There are so many rules in the personal finance space. Some are helpful, others not so much.Let's set aside the bad ones for a minute (for example, stop buying avocado toast) and discuss the helpful ones. What comes to mind? I went through this practice and wrote down a bunch in preparation for an episode with Jesse Cramer on The Best Interest.I realized many would only be helpful for a certain group of people or at a particular time in someone's personal finance journey. One that comes to mind is to "avoid credit cards." This would be a great rule for those struggling with credit card debt. Probably not so great for everyone else.But through this process, I did land on 5 golden rules that I think would be helpful for everyone regardless of their situation...and Jesse did the same.  Of course, as two podcasters would do, we took to the mics and debated our list.This conversation first aired on Jesse’s podcast, The Best Interest. Jesse is a good friend and has been on the show many of times. If you haven’t done so yet, go check out his podcast. He does a great job breaking down complex, financial topics and simplifying them through analogies and stories. You’ll get a taste of his style in this episode.Key Takeaways:Why do you need to track your money?How gift cards trick you into spending moreThe best investment is in yourselfSimple is better than complex (almost always)Why and how you should prepare for risk.Why you MUST automate your finances, as much as possibleThink long-term, but don’t forget the presentMentions:The original episode on The Best Interest: https://podcasts.apple.com/us/podcast/an-informative-debate-the-most-important-rules/id1553180943?i=1000651974649More of Jesse:Blog: www.bestinterest.blogMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

There will be a point in your FI journey when a stable salary will become less important to you. You’ve built up your savings and investments to a place where you are comfortable. The freedom and flexibility over your time are more valuable than that regular paycheck.The thought of leaving your job has you nervous though. Even after running the numbers and knowing you have enough, there are still a lot of emotions tied up in financial insecurity. “Do I really have enough? Maybe I should work for one more year.” On top of that, maybe you enjoy your job, don’t want to leave your team down a member during a busy period of work, or unsure what life will feel like without a regular 9-to-5 job.Setting all of that aside, deep down you know it is the right thing to do, you just can’t seem to pull the trigger. That is why I wanted to chat with my friends Tess Waresmith and Nicole Franklin. Both recently left their careers to pursue something else.If you listened to episode 138, you know Tess is a financial educator and money coach for women. Nicole Franklin and her husband Tyler are the creators behind the blog, Not Your Ordinary Plan, where they document their journey traveling the world while coasting to FI.In this episode, both Tess and Nicole share a ton of practical knowledge such as a checklist to prepare for your leave, how to tell your employer you’re quitting, and what to do about that pesky medical insurance. We also get into the mindset side of things such as how to feel confident this is the right decision and embrace the serendipity of a job-free life.If quitting is something you’ve been working towards, this is the episode for you. I hope you enjoy my conversation with world travelers and early retirees…Tess Waresmith and Nicole Franklin.Key Takeaways:How to know when it is time to leave your corporate job?Understanding money dysmorphiaTest-driving retirementWhat to do before you tell your employer?How to let your employer know you’re quittingEmbracing whitespace and serendipity of a job-free lifeMentions:Die With Zero: Getting All You Can from Your Money and Your LifeTaking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free LifeMore of Tess & Nicole:Instagram: @wealthwithtess and @notyourordinaryplan_Tess’s Free Course: https://www.wealthwithtess.com/fiNicole’s blog: https://notyourordinaryplan.com/start-here/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

I love FI because it allows me to break the rules and live outside the norm. Like, no one has time for 40 years of traditional employment. But little did I realize I left one set of rules only to get caught up in another - the rules of personal finance.For example, let's look at one popular idea, “spend less than you earn and invest the difference.” My friend Jeremy Schneider says this all the time and for the most part, he’s right. This is a great principle and one of the pillars of building wealth. But where we go wrong is when we get too fixated on a rule and let it box us in. Do we have to spend less than we earn…every year? No, we realize that is a silly idea. If you want to plan a year of travel, take off time to raise a newborn, or work on launching a business, that might be a year you spend more than you make…and that’s okay.I’m not saying Jeremy hasn’t had a year where he’s spent more than he’s earned. Knowing him, I’m guessing he’s had a couple but sometimes these general guidelines create a limited mindset. Another example is the 4% rule. This one boxed me in for years making me think I needed to reach my FIRE number before I could retire.I’ve been rethinking that a lot recently and one person who has impacted me is Diania Merriam. Through her 20s and early 30s, Diania worked in sales. In the midst of one of her peak earning years, she decided to take a 2-month sabbatical to walk 500 miles across northern Spain. A few years later, she quit that job entirely and retired from her corporate career at 33. Diania then founded the EconoMe Conference, a party about money. The conference wasn’t profitable the first few years but Diania didn’t care because she felt like organizing this event was her calling. She is the definition of rewriting the rule book which is why I wanted to have her on the show.I’m hoping through her story, you identify a personal finance rule that might be limiting your thinking. We get into topics like how to get your employer to say yes to a sabbatical, getting comfortable leaving a high-paying job, right-sizing work, and more.Key Takeaways:How to get your employer to say yes to a sabbaticalGetting comfortable leaving a high-paying jobEmbracing an abundance mindsetHow to right-size your workFinding FI-lexbilityMore of Diania:EconoMe Conference: ​​https://economeconference.com/Optimal Finance Daily: https://oldpodcast.com/optimal-finance-daily-podcast/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

While we still have a lot of work to do, I’m really glad we’ve made strides in closing the gender pay gap. Women's increased incomes have led to significant changes in household dynamics. More women are becoming the primary or even sole breadwinner for their family.This change is great and has led to many positives for both men and women. However, our culture is still caught up in traditional gender roles, especially when it comes to money. Many people expect a man to be the primary breadwinner in a relationship. This leads to awkwardness, confusion and tension.In today’s episode, we are going to talk about those feelings, especially from the lens of men. There is no better person to have this conversation with then my friend Ed Coambs. Ed is a financial therapist and has over 20 years of experience working with individuals, couples, and families experiencing a wide range of money-related distress.In this conversation, we dive into topics such as overcoming your internal feelings about contributing less financially, managing money with your partner without feeding resentment, and responding to friends when they joke about the income disparity in your relationship.A lot of juicy topics, so if you’re ready for it, I hope you enjoy my conversation with firefighter turned certified financial therapist…Ed Coambs.Key Takeaways:What happens when your partner is making more than youHandling resentment when one partner makes significantly more moneyManaging your internal emotions when your significant other has the career spot lightUnderstanding your money origin storySocietal messaging about gender norms and moneyResponding to your friends make jokesMore of Ed:www.healthyloveandmoney.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

It’s one of the most hotly debated topics in personal finance…Roth or Traditional?Some argue that the national debt almost guarantees higher taxes in the future and that you should choose Roth and pay your taxes now. Others argue that flexibility and low-earning retirement years should lead you to choose traditional. And of course, some “professionals” highlight that retirement accounts are a scam and you should be investing in their life insurance product to avoid taxes altogether…for the sake of this conversation, we are ignoring that one.At the end of the day, we all know the correct answer…it depends. It wouldn’t be a controversial topic if there wasn’t nuance in the decision. Multiple factors make it a personalized decision for everyone.In today’s episode, we dive deep into many of those factors to help you feel equipped to make this decision for your situation. To help me with this goal, I invited on my friend and CFP Rachael Camp.Rachael recently appeared on the podcast in episode 143, so if you want to learn more about her story and her thoughts about work optionality, get that episode queued up.In this conversation, we jump straight into it, debunking bad advice, sharing a rule of thumb to decide if Roth or Traditional is the right option for you, discuss how unique factors such as which state you live in, RMDs, and medical subsidies might impact your decision, and ultimately, a case for why this decision should be revisited every year.So if you want to get deep into the weeds about Roth vs Traditional, this episode is for you. I hope you enjoy my conversation with the owner of Camp Wealth…Rachael Camp.Key Takeaways:The math behind bad adviceIf taxes are bound to increase, how does that change our decision?A Roth or Traditional rule of thumb based on your tax bracketChanges in your life that might impact how you should be investingHow and why to create flexibility in your retirement accountsA year-by-year approach to maximize your tax savingsMore of Rachael:YouTube: https://www.youtube.com/@CampWealth/videosWebsite: https://www.rachaelcampwealth.com/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Over the last couple of years, a key group of companies known as The Magnificent Seven has emerged. This group of high-performing and influential companies includes Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla. These companies are at the forefront of sectors such as artificial intelligence, electric vehicles, cloud computing, and digital services.They have also been positively impacting much of the growth in the US stock market. Just last year in 2023, these 7 companies’ stocks grew 73% while the rest of the S&P 500 grew 8%. These companies are routinely showing up in many of the financial headlines and it got me wondering, is the US stock market too reliant on a few large companies?So I reached out to my friend and fellow CPA Erik Baskin, to see what he thought. He had a ton to say. Of course, as any podcaster would, I asked if he would be up to record a conversation about it.In this episode, Erik shares his thoughts about The Magnificient Seven’s impact on the stock market. We discuss if this concentration is new. We also explore what changes, if any, you should make to your investments because of this.Erik and I also had this awesome conversation near the end of the episode about when being a super-saver doesn’t make sense anymore. It really had me rethinking a few things in my life currently.Let’s get into it. I hope you enjoy my conversation with the Airman turned Financial Advisor…Erik Baskin.Key Takeaways:Has the US market become too reliant on a few large companies?Is this kind of concentration new?Equal weighted vs market capImpacts of investing only in the S&P 500Should we be investing at all-time highs?When being a super-saver doesn’t make sense anymoreMentions:Morning Star Portfolio X-Ray: https://www.morningstar.com/help-center/user-guide/x-ray-overviewDie with Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765The Gap and The Gain: https://www.amazon.com/Gap-Gain-Achievers-Happiness-Confidence/dp/1401964362More of Erik:Website: https://www.baskinfp.com/BLUF Finance Podcast: https://www.baskinfp.com/podcastMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Things can get complicated quickly in the world of personal finance. From investing and budgeting to estate planning and insurance, there are multiple ways to accomplish what you need to get done.Let’s take investing for example. There are different strategies including but not limited to passive index investing, value buying, the 3-fund portfolio, rental real estate, stock picking, target date funds, 70/30 splits…Honestly, I could rattle off a hundred different options which is why I wouldn’t be surprised if you got overwhelmed by all of the choices.The more experience I get, the more I realize, that simple is usually better. Although the word simple can mean different things to a lot of people, at the heart of the meaning, it means something is easily understood and easily done.So how can we simplify money? Well, my friend Peter Lazaroff wrote a whole book about the topic called Making Money Simple and he is on the show today to share some of those tips. In particular, we focus on investing and budgeting.On the investing side, we discuss why Peter chose to invest his personal portfolio into one index fund although he has gained a ton of knowledge managing six billion dollars as the Chief Investment Officer at Plancorp. And if you hate tracking every dollar you spend, we discuss an alternative to traditional budgeting, the reverse budget, which is a simplified way to make sure your spending is aligned with your income.Key Takeaways:What matters whenever it comes to successfully investingWhy Peter invests in only one mutual fundThe most important factor in investingHow to simplify spending by reverse budgetingHow to enjoy your money as it growsMentions:Making Money Simple (free book): https://peterlazaroff.com/freebookHow Peter Invests Guide: www.HowPeterInvests.comMore of Peter:The Long-Term Investor Podcast: https://peterlazaroff.com/podcastMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

There are going to be differences. And these differences are what lead to disagreements.Imagine a scenario where you and your friends are booking an Airbnb for an upcoming trip. The group isn’t progressing, and you can tell by the tone people are getting frustrated. Half of the group wants a cheap option while the other half wants a nice place closer to the city center.This kind of situation happens all of the time and if you zoom out, you can probably understand both perspectives. Someone might be trying to pay off their credit card debt, or student loans, or saving for an upcoming wedding but wants to go on the trip if it can fit within their budget. Another person might be buried in work and this is one of the few weeks they have gotten to take off and enjoy. Spending an extra couple of hundred dollars is worth it to them if it means the weekend turns from a good time to an unforgettable trip with their friends.At the end of the day, both people want to spend time with their friends but there is conflict because they have other goals that need to fit into their plans. This is messy.Layer on the fact that people make different amounts of money and that our upbringing makes us value money differently, you can see why these aren’t always straightforward decisions.It’s not just friends either. These kinds of situations happen with our partners, family members, roommates, and more.So how do we discuss money with these important people in our lives? And how do we stand up for ourselves whenever we are being asked to do something we don’t want to do?Well, that’s why I interviewed Allie Volpe today. Allie is a senior reporter for Vox and recently covered a story on how to fight without ruining a relationship. The headline immediately caught my attention as I think this topic isn’t discussed enough in personal finance.If you’re pursuing financial independence, you are probably aggressively saving or at least very aware of how you’re spending your money. There will be moments when you’ll have to make a decision and have an awkward conversation about money with someone close to you. Allie is going to be sharing language you can use during these situations, mistakes to avoid, and what to do whenever you just can’t see eye to eye.Key Takeaways:The difference between a good fight and a bad fightMistakes people make in an argument that leave the other side feeling terribleQuestions to ask to get to the root of what you’re really arguing aboutHow to listen and make someone feel heardHow to get to a compromiseWays to handle your emotions whenever you’re getting upsetWhat to do if you can’t see eye to eyeMore of Allie:Twitter: https://twitter.com/allieevolpeMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Yes, your path to financial independence is going to take work and sacrifice but it shouldn’t be miserable. Financial independence is not worth it if it means being unhappy for decades of your life. There should be lots of moments of fun because life is precious both before and after you reach FI.So in today’s episode, Jackie Cummings Koski is back on the podcast to discuss five of her secrets for making your FIRE journey fun.If you missed episode 64, first download it to listen to after this episode, and second, let me share a little about Jackie with you.At 49 years old, Jackie reached financial independence and retired from “Corporate America.” This was an impressive feat in itself but even more impressive for someone who grew up poor, became a single mom in her 30s, and never had over a $100,000 salary. Jackie created her first net worth statement at 38 years old and went on a tear for the next decade saving and investing to comfortably retire before  50.Now Jackie spends much of her time as a personal finance educator and recently wrote the book, FIRE for Dummies to help others retire early on their terms.So if you want to reach financial independence and have some fun along the way, this episode is for you. I hope you enjoy my conversation with the dealer of $2 bills…Jackie Cummings Koski.Key Takeaways:Where to cut expenses but more importantly, where to notSmart ways to integrate what you enjoy into your FIRE plansUnderstanding your why behind FIREWhere to start in your journey to FIMilestones to celebrateWhy you don’t have to be flawlessMore of Jackie:FIRE for Dummies: https://www.amazon.com/FIRE-Dummies-Business-Personal-Finance/dp/1394235011Catching Up to FI: https://catchinguptofi.com/financial-independence-podcast/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Whether you consider yourself a writer or not, you’ve been asked to write before. This could be an essay for school, an email at work, or a caption for a post.  Sometimes when we are writing, we have a complete brain fart. No matter how hard we try, the words aren’t coming out. We write a sentence and delete it. We start writing another sentence, get halfway through it, and give up entirely.Then other times, we sit down to write and the words effortlessly flow onto the page. Your thoughts are coming together nicely and you feel so focused.You may have heard this term before but psychologists call this flow state. Signs of a flow state include focus, enjoyment, and persistence. You can be in flow while playing sports, reading, gardening, and many other activities.Flow can be beneficial whenever it comes to work. It can help you accomplish challenging tasks, accelerate learning, and experience fewer distractions. All of these characteristics are important for being a high performer.But can we put ourselves into a flow state rather than just relying on in-the-moment energy? Luckily there is and my friend Justine Elizabeth is here to share how we can do that. Justine is a Flow Coach who makes flow trainable so you can reach new heights without burning out.I was a little skeptical about flow training. Of course, I’ve experienced flow states in the past but I was unsure if it was truly trainable. But as someone who is always looking to step up my performance both with work and my hobbies, I had to dive in and learn more about it. I should have never doubted her but I was pleasantly surprised with what I learned from Justine and I’ve already implemented her tips to enter a flow state whenever I know I have an important task to finish.Justine is a student of this craft. I think she is a perfect teacher to introduce you to the power of Flow. Key Takeaways:What is flow?Benefits of flowThe flow cycleExamples of flow aids and ailmentsHow to more easily achieve a flow stateDifferentiating between a productive flow state and unhealthy overworkMore of Justine:Website: https://theflowcodes.com/Instagram: https://www.instagram.com/theflowcodes/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Humans are weird whenever it comes to money. We drive five miles out of the way to save a few cents on gas. We buy things we don’t need because they’re on sale. We don’t ask for a raise although we’ve been working hard at the same place for years.We all have irrational behaviors when it comes to money and a lot of this has to do with psychology. Common biases impact our ability to make logical decisions. You’ve probably heard of a couple of these biases before. Some examples include the sunk-cost fallacy, anchoring, mental accounting, the status quo, and the bandwagon effect.Although we’ll never be able to truly rid ourselves of these biases, there are practices that you can put into place to make more rational decisions.My friend Paco de Leon is on the show today to talk about some of the reasons why we do the things we do and she’ll share exercises you can do to recognize and recover from situations that are impacting how you think and behave when it comes to money.Paco is the perfect partner to have this conversation with because she is thinking and talking about this subject all of the time. She is the host of Weird Finance, a podcast for creatives who are looking for explanations of complex financial concepts in a friendly, approachable way. I know you’re really going to enjoy this one so buckle up. I hope you enjoy my conversation with the 1st gen immigrant, TED speaker, and founder of The Hell Yeah Group…Paco de Leon.Key Takeaways:Why we are built to pay attention to scarcity and how that impacts our relationship with moneyHow we can make better decisions by understanding our window of toleranceCurbing impulse buying with the $100 buy listEnjoying simplicityHow to get comfortable with moneyMine Yours and Ours budgetMore of Paco:Podcast - Weird Finance: https://thehellyeahgroup.com/weird-finance-listen-nowBook - Finance for the People: https://thehellyeahgroup.com/finance-for-the-peopleMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/

Work optionality is the idea that you work because you want to, not because you have to. As you’re listening to this in your 20s, this concept might seem like a pipe dream. That’s truly fair. Most of us don’t have this luxury. We are building wealth, along with just paying our bills, and it takes income to do that.But this idea might not be as far away as you think. Regardless of your timeline, as your wealth grows even before you hit financial independence, I think you should be itching closer to a life designed by you, not your employer or clients.This might include changing your hours, taking more time off work, participating in mini-retirements, pivoting careers, or starting a business.This is an idea that Rachael Camp, Founder of Camp Wealth, is routinely discussing both online and with her clients. And I asked her to come on the podcast to do the same. Rachael is a financial planner who helps young professionals maximize their money for financial freedom. She has also redesigned her life over the last few years and she told me it feels way more aligned.In this episode, we break down the nuance between traditional FIRE and work optionality. Rachael shares steps you can take to start progressing towards a work-optional life and she shares questions to ask yourself to uncover what that life would truly look like. Also at the end of the episode, I ask Rachael to break down some of her most popular tweets from the last month.This is a really fun, wide-ranging conversation and you can probably tell, I had a lot of blast getting to know Rachael.So if you’re ready to do the same, let’s get into it. I hope you enjoy my conversation with the former Hoosier turned Denverites…Rachael Camp.Key Takeaways:The difference between traditional FIRE and work optionalityImportant questions to ask yourself to get closer to your ideal lifeRules to help you spend moreWhy you should take more risks in your 20sHow to make a plan for your moneyMore of Rachael:YouTube: https://www.youtube.com/@CampWealth/videosWebsite: https://www.rachaelcampwealth.com/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Let’s not sugarcoat it, the path to financial independence is a grind. Even with an aggressive savings rate and an extended bull market run, you’re going to be at it for a while.Setting the hard work aside, we also have to ask ourselves, what are we racing towards? Yes, of course, financial independence and freedom, but what would you do with that newfound free time?This is where I’d like to insert the idea of mini-retirements. This intentional time off work can help us reenergize and explore what retirement life would look like. This is actually what our guest, Jillian Johnsrud, did. During her journey to financial independence, Jillian embraced 12 mini-retirements and now she coaches others on how to take a mini-retirement themselves.I love the idea of mini-retirements. I’ve already taken one in 2020 and plan to take many more throughout my life. Looking back, it was one of the best decisions I made in my 20s but it didn’t come with some doubts. Most notably, is this temporary time off worth delaying financial independence? This is a question I asked Jillian and what she told me surprised me….mini-retirements didn’t delay FI for her, they did the opposite. They expedited it. Stick around if you want to hear that story and more.I hope you enjoy my conversation with the master of retiring often…Jillian Johnsrud.Key Takeaways:The importance of taking breaks on your path to financial independenceWhat a mini-retirement is…and isn’tDifferent intentions for mini-retirementsHow to propose a mini-retirement to your managerHow to structure mini-retirements so they don’t feel wastedCrafting your mini-retirement storyReconciling embracing mini-retirements and delaying your path to financial independenceHow to reduce costs during a mini-retirementCreating your mini-retirement go-bagMore of Jillian:Website: www.RetireOften.comRetire Often podcast: www.retireoften.com/podcast/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We always hear the importance of taking advantage of our 401K and IRA accounts. The tax advantages and employer match are too good to pass up on. But is this true for early retirees? If I’m planning on retiring in my 40s, should I be locking my money away in these accounts? How do I bridge the gap between early retirement and 59.5 - the age at which I can withdraw from these accounts penalty-free?Well, the good news is that isn’t 100% true. There are ways to withdraw from these retirement accounts early without paying a 10% penalty and some of these strategies are fairly simple.Sean Mullaney, President of Mullaney Financial & Tax and writer behind the informative blog, FITaxGuy.com, is here to share how to do this.In this episode, we deep dive into a couple of the strategies to ensure that your money can be accessible to you if you retire before 59.5. Sean also shares a tax-efficient strategy for which accounts you should withdraw from first.This is Sean’s 3rd appearance on the show. He also appeared in episodes 39 and 40 where we discussed what you need to know about taxes in your 20s and the mechanics of an HSA.Every time Sean comes on the show I learn something new. Through this conversation, he actually changed my mind about how I am currently funding my Roth and Traditional accounts. He’s such a wealth of knowledge whenever it comes to the tax code and tax planning.If you also want to learn from Sean, let’s get into it. I hope you enjoy my conversation with FI Tax Guy…Sean Mullaney.The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Justin and The Struggle is Real podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Key Takeaways:A tax-efficient ladder for funding your life post-FIHow to manage “uncontrolled income” in your brokerage accountLong-term vs short-term capital gains and how they’re taxedRoth basis: contributions and conversionsOther exceptions to withdrawing money penalty-free from your retirement accountsMentions:Accessing Retirement Accounts Prior to 59.5: https://fitaxguy.com/accessing-retirement-accounts-prior-to-age-59-%c2%bd/IRS Exceptions to tax on early distributions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributionsIRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502More of Sean:Blog: https://fitaxguy.com//YouTube: https://www.youtube.com/@SeanMullaneyVideosMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I love playing with compound interest calculators and one equation I’m routinely calculating is the number of years until I reach financial independence. Using the 4% rule, I multiply my living expenses by 25 to get my FIRE number. I use that, my current net worth and various contribution rates to predict when I’ll reach FI.But then I started thinking about this equation. Instead of using my current expenses should I use an inflation-adjusted number that would more realistically match my future expenses? Also, now I’m second-guessing my average return rate. Does that include inflation or should I be adjusting that rate too?All of a sudden, I’m a little turned around. Not knowing if the number in front of me is an undershot or overshot. I don’t want to be so far off the mark that my calculation isn’t giving me a realistic path to financial independence.So what is the right way to account for inflation whenever running our numbers? Luckily Jesse Cramer is back so tell us the right way to go about this calculation.Jesse has a way of simplifying topics. He is routinely doing this through his podcast, The Best Interest. Jesse takes complex financial topics and puts them into layman's terms. Jesse is so good at doing this that this is the 3rd time I’ve invited him on The Struggle is Real.In this episode, we get straight into the topic of inflation and answer questions like why products get more expensive over time, 2 ways to correctly calculate your FI number, and how to protect your portfolio from inflation.So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with TSIR’s most frequented guest (for now)...Jesse Cramer.Key Takeaways:How products and services get more expensive over timeHow inflation is measured2 ways to calculate your FI number without mistakenly leaving out or double counting inflationDoes the 4% rule account for inflation?How to inflation protect your portfolioHow concerned a 20-something should be about inflation whenever retirement planningMentions:Accounting for Inflation in Retirement and FIRE Planning: https://bestinterest.blog/accounting-for-inflation-in-retirement-and-fire-planning/More of Jesse:Podcast: https://bestinterest.blog/the-best-interest-podcast/Blog: https://bestinterest.blog/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

As someone pursuing early financial independence, it is almost guaranteed that over time, a lot of your wealth will come from investment growth but as we all know, it takes money to make money.The first $100,000 of your net worth is a lot of hard work: you need to make income, live below your means, and aggressively save. And through all of this, your career will be the backbone of this process.Improving the skills that will make you more valuable is an important journey throughout your 20s. If you put effort in the right places, you will quickly become a high performer and be paid accordingly.So with that in mind, what should you be focusing on? There are technical skills that will be in high demand in the future (think AI, cybersecurity, logistics) but these are industry-specific. There are also a set of skills that no matter what career path you pursue, will always pay dividends.Today, I’ll be talking about the latter with Dave Lamont. Dave knows a thing or two about this subject as he’s built an incredible career for himself and not slowing down anytime soon. Dave is the CEO of Renfrew Business Group and president of Renfrew Chrysler, Lloydminster Nissan, and Royalty RV. In this episode, Dave shares 6 essential skills that led him to his success with the hope that you’ll find career success as well no matter how you define that.So let’s get into it. I hope you enjoy my conversation with former hockey player, car enthusiast, and Author of Crank It!...Dave Lamont.Key Takeaways:Learning work ethic through role modelsHow hard work creates luckSimply strategies for effectively managing your timeHow to build rapport with colleagues twice your ageThe importance of learningEmbodying true confidenceWhy looking out for others will pay offMore of Dave:Crank It! A Playbook for Succeeding in Business and Life: https://www.amazon.com/Crank-Playbook-Succeeding-Business-Life-ebook/dp/B0CBL2J76JMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.But I help you with the hard things and it’s time. With this in mind,  how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.Key Takeaways:How much a 1% advisor fee costs you over 40 yearsHow to compare your advisor’s performance against the averageA step-by-step process for breaking up with your advisorResponding to objections from your advisorFinancial situations that might require professional help and who to hireSimple definitions of common financial jargonMentions:Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725More of Tess:IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Dating is expensive. There is no way to sugarcoat it. Between dinner, drinks, parking, entertainment, and more…the costs quickly add up. I was reading an article and they surveyed 2,000 Americans to find out the average person has spent $3,025 over the last year on dating. That’s a little more than $250 a month and it didn’t include indirect costs like new clothes, make-up, and haircuts.Even as someone in a long-term relationship where Gaby and I have similar financial goals, and the advantage of using coupons and hitting happy hours without social ridicule, we still spend a fair amount on dates.It is because creating shared memories is important to us…but so is financial independence. So whenever it comes to dating, how can we maximize fun without breaking the bank? Well, that’s what I have in store for you today.My friend Samantha Vigneau and I created a list of 5 affordable and fun date ideas. My challenge to her was each of these ideas had to be less than $50 for two people and she hit the mark with many ideas being little to no money at all.This was a fun episode to make. I know many of us are dating right now let it be you’re looking for someone or in a relationship and going out and making memories together is important. So how do we find the balance between that and our financial goals? This episode will answer that.I hope you enjoy my conversation with the Host of Single Status…Samantha VigneauKey Takeaways:Elements of bad first date ideas5 affordable yet fun date ideasHow do you discuss money with a new romantic interest?Signs to look for to understand someone’s money valuesWhat to do if you feel like you’re falling behind in lifeMore of Samantha:Website: https://www.singlestatuspodcast.com/Instagram: https://www.instagram.com/samanthavigneau/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

If you’re interested in early retirement, you have to consider how you will afford life when a paycheck isn’t hitting your bank account every other Friday. Of course, my favorite method is investing in the stock market. This provides dividend income and the ability to sell your stocks when you need to but there is another obvious method out there - real estate.I don’t know how we’ve gone 135 episodes without extensively discussing investing in real estate. It may be because it isn’t something I currently participate in but it has my attention. When I think about my draw-down method, there is hesitation on what I would do if I felt like we were in a down market and I’m wondering if rental income would give me much-needed stability through my early FI years.So I’m putting some effort into learning about it and if you do the same, there is one educator you will likely run into: Dustin Heiner. Dustin is the Host of Master Passive Income and is on a quest to help one million people get started investing in real estate. He is of course a real estate investor himself and at the age of 37, was able to quit his job because he had enough passive income from his real estate investments.In this episode, we discuss three common mistakes that Dustin wants you to know about before you buy your first property. Our goal in this conversation is to prevent you from making mistakes that Dustin had to learn the hard way early on.So if you’re interested in real estate investing, let’s get into it. I hope you enjoy my conversation with the father of 5 and successfully unemployed…Dustin Heiner.Key Takeaways:What you should do first before worrying about finding or financing your first propertyRules you can set in place to make your real estate business more passiveHow to estimate the cost of common real estate expensesOne rule to put in place so your property makes you money no matter what happens with the property valueHow to negotiate your offerHow to create passive income through real estateMentions:Free Course: https://masterpassiveincome.com/freecourse/More of Dustin:Website: https://masterpassiveincome.com/dustin-heinerInstagram: https://www.instagram.com/thedustinheiner/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Even with an aggressive savings rate, reaching financial independence will take 10 to 15 years assuming the market plays nice with you. Stack on paying off debts and saving for large purchases like a wedding, a new car, or your first home, we can see how this is going to be an extended journey.Throughout that journey, how do we stay committed and follow through with our goals?This is not an easy answer, especially in the age of instant gratification and social media.So I turned to my friend Matt Worthington who has followed through with many impressive goals. When he started college, he committed to graduating debt-free. This required working multiple jobs, saying no to distractions, and an unhealthy amount of frugality but he made it happen. Then he wrote a book about it which is a feat in itself. Finally, over the last year, he’s accomplished several physical challenges including completing a half-ironman, finishing 75 hard, and running an ultra marathon, which required a focused training plan and a lot of mental toughness.It is easy to write off Matt as someone born with these gifts but I promise you that wasn’t the case. Don’t worry, we’ll get into that story.My hope with this episode is you pull out inspiration to continue following through with your commitments, financial goals, or anything you have your mind set on right now.So if you’re looking for that inspiration, let’s get into it. I hope you enjoy my conversation with Mister Reinvention himself…Matt Worthington.Key Takeaways:Creating the belief that you can changeFollowing through with your commitments even when they get hard or you hit an obstacleHow to cultivate discipleSurrounding yourself with the right peopleGetting creatively thrifty More of Matt:Instagram: https://www.instagram.com/matt_worthington/Riser Network: https://www.risernation.org/Riser Podcast: https://open.spotify.com/show/6WWt0CNuhVg5HSyKlEERWf?si=ix0gHEjFT72OXAKZcWVN3w&utm_medium=share&utm_source=linktree&nd=1&dlsi=3f4d5462c135468cUltra Productive: https://www.amazon.com/Ultra-Productive-Graduating-Debt-Free-Getting/dp/1946277835More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

When I say the word frugal, what comes to mind?Do you think of your penny-pitching sibling? Or your coupon-clipping aunt? Your co-worker that always brings their lunch? The reality is, frugal means something different to everyone.Frugality is a spectrum, and I believe it can be extremely beneficial to live your 20s with a healthy amount of frugality. Split rent with roommates. Shop at value-based stores. Avoid overspending on luxuries like new cars or fancy clothes. Winning these battles early on can pay dividends, literally and metaphorically, down the road.But frugality can go too far. Your 20s aren’t the time to deprive yourself of everything at the expense of saving money.So how do we find that balance? What are some signals that we’ve gone too far? And what can we be doing now so we don’t have to worry about frugality so much in the future?Joel Larsgaard, Co-Host of How to Money, will be answering those questions today. Joel is a recovering frugalite. After experiencing his parents going bankrupt when he was 12, he vowed not to let money impact him in the same way. In his 20s, he worked two jobs, used his bike as a primary source of transportation, and scoured the internet for the best deals. As Joel entered his 30s, he realized he might have taken frugality a little too far. At times, being frugal tested his relationship with his wife and had him make short-sided decisions that might be considered cheap versus frugal. Joel will admit that he doesn’t have it all figured out now but I can tell he’s found a much healthier balance today. He still loves riding his bike but works less and isn’t afraid to spend money on quality items he loves.I enjoyed my conversation with Joel because I can see myself following in his footsteps. I can often get lost in the bigger picture of financial independence. FI is not a number but instead, the flexibility to reimagine what life could look like.So if you’re ready to experience what life could look like, let’s get into it. I hope you enjoy my conversation with the craft beer lover and co-host of How to Money…Joel Larsgaard.Key Takeaways:A case for frugality: frugality gives you optionsDefining frugal (and when frugal becomes cheap)Frugal strategies for saving lots of money in your 20sThe diminishing returns of frugalityFrugality isn’t the only tool to use in order to reach FIFinding balance by identifying your craft beer equivalentMentions:HTM Money Mission Statement: https://drive.google.com/file/d/1IhrgSguUq7A3-5OoqF8-0XaX65M2ixyc/viewMore of Joel:Website: https://www.howtomoney.com/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

You’re a top performer at work. Your manager routinely praises you and you’ve been taking on more responsibilities as your team and your company grows. With all of these positive indicators, a thought has been in the back of your mind - “I deserve a raise.” Those 2 to 3% increases you’ve received the last couple of years aren’t making a major difference to your financial situation let alone keeping up with inflation.Even with this information though, you haven’t gotten the courage to talk to your manager. Maybe your company is going through a difficult period or you have a great relationship with your manager and you’re afraid this conversation would add some tension or awkwardness.So what are you going to do?This episode is going to kick off with my friend Andrew Giancola breaking down some of the math behind why you can’t continue to ignore this problem. I’ll let him share the details but essentially, negotiating a raise every few years will make a drastic impact on your earning power. We are talking mid-6 figures or more!This can’t be ignored…but it also needs to be handled professionally. Busting into your manager’s office demanding a raise because you’re fed up with being underpaid isn’t the solution either. So once again, what are you going to do?The good news is you don’t have to answer that question because Andrew will do it for you. Andrew Giancola hosts The Personal Finance Podcast, where he helps listeners discover how to easily save, invest, and grow their money to build generational wealth. One of Andrew’s favorite topics to discuss is how to ask for a raise because he knows how impactful yet sensitive it can be.In this episode, we are going to walk through his step-by-step process of asking for a raise including initiating the conversation, proving your worth, making the ask, and getting a yes. I love his system because it is built around intentional communication and it is going to make it easy for someone that is nervous to approach their manager. I also think his step-by-step process won’t leave you looking like someone ungrateful but instead, treated like a professional that knows their worth.If you’re interested in making more money and getting on the path to early financial independence make sure to hit the follow button because we will be covering both of those topics extensively this year.Alright, I hope you enjoy my conversation with…the man who went from living paycheck to paycheck to becoming a millionaire by 32…Andrew Giancola.Key Takeaways:How a small raise compounds into a 7-figure accumulationWhen to start the conversation about a raiseScript for opening the conversation with your managerHow to demonstrate your value during the processAvoiding an awkward conversation with your managerHow to make it so easy they have to say yesCommon objections and how to handle themWhat to do if your manager or company says noHow to ask for a raise when you work from homeMentions:Asking for a Raise E-Book: https://mastermoney.co/get-that-raise-ebook/More of Andrew:Website: https://mastermoney.co/Podcast: https://mastermoney.co/podcast/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at<a...

One of the keys to building wealth is increasing your income. Most 20-somethings don’t have a savings problem, they have an income problem.You’re trying to pay off student loans, graduate from a college lifestyle, and invest for their future all while working with an entry-level salary. While I believe the fastest way to increase your income is focusing on your primary source of income, aka being a top performer at work and negotiating salary increases because of that, I’m also a fan of rolling up your sleeves and hustling to make some additional income on the side.Not only is side hustling a great way to make some extra cash to deploy against whatever financial goals you have right now, it is also a great way to learn about business, develop additional skills, explore other career paths, and most importantly, learn how to independently make money.So with all of this in mind, I invited my friend Genesis on the podcast to discuss side hustles. Know as genuinelygenesis on Instagram and TikTok, Genesis has been hustling since she was a kid selling coconut popsicles on the side of the road in Bolivia. Growing up low-income, she learned firsthand how to turn her hard work into cash. Now in her 20s, she’s graduated from selling popsicles to working in big tech full-time but she’s still hustling on the side, growing a real-estate empire and content business.In this conversation, Genesis and I are going to answer a ton of questions about side hustles including whether are side hustles even worth it, how to make time for your side hustle, how to convert this hard work now into passive income in the future, and most importantly, ideas for your first side hustle.What should I do is always the biggest question I get when discussing side hustles. So aside from some of the side hustles Genesis discusses in this episode, here are 5 other ideas you can consider for your 1st side hustle:Retail arbitrage: find undervalued products in one market and sell them in another. My personal favorite is garage sales. I find underpriced items at local garage sales and resell them on Facebook Marketplace.Deliver food and groceries: Popular apps like Grubhub, Doordash, and Instacart have made it easy to find this kind of work and fit it into your schedule. Plus you don’t have to interact with people.Get paid for your creative talents: if you learned a particular skillset through your day job or a hobby such as graphic design, writing, or voice-over work, you can get paid to help other people with the same service through sites like Fiverr and UpWork.Offer lessons: are you well-versed in a musical instrument or a sport? You can put that knowledge to use and teach other people to play.Sell baked goods: people love cakes, cookies, and pies. If you’re good at baking, you could put your talents to use. You can start with friends and family and expand to farmers' markets over time.This is going to be a great episode. One of many that we have planned for this year so if this is the year you get serious about your financial future, hit the follow button because there are a whole lot more of these episodes coming.Let’s get into it. I hope you enjoy my conversation with…Hispanic-American, first-generation college student, and miss poor but no more…Genuinely Genesis.Key Takeaways:5 side hustle ideas you can start todayWhy side hustles are worth itHow side hustles support your primary careerDefining what a side hustle isPopular side hustles people start firstHow to convert side hustle money into passive incomeThe first step to getting startedUpcoming scarcity mindsetMentions:Side hustle workbook: <a...

It’s hard living a frugal life. I’m constantly questioning myself whenever I do things like taking leftovers from a free corporate lunch or doing date night at 4pm so we can get happy hour pricing.Although these frugal practices are simply a journey all 20-somethings need to live through, it’s not what I want to be doing forever. But what if I told you you could live it up now while also accomplishing your financial goals like paying off student loans or heavily investing to reach financial independence early? This could be a reality with a strategy called geo-arbitrage.Ignore the fancy words, the concept is simple. Have a steady income in a strong currency, then spend money in a cheaper country.Imagine this, you live in New York City, making $70,000 a year and your monthly costs are $5,100. You work from home and can easily pack up and leave so then you move to Mexico City where your monthly costs are $1,900. That’s a difference of $3,200 or over $38,000 a year. A decision like this magnifies your savings rate and allows you to make some serious progress on your financial goals in just a few short years without sacrificing your comforts like a spacious apartment or trying new restaurants a couple of times a week.If you are open to an idea like this but don’t have a portable job or you are not ready to move, the same strategy could be applied to reduce your final FI target number. Instead of needing $1.5M dollars maybe you only need $700,000 to retire to a more affordable city.This is what today’s guest did. Rachel Covert retired early at the age of 36 from her high-stress job in fashion and decided to move away from expensive NYC. She’s been fairly nomadic the last few years but currently resides in Portugal.In this episode, we dive deep into geo-arbitrage. Rachel will share examples of low-cost-of-living cities you could move to, prices you can expect to pay, how to prepare for a change like this, and more. Once again, if you are adventurous and have career flexibility this could be a really powerful strategy you could employ.Let’s learn some more about it. I hope you enjoy my conversation with the early retiree and world traveler…Rachel Covert.Key Takeaways:What is geo-arbitrage and is it right for me?Best low-cost-of-living cities to considerThe power of the American passportThe impact of time freedomHow to escape golden handcuffsStaying focused on your financial goals and avoiding social pressuresHow to apply geo-arbitrage domesticallyMentions:Compare the cost of living: https://www.expatistan.com/cost-of-living/oaxaca?currency=USDMore of Rachel:Get the Free Lifestyle Spotlight Spreadsheet: https://www.electrifiwealth.com/optin1654273482604Instagram: @rachel_talksmoneyMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

For today’s episode, we are going to pause our money content to share a powerful story. With 2024 quickly approaching, I’m sure you’re giving thought to some changes you’d love to make in your life. It could be that you want to eat healthier, repair a relationship, feel more confident, tap into your true potential, or anything of the sort.But maybe those ideas come with some discouragement. If it is something you want to change now, it is probably something you’ve been thinking about changing for a while. I’ve been there. I make empty promises to myself that “next Monday is whenever I start” and of course, that day comes and for some reason, I’m still acting the same way and not taking action on that promise.2024 is going to be different for both of us though. No more empty promises. We are going to prove to those who have been doubting us, our parents, friends, partners, but most importantly, ourselves.And there is no better story to end our 2023 content with and leave us feeling empowered like my friend Nake Dukes. This guy has gone through a lot from hugely successful business owner to being behind bars after getting caught stealing a car. I don’t want to ruin this reinvention story so I’m going to leave it there. This one is a great one to play in the car for everyone to hear out loud as you’re headed to Grandma's house for the holiday celebrations. This story originally aired years ago as episode 41 and has been a fan favorite ever since.This is the last episode of 2023. Thanks for an amazing year. I had so much fun creating content for you in 2023 and I’m even more excited about 2024. As a reminder, moving forward we’ll be publishing bi-weekly on Wednesdays to make some space for some other projects we have in the works. You’ll see our content shift in 2024 with a major focus on money so if this is the year that you are dedicated to taking control of your finances, make sure to hit the subscribe button. I’m working on February content right now and our guest lineup is so incredible so far so you don’t want to miss out.Oka, enough teasing. I hope you have an amazing end of your year and happy holidays. Let’s get to the interview. I hope you enjoy my conversation with the innate turned author…Nate Dukes.Key Takeaways:How a broken mindset can impact youNate’s initial feelings when he found himself in jailThe power of kindnessWhere to find inspiration for personal developmentThe impact of spending time with the right peopleHow to repair the damage of your pastMentions:Pay it forward program: www.youllneverchange.com/payitforwardMore of Nate:Book (Amazon): https://www.amazon.com/Youll-Never-Change-Create-comeback/dp/057888996X/ref=sr_1_2?crid=3UP25N90ZRNZ9&amp;dchild=1&amp;keywords=you%27ll+never+change+book+nate+dukes&amp;qid=1628715127&amp;sprefix=you%27ll+never+change%2Caps%2C1219&amp;sr=8-2Website: www.youllneverchange.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at...

I’ve noticed that New Year’s resolutions have been taking some heat lately. I get it, it is totally illogical that a single predetermined day is chosen for everyone to start a major life change and by February, most of us have given up on our grand changes and retreated back to our normal lives.But there is something about a fresh calendar year that gives me hope and naturally makes me prioritize the changes that I’ve been putting off. I think with intentionality and some realistic level setting, New Year’s resolutions don’t have to be something you feel guilty about by February.But what do I mean when I say intentional and realistic level setting? Have you heard the quote, “Most people overestimate what they can do in a year and underestimate what they can do in a decade?”Well, that summarizes why New Year’s resolutions get their bad rep. We set unrealistic expectations - to completely reinvent our career path, pay off 6-figures in student loans, or to go from super spender to super saver. These goals are just impractical - at least in a short timeline such as a year.Here is the thing - you don’t need to solve all of your money problems in one year. You just need to point the sail in the right direction. So what would be more practical New Year's resolutions related to money?Well, that’s what we are going to talk about today. Here are 4 realistic financial goals that if accomplished in 2024 will set you up for a decade of success.Key Takeaways:How to accomplish your 2024 New Years’ resolutions4 realistic money goals you can set for yourselfHow to create a simple budget to manage your spendingA simple side hustle that you can start this weekendHow to save up for your first emergency fundThe power of compound interestMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I’ve always dreamt about becoming a dad. I know little moments like teaching them the ABCs, running them to soccer practice, or helping them pick out their prom outfits are going to bring me a lot of joy. I’m even ready for the challenging moments like sleepless nights, pre-teen outbursts, and difficult “growing up” conversations.One thing that I’m not sure I’m ready for is the cost of children. I was reading a survey and apparently, the average cost of raising a kid from 0 to 18 years old in the United States is $237,000. And I’m not quite sure I would be on the low end of the average.I agree with Maya Corbic, our guest today, that you can’t put a price on the love that you’ll have for your child but the financial impact has to at least be considered in your decision-making progress.How much does a pregnancy cost? What financial milestones should I accomplish before having a child? Can I realistically afford to take care of a child right now?These are all questions that will be answered in today’s episode. As I mentioned, we’ll be talking to Maya Corbic. She is the creator behind the popular Instagram page teach.kids.money where she is helping parents raise financially savvy children. She is also the author of “From Piggy Bank to Stocks: The Ultimate Guide for a Young Investor” where she introduces children (and honestly parents) to the exciting world of investing.This is a great episode for anyone considering parenthood and also soon-to-be parents as we discuss a lot of early childhood cost savings tips.Let’s get into it. I hope you enjoy my conversation with the 1st gen immigrant, CPA, and energetic mom of 2…Maya Corbic.Key Takeaways:The average cost of raising a childFinancial milestones to consider hitting before becoming a parentFinancial to-dos to prepare for an addition to your familyHow to reduce your child-related expenses and find great dealsHow to invest in your children's education through a 529 accountThe sneaky benefits of a custodial accountThe importance of aligning your family and financial valuesMore of Maya:Instagram: https://www.instagram.com/teach.kids.money/From Piggy Bank to Stocks: https://dinariiwealthykidsclub.lpages.co/from-piggy-banks-to-stocks/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We are closing up on 2023 and I thought it would make for a fun episode to recap some of the top financial news headlines from the year.Being a fellow money nerd, this year provided many interesting headlines that were fun to follow and watch play out. And looking back at it all, these stories reminded me of an important lesson that I’ll share at the end of this episode.Key Takeaways:The Federal Reserve continues its interest rate hikesThe new Federal borrowing benchmarkThe impact of the global banking crisisReflecting back on the debt ceiling deadlockHow the debt ceiling worksAre tech industry layoffs behind us?What you can do when faced with negative news?Should I change my investing approach in 2024?Mentions:The Best Interest (Does the Debt Ceiling Affect Your Finances? - E57): https://pod.link/1553180943/episode/697707e884c01785b397166817ac6d91More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Today we dive deep into a universal struggle that affects us all: the comparison trap. In a world fueled by social media highlights and curated success stories, it's easy to find ourselves measuring our worth against others.This happens to me all of the time. I see someone else’s life: the promotion, the new house, a fancy vacation, their business success…and start frantically wondering why I don’t have that yet. Setting aside dismissing my own successes, never once did I stop and think…is that something I actually want?With the highlight reels and the constant moving of our own goalposts, it is easy to see how our definition of success would start to get muddy. We slip into allowing others to define it for us and fall back into the never-ending loop of the comparison trap.It’s time to take back control, use comparison as inspiration, not envy, and define success on our own terms. To help us do that is my friend Hayley Dawson, Founder of The Blocks.Hayley and I immediately connected over many of our shared interests including unpacking the unique struggles of today’s 20-somethings. On top of overcoming the Comparison Trap, we discuss why your goals aren’t timebound to your 20s, why quitting should be celebrated, and how to make decisions based on what matters to you.Key Takeaways:Today’s unique struggles of people in their 20sHow social media has exasperated comparison and self-doubt5 powerful ideas for overcoming the Comparison TrapHow to change jealousy and envy into inspirationYour dreams don’t have deadlinesDefining success on your own termsThe false definition of successWhy quitting should be celebratedHow to make up your own mindMentions:Tenants: The People on the Frontline of Britain's Housing Emergency by Vicky Spratt (https://www.amazon.com/Tenants-Frontline-Britains-Housing-Emergency-ebook/dp/B094DTJLZR)More of Hayley:Instagram: @_theblocksMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

The holiday season is in full swing and I’m so excited to spend the next month celebrating with friends and family. With all of the parties and get-togethers, it will be 2024 before we know it. But before we say goodbye to 2023, I have a few things I want you to check off your to-do list.In today’s episode, I’m going to give you a financial checklist of 8 tasks you may want to consider doing by Dec. 31 to tidy up your finances. Don’t worry, all of these tasks take 30 minutes or less so you can get back to enjoying the holidays.So if you’re ready to set yourself up for financial success in 2024, let’s get into the 8 tasks on the end-of-the-year financial checklist.Key Takeaways:8 easy and essential year-end tasks to completeReviewing your retirement accounts and adding additional contributions where you canRebalancing your assets to stay aligned with your investment strategyCreating a debt payoff plan for 2024Conduct a year-end tax review to maximize your savingsApplying tax loss harvesting to offset capital gainsCompleting a Roth conversion to take advantage of a low effective tax rateReviewing your budget and finding areas to cut costsWhere to get your free credit report and a simple task to improve your credit scoreMentions:www.annualcreditreport.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I love big, life changes…said absolutely no one ever.Significant life changes like moving out of your hometown, changing career paths, or ending a significant relationship are terrifying even if you know it is what you should do. It takes proper planning and a lot of courage to follow through with these major milestones.These decisions have never come easy to me. I was terrified to quit my first job. It took me over 6 months to pull the trigger on moving out of my hometown. And I don’t even want to talk about the countless relationships that drug on because I didn’t have the courage to end them.At the end of the day, they were all the right decisions. The only thing I regret is not making those decisions sooner.&nbsp; I needed some encouragement from my friend and today’s guest Kay Cote.Kay knows a thing or two about change. Growing up outside of Fargo, North Dakota, she’s learned to embrace these big life decisions. She’s lived in South Africa temporarily, tried RV life, quit her corporate job to become an entrepreneur, relocated to Austin, and most recently, decided to take a chance on a career change by jumping into the music industry.Through Kay’s story and her PIVOT method, by the end of this episode, we’ll be feeling equipped to say yes to that hard decision and embrace the change that comes with it.So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with the minimalist, storm-chasing fanatic, and shuffle dance queen…Kay Cote.Key Takeaways:Building the courage to move out of your hometownCommunicate without verbal languageThe benefits of moving to a new city or countryBreaking out of the mundaneBuilding confidence and independence by movingHow to use the PIVOT method when thinking through major changesHow to get more opportunities by staying open-mindedUsing reflection to figure out what you want to do with your careerNothing in this life is permanentMore of Kay:Website: www.kaycote.comInstagram: thekaycoteMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Do you currently feel like you’re stagnant in your career? Like you haven’t learned a lot lately and are living the same work day over and over?Or maybe you want to expedite your professional growth as you’re looking to take the next step?Well, this is the episode for you because we are going to be talking about how starting a side project can solve these feelings and 8 ideas for projects that you can start today.Key Takeaways:3 reasons why side projects are helpfulUsing side projects to foster learningBuilding a network through your side projectFinding a sense of identity outside of your 9-to-58 ideas for side projects you can start todayMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

What kind of impact would it have on your career if you could be mentored by Tim Ferriss, Brene Brown, Cal Newport, Oprah Winfrey, Les Brown, Ryan Holliday, James Clear, and Carol Dweck?This is a handful of the top thinkers from the last decade and the great news is, we can receive their mentorship.No, unfortunately, they don’t have a special lottery program where you can enter to win a free mentoring session but they do have something even better, a book.Yes, all of these top thinkers are also authors and they’ve condensed the knowledge they’ve gained from decades of experience into an organized format that costs less than $20 even free if you’re savvy about it.Today we are talking about the power of books. My friend Nick Hutchison from BookThinkers is going to teach us how to boost your career through effective reading. Nick and I get into all kinds of reading techniques like note-taking strategies, how to read faster, finding time to read, and when to stop reading a book that isn’t serving you.If you’re ready to take your career and life to the next level by reading impactful books, then this episode is for you.I hope you enjoy my conversation with the creator of BookThinkers a massive online community of book lovers and the author of the newly minted book, Rise of the Reader…Nick Hutchison.Key Takeaways:How to make time to prioritize reading booksOne easy shift that will allow you to read 26 books in a yearHow to get access to books for freeThe importance of reading wide when you first start readingWhy it is critical to set an intention before reading a bookNote-taking strategies to maximize retentionShort-hand note-taking strategiesHow to read fasterA mathematical framework for deciding when to stop reading a bookMentions:$100M Offers: How To Make Offers So Good People Feel Stupid Saying No (https://www.amazon.com/100M-Offers-People-Stupid-Saying/dp/1737475731)More of Nick:Personalized Book recommendation: DM Nick at www.instagram.com/bookthinkersBuy the book on Amazon: https://a.co/d/c9dE0lnLearn more about Nick: www.nickhutch.comLearn more about BookThinkers: www.bookthinkers.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

In this current series, we’ve been deep-diving into blueprints for how you can take control of and accelerate your career with various professional growth strategies.Assembling a personal board of advisors and reading books are amazing avenues for taking steps forward in your career but we also want to be playing defense and ensuring we aren’t taking any steps backward.We don’t want to be putting all of this hard work in only to be paddling upstream. Over the first decade of my career, I’ve noticed 3 career-killing habits that can set young professionals back regardless of their talents.If you want to ensure that you aren’t slipping into one of these habits and what to do if so, well, this episode is for you.Key Takeaways:The line between arrogance and confidenceSpecific examples of arrogance in the workplaceWhat to do if you find yourself slipping into the habit of arroganceHow complacency can flat-line your careerRecent trends show concerns about complacency in the workplaceHow to break out of complacencyWhy a negative attitude at work will isolate youHow to correct negativity and become a coworker people like to be around againMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Have you heard of this concept before? A personal board of advisors. I think it is kind of interesting.Many companies have a board of directors who help advise and guide them on key decisions. Why shouldn’t we have a similar group to rely on?Especially as early career professionals, we face many critical questions about career pivots, job opportunities, work-life balance, purpose, leadership moments, and more.When I started thinking about it, assembling a personal board of advisors is a must for high-performing professionals. We can’t do this all alone. We need guidance and support from a diverse group of professionals.But I have so many questions about how to actually execute this concept. Who should be on my board? How do I ask them? How often do we meet? How do I make sure it is meaningful for my board members too?So I invited my friend Pete Schramm to the podcast to tell us how to assemble a personal board of advisors and to get all of our questions answered.Pete is the CEO and Founder of Latitude, a software company focused on employee connection, and the author of Pathfinders, Navigating Your Career Map with a Personal Board of Advisors.This is a really powerful concept so I am hoping you take what you learn today and run with it.Key Takeaways:How a personal board of advisors differs from a group of mentorsHow a personal board of advisors can help guide you through a career transition10 different seats and functions you can recruit for your personal board of advisorsSMARTY goalsWhy one individual shouldn’t be responsible for multiple seatsHow often do we meet with our personal board of advisorsHow to ask someone to be on your personal board of advisorsPre-qualifying questions to make sure someone is a good fit for your boardHow to get an easy yes from a potential board memberWhat’s included in your career mapHow you can add value to your board membersMentions:Episode 108: 7 Local Events Where You’ll Meet Your Next Boss, Mentor, or Business Partner www.tsirpodcast.com/108More of Pete:Book: Pathfinders, Navigating Your Career Map with a Personal Board of AdvisorsLinkedIn: https://www.linkedin.com/in/pete-schramm-pmp/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We are kicking off a new series called “Your Map to Professional Growth.” The goal of this series is to give you ideas for how you can take ownership of your career. Each episode will center around a different blueprint for growing professionally.But all of these tools are useless, just like a map, if you don’t know where you want to go.With that in mind, it seems fitting to kick off this series with a conversation about setting professional goals for yourself. In particular, there are 3 types of goals that we are discussing to help you give clarity to your career and define your Northstar.Having a sense of your professional goals and what you want from your career, at least in the near term future, is going to give you a starting place when implementing the strategies that we will be talking about in the rest of this series.So if you’re ready to get serious about your professional growth, understand the map ahead, and pick a direction that is going to get you excited, let’s get into it.Key Takeaways:3 types of professionals goals to set for yourself4 questions to ask yourself to decide what skills you need to focus onDeciding on the next stop of your career pathPutting numbers to your financial targetsMentions:E117 - The Career Conundrum: Follow My Passion or the Money www.tsirpodcast.com/117More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I have to admit, this is one subject in the personal finance space that I don’t have much experience with. I’m so impressed with my friends who get free airfare and hotels through credit card points and I think it is time for you and I to do the same.I just get overwhelmed and I’m not really sure where to start. What cards should I have in my wallet? Which card should I use on what? Are cards with annual fees worth it?These questions and more are all going to get answered in today’s episode and to give us those answers, I invited my friend Danielle Desir Corbett who is the creator of The Thought Card, a travel and finance blog and podcast.Danielle is quite the expert when it comes to traveling cheaper through credit card hacking. My approach up until this point with credit cards has been pretty elementary. I take my 1% cash back and call it a day but Danielle has me really excited to move up to the next level and start getting more from my credit card provider.I thought this was an excellent capstone episode for our series on Mastering Money at Work. We’ve covered 401(k)s, asking for a raise, employee perks that can make you money, HSAs, and most recently the passion versus paycheck conundrum. If you missed any of those episodes, download them now so you have something to listen to after this one.Key Takeaways:Why are credit card companies giving away such lucrative dealsThe potential risks of credit cardsCriteria for what credit cards right for youHow to maximize your spending categoriesShould I use a free card or an annual fee card?Danielle’s favorite credit cardsAn app that helps you determine which credit card you should be using at checkoutA DIY approach to keeping your credit cards organizedHow to make sure you always get the sign-up bonusEarn and burn mentalityCreative ways to boost your pointsPopular brand partnerships to link your credit card toHow to stretch your PTO to take more vacationsMentions:CardPointers: https://cardpointers.com/Rakuten: https://www.rakuten.com/More of Danielle:Thought Card Blog and Podcast: https://thoughtcard.com/Blog: 7 Easy Ways To Earn Thousands of Points and Miles a YearBlog: 6 Travel Hacking Mistakes To AvoidBook: Traveling With a Full-Time JobBook: Affording Travel: Saving Strategies For Financially Savvy TravelersMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Should my career be driven by passion and purpose or serve as a means of financial stability? At one point or another, you will face this career conundrum.&nbsp;I’ve thought a lot about whether I should follow a practical career path with a stable income and obvious earning power or take a chance on a path that will be filled with passion and fulfillment but the money and stability aren’t quite as obvious.At some point in the first decade of your career, this will probably be a decision that you have to consider.I don’t know why it is that some of the most stable and practical careers lack excitement and the thrilling and purposeful choices always come with huge question marks when it comes to money, stability, and freaking health insurance.It would be very easy for me to be the optimist and daydreamer and say go for it. Follow your dreams. You only live once but money and stability are significant factors and your job is only one dimension of your whole life that doesn’t have to be optimized for fulfillment.This choice is daunting, if not downright overwhelming. But I’m here to offer some thoughts on which path might be right for you at this current moment or even better, how one might find a balance of passion and practicality.Key Takeaways:6 reasons to choose money over passionLacking passion for your work can come at cost6 reasons to choose passion over moneyWhy passion with no money can add unnecessary financial stress3 approaches to have a career filled with passion and moneyHow your perspective and priorities can change your approach over timeMentions:Passion Or Profit? Crafting A Career That Honors Both (Forbes): https://www.forbes.com/sites/kathymillerperkins/2023/07/26/passion-vs-pragmatism-decoding-the-career-conundrum/?sh=39807bf02d75More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We often hear about 401Ks and IRAs, two incredible retirement planning tools but what if I told you there was a third, secret retirement account that trumps both of these?Today we are discussing the Health Savings Account, or HSA, and why the HSA is not only a financial game-changer for managing your medical expenses but also a powerful tool to build wealth for your future.This episode is a replay of episode 40 where I interviewed Sean Mullaney Financial Planner, and the voice behind FITaxGuy.com. I needed to recast this episode because it is hard to cover Mastering Money at Work if I don’t talk about HSAs.You’ll uncover how HSAs offer a triple tax advantage, giving you tax deductions when you contribute, tax-free growth, and tax-free withdrawals for qualified medical expenses.But here’s the real kicker: an HSA can become a pseudo-retirement fund by delaying your reimbursements and investing your contributions for the long haul.If you want to learn how to do that along with if you qualify for an HSA, how to keep your expenses organized, and what to do if your company doesn’t offer an HSA, well then you’re in the right place.Also, note this episode is originally from 2021. All of the information is still relevant and helpful but the HSA contribution limit has increased from $3,600 to $3,850 and increasing to $4,150 in 2024.Alright, let’s get into it. I hope you enjoy my conversation with FI Tax Guy himself…Sean Mullaney.Key Takeaways:What is a HSAHow do you qualify for a HSATax benefits of an HSAIs a HSA my health insurance?Who a HDHP the right for youHow to figure out if your insurance qualifies for a HSAHow to get a FICA tax break when funding your HSAExamples of qualified medical expensesHow to use your HSA as a pseudo-retirement accountThe HSA contribution limit (increased to $3,850 in 2023)How to keep your HSA expenses organizedHow to set up an HSA independently if your employer doesn’t offer oneMentions:IRS Publication 502: https://www.irs.gov/pub/irs-pdf/p502.pdfMore of Sean:www.MullaneyFinancial.comwww.FITaxguy.comMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

So far in the Mastering Money at Work Series, we’ve discussed 4 steps to setting up your 401(k), which was episode 113, and last week, Jesse Cramer taught us how to ask for a raise.These were two topics that I really wanted to cover because I believe they can be huge game changers for your career-earning power and lifetime take-home pay.This week though, we are going to get a little more…creative and scrappy.We are talking about employee perks and how these seemingly nonchalant offerings can add up to tens of thousands of dollars.These fringe benefits that go beyond normal salaries could include awesome perks like snacks, yoga classes, summer Fridays, flexible hours, company time off for volunteering, and unlimited PTO. The list goes on and on.But today, I’m going to throw at you 9 employee perks that I think you should be aware of they could significantly save or make you money which is of course, what this series is all about.So if that sounds like something you want to learn about, let’s get into it.Key Takeaways:9 money-making or saving employee perksFinding win-win-win situations with employee referral bonusesCover your education with tuition reimbursementJumpstart your HSA funds with an employer matchHard work and get recognized through employee achievement awardsMake some commission money by referring clients to your companyGet your gym membership paid for with a wellness stipendSubsize your transportation costs with commuter benefitsFind a great deal through your employee discount catalogMake a bigger impact with employer matching charitable donationsMentions:https://www.tsirpodcast.com/113 - 4 Steps to Setting Up Your 401(k) l E113https://www.tsirpodcast.com/114 - How to Negotiate a Raise l E114 Jesse CramerMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I don’t want to steal Jesse’s thunder so I won’t tell his specific example that he shares, but negotiating a raise early in your career can lead to a 6-figure increase in your lifetime earnings. And that is just one negotiation. By developing your negotiation skills and making a habit of consistently asking for a raise throughout your career, you’re bound to outearn a peer who starts at a similar salary by a long shot.But on the flip side, asking for a raise is intimidating. The fear of rejection is real and rejection does hurt. You don’t want to say the wrong thing, that makes you appear ungrateful or puts tension in a relationship with your manager. Asking for a raise is a tricky situation.Luckily, in today’s episode, Jesse Cramer will be discussing how to ask for a raise in a respectful yet effective way that maximizes your chances of getting what you ask for.Jesse is the voice behind The Best Interest, a popular personal finance blog and podcast. Jesse has first-hand experience with negotiating a raise and understands the feelings that come with it. He’s going to give us a strategy for getting the conversation started well in advance of the ask, talk through how to overcome the fear of rejection, and how to respond if told no.Jesse has been a guest on the podcast before and I appreciate how he shares applicable advice, not theoretical nonsense that doesn’t actually work in the real world. If you’ve been wanting to ask for a raise, get ready.Let’s get into it. I hope you enjoy my conversation with the chess savant, fizzy lover, and the man with a voice like butter….Jesse Cramer.Key Takeaways:Why is it even important to ask for a raise? What a small raise early on can compound over a 30-year career.How to start the conversation about a raise 3-6 months in advance of the ask. Building your case for a raise.Your performance might not match your salary positioning. You have to be an advocate for yourself on top of being a great performer.The importance of aligning your role and work with what your manager and company find important.The Commitment Consistency Principle and being clear with your manager about the plan.How to overcome the fear of rejection by defining what rejection really is.How to respond if they say no. Staying positive while making your disappointment clear.Option of last resort = going nuclear. How to decide when to use your final piece of leverage and if it is the right situation for you.Is there a right or wrong time to ask? Some considerations: the fiscal health of the company, layoffs, and interest rate hikes. Making sure you don’t come across as tone death.How to advocate for yourself without coming across as a brag or brown noser.&nbsp;The power of staying positive and language to use whenever you’re getting stubborn pushback.Creative solutions for other benefits when negotiations can’t raise salary.Mentions:Is Investing Still a Smart Choice During this Recession? I’m Feeling Discouraged. | E75 Jesse Cramer: www.tsirpodcast.com/75More of Jesse:Best Interest podcast: https://bestinterest.blog/the-best-interest-podcast/Best Interest blog: https://bestinterest.blog/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at<a...

Starting a new job always comes with a hectic first week of paperwork. More than likely, one of the documents is about investing in your company’s 401(k) program.If you grew up in a household like mine, the importance of investing in your 401(k) account was hammered into you but let’s say you didn’t set up your 401(k) account right away.Maybe the thought of investing for your future seemed like a pipe dream when student loans, car payments, and buying furniture that isn’t Grandma’s hand-me-down was looming in your mind. Or the process and decisions of setting up a 401(k) account felt intimidating and overwhelming to you.The first point is trickier. Money is typically pretty tight in our 20s as we are building our earning power. I totally understand why prioritizing our current needs seems to be more important than our future needs. But hopefully, through this conversation, I can convince you that even starting with a small amount can go a long way.The second point though, being intimidated by the setup process, is something I can help with. This is definitely a topic that should be taught in school, but now having gone through this multiple times, I can assure you that setting up a 401(k) account is an easier process than you think.In today’s episode, I am going to walk through 4 steps to setting up your 401(k) account, discuss decisions you are going to have to make, and share some guidance along the way.Key Takeaways:Why 401(k) accounts were established by CongressHow to initiate the setup processThe difference between a Traditional and Roth 401(k)How to choose which account is best for your situationHow to calculate your employer match2023 401(k) employee contribution limitsHow to decide how much to contribute to your 401(k)How to choose an investment option that is right for youHow much should I be paying in investment feesHow to automate investing using target-date index fundsMentions:How to Get Started Investing, the Cost of Actively Managed Funds, and a 2-Step Plan to Retire in 15 Years | E57 Jeremy Schneider - https://tsirpodcast.com/57Hidden Cost of Investing: 3 Common Fees and How to Stop Paying Them | E94 - https://tsirpodcast.com/94More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Today we are concluding our series on how to level up your professional network. We’ve learned easy ways to find in-person networking events, how to host an easy yet effective networking party, the best practices for virtual networking, and how to make connections at the next business conference you attend.With all of this knowledge, you’ve been busy meeting new people. But we don’t want the payoff from all of this hard work to disappear by this time next year.We need to make sure to stay on top of and continue to strengthen these relationships. We need a process and that’s what we are going to be talking about in today’s episode.This is a replay from my friend Dan Brodsky podcast, Career Focus. Dan invited me on his show to discuss networking and honestly, we geeked out hard. Come on, what did you expect from me?Dan and I both shared our process for organizing our key professional contacts and the system we use to remind ourselves when an important relationship has gone too long without some attention.I also share a lot of other networking tips, many of which I’ve shared throughout this series, which is why I feel like this is a perfect capstone episode to the series. I want to make sure we reinforce what we’ve learned over the last month.Also, go give Dan and his show some love. Career Focus is a new podcast that launched in July and we have very similar missions to equip young professionals with the skills they need to succeed in their careers. If you’re looking for more content like that, go follow Career Focus in your podcast player.That’s enough from me. I hope you enjoy my conversation with a former St. Louisian now turned Austinite…Dan Brodsky.Key Takeaways:A key element of job satisfaction&nbsp;How to develop your networking skillsHow networking can help youHow introverts can network without fatiguing themselvesThe power of active listeningDo’s and dont’s of networkingA process to help you stay organized when networkingHow to break the ice when you start a conversation with a strangerHow to politely exit a conversationHow to leave a good impression when virtually networkingFollow-up techniquesWhat to do when you flop at a networking eventThe joy of career serendipityMore of Dan:Listen to Career Focus: https://linktr.ee/danbrodskyInstagram: https://www.instagram.com/careerfocuspod/TikTok: https://www.tiktok.com/@careerfocuspod?is_from_webapp=1&amp;sender_device=pcLinkedIn: https://www.linkedin.com/in/dan-brodsky-ms-166314107/YouTube: https://www.youtube.com/channel/UCtqWfpKnCj0kT-ccSh0vMkQMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

With the calendar turning to fall, conference season is heating up. People are making arrangements and gearing up to attend academic, industry, and professional conferences. Some “volun-told” by their employers, but others, assuming someone like yourself that would listen to a podcast like this, are attending because they’re wanting to level up their career.I love attending conferences. I typically plan to attend at least 3 a year. In the spring, I attended a podcast conference called Podcast Movement and this coming fall I’ll be at a personal finance creator conference called FinCon along with 2 other conferences on behalf of my 9 to 5.I attend these conferences to learn from the speakers and stay on the pulse of industry changes but the biggest benefit of them all is networking.In such a condensed, short period of time, I meet a lot of amazing people along with seeing some friends from attending similar conferences in years past. I always come home with many collaborations and follow-up conversations that I know will help me with my business and career.After attending a few conferences, I’ve learned a few things that have really helped me maximize how to meet other people at conferences. I’m not a seasoned vet though but my friend Mark Herschberg is.If that name sounds familiar, that may be because you’ve heard Mark on the podcast before. In episode 35, Mark came on the show to discuss how to gain clarity with your career path and now he is back on to discuss how to network like a pro at your next conference.In this episode, he shares tips on how to get started networking before the conference even begins, opening lines to break the ice with attendees, how to meet conference VIPs, and so much more. This conversation left me feeling both excited and prepared for my upcoming fall conferences, and if you want to feel the same way, this is the episode for you.So let’s get into it. I hope you enjoy my conversation with the tech founder, shot glass collector, and author of The Career Toolkit…Mark Herschberg.Key Takeaways:How to decide which conference is worth your timeHow to get your manager to say yes to you attending a conferenceHidden negotiation factor: education budgetHow to start networking before the conference even startsOpening lines to break the ice with another attendeeHow to look more invitingIdeas for hosting an event at a conferenceTechniques for politely exiting a conversationHow to meet the conference VIPsAn efficient way to track post-conference action itemsHow to pass along what you learned to your colleaguesMentions:MIT Professor Explains How to Gain Clarity on the Next Steps in Your Career | E35 Mark Herschberg: www.tsirpodcast.com/35The Ultimate Guide to Attending a Conference - Part 1 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-1-of-2The Ultimate Guide to Attending a Conference - Part 2 of 2: https://www.thecareertoolkitbook.com/blog/the-ultimate-guide-to-attending-a-conference-part-2-of-2What to Say at a Conference or Networking Event: <a href="https://www.thecareertoolkitbook.com/blog/what-to-say-at-a-conference-or-networking-event" rel="noopener noreferrer"...

We all know at least one person that can walk into a room full of strangers and emerge with a group of new friends. They’re so good at attracting people, building trust with them, and turning others into fast friends. This is someone that is charismatic, friendly, and great at building instant rapport.Having rapport with someone means you understand each other's feelings and communicate well. This happens over time as you build a relationship with them. The frequency and proximity allow you to establish trust and you slowly get to know them better.But with some people, this happens quicker. Have you ever walked away from a conversation and felt instantly connected to the other person? Maybe meeting them felt natural and easy. It’s likely that’s because you were able to build rapport quickly.I have no bulletproof method for getting this right a 100% of the time but I have noticed things in myself and others that have really helped. I want to share a couple of ideas and habits that you can put into practice especially when virtually connecting with another person for the first time.Key Takeaways:How online networking is different than in-personWhy building rapport is important10-minute preparation guideUsing video to your advantageHow to make a good first impression with a strong start3 tips for cultivating an amazing conversationThe power of a smileThe art of active listeningHow to share moreReminding yourself that you’re worthyMentions:7 Ways to Discover Great In-Person Networking Events Worth Going To: www.tsirpodcast.com/108The Secrets to Throwing a Great Networking Party: www.tsirpodcast.com/110More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We’ve all been to one: loud music, people huddled in clicks, and little to no guidance from the host. I’m talking about poorly run networking events. The kind of events that spike the anxiety of us introverts and solo attendees.But nobody wants to throw a bad event. The host wants to make sure everyone is having a good time and leaves having made meaningful connections. The problem is that nobody taught us how to throw a great networking party.That was until Nick Gray wrote The 2-Hour Cocktail Party, a step-by-step handbook that teaches you how to build big relationships by hosting small gatherings.Nick is a firm believer that hosting these simple, lightweight gatherings will accelerate your network. And he’s given us the playbook for how to do just that.In this conversation, we cover how to make sure people show up, 4 secrets for hosting a great event, and how to politely kick people out at the end of your party. Nick also gives me an answer for the perfect number of attendees and the best day of the week to host your networking party.And actually, since this recording, I’ve been to two cocktail parties that used Nick’s book to host their event, and they have both been far superior to the typical networking events. But they weren’t flashy events with paid bartenders, catering, and a DJ, no they were well-run events and a great use of my time. I met a lot of incredible people and left feeling excited to continue those conversations.If you want to expand your network and know how to throw a simple yet amazing networking event, this is the episode for you.Key Takeaways:Why hosting consistent, small gatherings is the ultimate networking toolNICK: 4 secrets for hosting a great eventThe importance of name tags even when you know everyone at the eventHow to run icebreakers and an easy example to use at your eventWhy you shouldn’t host dinner partiesThe perfect number of attendees to haveHow to politely kick people outThe perfect day of the week to host your networking partyNick’s recommendation for event-hosting platformsHow to ensure people show up to your partyWhen to send and what to include in your reminder communicationMentions:Nick’s event hosting platform recommendations: Partiful (https://partiful.com/) and Mixily (https://www.mixily.com/)More of Nick:The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7JTwitter: https://twitter.com/nickgraynewsMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I could make a case that any interaction with someone else could be considered networking. From your friend’s parent to the barista who handed you your coffee this morning, anyone could be someone that changes the trajectory of your career.I’m all about embracing some of the serendipity of relationship building, aka networking, but this series is bringing intentionality into this effort. We are going to be talking about purposely meeting people and the ways that you can do that.I don’t know about you, but COVID really made me appreciate in-person interactions. I do really like the convenience of virtual networking, but sometimes it feels satisfying to put on some nice clothes, get out in the community, shake some hands, and meet some people in real life.COVID did get me out of practice in this area though and in the meantime, I moved cities and started working virtually so I lost touch with many of the in-person groups I was a part of.I’m ready for that to change and I’ve created a list of 7 ways to find in-person networking events.In today’s episode, I am going to share that list with you with the goal of getting you excited and inspired to get back out there and check out some events in your local community. Don’t take this episode as a checklist but more as a menu. Pick one or two pathways that you feel drawn to. Each of these will provide many options for events that will fit what you’re looking for.Key Takeaways:The importance of networkingPopular event sites to find networking opportunitiesLocal community organizations that might be hosting in-person events near youHow you can tap into your alma mater networkHow to network and support a cause at the same timeHow to use LinkedIn and Facebook to find networking eventsWhat are YP groups and how to affordably join themHow to ask friends and colleagues about networking eventsIt’s normal to be nervous when attending in-person eventsMentions:Email Management Tips for Young Professionals Overwhelmed by a Cluttered Inbox | E102: www.tsipodcast.com/1023 Tips for Managing Your Work Calendar Like a Pro | E104: www.tsirpodcast.com/104A Guide to Creating a To-Do List That Actually Works | E106: www.tsirpodcast.com/106More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I’ve never felt like I’ve had style. Honestly, I’ve always felt a little intimidated and lost when it comes to fashion.With that in mind, I didn’t put a lot of emphasis on it. I opted for safe and affordable options versus clothes that I felt comfortable and confident in. I don’t think that’s entirely the wrong perspective. Personal style isn’t something that everyone cares about but I do want to make a case for it.For better or worse, your outward appearance does say something about you. It impacts first expressions and is an extension of your personality. Most importantly, it impacts how you feel about yourself. The right piece of clothes at the right moment can help me break out of my shyness, feel more confident, and channel the energy I want to display.All of this is especially true when it comes to dressing for work, a place where first impressions, outward appearance, charisma, and confidence play a huge part in success and career growth.So let’s say you decided this is important and you want to put some focus on it, how do you go about finding your personal style?&nbsp;Well, I don’t have the answer for you but Parke Ballantine does. They are a creative director, fashion stylist, and model. I met Parke through my girlfriend Gaby after they did a stunning photoshoot together and luckily they were nice enough to share some fashion advice with us.In this conversation, we talk about how to get started if you just aren’t sure what your personal style is. Parke shares styling tips like the rule of thirds, how to incorporate color, and how to be fashion-forward when it’s hot outside. We also have an important conversation about the balance of sustainability and affordability.Key Takeaways:Where to start if you aren’t sure what your personal style isApplying the rule of thirds to fashionHow to incorporate color into your wardrobeHow to use accessories as your statement piecesHow to be fashion-forward in the summer heatBalancing sustainability, affordability, and being fashion-forwardWhere to donate or swap your clothesThe power of peopleMore of Parke:Instagram: https://www.instagram.com/parke.ballantine/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/