#196 | Helping your parents with financial and legal stuff

Fromfriends on FIRE

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#196 | Helping your parents with financial and legal stuff

Fromfriends on FIRE

ratings:

Length:

34 minutes

Released:

Apr 10, 2023

Format:

Podcast episode

Released:

Apr 10, 2023

Format:

Podcast episode

Titles in the series (100)

?On a mission to get friends to talk about money ?Sharing our FIRE journeys, personal finance advice, and frugal tips Hosted by 2 Friends on FIRE - Mike + Maggie **Leave a voicemail or text us at: 404-981-3370**

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#013 | From Counter Terrorism to Entrepreneur - Adam Goldberg Interview: On this episode we interview Adam Goldberg. Adam has a fascinating career background, and shifted from a career in counter-terrorism to corporate America as a consult to a professional photographer and instagram influencer. Adam shares his view on finances and how it gave him the freedom and cushion to make some big career changes in his life, and how he’s grown since then. by friends on FIRE
35 min listen
#024 | Save on Groceries: Mike and Maggie discuss how you can save on your groceries. Grocery expenses can easily be $5,000 or even $20,000 a year. It’s a huge category you can find cost savings in. We talk through 10+ tips on how you can save money on your groceries. by friends on FIRE
36 min listen
#007 | 2020 Goals + How to Set Them: Mike + Maggie cover an important topic for 2020: Goals and how to set them. We talk about the importance of setting SMART goals (Specific, Measurable, Attainable/Assignable, Relevant/Realistic, Time-Bound) and the importance of tracking against your goals to make progress. We then share our personal and financial goals for 2020. Listen to help get your 2020 started on the right financial foot. by friends on FIRE
32 min listen
#001 | friends on Fire Unscripted and Unrehearsed - Part 1: Unscripted and unrehearsed. Mike and Maggie jump right into podcasting, discussing their friendship and why most people don’t talk about money with the important people in their lives. by friends on FIRE
25 min listen
#004 | Spending Less - Pillar #1: The first pillar of financial independence: spending less. Mike and Maggie philosophize about being happy with less and finding level of spending that’s sustainable, laying the framework for financial independence. by friends on FIRE
29 min listen
#002 | friends on Fire Unscripted and Unrehearsed - Part 2: Unscripted and unrehearsed. Maggie tries again to time the intro. The conversation continues, exploring why friends don’t talk about money and how people can grow if they open up. by friends on FIRE
28 min listen
#009 | Cars Are The Worst: Cars are the worst! Aside from a house, cars might be the largest expenses you have. People can spend so much money on a car, but in reality, does anyone really care what you drive? If you’re driving a car because you love it and can afford it, then that’s great for you. But if you’re driving a car because you’re trying to impress someone else or “keep up with the Joneses”, then it might be time to reconsider. by friends on FIRE
34 min listen
#010 | Car Insurance Is Just As Bad: If cars are the worst, then car insurance is just as bad! We follow up our cars episode with a discussion on car insurance. We share what we’re paying on car insurance and our thoughts on the true purpose of car insurance. We then dig into our top tips for deciding on how much car insurance you need, which features you do or don’t need, and more. by friends on FIRE
25 min listen
#012 | Kids are the Best! - Part 2 (Interview): On the last episode we talked about kids and money, and our beliefs in this area. So this episode we decided it was only fair to bring on our kids, ages 3 to 11, and ask them hard-hitting questions! We get their thoughts on happiness, money, views on debt, if we should work more or play more, what the most important objects are in their lives, and who is the best podcast host. by friends on FIRE
24 min listen
#005 | Growing Wealth - Pillar #2: The second pillar of financial independence: growing wealth. As you are saving more and more money, you need to put your money to work for you and grow your wealth. by friends on FIRE
30 min listen
#015 | Expense Tracking Gone Wild: On this episode Mike and Maggie address their #1 requested topic so far: expense tracking! We talk about how what gets measured gets better. And then we break down the specifics of how we each approach expense tracking. Money doesn’t need to be a taboo topic, so we also encourage you to share your expense tracking through monthly reviews with a friend, partner, or spouse. After listening to our thoughts, click the link below to get your very own customer friends on FIRE expense tracker! by friends on FIRE
22 min listen
#037 | Joel from How To Money Interview: We interview Joel from the How To Money podcast, which is a popular podcast that covers a wide range of personal finance topics. The hosts also enjoy and discuss a different craft beer every episode. Joel shares how he started the How to Money podcast years ago with his good friend Matt. He also digs into his childhood and how it shaped his views around money, what it’s like to work for Clark Howard, and how frugality is making a comeback right now. by friends on FIRE
51 min listen
#016 | 401ks are your BFF: Mike and Maggie talk about 401ks and 403bs, which are retirement savings plans. We talk about the benefits of 401ks, the myths of 401ks, and we challenge people to, at the bare minimum, put in the amount their company is matching. And the best-case scenario you’re maxing it out to $19,500 (the max the IRS allows). by friends on FIRE
23 min listen
#020 | Corona Quarantined + Salary Cuts by friends on FIRE
25 min listen
#023 | Happiness Sex and Money: In this episode we discuss the many benefits of improving your financial life, which leads us to a discuss on happiness, sex, and money. We cover the top 5 reasons we believe you should improve your finances and get financially fit. Getting financially fit will improve your sex life, Maggie guarantees it. by friends on FIRE
23 min listen
#008 | Retired Toddlers Interview: In their first interview, Mike + Maggie interview Michelle and Jake from the Retired Toddlers. They are are a full-time traveling family that sold their home in 2016 to spend more time with their 2 young kids, and ever since then they have been traveling the world The Retired Toddlers share their priorities in life, how they travel, and their views on money. by friends on FIRE
48 min listen
#006 | Finding Freedom - Pillar #3: The third pillar of financial independence: finding freedom. The reason we are spending less and growing our wealth is to get to financial freedom. While we’re both not yet ready to leave our jobs and take the plunge, we find immense happiness in knowing that we can if at any point we need to. It takes the pressure off work when you’re not dependent upon a paycheck. by friends on FIRE
27 min listen
#014 | Tax Time! Yay!: On this episode we discuss taxes. Yay, taxes, buckle-up. We give a high-level overview of how tax brackets work, tips for filing your 2019 taxes, and also advice for minimizing your 2020 taxes. We encourage you to file your own taxes so you better understand your personal finances, as this is how you learn and improve. by friends on FIRE
28 min listen
#000 | friends on FIRE Intro: Welcome to friends on FIRE! by friends on FIRE
7 min listen
#025 | College - Choosing your Approach: Mike and Maggie discuss their college experiences. College is one of the most expensive items you’ll have related to kids, and it’s a looming financial burden for many parents. We discuss if college is even worth it, how to think through the ROI of where a child goes to school, why and how to start saving for college, and tips for saving on the cost of college. by friends on FIRE
30 min listen
#018 | House Hacking with Andrew Kerr + 2020 Goals Check-In: In this episode we interview Andrew Kerr, host of the House Hacking Podcast and a real estate expert. Andrew teaches us all about house hacking, which is about making slightly different choices with housing to reduce what is typically your largest expense. Often ⅓ of people’s monthly budgets goes towards housing, but there are ways to reduce it! We also do a check-in and share progress toward our 2020 goals. by friends on FIRE
36 min listen
#017 | Crazy Frugal Stuff We Do: In this episode Mike and Maggie discuss some of the crazy frugal things they do to save money, from cutting open toothpaste containers to get a few more weeks of toothpaste to waiting 6-8 weeks for a battery to arrive from Hong Kong. We hope this episode will inspire some crazy frugal things to help save your wallet, and the planet. by friends on FIRE
26 min listen
#011 | Kids are the Best! Part 1: Since we said cars are the worst, we thought we’d next focus on what’s the best: our kids! People think kids are expensive, and then can be, but they don’t have to be. Mike has 2 kids, and Maggie has 3 kids, and we share our thoughts on raising them and the costs of doing so. We share some tips on the various categories of expenses related to kids, and how we believe that talking openly with your kids about money can improve your finances and theirs as they get older. by friends on FIRE
28 min listen
#003 | Financial Independence Retire Early (FIRE) Intro: We put some structure to the show and finally define FIRE (Financial Independence Retire Early) as we see it. This is the 1st of 4 episodes digging into the FIRE movement and then outlining the 3 pillars of financial independence: spending less, growing wealth, and finding freedom. by friends on FIRE
25 min listen
#027 | Why Tracking Net Worth Matters: In this episode, Mike and Maggie talk about the importance of tracking net worth, the single-most important tool to help guide and improve financial decisions in your life. We discuss the value in tracking your net worth, how to manage it, how to develop a net worth mindset, and how to set net worth goals. by friends on FIRE
27 min listen
#021 | Cell Phones and TV and Internet, Oh My!: In this episode we discuss cell phones, television, and internet bills. What you’re spending across these three categories can easily add up to a few thousand dollars a year, and finding savings in just one area can save you a ton. We also give a quick update on our $5k investment competition. by friends on FIRE
23 min listen
#068 | 5 Simple Steps to Investing: In this week’s episode, we explain five simple steps to start investing. “How do I start investing?” is a common question for people who want to take more control of their financial lives. We break down the steps and considerations and provide some simple advice to get you going. by friends on FIRE
36 min listen
#031 | Corona Quarantine Spending Levels: In this episode, Mike and Maggie review their March and April expenses to give a view into their monthly spending levels, and more specifically how the corona pandemic quarantine has impacted them. This is a more casual conversation and episode, and we hope hearing what others are spending their money on is helpful as you consider your own spending levels. by friends on FIRE
32 min listen
#051 | 10 ways for College Students to Save Money: We share our top 10 tips and advice on how to save money in college. Students are returning to school in the upcoming weeks, so it’s the perfect time to think ahead on how to save money and not break the bank while you’re in college. We share advice on how to save money on everything from housing to books to food. And best of all, on this episode we are joined by Mia, our summer college intern - Go Auburn Tigers! by friends on FIRE
37 min listen
#022 | Live like you've lost your job: In this episode we discuss how to prepare for a job loss, even if you think one isn’t coming. Things have gotten pretty serious around the world in the last few weeks and this very day 3.3M people filed for unemployment. people are predicting unemployment could be as high as 30% this year. We recommend you have or start an emergency fund, start cutting costs, and prepare for the worst. We can still hope for the best, while preparing for the worst. The good news is, you don’t need to spend much money to be happy in life. by friends on FIRE
32 min listen

More Episodes from friends on FIRE

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The surprising truths of early retirement (Inside Out Money #24) by friends on FIRE
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Inside Out Money Trailer: Maggie shares the trailer to her new podcast Inside Out Money, which is now available wherever you listen to podcasts. Visit the Inside Out Money website (https://insideoutmoney.org/) to learn more, or find it wherever you listen to podcasts. by friends on FIRE
12 min listen
#200 | The one where they say goodbye: This week is our final friends on FIRE episode. We share our memories, fun stats, and closing thoughts as we wrap up what has been an amazing experience for both of us. Thank you to everyone who has listened to and supported friends on FIRE over the last 200 episodes! by friends on FIRE
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#199 | Listener Q&A and Comments - Part 2: In this week’s episode, we answer more listener questions and read more awesome comments you all sent us! by friends on FIRE
46 min listen
#198 | Listener Q&A and Comments - Part 1: In this week’s episode, we answer listener questions and read many lovely comments you all sent us! by friends on FIRE
40 min listen
#197 | Big announcement!: In this week’s episode, we share some big news with our listeners! You’ll have to listen to hear the news, and we also have a special request for all of you at the end of the episode. by friends on FIRE
38 min listen
#195 | Dual enrollment and financial vs lifestyle choices: In this episode, we read and discuss a recent CNBC article: There’s a quicker, cheaper way to go to college, but fewer students are trying it. We then share our thoughts on dual enrollment and the broader topic of financial vs lifestyle choices. by friends on FIRE
36 min listen
#194 | How to let go of toxic career pressure and be happier at work - Part 2: In this week’s episode, we continue our discussion of the toxic pressure related to career growth, titles, and money and give our advice on how to make changes needed to let go and be happier. by friends on FIRE
47 min listen
#193 | SVB collapse explained and what this means for you: In this week’s current events episode, we discuss the recent Silicon Valley Bank (SVB) collapse and what it all means. We dig into what happened, why, and what it might mean for you. by friends on FIRE
40 min listen
#192 | How to let go of toxic career pressure and be happier at work - Part 1: In this week’s episode, we discuss the sometimes toxic pressure of career growth, titles, and money. We hear from a couple of listeners who share their personal stories of how the anxiety to go for higher jobs has caused them to rethink their priorities. For anyone who’s worked a job with a hierarchy, there can be immense social pressure to climb the ladder. For many people, though, it’s a source of constant anxiety, and there are ways to deal with this. We review some of the reasons why workers feel compelled to grow their careers and how you can let go of those pressures and be happier in your job. by friends on FIRE
47 min listen
#191 | Marketplace insurance in early retirement - how to, costs, and more!: In this episode, Maggie shares her experience and tips for signing up for medical benefits on the Affordable Care Act Marketplace. We discuss how to sign-up, some of the details of how the program works, and the best tips and tricks that we’ve learned along the way. And we share the specific amount Maggie and Greg are paying for benefits in 2023 on the marketplace. by friends on FIRE
54 min listen
#190 | The financial mechanics of early retirement: In this week’s episode, we discuss the specific mechanics of different ways you can fund early retirement and different withdrawal strategies. We start with a reminder of how early retirement works and then review the various levers that could provide income during your early retirement. We discuss various withdrawal strategies, tax advantages, and other considerations. We also use our own real-life scenarios as examples of withdrawal approaches. by friends on FIRE
48 min listen
#189 | How to fight for your money back when you get screwed: In this episode, we talk about the steps you can take to get your money back when something you buy doesn’t work out. Maybe the vendor never delivered it, maybe it broke, maybe they misled you; no matter what happens, you have a bunch of options to get your money back! We encourage you to try one or many of these and fight for your rights. by friends on FIRE
44 min listen
#188 | 10 products we love and why: In this episode, we share our top 10 favorite products and why we love them. Well, that’s what it was supposed to be; it really turned into Maggie sharing her top 10 favorites and Mike explaining why he isn’t really attached to anything. This becomes a philosophical discussion about stuff and our relationship with it. by friends on FIRE
42 min listen
#187 | Financial Intimacy: Improve your relationship with money talk: In this episode, we discuss the concept of financial intimacy and how focusing on financial intimacy can improve your relationship. Financial intimacy is the level of trust and comfort that couples have when they are discussing and managing their finances together; it’s a measure of how open and honest partners are with each other regarding their finances. We share specific tips and advice for how to improve your financial intimacy. by friends on FIRE
35 min listen
#186 | Protecting your child's identity and creating a strong credit score: In this week’s episode, we share how to protect your child’s financial identity and create a strong credit store to set them up well for the future. We dig into why this matters and the specific steps and recommendations for what to do. by friends on FIRE
35 min listen
#185 | Setting boundaries and saying no: In this episode, we talk about how to set boundaries and say no, with your time and with your money. Learning to set boundaries is a critical skill that will help you live a happier, more fulfilled life, and that’s what we’re all about. We discuss why boundaries matter and specific tips and tools to create more boundaries with your time and money. by friends on FIRE
48 min listen
#184 | Money Etiquette questions and scripts to use during tricky money situations: In this episode, we answer your money etiquette questions and share specific scripts you can use during tricky money conversations. Talking about money with friends and family can be awkward, but we encourage you to train the muscle of being open and honest, and it will get easier over time. We encourage you to speak up and be firm when it’s necessary, but also choose your battles and know when to let things go. by friends on FIRE
43 min listen
#183 | 2022 Full-year spending review: In this week’s episode, we do a full-year expense review and share what each of our families spent this past year. We share our total spending for the year and break down our top spending categories, which areas we’re feeling good about, and where we’d like to improve in 2023. We also share additional reflections and financial goals as we kick off 2022. by friends on FIRE
56 min listen
#182 | Happy new year, let’s get it started!: In this week’s episode, we kick off the new year with optimism and energy while we discuss our intentions and goals for 2023. A huge thank you to all of our podcast listeners in 2022, and Happy new year to you all! by friends on FIRE
46 min listen
#181 | Year-end reflections and recap: In this week’s episode, we reflect on 2022. We dig into what we’re most proud of, what we want to improve, and other fun stuff, like our favorite books of the year. We hope you have all had a strong year, and we appreciate you listening to and supporting our podcast. We look forward to another year of podcasting in 2023. by friends on FIRE
48 min listen
#180 | Article: Raising the alarm on the US economy: In this episode, we read and discuss a recent Business Insider article: Michael Burry, Elon Musk, and Mark Zuckerberg are raising the alarm on the US economy. Here are 8 recession warnings from top commentators this week. We then share our thoughts on these predictions on the US economy and our advice on what you should be doing. by friends on FIRE
32 min listen
#179 | Sticking to your values when there’s peer pressure: In this episode, we talk about how to stick to your values when you or your kids are faced with peer pressure. First, we talk through different types of peer pressure, from positive and negative, to active and passive. We then talk more about the good kind of peer pressure, share strategies for combatting negative peer pressure, and give ideas for how to get more of the good kind of peer pressure into your life. by friends on FIRE
44 min listen
#178 | Explaining IRS Limits and how to use them to your advantage: In this episode, we talk about the 2023 IRS limits for various savings plans. We discuss the difference in benefits related to taxes and how to maximize these plans for long-term savings success. We hope this discussion motivates you to save more in 2023. by friends on FIRE
34 min listen
#177 | Designing a life you don’t want to retire from with the Fioneers: In this week’s episode, we interview Jessica from The Fioneers and talk about designing a life you don’t want to retire from. Jess spends a lot of time talking, thinking, and writing about how people can use the financial freedom they build along the way to Financial Independence (FI) to design a life they don't want to retire from. We also talk with Jess about changes she’s seen in the FIRE movement over the years, the power of community, how to leverage experimentation to build confidence, and her exciting custom campervan buildout. by friends on FIRE
52 min listen
#176 | The arrival fallacy and finding happiness where you are: In this episode, we talk about the arrival fallacy and what you can learn from better understanding it. The arrival fallacy is the false assumption that once you reach a big goal, you will have enduring happiness from accomplishing that goal. We explain why it’s a mistaken belief and how to fight it and find happiness in the journey instead of the destination. by friends on FIRE
44 min listen
#175 | Hygge on a budget - How to get that cozy feeling this holiday season: In this episode, we discuss the lesser-known but universally understood concept of Hygge. Pronounced Hugg-ah or Hoog-ah, it’s the Danish concept of coziness, and it’s everywhere around the holidays. While everyone can appreciate some coziness in the winter, marketers will try to convince you to buy things to achieve it. But we think you can find hygge without spending a lot of money! by friends on FIRE
34 min listen
#174 | Prenups aren’t just for the rich and famous - with Alexa, the attorney: In this episode, we talk about all things prenup related, and we bring on a family law attorney to give you an official legal perspective on prenuptial agreements. We explain what a prenup is, why we think they are good, and how to create one properly. We believe everyone should thoughtfully consider creating a prenup when they are getting married; it’s an investment in your marriage and a kind thing to do for your future partner. by friends on FIRE
60 min listen
#173 | 7 ways a recession could be good for you financially: In this episode, we read and discuss a recent Washington Post article: 7 ways a recession could be good for you financially. We then share our thoughts on the recession, housing prices, savings rates, ibonds, unemployment, student loan forgiveness, and more. by friends on FIRE
29 min listen
#172 | Why are kids' sports so expensive?: In this episode, we talk about the cost of kids' sports. We dig into the benefits of kids playing sports, why the costs can be so high, and ideas for prioritizing and rationalizing these costs. by friends on FIRE
39 min listen

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#196 | Helping your parents with financial and legal stuff

#196 | Helping your parents with financial and legal stuff

Titles in the series (100)

More Episodes from friends on FIRE

Related podcast episodes