Helping you become financially independent by cutting your expenses and increasing your income to live life on your terms and spend more money on the things you love. Our show is the layman’s guide to simple personal finance, investing, taxes, frugal living, saving money, budgeting, entrepreneurship, freelancing, early retirement, financial freedom/independence, travel hacking, student loans, paying off debt, avoiding credit cards, real estate and life hacks. Sean is the author of The Early Retirement Roadmap and Kevin is an instructor of Financial Peace University where they continue to share their stories with their fellow middle class citizens, accepting them where they are and helping to get them to where they want to be. CHA-CHING!
Supporting Anti-Racism Through Giving
Jun 27, 2020
Show notes
Episode 189: Today we’re talking about why it’s important to support anti-racism, and how we’re using our privilege to be good allies.
Giving is an essential part of the financial independence movement. It’s especially important to have these discussions in relation to privilege and personal finance.
Kevin chose to donate to Black Lives Matter in support of the parent cause. Sean donated to Campaign Zero to end police violence. You can learn more about both of these causes in the links below.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Do-It-Yourself Debt Relief Options
Jun 24, 2020
Show notes
Episode 185: Learn some effective DIY debt relief options with insight from Todd Christensen, author of Everyday Money for Everyday People and Education Manager at the nonprofit credit counseling agency, Money Fit by DRS.
Why You Should DIY Your Debt Relief
DIY debt relief is nothing new. The Snowball Method and Avalanche Method are two commonly discussed tactics for paying down your debt.
The Snowball Method encourages you to pay off your smaller debts first to build sustainable habits. Once those debts are paid off, you use the money to tackle the bigger debts.
The Avalanche Method takes the opposite approach. It encourages you to pay down the debts with the highest interest first, with the potential to get you out of debt sooner and save you money. However, this can be more challenging from a sustainable habit-building perspective. The Snowball Method is a great starting point, but you should plan on shifting to the avalanche after you find your motivation.
Regardless of which option you choose, taking the DIY approach makes sense. It helps you save fees (or more debt) by hiring a service or coach. It also starts to build those habits and mindset shifts within you for long-term success.
How to Do the DIY Debt Landslide
The Debt Landslide is ideal for anyone who has a major purchase in the near future. The idea is focusing on your debt newest account because the various credit score bureaus weigh your most recent activity over your debt history. By paying down your newest account, you’ll build your credit score faster.
In other words, if you know you’re going to need a loan for a new car next year, start paying down the most recent debt now.
How to Do the DIY Debt Cascade
The other DIY debt payment methods are for those who have a bit of extra money to put toward their debt. The Debt Cascade is for those who are living from paycheck to paycheck.
With the Debt Cascade, you’ll make your minimum payments this month as your baseline. Then, you’ll pay the same amount again next month, even if they say the minimum amount has gone down. Continue this process until you are able to create that gap between what they’re asking and what you have.
For example, if your minimum payment is $50 per month when you get started, it could be $45 next month. Instead of paying $45, pay $50 again and chip away at that debt over time.
Book Giveaway
The first three visitors to Moneyfit.org can use the code 2FrugalDudes to get a free copy of Todd’s book, Everyday Money for Everyday People.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Our Tiller Money App Review
Jun 19, 2020
Show notes
Episode 187: Kevin’s talking about his experience with the Tiller Money app, how it works, and if it’s worth the subscription. Tune in for the full details.We’re also talking charcoal grilling. YUM.
What is Tiller Money?
Tiller Money is a budgeting app that syncs with your bank accounts and pulls the categorized data to Google Sheets. This easy synchronization makes it easier to manipulate the data and generate the info you want to see at any given time.
Why Use the Tiller Money App?
One of the great features is that you can set up different budgets for different months, which is different than other budgeting apps that take a more static approach. Tiller is also ideal for people who like something more tangible rather than operating within an app.
The Tiller Money App also sends a daily email giving you a financial snapshot of what’s going on in your accounts. They also have a community with training webinars and a beta lab for extensions to your core spreadsheet.
Is Tiller Worth It?
Tiller is well worth the investment if you’re looking to dive into your budget and want to manipulate the data and analyze it to your liking.
The annual fee is around $50, but you can get a 30 Day Free Trial here.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
How to Work On Your Business Instead of In Your Business
Jun 17, 2020
Show notes
Episode 186: Learn how to be a boss rather than an employee as an entrepreneur. We’re talking about how to take a high-level approach to your business without getting caught in the day-to-day work with Terry Ogburn of Ogburn’s Business Solutions.Tune in for a free consulting session!
Working on Your Business vs. Working in Your Business
What’s the difference between working on your business and working in your business?
Every business starts with a vision. It’s an idea about an opportunity that begins to take form.
Then comes the detailed planning. Things like procuring office supplies and putting a financial plan in place. In essence, you become a manager.
Then comes the technical side of your work: the skills and execution.
For many entrepreneurs, the technical side becomes a comfort zone. It becomes challenging to delegate without stifling their creativity or micromanaging.
When you work on the business, you set standard operating procedures, job descriptions, and high-level tasks that make delegation possible. It means looking ahead and reverse engineering your goals to get outside the one-person show and grow. You execute, analyze, and adjust.
Maximizing Your Business During the Pandemic
The pandemic has caused a lot of challenges for many businesses. However, there are also vast opportunities that can take your business to the next level. From acquiring new assets at a low rate to providing solutions to help customers recover, there’s always an opportunity to succeed.
Look at your competition and see who is going out of business and selling their supplies. Look at your customers and see how you can be proactive during these changing times.
Be the person that steps up and fix something that’s wrong. Consumers are looking for innovators and leaders in this situation. Be proactive, mobilize, and capitalize.
How to Push Ahead as an Entrepreneur
Take an objective approach to everything you see and hear as an entrepreneur. Find ways to evolve and adapt to changing times.
To do this, you’ll need to take a step back and look at your business as a whole. Find the workaround and find wiggle room within protocols to change your offerings and adapt to the market.
Creativity and discipline will be your two greatest assets as an entrepreneur, regardless of what situation you find yourself in.
Four Keys to Success when Working on Your Business
You have to be committed. Burn the boats and don’t look back.
Be totally determined in everything you do. If there’s something you want, you need to take the approach that nothing can stop you from getting across the finish line.
Put disciplines in your life that allow your dreams to come true. Procrastinate on the things that don’t lead to your goals.
Visualize your success. Visualization is a powerful mental tool. Think about what your business will look like in the future, then visualize the path to get there.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Becoming a Giver While Pursuing Financial Independence
Jun 12, 2020
Show notes
Episode 185: How can you give back while saving money? We’re talking about the joys of giving while pursuing financial independence, and a few ways to be a giver.
One of the most significant mindset shifts when pursuing financial independence is learning the value of giving. When you start to realize that you can live on less, you find that you’re able to give more to the causes that matter to you.
Find Your Cause
Think of the causes that matter to you. It could be anything from your local church to a non-profit that supports something that impacts your life. Giving to a cause that aligns with your values is guaranteed to make you feel good.
Set Aside Money to Give
Both Kevin and Sean work giving into their budget. Consider using separate accounts or working automation into your banking to ensure the cause you care about is cared for before you spend.
Pay it Forward
One of the best ways to be a giver is to pay it forward. Consider surprising someone by paying for their order in the drive through or giving an extra generous tip to a minimum wage worker. These small actions ultimately mean nothing when calculating how much money ends up in your bank account. Yet it can make a big impact on someone’s day.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Getting Real Estate Deals for $0 Out-of-Pocket
Jun 10, 2020
Show notes
Episode 184: We’re talking about landing the ideal real estate deal when starting with real estate investing. We’re touching on the Blink book, being a corporate drop-out, and how to be a successful landlord.
The Ideal Real Estate Deal
Many people ask what the ideal real estate deal looks like. The ideal real estate deal is a multi-family purchase that becomes an income-generating property within 12 months using $0 out-of-pocket.
How does this happen?
BRRRR
What is BRRRR?
BRRRR is an acronym that stands for:
Buy
Rehab
Rent
Refinance
Repeat
Buy a distressed asset, rehab it, rent out the units to give yourself some money, refinance, and repeat with a new property.
Over time, as you build your reputation, you’ll be able to secure $0 out-of-pocket deals. Real estate investing is also a team sport: if you find the deal, the capital will come.
How to Be a Successful Landlord
The trick to becoming a successful landlord is accountability. Protecting your investment by holding tenants accountable to their actions, even when it means making difficult decisions. Sometimes that means being the bad guy in an eviction situation.
It also means being an advocate for your tenants and helping them figure something out during a tough situation, like the COVID-19 pandemic.
Finally, continuously updating and adapting your contracts will ensure that you’re covered no matter what happens. Using the Bigger Pockets pro membership can help.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Tips for Choosing a Mortgage Insurance Provider
Jun 05, 2020
Show notes
Episode 183: On this episode of the Where Our Money Went series, we’re talking mortgage insurance, Amazon Prime, and streaming services. Tune in for tips on choosing a mortgage insurance provider for your home.
What is Mortgage Insurance?
Mortgage insurance is required in many areas. The purpose is to cover the lender in the event that you default on your mortgage. If you have a USDA or FHA mortgage, you’ll be required to pay mortgage insurance up until a certain portion of your premium is paid off. For private mortgage insurance providers, mortgage insurance is often required if you have a down payment of less than 20% of the total home cost.
A few months ago, Kevin eliminated his mortgage insurance (PMI) because he had built up enough equity by paying down the premium. Kevin discovered that he had an overage and received a refund from the mortgage company. He used the money to make an extra mortgage payment on the principle.
How Mortgage Insurance is Calculated
Your mortgage insurance will depend on a lot of variables. You have the opportunity to shop around and compare companies, but it’s not a direct comparison. There are different accreditation to consider, the depth of the coverage, environmental and geographical considerations, etc.
Take time to read the fine print and highlight any red flags or perceived benefits before making a decision on your provider.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
Teaching Financial Literacy Education from an Early Age
Jun 03, 2020
Show notes
Episode 182: Learn how to teach financial literacy to children and why kids are never too young to learn about personal finance. We’re talking about the free K-12 Financial Education curriculum and how it’s impacting students of all ages.
Why Teach Kids About Personal Finance
Healthy financial habits start at a young age. Children are influenced by their parents when it comes to money management. Teaching kids about personal finance before they’re out on their own, you can set them up for future success and help them set their own path forward.
Young children in elementary school can learn the basics, with the lessons getting more complex as they get older. As a younger child, learning that money is earned, how to save up for something, and the importance of giving are age-appropriate lessons. At the high school level, that evolves into the specific skills, understanding credit, learning how to invest, etc.
The Choose FI Foundation is a completely free curriculum that has lessons covering from kindergarten to graduation. Whether you’re a teacher, homeschooler, or an interested parent, you can access that information here.
Why Teach Kids Entrepreneurship
A lot of courses will teach people about how to cut your budget and expenses to save more money. However, that’s only one side of the equation. Building your wealth through side hustles, improved job opportunities, and negotiating payments can increase income on a grander scale.
It also helps students develop the skills they’ll need outside of school to survive and thrive as adults. From planning to problem-solving to interacting with other people, there are non-monetary benefits to learning the basics of entrepreneurship.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
An Update on the Payroll Protection Program for Small Business Employees
May 29, 2020
Show notes
Episode 181: Tune in for an update on the Payroll Protection Program (PPP) for small businesses. If you’re a small business employee, you’ll want to hear this information. We’re also talking about giving, budgeting for gas, and thanking teachers everywhere.
A PPP Update
Kevin finally received his PPP update. The program had come to a halt as funding dried up, but some of the larger businesses have paid back their funds, creating opportunities for small businesses across the country.
If you’re an employee for a small business, talk to your employer about the PPP. There have been reports of employers who have received the PPP but haven’t paid their employees, which is what the program is for. These situations can be reported.
Thank a Teacher
Remember to set aside some money in your budget to buy a gift for your children’s teachers in this strange year. This experience has been a great reminder of how essential and valued teachers truly are.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
How Blue Collar Workers Can Achieve the American Dream
May 27, 2020
Show notes
Episode 180: Learn how blue collar workers can achieve the American Dream without a college degree. We’re talking about financial independence and the five steps to achieving your goals.
Tips for Allocating Your Salary
The first step in allocating your salary is to shift your mindset. Train yourself to forget about a percentage of the money you earn, using automation to allocate it toward a high-interest savings account before it hits your account. Thanks to compound interest, every little bit counts and your retirement will be covered.
How to Find Comfort, Peace, and Freedom at any Level
To achieve comfort, peace, and freedom at any income level is to identify what you want your life to look like. What’s your why? What’s the thing that drives you and keeps you moving forward?
If you can start visualizing what you want your life to look like (even going as far as to create a vision board) you can identify what will bring you comfort, peace, and freedom. Drill down into the minutia and start to make a plan.
Begin with the end in mind.
Five Steps for Achieving Any Goal
Take a Second to Congratulate Yourself
The first step is acknowledging the decision you’ve made. Congratulating yourself can help trigger a mindset shift. Picture yourself as a winner and pursue that image.
Make Your Goal Crystal Clear
Make your goal as clear as possible. Get into the finer details and cover all your bases. Be proactive in considering potential barriers.
Build the Goal with Certainty
Break your goal into pieces. If your timeline is a year, break it into traceable goals for the months, weeks, and days ahead. Breaking it into small, actionable steps makes it easier to move forward.
Make Your Goal Automatic
Use automation to reach your goal. For financial goals, you can go to your payroll officer and have them put money aside off each paycheck. You can set an automatic transfer to move money to an account you can reach on the day you get paid.
Remove your human nature from the equation, and embrace the idea of setting it and not sweating it.
Share Your Goal
Now it’s time to tell people about your goal. This will create accountability. Build a support team that will remind you of your goals and what you’re working toward.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.
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