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The Millennial Money Problem with Douglas Boneparth

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The Millennial Money Problem with Douglas Boneparth

On this episode of Martinis and Your Money, I am talking to Douglas Boneparth, President of Bone Fide Wealth and Co-Author of the book, Millennial Money Fix. Doug joins me today to talk about what exactly the Millennial money problem is and how it can be fixed. As an added bonus we also get into some reasons why the current financial planning model stinks, especially for Millennials, and how you can find a good financial planner to work with.

What are we drinking?

Douglas — Hibiki 12

Shannon — Dirty Gin Martini

Podcast Notes

  • Douglas grew up in the financial planning business, as he is the son of a certified financial planner.
  • In college, he was sponsored by his father for his licenses and learned the business by working with him.
    Douglas spent a lot of time working with older clients right out of college.
  • You don’t need to have a background or degree in finance to become a financial planner, there are training programs that you can take. You need to be able to interact with, and have a love for, people.
  • Douglas created a video on YouTube called Every Young Financial Advisor Needs to Hear This, that explains two ways for young people to get into the industry today and take advantage of a great opportunity.
  • The market is shifting away from the brokerage mentality to the advice and service mentality. The old school of financial planning is having an advisor manage your money and trade stocks and bonds for you. The new world of financial planning is the wholistic approach to helping people with their money.
  • If you are having a tough time getting your game plan in order, bring in a new quarterback. If the game changes in a positive way, keep that player on your team.
  • Sometimes investing in an advisor will pay for itself.
  • The lack of financial education and being financially illiterate is a societal problem, but it has caught up with Millennials more than anyone else. Student loan debt, the labor market, and the high cost of education is making it harder to achieve the great things in life.
  • Doug and his wife, Heather, wrote the Millennial Money Fix to help people be financially literate and learn the personal finance lessons that are not being taught.
  • Don’t be embarrassed if you don’t understand money. The majority of people do not understand it, because there is a lack of education around personal finance both in schools and in homes.
  • The cost of college education has gone up 500% from 1986 to present day. If you make the loans available, students will take them.
  • You cannot afford to be financially illiterate anymore.
    Most people are taught about time management and health, but not about money. Financial education is our individual responsibility.
  • Financial information is now readily available through blogs, videos, podcasts, and books. Find the resource that resonates with you.

TAKEAWAY: The millennial money problem is actually not a problem for just millennials. Financial literacy is a problem that plagues all generations but with all of the tools and resources available now, it hopefully will not remain a problem for future generations.

Random Three Questions 

  1. Where is a place you’ve visited that you would like to go back?
  2. What is a show you like to binge watch?
  3. If you won one million dollars, what would you do with it?

Connect with Douglas:

http://bonefidewealth.com
Twitter: @dougboneparth

If you’re going to set a New Year’s resolution to start fixing your financial literacy problems, I hope you’ll reach out to my team at the Financial Gym. We work with our clients continuously to help them not only become more financially literate but to also make smarter money choices along the way. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

 

 

The Millionaire Mindset

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martinis and your money

The Millionaire Mindset

Years ago when I was in college, one of our required reading list books was the Millionaire Next Door by Thomas Stanley. My 21 year-old self found it interesting, and I ultimately interpreted it as the book that showed you that cheap people get rich. Fast forward 18 years and I see the truth of

this book firsthand, except that it’s beyond the cheapness. There really is such a thing as a millionaire mindset or a way of thinking that leads to wealth building. I’m excited to talk about this on the podcast today with my good friend and host of the Stacking Benjamins podcast, Joe Saul Sehy. He joins me to talk about the millionaire mindset and how he’s helping people cultivate it better.

What are we drinking?

Joe — Coffee

Shannon — Coffee

Podcast Notes

  • Joe is one of Shannon’s podcast mentors.
  • Shannon shared that she loves it when podcast members visit the Financial Gym, and invites any of her listeners to stop by the Gym for a visit if they are in NYC.
  • Joe shared a client story about a married couple who were able to retire earlier than they thought.
  • His wealthiest clients love when he goes through their budgets line item by line item and identify where they are wasting money and how to capture it.
  • One of the reasons Shannon started the Financial Gym is to get to people earlier in their “marathon training” and help them identify holes in their spending.
  • Joe shared that discipline is not the reason wealthy people are wealthy, and wealthy people do not have a magical thing they do.
  • When they stumble across something cool that they did accidentally, they automate it so they don’t have to think about it.
  • Automation can save the day – set it and forget it!
  • Joe shared a story about a car insurance salesman – put it on the calendar the day after your birthday to shop for car insurance, either through an agent or online.
  • Ask what discounts are available – some offer discounts for A students, but you need to ask.
  • Joe uses Clarity Money to quickly show how much cash is on hand, recent expenses, and credit card expenses and due date. Clarity finds subscription services and will cancel them for you with the push of a button.
  • Joe also uses Rize Money for his goal to pay cash for a trip to Germany. Use the accelerate feature to boost savings. It is simple automation.
  • Having a goal is half the battle of saving. Goals are the destination on your financial road trip.
  • Two problems with goal-setting:
    • People can’t think of the perfect goal and they freeze
    • People have goals they think they have to have
  • Once you start with a directional goal, the real goal identifies itself over time. Don’t try to be perfect, just start moving.
  • Deli counter approach: go through your goals and say “what else”.
  • Goal big – put it out there!
  • Get individualized with your goals and make them unique to you.
  • Automate the little stuff, so you can focus all of your energy on your goal. Make your budget predictable and eliminate as many surprises as possible.
  • Joe uses the app Tip Yourself.
  • Shannon shared a story about a client, and podcast listener, Sarah.
  • Financial fitness is fun. Financially fit clients are spending money where they want to spend money, not on stuff that doesn’t matter.
  • Joe and his business partner, Kathleen, put together the Millionaire’s Money Management System. It is a collection of all of the tips he learned, over 16 years, when he was a financial planner.
  • After every couple of tips they stop and tell you how to automate and capture the money before moving on.
  • The course, Finding Benjamins, is $249. Their average person has found over $500. Invest in the course not just to learn the tips but to implement them.
  • More information can be found at stackingbenjamins.com/findben

 

  • TAKEAWAY: At the end of the day, financial success is truly all about a mindset and most of us aren’t born with it, so don’t be afraid to invest in tools and resources that can help you become more successful and flex your millionaire attitude more.

Random Three Questions

  1. If you were on death row, what would you eat for your last meal?
  2. When you’re stressed, do you get a massage or go to the hot tub?
  3. What is a show that you like to binge watch?

Connect with Joe:

Website

If you need or want someone to help you reach your financial goals, I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

Get to Know My Trainers

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martinis and your money

Get to Know My Trainers

A number of my Martinis and Your Money listeners have become Financial Gym clients and one of those clients suggested that I host a financial trainer happy hour so that listeners could get to know my team at the Financial Gym better. We had a blast recording this and talking about why our jobs at the Financial Gym are the greatest jobs ever.

Bridget – Virgin Mimosa aka “Straight up Champagne”

Joy – Mimosa with mostly champagne and high pulp orange juice

Crystal – Mimosa with minimal citrus and high pulp orange juice

Alicia – Mimosa with pink champagne and fresh squeezed orange juice

Shannon – Mimosa with splash San Pellegrino Grapefruit

Podcast Notes

Each of the trainers discusses why they became a financial trainer and how they found out about the financial gym.

Bridget – she was previously working for a hedge fund and not feeling fulfilled by the job. She also saw her friends struggling financially and was surprised by how poorly prepared they were financially. Bridget took a $20,000 a year pay cut to work for Shannon and The Financial Gym and Shannon promised her that she would keep her employed for at least one year.

Joy – believes she found the Financial Gym through providence. She is a military wife who was working in advertising in New York, but wanted to move to North Carolina to live with her husband. She met Allegra at a networking event while she was “fun-employed” and agreed to come into the gym to share what she liked about LearnVest. Joy mentioned working for the gym and eventually got hired as the gym’s only virtual trainer.

Crystal – her story started in California with a dream to live at some point in New York. She eventually moved to New York with another job and met Allegra at a networking event. She came to a few events at The Financial Gym and decided that she needed to become a member and then eventually became a financial trainer.

Alicia – met Shannon 7 years ago while Shannon was working at Bank of America and Alicia was working in corporate finance. Around the time Alicia was thinking about changing jobs, Shannon reached out to her to help build the Financial Gym on Long Island, which is where Alicia lives. She and Crystal were in the first official training class of the Financial Gym.

Shannon asked the trainers the following questions:

  • What is the best part about the job as a financial trainer and what’s the worst?
  • What are some client stories the good or the bad?
  • How would you describe your trainer style?

Random Three Questions

  • Vanilla or Chocolate?
  • Vodka or Something Brown?
  • What do you like the binge watch?

Helping Women Talk About Money and Investing

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martinis and your money

Helping Women Talk About Money and Investing

If you’ve been listening to this show for a while, you know that I’m a supporter of women started businesses and also events, services and products designed to help women better manage their money. I’m such a supporter that a few months back a listener left an iTunes review saying that I was anti-male and reverse discriminatory. I know that there’s gender sensitivity out there, I’m blonde, not dumb, but the facts around gender roles and personal finance unfortunately speak for themselves, women earn 30% less than men, they don’t invest as much, they’re targeted for more consumer and credit products and they live longer.

I’m not anti-male, as the founder of a financial services company, I just see the disparity all day long and I’ve made it my mission to close the financial gaps that I see. All that being said, this is why I’m excited to have today’s guest on the show. Hilary Hendershott is a financial planner and host of the Profit Boss podcast who has decided to host a women’s wealth building event called Profit Boss live.

What are we drinking:

Hilary – Americano (espresso with hot water)

Shannon – Lemon Lime Schweppes

Show Notes

  • Hilary shares how she became a financial planner through her father’s financial planning practice
  • We briefly speak about bubbles and how you manage around them
  • Hilary discussed the fact that she was a financial mess and shared how she changed her behaviors to become more successful
  • We talk about our experience of working with women who don’t understand their finances and how it has failed them in the past
  • Shannon asks Hilary how she helps her client’s get comfortable with investing
  • Hilary blames national news media for people’s issues with investing
  • We discuss the jargon and lingo that’s out there and how you can understand it better
  • We talk about the difference between men and women when it comes to talking about investing
  • Hilary talks about Profit Boss Live and why she created this event

Random Three Questions

  • What do you do to relax?
  • What is a show that you like to binge watch?
  • If you could travel anywhere in the world, where would you go?

Getting our Priorities Straight with Talaat & Tai McNeely

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Getting our Priorities Straight with His and Her Money, Talaat & Tai McNeely

On this episode of Martinis and Your Money, I am talking to Talaat and Tai from His and Her Money. A few weeks back, Apple announced their new iPhones. Immediately, via social media and in my client meetings, I saw the intense euphoria over a product, and I saw my angst and frustration expressed by my good friends, Talaat and Tai McNeely. So I thought I would invite them on the show to discuss this problem of prioritizing stuff instead of prioritizing financial health and how we can fix it.

A few things to note about this show – my mic was giving me problems so my sound quality isn’t the best. Also, Tai got called away toward the end of the show for a personal family issue, so if you think that it’s just Talaat mansplaining and not letting his wife get a word in edgewise, don’t fret, she wasn’t there. We had so much great show before it, though, that we didn’t want to have to re-record. I always love talking to these two and getting their perspective on spending and prioritization problems that keep people from achieving more. Cheers!

What are we drinking?

Talaat & Tai — Spring water on the rocks

Shannon — Black Cherry sparkling water

Podcast Notes

  • The His and Her Money Podcast won three awards at FinCon.

TAKEAWAY: Think about what you prioritize and what comes first in your life. Is it stuff? Or is it something more than stuff? How much is stuff keeping you from achieving something more? I hope that as we head into the holiday spending season that you think about this episode and make financial health a priority instead of spending.

Random Three Questions

  1. You’re on death row and it is your last day on Earth, what do you eat?
  2. What do you do to keep you motivated for your own goals?
  3. If you were to win a million dollars, what would you do with it?

Connect with the McNeelys:

Website

Podcast

If you need or want someone to help you set goals and prioritize your financial health over just stuff, I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

Pet Parenthood – Happy Hour Style

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Pet Parenthood – Happy Hour Style

Today is the last Friday of the month and in case you are new to this blog or my podcast, on the last Friday of the month, I host a happy hour on my podcast where the happy hour ladies and I talk about various money topics while drinking cheap drinks! Today’s Happy Hour is a fun topic – pet parenthood! 34 Happy Hours later and I can’t believe we haven’t spoken about pets yet. The four of us all live with and love our furry children. We discuss how we manage them financially and how you can prepare for the financial ups and downs of pet parenthood. Cheers!

What are we drinking?

Melanie from Dear Debt — Malbec

Tonya from Budget and the Beach — Pinot Grigio

Mrs. Frugalwoods from Frugalwoods.com — Hot chocolate

Shannon — Malbec

Podcast Notes

  • Shannon starts the conversation by asking the ladies how pet parents should refer to themselves.
  • The Frugalwoods both grew up with all sorts of animals and wanted a dog for years before they finally adopted their 8-year-old greyhound, Gracie – also known as Frugal Hound.
  • They waited 5 years before adopting her because of several different reasons including grad school, traveling for work, renting & money.
  • They researched dogs and finally decided rescuing a greyhound was the right option for them and their lives.
  • Mrs. Frugalwoods says frugal pet ownership starts by thinking about what breed of dog is best for your budget and lifestyle so you are happy and your pet is happy as well.
  • Melanie grew up with cats and always wanted a cat when she moved out on her own but couldn’t afford one.
  • A year and a half after she paid off her student loan debt, she was finally able to adopt TWO kittens – Thelonious and Miles!
  • Tonya grew up with dogs and wasn’t really a cat-person.
  • But in 2002 she decided to adopt a cat and fell in love with her fur baby, Pepe.
  • Pepe is 17-years-old and the love of Tonya’s life!
  • Shannon never thought she would be a fur baby-mama because she didn’t grow up with many pets.
  • After she graduated college, Shannon started dating a guy who had to put down his childhood cat he had for 18 years.
  • Shannon’s next boyfriend also had cats and she bonded with them fairly quickly.
  • She now has a cat of her own – Spumoni.
  • Shannon says a lot of money shit comes with owning a pet and asks if that was a factor for any of the Happy Hour ladies.
  • Research and planning is crucial before welcoming a pet into your life.
  • Be self-aware of your limitations and what you can physically and financially provide for the pet.
  • Melanie didn’t have pets while she had student loan debt because she new she couldn’t provide the best life for one at during that time.
  • Now, after having kittens, she truly realizes how much it actually costs to have and love pets.
  • She thinks people should generally wait to welcome a pet into their life until after paying off debt.
  • There are so many different costs associated with having a pet:
    • Medical expenses
    • Food
    • Grooming
    • Higher rent for pet-friendly living
  • Tonya says over the course of Pepe’s life so far she has probably spent at least $6,000 or $7,000.
  • Recently, she has made some costly purchase regarding Pepe and his health.
  • She says she signed up for that and it breaks her heart when people abandon their pets once they reach a certain age.
  • Don’t let money be the deciding factor for making a decision regarding your pet’s life – plan for your pet!
  • Most people don’t think about the choices you have to make regarding pets and the financial implications of those choices.
  • Shannon asks the ladies what they spend per month on their pets.
  • Frugalwoods says they have a Costco membership just for Frugal Hound’s food and they purchase the medicine she needs online.
  • Shannon’s free cat, Spumoni, has to be groomed regularly and those costs really add up!
  • Melanie brings up the added cost of replacing an item after a pet destroys something.
  • If you don’t have at least an extra $150 in your monthly budget, pet parenthood might not be right for you just yet.
  • If you already have a pet, find a way to save money in your budget each month to plan for their expenses!

TAKEAWAY: Nothing can replace the love you have or will have for a pet, but you can be prepared for that love financially. If you’re going to love a pet, please make sure you’re financially prepared for how much that love could cost!

The Happy Hour Pets

Happy Hour Pets

Open Enrollment with Charleton Lamb

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Open Enrollment with Charleton Lamb

Today’s Martinis and Your Money episode is a special episode about Open Enrollment. If you’re not sure what Open Enrollment is and you live in the U.S., this is the show for you! From November 1st to December 15th, you can sign up for or change your health care benefits to begin in January 2018. Making the right elections or understanding your options is an important financial decision for you to make so I invited Charleton Lamb from Justworks to join me for this episode. Charleton answers some questions regarding Open Enrollment, and I share my thoughts on health care options and picking the right one for you, your family and your budget. Cheers!

What are we drinking?

Charleton — A Moscow Mule

Shannon — Deep Eddy’s Cranberry Vodka with club soda

Podcast Notes

  • Before Charleton started working for Justworks, he didn’t think about health care benefits much at all.
  • Open Enrollment is the period of time where anyone on a health plan through their employer gets the chance to reevaluate your options and make new choices.
  • Open Enrollment happens once a year, and it happens because every insurance provider resets their prices once a year.
  • Outside of Open Enrollment, you can’t switch or shop for different health plans.
  • The cheapest option is the High-Deductible Health Plan (HDHP) which is designed for young people without regular medical costs and has a much cheaper premium.
  • The real benefit of the HDHP is eligibility for a health savings account (HSA).
  • HSAs are a very recent financial instrument and offer a triple tax advantage – you don’t pay taxes on the money put in it or on the interest that money earns, and you don’t pay taxes when you take that money out.
  • Shannon says many people call them a ‘health care retirement account’ (health care IRA).
  • You only have access to a health savings account if you have a high-deductible health plan.
  • There are some plans that have pretty high deductibles but don’t count as a high-deductible health plan under IRS rules, which means those plans don’t have access to an HSA.
  • Shannon advises her clients to max-out their HSA.
  • Charleton says HSAs can be used in many different ways.
  • The HSA contribution limit for an individual is $3,400 and is $6,700 for a couple/family.
  • HSA funds rollover from year to year – unlike FSAs.
  • The Preferred Provider Organization health plan (PPO) is the most expensive option.
  • Shannon asks Charleton why someone would choose that plan.
  • He says medical needs is one of the main reasons for choosing the PPO plan.
  • To prepare for Open Enrollment, Justworks recommends doing 3 things:
    • Talk with your family or any dependents about their current medical situations and anticipations
    • Analyze some of your medical bills from the previous year
    • Make a list of every doctor you see to check if they are in-network or not
  • During Open Enrollment, employers will often introduce new benefit programs or options like dental insurance, vision insurance, disability insurance and life insurance.
  • Shannon and Charleton agree that understanding disability insurance coverage is extremely important.
  • More and more employers are taking a holistic approach to health and are beginning to offer programs for mental health like access to counseling services and meditation, yoga or fitness reimbursement.
  • Shannon says Open Enrollment is also the time to meet with your employer and demand certain benefits that are important to you.
  • Charleton explains Justworks and the tools they offer to help businesses provide benefits to their employees.

TAKEAWAY: First, make sure you have health care. Secondly, make sure you have the right coverage for YOU. I know the monthly expense seems like something your budget can’t afford, but I can’t tell you how many clients I’ve seen with tens of thousands of dollars of medical debts they’re trying to work through because they didn’t have healthcare to begin with. Please take the time to research your options and find the right fit for you and your budget!

Random Three Questions

  1. What is a TV show you like to binge-watch?
  2. Where is a place in the world you want to travel to?
  3. If you were to win $1 million, what would you do with it?

Connect with Charleton:

Website

If you need or want someone to help you figure out how you can afford your healthcare or making your healthcare work for your budget, I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!

Kick Ass Single Mom Emma Johnson

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Kick Ass Single Mom Emma Johnson

On this episode of Martinis and Your Money, I am talking to my friend Emma Johnson, founder of the site Wealthy Single Mommy, host of the Like a Mother podcast and author of the recently released book The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest You, and Raise Fabulous, Happy Children. We talk about Emma’s new book and building a life that you can be proud of no matter where you’re starting from. Cheers!

What are we drinking?

Emma — New York City tap water

Shannon — Coffee

Podcast Notes

  • Shannon and Emma discuss how single moms can make time to date.
  • One of the main points of Emma’s new book is that kids really don’t need that much time with their parent.
  • 40% of Americans think it hurts children when mothers work outside the home but that is not true!
  • The best thing you can give your children is your own professional success and financial stability, your own well-being/mental health and being great role models.
  • Emma says there is no correlation between spending time with your kids and your kids doing well.
  • Shannon says parent guilt is a very real thing.
  • Modeling is the most powerful parenting you can do.
  • One chapter in The Kickass Single Mom – The SAHM Fantasy That Holds Women Back – discusses how people believe the stay-at-home mom is the better mom but there is no evidence to support that theory!
  • Shannon’s greatest advice to women is “never fully remove yourself from income-earning.”
  • Emma agrees and adds that women need money of their own in their own name – make the choice to be financially independent.
  • Shannon and Emma talk about how moms staying at home with their kids because the cost of childcare is so high.
  • Research says women are more likely to completely drop out of the workforce the moment when their income is about to exceed their husbands’.
  • That is putting someone else’s worth above your own worth.
  • Shannon wants women to create whatever reality they want as long as it involves continuing to make money!
  • Every woman should be earning her own income the way she wants to and maximizing it in every way possible.
  • Shannon and Emma agree that parents owe their children a comfortable experience of parenting together.
  • Emma is very closely connected to the activist group, Leading Women for Shared Parenting.

TAKEAWAY: Don’t make career and money decisions based on your children or significant other. Make the right choice for you, and hopefully you will always choose to want more for yourself. I think that moms and dads should always be striving to find ways to make more or demand more of themselves. It not only prepares you financially for whatever life throws your way, but it also gives your kids a great example of hard work they can replicate. I never thought I would be a single mom, but here I am, and I am thankful that I have choices in how I can raise my son because I’m not fully reliant on another person.

Random Three Questions

  1. If you could write another book, what would you write about?
  2. What is a show you like to binge-watch?
  3. What is your ideal date?

Connect with Emma:

Website
Book
Podcast
Twitter

If you need or want someone to help you with your money – especially if you’re a single parent – I hope you’ll reach out to my team at the Financial Gym. You can schedule a free call here to find out more. No matter where you are in your financial journey, my financial trainers can help you get where you want to go. Head over or send friends to financialgym.com/friends to sign up today!