Optimal Finance Daily

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2705: Discover how frugality might unexpectedly dip into your funds as Michelle Schroeder-Gardner of MakingSenseOfCents.com explores six common pitfalls where saving too much can actually end up costing you more. From skimping on quality purchases to the false economy of DIY projects, Michelle sheds light on the hidden costs of excessive thriftiness. Read along with the original article(s) here: https://www.makingsenseofcents.com/2014/10/6-ways-being-cheap-can-cost-you-money.html Quotes to ponder: "Many people each and every single day make the mistake of trying to save money, yet end up wasting money in the end." "Skipping going to the dentist for years so that you can 'save' money. Then, after you finally go, you find out you could have saved money and some of your teeth by visiting the dentist regularly for cleanings." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2704: Kathleen Coxwell's guide "7 Ways You May Be Leaving Money on the Table When You Retire" offers essential strategies to ensure you're maximizing your retirement savings. Discover how to optimize your Social Security benefits, manage investments wisely, and avoid common pitfalls that can reduce your financial security in retirement. Read along with the original article(s) here: https://www.newretirement.com/retirement/leaving-money-on-the-table-when-you-retire/ Quotes to ponder: "Surprisingly though, many retirees and soon to be retirees overlook not just hundreds or even thousands of dollars, but hundreds of thousands in money that could be put toward retirement expenses." "By claiming Social Security at the earliest possible date, many people are leaving a substantial amount of money behind because the longer you wait, the greater the benefits become." "Your home is a valuable resource that really should be considered as part of your overall retirement plan." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2703: Discover why paying off your mortgage early might not be the financial boon you expect in Len Penzo's insightful analysis. Penzo, leveraging historical examples and economic trends, argues that in a high-inflation environment, maintaining a mortgage could be more advantageous than clearing it early. Explore this counterintuitive approach to personal finance management and how it might apply to your financial strategy. Read along with the original article(s) here: https://lenpenzo.com/blog/id25716-why-paying-off-the-mortgage-early-may-be-a-big-mistake-2.html Quotes to ponder: "Mortgage payments (became) no more than a nominal burden to (homeowners) - a consideration which dismayed the mortgage banks." Episode references: When Money Dies by Adam Fergusson: https://a.co/d/iJQCS7C Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2702: Chris from KeepThrifty.com shares his journey of trading the pursuit of financial freedom for a one-year mini-retirement to spend quality time with his children. Despite the financial setbacks, he values this period as an invaluable investment in family life, illustrating that sometimes, life's best returns come from the heart, not the bank. Read along with the original article(s) here: https://www.keepthrifty.com/trade-financial-freedom-mini-retirement/ Quotes to ponder: "Who doesn’t want financial freedom? Getting to the point that your passive income can cover your expenses buys you opportunities and time in a way that most people can’t imagine." "Despite the allure, I took an active step away from financial freedom this year, choosing to delay my freedom date by over 2 years." "Trading twenty-seven months of financial freedom for fourteen months of mini-retirement now seems like a pretty good deal when you put our life situation in context." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2701: Philip Taylor of PTMoney.com shares invaluable insights on becoming the master of your financial destiny. He emphasizes that personal finance expertise doesn't necessarily require formal qualifications like a CPA or CFP but instead advocates for self-education and proactive financial management tailored to your unique circumstances. Read along with the original article(s) here: https://ptmoney.com/becoming-your-own-financial-expert/ Quotes to ponder: "I simply share my story with money - the good, the bad, and the ugly." "Only by becoming your expert can you appropriately decipher the financial headlines of the day." "The secret is three-fold as I see it: only you know the detailed ins and outs of your financial situation, no one cares more about your money than you, and all you need to do is keep learning and try new things!" Episode references: The Making of an Expert: https://hbr.org/2007/07/the-making-of-an-expert The Automatic Millionaire: https://www.amazon.com/Automatic-Millionaire-Powerful-One-Step-Finish/dp/0767923820 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2700: Explore strategic financial management through Kalen Bruce’s insightful guidance on taking control of your finances. Bruce emphasizes the importance of understanding cash flow, setting realistic goals, and investing wisely to build a prosperous future. His approach demystifies financial planning, making it accessible and actionable for anyone seeking to enhance their financial stability. Read along with the original article(s) here: https://moneyminiblog.com/budgeting/10-ways-to-take-control-of-your-finances/ Quotes to ponder: "Being in control of your finances helps you make valuable decisions regarding your finances and it helps you spend less than you earn." "Never make money your stress button; it can be your happy button." "Knowledge and patience are the keys to success." Episode references: Money Tracking Took: What We Recommend Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2699: Nick Maggiulli's article, "Your Greatest Asset is YOU," reveals that the most valuable financial asset you possess isn't your bank account or investments, but rather your human capital. When wisely managed and invested, this wealth of personal skills and knowledge can yield greater long-term financial returns than traditional investments. Read along with the original article(s) here: https://ofdollarsanddata.com/your-greatest-asset-is-you/ Quotes to ponder: "Your human capital can be considered an asset that you use to earn money." "Each year you work reduces the present value of your human capital." "By saving and investing, you are rebuilding yourself as a financial asset equivalent that can provide you with income when you no longer work." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2698: Join Shirley from DaringLiving.com as she delves into the transformative journey of overcoming fear. In this enlightening episode, she shares practical steps and powerful insights that help shift the perspective on fear, offering ways to turn it from a crippling force into a guiding one. Discover how to embrace and harness your fears to lead a more courageous and fulfilling life. Read along with the original article(s) here: https://daringliving.com/how-to-overcome-fear/ Quotes to ponder: "Fear is simply a feeling. When we feel fear, we create our definition and meaning about why we’re afraid." "Instead of defaulting to a negative thought/story for yourself, you can purposefully create deliberate, more empowering thoughts for that feeling." "If you feel afraid, you can justify your feeling by saying 'I am excited about this' instead. This will change your entire story and thoughts about the situation." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2697: Jen Hayes brings to light the modern dilemma of overspending due to the convenience of digital transactions in her article. She introduces Dave Ramsey's cash envelope system as a tactile and visual method to regain control over personal finances. By allocating specific amounts to different spending categories and only using cash, this method forces individuals to become more mindful and intentional with their purchases, ultimately helping them stick to their budgets. Read along with the original article(s) here: https://www.jenhayes.me/cant-stick-to-a-budget-heres-the-solution/ Quotes to ponder: "Americans have lost our ability to 'feel' money. Society has made it far too easy for us to spend money on autopilot." "When we can physically see the money being taken away from us, we’re more mindful about the purchases we make." "If you can’t control your money, the lack of it will forever control you." Episode references: How to Budget With the Cash Envelope System By Dave Ramsey: https://www.ramseysolutions.com/budgeting/envelope-system-explained Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2696: Andy Hill from MarriageKidsAndMoney.com shares transformative strategies for achieving mortgage freedom in just five years on a $500,000 home. Through a blend of income-increasing tactics, budgeting mastery, and mindful spending, Hill outlines a roadmap to financial liberation that's both inspirational and practical. Read along with the original article(s) here: https://marriagekidsandmoney.com/how-to-pay-off-your-mortgage-early-in-10-not-so-easy-steps Quotes to ponder: "It’s truly amazing how much STUFF we accumulated in our house that we didn’t need or didn’t bring us joy. Turn the trash into cash, right?" "The budget we create together is a 'zero-based budget'. This means that every dollar we have has a job." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode number: 2695 Andy Hill shares his triumphant journey to financial freedom in "We’re Mortgage Free! Our 10 Steps to Get a $500,000 Paid Off House in 5 Years" on MarriageKidsAndMoney.com. With a combination of strategic planning, family teamwork, and intentional living, Andy and his wife Nicole have not only freed themselves from the burden of a mortgage but have also laid down a legacy of debt-free living for their children, showcasing the power of financial independence and the joy it brings. Read along with the original article(s) here: https://marriagekidsandmoney.com/how-to-pay-off-your-mortgage-early-in-10-not-so-easy-steps Quotes to ponder: "After years of focus and partnership with my wife Nicole, we’re mortgage-free and thrilled about the future ahead of us." "We were intentional, determined, and ready to do something incredible for our family." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2694: Laura Gariepy, through her collaboration with WomenWhoMoney.com, offers practical and actionable strategies for individuals dealing with the complexities of budgeting on a variable income. Her guidance illuminates a path toward financial stability by focusing on essential expenses, optimizing savings, and strategic account management, proving that with the right approach, managing fluctuating finances can lead to successful budgeting and peace of mind. Read along with the original article(s) here: https://womenwhomoney.com/budget-variable-income/ Quotes to ponder: "Successful use of a budget gets your money working for you so you can attain your financial goals." "Improperly managed variable income can lead to severe financial stress. However, by working through the steps in this article, you can find stability using a budget." "Knowing both your real bottom line or threshold and your preferred bottom line will establish (and maintain) financial priorities." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2693: Jacob Lund Fisker of EarlyRetirementExtreme.com guides us through the delicate process of aligning your partner with your frugal lifestyle and early retirement dreams. He offers practical tips on leading by example, demonstrating the benefits through your actions, and smartly navigating conversations to inspire a mutual journey toward financial independence. Read along with the original article(s) here: http://earlyretirementextreme.com/how-do-i-get-my-spouse-to-go-along-with-my-frugal-plans.html Quotes to ponder: "The first and most important thing is that a person sounds a whole lot smarter and more intelligent when you agree with what the person is saying." "Most people (and especially children) will follow your example rather than your suggestions." "If you want your spouse to adopt some change, another thing to try is to find something they are familiar with." Episode references: Tumbleweed Houses: https://www.tumbleweedhouses.com/ The concept of Freecycling: https://www.freecycle.org/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2692: Paula Pant from AffordAnything.com shares her journey from celebrating a 77% savings rate to realizing its limited value in achieving financial freedom. Through a detailed analysis, she illustrates the importance of distinguishing between savings for deferred spending and investing for wealth growth, urging readers to focus on investing rates over savings rates for true financial independence. Read along with the original article(s) here: https://affordanything.com/77-savings-rate-means-nothing/ Quotes to ponder: "Savings is money that you’re setting aside for the future. Which means that “savings” is deferred spending." "Savings won’t bring you financial freedom. Investing will." “Investing,” on the other hand, allows you to supercharge your net worth." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2691: Mark Dennis of FinancialFinesse.com sheds light on the complexities of borrowing from your 401(k). He outlines the seductive ease of tapping into retirement savings for immediate financial needs but cautions against the long-term repercussions such actions may have on one's financial health and retirement planning. Dennis meticulously explores the benefits and pitfalls, emphasizing smarter alternatives to safeguard one’s financial future. Read along with the original article(s) here: https://www.financialfinesse.com/2017/10/23/is-it-ever-ok-to-borrow-from-your-401k/ Quotes to ponder: "Plundering our retirement piggy banks can be tempting when a financial emergency arises, but this type of short-term fix may have some long-term consequences that are more expensive than we realize." "Once you dip into your retirement stash and use it to relieve some type of financial pain, you can begin to slide down a slippery financial behavior slope." "Bottom line: make sure you have carefully considered all other alternatives before you undo much of the hard work you have already invested in growing your retirement nest egg." Learn more about your ad choices. Visit megaphone.fm/adchoices