More and more people want the flexibility to earn money outside of a traditional office setting.
If you’re interested in part-time money, side hustles or full-time work, the number of opportunities to work from anywhere is growing!
On our Work From Anywhere segment today, we’re going to interview our friend Chad Carson once again!
Chad “Coach” Carson began investing in real estate at 23 years old, soon after ending his career as a college football linebacker at Clemson University. After initially flipping houses and surviving the 2009 financial crisis, he transitioned to long-term income properties which made him financially independent in his 30s.
Now at 43 years old, Chad works less than 2 hours per week on his real estate. He's used the time and freedom to live abroad for over a year with his wife and 2 kids in both Spain and Ecuador.
He wrote a new BiggerPockets book called “The Small and Mighty Real Estate Investor - How to Reach Financial Freedom With Fewer Rental Properties”.
In our interview, we discuss how small real estate investors can build their way to $10,000 per month in cash flow.
Check out our full interview here: https://youtu.be/_L-j8VNK67U?si=CJDR7w154PbYl2k1
When we become parents for the first time, something switches in our brain.
For the longest time we were only concerned with our own well-being or our spouse’s well-being.
Now there is a new human in your life. Something to take care of, to support and love.
So how do we continue to be successful in our growing careers AND raise our children with the love and care they deserve over their most impressionable years?
Big questions like this are always better with really smart friends so I thought I’d answer this one with Eric Roberge.
Eric @beyondyourfinances is a Certified Financial Planner and the Founder of Beyond Your Hammock, a financial planning firm helping professionals in their 30s and 40s use money as a tool to design a life they love now and in the future.
When Eric isn’t supporting families with their life design plans, he’s spending time with his wife (who is also his business partner) and their 2-year old daughter.
Check out our full interview here: https://www.marriagekidsandmoney.com/harmonizing-work-aspirations-with-family-ambitions
At the time our daughter was born, we had around $20,000 in retirement savings combined.
At 30 years old, we were well behind the average 401k balance of a typical investor.
As the saying goes, “the best day to start investing was yesterday and the second-best day is today.”
Knowing our retirement balances were a bit behind and investing with time on your side surely helps, we got to work right away.
Here is a quick summary of our retirement balances year-over-year:
2012: $20,000
2013: $42,000
2014: $64,000
2015: $99,000
2016: $121,000
2017: $167,000
2018: $232,000
2019: $253,000
2020: $327,000
2021: $420,000
2022: $480,000
2023: $440,000
2024: $570,000
After creating an automated process for our retirement investments, we were feeling good about our progress thus far.
It was fun to track that progress and see if we were on track for a comfortable retirement.
Empower's free Retirement Planner makes this check-in process easy.
We have all of our financial accounts synched up to the free tool, and it can run different models to show us how we’re doing.
It even factors in potential social security payments as well.
How are your retirement plans tracking?
Will you have enough to retire?
Check out Empower's free tools including their "Retirement Planner" here: https://www.marriagekidsandmoney.com/empower (affiliate)
After all, we can't change the past, but we can take control of our future.
How would you like to own your home outright? What would it feel like to never make a mortgage payment EVER again … ?
On our Mortgage Free Segment today, we’re going to interview Mike Lee from Michigan!
Recently, Mike and his wife Kris became mortgage-free on their $600k house!
In our interview, we’re going to learn how they accomplished this family financial goal after a near fatal car crash and what they are doing with their money now.
Check out our full interview here: https://youtu.be/ixIV5KkSmF0?si=Q7UsmoZ5lamr2oXV"
My wife and I have had our fair share of disagreements around money.
Some of those disagreements have helped us to develop a new sense of understanding and empathy for each other and some of those disagreements have pushed us into marriage counseling.
Either way, money has been a challenge for us.
And evidently according to our guest today, we are not alone.
To help us explore how money can challenge relationships, I’ve invited Author Scott Rick to the show today.
Scott is a marketing professor at the University of Michigan’s Ross School of Business.
He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow.
His first book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, was published earlier this year.
Check out our full interview here: https://marriagekidsandmoney.com/podcast/navigating-the-money-minefield-in-relationships-scott-rick/
Compounding is what turns investors into millionaires and it's a game changer when it comes to closing the gender gap!
The earlier you start investing, the more your money can compound, or grow. 📈
Vanguard has a reputation as one of the most reliable investing platforms. Roth IRAs are known as one of the best investment vehicles for people looking to build wealth. So it makes sense to combine both into a Roth IRA with Vanguard!
Whether you’re a seasoned investor or just getting started, Vanguard makes it simple!
Ready to get started growing your cash with a Roth IRA? 💰
Open a Roth IRA with Vanguard (our favorite brokerage partner) in 8 easy steps HERE: https://marriagekidsandmoney.com/how-to-open-a-roth-ira-with-vanguard/
👉Follow @marriagekidsandmoney to strengthen your family tree and live financially free.
Here are 3 ways our family is saving and investing for our children's future.
1. 529 College Savings Account
With $1.7 trillion in student loan debt in our country, we want to make sure our kids avoid this mess as much as possible.
That’s why we started investing for our kid’s future college costs with a 529 College Savings Account when they were born.
2. Custodial Brokerage Account
To get our kids to understand the power of compound interest and investing, we started a custodial brokerage account for each of them.
Although their balances are relatively small today, these accounts could work well as a down payment on their first home or buying their first car in cash in the future.
3. Talking to Our Kids About Money
The final way we are saving and investing for their future is by talking to our kids about finances regularly.
These types of conversations and the experience and knowledge they gain could very well be our best investment for them.
Which of these ways are working for you?
Is Generational Wealth a goal you’re working toward?
Americans are currently carrying $1.77 trillion worth of student loan debt. 🤯🏫
That number reflects a monumental financial burden and a serious emotional one too.
Many people find themselves battling poor sleep and anxiety while feeling trapped by their student loan debt.
Paying thousands in interest every year makes it hard to see a light at the end of the tunnel.
While many decisions surrounding student loan debt remain up in the air, we can find peace knowing there are strategies to tackle your debt and find financial freedom once again.
How are you tackling student loan debt? Let me know in the comments 👇🏻
When we paid off our $500K home, we gained so much freedom! 🏡✨
Mortgage-free means:
Less stressful careers
More vacations 🌴✈️
Charitable giving up from 1% to 5% (+5% to loved ones) 💖
Aligning our time and money with family values has been incredible.
What would you do if you never had to make a mortgage payment again? 💭💰
Learn how we paid off our mortgage HERE: https://marriagekidsandmoney.com/podcast/15-year-mortgage-paid-off-in-5-years/
I seriously cannot get enough of the FIRE movement! 🔥
I love focusing on what truly matters, saving and investing early, and forging my own path. It has been a game changer for myself and my family 👏🏻
Are you currently pursing FIRE? Let me know in the comments! 💭💸
Why open a custodial Roth IRA? 🤔
Well, the short answer is compound interest. The longer answer is the more time your money has to grow, the more it's worth! 📈
Vanguard shows the difference $1 can be worth if you start investing at 20 compared to 55. It's the difference between turning that dollar into almost $6 versus just shy of $1.50. Obviously, we want to take the six bucks! 💸
Compounding is even more powerful if you start before 20. By opening a retirement account as soon as your child has earned income, that money can grow for their future goals. 💰
Open a Custodial Roth IRA with Vanguard (our favorite brokerage partner) HERE:
https://marriagekidsandmoney.com/how-to-open-a-custodial-roth-ira-with-vanguard/
Feeling overworked and overstressed?
As a young parent, I have experienced this way too much for my liking.
According to our guest Celeste Headlee, it may be time for us all to do nothing!
In this BEST OF MKM episode from 2022, Celeste shares how to break away from overworking, overdoing and underliving.
Check out our full interview here: https://marriagekidsandmoney.com/podcast/do-nothing-celeste-headlee/
Do you think doing less could actually give you more?
#Relax #DoNothing #Parenting #familyfinance #personalfinance
👉 Follow @marriagekidsandmoney to strengthen your family tree and live financially free.
One way we are building generational wealth is by talking to our kids about money regularly. 💰
These types of conversations and the experience and knowledge they gain could very well be our best investment for them.
Although I’d love for them to learn and comprehend concepts like investing and compound interest, we’re happy to start with the basics. Start up the convo with your kids this week! It's never too late to start 👍
Click the link below to hear (podcast) the other ways we’re saving and investing for our kids future.
https://marriagekidsandmoney.com/epcats/build-generational-wealth/
How are you building generational wealth? 📈
Without a mortgage, we’ve done the following:
⌚️Went from full-time work (40 hours +) to part-time work (20-30 hrs)
🎁Increased our giving from 1% to 10%
🚘Bought two “new to us” cars
📈Skyrocketed our retirement investments to over $500,000 by age 40
- And much more!
When the gap between your income and expenses grows… your options do too.
Find out how we paid off our mortgage in less than 5 years HERE: https://marriagekidsandmoney.com/podcast/15-year-mortgage-paid-off-in-5-years/
How would life be different for you if you were mortgage free?
BIG NEWS: You can now convert 529 funds to a Roth IRA! 🤯
Here are the details:
💸 Conversion is capped at $35,000
⏰ Account must be open for 15+ years
👥 529 beneficiary becomes the Roth IRA account holder
Follow these rules, and the transfer is tax-free and penalty-free. Thanks to the SECURE 2.0 Act of 2022, this upgrade addresses past concerns about 529 plans (and makes them even better in our opinion!).
🎓Learn more about the power of the 529 College Savings Account by clicking HERE: https://marriagekidsandmoney.com/529-college-savings-plan/
For years, I dreaded going to work.
I worked in an industry I didn't care about and felt like my family life was passing me by as I sat in an office building.
My wife felt the same way about her situation too.
To buy our freedom, we saved and invested half of our income for 10 years. This allowed us to become debt-free, hit Coast FIRE, and become mortgage-free millionaires within the decade.
With this financial strength, we decided to take a leap into new careers and new industries, but work part-time instead.
It's been a game-changer!
Working part-time and living full-time has been better for our marriage, health and relationship with our kids.
Are you pursuing Coast FIRE? 💸 Let me know in the comments!
Investing for retirement takes time, patience and consistency.
Eventually, you’ll reach a point where you don’t need to contribute any more money to hit your retirement goals. And that’s what we call Coast FIRE.
On our Coast FIRE Segment today, we interview Kathryn Hanna from Arizona. ( @makingyourmoneymatter )
She hit this Coast FIRE milestone in her late 30’s!
Today, we’re going to learn how she accomplished this family financial goal and how her recent divorce affects her Coast FIRE journey going forward.
Check out our full video interview here: https://youtu.be/lc7FOmYB0Fg?si=3kBH2HIRu2ilsOGr
Are you pursuing Coast FIRE?
#CoastFIRE #CoastFI #Investing #familyfinance #personalfinance
When I started my investing journey, I WISH I knew the power and simplicity of index funds. Investing would have been so much easier and I would be SO much further along in my financial independence journey.
An index fund is designed to allow investors–that's you!–to buy little slices of all the companies traded on different stock market indexes rather than spending hours researching and actively trading stocks.
Here are just a few reasons index funds are AMAZING:
✅Diversify for less risk: You don't have to worry about picking the next best company. Instead, you own shares of all of them. That way, if one company has a bad year or folds entirely, there are plenty of other companies to balance out that loss.
✅Reduce fees to make more money: Actively managed funds with fund managers can come with high fees. Index funds do not.
✅Set it and forget it: There's no need to actively monitor your account, trying to time when to buy and when to sell. And of course, there's no need to worry about commissions on trades or high-fee actively managed funds.
Ready to discover the power of index funds? 💪💸
Learn more about how Index Funds can make you a millionaire with Personal Finance Club's course: https://www.marriagekidsandmoney.com/pfc
As a parent, I have learned to consistently reevaluate my priorities and intentions. ⠀
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When I feel my attention is divided during time I should be and could be spending on my family, my energy battery begins to run low and I am not the father or partner I wish to be. ⠀
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That's why, I made this change-- which is huge in today's "always be available" world. ⠀
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What seemingly small steps are you making today to be more present?
I’m a fan of the FIRE Movement 🔥
Some of the tenets I enjoy:
- Concentrate on what’s most important in life
- Save and invest early and often
- Carve your own path instead of the one that’s prescribed
Like any movement, there can be extremes.
Let’s just say “Van Life” wouldn’t have worked out well for our family of 4 😬
Personally, I’ve touched both ends of the FIRE Movement.
From saving almost nothing all the way to saving more than 50% of our income.
Over time, we found our happy version of family FIRE.
What do you think of the FIRE Movement?
