All Things Money – Answering Your Financial Questions with My Husband, John! | Business with Purpose Podcast EP. 310
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Today’s 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 let’s jump into it.
3:11 – 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 – John’s financial lessons
- Both of John’s grandfathers were good with money but in different ways.
- 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 didn’t make much money but he was a good saver and sent his kids to college.
8:39 – John’s first house
- John bought his first house at age 25 and put 20% down.
11:20 – 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 – 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 – Question: Should kids get an allowance, tithe, etc.?
- Our son is 6½, so he doesn’t understand as much about money. Our daughter, who’s older, understands more.
- We have kids’ piggy banks – spend (80%), share (10%) and save (10%).
35:15 – Question: What is a good dollar amount for retirement?
- No offense, but this is a pointless question because it’s impossible to answer.
- John has clients who retired with $175,000 in retirement savings. Most people would say that’s not enough, but they don’t spend much and are happy that way.
- John also has clients who aren’t getting much of a Social Security benefit. They have almost $2 million in savings, but they spend a lot each month.
42:38 – Question: Where do I start when living paycheck to paycheck?
- People in this boat are often so stressed that they can’t get out of their own way.
- There is a path out of debt, but it won’t happen overnight.
- Define your priorities (rent, car payment, food, etc.) and increase income.
52:12 – Question: Are you comfortable talking about money with family and friends?
- We’ve made money this thing you can’t talk about in our culture, but it isn’t like that in other cultures.
- It drives John crazy that families don’t talk about money, and children don’t know the financial situation of their aging parents.
- Why can’t we have these generational conversations about money?
56:01 – 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 – Question: How do you save for a vacation when there are other priorities?
- You don’t have to spend a bunch of money on a vacation. It can be simple.
- If money is that tight, the vacation probably isn’t a priority.
1:04:08 – Question: What to do if my finances feel out of control?
- If you’re in financial despair, you don’t 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.
There’s always a way out (of debt). The question is, how disciplined and motivated are you to make it happen? – John
If you are in a marriage or partnership … it has to be a mindset shift where this is our money, and not his money and her money. – 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. – John
Why can’t we have these generational conversations about money? – John
Thank you to our partners of the show!
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