085. Hitting the Financial Gym

Podcast

REPLAY! Check out one of The 411k original interviews! In this episode, we talk with our favorite accountability coach, Shannon McLay, founder of The Financial Gym. She shares her money story and how she started helping clients get “financially fit.” The Financial Gym pairs you with a Financial Trainer to help create a financial plan and hold you accountable to your goals. Are you ready to get financially naked?

084. Financial Healing with Bari Tessler

Podcast

REPLAY! This is one of the original 411k interviews and it is still one of our favorites. Bari Tessler Linden, M.A., is a Financial Therapist, Mentor Coach, Mama-preneur, and the Founder of The Art of Money. Her methodology weaves together personal, couple, and creative entrepreneurial money teachings into one complete tapestry. The Art of Money integrates Money Healing, Money Practices and Money Maps.

“Money shame is an equal opportunity affliction, and it does not discriminate based on who you are, where you are from, how much you earn, what percentage you save, whether you pay your taxes on time, or what your credit score is.” – Bari Tessler, The Art of Money

083. Social Finances

Podcast

Aleksandra Medina and Katrin Kaurov join The 411k to talk about their startup, FRICH, and how they are making money social! These Gen-Z co-founders created an app so that friends can be accountability partners for one-another. Katie and Katherine ask them all about why being transparent and social about money is important to them as well as what it’s like to be young, female entreprenuers getting funded in the male dominated venture capital space.

082. Wallet Activism with Tanja Hester

Podcast

Tanja Hester joins The 411k to discuss her new book Wallet Activism which teaches all of us how to be more intentional with our money. Wallet Activism, sometimes referred to as “vote with your dollars,” touches on all the different ways that we can align our money with our values – how to identify the Good Guys vs. the Bad Guys when it comes to spending. But also how we donate our money and even where we invest or bank it.

081. First Generation Investors

Podcast

Jully-Alma Taveras also known online as Investing Latina, is a Plutus Award-winning bilingual (spanish) personal finance expert. She is a Dominican Republic-born immigrant living in New York that went from being a shopaholic to a smart spender and diligent investor. In this episode, we discuss the pressure of being the first in your family to invest and how to talk money with friends and family.

080. Intentional Adulting

Podcast

Ashley Feinstein Gerstley, founder of The Fiscal Femme, joins The 411k to introduce her second book, Financial Adulting! This book is more than just your average guide to finances. In this episode, she shares what makes this book different, what inspired her to write it, and what are the financial lessons that we continue to learn over and over again.

079. Tax Season with Atiya Brown

Podcast
Atiya S. Brown, aka The Savvy Accountant, is a CPA in Canada and a Certified Financial Educator Instructor. She joins Katie and Katherine to answer questions about tax planning and tax preparation. Tax season can cause many people anxiety. What’s the difference between a tax credit and a tax deduction? What is a standard deduction? How can I get a bigger tax refund? Why do I owe money? In this episode, Atiya makes these confusing concepts approachable and easy to understand.

077. Divorce Funding

Podcast

Nicole Noonan, CEO of New Chapter Capital Inc., joins The 411k to discuss divorce funding. Nicole is a nationally recognized divorce expert and shares her experience helping families solve financial disputes.

In the United States, we hear that more than half of all marriages end in divorce. With second marriages in the U.S., the divorce rate rises to 65% and for third marriages, the divorce rate climbs to 75%.

Many people save for a wedding but they rarely save for a divorce. Instead they can turn to credit cards, friends, family gifts or divorce funding to help them afford a divorce.

076. Finding Purpose with Miracle Olatunji

Podcast

Miracle Olatunji is a public speaker, content creator, entrepreneur, and author of Purpose: How To Live and Lead With Impact. She is the founder of OpportuniMe, a mission-driven company which helps people and organizations to realize and reach their full potential. She is also building Her Wallet Media, an inclusive and shame-free coaching and financial education platform to help women build their net worth, network, and self-worth. Miracle joins The 411k to share her personal money story and inspire her Gen Z peers to find their purpose!

Wedding Planning

Relationships, Weddings

And just like that… You’re Engaged! Congratulations! As an engagement gift, we’d like to introduce you to our friends Heather Fier, The Wedding Hacker, and Joe Rogers, founder of Contagious Events, who are helping couples get the wedding of their dreams without breaking their budget.

  1. Identify the investors. Who is paying for the day? Are you paying for the entire wedding? Is family contributing? If so, how much? Before you start to create a budget, you need to have the money conversations with any potential ‘investors’ in the day. Also, are there any strings attached to the investments? Does that money go toward something specific? Do they want a say in the day if they are paying? These can be complicated conversations to have with family right but it’s better to have these conversations at the start of the planning process rather than battle it out throughout the planning process.

2. Set expectations: Pinterest is great for getting ideas on trends and themes but it should not be a cut and paste exercise. Beware of trying to exactly replicate what you see on Pinterest. Many wedding photos on Pinterest are sets and photoshoots of models. Set expectations of what you want vs. what is actually achievable.

3. Prioritize: What are the top 3 things that you care about on your wedding day? Is it the food? The music? The people? The dress? The flowers? Now, what are your partner’s top priorities? These priorities are where you will find value in the day. Put your money where your values are. These are the must-haves. Everything else you can cut corners on. When you feel the stress or budget getting you worked up, return to your priorities and remember that these are what you care about.

4. Create a realistic budget: One of the best methods to avoid wedding planning stress is to establish a realistic budget early in the planning process so that you can avoid surprises and anxiety as you get further into the planning process. Joe Rogers and his team created a Wedding Budget Calculator to help get the conversation started around wedding budgets. Note: One of the biggest contributors to the cost are the number of people in the bridal party and attending the event!

5. Negotiate everything: As you begin to work with vendors, remember that the price they offer is just the first offer. Understand the value behind the number and work with them to add value (extra hour of service, free signature cocktail, or hotel room) or decrease the price (20% discount for off-season date or waived ceremony fee)

6. Be thrifty and frugal: The Wedding Hacker has so many ways to be thrifty while planning your wedding. Check out Buy Nothing groups in your local area or Facebook Marketplace for used wedding decor. Poshmark has used dresses or you can rent them on Rent the Runway! You can even DIY flowers from Trader Joes! It comes down to time or money. Make the best choice for you!

HENRY

WTF is

HENRY stands for High Earner, Not Rich Yet

HENRYs work hard to land that six-figure salary but they are consumed with consumer spending, education costs, and housing costs. Despite making between $250,000 to $500,000, they have not saved or invested enough to be considered rich. Of course, you should enjoy the salary that you earn! However, HENRYs are living well beyond your means.

The lifestyle creep is when you start spending more when you earn more. You upgrade your apartment, you buy your friends more rounds of drinks, you travel every weekend for fun, or buy a nicer wardrobe. It’s super fun to live in the moment and feel like Carrie Bradshaw in SATC. But you’re leaving yourself at risk! What if your car break down? What if you lose that job? What about retirement?

Is that money really going where you want? What do you want? Where do you see yourself in 5 years? 10 years? How are you going to get there? More salary comes with more opportunity to set yourself up for a stable and independent life down the road. Instead of treating yourself to costly dinners every night this week, start your emergency fund, pay down your debt, lower your bills, start saving for retirement. You can be rich now if you start being intentional with your money!

Check out our new episode with Jen Smith to learn more about the lifestyle creep!

Cost of Living Adjustment

WTF is

A cost of living raise or adjustment makes up for inflation. When the cost of living goes up (see CPI) by a certain percentage, employee wages should increase by the same percentage. For example, if the cost of living increases by 2% this year, employee wages increase by 2%.

CPI?
Consumer Price Index – this looks across the market at prices to measure inflation. You know your aunt that always talks about how she could go to the movies for $1? Or when grandma used to get groceries for nickels and dimes? That’s inflation! The prices on goods went up (inflated)!

INFLATION?

Inflation is the general rise in prices over time. The combination of supply shortages and pent-up consumer demand has prices soaring right now. Overall, prices increased 5% in May 2021. We are seeing price increases in airfare, housing, restaurants, rental cars, women’s clothing, and nearly every other industry. 

SO MY RAISE?
The end of the calendar year is when most companies host performance reviews and set budgets (and salaries) for the next year. The most recent CPI report showed that the U.S. inflation rate for 2021 reached 6.1% (highest in 30 years). With prices rising across the board, an increase in pay should be a given— otherwise, it’s  effectively a pay cut!

With the tight labor market and high inflation, don’t forget to ask for a well deserved raise based on current rates. A 6% adjustment should be the base for your discussion and then talk performance bonus plus market rates!

529 Plan

WTF is

AKA ‘a qualified tuition plan’ – A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Usually a college fund!

The 529 plan can be set up by a parent and designate a child as the beneficiary of the account. And fun fact – you don’t have to wait until a child is born to start saving money for their education! You can start a 529 plan with yourself as the beneficiary and then add your child as a beneficiary when they are born. There are annual limits on how much you can put in a plan for someone else without paying a gift tax but for the most part, you can contribute what you want.

It is important to note that 529 plans are considered in financial aid packages. This means that your child could receive less financial aid for having money in a 529 plan. Not all savings vehicles are like this. For example, financial aid does not look at ROTH IRAs and you can withdraw this money to pay for education penalty free.

In addition, you will have to pay taxes on the money if it is withdrawn for a purpose other than the intended purpose.

Interested in learning about other ways to pay for school? Check out our episode with Nikki Wells on different ways to fund college education.

075. A Year in Review

Podcast

What a difference a year makes! Katie and Katherine discuss the life events and big financial moves they’ve made over the last year. As a reminder, our hosts are not know-it-all experts. They are living and learning as they go. In this episode, they share some successes, some strange turns, and a few mistakes that got them through this year.

074. Next Generation Investor

Podcast
Kelly Lannan, Vice President of Personal Investing at Fidelity Investments, join The 411k to discuss the next generation of investors. Millennials and Gen Z are doing things differently than those generations before them – getting married later, renting longer, having families later, etc. These generations do not subscribe do the same timeline as their parents or grandparents. However, it’s critical to not put off investing! Kelly Lannan is responsible for educating and inspiring young adults to get more engaged with their finances.

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.

072. Modern Frugal Living

Podcast

Jen Smith, creator of ModernFrugality.com, joins The 411k to talk about what it means to live a frugal life in the modern world. Yes, being frugal can mean saving $5 at the grocery store by shopping sale item but this conversation centers around the big frugal moves like moving to a more affordable city, buying a more modest house on one income, saving an old kitchen table instead of buying a new one. Big frugal moves can save you hundreds or even thousands of dollars. You won’t want to miss this conversation on the benefits of a frugal life.

071. Frugal Food Practices

Podcast

Erin Chase, founder of the blog 5 Dollar Dinners, is on a mission to help busy, overwhelmed home chefs learn to spend less money on groceries. Erin joins The 411k to talk food budgets and how to save money on groceries, so that you can do more with the rest of your budget.

You can find more information about Erin and her money saving resources at 5DollarDinners.com.

070. Get Funded with Ashley Yesayan

Podcast

Ashley Yesayan joins The 411k to talk venture capital! She’s been on both sides of the money. Ashley spent 15 years building and scaling high-growth venture backed technology companies and now, she is the entrepreneur getting funded! Today, Ashley is the founder and CEO of OneVillage, a marketplace connecting cancer patients and their supporters with the content, tools, products, and services they need to make life easier before, during, and after treatment. In this episode, she shares how she started her company and what it takes to get venture capital money needed to scale her business.