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!
Travel without breaking your budget with Kelli Nielsen of Trip Fixers
Kelli Nielsen is a world traveler, toddler mom, cancer nurse, and blogger inspiring people to achieve dream travel on THEIR budget and live their best lives through her business, Trip Fixers. On this episode of CFO at Home, Kelli and Vince discuss traveling on a budget, avoiding travel FOMO, “clean” travel hacks, and more.
Key Takeaways Conventional “travel hacking” is often based on the practice of “credit card hacking”; opening multiple credit card accounts for the bonuses (dollars, miles, hotel stays, etc) and charging certain amounts over a certain period of time. Kelli teaches “clean” traveling hacking which relies more on knowledge and research. The use of credit cards to accumulate bonuses like airline miles is a personal choice that ties back to an individual’s comfort with credit and their ability to use credit responsibly. Tips for Traveling on a budget Flexibility - Identify what you can be flexible about; things that you don’t care as much about (destination, lodging, timing of travel, etc) to get the things you do care about. Don’t be afraid to start with smaller trips to develop good travel habits and build up to your dream destination Think about the “whys” behind your dream travel destination; can you create those experiences in a less expensive location? “Clean” Travel Hacks for: Airline travel Typically the #1 expense which makes it a great area of focus Use the right sites to look up your flights for comparison shopping (see resources) Hotel Be flexible on type of accommodation (Hotel, Airbnb, Vrbo, etc) Destination/Activities Consider preparing at least some of your meals. If traveling to a foreign/exotic locale, shop for ingredients in local markets to make meal preparation part of your vacation experience. Resources: TripFixers.com Shopping Flights Skyscanner.com TripFixers - Flights Ways to contact/follow Trip_Fixers - Instagram Kelli@tripfixers.com Contact the Host - email@example.com
7 Investments In Your 20's That Will Change Your Life with Dan Sarver
Dan Sarver is a college student who has written the book on money that he was looking for after graduating high school, 7 Investments In Your 20’s That Will Change Your Life. On this episode of CFO at Home, Dan and Vince discuss his inspiration for writing the book, the 7 investment vehicles mentioned in the title, and more.
Dan’s 7 Investments in your 20’s that will change your life:
Dividend Paying Stocks and Compound Interest The greatest asset for a young investor is time Long investment horizons minimize risk, allow for maximum returns S&P 500 Index Fund Funds with largest Market Cap Allows investors to realize returns similar to the overall market over the long run Nasdaq-100 Index Fund Tech-driven; historically translates to higher volatility, higher reward Mutual Funds Returns are more reliant on the skills of the fund manager as stock-picker than index funds Generally have higher expense ratios (costs more to invest in) than index funds The Exchange-Traded Fund (ETF) Similar to mutual funds, more available internationally, designed to be even more liquid than mutual funds Real Estate Investment Trust (REIT) Allows investment in Real Estate through a brokerage account, without the hassle involved in conventional real estate investing Treasury Inflation-Protected Securities (TIPS) May provide slightly more return for cash reserves than a savings account Resources: 7 Investments in your 20’s that will Change your Life The Little Book of Common Sense Investing Ways to contact/follow Danbusinesslifestyle.com DanXSarver - Instagram Contact the Host - firstname.lastname@example.org
The Six Pillars of Wealth with Patrice Washington
Patrice Washington is an award-winning author, transformational speaker, hope restoring coach, and media personality who Success Magazine named one of 12 Inspiring Black Voices in Personal Development. She’s also the host of the Redefining Wealth podcast. On this episode of CFO at Home, Patrice and Vince discuss her new book, Redefine Wealth for Yourself; what it means to be truly wealthy, the role that fitness and relationship building play in attaining true wealth, and more.
12th century definition of Wealth - “The Condition of well-being and happiness” Our relationship with money is not just about money, it’s about all of the areas of our life that impact our finances even when we’re not thinking about it.
The Six Pillars of Wealth from REFINE WEALTH FOR YOURSELF Fit - Become your best self
Protect the Vessel Develop a Fit Mindset Examine Your Mental Health
People - Take care of relationships that matter
Protect Personal Relationships First Surround Yourself with the Right People Attract Allies and Advocates
Space - Set up your life to support you
Get it together Add the Energy You Want Timing is Everything
Faith - Believe in something greater
The Power of Faith Practice What You Say You Believe Demonstrate Your Faith in Real Life
Work - Live Your life’s purpose
Accept you Purpose Put Purpose to work Earn More Without Chasing
Money - Attract the prosperity you desire
Elevate Your Money Mindset Master the Basics Introduce the Money Maven in You
The Six Pillars build upon one another. To build true “wealth follow them in order The basic tenets of good personal finance habits are well-known (spend less than you make, save, be responsible with debt). The first five pillars help put you in the position to execute on those tenets.
Resources: PatriceWashington.com Redefine Wealth for Yourself Redefining Wealth Podcast Ways to contact/follow seekwisdompcw - Instagram
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Financial Independence with Diania Merriam of the EconoME Conference
Diania Merriam is the founder and Chief Economist of EconoMe LLC, which was formed to launch the EconoMe Conference, an event centered around financial independence that’s known as the "Ted Talks" of the Financial Independence Retire Early, or FIRE movement. On this episode of CFO at Home, Diania and Vince discuss her personal journey out of debt and onto the FIRE path, some common misconceptions about FIRE, couples pursuing FIRE together, and more.
Key Takeaways Increasing your savings rate in pursuit of FIRE Areas of focus for decrease your expenses Housing Transportation Food As your income increases, don’t let “lifestyle creep” consume your additional income FIRE movement is agnostic to income level; the key is the gap between your income and expenses If you’re struggling to make ends meet, focus needs to be on increasing income to create income-expense gap FIRE is about creating options, not deprivation With FIRE, each person has to decide the level of frugality that’s comfortable for them For couples, finding common ground where you can be frugal in some areas, yet neither partner feels deprived is important Don’t be afraid to have open and honest conversations about your perceptions of money and wealth Financial Independence “Rule of Thumb” definition - Savings of at least 25X expenses, allowing you live off a 4% annual withdrawal rate The aggressiveness of the FIRE movement also makes it very appealing to those getting a late start in preparing for retirement
Resources: EconoMe Conference Tickets https://www.madfientist.com/how-to-access-retirement-funds-early/ FIRE Misconceptions, Assumptions, and Criticisms EconoMe Conference- YouTube Optimal Finance Daily Podcast Ways to contact/follow EconoMe Conference - Twitter EconoMe Conference - Intragram EconoMe Conference - FaceBook For the FI-Curious - FaceBook Diania Merriam - FaceBook
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Build your kid’s financial literacy and simplify gift giving with Mike Fraietta of KidFolio
Mike Fraietta is the Founder and CEO of KidFolio, an app that allows you to contribute to an experience, help a child save for college, or teach financial literacy by gifting an investment. On this episode of CFO at Home, Mike and Vince discuss how KidFolio can simplify gift-giving to kids, the various ways the app can help build financial literacy, and more.
Key Takeaways Giving kids gifts like stock shares in companies that sell products they’re interested in (like Disney) can help them “connect the dots” between those companies and stock ownership, and help educate and fuel their interest investing As trading apps gaining popularity, the need for educating kids about long-term investing continues to grow as well Empowering kids to make their own (low stakes) purchasing choices with money teaches them financial skills that simply giving them gifts can’t. Resources: KidFolio.app https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/bookshelf/ https://twitter.com/pierre_rochard Ways to contact/follow email: email@example.com mike on twitter: https://twitter.com/mikefraietta mike on linkedin: https://www.linkedin.com/in/fraietta
Unexpected CFO at Home with Liz Hand of Pleasant Wealth, LLC
Liz Hand is a Certified Financial Planner with Pleasant Wealth, LLC in Canton, Ohio. She’s worked in personal finance for over a decade, and focuses her practice on helping women step into retirement by managing investments, designing retirement income, and distilling the complex world of finance into bite-size pieces On this episode of CFO at Home Liz and Vince discuss the challenges that women face when they unexpectedly become the CFO at Home, engaging a disinterested partner in money conversations, and more.
Engaging a disinterested partner in a money conversation If you’re the “money geek” in your family, be conscious of devoting time in money conversations to discussing goals and dreams, not just figures and financial jargon. Generally speaking, women can be less “performative” and more practical when it comes to financial discussions and making financial decisions, so again, keep the conversation goal-oriented. Connection and trust with an advisor are high priorities, particularly for women Find an area that’s tied to the national interest for the less engaged partner (ex: investing for kids' higher education) that they can take primary responsibility for managing.
Recommended resources: Sudden Money Pleasant Financial Conversations (YouTube)
Ways to contact/follow PleasantWealth.com PleasantFinancialConversations (FaceBook) ElizabethKHand (LinkedIn)
Contact the Host - firstname.lastname@example.org
Customer ReviewsSee All
Solid, calm, and rational - need in these times!
Vince is calm and thoughtful, such a relief in the sea of hyped, polarized social media. I have learned from him and his guests in this and his previous Bootstrapping It podcast. Thank you Vince!
A much needed podcast!! Excellent tips and tricks for your financial state.
These are some great debt reduction tips for married couple as well as individuals. I love the idea of the weekly, bi-weekly or monthly she money and he money.