206: Finance Friday: The 7-Step Plan to Financial Freedom

206: Finance Friday: The 7-Step Plan to Financial Freedom

For most people, there tends to be a specific point in your life when you think, “I want to travel” or “I want to spend time pursuing my passions”. For today’s guest Ainsley, this happened about two years ago. She has spent the last decade or so being a stay-at-home mom, but is looking to up her household income by getting a job that will provide an extra $36,000 a year to the family budget. Her main question: what should this extra income be used for? Mindy and Scott come up with a step-by-step approach to hit financial freedom, even if you don’t have a large amount of cash or investments. Lucky for Ainsley, her home in the Pacific Northwest appreciated close to $150,000 in just the past year alone! Plus, she also has retirement accounts that she and her husband actively contribute to. While they’re doing many things right, they could improve on some simple things like boosting their emergency fund, starting an HSA, contributing to a Roth IRA, and getting their income up as much as possible. This is a great episode for those who don’t want to get into real estate, and instead would rather have passive investments growing on the side! In This Episode We Cover Mindy and Scott’s 7-step plan to hit financial freedom The importance of keeping a healthy emergency fund (and where to store it) The pros and cons of taking out a HELOC on your primary residence Always getting the 401(k) match whenever presented with one ESPPs (employee stock purchase plans) and how to take advantage of them Roth IRAs, Roth 401(k)s, and other tax-deferred accounts Investing in a regular brokerage account once you have maxed out retirement And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

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39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant

39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant

Jamila Souffrant grew up watching her mom struggle to provide for her. She decided early on that she wanted to be a millionaire, her solution to not having enough was to simply make a lot of money. Sh...

24 Syys 20181h 9min

38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money

38: Getting Serious About Paying Off Debt with Phillip Taylor from PT Money

Phillip Taylor studied to be a CPA in college, just like his dad. He graduated with some debt and decided to add to it by buying a house. In order to afford his new house, he didn’t max out his 401k—h...

17 Syys 20181h 13min

37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

37: Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke

Kyle Renke graduated from college and hopped right on the American dream bandwagon. He started off with a starter house, added a couple of kids and moved onto a bigger, better house—one that he could ...

10 Syys 20181h 1min

36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud

36: From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud

Jillian Johnsrud grew up lacking the privileges that many of us take for granted. Jillian Johnsrud grew up poor, with an abusive step father and a mother unable to leave due to lack of funds. She eman...

3 Syys 20181h 23min

35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

35: Hacking Your Life to Live for (Almost) Free with Craig Curelop

Graduating from college, Craig Curelop had amassed an impressive $25,000 savings account - AND $85,000 in student loan debt. Conventional advice is to pay off your student loans BEFORE investing. In t...

27 Elo 20181h 8min

34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill

34: The Low-Stress, Surprisingly Simple Way to Pursue Financial Freedom with Andy Hill

On today's show we discuss the highest-probability way that a family can move toward financial independence—without stress and worry—while enjoying incremental freedoms along the way. We’ll also talk ...

20 Elo 20181h 5min

33: From Debt to Financial Freedom While Active Duty Military with Stuart Grazier

33: From Debt to Financial Freedom While Active Duty Military with Stuart Grazier

Stuart Grazier joined the military and immediately went into debt. A chance encounter with Dave Ramsey’s Financial Peace University showed him how to manage his finances, and he returned from his stin...

13 Elo 20181h 4min

32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio

32: Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio

Today we sit down with Mr. and Mrs. Planting our Pennies, or Mr. and Mrs. PoP for short. Mr. PoP never wanted to be anchored to an inflexible job. Mrs. PoP never wanted to be financially insecure. A r...

6 Elo 20181h 10min

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