MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast
Wealth by Design
Hello, loyal listeners! We wanted to let you know that we have a quick update on the podcast and a few things that are happening over at Toujours Planning right now. As you may know, we are a Lake Charles-based business and family, and our community, homes, and offices were devastated by Hurricane Laura in August.
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MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™?
Wealth by Design
Do you need a financial planner? A financial advisor? An investment professional? A money coach? And what are those initials after their names?!
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MINISODE: Are You Falling into This Stock Market Trap?
Wealth by Design
In this minisode, Dustin breaks down the Sir Templeton’s quote: “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.”. He also discusses timing the stock market, why it’s a bad idea, and what you should do instead.
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MINISODE: Should You Have a Joint Account with Your Partner?
Wealth by Design
We’ll keep the intrigue to a minimum. In our opinion, the answer to this question is a resounding yes. Sharing your finances with your partner builds trust. Keeping them separate can breed suspicion and worry.
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MINISODE: When Stock Markets Dip and Bounce Back
Wealth by Design
In this minisode, Dustin recaps what a stock actually is and how stocks are bought and sold. He discusses how people’s emotions cause those peaks and valleys in the stock market, and how you can avoid that dangerous herd mentality when it comes to your own investing.
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112: Growing a Business & Wealth with Katell and Jon of Reverielane
Wealth by Design
Katell and Jon, a husband and wife design team, are founders of Reverielane, a purpose-driven brand and web design firm.
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[Summer Remix] 102: Net Worth is King
Wealth by Design
We talk about fear a lot on our podcast. Fear is natural and, TBH, necessary. But fear can also make you focus on the wrong thing when it comes to your net worth. Paying down debt rather than building up your assets, to be specific. And that’s what we discuss in this week’s episode: where our fear of the “debt boogeyman” comes from, our three-step strategy on how to overcome it, and what part of your finances you should be focusing on instead.
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[Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy?
Wealth by Design
The robots have taken over. Just kidding. But, they have taken over a major chunk of the financial industry in the form of robo-advisors. But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.
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[Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins?
Wealth by Design
There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears may also be why high yield savings seems like the better option for your money. In this episode, we talked about the differences between high yield savings and stocks. We know you’re probably a big fan of saving because it’s “safe,” right? Well, we’re about to rock your world.
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[Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset
Wealth by Design
The concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.
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Are you one of the ⅔ of Americans that can’t cover the costs of a $1000 emergency? That is such a scary number, but it’s not surprising given that half of Americans live paycheck to paycheck. To add insult to injury most of us are living above our means. There is a constant pressure in our society to live beyond our means. From advertising to social media to simply talking with friends and neighbors we feel a constant pressure to keep up with everyone else. But if you don’t start saving now you’ll miss out on the opportunity to feel financially secure in the future you could even miss out on the opportunity to stop working and retire. Listen to this episode to hear how easy it is to start a life tax fund, your finances will thank you and so will your future self!
Here’s What You’ll Learn
- [2:22] Half of Americans live paycheck to paycheck
- [5:30] Some simple things you can do to better your financial situation
- [8:32] Start a life tax fund
- [10:49] What are the benefits of having a life tax fund?
- [15:42] What is more important, paying off debt or starting a life tax fund?
What can you do to better your financial situation right now?
No matter your financial situation there are always choices you can make to better it. There are simple things you can do right now to create a better financial situation for yourself. One thing you can do is to start a bridge job. If you are not quite making ends meet, then take on a little extra work or even start a blog. The next thing you need to do is start living below your means. Don’t panic, it’s easier than you think! Inventory your spending habits. Start with the big stuff and identify what you can change. Next, check your discretionary spending and figure out what you spend on clothes, travel, lattes, and eating out. Listen in to hear what else you can do to start living within your means.
How to start a life tax fund
First off, what is a life tax fund? A life tax fund is a small savings account to help out on those unexpected things; like a speeding ticket, getting your car towed, or having to take your pet to the vet. These things happen to everyone and they always seem to happen when we are least prepared. But if you keep charging things like that on a credit card then you’ll be paying for them forever. The first step to take is to open a free savings account at your bank. You can start depositing just $50 a month. Listen in to this episode to hear how to set it up in a way that you won’t even notice!
What are the benefits of having a life tax fund?
Stuff happens. We get in fender benders, get sick, things break, etc. When (not if) a curveball comes you will be ready for it if you have a life tax fund. If you aren’t prepared with a little extra cash on hand then it can really set you back. When you aren’t ready for an unexpected financial hit it can take months or even years to recover from. Having a life tax fund ensures that you won’t charge it to a credit card or worse: take it out of a retirement account. Find out how to start being financially responsible by creating a life tax fund on this episode of Worth It.
What is more important: paying off debt or starting a life tax fund?
Debt is considered a disease now in America which we are told to avoid it at all costs. While debt is something you do want to steer clear of, until you have a fund for emergencies, you shouldn’t worry about completely paying off your debts. Of course, you should continue to pay your minimum payments, but until you have a complete life tax fund, don’t worry about paying off debts completely. Funding a life tax account is the most important financial step you can take right now. This is rule number one of personal finance. You can’t plan any other financial goals until you achieve this one. Discover how to reach this essential financial goal by listening to this episode of Worth It.
Connect With Danielle and Dustin
- Connect with Dustin on Twitter: @DRGranger