Home ownership has, for decades, been the “American Dream.” It gave people a financial goal to work towards, saving their money for a downpayment and trying to get their credit up to a point where they could qualify for a mortgage. In many ways, it has also become a bit of a status symbol.
But lately, the Millennial Generation has been questioning the wisdom of this and saying it is better to rent, rather than own, and tie up your money in a downpayment. But are they right? Is it better (and financially smarter) to rent these days rather than own? To get a realtor’s perspective on this I spoke with frequent guest Lynn Stambaugh of Cardinal Real Estate Services here in Woodbury, NJ, on her thoughts as to which is better and why.
The vast majority of the people that come to me to file bankruptcy do so because of out of control credit card debt. The totals can run from the tens- to the hundreds of thousands of dollars. Credit card debt can drag you down and prevent you from having financial freedom.
But are credit cards, in and of themselves, bad? Is it the card (and the system) itself that is bad or how we use them? Personal finance expert Dave Ramsey writes on his web site questioning whether you really need a credit cards and gives six reasons why you shouldn’t. But is he right? That’s why in this episode of the podcast I take a look at those six reasons and discuss the case for (and against) credit cards.
Graduating from college or university with your degree is a momentous occasion. You finally made it! You’re ready to go out into the real world and make your mark. But this occasion brings with it new challenges that you will have to face, such as finding a job (if you haven’t already) and figuring out how you are going to deal with your student debt.
That’s why in this episode of the podcast I wanted to talk about how you can meet those challenges by finding the right job, figuring out how you are going to live on the income that job will provide, and how you are going to start payments on your student loans before the grace period ends!
We all fall into some bad habits at one time or another, and it can be difficult to get out of them. But sometimes those bad habits can have lasting effects on your life and can affect your financial freedom. They can get in the way of your saving money, spending responsibly, and having an enjoyable life both now and in retirement.
That’s why in this episode of the podcast I talk about 8 bad habits that you should avoid or break that could be keeping you from saving money and realizing your dreams for a great retirement!
In order to complete any project, you need the right tools, and it’s no different when you are trying to establish and maintain financial freedom. For that you need the financial products that line up with your needs, priorities, and goals. They need to be the right ones for you.
That’s why in this episode of the podcast I talk about how to identify and find the right banks, credit cards, and financial advisors that will give you the greatest chance for success. You might end up switching products down the road as your goals and priorities change, but these will at least get you started.
Even with the Affordable Care Act, many people, especially millennials, struggle with the cost of health insurance premiums. People in their 20s are less likely to need healthcare than those over 40, but when they need it, it can be beyond reach without insurance.
But how does a young adult, just starting out in the workplace, balance rent, car payment, student loan payment (if they graduated with debt), and a health insurance premium? The answer may lie in something called a Health Savings Account. That’s why in this episode of the podcast I talk about these accounts, how they help balance health insurance costs, and can benefit you later in life.
A key part of establishing and maintaining financial freedom is having a job you love that provides you with an income that allows you to have the lifestyle you want while still saving and investing for the future.
But what if you don’t have that job right now? What if you find yourself dead-ended in a position with no real opportunities for advancement and increased income? What if you followed all of my tips from Episode 66 on asking for a raise, but didn’t get one?
If that’s the case, then you need to move on to a new position elsewhere. That’s why in this episode of the podcast I talk about what you need to know to look for and secure a better job with a better future!
When it comes to investing for retirement, the earlier you start the better. People that start in their 20s, rather than their 30s, or even 40s, give their money more time to grow and therefore give themselves the best chance at financial freedom.
No one knows personal finance for 20-somethings like Broke Millennial Erin Lowry, a writer, speaker, and blogger that I had on the show in Episode 70. She is returning in this episode to talk about her crusade to get us thinking about “investing for retirement,” not “saving for retirement,” and to make a big announcement!
Before anyone sets out to find financial freedom, they need to understand what that term means to them, as it is different for everyone. This definition can depend on your financial goals, both now and in the future. Do you want to retire or keep working? Do you want to travel? The financial strategies for each can be different, and it is better to know that now rather than later.
That’s why in this episode of the podcast I talk with Ross Stryker, the CEO of Smart Asset Opportunities to get his thoughts on defining financial freedom, “Finding Your Why,” and making the right plan for it now.
For those in their 50s and early 60s, planning for retirement has a different, more immediate feel. For millennials, it’s starting to save for it; for those further on in life, it’s figuring out its implementation. A lot of decisions have to be made, including the downsizing of your home, especially if you’re an “empty nester.”
That’s why in this episode of the podcast I talk to Jeri McClenaghan-Ihde and Julie Whelan Capell, whose podcast, SeniorTopia, recently launched to talk about all things related to opportunities and challenges on the road to retirement. Every week they talk relocation, long-term care, housing options, wellbeing, dementia, end-of-life and more. However, in my discussions with them, we will talk about downsizing your home in retirement.