Inside Out Money

Latest Episodes:

072. The best financial advice no one wants to take: Move your money to a high-yield savings account already! Aug 26, 2024

Show notes

Everyone should keep their savings, emergency funds, and extra cash in a high-yield savings account (HYSA) to optimize their money. High-yield savings accounts are paying as high as 5.5% interest and have been for over a year. Make sure you’re taking advantage of this and maximizing your growth potential!

Liz joins this week’s podcast as we talk about:

- What is a high-yield savings account and why you should have one

- Why high-yield savings accounts are a safe place to keep your money

- FDIC Insurance

- How banks make money

- Why online or digital banks can afford to pay higher interest rates

- Our favorite high-yield savings accounts

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/072-the-best-financial-advice-no-one-wants-to-take-move-your-money-to-a-high-yield-savings-account-already/

071. Listener Q&A - Boring middles, making FI friends, investment strategies, kids, and more Aug 19, 2024

Show notes

This week, I’m answering your questions about early retirement, investing, raising financially literate kids, making like-minded friends, and more!

In this week’s podcast, we talk about:

- Sitting in the boring middle of achieving FI

- Enjoying the journey versus the destination

- How do you know when you have enough money to retire

- How to make FI friends

- Best FI meetup groups and conferences

- Investment strategies

- Thoughts on CFPs (Certified Financial Planners)

- Bringing up finances with someone not good at finances

- How you talk to the kids about money

- Navigating spend on and for teens

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/071-listener-qa-boring-middles-making-fi-friends-investment-strategies-kids-and-more/

070. Save money by using what you already have Aug 12, 2024

Show notes

This one thing can save you money, help the environment, declutter your house, and improve your mental health; it’s using the things you already have! We share practical tips and strategies for reframing your mind to focus on everything you already own inside your home before you allow yourself to acquire new things.

Erica joins this week’s podcast as we talk about:

- The many benefits of using what we already have before we buy new things

- Mindful approaches to consumption

- Practical tips and strategies for using up what we already have before we buy anything new

- Categories we’re focused on, including food, toiletries, cleaning supplies, books, gift cards, memberships, office and school supplies, and clothing

- What to do if you’re not willing to use the things you already own

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/070-lets-use-up-what-we-already-have/

069. Avoid these money mishaps and win long-term Aug 05, 2024

Show notes

The key to growing long-term wealth is to spend less than you make and invest the difference, but there are also some money mistakes you should avoid. Make sure you listen and avoid these money mishaps to win long-term.

Liz joins this week’s podcast as we talk about:

- Why whole life insurance is so bad

- The pros and cons of 401k loans

- Buying stuff you can’t afford and don’t need on credit cards

- Get rich quick schemes

- Trying to time the market

- The importance of tracking your expenses and net worth

- Lifestyle creep and why it matters

- Why emergency funds matter

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/069-avoid-these-money-mishaps-and-win-long-term/

068. Is life more expensive in early retirement? Jul 28, 2024

Show notes

People often say you’ll spend less in retirement, but who are these people, and is this true? We break down some common beliefs about retirement spending and share our own personal experiences of being retired early for two years.

Greg joins this week’s podcast as we talk about:

- The retirement smile

- How much we’ve spent over the last five years

- People say retired life costs less - Is this true?

- Where we’re spending more: Before retirement? Or since early retirement?

- How our life stage and family dynamics are impacting our spend

- How healthcare cost is impacting our spend

- Making the psychological shift from saving to spending

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/068-is-life-more-expensive-in-early-retirement/

067. Two investment metrics you should understand - CAPE ratio and SORR Jul 22, 2024

Show notes

Understanding the CAPE (Cyclically Adjusted Price-to-Earnings) ratio and SORR (Sequence of Returns Risk) matters if you’re investing in the stock market and making future plans based on those investments. These metrics provide a stable benchmark for valuation and can help identify market bubbles or periods of undervaluation; they’re important to understand and can help inform your future plans.

Andrew joins this week’s podcast as we talk about:

- What CAPE ratio and SORR stand for and how to calculate them

- How CAPE ratio is different from the standard P/E ratio

- The methodology behind the CAPE ratio calculation and SORR

- Why you’d want to understand these metrics

- How these metrics might influence your early retirement plans and timing

- Strategies to mitigate SORR

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/067-two-investment-metrics-you-should-understand-cape-ratio-and-sorr/

066. Mid-year spend review with Liz, Andrew, and Greg Jul 15, 2024

Show notes

Three families share what we spent in the first half of 2024. Who’s spending is the highest and lowest? And is there really a winner or loser!? We’re big fans of intentional spending and not spending more than you earn. We share the nitty gritty details of our spending so far in 2024.

Liz, Andrew, and Greg join this week’s podcast as we talk about:

- Why we track our expenses

- How we track our expenses and why we’ve all shifted to using Monarch

- How much are families spent for the first six months of 2024

- Category breakdowns of our spending, from travel to medical to groceries

- What we feel good about and what we want to improve in the second half of 2024

- Intentional spending

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/066-mid-year-spend-review-with-liz-andrew-and-greg/

065. Save money and the planet - Shopping secondhand for the win Jul 08, 2024

Show notes

Secondhand products can save you money, save the planet, help others earn money, build community, and so much more! We encourage everyone to think secondhand first anytime they want or need something. Liz joins this week’s podcast as we talk about: - Benefits of shopping secondhand and thrifting - Best practices and tips for shopping secondhand - How to keep an eye out for scammers when buying used items on Facebook marketplace - Resources for where to shop secondhand - Some of our best secondhand purchases - What we’re willing to buy secondhand versus what we’d prefer to buy new Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/065-get-apple-products-80-off-and-save-the-planet-shopping-secondhand-for-the-win/

064. Packing light and spending light while traveling Jul 01, 2024

Show notes

Packing less and spending less while traveling abroad or domestically is possible and can make travel much more enjoyable! Travel a bit lighter and spend a bit less to splurge on the stuff that matters. Join us for a discussion on intentional travel spending. Greg joins this week’s podcast as we talk about: - Why we pack light when traveling with our three kids - What we pack and how we make it work - How we spend light when traveling - What we spend less on versus where we splurge while traveling - How trip budgets have transformed traveling with kids - Actionable tips for saving money on airfare, rental cars, accommodations, international cell phone plans, and more Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/064-packing-light-and-spending-light-white-traveling/

063. Number one early retirement metric: your savings rate Jun 24, 2024

Show notes

It’s not about what you make, it’s about the difference between what you make and what you spend. If you know those two numbers you can calculate your savings rates, and if you know it you can improve upon it.

Liz joins this week’s podcast as we talk about:

- The number one most important metric for achieving early retirement

- How to calculate your savings rate

- What our savings rates are and have been

- How your savings rate equates to the number of years you need to work

- How to increase your savings rate

Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/063-number-one-early-retirement-metric-your-savings-rate/