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Money In The Bank

Money In The Bank

Author: Money In The Bank Podcast

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Financial Podcast For The Average Joe
109 Episodes
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An Investment Policy Statement sounds scary & fancy but really it’s something that everyone should have. Whether it’s simply a few lines jotted down on a piece of paper, or a more well-thought out plan - it helps make sure you are comfortable and confident with your investment plan no matter what the market does.
On this weeks episode we chat about various hobbies we have and how we keep the costs down. The key is to just get started with what you have and then slowly add nicer items to your collection as your hobby develops over time.
Frugality is a muscle but luckily it’s a muscle that fills your life with meaning and purpose. By choosing to focus on things that make you happy and only adding items to your life that bring meaning you reduce the amount of money you spend while increasing your overall happiness. It takes a while to change your mindset but once you do it’s a really powerful lesson that continue to reap benefits for years to come.
On today’s episode we chat about how to get started with personal finance. It can be intimidating to take an inventory of where you currently stand and compare it against where you want to go but as they say “A Journey of a thousand miles begins with the first step” - today we talk about how to take the first step.and begin learning about personal finances. A couple good books I would recommend for those interested in reading more about personal finance:The Millionaire Next Door by Thomas J. StanleyRich Dad Poor Dad by Robert Kiyosaki and Sharon LechterThe Simple Path to Wealth by by JL Collins
Most of us that have 401k’s or IRA’s or even a taxable account will have something called a mutual fund. This is essentially just a collection of stock, which takes the guess work out of picking choosing stocks and sets us up on a path to success. However, if you ever take a step back and click on your 5-character ticker symbol your head might start spinning as you try to make sense of it all. On this weeks episode we open up a Fidelity fund and walk through what all the different information means - you’ll find similar information no matter who your service provider is, but if you want to follow along with us, here’s the fund we were looking at: https://fundresearch.fidelity.com/mutual-funds/analysis/315911693?documentType=QFR
What do you do when you have a large expense in a month? For most people this might have to go on a credit card - but today we chat about sinking funds and how setting them up can help absorb large expenses. While emergency funds help to cover unplanned expenses, sinking funds are a great idea for semi-annual tax bills, annual insurance payments, and things that you might not know the exact dollar amount of but can save for anyway like car repair. Tune in to hear how we’ve used sinking funds and how they might benefit you.
We chat through the various emotions of budgeting and prioritizing savings goals. So much of how we manage our finances becomes emotional but if we step back and think about things logically it's typically easier to find a solution.
We took a break from the podcast recently since we were moving. On today's episode we chat through our thought process of moving and the choices we made such as hiring movers, buying instead of renting, how we unpack our house and more!
There's a lot of financial advice out on the internet that is both good and bad. Today we discuss some of the common financial myths we hear and why they aren't super reliable to believe. Tune in to hear our opinions on credit cards, buying a house, and more....
Okay guys get ready for one of our longest episodes ever. We’ve been landlords for a few years now and we’ve learned a lot along that way that we wanted to share with you in this episode. From how we got started in real estate to tips on marketing your property or figuring out if your property will cashflow we cover all of the basics on this episode.
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