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Marriage Kids and Money

Are you looking to improve your family's financial wellness and create a life of true wealth and happiness? The Marriage Kids and Money Podcast is dedicated to helping you do just that. Each week, Andy Hill interviews millionaire parents, couples who have reached financial independence, and financial industry experts like Jill Schlesinger, Chris Hogan, Paula Pant, JL Collins and Rachel Cruze (the daughter of Dave Ramsey). These interviews are meant to provide you with easy-to-understand information and actionable takeaways you can use to give your family the life they deserve. With over 250 episodes and counting, Marriage Kids and Money has been the recipient of multiple awards such as "Best Family Finance Content" by Plutus and has been featured in major media outlets like US News and World Report, CNBC and Kiplingers. Show topics include everything from how to pay off your mortgage early to how to help your kids become future millionaires (who are generous). Join the family wealth-building conversation by listening to this 5-star rated family empowering podcast today!
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Now displaying: 2020

Are you looking to improve your family's financial wellness and create a life of true wealth and happiness?

The Marriage, Kids and Money Podcast is dedicated to helping you do just that. Each week, Andy Hill interviews millionaire parents, couples who have reached financial independence, and financial industry experts like Chris Hogan, Paula Pant, JL Collins and Rachel Cruze (the daughter of Dave Ramsey).

These interviews are meant to provide you with easy-to-understand information and actionable takeaways you can use to give your family the life they deserve.

With over 200 episodes and counting, Marriage, Kids and Money has been nominated as “Best Podcast of the Year” and been awarded “Best Family Finance Blog” by Plutus. Show topics include everything from how to pay off your mortgage early to how to help your kids become future millionaires (who are generous).

Join the family wealth-building conversation by listening to this 5-star rated family empowering podcast today!

Jul 27, 2020

Want to learn how to become a millionaire by age 30?

Lisa Schader from Money Fit Moms shares the 7 steps she took to become a young millionaire and take her family to the next level of wealth and happiness.

With these steps, we're hopeful you will achieve your own version of financial independence and financial freedom as well. 

Jul 20, 2020

Looking to create a financial independence plan? Let's define what financial independence means to you and review the tools to get you there.

Also, we chat with Deacon Hayes from Well Kept Wallet about how he paid off his mortgage in 5 years and how others can do the same!

Jul 13, 2020

Think your child is better suited for a career in the trades instead of traditional college?

Find out how your teen can earn a high paying job with no college degree from Ken Rusk, Author of "Blue Collar Cash". He discusses six-figure career options for your teenager and why selecting a college for the "experience" might be something to think twice about. 

Jul 6, 2020

Early retiree, Steve Adcock, joins us to answer a listener question from David who wants to retire by 40. He discusses what FIRE (financial independence / retire early) means, how to reach early retirement and how side hustles can help. 

We also hear from the Founder of Qube Money, Ryan Clark, about why cash envelopes are more effective than using credit cards. He also shares how their new fintech solution gives you the best of both worlds. 

Jun 29, 2020

Are you interested in achieving financial independence, but the traditional path seems too difficult to reach? Slow FI might be your ticket to a happier and more fulfilling life.

Jessica from the Fioneers explores how Slow FI helped transform her life and we also discuss the different levels of financial independence people can achieve throughout their life. These periodic wins can be helpful (and potentially more satisfying) along your path to financial independence. 

Jun 22, 2020

Have you heard of Coast FIRE or Coast FI? We're learning all about this retirement planning strategy with Sam Dogen from Financial Samurai.

Also, we chat w/ Sarah Philips from 4 Pocket Allowance about helping your kids become mortgage-free in the future.

Jun 15, 2020

We've reached episode 200 of the podcast!!

On today's show, I am interviewing my son Calvin, my daughter Zoey and my wife Nicole. Every 50 episodes, I've done this as a way to remind myself and my family that they are the most important people in my life.

For episode 200, we're chatting about our crazy 2020 year so far. We touch on job changes, Coronavirus, and racism.

Jun 8, 2020

Jedidiah Collins, CFP explains how Roth IRA investing can help you increase your wealth as you move through your financial freedom journey. We discuss the advantages of a Roth IRA, how you'll save on taxes and how to open an account today. 

Jun 1, 2020

After nearly 10 years of focus and partnership, our young family just hit the millionaire mark! Here are the 10 steps we took to become young millionaires.

Also, we hear from Colin Nabity from Breeze about the importance of long term disability insurance and why young families might need it. 

Lastly, my daughter Zoey and I talk about how to set up a chore and reward system for your kids. 

May 25, 2020

Where does giving back and generosity fit in when pursuing financial independence?

Author Dave Mason thinks it should be a major part of everyone's FIRE journey. He shares 3 ways for you to give back as you are working toward your version of financial freedom.

May 18, 2020

Are you wondering if you have enough saved for retirement? Joe Saul-Sehy shares why we should focus on our expenses over income when it comes to retirement. Also, Bob Lotich shares how he went from $46,000 in credit card debt to mortgage-free.

May 11, 2020

Do you want to achieve financial independence? Author of The Simple Path to Wealth, JL Collins, shares how we can all work to achieve financial independence through index fund investing. We review how to start your journey to financial independence, where to invest your money and why index funds are a better investment choice. 

May 4, 2020

Student Loans are already a confusing subject. Now when you add Coronavirus into the mix, it becomes even more complicated! Robert Farrington from The College Investor joins us to explain why you shouldn't pay back your student loans right now. 

Also, we hear from Brian Harrison from SAVVI Financial about how we can take 3 steps to financial empowerment this year. 

Apr 27, 2020

Patrick Aime shares his journey around the world that helped him go from bankruptcy to a young millionaire in a decade even in the midst of a recession.

Apr 20, 2020

With all the pay cuts, furloughs and job loss from the global pandemic, families are looking to save some money quickly. Here are 10 ideas to consider that will help you and your family save money during this quarantine season. 

Apr 13, 2020

Couples financial counselor Adam Kol stops by to share smart strategies to end money fights and improve communication in your relationship.

Apr 6, 2020

This season of a global pandemic has caused a lot of issues for families. Elle Martinez and Andy Hill discuss ways for parents to thrive financially and personally in this crisis. They discuss how to handle debt, investing and parents working from home.

Mar 30, 2020

Keith Robinson shares his journey to becoming mortgage-free and offers tips for anyone who wants to pay off their mortgage early. We also discuss how complete debt freedom gives his family security during a financial crisis.

Mar 23, 2020

As a featured speaker at Ally Invest's FOMO Free Financial Future Conference, I had the chance to speak about our family's pursuit of financial Independence and my thoughts about the FIRE Movement.

Read the full blog post:  MarriageKidsandMoney.com/fire-movement-pros-cons-financial-independence

Mar 17, 2020

The potential recession has already had an impact on our family and we expect things to get worse before they get better. Here is how we're preparing financially and personally for our new normal.

Mar 16, 2020

Do you want your child to understand money better or become a teen entrepreneur? Rob Phelan of The Simple Startup shares his tips to make that happen.

Mar 9, 2020

Michael Lacy and his wife had $61,000 at the start of their marriage. After failing to get his wife on board with paying off the debt, Michael opened up to his wife and shared why it was so important. Here's how they partnered to pay it off in 16 months.

Mar 2, 2020

After sitting on the sidelines of the real estate investing conversation for a few years, I'm ready to become an investor. But it's going to be the minimalist way. Here are 3 real estate investment options that honor minimalism and keep things simple.

Feb 26, 2020

There may not be a single right way to achieve financial freedom, but supersizing your savings is certainly a powerful strategy.

But what does supersizing your savings mean? More importantly, how does someone go about doing that?

I sat down with Kelly Smith from Freedom in a Budget to learn more about how she and her husband are crushing their goals and enjoying their lives while living on 50% of their income. 

In our chat, Kelly proves that budgets aren’t constricting. They’re a pathway to freedom. She shares details on making the decision to take the 50/50 path, milestones they’ve already crossed, and where they are headed. Plus, she offers actionable steps for people who want to make more money and want to make saving 50% of your income a reality. 

How They Decided to Live on 50%

Although she adopted a frugal lifestyle prior to getting married, Kelly wasn’t always a super saver. In fact, she says that there was a time in her life when her car was repossessed and her electricity was turned off. She recalls living off spaghetti and butter—not just because she loves pasta—because it was a cheap meal her bank account could actually afford. Before she got on the 50/50 path to savings, any time she saw money in her bank account, she was tempted to spend it. If her balance was $20, she interpreted that as having $20 to spend. She didn’t think much about saving. 

Once she realized the value in savings, she began to reevaluate how much she was spending and how little she was saving. She says that she quickly pushed the pedal to metal in order to get more aggressive with her finances. After her “enough is enough” moment, she started budgeting and closely tracking all of her purchases. Once she started putting the time into monitoring her money, she realized that she actually had more leftover than she thought. Tracking her spending reduced her impulse purchases, allowing her to have $200 leftover at the end of one month. Motivated by that progress, she says things started to snowball. 

Prior to getting married, she and her fiancé decided that living on 50% of their income was an important goal. It required some back and forth and open communication. Kelly quickly realized that even though she was interested in living as a frugal spreadsheet fanatic, her husband had other interests. She says that he does eat out more than her, but that works for them. The most important thing is that they dream and plan together. She says that one of the most helpful reminders they give each other is: “If we do this, then we can also do that.” That helps them stay focused on all the opportunities the 50/50 path affords them.

The Financial Milestones They’ve Achieved Living on 50%

Saving 50% of your income can push you closer to your financial milestones faster than you’d imagine. Though Kelly and her husband have only been living on 50% for a handful of years, they are checking boxes on their goals. Here are some of the milestones they’ve already crossed.

Affording The Wedding of Their Dreams

As a South Florida resident, Kelly points out that the cost of living in her area is high. In fact, she mentions that it isn’t all that unusual to see some people spend close to six figures on celebrations like weddings and even bar mitzvahs. When she and her fiance started talking about their own wedding, Kelly knew that she was not interested in spending six figures. She didn’t want to spend anything close. Ultimately, she and her fiance worked with a wedding coordinator to design a wedding they loved for around $30,000. Their ability to live on 50% of their income allowed them to pay cash for their dream wedding.

Buying Her Dream Car in Cash

Kelly also purchased the car of her dreams. Though people often mistake it for brand new, she drives a 2016 Jeep Cherokee. This purchase is something she and her husband started saving for right after the wedding. It took them a little over a year, and then she was able to buy a car she loves in cash. She emphasizes two things: combining finances let them hit their goals faster, and her new-to-her car is a true luxury vehicle compared to what she used to drive.

Saving for a House Downpayment 

After crossing two big milestones on their 50/50 path, Kelly and her husband had another goal to conquer: buying a house. To do this, Kelly and her husband started to make small cutbacks in different parts of their budget. She says her goal was to see where they could save even more money. By earning more money and reducing their expenses, they were able to buy sooner than they thought. The fact that closing costs were less than she originally thought helped, too. Thanks to the work they put in as a couple, they were able to afford a down payment on a home mortgage of over $370,000. 

Planning Your Finances on the 50/50 Path

It’s clear that the 50/50 path leads to financial freedom. How exactly do you go about saving 50% of your income? You have to plan for it. That kind of aggressive savings doesn’t happen on accident. Kelly is a self-proclaimed numbers and Excel nerd. That means that she deals with a lot of the household numbers and data. 

However, their planning truly is a team effort. She and her husband make time each month to go over their financial wins and failures of the previous month. Together, they also review their progress toward monthly and yearly goals. This helps them understand how much of their income is going towards savings and how much their net worth is growing.

Setting Goals for the Future

Because Kelly and her husband are still living on 50% of their income, they know they can continue to set ambitious goals. After taking an Alaskan cruise this year, Kelly says travel will continue to be a big goal for them. She also says that they hope to close on their first rental property by the end of the year. Specifically, they are looking at saving up in order to put 20% down on a 30-year fixed mortgage. It’s no small feat in a high cost of living area, but she thinks they are up for the challenge. 

How others can go from 0% to 50%

It’s hard, maybe even impossible, to hear Kelly’s story and not want to start saving 50% of your income. But if you’re not saving anything, is it even possible? Of course it is. After all, that’s exactly where Kelly started. 

Kelly’s advice is to simply start by creating a written budget and committing to tracking your spending. To avoid this becoming a daunting and time-consuming task, Kelly suggests spending a few minutes every few days looking at your numbers rather than waiting until the end of the month. In addition to saving you time, you can also make corrections as you go. If you notice that your grocery spending is nearing the top of your budget in the middle of the month, shop your own pantry for meal ideas for the next week. Once you start to end the month with money leftover, make sure to send it to savings or invest it. 

How to Make More Money

In addition to cutting costs, Kelly and her husband worked hard to make more money. Since she started her YouTube channel four years ago, Kelly says their income has grown over $100,000. Both she and her husband have earned raises. He also changed jobs. Plus, they both side hustle. 

Kelly says there are so many side hustles available to people. While they may not always be fun, the extra income does add up quickly. Even if you feel that side hustling isn’t right for you, Kelly challenges everyone to reconsider that. In particular, she says working overtime is a great side hustle. When she found her overtime hours getting cut, she asked to help out in a different department. That meant extra training and working overtime in a role that wasn’t her real passion. Still, she knew it wasn’t a career change—it was only a side hustle. 

Of course, the key part of making more money is also to save it. Kelly says that she and her husband will celebrate with dinner at a nice restaurant. However, they also work to keep lifestyle inflation in check. One way that Kelly recommends people do this is to increase their retirement accounts when they land windfalls, like raises or bonuses. 

Final Thoughts on Living on 50% of Your Income

No matter where you are on your personal finance journey, you can learn to start saving 50% of your income. Check out Kelly’s Freedom in a Budget YouTube channel archives to see her own progress through debt on a low income if you are at the start of your debt pay down journey. Her more recent videos are great reminders of the power of building income, investing, and living on 50% of your income. If financial freedom is a destination you want to reach, explore how the 50/50 path can help you get there. 

Feb 24, 2020

Imagine being able to take your side hustle to the next level and quit your full-time job?

That’s exactly what Kelan and Brittany Kline managed to do after working on their blog for over a year. They were able to leave the shackles of their day job and go full-time with their passion project: The Savvy Couple, a blog and community that helps families organize their lives, simplify their finances and unlock the freedom to do more of the things they love.

We chat about how they get into blogging as a side hustle, how they first started making money and their future plans for their business and family.

https://youtu.be/c3vmB3_cua8



Discovering the Idea of Blogging

Kelan and Brittany both had full-time jobs before getting into blogging. Brittany was a 4th-grade teacher, while Kelan worked in law enforcement and was a jail deputy.

Kelan wasn’t too happy in his job. He was doing forced overtime, had to work on weekends and felt burnt out. Although Brittany enjoyed her job, they were working opposite hours, and so weren’t able to see each other much.

Eventually, they sat down at the dinner table and decided to make a plan. They saw how other bloggers were making a full-time income, such as Michelle Schroeder Gardner and Bobby Hoyt. They saw their blogging income reports and decided that they could do it too.

One summer, they decided to get into blogging as a side hustle. The low upfront costs meant they could get started away.

How was their financial situation at the time?

  • $40,000 in debt, most of it being Brittany’s student loan debt.
  • And a mortgage payment that made them feel it was difficult to make ends meet

Brittany is the saver in the family whereas Kelan is the spender - this creates a nice balance in their marriage.

Kelan and Brittany Kline, The Savvy CoupleBrittany, Kallie and Kelan Kline

How They Made Their First Dollar

They started blogging in the summer and treated it mostly as a passion project. They shared stories, helpful tricks and wrote about how they budgeted and stayed frugal. For the first 9 months, they would work nights and weekends to get their blog off the ground.

At the 9 month mark, a company reached out to them for a $100 sponsorship deal. Although Kelan negotiated it down to $50 (lesson learned!), they immediately knew that this was a sign that they could make money blogging.

One week later, Kelan started making a plan to quit his job. 

Related Interview: Building a Million Dollar Blog in Your 20’s – with Michelle Schroeder-Gardner

Transitioning into Blogging Full-Time 

Kelan and Brittany had one year’s salary saved up and had successfully kept their expenses low. Kelan quit his job and picked up some freelance work. He was working with VIPKid and doing some digital marketing work for a company. This meant the transition into blogging was nice and smooth. 

Brittany was 100% supportive of Kelan quitting his job. She saw how excited he got and discovered a new person in him when he stopped complaining about his job. This excitement is what encouraged her to consider quitting her job later on.

Four months into entrepreneurship, Kelan was wondering if he should focus on The Savvy Couple or on other freelance projects. He was making the same hourly rate with his blog as with his other side hustles.

His side hustles were teaching him a lot; the digital marketing work meant he could learn about SEO, Wordpress and digital marketing, essential skills for his blog. After asking for some advice and thinking about it, he decided to take the leap of faith and focus 100% on the blog. 

Related Interview: How to Make $10,000 Per Month Working From Home as a Writer – with Eric Rosenberg

How They Made $250,000 Last Year

Kelan and Brittany made a staggering $250,000 last year.

Nearly 50% of the money came through sponsorship deals. They had built an audience, an email list and a good social media following, so companies pay them to promote their products.

To many companies, it’s much cheaper to pay for ads through “micro-influencers” such as Kelan and Brittany than to pay for a TV ad or a billboard. The Savvy Couple only promotes products they use themselves. They have a reputation and are highly trusted by their audience, so they need the products to align with their brand. 

Later that year, Kelan and Brittany had a baby daughter, Kallie. That's when Brittany decided she preferred to stay at home to be able to take care of her. Also, the blog was making more money in a month than she made in a year. It was a no brainer. 

Plans for their Business, Money and Family

Thanks to booming business and efficient financial planning, the Kline family is now debt-free. They aren’t so stressed about their money, and instead are focused on building their legacy. As they say, they went from surviving to thriving. 

Their next goal is to become financially free by 35. To Brittany, financially free means not having to worry about money. To Kelan, that means being able to drawdown 4% from their portfolio every year. 

Currently, most of their money goes back into their business. Kelan takes out a salary, and they’re also able to max out their IRAs, contribute to their taxable accounts and keep their checking accounts as lean as possible. They’re also proud to say they have a Savvy Couple team, which consists of a Virtual Assistant and a freelance writer

The new challenge has been managing their time between a baby, a business and their marriage. They’re still trying to figure it out: usually, Kelan does the work during the day and Brittany does it at night. They focus on getting 4 hours of solid focused work done each per day, totaling around 20-30 hours per week.

Related Article: 26 Smart Ways for Moms and Dads to Make More Money

Advice For Others

Kelan and Brittany have some excellent advice for others. When it comes to blogging, they say it's essential you’re doing something you're passionate about. It must be something you’re willing to work on full time. This is because when it comes to blogging, you’ll be putting a lot of upfront time and effort. If you love what you do, it’ll be easier to stay motivated. 

For those who are looking to increase their blogging income, Kelan recommends to stop seeing the blog as a hobby and more as a business. Your blog needs to have a business model, and you need to treat it as a profession. Once that happens, stuff gets serious and so does the money!

Kelan and Brittany’s story is an inspiring adventure of managing finances, getting out of debt and working together to build a business that started out as a hobby. From thousands dollars in debt to making over $250,000 in a year from a business they love, it's easy to see why their blog is so successful!


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Questions?

I’d love to hear from you!

If you’d like your question featured on the show, reach out and let me know. It would be my honor to support you in your journey toward financial freedom.

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