Do know how to get money (as in earn), and do you truly get money (as in understand)? I talk with Kristin Wong, financial journalist and new author of the book Get Money about all things getting money! We talk about why people have such a hard time taking action on bettering their financial situation, setting financial goals, money and relationships, and being in the driver's seat of your investments.
2018 is the year of the woman personal finance author, and I’m all about it! Just to recap, for season 6 of the Mo’ Money Podcast, I’ve interviewed the following fabulous female authors who’ve published books this year: Shannon Lee Simmons (author of Worry-Free Money), Elizabeth Willard Thames (author of Meet the Frugalwoods), and Cait Flanders (author of The Year of Less).
And for my latest episode, I’m interviewing first-time author Kristin Wong of Get Money. You may already be familiar with her YouTube channel or maybe you’ve see some of your articles in the New York Times, LifeHacker, or New York Magazine’s The Cut. She has been talking and writing about money for a while now, so it was only natural for her to write a book about how to live the life you want, not just the life you can afford.
Honestly, in addition to Broke Millennial by Erin Lowry, I think Kristin Wong’s book is the perfect for anyone just starting out in their personal finance journey and is looking for some actionable steps to take. And I really do mean actionable, because Kristin wrote her book in a way that will get you thinking and then doing!
What I love is that she breaks up her book into stages. Just like life has stages, so does you money. First, you need to power up, then optimize, then grow. I know that sounds simple, but she goes into way more detail in the book.
And we chat about a few of those things in this episode. Specifically, why people don’t take action. A lot of us know what we’re supposed to do, but it’s hard to change how we’ve always done things. One of Kristin’s hopes is that her book will be that trigger to help you get moving.
Next, we talk about goals. I never really knew financial goals were a thing when I was in my 20s, but I was always working towards something when I was starting to save and invest my money. If only I had made some of those goals more specific, I wonder where I’d be now in my financial life.
Then, we talk about something we’ve all dealt with in one way or another: money and relationships. I know first-hand everyone has an opinion about how you and your partner should manage your money, but honestly, those people need to stay in their lane in my opinion. There is no right or wrong way to manage your money, no matter if you’re single or in a partnership. It’s all about what makes the most sense for you and who you’re managing your money with.
Last but not least, we talking about investing. Something that way to many people believe is harder than it actually is. The thing is, you don’t need some fancy investment advisor in an expensive suit to tell you how to grow your money. You can actually do it yourself, or use a robo-advisor to make sure your investments are on track, as long as you get more comfortable with the lingo and some of the best practices out there.
I sincerely loved chatting with Kristin, and 100% recommend her book. I know as soon as I my younger sister moves out on her own, it’s gonna be one of the first books I hand her.
For full episode show notes, visit https://jessicamoorhouse.com/152
At the end of the day, money shouldn't be something you worry about, or feel guilty about, or don't even want to think about. We all deal with money. We all earn it. We all spend it. But it shouldn't be something we're ashamed of or hate talking about. Which is why I loved reading Shannon Lee Simmons' new book Worry-Free Money, which takes a unique and refreshingly positive approach to how to manage your money and feel good about it.
I know I say this for almost every episode, but this seriously is one of my favourite interviews. And it could be because when I met Shannon Lee Simmons, author of Worry-Free Money and founder of The New School of Finance, for the first time, I immediately clicked with her. There aren’t too many financial planners out there who make money fun and cool, but she does and I’m so glad she was able to share her wisdom and personality on the podcast!
We talk about a lot of different topics in this episode, but there are two main points that we touch on. First, that budgeting doesn’t have to be boring or restricting, especially if you try out her method of not categorizing all of your variable expenses. I know for me, that’s what I used to do, and I would always end up kicking myself for overspending on groceries one month or spending too much on eating out the next.
Instead, just set aside an amount of money you can spend, and spend it until it reaches zero (and not more than that). If you do that, you’ll free yourself from the guilty of not matching your budget perfectly, but you’ll still won’t be spending more than you want. It’s simple really. So simple that I have no idea why we all over-complicate budgeting!
Another big topic we tackle is the idea of comparing our financial situation to those of our peers. This is something that is absolutely normal and not something to be ashamed up. We want to keep up with our peers (who doesn’t?) and we want to do whatever it takes so we don’t fall behind.
That being said, we don’t have all the information. We don’t know how much our peers earn, how much they spend, or what their net worth is. So really, we shouldn’t try to keep up with the Jones’ because we actually have no idea what’s going on with the Jones’ financials. Maybe they got a big inheritance which is why they could afford to buy a house. Maybe they are actually really frugal in their day-to-day lives which lets them afford those fancy vacations. Maybe they just have different values than us and are just really good at showing that good life on Instagram.
The important thing to remember is we should put the focus back on ourselves. Are we happy with where we’re at? Are we spending on things that match our values? Are we meeting our financial goals?
I probably could have talked to Shannon for another hour, but I called it at the 45-minute mark. That being said, I highly recommend her book Worry-Free Money (I seriously loved it!) and I also suggest you check out her online courses linked in the show notes.
For full episode show notes, visit https://jessicamoorhouse.com/151
Is it even possible to build a successful freelance business without taking on debt and without sacrificing all balance in your life? Yes there is, and Matt Inglot shares how.
Before I went full-time self-employed, I had this crazy idea in my head that freelancing meant you’d always be worried about money coming in, would be living from gig to gig and would have no balance in your life. Well, a year later and I was definitely proven wrong, but this episode isn’t about my story, it’s about Matt Inglot from Freelance Transformation. Not only does he host his own podcast all about freelancing, he runs a successful freelance business himself building websites for high-level clients.
But as you might imagine, it wasn’t always smooth sailing for Matt. For him to achieve the success he has now, he made a number of mistakes along the way. Luckily, he’s open to sharing all of them on the show and has a lot of other nuggets of wisdom to share, such as don’t quit your day job before your side hustle is making money, always try to keep your overhead low, and try to avoid taking out a loan for your business if you can.
For full episode show notes, visit https://jessicamoorhouse.com/150
Your path may not be to quit city living and move to the woods, but that's not what Liz's (a.k.a. Mrs. Frugalwoods) story is about. In her new book, Meet the Frugalwoods, she shares how defining your life can help lead you to your best life, whether that’s living simply in the country, living it up in the city, or being nomadic and travelling the world. Not matter what path you end up on, the most important things to always remember is being true to yourself and making sure you’re living a life with more intention.
Joining me again on the podcast, and now no longer an anonymous blogger at Frugalwoods, Elizabeth Willard Thames is the newly published other of Meet the Frugalwoods. Not a “how-to” book on living that frugal life or reaching financial independence, but her personal story of how she was trying to check-off life’s checklist only to realize, that checklist wasn’t making her happy and didn’t align with her values anyway.
I’m pretty sure most of us can identify with this. How many of us have been checking off things throughout our lives without really taking some time to think about whether what we’re doing or achieving is actually making us happy or bringing us fulfillment? I know I was doing that exact thing up until a year ago. I got my degree (check!), got married (check!), got a corporate job in Toronto’s financial district (check!), and by anyone’s standards was “making it.” But it didn’t feel like that to me, which is why I did a crazy thing and quit my job to work for myself.
That’s why I totally get Liz’s story in her book. I can relate to it on such a personal level. Heck, I even fantasize about moving to the country (in the Maritimes) with my husband in the next few years. Now, I’m not sure if that’ll actually happen, but I am definitely taking a page out of Liz’s book by trying to be more intentional with my life and also practicing sustainable frugality. To me, that means spending my money on stuff that brings value to my life, and not spending money on stuff that doesn’t. Also being strategic so I can maximize my dollars so there’s more money to save and invest for my future.
To me, this book was a great in-depth look into someone’s personal finance journey. I really loved this book, and I hope you do too!
Check Out Liz’s Top Blog Posts
Buy & Review Meet the Frugalwoods
For full episode show notes, visit https://jessicamoorhouse.com/149