NerdWallet's Smart Money Podcast

Learn pro tips for shopping on social media so you don’t overspend, and smart strategies for investing your spare cash.00:48 This Week in Your Money: Get equipped with practical tips to shop smart on social media platforms and stay vigilant against overspending. Personal finance Nerd Kimberly Palmer joins hosts Sean Pyles and Liz Weston for a Nerdy look at how your social media feed may be leading you to spend more money than you should. You’ll learn about useful browser extensions to help you compare prices, a reminder to check customer reviews and how the setting and a false sense of urgency can lead people to spend too much money and perhaps share too much personal information. 8:26 Today’s Money Question: Investing Nerd Sam Taube joins Sean and Liz to answer a listener’s question about how to invest extra money currently sitting in a high-yield savings account. The Nerds take a deep look into the importance of emergency funds and how to set realistic financial goals, offering practical advice on starting your own emergency fund and discussing how your cost of living can influence the amount you should consider saving. They also explain how using online banks can make savings goals more tangible, before they switch gears and dive into the vast world of investment options, including the mutual funds, exchange traded funds, individual stocks, high-interest savings accounts and money market accounts.23:53 Takeaway Tips.In their conversation, Sean and Liz discuss: social media shopping; influencer marketing; price comparison shopping; how to read customer reviews; smart shopping browser extensions; limited time offers; options for investing spare cash; emergency funds; cost of living adjustments; online bank savings buckets; short-term and long-term financial goals; money market savings accounts; money market mutual funds; CDs; and splurging.Please take our listener survey at https://nerdwallet.com/podsurvey to help us improve the show! Survey participants will be automatically entered into our Smart Money Podcast Sweepstakes for a chance to win a $100 Amazon gift card when you complete and submit the survey form. The Sweepstakes period is from June 19, 2023 to August 7, 2023. Limit One (1) Entry per person. No purchase necessary to enter or win. Odds of winning will be determined by the number of eligible entries received. Read the Official Rules for more details.If you enjoyed today’s episode, then please vote for us in the 18th Annual People's Choice Podcast Awards! Register at https://podcastawards.com and find “NerdWallet’s Smart Money Podcast” in the Business category. Voting in other categories is optional. We appreciate it!To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn how to avoid overspending on investing and brokerage fees, and get smart about how to choose a financial advisor.01:55 Today’s First Money Question: Investing Nerd Alana Benson joins Sean Pyles and Liz Weston to demystify brokerage fees and explain how you can reduce the fees you’re paying on investment accounts. They discuss the types of brokerage fees and how they can impact your investments. 13:53 Today’s Second Money Question: The Nerds walk through the process of choosing the right financial advisor for your needs. They explain the qualifications and expertise of various financial advisors and what to consider when selecting one, including how to spot red flags. They also discuss the importance of estate planning and power of attorney, and they offer ideas for how you can manage your money independently if you prefer a DIY approach. In their conversation, Sean and Liz discuss: brokerage fees; investment advisors; 401(k) fees; index funds; exchange-traded funds (ETFs); mutual funds; trade commissions; expense ratios; assets under management; hourly fees; retainers; red flags; fiduciaries; enrolled agents; estate planning; power of attorney; robo-advisors; certified financial planners (CFPs) versus certified public accountants (CPAs); accredited financial counselors; tax advisors; rebalancing accounts; and professional money management.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Improve your longevity literacy so you don’t retire too early (or late!), then learn how debt affects your credit score.01:31 This Week in Your Money: Sean Pyles and Liz Weston delve into the significant yet often overlooked concept of longevity literacy. They discuss how understanding your life expectancy can greatly influence retirement planning, and they share a life expectancy calculator you can use to get a personalized estimate of your life expectancy.07:52 Today’s Money Question: Sean and Liz debunk common credit score myths, such as the idea that you can’t have good credit scores without debt. They also discuss how different types of credit accounts, like revolving accounts and installment loans, can affect your credit score, as well as the importance of responsibly managing credit card use. Plus, you’ll learn about the impact of closing an installment loan on your credit score and the importance of keeping credit cards open. You’ll walk away with nerdy, actionable insights into effective debt management strategies.20:03 Takeaway Tips.In their conversation, Sean and Liz discuss: longevity literacy and illiteracy; retirement planning; human life expectancy; life expectancy calculators; retirement age; credit score myths; debt management; revolving accounts; closing installment loans; credit card use; paying balances; credit card debt; personal finances; and closing accounts.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn how checking your bills can prevent you from overspending, how to manage a raise and how to build wealth early.01:14 This Week in Your Money: Sean Pyles and Liz Weston discuss how you can prevent overspending by double-checking all your bills and share how doing so saved Sean more than $100 on just a single bill. They also discuss some surprising ways bills can demonstrate that you’re getting shortchanged.07:58 Today’s First Money Question: Smart Money co-host Sara Rathner helps Sean and Liz answer a listener’s question about how to prioritize spending and saving after a significant salary increase. The hosts dive into the 50/30/20 budget, how to combat the temptation of “lifestyle creep” that comes with entering a new income bracket, and methods for setting financial goals and establishing a path to meet them. They also look at how to prioritize debt repayment and retirement savings when you're in your 40s or 50s and your budget may be more stretched.24:07 Today’s Second Money Question: Personal finance Nerd Kim Palmer joins Sean and Liz to answer a question from a 16-year-old listener about how to get an early start on setting up a bright financial future. Kim discusses options for starting to save early, the time value of money and when it may be worth considering switching banks.In their conversation, Sean and Liz discuss: bills; automatic bill pay; medical expenses; prioritizing spending and saving; credit card rewards points; budgeting; managing lifestyle changes; reaching financial goals; time as a monetary resource; fractional shares; compounding interest; emergency funds; retirement planning; money management; and budgeting, investing, and building wealth for teenagers.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

At a certain point in your relationship, merging your finances can feel like a natural step … or not.To start this episode, hosts Sean Pyles and Sara Rathner talk about why combining your finances with a partner isn’t always a great idea. Then Sean is joined by Nerds Liz Weston and Kim Palmer to answer a listener's question about how to manage multiple credit card accounts when merging finances.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Timestamps:This Week in Your Money segment: 0:00 - 16:14Money Question segment: 16:15- - 32:51Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Supreme Court has struck down President Biden’s student loan forgiveness plan. Sean and Anna discuss what this means for consumers — including when you can expect payments to resume.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

In vitro Fertilization — or IVF — is an effective way to become pregnant. But is it only for the wealthy? In this final episode of our Nerdy Deep Dive into the price of parenthood, Sean and Ronita explore IVF and hear from a mother who went through the process. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Feel less awkward about tipping with our Nerds’ tipping tips. Then learn about credit cards with high annual fees.01:12 This Week in Your Money: Sean Pyles and Liz Weston discuss when to tip, when not to tip and how much you should tip — not just in restaurants but also in places where people haven’t historically tipped, like grocery stores and self-serve frozen yogurt places. They also talk about the broader economic implications of tipping and different tipping standards around the world.07:36 Today’s Money Question: Erin Hurd joins Sean Pyles and Sara Rathner to discuss credit cards with high annual fees: why are they so expensive, what benefits do they offer, and how can you make sure you’re not leaving money on the table if you use them? They talk about what to consider if you’re thinking about getting one, how to get the most out of your rewards points and understanding when it might be time for a product change.19:16 Takeaway Tips.In this episode, Sean, Liz, Sara and Erin discuss: the etiquette of tipping service workers; the economics of tipping; waitstaff gratuities; profit margins; CEO salaries; credit cards with high annual fees; credit card rewards points; travel rewards and hotel perks; product changes; canceling credit cards; credit card terms and conditions; credit card authorized users; and how credit cards can impact your credit score.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

This podcast explores the option of egg freezing for would-be parents, discussing its history, viability, and financial implications. They share personal experiences and discuss workplace benefits and coverage. They also cover the costs involved, including medications, multiple rounds of freezing, and storage fees. Additionally, they explore financing options such as personal loans and home equity lines of credit, as well as the use of care credit for medical expenses.

Avoid costly travel mistakes with expert tips from our Nerds. Then, learn how to budget for a non-traditional lifestyle.You can help us improve our show! Please take our listener survey at: https://nerdwallet.com/podsurvey 01:00 This Week in Your Money: Summer travel costs are soaring this year — but that doesn’t mean your expenses have to. Sean Pyles and Liz Weston offer tips for planning ahead to decrease your costs, from capitalizing on credit card rewards points to scheduling your trips when airfares aren’t so high. 08:54 Today’s Money Question: Gabe S. Dunn, host of the podcast Bad With Money with Gabe Dunn, joins Sean and Liz to help answer a listener’s question about planning for retirement as a gay man who finds planning templates and other financial resources to be heteronormative and not necessarily helpful in his financial planning. They discuss the challenges of living a “non-traditional” lifestyle — and the fact that you don’t have to be queer to be non-traditional. They also share tips on overcoming the fear of seeking financial help and advice, and discuss the importance of finding the right financial advisor who can explain things in plain language.33:00 Final ThoughtsIn their conversation, Sean and Liz discuss: vacation costs; credit card travel points; bonus rewards points from airlines and hotels; foreign transaction fees; buy now, pay later loans; gas prices; free night certificates; Google Flights; Hopper; hidden fees like resort fees; LGBTQ+ lifestyles; marginalized communities; Finance for the People by Paco de Leon; being afraid to ask questions; retirement planning; solo aging; and the unique freedom that living a non-traditional lifestyle can offer.To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices