Marriage, Kids and Money

One of the reasons I started my podcast was to help my kids (Zoey and Calvin) learn how to become financially savvy. That way, when they get older they’ll not only be able to survive on their own, but they’ll be able to really thrive and take our family tree to the next level. Zoey is 6 and Calvin is 3. I’ve got a long way to go before they’re off on their own, but I’ve heard it’s never too early to start. According to a survey by NEFE, only 24% of Millennial respondents showed basic financial literacy.   Since my kiddos are the children of Millennials (Generational Alpha), I’ve been working hard to improve my financial know-how so my kids are NOT lumped into that 24%. As part my learning process, I asked Bill Dwight to join me on the show today. As a father of 5 and a former Oracle executive, Bill took his passion for software, his love for his children and his desire to promote financial literacy and started a company called FamZoo. This company offers a prepaid card for kids so they can learn about how money really works. FamZoo’s goal is to bring financial literacy to 40 million American kids through thoughtful parent-moderated payment technology. What are we covering today? Bill and I chat about: * Setting expectations on needs versus wants * Encouraging savings habits early in our kid’s lives * How our children can become happy givers Since I’m a newbie Dad, I ask Bill a lot of questions about how he raised his kids to be smart with money. If you’re a parent and you want to expose your kids to the benefits of early financial literacy, stick with me here today.  CLICK THE PLAY BUTTON ABOVE OR LISTEN ON: About Our Guest:  Bill Dwight Bill Dwight is the CEO of FamZoo.com, an online family banking service that teaches kids good money habits. FamZoo won the Finovate 2013 Best In Show award and the FinCon 2015 FinTech Startup Competition for its unique integration of a family finance app with prepaid cards. A 1984 graduate of Princeton, Bill has built software in diverse areas ranging from artificial intelligence to personal finance. Bill held executive positions at Oracle (database technology), Netgravity (Internet advertising), and Elance (online outsourcing), before founding FamZoo in 2006.  Money Master of the Week After three years of tracking his finances, Chris recently crossed over into positive net worth territory for the first time! When he started tracking his net worth, he was at -$60,000. Now he’s hovering around $50,000. That’s more than a $100,000 swing in just three years! Chris made this massive change in his life by: Cuting back unnecessary expenses Focusing on paying off his debt Maxing out his retirement accounts Given that Chris is a recent college graduate and he’s focusing on his net worth this early in his life, you know he’s going to be a huge success.   If you want to follow Chris on his journey toward paying off all of his debt and skyrocketing his net worth even further, you can check him out at Duke of Dollars. Chris from the Midwest is our Money Master of the Week! If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win,

Our question of the month comes in from Tyler from Livonia, Michigan: Tyler: The thought of potentially living on a single income is scary, but it’s something that we’re considering more and more as a family. My wife is growing tired/weary of simply leaving our son at home and not being there / providing for him as she feels she should. So, the question is this… Any tips for transitioning to a single income to support a family? I know it’s something the Hills navigated quite successfully, and I’d like to at least explore it to see if it’s doable for us. My initial thoughts are around a phased approach, but it may be better just to dive in.   ANDY: Thanks for calling in Tyler! First of all, congratulations on your first couple of years of being a Dad. I’m sure I don’t have to tell you that it’s one of the most difficult and one of the most rewarding times of your life. Based on this voicemail and our email back and forth, your heart is in the right place in my opinion. You and your wife want to do what you feel is best for Henry and you’re willing to make sacrifices to get there. How the Hill Family Transitioned to a Single Income You asked how Nicole and I made the transition to a single income so I wanted to answer that first. Before Zoey was born, Nicole and I talked about how we could make the transition from both of us working to just one of us working. We both agreed that it would take some time and wouldn’t be an overnight thing. We were in the midst of paying off around $50,000 of debt and we were starting to see the light at the end of the tunnel. The single income conversations were starting to seem more real.  When Nicole and I first got together in 2010, we had a combined net worth of -$50,000. (Yes, that’s a negative symbol.) Lots of debt from Andy

On this podcast, we often talk about the importance of a true financial partnership with your spouse. When you’re on the same page about money, your marriage feels balanced. You have less stress, fewer money fights and it just feels better. But we do we get there?   Where do we start if we’re feeling off-balance? Today, I’ve invited my good friend Elle Martinez to join us on the show again. This is our first repeat guest so you know she’s awesome. What are we covering today? Elle and I discuss: * How to craft the perfect money date * Why a monthly get together is so important to your marriage * How to make it fun even if you’re a busy parent Elle’s professional and personal experience with family finance is refreshing and helpful. Whenever I speak with her, I come away with some solid information on how to improve my marriage and my money. You will too. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON: About Our Guest:  Elle Martinez Elle is the creator and host of Couple Money, a community focused on helping spouses get on the same page with finances, dump their debt faster, and get on the path to financial freedom. She’s also the author of Jumpstart Your Marriage and Your Money. She has been a contributor to numerous sites including TurboTax, Lending Tree, and Entrepreneur. Money Master of the Week Dave and Meghan from Michigan paid off $6,500 of student and credit card debt in a few months after focusing their spending and living on a budget. With their focused partnership, they plan to be consumer debt free by the end of the year. Their long terms goals include saving up for retirement and crushing their mortgage early. Meghan and Dave from Michigan are our Money Masters of the Week! If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR:  STUDENT LOAN HERO FEATURED ARTICLE: 6 Best Banks to Refinance and Consolidate Student Loans in 2018 TOOLS:  Student Loan Calculators SHOW SPONSOR:  TOMORROW GET YOUR FREE WILL TODAY Elle martinez’S RESOURCES Website: CoupleMoney.com Elle’s Book:  Jumpstart Your Marriage & Your Money MARRIAGE, KIDS AND MONEY RESOURCES Recommended Book:  The Five Love Languages by Gary Chapman Young Family Wealth Playbook (FREE):  7-Steps to Solidifying Your Family’s Future Wealth

In 2011, Michelle Schroeder-Gardner started a blog called Making Sense of Cents as a fun hobby. After finding some early financial success with sponsored posts and affiliate marketing, she decided her little blog could actually become a viable business.  Fast forward to today, Michelle now makes over $1.5 million per year from her blog and continues to see massive success with her overall online-based business. Not only has she gone from $0 to $1.5 million incredibly fast, but she’s done it all in her 20’s. What are we covering today? Michelle and I discuss: * How she got her start blogging * The ways she’s specifically making money * Advice for others who are looking to have a fraction of her success Even if you’re not into blogging, Michelle’s straightforward advice on building a business and creating time freedom is extremely motivating. You’re not going to want to miss this one. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON APPLE PODCASTS, GOOGLE PLAY  OR STITCHER.   About Our Guest:  Michelle Schroeder-Gardner Michelle Schroeder-Gardner is the founder and creator of Making Sense of Cents. On her blog, she helps readers earn more, save more, and live more, and also documents her monthly income of over $100,000. Her writing and advice have been featured on sites such as Huffington Post, Forbes, Yahoo, Cosmopolitan Magazine, Zillow, US News, NASDAQ, MSN, and more. When she’s not blogging, you’ll find her exploring in her RV with her husband and her two dogs. They sold their house in 2015 and have been traveling full-time since. Money Master of the Week Congratulations to Emily from Washington for paying off $15,000 of credit and student debt in 12 months while making $40,000 per year! Based on her new budgeting expertise, she is destined to become consumer debt free within the next year. Her passion for personal improvement is inspiring! Emily from Washington is our Money Master of the Week! You can learn more about Emily’s budget mastery on Twitter @DigInDigOut. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR:  STUDENT LOAN HERO FEATURED ARTICLE: 6 Best Banks to Refinance and Consolidate Student Loans in 2018 TOOLS:  Student Loan Calculators SHOW SPONSOR:  TOMORROW.ME GET YOUR FREE WILL TODAY Michelle Schroeder-gardner’S RESOURCES Website: MakingSenseofCents.com Michelle’s Affiliate Marketing Course:  Making Sense of Affiliate Marketing Recommended Course:  Facebook Strategy eBook

When a goal-oriented person discovers the excitement and allure of financial independence, there is little that can stop them from reaching this huge milestone. The intensity and results are multiplied when you have a married couple with a combined six-figure income working toward the same goal. This is a recipe for skyrocketing the net worth and savings. To demonstrate this type of savings superpower, I’ve invited Jamila Souffrant on the show today. In 2016, she and her husband partnered together to save over $85,000 in just 12 short months. And then … they did it again in 2017.   What are we covering today? Jamila and I discuss: * How she and her husband have consistently saved $85k per year * What she’s doing with that money * Why financial independence is such an important family goal for her As a full-time employee, mother of two, entrepreneur and wife, Jamila personifies hard work and family dedication. Her passion for success is infectious.  CLICK THE PLAY BUTTON ABOVE OR LISTEN ON Apple podcasts, GOOGLE PLAY  OR STITCHER. About Our Guest:  Jamila Souffrant Jamila Souffrant is a Certified Financial Education Instructor (CFEI), podcaster, blogger, money coach and founder of Journey To Launch where she shares her journey to reach Financial Freedom and helps others do the same. As a money expert who “walks her talk” she helps brave Journeyers; gain clarity around their finances and create an actionable plan to reach their goals. Money Master of the Week Congratulations to Tess from Minnesota for recently paying off ALL of her credit card debt! She is inspired by the excitement in the Financial Independence (FI) Community and she wants in! After the credit cards, Tess is laser-focused on the erasing car debt from her life. Tess from Minnesota is our Money Master of the Week! You can learn more about Tess’s debt destruction path at A Half Stick. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR:  STUDENT LOAN HERO FEATURED ARTICLE: 6 Best Banks to Refinance and Consolidate Student Loans in 2018 TOOLS:  Student Loan Calculators SHOW SPONSOR:  TOMORROW.ME GET YOUR FREE WILL TODAY Jamila souffrant’S RESOURCES Website: JourneyToLaunch.com Recommended Book:  Stop Acting Rich by Thomas J. Stanley MARRIAGE, KIDS AND MONEY RESOURCES The free guide to solidifying your family’s financial future. It’s my free gift to you.

Our question of the month comes in from Ryan from Pittsburgh. He wants to know how to find the best financial advisor: Ryan: Hey Andy, I’ve been listening to your show for the past few months. I like the way that you and Nicole partner together to meet your financial goals. It’s inspiring me and my wife (who is also coincidently also named Nicole) to do the same. We’ve been following the Dave Ramsey baby steps and recently paid off our last debt. When we got focused, it really only took us about 2 years to pay off our $60,000 in debt. We both had car loans, student loans and a little bit of credit card debt. Now that we’re debt-free, we want to start saving up for retirement. We’ve been delaying our retirement investing based on Dave’s advice to hold off until you’re debt free. I feel like we’re WAY behind though. We’re both 30 and we barely have anything in our retirement accounts.   Early last year, we were able to get our student loans down to around 3.5% with SoFi. I was happy with the results of the refi, but at the same time, the market was skyrocketing. It felt frustrating that I wasn’t in it. I was saving 3.5% while the market was doing 18%! Also, my company matches 20% of my 401k deposits. I felt like I was on the sidelines during a huge game I wasn’t able to play in. Anyway … back to my question for you. Nicole and I are ready to start investing for our retirement. We’re planning on meeting with a SmartVestor Pro through Dave Ramsey’s site to guide us in the right direction. Since this is brand new for us, do you have any suggestions on how to start? Have you used a broker before? Any lessons learned? By the way, our combined HHI is around $150k. We have no kids but we’re thinking about it in the next couple of years. We live outside of Pittsburgh and we have $30,000 in an emergency fund. I’m not sure you need this information, but here it is anyway. Any insights you can share would be great. Keep up the great work on the show. Ryan Andy: Thanks for writing in Ryan. $60k in 2 years is an incredible feat! Congratulations! Before we get to your question, I want to comment on your thoughts around stopping your retirement investing during the debt pay off process. This is a huge concern I hear about again and again. Retirement Savings Before You’re Debt Free Dave Ramsey’s advice is to stop all retirement investing until you’re consumer debt free. In his eyes, all of your non-mortgage debt should be gone before you invest for retirement.  I understand the rationale for this advice for sure. A lot of people dip into their retirement savings during emergencies when they’re in debt and don’t have the necessary cash available. According to CNBC in 2016, 1 in 10 workers has taken a hardship withdrawal from their retirement for reasons ranging from medical expenses to home repairs to covering home payments. In this case, these people needed fast money right away and their only option was their retirement savings. This move causes massive losses. Using the 401k as an example, for early withdrawal you’d have a 10% penalty charge and you’d have to pay the taxes since the initial deposit was pre-tax. Depending on your tax bracket, you could be looking at a 40% hit on your money! This is what Dave is hoping to avoid for people. With no debt and a healthy emergency fund,

If you’ve been married and working full-time for a while, you know the importance of quality time spent with your spouse. This is a chance to catch up, to talk about fun memories and make new ones together. Unfortunately, our busy careers can make these quality get-togethers really difficult most days. There are late nights at work, deadlines and out-of-town trips. But …  * What if you woke up on Monday morning and you didn’t have to go into the office? * What if there were no more business trips and no more work-related deadlines? * How would that enhance your relationship with your spouse? To answer these questions, I’ve invited Tanja Hester and Mark Bunge on the show today. After 10 years of marriage and 6 years of diligent savings, this young couple decided to retire from their busy careers in late 2017 and give more time to their marriage. At 38 and 41, Tanja and Mark have regained the best years of their lives. As early retirees, they are pursuing their passion for the outdoors, travel and spending more quality time together. What are we covering today? Tanja, Mark and I discuss: * How they saved up enough money to retire early * Why they are thrilled about their new adventure * How this new situation will enhance their relationship together If you’re interested in early retirement and how it can impact your marriage, join us for this chat today. Tanja and Mark are an inspirational couple that will encourage you to do incredible things with your life. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER. About Our Guests:  Tanja Hester & Mark Bunge Tanja Hester and Mark Bunge – the couple behind the award-winning blog Our Next Life – recently retired at the ages of 38 and 41 from careers as political consultants. They achieved financial independence two years before that, at the ages of 36 and 39. And that was without being super savers or even naturally frugal. Now they’re living the dream in Lake Tahoe, California, skiing and hiking on weekdays and spending as much time outdoors as possible. Tanja’s also getting to write more and do more public speaking on financial independence. And both Mark and Tanja are presidents of local nonprofit organizations and are able to devote much more time to service in the community. In addition to writing Our Next Life, Tanja co-hosts The Fairer Cents podcast. Money Master of the Week Congratulations to Jane from New York for paying off $35,000 in student debt in under 3 years! She plugged away at this pile of debt by avoiding lifestyle inflation and automating her monthly payments. Jane from New York is our Money Master of the Week! You can learn more about Jane’s path to early financial independence at Cash Fasting. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR:  STUDENT LOAN HERO FEATURED ARTICLE: 6 Best Banks to...

Popularized by extreme frugality rock stars like Mr. Money Mustache, the Mad Fientist and Jacob from Early Retirement Extreme, the Financial Independence or FIRE community has grown in popularity over the past 5-10 years. This is a subset of the personal finance world that encourages earning a solid income early in your life, saving a boat load of cash and retiring earlier than most of your peers. For a frugal guy like me, this concept makes a ton of sense. Work hard, save and invest early so you can enjoy the majority of your life doing what you love. But what happens when you’ve retired early? You still need something. You need a purpose or a goal to work toward. An online business is evidently great place to start. ChooseFI Radio Podcast host Jonathan Mendonsa joins me today to discuss how he’s been able to achieve financial independence by inspiring others to achieve financial independence. Genius! His bi-weekly show dives deep into the tenants of early retirement and why this FIRE community is growing so rapidly. What are we covering today? Jonathan and I chat about: * His $168,000 student debt pay down journey * How he built his FIRE-inspiring small business * His 10 Pillars of Financial Independence Jonathan’s enthusiasm and easy-to-follow steps make the journey toward financial independence fun and exciting. Join us today and get inspired to make financial independence a goal for your family. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER.   About Our Guest:  Jonathan Mendonsa My name is Jonathan and I live and work out of Richmond, Virginia. My wife and I enjoy travel rewards, coffee, board games, Chipotle, and spending time with our two dogs; Zoey and Kiki. We have a love-hate relationship with frugal living and like to find ways to maximize quality of life while minimizing expenses. I feel I am qualified to talk about the normal path because I have lived it for the last 30 years.  At the age of 28, I graduated college as a pharmacist with  $168,000 in student loans. Now, 4 years later I have clawed my way out and I am pursuing Financial Independence. My hobby and passion over the last 5 years has become learning new skills and looking for ways to develop passive income streams. I also love to talk about what I have learned. I ran out of people in my immediate social circle to share all this awesome information with. Enter ChooseFI. I’m so excited to get to collect and talk about all the financial life hacks as my side hustle. I know this information has the power to change lives. Turn off the TV and start working for freedom.   Money Master of the Week Congratulations to Susanne from Arizona for paying off her second credit card on her journey toward consumer debt freedom! She and her family have paid off almost $15,000 of debt in the last year. All in all, Susanne’s goal is to pay off all $76,000 in consumer debt within 5 years. She’s on the right path to make it happen well before that time. Susanne from Arizona is our Money Master of the Week! You can learn more about Susanne and her debt crushing skills at The 76K Project. If you have a financial victory you want to share on this show, please leave me a voicemail (or 

Without the right discipline, credit cards can cripple our ability to build our cash savings, our retirement savings and our overall wealth. It’s so easy to swipe that little piece of plastic without even thinking twice about how much money we actually have in our checking account. My guest today, Whitney Hansen, has developed a business that helps people battle the temptations of the all-powerful credit card. After becoming completely debt free early in her life, she now supports others in doing the same.  For most people, that journey to debt freedom starts with their relationship with credit. What are we covering today? Whitney and I discuss: * The strategies she used to pay off $30,000 of debt in 10 months * How we can all be credit card free and still live happy lives * Why you don’t need to rely on constant credit card use to build your credit This self-described “money nerd” has personally coached over 400 people to rid themselves of debt and learn to control their money. Let’s get inspired by Whitney today and take our wealth to the next level. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER.    About Our Guest:  Whitney Hansen Whitney Hansen is a personal finance coach and host of The Money Nerds Podcast. She teaches overwhelmed millennials how to pay off debt and be financially independent. She gives them the tools to have more fun with money while sprinkling in a little silliness. Some of her accomplishments are paying off $30,000 in 10 months, buying her first home at 19, and paying $472 for her master’s degree.  Money Master of the Week Congratulations to Erik from Minnesota who made over $100,000 in income last year at the age of 25! He’s prided himself in growing and diversifying his income ever since he graduated from college a few years ago.  Through providing value and having a servant mindset, Erik has increased his salary at work by 40% over the past few years. In 2017, Erik made over $13,000 in rental income and over $5,000 in side consulting work to boost his overall income. Diversification of income is key for Erik! Erik from Minnesota is our Money Master of the Week! You can learn more about Erik and his wealth building success at The Mastermind Within. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR FEATURED ARTICLE: 6 Best Banks to Refinance and Consolidate Student Loans in 2018 Whitney Hansen’S RESOURCES Website:  WhitneyHansen.com Recommended Book:  Automatic Millionaire by David Bach Recommended Book:  

This week’s question comes from Michelle in response to an article I wrote about paying off our mortgage early: MICHELLE: Hi Andy, I find myself in a unique position.  I understand the steps you’ve outlined in your mortgage pay off article. I’ve read a few books on that process by Dave Ramsey.   What advice would you give to someone who lives in a very high cost area?   Both my husband and I make decent salaries that would be considered upper middle class in most areas but where we are they are just average middle class. Housing costs are very high in my area and property taxes/insurances are around 15K/year. I’ve read so many articles on the subject but they always quote mortgages for homes around 200K. Where I live you couldn’t even get a 1 bedroom apartment for that cost.   I want to sell my current starter house (that I paid 378K for over 10 years ago) and upgrade for my growing family but a 15-year mortgage (with 20% down) with taxes will put us around $4600+ in payments, with nothing extra to principal, and limiting our potential to save.   It seems impossible to get ahead and keep my children in a nice neighborhood near family.  Please don’t misunderstand “nice” does not mean luxury, this price is about average.   * We don’t live lavishly, have any car payments, or take big vacations, I have about $500/month in student loans.   * We have a 30-year mortgage now that I pay bi-weekly and pay about $500 month extra toward principle, my total payment is about $3700/month for a basic 3 BR ranch house that we’ve put a lot of work into ourselves.   * I’m also currently paying about $1100 for school tuition for my children (5 and 3) because the schools where I live now are not so great.   I would really like to live debt free but feel like it’s impossible. I appreciate any advice you have. Thanks, Michelle Andy: My kids are 5 and 3 too. I’m right there with you, Michelle! If your major motivator is to live debt free, have more options in your life (vacations, family fun) and be less stressed about money, I have a 5 thoughts … 1. Consider Moving to a Lower Cost of Living Area of the US When the family size grows and the desires for the future do as well, a lot of families move to a place where the taxes are lower and you can “get more house for your money”. It sounds like the part of the country you live in will make that difficult for you right now and in the future. There are lower cost of living areas in the US that have excellent schools (no more school tuition when they hit Kindergarten), beautiful “reasonably” priced homes and your taxes could be 1/3 or less of your current cost. 2. Make More Money If moving is completely out of the question (family, specific job skill set, etc), you need to find a way to bring in more money to keep pace with your lifestyle. Ask yourself some questions: * Am I due for a raise at work? If so, ask for it. Make sure you lead with your accomplishments and your contributions to the company instead of your personal need. * Do I have upward mobility in my career? Do you see a path for you to continue making more money in your current career path? If not, I’d consider seeking out another position to increase your income. * What can I do on the side to make money? Do you have a hobby that you love that you could pursue during nights and weekends that would help you pay down your student loans? A side hustle is a great way to pay down debt, have some fun and create some freedom in your life. How One Pay Raise Can Lead to Debt Freedom https://t.co/LOBDJ3E5GP

There are a lot of parents out there who would love to spend more time with their children, but they are stuck at the office all day. By the time they fight through traffic and get home, they’re exhausted. On the opposite end of that coin, there are a lot of stay at home parents that really want to make a solid income to help their families thrive.  My guest today has found a way to do both. Cat Alford is not only a young mother to twins, but she runs a successful media company from the comfort of her home. In 2017, she surpassed $100,000 in her business for the first time. What are we covering today? Cat and I chat about: * How she got started in her business * The difficulties she faced on her path to success and how she overcame them * Why being a mother and the bread winner is difficult, but so worth it It took some time for Cat to get to this six-figure milestone moment in her life, but her resilience and drive was relentless. I’m sure Cat’s “anything is possible” spirit will inspire you to do the impossible today. **By the way, this interview is a little different from others. I had the pleasure of having Cat and her family over to the Hill House as we’re both metro Detroiters. We had some pizza, afternoon cocktails and the kids ran around the house like crazy people while we were recording (thank you to Nicole and Jonathan for watching the kids during our interview)! CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER. About Our Guest:  Cat Alford Catherine Alford is the go to family finance expert for educated, aspirational moms who want to take on a more active financial role in their families. Named the Best Contributor/Freelancer for Personal Finance in 2014, her writing and expertise have been featured in dozens of notable publications like Yahoo Finance, U.S. News and World Report, Real Simple, The Huffington Post, Kiplinger, Investopedia, Business Insider and many more. She has been interviewed on Good Morning America, Huffington Post Live, and numerous podcasts. As an entrepreneur and the mother to boy/girl twin toddlers, she lives the messages she teaches each and every day. Money Master of the Week Congratulations to Jason from Raleigh, NC who has developed an incredible tradition for his family. He’s dubbed it the Financial State of our Union – this is an annual get together with his wife where they discuss their finances and their goals for the future. Through this meeting, Jason and his wife will make plans for a new home, review their retirement savings and prepare for a new baby in their lives. This meeting is what it’s all about my friends – family first! Jason from Raleigh is our Money Master of the Week! You can learn more about Jason and his wealth building traditions at The Wealth Hound. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR FEATURED ARTICLE: 

Complete debt freedom can allow you to do amazing things. You can pursue your passions, you can craft the direction of your day and spend more time with the ones you love. Our guest today, Vincent Pugliese is the walking, talking proof of what complete debt freedom can do for your life. Vincent is a Pittsburgh-based freelance photographer that recently wrote a book called Freelance to Freedom. This is his personal account of how he went from $140,000 in debt to completely debt free and owning his own photography business. What are we covering today? Vincent and I discuss: * What steps he used to climb his way out of $140,000 in debt * How he used freelancing to secure his family’s freedom * Why everyone should start a side hustle I absolutely loved talking with Vincent because his situation is incredibly relatable. He is proof that you don’t need millions of dollars to have the freedom you desire. He and his wife now only work on their photography business 30 days out of the year to sustain their lifestyle. Incredible! CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER. About Our Guest:  Vincent Pugliese Vincent Pugliese has a Bachelor Degree in Communication from Ohio University, where he was named National Champion for the William Randolph Heart Photojournalism Championship prior to graduation. He has photographed for all of the leading wire services and various national and local publications throughout the United States. Vincent has photographed all major sporting and news events, including the Super Bowl, the World Series, the NHL Final, the NBA Conference Finals, The Kentucky Derby and even Wrestlemania! He has been assigned to photograph events in nearly every state in the nation and currently resides in Bethel Park, Pennsylvania. Money Master of the Week Congratulations to Josh and Lauren from Virginia for paying down their  debt by $108,000! They are now 24 months away from completely paying off their student loans from medical school and being DEBT FREE! Josh & Lauren from Virginia are our Money Masters of the Week! You can learn more about Josh and Lauren crushing their debt at Money Life Wax. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win and how you did it. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources SHOW SPONSOR FEATURED ARTICLE:  6 Best Banks to Refinance and Consolidate Student Loans in 2018 Vincent’S RESOURCES MENTIONED Vincent’s Website Freelance to Freedom by Vincent Pugliese MKM RESOURCES MENTIONED Join the MKM Community for January’s Young Family Wealth Playbook (Free) Support this Show

When it comes to building your business, a lot of gurus out there are promoting the importance of building your personal brand. Guy Kawasaki isn’t buying it. This Silicon Valley investor, author and brand evangelist for companies like Apple, Mercedes-Benz and Canva would much rather have you spend your precious time providing the best service or creating the most value with your product than working on how many Twitter followers you have. As a budding entrepreneur, this conversation gave me a solid jolt and repositioned me to head in the right direction.  I need to provide value first and then my personal brand will follow. What are we covering today? Guy and I chat about: * His thoughts on the current social media landscape * How he balances fatherhood and his work life * Why entrepreneurs should strive to make meaning, not money It was an absolute honor speaking with a global business magnate like Guy Kawasaki. You’re going to love his insights and candid opinions. He doesn’t pull any punches and it’s refreshing. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER. About Our Guest:  Guy Kawasaki Guy Kawasaki is the chief evangelist of Canva, an online graphic design tool. He is a brand ambassador for Mercedes-Benz  and an executive fellow of the Haas School of Business (UC Berkeley). Guy held roles as the chief evangelist of Apple and a trustee of the Wikimedia Foundation. He is also the author of The Art of the Start 2.0, The Art of Social Media, Enchantment, and nine other books. Kawasaki has a BA from Stanford University and an MBA from UCLA as well as an honorary doctorate from Babson College. Money Master of the Week Congratulations to Liz from Canada for achieving a net worth of $100,000 by the age of 26! After graduating from college with zero debt and buying her first investment property, she has carved a clear path to reach true financial freedom at a young age. Liz from Canada is our Money Master of the Week! You can learn more about Liz’s adulting success at Ambitious Adulting. If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win and how you did it. Your story will inspire others to save more, make more and plan for their family’s future. Show Resources Show Sponsor FEATURED ARTICLE:  7 Best Debt Consolidation Loans Available in 2018 Guy’S RESOURCES mentioned Guy’s Website Art of the Start by Guy Kawasaki APE: Author, Publisher, Entrepreneur-How to Publish a Book by Guy Kawasaki

Who hates student loan debt, but loves sex? Yeah, me too!  Before my interview with Shannon McNay and Erin Wiley, I didn’t realize how these two topics were so intertwined. Erin is a Marriage & Family Therapist and Shannon is a student loan expert from Student Loan Hero. These two professionals conducted a new research study about the correlation between student loan debt, relationships and sex.   The findings were quite revealing and we’re diving into those results today on the show. What are we covering today? Erin, Shannon and I discuss: * Top level results from this revealing survey on relationships, sex and debt * Recommendations for overcoming student loan debt as a couple * Our personal experiences with student loan debt and our relationships As they say, knowledge is power. Let’s get all these facts straight so we know how to improve our finances, our relationships and our sex life. CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER. About Our Guest:  Erin Wiley Erin Wiley is a Licensed Professional Clinical Counselor in Northwest Ohio whose areas of expertise include marriage counseling, family therapy, parenting coaching, and adolescent issues. She speaks to groups across the country on topics related to improving marriages and strengthening families. About Our Guest:  Shannon McNay Shannon is a personal finance writer at Student Loan Hero. She also uses her past experience working in strategy and marketing to spend her spare time mentoring creatives on how to find their purpose, build a brand, and get paid for the work they do. Money Master of the Week Congratulations to Mark from Salt Lake City who recently paid off $180,000 in student loan debt! He’s now created a much brighter future for his young family. It wasn’t magic either! He refinanced his student loans, increased his income and reduced his expenses in order to pay off his mountain of debt.  Mark from Salt Lake City is our Money Master of the Week! If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include your name, location, your big win and how you did it. Your story will inspire others to save more, make more and plan for their family’s future. Show Notes ARTICLE REFERENCED:  Debt in the Bedroom:  32% of Student Loan Borrowers Report Decreased Libido STUDENT LOAN HERO:  6 Best Banks to Refinance and Consolidate Student Loans in 2018 OUR GUEST:  Shannon McNay on Twitter OUR GUEST:  Erin Wiley Therapy Support this Show If you enjoyed this podcast episode, here are some excellent ways to support the show: * Leave a review for the show on iTunes or Stitcher * Leave a comment below

Recently, I received an email from Chris who was interested in my opinion on taking out a 401k loan to pay off his student debt. “Hi Andy, Did you ever consider leveraging your 401k to try to clobber debt faster? I do not mean withdrawing funds from the 401k and incurring the penalty and tax hit, I mean borrowing from it and then paying it back and paying yourself the interest rather than Navient.  All the articles I have read say “don’t touch your 401k” but they are ALWAYS referring to withdrawing the funds rather than taking a loan. I can take a loan out of my 401k up to $50,000 and I can set the repayment length to whatever monthly payment that I can afford. I want to take this $50,000 and payoff my loans in one gratifying check then use the money I was paying towards my student loan principal and interest (about $2,000 a month) to repay my 401k. How One Pay Raise Can Lead to Debt Freedom https://t.co/LOBDJ3E5GP — Andy Hill (@AndyHillMKM) December 17, 2017 There are some risks to this like if I lose my job I would need to repay that debt immediately but the probability of that is very low. My goal is to finish paying off my loans by 2019 (10 years after graduating college) and I am on pace to do that with either method but I think the 401k loan would save me a ton of money over just repaying the lender. This technique could be done with a HELOC too but I think that is much more dangerous. I think it would be awesome to hear about the pros and cons, if not I would love to just hear your thoughts on the matter. I am a huge fan, keep up the good work! Thanks, Chris Thank you so much for reaching out, Chris. I’m glad to hear that you’ve been enjoying the blog and the podcast. As far as taking a 401k loan, I was actually thinking about doing this earlier this year for investing in our first rental property.  The more I’ve read and investigated, the process just didn’t work for a conservative guy like me. Here’s why I didn’t go for the 401k loan: 1. Potential Job Loss I’m not sure how it would work with your employer, but with mine I would have to pay back all of the 401k loan money within 30-90 days if I lose my job, take a new one or leave the company for any other reason. I found this commentary (below) on Reddit. An HR manager described some tough situations they experienced when employee’s 401k loans came due unexpectedly: “As someone who worked in HR/Benefits for many years, the main reason I always see and advise against is that (1) no job is stable and (2) it’s not just laying off/firing that makes the loan come due. What if you get an amazing opportunity elsewhere and quit? Well that loan is still due … I’ve had people crying on the phone because they didn’t understand the terms.” You could protect yourself from this situation by saving up enough liquid cash for that emergency. If you did that though, you might as well just use the cash you saved up to pay off the student loans. 2. Lose Out on Crucial Retirement Returns During the borrowing period, my 401k account would have been severely depleted. I have around $100k saved up right now in my 401k. If I took out $50,000 (like you’re considering), the power of my compound interest wouldn’t be so powerful.  I want to leave those retirement funds in there to build over time. 035 | Destroying $87k in Student Loans by Avoiding Lifestyle Inflation https://t.co/i8n3N3tPgJ — Andy Hill (@AndyHillMKM)