rich & REGULAR with Kiersten and Julien Saunders

Latest Episodes:

Ep 153: Q&A | Should I support my husband? We respond to a listeners email. Mar 11, 2024

Show notes

In this episode, we respond to an email from a woman who wanted to know when to give up on a trucking business she started with her husband. The conversation covers topics such as faith, confidence, financial planning and finding the right partners, and we provide advice on calculating the cushion needed to support the business, as well as the importance of psychological resilience in entrepreneurship.
This episode explores the differences in the role credit cards play in personal and business finances, highlighting the potential risks and challenges of relying on credit cards for business funding. It emphasizes the importance of financial planning, business support systems and having a larger cushion in retirement savings.
The conversation also explores finding alternative sources of income, such as side gigs that align with skills and goals. Building relationships, networking, and normalizing backup plans are discussed as essential strategies for entrepreneurial success. The episode concludes with a focus on navigating financial stress and how gender norms affect the relationship dynamic.
Links:

Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes
If you would like to learn more about investing, check out our newest class, Making Money Grow

Ep 152: Katherine Morgan Schafler | The Perfectionist's Dilemma and how to balance your high standards with your happiness Mar 04, 2024

Show notes

Happy Women's History Month 2024! What does it mean to be a perfectionist? Is it a blessing or a curse? How does it affect your relationship with money, yourself, and others? In this special solo episode, Kiersten chats with Katherine Morgan Schafler, a psychotherapist and coach who helps people overcome perfectionism and live authentically.
They talk about the different kinds of perfectionism, how social and historical forces shape them, and how they can be harnessed for good or bad. They also dig into the role of money in self-actualization, the link between self-worth and spending, and how to set financial goals that align with your values. Finally, they share some tips on how to break free from the cycle of self-punishment and embrace your flaws and strengths. In this episode, Katherine Morgan Schafler shares her insights on punishment vs. discipline, defining ‘enough,’ and balancing values and legacy.
Links:

Buy Katherine's book The Perfectionist's Guide to Losing Control: A Path to Peace and Power
Follow Katherine on Instagram or visit her website

Here are some key takeaways from this conversation:

Perfectionism is not a monolithic trait. It can be adaptive or maladaptive, depending on how it affects your well-being and performance
Money can be a tool for empowerment, but it can also be a source of anxiety and insecurity. It’s important to understand how your self-worth influences your spending habits and financial decisions
Setting good financial goals requires knowing what you value and what you appreciate. It also requires being honest with yourself about what you need and what you want.
Self-worth is not the same as self-esteem. Self-worth is about what you believe you deserve, while self-esteem is about what you think about yourself. Both are influenced by your social and cultural context.
Breaking the cycle of self-punishment involves meeting yourself with compassion and understanding. Punishment only teaches us to avoid the source of punishment, while discipline seeks to extinguish negative behaviors through the promotion of positive behaviors.
To define ‘enough,’ start by identifying what is not enough for you and then determine what is enough on a survival level and what makes you feel good. Then, compare your current situation with your ideal situation and see what gaps you need to fill.
Balancing values and legacy involves understanding what you value, how those values show up in your daily life, and what you do not value. It also involves thinking about how you want to be remembered and what impact you want to have on the world.

Ep 151: Raising a rich kid | featuring our son Beau Feb 26, 2024

Show notes

In this episode, we’re talking about how we parent our son Beau and teach him about money. We share our philosophy of raising a rich kid, not by giving him everything he wants, but by teaching him the value of saving and investing from a young age. We also talk about the pressure we feel as parents to provide more for our child, and how we use self-imposed constraints to teach him responsibility. We explain how we use video games and sports as metaphors to help Beau understand the concepts of earning and investing. We also discuss the importance of providing a financial cushion for our child's future, so he can have more choices and opportunities in life. At the end of the episode, we interview Beau himself, who shares his thoughts on saving money.

Beau is six years old and tells us how he learned about saving money from us and from his own experiences. He shares how he explains the concept of saving money to his friends and his teachers. He tells us his savings goals and his dreams of becoming a millionaire. He also reveals his plans to make money as a baseball player. Beau believes that having a house, food, and family are the most important things for a "perfect" life.

We emphasize the importance of not overcomplicating the process of teaching kids about money and making it a normal part of our daily lives. We stress that investing for kids is not something elitist or exclusive, but something fundamental and necessary.

Links:

Learn more about OneUnited bank
Episode 75: Financially Preparing for a Child
Episode 69: Investing for your kids

Takeaways

Teaching kids about saving and investing from a young age is one of the best gifts we can give them as parents.
We don't have to give kids everything they want, but we have to teach them the financial implications and consequences of their choices.
Using metaphors and real-life examples can make the concepts of saving and investing more relatable and understandable for kids.
A financial cushion can give kids more freedom and flexibility in the future, but it also comes with responsibility and accountability.
We have to have open and honest conversations with kids about money and involve them in our financial decisions.
Saving money is a habit that can be developed from a young age, and it can have a positive impact on kids' future.
Putting money in the bank is not enough, we have to teach our kids how to invest and grow their money.

Ep 150: The Confidence Trap | How risk affects your investments Feb 19, 2024

Show notes

In this episode, we talk about the concept of overconfidence in investing, also known as the confidence trap. We explain why confidence is important and how it can either help or hinder us in achieving our goals. We also examine the role of ego in investing and how it affects our self-image as investors and use culinary references and personal stories to make our points. We stress the difference between investing and gambling, and the need to understand and manage risk. The episode ends with some tips for making better investment decisions and seeking advice from experienced investors.

Takeaways

Confidence can be a double-edged sword in investing.
Ego influences how we see ourselves as investors.
The relationship between work and investing can affect our risk appetite.
Investing should be done with a mindset of doing less and avoiding overdoing it.
Investing and gambling are not the same thing.
Calculating risks and considering beta and R-squared can help us make better investment decisions.
Investing should be seen as a slow and steady process, not a fun or exciting one.
Seeking advice from experienced investors and learning from personal stories can give us valuable insights.

Ep 149: Fashion vs. Frugality | How a capsule wardrobe can save you time and money Feb 12, 2024

Show notes

In this episode, we discuss capsule wardrobes and how this approach can help people save time and money. In it, they explore how men and women differ in their adoption of the tactic. Specifically, men are more likely to call a capsule wardrobe a uniform. They also discuss the high costs associated with maintaining a professional wardrobe and what they did during their corporate careers to manage it.
During the conversation, Julien and Kiersten are joined by a special guest, Winston Peters. Winston is a Business and Brand Strategist, Consultant, Adjunct Professor at Manhattan College, and Julien's long-time friend. He is the only person he knows who adopted a uniform; though [interestingly enough] he refers to his capsule wardrobe as an "alphabet" and chooses to always wear the color black
Winston shares how he came to make the decision to adopt this style, the benefits it affords him, whether he encountered any "backlash" as a result of his wardrobe decision and how others have reacted to it over the years.
Connect with Winston on LinkedIn

Ep 148: Is FIRE really a movement? | A special Black History Month episode Feb 05, 2024

Show notes

This week we're diving deep into the heart of the FIRE (Financial Independence, Retire Early) movement and asking whether it's really a movement...or just a quirky personal finance trend.
We explore the intersections of history, finance, work culture, technology, and societal change and discuss what defines a movement, how FIRE has benefited from several larger societal shifts, and how even the tiniest seeds of change, like feelings of embarrassment, fatigue, or frustration, can spark lasting change.
Show notes, articles, research or data mentioned in the episode:
Wall Street Journal: Black Investors Are the Biggest New Group of Stock Buyers
Morningstar: It's Official: Passive Funds Overtake Active Funds
CBS News: Toxic workplaces can harm your physical and mental health, surgeon general says:
Claudia Goldin win Nobel economics prize for work on gender gap:

147: Is a Costco membership worth it? Jan 29, 2024

Show notes

What does it mean to be a Costco member in 2024? This week we’re loud budgeting our grocery bill and discussing our recent decision to get a Costco membership. We share our initial impressions of the store, the perks we have enjoyed so far, and a few factors to consider when deciding whether a Costco membership is right for you.
Food is a Big 3 expense for most households and with recent price surges, many people are feeling the squeeze on their budgets.

Throughout the episode, we encourage you to think critically about your shopping habits and preferences and ask yourself how much you truly need, how much you can store, and how much money you can save. We also talk about the importance of understanding your consumption, being mindful of food waste, and supporting your community through responsible shopping practices.

Ep 146: Jamila Souffrant | Finding Freedom within a Framework Jan 22, 2024

Show notes

This week our guest is Jamila Souffrant, host of the Journey to Launch podcast and author of the new book, Your Journey to Financial Freedom. In this conversation, we discuss her journey to financial independence and the lessons she has learned along the way.

We talked about how she reached her breaking point and decided to pursue financial independence, how the FIRE movement inspired and challenged her, the importance of including various options in personal finance education, and the impact of immigration stories on financial journeys. We also discuss the challenges and strategies of raising financially savvy kids and the evergreen principles of financial education that apply to anyone.

Jamila believes that building wealth is not about chasing the latest trends or optimizing every penny, but about finding a balance between what makes you happy and what makes you secure. She shares the importance of taking a 'boring' approach to building wealth, encouraging you to focus on sustainable and fulfilling strategies rather than constant optimization. She also emphasizes the value of investing in low-cost index funds and retirement accounts as a foundation for financial security.

Get Jamila’s new book, Your Journey to Financial Freedom wherever books are sold. Subscribe to the Journey to Launch podcast and keep up with Jamila on Instagram, X, YouTube and Facebook.
Takeaways

The journey to financial independence often starts with a breaking point, where individuals realize they can no longer accept their current circumstances.
The FIRE movement can be a powerful tool for achieving financial independence, and it is important to find resources and communities that resonate with your personal journey.
Including various options and frameworks in personal finance education allows individuals to find a path that aligns with their goals and values.
Immigration stories can provide valuable lessons and inspiration for financial journeys, highlighting the sacrifices and determination required to create a better life.
Teaching children about money and investing should focus on the concepts of income, expenses, and the importance of balancing present enjoyment with long-term goals.

Ep 145: 4 Common Layoff Mistakes to Avoid Jan 15, 2024

Show notes

In this episode, we’re peeling back the layers of the recent layoff phenomenon, a storm that’s been brewing and hit hardest in 2023. Our take is that it’s not just about job loss; it’s a cultural shift within organizations that leaves a lasting imprint. This episode is here to help you navigate this storm, armed with insights and strategies that improve your chances of success.

We’ve identified four common mistakes that people often stumble into post-layoff: assuming it won’t happen again, the temptation to keep it a secret, neglecting hard skills and certifications, and leaving a 401(k) with a former employer. These are not just mistakes; they’re missed opportunities for growth and resilience. If anything this episode is a reminder of the importance of staying the course even when faced with adversity. It’s about weathering the storm, not avoiding it. So join us, we’ve got a lot to talk about.

Links:

Takeaways

Layoffs have become more common, and it is important to be prepared and proactive in navigating the challenges.
Assuming layoffs won't happen again can leave you unprepared and vulnerable. It is important to be aware of the signs and be proactive in protecting yourself.
Keeping a layoff a secret can hinder your ability to find new opportunities and receive support from your network. It is important to be open and transparent about your situation.
Neglecting hard skills and certifications can limit your job prospects. It is important to continuously develop and update your skills to stay competitive in the job market.
Leaving your 401(k) with your former employer can result in missed opportunities for growth and potential fees. It is important to consider your options and make informed decisions about your retirement savings.
Roll over your 401k account into a different retirement account to minimize fees and contribute to your retirement.
Leaving your 401k with an old employer can lead to losing track of your investments, limited access, and changes in investment allocation.
Update beneficiary designations to avoid complications
Understand the difference between direct and indirect rollovers and the importance of investing the funds in your new account.
Use the time to consider opening a different investment account and continue investing even after a layoff

Ep 144: JL Collins | Find a Path or Make One Jan 08, 2024

Show notes

This week, we have a special guest: JL Collins, the Godfather of the Financial Independence movement. He’s here to talk about his new book, ‘Pathfinders’, where he shares the stories of people who have achieved financial freedom in different ways. He shows us that there is no one-size-fits-all formula for success, and that we have to find our own path based on our values, goals and circumstances. He also tells us why we should embrace failure as a learning opportunity, how he measures quality of life, why we should all craft a unique life that aligns to our values, the importance of putting family first, and how he stays optimistic in a world full of uncertainty. This is a conversation you don’t want to miss, because JL Collins is not only our mentor and friend, but also one of the wisest and most generous people we know.

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