Posts tagged money lessons
Flushing money down the lavish loo at your wedding with the Debt Free Guys John Schneider and David Auten

John Schneider and David Auten went 40 percent over budget at their recent wedding- including a couple thousand dollars on a very fancy portable restroom known as the Lavish Loo. Looking back, they would have said I don’t to many of their expenses.

In John and David’s money story you will learn:

-How their wedding went 40% over budget

-Why they spent $2,000 on a fancy portable bathroom called the Lavish Loo

-Why they regret not waiting a little bit longer to get married

-The choices they would make differently in hindsight

In John and David’s money lesson you will learn:

-The importance of focusing on your own priorities for your wedding or special event not what is expected by friends and family

-How they leveraged their wedding spending to pay for their a good portion of their  honeymoon

In John and David’s every day money tip you will learn:

-How to use the strategy they call money chunking to make your budget feel larger

In my take you will learn:

-How to get things for free from vendors and party planners

-How better communication about expectations for sharing expenses can avoid misunderstandings. 

Episode Links

The Debt Free Guys website

Queer Money podcast

Follow the Debt Free Guys!

Instagram @debtfreeguys

Facebook DebtFree Guys

Twitter @DebtFreeGuys

The Lavish Loo

The Posh Potty

Come see the Debt Free Guys at The National Gay and Lesbian Chamber of Commerce Business and leadership conference in Philadelphia

Come see the Debt Free Guys at FinCon in Orlando!


Transcription

David Auten:
We had to pay a little bit extra to have some nice, they were called the Posh Potty, no the Lavish Loo. So we had some pretty fancy toilets at our wedding.

John Schneider:
The Lavish Loo was just under $2,000 for the one night.

David Auten:
We had it for three nights.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How To Be A Financial Grownup. And you know what? Being a grownup is really hard especially when it comes to money, but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey Financial Grownups, so everyone wants their weddings, their birthdays, special occasions to be remembered especially when they throw a big party. In the case of John Schneider and David Auten, also known as the Debt Free Guys, the big buzz at their wedding in addition to the overall joy of them tying the knot, was actually about the fancy porta potty. Which by the way was technically called The Lavish Loo.

Bobbi Rebell:
All right, just a minute here. A special welcome to our new listeners and welcome back to our regulars. We keep the episodes to about 15 minutes to fit your schedule. So if you have more time, we hear binging a few for a long drive or a commute works well. Think of it like flextime for podcast listeners.

Bobbi Rebell:
It would mean the world to us if you would subscribe and then go into settings and make sure that you are set up for auto downloads. That way, you won't miss any upcoming episodes. Automate your podcast like you automate your retirement savings. There you go. All right, let's get to John and David.

Bobbi Rebell:
So they just got married and they did go over budget on their wedding, but it wasn't just splurging on things like fancy porta potties, which they'll explain by the way. They kind of got into a pickle where they really had no choice about that. It was also kind of about being too busy to make the effort to watch those expenses and not asking the right questions in time to control the costs. Here are the Debt Free Guys.

Bobbi Rebell:
Hey Debt Free Guys. You guys are financial grownups. Welcome to the podcast.

John Schneider:
Thank you for having us. We're excited to be here.

David Auten:
Yes, thank you.

Bobbi Rebell:
Let me do one more formal introduction. First of all we have John Schneider. So say hello so people know your voice.

John Schneider:
Hello this is John Schneider.

Bobbi Rebell:
And David Auten.

David Auten:
Hi, this is David.

Bobbi Rebell:
All right and I am a huge fan of your website because so much of the advice applies to everyone even though you are out there talking about your sexual orientation. This is universal themes that you talk about, including the fact that you guys successfully paid and this is a big deal, $51,000 in credit card debt in just over two years. So first of all, congratulations on that.

John Schneider:
Thank you. That was very liberating. It was coming out of a closet with our finances.

David Auten:
Yes.

Bobbi Rebell:
And you also have been able to really leverage your successes into business opportunities and into productive ones that really help others to find a path that is right for them financially. So tell me about some of these partnerships that you've been able to put together that are spreading the word.

John Schneider:
Yeah exactly. We actually are excited to share that we just resigned with a Queer Money sponsor, which will be MassMutual. It'll be their second time sponsoring our podcast which is, not only does it help us put food on the table, but it helps us be able to promote and market our podcast and get it out to more people so we can help more people with the content that we create, both with ourselves and with our guests.

Bobbi Rebell:
I have to congratulate both of you. You both recently said, "I do." At your wedding.

John Schneider:
We did.

David Auten:
Absolutely.

Bobbi Rebell:
I saw amazingly beautiful photos. Everyone should go to your social media, which is all @debtfreeguys. We'll have more info at the end of the podcast on that. You said, "I do." But you also now wish you said, "I don't." To a bunch of stuff. Tell us your money story.

John Schneider:
Yeah. Hindsight's 20/20, right? And even though our entire life revolves around helping ourselves and other people with their money, we definitely have some big takeaways even just a month after our wedding.

David Auten:
Yeah.

John Schneider:
I think the biggest mistake that we made overall was that we have a lot going on in our lives. This year, we just sold our condo January 3rd of this year and then we had to move out, find a new apartment. We're trying to ramp up our business, we had the wedding, and then we've been planning for a couple of years to spend a month or so in Europe come the end of August. So we have just a lot going on right now and I don't know that it was the best time to plan a wedding because we weren't as focused and as diligent with the planning and most specifically, the expenses.

Bobbi Rebell:
So give us some examples.

John Schneider:
We first found the location that we wanted to have the wedding. It was a 40 acre ranch in the mountains of Colorado, kind of between Salida and Buena Vista. It was a beautiful ranch, beautiful location, the mountains were in the background. Wonderful. That's all we thought about when we saw the pictures on the website. Then we went and visited the ranch and it wasn't until after the fact that we realized all of the peripheral costs that came with having a wedding at that location.

John Schneider:
We had envisioned that we would be completely out in the open so that people could see the sky and the sunset and the moonrise. And we had learned that every now and then, they get some pretty heavy gusts of wind and that you ran a big risk of people eating dirt if you didn't have a tent there to protect yourselves in case there was some inclement weather.

David Auten:
Yeah.

David Auten:
I think one of the other things about having it at that ranch is we didn't realize, it being in a remote location, it's not on a sewer system that most people are familiar with using. So we actually had to have porta potties brought up, but of course we didn't want the kind of typical green or blue.

John Schneider:
That you see at the park.

David Auten:
Yeah the ones that everyone kind of their stomach turns when you think about them. So we had to pay a little bit extra to have some nice, they were called The Posh Potty or no, the Lavish Loo.

David Auten:
So we had some pretty fancy toilets at our wedding only because we needed to provide that and that did cost us a little extra.

Bobbi Rebell:
How much did they cost? How much does a posh potty cost?

John Schneider:
The Lavish Loo was just under $2,000 for the one night.

David Auten:
We had it for three nights.

Bobbi Rebell:
Which one did you go with? Did you go with The Lavish Loo or the Posh Potty?

John Schneider:
We went with The Lavish Loo and it was really fancy, in fact. We didn't realize how nice it was until after the wedding. That was one of the biggest talking points of the wedding. So we're like, "We have to check this out." There was a men's and women's side. They weren't gigantic, but they were big enough for one or two people they had air conditioning, there was music playing. They had plants inside. There was all sorts of air freshener and all the hand wash, soap. Everything that you could ever want.

John Schneider:
And one of the guys that was actually at the wedding he said he almost thought about sleeping in there that night because it was the coolest place to sleep in.

Bobbi Rebell:
So you did get good value at least from The Lavish Loo.

David Auten:
We did.

Bobbi Rebell:
All right things to everyone should make sure to put into your wedding budget. All right. What else surprised you? What about the traditional expenses? Were there things that you guys just didn't think ... Did you have a wedding planner or somebody guiding you? Did you make a budget in advance of the wedding? So you had a certain fixed amount that you were going to spend and kind of worked back from there and then had to drop things. What was going on here?

David Auten:
We did have a budget from the get go and we hired a wedding planner who was actually a friend of ours and specializes in doing same-sex weddings. And she was wonderful. She acted as a great resource. Not only as a guide to ... There were just things that we never thought of and would never have thought of had we tried to do this on our own. So that was very helpful. Plus she also had an inventory of resources like candle holders and plates and silverware and all that kind of stuff can really rack up your costs that she was willing to give us access to at no additional cost other than her fee.

David Auten:
So that was super helpful partly because we weren't paying enough attention to the management of the expenses. I think we maybe spent about 40% more than what we had originally budgeted.

Bobbi Rebell:
So 40% is a lot and it's clearly not just the $2,000 Lavish Loo.

John Schneider:
We specifically kept the size of the wedding down. So we invited mostly our very supportive friends.

Bobbi Rebell:
What was the guest list? How many people about?

David Auten:
We invited about 60, about 41 came I think was the final count.

Bobbi Rebell:
Okay. And what was your initial budget if you feel comfortable disclosing that?

David Auten:
My original in my mind was that this was going to cost us about $15,000. Like I said, we'd spent probably about 40% more so we did cross the $20,000 mark.

Bobbi Rebell:
Yeah and the $2,000 then I guess, as a portion of the wedding expense, you spent 10% of your budget on The Lavish Loo.

David Auten:
Right.

Bobbi Rebell:
That was a chunk.

John Schneider:
And I think another cost that we didn't manage appropriately was ... so we rented this ranch and it slept a total of 14 people, I believe. And only four of those were single beds. Our idea was that we would have our closest friends stay in the ranch with us and that they would help share in the cost of that. We were negligent at letting them know that in advance of making the offer to them and never asked for the money in advance or never asked for the money afterwards.

Bobbi Rebell:
What is the takeaway for our listeners?

David Auten:
I would definitely say give yourself the time to think about what it is that you truly want. What it is that you truly want, not what you want for your friends, not what you want for your family. What do you want your day to look like? That was one of the things that helped us save some money, but I think that having that extra amount of time to really think through all of the costs that are associated with it.

John Schneider:
In hindsight, even though it was more expensive than we expected it to be, I couldn't get over. I've been so excited about it. We only have so far half a dozen pictures from the wedding, but I look at them all the time. To me, it was just the most amazing week. And so, I think part of that was because we created what we wanted and not what everybody else wanted like David said.

David Auten:
We did find one way to actually get a benefit out of the amount of money that we spent. We opened up two new credit cards, used those credit cards exclusively for the wedding knowing we had the money to pay it off and because of that, we're getting five nights free hotel when we're on our honeymoon in Ireland.

Bobbi Rebell:
Well you guys are very good at budgeting and so let's move into your everyday money tip because that has to do with an interesting take you that I think will really help people get their heads wrapped around the different fluctuations in the cost of living.

David Auten:
Yeah so this is what I call money chunking. I kind of joke with John that this is something that he does regularly. He'll grab a pint of Ben & Jerry's and will eat the whole thing. And then throughout the week he's wishing he had ice cream.

Bobbi Rebell:
I can't imagine what that would be like.

John Schneider:
One pint is a serving. I don't care what anybody says. I don't believe [crosstalk 00:10:44].

Bobbi Rebell:
Or else it would be in two different containers, right?

John Schneider:
Thank you.

David Auten:
Right. So the idea with money chunking is I'm the kind of person who would eat a quarter of the pint and then put it back in the freezer, go and eat another quarter of the pint and put it back in the freezer. So that's kind of the idea with money chunking is that when you have an amount of money that you have set aside in your budget for something. Whether that's for the week or for a month, we often times have this tendency to think, "Okay I've got this amount of money." And then you go out and you blow it either the first day or maybe the second into your budget.

David Auten:
And then the rest of the time, whether it's the rest of the week or the rest of the month, you feel like you're sacrificing. You feel like you're not having fun. You feel like you're not able to actually do what it is that you enjoy in life.

David Auten:
When we money chunk, what we do is we'll take that amount of money. Let's say we have $50 for dining out for the week, we'll break that into a couple of pieces so that instead of just one time going out, we actually get to go out two or three times. So it allows us to spread our happiness over the whole budget rather than just those first two nights or first night.

Bobbi Rebell:
Love that. All right tell me what you guys are up to for the rest of 2018 and beyond.

John Schneider:
Right now we're super excited because we are joining a whole bunch of LGBT entrepreneurs in Philadelphia August 14th through the 17th at the National Gay and Lesbian Chamber of Commerce Business & Leadership Conference. That's our next event. Then we're going out of the country. We'll be in Ireland for a week followed by three weeks in Spain and that's predominantly for fun. Lik David said, it's our honeymoon. It's also a little bit to celebrate my birthday. But it's also we've created our entire business for the most part, everything that we do with our business other than public speaking, we can do from anywhere in the world.

John Schneider:
So we're trying to test to see how good we are at actually being in Spain near a beach and being able to focus a little bit on the business, but also focus a little bit on having some fun while we're abroad. Shortly after that, we'll be joining you at FinCon in Orlando.

Bobbi Rebell:
Very fun. And where can people learn more about you, follow you on social, and so on?

David Auten:
Sure. On almost every platform, we are @debtfreeguys so that's Facebook, Twitter, Instagram. We are @debtfreeguys. Our website is debtfreeguys.com and then on iTunes, our podcast is called Queer Money.

Bobbi Rebell:
And it is climbing up the charts as we speak. So congratulations on all your success.

John Schneider:
Thank you so much for having us on. We appreciate it.

David Auten:
Definitely. We appreciate it.

Bobbi Rebell:
Hey friends, as the guys mentioned, they will see me in Orlando at FinCon. We'd love to see some of my Financial Grownup friends there as well. I'm going to leave a link on how to find out more about FinCon in the show notes. That is at bobbirebell.com/podcast/debtfreeguys and be sure to DM me if you be there so we can connect in Florida.

Bobbi Rebell:
All right, here we go. Financial Grownup tip number one. Event planning on a budget 101. Ask for things that you might be able to get for free. So the guys, for example, got candle holders from their party planner. At my wedding, which was a Jewish wedding, the florist asked what we wanted on the chuppah. And the chuppah is basically a canopy that a couple stands under at a wedding and it represents a home.

Bobbi Rebell:
So many people have it constructed these days out of branches and flowers and they are beautiful and fantastic. And most ceremonies that this is used for run about half an hour. So you can spend thousands, you can spend infinite money on this. For me, it was just not that important. So I asked the synagogue if they had one that we could just borrow. And they did. They described it. It was a beautiful deep blue velvet with gold trim, Hebrew lettering and some other décor. It was simple, it was traditional. I loved it. And it was free.

Bobbi Rebell:
Also free basic linens for tables usually come with whoever you're working with, the place, the venue. Instead of going for a layer on top or bows on the chairs, just ask the florist to put aside the non-perfect flower petals or just extra flower petals that are falling off from whatever flower arrangement you have and then use those petals to sprinkle on those standard white tablecloths. And you can also do that, by the way, to dress up the cake. So those are some specific things that you can do.

Bobbi Rebell:
So pick something you're ambivalent about, not the things that you really care about, but the things that you're kind of like, "Eh, I don't care that much about the tablecloths." And see if someone can make that work for you for free.

Bobbi Rebell:
Financial Grownup tip number two. The biggest budget buster for the guys was so easy to avoid. When you invite guests to stay at the hotel, include the cost and make sure that they are opting in. In their case, since they did not say anything, their well-intentioned friends probably assumed that it just came with the wedding package and there was no additional costs. That's what I would think.

Bobbi Rebell:
I get the awkwardness of asking after the fact. One possible idea; have a close friend, a very close friend delicately call the people that you've invited to stay at the ranch and explain that you're shy about asking for the cash, but that paying for everyone to stay is not in the wedding couple's budget. Honestly, very few people expect to have the wedding couple pay for their hotel. You could even have your friend say that their wedding gift to the wedding couple could be staying at the hotel and absorbing your own costs and that no further gift is necessary.

Bobbi Rebell:
All right, let's connect. Please be in touch. DM me on social media. I want to hear from you guys and I want to hear what you think about the show, what you want to see more of. We're trying a lot of different things and we're getting great feedback. And I want your feedback.

Bobbi Rebell:
On Instagram, I am @bobbirebell1. On Twitter, @bobbirebell. And thanks to the Debt Free Guys for getting us all one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart and is a BRK Media production.

Chris Hogan chops the fat at the grocery store- and cashes in
Chris Hogan Instagram white border.png

Retire Inspired’s Chris Hogan had a taste for expensive food at the grocery store- and it was was thinning out his bank account. But when he saw the true cost of his weekly habit he quickly hit the brakes and kept the change. 

 

In Chris’ money story you will learn

-How Chris Hogan had money wake up call

-Why his spending was spiraling out of control

-How he curbed his grocery spending bill from $1500 a month to close to nothing

-How routine and habit was hurting his wallet

-The specific strategy Chris and his wife used to get back on track with their spending

-The crazy meals the Hogans had while cleaning out their food stash!

In Chris’ lesson you will learn

-Chris’s strategy to avoid mixing up wants and needs

-The importance of being intentional with how you spend your money

-How to curb spending even when you think you can afford it

-Chris’ saying: interest you pay is a penalty but interest you earn is a reward

-How to get debt out of your life

In Chris’ money tip you will learn

-Why he believes cash is the best tool to control spending

-How electronic payments can confuse you and cause you to spend more than you intend

In my take you will learn:

-While eating out can be a budget killer, eating at home can be expensive as well

-Be deliberate at the grocery store- have a list and don’t buy those impulse items!

-Don’t shop hungry

-Use apps like Grocery IQ and Grocery pal to help stay on track in the store and to plan better

-Avoid routine spends. But on purpose, and with purpose!

EPISODE LINKS

Chris Hogan’s website https://www.chrishogan360.com/

Chris Hogan’s book Retire Inspired

Chris Hogan’s podcast Retire inspired https://www.chrishogan360.com/podcast/

Chris Hogan’s Retirement calculator https://www.chrishogan360.com/riq/

Follow Chris!

Instagram @ChrisHogan360

Twitter @ChrisHogan360

Facebook https://www.facebook.com/chrishogan360/

 

Grocery apps to check out:

Grocery IQ

Grocery Pal

 

Here are some stories about Grocery apps:

 

8 apps that will save you real Money on Food- from Money

http://time.com/money/5095326/8-apps-that-will-save-you-real-money-on-food/

10 Best apps to save money on groceries 2018 from Frugal for Less

https://www.frugalforless.com/apps-to-save-money-on-groceries/

Best Grocery List apps article from best products;

https://www.bestproducts.com/eats/food/g1505/grocery-shopping-list-apps/

6 best grocery shopping list apps for iphone and ipad 2018 from appsdose

http://www.appsdose.com/2015/04/6-best-grocery-shopping-list-apps-for-iphone-ipad.html

7 Grocery List apps for iPhone and Android for best shopping experience

https://mashtips.com/best-grocery-list-app-iphone-android/

 

Transcription

Chris Hogan:
You would have thought I was getting ready for Y2K. I had food in the cupboards, the freezers. I had food everywhere, but yet I was still every Saturday morning going to the grocery store.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner Bobbi Rebell, author of How to be a Financial Grownup. You know what? Being a grownup is really hard especially when it comes to money, but it's okay. We're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey, friends. We talk a lot these days in our society about being mindful. I'm working hard about bringing that into my life in a consistent and intentional way, but we also need to talk about mindlessness especially when it comes to our every day spending. I love the story that Retire Inspired author and podcast Chris Hogan is about to share with us because of its brilliant simplicity. We need to hear this stuff and know that even the people we look up to when it comes to money have not always been the role models for money mindfulness. He became aware, and once he saw the numbers, change came. Chris Hogan, you are a financial grownup. Welcome to the podcast.

Chris Hogan:
Thank you. It's a pleasure to be with you.

Bobbi Rebell:
It's an honor to have you. I am such a fan of all that you do for people from Retire Inspired, the book, to your podcast, to all of your good teachings and advice. It is truly a privilege, and we thank you.

Chris Hogan:
Thank you. It's a pleasure to be with you.

Bobbi Rebell:
You have brought with you a money story about spending and the grocery store, which is something that people don't always realize what's going on there. Do tell.

Chris Hogan:
Bobbi, I had an issue. I wasn't being a grownup at this time.

Bobbi Rebell:
Oh no.

Chris Hogan:
This is back before I had kids. I'm now the proud father of three boys, but no kids, double income household. We were just getting started getting serious about where we were financially and what we were doing. I sat down and was looking at bank statements. I wanted to add up, I wanted to know where was my money going? Where was our money heading? I started adding up the different categories, the eating out, but the grocery bill. This was one that was jumping out at me. I thought, this can't be correct. I went another month back, and yeah, $1,200 a month on groceries, a family of two.

Bobbi Rebell:
What were you buying?

Chris Hogan:
Anything and everything, meats, cheeses, anything and everything at any time. Again, we had the money. We weren't hurting anybody. I went back a third month and added it up. It was like $1,500. I was like, "Okay, let's go back to the $1,200," and it was just too much. Then I started realizing something. I was making the grocery store rich, instead of me building my own wealth. That became my financial wake up call, so to speak. Literally, looking at this, we got intentional. We got on a budget, and we set up a dollar amount that we were going to spend on groceries. That was the taking control. I'll never forget, we looked at all the food that I stockpiled. You would have thought I was getting ready for Y2K. I had food in the cupboards, the freezers. I had food everywhere, but yet I was still every Saturday morning going to the grocery store. I realized something. I was shopping out of habit, not out of necessity.

Bobbi Rebell:
It sounds like it was part of your routine. That was your weekend routine.

Chris Hogan:
That's exactly right. It was the routine. Regardless if we needed anything or not, I was going and buying things because I could. Stepping back and really looking at that, we put some parameters in place. We set up a dollar amount that we were going to spend on groceries, but before we did that we ate the food that we had. I'll never forget, that was a grownup moment for us, really starting to take a stand because the $1,200 to $1,500 that was normally being spent in that month, we didn't spend it that month. We actually sent it toward our debt.

Bobbi Rebell:
The entire amount?

Chris Hogan:
The entire amount. We had $100 for groceries. We built the milk, and eggs, and things like that. The other stuff, we ate the things that we had. Now I'm not going to lie to you, Bobbi, we had some interesting meals. It was interesting. Ramen noodles with corn. We did some stuff, but we made a stand at that point financially that we were going to be in charge, and our habits weren't going to take charge of us.

Bobbi Rebell:
I want to ask you something. Earlier you said you could afford it, but then you said you were putting that money towards debt. You could afford it in terms of cash flow, but yet maybe you should not have been spending that, clearly, because you could have put it towards debt, so your perception of afford has changed.

Chris Hogan:
Absolutely, it did, because my math changed. Looking at debt, it was one of those things that at that time we rationalized it, because why? Everybody had credit card debt, everybody had a car payment. As you start to look at it, and you start to run the numbers, you understand interest that you pay is a penalty. Interest that you earn is a reward. When you start to learn real math, as I call it, you start to see debt for what it is. It's a threat, and it's a thief. You want to get it out of your life.

Bobbi Rebell:
What is the lesson from this for our listeners?

Chris Hogan:
I'd say, "Be intentional." It's the lesson of wants versus needs, and we can get confused. We can want something so bad that we feel like we need it, but I want us to be clear. Set spending limits for yourself. Understand what you normally spend, but let's put some dollar amounts on there of hey, here's what we're going to spend on groceries. This is what we're going to spend eating out. Now you start to construct that budget. It puts you in control, and then you don't have to feel regret.

Bobbi Rebell:
Let's move on to your money tip because this is one, I know what you're going to say. It's so brilliantly simple.

Chris Hogan:
Yes.

Bobbi Rebell:
What is your money tip for everyone that they can use right away?

Chris Hogan:
Right away, my money tip is this. Use cash. I know it sounds crazy, but I'm telling you, when you have cash, and you go into the grocery store with that dollar amount, it helps you stay aware, and it helps you stay in control. Now when they say the total amount is $85, and you count out $85 you are feeling the spending of the money as you're counting out those bills as opposed to with a debit card, the swipe, we don't feel the pain there. It's just this swipe. Now there's a chip, and all these things going on. It doesn't become spending until you balance your checking account. Use cash in those areas that you struggle in, whether it's eating out. Get an envelope, write eating out on it. Put a dollar amount in there each and every pay period. When the money is gone, you're done. It's this great reminder, and it keeps us aware of where we stand financially.

Bobbi Rebell:
All right, Chris. Thank you so much. I want to hear more quickly about what is going on with you, and what you are working on at Dave Ramsey Solutions and at Retire Inspired. Do tell.

Chris Hogan:
Yes. We launched Retire Inspired in 2016. I'm working on my second book that we're going to have ready and available for the public in 2019, but I'm traveling all over the country doing smart money events where we walk people through the baby steps. I'm also doing corporate events where I'm talking about money and leadership. They can go check me out at ChrisHogan360.com, look at the events page, and they can find out where I'm at and where I'm going to be.

Bobbi Rebell:
One my favorite things about what you do in your books, and I hope you have this in your next book, is that you really as you travel you get so many unique stories that are relatable, or sometimes hopefully they won't be relatable because some of them can be pretty scary, but I look forward to hearing more of those stories. In terms of social media, always Chris Hogan 360?

Chris Hogan:
Always, everything, on Facebook as well as Twitter, Instagram. @chrishogan360 is where I'm at.

Bobbi Rebell:
Okay, there was a lot there that I could relate to and have definitely been guilty of. This is a case where I am right in it with you guys. Financial Grownup Tip Number 1: We think of eating out in restaurants as a big expense that has to be watched, and it does, but you can also buy quite expensive items at the grocery store, and have some very pricey home cooked meals, or even worse as in the case of the Hogan household, some expensive food just sitting in the pantry and the freezer. You have to watch that bill. It seems so simple, but make a list when you go shopping and stick to it.

Bobbi Rebell:
You've heard this before, but I'm going to remind you. Don't shop hungry. It happens, I do it. I always buy more than I should and fall for the impulse items. I'm working on it, and you should too. There are a ton of apps that can help you to be more organized and save money when you shop for groceries. I'm going to put links to a few articles with suggestions in the show notes, but a couple to check out just here, Grocery IQ and Grocery Pal. You make your list, and the app will sort out and show you discounts including those for other brands of the same item. While it may seem like it's okay if you can afford it to spend that extra money at the grocery store, it's not always as okay as it seems. For example, in the Hogan's case, they realized that they could be using that money to pay down debt. They thought that they could afford it, but maybe not so much. If you don't have debt, wouldn't it be more fun to do something else with the money, or more smarter, to invest the money? Savings is a good thing.

Bobbi Rebell:
Financial Grownup Tip Number 2: Ditch the bad money habits that are just there because they're routine. Chris Hogan was shopping at the grocery every Saturday because it was Saturday. He did not need the food. In fact, he probably didn't have room for it at a certain point. This comes back to things like lattes. If you want one because you want one, and you can afford it, that's fine, but if you're just buying one every morning because that's your routine, think about it. Maybe you want to do something else some days.

Bobbi Rebell:
I want to thank all of you for your ratings and reviews on iTunes. It is making a huge difference in helping others discover our new podcast. I also want to thank Forbes for naming Financial Grownup one of the five podcasts that is getting it right. It was amazing to be getting that kind of recognition less than two months after we started this project. Keep spreading the word, friends, and keep in touch. I am on Twitter, @bobbirebell and on Instagram at bobbirebell1, on Facebook. Check me out under Bobbi Rebell and learn more about the show at, you're getting the theme here, bobbirebell.com/financialgrownuppodcast.

Bobbi Rebell:
Chris Hogan is pretty much as grown up as it gets. I loved his episode, and I hope you did too, and that it got us all one step closer to being financial grownups. Financial Grownup is edited and produced by Steve Stewart and is a BRK Media production.

Stacking Benjamins' Joe Saul-Sehy pays the price for wearing plastic shoes
JSS instagram white border.png

The popular podcast host fesses up to having been a cheapskate fashion victim early in his career- and how learning to dress better, literally made him wealthier. 

 

In Joe’s money story you will learn:

-Joe’s penny pinching philosophy- and how it backfired

-The impact of getting a gig on local tv

-Joe’s off-base take on how to develop trust in clients

 

In Joe’s lesson you will learn:

-The true cost of plastic shoes

-Why your co-workers may not tell you the truth

-How to avoid some of Joe’s mistakes

-How Joe invested in fixing his image problem, and increased his wealth

-Ways to get feedback on not just your career but also other aspects of your life

 

In Joe’s money tip you will learn:

-How to delegate one person to be the lead family financial manager

-What Joe refers to as ‘fantasyland'

-The one thing Joe does that avoids fighting about money in his family

-How to spot mistakes in your bills

 

In my take you will learn:

-The value of investing in your personal appearance

-What Kevin O’Leary had to say about investing in quality clothing and accessories

-How I have been burned by low quality purchases as fast fashion stores

-Why renting clothing can be a viable option that may work for your budget

-The importance of constantly upgrading your skills through education including online courses. 

 

Episode links:

Mint

Clarity Money

Moneylion

Udemy

Rent the Runway

 

Follow Joe Saul-Sehy!

 

Joe’s course How to legally cheat on your taxes

Joe’s money in the mornings show on facebook

Joe’s Facebook group

 

Money in the Morning podcast

Stacking Benjamins podcast

 

Twitter: @averagejoemoney

Facebook: Facebook.com/stackingbenjamins

The popular podcast host fesses up to having been a cheapskate fashion victim early in his career- and how learning to dress better, literally made him wealthier. 

 
The popular podcast host fesses up to having been a cheapskate fashion victim early in his career- and how learning to dress better, literally made him wealthier. In this Financial Grownup podcast episode we discuss the value of investing in your pe…

The popular podcast host fesses up to having been a cheapskate fashion victim early in his career- and how learning to dress better, literally made him wealthier. In this Financial Grownup podcast episode we discuss the value of investing in your personal appearance. #AppearanceTips #InvestInYourself

 

Transcription

Joe Saul-Sehy:
That changed my entire career. My career went from growing at an okay rate, to all the sudden growing by leaps and bounds because I looked the part.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner, Bobbi Rebell author of How To Be A Financial Grownup. You know what, being a grownup is really hard, especially when it comes to money. But it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson and then my take on how you can make it your own. We've got this.

Bobbi Rebell:
Hey friends. This episode is all about investing in yourself. Whether it comes to your wardrobe or your education as you hear and will hear more from our guest Joe Saul-Sehy is the host of the crazy popular award winning Stacking Benjamins podcast. I don't have time to list all of the awards it has won but they include Best Business Podcast from the Academy of Podcasters, and Best Finance Podcast by Kiplinger. They also win a lot of these Plutus Awards among others.

Bobbi Rebell:
You're going to really like Joe's story. If you're a good dresser you're going to feel validated for spending all that time, effort and money. If you're not such a good dresser, I hope you're going to get motivated. Here is Joe Saul-Sehy. Joe Saul-Sehy, you are a financial grownup. Welcome to the podcast.

Joe Saul-Sehy:
I can't believe I made it here. I must be a grownup if I made it here.

Bobbi Rebell:
You must, and you're up early these days. We're going to talk more about it later, but congratulations on the launch of Money In The Morning. It's awesome, and I love the music.

Joe Saul-Sehy:
Thank you. We picked it out just for you Bobbi. That's our whole thing, if we can win with Bobbi we win with everybody, so there we go.

Bobbi Rebell:
It's happy music.

Joe Saul-Sehy:
It is happy music, and I need happy music with coffee in the morning.

Bobbi Rebell:
You've evolved a lot in your grownup life, but there was a time, and we're leading into your money story here Joe, when you were a bit of a cheapskate. It wasn't just affecting you, it was really affecting your whole universe. Do tell.

Joe Saul-Sehy:
I was a financial planner for 16 years. During that time I was teaching people how to pinch pennies and cut corners where they could. I thought, "You know, I really should take my own advice." I learned a valuable lesson here because people come to see you and they expect a certain type of person, but at the time I didn't think about that. I thought, "You know what? I'm in my office all day. I'm never out of my office." When I am, I started doing a television gig in Detroit at WXYZ Channel Seven, go Detroit. Even when I did that, people didn't see my shoes. So I went from really nice shoes-

Bobbi Rebell:
Well people that were watching you on camera did not see your shoes.

Joe Saul-Sehy:
Right, right.

Bobbi Rebell:
To be clear.

Joe Saul-Sehy:
People watching me on television didn't see my shoes. People that I interfaced with on a daily basis, they did, and my clients did. So I went from these really nice shoes that I had to these plastic shoes. You know, the shoes that buy at-

Bobbi Rebell:
I don't know about plastic shoes Joe.

Joe Saul-Sehy:
Of course you don't. Like a Payless shoes. I would go there and I'd find these shoes that looked nice, but they looked like they were polished but they really were just plastic-y. For about a year, I for those. I dumbed down my suits, I wore cheaper ties. I thought, "People trust me, they like me. I don't need to spend a lot of money on this stuff." And then I realized that everything that I was doing was wrong one day, when I finally bought some new shoes and I went to my mentor's office, and the very first thing he said Bobbi, I walk in he said, "It's about time you got rid of those cheap shoes."

Joe Saul-Sehy:
I said, "What are you talking about? I've had those for a year. How come you didn't tell me?" He goes, "Well, I just thought you'd find out sooner or later by yourself." So I realized then that everyone notices. Then when I hired a firm to help me look better on TV, because I also-

Bobbi Rebell:
You hired someone.

Joe Saul-Sehy:
I had to.

Bobbi Rebell:
So now you're really investing.

Joe Saul-Sehy:
Yes. Yes, because I realized from the shoes, I realized I kind of have to invest in my career, and then I realized how bad everything was. The very first thing that the firm said that I hired, they said, "Well, we need to give you a big boy haircut." Because I was still wearing this haircut that I had from college, this is back when I had hair. They changed my look to be a more sophisticated haircut, to be shorter, to be more conservative, to look the part.

Joe Saul-Sehy:
They went with me shopping for clothes to show me how I could still spend less money on clothes, but I had to dress much more smart. I had to be trust ... and it's funny how that changed my entire career. My career went from growing at an okay rate, to all the sudden growing by leaps and bounds because I looked the part. I don't know about you Bobbi, I don't trust people who look too good, people that are dressed to the nines. For whatever reason I don't trust them, but that doesn't give you an excuse to not dress appropriately, and I guess even to widen it, to take responsibility for your career. We have to take responsibility for this thing that we call a career and make it our own?

Bobbi Rebell:
Expending on that, what is the lesson for our listeners from the story?

Joe Saul-Sehy:
I think the big lesson is don't wait for somebody else to give you this feedback about your career. Look in the mirror, and not just in the physical aspects like I was, but look in the mirror when it comes to your relationships with your family, with your relationship with money, with your relationship with your job. It's far easier, everybody wants to pinch pennies, it's far easier to go make a lot more money that it is to pinch pennies. It's funny, we might be able to save 50 cents or a dollar, but we could make $100 this week if we just looked outside ourself and went looking. I mean, there are so many job opportunities online, there are so many things to do. Look in the mirror and take responsibility for yourself was something that I learned that day that I try to teach other people now.

Bobbi Rebell:
And grow the top line.

Joe Saul-Sehy:
Grow the top line, amen.

Bobbi Rebell:
So give us a money tip, something personal that you and your family do that people can maybe make their own and do right away.

Joe Saul-Sehy:
I just said, focus on the top line Bobbi, but I also look at the bottom line. Because if we can stretch the difference between the two of those, then that's where we experience growth. In a lot of families what I noticed is that one person in the family, like you have a budgeting partner, a spouse, a significant other, one person usually knows where every dollar is, every dime is. The other person's in a place I refer to as fantasy land. They think they know, they have this general feeling, but they also know the other person's taking care of it.

Joe Saul-Sehy:
That's when fights begin. That's when bad things happen in a relationship, it's because the person in fantasy land all the sudden realizes the fantasy doesn't look the way they thought that it should have, so there ends up being friction. To avoid friction, something that Cheryl my spouse, and I implemented and that I like to teach people how to do, is just have a quick weekly meeting. Maybe 15 minutes over breakfast, or I prefer over wine.

Bobbi Rebell:
In the evening, not wine at breakfast.

Joe Saul-Sehy:
It's wine, iHop, you're probably [crosstalk 00:07:10]

Bobbi Rebell:
I mean, I'm not judging but you know.

Joe Saul-Sehy:
That's right, good for somebody but maybe not me. The thing I like about this weekly meeting though is it's quick, it's actually fun. We look through ... I use an app called Clarity Money but you can Mint, you can use MoneyLion. There's lots of apps out there. You could even just use a spreadsheet or look through, go to your bank website and take a look at what expenses you had. It's very easy, here's the way we do it. We look through all the upcoming expenses. What are we going to spend money on in the next week? We talk through that. Then the second thing we do is we look at the previous week's expenses and we see if there were any mistakes on any of our bills. What's funny is, we find so many mistakes. It's horrifying how many-

Bobbi Rebell:
And they're never in your favor.

Joe Saul-Sehy:
They never ever ... It's amazing that none of them ... Yeah, isn't that shocking. Yeah, business is always taking from me. And then also look for recurring expenses that you don't need anymore. I found just a couple weeks ago that there's been a recurring meeting, because we miss meetings from time to time and I must have missed it the last two years in a row. There's a Norton subscription that I've had for the last two years that I don't have hooked up to anything. That's a $100 a year for this subscription. It was really ... Luckily I caught it. I was able to get back this year, I can't go back and get the year before that, but have that money refunded to me.

Bobbi Rebell:
That's a good thing.

Joe Saul-Sehy:
Yeah, which also is cool. But the best thing is, Cheryl and I now go through the week and we know where the dollars are going to be spent. If things change we've got this open line of communication. I've got to tell you, it's so fun. The weekly meeting is so fun.

Bobbi Rebell:
Good. And you know what's really fun? Is spending less on your taxes. I have a CFP, but I have to tell you, especially because I got the CFP before the new tax law was passed. I find it a little bit overwhelming, but you have out that can help a little bit.

Joe Saul-Sehy:
Yeah. Thanks for mentioning this, because we were going to call this, Bobbi, we were going to call it Understanding The Tax Form, but that sounds so boring. It just sounds so-

Bobbi Rebell:
I would want that. I would do that one, but maybe not other people.

Joe Saul-Sehy:
[crosstalk 00:09:10] Yeah, you and I are money nerds so that's great. But here's what somebody did with me, this is the genesis of the course. I thought taxes were kind of mystical and I would ask people, "Can I write this off? Is this something that maybe I can take advantage of? Is this taxable? Is this not taxable? How does it all work?" Somebody sat down with me and walk through the 1040 and how the 1040 works, and then the itemized deductions page and how that works.

Joe Saul-Sehy:
Once I knew that, and what's cool is it's only three pages, once we walked through that I totally then could see what I could write off, what I couldn't write off, where my opportunities might be, how my retirement plan fit into the big picture, what the downsides might be in the future, what tax problems I might have in the future. We call the course How To Legally Cheat On Your Taxes, and it is a lot of fun. It's a do at your own pace course. It teaches you how taxes work. You can do two things. Number one, put Humpty Dumpty together, like right now during tax season.

Bobbi Rebell:
Yes, it's coming.

Joe Saul-Sehy:
Put things together- Yeah, put things together in a way that helps. But that's not where the magic is. I think the real magic is doing things through the year so that when you're trying to put Humpty Dumpty together next year, you're able to do that much, much better because you knew how taxes worked going in. I think that the powerful thing. That's the reason we created it, was to try to get people that same leg up that I got.

Bobbi Rebell:
I love that. Where can people find that? And where can people find you? I know Facebook in the morning, it's fascinating people. You can him do Money In The Mornings on Facebook and you can see how everything is made.

Joe Saul-Sehy:
It's so-

Bobbi Rebell:
Including the bloopers.

Joe Saul-Sehy:
Yeah. I was going to say, it's so uncomfortable because ... and I did it live on Facebook to try to force myself to do ... We talked earlier about taking responsibility for your career. One thing I do, I'm a natural stutterer, and do try to get around stuttering-

Bobbi Rebell:
What?

Joe Saul-Sehy:
Yes, and to make myself more natural on camera and try to get used to that. I started doing these daily Facebook Lives and say, "You know what, we're going to do this show without a net." So Money In The Morning is without a net, five days a week, wherever you're listening to this show. We just do two quick headlines. It's live, and man sometimes bad stuff happens. Which I think some people listen to it just to hear the car wreck.

Bobbi Rebell:
That's the best part.

Joe Saul-Sehy:
Right, right. Just to hear some of the bad stuff that sometimes happens, because you can't take it back if it's live.

Bobbi Rebell:
I know. All right, so where can people find you and the course and everything?

Joe Saul-Sehy:
Yeah, yeah. That's wherever you listen to this podcast, is where you can find Money In The Morning or Stacking Benjamins, our main show. The course is at learn.stackingbenjamins.com, that course, and we have a couple others, Save 50% Of Your Income and a quick hit course on your benefits package, so when you are going through open enrollment every year. Just a very quick, like, "What do I need to remember while I'm doing my open enrollment?"

Bobbi Rebell:
Cool. Where can people find you social media before we go?

Joe Saul-Sehy:
I am @AverageJoeMoney on Twitter, stop by and say hi. On Facebook it's facebook.com/istackbenjamins.

Bobbi Rebell:
Joe Saul-Sehy, thank you so much.

Joe Saul-Sehy:
Thanks Bobbi. This was so fun. I'm so happy that I'm finally a grownup.

Bobbi Rebell:
You are. Congratulations Joe. Here is my take on what Joe had to say. Financial Grownup tip number one, wear quality clothing. This is something that previous guests Kevin O'Leary touched on as well with respect especially to his mother. Not only is it important to look your best in business, but you often come out financially ahead.

Bobbi Rebell:
I get tempted like everyone by the fast fashion places. I always get burned. I buy a sweater for 20 bucks, it looks identical to the one for 200 in the department store, so I think I'm really smart. But then, after a couple of wearings, it's trash. I'm going to let you guys in on an open secret. Notice that I said wear quality clothing. I did not say buy. If you come see me speak, I am often wearing a very expensive designer dress that I don't own. It's rented. The designer handbag I'm carrying, you got it, probably rented. That way I get the benefits of always showing up in a well made dress without having to constantly invest in buying expensive clothing.

Bobbi Rebell:
Financial Grownup tip number two, always keep learning. Joe talked about education, so whatever interests you or will further your career, get better at it. If you work for a big company, always find out what they will pay for. My first employer, CNBC, paid for my CFP classes. There are also incredible online resources from LinkedIn to Udemy, even Investopedia has great online classes. In fact many top universities are putting their classes online and you can often audit them for free. Make yourself smarter, it will probably pay off for you financially, but you'll also probably enjoy it.

Bobbi Rebell:
Thank you all for your support and feedback. I truly appreciate everyone who has subscribed, rated, reviewed and shared the podcast. It's amazing. Please, follow me on social media @BobbiRebell on Twitter, @BobbiRebell1 on Instagram. Go to my website, sign up for my newsletter so I can keep everyone posted on everything going on with the show. I hope you enjoyed Joe's story and that we all got one step closer to being financial grownups.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is edited and produced by [Steve Stuart 00:14:28] and is a BRK Media production.

Babies and bringing home the Bacon with Kickass Single Mom Emma Johnson
Emma Johnson Instagram white frame new.png

Emma Johnson, Author of The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self and Raise Fabulous Happy Children and the force behind the Wealthy Single Mommy website shares the dramatic story of how a tragic accident led to the end of her marriage.

Then, after a total financial collapse with two children in tow, she turned it all around while building a multi-six figure self-driven business. 

In Emma’s money story you will learn:

-How her so-called perfect life came unraveled with one phone call

-How Emma became financially independent after her divorce

-Emma’s money strategy for single parents

-How to find your inner strength as a single parent

-How Emma changed her mental focus and made $100,000 freelance writing

 

In Emma’s lesson you will learn:

-Her inspiring advice for single parents

-How to balance commitment to marriage and financial independence

-The importance of supporting other single parents

 

In Emma’s money tip you will learn:

-How to value all that you have

-How gratitude can help you be financially secure

-Balancing need and wants using gratitude

 

In my take you will learn:

-The importance of having a backup plan for life

-The best things you can do to support the single parents in your life

-Why hiring single parents can be a great business strategy

Episode Links

The Kickass Single Mom book

NY Post article on Emma Johnson

The Doctors featuring Emma Johnson

Fox and Friends

Emma’s Like a Mother podcast

Emma’s blog WealthySingleMommy.com

 

Follow Emma Johnson!

Twitter @johnsonemma

Facebook: WealthySingleMommy

Instagram @WealthySingleMommy

 
Emma Johnson, Author of The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self and Raise Fabulous Happy Children and the force behind the Wealthy Single Mommy website shares the dramatic story of how a tragic accident led to …

Emma Johnson, Author of The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self and Raise Fabulous Happy Children and the force behind the Wealthy Single Mommy website shares the dramatic story of how a tragic accident led to the end of her marriage. In this Financial Grownup podcast episode Emma shares how she became financially independent after her divorce. #FinancialIndependence #FinancialFreedom #Author

 

Transcription

Emma Johnson:
He fell off of a cliff on a tiny island where they had no medical service and suffered a traumatic brain injury, and he was like, "You need to get on the next plane to Athens," and I had a nursing baby and I was on the plane. It was like real life. That set off the next ten years of my life.

Bobbi Rebell:
You're listening to Financial Grownup with me, certified financial planner, Bobbi Rebell, author of How to Be a Financial Grownup. But you know what? Being a grownup is really hard, especially when it comes to money, but it's okay. We're gonna get there together. I'm gonna bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey, friends. Before we start this episode, I just want to thank all of you who have been sending in good wishes and supporting the show by subscribing and rating and reviewing on iTunes. It truly means so much to me, and all your help spreading the word is amazing. Okay, let's talk about today's guest. We all think that it is just not gonna happen to us because we work hard, we put together the perfect life, but then sometimes something out of our control happens and our life changes forever, sometimes in an instant. In the case of my guest, it was her husband literally falling off a cliff that put her perfect life into a tailspin.

Bobbi Rebell:
Her story will at first shock you and then inspire you. Emma Johnson is the author of the best-selling book, The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self, and Raise Fabulous, Happy Children. I love the book so much. You can even see my endorsement right on the back cover of the book, so check it out. You may also know her website, wealthysinglemommy.com. Now, I am not a single mom, but I have to tell you, her advice is truly universal. It is about owning your decisions and being financially self-sufficient. That's for everyone. True story: when I needed career advice, Emma was at the top of my list. She gets it done. She knows what she's talking about. Here is Emma Johnson. Emma Johnson, financial grownup, welcome to the show.

Emma Johnson:
Hey, hey, Bobbi. Glad to be here.

Bobbi Rebell:
So, what is up for 2018, my dear?

Emma Johnson:
Oh, my gosh. Well, I had came off of 2017 where I watched my book, The Kickass Single Mom-

Bobbi Rebell:
Best seller, by the way.

Emma Johnson:
Best seller, and it was named by the New York Post as a must-read, and I was on The Doctors and I was on Fox & Friends and it was all really exciting. It was a very, very, very exciting year.

Bobbi Rebell:
Did you lose count of media hits? You were everywhere.

Emma Johnson:
Yeah, we did close to 200. That's pretty awesome.

Bobbi Rebell:
Oh, my gosh.

Emma Johnson:
So, it was very fun. It was very exciting and glamorous. I will not lie. And now I'm still pushing out the book, but it's onto new things. I'm actually talking to my agent this week about next book deal and pushing out what I do, which is really kind of grounded in my blog, Wealthy Single Mommy, where, as you know Bobbi, I talk about money, career, dating, sex and parenting for single moms.

Bobbi Rebell:
Which brings us to the money story that you have brought to share. It's a doozy.

Emma Johnson:
Yeah, it is. I always tell the kind of skeleton version because it is still so painful. For all practical purposes, I was a stay-at-home mom. I've always been a writer, journalist. I did a little freelance writing when I had my baby, and I was married. I was married to a nice person, and he made good money, and I was like, oh, this is the dream. I've got the nice guy and got the nice money. I got the nice apartment. I got the beautiful kid. And compared to growing up with a broke single mom myself, I was like, oh, I did it. I won. I won life.

Bobbi Rebell:
It'll never happen to you.

Emma Johnson:
Yeah. I was like 31 years old, like it's all good. Check, life. I did it. And (bleep) happens, and (bleep) totally happened to my family. My husband was working in Greece, and he literally fell off of a cliff. He fell off of a cliff on a tiny island where they had no medical service and suffered a traumatic brain injury. I got a call from his boss, and he was like, "You need to get on the next plane to Athens," and I had a nursing baby and I was on the plane. It was like real life. That set off the next ten years of my life now ... well, eight years. He miraculously survived. And fast forward to today, I can tell you that it was a success story. I mean, he's still struggling, but back to work. He's a full time dad. But it immediately completely destabilized our marriage.

Emma Johnson:
Next thing you know I'm pregnant again. I own that one. I own that pregnancy. And I had a baby, a completely destabilized husband, and I was totally financially dependent on him. I could just see it. I could see the whole thing. I didn't know what was happening. It was this time of complete lack of control and turmoil, but I'm like, okay, this is gonna be on me. I'm gonna have to run this whole show by myself. I just knew that. What ended up happening, we split up, and now two tiny babies. And I had gotten some nice house support for about a year. But the whole time I'm like, okay, I'm gonna take this while it's coming, but I know it's not gonna last.

Emma Johnson:
Looking back, I don't know. You know what? There's ... whether it's a higher being or an inner strength, but people have it, women definitely have it, and moms 100% have that thing, that killer instinct where it's like, "I'm making this (bleep) work." I did, and I just started making money, and I paid my bills. I took care of my kids. I put them in childcare full time, and I still spent time with them. I was like I am not missing out on this amazing time with these babies. I remember the year before I had my daughter, the second year into my freelance writing business, I was like I'm gonna make $100,000 this year. This was ten years ago, and I did it. I was making-

Bobbi Rebell:
That's a lot of money, freelance writing.

Emma Johnson:
It was, and it was just my second year in business, and then I was like, oh, wow. I started to realize how I had chosen, unconsciously, unconsciously, to hold myself back professionally and financially during my marriage because my husband ... he's progressive, liberal, feminist person, change-all-the-diapers, get in the ... He was that guy, but he was also the other guy. He's southern European and he's macho. He pulled out the chair for me at the restaurant. He was a macho dude in a lot of ways that I liked a lot. I chose that, and he chose that, and we had this unconscious, unspoken agreement between us, which was he was gonna be the man, and I was going to be the woman, and that part of that agreement meant that I would always earn less.

Emma Johnson:
When I started making more money, and it wasn't so hard and it wasn't so long, and he was saying those things about how he liked the idea of me being dependent on him, and I was like you know what? I had held myself back, and (bleep) that. I am blowing this out of the water. It was very humbling to me because I thought I knew myself, I thought I knew him, I thought I was aware. And I was ... Remember, I was making goof money. It wasn't like I was a fully dependent stay-at-home wife from the minute I met him. It was all these very subtle ways that women, I had come to understand, do hold ourselves back because it's hard. We want to be married, and we want to be engaged with men and in love and committed, but we also want to be successful and live our full selves, and that's painful. It's hard, and we're working that out. We are working that out.

Bobbi Rebell:
So, Emma, what is the lesson that you want to share?

Emma Johnson:
Just go for it because you will never be your full self until you are financially independent, and that doesn't mean you can't be in a partnership and that you have collective investments and a collective life, but knowing that you can always leave, knowing that you can always take care of yourself and your babies without anybody else, without your parents, without a man, without the government. That you can do it on your own is power that you will never experience any other way. If you're there, own it and love it and pull other women up with you. Maybe you're not quite there yet, but recognize in yourself that that is important.

Bobbi Rebell:
So, give us a money tip, something that you use in your everyday life, something very specific that everyone can incorporate in their lives right now.

Emma Johnson:
Gratitude. Make it part of the fabric of your life. You're eating something; people don't have something to eat. Your apartment is warm when it's freezing outside. You have babies that you can hug and cuddle when other people are dying to have a baby and they can't. You are so blessed and grateful, and if you are constantly feeling that and recognizing it, it's almost impossible to buy frivolous things or overspend or take for granted your money because you are so grateful and a really responsible steward of your money.

Bobbi Rebell:
That's really good advice because we all tend to focus, I know I'm certainly guilty of this, of what we want, what we feel we need, and need is very discretionary. What we perceive as a need ... We really have first world problems here. We don't need to go to Whole Foods for another grocery shopping trip or whatever. We're good. I have heat in my apartment. My children are healthy. My husband's healthy. We're all good, so we all have to have a little more gratitude. Thank you so much.

Emma Johnson:
Thank you. This is wonderful.

Bobbi Rebell:
Okay, friends, here's my take on what Emma had to say. Financial grownup tip number one: have a life plan B. We all have visions of whatever we think we want. In Emma's case, it was a traditional family where the man makes more money and the women earn less. But life is, as we know, super messy. We listen to stories like Emma's and we sympathize. But I'm telling you, very few newlyweds out there think this could happen to them. Whatever they perceive as their ideal, we all believe we're gonna get there and hopefully we all will, but unexpected things happen, not just a divorce, but even a spouse losing a job. Things happen. You suddenly have to be the one driving the family income when you don't expect it, and, again, that could even be gender neutral, so important to be paying attention. You should not spend your life, of course, dwelling on that. You should live your life, but it can happen.

Bobbi Rebell:
I remember I was engaged in my twenties hearing that a friend of a friend was getting divorced. She'd only been married a couple of years, and I could thought, oh, that can never happen to me. And then you know what? It did. I was divorced by age 30. I didn't have kids, but it was still pretty unexpected and pretty complicated. It changed my whole view on the fact that I now needed to know that even if I wasn't always the primary breadwinner, it was something that could happen and I needed to have a plan. Now, that plan can be a step up in your earnings. It can also be being able to know that you can downsize or shift resources, maybe move to a less expensive area, whatever. But don't believe that it will never happen to you. It can happen. Live your life, though. Don't obsess.

Bobbi Rebell:
Financial grownup tip number two: reach out to your single mom or dad friends and offer to help in some way. Maybe babysit their kids while they're going on a job interview, or need to get some work done for a client or for their job, or just so they could have a little break. You could set them up on a date, maybe treat them to a day out, whether it's a spa day, going to a show, or a basketball game. Whatever they're into, whatever you're into. Just reach out. Include them in a dinner party, even if everyone else is a couple, or just call and ask how they are, how you can help them out. If you are an employer, consider hiring a single mom or dad. They are going to be incredibly efficient and hard working employees. You will get amazing value by having them on your team. We are all in this together.

Bobbi Rebell:
And single moms, if you are one of the few that have not already read Emma's book, please check it out. Kickass Single Mom. It is amazing; complete with my blurb on the back cover. And, of course, check out her website, wealthysinglemommy.com. She also has a Facebook group that is flourishing and a tremendous resource. Thank you all for listening to this latest episode of the Financial Grownup Podcast. The support we have been getting has been the best. I am so excited to keep bringing you stories and lessons from my financial grownup guests. If you like the show, please subscribe, take a moment to rate and review the show. Anywhere is good, but the best place for people to discover us is through Apple Podcasts or iTunes ratings and reviews. Those really help. And please consider telling your friends and sharing on social media as well. I always love hearing Emma's advice. I hope you did too, and that we all got one step closer to being financial grownups. Financial Grownup with Bobbi Rebell is edited and produced by Steve Stewart, and is a BRK Media production.

NBC Today show Financial Editor Jean Chatzky on how much to charge for your work
Jean Chatzky instagram.png

This episode with Her Money podcast host and Today Show financial editor Jean Chatzky is about getting the most value for your work. 

In Jean’s money story you will learn

  • the impact her divorce had on her financial strategy

  • how the loss of her dad changed her perspective on money

  • the loss of her job and the career change that followed

  • how to assess your financial needs, especially your savings goals

  • how focusing on her money created emotional and psychological security

  • her  post-divorce college savings plan pivot

 

In Jean’s lesson you will learn:

  • how to evaluate your financial needs at different life stages

  • which professional advisors she has used at key points in her life

  • how to know what to charge clients for your professional services or products

  • why and how she shares information about pricing

 

In her money tip you will learn:

  • the power of automatic savings

  • mental accounting and why it works for her

  • using different pools of money for different goals

  • guilt free spending

 

In my take you will learn:

  • my advice on knowing your worth in the market

  • why socializing and making friends in person and online is key to growing your business

  • Why you must choose clients that value your work

  • How to deal with clients that lowball you on price

  • How to grow low paying clients into higher paying ones

Links related to this episode

The Today Show

Jean Chatzky

Her Money with Jean Chatzky

Stacy Tisdale

 
 
This Financial Grownup episode with Her Money podcast host and Today Show financial editor, Jean Chatzky, is about getting the most value for your work. We also discuss how to assess your savings goals and how to know what to charge clients for your…

This Financial Grownup episode with Her Money podcast host and Today Show financial editor, Jean Chatzky, is about getting the most value for your work. We also discuss how to assess your savings goals and how to know what to charge clients for your professional services or products. #SavingsPlan #ChargeYourWorth #Author

 

Transcription

Jean Chatzky:
We were talking about how much we charge for speeches and creating content for various people and various companies. In the last year, I've become much more conscious of sharing these kinds of numbers with people in my circle, because this is the way we are all going to get paid more.

Bobbi Rebell:
You're listening to Financial Grownup, with me, certified financial planner, Bobbi Rebell, author of How to be a Financial Grownup. And you know what? Being a grownup is really hard, especially when it comes to money. But it's okay, we're going to get there together. I'm going to bring you one money story from a financial grownup, one lesson, and then my take on how you can make it your own. We've got this.

Bobbi Rebell:
That was NBC today show financial editor Jean Chatzky, host of the Her Money podcast, and author of countless bestselling books, most recently Age Proof. The clip is part of the lesson that she will share with us, in just a few minutes, about getting paid more. But first, we are going to start with her money story, which has to do with a rocky time in Jean's life, and how she found financial security. Here is Jean Chatzky.

Bobbi Rebell:
Jean Chatzky, financial grownup, welcome to the program.

Jean Chatzky:
Thank you Bobbi, so happy to be here.

Bobbi Rebell:
Yes, and happy 2018, and happy almost 100 episodes of Her Money. Congratulations.

Jean Chatzky:
Thank you, and congratulations on the launch of this podcast, I think it's so much fun.

Bobbi Rebell:
Thank you, it's been quite a year. I remember I think my second time ever as a guest was on Her Money, so it holds a very special place in my heart, and it's really just wonderful content that you're bringing to people, so thank you for that.

Jean Chatzky:
Sure.

Bobbi Rebell:
And everyone of course should check out Her Money.

Bobbi Rebell:
But you have brought with you a really important and compelling money story. Do tell.

Jean Chatzky:
I feel like I was thrust into the real world of financial grownups when I got divorced.

Bobbi Rebell:
And how old were you?

Jean Chatzky:
I was about 40. I mean that's when it hit, and it hit at a time when a lot of things hit. I lost my dad, who had been sick for a while. I got fired from Money Magazine, I mean they didn't actually say fired, but that's what happens when you get laid off. I had to take a whole new look at my life, knowing that I was going to be doing it on my own, knowing that I was going to be a freelancer rather than an employee, starting a business, maybe hiring my own employees.

Bobbi Rebell:
Which you have now.

Jean Chatzky:
Which I have now. And all of it caused me to really take a hard look at the inflows and outflows of money, at what I really needed. And most importantly, at what I needed to meet my savings goals, because when I got divorced, I started saving money like crazy, because nothing else made me feel as safe, and I was not feeling particularly safe in the world at that point.

Jean Chatzky:
And so it took the form of doing everything from buying a smaller house than I could really afford, and just shoving more money every single month into savings, to starting new college accounts for my kids, because the plan that my ex-husband and I had about how we were going to pay off the mortgage and then use that money to pay for college had gone out the window, to really taking a closer look at all of the bills every single month, and seeing what was not necessary.

Bobbi Rebell:
And you weren't doing that before?

Jean Chatzky:
I was doing it, but I wasn't doing it in such a diligent and type A way. I was saving up to the guidelines that I give people, but I just wanted to do more. That's what made me feel safe, was not shoes in the closet, it was just money in the bank.

Jean Chatzky:
So my lesson is a little bit different from that story, but no matter what stage you're at in life, we all need help. And I think asking for help, which I did during that period in my life, from financial advisors, from lawyers, from estate planners, from friends who had been through it before me. We've got to ask for help to figure out how to chart the right course at the right time.

Jean Chatzky:
And I thought about this lesson because I had lunch yesterday with Stacey Tisdale, who is another financial expert/journalist/colleague, who you should absolutely have on this show.

Bobbi Rebell:
Absolutely.

Jean Chatzky:
And we were talking about how much we charge for speeches and creating content for various people and various companies. In the last year, I've become much more conscious of sharing these kinds of numbers with people in my circle, because this is the way we are all going to get paid more. And doing this feels to me like we are really helping each other.

Bobbi Rebell:
Give me a money tip, something that you are using yourself, with your family, that is really making a difference, that people can implement right now.

Jean Chatzky:
Going back to what I told you about saving like a crazy person around the time of my divorce, I save automatically for every goal, even the small ones.

Bobbi Rebell:
Do you separate different accounts you mean?

Jean Chatzky:
I separate. I am a huge believer in mental accounting for which Richard Thaler just won a Nobel prize. I find when you have different pools of money for different things, it's easier to reach your goals. I've got a big trip coming up, I've got that money isolated. I'm saving ahead of time, and it means I will not be looking at big credit card bills that I don't have money to pay off, after that trip happens.

Bobbi Rebell:
And it also takes away the guilt of feeling like maybe I shouldn't treat myself to this trip, because the money is there for that.

Jean Chatzky:
Absolutely. And it doesn't matter if it's a trip, or a handbag, or a spa weekend, or college. Just knowing this is the job that this money has been set aside to do is really, really helpful.

Bobbi Rebell:
Great advice, thank you Jean Chatzky.

Jean Chatzky:
Sure.

Bobbi Rebell:
I love that advice about pricing. Information is power when it comes to pricing your services, especially as we seem to move more and more into the gig economy, not to mention side hustles.

Bobbi Rebell:
So I'm going to just expand on Jean's great advice about knowing what you're worth in the market and getting it. Financial grownup tip number one, get social. Think of others in your field not as the competition, but as your teammates, your allies. Spend time with your people. This can be in person, like Jean does, or even online. There are countless groups these days, especially for example on Facebook, where you can ask people specifically what do they charge?

Bobbi Rebell:
They may not say it publicly in the App itself, but a lot of people are willing to DM you with some actual numbers and helpful tips about what you can and should be charging.

Bobbi Rebell:
Financial grownup tip number two, do not work with clients that don't value your work, aka don't pay you enough. Good clients want you to stay in business, that can't happen if you are in a race to the bottom with price. If someone does not want to pay the right price to work with you, odds are this is not the last argument you're going to have with them. If they truly have a budget that is still too small, see if you can limit the scope of what you're doing. If you believe they're going to grow into a client that can eventually afford you, make a judgment call. But make it clear that you are working below rate, and that the numbers are unsustainable and need to grow when their business grows.

Bobbi Rebell:
If it really can't work, consider referring them out to someone who does work with people with smaller budgets. They will appreciate it.

Bobbi Rebell:
Thank you all for listening to this episode of Financial Grownup. We are loving all the amazing feedback. Please subscribe, share, rate, review. It matters, and is truly appreciated.

Bobbi Rebell:
Financial Grownup with Bobbi Rebell is a BRK media production.

The investing secret Shark Tank's Kevin O'Leary's mom kept from him
Kevin O'Leary Instagram.png

Shark Tank’s Kevin O’Leary shares a story about his mother and a secret he learned about after she passed away. The Entrepreneur, who is also behind O’Shares and O’Leary Ventures  reveals in the story how his mothers choices informed his investing style, which is heavily focused on dividends. 

He goes on to discuss the two types of investments his mother chose, including her thinking and mindset in making those choices. 

O'Leary also talks about the importance of the tax changes and why that is something that will benefit investors who follow his strategy. 

In his money tip Kevin explains how people who can’t save can find the money to get on track. He also reveals another lesson from his mother that was a bit surprise. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich. 

O'Leary talks about an app that he launched  called Beanstox that allows investors to buy small dollar amounts of ETF’s and market-leading stocks. It gets people into investing without having to commit large amounts of capital up-front. 

Links to things mentioned in this episode

  • Kevin O’Leary’s financial literacy books the Cold Hard Truth series can be found here. 

  • His app to start investing can be found at Beanstox

  • To learn more about the companies he backs as well as his wine business and more, go to O’LEARY VENTURES

  • Kevin also talked about his ETF business O'Shares

  • In his story about his mom he spoke about Chanel and Gucci

Books I recommended in the episode: 

 

I also mention Fincon which is a fantastic conference for anyone who creates content about money. 

 
Kevin O'Leary explains how people who can’t save can find the money to get on track. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich and how you can save 10% even when you're living paycheck to …

Kevin O'Leary explains how people who can’t save can find the money to get on track. O'Leary also shares his 90 day money test that he does with his wealthy friends to help them stay rich and how you can save 10% even when you're living paycheck to paycheck. #SaveMoney #MoneySavingTips

 

Transcription

Kevin O'Leary:
The executor called me and said, "Look, your mother has kept a secret account from both of your husbands her whole life, you should come here because you're not going to be executor of this".

Bobbi Rebell:
You're listening to Financial Grown Up, with me, Certified Financial Planner, Bobbi Rebell, author of How To Be A Financial Grown Up, and you know what, being the grown up is really hard, especially when it comes to money. But it's okay, we're gonna get there together. I'm gonna bring you one money story from a financial grown up, one lesson, and then my take on how you can make it your own. We got this.

Bobbi Rebell:
Hey friends, welcome to this edition of Financial Grown Up, and for those of you who have not guessed yet, yes that was the voice of Kevin O'Leary, aka Mr. Wonderful on Shark Tank. He is going to join us in just a moment to share a story about a secret, a financial lesson secret that he learned from his mother only after she passed away. It is a great story and it's gonna change your whole mindset about how you think about investing, so stick with me here. I just want to do a quick introduction to Kevin, tell you guys a little bit more about him for the maybe one or two people out there that don't know exactly who Kevin O'Leary is.

Bobbi Rebell:
He is a serial entrepreneur. He's got his own ventures including an investment company that focuses on dividend ETS. He also is in the wine business and of course, O'Leary Venture supports all the Shark Tank companies that he's invested in. Recent success of note, Plated, which he sold for a cool 300 million dollars. He's also got a really interesting app I want you guys to hear about and you will hear about it in just a moment. Here is Kevin O'Leary.

Bobbi Rebell:
Kevin O'Leary you are a financial grown up and I'm so excited you are on the podcast. Welcome.

Kevin O'Leary:
Great to be here. Thank you so much.

Bobbi Rebell:
And you are, of course, so special in my heart because you are such an advocate for financial literacy. You make it part of everything that you do, including your entrepreneurial ventures. Before we get to the financial grown up moment that you're gonna share with us, I do wanna have you tell us more about the app Beanstox. Tell us about Beanstox.

Kevin O'Leary:
You know, for the last few years I've been teaching at colleges and high schools and I've just been stunned by the fact that we teach young people in America pretty well everything about math and reading, geography, even sex education, but we never talk to them about financial literacy. We never teach them how to invest, and even when I teach graduating cohorts of engineers at places like MIT, Harvard, Notre Dame, Temple, I'm blown away that these young people going off in the workforce have never bought a stock or bonds.

Kevin O'Leary:
So, the genesis of Beanstox, and I've spelt it B-E-A-N-S-T-O-X, is an app. You download it and it allows you to buy fractional shares of your favorite stocks or exchange traded funds, which means if you only have $2 to invest, or $5, or $10 or whatever you've got, you can actually own a real share and learn about how the prices go up and down, when dividends get paid, and just to build a diversified portfolio. I find when you do that on your mobile device, you actually watch it every day. Some people go on 10 times a day, and I've just been thrilled.

Kevin O'Leary:
Hundreds of thousands of them have been downloaded now. People have set up accounts, even if they only put in 50 bucks a month, it's great to start investing because the truth about America is the average salary is $52,000 a year, and if you started investing just 10% of your income at the age of 22, by the time you're 65, if the markets do what they have done for the last 50 years, which is give you six to seven percent a year of return, you'll have 1.2 million dollars sitting in the bank for-

Bobbi Rebell:
Very nice, all right, everybody check out Beanstox now. I'm really excited for you to share your financial grown up moment money story because my mom passed away a few years ago and it's, in some ways, only in retrospect that I learned some really important lessons from her, and you learned a big lesson from your mom at that time.

Kevin O'Leary:
Yes, when she passed away, I was the older son. I'm two years older than my brother, so the executer called me and said, "Look, your mother's kept a secret account from both of her husbands her whole life, you should come here because you're now gonna be the executor of this" and when I got there, I was blown away. I mean she ... I had always wondered how she'd provided for my brother and I, her sisters, and her extended family. She always seemed to have money, and what she had done is she had done exactly that.

Kevin O'Leary:
She had put aside more than 10% of her paycheck when she was a young woman, and she invested in two types of securities. 50% of this portfolio were in large cap dividend paying stocks, and the other half were in Telco bonds, five to seven year bonds and her thinking was that nobody would ever let their phone be disconnected by not paying their bill, so she trusted Telco Company, and this portfolio, over 50 years, outperformed everybody else in the family's, so I did some research.

Kevin O'Leary:
It really changed my mind forever about investing. 70% of the returns of the stock market over the last 50 years have come from dividends, not capital appreciation, so I never buy a stock today that doesn't pay a dividend. I learned that from my mother, and her whole mantra was never spend the principle, only the interest. She was so right about that.

Bobbi Rebell:
And it's interesting because that really did inform your whole approach to investing and your whole business, when it comes to your ETF business.

Kevin O'Leary:
Yes. O'Shares is build around her philosophy. We don't have a single security in any of our O'Shares funds, including the new midcap one OUSM. The reason I'm really intrigued with midcap stocks in America today, the ones that pay dividends, is because of this tax reform. They used to pay 36% tax, now they pay 21, so their cash flows this year are going to grow up by 15 to 20% more free cash. And if you look at the Russell 2,000, which is the universe of all the small companies in America, 339 are profitable and pay tax, and they're all captured in OUSM.

Bobbi Rebell:
Wow, all right so, what is the take away lesson from that story? Do you wish, for example, that you talked to your mom more about her money philosophy and what she was doing?

Kevin O'Leary:
Basically the take away story is this. When you start saving, there's two aspects to your saving. There's the principal, the money you're putting away, and then there's the interest you make off the principal, or the dividends you get if you bought a stock. What she basically said was it's okay to spend and live off the dividends and interest, but it's not okay to spend the principal, because once you spend the principal, you never get it back.

Kevin O'Leary:
The principal is what makes the money for you, so that philosophy is, you live off interest, you live off dividends, and that's how you monetize your lifestyle, but you never dip in to your principal. Some people say, well I really wanna buy a boat, I wanna buy a bigger house, I wanna buy something and I can't because I don't make enough, and they spend their principal. That always ends badly.

Bobbi Rebell:
Wow, all right. Your mom was definitely a financial grown up and certainly we appreciate you sharing what she taught you.

Bobbi Rebell:
Before you go, give us a money tip for our listeners. Something that you do that maybe they can emulate that can make a difference in their financial wellbeing right now. Something they can implement today.

Kevin O'Leary:
I've learned this years and years ago, and again taught to by my mother. When you go out every day, the whole world is designed to take money from you. That's how they market and tell you to buy this or get a new latte or buy new jeans or a new pair of shoes. Every time you get tempted to buy something, and I do this even to this day, I ask myself, do I really need this thing, do I really need it because when I take it, I take my cash and I buy it, I'm basically killing those dollars in terms of them making me interest or dividends because I bought those shoes or I bought those pants or I bought whatever it was.

Kevin O'Leary:
People say to me, well I can't save 10% of my salary. I'm living paycheck to paycheck, and I always remind them what my mother said, yes you can. You buy so much crap that you don't need and anybody can look in their closet and look at all the stuff they don't wear anymore. The shoes they don't wear or the junk they bought, and so I've really, really learned, buy really good things once in a while. And I'll tell you the anecdotal story.

Kevin O'Leary:
When my mother passed away, the women in my family fought like cats or dogs because all her clothes were Channel and Gucci and really good stuff that she kept for decades, but she didn't buy any crap, and that was her lesson to me. Buy a good suit. Buy a great pair of shoes, but don't buy a bunch of junk. That way you feel good about what you own, but you save a lot of money, and I've been able to cut my spending by a ton because I don't buy crap, and because she taught me that.

Kevin O'Leary:
Even wealthy people I work with, I do this special test with them, I say get a piece of paper, just two sheets, you don't need any technology.

Bobbi Rebell:
Oh no.

Kevin O'Leary:
And write down all of the things you make money from in 90 days, and all the money you spend in 90 days, and even really wealthy people outspend their income, and they learned sobering basis. That's my lesson. Do your 90 day test, but don't buy crap. You don't need it.

Bobbi Rebell:
Thank you so much Kevin O'Leary. It was such a pleasure having you. We will all keep tuning in to Shark Tank and all your other ventures, thank you.

Kevin O'Leary:
Take care.

Bobbi Rebell:
I always love talking with Kevin O'Leary, he's an amazing advocate for financial literacy and such an inspiration. Here is my take and it probably won't surprise you guys. Financial grown up tip number one, talk to your parents about money, and yes, get their advice, but also try to get them to open up about what they did right and also, just as important, what they would have done differently. Get them to share their financial grown up moments, their money stories. When we're kids, our parents often shelter us from what is really going on behind the scenes in our daily lives.

Bobbi Rebell:
For example, I remember as a teenager, my family moved into a bigger and newer house. Now, I didn't think that much about it, when I saw my mom putting towels over the windows. It was a little weird, but you know parents can be weird. What I learned later on was that they had really stretched to buy the house, and they were waiting, holding off to buy the window coverings, so my mom was basically making due with what she had, and really, it was just fine, no big deal.

Bobbi Rebell:
All right, financial grown up tip number two, if and when you have kids, make a plan for how you want them to learn about money. There is no right or wrong plan here, every kid has different ways of learning and every family has different things that are right for them. Find out what works for you guys.

Bobbi Rebell:
Some resources though, I am a big fan of a book called The Opposite Of Spoiled by Ron Lieber. Another classic to check out, Smart Money, Smart Kids by Dave Ramsey and Rachel Cruise, and finally, Make Your Kid A Money Genius by Beth Kobliner. Check them out. And, for fun, I was recently gifted a book at FinCon by Scott Allen Turner called Money A To Z. It was a lot of fun to read with my child, and of course, don't shy away from business stories for kids, especially as they get older.

Bobbi Rebell:
Harry is now 10 and we are reading about Steve Jobs. The actual book title if you guys wanna check it out is Steve Jobs The Man Who Thought Different. It is by Karen Blumenthal. It's opening up a lot of discussions about funding a start up and all the different things that go into a business. It's also interesting to read about Steve Jobs and all of his personal quirks, so I will leave it to you guys to see if you wanna read that book with your children or just check it out yourself.

Bobbi Rebell:
Thank you all for listening to Financial Grown Up. We are new and we need your support. Please subscribe to this podcast and then of course, be sure to rate and review it on iTunes and especially please share this with your friends. And until next time, I am wishing all of you financial freedom.

Bobbi Rebell:
Financial Grown Up with Bobbi Rebell is a BRK Media production.