Ask HTM - Consolidating Multiple Retirement Accounts, Rolling Equity into a New Home, & Keeping Up with an Allowance #832
May 27, 2024
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Topics covered in this episode include managing equity when buying a new home, tracking kids' savings while shopping, prioritizing retirement accounts, and standing out in rental competitions. Also discussed are teaching financial skills at work, real estate investment strategies, teaching kids financial responsibility, and streamlining finances for better investments. The hosts also highlight strategies for finding housing in competitive rental markets and rate a beer tasting experience.
Empowering children to manage their money is crucial. Megan instills financial responsibility by using the 'spend, save, share' jar system for her kids' allowances. By allowing them to make mistakes with low stakes, she fosters financial learning. To track their funds effectively, options like the Greenlight credit card or digital apps can provide real-time oversight, while teaching kids financial autonomy and accountability.
Navigating Digital and Analog Methods
Combining analog and digital tools can optimize financial education. Using physical jars for savings and a digital allowance system like Greenlight or Go Henry can offer a tangible and technological blend. This approach transitions children from tangible money management to digital financial tracking, providing a practical yet future-focused learning experience.
Parental Guidance and Grace
Parental involvement and guidance play a key role in children's financial literacy. Balancing oversight with autonomy allows kids to take ownership of their money decisions. Teaching the principles of money management over rigid tracking emphasizes learning and growth over perfection and encourages development of financial responsibility.
Tips for Renting in a Competitive Market
In a competitive rental market, finding strategies to stand out as an applicant is crucial. Seeking new builds that offer incentives like a month of free rent can provide an advantage. Being proactive, having great credit, and providing references from previous landlords can set you apart in the application process. Additionally, waiting for less competitive times of the year or exploring non-traditional listings can increase your chances of finding a suitable rental without facing as much competition.
Rental Bidding Wars and Timing
Rental bidding wars, while still prevalent in certain markets, are not as common everywhere. The rental market can vary by season, with potential for less competition in late fall or winter. Exploring new builds, obtaining landlord references, and expanding your search beyond traditional listings can help navigate a competitive market and increase your chances of securing a rental property.
Let’s dive into the week with some fresh listener questions we have lined up for you! And don't just stand on the sidelines- if you have a question you’d like us to answer, toss your voice memo our way. It only takes about 90 seconds to record and you can find a step by step guide over at HowToMoney.com/ask . Regardless of how random or bizarre you might think it is, we want to hear it!
1 - How should I factor the equity in my current home as we’re shopping for a new home?
2 - What is the best way to keep track of how much cash my kids have saved while we’re out shopping?
3 - If I have multiple retirement accounts, which one should I prioritize if I’m looking to simplify?
4 - The competition for rentals in my city is fierce- how do I stand out and set myself apart?
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