In today's episode, you'll hear from just your Hosts! That's right no guests to save the day.

As a reminder, Justin chronicles his life at Saving-Sherpa.com and Cody writes at FlytoFI.com

In today's episode, the guys tackle 10 financial tips they always hear and give their take on what's true.

Hopefully, you enjoy this special episode!

Listen, learn, and let us know what you think.
Episode Summary
Credit Card Balances

We discuss why you should ALWAYS be using a credit card
The need for setting up autopay to pay off the full balance
Neither of us recommends carrying any balance
Some think it helps build their credit
In reality, you're just setting yourself up to pay a ton of fees
The actual factor that relates to this is credit history which doesn't require a balance

Rent vs Buy

Justin calls out the importance of keeping in mind closing costs, HOAs, insurance, etc
It's much more complicated than comparing a mortgage to just your rent
These things are especially true if you're moving every two or three years
If you can go beyond and do things like house hacking, then buying is certainly a great option
Also, keep in mind the non-money part of the decision
Owning a house can be stressful and add in more variables to your life

New vs Used

Justin recommends buying a car that's 5 years old on a deal
Then keep that car for two to three years and try to sell before you hit 100k
Justin prefers these cars to be under $10k
 Cody discusses depreciation and interest rates
Justin then compares buying a car and keeping it for 20 years vs rebuying periodically

Good vs Bad Debt

Obviously there is some debt that's terrible such as credit cards with 15% interest
Then there is a middle ground where it's debt that doesn't earn revenue but allows you to invest more
Both felt like anything that 4-5% range in interest should just be paid off as quickly as possible

Going to College

Going to a community college first isn't a no-brainer
Many scholarships that universities offer are only given to incoming freshman
Justin would have missed out on 10s of thousands if he went to community college
Cody calls out how important it is to just be intentional
He also calls out the cool trades and technical skills that don't require a college degree

Filling Up Savings Accounts

Justin highlights how destructive inflation can be
It's also scary to see how many people have avoided investing during the last five years
These people are often terrified that we've hit the top
Both guys highly recommend buy and hold as well as getting into the market right away

Financial Advisors

Justin does see value for some to have a tax specialist but doesn't see the need for a financial advisor
It may be a good idea to pay a one time fee for an advisor to help set up a plan you're comfortable with
That could help you get off the sidelines without being tied down to fees long term
These advisors often charge at least 1% which can really add up
You can see how much these fees are costing you by using Personal Capital's Fee Analyzer tool.
If the only reason you're using an advisor is to give you a scapegoat when things go bad, rethink that
To round it out, Justin cautions employees from having too much of their portfolio in their employers stock

Whole Life Insurance

Justin highlights that no reputable financial independence writer has recommended Whole Life insurance
People want to sell you these because the salesman gets a royalty for life
Whole Life mixes insurance and investing which means neither is as efficient as it could be
This doesn't mean you should necessarily cancel your plan if you're already deep into it
If you're really interested in this topic, we covered it previously in-depth
You can find that episode with Sa El here
Also, don't forget to check out our sponsor Bestow for great insurance quo...