There’s a lot of crappy financial advice out there. Some sayings you might hear all the time and you’re not even sure where they even originated- maybe they’re more of a proverbial phrase. There are also bits of wisdom that might have been good at some point, but are now just outdated- it’s time to retire those old ways of thinking! And other phrases might just be broad blanket statements, but our financial landscape today requires a bit more nuance. We’re going to tackle some of these sayings and determine what we should and shouldn’t be doing with our money.
Additional Resources
- Emily and Joel are onboard with Kroger’s ClickList (now known as Grocery Pickup- whoa vanilla). In the meantime, Kate and I will maintain our allegiance to Aldi and will also contemplate if we should find new best friends…
- Our friend Carl has a great post on happiness we’d recommend checking out.
- While saving 10% is standard advice, we want to take it a step further: Save 20% with half going towards retirement in either a work matched 401k, HSA, or your own Roth IRA and then the other half going towards long term savings goals while it grows in a high interest savings account.
- Check out this blog post answering the common question, “Should I invest in a traditional or Roth IRA?“
- Previous episodes mentioned: Your House is an Awful Investment and Isn’t Stock Investing Risky?
- While Dave Ramsey has some wise words regarding money, we don’t agree with him when it comes to credit cards. There are serious benefits that come with using credit cards as a tool. Head to CardRatings where you can compare the benefits and learn how to apply to the best card for you.
During this episode we enjoyed a Golden Sabbath by Big Island Brewhaus- another big thanks to Cody in Hawaii for donating these beers to the show this week! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcastsor wherever you get your podcasts- we’d love to hear from you.
Best friends out!
In Episode 117, you gave favorite funds for Vanguard and Fidelity, but it seems like your general preference is leaning towards M1 Finance. Do you have favorite funds or a favorite “pie” at M1 Finance? Thanks!
Hey Tim! My pie is really basic, currently made up of 80% VTI, 10% VXUS, and 10% VNQ which is what I created when I first set up my account. For most folks, I think M1’s ‘Plan for Retirement’ pies are a great place to start- for ex. I’m looking at the 2060 Aggressive pie which is made up of 97% low cost Vanguard funds (total expense ration of .09%) and only 4% of the funds are in bonds (which is perfect for someone in the wealth accumulating/building phase). But don’t overthink it- as long as you’re widely diversified with low costs, it’s hard to screw it up!
Thanks for the response!