All Things Money – Answering Your Financial Questions with My Husband, John! | Business with Purpose Podcast EP. 310
All Things Money – Answering Your Financial Questions with My Husband, John! | Business with Purpose Podcast EP. 310
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Todayās show is an extremely requested episode. My husband, John, is a financial advisor and is here to answer all your money questions. Many of you have emailed and DMed me asking for this episode, so letās jump into it.
3:11 ā Why take financial advice from John?
- John is a financial advisor and owns a media company, Third Wheel Media.
- He migrated from journalism to interviewing financial advisors. He decided to do the job himself.
5:45 ā Johnās financial lessons
- Both of Johnās grandfathers were good with money but in different ways.Ā
- One grandfather was good at earning money by selling candy for a living. He was also a good investor.
- His other grandfather was good at not spending money. He didnāt make much money but he was a good saver and sent his kids to college.
8:39 ā Johnās first house
- John bought his first house at age 25 and put 20% down.Ā
11:20 ā Question: How to budget on one income and make decisions jointly?
- This is more of a marriage question. All of the money that comes into the household is joint money, no matter who earned it.
- With second marriages, spouses often maintain separate financial lives.
19:36 ā Question: Do we have an allowance?
- Yes, we each have our own spending money each month.
- And yes, we have a monthly budget.
- If you have a blow money spending category, you can buy whatever you want.
27:05 ā Question: Should kids get an allowance, tithe, etc.?
- Our son is 6Ā½, so he doesnāt understand as much about money. Our daughter, whoās older, understands more.Ā
- We have kidsā piggy banks ā spend (80%), share (10%) and save (10%). Ā
35:15 ā Question: What is a good dollar amount for retirement?
- No offense, but this is a pointless question because itās impossible to answer.Ā
- John has clients who retired with $175,000 in retirement savings. Most people would say thatās not enough, but they donāt spend much and are happy that way.
- John also has clients who arenāt getting much of a Social Security benefit. They have almost $2 million in savings, but they spend a lot each month.Ā
42:38 ā Question: Where do I start when living paycheck to paycheck?
- People in this boat are often so stressed that they canāt get out of their own way.Ā
- There is a path out of debt, but it wonāt happen overnight.Ā
- Define your priorities (rent, car payment, food, etc.) and increase income.
52:12 ā Question: Are you comfortable talking about money with family and friends?
- Weāve made money this thing you canāt talk about in our culture, but it isnāt like that in other cultures.Ā
- It drives John crazy that families donāt talk about money, and children donāt know the financial situation of their aging parents.Ā
- Why canāt we have these generational conversations about money?
56:01 ā Question: Should I do a 529 or IRA for kids?
- Do a 529 for kids. A Roth IRA is not the best use of this money.
58:14 ā Question: How do you save for a vacation when there are other priorities?
- You donāt have to spend a bunch of money on a vacation. It can be simple.Ā
- If money is that tight, the vacation probably isnāt a priority.
1:04:08 ā Question: What to do if my finances feel out of control?
- If youāre in financial despair, you donāt have a good command of your numbers.
- Find out what you spend on groceries and miscellaneous expenses.
- Spend a couple months and look at every expense.
FEATURED QUOTES
Thereās always a way out (of debt). The question is, how disciplined and motivated are you to make it happen? ā John
If you are in a marriage or partnership ā¦ it has to be a mindset shift where this is our money, and not his money and her money. ā Molly
This is why you need a financial advisor. We can figure this stuff out with you and determine what your life looks like and how much money you need. ā John
Why canāt we have these generational conversations about money? ā John
CONNECT:
https://rosewoodwealthmanagement.com/
Thank you to our partners of the show!
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