We’re kicking off the week by answering listener questions! And if you have a question that you’d like for us to answer on the show, we’d love for you to submit your own via HowToMoney.com/ask , send us your voice memo. Regardless of how random or bizarre you might think it is, we want to hear it!

  1. How detailed should we get with our monthly budget – should we break out individual items on receipts?
  2. What kind of pre-tax-post-tax balance should I strike when contributing to retirement accounts?
  3. Should I seek higher returns by investing more into my side business?
  4. For my retirement – should I continue building up towards my state pension or switch to a 401k with a match?
  5. Is it a good idea to tap equity in my current home for a down payment on an investment property?
  • Consumption – Seriously, get a load of these fancy fridges. Would this be your craft beer equivalent?
  • Budgeting – Start a budget, or at the very least begin tracking with YNAB or Mint.
    • And it can be a really great idea to figure out how little it would take to live on with a bare bones budget, especially if you happen to have a variable income.
    • As we’ve talked about before, here’s a stripped down template of our family’s budget in Excel. It may not make sense for some, but I hope it can get most started down the right path! (once you’re in Google Drive, click: File -> download to get the file on your computer). The best budget is the one can stick with.
  • Investing – And of course we touched on investing during this episode- listen back to how we invest our money with brokerage houses like Fidelity, M1 Finance, and Vanguard.
    • Head to TreasuryDirect.gov and snag you some i bonds paying close to double digits!
    • If you happen to be a employed by a school or non-profit and you have a 403b, then head to 403bwise.org to learn the specifics so you can determine if you have a good one or not.
  • Extra cash – And regardless of where you are on the path to financial independence, we believe in the responsible use of credit cards. It’s smart to utilize the additional benefits that credit cards offer- for instance the 60,000 points that come with the Chase Sapphire Preferred Card. That’s $750 when you redeem through Chase Ultimate Rewards! This is no joke- I’ve already done this myself which we discussed on a recent episode after I met the initial spending requirements of $4,000 over 3 months!

During this episode we enjoyed a Taras Boulba by Brasserie De La Senne! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!

* Advertiser Disclosure: How to Money has partnered with CardRatings for our coverage of credit card products. How to Money and CardRatings may receive a commission from card issuers.
* User Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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