95: No Spend Challenges

How many Americans currently have a side hustle? What is the impact of women becoming the breadwinners for their family? Listen in on this week’s episode of rich & REGULAR for these answers and more as Julien and Kiersten take the live stage at the Morningstar conference in Chicago. Get ready for a captivating glimpse into their expertise beyond the podcast, as they shed light on the evolving landscape of modern families and its impact on financial planning.  From the impact of social media on financial influence to the evolving dynamics of income and education, the landscape of modern family finances is constantly evolving. Julien and Kiersten keep ahead of the curve by emphasizing the importance of financial services to recalibrate their approach to meet the diverse needs of modern families. So, fasten your seatbelts, embrace the winds of change, and embark on a journey of financial empowerment for modern families in an ever-changing world.  ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.  Support rich & REGULAR by sharing and rating us five stars on Apple Podcasts. See omnystudio.com/listener for privacy information.

How much should we save? Where do we keep our money? Is saving 10% enough? Welcome to another episode of rich & REGULAR, where Julien and Kiersten Saunders answer these questions and more. This week's topic is all about the holy grail of personal finance: saving. Julien reminds us that saving is not just a habit, it's a skill. And like all skills, it takes practice to perfect. Listen in to hear tips on where to stash your cash, how much to save, and how to know what types of savings accounts are a fit for you and your financial goals. As Kiersten puts it, "Money is a tool for better quality of life throughout your lifespan, not just at the end of your life." Whether you're just starting or have been saving for years, there's always something new to learn about managing your money and securing your financial future. ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.  Support rich & REGULAR by sharing and rating us five stars on Apple Podcasts. See omnystudio.com/listener for privacy information.

Are you yearning for a much-deserved getaway, but worried about breaking the bank? Well, fear not fellow travelers! In this week’s episode of rich & REGULAR, Julien and Kiersten help you plan a guilt-free vacation. With US hotel prices skyrocketing by a staggering 54% in January 2023 compared to the previous year, it's easy to feel like the only way to fund your travel is by taking out a second mortgage on your home. Tune in to hear the dynamic duo cover all the bases to help you save big while still planning a vacation that you'll remember for years to come. By taking advantage of the guilt-free tips and tricks shared in this week’s episode, you can make the most of your vacation, avoid buyer’s remorse, and create lasting memories with your loved ones. So, go ahead and start planning that trip – your wallet (and your sanity) will thank you! ---- Mentions:  Point.me website to save on credit card points Flight Connections website to look at flights  Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.  Support rich & REGULAR by sharing and rating us five stars on Apple Podcasts. See omnystudio.com/listener for privacy information.

Are you tired of the traditional retirement plan of working until you're old and gray? Enter FIRE, the Financial Independence, Retire Early movement. It's like retirement, but significantly better. In this week’s episode of rich & REGULAR, Julien and Kiersten are here to answer all the burning questions about FIRE. Who is it for? Is it sustainable? Is it just for people who eat ramen noodles every night? It turns out that FIRE can be for anyone wanting to pursue work-life balance, intentional living, minimalism…the list goes on. As Kiersten says “It's like having your cake and eating it too!” So why not give it a shot? Retiring in your 40s and living your best life sounds like the dream. Listen in to hear the Saunders outline how his dream can become reality.  ---- Mentions:  The Simple Path to Wealth book by JL Collins Your Money or Your Life book by Vicki Robin Mr. Money Mustache blog      Early Retirement Extreme book by Jacob Fisker Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.  Leave us a tip! Support rich & REGULAR by rating and reviewing on Apple Podcasts. See omnystudio.com/listener for privacy information.

What exactly is net worth? How is it calculated? It’s time to debunk the myth that income is the primary measure of success and explain why net worth provides a more holistic picture of financial health.  In this week’s episode of rich & REGULAR, Julien and Kiersten Saunders caution listeners against common mistakes they've seen when it comes to building net worth and provide a variety of healthy financial habits which can be implemented in order to improve your own. By taking small, manageable steps, we can improve our financial situations. Julien reminds listeners that, “Measuring your net worth is relatively simple, but managing it can be complex.” The good news is, it's never too late to start building net worth and securing financial well-being! ---- Mentions:  Personal Capital App/Website, now called Empower               Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular.  Leave us a tip! Support rich & REGULAR by rating and reviewing on Apple Podcasts. See omnystudio.com/listener for privacy information.

Many of Kiersten’s family members have been involved in the insurance business, so the Saunders are smashing through the stigma and delivering the life insurance low-down this week. They mull over the purpose of life insurance and perform a cost-benefit analysis on the two types of policies, term and whole life, while offering their two cents on which one to invest in. Julien and Kiersten also answer significant questions like who qualifies for life insurance, which of the two types is best, and what lifestyle factors will increase your premium.  The soaring cost of premiums may make some people exclude insurance altogether if they don’t know the big picture, so they let listeners know what to look for and if eliminating the middleman and investing your funds in other accounts can lead to better financial outcomes. Listen along as Kiersten shares her experience with over-investing in multiple types of insurance and how she’s adjusted her strategy over the years. She advises, however, that the market is constantly changing and not always for the best for people looking for insurance, saying, “If you’re eligible to get a life insurance policy now, you should get one NOW.” Tune in to find out more! ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast “Cashing Out” on YouTube. See omnystudio.com/listener for privacy information.

Each person’s retirement planning strategy is deeply personal. There are so many options for retirement accounts because they’re designed to be suitable for people with many different needs and lifestyles. But from 403(b)s, 501(c)3s, and 457(b)s, and other accounts, the amount of alphabet soup associated with retirement planning can be stupifying. Without financial education, confusing retirement account and tax code names can be a huge barrier for people trying to set themselves up for their future. This week, Kiersten and Julien break down all of your retirement account options and the pros and cons of each while shining a light on some murky topics like incentives, contribution limits, income ceilings, and deferred retirement account taxes. Julien and Kiersten ask, “When should you stop contributing?” and provide some helpful guidelines and tools for listeners, including factoring in your longevity risk and using retirement calculators or Monte Carlo simulators to predict your future financial needs. Kiersten ultimately cautions listeners to plan ahead carefully, saying, “Retirement isn’t a team sport. [...] My theory is that the reason [the government does] this is so that when they don’t provide you enough at the time you need it, they can say, ‘Hey man, I gave you every unfair advantage before this, so it’s not really on me to help you figure out a solution.’ It’s not fair, but it’s the system we’re operating in.” ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast “Cashing Out” on YouTube. See omnystudio.com/listener for privacy information.

Julien and Kiersten celebrate the beginning of financial literacy month (and tax season) by diving into tax jargon. There are so many things to complain about regarding taxes, but they do pay for community essentials like roads, schools, defense, social services, and more. The existing tax system was set up “to incentivize certain behaviours, things like charitable giving and homeownership…. But then, in the 1950s… [governing bodies] introduced tax write-offs as a way for businesses to reduce their taxable income, and things have just gotten more complicated since then,” says Kiersten. Kiersten asks, “Is the juice worth the squeeze?” when it comes to learning tax codes to save money and lands on “yes,” - but with exceptions. Learning taxes is the key to unlocking wealth. You don’t want to leave deductions on the table just because you don’t know how to identify them. As Julien wryly observes, “Rich people, if there’s one thing they know, it’s taxes.” Pull back the veil of secrecy around taxes with Julien and Kiersten this week so you can get the most out of your yearly donation to the public coffers. ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast “Cashing Out” on YouTube.  **SUCCESS Enterprises and its affiliates and guests do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.See omnystudio.com/listener for privacy information.

Divorce is rising across all generations and has nearly doubled since 1990. The numbers are no small potatoes: 50% of couples today file for divorce. Divorce is expensive - you can lose significant wealth between lawyer fees, alimony, and the general splitting of assets.  Julien and Kiersten delve into the controversial topic of prenuptial agreements in this episode. Prenuptial agreements, or “prenups,” can dictate how assets are allocated, debts will be paid, and children will be raised. Kiersten wryly observes that without a prenup, it’s a bit like building an IKEA chest without directions. Prenups are about planning for the unexpected, almost like marriage insurance. However, as vital as they are, there is a stigma around them. Follow along as the Saunders explore the ins and outs of prenups and how they ultimately might be, and Kiersten says, “the most romantic thing.” ---- Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast “Cashing Out” on YouTube. See omnystudio.com/listener for privacy information.

Do you love to travel? Have you considered investing in a timeshare? The Saunders discuss the value of timeshares versus regular resort rates. Kiersten used to manage the lead funnel of a timeshare directly, and Julien also dealt with timeshares as a portion of his previous work, so the Saunders both have boots-on-the-ground insights to provide. Timeshares have a complicated, polarizing reputation. Those who love them, love them, and those who hate them, hate them. There are two types to invest in, deeded and right-to-use timeshares. While timeshares might be easier for wealthier people to swing, it’s not impossible for a sensible investor if it meets their needs. Discover the pros and cons of investing in a sold good like timeshares and why salespeople get a reputation for being pushy. Listen in as Kiersten and Julien suggest some strategies to implement for whatever stage of timeshare ownership you’re at - acquiring a timeshare, rescinding an offer, and getting out of your contract.   Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support Rich & Regular by sharing and rating it five stars on Apple Podcasts.See omnystudio.com/listener for privacy information.