, fire pit, water feature, and putting green. And they offer everything they feasibly can as part of their packages. So, they aren’t nickel and diming as much as competitors do. The packages cover the venue and alcohol. Peak season is May – Thanksgiving mostly on Fridays and Saturdays as far as weddings go. Alex and his wife do welcome other events at their space to fill the weeks and off-season, like baby showers and holiday parties. Even a church sometimes rents the space! Naturally, Lauren dives into the personal finance side of weddings for engaged couples, including what happens when people break up. One question is: who’s paying for weddings nowadays? Lauren frames some of her questions from her short-term rental experience perspective, like when she asks about reviews. Over time, Alex and his wife are adding more services to their packages to increase revenue to $1 million. Finally, the conversation turns to the future, and a new partnership path Alex is going down.If you liked this episode, you’ll also like episode 86 When Entrepreneurship Pays Off.About Alex:Alex Nelson is the developer & owner of The Midnight Gem, a wedding & event venue that booked 100 weddings during construction. He’s also a venue consultant and hospitality entrepreneur. Connect with Alex:https://twitter.com/WeddingVenueGuyhttps://themidnightgem.com/Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Lauren throws Andy a curveball right at the beginning by asking WHY he paid his house off. This is a very controversial topic in the personal finance world. Turns out, he had an OK reason, but the interest rate was pretty low…. Next, she asks how much money people need for retirement. Andy has a different take than she’s heard before. There’s a difference between wanting to retire after 59.5 and wanting to retire early. The planning is different, but a margin for error is important. Then, Andy and Lauren transition to discussing real estate, which Andy got into around age 40. Unfortunately, his desire to enter this space was predicated by a family tragedy. On the slightly bright side, his first deal was a win in a lot of ways. This leads to a conversation about net worth versus cash flow, and when in your lifetime you should focus on each. If you start with net worth, Lauren wonders how long it takes to transition to income, and Andy has an answer for how it went in his own life. It turns out, Andy potentially over contributed to his retirement accounts, locking up millions of dollars and causing him to take a hard pivot in his 40s. Lauren was on the path, but realized it and dialed down her retirement accounts in favor of a brokerage and real estate before it ballooned too much. Naturally, Lauren must ask Andy about his early retirement health insurance plans. In his final thoughts, Andy tells us about one regret he has: not taking advantage of Roth options once they came into existence. He also tells us about a great decision he made: getting life insurance for his wife.
If you liked this episode, you’ll also like episode 167 Wealth Blueprint: Using Your 9-5 To Buy Assets and Retire Early or 173 about passive income streams.
About Andy:
Andy began investing for the long haul in 1994 at age 23. He invested 25-40% of his income into growth mutual funds for over 20 years. Over time, he became a multi-millionaire, but his net worth was tied up in retirement investments which are not accessible until 59½. That’s when Andy began investing in income producing assets. He began acquiring rental properties, peaking at 4 in 2019. Andy added additional income streams by buying music rights and loaning money to friends and family. Next, he then added dividend ETFs in 2021. In 2022, he discovered selling options and now makes over $100k/year in this niche.
Andy formally retired from his Engineering job in corporate America at the end of 2023 after replacing his 9-5 income while having no debt including a paid off house. He has multiple sources of income in five different niches. Andy has also appeared on Dave Ramsey’s “Millionaire Hour” as well as The Millionaires Unveiled podcast.
Connect with Andy:
https://twitter.com/MillionaireDoor
Facebook: A Millionaire Next Door
www.eliteoptionsacademy.com
Web: www.MillionaireFinancialCoach.com
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Allie is so passionate about young professionals succeeding. She kicks off by telling us about how she started a PR firm and ended up hiring a lot of young professionals. Allie started teaching them things they didn’t learn in school, like how to request PTO or set a meeting, for example. Eventually, she built a company around this passion, teaching and training young people. Not long after that, Ascend acquired that company, Ampersand. Lauren asks more about the young folks she was hiring at the PR firm. Interestingly, when Allie was hiring, she didn’t care what college they went to or even if they graduated! Initially, Allie started by offering a lot of amenities at the office. So, she transitioned to offering flexible workspaces and times. Lauren is curious about how much personal finance they knew. The answer is very little. They didn’t negotiate their salaries. They didn’t understand retirement accounts. Lauren asks if young people should go to college, and of course it depends on what they want to do. Then, Allie goes into the different ways students are paying for school. The moral of the story is: start with the free money first (scholarships), then maybe consider work study, then Federal loans, then private loans. Currently, the interest rates on student loans start in the 4’s and go up to 16%. Lauren and Allie then get into talking about the bad rap that student loans are getting right now. Whether to take loans out and how much to take is a huge decision, but it can be an investment depending on schools and majors. Then, the two discuss whether student loans should be forgiven or not. A huge recommendation Lauren had never thought about is this: pay even $25 per month while you’re in school! This keeps some of the interest from accruing while you’re in school!
If you liked this episode, you’ll also like episode 45 Student Loans and also episode 26.
About Allie:
In 2023, Allie Danzinger became Senior VP and GM of AscentUp, whose mission is to be the undisputed leader in driving student outcomes, when they acquired her company, Ampersand. Allie’s passion lies in helping young professionals from the classroom to their careers as they build confidence, secure jobs with livable salaries, and become successful members of the workforce.
Connect with Allie:
https://www.linkedin.com/in/alliedanziger
https://learn.ascentup.com/
https://www.ascentfunding.com/
https://ascentup.com/ultimate-guide-paying-for-college/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Devine got tired of being tired. That’s when he decided to take the financial reigns and start preparing for an early retirement at 45 or 50 years old. His cousin encouraged him to get into computer engineering, which is a great career. But when he started out, although he was making good money, he had student loans, then he added auto loans, then some credit card debt as well. On the bright side, he was putting some money in his 401k right away. When he got married, she had some credit card debt as well. She was on board with changing mindsets and focusing on getting out of debt, but she didn’t want things to get too extreme. They are still loving their life while attacking their debt. They also touch on the idea of having net worth be part of your emergency plan. Devine started with the debt snowball method, but he switched to debt avalanche pretty quickly. His mindset had changed. Devine got a huge promotion/raise at work, so along with their hard work that went into paying the first half ($40k), they can pay the other half off soon now! There are a lot of lessons there. Devine doesn’t just focus on growing income. He budgets his expenses as well. Then, the conversation transitions to the future, which involves more beefing up their emergency fund and investing for cash flow through boring businesses or real estate. Devine also does freelance writing as a side hustle. In the meantime, he's going to keep paying down his debt and sharing his journey.
If you liked this episode, you’ll also like episode 45 about student loans, 126 crying over debt to $1 million next worth, or 147 $51k in debt to house hacking.
About Devine:
Devine Beathea is a systems engineer living in Arizona. He decided to get his life together about two years ago at age 30. That means paying off debt and getting in control of his spending. So far, Devine has paid off $40k of debt and he is set to pay off another $40k this year. He writes about Finance, Fitness, and Fatherhood because he wants to show how millennial dads can invest in themselves and their families.
Connect with Devine:
https://www.instagram.com/thewealthbuildingdad/
Medium: Devine Beathea
https://twitter.com/DevineBeathea
https://thewealthbuildingdad.com/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Lauren opens by asking Andrew why he started The Personal Finance Podcast. He started it in 2020 to share his passion with others. He loves hearing about people’s “lightbulb moments” when they unlock an ability to build wealth and therefore unlock some time freedom. Then, Lauren and Andrew transition to discussing ways to grow your income passively. There’s a spectrum of income from active to passive, and they two discuss items along that spectrum: dividend investing, stocks, bonds, REITs being the most passive and digital products being less passive, but still more passive than a job. Real estate can be passive. Then, Lauren asks about the difference between side hustles and passive income. When it comes to passive income streams, you should be targeting cash flow versus quantity. Andrew tells us how to come up with our desired cash flow number to target. Hint: cover your expenses. Andrew believes that in a lot of cases you should focus on increasing income at your W2 first. He also goes into detail about the difference between financial freedom and retirement. Speaking of retirement, this begs the question of how much we should plan for Medicare and social security. Andrew likes HSAs, retirement accounts, brokerage accounts, and real estate for retirement planning. Lauren asks about using these accounts for retiring early, and he prefers the flexibility of the brokerage account. The best thing about being in this space is when people get excited and START investing. Time is your friend when it comes to investing and compound interest. Patience when starting matters. Andrew emphasizes that investing is for the long term, so it doesn’t matter what the stock market is doing right now. Lauren suggests becoming best friends with your future self, and helping them by investing now.
If you liked this episode, you’ll also like episode 122: Finding Passionate Income with Brian Luebben.
About Andrew:
Andrew Giancola is the creator of MasterMoney.co and The Personal Finance Podcast. Like Lauren, Andrew is also a Tampa Bay area native. He loves playing pickleball and raising his two kids with his wife, Irene.
Connect with Andrew:
https://mastermoney.co/
https://twitter.com/mastermoneyco
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Lauren opens by askingBrian how he came to the conclusion to change paths from the business path to the missionary one. He truly felt God was leading him in that direction. That was the best way for him to have a positive impact on the world. Then, they dive into how people can invest on low incomes. Don’t wait until you make more! And remember, wealthy people buy luxuries last.
Then, they dive into the HACKER(RRR) method:
Hack your lifestyle, for example, with house hacking; pay attention to your transportation too
Allocation budgeting: 50% spend, 40% invested, 10% give away
Cash is King investing (intro to investing)
Exponentiality: infinite returns
Spending -- Saving -- Investing
Review
Repeat if it’s going great
Rework if your initial investments aren’t working (especially if you’ve changed)
Reward: allow yourself to take the full 50% (even if it’s a big chunk)
Brian’s last piece of advice: don’t waste your life by not enjoying your success! They close by talking about Elon Musk’s response to Lauren’s tweet about whether 20-somethings should match their 401k’s or not.
If you liked this episode, you’ll also like episode 104: How a Family of 4 Lives on Less Than $60k and Still Invests.About Brian:Brian Tibbs is a once low-paid missionary with multi-million-dollar net worth. At age 26, Brian was investing in real estate, an executive in his dad’s financial services company, and co-owner of another small online retailer. But Brian felt called down a different path. Over the next 3 years, Brian married Jill Bramhall, resigned from his father’s company, sold his online business and liquidated 60% of his real estate portfolio, and moved, sight unseen, to Guatemala. They became missionaries, raising over $20 million for their cause and building over 150,000 sq. ft of churches and related facilities. Brian and his family made very little money as missionaries, just $9.20 per hour. Their modest salary forced them to create a wealth-building philosophy that didn’t require a big paycheck. Living under this financial constraint is how the HACKER Method was discovered and implemented. Although Brian has retired from full-time missionary work, his desire to serve others remains a primary focus. He launched The Unexpected Investor with the singular goal of helping other people who also feel financially constrained transform themselves into wealthy, powerful, and generous investors using the HACKER Method.Connect with Brian:https://theunexpectedinvestor.com/https://www.instagram.com/unexpectedinvestor/https://www.youtube.com/@unexpectedinvestorhttps://twitter.com/unexpectinvesthttps://www.amazon.com/HACKER-Method-Unexpected-Investors-Building/dp/1962074129/ref=sr_1_1Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
-
Lauren starts by asking why Vanessa dropped out of college. It turns out, she’d be considering it for a year, but she felt she wasn’t learning anything she couldn’t learn in the real world. Vanessa’s father had asked her to join his real estate business, and she’d finally made the decision to follow in his footsteps. Vanessa then shares her father’s story, who invested in real estate on the side while he was a police officer. Eventually, he took that side business full time. Vanessa shares more about what the GW companies do. They buy apartment buildings, renovate them, then refinance aka the BRRRR method. They raise capital to allow others to invest in real estate passively. Then, the two transition to talking about what it’s like to work with a family member. Naturally, Lauren asks about conflict resolution, and is pleased to find out that Vanessa calls her dad by his first name at work. Lauren clearly can’t picture doing the same. Vanessa points out that she can ask all the dumb questions she wants. Looking forward, Lauren asks if Vanessa wants to have kids, and what the plan would be as far as them taking over the business. She’s also curious about how Vanessa’s boyfriend feels about her working with her dad. Vanessa also shares how the conversation went with her dad when she decided to leave school and come work for him. So, does she recommend working with your parents? Obviously, yes.
If you liked this episode, you’ll also like episode 160 Turning Real Estate into More Businesses, in which Josh tells us about he and his partner Antoinette’s ventures.
About Vanessa:
Vanessa Pannozzo is the Director of Operations/Co-Owner at GW (Generational Wealth) Capital Group of Companies. GW's mission is to create the "Costco", of Real Estate Investing, with a one stop shop for investors who are looking to invest in real estate, on a passive scale. In her 3+years in the industry, Vanessa has played a key role in building GW's property management from the ground up. As a Post-Secondary "Drop Out," Vanessa shares her relatable journey, offering insights into the challenges and triumphs of working closely with family. Vanessa is all about creating a welcoming space for women in the industry to connect, invest, and succeed.
Connect with Vanessa:
https://generationalwealthcreators.ca/
https://www.instagram.com/vanessapannozzo/
https://www.linkedin.com/in/vanessa-pannozzo-20bb5623a/
Connect with Lauren:https://twitter.com/AdultingIsEasyhttps://www.realadultingiseasy.com/https://www.instagram.com/adultingiseasyreal/
- Daha fazla göster
