Managing money isn’t about numbers, it's about making informed decisions that shape your future. Whether you’re a seasoned saver or just starting out on your financial journey understanding the basics of personal finance can make all the difference.
Today’s guest Joel Larsgaard has been helping people take control of their finances for over 15 years. As the co-host of How To Money and a weekly radio show Joel breaks down the often confusing world of personal finance. His passion for financial literacy comes from personal experience and he’s been recognized for his work including being on the Forbes Advisory Board.
In this episode we’ll cover common financial mistakes, smart saving strategies and how to avoid financial pitfalls so you can make better money decisions.
Show Notes:
- [00:53] Joel co-hosts the How To Money podcast with his best buddy Matt. It's about helping people learn how to handle their finances well.
- [01:29] So many people are missing the information they need about money, yet it's a tool that touches every aspect of our lives.
- [02:32] Joel's parents had money troubles. He always wanted to learn about money so he wouldn't have problems. He also worked for Clark Howard who was a consumer advocate and money guy.
- [05:30] Everyone has different dreams and financial goals.
- [06:29] We learn Joel's scam story. A kid sold him fake Blockbuster gift cards.
- [08:32] Common financial traps include not saving enough and not tracking expenses and knowing where the money is going.
- [09:15] Knowing where your money is going is the first step to finding leaks.
- [10:38] Using credit cards and discriminately buying now and paying later is another big pitfall. A lot of people are using BNPL on top of credit cards.
- [12:04] You have to have a plan. Know your debts, know your interest rates. Where's the Gap where you can find extra savings?
- [13:30] Paying off your debt feels amazing.
- [14:58] Online budgeting software can make it easier.
- [16:00] Think of a budget as not being restricted but something that helps you accomplish what you want.
- [18:08] Once you write it down, you're dealing with reality.
- [20:11] The joy of spending your money proactively on what you want and cutting back on other things.
- [21:08] Finding savings by shopping for insurance yearly.
- [22:56] You can also save with a defensive driving course.
- [23:41] Look at subscriptions and bundling. Sign up with deals. Keep track of when you should cancel.
- [28:11] Bank loyalty will cost you money.
- [29:29] There are some highly competitive online savings accounts like CIT, Discover, and Ally.
- [31:29] Be sure the online bank you are doing business with is FDIC insured. Make sure you're dealing directly with the bank.
- [33:30] Tips for looking for legitimate investments. Simplicity trumps most things.
- [34:59] Building wealth slowly with average returns.
- [42:00] There are a lot of wealth building options open for people who aren't making a lot of money.
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