Our family has reached Coast FIRE!
After saving and investing over $500,000 before our 40th birthdays, we are pumping the breaks on investing for retirement and focusing on other goals in our lives.
Find out how we did it and what those goals are in today's episode.
Also, for our Be the Change segment, Ed Grocholski from Junior Achievement shares why it's important to teach kids financial and entrepreneurial skills ... especially after the pandemic.
Lastly, we have another money quiz with my daughter Zoey and we'll read the review of the month!
Wallet Burst Coast FIRE Calculator: https://walletburst.com/tools/coast-fire-calc/
Compound Interest Calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator
Junior Achievement: https://jausa.ja.org/
Are you feeling like you're simply reacting to the moment right in front of your face?
Yeah, we've been there (and still catch ourselves doing it). It's in our nature evidently.
But how can we get out of reaction mode and into planning mode?
Nicole and I explore how we've improved as parents and what we're doing to continue that improvement by thinking more than one step ahead.
Peaceful Parent, Happy Kids: How to Stop Yelling and Start Connecting: https://amzn.to/3jFKxFk
What would it be like to win $1.2 million in Vegas?
Life-changing, yes, but for good or bad?
Adam & Danielle Silverstein, from the Marriage & Martinis Podcast, share how this windfall affected their marriage. They also share advice for other couples looking to communicate around finances in their relationship.
Marriage & Martinis: http://www.marriageandmartinis.com
The 5 Love Languages by Gary Chapman is a book that has really helped our marriage. The concept may be simple, but it can be difficult to remember when you're in the midst of work, busy young parenting, and global pandemics.
When we do remember to love each other the way we like to be loved, our relationship truly grows. Nicole and I discuss what our love languages are and discuss our rocky path to finding how each of us likes to be loved.
The 5 Love Languages: https://amzn.to/2Y8rEmp
1 in 3 Americans has a side hustle in 2021. This number has grown significantly over the recent years.
So ... why the growth? What is the attraction to the side hustle?
To help us answer this question and to discuss the benefits of a side hustle, I’ve invited Daniella Flores to the show today. Also known as the Side Hustle Queen, Daniella is the creator of "I Like to Dabble", an award-winning global platform that helps creatives and LGBTQ+ folks start side hustles and get their financial life and future in order.
I Like to Dabble: http://www.iliketodabble.com
This past week, we received a lot of negative feedback for paying off our mortgage early. We're very happy with our decision and realize it's not for everyone.
But we have to ask ... are we wrong for paying off our mortgage?
What do you think?
Yolanda wants to pay extra toward her mortgage but she’s not sure if she’s doing it correctly.
Holden Lewis, a Mortgage Expert from NerdWallet, joins me to help her out.
We discuss how to ensure your extra mortgage payments are going toward the principal and how refinancing your mortgage may fit into the picture.
Also, we hear how Mike Kenny, from Ontario, became a millionaire Dad by 33!
Mike Kenny: https://twitter.com/mike_kenny3
I tend to tell my wife everything ... but is that the right way to go?
My friends often tell me I'm TOO open with her. Nicole and I discuss that openness and try to determine "a line" where enough is enough with our honesty.
What do you think?
Want to become a millionaire?
Jeremy Schneider from Personal Finance Club thinks index funds are a great place to start with your investing journey. Here’s how to invest simply and effectively today.
Personal Finance Club: http://www.personalfinanceclub.com
Do you think "living on a budget" feels like a life of restriction?
Nicole and I discuss our history with budgeting over our 10-year marriage. We share our feelings on the term "living on a budget", our pros and cons of budgeting, and our takeaways for couples considering their first budget.
With the “Great Resignation” in full swing, Tori Dunlap shares how to we can make the decision whether to return to work or start a business.
She shares her personal experience after leaving her career to become a business owner.
Are you considering working with your spouse? Depending on how things are arranged, this could either be a great way to connect more or a complete disaster!
Nicole and I discuss the pros and cons of working together over the past year. We explore ways for our working relationship to improve so we can have a happy marriage too.
Holderness Family Interview: https://marriagekidsandmoney.com/podcast/holderness-family-everybody-fights/
Brian Preston from The Money Guy Show cautions young investors not to pay off the mortgage too early.
Here’s why he feels passionate about not rushing to have that paid-off house.
The Money Guy Show: https://www.moneyguy.com/
With the cost of college rising and rising year over year, as parents, we have to ask ourselves "Is college worth it?"
Nicole and I debate the topic and discuss our college plans for our children. We have some excellent contributions from the live stream audience and we share some collective takeaways on the "college vs. no college" debate.
UNest (brokerage for kids): http://www.marriagekidsandmoney.com/unest
Are you interested in learning about investing?
One of the best ways that I've grown my knowledge about the stock market and investing is through a good book.
Today, I'm sharing 10 books that helped me become a better investor and ones that I’d suggest to you as you discovering more about investing.
Also, we hear from Rishi Vamdatt of Easy Peasy Finance about investing for kids and how to get started.
Best Investing Books: http://www.marriagekidsandmoney.com/best-books-to-learn-about-investing
Easy Peasy Finance: https://www.easypeasyfinance.com/
Would you want to receive an inheritance from your parents?
At first glance, the answer might be "hell yeah"!
Nicole and I dive deeper into the subject and discuss the ramifications of getting money after Mom and Dad pass away.
We discuss the pros and cons of getting an inheritance from parents and what we want to do with our kids.
Trust & Will: https://www.marriagekidsandmoney.com/trustandwill
Vanguard (Taxable Brokerage for Inheritance): https://www.vanguard.com
"Lady of the Lake" Netflix Unsolved Mysteries: https://www.imdb.com/title/tt12924500/
Facebook Group: https://www.marriagekidsandmoney.com/Community
Nicole and I have seen some tough days in our relationship. There's been yelling, name-calling, and even marriage counseling.
We’ve also had excellent days where we’ve felt appreciated, loved, and thrilled that we’ve chosen to be with each other. So the big question is … How do we get more excellent days in our marriages?
Our guests today have a concept that may make that a possibility for a lot of us. Kaley and Nate Klemp are the writers behind the newly released “The 80/80 Marriage: A New Model for a Happier, Stronger Relationship”
80/80 Marriage (Book): https://amzn.to/3e3NgFz
In a relationship, there can be certain things that bother us about our partners.
Should we try to change them? Or love them just the way they are?
Nicole and I discuss a recent marriage fight we had about this very topic. We share what the argument was and our thoughts on if you should change your spouse or not.
The 5 Love Languages by Gary Chapman: https://amzn.to/2VtUtbw
Everybody Fights by Kim & Penn Holderness: https://amzn.to/36A2ca1
Sam Dogen from Financial Samurai shares how he was able to build up enough passive income to earn over $200,000 per year.
As a young father, he appreciates the opportunity to be there for his young family while still being able to provide a good life in San Francisco.
This is a "BEST OF MKM" episode from January 2020! Currently our most downloaded episode to date. Enjoy!
Personal Capital: http://www.personalcapital.com/mkm
In post-pandemic life, do you feel like you're constantly pressed for time? Lately, we're feeling like time is the new currency.
Nicole and I discuss how trying to do it all has been difficult and unhealthy for us both. We discuss some takeaways on how we're trying to improve.
Part of that improvement is realizing that time, just like money, is a finite resource.
Blackrocks Brewery: https://www.blackrocksbrewery.com/
Full Focus Planner: http://www.marriagekidsandmoney.com/fullfocusplanner
In this wild real estate market, house hacking has become a popular way to lower your cost of living and take advantage of the appreciating asset of real estate.
But what is house hacking? How does it work?
Well, our guests today are here to help us learn more. Ali & Josh are the married couple and financial educators behind The FI Couple, a platform dedicated to helping individuals take control of their finances.
Personal Capital: HTTP://personalcapital.com/mkm
The FI Couple (Instagram): https://instagram.com/theficouple
Set for Life by Scott Trench: https://amzn.to/2T2xROe
Taylor & Scott Rieckens started a very public journey towards FIRE (Financial Independence Retire Early) a few years ago.
They developed a documentary entitled "Playing with FIRE" that received high praise from publications like the US News calling it one of the "Top 10 Best Finance Movies of the Decade".
Nicole and I wanted to check in with these two filmmakers, parents and financial independence enthusiasts and see how their FIRE journey has progressed over the past few years.
You know, see if they are still playing with FIRE!
Playing With FIRE - The Documentary: https://amzn.to/35UA816
Playing With FIRE (Website): http://playingwithfire.co
After taking the leap from my corporate career over a year ago, I sometimes look back and wonder… Did I make a mistake?
Did the glory of “going out on my own” and “doing my own thing” get me so excited that I didn’t think long-term enough?
Was this change a smart move?
I share some of the disadvantages of entrepreneurship versus being an employee and I highlight some of the pros as well.
Also, I interview Leslie & Mike Hermanson about why they decided to pay off their mortgage in their 30's.
As we grow up, our parents have a lot of influence on the people we eventually become. But outside of parenting, sometimes we are who we are and there's not much they can do to change it.
Nicole and I discuss how we were raised by our parents and if our money beliefs were crafted by that upbringing. Or was it something completely different? Are we just born how we are?
We explore the topic and enjoy a glass of wine together as usual.
Generational Wealth is the type of wealth that allows your family to experience financial freedom, choice, and options for generations to come.
The type of wealth that allows you to have the financial power to be the positive change you want to see in our society and our country.
Our guest today, Anne-Lyse Wealth, is here to tell us more about Generational Wealth and how we can all pursue it for our families.
Personal Capital: HTTP://www.personalcapital.com/mkm
Corporate Wellness (Contact Me): HTTP://www.marriagekidsandmoney.com/contact
Dream of Legacy (Anne-Lyse Wealth): https://dreamoflegacy.com/