Inside Out Money

All of the Inside Out Money co-hosts join for our final episode of 2023. We’ve got Liz, Andrew, Erica, Greg, and Maggie on this week’s episode and share some of our favorites from 2023. We share our favorite books, podcasts, best and worst purchases of the year, big financial wins, and more. We might get off track now and then as we get into mustaches, bromances, and OnlyFans. A huge thank you to all of our listeners and supporters this year! We appreciate all of you and happy holidays! Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/037-best-and-worst-purchases-of-2023-superlatives-onlyfans-and-so-much-more/

Liz joins this week's podcast, and we discuss how we’d get lean if needed for a job loss, recession, or serious emergency. We start with a reminder of why building an emergency fund and tracking your expenses is important. Then, we dive into multiple phases of what we’d cut and why. Throughout the discussion, we’re reminded that we’d be okay and happy without many of the things we spend money on, yet we can still enjoy the conveniences and luxuries while we can afford them.  Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/from-canceling-netflix-to-selling-our-homes-what-wed-do-in-a-recession/

Erica joins this week's podcast, and we discuss predatory marketing and sales tactics to avoid. We share the history of advertising and public relations and delve into everything from strategic marketing to unethical marketing to predatory marketing to illegal scams. We discuss aggressive upselling, high-pressure sales tactics, bait and switch, hidden fees and fine print, misleading claims, exploitative lending, Ponzi schemes, phishing emails, fake customer service numbers, and other internet scams. The more you know these tactics and manipulations, the better you’ll be able to protect your decisions and finances. Most importantly, we end with specific tactics and tips on how to avoid predatory marketing tactics and scams. Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/034-predatory-marketing-tactics-and-scams-how-to-spot-and-avoid-them/

Financial expert Andrew discusses the step-by-step 'investment walk' to grow wealth and achieve financial freedom. Topics include saving more than you spend, building an emergency fund, paying off debt, maximizing retirement contributions, investing in index funds, and funding college savings accounts.

Review end-of-year financial tasks such as 401k allocations, contributions to Roth IRA or IRA, and using up FSA or dependent care account dollars. Also discuss optimizing doctor appointments, leveraging expiring credit card benefits, charitable donations, tax prep, and setting goals for the following year. Importance of finding an accountabilibuddy and testing budgeting tools. Considerations for safety, planning, and checking smoke detectors.

This week, we have a guest discussing how to prepare for and pay less for college; Dr. Rebecca Sandidge, Vice President for Enrollment Management at Oglethorpe University, joins and shares her perspective and knowledge from an expert in college admissions and enrollment. Rebecca shares how to maximize your aid across various buckets of money available to college students and their parents. We discuss the alphabet soup of federal loans and grants and explain FAFSA, EFC, and SAI. Rebecca also explains the discount rate at private universities, which was 56% in 2022-2023. She wraps up by sharing how parents and kids can mentally and financially prepare for the college admissions process mentally and financially, and what parents vs. students should focus on to divide the labor. We discuss the ROI of investing in SAT or ACT test prep, how early to get started, if the cost of college is negotiable, and more! Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/035-does-anyone-actually-pay-sticker-price-for-college-expert-dr-rebecca-sandidge-answers-that-and-more/

Greg joins this week's podcast, and we discuss Mint shutting down and our review of other budgeting and expense-tracking software and tools. We tried out Tiller, Monarch, YNAB (you need a budget), and Copilot. We share our thoughts on each tool and the pros and cons. After many years of using Mint, we reveal what we’re choosing to switch to now that Mint is merging into Credit Karma. Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/032-rip-mint-expense-budgeting-tracking-software-review/

Erica joins this week's podcast, and we discuss the concept of simple joys and the importance and value of recognizing and appreciating simple joys in our lives. When we find glimmers of joy in our everyday lives, we’re less dependent on the dopamine hint from buying new things, and we’re better able to appreciate what we already have. We discuss the importance of mindfulness, being present, gratitude, and how to find more joy in our lives. We also dig into using this energy to declutter, and the concepts of death cleaning and our new term, mid-life cleaning. And we share a detailed list of questions to ask yourself while decluttering. Get the full show notes, decluttering questions, show references, and more information here: https://www.insideoutmoney.org/030-simple-joys-and-the-art-of-saving-money/

Andrew joins this week's podcast, and we discuss the pros and cons of paying off your mortgage early. We share our mortgage payoff stories and various considerations for deciding whether or not to pay off your mortgage. If you want to pay off your mortgage early, we discuss key tactics and what helped us on our pay-off journeys. Although we both paid off our mortgages early and feel very good about our decisions, we also share some regrets if we could go back and do things over again. Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/029-the-great-mortgage-debate-payoff-or-invest/

Greg joins this week's podcast, and we share nine tips for navigating and mastering financial communication in a relationship. Talking about money effectively with your partner has a substantial positive impact on your relationship. We share advice for implementing and improving your financial discussions, from setting money dates to establishing shared goals to compromising and being flexible. We also share how we met, started talking about finances and deciding to retire early, and more about our money story. Get the full show notes, show references, and more information here: https://www.insideoutmoney.org/028-love-and-money-navigating-finances-in-a-relationship/