Episode 66: How to Talk Money with Your Spouse with Ericka Young
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Talking about money with your spouse can’t always be easy, but it is crucial to your marriage. This week I sat down with Certified Financial Coach, Ericka Young.
Ericka is the president and founder of Tailor-Made Budgets which she opened in 2005 after she and her husband Chris climbed their way out of nearly $100,000 in debt. She became a certified financial coach by Dave Ramsey’s Lampo Group in 2006 and combines her passion for helping people with creative debt reduction techniques so everyone can have a path to financial freedom. Ericka is a recognized financial expert who inspires people to significantly improve their finances, family and their future with a solid plan. Ericka’s Best-Selling book, Naked and Unashamed: 10 Money Conversations Every Couple Must Have was released online in February 2017 worldwide. She currently teaches her message of debt freedom through her e-newsletters, personal and group coaching, workshops and speaking engagements. Ericka, Chris and their two teenage daughters, Faith and Olivia reside in Fishers, IN.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
What prompted Ericka to write a book around finances among couples
Why Ericka believes money is not all about the numbers
The importance of WHY you do what you do with your money
Your financial planner deals with the same money challenges you do
What can happen if you don’t talk about money within your marriage
How Ericka had to understand her husband’s money background during their money conversations
The very first money conversation you should have with your spouse
Why everyone needs a reality check
Understanding your cash flow can be very eye opening
Hurdles many people face when talking about money with spouses
Should one person take the lead on budgeting
The impact a weekly routine can have on your money
The harsh reality of what not talking about money can do to your marriage
One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question and sharing some details (and numbers) behind our personal finances.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
General rules I use with clients to determine where to put extra money
The formula to decide how much should go where
The three categories you should focus on with your extra cash
Questions we ask ourselves when allocating money towards different goals
Why we review our net worth on a quarterly basis
The importance of reevaluating what you need in your emergency fund
The general rule of how much you should have in your emergency fund
A few banks recommendations to store your emergency fund
How we handle donations in our family to be most impactful
How we allocate extra cash towards our children
How we added some flexibility in our monthly cash flow
Episode 61: Money Questions You Should Be Asking Your Parents
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HOW DO I TALK TO MY PARENTS ABOUT THEIR MONEY AND RETIREMENT?
One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
What you should be asking yourself now as it relates to your parents and money
The importance of talking to your parents about THEIR money
Money questions we’ve been asking our parents
A few ideas to open up the money conversation
How personal money stories can ease the conversation with parents about their money
Why you’re asking these questions about your parent’s finances
Why your parents should visualize how they see retirement
Different revenue streams you should be aware of for your parents
How your parents healthcare plan could affect you
The biggest cost retirees face in retirement
Why you want your parents to have an estate plan set up
Items to look for in an estate plan
Why you need to ask, “Will you need my help?”
The reason you should ask your parents about their retirement finances
How to plan now to help your parents in retirement
Episode 53: What to Know About Infertility & Your Finances
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WHAT SHOULD I CONSIDER ABOUT INFERTILITY TREATMENTS AND MY FINANCES?
One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question:.
WHAT YOU’LL LEARN FROM THIS EPISODE:
How many people experience infertility
Our story with infertility and how it affected our finances
What you need to know to be better prepared if you are going through infertility issues or looking at adoption
Questions to ask ahead of time around fertility treatments so you don’t derail your financial situation
Where to start when you find out you and your spouse do have fertility issues
Questions to ask your insurance company to better identify what you will/will not have to pay for out of pocket
What to do and how to approach the initial consultation
What you should bring with you to every meeting
More questions to ask your insurance provider.
The importance of knowing your limit (emotionally, financially, and length of time) if you are having fertility issues
Why it’s important to approach the situation with a more conservative financial limit
Episode 44: How to Financially Transition from Married to Single Life (and Not Run Out of Money) with Laurie Itkin
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This week I sat down with Financial Advisor and Certified Divorce Financial Analyst, Laurie Itkin.
Laurie Itkin is a financial advisor and certified divorce financial analyst who specializes in helping women transition financially from married to single life. She is passionate about increasing the financial literacy of under-served populations and provides pro-bono financial planning through the San Diego Financial Literacy Center. Her book, “Every Woman Should Know Her Options: Invest Your Way to Financial Empowerment,” became an Amazon best seller in three categories. Laurie also offers an affordable online course specifically for recently-divorced women called, “How Not to Run Out of Money: The Recently-Divorced Woman’s Guide to Financial Independence.” She received her B.S. in economics with a concentration in finance from the Wharton School of the University of Pennsylvania.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
What a Certified Divorce Financial Analyst is
Considerations when planning to keep the home as a part of a divorce settlement
The biggest financial mistakes people are making when it comes to dividing assets and the growth potential you’re giving up
How you may unknowingly turn yourself into a martyr
The changes that you’re going to face in downshifting your lifestyle
Why knowing your priorities is important and debt is not an option
Where to begin in getting financially organized if you’re preparing for a divorce
How to find your assets and debts and educate yourself up front
What a settlement agreement is and why it’s important to take action on it ASAP
What a Qualified Domestic Relationship Order is and how it benefits you
Where to begin with securing and protecting what is yours (and what you’re probably overlooking)
How to start with getting track of what is coming in versus what is going out
Episode 42: Productivity Hacks and Purposeful Living with Tonya Dalton
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CAN PRODUCTIVITY HELP ME TO LIVE ON PURPOSE?
This week I sat down with Productivity Expert and founder of inkWELL Press, Tonya Dalton.
Tonya is a productivity expert who started her first business in 2009 working out of her dining room juggling two small kids. By 2011, she had grown the business to the point where her husband could leave corporate America and come work with her. By combining her entrepreneurial spirit with his MBA and marketing experience, they were able to grow a small niche business quickly into something that could support their family.
The company continued to flourish, but something was missing. In the summer of 2014 she closed up shop to follow her true passion of starting inkWELL Press – a company centered around productivity tools and training. inkWELL Press launched in November of 2014 and has been able to rapidly grow its online presence and expand into a national retail partnership thanks to a commitment to quality, focused marketing efforts and fiercely loyal fans. Recently Tonya launched her podcast, Productivity Paradox, which debuted at #12 in iTunes in the Business category and surpassed 100,000 downloads in the first few months.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
Where people are making the biggest mistakes and wasting time in their lives
What productivity is about
How to discern between what’s important and what’s keeping you busy
The difference between multi-tasking, switch-tasking and background-tasking
How to reframe your “all the things” mindset
Why you should value the white space in your life
How reflection exercises and determining what you feel bad about can help you to prioritize
Systems to use in structuring your day to focus on priorities
How automations can make household and business tasks more manageable
How to convert your “To Do” list into a Priority list
Why it’s important to say ‘no’ from time to time.
Why having nothing planned should be on your list of priorities when it comes to productivity.
Episode 39: How We Handle Business Finances in Our Marriage (and What You Should Do)
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One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. On today’s episode, I welcomed back my favorite guest to help me answer some of of your money questions. Today Brian Storjohann (yep, my hubby) and I are diving in to tell you about how we handle and address my business (and the finances behind it) in our marriage.
We recorded this episode live from the FinCon booth at Podcast Movement, which means I actually let him sit next to me for this conversation! (Progress!!)
WHAT YOU’LL LEARN FROM THIS EPISODE:
How much of the numbers I share (and you should share) around your business finances with your spouse
How your business finances relate to and are intertwined with personal finances and goals
Ways to address the unease that can come with sharing business finances
How to structure conversations so there is no finger pointing or guilt around business success or hiccups
Why planning for your personal finances plays a big role in the success of your business
How we set income goals for the business(both individually and as a couple)
The dollar limit of business purchases that I share with Brian
How to plan in advance of business launches and investments to reduce stress
Why it is super important to share with your spouse when there are excess funds in the business
How sharing business numbers helps your spouse to better support you
How often we review numbers and how formal the conversation is
Expectations around how long it took for us to communicate effectively around our finances
Episode 30: Our Money Story (the Good, the Bad & the Funny)
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One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. On today’s episode, I have a super fun guest to help me answer some of of your money questions. Today Brian Storjohann (yep, my hubby) and I are diving in to tell you about the emotions, stories and good and bad money moves behind our finances.
WHAT YOU’LL LEARN FROM THIS EPISODE:
The number one thing you need for a healthy money relationship with your partner
How your personal and marital money relationship can evolve
The biggest thing the two of us have had to work on when it come to our finances
His and hers versions of our smartest money moves
Where we wasted a ton of money
What lifestyle inflation is and why you want to avoid it
The biggest point of contention around our finances
Why financial planners need their own financial planners
The role psychology plays in handling money
How we make budgeting work in our household
What not to do when facing down big life transitions (and what to do)
Why nobody is perfect when it comes to their finances
Episode 25: How to Handle Tough Money Conversations
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WHAT KIND OF AWKWARD/UNCOMFORTABLE MONEY CONVERSATIONS AND COMMENTS SHOULD I BE ON THE LOOKOUT FOR WITH FRIEND AND FAIMLY AND HOW SHOULD I HANDLE THEM?
One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question.
WHAT YOU’LL LEARN FROM THIS EPISODE:
Who you should and shouldn’t share your financial details with.
People / comments to watch out for
How to address the awkward ask for a loan or to be spotted
What to remember when your friends / family are cheering you on
The issues other people may have when they’re one-upping you
What is really happening when you’re faced with prying questions and how to address them
Appropriate conversations to have with parents and family
Why it’s better to look out for yourself now than to let bad behavior continue
Who is guaranteed to keep your information private
Stay up-to-date with the latest episodes! Subscribe in iTunes today.
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