The Money with Katie Show

Given the huge decision that came out of the White House last week about student loan forgiveness, we decided to create this special bonus episode all about the announcement and what it means for not just borrowers, but all of the US.We'll explore the current numbers of federal student loan borrowers, dive into the issues of taxes and inflations (while dispelling some myths!), and hear about the program and changes to expect from FINRA Certified Student Loan Professional® Meagan Landress of Student Loan Planner (https://www.studentloanplanner.com/).CORRECTION: We published this episode a few days after the news first broke, and things are quickly evolving in the White House! Here's a quick update on who's eligible for relief: "Current students and borrowers who have federally held undergraduate, graduate and Parent PLUS loans that were distributed on or before June 30, 2022 are eligible for the relief, says Megan Walter, a policy analyst for the National Association of Student Financial Aid Administrators."—Mentioned in the Episode Fact Sheet: Student loans: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/ Student loan debt vs. mortgage debt: https://podcasts.apple.com/us/podcast/a-new-plan-for-student-loans/id1200361736?i=1000577422717 Of Dollars and Data: https://ofdollarsanddata.com/who-holds-the-student-loan-debt/ Newsweek fact-check on taxes and student loan forgiveness: https://www.newsweek.com/fact-check-ted-cruz-says-student-debt-relief-costs-2100-per-taxpayer-1737293 Federal budget deficit: https://datalab.usaspending.gov/americas-finance-guide/deficit/trends/ Federal budget spending: https://datalab.usaspending.gov/americas-finance-guide/spending/ Expense of stimulus checks: https://www.pandemicoversight.gov/data-interactive-tools/data-stories/three-rounds-stimulus-checks-see-how-many-went-out-and-how-much New tax proposal for households above $400K+: https://www.nytimes.com/2022/07/07/us/politics/medicare-solvency-taxes.html Tax Foundation memo on unrealized capital gains on households with $100M+: https://taxfoundation.org/biden-tax-increases-2023-budget-proposal/ 10 richest members of Congress: https://en.wikipedia.org/wiki/List_of_current_members_of_the_United_States_Congress_by_wealth Net worth of $100M+ represents 0.01% of Americans: https://realtimeinequality.org/ Wall Street Journal's on student loan forgiveness and inflation: https://www.wsj.com/articles/biden-student-loan-forgiveness-raises-inflation-budget-risks-11661457157 Mike Solana on the student debt crisis: https://www.piratewires.com/p/debt-babies See if you have federal loans: studentaid.gov —Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

If you’re normally a “casual commute” listener of The Money with Katie Show, prepare to park your car and whip out your notebook—today’s episode is a complex deep dive into exactly how you can set yourself up to pay no taxes or penalties in retirement on any of your pre-tax, taxable, and Roth funds, even if you retire in your thirties.We’ll dig into how much a couple would need to save and invest to retire early and then break down how they can strategically access those funds for the most optimal tax-free outcomes. Remember to caffeinate before this one—your brain cells are about to be workin’ and twerkin’.If you’re a visual learner, the YouTube video for this episode or the episode transcription may be your best friends.—Mentioned in the Episode IRS Tax Code: https://www.irs.gov/privacy-disclosure/tax-code-regulations-and-official-guidance Standard deduction for 2022: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022 0% capital gains tax rate brackets for 2022: https://www.kiplinger.com/taxes/capital-gains-tax/602224/capital-gains-tax-rates Required Minimum Distributions (RMDs): https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds Roth IRA Five-Year Rule: https://www.investopedia.com/ask/answers/05/waitingperiodroth.asp Compound interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator Combining finances for marriage: https://moneywithkatie.com/blog/what-to-consider-when-combining-finances-with-your-partner —Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

If you consciously or subconsciously derive your identity from your work, what happens when that work goes away? Moreover, how do we reconcile the advice we hear from everyone from Steve Jobs to Steve Aoki to “follow our passion” (and, in case it wasn’t clear, monetize it) with the advice to also maintain some semblance of “work/life balance” or separation between the metaphoric church and state?Is it a bad thing to love your work, or is it something to strive for? My guest this week is the impressive Nora Ali—host of Morning Brew’s Business Casual, Harvard grad with a degree in statistics and quantitative finance, former Goldman Sachs analyst, concert violinist, and current media venture founder (i.e., someone who knows a thing or two about being conventionally successful and identifying with your credentials).This week’s episode will give you a lot to chew on if you find yourself sneaking off to hammer out a few more emails after dinner. —Mentioned in the Episode- Derek Thompson's piece, The Atlantic: https://www.theatlantic.com/ideas/archive/2019/02/religion-workism-making-americans-miserable/583441/- Robert Frank's piece, The Wall Street Journal: https://blogs.wsj.com/wealth/2007/03/21/the-workaholic-rich/—Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

The central thesis for this episode is that when you think you have a spending problem, what you probably have is a purpose problem. This week, we’re getting philosophical—and I’m diving into a series of realizations I had when transitioning from Spendy McSpenderson to Sally Saver, about the role money played in my life pre- and post-”baptism by FI/RE.” (See what I did there?) I also chat with mindset and manifestation expert Haley Hoffman Smith (https://www.haleyhoffmansmith.com/) on the void money creates and what we should be aiming for instead.It’s one of the more vulnerable episodes I’ve published, but my hope is that it’ll inspire you to reflect in a way you haven’t before about your relationship with materialism and its role in your sense of self.—CORRECTION/CLARIFICATION: Thanks to an email from astute listener Emily T., it has come to my attention that my answer for today’s Rich Girl Roundup could be a bit misleading to the point of being wrong depending on how you inherited your individual stock. The answer given in the video is relevant *if the relative who gifted you stock is still alive.* If your relative who gifted you stock has passed away, then your cost basis actually receives something called the “stepped-up cost basis” treatment, which means the amount you inherit at the time they pass is the new cost basis. If you were to sell that immediately, you’d incur no capital gains taxes.We have re-recorded a clarification that’s now live in the episode, but we apologize for the confusion.—Mentioned in the Episode- The Hot Girl Hamster Wheel: https://www.instagram.com/reel/Cc5dZNLvRNN/ and https://moneywithkatie.com/blog/high-maintenance-is-expensive-how-i-went-from-a-320mo-girly-budget-to-a-negligible-one- Brad Yates: https://www.tapwithbrad.com/—Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is a logistical examination of how to put systems in place that help you balance your short-term and long-term spending goals—after all, “saving” is really just another name for “deferred spending,” and the ideal scenario we’d find ourselves in is one in which the money we need is available to us whenever we need it. It’s my hope that after listening, you’ll have a solid understanding of how to structure all of your savings and investing and—most importantly—you’ll eliminate the fear that you’re “missing something.”—Mentioned in the Episode- Atomic Habits by James Clear: https://jamesclear.com/atomic-habits—Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

I sold my car in March 2021 and have (mostly) never looked back as part of a one-car couple, but my husband and I have been dabbling with the idea of getting a new car this year. Unfortunately, 2022 is…not a great time to buy a vehicle, as anyone who’s perused the used car market knows. It inspired this episode in which we break down the lease vs. buy decision in today’s car market with guest Jorge Diaz, author of Car Leasing Done Right (https://www.leasecosts.ca/en/book). As part of the episode, I wanted to do an IRL lease vs. buy comparison with a luxury car—so I reached out to a Porsche dealership to pull numbers on a 2023 Macan. What I wasn’t expecting as part of my number-crunching journey: being immediately plunged into an inferior sense of class consciousness as a result of the interaction. That’s…a fun bonus in the episode. 😂Mentioned in the Episode- Car market prices up 24% in 2021 (via The Washington Post): https://www.washingtonpost.com/us-policy/2021/10/28/used-car-prices-chip-shortage/- Rule of thumb for paying for a car: https://www.nerdwallet.com/article/loans/auto-loans/much-spend-car- “Why Leasing a Car is Like Setting Money on Fire”: https://moneywithkatie.com/blog/why-leasing-a-car-is-like-setting-money-on-fire- Study: Driving fewer than 10K/year: https://www.rockethq.com/learn/personal-finances/how-expensive-is-uber- Pregnancy Discrimination Act: https://www.eeoc.gov/pregnancy-discrimination —Follow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Ah, the long-awaited deep dive is finally here! As someone who got married in a courthouse and in a big, traditional ceremony (to the same person, don’t worry), I feel I’m now qualified to do a thorough compare-and-contrast analysis of the two—and share the granular details of how much our ceremony cost.I’m diving into the budget ($25,000), the actual spend (...a lot more than $25,000), who paid, the things that shocked me, and the stuff I thought was worthwhile. I also do a deep-dive into the Wedding Industrial Complex with our guest, Anna Braff, founder of the award-winning vendor service Provenance Rentals.Originally, I wasn’t planning on doing any sort of deep dive about my nuptials—but ultimately decided it was incredibly off-brand not to talk about one of the largest expenses a young couple faces.—Follow Along- Watch Money with Katie here: https://www.youtube.com/MoneywithKatie- Read Money with Katie: https://moneywithkatie.com/Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Something I had never even heard of a year ago has been front and center in the financial news for the last few months: I Bonds.But I suppose it makes sense: Nothing tempts those seeking performance and those seeking safety alike quite like a guaranteed nominal 9.62% rate of return, right?But I fear they’re a distraction for young investors (and don’t worry, we address who they might make sense for in the episode). Plus, I invited Alan Ebright of Hodges Private Client—a wealth management firm in Dallas with $1B+ assets under management—on the show this week to talk about investor psychology and the self-defeating flight to safety. *Any information shared is not tax or legal advice, and is purely for informational purposes.#MoneyWithKatie #IBonds #Investing #Bonds #PersonalFinance—This Episode’s SponsorsTo learn more about our sponsor, Ubiquity, check out https://ubiquity.com/To learn more about our sponsor, Caribou, check out https://www.caribou.com/moneywithkatie/?utm_source=moneywithkatie&utm_medium=podcast&utm_campaign=jul13For more info on our sponsor, Q.Ai, check out https://refer.tryq.ai/MBrewTo learn more about Betterment, visit https://betterment.com/moneywithkatie —Mentioned in the Episode- Nick Maggiulli's blog, Of Dollars & Data- DALBAR Quantitative Analysis of Investor Behavior- National Association of Personal Financial Advisors DatabaseFollow Along- Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/- Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie- TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew- Sign up for free today: https://bit.ly/morningbrewytFollow The Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrew—*Disclaimer: Hodges Private Client is a program offered through Hodges Capital Management, Inc. (“HCM”). HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer and investment advisor registered with the SEC. This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions. All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nothing excites millennials and surprises baby boomers quite like our penchant for sharing how much money we make with one another. But salary transparency—one of the latest tactics for rectifying biases in hiring and compensation—is a means to an end, not the end itself.In this week’s episode, we explore the benefits and pitfalls of openly sharing compensation information within an organization—and how we can share in a way that actually helps one another. Plus, an interview with Jason Tartick of Bachelor Nation fame, and the host of Trading Secrets, a podcast about our “taboo curiosities” around money and career.--Mentioned in the episode World Economic Forum's data on closing the gender pay gap National Labor Relations Act: Your right to discuss pay in the US Silicon Valley study about top employee performance Tim Low's interview about PayScale and salary transparency 2018 Denmark study on closing the gender pay gap Buffer case study on salary transparency Trading Secrets interview with Rob Dyrdek Trading Secrets interview with A-Rod Trading Secrets interview with Molly Bloom (Molly's Game) Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram: https://www.instagram.com/moneywithkatie/ Twitter: https://twitter.com/moneywithkatie TikTok: https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode was inspired by a Medium article about a woman’s nine side hustles that replaced her full-time income. After reading it, I couldn’t help but think: “I know our generation loves the glamorized solopreneur thing, but at what point is it easier to just…have a full-time job?”I wanted to explore the obsession with the side hustle, the (unfair) demonization of the 9-5, and—importantly—how to expend energy in a more efficient way for a higher ROI within your traditional career path for those of us who don’t want to become ~online entrepreneurs~. Cinneah of Flynanced joins us for this episode to regale us with her career journey ($40,000 to $200,000+ in just five years!) and has a ton of actionable advice to share for scaling your full-time income and breaking into highly paid technical fields without going back to school.Here's the referenced blog post about diversifying your effort and my side hustles that amounted to nothing.Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram: https://www.instagram.com/moneywithkatie/ Twitter: https://twitter.com/moneywithkatie TikTok: https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices