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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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Now displaying: May, 2017
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!

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