3 dumb things smart people do with their money

• How to avoid taking advice from the wrong people- and how to find the right trusted sources.

• How to protect yourself from identity theft, and avoid doing the dumb things that make you vulnerable.

• How to both avoid spending money on the wrong insurance, and how to know what insurance you do need. Plus how to adjust your insurance as you go through different life stages as a financial grownup.

Episode Links:

• Jill’s book Dumb Things Smart People Do With Their Money

• Website - Jill on Money

• Jill on Money podcast

Follow Jill!

• Twitter - @JillonMoney

• Facebook - @JillonMoney

• Instagram - @JillonMoney

• LinkedIn - @JillonMoney

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Bobbi reveals her favorite new money books, and how to know if they are right for you. This month’s picks include The 30-day Money Cleanse by Ashley Feinstein Gerstley, Financial Freedom by Grant Sabatier and A Very Public Offering by Stephan Paternot.

Here are 3 money books that I truly enjoyed

• The Money Cleanse by Ashley Gerstley

  • Ashley's Financial Grownup episode

• Financial Freedom by Grant Sabatier

  • Grant's Financial Grownup episode

• A Very Public Offering by Stephan Paternot

  • Stephan's Financial Grownup episode

Be sure to listen to the episode to learn if the book is for you or not

Episode Links:

• Ashley's website - The Fiscal Femme

• Grant's website - Millennial Money

• Stephan's website - Slated

Here are 3 must read money books that I truly enjoyed. All three authors have been on the Financial Grownup podcast. #Authors #MoneyBooks #Money

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

The secret to getting the most free money in the form of scholarships is in knowing the systems to use and the shortest, most efficient path to success. Jocelyn Paonita Pearson, creator of the Scholarship System joins Bobbi to talk specific strategies to get the most dollars to pay for your education or that of those you care about, without wasting time on dead ends.

Here are 3 tips for scholarship success

• Dedicate a certain day to work on scholarships

• Efficiency - apply all the way through the college and tweak your story that is working

• Don't make excuses - there is money out there for for all gpa's and low income - Still apply - read criteria

Episode Links:

• Free webinar

• Facebook

• The Scholarship System

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

There are lots of money challenges with living abroad starting with just how do you even manage your money? Do you need to open a foreign bank account? Tess Wicks joins Bobbi from Italy to co-host this Financial Grownup Guide

3 Money Tips for Living Abroad

• Depending on your plans and the country you are traveling to, make sure you are legally allowed to be there

• Why it's so important to know what the financial requirements are to move to another country

• Why it's not only important to understand the currency conversion, but also to also find a credit card that has zero transaction fees

Episode Links:

• Wander Wealthy

• Day in the life with Tess on Instagram

In this Financial Grownup podcast episode we talk about the 3 money tips for living abroad. #LivingAbroadForAYear #LivingAbroadTips

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Pet insurance is expensive and can be a tough decision for pet owners.

We discuss some of the most important things to consider when making the decision about that special member of your family.

Some of the pros include:

• Having a financial safety net when owning a pet so you can keep your financial goals on track.

• Pet insurance is evolving in similar ways to human insurance and is including options like alternative medicine and other unexpected wellness and healing benefits.

• Some plans now offer insurance that even protects owner’s vacation in the event of a sick pet.

• The emotional benefits to owners of having pet insurance

• Insurance takes finances out of the decision making process if a pet is seriously ill, allowing owners to be more proactive with early testing

• While rare, at least one provider offers insurance for exotic pets as well.

Cons to having pet insurance

• The costs can be very high, and still have high deductibles

• Many plans do not cover wellness and routine visits

Episode Links:

Here are some of the sources mentioned in the podcast along with more resources to learn about pet insurance!

https://www.caninejournal.com/is-pet-insurance-worth-it/

https://www.thebalance.com/best-pet-insurances-4169714

https://www.caninejournal.com/pet-insurance-comparison/

https://www.avma.org/public/PetCare/Pages/pet-insurance.aspx

https://www.thesimpledollar.com/best-pet-insurance/

https://www.doughroller.net/insurance/best-pet-insurance/

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Big cities have a lot to offer- but can be expensive. Co-host Grant Sabatier, creator of Millennnial Money and author of the new book “Financial Freedom. A Proven Path to All the Money You Will Ever Need” recently moved to New York City despite the costs. He shares his three biggest tips to making it work for your financial grownup money goals, and still live life to the fullest.

Here are 3 tips for expensive city living

• How you can plan for the big fixed expenses

• Why you should balance the convenience of prepped vs non-prepped items

• The importance of getting out of the city

Episode Links:

• Blinkist - The app I’m loving right now. Please use our link to support the show and get a free trial.

• Grant's book - Financial Freedom: A Proven Path to All the Money You Will Ever Need

• Check out the book trailer here

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

2018 was the worst year for investing in a decade. For 2019 here are three strategies to feel more in control of your investments, and stay on course for your goals-  even if the markets continue their wild ride. 

Here are 3 investing strategies for 2019

• Why it's important to focus on what you can control

• What Dollar Cost Averaging is and why it's helpful

• Why you might want to consider Dividend Stocks

Episode Links:

Kevin 'O'Leary's Financial Grownup podcast episode

Learn more about the cost of investing and how it can impact your returns:

Here is a piece from one of my favorite resources Investopedia

And one from The Balance on Index funds and why they are a great low cost option.

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Taxes are never fun but millions of Americans may pay less for 2018. David Rae CFP® joins Bobbi for a breakdown of what changes matter and specific things Financial Grownups can do to make sure they are on track for when it is time to turn in their returns this spring. 

Here are 5 tips for year end tax planning

• Max out your retirement accounts

• Set up the Right Retirement Plan for your business

• Strategically Bunch your Tax Deductions

• Consider Doner-Advised Funds

• Tax-Loss Harvesting

Technology can’t really be unplugged, so the best solution is the make it work for us as Humans. Back to Human author Dan Schawbel joins Bobbi Rebell as co-host on this special Financial Grownup Guide. They discuss 5 specific actionable tips to using technology to enhance and humanize the role of our devices in our daily lives. 

• Specific ways to eliminate tech driven distractions

• How to manage devices and stay focused in meetings

• How to use apps to learn and then control your time online.

• How to most effectively use video conferencing

• The best ways to delegate unwanted tasks to technology so you can focus on being more human

Episode Links:

Dan's book Back to Human

Dan's book Promote Yourself and Me 2.0

Dan’s podcast 5 Questions with Dan Schawbel

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

Transcription

Bobbi Rebell:
Financial Grownup Guide, five ways to make technology more human, with special guest cohost, Back to Human author, Dan Schawbel.

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 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:
Hi everyone, welcome to a new Financial Grownup Guide. These are short episodes meant to give us all some actionable life tips to be a little bit more grownup. If you are looking for what we now call classic episodes with money stories and everyday money tips from high achievers, they drop on Mondays and Thursdays. We have a library of over 100 and growing. So do check them out.

Bobbi Rebell:
Let's talk about technology. So many of us are feeling tech overload these days. At first, I had the idea to do a list of tips for unplugging. But you know what? I'm not sure if that's the best thing, or ever realistic. What we really need to do is just make technology work for us. So I recruited Dan Schawbel, he literally wrote a book about this called Back to Human, to get some tips about how we can get our technology to help us be a little more human.

Bobbi Rebell:
Hey Dan Schawbel, thanks for co-hosting this special episode with me.

Dan Schawbel:
So happy to be here with you.

Bobbi Rebell:
This is the thing Dan, we need to learn to make tech more human in the new year because we cannot get rid of technology. We're over that whole concept. But yet we have to make it work for us as humans because of course you are the author of Back to Human. So you're here to guide us. So thanks for joining me.

Dan Schawbel:
Happy to be here as your cohost.

Bobbi Rebell:
Tell us more about why this topic is so important to you, you basically wrote ... that's a lot of what the book Back to Human is.

Dan Schawbel:
Yeah. Technology has created the illusion of connection when in reality, our overuse and misuse of it has created a sense of isolation, loneliness, disengagement and lower team and organizational commitment. The way the workplace has changed now versus years ago is more people working remote, a third of the global workforce does. Yet 2/3 are disengaged. And you can be isolated in a physical space whether it's a corporate office. You can be isolated in the subway in New York City, where we both live, you can be isolated while you're walking down the street because people are looking and spending more time on devices than they are looking at a human being. And so I think this is important because as an introvert, as someone whose built a lot of connections digitally, I realize that it was very isolating and that the best way to use technology is to use it as a bridge to human connection. Let it get you to physical spaces, but be attentive, be respectful, and focus on the human to human communication because those relationships are what are gonna matter for you for the rest of your life.

Bobbi Rebell:
But also, I love that you're also realistic, that we can't completely unplug. It is what it is.

Dan Schawbel:
It is what it is. I think it's how, when, and where you use it. I interviewed 100 top young leaders and they say technology is a double-edged sword. It can be good or bad. And I think texting's someone that there's a meeting in five minutes or 10 minutes is appropriate but if you're in an argument with your coworker that's not gonna be solved through text and it's actually gonna make it worse.

Bobbi Rebell:
Alright. So Dan you brought with you five ways that we can make tech more human. Number one, eliminate distractions in your workplace, technology distractions.

Dan Schawbel:
Yeah. By watching TV, by having your iPad out, by looking at a laptop, if you're always doing that all day you're gonna feel trapped, you're gonna feel isolated from those around you. So be smart about what's in front of you and make sure that you take breaks because otherwise if you don't have a tech detox it's gonna be bad for your health and relationships.

Bobbi Rebell:
And I love that you pointed out take breaks because so many workspaces now have screens all around us, whether it's television, with programming and content going on, or screens that just have corporate messaging. We screens everywhere. Not to mention our own devices, our phone, our iPad, our computer. So you make a great point that we need to walk away a little.

Dan Schawbel:
Everyone needs a break. Especially in today's society, everyone's always on. Not having your phone is the new vacation, the average work week in America is 47 hours a week but people bring their devices home with them and on weekends. So we're just overworked, we're burned out and that's why there's a whole backlash now globally on hours work. Finland, UK they're fighting for four day work week. In France they have the right to disconnect. In Japan, every citizen gets Monday mornings off. So we're-

Bobbi Rebell:
Really?

Dan Schawbel:
The technology's made us always work and now all these countries are saying, hey we need to do something about this. This is bad for the population's health.

Bobbi Rebell:
And your second tip actually goes to that point because not only are the devices encroaching on our personal time, they're encroaching on our meeting time because you'll be in a meeting and people are sometimes sitting there kind of looking at you but also on their screens. Which is like why bother even having this meeting? So what's your second tip?

Dan Schawbel:
Put your devices in the middle of the table when you're in a meeting. People send an average of five texts within a meeting. And so they're not being respectful for the people who are speaking, they're unable to collaborate, and I think it's part of the reason why meetings are dysfunctional and they last too long because people are physically there but not mentally, emotionally there. And so they're unable to contribute, collaborate, and it's not only disrespectful but what's the point in even being in the meeting in the first place if you're texting and emailing people who aren't even at that meeting?

Bobbi Rebell:
Dan, number three, so apropo, because there's so many apps on our phones that are distracting us but we actually have some apps that can do some good.

Dan Schawbel:
Yeah. The best way to take stock of how you're spending your time using technology is to use Moment app or rescuetime.com and they'll help you better understand how you're spending your time on apps and websites. And if you see that you're spending too much time on a certain app or a website, it's an indicator that you might wanna reallocate that time to more personal communication.

Bobbi Rebell:
And one way to be a little more personal in your communication, but also use technology, and this is number four, you wanna talk to us about video conferencing, because you can get a lot more from that. It's not the same as in person but it's a step in the right direction, right?

Dan Schawbel:
That's one of the great inventions of the past few decades is video conferencing because most communication is nonverbal and video conferencing allows you to not just hear someone but actually see them and how they express their emotions. And as a result you feel like you have a stronger relationship with them and you can better understand the message they're trying to get across.

Bobbi Rebell:
I think my favorite of your five tips is this one, the final one, which has to to do with using technology for the things that you can really outsource and technology is better at.

Dan Schawbel:
Let technology remove the work that you don't even wanna do. All that routine work, like making sure that you and your coworker or friend are going to the same event or birthday party, conference room at the same time so that you can be more thoughtful about the time you're spending with them when you're at that event, when you're in the conference room or celebrating someone's birthday party. And so I think that calendars and chat box and some of these newer technologies can remove the logistical work from what you have to do on a daily basis so you can spend more time doing the face to face.

Bobbi Rebell:
All good tips. Thank you so much Dan. And the final tip, of course, is to read your book, Back to Human because it has so many more incredibly ways to optimize the way that you interact with technology so it's actually supporting your life goals and making your life better and not having all of these negative effects that so many of us are fighting back against. So thank you Dan.

Dan Schawbel:
Thank you.

Bobbi Rebell:
Thanks everyone for joining us. Make sure to subscribe so you don't miss anymore upcoming Financial Grownup Guides. I am very excited about some of the ones that we have planned and be in touch on Instagram at BobbiRebell1 on twitter at BobbiRebell, and of course you can always email us, we are at hello@financialgrownup.com so glad you joined us in investing in getting a little bit closer to being financial grownups.

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

HSA's, aka Health Savings Accounts are getting a lot of buzz - because they can be awesome. Here is the Financial Grownup Guide to 10 things you need to know to find out if HSA’s are right for you. 

Here are the 10 things you must know about them and why you need to find out asap if they are right for you.

1. What are they. Health savings accounts are tax advantaged savings accounts- that means you put in pre-tax money- that can be used to pay for medical related expenses. 

2. Love paying no taxes- how much can I put in? That changes every year. For 2019 you can put in up to $3500- and families can put in up to $7000. If you are over 50 you can do a catch up of an additional $1000. 

3. What kinds of things can I use it for? Generally the things you would get re-imbursed for by insurance once you use up the deductible- so NOT the bi-weekly premiums you are paying but YES to doctor visit you went to or a medication that wasn’t reimbursed because, you have a high deductible that you haven’t met yet.  

4. Am I eligible? You have to have - another acronym here- an HDHP- that is a High Deductible Health Plan. That is defined by the IRS as a deductible of $1350 for an individual and $2700 for a family. You also have to have some hefty out of picket amounts: $6,750 for individuals and $13,500 for families. You also can’t have another medical plan. You can’t be enrolled in Medicare. And you can’t be a dependent on someone else’s tax return. 

5. How do I actually set it up- this can be done through your employer- right along with the health care plan- which is usually a good idea because some companies will also put money into the account for you- and we all love ‘free’ money. According to Mercer the average company contributes almost $700. That money is not included in your gross income.  it can also be set up at some financial institutions. 

6. What does it cost: Many financial institutions do charge fees but they are often waived if you can maintain a minimum balance. I will leave some links in the show notes of great articles that rank financial institutions by things like fee structure from places like Morningstar and the College Investor- which is run by financial grownup Robert Farrington- you guys should make sure to check out his great episode. Also with financial institutions you can put in after tax money - and then deduct it from your income.

7. What if I don’t use it all?  This is my # favorite fact about HSA’s - you get to keep the money. it’s your money. So it rolls over until forever. Even if you later GO on medicare and can’t contribute, you can use it to pay premiums there. So good. BY the way- FSA- flexible spending- it is use it or lose it at the end of the year - big difference here. 

8. What if I leave my job? No worries- HSA’s are portable.

9. Explain the investing thing. The money is invested and the earnings, assuming they are used for eligible medical expenses, remain tax free. 

10. What’s the catch? The big catch is that if you think you are going to have big medical expenses, or you won’t have the cash to actually save and fund the HSA- you might want to consider a lower deduct-able health plan- it’s safer and you won’t get hit so hard with high medical bills. You can still do the flexible spending account.. 

EPISODE LINKS

Here are some resources to find out more about fees associated with HSA’s

https://www.morningstar.com/blog/2018/11/27/hsa-spending-account.html

https://www.morningstar.com/blog/2018/11/12/top-hsa-providers.html

https://thecollegeinvestor.com/22222/best-hsa/

https://www.nytimes.com/2017/07/07/your-money/health-savings-accounts-morningstar.html

https://www.doughroller.net/insurance/health/the-best-hsa-accounts/

Check out The College Investors’ Robert Farrington’s episode

Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you. All opinions remain my own.

The holidays are full of good cheer and great shopping deals. But it is also a great opportunity for scammers who prey on distracted consumers who often have their guard down. Adam Levin, author of “Swiped: How to Protect Yourself in a World Full of Scammers, Phishers, and Identity Thieves” and the founder of Cyber Scout, joins the show to share the best ways to make sure no one steals the fun out of the season. 

If you have put aside money in a flexible spending account- either for health related expenses or tied to child care, the clock is ticking. But there are tons of ways to use the cash- and many you may not even know about.

Episode Links:

Wal-Mart FSA store

Amazon FSA store

CVS FSA store 

For many companies it is that time of year: open enrollment. The short often  only 2-week window you make big choices about your company’s benefit plan that you are stuck with, in most cases, for a full year. 

Episode Links:

IRS.Gov

Healthcare.Gov

Medicare.gov

Special guest co-host millennial personal finance author, speaker and entrepreneur Stefanie O’Connell joins Bobbi to talk smart financial moves to make before the New Year. Bobbi and Stefanie also take a listener question on how to lower the interest rate on a credit card before a big purchase.