Not Made of Money

Danielle and Genevieve give rapid-fire questions to one another's personal finance and career questions (and quick answers) for the last episode of Season 2.  Some of the questions we cover in this episode: What should you do financially with a holiday bonus? What are the first things you should do if you're laid off? What do you do if you can't get ahold of your HR team? At what point should you hire a financial advisor?

Do you have a high income but still feel like you have no money at the end of your paycheck? This week, Danielle analyzes the budget of someone making $350,000 and the changes they need to make to get financial healthy. Genevieve discusses a career situation that's all too common - you accept a new job, but your current employer changes their mind about a major issue you had with the company. If your company is considering Return to Office, this one's for you!

Ever been looking for a new job, just to hear that you're finally being promoted? Genevieve gives us ALL the things to consider when deciding whether to keep looking or to gleefully accept the promotion. This answer isn't black and white - this one is a must-listen! With US inflation up over 8% year-over-year, what switches should you make in your investment portfolio? Danielle discusses the simple changes she's made to help edge inflation. P.S. It doesn't mean selling all of your stock positions!

You want to save 20% for retirement, but how can you determine this if retirement contributions come out automatically from your paycheck? Danielle breaks down the 5 simple steps it takes to look at your paycheck and figure it out. A listener wants to know - should I negotiate for $5,000 more even if I already talked to HR about the salary range? Genevieve gives us the HR perspective on when to negotiate and what you should consider before having the conversation. Danielle's steps to figuring out your savings rate: 1. Know your base salary and the amount of $ taken out for retirement. 2. Look at paycheck and see what your take-home pay is monthly post tax & retirement contribution 3. Calculate 20% of the number you have found in #2 4. Subtract what you automatically save (#1) from what you need to save (found in #3) 5. If you want to see what % that is, then take the answer from #4 and divide it by #2!

If you are wondering how to reduce your income to the IRS and lower your tax burden, Danielle discusses 3 simple strategies to leave more money in your pocket. She saves about $10,000 annually in taxes by employing these strategies! Already interviewing for a new job even though you've only been in your current job for 6 months? Genevieve shares interview tips to ensure you land the job.

You just put in your two weeks' notice, but your employer wants you to leave your job before your notice is up. Did you do something wrong? Genevieve lets us all in on whether this is a bad sign or just a normal HR practice. A listener wants to know - how do you fit planning for future children into your budget? Do you cut back retirement savings? Where do kid expenses fit into a budget? Danielle lets us in on where her kid expenses fit into her budget and another option to make it all work. Links discussed in the show: No, you aren’t required by law to give two weeks’ notice when quitting a job by VerifyThis.com & What to Know About Pay When You Give 2 Weeks Notice by The Balance

The coincidental question of whether taking out student loans for college is worth it...well, is it? Is trade school a better option?  Danielle discusses the financial implications of either decision.  Similarly, Gen provides guidance on whether quitting school with 20 credits to go is worth it to pursue a trade instead. Should you follow money or your passion? We debate it in this episode.

This Tuesday's episode will be a bit delayed - stay tuned for updates later this week!

If you are struggling to stop impulse spending, Danielle shares the secret to taking control back... budgeting! Unlike other financial gurus, her advice is simple - save first, then it doesn't really matter what you buy. Nervous to get back out there and interview after being laid off? Genevieve lets us know that layoffs are common and HR managers do not really care as much as we think they do. Turn your worry into a strategy to land the next job! Link to getting an online savings account to keep your savings & checking separate. *Get an extra 1% APY for 3 months using this code to sign up: https://www.marcus.com/share/DAN-YFD-8SRR"

Genevieve and Danielle are back and discuss two hot button issues.    1. Should you leave an interview if the Recruiter doesn't reveal the salary expectations after asking? Tune in if you are in any industry with high demand for your skills! 2. Everyone always says renting is throwing away money. But, is it? Danielle talks the decision to buy a condo vs. renting and the budget considerations before doing any large financial purchase. Link discussed in the show: How much "house" can you really afford? Work backwards by entering the monthly payment you are comfortable spending in this calculator: https://www.chase.com/personal/mortgage/calculators-resources/affordability-calculator