How to Teach Your Teens About Money

 Not sure how to start talking to your kids about money? One mom shares how she's teaching her teens about budgets, investing, giving, and more!

Guiding Your Teens with Finances

One of parenthood's joys (and responsibilities) is guiding your kids and teens into adulthood. We all want them to live happy and meaningful lives. 

That’s a huge goal to work towards, and it takes all 18 years (and then some!) to build them up. 

One essential skill set they need to get a handle on is their finances. We know money isn’t the goal, but it is a handy tool to help them take care of their bills, save up for big goals, and yes, have a bit of fun. 

The huge question, however, is where do we start? How do we teach our kids, especially teens, about finances? How do we show them the ropes of budgeting, investing, and giving? How can we help them feel comfortable with handling finances and make wise choices? 

This is why I’m glad Aja, creator of Principles of Increase and author of How to Talk Money With Our Daughters. She’s also a mom of two teens. 

In this episode, we get into:

  • When to begin those conversations and ways you can make them meaningful and interesting
  • Introducing teens to investing whether it’s funds or real estate
  • Involving them with the finances so they’ll be prepared and confident with their skills

Let's get started! 

Resources to Teach Your Kids about Money

If you're looking for ideas and resources to prepare your kids to be money-savvy, here are some to check out!

If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.

As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit of an IRA is choosing how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Become a Member.

Photo Credits: Karolina Grabowska and Vanessa Loring

When’s the Best Time to Buy Stuff, Find Deals, and Travel?

Want to maximize your money? Find the best time in the year to buy electronics and other big purchases, and find travel deals!

The Best Time to Buy

One way to start planning for next year’s budget is to review and discuss what big purchases you need or like to make. 

Because these are outside your typical budget, you want to start saving ahead of time to keep your cash flow smooth. You can also try to time things, so you have the money ready to buy when it is on sale. 

After scouring resources like Consumer Reports, Wirecutter, NerdWallet, and more, I’ve compiled a list of the best times to buy things for the year. 

In this episode, we’ll get into:

  • Each season and month so you know when a good time to snag a deal
  • Tools that can help you get rebates or find the lowest prices
  • How to make room in your budget for those big purchases

We have a lot to cover, so let’s get started! 

Resources to Stay on Top of Your Money

If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.

As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit of an IRA is choosing how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Become a Member.

Photo Credit: cottonbro and Sam Lion

Financial Infidelity: Red Flags to Look Out For

Financial infidelity is more common than you think. Learn red flags to look out for as well as how to become more proactive with your finances!

Why You Need to Talk About Money Openly

Marriage and money aren’t typically something that people love talking about, but if you want to have a strong relationship you have to find to communicate with each other that's transparent, productive, and respectful. 

I was looking at a survey, and one had recorded 39% of adults just avoid even talking about the numbers.

Think about it for a moment. We're not even talking about hiding anything

We may think we’re avoiding a fight by brushing off or keeping chats about money superficial, but that’s not usually how it works.   

Finances, money, budgets – they’re necessary topics, and the more comfortable we get about it, I think that actually leads to a better relationship, a better marriage.

That’s Tracy Coenen who you also heard at the top of the episode. She’s on the show today because she’s quite familiar with how things can unravel those financial issues can snowball into something much bigger. 

Tracy has seen that happen in her work. She’s a forensic accountant and fraud investigator with Sequence Inc where she investigates embezzlement, securities fraud, divorce, white collar criminal defense, insurance fraud, and civil litigation matters.

But let’s look at that side- financial infidelity. How would you define it? 

“Financial infidelity is hiding financial information, financial transactions, from your partner in a situation where you have a reasonable grasp of knowing what they want to know,” said University of Minnesota law professor Jill Hasday. “And, keeping the information is harming them.”

A study from the Journal of Financial Therapy, found 76% of married couples involved in financial infidelity say the experience negatively impacted their relationship, and 10% got divorced over it.

One reason why it can cause such damage to your marriage is that it breaks trust, which is such a critical piece in your relationship. It’s hard to rebuild that trust. It takes time. 

I hope you never have to deal with financial infidelity, but if it happens, how would you know? 

In this episode, we’ll discuss: 

  • Causes or underlying issues behind financial infidelity and red flags to look out for
  • Ways to start working as a team to either prevent or repair the damage
  • How to financially protect yourself 

We have a lot to cover, so let’s get started! 

Resources to to Stay on Top of Your Money

If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.

As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit of an IRA is choosing how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

Possible Causes of Financial Infidelity

Elle Martinez: We should address that there are a lot of reasons why people commit financial infidelity.

Definitely there are bad characters out there, but then there's also, shame. There's a lot of fear. I was looking back at the archives and some of the stories we've had with financial infidelity.

Yes there were cases where there was definitely an intent to sabotage the relationship and finances, but we had one where they were getting married and in one, couple she was a financial educator and a professional and he felt ashamed.

So he was military veteran. He was working. And so he lied about the status of his finances before they got married. Being a financial educator, she saw certain sides and that led to a confrontation. And then he admitted basically you were so much more ahead of me. I felt inadequate in a sense, but they were able to work it out.

Then I had a case where there was a couple and this happens in a lot of families. There's a go-to person with finances and it either could be based on like the income they make. It could be a cultural. Where one person does it, but it gets to the point where the other one doesn't even check in.

And so there was this imbalance here and in that case, he actually was saying yes to his family. He wanted to, you know, provide for them. He had a good job. So he thought, well, that's what I do. But long story short, it was $109,000 of credit card debt and he had to talk to his wife. He's like, this is all going to come crashing down in two weeks, you know?

Tracy Coenen: So financial infidelity, right? Doesn't have to beat the big stuff. I mean, when people think of financial in infidelity, they think about what I like to call sex drugs in rock and roll affairs, gambling, addictions. Those are all expensive things. And those are hidden for a reason, right? But it doesn't have to be that it can be the just hidden every day spending.

It can be that balance on that credit card. That's creeping up little by little by little. Maybe you always had an agreement that our credit cards will use them, but they're gonna be paid off every month. We're never gonna carry a balance unless there's an emergency. Right but then that balance starts to creep up a little by little and before, you know, You've got a $10,000 credit card balance that one person didn't know about.

And so there is a continuum of financial infidelity. So I don't like people to just think, well, oh, it's the sex drugs in rock and roll and that's not us. So we're okay.

Elle Martinez: Absolutely and I think you also bring up a good point. And I do wanna dig into this, which is this pandemic did a number on us, mentally emotional and for a lot of families, financially. Maybe we feel hopefully that things are turning around. We're getting better. We're thinking we need to pay attention to our finances more.

We need to be on the same page. So you mentioned looking at purchases and, and credit cards in particular. Could we dig into what to look out for? Say you wanna more engaged with the finances. Again, maybe you are suspecting something, but maybe you're saying we're not as far along as I thought we would be, what are some things to look out for or to check up with finances?

Financial Infidelity: What to Look Out For with Your Money

Tracy Coenen: Well, I think the first step that's important for many, many people is just getting bank statements and credit card statements and investment account statements and looking at them at all. Even if you're not looking for anything specific, just having them and looking at them is a great first step because so many people don't even look at them.

Right? You trust your spouse, you have a division of duties in the family and that's perfectly normal. Most families do that where one spouse is primarily responsible for the money, because it makes sense division of duties. But if you're not in that position, I always say every month, I want you to log in online or ask your spouse for that bank statement and look at it.

Just look it over and see because. You are going to know your family and you're gonna scan down that list of spending and you're gonna say, wait a second. What's that for? And you're gonna start asking some questions naturally. Okay. So first step is getting some statements and then second step.

If you're ready to kind of dig into them a little bit and look for, I say, look for unusual things. So look at how often someone's going to the ATM. Look for changes in patterns. We never went to the ATM before, but now I see my spouse going to the ATM twice a week, every week and taking out $500 each time.

And I can't fathom what he would be spending that on. Right. Or certain restaurants or retailers that are frequented that you didn't know about.

I give an example of, you have a spouse who was never into electronics before and now you see that they're having purchases at the apple store best buy that's unusual. So look for unusual.

Why Money Talks Need to Be a Part of Your Routine

Elle Martinez: I think that is fascinating because it does bring out the importance, even if you're not the go-to person, it's always good to have a second pair of eyes to double check everything. Like you said, it could be malicious or it could be something that I've noticed is a spending addiction or a spending problem.

It's so much better to nip it in the bud because your finances are commingling. The accounts are being shared. It's a protection. Even if relationship wise, you guys are okay financially, something's going on that could down the line, tear your marriage up because you're ruining the finances intentional or not.

So I think that's a great idea to have regular check-ins. We're a fan of money dates where, If you wanna go out, have a night in, but you just relax and review the numbers together, just to get a sense of like, how are we doing and what's going on? Are there things we need to work on or upcoming expenses? Making it normal to talk about finances.

Tracy Coenen: What if you didn't know your spouse was going to Starbucks every day and spending $8 every day at Starbucks, right? I mean, that adds up and that might be something important that you could see in the statements that you guys could just address. Maybe the answer is, Hey, like that's my vice that like really gets me going in the morning.

It makes me super happy. Okay. Well that puts a little bit of a strain on our budget. Is there something else we could cut? So you could continue to do that and have your daily happiness, right? Those are easier discussions to have on the front end, before you're in financial trouble.

Elle Martinez: Absolutely. And you know what, maybe you get an idea for an anniversary gift. Okay. Apparently they love cappuccinos. I need to start saving up now for that, but I think that's part of the problem is we see there's a lot of feelings of judgment and value with money. And I don't know any couple that prioritizes exactly the same things I know for me, books and travel.

If you look at my spending, those are the things I love to spend money on my husband's more the tech guy. So I think also having those conversations, like this is important to me, and this is why it's important to me. That way it's easier to fit it in, but I know it's not always that easy. Maybe you're you're uncovering bad financial behavior either like we mentioned, compulsive spending. They don't want to go to counseling for that. They don't wanna see a therapist for that, or it could be something that down the line may lead to divorce.

Are there things someone can do to protect their finances maybe while they sort this out, or even during the process of divorce?

How to Protect Yourself (and Finances)

Tracy Coenen: You know, I always say that you should have your own reserve of money that you can always fall back on. If you think that divorce is on the horizon, it becomes especially important that you have some money of your own. That's set aside in case your spouse cuts you off. Something of this sort. I mean, those are not the fun, happy things to talk about, but that's super important.

So having your own money but also having your own credit. And so making sure that you have a credit card in your name, that your spouse's name is not on. So your spouse can't cancel the card. Can't change the credit limit. Can't take your name off of it. And I know some of the sounds like cloak and Deger not fun to talk about, but super important when we get to the point of divorce, people do sabotage one another. And so those kinds of things are super important to set yourself up in case you think that there may be a divorce coming.

Elle Martinez: Yeah, and I would recommend if you feel you're at this point where you have to protect yourself, that's a sign that maybe also you need to get some counseling, whether that's couples counseling, or even for yourself, cuz this is a very, an emotional time you wanna go in there clear headed.

You wanna have a plan and you wanna make sure, especially if you have kids that they're protected. While things get sorted out that they don't suffer, whether that's, in a financial sense or emotionally and take care of that.

I know we just scratched the surface. Tracy. How could people reach out to you? If they wanted learn more?

Tracy Coenen: I recently released the divorce money guide at divorce money guide dot. It's my way of trying to make forensic accounting more accessible to average people. Forensic accountants are expensive, and if you're getting divorced, that process is already really expensive.

And there were so many people out there who were needing help understanding their numbers, potentially looking for whether money was missing. And so the divorce money guide is an online handbook to help them with that process for a fraction of the cost of what it would cost them to have a forensic accountant on their side.

Elle Martinez: I think we should just wrap this up whether things are going well or not you can't avoid finances in your marriage, in your relationship, you really need to have these conversations.

And like Tracy said, don't make it like the money talk. That's probably the worst way to go make it part of your routine, your schedule, whether that's weekly, monthly, however you do it. But something that's consistent and something that makes money less of a burden or a worry and more, just a tool to accomplish whatever goals you have together.

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Become a Member.

Photo Credits: Milada Vigerova and Karolina Grabowska

5 Major Money Mistakes That Are Sabotaging Your Progress

Today we're going over 5 major money mistakes families make and how you can pivot things to hit your financial goals faster! 

Major Money Mistakes Families Make (and How to Fix Them)

It’s funny how we perceive time and seasons. Like right now, we’re moving towards autumn, which means the year will technically wrap up in a few short months. 

However, fall is also a bit of a reset or a do-over for many. 

Maybe it’s because we’re in back-to-school season, and we see kids preparing and gearing up for classes. Or we’re excited about the upcoming breaks and trips we’ve planned to see family and friends. 

Either way, over these past 13 or so years I’ve been writing about finances, I’ve noticed that September seems to be when people get a bit of a second wind. 

Which is great and I want to be right here to cheer you on. 

I like to embrace the energy and use it, so you have a win or two with your family finances before the year finishes.  

To start off, I want to discuss some ways we sabotage ourselves when reaching our money goals. 

How we approach finances almost always fails because it’s either – let’s be honest – boring. Or, it’s so rigid you immediately want to escape because life happens as these past two and half years prove. 

Of course, there are many ways it can go wrong, but in the 13+ years I’ve been writing and covering family finances, I see some mistakes come up again and again. 

I want to go over these five major mistakes and cover habits and strategies that speed things up if you’re doing well or can help turn things around if you’re not happy with your current strategy. 

In this episode, we’ll get into: 

  • The five major money mistakes families make
  • What you should be doing instead that will make managing your money so much easier 
  • Share a few tips on how to make it a lot more fun. Seriously

So much to cover, so let’s get started! 

Resources to Manage Your Money Easier

If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.

As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit of an IRA is choosing how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

#1 Not Having a Clear Plan or Reason for Your Money

If I had to rank money mistakes, either by how serious they sabotage your success or how frequently I see them, this mistake is at the top of the list in both cases, and that's not having a clear plan and reason for your money. 

This applies no matter where you are in your financial journey or what goal you're trying to pursue. 

We're talking about saving up for an emergency or vacation, investing for retirement ( whether that's traditional or early), or you're looking to pay down debt. You need to have a roadmap that you can follow and a way to stay motivated through tough times. 

Let's face it: if you are tackling something big, like paying down massive debt or investing for retirement, you're talking about a large amount of money. That it's not going to be an overnight thing. It's going to be a process. 

I want you to have a clear idea of what you need to do monthly but also have that long-term view, that big-picture plan. I want you to have the reason for why you're doing it firmly embedded in your mind because that will keep you motivated through the tough times. 

How exactly do you do that? 

Now I'll link to the episodes in the show notes that go into more detail,but two key things you need to master are creating SMART goals and then also defining and visualizing why you want to tackle this goal as a priority. 

With smart goals, you're not just taking a very vague goal, like paying down You're attaching a number I want to pay. $20,000 of debt. I want to pay $30,000 of debt. Whatever it is.  

You then come up with a timeline. You can work backward and see, ‘okay,if I want to hit this in the next year, following two years, three years, whatever it is. I need to put aside this much money to pay down.’ 

Creating a Game Plan From Your SMART Goals

When you have a concrete number, you can compare it to your current budget. Is it possible for you to achieve this? If not, what adjustments do you need to make?  

It could be that you have to optimize your budget and look for ways to lower your expenses. Or maybe you have to increase your income. Either by negotiating with your current employer, switching jobs, Or earning extra money on the side with a side hustle or a gig. 

That initial piece of getting specific with your goals can then help you craft a real plan to achieve them. 

The second component is having a visual way to remind yourself. Now for some, what they like to do is change the background on their devices, on their computers with the goal that they're achieving. 

For example, maybe you are trying to pay off all this unnecessary debt because you want to switch careers. So you could put the career that you want as a screen saver, as a reminder.

Maybe you want to have more flexibility with your schedule and time with the kids. Well, then a family photo could be a way to do it. You can also put a picture on the refrigerator. 

There are a lot of goal-based apps that you can use, Whatever method you prefer, go for it. 

The idea is that you are feeding yourself this motivation regularly to keep on the plan.  We'll get into this a little more, but when you have those check-ins also keep that in mind, not just the numbers, but the why behind your goal. 

So that's the first money mistake and how you can fix it.  

#2: Having One Person Handle ALL the Finances 

The second mistake I see with family finances is that they have one person handle it all

I'm not talking about someone who's the go-to person. Most families, including us, have that it where one person takes care of the logistics. 

I handle the day-to-day with the budget. I run the numbers. I love to put together a spreadsheet. And we find it's a convenient way to delegate and take care of that. It doesn't mean that my husband, Rob, doesn't have a say.

I make sure it's baked into the system that we talk about not just the goals but that he has access to the numbers. That's important in a relationship, marriage, and your finances for a few reasons. 

One, I've seen a lot of resentment from the person handling the finances. In some cases, they feel like there's a lot of pressure that they have to get it right. At the same time, they feel that the other isn't participating or maybe that the family doesn't buy into the budget that they put in. When the family breaks the budget, it frustrates the finance person and they want to give up. 

Then I've also seen the opposite where the person handling the finances is a bit controlling (and this is an entirely different episode, whether that's intentional or not). How that affects the relationship is that the other feels like they have no say, no power in their marriage. It doesn't feel like a partnership. 

In fact, some describe this feeling as being a child in the relationship. Not only is that damaging for your marriage, but practically speaking, also your finances, because you're not on the same page. 

Team Up with Your Finances

One of the things I suggest is even if you have a go-to person is to make sure that it is easy for both of you to see the numbers and have a regular way to check in so that. You both have input on the budget and on the goals. 

It's easier said than done if you haven't had these discussions before. I do have some tips in my book Jumpstart Your Marriage and Your Money where you can have these conversation starters to make it easier to talk about finances more productive and not play the blame game with each other. 

I want the two of you to feel like you have a say in the direction of both of your goals and then also with the finances. 

Mistake #3: Thinking a Particular Budget Will Solve Your Problems

let's talk about this third one, cause this is another huge mistake that families make. It's thinking that a particular budget or tool is going to solve all your financial problems.

No one budget, apps, site, or even podcasts has the corner on the best financial advice. The reason why there are so many tools and resources out there that do work. It's because we have different goals as families that we want to achieve and we also have different circumstances that we're all dealing with.

So it makes sense that what tool works for someone. I may do a great job for them. But might not be the right tool for you.

For me, I love talking about the 5 20, 30 budget. I think that's a great budget to start off with. If you knew to that system with budgeting. But then also for those that just want a high level, easy to manage way to approach their numbers. But that doesn't mean, I think it works for every family.

But that's the beauty of this. You can test things out. Same with budget tools and apps that are out there. There are some incredible ones. Some of them specifically designed for married couples, some of them designed for families, with kids, things that are very much automated and things that give you control over every single penny.

And tracking And if you've listened to this podcast or my other podcasts, couple money. You've probably heard the different approaches that families have taken. And yet. They've still achieve some of the same goals. Like for example, I've interviewed families who have retired early and for some tracking, every single penny and transaction was the way that made the most sense for them. And that's great.

And then on the other side, I've had families tell me that they don't budget. They do have a system that they handle their finances, but they don't have what some people consider a traditional budget.

While all of them have a plan and the timeline, how they handle the day to is going to be different and has been different. So I hope that makes you feel better, that if you're not happy with the tool, the problem It could be that the tool's just not the right fit for you.

Now later this month, I'm going to do a Q and a session. Or I talk about different apps and tools that are out there for managing your money. And if you want to join in and ask a question, maybe get some ideas of what could be the right fit for you based on your goals. And how you like to handle your finances.

Please make sure you're subscribed to the VIP podcast list. It's add simplify and enjoy.com/join. So that you can get an update for that. It's going to be free. I like to keep it smaller for listeners and people as part of the community. So I can give a little more attention.

As we'll discuss in that particular session, The great news for you is that there are some fantastic tools out there that are either free or low cost, and they can help you get over that finishing line.

Mistake #4: Not Automating Your Core Finances

We're hitting the home stretch. I'm getting excited and this one is an easy one to fix. This mistake that a lot of families make is they don't automate their finances. It, I feel like this is a really big opportunity. That's being missed with families. Because let's be Most of us are busy.

We ourselves have full lives that we do enjoy. We have the kids. We have work, volunteer, hobbies, things we have to do around the house. Very quickly, our weeks do get filled. I would say it's normal. Uh, To have some things kind of slipped through the cracks and yes, that includes paying bills and finances. So you would do yourself a huge favor if you spent just one evening and get your essential bills taken And also schedule any transfers to savings. Little extra debt payments, contributions for retirement and so forth.

That investment of one evening pays off in dividends. Either once a month when you're reviewing the numbers or some people do it twice a month. It takes 15 minutes tops. For me to, for example, just go through the budget, make sure the numbers are adding up. Make sure that payments were correct. And for those. Bill's that do fluctuate. I schedule the average payment.

And then it takes I'll say one minute. To adjust the number to the correct amount. For example, certain utilities. Might vary depending on the month, whether it's electricity, water, trash, whatever. And so that's an easy fix, but I'm spending. I'll just estimate on the high end and our total each month. To get things done, but realistically it's probably half an hour just to do the budget review and the bill pay review for the entire

So I feel like for an investment of a little bit of time, You get so much time bought back for yourself. To enjoy life a little bit and take care of the more important things.

Mistake #5: Not Having a Way to Track Your Progress (and Adjust) Regularly

We're at our fifth mistake. Can you guess what it is? I'll give you a second.

The fifth mistake I see families make is not having a way to regularly track your progress and adjust things. If you listened to this podcast for a bit, or you've read my book, jumpstart your marriage and your money. I talk about money dates.

And the reason I feel like money dates are important is that they're regular low key check-ins with each other that will allow you to go over the numbers. You can make adjustments if needed, but more importantly, it's also to make sure you're still aligned with each other and with the goals that you have.

Too many times, we don't acknowledge that our goals shift and change or something happens and we just can't sustain a certain momentum on a goal. For example, maybe the car breaks down. You have to reset things for a month or That's fine, but acknowledge it, talk about it and then readjust your budget.

Initially it might take a little bit to kind of get into the swing of things, but if you grab my book, I give you some icebreakers. I just want you to feel less stressed when you're talking about finances.

And then also it's a great protection. Unfortunately, I've seen where couples don't check in with each other. And the Goes off the rails. And even though it was initially a small mistake by not having that conversation, it snows vol.

It snows ball into something much bigger. And then it becomes a problem where you're more stressed And now you have to dig yourself out of this hole and completely pivot how you handle your finances.

This is great, both as a preventative measure, but then also proactively planning and adjusting for the future. It is a wonderful thing for your relationship, your marriage.

Because you're still trying to keep each other on the same page. So these open and honest conversations. I feel like should be at least monthly. Some couples do a little more frequently.

With a monthly cadence, it's easier to catch things when they're small. And then also you get to enjoy them when they become a regular part. You're not saying, okay, we're going to bring out the spreadsheets. It's more like, all right, let's just review the numbers.

What's working for us? Do we have any vacation coming up? How do we want to plan and save for that? And then it becomes the two of you working on the goals together. Instead of attacking each other with the budget.

So those are the five biggest mistakes I see families make over and But then hopefully you can see there are different strategies and solutions you can do instead.

That will make managing money so much easier, less stressful, and a little bit more fun.

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money

Photo Credit: Guy Kawasaki

Listener Mailbag: Juggling Multiple Goals, Revamping Budgets, and Family Vacation Tips

We’ve brought back the listener's mailbag. Today we’re answering your family and finance questions about saving up for multiple goals, revamping your budget, and travel planning tips!

Family and Finances: Better Budgets and More

One of my favorite parts about Simplify and Enjoy is the community.

While I'm happy to share our journey as a family: the projects that we're taking on, the goals we're trying to reach, it's always fun to get your take on things to hear your questions, stories, and celebrate your wins.

Today, we're going to wrap up this set of episodes by answering three questions from you.

First, we're going to get into how to save from multiple goals. This is a challenge for a lot of families because not only are they trying to save for retirement, maybe put aside something for their kids, college expenses. They also have to make sure there's enough money to replace the cars, take family vacations, get gifts for others and so forth. So, how do you juggle it all?

Next we'll talk about how to adjust or if needed, revamp your budget. We're halfway through the year. So I knew a lot of families are looking at things that are working and what's not.

They want to finish this year strong, so they want to redo their budget. We'll go over some tips on what you need to adjust and surprisingly, some things to avoid when working with your budget.

Finally we'll examine how to plan and budget for family vacations. I think it's something that we all need, and many of us are excited about getting back to. And at the same time, we want to stick with some of our other financial goals and keep that on target.

I'm going to share some tips that have helped us manage family vacations and still stay on budget. We got a lot to cover today. So let's get started!

Resources to Manage Your Money Easier

If you want to chat more about creating better money habits, questions, or share your own tips, please join us at Thriving Families on Facebook.

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! Come check out Coastal today if you’re living in the Raleigh Durham area and looking to bank better.

As a credit union, Coastal serves its members first and foremost including an annual loyalty bonus.

We've been members for years and love their service and competitive rates on checking and savings accounts!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit of an IRA is choosing how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

Juggling Multiple Goals

First, I want to give a shout out and say, thank you to Adam for sending this question in. Adam emailed me and we were discussing budgets and handling different goals. In particular, he was curious about how we handled our finances with saving up for retirement, car purchases, gifts, college savings, the whole deal.

I think a lot of families are dealing and honestly struggling with this, right? Because we're trying to take care of multiple things simultaneously.

Everyone handles their budget differently so I'm going to share how we handle this and why I think it works for us. Then hopefully it gives you ideas on things to try out and to discuss so you can come up with a plan that makes sense for your family.

Like many people when we first started off budgeting. We used one of those recommended tools online. Where you give your income and it gives you a very basic breakdown based on percentages. Where you cannot spend more than 25 to 30% for housing. Have 10% for giving, certain percentage for utilities, groceries, so forth and so on.

I do believe that those can be a helpful springboard for a conversation and can give you a guideline of where to start. But even within those categories, Things can vary greatly.

For example, housing is a huge expense for families much more than what's recommended. I'm not saying you shouldn't adjust it, but you may be at a point that now currently you're spending more than what is recommended.

At least having those numbers and seeing what's in front of you gives you an idea of what needs to be adjusted down the line.

For many families, I recommend start out with a simple budget. You can use one of those templates. You can use the 50, 20, 30 budget and then test drive that for a month or two. It gives you an idea of specific areas in your budget that you're doing really well in. Maybe you're spending less on groceries than you anticipated, and then areas where you looking at. Okay. We do need to get better with this expense.

By being consistent, we did make progress and we knocked out multiple goals. But we didn't do it at once. The critical thing for us was setting up priorities.

When you're weighing everything you could be doing, saving up for emergencies, family vacations, paying down debt, investing for retirement, setting aside something for the kids' college expenses. Listen. It's easy to spread yourself then so thin that if you're trying to knock them out simultaneously, You're progressing at a snail's pace. Not only are you not seeing the numbers move as fast as you want? You're giving yourself ammunition to quit.

Instead, what we did is we review our goals. Regularly. And then we break them down and there's four things that we look at.

One, the timeline of the goal. Is this something that we want to finish by the end of the year? A few years or something that's 10 years or more.

What are our current needs and concerns? For example, these past couple years, we've been a little more conservative with our financial goals than we had previously just because of the uncertainty of what was going on.

The third factor is discussing how much. For example, with buying a car, how much are we setting aside for that? With debts, we're looking at the amount and add interest rates to.

Finally, is this a reoccurring goal or is this a goal that once it's done, it's done.

When we have those discussions, we can have a clearer idea of the one or two goals we're going to give our attention to.

For example, when we were first married, we had around a little over $30,000 of debt and a little bit of savings. Our priorities at that time were to pay off the car and student loans and then make sure that we build up our financial cushion.

With once we knocked out the car loan, we then reevaluated things. We definitely wanted to focus a bit more on savings, including replacing future cars. That led us to the decision of going cash with our cars. Meaning we haven't had a car loan in over a decade.

We prefer to pay for it ourselves. So we set aside a ballpark range and initially we were looking at the 5,000. Now I say we save about $10,000 for cars.

Focusing on Nissans, Toyotas, and Hondas with good reliability records has meant that we have the money saved up well, before we need it thankfully. My advice to you when it comes to cars is make sure you're as diligent as you can with the essential maintenance.

The benefit of tackling it one goal at a time is we gain traction when we hit a goal. We now have more momentum to work on the next, and it might seem like it's slower because we're only doing one or two goals at a time. But looking back, it really does go fast.

You probably know why, if you're familiar with Dave Ramsey and his baby steps. When you direct your money to fewer goals, it speeds the process up. It also serves as motivation to keep moving forward, which to me is a double win.

Finally, I would say the other key factor is once we had a budget in place, we would then automate it to make things go smoother.

I hope that helps you with figuring out one what goals you want to tackle first. But then to having a system that helps you follow through without stressing you out.

Revamping Your Budget Mid-Year

With this year being just over the halfway mark, the second question makes total sense. How do we revamp our budget?

To a degree, our budgets reflect what's going on with our day to day. A lot of families right now are seeing certain areas of their budget increase with inflation. They're trying to keep things under control and they're trying to juggle things well, if I'm paying more for groceries or if I'm living in an area where rent is jumping. Hi, how can I adjust my budget so that I'm still making progress on my goals? How do I keep that momentum going?

One of the best ways that you can pivot and update freshen up your finances, whatever you want to call it. Is by creating a roadmap for your money. Yes. That definitely includes having some kind of budget in place. Like we discussed with the first question. But more importantly, it's looking at the big picture.

Before we assess and adjust the numbers, we do need to go back to talk about those goals. When you have multiple goals going on. It is especially important to learn, to prioritize them and make an adjustment if the circumstances have changed enough.

Let's talk about a goal that I think a lot of families are worried about. They had been planning on buying a house. But depending on the area you live in, the market might be a sellers market right now. Prices might be jumping for even a fixer-upper. And then on top of that, you have higher interest rates.

What should you do? Well, there are a few questions that you need to sit down and really figure out before, you know what your next move is.

You may decide that now is not a good time to buy a house. You ran the numbers and if you purchase a house now, you would now be house poor and financially vulnerable. So you may decide to push out the timeline and build up your down payment and finances in a way that you would feel more comfortable buying a house, then.

Or you may decide that no, this is a priority for us. We want to get this done. You can then discuss what are some things we're willing to forgo with our smaller or less urgent goals so that we can reach this.

Depending on your circumstances, the market you're in and your finances either choice could be valid for your family. The important thing is that you're discussing this and you're weighing the pros and cons of revamping your budget towards that priority.

Finally, there's something else that you might want to consider and this might make you feel better. Chances are, if you are listening to a podcast like this, which talks about finances. You're probably doing better than you expected. In fact, you may not have to completely revamp your budget or reprioritize things.

It could simply be a matter of adjusting some of your smaller, less important expenses. And redirecting it to your bigger, more urgent goals. And that's the great thing about having a budget. It is supposed to be flexible and supposed to be reflecting on the things that matter to you.

Dealing with everything in the past couple years, all of us. I have probably had to make some significant changes. So give yourself some credit with the progress you're making.

Just focus on being consistent and having a regular time to review your numbers. For us it's around that monthly mark. It helps us stay on target. Because yes, some things do come up. But when we catch it, then it's usually a small adjustment.

Then we can focus on relaxing and enjoying the time we have together. So I hope these tips help take the stress out. If you do need to revamp your budget, it might not be as drastic as you imagine it. Or if you do have something that you're trying to knock out this year, a priority that's important to you. You know how you can discuss work on it as a team and knock it out.

Family Vacation Planning Tips

Alright; our last question is fun. It's about how we plan for vacations. We actually just got back from our summer trip. We went outside of Asheville, spent a week out there at an incredible Airbnb. We could just see the mountains from it had a beautiful large deck.

It was a great time to just decompress and explore the parks around there with the kids. We find getaways necessary, not just during the summer, but throughout the year.

There are a few things we do to make that happen and still stick with our budget. First off, here in Raleigh, they offer traditional and year round schooling. Our kids are in the year round program. They're in school for about like nine weeks and then they get three weeks off.

Over here, they call them track outs each season. For our girls there in October, the big one is in the winter with five weeks off in December and January, a couple of weeks off in April, and then in July.

What I love about that is it gives us some off season time to travel and that itself can save us some significant amount of money.

Our big family vacation tends to be around October. That's in between the summer crowds and the families going out for holiday trips leader in the year, we can usually get a great deal. So time of year is definitely a big factor.

Then also the types of vacations or trips we take do matter and help us to stay on budget. We try to use that schedule and take a trip every season, but it's not always a long trip. Sometimes we do what we called the small getaways . Being in North Carolina, we feel really grateful because we can do road trips. That include going down to the beach. Or we can go to Asheville and get that mountain experience.

We really enjoy. Both of those vibes. What we found is by timing those trips and how long we go. We can get a lot more vacation time. Without really seeing a jump in our budget. If we want to go, for example, to the beach in the summer, we're going to go but we're going to do it maybe for an overnight or a short stay.

It's going to be during the week. That is great because it's a little less crowded and we can usually find a deal on Airbnb. If we're going to go for longer getaways at a certain point, like five to seven days. I would go for the week because some hosts offer a discount for renting it out for a week.

That's also something to consider when you're planning out your vacation. If you remember, I did an interview with Justin who right now is in the middle of Europe.

One of the tips he offered was looking for those longer stays. In his case it was the same price to stay four weeks in The Bahamas then, just two weeks because of that longer stay discount.

Look for those opportunities. Don't automatically assume that if you stay longer, it's going to cost much more. You might find an opportunity where it's a huge win-win for your family.

With remote work, being a possibility for some, this can open up opportunities to take vacations off season. I'm really happy that we ended this round of episodes with tips on vacations. If you have any more questions, please reach out to me. And also I will put some of my favorite travel resources in the show notes.

I hope you have a great summer break!

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money

Photos by Torsten Dettlaff and Suzy Hazelwood

Understanding Crypto: Should We Get Into Cryptocurrencies?

Cryptocurrencies, NFTs, DeFi, seem like they're quickly becoming part of our conversations, but what's behind it all? Today we’ll look at how crypto works!

Should We Get Into Crypto?

In the last episode, I mentioned that I did a money experiment. If you're subscribed to the newsletter, you got a sneak peek of what we're talking about: cryptocurrencies.

While crypto isn't anything new. In the last few years, especially within the last year. I've just noticed a dramatic shift in promoting them. I've also noticed that there's been a lot more noise and big promises and not much in the way of education.

I see companies spreading the word about crypto focused on how revolutionary it is and how we can close the wealth gap. But I don't see enough discussion about the underlying technology behind it, and how it actually works.

I'm a big believer in educating yourself and understanding things before you go invest in them.

Based on the feedback I've been seeing with you guys in the community. I see that some of you are dabbling in crypto, but you wanna know more.

I decided I was going to do six-month experiment to learn a little bit more about the ins and outs of crypto.

This isn't the first time I learned about cryptocurrency. But it is the first time I dedicated myself to sitting down reading the articles, and talking within the community to understand how the technology works itself.

I wanted to learn how easy was it to buy, sell and mine the crypto coins.

Man, what a time I jumped in! Just in the past six months, we've seen:

So there were a lot of things happening, but for me, this was an opportunity to understand the pros and cons up close.

Even with everything down and people questioning whether crypto is here to stay, there are plenty of people who are saying now is a great time to get into it because it's so cheap. But is that really true or is it just hype?

That's why I made this episode. It's not a deep dive into crypto but instead, it's meant to give you a lay of the land. So you can decide if it's something that you want to explore further.

In today’s episode, we’ll get into:

  • How  exactly do cryptocurrencies work
  • Decoding crypto terms that are thrown about
  • How you can buy, sell, and yes, mine some

I hope you enjoy!

Resources to Understand Crypto

If you're looking to explore crypto and the tech behind it, here are some really helpful resources to learn and stay on top of your money!

If you’d like to chat more about your money system, please join us in our private and free Facebook group – Thriving Families

We’re families looking to support and help one another out.

Hope to see you there!

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

See how Coastal can help you with your mortgage needs!

Rollover Your 401(k) Easily with Capitalize

We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. 

Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years

And because of the Great Resignation, you or someone you know might be changing jobs even more 

It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with?

One huge benefit with an IRA is you get to choose how your money is invested, not your old employer. 

If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA.  

With Capitalize, they handle the process from start to finish – for FREE and yes that includes calling the 401(k) provider on your behalf. 

Find out how and get started today

How Does Crypto Currency Work?

Before we get into the different cryptocurrencies and how to buy, sell, or mine them, let’s go over how they work. 

Since we’re using this word currency, I’ll start there. 

With crypto, it’s not owned by an individual or a particular company. No bank or government is issuing it. It’s decentralized, hence the term DeFi. 

Its value of it is determined by the community, supply, and demand. There’s no gold or government backing it up. 

Some key components and technology with cryptocurrencies are blockchain. 

Think of the blockchain as a public record or ledger where every transaction is recorded. The community all has a copy. 

It’s append-only, meaning you undo a transaction. Instead, you would document the transfer and then the ‘refund’.

It’s designed so two strangers can exchange without getting approval from a bank or a merchant like Paypal or Venmo. 

Wallet and Key

Just like you probably have a wallet with your cards and cash, you have one with crypto. Because there’s no central power regulating it, it’s even more important for you to keep your wallet secure. 

You can have your wallet online, called a hot wallet or you can have an offline or cold wallet. 

There are two keys for your wallet, a public and a private one. Your public key is kind of like your bank account. That’s what’s included in the edger when you make a transaction. 

Your private is then like a password/PIN so you can access your wallet. You want to keep your private key in a safe spot because if you don’t, you can’t get that money. 

More Than Bitcoin

Even though bitcoin has the biggest market cap and is one of the most well-known currencies, the crypto market space has vast options. If you go to CoinMarketCap you’d find just under 10,000 coins being tracked. 

Some other big ones include Ethereum, Tether, Cardano, Solana, and dogecoin. 

Decoding Crypto Terms

All right, so we covered a high level review of how crypto works. As you can see even going over the essentials and fundamentals. There's a lot of terms that are used that are very specific to this space. Right now, I want to hone in a bit on the coins and how they work.

We mentioned this briefly when we were talking about high energy usage. With coins, you can lump them into two groups based on the method on how they validate those transactions that are made.

Remember, everything is on that blockchain it's on that ledger, but how do you validate it since we don't have a central unit verifying things?

The verification is done through the community and the two main systems coins use are proof of work and proof of stake.

With proof of work, this is what the older coins like Bitcoin, Ethereum, the. 1.0 and dogecoin use.

A miner or a person with a computer and the hardware runs algorithms to validate that transaction and in return, they can earn more coins. It is secure, but it uses a lot of energy and it is slower.

With proof of stake system, the validators actually would put in a token. Kind of like collateral and they would validate those transactions.

And as a reward. They would get more of that coin. Coins using proof of stake include Ethereum 2.0, car Dano and BNB.

Wait a minute. I just mentioned token and I just met, mentioned coin. So, let me just break that down a little bit further.

With that proof of stake system, the coin is the actual, let's just say the actual currency, the one that has the value is being exchanged.

In this case, the token, it gives you that right to validate the transaction. So that is not a part of the blockchain. It's kind of a system that's built on top of that.

Hopefully, I didn't lose you there.

Finally, I want to talk about stablecoins. These are cryptocurrencies that are actually kind of almost like a hybrid because they're cryptocurrencies, but they're tied to an asset. One popular one is the us dollar. And the idea behind it is to minimize the volatility.

Many platforms actually also offer competitive interest rates if you invest in hold stable coins. Now this doesn't mean that it's completely safe. We've seen recently with Tara. That there is risk involved and you may lose your money with that.

Now, hopefully that gives you a better idea of the different types of coins that are out there and how they work.

There are so many topics that we can get into because they're connected to crypto. But I'm not going to cover them because they're outside the scope of what we're talking about.

But I definitely want to recommend that you research into, web 3.0 and NFTs. They deserve their own episodes because it can get really complicated, very fast. And there's a lot of people that are hyping it up but not really explaining the technology.

How to Buy, Sell, and Mine Crypto

Let's say you're interested in learning more about crypto and you're thinking about doing your own money experiment. Where do you start? How do you buy trade in mind the crypto?

Well, I have some good news for you. It is much easier to get into the crypto space, try things out and learn a lot more.

Buying, Trading, and Selling Crypto

Let's start off with buying trading and selling. You can work directly with each coin, but now there are different exchanges like:

They almost make it as easy as logging into your bank or logging into your investment company.

The bad news is you definitely have to be informed before you do, because there is a lot of hype out there.

Whatever platform you decide to use, though, you definitely wanna do your homework because this is not centrally regulated. You're kind of on your own.

Please don't put a significant amount of money in until you educate yourself about the risk. Read those reviews carefully and talk with their customers to see which one would be the best fit for you.

For this money experiment, I went with Coinbase. It was a combination of things. I liked that they had access to more than 150 cryptocurrencies. It was fairly easy to set up and use. Plus you can actually earn some crypto for free by watching video lessons and taking quizzes.

I signed up verified by the identification and also linked my bank account. Because this was an experiment I focused on just two coins. I went with Ethereum and Solana, but I did take advantage of their learn and earn opportunity.

I have about a dozen cryptocurrencies that I'm currently in, but most of them with the learn and earn aren't significant amounts, but just enough to understand the different technologies that are there.

While I do like having something like Coinbase, I find it ironic that for many people, that's the easiest way to enter because it's introducing a middle man.

One of the things with the cryptocurrency space is it's trying to be more direct. I think we're still in the early stages and there's a lot of issues that have to get worked out. But if you are considering getting a little bit into cryptocurrencies and learning more using a platform like this is probably the most convenient way to go.

Now with mining you can actually earn some cryptocurrencies with your computer and, there are three key components to this.

You have your wallet, which we've mentioned before, your hardware, which is your computer and then your mining software.

With mining cryptocurrencies, you have to have a software program. Honestly, I thought this would be one of the easier parts of the process, but it turned out to be quite hard.

The reason was I was trying to find a software I was comfortable with and really you're downloading a program that unless you're a programmer or have experience with software, you don't know what you're putting on your computer.

There are different options out there. I was looking at reviews. Some of the popular ones I saw were multi, minor CG, minor, easy, minor BFG minor.

The one I ended up with for my experiment was nice hash. I did like that they owned every piece of the software and they had a good reputation and it was very simple to use.

The last part of that was the hardware for crypto. I think many people think, oh, because I'm mining it, it's free, but there's two costs that are associated with that.

You need to consider one the electrical use, but then to the hardware itself for the computer.

If you're mining, Bitcoin, your computer needs to be able to perform intensive equations. And that means that you're probably gonna have to buy specialized hardware unless you have top of the model series.

Mine is an Nvidia RTX 30, 70 T. T I, which is retailing now between 600 to around $900. It's not cheap.

So is mining profitable? Can you make some money off of it? Well, right now I would say no. That's because the value of the crypto market has dropped considerably. So if you're looking for a quick win, this is not the way to go. But if you do believe that the value will go back up, you can mine it now and hopefully see that as investment for the future.

All right. So that is the basics of buying, selling, and mining. You probably have some more questions about it. If you're a newsletter subscriber hit reply and send your questions in, or go to our free Facebook group called thriving families, where we talk about that intersection of family finances.

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and becoming financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on AppleSpotify, or Audible.
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Photos by Alesia Kozik and RODNAE Productions

Helping families with kids find the right path and pace to financial independence that fits them

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