Money Peach

Latest Episodes:

EP123: Medicare Hacks: Why Your Future Self Will Thank You - with Danielle Roberts Dec 20, 2018

Show notes

I know, I know - Medicare is not a very sexy topic in life. But, what if I told you there was an opportunity to save thousands of dollars in the future by PAYING attention to Medicare right now?

By the way - did you know medical coverage in retirement is the largest expense you will all face later in life?

And, since I haven't covered this topic at all on the show, I knew now was the perfect time. I also knew I wanted to bring the best of the best on when it comes to experts in this arena, so I was able to get Danielle Roberts to come on the show. Danielle is the go-to expert for all things Medicare for the publications like Forbes, the Huffington Post and Readers Digest. She is also co-founder of the uber popular blog and website Boomer Benefits.

But first….

IMPORTANT: This episode is NOT just for those getting ready to hit retirement. There are few things Danielle will share that will save those who are years away from retirement thousands upon thousands of dollars. If you're like me (35 years old) and you take advantage of what Danielle is talking about in terms of saving money in your later years by starting now, your older self will thank you!

Here's what you can expect from today's show:

• How did Medicare first get started? • How does Medicare Part A work? • What you need to know about Medicare Part B • Why Danielle loves Medicare Part C the most • Medicare Part D: A tip to ask your doctor to save you thousands • How to use your Health Savings Account with Medicare • The average amount a couple pays for medical in retirement • What resources do baby boomers have available right now

And of course, if you know anyone who already 65 or getting close to it, PLEASE do them a favor and share this episode with them. They will be so glad you did.

All the show notes, links and anything Danielle and I mentioned can be found at https://www.moneypeach.com/session123

EP122: Save More, Pay Cash, Rinse & Repeat: The Formula to Saving for Big Purchases Dec 13, 2018

Show notes

Well, are you about to freak out yet?

Why?

Because we are about a week away from Christmas and the spending is in full force right about now. In fact, did you know the average American family will spend over $845 in 2018 and closer to $1,000 in 2019?!

I am not saying you shouldn't spend that much this Christmas. I say if you have the money and want to spend it - by all means, go right ahead!

But what if you don't have the money? What if the holiday season sneaks up on you and the only option is to put it all on a credit card? If you remember from last year, this means you'll be making credit card payments for Christmas in July.

The Solution: This week I am sharing with you our little SAVINGS HACK for the big expenses in life. Christmas, vacations, emergencies, new cars or any other big expense you can anticipate.

If you start what we are talking about this month, you're going to really enjoy spending money this time next year because you'll have the money set aside.

And when the vacation comes up you want to go on, you'll have the money set aside.

Or when the hot water heater goes out, you'll have the money set aside.

Whatever large expenses you have, you'll have the money set aside.

Mentioned in the show:

Best Online Banks:

CIT Savings Builder - 2.55% APY when you save $100/month OR have a balance of $25,000

https://www.moneypeach.com/citsavingsbuilder

CIT High Yield Savings - 1.55% APY when you open an account with $100 minimum balance

https://www.moneypeach.com/citsavings

**The links above are affiliate links. This means Money Peach is a partner with CIT Bank and they can send a commission for using one of the above links. It doesn't cost anything more or less for you but allows Money Peach to fund this podcast. Thank-you for your support!

All the show notes, links and anything else I mentioned can be found at https://www.moneypeach.com/session122

EP121: Travel Hacking for the Non-Rich with Travis Sherry Nov 22, 2018

Show notes

For the longest time I have poo-pooed the idea of travel hacking.

For me, it meant you were supposed to go out and sign up for as many travel credit cards as possible. Then, you would try to spend as much as money on each credit card to "chase the rewards."

I remember thinking: Wow! I can spend $40,000 on a credit card and score a free plane ticket - no thanks!

Then I met Travis.

Side note: I met Travis at a little dive bar in Philadelphia last summer through a mutual friend. When he first told me he was a travel hacker...well... I wasn't overly impressed.

Until now!

You see, Travis didn't get his first credit card until he was 28-years-old and to this day he WILL NOT carry a balance or pay a dime of credit card interest.

And yet, he and his family of 3 still travels all over the world on $5 plane tickets, cheap apartment rentals, and some other little-known travel hacks that completely took me by surprise.

Here's what we have in store for you:

• How to get the absolute cheapest plane tickets • Where to look for cheap flights • How to get notified about the little-known flight hacks • How to find cheap apartment rentals • A secret they use for plane tickets using Wikipedia! • How they stayed in a 5-bedroom mansion in Breckenridge with access to the BMW and Hot Tub for free • What Travis recommends as everyone's first step to travel hacking

BONUS: He has a free webinar on Black Friday 2018 to show you the top tips to travel hacking. If you would rather bypass the long lines and learn from a pro, sign up here: https://www.moneypeach.com/travis

All the show notes, links and anything Travis and I mentioned can be found at https://www.moneypeach.com/session121

EP120: When Marriage and Money Come Together - with Andrea Robinson Nov 15, 2018

Show notes

Eighteen months ago I brought my wife on the show to talk about how her and I FINALLY got on the same page with money inside our marriage.

The episode was one of the most downloaded episodes of all time...and then we were told by the news station she was working for at the time that the show would have to pulled down ASAP.

However, she has since retired and now the episode is being relaunched because I know how many of you will be able to relate.

The backstory…

We had just got married, had great jobs, and a really good income. We felt like we were rich...and we behaved like it.

After three years of doing dumb things with money, we eventually went completely broke.

We had maxed out credit cards, overdrafted our bank accounts, had zero money saved, and we were literally sitting there at our kitchen table feeling completely hopeless.

We didn't know what to do. I had a plan but then she had a better plan. She made more money that I did but I was the one who handled the money.

We went through a ton of ups and downs, but eventually came together and big things started happening.

We started saving more money… We started paying off more debt…

We stopped fighting about money… And we did it all together.

Still today, one of the questions I get all the time is, "Peach, how did you get your wife on board with your money plan?"

Here's what we are talking about in today's episode:

• What it takes to get on board • The struggles we faced • What she did that changed everything • How much she spends on a dress today vs 6 years ago • Our "entertainment" monthly budget • The most difficult thing she faced when climbing towards financial freedom • What life is like now we are debt free

What you will find in this episode is the raw truth: it wasn't easy. The number one cause of divorce in North America is money fights and money problems. Somehow we managed to stay married through the ups and downs of our finances, but in the end we are stronger than ever both financially and inside our marriage.

Money truly does touch every aspect of your life…especially your marriage.

All the show notes, links and anything Andrea and I mentioned can be found at https://www.moneypeach.com/session120

EP119: Online Income: The Formula to Multiple Income Streams - with Joseph Hogue Nov 08, 2018

Show notes

Joseph Hogue is an online serial entrepreneur. What I mean by that is he has created multiple different income streams online and has had success multiple times over.

I asked Joseph to come on the show to share his journey with us so we can create some ideas of our own when it comes to generating income online.

Joseph has owned 6 different personal finance blogs.

All of Joseph's blogs have made money and he has even sold two of them.

He has also authored 10 books which he sells passively on Amazon for $2,000/month.

Joseph has an online course on investing which in another stream of income.

He has also grown his YouTube channel by 23,000+ subscribers over the past 10 months.

He knows how to create something from nothing and he's coming on the show to share some of his best tips for getting started online (and in any niche).

Here's what we discuss:

• How he started his blog • Why he recommends self-publishing to make money early on • How to create multiple income streams online • His early success with YouTube • Why creating an online course is extremely profitable • How to stand out from the "noise" in the online space

All the show notes, links and anything Joseph and I mentioned can be found at https://www.moneypeach.com/session119

EP118: Marriage (Sex) and Money - with Tony and Alisa DiLorenzo Nov 01, 2018

Show notes

I am honored to have the hosts of one of the most successful marriage podcasts come on the the show: Tony and Alisa DiLorenzo from the One Extraordinary Marriage Podcast.

Tony and Alisa are experts when it comes to everything marriage: dating, kids, sex, lifestyle, and MONEY.

I of course would like to talk about all of it with them, but on the show this week we are solely going to focus on the money.

Here's what we have in store for you:

• Should couples share a bank account and why (or why not)? • Sex and money - do they relate? • Who costs more - men or women? • A marriage/dating hack that we will be starting ASAP • Creating dreams around life and money • The breadwinner of the marriage • HER money vs HIS money vs OUR money • Best date ideas that won't break the budget • And a few more surprises

BONUS: Andrea Robinson (my wife) comes on as a co-host to help me through this incredible interview!

Side note: I started listening to their podcast about a year ago and found myself always sharing it with Andrea or a good friend of mine. On their show, they talk about EVERYTHING marriage...including the things that many of us would consider taboo.

All the show notes, links and anything Tony, Alisa, Andrea and I mentioned can be found at https://www.moneypeach.com/session118

EP117: The Top 4 Tax Loopholes For Investing - with Eric Brotman Oct 25, 2018

Show notes

Eric Brotman is on the show to share with us the four strategies everyone needs to implement to keep Uncle Sam away from your money.

There are so many different ways to build wealth, but the ones Eric focuses on during our interview all has to do with taxes.

Believe it or not, very simple decisions you make today will have tremendous benefits or consequences later in life. Whether we are talking about a 401k, ROTH IRA, 529, or even some outside-of-the-box strategies, all of them have tax implications.

Here's what we discuss:

What to do with 401k when you leave your job?
ROTH IRA or Traditional IRA - which ones is best for you?
A tax loophole with ROTH IRAs
A tax loophole with your health expenses
A tax loophole with education savings
A tax loophole I may not quite agree with yet...

NOTE: At the end of the show, Eric drops a bomb on me and I wasn't ready for it. You are going to "feel" the awkwardness when Eric mentions something which I am NOT a fan of. But...he does a pretty good job of "bending" me just a little bit :)

All the show notes, links and anything Eric and I mentioned can be found at https://www.moneypeach.com/session117

EP116: Is Gold a Good or Bad Investment? - with Peter Hug Oct 18, 2018

Show notes

Peter Hug has been in the gold industry for nearly 40 years which makes him an expert in my opinion when it comes to gold.

Now to be honest, I am not a fan of gold (yet). In fact, I have never once invested in gold because I have personally never liked gold as an investment.

So, why am I willing to learn more about gold now, right?

First off - I don't know much about gold. One of my rules is I do not invest in things I don't understand. Therefore, investing in gold was never something I was comfortable doing.

Secondly, (I thought) gold didn't have a great track record when compared to the equity markets. From what I do know, the the price of gold has increased by 355% over the past 30 years, while the Dow Jones Industrial Average has increased by 1,255% during that same time frame.

But, now I am also learning that over the past 15 years, gold has outperformed the market. In fact, gold has returned 355% over the last 15 years (same as the 30-year return) while the Dow has returned only 58%.

After seeing the facts, I decided to ask Peter to come on the show to see if he could convince me gold was a viable option. Here are some of the takeaways from my interview with Peter.

Today we discuss:

The history of gold
Why gold is NOT a strategy for "when the world ends"
How gold plays an important role in investing and diversification
How much gold should you invest in?
The overall track record of gold as an investment
When gold is not a good fit
Other investments related to gold

All the show notes, links and anything Peter and I mentioned can be found at https://www.moneypeach.com/session116

EP115: "I just walked away from a 6-figure income" - with Andrea Robinson Oct 11, 2018

Show notes

She's been the leading lady on local tv for nearly 15 years and now, she is stepping into the next chapter. She's also my leading lady in life and the Mama to our crazy kiddos. We sit down and she answers the ONE question EVERYBODY has asked us since she resigned from her position.

"How can you just leave a job? An income? Are you scared?"

Many of you know our debt free story and how we were buried under $52,000 in debt in 2010. For those that don't, well, we tried to keep up with the Jones' for too long and well, it got us in BIG trouble. Expensive cars, stacks of credit cards with racked up bills, way too much crap and trips we had no business going on. We HAD to make some serious changes.

We had to adopt many new habits and behaviors to get rid of the excess and the debt. We still live under those principles to this day. These habits are what made giving up an income and moving into our next chapter of life, completely possible.

During our interview, Andrea and I break down our Top 5 Money Hacks that we still live by today. We credit each one for helping to get us diminish our debt nearly 8 years ago, move into this next current phase of life and still manage to love each other BIG.

Today we discuss:

• The dreaded "B" Word...yep, BUDGET, I know, but it works...however, we have a fancy-schmancy way of spinning it so it feels awesome. • The beauty of Sinking Funds aka little online piggy banks that make for saving for special treats easy and seamless. • The importance of an Emergency Fund. Trust us, that AC unit will go out in June, in Phoenix, while it is 110 degrees outside. • Old Cars. Yes, we drive 10 year old cars with 160k miles on them and we do not care what the peeps next door think. • The "$100" rule. We adopted this years ago and it still happens, with every purchase. It's a must.

All the show notes, links and anything Andrea and I mentioned can be found at https://www.moneypeach.com/session115

EP114: Why Your 401K is a BAD Plan - with Rebecca Walser Oct 04, 2018

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 $21 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...

All the show notes, links and anything Rebecca and I mentioned can be found at https://www.moneypeach.com/session114

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