Are your family finances not where you want them to be? That's because you don't have a CFO at home! Vince Carter and his amazing guests discuss Personal Finance fundamentals and ways to better navigate the relational aspects of money to help listeners become the CFO at THEIR home!
Married Women and Finances
Pam Prine is a Financial Advisor and co-owner of Keystone Capital Management, an investment and retirement planning firm. She is also one of the hosts of the Wow Me ( Women on Wealth Management Education) Video Podcast. On this episode of CFO at Home, Pam and Vince discuss the importance of married women being knowledgeable about their family finances, differences in how men and women view money, the difference between your financial risk tolerance and risk capacity, and more.
The average age of widowhood is 56, highlighting the need for married women to be knowledgeable about their family finances Steps in building confidence in managing your finances Learn your numbers (know your Net Worth) Build a foundational budget When assuming responsibility for managing their finances, women often wrestle with the fear of going broke Tips for engaging a disinterested spouse in family finances Relate finances back to priorities (sending kids to college, retirement, etc). Use each partner's priorities as a way to open up communication that leads to a common plan. General differences between how men and women view money Men have a tendency to be more numbers driven and competitive about money. Focused on the “scorecard” Women are more focused on security and practical things that money can be used for to bring enjoyment to life Men have a tendency to make more frequent changes to investments than women When planning your financial future it’s important to not only understand your goals, but also to have a realistic understanding of how much risk you’re willing to take to achieve them. Risk Tolerance - The amount of risk you feel you can tolerate is highly dependent on how you feel about the market (how optimistic/pessimistic your outlook is) at any given moment Risk Capacity - How much risk can you take/money can you lose and still meet you goals Consider your health as an investment, not an expense, particularly as you approach retirement Social and Emotional readiness is an underestimated part of retirement planning Resources
Beyond the Money Ways to contact/follow:
Keystonegroupaz.com Keystone Capital Management Group - Facebook Keystone Capital Management Group - LinkedIn Keystone Capital Management Group (Phone) - 623-299-9710
Contact the Host - email@example.com
Journey to Financial Independence
Matt Pasierbek is the Host of the Journey to Freedom podcast, where he talks about world travel, finances, and success stories with people around the world. He’s also on his own personal journey to Financial Independence. On this episode of CFO at Home, Matt and Vince discuss the Financial Independence and Financial Independence Retire Early movements (FI and FIRE), Geoarbitrage, the importance of aggressive saving to achieving financial independence, and more.
The following is from our friends at the Motley Fool: Financial Independence Means, in the most basic sense, that an individual no longer needs to work for money. Put another way, they are no longer financially dependent on an employer to provide them with a paycheck. From a purely mathematical standpoint, achieving financial independence requires having enough assets saved to predictably cover your living expenses in perpetuity. A good starting point is to set a savings goal based on the 4% withdrawal rule, which works out to building a nest egg equal to about 25 times your annual spending requirements. For example, someone who needs $50,000 per year would need to have a $1.25 million portfolio. Financial Independence, Retire Early The FIRE movement is made up of mostly ordinary individuals who have rallied around the principles of financial independence. Some are incredibly aggressive savers, some are remarkable investors, and some are insanely high earners. But all want to reduce the dependence they have on their respective employers and at least have the option to live life on their own terms. When it comes to FIRE, you most certainly can have the "FI" piece without the "RE." Many FIRE movement adherents recommend retiring "to" a career or lifestyle you enjoy as opposed to retiring "from" a workplace you hate. Standard practices of those looking to achieve Financial Independence: Aggressive savings (30, 40, 50% of income) can allow even those with relatively modest incomes to reach a level of Financial Independence at an early age Taking advantage of Geoarbitrage - Choosing to live in a low cost of living area in order to take advantage of the disparity between income and the cost of living. Roth IRA Individual Retirement Account to which you contribute after-tax dollars. While there are no current-year tax benefits, your contributions and earnings can grow tax-free, and you can withdraw them tax- and penalty-free after age 59½ and once the account has been open for five years. Resources
Journey to Freedom Podcast Ways to contact/follow:
Matthew Pasierbek - Instagram Contact the Host - firstname.lastname@example.org
Teaching Kids to be Money Smart
Robin Taub is a Chartered Professional Accountant by training, a professional speaker, and the author of The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life. On this episode of CFO at Home, Robin and Vince discuss challenges for parents in educating their kids about money, having age appropriate conversations with kids about money, the importance of being a good financial role model for your kids, and more.
Challenges for parents when it comes to educating their children about money Lack of Knowledge Lack of Time Lack of Opportunity - Finding teachable moments in a natural, organic way Feeling like you’re not good with money In order to be a good role model you have to gain control over your finances Having age appropriate conversations with your kids about family finances focused on the “5 Pillars of Money” (Earn, Save, Spend, Share, Invest) can be helpful in getting them to see beyond their own needs and wants. Concepts that are relatable and taking place in their world. Examples: Pre-teens - Spending, managing an Allowance High Schoolers - First Car, College costs and how they relate to family finances Give kids the opportunity to make money mistakes when the stakes are low (education with “training wheels” or “bumpers”) The introduction to earning their own money is pivotal in their financial education Teaching kids to balance spending and saving is a big challenge in part due to influences like Social Media that encourage consumption Our minds automatically make “upward social comparisons” (compare ourselves less favorably to those who have more), but resist doing the opposite, which makes it important for parents to model gratitude for their children Using your personal values to help guide financial decisions helps to internalize a valuable decision making process about money in your kids Focus on helping your kids develop good money habits while they are young. Much easier to develop good money habits early than to re-learn them later Knowing your cash flow Living within your means Paying yourself first Having an emergency fund Having adequate insurance Knowing how to delay gratification Resources
TheWisestInvestment.com RobinTaub.com Ways to contact/follow:
RobinTaubFinancialConsulting - Facebook RobinTaub - Instagram RobinTaub - Twitter Contact the Host - email@example.com
Becoming a Financial Leader in Your Home
Armond Croom is a Certified Financial Planner and family man who has learned how to make the right financial decisions for his family and help others avoid the mistakes he made early on. Today, his goal is to create more financial leaders in the average American home. On this episode of CFO at Home, Armond and Vince discuss what it takes to be the financial leader in your home, characteristics each partner in a relationship needs to bring to the table when planning their family’s financial future, payoffs of gaining control of your finances, and more.
The Financial leader in the home Often ends up taking the back seat to the rest of the family in terms of spending Should seek to minimize the financial stress in the home Should seek to keep the family from over-extending itself Create a protective “bubble” where everyone in the family can concentrate on being the best they can be with minimal distraction due to money issues Hold the family accountable for making money decisions that support their goals Each partner should be at least somewhat engaged in planning the family’s financial future Understand the basics of what goals money is being allocated towards Understand enough to be comfortable with the plan of what happens if the “CFO” partner is not around at some point Each partner needs have a role and know that role (financial and non-financial) Each partner needs to respect the others authority within their role The payoffs of gaining control over your finances Give you space to dream Removes a major source of stress Gives you room to work on yourself (take care of your health, etc) Leaves more time to enjoy your family and your life Leaves more emotional space to deal with life’s unknowns Allows you to make financial decisions based on facts instead of emotion Resources
CroomFinancial.com The FinancialEffect.com Ways to contact/follow:
The Financial Effect - Facebook The Financial Effect - Instagram firstname.lastname@example.org Contact the Host - email@example.com
Talking Money across Generations
Hassan Thomas is the Founder and CEO of the brand FYI FLI (For Your Information: Financial Literacy and Investing) where the mission is to promote financial literacy, and teach millennials how to manage and grow their money. On this episode of CFO at Home, Hassan and Vince discuss differences and common ground on how each of us views credit, debt, investing, and more.
Financial areas where Gen Z/Young Millennials need to increase their knowledge Education about credit The importance of maintaining a favorable credit score Understanding the importance of compounding interest Debt Millennials, Gen Z are embracing the idea of “Good debt” and “Bad debt” Good debt - debt used to generate income. Plays into the entrepreneurial nature of this generation Student loan debt The burden of student loan debt is driving young people to start out their financial lives deeply in the red, causing anxiety and depression This generation is developing a more cautious view of student loan debt than their parents Cutting the cost of college Attending community college for the first 2 years Dual credit courses - classes taken in High School that also count as college credit Trading Apps Good for educational purposes and short-term trades. More traditional brokerages may be better for long term investing because there is less emphasis on frequent activity. The most effective way to reach Gen Z/Young Millennials with a message is through either entertainment or an experience. Resources
FYI FLI Podcast Ways to contact/follow:
FYIFLI - Instagram CEOSanni - Instagram HassanThomas - LinkedIn HassanThomas - Facebook FYI_FLI - TIcTok Contact the Host - firstname.lastname@example.org
Blending Families, Blending Finances
David Mulonas is a personal finance author who has spent over 20 years as a financial coach helping those that lacked personal finance education take control of their daily lives while planning for their retirement goals. After meeting his wife Cindy, they blended their families, and rebuilt their personal and financial lives. On this episode of CFO at Home David, Cindy and Vince discuss David and Cindy’s personal journey, financial lessons learned from their experiences, and more.
Personal financial problems are often the result of life circumstances, not irresponsibility or being “bad with money” When working to clean up and bring some order to your finances, a support system is vital Money is emotional. Getting control over your emotions allows you to be systematic in executing on a wealth building plan Money doesn’t buy happiness but it can make your life easier if you manage it right When someone close to you shares their financial struggles, react compassion, not with judgement Having a fair amount of financial margin (difference between income and expenses), allows you to budget on a less granular level, which can feel less restrictive Paying yourself first is an extremely powerful financial concept. Money that you’re investing for retirement needs to be treated as a long term investment, not like a savings account. When blending finances and families: Set the rules up-front Establish common goals Build a new bottoms-up budget that encompasses the needs of your new family Make sure budget supports long-term goals Resources
I’m Not Flipping Burgers When I’m 70! Something On My Mind Podcast Ways to contact/follow:
SOMM.Podcast - Instagram SOMM_Podcast - Twitter SOMM_Podcast - Facebook Contact the Host - email@example.com
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Big fan of what Vince has created with CFO At Home! His passion for helping others get their family finances right is so inspiring and the advice he shares is incredibly valuable. The show features some truly excellent guest interviews on a wide range of personal finance topics. If you’re looking for tips on how to handle your money, aspiring toward financial independence, or simply looking to reframe your perspective on wealth building - hit the subscribe button!
You'll become the CFO!
CFO at Home delievers justs as it promises! By listening to this podcast you will get what you need to tkae control of your money and become the CFO of you home! Vince asks great questions and makes sure the listeners gets what they are looking for.
Personal finance doesn’t have to be a mystery!
You don’t need to be a math whiz or a Wall Street banker to successfully manage your personal finances! Just listen to this show and prosper from the advice! You owe it to yourself, you family and your future!