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Money Bagel Show
40 minutes | May 17, 2020
Account Structure - Combining Your Finances After Marriage
Marriage is about compromise – it’s essential to work together with your significant other. However, it can be challenging to work together when it comes to finances. What can you do? Develop a shared set of priorities and joint goals. Come up with a combined household budget. Be transparent and have honest conversations. Do not hold judgment on the other person’s spending. Create a spending plan. Avoid fights. Schedule regular budget conversations every four weeks. Then, Gabriel joins the show. For the most part, Gabriel and his partner have kept separate accounts and credit cards. However, they do share one credit card and one joint account. The joint account is the emergency fund that they do not touch. Gabriel manages their accounts by sharing all their expenses in a proportion of their income. For example, Gabriel makes twice as much as his wife. In January, they have $1,000 in joint costs. Gabriel pays 2/3, and his wife pays 1/3. Gabriel does not have visibility with his partner’s expenses. The collective costs are controlled well. However, after having children, they each get less for personal expenses and have fewer funds for individual savings. In addition to monthly expenses, Gabriel keeps track of their assets. Periodically, Gabriel and his partner update their asset tab on an Excel form to make sure they are meeting their financial goals. For instance, if they have a goal for a down payment – Gabriel has $70,000, and his wife has $30,000. Gabriel would take 70%, and his wife would take 30%. They contribute an equal amount based on what they can afford. Then, Gabriel gives financial tips: Set personal financial goals and review them consistently with your partner. Maximize your credit card points. Gabriel has the Chase Sapphire Preferred Card. Stay tuned for tech tools, an improvement idea, and the answer to a listener question. Enjoy the show! [02:45] How do you combine your finances after marriage? [05:20] About Gabriel [08:00] Gabriel’s account structures [14:30] How to handle joint savings [18:30] About brokerage accounts [21:50] Joint expenses with children [28:45] Financial tips from Gabriel [34:20] Tech tools to track accounts [36:15] Improvement idea: download your bank’s mobile app [36:40] Listener question: can you get a tax deduction when moving for a job? [37:50] Trivia time! Resources: Website: https://moneybagel.com Chase Sapphire Preferred Card: https://creditcards.chase.com/rewards-credit-cards/sapphire/preferred
34 minutes | Sep 4, 2019
Living the Budget Life
How much money do you spend on coffee each year? According to Acorn’s 2018 Money Matters Report, the average American spent $1,100 per year on coffee. 40% of those surveyed reported that they spend more money on coffee than saving for their investments. Today’s show is about budgeting, and how by developing and committing to a budget, you can take control of your spending. A budget is a holistic overview of your month to month income and expenses. Ultimately, it helps you manage your finances responsibly. What are the benefits of having a budget? a) It helps you to live within your means and avoid debt. b) It serves as a way to relieve the stress of financial uncertainty. c) It enables you to make the most of your income by aligning your budgets to your goals. So, how do you get started with making a budget? Start with monthly gross income, or you begin with take-home pay. Starting with take-home pay is much easier because it is a natural starting point. However, you might want to start with monthly gross income and input all the deductions from your salary like federal tax withholding, social security tax, and state income tax. Then, categorize all your monthly expenses, but first, you will need a category map. Make sure to take note of any unusual large lump of expenses or income and reevaluate this budget every couple of months to make sure you’re on track. Then, Brett tells us how he creates a budget by using an excel sheet and calculating how much he thinks taxes, insurance, and meal expenses will cost. Plus, he has a baby, so that’s a significant up-front expense; however, the costs are now leveling out. Budgeting has been incredibly helpful for Brett and his wife to understand how they can afford an apartment in New York City. Also, it has been helpful for Brett and his wife to both understand how much they will spend on food each month. Find the right balance between what you will be specific about, (rent, utilities, car payments, and student payments) and what you will have flexibility on in your budget for things like monthly allowances, shopping, and beers. Brett points out that you want some cushion in your budget for the unexpected. Later, Brett explains how he has two budgets – one for the overall budget and then a budget for himself with his wife excluded. Brett has freedom over his budget, and he tries to save some of his allowance for trips. Stay tuned to hear what apps are helpful for budgeting, why you should calculate your taxes, and the trivia questions of the week. Enjoy the show! Timestamps: [01:40] About Brett Lacher [03:00] The basics of budgeting [04:00] How do I get started with a budget? [04:45] Interview with Brett Lacher [15:00] Apps to help with budgeting [19:50] Advice for beginning budgeters [25:20] How does categorizing help with budgeting? [29:20] Listener question: What are some useful tips around budgeting? [32:15] Trivia time! Resources: Website: https://moneybagel.com Trivia: http://moneybagel.com/trivia/ Acorn’s Money Matters Report Brett’s LinkedIn: https://www.linkedin.com/in/brettlacher/ Albert Tax Calculator Quotes: • “Do you have a firm handle on how much you will owe at the end of the year?” -Gabriel • “Make sure you are achieving your savings goals.” -Gabriel • “Try to always be conservative in your budget.” -Brett • “I don’t trust my paystubs; I calculate the taxes myself.” -Brett
15 minutes | Sep 4, 2019
Why You Need a Financial Plan
We have all heard the term “financial planning,” but what does it actually mean? In this episode, Gabe tells us exactly what a financial plan is and why every adult needs one. Maybe you know what a financial plan is but are unsure of where to start, Gabe answers all of these questions and more! First, Gabe touches on the financial news that could impact your planning. Man companies are going public, which will, in turn, create a much more competitive housing market in places like San Francisco. If you are looking to buy property in the Golden Gate City, get in before the tsunami of capital gets released. Plus, Gabe discusses the repercussions of Feds cutting rates for the first time in a decade. A financial plan is a roadmap for handling your money that is done in a way that allows you to reach your goals. It consists of short-term, medium-term, and long-term goals. Also, your financial plan will include a budget that is based on your income, expenses, and savings. Lastly, the plan should consist of an investment strategy, so how will you allocate your savings? There are loads of other things that you may need to consider depending on the situation. For example, education savings for college, car insurance, home insurance, and life insurance may all need to be accounted for. Then, Gabe lays out the steps to creating your financial plan: Determine your current financial situation. Identify your goals and translate them into financial terms. Write down your plan. Develop a strategy to monitor your success. Stay tuned to hear how your financial plan will assist with your future, Gabe answers the listener question of the week and reveals a productivity hack. Enjoy the show! Timestamps: [01:50] Financial news this week [03:45] What is a financial plan? [05:40] Steps to building your financial plan [07:50] How will the plan help you? [09:40] Listener question: what are the best financial tips anyone has given you? [12:35] Trivia time! [12:30] Productivity hack Resources: Website: https://moneybagel.com Trivia: http://moneybagel.com/trivia/ Quotes: “If you have children, you will want to have education savings plan to pay for college.” “There’s many things out there that you can protect, how far do you want to go?” “Sometimes the shortest financial plan isn’t the most preferred because it requires too many sacrifices.” “Spend less than you earn.”
17 minutes | Sep 4, 2019
What Financial Metrics Should You Be Tracking?
Do you know what your net worth is? In this episode, Gabe explains the personal financial planning metrics that we need to know. First, Gabe goes over some financial news that could affect our financial planning. The Feds cut interest rates a quarter of a point, but the market is showing that it expects more policy support. Investors largely expect the Feds will follow this rate cut with another one in a meeting coming up this September. Industry experts have created hundreds of different metrics, some better than others. If you can think of a financial concept or goal, someone has made a formal metric. Gabe is cutting down the clutter and tell us the ten most useful types of personal finance metrics: 1. Income – How much money are you bringing in every month? 2. Expenses – Be aware of what you are spending your money on. 3. Savings Rate – Percentage of disposable income. 4. Net Worth – The difference between all of your assets and debts. 5. Passive Income – Creating passive income is the holy grail of personal finance. 6. Investment Returns and Risk – Are you tracking your risk against the benchmark? 7. Investment Fees – How many fees are you paying? 8. Taxes – Optimize your taxes in the legal framework where you reside. 9. Debt Interest Cost – Should not represent a high proportion of your disposable income. 10. Credit Score – Monitor your credit to avoid identity theft. Stay tuned to hear Gabe explain why we need a time tracker and this week’s trivia questions. Enjoy the show! Timestamps: [02:15] Financial news this week [03:40] What are financial planning metrics? [04:30] The ten most useful types of personal finance metrics [12:55] View your financial health holistically [13:40] Get yourself a time tracker [14:20] Trivia time! Resources: Website: https://moneybagel.com Trivia: http://moneybagel.com/trivia/ Quotes: • “The easiest way to decrease your expenses is by tracking them.” • “Once you have paid all your taxes, there are only two things you can do with your money: spend it or save it.” • “Everything passive first takes active energy.” • “Defer your income, so you pay taxes much later.”
14 minutes | Sep 4, 2019
How to Set Your Financial Goals?
The Money Bagel Show – 002 How to Set Your Financial Goals What are you saving money for? If you don’t have goals, then your hard-earned cash could just be floating in limbo. In this episode, Gabe talks about setting life goals and then translating those into financial terms. First, he discusses what is happening in the news right now, including Europe’s temporary slowdown turning into a severe downturn. Then, Gabe explains how personal and financial goals are different, yet influence each other. For instance, if your personal goal is to be healthier, you may need to set aside more finances for healthier food and gym memberships. Check if your financial goals are aligned with your personal goals and vice versa. Also, we need to separate goals based on their timelines. For example, buying a house may be a long-term goal, whereas buying a car can be a short-term goal. Gabe wants us to remember that our goals need to be S.M.A.R.T. or specific, measurable, attainable, relevant, and timely. How do you turn a common financial goal into a S.M.A.R.T. goal? Listen to Gabe explain how to set a goal of building up an emergency fund by going through each step in S.M.A.R.T. Plus, Gabe says to write down your goals every six months. Monitor your progress and make sure they still make sense. Don’t forget to celebrate your achievements and expect setbacks. Stay tuned to hear Gabe answer the listener question of the week and don’t miss out on trivia! Enjoy the show! Timestamps: [01:50] Financial news this week [03:00] Financial and personal goals influence each other [03:55] Think about goals in terms of their timelines [04:35] S.M.A.R.T. goals [10:10] Write down your goals twice a year [11:00] Listener question: how much should I save for retirement? [12:00] Trivia time! Resources: Website: https://moneybagel.com Trivia: http://moneybagel.com/trivia/ Quotes: • “Goals have different timelines.” • “Your actions for your long-term goals need to be sustainable for a longer period.” • “If you can’t track your progress toward your goal, then it becomes too easy to give up.” • “Break down your goals into smaller chunks to make it easier to measure success.”
2 minutes | Aug 26, 2019
Teaser for Season 1 - Creating a Financial Plan
Money Bagel launches September 4th! This season will focus on the essence of creating a financial plan.
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