How to Use Vision Boards to Achieve More
Couple Money Podcast
Are you looking for a way to stay motivated with your goals for the year? Michelle Jackson walks us through how vision boards can help you achieve more! How to Use Vision Boards to Achieve More t's the second day of the 2017 and I'm betting that you're probably flooded with a ton of goal setting tips, hacks, and trips. On one hand, I think taking a step back and having some clarity on what you want to accomplish is a wonderful first step, but I'm not a New Year's Resolutions woman. Whenever you decide to build your marriage and wealth, go for it. However with so many people's attention...
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Life After Debt: Rebuilding After a Short Sale
Couple Money Podcast
Stressed and overwhelmed by debt? Learn how you can rebuild your finances and life. Miss Mazuma shares how she overcame $500k of debt, short sales, and found happiness! Rebuild Your Finances It's the beginning of a new year and while so many right now are all jazzed up about knocking down their debts, saving more, or spending less, that enthusiasm will die down. And if you still have a huge amount of debt or just a big goal you want to tackle when that happens, you can discourage. And in some cases, understandably depressed. It's normal. But what do you then? How can you stay...
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How to Master Your Small Business Finances (Even If You're Busy!)
Couple Money Podcast
Looking for a less stressful way to handle your business' finances? Learn what mistakes to avoid and the tools that will help you master money even if you're a busy entrepreneur! Small Business Finances Around 27 million working-age Americans began or are running a business you may be one of them. I remember when I started freelancing it was a supplemental income. Eventually, though, it transitioned into my main work. I knew I needed to step it up and run it like a business. So I took care of the paperwork and started educating myself. There are days those deadlines get tight and I'm...
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Merging Finances? Skip the Money Talk, Go on a Date Instead!
Couple Money Podcast
Are you two stressed over money? Do your talks more often than not end up in fights? Learn how money dates can be effective and fun way you get on the same page and talk about money! The Money Talk vs Money Dates One of the most popular questions I get is, when should we talk about money? Having THE money talk is not only intimidating but unproductive. Find out a better, less stressful option in today's episode. In this episode, we'll get into: why talking about money matters how you two can make money talks less stressful how money dates can help you build up your marriage and money ...
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Best Travel Apps to Snatch Last Minute Deals
Couple Money Podcast
Ready to take a last minute getaway or weekend trip? Use these travel apps and get the best deals! Going away for the weekend doesn't mean you break your budget. With a little planning and the right resources, you two can score some nice trips and still save money. So if you're looking at getting away from it all for a few days, save this post. Travel Sites to Bookmark for Your Weekend Getaways There are more sites than ever for travelers. Besides snagging last minute deals on popular tourist spots, you can also discover some awesome destinations. : If you want to live like a...
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Blended Family Finances: How to Thrive Together!
Couple Money Podcast
Merging families and finances can be especially tricky with blended families, but you two can succeed and thrive. Get tips on how you can make this big transition go a lot smoother! Blended Families and Finances Anytime you're merging lives, there are so many things to talk about and discuss. When you're blending your families that's another layer of complexity. If you have kids, you two are figuring out what the house rules apply now with things like curfew, chores, that you're under one roof. But you also have your exes. They may have rules which are completely opposite of yours. As...
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Dumping $200k of Debt By Right Sizing Into a Tiny House
Couple Money Podcast
Tired of your debt restricting your options? Learn how Claudia & Garrett from dumped $200k in two years by simplifying their lives and moving into a tiny house! Achieving Financial Freedom By Dumping Debt Whenever I hear neighbors, friends, and family talk about their debt, there are a couple of reactions. Some are frustrated being trapped with certain things because of debt. Maybe they'd love to switch jobs to start a new career, but can't because they got bills to pay. Others kind of throw up their hands, accept debt as a part of life. “You'll always have a mortgage.”...
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The Opposite of Spoiled: Teaching Kids About Money
Couple Money Podcast
Ron Lieber, NYTimes columnist and author of , discusses how to raise money smart kids who are generous. Talking About Money with Our Kids Whether we plan to or not our based on what we say and do around them. We can look back at our parents and get an idea of how they shaped us. So how can we make sure we’re giving our kids a good start with money? In this episode Ron Lieber, NY Times columnist and author of the newly released The Opposite of Spoiled, will share the latest research to help parents raise kids who generous and smart about...
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Teaching Kids About Money: Allowances
Couple Money Podcast
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Marriage and Money Q&A: Better Bank Options Plus Loaning Money to Family
Couple Money Podcast
We're doing a listener Q and a, and we're answering two big marriage and money-related questions: finding better banking options and how to decide whether or not to loan money to friends or family! Answering Your Marriage and Money Questions Last Q&A we covered getting back on track with financial goals, raising credit scores, and jumpstarting your financial cushion. So what’s on your minds now? For one, it looks like you’re looking for a better banking option. That’s a smart move as many of us realize how key our checking and savings are in family finances. Getting hit...
info_outlineAre you house hunting or about to start? Learn how you can buy the right house for you and your budget.
Mistakes Home Buyers Make
Buying a house is usually one of the biggest purchases you can make and the financial paperwork of getting a mortgage gets complicated quickly.
Besides having a down payment ready, you have other costs like
- Home inspection
- Lender fees
- Appraisal
- Title search and insurance fees
- And so forth
If you’re buying a $300,000 home, you’re looking at paying anywhere from $6,000 to $15,000 in closing costs. If you’re living in an HCOL area, those numbers leap up.
It's really important to make sure you're ready for this leap before you signed the papers.
You rush into it and you’re stuck with a mortgage you can’t comfortably afford, making your home a burden, not a blessing.
If you live in a hot real estate market it’s even more of a challenge. You’re dealing with multiple bids, some of them being much higher than the listing price. Here in Raleigh, it’s not uncommon to be competing with all-cash offers.
In the middle of 2020, my mom moved to be closer to us in Raleigh and we helped her with the home buying process. It was stressful because there were so many more buyers than houses. It took some patience, reflecting on what features she needed and truly wanted, and honing in on the budget, but thankfully she bought a great place for herself.
Whether you’re a first-time buyer or not, my advice is to detach yourself emotionally from the process. That’s easier said than done.
That’s why I want to share from the archives an interview I did with Jonathan White. He’s the author of A Tale of Two Houses: Our journey of buying a home the right way after buying one the wrong way.
As you can guess from the title, Jonathan understands some of those house-buying traps many of us fall into. He made
In this episode we get into:
- Some of those home-buying myths that can get you into trouble
- Unexpected expenses that come up as a homeowner
- Why you need to run your own numbers
Are you ready? Let’s get started!
Resources on Getting a Great Deal on Your Mortgage
If you’re looking to buy, here are some resources to help you find a great deal with your mortgage
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- What You Need to Know About Mortgages
- Understand Mortgage Loan Options
- Free 5 Days to $5K Course
- 9 Questions to Ask Before Buying a House
- Is It Better to Rent or Own a Home?
- How to Snag a Great Deal When Buying a House
- Buying a Home: From Contemplation to Closing
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
See how Coastal can help you with your mortgage needs!
Rollover Your 401(k) Easily with Capitalize
We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier.
Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years.
And because of the Great Resignation, you or someone you know might be changing jobs even more
It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?
One huge benefit with an IRA is you get to choose how your money is invested, not your old employer.
If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.
With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf.
Find out how and get started today!
Avoid House Fever and Myths
Even though had a background in accounting, Jon wasn't immune to house fever.
Jon kept hearing from his friends how great home ownership was. Many comments he heard matched what we used to hear too.
Some of my ‘favorites' include:
- “Renting is throwing away money.”
- “Home ownership helps you build equity.”
- “Real estate is an investment that will pay off.”
While it may be well-intentioned or based on their personal experience, these comments may not be true for your circumstances.
You have to really look at the costs before you buy a house. Besides the obvious, there are expenses that homeowners may have that renters don't.
Taking care of your own maintenance is a big one.
Depending on where you live, you may find yourself buying property that is a part of an additional expense – a home association.
Before you buy a place that's a part of a home association:
- Know the bylaws.
- Check with residents. See if they're happy or not.
- Ask about fees over the last few years. Have they been increasing? Why?
- See what are the HOA's responsibilities and which would be yours.
Jon found out the hard way when he was hit with $5k special assessment!
Taking Time to Buy the Right House
Fast forward a few years, Jon got married. He and his wife used the principles and baby steps of Dave Ramsey to build their finances together.
Eventually they became parents and that's when they began to consider selling the condo and getting another house with some more space.
Seeing where things went wrong, Jon was determined to not let the same thing happen with their next house.
He and his wife started with running the numbers themselves.
Knowing what they could afford proved to beneficial as they were tempted with one house during their search.
While they didn't get that one, they did find a house that suited their family and was within their budget. Now years later, they're both happy with where they are.
If you want to be better prepared for your house hunt, please check out Jon's new book, A Tale of Two Houses.
Jon goes into detail about the mistakes he made when he purchased his condo in 2006 and what he and his wife did right with their current home!
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Become a Patron.
Music Credit
Like the music in this episode? Come check out artists over at Audiio!