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Paychecks & Balances | Personal Finance & Career Advice for Millennials

Looking for a down-to-earth approach to personal finance and career advice? This funformative podcast will help you get it together financially and professionally without boring you to sleep. Join Rich & Marcus for upbeat discussions on work and money with a millennial spin. New episodes out every Tuesday. Got personal finance or career advice questions/topics you'd like us to cover? Email us at info@paychecksandbalances.com!
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Paychecks & Balances | Personal Finance & Career Advice for Millennials
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Nov 14, 2017

It's LIT! Thanks to this week's FIRE guest, Robert Farrington, America’s Millennial Money and Student Loan Debt Expert. He is also the founder of TheCollegeInvestor.com, which is the #1 resource for helping millennials get out of student loan debt and start building real wealth for their future. The College Investor is designed to be the #1 tool to help get out of student loan debt, learn how to earn more money, understand how to start investing, and build real wealth. We spoke about Robert's "Financial Independence, Retire Early for Non-Frugal Piece" on Episode 66: How to Quicken Your Savings, Reach Financial Independence, and Retire Early. We were lucky enough to catch Robert at FinCon for a live recording covering:

  • Robert's views on the difference between achieving financial independence versus early retirement
  • Why graduates should consider prioritizing paying off your student loans before all other debts
  • Wealth building through FIRE and the difference between "lean" and "fat" FIRE goals
  • How to estimate and calculate your retirement needs and why you might need a "buffer" of up to 30-50% for unforeseen expenses and lifestyle changes

References Mentioned on This Show

Announcements

We’re giving away a $100 gift card! Check out PaychecksAndBalances.com/FirstTime for instructions on how to enter to win.

Looking for more free career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book, Debt Free Or Die Trying: How He Buried and Dug His Way Out Of Over $30,000 in debt by age 30 on Amazon!

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances @IamRichJones @THEMarcusGarret and on Instagram.

Nov 6, 2017

We're joined this week by guest Lynnette Khalfani-Cox aka "The Money Coach." Lynette is a personal finance expert, television and radio personality, and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. Lynnette, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence to Black Enterprise.

Her story: Lynnette had $100,000 in credit card debt before paying it all off in three years and turning her financial life around! She has appeared on national TV programs like The Oprah Winfrey Show, Steve Harvey, and Good Morning America teaching millions about responsible money management, and she is frequently seen as a guest commentator on CNN, FOX Business Network, and MSNBC. On another entertaining show Lynette opens up about:

  • The entrepreneurial mindset her father instilled in her growing up and how it shaped her views on work and money management as an adult
  • How her earliest money memory -- seeing her parents argue about money -- changed her approach to money, finding and pursuing your passions
  • Why you "shouldn't quit your day job" when transitioning into entrepreneurship, since your weaknesses as an employee are "amplified as an entrepreneur"
  • Strategies you can use at your 9-to-5, aka Entrepreneur Boot Camp, to set yourself up for success in self-employment
  •  Tips for couples to consider when one or both are considering independent employment

References Mentioned in This Show

Announcements

We're giving away a $100 gift card! Check out PaychecksAndBalances.com/FirstTime for instructions on how to enter to win.

Looking for more free career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book, Debt Free Or Die Trying: How He Buried and Dug His Way Out Of Over $30,000 in debt by age 30 on Amazon!

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances @IamRichJones @THEMarcusGarret and on Instagram.

Oct 31, 2017

This week we're joined by Ryan Inman of Physicianwealthservices.com and the Financial Residency podcast. Ryan got even more passionate about the field of personal finance when his wife was in residency and she began to pass along information that she received from “financial advisors” trying to sell her products. He found it alarming how vulnerable she was to bad advice and bad investments. Most doctors aren’t married to a financial planner and they end up getting taken advantage of or making catastrophic financial mistakes. He is now a fee-only advisor focusing on helping physicians and others make sound personal finance decisions through transparency and ensuring he keeps the best interest of his clients at the forefront of his mind. We were happy to catch him at FinCon17 for a live recording covering:

  • Term insurance and why investments and insurance should not be mixed or viewed the same, "Investments are investments and insurance is insurance."
  • Who needs insurance and how to determine the type and amount of insurance you or your family need
  • Investment Theory and the key differences between active and passive investing

References Mentioned in This Show

Announcements

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Oct 17, 2017

Staying employed at the same company for over two years, on average, can make you earn 50% less over the life of your career according to a recent Forbes analysis. On this week's show, Rich and I discuss the pros and cons of maximizing your money moves and whether job hopping is still frowned upon or a way of life for Millennials. This show covers:

  • How you can strategically "job hop" into the raise your current employer either can't or won't give
  • The average current employee will receive a 2 - 5% raise but new hires can expect to see 10 - 20% increase in salary
  • Steps you can take to have more control over your salary and career path
  • Low-risk ways to determine your job's salary market value every two to five years

References

Oct 17, 2017

Patrice Washington is most well known as the personal finance voice of the top-rated and nationally syndicated Steve Harvey Morning Radio Show where she hosts her own weekly segment, Real Money Answers with Patrice Washington. She is also the best-selling author of Real Money Answers for Every Woman, Real Money Answers College Life & Beyond, and Real Money Answers for Men, a featured columnist, television commentator, and leading authority on personal finance, entrepreneurship, and success for women and youth. After losing her fortune in the Great Recession, Patrice dedicated her life to not just rebuilding and reinventing herself, but helping the masses move from debt management to money mastery! We were happy to welcome “America’s Money Maven,” the recurring voice on NBC, FOX News, Black Enterprise, Essence Magazine, on the show where we had a fun time discussing:

  • Patrice's own show, The Redefining Wealth Podcast, with a highlight of her "pillars of success" for finding personal peace, creating financial health, and building wealth
  • How she became a nationally known professional speaker with a #LifeHack for how you can find your own voice
  • The power of saying "no," because what good is money in the hands of a fool (with tips for improving your own financial literacy while keeping more money in your pockets)
  • Accelerating your wisdom through the 'wise counsel' of your mentors and successfully applying what you know

References

Announcements

October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert (or boring).

Oct 10, 2017

There are two truths we all hold self-evident in our careers: 1) it's always Happy Hour somewhere or 2) performance review season. With these facts of career life in mind, the best time to start your self-evaluation was yesterday and the next best time is today. On our This Week In Work segment we discuss:

  • Salary negotiation: starting at $55,000 versus $50,000 could yield an additional $630,000 in career earnings
  • Why you don't need to fear losing an offer of employment if you make a reasonable salary negotiation or counter offer
  • For employees:
    • How to prepare for and win at your next performance review
    • Why depending only on your Manager to remember your performance for the year is a recipe for disaster
  • For managers:
    • How to use an employee's "self-evaluation" to help develop your review when you've inherited a team or team member(s) from another Manager

References

Announcements

October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert (or boring).

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Oct 3, 2017

It's our first PB BOGO: this week's Money Minute segment show covers lessons learned from Dave Ramsey's and you get a full review on the PB blog: The Total Money Makeover: A Proven Plan for Financial Fitness! Our discussion includes:

  • Are The Total Money Makeover, Envelope System, and Snowball Debt Payment method still relevant for the Millennial (ages 18-34) generation
  • The 14 Personal Finance books we will read (so you don't have to) and breakdown on upcoming shows
  • Why Marcus disagrees that “personal finance is 80 percent behavior and only 20 percent knowledge” - Dave Ramsey
  • The pros/cons and still relevant advice found in The Total Money Makeover (2013)
  • Why "spend more than you earn or earn more than you spend" might be more timely advice for our generation

References

Announcements

ICYMI - A recap of Marcus' presentation for #InternationalPodcastDay is now available on Youtube.

October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert.

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Sep 26, 2017

The Millennials are at it again. Our generation discovered in 20-years what other generations took 40-years to figure out: working your entire life away so maybe you can retire (if you're lucky) is a recipe for suc-sucks! On this episode, we explore #lifehacks and the simple math that can help Millennials hasten their financial independence and retire early enough to actually enjoy our money long before age 67.

  • The History of FIRE” lays the groundwork for our discussion on FI/RE (Financial Independence / Retire Early)
  • TheCollegeinvestor.com shares how you can become Financially Independent while still enjoying your money when you're young
  • Find motivation and money by maximizing savings on the three expenses where the average household spends over 60-percent of their income: home (33%); transportation (16%); and food (13%)
  • The simple formula you can use to calculate the amount of money you need to reach financial independence and why it might be as low as $2,000/mo
  • The monthly totals you need to save each starting at ages 20/30/35/40 to retire early

References

Announcements

September: Tune in for a LIVE presentation of Paychecks & Balances for #InternationalPodcastDay on Saturday, September 30th 8pm PST / 10pm CST! Click here for more information and the full schedule.

October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert (or boring).

Sep 19, 2017

Join us for another LIVE recording session from Podcast Movement 2017 at the FinCon booth with Tyrone Jackson, The Wealthy Investor. Tyrone details the story of how he went from a single parent household that struggled with finances growing up to become a trusted stock market trader and best selling author. From an eclectic background spanning voiceover work to commercial acting, Tyrone went on to build his reputation on a unique ability to simplify stock trading and investing. He is a mentor, trusted wealth building coach, and frequent guest on radio and TV. He has been quoted in the Los Angeles Daily News, MarketWatch, and the San Francisco Chronicle. On this highly informative show we cover:

  • The mentality that separates how millionaires and billionaires approach making money
  • Tyrone's belief that wealth is a feeling first and building wealth is the action of repeating sustainable habits
  • The difference between trading (fast money) and investing (long term) for beginners - "all wealth is 4th grade math"
  • Starting your investment portfolio with just $500 and why debt reduction and wealth building can happen at the same time
  • How you can establish systems that provide residual and passive income

Reference

Announcements

September: Tune in for a LIVE presentation of Paychecks & Balances for #InternationalPodcastDay on Saturday, September 30th 8pm PST / 10pm CST! Click here for more information and the full schedule of presenters.

October: We’re happy to announce that we’ve been selected to speak at FinCon October 25-28th!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Sep 12, 2017

Thank God for granting us this moment of clarity, this moment of honesty, but today the world will feel our truth! We took a little time off for #selfcare and personal perspective but we're back with more greatness with a LIVE recording from Podcast Movement 2017. On this special segment, we introduce "Paychecks and Balances presents: Happy Hour." Featured topics include:

  • Our apologies for recording a show under the minor influence of happy hour libations
  • Overcoming your public speaking fears
  • How we grew Paychecks and Balances from hundreds to thousands of awesome followers and listeners like you
  • The power of telling your own story and using it to win in work, life, and money
  • How to maximize your paid-time-off (PTO) to accelerate your hobby from side hustle to full-time job

Announcements

September: Tune in for a LIVE presentation of Paychecks & Balances for #InternationalPodcastDay on Saturday, September 30th 8pm PST / 10pm CST! Click here for more information and the full schedule.

October: We’re happy to announce that we’ve been selected to speak at FinCon October 25-28th!

Aug 8, 2017

We turned this week's listener question into a minisode! Let us know what you think in the comments below, or if you have your own question, use the ASK P&B button. Justin left a voicemail to ask "when do you know if you're overqualified" and what steps to take when the opportunity for advancement or promotion doesn't exist with your current employer. On this fun episode we respond with tips for:

  • The importance of maintaining transferable and marketable skills since staying employed at the same company for over two years might plummet an employee's lifetime earnings by almost 50-percent
  • Why Cover Letters are losing their importance in some industries and how you can increase your odds for a callback by tailoring your resume or online job profile.
  • How expanding your job search to other cities and states significantly boosts your odds of finding employment.
  • Revisiting how Boolean Searches can help narrow your job search on sites such as LinkedIn, Google Jobs, and others.
  • Using your mentors/coaches and personal network to identify current and future job opportunities.

References

Announcements

We're happy to announce that we've been selected to speak at TWO podcast conferences this year! You can find us at Podcast Movement August 23-25th and FinCon October 25-28th.

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Aug 1, 2017

You may remember Donna from our previous episode PB31: Save Where You Can ft. Donna Freedman. Donna's back with a new book, Your Playbook For Tough Times Vol. 2, some great personal finance advice and much more! For those of you who are new here, Donna has been a college dropout, a single mom, a newspaper reporter in Chicago and Alaska, and a late-in-life university student. She has over 20 years of experience writing and helping people on media organizations like MSN Money and popular online publications like our former guest's J.D. Roth's website, Get Rich Slowly. Her passion for helping people is evident on today's show and in the great giveaways she has for our audience. On this episode we discuss:

  • Actionable tips from her new book and why, unlike some other top financial gurus, she doesn't assume your financial situation is always caused by your own doing or bad financial habits
  • The opportunity cost -- money you could spend or invest elsewhere -- of student loans and why students, and parents of students, should always use a student loan calculator before signing any new loan agreements
  • Simple ways and resources you can use to negotiate lower (or free) dental and health care costs
  • How the "four gifts" rule can help you save money on Christmas and birthday gifts

SPECIAL PROMOs FOR PAYCHECKS & BALANCES LISTENERS ONLY!!!

  • Click here for a free download of Challenge Yourself to Save the popular and a fan favorite chapter from Donna's first book, Your Playbook For Tough Times: Living Large On Small Change, For The Short Term Or The Long Haul, containing 31 tips you can immediately use to save money today!
  • Click here to visit Donna's direct platform and enter discount code PAYCHECKS for a $5 PDF copy of Your Playbook For Tough Times, Vol. 2!
    • Interested in the original, too? Enter discount code BALANCES for the first edition of Your Playbook For Tough Times!

References

  • The Healthcare Blue Book - provides free online tools designed to enable consumers to understand how much they should pay for healthcare services
  • The Fair Health Consumer - this tool estimates your costs for dental and healthcare procedures and services in the ZIP code where you want to receive care.
  • More Helpful Tips & Recommendations from Donna:
    • If you’re uninsured: At Healthcare Bluebook, type in what’s needed (foot surgery, biopsy, etc.) plus your zip code and get an idea of what you might pay for that treatment in your area. As the website notes, the cost for the same network procedure can vary by up to 400 percent. Even if you do have insurance, using a tool like this could mean having to fork over less of a copay (e.g., 20 percent of $300 rather than $500). Or use Fair Health Consumer’s cost lookup tool to get an idea of what an average service or treatment should be, then print out something called a “binding cost estimate.” This basically says, “This amount is what we know to be less than a billed charge but more than a typical insurance payout.” Present it to a potential provider, say frankly that cost is a huge issue for your household and you’d like to know if you could get the needed treatment at this price. You can strengthen your negotiation by offering to pay in full at the time of the visit. If you can pay in cash, that might be enough of an incentive to get the provider to agree. Even if you had to use a credit card you’d at least be getting the best possible price for treatment.
    • Keeping prescription costs down: Common meds may be free! Some supermarket pharmacies offer certain antibiotics, generic Lipitor, prenatal and children’s vitamins, the diabetes drug Metformin and other medications without charge. Among the grocery chains providing free medications are Amigos United, Giant Eagle, Meijer, Price Chopper, Publix, Reasor’s, Schnucks, ShopRite and Wegman’s.
  • Contact Info:
  • ICYMI - PB53: Broke Millennial ft. Erin Lowry

Announcements

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Jul 11, 2017

We're back with the podcast you need: Part 2 with Damon Young of VSB. If you haven't already, don't forget to listen to Part 1: PB60: “Overnight Success” ft. Damon Young of Very Smart Brothas. This episode is equally colorful but tackles more serious topics like life, health, and personal finance. Our discussions include:

  • What it's like to have new money with old problems like being the first to make it while balancing staying #woke and authentic with #TheStruggle
  • How not having enough money may have caused Damon to ignore a health scare for years that could have cost him his life
  • The 15-year journey to become an "overnight success" and the book deal with Ecco (HarperCollins) that's changed his life forever
  • The impact raising a child has had on Damon's views on finances, his upbringing, money, and what he plans to teach his daughter about money in the future

References

Announcements

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Jun 27, 2017

This week we're joined by Damon Young of VSB for the first of a 2-part discussion. Damon is the editor-in-chief and co-founder of the black culture cornerstone, VerySmartBrothas.com. He has had his work featured on places like Slate, The Root, Ebony, Essence, HuffPost and everywhere the cool kids hang out on the e-corner. Last but not least, he's working on a book of essays to be published by Ecco (HarperCollins). He lives in Pittsburgh, really likes pancakes, and Damon is a busy man, so we're happy he took the time out to speak with us and the questions that have plagued the internet for years, like: why do men love Dodge Chargers (and her cousin, The Dodge Challenger)??? On part 1 of our entertaining discussion with Mr. Young we cover:

  • How Damon went from rag to riches covering the journey from bad plagiarist poet to great authentic writer after finding his own voice, "I can swim now, but only because someone pushed me in the pool." - Mr. Young
  • He breaks down one of the hardest lessons he learned in his writing career, how it shaped him then and now, and why "STFU is free."
  • The impact money, or the lack thereof, had on his personal life and professional decisions, "I didn't have enough money to afford free sh*t."
  • Why making good money is nice but having more money than your neighbors is what really drives people.

On Part-2, we'll discuss how money changes your outlook and how people view you, Damon's view on the True Cost of Parenting, and much more. Stay tuned and tune in!

References

Announcements

Check out RockStar Finance’s Directory of Personal Finance Blogs (and Resources) from @BudgetsAreSexy. This is a great resource for all things personal finance. You can show support to us and these other awesome personal finance blogs by clicking here.

We’re on Soundcloud!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Jun 19, 2017

The Money Minute

  • A @PayBalances listener asks, "how would you change your budget if you had children?"
  • We found that as of 2017, it costs up to $233,610 to raise a child from ages 0 to 17!
  • We discuss how we would proactively adjust our personal finances when a little (HYPOTHETICAL!) bundle of joy is on the way:
    • Start the 9-month clock and begin adjusting and testing our new family budget before the arrival of the baby.
    • Review our insurance plans to make sure we have enough to care for everyone, not just ourselves.
    • Why we would immediately start planning and saving for our child's college fund.

This Week In Work

  • How to improve your online job searches and recruiter contacts on LinkedIn using Boolean search strings.
  • Rich provides a step-by-step breakdown of how to use search strings to tailor your job search and improve your online job profile.
  • We discuss how to network and navigate LinkedIn when a recruiter or company of interest visits your personal profile.

References

Jun 12, 2017

A new Money Minute inspired listener question and our drive to get our and your money right so we can stunt -- responsibly and within our budgets, of course -- on the haters! A This Week in Work update finds Rich delving even further into the seedy underworld of the professional dark side, also known as Middle Management.

Money Minute

  • After our How Much You Need to Save Each Month to Retire With $1,000,000 blog equally excites and depresses folks on both the wrong and right side of 30, a listener on Twitter laments: Who at age 23 has $415 of excess money?!? Well, we're glad you asked because we have the answer for how you can make more, save more, or both.
  • How the Average American Spends Their Paycheck and one easy change you can make this week that can save you hundreds as early as next month.
  • Tips for finding your personal financial motivation and defining your why informed our thoughts on the new Census report on US median household net worth: White: $132k Asian: $112k Hispanic: $13k Black: $9k
  • Let's learn to Research Refinancing Your Car 101

This Week In Work

  • If you want to go hungry, just promote to Management???
  • Those unspoken job roles and responsibilities that come with promotions that no one tells you about.
  • Life Hacks and Pro Tips for 'Keeping It Real' at work so you can go viral on Friday without being fired by Monday.

References

Announcements

New blog post: How Much Home, Car, and Debt You Can Afford on a 30, 50, and $100,000 Salary

Jun 6, 2017

This week we tackle another listener question from our ASKPB queue:

Hey guys! The question I have is if I should stay in a job that I don't like until I pay off all my debt. I'm in my late 20's, and I'll make 70k this year and I have 28k in credit card debt. The credit cards have been cut, dipped in lighter fluid, and thrown into a fire pit. I've been using only cash and started budgeting.

The job that I currently work at pays well, but I don't enjoy the work or people. I've been with this company for a couple years, and only stayed with them because I was told there would be future opportunities in my field. As of right now, I don't see that happening in the near future, and feel the longer I stay, the further away I'll get from doing the work I actually want to do. I don't know if I should go ahead and leave or stay until I'm debt free. Another thing is that my job provides housing and transportation, additional cost that I would have if I switch jobs.

Either way I'm going to leave, just don't know if I should leave sooner rather than later.

Any advice would be great. Thanks!

On the second half of the show, we're joined by Matt Schulz from CreditCards.com. CreditCards.com partners with banks and issuers to provide consumers a resource to search and apply for credit card offers displayed side by side so you can easily compare key factors such as interest rates and annual fees. Matt is a financial literacy advocate and credit card subject matter expert with a passion for helping people make smart decisions about their money. He has appeared on the CBS Evening News, the Today Show, CNBC-TV and in articles for the Wall Street Journal, New York Times, and The Washington Post. We discussed how Millennials can research and responsibly use credit cards, the pros and cons of 0% balance transfers for debt management, how to repair or build positive credit history, and much more!

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

References

Matt Schulz

Announcements

New blog post: When should I use a 401k loan to pay my bills and debt?

May 30, 2017

This week we’re joined by Liz Weston. Liz is a Columnist and Certified Financial Planner (CFP) whose goal is to help us get smarter about money. She's the author of five books including the best-selling "Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future." Her “Money Talk” column appears throughout the country, including the Los Angeles Times and she has appeared on TV shows, such as CNBC’s Power Lunch, NBC Nightly News, and the Today Show. On this show Liz lends her expertise to help us cover:

  • Why most people don't know they have hundreds of credit scores and that the FICO8 is the most commonly used by lenders
  • The surprising, hidden cost increases your credit score might have on bills ranging from insurance, cell phone, to the down payments on your apartment and cable bill
  • One mistake you can make that can lower your credit score over 100 points in one month
  • Tips for rebuilding and repairing your credit history and credit score
  • What credit utilization percentage and age you should use to determine when a consolidation loan or bankruptcy is the better option

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

References

Liz Weston

Other Helpful Tools & Info

 

May 23, 2017

Have a career advice or debt free question? Click the ASKPB button! This week’s question was so good we couldn't help but dedicate a full show to our response. Apparently, the DMs aren't the only place it goes down. A few snippets:

I always thought they were taboo but people at my current company frequently engage in dalliances and full blown relationships - sometimes resulting in marriage! The fact that so many people seem to be finding long term love at my company while I remain single is making me reconsider my stance. Many of us work long hours so there isn’t sufficient time outside of work to devote to finding love. There is also a sense of security in being already familiar with an officemate, and knowing they passed the same background check as I did. What are your thoughts? When, if ever, is it worth it to pursue a romantic relationship with someone at your workplace?

We also discuss when it's appropriate to consult with your Human Resources and the pros and cons of taking this approach.

Is it ever your responsibility to share knowledge of someone else’s interoffice romance with HR or managers? I never thought about snitching because of the potential negative repercussions for me and I didn’t want them getting in trouble. Outside of me just being a hater, their relationship is an HR issue. They are potentially up for a new position in which their partner would be their supervisor and that goes against policy since they could potentially show favoritism. Based on their current behavior, I see that being a reality. Is it unethical to mind my business and ignore the best interests of the company, or would it be underhanded and unnecessary to spill the beans?

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

Announcements

Check out RockStar Finance’s Directory of Personal Finance Blogs (and Resources) from @BudgetsAreSexy. This is a great resource for all things personal finance and, humble brag, we made the exclusive super double probation VIP list this week. You can show support to us and these other awesome personal finance blogs by visiting here.

We’re on Soundcloud!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

 

May 16, 2017

While some folks are of the opinion that Millennial’s affinity for avocados is the only thing keeping us from owning homes, we here at Paychecks & Balances offer opinions you can actually use. Opinions based on math and common sense when common sense is as uncommon as, apparently, Millennials who own a home. Marcus provides an update on the successes and lessons learned two weeks into the 50/30/20 Budget and Rich shares another win in the career column. This week’s PB segments we cover:

Money Minute

  • What’s the first step to developing a budget and debt free plan you’ll actually use? Focus on defining your “why.”
  • A quick tip to modernize the “envelope system” with a few simple updates to your online checking account(s).
  • How you can break the cycle of YOLO, FOMO, and debit cards draining your financial tank with debt by a thousand debits.

This Week In Work

  • Rich reflects on a recent promotion and the proactive steps he took to make his way towards another step in the American Dream: Middle Management.
  • The pros and cons of the career ladder climb and why you might consider passing on a promotion if you’re a voluntold versus a volunteer.
  • The change in expectations from staff and upper management as you go from the middle cubicle to the corner cubicle (open office concept models for the win?).

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

ASKPB

Have a career advice or debt free question? ASKPB! This week’s question comes from the social medias: We had a listener who went from having one direct report to more direct reports and they wondered if they should ask for more money as a result?

References

Announcements

Check out RockStar Finance's Directory of Personal Finance Blogs (and Resources) from @BudgetsAreSexy. This is a great resource for all things personal finance and, humble brag, we made the exclusive super double probation VIP list this week. You can show support to us and these other awesome personal finance blogs by visiting here.

May 9, 2017

Ready to get your financial life together (#GYFLT)? Erin Lowry, creator of BrokeMillennial.com and author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together is here to help! Broke Millennial, the book, is a step-by-step guide on how to go from flat-broke to financial badass. Unlike most personal finance books, it doesn’t just cover boring stuff like credit card debt, investing, and dealing with the dreaded “B” word (budgeting). Erin goes beyond the basics to tackle tricky money matters and situations we all face #IRL.

Broke Millennial, the author, joins us for a multi-faceted conversation covering everything from career and salary negotiations to the financial experience she gained from infamous "Krispy Kreme Incident" that forever changed young Erin and set in motion a lifetime of personal discipline & financial expertise starting at age 7. On this entertaining show we discuss:

  • How to successfully transition from the paycheck-to-paycheck lifestyle to establishing your own personal brand and entrepreneurial business
  • The income, health care considerations and mental prep you should consider that allowed Erin to quit her day job making less than the U.S. average median income while still saving over 12-months of living expenses in one of the most expensive cities in the country
  • The pros and cons of self-publishing versus traditional publishing, as well as a chapter by chapter breakdown of Broke Millennial covering the work, money, and career advice you need to know
  • Steps you can take today to "treat your money with respect," immediately cutting out unnecessary fees and expenses, so you can start controlling your money instead of letting your money control you to live the life you want and deserve

Exclusive to Paychecks & Balances listeners, if you purchase Broke Millennial and email Erin proof-of-receipt at info@brokemillennial.com with the subject line "Paychecks & Balances", she will send you a free unreleased bonus chapter!

ASK PB:

This week's listener question:

Firstly I'd like to say thank you for this podcast, it's been so informative for me. My question is, how do you resist the impulse to buy?

Have a career or personal finance question you need answered? Just click the ASK P&B button!

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

References

Announcements

PB Blog: Rich tackles a personal finance topic and listener question. Check them out!

Get your personal finances in order with Marcus’ NerdWallet and Money.com features:

Check out Rich’s roundtable with Stacking Benjamins!

We’re on Soundcloud!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

May 3, 2017

While the Fyre Festival proves you can't buy common sense, but you can put a price on ignorance, Rich and Marcus use this week in viral events to try to figure out how a few Instagram models and an admittedly well-produced marketing video scammed hundreds of people out of thousands of dollars. Further, in an attempt to go platinum with no guest features, we bring back the Money Minute and This Week in Work segments this week. Finally, the hostest with the mostest wrap-up with a listener question on a career problem we wish we faced ourselves, "is it ok to take a break between jobs?"

Money Minute

  • "I ain't too proud to budget"
  • The 50/30/20 budget might be the easiest budgeting tool you didn't know you were missing
  • How you can modify the traditional "envelope system" to help design a budget you'll actually use

This Week In Work

  • Another week, another (old) person makes a sweeping generalization about Millennials
  • Rich and I share our pros, cons, and (un)solicted opinions on John Pollard v. Millennials

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

References

Announcements

Get your personal finances in order with Marcus' NerdWallet features:

PB Blog: Rich and Marcus tackle a personal finance topic and listener question. Check them out!

Check out Rich’s roundtable with Stacking Benjamins!

We’re on Soundcloud!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt, Debt Free Or Die Trying, on Amazon.

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Apr 25, 2017

Time to re-up and recycle the flow. What does that even mean? Well, this week we re-visit our fastest downloaded podcast ever, PB47: Barely Making It on $500K! As an added bonus, we feature half-man, half-legend and guest, the Financial Samurai himself! Financial Samurai (Sam Dogen) got his MBA from Cal and spent over 10 years working in the finance industry. After 13 years of working in Corporate America and living the "American Dream," money ceased to be a major driving factor. Instead, Sam wanted to live absolutely financially free. He fantasized about what it would be like to write, spend time with family, and travel, with little financial worries. Three years after starting FinancialSamurai.com in 2009? Mission Accomplished! Sam helped us cover a wide range of topics on this entertaining show, so when you play the new PB all the listeners go crazy! This week's show covers:

  • Sam share the story when he finally realized what's really important in life and why he walked away from the "American Dream" and a six-figure income to pursue his own dreams, and ultimately, find true happiness
  • The thorough planning steps and sacrifices Sam made includring a combination of savings, smart investing, and passive income that allowed him to leave the rat race and begin working for himself full-time
    • "If your saving (plan) isn't painful, you're not saving enough" - Sam
  • Lessons learned and wisdom gained from the $500,000 viral article read around the internet
  • It was all good about a week ago, until we decided to wrap up the show with a discussion on "The New Rule for Engagement Ring Buying"

Sponsor

Special thanks to our sponsor, FreshBooks. To get a free 30-day trial of their super-easy-to-use cloud accounting software, visit freshbooks.com/paychecks and enter “paychecks and balances” in the How Did You Hear About Us section.

References

Announcements

April is Financial Literacy Month! To celebrate and get your personal finances in order, check out Marcus' interviews with NerdWallet:

New Posts Alert! Rich and Marcus tackled a personal finance topic and listener question this month. Check them out!

Check out Rich's roundtable feature with Stacking Benjamins!

Apr 18, 2017

We're back this week discussing all things paychecks and office with esteemed guest Tiffany Southerland. Tiff is a Career Coach, purveyor of empowerment, speaker, 3-time Degree champion, lawyer and the host of the How Does She Do It podcast. We had a great time discussing the importance of mentors, career development and navigation, why Tiff has like 50-11 degrees, and we even had time for a juicy listener question about office relationships. This week's topics include:

  • The difference between corporate and academic America and how to succeed in both
  • How mentorship helped empower Tiff to be successful in her personal and career growth
  • A listener question on how to best navigate the personal relationships we face inside and outside of work

References:

Announcements:

We’re on Soundcloud!

Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Marcus’ book on how he buried and then dug his way out of over $30,000 in debt, Debt Free Or Die Trying, is available on Amazon. Check it out!

Looking for more career development and debt freedom tips? Join our email list at PaychecksandBalances.com/email for exclusive content including show updates, digital giveaways, and more. We don’t spam. We just keeps it real. Yes, keeps.

LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances and Instagram at the same name!

Apr 8, 2017

We get back to basics on this week's Money Minute with simple tips you can use to create a budget you'll actually stick to. Yes, we here at PB already admitted that budgeting sucks, but is it a necessary evil we just have to follow? Some would argue no, "...here's the thing about budgeting: It's not fun. At all. And for that reason, it often ends up just being a waste of time..." - David Bach, self-made millionaire. On our This Week in Work segment Rich covers the Managing for Dummies struggle and how even experienced professionals can fall victim to "the backdoor reference". This week's topics include:

  • Why maintaining a budget may or may not work for you when you're not already a millionaire like Mr. Bach
  • Marcus shares lessons learned from a Christmas story from his teens that continues to shape his perspective on budgeting in his adult life
  • Rich reminds us that today's coworkers can be tomorrow's personal character or professional reference
    • The Backdoor Reference: When someone has a contact in their network that knows the person under consideration and they reach out to them unofficially to get the scoop, the grapevine, The Real, or even just the juice.
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