Episode 66: How to Talk Money with Your Spouse with Ericka Young

Episode 66: How to Talk Money with Your Spouse with Ericka Young

Work Your Wealth
Work Your Wealth
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
  • Dreams can be a good thing for you and your money
  • How to give your money some real purpose

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH ERICKA AND LET HER KNOW YOU HEARD ABOUT HER HERE

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 63: What to Do With Extra Cash

Work Your Wealth
Work Your Wealth
Episode 63: What to Do With Extra Cash
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WHAT SHOULD I DO WITH EXTRA CASH I’VE STORED UP?

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
  • What we decided to spend our “splurge” money on

LINKS WE MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 61: Money Questions You Should Be Asking Your Parents

Work Your Wealth
Work Your Wealth
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

LINKS WE MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 53: What to Know About Infertility & Your Finances

Work Your Wealth
Work Your Wealth
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

LINKS MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?

Episode 44: How to Financially Transition from Married to Single Life (and Not Run Out of Money) with Laurie Itkin

Episode 44: How to Financially Transition from Married to Single Life (and Not Run Out of Money) with Laurie Itkin

Work Your Wealth
Work Your Wealth
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
  • Why it’s important to live below your means now

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH LAURIE AND LET HER KNOW YOU HEARD ABOUT HER HERE!

ENJOY THE SHOW?

Episode 42: Productivity Hacks and Purposeful Living with Tonya Dalton

Episode 42: Productivity Hacks and Purposeful Living with Tonya Dalton

Work Your Wealth
Work Your Wealth
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.

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH TONYA AND LET HER KNOW YOU HEARD ABOUT HER HERE!

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 39: How We Handle Business Finances in Our Marriage (and What You Should Do)

Work Your Wealth
Work Your Wealth
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

 

LINKS MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 30: Our Money Story (the Good, the Bad & the Funny)

Work Your Wealth
Work Your Wealth
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

LINKS MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?

Episode 63: What to Do With Extra Cash

Episode 25: How to Handle Tough Money Conversations

Work Your Wealth
Work Your Wealth
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

LINKS MENTIONED ON THE SHOW:

LET’S CONNECT!

ENJOY THE SHOW?