Optimal Finance Daily - Financial Independence & Money Advice
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Optimal Finance Daily, hosted by Diania Merriam, the innovative mind behind the personal finance conference EconoMe, takes you on an enlightening journey through the world of personal finance. Each episode brings to life the most compelling and practical advice from leading financial bloggers and experts. Diania’s engaging narration and insightful commentary transform complex financial concepts into relatable, actionable insights. Whether it’s budgeting, investing, debt management, or money mindfulness, she covers it all, making financial wisdom accessible to everyone.
Gain not just knowledge, but also the motivation to apply it in your daily life. It's not just a source of personal finance tips; it’s a daily companion that guides you towards financial independence and savvy money management, all delivered with Diania's trademark enthusiasm and expertise. By focusing on early retirement, financial independence, and saving money, each episode provides you with the tools needed to achieve your financial goals.
This podcast is designed for those passionate about personal finance, early retirement, financial independence, and saving money. It’s your go-to source for practical advice on managing your finances, saving money, and working towards early retirement. Each episode offers actionable steps to foster financial independence and secure your financial future.
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Episode 2926:
David Champion reflects on the fear many retirees face as they shift from earning income to relying on savings, particularly in volatile times. He highlights how historical resilience in financial markets, combined with flexibility in spending, can help retirees overcome excessive worry about their portfolios running dry. Champion’s own experience offers reassurance that most financial fears are overblown, even amid global crises.
Read along with the original article(s) here: https://www.caniretireyet.com/put-your-money-fears-in-perspective/
Quotes to ponder:
"Worrying is like paying a debt you don’t owe; I have spent most of my life worrying about things that never happened."
"The fear of outliving my savings has abated. With five years of data in the rearview mirror, the upshot is that my net worth is 6.3% higher today than it was when I retired."
"For many who still work, the only thing standing between them and their dreams is the perceived vulnerability of their nest eggs."
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Episode 2925:
Derick Van Ness challenges readers to stop seeking external validation and start trusting their instincts to make bold decisions. He emphasizes that real success comes from carving your own path, rather than conforming to societal expectations, and highlights the opportunity cost of following the status quo, which often leads to missed financial and personal growth opportunities.
Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2018/6/16/stop-asking-for-permission & https://www.biglifefinancial.com/blog/2017/9/4/what-no-financial-advisor-will-ever-tell-you
Quotes to ponder:
"It's ok to be different. In fact, the world NEEDS you to be different. It's how you create unique value in the world and why people love you!"
"Choosing your own path truly is the key to success. It's what has created the best parts of your life, so don't be afraid of it."
"The opportunity cost of seeking too much external validation from the wrong people is that you end up creating a life that isn’t authentic to you."
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Episode 2924:
Jesse Cramer explores how smart financial planning mirrors basketball strategy: take the guaranteed shot instead of chasing risky gains. He explains how narrowing the range of outcomes through careful planning like diversifying investments or giving yourself time leads to financial dependability and peace of mind, avoiding unnecessary risks.
Read along with the original article(s) here: https://bestinterest.blog/slam-dunk-financial-planning/
Quotes to ponder:
"There’s a 60% chance I live the exact lifestyle I want to in retirement. But no matter what, all three scenarios are acceptable to me, so there’s a 100% chance I’ll enjoy life throughout my retirement."
"Reducing your range of outcomes has many benefits. In this particular basketball scenario, simple math supports it; 99% of 2 points is better than ~40% of 3 points."
"Why risk something you have and need for something you don’t have and don’t need?"
Episode references:
Risk Parity Radio podcast: https://www.riskparityradio.com
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Episode 2923:
Jessica challenges conventional money advice, like the 50/30/20 rule, as ineffective for high-achievers. Instead of following one-size-fits-all budgeting models, she suggests decluttering financial priorities and creating personalized guidelines that align with individual goals and seasons of life. This approach helps achievers build a financial plan that truly supports the life they desire.
Read along with the original article(s) here: https://www.nachoaveragefro.com/blog/50-30-20-budgeting-wont-help-you-build-the-life-you-desire
Quotes to ponder:
"You cannot build the life you want using someone else's rules."
"Eliminating overwhelm is always the first step."
"Your budget line items will drive your actions and subsequent habits and routines."
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Episode 2922:
Nir Eyal explores the power of betting on yourself to change habits, highlighting a study that shows how putting money at risk can significantly boost success rates, particularly in quitting smoking. Despite its effectiveness, this approach remains underused due to fear of failure and the discomfort of risking money. Eyal delves into why people resist such bets and how understanding that resistance can lead to better self-discipline.
Read along with the original article(s) here: https://www.nirandfar.com/habits-bet/
Quotes to ponder:
"People who risked $150 of their own money to win a $650 bonus prize were dramatically more likely to quit smoking than those who used traditional smoking cessation methods."
"Only 13.7% of the participants assigned to the deposit program chose to enroll in it, whereas 90.0% of those assigned to the reward program chose to enroll."
"Behavior change is hard and people will inevitably fail."
Episode references:
New England Journal of Medicine study on smoking cessation: https://www.nejm.org
Nudge: https://www.amazon.com/Nudge-Improving-Decisions-Health-Happiness/dp/014311526X
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Episode 2921:
Andy Hill shares practical steps for parting ways with a financial advisor who may not be prioritizing your best interests. He outlines a straightforward, five-step guide to transition to a new advisor or self-directed investing. With insights on selecting an advisor, understanding fees, and minimizing emotional discomfort during the process, this guide empowers listeners to take charge of their financial future.
Read along with the original article(s) here: https://marriagekidsandmoney.com/how-to-leave-your-investment-broker-in-5-simple-steps/
Quotes to ponder:
"Try your best to remove emotion from the equation. You may hurt some feelings but this is your retirement we're talking about here!"
"We didn't feel like we had a partner in our retirement success anymore. He was not performing his fiduciary duty."
"Avoid commission-based financial advisors. They can be more interested in selling you products than advising you toward a successful retirement."
Episode references:
Econome Conference YouTube Channel - "Are FIRE and financial advisors incompatible?": https://www.youtube.com/watch?v=Qa7vLbUvPoI
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Episode 2920:
Feeling financially stuck often comes from living according to external pressures, but Jaime shares how questioning assumptions, experimenting with lifestyle changes, and taking action can lead to financial freedom. By simplifying their lives, selling unused possessions, and reassessing their spending, Jaime and Chris created a path to flexibility, travel, and meaningful work. These practical steps offer a blueprint for anyone wanting to align their money with their values and dreams.
Read along with the original article(s) here: https://www.keepthrifty.com/get-unstuck-financially/
Quotes to ponder:
"It wasn’t until we became a family of five that we realized we were broken. We had a nice home and a good job but we found ourselves unhappy."
"Once we created this vision, a vision that aligned with our own values, we found the strength to question more."
"After asking ourselves all those questions we realized that we wanted to simplify our life and make room for our dreams."
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Episode 2919:
In her reflective piece, A Purple Life explores how both retirement and college offered her the ultimate freedom to control her time and activities. She draws parallels between the stillness, constant learning, and community of both phases but concludes that retirement, with the added benefit of financial security and self-direction, is even better than her college days. This comparison highlights the joys of autonomy and a balanced life.
Read along with the original article(s) here: https://apurplelife.com/2023/07/11/retirement-is-like-college/
Quotes to ponder:
"Now I’ve started doing nothing again in retirement. It was so peaceful."
"Learning makes me happy and being able to follow my curiosity wherever it takes me is a wonderful gift."
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Episode 2918:
Talking about money has long been considered taboo, but Robyn Goldfarb challenges this notion by sharing her experience of how liberating it can be to discuss financial struggles openly. By removing the stigma surrounding money, we can foster support and understanding among friends. Goldfarb emphasizes that self-worth shouldn’t be tied to financial status, and encourages creating an atmosphere of openness without judgment when addressing money with others.
Read along with the original article(s) here: https://adimesaved.com/talk-about-money
Quotes to ponder:
"I was so used to conflating my money or lack thereof with my own self-worth as if it was my fault that I was unemployed."
"It was considered 'socially-off' actually to ADMIT something like that. The words 'I can’t afford it' were one of the most embarrassing things to say."
"Once we realized that we were in the same boat, we were able to support each other."
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Episode 2917:
Kalen Bruce explains why budgeting works for some but isn't necessary for everyone. While he personally finds value in budgeting for freedom and peace of mind, he acknowledges that many people can succeed without a budget if they prioritize key financial habits like saving for retirement, securing insurance, and preparing for large expenses. The choice comes down to what works best for your financial goals and lifestyle.
Read along with the original article(s) here: https://moneyminiblog.com/budgeting/why-i-budget-and-why-you-dont-have-to
Quotes to ponder:
"I budget for the sake of freedom. I know that I can buy everything in my budget, when I spend every cent on paper before the month starts."
"If you will set these things to automatically come off the top of your income, you will be set up for success, and you can freely spend the rest of your money on whatever you want."
"You may hate budgeting. If so, welcome to the majority!"
Episode references:
Procrastinate on Purpose by Rory Vaden: https://www.amazon.com/Procrastinate-Purpose-Doing-Multiply-Time/dp/0399170634
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Episode 2916:
Dave of AccidentalFIRE.com emphasizes the importance of focusing on the "big stuff" in personal finance, housing, and transportation rather than obsessing over small expenses like daily cappuccinos. By minimizing costs on these major areas, he demonstrates how you can enjoy financial freedom without sacrificing the things that bring joy. His approach of avoiding lifestyle inflation and maximizing savings led to long-term wealth, proving that smart, big decisions make the biggest impact.
Read along with the original article(s) here: https://accidentalfire.com/2017/11/04/hello-world/
Quotes to ponder:
“It’s about choices. I made mine based on the size of the mathy-ness involved.”
“If I could save the maximum amount on those two things, I’d be in the winning column.”
“I didn’t try to keep up with the Joneses, cuz I hate the friggin’ Joneses.”
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Episode 2915:
Andrea Joy of SavingJoyfully.com explores how pride can sabotage your financial well-being by pushing you to make unnecessary purchases to please others or fit in. By understanding your motivations and embracing your unique worth, you can shift from chasing material validation to achieving financial freedom and inner contentment.
Read along with the original article(s) here: https://savingjoyfully.com/blog/stop-letting-pride-keep-you-broke
Quotes to ponder:
"Your worth IS NOT in the money you have, the car you drive, a career you have, clothes you wear, or even in how you look."
"Pride will keep you broke. You will always struggle financially because you will always find something else that you need to fulfill a new unmet desire."
"Learn to define healthy and unhealthy spending habits so that you can easily determine if a purchase should be made."
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Episode 2914:
Dr. Lorne Campbell explores whether people's preferences for a romantic partner predict their actual relationship choices. Research shows that while preferences often align with descriptions or ideals, they don't consistently match who we are drawn to in real-life interactions. This gap in understanding offers a valuable opportunity for future studies, suggesting that romantic preferences may be less influential than we think in forming lasting relationships.
Read along with the original article(s) here: https://www.luvze.com/do-your-preferences-for-a-romantic-partner-influence-your-actual-choice-of-romantic-partner/
Quotes to ponder:
"People’s preferences for a romantic partner predict how much they like written descriptions of other people, but not how much they like actual people after meeting them."
"A study that uses self-reports of behavior as a proxy for actual behavior is only as informative as the existing knowledge of the association between the two."
"We know a lot about people’s preferences for future romantic partners, but we know very little about how these preferences influence people’s decisions to begin romantic relationships."
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Episode 2913:
Kelley Long explores how a common money belief spending based on what you can afford instead of what you truly need can keep people in debt. She highlights how small, seemingly insignificant decisions, like choosing convenience over saving money, reflect a mindset that often leads to financial struggle, regardless of income. Her personal journey from paycheck-to-paycheck living to financial stability shows the power of shifting one's approach to spending and saving.
Read along with the original article(s) here: https://www.financialfinesse.com/2018/11/06/this-money-belief-is-what-keeps-many-people-in-debt/
Quotes to ponder:
"Every dollar I don’t spend today is a dollar that can help me stop working sooner."
"Spending according to what you need. It’s a mindset."
"Just because you can squeeze $450/month out of your budget in order to make a car payment doesn’t mean you need that nice of a car."
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Episode 2912:
Lisa Harrison offers eight practical strategies to help you move to a new home without straining your finances. From researching moving costs to selling unneeded belongings and sticking to a budget, these tips can make a potentially stressful process more manageable and affordable. Whether you’re buying or renting, careful planning can turn the challenge of moving into a smooth, cost-efficient transition to your new home.
Read along with the original article(s) here: https://madmoneymonster.com/2022/07/26/8-tips-on-how-to-move-to-your-next-house-on-a-budget/
Quotes to ponder:
"Moving on a tight budget doesn’t have to mean sacrificing comfort - it just requires resourcefulness and strategic planning."
"You never know; you might actually be able to make some money from your old things."
"As long as you know your budget and stick to it, you can move with as little stress as possible and be able to enjoy your new home."
Episode references:
Goodwill: https://www.goodwill.org
Salvation Army: https://www.salvationarmyusa.org
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![2911: [Part 2] Starting to Save for Retirement at 40 by William Cowie with Get Rich Slowly on Passive Investing](https://s3.castbox.fm/5d/c3/81/8b0e1b33a1d6ba7a0e74269a46c75f0f99_scaled_v1_400.jpg "2911: [Part 2] Starting to Save for Retirement at 40 by William Cowie with Get Rich Slowly on Passive Investing")
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Episode 2911:
William Cowie explains how, even starting at 40, you can build a secure retirement by working harder and considering less passive investments like real estate. His advice includes serious budgeting, debt elimination, and potentially taking on a second job to catch up. While it won't be easy, Cowie emphasizes that there is always hope and a path to financial independence, no matter when you begin.
Read along with the original article(s) here: https://www.getrichslowly.org/starting-to-save-for-retirement-at-40/
Quotes to ponder:
"It’s never too late to start, but the later you begin, the harder the work."
"Life isn’t always kind nor is it predictable but we don’t have to make it harder for someone else."
"If you’re getting a late start, you’re likely going to need to make a dramatic change to catch up."
Episode references:
Catching Up to FI: https://www.catchinguptofi.com
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![2910: [Part 1] Starting to Save for Retirement at 40 by William Cowie with Get Rich Slowly on Investing Math](https://s3.castbox.fm/e5/7a/0d/49a2528d994504fdc52752e34ab4537e0e_scaled_v1_400.jpg "2910: [Part 1] Starting to Save for Retirement at 40 by William Cowie with Get Rich Slowly on Investing Math")
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Episode 2910:
Turning 40 can trigger concerns about retirement savings, especially if you’ve barely started. William Cowie explores strategies for catching up, emphasizing the tough math behind investing more or accepting higher risks to make up for lost time. His practical advice acknowledges the challenges while offering pathways to securing a retirement, even with a late start.
Read along with the original article(s) here: https://www.getrichslowly.org/starting-to-save-for-retirement-at-40/
Quotes to ponder:
"You missed the luxury train to retirement. It’s not pleasant to hear, but it’s true."
"The question is not risk or no risk, it is how much risk."
Episode references:
City of Detroit Bonds: https://www.muninetguide.com
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Episode 2909:
J. Money humorously emphasizes the importance of life insurance, which he rebrands as "Mo’ Money, Less Problems" (MMLP) insurance. He encourages readers to think about how it provides financial peace of mind for loved ones in the event of death, while sharing his personal experience with term life insurance. Even though discussing life insurance may seem dull, it's a necessary conversation to ensure the financial security of one's family.
Read along with the original article(s) here: http://www.budgetsaresexy.com/time-to-get-a-life-insurance-movement/
Quotes to ponder:
"When you die, your entire family is going to be crushed and the last thing on their mind will be money."
"The point of all this though, is to GIVE LIFE INSURANCE SOME THOUGHT today."
"Money can’t bring you back or kiss your family on the forehead every night, but it sure can improve their lives forever and ever."
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Episode 2908:
Mike Ballew highlights essential lessons he learned post-retirement, including the unpredictability of expenses, the critical importance of family relationships, and the reality that retirement can lead to boredom if not well-planned. He also covers the challenges of healthcare costs, the unreliability of Social Security, and the need to balance saving for the future with enjoying life now. His reflections offer practical insights for a more fulfilling retirement.
Read along with the original article(s) here: https://eggstack.com/blog/2022-01-30-7-Things-I-Wish-I-Knew-Before-I-Retired/
Quotes to ponder:
"Putting family first pays better returns than any job or investment ever could."
"If you are not prepared for it, your life can quickly devolve into a meaningless existence."
"Retirement is the last chapter of your life. If ever there was a time to start thinking about where you are going, this is it."
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Episode 2907:
Regularly checking your credit report and understanding how credit works can save you from costly mistakes. In this article, Kumiko breaks down six common credit myths that could lead to poor financial decisions. From clarifying how credit inquiries work to explaining why keeping a balance on your credit card won’t help your score, this guide empowers you with the facts you need to protect your credit and improve your financial well-being.
Read along with the original article(s) here: https://www.thebudgetmom.com/6-credit-myths-that-can-cost-you-money/
Quotes to ponder:
"It’s essential to pay off your credit card balances each month, not just to save money on interest, but also to keep your balance-to-limit ratio low."
"Some believe this myth because they think that having a balance demonstrates responsible credit use. However, proving you are responsible with credit doesn’t mean you have to carry a balance."
"If you track your spending and manage credit cards the right way, there’s nothing inherently wrong or dangerous about those little pieces of plastic."
Episode references:
Federal Trade Commission - Identity Theft: https://www.consumer.ftc.gov/features/identity-theft
AnnualCreditReport.com: https://www.annualcreditreport.com
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I can understand both sides. On the one side, the majority of people who are good with money won't have a million dollars, and probably won't until they're in their 50s or later. That doesn't mean that their advice is worthless until they've made it. On the other side, plenty of people will give unsolicited advice on money while being terrible with it. I think what it comes down to is knowing who the advice is coming from.
I knew a guy who paid something around $800 per month who said he'd never be able to retire, and I believe him.
Thank you for helping people to improve their finacial literacy.
Some of the financial problems people face can be because of poor choices, but it's hard to deny the fact that people aren't making what they did a couple generations ago, and those generations encourage and put pressure on the future generations to live up to the same lifestyle.
This feels more like bragging than it does helpful advice.
This isn't a very good example. It is highly doubtful that a more expensive school will guarantee you a 50% pay increase for your first job. It would have been a better example to compare saving up for school for several years vs getting a loan and starting the career job sooner.
With a Roth, you're betting that you'll have a higher tax bracket in retirement and that taxes will be higher in the future. Considering that most of us on here should have high savings ratios and that we are at a historic low for taxes, that's a bet I'll make.