186 episodes

This is a finance podcast, but cool. We share real-life experiences where David and the producers crack jokes while also diving into financial literacy and success. This podcast finds the perfect balance between having a laugh and getting down to business.

Something On My Mind David Mulonas

    • Business
    • 5.0 • 168 Ratings

This is a finance podcast, but cool. We share real-life experiences where David and the producers crack jokes while also diving into financial literacy and success. This podcast finds the perfect balance between having a laugh and getting down to business.

    PFT #94 - Personal Finance Tip of the Week: The Superbowl, Inflation and Compound Interest

    PFT #94 - Personal Finance Tip of the Week: The Superbowl, Inflation and Compound Interest

    Today is 2/11/24 which is the Superbowl with the Kansas City Chiefs vs. the San Francisco 49’ers and this marks the 57th time that this game will have been played.

    This is a large amount of years, so we decided to run some math based on the amount at which things are consumed and what they cost.

    Let’s start with advertising and the cost for a one minute spot during the game:

    In 1967: $37,500. For 2024: $7 million. This equates to an increase 185 times.

    To further that, this means gas would be $61 per gallon and the S&P would be at 16,000 - for context today it is at 5,000

    As for as food and beverage:

    Chicken wings would be $43/lb.

    A 6-pack of beer: $340.

    A bag of Doritos $18.5.

    So needless to say, for most items, they only increase in price and this led us to look into inflation and compound interest. For example, that $1 football square would be $9.18. How about the average house? According to the St. Louis Federal Reserve, it was $24,400 and in February of 2024, it is $492,300

    So let’s just put it out there . . It is expensive to be an American. Therefore, the best plan of attack is to budget and live within your means. In unison, the mission is to invest in yourself and build a moat for your future while balancing inflation.
    '
    For context, the S&P since 1926 has averaged a return of approximately 10% and a 7% return when factoring in inflation.

    If we were to emulate that, we can invest in exchange traded funds that closely mimic these returns such as the tickers of SPY, IVV, VOO and SPLG.

    For context VOO has returned 9.99% over the last 30 years. According to Forbes, the average American works 42 years before taking retirement, so let’s see how much money adds up over time without inflation and expenses:

    At $100 a month, the amount would be $679,602.

    At $250 a month, the amount would be $1.69M.

    At $500 a month, the amount would be $3.39M.

    So this is fantastic and this shows the power of compound interest - and the reminder is that the more that you can invest, the more you make and you let the market do its thing.

    So the next question is … will this prompt you to look at your budget and find a few dollars to put away? All it will do is make you money.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 3 min
    PFT #93 - Personal Finance Tip of the Week: Credit Cards After The Holidays

    PFT #93 - Personal Finance Tip of the Week: Credit Cards After The Holidays

    After the December holidays we often hear people talk in social groups and in the media that the credit card bills are coming due as a result of shopping during the December holidays.

    Obviously, this means only one thing: that if you have payments coming, debt was compiled that can’t be paid off in one billing cycle. Moreover, the simple fact is that when this occurs, it means that people are buying things that they cannot afford.

    We have talked about this many times . . . this is not a good practice. Secondly, it is probable that this debt is piled onto existing debt.

    To put this in perspective, the average consumer spends $1,000 during the holidays with a 1%-4% minimum payment. In addition, the average new card interest rate is over 24% at the time of this recording.

    So let’s analyze the minimum payment at 2%; it will take 56 months to pay off with a total of $664. So in effect, the holiday shopping cost you $1,664 or 64% more than you originally spent - that’s big ouch!

    Imagine going to buy a box of cereal that was $5 and it was $8.32. You may opt for that purchase. So why pile the debt on credit cards?

    On this show our mission is to provide you with insight rather than tell you what to do. However, if you cut down on spending, engage in maximum spending limits with family and friends or have an outing rather than gift exchanges, these are great ways to reduce spending.

    Now try this thought on for size: when the holidays approach next year, think back to all of the gifts that you bought and received and the odds are that you will not recall most of what was opened.

    So, the question is: how important do the gifts really matter? Perhaps, spending time with the people that you love is more valuable than money.

    As a side note, it is a good idea to refrain from the practice of waiting for a tax return to pay down debt in general, because this means the government is using your money for free when you could be paying down debt during the year. To learn more about this listen to episode #47.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 3 min
    PFT #92 - Personal Finance Tip of the Week: Try Escheating to Find Unclaimed Property

    PFT #92 - Personal Finance Tip of the Week: Try Escheating to Find Unclaimed Property

    Okay, you’ve got to be escheating me. What on earth does that mean?

    The definition derives from medieval times, in feudal law. When a landowner (tenant of a fief) died without an heir or committed a felony, a process was needed for the ownership of the land.

    In modern times it is the right of a government to take ownership of estate assets or unclaimed property in the event there are no heirs or beneficiaries.

    In layman's terms, you may have a variety of financial assets that you can claim and this includes uncashed payroll checks, inactive stocks, court funds, dividends, checking and savings accounts, and estate proceeds.

    So how does this occur?
    A few common ones derive with the death of the account holder or forgetting about an account.Let’s say someone moved out of an apartment in the middle of a month and paid a full water bill to the city. This person would be owed a half-month back; however, the rebate check was sent to the old address. Hence, the check goes uncashed and ends up unclaimed property. So let’s go through a few ins and outs.


    1. Escheatment laws vary by state, but typically it takes about five years for the state to claim someone’s assets



    2. Unclaimed property is not taxed while it is filed as unclaimed; however, the property may be
    officially recognized as taxable income when it is reclaimed.

    3. Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-
    free.

    So how much money is out there? In New York, the state returns $1.5 million in unclaimed property to people who file claims. As of July 2021, the state had $17 billion in unclaimed property. In addition, the IRS has millions in unclaimed federal tax refunds.

    So How Do I Find My Money?
    Simply go to missingmoney.com which is a national database and if you find your name with some goodies on them follow the instructions. It’ll feel like you gave a gift back to yourself.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 2 min
    PFT #91 - Personal Finance Tip of the Week: Gift Card Management

    PFT #91 - Personal Finance Tip of the Week: Gift Card Management

    The United States culture tends to recognize many types of celebrations and this has created a common theme of replacing presents with gift cards. They are easy to purchase, simple to use and the beauty is that people can shop for what they want without having to wrap and return items.
    Throughout the years gift cards can accumulate in wallets or desk drawers and many people are waiting to redeem them for a special occasion. According to USA Today, 47% of Americans have one unused gift card, voucher or store credit, and on average each person has $175 in unspent gift cards.

    So the most common question that we receive is what happens to the cards if they go unused?
    For starters a federal law 2010 says that a gift card can’t expire for five years from the time it was purchased or from the last time someone added money to it. In some states, the expiration period is longer.

    With generic cash cards such as MasterCard or Visa, they begin to incur
    inactivity fees after one year, which eats away at their value. 3. There is an option to sell cards on websites that typically give you 70 to
    80 cents per dollar.

    4. Depending on what state you live in, they may have unclaimed property
    programs for unused cards. The thought is that issuing card companies
    haven't provided a service to earn the money, so they don’t get to keep it.
    So chalk up a win for the little guy.

    5. If you have long-term unused cards and want to claim them, then you can
    search for unclaimed property in the state that the card was issued to
    see if you have money coming to you.

    6. Additionally, you should periodically look on your state’s website to see what else may be
    coming to you which is known as escheating. From there, just follow the steps to reclaim
    your money. So to wrap things up, gift cards do not need to be wrapped; however, they can
    be lost, misplaced or lose their value. The best way to manage this is to keep them
    organized and simply use them.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 2 min
    PFT #90 - Personal Finance Tip of the Week: Ordering Supplies for Landscaping and General Contractor Jobs

    PFT #90 - Personal Finance Tip of the Week: Ordering Supplies for Landscaping and General Contractor Jobs

    According to Zippia.com, in 2021 the average amount homeowners spent on home improvement was $10,341 which was up 25% from 2021. This makes sense as people spent their cabin fever time improving their homes and now that Covid is more controlled.

    People are spending more due to M1 money supply with unemployment and stimulus checks. Now that labor rates are rising due to lack of resources, the general contractors and landscaping companies are raising their rates and passing them onto you. This is just another result of inflation.

    So what can be done to curb the cost? The easiest one is reducing the cost for supplies to complete jobs. Generally speaking, the typical markup for materials is between 7.5 to 10%; however, some contractors will mark up materials 20% or more.

    What you can do is ask the contractor for a materials list and place the orders yourself. Now with larger jobs, it comes with more complicated supply lists, ad hoc purchases and add-ons.

    In addition, you may make several purchases throughout the project life cycle so you need to stay on task. In many cases you should be able to order the large majority of goods while removing copious tasks away from the contractor who may not want that burden.

    The bottom line is that this is an easy way to save money and you can learn a little bit along the way. For example, a $30,000 job could save you anywhere between $2,250-$6,000.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 2 min
    PFT #89 - Personal Finance Tip of the Week - Choosing Invisible or Bluetooth Fence for Your Dog

    PFT #89 - Personal Finance Tip of the Week - Choosing Invisible or Bluetooth Fence for Your Dog

    If you have a dog and a fenced-in yard, this helps your furry companion with better overall health as it provides him the ability to be outdoors, exercise and have a consistent marked territory.

    On the other hand, if you do not have a fenced yard, this is where the invisible fencing comes into play. Other than the shock factor that your pet will adapt to, this is a fantastic option.
    This has been a common choice for pet owners for many years; however, the cost for a system is expensive as it averages $1,200 from my research.

    The main difference is choosing between the wired and wireless option. The wireless is more expensive and they can be harder to set especially with pro installation and wires can break and be difficult to fix due to tree roots and underground obstacles.

    The biggest hurdle for the wireless is that it may have difficulty tailoring to the shape of the yard’s boundary.

    So what choice do you make? To me, wireless is the best option.
    It is less expensive You can adjust the boundary settings with a turn of a dial You can take the system to any location, plug it in and you are ready to go
    As for me, I found a refurbished system for $250 from a reputable company. I set up the flags and my dog was trained by the second day. In addition, I have an acre of land and have not incurred an incident with boundary limits and my dog couldn’t be happier.

    Website:
    https://www.somethingonmymind.net/

    Social Media
    https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
    https://www.tiktok.com/@somm.podcast?lang=en
    https://www.facebook.com/somm.podcast
    https://twitter.com/Somm_podcast

    • 2 min

Customer Reviews

5.0 out of 5
168 Ratings

168 Ratings

mildredvelarde ,

excellent podcast

This is the best podcast I've ever heard in my life

colleenhennig ,

love this!

I love podcasts. Your podcasts are awesome

charleswhitman ,

I love this podcast

Something On My Mind Personal Financ podcast best podcast

Top Podcasts In Business

REAL AF with Andy Frisella
Andy Frisella #100to0
The Ramsey Show
Ramsey Network
The Dough
Lemonada Media
Money Rehab with Nicole Lapin
Money News Network
The Marketing Architects
Marketing Architects
The Diary Of A CEO with Steven Bartlett
DOAC