Inside Out Money

We review two listener case studies, share their financial situations and backgrounds, and answer their questions about how to move forward with their finances.  Andrew joins this week’s podcast as we talk about: - If you should renew a term life insurance policy in your 70s - The importance of accessing your 401K and other retirement accounts and understating what you’re invested in - Whether or not you should pay for your house - What to do if you feel behind on your finances - Running a retirement calculator to see when you could potentially retire - Investing in a HYSA vs. stocks when you’re in your 70s - What to do if you’re too cash-heavy - How to get started with a 529 plan - The tradeoff of buying a larger home or retiring earlier - High-yield savings accounts, maxing out your 401Ks, and more!  Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/087-case-studies-where-to-focus-when-youre-feeling-investing-life-insurance-and-paying-off-your-mortgage-in-your-70s/

Here are all the financial moves you should aim to finish before the end of the year to ensure you finish the year strong and set yourself up for success next year. We cover the basics you’ve already thought of but might not have done yet and some new ideas you may not have thought of.  Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/086-end-of-year-money-moves-to-finish-the-year-strong/

Dive into the psychology behind our spending habits and discover clever tricks to cut costs. Learn how retailers manipulate consumer behavior and what you can do to regain control. Explore the effectiveness of tracking expenses, implementing cash envelope systems, and creating barriers to impulsive purchases. Hear personal anecdotes and strategies for reflecting on spending decisions, appreciating what you own, and shifting your mindset for mindful spending. It's all about being intentional with your money while enjoying a few laughs along the way!

Trump's 2024 victory sends ripples through personal finances. Expect shifts in tax rates, tariffs, and regulations affecting your wallet. Learn why tariffs hit consumers directly and how political policies can influence cryptocurrency markets. The importance of prepping for financial uncertainties shines as the hosts emphasize focusing on what you can control. They offer practical advice on spending and savings while encouraging long-term investment strategies. Navigate financial waters with a balanced mindset amid the political storm.

Some people are so focused and disciplined on reaching a FI or FIRE goal that they don’t enjoy the present. Others are so focused on living for today that they don’t plan or save for the future. Which is better? We discuss the extremes of both and how to appreciate the need for both and strive for balance.   Erica joins this week’s podcast as we talk about: - The pros and cons of living for today vs. saving for tomorrow - The magic middle and balance between the two - Extreme budgeting, deprivation, and reckless spending as extremes - Tactical tips for finding your balance - A challenge to reflect on your balance and how you’re enjoying today vs. preparing for tomorrow Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/083-live-for-today-or-save-for-tomorrow/

We review two listener case studies, share their specific financial situation and background, and answer their questions about how to move forward with their finances.  Andrew joins this week’s podcast as we talk about: - How to know when you have enough to retire - If investing in all index funds is too risky - How to estimate and plan for unexpected expenses  - How to get started when you’re stuck and overwhelmed  - What to do when you hit set backs in the getting started process - Where to go for good information when you have questions Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/082-case-studies-how-to-get-started-when-youre-stuck-burnt-out-and-how-do-i-know-when-i-have-enough-to-retire/

This week, I’m answering your questions about 401Ks, Roth vs. regular 401Ks, how and where to save for future needs, where to park your money, early retirement, managing a budget, and more! In this week’s podcast, I talk about: - Maxing out 401K versus investing in the market - Life insurance and whether work benefits are enough - How you access your money for early retirement - Ways to progressively increase your savings rate - 401Ks vs. roth401Ks - What is worth sacrificing to get to FIRE - Biggest items on my early retirement FIRE bucket list - How and where to save for a new vehicle  - Favorite meals and beers - FI in Europe vs the United States and which is easier or harder - Where to park large sums of money while you save for future goals - How seniors can budget and keep up with inflation - Managing being over budget with post-retirement - If HSAs are worth it if you have chronic health expenses - My number one decluttering tip - Inside Out Money meetups - How to budget for retirement if you’re a stay-at-home parent - How we decide where to go on vacation Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/081-listener-qa-401k-vs-roth-401k-budgeting-automation-decluttering-early-retirement-and-more/

Dive into the essentials of life insurance and why it's crucial even if you feel invincible. Discover the gaps in workplace coverage and the importance of personalized plans. Learn about term versus whole life insurance, the financial value of caregiving, and why many women are woefully underinsured. Get savvy tips for choosing policies and getting the best rates, including the innovative laddering strategy. And enjoy a fun twist with rewritten lyrics that bring humor to this serious topic!

We explore the concept of the American Dream and how it has evolved over time. What we initially considered success in life isn’t quite how we would define success today. Many people now choose to live beneath their means, save more, spend less, and sometimes even retire early. We share personal stories, practical tips, and insights to help you define your own American dream.  Greg joins this week’s podcast as we talk about: - What we thought the American Dream was, and we each had different POVs - A brief history of the American Dream - What the “American Dream” will cost us throughout our lifetime - How our view of success has evolved over the decades and years - Cultural influences that are impacting how we define the American Dream - Are financial independence and freedom part of the American Dream? - Practical tips to help you define your own American Dream Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/079-the-new-american-dream-is-it-misunderstood-or-evolving/

The holidays have evolved into a time of the year overly focused on consumerism and spending money, but we encourage you all to take back the holidays and focus on what matters the most to you! We encourage you to reconsider how you’re spending the holidays and share tactical ideas to spend less on decor and gifts going into the holiday season.   In this week’s podcast, we talk about: - How to spend less going into the holidays - How to take back the holidays to focus on what matters to you - DIY ideas for holiday gifts and decor - Alternative gift ideas - Experiences versus things - Upcycling and regifting and if it’s okay - Setting a budget and guardrails around holiday spending - Simplifying your decor to save money - The importance of making lists and avoiding impulse shopping - Coupons and cash-back or reward sites Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/078-take-back-the-holidays-8-ways-to-spend-less-this-holiday-season/