095. Like Mother, Like Daughter

Podcast

Rachel and Rebecca Pino are a mother and daughter duo providing women with sound financial advice. Rachel (the mom of the duo) runs her family’s financial firm as CFO. Raising Rebecca, she instilled financial advice in her daughter. In between sharing family money stories, Rebecca and Rachel teach us how to shop for a financial planner and what mistakes to avoid when it comes to retirement planning.

For more information about financial planning for retirement, check out our blog with Money Her Way.

094. Sinking Funds

Podcast
Millennial money coach, Farrah Turcotte, joins The 411k to talk sinking funds. She shared her strategies for keeping her budgets in check while still offering herself the grace to make mistakes. From every day spending to big life event type expenses, Farrah teaches us how planning ahead and using sinking funds can help us take control of our finances.

092. First Hustle Then Brunch

Podcast
Jazzy Thatch, founder of First Hustle Then Brunch, joins The 411k to talk about side hustles. We have a lot of questions about hustle culture including where to start and how to balance it all. Jazzy has tried a lot of different jobs so she shares from personal experience what works and what doesn’t.

090. Money & Happiness

Podcast

We talk a lot on the show about how emotional money can be and we hear a lot about money shame, guilt, and grief. But today we want to talk about happiness! Melissa Leong, author of Happy Go Money, joins The 411k to talk about how happiness and money are intertwined.

Melissa challenges Katie, Katherine and the audience to answer two questions…

(1) On a scale of 1 to 10, how happy are you right now? (10 being the happiest)

(2) How much money would you need to become a 10?

Tune in to hear what research shows about these questions!

Credit Score

WTF is

A credit score (also known as FICO score) are numbers that represent the creditworthiness of a person, the likelihood that person will pay their debts. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending money to consumers.

Your credit score is made up of several factors that have a different weight on your score. 

PAYMENT HISTORY is a large contributing factor to your credit score. Banks and credit card companies want to know that you can pay back your loans on time.

AMOUNT OWED (also known as credit utilization) refers to how much credit you are using at any given time compare you how much is available to you. If you have a credit limit of $10,000 and you’re spending close to that limit each period, you are going to look more risky, even if you are making payments on time.

CREDIT HISTORY meaning the length of time that you’ve had access to credit (number of years you’ve had a credit card or loan). This is one that you might have less control over but the key part is to keep your accounts open so you have years of proof that you are a responsible borrower.

CREDIT MIX (# of loans vs credit cards) and applying for NEW CREDIT are also contributing factors. A variety of credit is good but always applying for new credit accounts can look risky.

As you can see, there are a lot of contributing factors to consider. The general rules are (1) make your payments on time and (2) keep balances low.

BONUS: WTF is a Credit Limit?

Increasing your credit limit is an easy way to improve your credit score and all you have to do is request an increase! CNBC reported that Americans have an average of $22,751 in credit available to them across all their credit cards. 

A credit limit is the amount of available credit you have or the amount of money you would have access to on your credit card. By itself, it doesn’t have much impact. But credit utilization, the ratio of amount owed against the amount available, can make a big difference. 

Some credit issuers automatically increase your credit limit if you have made 6-12 months of on-time payments. If you do not receive an automatic increase, usually all you have to do is ask! You can usually request an increase in the banking apps or call the customer service line for the credit card. The bank will check if you have a healthy credit history and then let you know what you are eligible for. It’s as easy as that!

If you are not regularly making on-time payments or you know you are a big spender, increasing your credit limit might not be the best idea. Consider your whole financial picture before making big moves across all your credit cards. 

When used in a healthy manner credit can be useful and rewarding. To learn more about credit scores, check out our episode with Gerri Detweiler available on Apple Podcasts, Spotify and iHeart Radio.

073. Scrappy Investing with Amanda Holden

Podcast

Amanda Holden, aka Dumpster Doggy, joins The 411k to get real about investing. Starting at 21, everyone is telling you to start putting money into a retirement account. Yes, we know that we are in a retirement crisis but there is so much more that we can learn about how to make our investments work for us. Amanda makes money fun and relatable so tune in to learn more about how to better understand how investing works.

069. Negotiating the Job Offer

Podcast

Danielle Evans, aka Dollars with Dani, joins us to share her wisdom on how to research market salaries and negotiate a job offer to get what you want. The job market is hot right now and economists are calling this period The Great Resignation. With people transitioning jobs in record numbers, it is critical to know how to negotiate for appropriate compensation. Don’t miss these tips from an HR insider and money coach!

049. An Abundance Mindset with Leisa Peterson

Podcast

We are so grateful to have Leisa Peterson join us to talk about scarcity and abundance. No matter how much money we end up earning, saving or investing, deep inside we can still hold on to a sense of lack and deficiency about who we think we are. Leisa Peterson shares some insight into her 7 Step Prosperity Ladder to help us develop an abundance mindset. Check out this episode as well as her book, The Mindful Millionaire, to learn more!

048. Her Two Cents with Charlotte Cowles

Podcast

Charlotte Cowles writes My Two Cents, a weekly column about money, for New York Magazine’s The Cut. She joins us to talk about her transition from a stable job with benefits and a salary to working for herself as a freelance writer. Tune in to learn more about how she is offering comfort and advice to those who write to her during the pandemic and it’s constant instability.

037. Healthy Financials and Healthy Births

Podcast

GUEST: OLIVIA FRIEL

Olivia Friel is a mama, birth and postpartum doula, and a holistic pregnancy consultant. She is the founder of Healthy Balanced Birth, a platform for expectant mothers, partners, new parents, and birth professionals. She provides her clients with information about pregnancy, birth, postpartum, and parenthood that is specifically catered to their individual needs. She is also the voice behind the Healthy Balanced Birth and Beyond Podcast – a safe space dedicated to sharing stories and resources about everything within the birth space, specifically topics that are not talked about enough. 

KEY TAKEAWAYS:

Note: These numbers are averages as of August 2020 and vary by state and hospital.

Having a baby in Massachusetts on averages costs:

Vaginal birth with insurance: $7,741.64
Vaginal birth without insurance: $14,549.03

C-section with insurance: $11,012.54
C-section without insurance: $19,879.60

Hospitals generally charge more! On average, hospitals charge $15,000 for vaginal delivery and $30,000 for a c-section!

Home births range from $1,500 to $3,000 paid directly to the midwife.

On average, other expenses including supplies, labs and doula can add on an additional $2,000. An epidural costs on average $2,100.

Prenatal Testing such as ultasounds cost on average $280. CVS testing for abnormalities and chorionic villus sampling can cost $1,300 to $4,800. For high risk pregnancies, amniocentesis can cost $1,000 to $7,200.