Push Through Podcast

Savings Rate, Sinking Funds, And Emergency Funds are very important discussions to have when it comes to money and personal finance. This episode we will be focusing on appreciate emergency funds. We will break down exactly how much cash we have. We differ in the ways we set that up so this will be a great opportunity so see different ways to save cash.  Breaking down the difference between a sinking fund and emergency fund will help this topic come full circle and reevaluate the how you save money. We also find out that one of the hosts does NOT own a debit card and the reasons for this. 

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Our Website: https://averagemoneypodcast.com

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📈 What We Use To Research/Analyze Stocks: https://www.stockrover.com/why-stock-rover/?sa_author=averagemoneypodcast

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Our Website: https://averagemoneypodcast.com

We truly believe that trading options does not need to be as hate among the personal finance community as it is. We consider ourselves very conservative, boring investors with a large majority of our net worth placed into long term broad based index funds. Many that have to same opinions as use consider trading options to be a risky practice for only high level stock market professionals. In this episode we are going to show that this is not that case and that you can be an average investor just like us and still excel at trading options even if you are a bigger and earn some extra passive income every single month inside your stock portfolio.  This episode will cover the basics of what you need to know If you are just learning about options. Options are like sports, there are many different types for many different people. It would be impossible for us to cover it all. We will start with some basic vocabulary that you may hear. For example, what is the difference between a call option and a put options. What does the strike price of an options mean. How do we make money what we trade options and what does the premium value of the option mean. 

After an introduction to basic vocabulary we will tell you the difference between buying and selling options contracts, how this is different that buying and selling stocks, and what is best for the options trading beginner. By the end of the episode, you most likely will not be able to log onto your brokerage and start trading options but you will definitely have the foundation you need to do some more research and get the ball rolling.  You can follow up this education by hoping on our YouTube Channels (Brad Finn and JJ Buckner) and possibly investing in yourself and taking our online options course that will give you everything you need in order step by step to make your first option. Used Check Out Code "OPTIONS" to receive 50% off the course. The easiest way to find these resources is to visit our website linked below.  We look forward to hearing out your options success.  Cheers

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📈 What We Use To Research/Analyze Stocks: https://www.stockrover.com/why-stock-rover/?sa_author=averagemoneypodcast

📝 The Beginners Guide to Options Trading Course: https://averagemoney.teachable.com/

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Our Website: https://averagemoneypodcast.com

In todays episode VOICEMAILS are back!! We wanted to switch things up a little this week and go a little "Dave Ramsey Style" and do multiple voicemails on different, unrelated topics. The first voicemail comes in for 24 year old Luke. Luke just moved to Nashville TN from Pittsburg PA to pursue a career in audio engineering. He's got $25k saved up with some invested and some in liquid cash. He wants to know our thoughts on investing cash or just keeping in it in savings.  Next we connect with Steven who is feeling a little bit of FOMO and pressure from his friends and family. It seems that everyone around him is driving the nicest cars and living in the biggest houses. Because we are the minority in the frugal personal finance space we let him know that he is not alone. We talk about how we deal with this feeling and how we can use this as motivation to succeed.  Lastly we hear from Joe who is looking to convert his basement into a rental property to offset his mortgage payments. We talk taxes and things people should be thinking about when bringing in rental income.  See The Link Below To Leave Us A Voicemail And Be Heard On The Average Money Podcast!

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📈 What We Use To Research/Analyze Stocks: https://www.stockrover.com/why-stock-rover/?sa_author=averagemoneypodcast

📝 The Beginners Guide to Options Trading Course: https://averagemoney.teachable.com/

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Our Website: https://averagemoneypodcast.com

JJ is back in New York, and every time he comes we have a great time. This time we may have gone a little overboard and had too much fun. We bordered on the edge of reckless spending! I’m not sure we had a meal that was less than $200, which is very out of character for the both of us. When the dust had cleared we had to really look back at why we spent as much money as we did. Was this lifestyle creep? Was I reckless spending? Or was it a chance to build memories regardless of the price tag? This begs the question;  are some memories worth the price tag? This episode breaks down those very questions as well as looks at how income needs to be a part of your lifestyle! JJ mentions that his biggest fears are not about making money now, but keeping that income continuing into the future. Having a fickle income like YouTube is great, but is it forever? How is Brad’s lifestyle different from JJ’s because of his consistent teaching income vs JJ’s social media income. 

Admittedly, both of us have started to spend a little more than we traditionally had in the past year or so. This reinforced our need to get back to budgeting and understanding where our money is going. Brad tends to budget at the beginning of the month and JJ budgets at the end of the month so there are some differences there. We talk about why those two budgeting techniques both work and it really depends on you! Personal finance is personal!  It’s incredible how simple and basic a budget can be, and how if you push it to the back burner your money situation will start to creep away from your goals. You also must know yourself and what YOU spend money on. If you hop on the internet and try and make your budget align with someone else’s there is bound to be some challenges and disappointment. Some people like food, some like to travel, some like to spoil their kids. You are allowed to cut things from your budget that others may find valuable for things that bring your life value and others may see as reckless. 

Let’s look at all the spending we did on one weekend here in NY. We ate foods that we would never buy, drank drinks we would never drink, and dined at incredible waterfront restaurants. In retrospect, these were not just about the food and drinks. It was creating memories  that will probably last a lifetime. We will tell our kids about the amazing time we had together this past weekend. You may be thinking, “do you need to spend a ton of money to create a memory?” The answer is NO, but the point we want to make is that some memories do cost money! Some of the things we did JJ had never done in his life, and when Brad is in Missouri we will get to do things that he has never done. We put a huge amount of  “life value” on the time we get to spend together because it is few and far between. 

The plot twists when JJ mentions that there was probably a little bit of lifestyle creep AND reckless spending that went on this weekend. We are all for Financial Independence and frugality but you have to enjoy yourself. You have to be happy! There is no sense in being frugal if you are not going to be happy! When you are paying off your debt your life should probably be a little more boring, we agree with that because debt will kill financial progress but once you are debt free you can loosen the reins a little bit. It’s ok to get to FIRE a little bit later in life to enjoy the process! Mental health is so important to us. Spending a few bucks on a last minute flight to help JJ during a time of emotional struggle is worth the price of the flight to us!

At the end of the day it all comes back to knowing where your money is going. If you get to the end of the month and you're broke and have no idea where the money went, that is a bad thing. But, if you plan accordingly and at the end of the month you are broke but know exactly where the money went, that might be ok! It being ok or not depends on how consistent that next pay check is. 

We wrap up the episode discussing ways to avoid excessive lifestyle creep and reckless spending. You shouldn't beat yourself up if things get off track a little bit. We are only human. When things begin to slide you just have to get back on track. 📱 Join The Patreon/Discord for Extra Perks and Stay in Touch With The Average Money Community (ONLY $1/month!): https://www.patreon.com/averagemoney

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Leave A Voicemail! Click Here To Join Our Discord Chat Click Here To See The Video! 🔥NEW MERCH: https://average-money-merch.creator-spring.com Mortgage interest rates are currently at all time lows and have been for the last year or so. I don't think that I know anyone that owns a house who hasn't Refinances their mortgage or at least talked about a ReFi. We have gotten to the point where it is a status symbol to brag about how low your rate is.  Recently Brad was faced with a decision to make about refinancing his home mortgage. After a deep dive into the details he realized there was more factors than interest rate that need to come into play when deciding to refinance.  In this episode we will take a look at all the things you should be thinking about when you are considering a refinance of your mortgage. 

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Try Out M1 Finance: https://m1finance.8bxp97.net/eLDV6 Sign up for MooMoo today and get up to 4 free stocks worth up to $3,350: https://j.moomoo.com/005VrY (offer subject to change, some restrictions may apply) Leave A Voicemail! Click Here To Join Our Discord Chat Click Here To See The Video!