Money & Investing Pitfalls To Avoid

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Ep 31 - Erin Lowry, AKA The Broke Millennial, and I join forces today to give you money and personal finance tips to apply to your life immediately; whether you’re in your early 20s or late 40s, have children or not, you have debt or you live a debt-free life. We discuss essential money conversations everyone should be having and discuss different options to start investing. Erin also shares her biggest money mistakes and it will definitely make you feel better to know that even personal finance experts have had to forgive themselves for past money mistakes.
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Timestamps:
00:00 - Intro
01:23 - The money conversations we should be having
08:11 - Setting money boundaries with your friends
13:53 - Erin's money regrets from her 20s
16:46 - Erin's financial tips for everyone
18:37 - Money conversations at work
29:51 - Other conversations we should be having at the workplace and how to negotiate a raise
33:54 - Money conversations freelancers and self-employed people should be having
38:02 - Erin's best financial advice: investing for retirement
44:32 - Target date funds: what are they and how do they work?
48:43 - More investing advice
55:12 - Biggest money mistakes people are making
59:25 - How to talk to the children around you about money
01:01:53 - Erin Taught Me

[@CandycaneBeyond]

I think that Trade schools are overlooked as a viable career. Lower student loans. Better wages. More job security

[@jaydubya9265]

Less comfy work life balance though usually. But I agree with your points at a tradesman myself.

[@russellthompson2126]

Or even not going to trade school but getting into the trades as an apprentice and moving up the ladder.

[@krystiesolfyre5340]

I’m a massage therapist and love my work and work full time four days a week, 9 to 4 generally. I have to fund my own retirement but I do well for myself but I worked hard for years first. I also did two years of college that cost way more than massage school (paid off for many years now) but the ROI of that was terrible. For what I paid for massage school, it has been a great investment. Very flexible and for me it’s my passion.

[@jondeanpt]

I’m semi retired at 43 years old. I moved to a low cost but fun country (Egypt) and live like a millionaire for exactly $3000 a month. That’s with two boys in private school and a beautiful house with access to pool, tennis, football etc. Kids can play until sunset like it’s the 80s, great to explore each weekend and savings went up by 50%. Just move people and live your life while you are still young enough to play.

[@pilsung26]

What’s your industry? Asking as some professions offer more flexibility than others

[@jondeanpt]

@@pilsung26 I started as a teacher and over the years just created a youth sports academy that parents wanted, kids liked and I could teacher other coaches how to run it. It’s that simple. Create a system that makes money when you are not working. I moved to Egypt and now live an amazing, free and low stress life and I’m able to save a little each month later in life.

[@pilsung26]

@@jondeanpt You time is much appreciated. Definitely the noblest of professions and often unwittingly given other names. I didn't realize how much of my past employment involved teaching until I transitioned to my new job. Your example is another vote cast to return. Thank you.

[@staycoolwithrob]

I started a business so im living good

[@mikaeln561]

😢​@@pilsung26

[@3DoodlesKitchen]

If someone can’t afford dinner, and you can, pay for them.

[@ven0226]

Information on talking about Money in weddings, birthdays and dinners was most unique section of this video and I loved it.

[@matt79de]

On "What is the point of investing for a future that is not going to come?" I like J.L. Collins' take on that: If the future does come, You're good. If it doesn't: Well then it doesn't matter at that point anyway. That is to say: The variable in Your control is not whether the future's gonna happen. It is how well You will be off if it does.

[@sunsetkizz1]

Girl, you’ve flipped the script! ❤️ your content! Amazing!

[@tacrewgirl]

Home dinners, hiking, and coffee shops are cheap ways to hang out. Great interview. I didn't realize about the investing part of 401k and Roth until much later. So many of us don't know this information. Thanks ladies for helping others avoid these mistakes.

[@sarastilleke]

She makes a good point about paying attention to all the “numbers” and how they all fit into the big picture. Especially when I’m feeling broke and behind, I tend to avoid looking at the numbers, because I assign negative emotion to them.

[@jorlowsky469]

Lol, not everything needs to be celebrated or have a nice dinner for 😂

[@lav7161]

Analysis Paralysis 😳😳😳 Never knew there was a term for what I was doing to myself

[@CandycaneBeyond]

39:18 finally get to retirement information

[@RobertFleming]

What a powerful episode. Soooo many things that have taken me years to learn. And new knowledge as well. 😊 THANK YOU! 🙏

[@wildhotred]

I REALLY REALLY LEARNED SO MUCH WITH THIS INTERVIEW WITH ERIN!!! SHE IS GREAT AND SPEAKS SO CLEARLY AND SO EASY TO UNDERSTAND! THANK YOU YOU BOTH SO MUCH! I HAVE SHARED THIS WITH MY FAMILY...PASSING THE KNOWLED!

[@ymadueno]

Everyone needs to see listen to this podcast! So many great financial tips here.

[@elmateo77]

If a coworker tells you their salary don't go into your managers office and say "hey why is Josh making more than me?" The manager is probably going to blame Josh, Josh will get mad at you, and everyone else will think you're a nark and won't want to talk to you.

[@herbythechef7624]

Yeah i agree thats definitely the wrong way to go about it

[@mmajinn]

Love this!

[@jorlowsky469]

Also, birthdays are such a societal concept to make you buy sh*t… I can’t remember the last time I celebrated my birthday. I’m 26

[@anjmpua]

Picked up valuable tips that I would gladly share to friends and family. This one covered a bunch of important topics that were eloquently delivered in such an easy flowing, engaging discussion. There should be a part 2. Already your IG follower and now just subscribed to your YT. Congratulations, Ms. Erika, on this new platform!

[@LDahn]

What a great episode! There was so much useful information given that I'm going to have to save it to re-watch. 🤔

[@BryanSumardi]

This is a great conversation! finances shouldn't be a taboo subject in relationships

[@lc8602]

Learned a lot from this. Thanks for your work educating and guiding people in investing and achieving their money goals.

[@timwindsor03]

Very interesting podcast ERIKA. Thanks for these. Keep the content coming. Hope you have an incredible day. Much love. Hugs

[@vulpixelful]

I question friends who aren't considerate enough to know destination weddings and expensive wedding party activities are over the top without you having to tell them. Sounds like folks whose adult life was subsidized and assumes everyone else's is, too.

[@rodneyjenkins6931]

Luv this content. It would be cool if you did a series of shows about everyday, blue collar low wage earners that took disciplined steps to dramatically improve their financial situation.

[@TanyaScorpio]

This video was so refreshing and knowledgeable..it was releasing and let you know it's okay to not know it all and just take the chance. I'm thankful I always got my 401k when I started working 33 years ago... I recently took a few year break to get out of debt and going back into my 401k within the next 6 to 12 months.. Thank you Erika for the ppl that come in your show.

[@hangmanfsc]

great that these are on YT, you are slowly taking over as my go to rich dad network podcast), the guests that you have are really more relatable and down to earth than that pod cast. keep these coming!

[@renedecquir1931]

Thank you and your guest for the financial information. Really trustworthy.

[@willmallory9085]

Excellent video Team

[@morkmckerr]

For weddings -> totally have the regular wedding after the engagement....but as soon as you agree to get married - go to the courthouse with your witness and get married....then go to HR -> change your taxes to married (from single) & use the difference in your paycheck to help pay for the wedding/reception/honeymoon ...you do not have to tell anyone you do not want to or change your living situation or even wear rings...but the tax difference b/t single & married is significant

[@aug07broken]

Loved this so much! Learned a lot and I appreciate what u r doing Erika! Erin Taught Me, TYSM!!! P.S. enrolled in 3D Money! Learning so much!

[@Sean_neaS]

Are water glasses on books making anyone else anxious 😰?

[@user-pb4hc9wr2s]

No they're close enough to the middle, we got this !

[@susieheywood1267]

Great job!

[@hagi2013]

Keep up the good work Erica!! ❤your personality.. we think so much alike:)!

[@annettedominguez7509]

I took notes while watching this interview. So useful! I must mention that I'm SO glad you both touched on retirement accounts; turns out I'm saving and not investing for retirement.😱 I need to familiarize myself with which funds to invest and how much. Thank you both for making this episode happen! 🙏

[@lukeplayer602]

What’s the name of the clocking app to track the time? Thanks Erika

[@Marg355]

I think this is a good topic to cover! The style and tone of communication is the most important element to the conversation of splitting IMO. I think having the conversation beforehand and letting people know that you are trying to save money (i.e., contextualizing and voicing your own goals) is crucial, because they are more likely to view your approach through an understanding lens. I do think if you haven't communicated this beforehand and you show up to a dinner/brunch etc., it comes off annoying when you are trying to itemize the bill.

[@lb9181]

Great video!!

[@siavashansari5419]

Thank you Erika

[@phalange1234]

Love this! I think the mic is too close though

[@lightlightlight]

56:00 I think it’s great if people want to discuss money and those are the people you should converse with about it but otherwise it’s not really polite and its a bit nosy to ask people about their own money if they don’t bring it up first. It’s not about being afraid of it but rather having respect for boundaries.

[@lisajane4330]

I'm only 6mins in & I love this info so much, I learnt the hard way when we got married.

[@keska01]

This is very interesting, especially the putting your money into the Market. Of course these are weird times but putting 10k into SCHD a year ago would yield -0.2% (as of today, 05/9/23). Maybe putting that 10k into a HYSA with 3-4% would be the better choice? I understand you cannot time the market but the last 2 years it's not really working for you compared to a HYSA or CD (not talking about options).

[@BDM55]

Would love to hear your take on Infinite Banking - is it legit, scam etc.?

[@AShotofJoyCurry-GainesvilleFL]

what is that clock app again?

[@kdaveeffect]

🗣RISING TIDE LIFTS ALL BOATS! Yes!! Us freelancers have to lookout for one another!

[@nae4830]

Yup. Mine was in a settlement for good while. That hurt. And I was scared, for that, to invest, just the whole process without having done it ever before, then doing it is so huge.

[@rebeccakstrain3324]

I think it’s really good that people can invest in fractional shares so they can start investing with limited income.

[@k.l7206]

Where are the show notes?

[@Nicool333]

Most guys want nothing to do with marriage now…. And for good reason. Too risky

[@irenecorpas4363]

Please, I humbly request that you teach us tools to invest in that we can use in Europe, as Webull is only for the U.S. And you are right, the whole process is daunting and confusing, and it raises many doubts that end up in abandoning. So I would deeply appreciate it if you would consider Europeans when teaching how to invest, please. Many thanks!

[@theworkinginvestor]

Intersting topic!

[@mzhjr6]

Great content. Is 43 years old too old to start putting in money into the 401K? If yes, should I just open a Roth IRA? Or what are the suggestions?

[@BaileyMxX]

Never ever too late to start. Ofc earlier would have been better but you still have a realistic long time line until retirement. Always get your company match as that's free money, max your Roth IRA to the maximum allowed for the year and then whatever else into the 401k plenty of beginner friendly info out there to help you make the right decisions for you but it's definitely not too late to make a difference.

[@joelbergquist9456]

Never too late for 401k! I’m 50 and still learning. You have a goal idea? KZbin it, listen to every idea/strategy, you will learn fast!

[@sourovsarkar9525]

Where's the investment tips?

[@HoustonTom]

I found the conversation interesting but I pause when the guest made it sound like many are contributing to their 401k but not choosing an investment option. I’m sure that has happened to someone but I’m not sure that it requires a complete segment of a podcast.

[@Orangutanga__]

I was shocked to hear some of my own friends doing that actually. Bigger issue than you think

[@herbythechef7624]

I think it is worth talking about. Some people understand nothing about their retirement accounts

[@autordijanaferkovic]

omg, just hard to listen this part about splitting bills - I am from Balkans and this is totally strange. Here there is one person that must pay for all, if he/she was the one that invited the group to the restaurant. Next time, someone else should invite, so someone else should pay.

[@AndromedaChace]

American individualism

[@yanbaihuzxzxzx]

I think you should save your money; I think people get confused with what people are saying, you don't save for your retirement etc. You have people telling people don't buy a house or don't save money is just plain foolish to me. Listen a good chunk of people who are watching this have cash to save, you save money by not spending $9 on an overpriced cup of coffee, stop eating out. Spend time at home, you don't have to go out every night and hit the bars and literally burn your check on drinks at the bar, same drinks you can get for 80% less at the liquor store or beer at the 7-11. Most Americans can't get 500$ in times of an emergency.

[@youcanbyteme938]

First

[@Sam-os1lt]

Congratulations! You must be thrilled

[@mmajinn]

@@Sam-os1lt 😂

[@gains5732]

Congratulations

[@Erika2]

Congrats

[@mrarroyo571]

Marriages are so medieval

[@CandycaneBeyond]

They can have advantages. Get a prenup to tweak it to your needs

[@heidikamrath1951]

@@CandycaneBeyond Mr Arroyo said marriages were so medieval. Getting a prenup doesn’t make the marriage part tweaked to your needs, it makes getting out of the marriage tweaked to your needs. The marriage is still medieval, or at the very least, marriage. 😊

[@user-ye9zw2pc5k]

Excellent conversation.

[@venkatmilindrajyadla1468]

Congrats you have made it to indian news channel @erika kullberg