Money Peach

Latest Episodes:

EP143: Why You Should NOT Invest In Your 401K with Rebecca Walser Aug 28, 2020

Show notes

Wow - did someone just say that your 401k is a bad plan?

Yes.

Rebecca Walser comes on the show to share with us why your 401k isn't just hurting you...it's actually KILLING your financial plan.

It all started back in 1978 when the famous 401k plan was in a way created by accident. Back in the late 1970s, most employers contributed to a defined benefit plan (AKA a pension) and that cost employers a lot of money.

During this same time, tax rates were much higher than they were today and some very highly compensated executives were looking for loopholes to avoid these high taxes. What they proposed was they could be bonused out in the form of a 401k plan, which allowed them to take their bonus, dump it into a 401k plan to avoid paying the high taxes now, and then grab that bonus money at retirement when taxes were much lower.

However, a few years later businesses started catching on and realized they would save millions upon millions of dollars by getting rid of the pension plan and moving to a 401k plan. Instead of having to fund a pension for years after retirement, they could offer a company match and have the employees contribute the majority to their retirement.

And that's how the 401k became the retirement standard in today's world...on accident.

But, it's not 1978 anymore. Taxes are much different than they were then, the government debt is much higher than it was then, and there is a huge problem facing social security.

How are we going to pay for social security AND how are we going to pay off this massive $23 Trillion of debt?

Is it possible that taxes could go up from their all-time lows of 2017???

Wait a minute….if taxes are at an all-time low and we forecast we may need to raise taxes in the future to pay for the government's financial mess….then does it make sense to save in a 401k today?

Are we avoiding having to pay very low taxes today so we can pay much higher taxes in retirement?

In the interview, Rebecca and I talk about:

Conventional financial literacy and why it's backwards for today's world
The Social Security stats: the money is going to run out
Taxes and how they WILL affect you later in life
The history of the 401k and tax loopholes it once provided
How 4 out of 100 Americans will retire above the poverty line
Where you should be investing instead of the 401k
How to maximize your ROTH IRA using a conversion
And much much more...

Are you currently living on a plan for your life and money...AKA a budget?

The #1 habit of the most highly successful people is they are proactive. They don't wait for life and money to happen to them, they happen to their life and money.

If you haven't started yet, now is the best time to start living on a simple budget. It's time to be proactive.

Grab Free Budget Templates Here

Thanks so much for listening to the show and if you feel the content of this podcast was helpful, please subscribe and leave a review!

Today's show was brought to you by OneAZ Credit Union — my very own credit union I have been proud a member of since 2011.

If you live in Arizona and are looking for a large credit union with a local, customer-focused feel for your personal or business banking needs, look no further than OneAZ Credit Union.

All the show notes, links and anything Rebecca and I mentioned can be found at https://www.moneypeach.com/session143

EP142: 6 Steps to Creating a Budget with Irregular Income Aug 21, 2020

Show notes

Do you get paid a little differently each month?

Maybe you are an entrepreneur, a real estate agent, in sales, or you you're a self-employed independent contractor.

If this is you, you need to learn how to budget with irregular income.

This week on the show, I am going to walk you through the 6 steps to irregular income budgeting.

This is the same system I have used in my own business when setting up a monthly budget based on fluctuating income.

Step 1: Find Your 90 Day Average Income

Step 2: Determine Your Take-Home Pay Based on Gross Income

Step 3: Open Separate Checking Account (Separate Bank)

Step 4: Choose Your Paydays

Step 5: Enter Monthly Take-Home Pay Into Budget

Step 6: Readjust Every Month Based on Last 90 Days

Once you've listened to all 6 steps, head on over to https://www.moneypeach.com/session142 to get the free budget templates I mention inside the episode.

or you can simply

Grab Free Budget Templates Here

Thanks so much for listening to the show and if you feel the content of this podcast was helpful, please subscribe and leave a review!

Today's show was brought to you by OneAZ Credit Union — my very own credit union I have been proud a member of since 2011.

If you live in Arizona and are looking for a large credit union with a local, customer-focused feel for your personal or business banking needs, look no further than OneAZ Credit Union.

EP141: 7 Stepts to Creating a Budget and Save $500 Every Month Aug 14, 2020

Show notes

Today I am going to break down the exact same budget our students are currently using to save on average $500 or more each month.

A recent study shows that nearly 80% of Americans are currently living paycheck to paycheck.

This isn't because they aren't making enough or that they're spending too much — it's because what gets measured gets managed.

On the show I will be breaking down the 7 steps below in detail and explain how they work and why each step is so important.

Step 1: Go back 90 days

Step 2: Make categories

Step 3: Enter first two steps into budget

Step 4: Zero out your budget

Step 5: Follow the plan YOU created for YOUR money

Step 6: Make adjustments

Step 7: Rinse and repeat

Once you've listened to all 7 steps, head on over to https://www.moneypeach.com/session141 to get the free budget templates I mention inside the episode.

or you can simply

Grab Free Budget Templates Here

Thanks so much for listening to the show and if you feel the content of this podcast was helpful, please subscribe and leave a review!

Today's show was brought to you by OneAZ Credit Union — my very own credit union I have been proud a member of since 2011.

If you live in Arizona and are looking for a large credit union with a local, customer-focused feel for your personal or business banking needs, look no further than OneAZ Credit Union.

EP140: Second Stimulus Check Update - How Much You May Be Getting Jul 31, 2020

Show notes

On Monday, the Senate pushed through the HEALS Act which is expected to be signed into law on August 7th.

What to expect from the HEALS Act:

Stimulus Checks

$1,200 for individuals making less than $75k and phasing out at $99k
$2,400 for families making less than $150k and phasing out at $198k
$500 for dependents 19 and younger OR 24 and younger if they are a student

Unemployment Benefits

The $600 weekly benefit (in addition to state benefits) expires on 07/31/2020
Decreased amount to $200 per week (in addition to state benefits) through September and then 70% wage increase, up to $500, from October through December 31st.

School Reopening

$70 billion to K-12 that open for in-person classes
$29 billion for higher education
$1 billion for Bureau of Indian Education
$5 billion to be used by each state at their discretion

Coronavirus Testing

$16 billion

This is only what has been proposed by the Senate on Monday and is expected to pass by August 7th. Talks from both sides of the aisle and President Trump have also mentioned that the package may even offer more than this current proposal.

This episode of the Money Peach Podcast was brought to you by OneAZ Credit Union - the credit union I have personally been a member with since 2011.

If you live in the state of Arizona and you are looking to get away from the profit-focused big banks - look no further than OneAZ Credit Union.

All the show notes, links, and anything mentioned in today's show can be found over at https://www.moneypeach.com/session140

Would you like to SAVE more money and PAY OFF DEBT faster?

Great! Please take my free how-to-budget mini course where I will quickly show you how to create a budget that fits your lifestyle and will also give you all of my templates and budget forms to get started.

Head on over to https://www.moneypeach.com/freebudget

EP139: Mom and Dad, We Need to Talk About the Money with Cameron Huddleston Jul 24, 2020

Show notes

We focus so much about helping our kids with the finances, but what about our parents?

Right now there are close to 50 million Americans who are age 65 and over. This means 1 out of every 7 Americans should at least start having the money talk sooner than later.

But how do you start a money conversation with your parents?

What should you say, and more importantly - what do you NOT say?

What things need to be in place before it's too late?

What are the real-life examples of the shattered families when the money-talk didn't happen?

Author, speaker, and personal finance journalist Cameron Huddleston is my guest on the show to take us through all of these answers and more.

Cameron has lived it. After her mother was diagnosed with early onset dementia, Cameron painstakingly made her way through the financial journey with her own parents. During this time, she learned a lot of what to do and what not to do.

After going through this personal experience, Cameron made her mission to help other adult children navigate the waters of having the money-talk with Mom and Dad.

You can grab a copy of Cameron's book: Mom and Dad, We Need to Talk here.

All the show notes, links and anything Cameron and I talked about can be found at https://www.moneypeach.com/session139

EP138: Cashless Society: Good or Bad Idea? Jul 17, 2020

Show notes

This week there was a post floating around social media right now (you've probably seen it) about the reality of a Cashless Society.

I am going to break down that post, compare the facts vs fiction and the pros vs cons of a Cashless Society.

Some of the facts surrounding the idea of a cashless society is absurd, a little bit of it actually makes sense, and part of this may even get the hairs on your neck to stand up!

Don't worry, I'm not going to make you wonder where I stand on this topic...I'll explain in the first few minutes.

Need a better plan for your money? I am asking you to PLEASE take my FREE budget tool called the Cash Flow Formula.

https://www.moneypeach.com/freebudget

This is the exact same tool I use every single day of my life and I would be completely lost without it. What gets measured gets managed and when you aim at nothing, you will hit it every time.

All the show notes, links, and anything I mentioned in the episode can be found over at https://www.moneypeach.com/session138

Thanks so much for listening and the best way to show support for the show is SHARE, SHARE, SHARE!

EP137: We Paid Off Our Mortgage in 5 Years Jul 03, 2020

Show notes

Talaat McNeely from His and Her Money is on the show today to talk about how they paid off their mortgage in 5 years.

Talaat and his wife Tai started His and Her Money back in 2015 and have become known as America's Couple Money Experts. They have an incredible YouTube channel with 144k subscribers and one of their highest viewed video is where they walk into the bank and pay off their mortgage!

From starting with a negative net worth, lies about money inside the marriage, and a pile of debt — the two almost didn't make it.

During our conversation, Talaat explains the steps they took to rebuild the trust inside the marriage and money, how they paid off their $30k in debt, and then how they paid off their mortgage in 5 years...starting out on a single income teacher's salary!

***

All the show notes, links and anything we mentioned in the episode can be found over at https://www.moneypeach.com/session137

***

Looking for a simple budget for your family to live on? You can have the exact same budget my wife and I have used for the past decade to pay off all of our debt, stay out of debt, and build wealth.

Grab it here for the best price of FREE:

https://www.moneypeach.com/freebudget

EP136: "Affluenza" - The We Need More Stuff to Be Happy Epidemic Jun 26, 2020

Show notes

Affluenza is the damage done to our health, our families, our communities, and our environment by the obsessive quest for material gain.

To make this simple: Affluenza is the "we need more stuff to be happy" epidemic.

Since the late 1950s, the happiness inside the United States has steadily decreased. However, incomes have almost doubled, our houses have more than doubled in size, and the quest to gain happiness through "stuff" is at an all time high.

And what about the consequences of Affluenza? How much of our money do we actually save compared to the rest of the world? And what are the other consequences when it comes to this epidemic?

All of this in the show today AND a freebie cheat sheet that I use when deciding on making a big purchase.

***

You can grab that free PDF cheat sheet here:

https://www.moneypeach.com/136download

***

All the show notes and links mentioned in the episode can be found at:

https://www.moneypeach.com/session136

EP135: 5 Steps to Be the 401k Millionaire Next Door Jun 19, 2020

Show notes

Benjamin Brandt, host of the Retirement Starts Today Radio Show and Founder/CEO of Capital Wealth Management is coming on the show today to talk about the 5 steps to building wealth inside your 401k.

Believe it or not, $1 million may seem like a lofty goal by today's standards, but will it be enough if you're planning on retiring 20-30 years from now?

Here are the 5 steps we will discuss during the show:

Step 1: Start Saving Today

The money you will be living off of in retirement is not from the money you are setting aside today. It's from the money that your money will be making in the form of compound interest.

Step 2: 10% -15% Invested

Start off by saving 10% - 15% of your income. Then, every time you get a raise, split the raise: half goes to you and the other half goes to your 401k.

Step 3: Always Get the Employer Match

97 percent of employers offer a company match. How much is the match, is it a tiered match, and how do you find this out? Remember, the employer match is truly FREE money for your nest egg.

Step 4: Invest Into the Right Funds

Not everyone will be investing into the same funds. Some of us retire next year and other will retire in 30 years from now. Knowing what to invest in based on the level of risk and time you have left is crucial.

Benjamin gives some great insight on what you should be investing in depending on age vs risk vs reward.

Step 5: Keep Your Hand out of the Cookie Jar

There are three ways you can access money from your 401k, and only one of them is correct.

The correct way: wait until you are in retirement and access your nest egg penalty free.

Wrong way #1: early withdrawal and pay a hefty penalty

Wrong way #2: take a 401k loan

Benjamin breaks down why you want to avoid tapping into your 401k until you are at retirement age and most importantly why this is not a good idea.

***

All the show notes and links Benjamin mentioned can be found at https://www.moneypeach.com/session135

***

If you would like a plan on how to create a budget, save more money, and pay off debt, I would love to work with you.

I am currently taking applications for my next live coaching program. Head on over to https://www.moneypeach.com/apply to learn more about how you and I can work together and the results you will get.

Apply Now

EP134: God Told Him to Take a 1 Year Sabbatical (and he did) with Bob Lotich Jun 12, 2020

Show notes

What if God spoke to you and told you to take a year off from work?

Not in a few months or years from now, but right now?

This is exactly what happened to the founder of Seedtime.com — a Christian personal finance site dedicated to teaching biblical principles about money.

During the interview, Bob shares how he was just coming off another great year in his business when he felt the nudge from God to take a year off.

Timing could not have been worse for Bob when he felt God call him to do this, but he followed what he felt he was commanded to do.

Did everything turn out just like you would expect?

Of course not.

But what Bob and his family gained was far greater than they could have ever imagined.

***

Looking for a better way to manage your finances so you can save up and prepare for real estate investing?

I am currently taking applications for the upcoming financial coaching program where you and I will be meeting for 5 weeks over a weekly Zoom call.

In those 5 weeks, you will master a spending plan, you will save $500, and you will start rapidly paying down debt.

Over 100 people just like you have gone through the program and the program is currently at just over a 97% success rate!

You can apply here: https://www.moneypeach.com/apply

I personally review all applications and will be in contact with you soon!

Grab Show Notes Here

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected