Money On My Mind

Brennan Schlagbaum
  • 4.8 (37)
  • Investing
  • Updated Weekly

From $300k+ in debt to Millionaire status by 30 years old, I have realized the power of a budget. At 23, I was in a dreadful position, but I knew that the only person that could change that was ME! I dug deep and put together a financial plan that changed my life forever. Now I am debt free and just quit my 9-5 to pursue Budgetdog full time! I made this podcast to empower others with the same knowledge and tools that I use in my own personal finances!

  1. 23h ago

    The Money Mistakes That Keep High Earners Stuck

    Episode Description Many people believe that opening a retirement account means their money is automatically invested. But that's not always the case. In this episode of The Budgetdog Breakdown, Brendan answers listener questions about overlooked 401(k) investments, index funds versus real estate, and building a financial system that works for people who struggle with traditional budgeting. The conversation also explores the trade-offs between income and quality of life, helping a stay-at-home spouse feel financially equal, and figuring out how to reduce working hours when your health is suffering. Money isn't just about earning more. It's about building a financial system that gives you the freedom to make intentional choices. Episode Timeline and Highlights 00:00 The cost of leaving retirement savings in cash 01:56 Index funds vs. real estate and angel investing 03:14 Automating finances when budgeting feels impossible 04:51 Turning down a $60K raise for quality of life 08:20 Creating financial equality in a single-income household 10:38 Reducing work hours without financial chaos 13:12 Taking a leap of faith toward a different life Key Takeaways • A retirement account is an account, not an investment itself. • Review your investment selections and allocations across your financial accounts. • You don't need complicated investments to build wealth. • Automating your finances can reduce the need for daily budgeting. • A higher salary isn't always the best choice for your life. • Shared finances require trust, communication, and intentional conversations. • Understanding essential expenses can help you evaluate a career change. • Financial planning can create more flexibility when life changes. Quotables "Wealthy people aren't wealthy because they win every day. They just use systems that make losing hard." "The purpose of life is not to sit there and be owned by your money." "I don't look for balance. I look to focus on the things that are important." Final Thought Your financial future isn't determined by how much money you make alone. It's shaped by the systems you build, the risks you choose to take, and whether your money supports the life you actually want to live.

  2. Oct 7

    Making More Money Won't Fix Your Finances

    Making more money doesn't automatically solve your financial problems. In this episode of The Budgetdog Breakdown, Brendan answers questions about Roth conversions after a job loss, what to do after maxing out retirement accounts, paying off a mortgage versus investing, and why high-income earners can still feel like they're barely getting ahead. The conversation explores how a lower-income year can potentially create an opportunity for a Roth conversion, why financial planning needs to be based on individual goals, and how to think about balancing investing with debt payoff. Brendan also shares the reasoning behind paying off his own mortgage at 28 and how reducing personal financial risk gave him the flexibility to take a major entrepreneurial risk. The episode also dives into the difference between tax preparation and proactive tax planning. For business owners and high earners, waiting until tax season may mean missing opportunities that could have been identified throughout the year. Money isn't just about how much you make. It's about having a system for what you do with it. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:18 Roth conversions after a job loss 01:25 When converting pretax money to Roth can make sense 02:22 Alternatives to a Roth conversion 03:35 Using lower investment values strategically 04:13 What to do after maxing out retirement accounts 05:19 The 15% retirement investing framework 06:40 When to prioritize an HSA 07:04 When taxable investing makes sense 07:40 Paying off your mortgage vs. investing 08:18 Why Brendan paid off his mortgage at 28 09:11 Understanding risk 09:32 Investing before aggressively paying off debt 10:15 Leaving Deloitte to build Budgetdog 11:43 Managing risk before taking a leap 12:29 Why $250K can still feel like you're broke 13:52 The importance of financial systems 14:59 Making $350K without a tax strategy 15:17 Tax preparation vs. tax planning 16:40 Why not all CPAs provide the same service 17:33 What proactive tax planning looks like 18:44 Why business owners need proactive tax strategy 19:20 Final thoughts Key Takeaways • A lower-income year can potentially create Roth conversion opportunities • Pretax-to-Roth conversions create taxable income • Retirement planning should be based on your specific goals • Maxing out tax-advantaged accounts doesn't mean you're finished • Mortgage payoff and investing can both be valid strategies • Managing risk is an important part of financial planning • High income without a system can still lead to financial stress • Tax preparation and tax planning are different services • Business owners can benefit from proactive tax planning • Your money needs a system, not just a higher income Quotables "Making more money doesn't automatically mean you're good with money." "Rich people and wealthy people can manage their risk really well." "Your income is no longer the issue. You don't have a system." "Making more money isn't the same as building wealth." The goal isn't simply to earn more. It's to build a system that makes the money you earn actually work for you.

  3. Sep 30

    The Retirement Accounts You're Probably Using Wrong

    Saving for retirement is only part of the equation. In this episode of The Budgetdog Breakdown, Brendan answers listener questions about retiring at 50, Roth conversion ladders, tax-efficient investing, asset location, and the HSA's role in retirement planning. The conversation begins with the importance of building flexibility across pretax, Roth, and taxable accounts. Brendan explains how having too much money concentrated in one tax bucket can create challenges when it's time to withdraw, and walks through the concept of Roth conversion ladders for people retiring before traditional retirement age. We also explore why the location of your investments matters, including why interest-producing assets such as bonds can be less tax-efficient in taxable brokerage accounts. Finally, Brendan breaks down the HSA's triple tax benefit and explains why it can function as an additional retirement-planning tool. Money isn't just about how much you accumulate. It's also about how efficiently you can use it. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:18 Retiring at 50 with a pretax-heavy portfolio 01:17 The three investment buckets 02:33 Understanding tax-efficient withdrawals 03:34 How Roth accounts work 04:15 Taxable brokerage accounts and tax flexibility 04:56 Required minimum distributions 05:15 Understanding Roth conversion ladders 06:10 How conversion ladders work 07:11 When Roth conversions may make sense 08:04 Rule 72(t) and Rule of 55 08:57 Tax preparation vs. tax strategy 09:36 Roth conversions after a job loss 10:41 Why asset location matters 13:52 Understanding dividends and taxes 14:12 Why bonds can be tax inefficient 15:46 The HSA triple tax benefit 16:45 Reimbursing yourself for medical expenses 17:44 Why an HSA can function as a retirement account 18:59 What changes at age 65? 19:39 The importance of keeping receipts 20:57 Final thoughts Key Takeaways • Retirement planning requires more than accumulating money • Pretax, Roth, and taxable accounts each provide different forms of flexibility • Roth conversions may be worth considering during lower-income periods • Tax strategy should be based on your individual circumstances • Asset location can affect your after-tax results • Interest income from bonds is generally taxed differently from long-term capital gains • HSAs offer multiple tax advantages • Keeping documentation for qualified medical expenses is important • Planning withdrawals before retirement can help create greater flexibility Quotables "If you only fill up one bucket...it makes your journey much harder." "How you withdraw that money matters." "Your CPA is likely set up to do tax prep...they're not thinking about the strategy." "The HSA is one of my favorite accounts." The goal isn't simply to accumulate as much money as possible. It's to build a financial structure that gives you flexibility when you actually need to use it.

  4. Sep 23

    Stop Chasing Gold: The Investment Advice You Actually Need

    Where you put your money depends on what you're trying to accomplish. In this episode of The Budgetdog Breakdown, Brendan answers listener questions about saving for a newborn, quarterly taxes for freelancers, round-up investing apps, saving for a house, bond ladders, and investing in gold. The conversation explores the differences between 529s and UPMAs, why financial goals should determine where you allocate your money, and why short-term goals require a different approach to risk than long-term investing. Brendan also explains why simple strategies can sometimes make more sense than chasing higher returns, especially when the money is needed within a few years. The episode closes with a discussion about gold, commodities, and the risks of making investment decisions based on what everyone else is doing. Money isn't just about maximizing returns. It's about making the right decision for your goals and timeline. Episode Timeline and Highlights 00:00 Why wealthy people use systems 00:18 Saving for a newborn: 529 vs. UPMA 01:44 Allocating money toward children's goals 02:18 Understanding quarterly taxes as a freelancer 03:49 Do round-up investing apps actually work? 04:51 Saving for a house in three years 05:07 Understanding bond ladders 06:04 Risk vs. return for short-term goals 06:33 Should you invest in gold? 07:16 Gold and silver promotions 07:51 Why following the crowd can hurt your investments 08:28 Final thoughts Key Takeaways • Your financial goals should determine where you put your money • 529s and UPMAs serve different purposes • Freelancers need to understand their tax obligations • Small automated contributions don't replace intentional planning • Short-term goals require careful attention to risk • A three-year goal may call for a different strategy than retirement investing • Gold is a commodity and shouldn't automatically be treated as a retirement solution • Investment decisions shouldn't be based solely on what everyone else is doing • Simple financial strategies can sometimes be more appropriate than complicated ones Quotables "Every account has a purpose or has an advantage or a pro and con." "You have to be super intentional." "I would rather you have that money at the end of this three years than trying to beat the market." "Nobody knows the future." The goal isn't to find the investment everyone is talking about. It's to understand what your money needs to accomplish—and build your strategy around that.

  5. Sep 16

    The Real Reason You Still Feel Broke Even When You Earn More

    Making more money doesn't always create a greater sense of financial security. In this episode of The Budgetdog Breakdown, Brendan answers real listener questions about teaching children financial literacy, investing without emotion, achieving financial independence, and why people can earn significantly more money than their parents while still feeling financially behind. The conversation explores why financial education needs to become part of everyday family life, how parents can teach children about money through simple conversations, and why financial confidence comes from education and repeated small wins rather than trying to have one perfect conversation. Brendan also discusses why investing should be boring, how automation can remove emotional decision-making, and why constantly checking your portfolio can lead to poor financial behavior. The episode also explores the idea of retiring at 40 and the importance of changing your beliefs and systems before expecting different financial results. Finally, Brendan breaks down why earning more doesn't necessarily mean feeling richer, discussing inflation, purchasing power, and the importance of turning active income into investments and assets. Money isn't just about how much you earn. It's about what you do with it. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:18 Teaching kids about money 03:26 Making financial education part of your family culture 04:21 Taking ownership of your financial education 05:21 Teaching children about ownership and investing 06:39 Why investing should be boring 08:04 Automating your financial system 09:25 Is FIRE at 40 actually realistic? 10:34 Beliefs, identity, environment, and systems 11:57 Building confidence through micro-wins 13:10 Checking your investments too often 14:03 Why emotional investing can hurt your results 14:58 What happens when the market drops 16:37 Why earning more can still leave you feeling broke 17:27 Inflation and the money supply 19:03 Why owning assets matters 20:09 Turning income into investments Key Takeaways • Financial education should become part of everyday life • Parents need to educate themselves before teaching their children • Investing doesn't need to be exciting to be effective • Automation can reduce emotional financial decisions • Constantly checking investments can encourage reactive behavior • Small wins can build confidence over time • Financial independence requires changing both behavior and systems • Higher income doesn't automatically create greater purchasing power • Inflation can reduce the value of money held in cash • Turning active income into assets can help build long-term wealth Quotables "Financial education starts with you, not your ten-year-old." "The game of money and the game of wealth is boring." "If you can prove to yourself that you're going to do what you say you're going to do, you'll build micro confidence." "Your financial future isn't determined by where you are today. It's determined by the system you build from this point forward." The goal isn't to make money exciting. It's to build a system that works whether you're excited, scared, or completely uninterested.

  6. Sep 9

    The "Boring" Investment Strategy That Could Make You Rich.

    Episode Description Many people believe successful investing means finding the next big opportunity. The reality is that chasing what's popular can make building wealth much harder. In this episode of The Budgetdog Breakdown, I answer real listener questions about the Mega Backdoor Roth, simplifying investment portfolios, inheriting an IRA, dividend investing, whole life insurance, selling investments, and the growing hype around AI and tech ETFs. We discuss why more funds don't necessarily mean better diversification, why chasing dividend yield can create unnecessary tax drag, why certain insurance products may be suboptimal, and why trying to time hot investments can lead to emotional decisions. Building wealth isn't about being exciting. It's about being consistent. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:18 Understanding the Mega Backdoor Roth 04:50 Is your portfolio too complicated? 06:02 Inheriting an IRA 07:40 Dividend stocks vs. total return 10:32 The problem with whole life insurance 12:14 When should you sell your investments? 13:44 The truth about AI and tech ETFs 17:12 Final thoughts Key Takeaways • Tax-advantaged accounts can create significant opportunities for long-term investors • More funds don't necessarily create better diversification • Inherited retirement accounts require careful planning • Total return matters more than chasing dividend yield • Permanent life insurance isn't right for everyone • You don't need to sell investments just because the market moves • FOMO is a dangerous reason to make investment decisions • Simple strategies can outperform complicated ones over time Quotables "Wealthy people aren't wealthy because they win every day. They use systems that make losing hard." "More funds are not always worse. But you're definitely overcomplicating this." "You're not missing anything. You're being smart." "I want to get rich forever and not get rich quick and temporarily." The goal isn't to find the next investment that explodes. It's to build a strategy that works long enough for you to actually become wealthy.

  7. Sep 2

    5 Money Questions You Need to Answer to Build Wealth

    Many people believe making more money will automatically solve their financial problems. The reality is that without understanding your cash flow, more income can simply mean more opportunities to spend. In this episode of The Budgetdog Breakdown, I answer real listener questions about avoiding payday loans, figuring out how much to invest, managing U.S. investments while living abroad, cutting unnecessary subscriptions, and talking about money while dating. We discuss why cash flow is the foundation of your financial plan, how to prioritize your investment goals, why small recurring expenses can add up, and why money conversations are an important part of building a relationship. Money isn't just about income. It's about what you do with it. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:18 How to avoid payday loans 01:55 How much should you invest every month? 05:12 Moving abroad with U.S. investments 05:47 Auditing your subscriptions 06:32 Talking about money while dating 07:37 Final thoughts Key Takeaways • Understanding cash flow can prevent unnecessary debt • 15% of gross income can be a useful investing benchmark • Your financial goals should determine your investment priorities • Moving abroad doesn't necessarily mean starting over financially • Small recurring expenses can quietly hurt your cash flow • Money conversations should happen naturally but shouldn't be avoided • Financial systems create consistency Quotables "Wealthy people aren't wealthy because they win every day. They use systems that make losing hard." "The payday loan was the result. The actual issue was not understanding your cash flow." "Money isn't just about income. It's about what you do with it." "There's no reason you should be rushing to have the conversation, but you shouldn't run away from it either." Financial progress doesn't start with making more money. It starts with understanding the money you already have.

  8. Aug 26

    You Have Enough Money… So Why Do You Still Feel Broke?

    Many people believe that having more money will finally make them feel financially secure. The reality is that there may never be a number that feels like enough. In this episode of The Budgetdog Breakdown, I answer real listener questions about paying off credit card debt, investing a large inheritance, helping adult children without spoiling them, charitable giving, and the deeper psychology behind feeling broke even when you have plenty saved. We discuss why using retirement accounts to eliminate debt can be costly, how to approach investing a lump sum, when a donor-advised fund makes sense, and why defining your "enough number" can be more important than simply accumulating more money. Money isn't just about the amount in your account. It's about how you think about it. Episode Timeline and Highlights 00:00 Why wealthy people rely on systems 00:22 Should you use your 401(k) to pay off debt? 02:01 Investing a $50K inheritance 04:06 Giving money to your adult children 05:41 Is a donor-advised fund worth it? 08:01 Why you still feel broke when you have enough 10:27 Final thoughts Key Takeaways • Don't sacrifice long-term retirement savings to eliminate short-term debt • Your investment strategy should account for your behavior • Financial gifts should reinforce values, not dependency • Donor-advised funds aren't necessary for every charitable giver • Defining your "enough number" can create financial clarity • More money won't fix an unhealthy relationship with money Quotables "Wealthy people aren't wealthy because they win every day. They use systems that make losing hard." "No number will ever make you feel better if you don't define what enough is." "Your investment strategy has to account for who you are as a person." "Money isn't just about the amount. It's about how you think about it." You can spend your entire life moving the goalpost. Or you can define what enough looks like and build a financial life that gives you the freedom to enjoy it.

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4.8
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About

From $300k+ in debt to Millionaire status by 30 years old, I have realized the power of a budget. At 23, I was in a dreadful position, but I knew that the only person that could change that was ME! I dug deep and put together a financial plan that changed my life forever. Now I am debt free and just quit my 9-5 to pursue Budgetdog full time! I made this podcast to empower others with the same knowledge and tools that I use in my own personal finances!

Information

  • Creator
    Brennan Schlagbaum
  • Years Active
    2024 - 2026
  • Episodes
    134
  • Rating
    Clean
  • Copyright
    © 2024
  • Show Website
    Money On My Mind

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