Retire Ready Too

In this week's podcast, our amazing guest contributor, Nia Adams reveals her incredible journey of taking control of her financial struggles and turning them into financial successes.

She opens up about the stressful times she faced as a young single mother before transforming her finances in powerful ways. From paying off $50K worth of debt to becoming a real estate investor and Certified Financial Education Instructor, she now educates and empower other women to take control of their finances to become money savvy and confident homeowners.

Nia shares 5 steps to help potential homebuyers navigate the buying process

Being a successful homeowner requires preparation and research. Even if your credit is in order, it's crucial to ensure you can afford the house that you're buying. 

To prepare for home ownership there are five key steps: 

• Build an emergency fund and have money for closing costs.
• Eliminate debt this can help buyers qualify for more mortgage options.
• Select the best team of professionals, research their brand and services before signing any contracts or agreements.
• Research loan products available in order to choose the best option that works for you; be aware of down payment assistance programs as they may come with certain requirements such as higher credit scores or needing to stay in the property for a set amount of time.
• Lastly, create a budget so that you are comfortably paying your current bills when taking on additional expenses like a mortgage payment.

In addition, we discuss the complexities that come with the home buying process...including down payment assistance programs, negotiating closing costs, getting a home inspection and understanding loan estimate documents – all things that are essential when buying your own property.

Listen now and take away valuable information about this crucial part of life - owning your dream abode!

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Mentions In The Podcast:

Nia Adams:

Certified Financial Educator

Founder: Perspectives

https://perspectiveschange.com/freehomeguide

https://www.amazon.com/Life-Short-Buy-House-Homeownership/dp/B0BHLH7Z6L

Are you dreaming of buying your own home, but feel like it’s impossible because of your credit challenges? Have you filed for bankruptcy or are still paying off student loans? Maybe you are a business owner with zero taxable income. 

If you feel there are challenges stopping you from buying a home, don’t give up!
There are plenty of options and resources available if you know where to look. 

This week’s episode of the Retire Ready Too podcast, our guest contributor Arlene Pryce, Branch Manager and Mortgage Consultant of Team USA Mortgage provides assistance to aspiring homeowners who thought their dream of owning a home was out of reach. With years of experience in the industry and an abundance of knowledge, she is determined to help you achieve your goal of buying a home even if you don't fit the standard borrower profile. 

We discussed everything potential home buyers need to know about mortgages so that they can make an informed decision before committing themselves financially and emotionally into the home buying process. Tune in today!

Mentions In The Podcast:

Arlene Pryce, Branch Manager & Mortgage Consultant
630-439-4497
[email protected]
Team USA Mortgage LLC, NMLS 234808
Illinois  #031.0039298
1709 Tullamore St, Suite #D Bloomington, IL 61704
www.teamusanaperville.mymortgage-online.com/

If you have every struggled with your finances and feel that you have tried every type of budget, watched how to create the best budget on YouTube videos, checked out finance podcasts, but nothing is working.

It may be time to talk to a financial therapist. Yes, they exist! 

Financial therapy is a great way to gain insight into your financial struggles and learn strategies to handle them.

Talking to a financial therapist can help give you the tools and techniques needed to stay on track with your financial ambitions.

With their expert help, you will be able to recognize issues that need addressing and gain a better understanding of your behavior, financial goals and habits.

On this week's Retire Ready Too Podcast, guest contributor Lindsay Bryan-Podvin, Financial Therapist and author (The Financial Anxiety Solution) discusses  how financial therapy can lead to having a healthier relationship with money and provides guidance for navigating the holiday season without breaking the bank or losing track of what matters most.

This episode serves as an insightful resource for anyone struggling to get their finances in order.
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Resources mentioned in the podcast

Lindsay Bryan-Podvin, Financial Therapist
https://www.mindmoneybalance.com/
Book: The Financial Anxiety Solution

Hey Parents! It is time to have the talk with your children around money.  Even if you did not have this talk with your parents or you were raised to believe money is a taboo subject that we do not discuss.

If you do not talk to you children about money, how will they learn?
 
Someone will teach them.

It may be lessons learned from Hard Knocks University. No-one wants that for their children.

 You may not know where to start, you may have made mistakes with your money.

 It's OK.

Share your experiences with your children. They need to understand how money works.

                             Now is a great opportunity to have these discussions.

In this week's episode, guest presenter Clifton Corbin not only shares the why we need to talk to our kids about money, but when and how we should do it as well.

He authored his first book, Your Kids, Their Money: A Parents Guide To Raising Financially Literate Children, which focuses on providing parents with the skills and tools to teach financial literacy to their children.

He's a graduated of Niagara University with a Master's Degree in Business Administration and has spent years studying finance and is a passionate advocate for advancing the financial literacy of children and young adults.

Clifton answers the following questions in the podcast and much more....

When to have the money talk?

Do you pay an allowance or have them earn it?

How much allowance should your kids receive?

How to make managing money fun? Yes, it is possible 🤓

If you have children, you don't want to miss this episode!

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Resources mentioned in the podcast:

Clifton Corbin, Author & Financial Literacy Advocate
https://cliftoncorbin.com/

Books: Your Kids, Their Money: A Parent's Guide to Raising Financially Literate Children
 The Richest Man Person in Babylon: Revised for Modern Times

Becoming a business owner is not for the faint at heart. If it were everyone would take the leap.

It can be a fairly scary adventure, especially if you go into it without a plan. In this week's podcast, my guest contributor Alexandra Davis, a fellow CPA, CFP® and I discuss our experiences as business owners; and the challenges we see other business owners face; and steps you can take to avoid common mistakes.  

Whether you work for yourself or for somebody else, there are a lot of things you need to consider before taking the step. Many people think starting a company sounds exciting: you are the boss, making your own hours, more freedom to do what you want.

But on the flip side of the coin is A LOT of sacrifice, long hours, lonely days and broke bank accounts.

Here are some tips we suggest as you pursue a business owners' journey:

Step 1: Develop The Right Mindset - Read self-development books, spend time with like-minded people and stay true to your why.

Step 2: Create A Plan - Remain nimble and be prepared to pivot. A plan is a helpful start, but it will change, stay open to possibilities.

Step 3: Build A Great Team - A good accountant and attorney are the key to mitigating mishaps. But building a network of other professionals will take you far.

Step 4: Develop systems - Treat your business as a legit company from day 1. Develop sound accounting systems and procedures.

Step 5: Stay The Course - No-one said it would easy, but everything you need to succeed is within you.

Resources Mentioned In the Podcast:

Alexandra Davis, CPA, CFP® - Founder, AGA Tax & Consulting Services, LLC

www.agataxservices.com 

Master The Money Game By Tony Robbins

Get Rich, Lucky Bitch By Denise Duffield-Thomas

Have you ever gone to the store to purchase one item and you left with a cart full of crap you really don’t need. Sounds familiar? Do you ever wonder why you made the choices you did?

What were you thinking about at that moment? Or perhaps you were not thinking and someone else was doing the thinking for you. Sounds a bit eerie? 

But oftentimes it is true. Let me explain. I have to take you on a historic ride to get to my point so bare with me. 

In the 1920s Americans made purchases based upon their needs. They needed shelter, clothing, and food. Luxury items and anything beyond basic needs was purchased by the well-to-do. 

After World War II, the government and manufacturers began to wonder how they would keep the economy growing during peace time since all efforts and labor had been directed towards providing for the war. 

Entering the scene is “master manipulator” Edward Bernays, a public relations pioneer and the nephew of Sigmund Freud…many of us have never heard of him. He began by helping Woodrow Wilson's presidential campaign. It was during this time that he decided to change people's buying habits by making them believe they needed something they didn't need (and also making sure they couldn't live without it).

By encouraging people to buy more stuff as “essential” to our lives, Bernays helped companies make millions—but at what cost? 

Today, we're still living with his legacy: consumer culture has taken over our lives and made us feel like if we don't buy every new product that comes along or create an Instagram-worthy life for ourselves then we are somehow less than other people who do these things.

Some studies say we are exposed to over 10,000 ads a day (wow, that seems like a lot of ads) that convince us to buy things we don't need. So when you go to the store, make a purchase and later realize you did not need it, it could be because you were being influenced by some outside force and you just did not realize it. Think about this next time you go shopping for that one item. 

The good news is that you can learn how to break free from the consumerist trap and save money. You may even find yourself being happier for it!

In this week’s episode, guest contributor & Financial Fitness Coach, Rosa Colin and I have a conversation about consumerism, the impact that it has on our mental health and what steps we can take to live happy and satisfying lives.

***************Resources Mentioned In Podcast***************

Rosa Colin - Financial Fitness Coach and Founder, Mujeres Building Abundance

Rosa is a bilingual clinician, who takes on a holistic approach in order to guide individuals to self-empowerment and self-healing. She believes in the power of caring for one’s mental health to live an abundant life. 

You can connect with her on her social media platforms:

https://www.instagram.com/mujeresbuildingabundance/

https://www.linkedin.com/in/rosa-jennifer-colin-asw-cfei/

https://www.mujeresbuildingabundance.com/resources

Books: 

The Seven Spiritual Loss of Success, Deepak Chopra

This is a continuation of last week's podcast on planning for retirement when you don't have a pension. If you are concerned about having adequate retirement savings, you are not alone, 76% of Americans do not have access to a pension. 

When 401k retirement plans hit the scene in the 1970s, they were created as a supplement to pensions provided by corporations. However, as the cost of maintaining pensions increased, corporations sought ways to trim their budgets by placing the onus of saving for retirement on their employees via defined contribution plans. 

This decision has left the vast majority of Americans underprepared for retirement. The Policy of Economic Institute states, "the median family between the ages of 32 and 61 has only $5,000 saved in a retirement account, while the top 1 percent of families has a million dollars or more. 

"These accounts are accidents of history that were never designed to replace pensions..." 

The public sector (state and federal employers) is one of the few sectors that still provide their employees with a pension. The National Institute on Retirement states that less than 26% of American have access to a pension.

What do the remaining  74% of Americans do? How do you plan for retirement when you don't have access to a pension?

Today, I will provide some tips on planning for retirement without a pension . This is part I of a two part series, so don't forget to check back next week for additional tips.

According to the A A R P, half of Americans do not have access to a pension nor a retirement plan such as a 401k or 403(b) that's 57 million people who don't have access to a retirement plan.

The Retire Ready Two Podcast is back for season two and just in time for fall.

The goal of the podcast is to inspire, educate, empower listeners to take control of their lives and their money so that they can have a life by design. Rather than one by default.

This week our guest contributor is Yarelys Tifa, a first generation professional who is passionate about teaching and impacting others on their financial journeys.

After she became debt free in 2019, she began to use the tools and lessons she learned to help other people pursue the same. She graduated with a Bachelor's of Science and Resource Economics and a Concentration and Business management and marketing.

Yarelys is sharing her heartfelt journey from humble beginnings to leaving a toxic work environment so she can pursue a business that was in alignment with what mattered most to her and makes a difference in the community.

You can support Yarelys on her social media platforms listed below:

 www.cashisqueenllc.com
[email protected]

Cash is Queen
280 Route 17 North Suite 197
East Rutherford, NJ 07073

This podcast is dedicated to providing financial education to families and business owners so that they can save and invest and build wealth for today and future generations. 

This is last podcast of season one...16 episodes. It has indeed been a journey.  Thank you to all those who have supported this podcast! 

In an effort to cool off the economy, on July 27, 2022, the Federal Reserve Board increased interest rates by .75 points. When the Federal Reserve Board increases interest rates it has a ripple effect that will eventually increase the interest rates on automobiles, mortgages and credit cards. 

Now is a time to get back to the basic money management. Here are some tips to manage your money during these uncertain times:

==> Spend with intention. Pay attention to where your money is going, spend on those things that you need and defer your wants until later in the future. 

==> Add money to your emergency fund. Advisors recommend saving 3-6 months of basic living expenses. However, if you are a business owner, you may consider saving closer to 9-12 months. Decide what is best for you and your family. 

==> Continue to invest in the stock market. If you are saving for a retirement that is 10+ years away and your portfolio is well diversified. Don't allow the dip in the stock market to force you into making rash decisions. 

==> Look for investing opportunities. There will be investing and wealth building opportunities regardless of business cycle. 

Mentions in podcast:

IBonds on YouTube

Financial Freedom Roadmap Course