Fireside Chats, Episode 30: Money, Managing Your Finances, and Building Wealth
Added 2018-03-27 16:00:02 +0000 UTCKristin Wong is an expert in personal finance, and her new book -- Get Money -- is an ode to how anyone can grapple with money, even if it seems daunting. So naturally, Kristin and I sat down for a conversation all about cash. How should you spend your money? How do you save? What do you do with credit cards, bills, and other impediments to financial growth that stand in your way? Whether you love personal finance (like me!) or are new to the game, you're going to learn something listening to today's show... and I bet you think about money just a little bit differently when you're done listening.
Comments
You should pay your debt down first, especially if it's high interest. Suze Orman (who I love) would recommend you "snowball" the debt, meaning identify the highest interest yield, pay it down as quickly as humanly possible, then move onto the next one. That said, you should have I think a six month fallback in the bank, too. So it's a balance. You can do both, but it'd require sacrifice!
Colin Moriarty
2018-04-02 18:03:04 +0000 UTCSo Colin if someone did not have savings in the bank for emergencies (as you mentioned during this), AND they have credit card debt, what should they do when they get money in the bank? Save it in the bank, or put it towards paying off credit cards (which I suppose would make bills less and credit cards maybe can be used for emergencies?) I don't know, that would make me uneasy not having money in the bank!
Megan Gierlach
2018-04-01 23:50:02 +0000 UTCThank you for your kind words. Feel free to spread the word! =)
Colin Moriarty
2018-03-30 23:45:39 +0000 UTCThanks for this amazing content Collin! I wish more people could see the quality in your podcasts, videos and thoughts, and of course, support your Patreon. I hope you're having an amazing vacation :) Greetings from Guatemala C.A.!!
Pedro Monterroso
2018-03-30 23:13:52 +0000 UTCRein it back in, my dude! It's not even close to being too late for you to right the ship, and get back to financial sanity.
Colin Moriarty
2018-03-30 21:23:05 +0000 UTC!!!
Colin Moriarty
2018-03-30 21:22:42 +0000 UTCC&P'd from above: I use this credit card: <a href="https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/" rel="nofollow noopener" target="_blank">https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/</a> I'm at the "Platinum" level, which gets you a near-1% bump in all rewards, too. So for ANYTHING purchased, it's 1% + 1%. Groceries is 2% + 1%, and gas (which I don't buy) is I believe 3% + 1%. Something like that.
Colin Moriarty
2018-03-30 21:22:36 +0000 UTCYou're lucky to start out with no debt! I've never had consumer debt, but I did have considerable student debt. Paid it off 10 years early, and now I'm free and clear. I've never actively budgeted in my life; it's just a matter of staying smart and reining yourself in every now and again. That's all.
Colin Moriarty
2018-03-30 21:22:08 +0000 UTCI loved this podcast... I'll open up about myself a bit and say, when I was 18 I started working a full time job and in 4 years I saved 30K... I lived insanely frugally... I'd turn down offers to go out for dinners with friends etc, didn't buy almost anything for myself.. I just saved and saved.... at the end of the 4 years I quit my job and travelled to New York twice, Europe for 2 weeks, went on vacation to Cuba twice... I didn't work or have a job for approximately a year....I guess I felt like I was "sacrificing" too much trying to save money. I after I was done traveling etc I got another job, and started saving once again.... I quit that job after a year and travelled once again. Probably was in my mid 20s by that point. After that I just stopped saving and for the last 4 years I've opened up my wallet and started spending my money like crazy just buying shit that I didn't necessarily need or want. For the first time ever in my life now I actually have credit debt and it's just crazy. My biggest struggle is finding the balance between saving/being smart with money, and also trying to live the life I want without feeling like I'm sacrificing or "missing out" on things (which you guys talked about in the podcast) It can be a real mind f*** For reference, I'm 30 turning 31 later this year.
Andrew
2018-03-30 20:18:10 +0000 UTCYES!!
Steven Camilo
2018-03-30 16:07:36 +0000 UTCColin the financial advisor lol. You mentioned you get 3% back with your cc. What cc do you use?
Nathan R
2018-03-29 22:06:21 +0000 UTCThis was such a great episode! I’ve been fortunate to have never really needed to budget in my life (no cc debt, no student loans). I’ve always been pretty conscious of what I spent money on and generally never spent more than I could afford. Like you, I pay my cc off either before it’s due or right at the due date and have a decent amount of emergency money. Parents were very good at instilling that in me from a young age. But, I think now might be a good time to start thinking about one, especially after listening to you talk about it. The kids talk is starting between my wife and I and I’m having a hard time grasping how we’re gonna afford an extra $15k per year. Plus the idea of investing is starting to sound better, as the emergency fund might be a little too high right now. Thanks for the advice in the show. I may have to check out her book sometime. It seems like a useful resource.
Adam Niksch
2018-03-29 17:51:12 +0000 UTCI'm glad it resonated! I'm all about frugality. Then, when I wanna splurge, I can, and I never feel guilty.
Colin Moriarty
2018-03-29 07:27:32 +0000 UTCI loved your points about frugality during this episode! You both gave some great advice about money.
Will Hahn
2018-03-29 07:15:16 +0000 UTCLet me know what you think!
Colin Moriarty
2018-03-29 01:13:26 +0000 UTCI'm definitely a personal finance nerd. My favorite expert is Dave Ramsey so I'm anxious to compare Kristin's views to Dave's. Plan to listen to the podcast while I'm on the road tomorrow.
Ron Chastain
2018-03-28 22:20:37 +0000 UTCAwesome! So glad you enjoyed it.
Colin Moriarty
2018-03-28 22:13:43 +0000 UTCI'm so glad to hear that you've found this helpful!
Colin Moriarty
2018-03-28 17:45:20 +0000 UTCI use this credit card: <a href="https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/" rel="nofollow noopener" target="_blank">https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/</a> I'm at the "Platinum" level, which gets you a near-1% bump in all rewards, too. So for ANYTHING purchased, it's 1% + 1%. Groceries is 2% + 1%, and gas (which I don't buy) is I believe 3% + 1%. Something like that.
Colin Moriarty
2018-03-28 17:45:09 +0000 UTCGotcha, makes sense why I've never heard of VB. We're all about the classic Personal and Commercial lines like Home, Auto, Boat, PCL, Commercial Business, etc. We sell Life too, but its not really the same.
Josh Peters
2018-03-28 12:41:55 +0000 UTCAs someone who struggles with overspending and buying stuff on a whim, found this episode extremely helpful. Looking forward to reading the book.
Will Caldwell
2018-03-28 03:17:18 +0000 UTCSorry. Voluntary benefits. Disability, life, etc. I work for Unum.
Jimmy Valentine
2018-03-28 01:58:43 +0000 UTCJust curious, what's a VB insurance company? I work for a decent sized P&C insurance company and I'm not sure I've ever heard the term "VB insurance".
Josh Peters
2018-03-28 01:46:14 +0000 UTCWhich credit card gives you 3% cash back?! All purchases? Thanks :D
Jordan Falduto
2018-03-27 23:24:12 +0000 UTCGreat episode. I learned a good deal just from listening. I am still paying off my student loans, but get such a good match and DC at my job, it's worth more to put a good chunk of money into that account. If I didn't, I'd have my students loans paid down considerably. I paid off almost all of my credit cards. I have a 0% interest rate on a best buy card for 24 months on my OLED TV. I don't consider that too big of a deal. I had to have it! :) Paying off debt is an amazing feeling, for me at least. Having thousands in the bank in case something happens, stocks, a 401k and HSA has not only been a blessing, but gets addicting to increase as I watch it grow. Colin. If you are ever interested in having someone who works in insurance on, let me know. I work for one of the largest VB insurance companies in the country and am currently in a rotational program that will send me all over the country for different roles.
Jimmy Valentine
2018-03-27 22:36:28 +0000 UTCWhile I don't disagree with you that it's never going to change, I do disagree with you that serious problems would erupt if people began to emphasize saving more. Conspicuous consumption -- particularly by those who cannot afford it -- put people into a debt cycle, where they cannot participate in the economy as an active consumer, and where much of their liquidity goes to interest payments. In other words, do you want consumers that buy a lot for a while, and then nothing longterm because they've maxed out? Or would you prefer a sensible society operating in a sensible economy where spending is prolonged and responsible? America would be much healthier economically with less of a per capita debt burden, and it would ultimately increase spending.
Colin Moriarty
2018-03-27 20:14:34 +0000 UTCThe United States is a consumer culture and it is not going to change. Our whole economy depends on people spending. If Americans start saving instead of spending we would have some serious problems.
Joey Finelli
2018-03-27 19:44:22 +0000 UTCThank you so much! I have a blast doing Fireside Chats, and there are some awesome guests I've already recorded with or who are coming in during the coming weeks that I think will continue to make the show better and better.
Colin Moriarty
2018-03-27 17:58:33 +0000 UTCYour Firesides have been on fire! They've become my favorite CLS content - and don't get me wrong, I've totally enjoyed your gaming and other content since podcast beyond, but goddang. Your'e killing it.
Michael Schofield (making Audio Dramas)
2018-03-27 16:38:43 +0000 UTC
