Ep 179: F.I.R.E. For Dummies with Jackie Cummings Koski

In this special solo episode, Julien and Dr. Preston Cherry discuss the intersection of financial planning and personal well-being. Dr. Cherry brings a unique perspective and combines the rigor of financial expertise with the nuanced understanding of a therapist. He's here to tackle those awkward conversations with your partner about finances, the "financial harmony" that's more than just a feel-good buzzword, and how to find true satisfaction in a world obsessed with wealth.Dr. Cherry knows the struggle is real for the sandwich generation - those of us juggling the demands of raising kids while supporting aging parents. He offers some guidance for having complex financial conversations with grace and clarity, and strategies for finding balance and ensuring that your own financial needs are met alongside those of your family. This episode is also important for anyone preparing for parenthood - it's not just about diapers and baby formula. We're talking about investing in your future, valuing your own worth (beyond just your paycheck), and finding ways to make sure your children inherit more than just a pile of bills.Helpful Links: Diversity among financial planners improved in 2021 — but it still remains overwhelmingly white and male Follow Dr. Preston Cherry on his website, Instagram, and YouTubeGet his book: Wealth in the Key of Life Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

This week, we're returning to our "Quick Dip" format, where we explore three timely topics, giving you the need-to-know without the fluff.First up, is cord-cutting still worth it? Julien shares his long history of cord-cutting, which began long before he met Kiersten, and she shares her own journey to embracing a cable-less lifestyle. We discuss the pros and cons of traditional cable versus streaming, and how the streaming wars have made cord-cutting more complex than ever. But, ultimately, we agree that cord cutting can still be a smart move, especially if you can resist the urge to buy into all the bells and whistles.Next, we discuss the recent 2.5% Social Security cost-of-living adjustment (COLA) and how it might not be enough for seniors to keep up with rising costs, especially in healthcare. It’s a reminder that Social Security is often overlooked as a critical part of personal finance and more of us should be having better conversations about money with loved ones who rely on it.Finally, we check in on the stock market. We break down the current state of the market, talk about the importance of diversification, having an exit strategy, and getting caught up in the hype. This episode is packed with actionable tips and insights that can help you handle your next financial decisions with confidence. Links: 2024 Medicare Quick Reference Guide (via Nuveen)Mark Cuban’s drug company: https://costplusdrugs.com/Episode 92: Medical TourismEpisode 105: Planning for your retirement  Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

This episode is for anyone who's ever said, "I wish I could just save more money" because we're spilling the tea on how it’s done (and more specifically, how to automate it)  PAY YOURSELF FIRST. Yes, it sounds simple, but it's the kind of simple that's surprisingly difficult to pull off when you're battling bills, student loans, and a dozen ads featuring the latest shiny thing every time you look up. That's where automation comes in. We're talking about setting up systems that make saving money a habit, not a chore. We'll break down why "pay yourself first" isn’t just another cheesy motivational slogan, 4 different ways to automate your savings and investments, how you can use your raises and windfall money to your advantage, and a way to apply ‘pay yourself first’ to your everyday expenses that can actually lead to major savings.Links: Sign up for Acorns todayEpisode 154 - Why you need a plan for unexpected “windfall” money Episode 97 - Modern Couponing  Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

This week, we're unpacking the murky waters of pay cuts and those awkward conversations where your boss wants you to do the same work for less. It's an increasingly common brutal reality, but you don't have to just roll over and take it.We explore the different types of pay cuts: those forced upon you (like when you're forced back into the office) and those you choose (like a lateral move for experience). We'll also get real about the sneaky ways pay cuts happen – from slow-burning merit-based cuts to outsourcing key departments and roles.Tune in for advice on:The myth of the "Great Salary Reset": Why pay cuts are not a correction but a reflection of power dynamicsWhat to start doing when your job wants less from you, and how to protect yourself from getting playedThe importance of building a backup plan for financial stability when pay cuts are the only optionThe new portfolio career: Learning how to pivot and reinvent yourself in this economyLinks: Episode 150: Avoiding the Confidence Trap | How risk impacts your investmentsEpisode 140: Pay Transparency | Does sharing your salary help you earn more? Pay trends amid rising pay transparencyUS salaries are falling, employers say it’s a “resetting” (via BBC) Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

This week we're diving into the world of NIL, or Name, Image, and Likeness, and how this new, HUGE opportunity will impact youth sports. Think you're not impacted by NIL? Think again! This episode is for athletes, parents, coaches, and anyone who wants to understand how NIL is changing the game. And if you've got a kid with any sort of athletic talent, this is definitely a conversation you need to be having. The point is - this ain't your mama's college experience. This is about financial freedom, brand building, and how college athletes are finally getting a piece of the pie they've been baking for years. It's time to forget those old-fashioned ideas about college athletes just being "students," because the NCAA's amateur "student-athlete" model is DONE. It's a whole new game and we're here to help you play it.We're covering:NCAA got served: The landmark ruling that shook up college athletics and opened the door for athletes to cash in on their own name, image, and likeness.Why we're so intrigued by this: It all started with our son, and it's a real-life lesson in how to think differently about money, branding, and the future of sports.The BIG picture: This is about billion-dollar industries, the NCAA's outdated model, and evolving from a labor rights issue to a civil rights issue (spoiler alert: opinions don’t matter) The power shift: It's not just about the big names anymore. We're showing how even "average" athletes can leverage NIL to create a side hustle, a side gig, or even a full-blown business.Real-world examples: we share a story about what happened when we posted sports content featuring our son and give you practical tips on how to negotiate your own deals.The future of sports: We're forecasting the coming age of athlete-owned brands, semi-pro leagues, and even NIL scholarshipsLinks: The Money Game on Amazon Prime Ep 174 Quick Dip - Why are Olympians so Broke?   Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

We’re all familiar with the pressure to make extra cash, but what if your side hustle wasn't just extra work, but an opportunity to tap into your existing skills? This week we’re discussing long-term side hustles with one of Kiersten’s best friends, Lauren. Lauren's side hustle (teaching fitness classes) evolved into a passion project that fuels her spirit and keeps her bank account healthy. In fact, after 12 years, it’s been the longest "job" she's ever had, and it's helped her weather some major life storms. From lay-offs to breakups, Lauren's side hustle has provided a solid safety net and a healthy nest egg, giving her the financial freedom to handle the ups and downs of her 9-to-5 career in marketing.This episode is for anyone who's been hesitant to start a side hustle or feels like it's just another impossible thing on their long to-do list. Lauren’s story illustrates how earning income outside a traditional job with intention can change your life, one gig at a time. What you'll learn:The "Passion Project" as a Profitable Path: How Lauren’s side hustle wasn't just about the money, but about creating a space where she felt alive. This unlocked a sustainable way to make money while doing what she loved.Navigating the "Hustle": We talk about approaching side hustles in a way that doesn't burn you out and allows you to prioritize your mental well-being. Lauren offers some tips on setting boundaries and creating systems that work for you.The Shifting Landscape of Work: How the digital age is changing the way we think about work, and why a portfolio career might be the future.Monetizing Your Skills: Lauren’s story highlights the importance of understanding your strengths and identifying any skill gaps that need to be addressed. This self-awareness can help you narrow down the side hustle that's right for you and create a long-term, fulfilling path to success.Links: Follow Lauren on Instagram  Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

Do you ever wonder why you buy things you don't need? This episode explores the fascinating (and sometimes alarming) ways culture shapes our budgets. We’re talking to Dr. Marcus Collins, who is a scholar of the hidden messages of consumption, a marketing professor at University of Michigan's Ross School of Business, and the author of For The Culture. He takes us on a journey into the heart of consumerism, explaining how brands create religions, how the people we admire influence our spending, and how we can all become more conscious consumers. It's a hilarious, insightful, and maybe even a little uncomfortable look at the invisible cultural forces that are impacting our spending. Dr. Collins helps us understand:How the "consecration" of brands shapes our spending: We're not just buying products, we're investing in a sense of belonging, an identity, a belief system. Think of it as the "gospel of consumerism”The power of "our people": Dr. Collins breaks down the phenomenon of social proof and how the people we admire, the groups we identify with, and the trends we follow, all play a huge role in our spending.The illusion of financial freedom: Dr. Collins reveals how the "keeping up with the Joneses" mentality and our unconscious cultural programming can leave us feeling trapped, even when we have the right information.Navigating the cultural landscape: Dr. Collins offers tools and insights to help us become more conscious consumers, make more intentional spending decisions, and build a financial future that aligns with our own values.You'll walk away from this episode with a deeper understanding of the unseen forces influencing your spending, equipped to see through the "noise" of cultural marketing and branding, and empowered to break free from the unconscious influence of cultural norms.Links: Get Dr. Marcus Collin’s book For the Culture Visit his website and follow him on Instagram  Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

This week, Jackie Cummings Koski, author of "F.I.R.E. For Dummies," sits down with us to share her personal experience and offer some wisdom for anyone, no matter how late they are in the game, to begin building their financial future. This episode isn't your typical FIRE fantasy. As a Black, divorced, single mom who retired with $1.3 million at age 49, Jackie's got the receipts and the real talk about what it looks like to navigate personal finances when your story is a little more complicated than the usual "quit your job, sail the world" narrative. Jackie’s story is one of resilience, of taking on the challenge of reaching back to help your family when you're the first one to make it, and even more importantly, it's a story of recognizing that you have time on your side, even when you are a late starter.We discuss: The Great Un-Representation: Why the financial world needs more diverse voices, and especially more Black women, in the conversation.From "F.I.R.E. For Dummies" to Family Dinners: How the psychological aspects of money shape our choices, and why helping those closest to you often means reaching back instead of up.The Truth About Social Security: Jackie breaks down the reality of Social Security for early retirees (spoiler alert: it's a powerful backup, but don't expect it to be a cash cow).Beyond the Numbers: Living a life of purpose and leaving a meaningful legacy can be more important than just the final dollar figure.Is the 4% Rule a Myth?: Jackie shares her experiences with the 4% rule and how it can be adapted to your own circumstances and goals.Links:Get Jackie’s book F.I.R.E. For Dummies hereListen to Catching Up to FI podcast with Jackie and Bill Yount Visit her website, Instagram, and LinkedIn  Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

Are you dreaming of owning your own business? Maybe you picture yourself running a bustling coffee shop or a sleek fitness studio in the perfect area of your town. Franchising often seems like the shortcut to that dream – a pre-packaged path to success, where the brand and the system are already in place. But, as with most things in life, the reality is a little less glamorous than the Instagram-filtered facade.In this episode, we take a deep dive into the world of franchising. From the initial allure of a "cheat code" to building wealth to the often-overlooked realities of bureaucracy, legal entanglements, and the never-ending dance of stakeholders, we lay bare the realities of franchise ownership.This episode is a must-listen for anyone considering franchising. We’ll help you cut through the hype and make informed decisions about whether franchise ownership is the right fit for you.Key TakeawaysBeyond the “Cheat Code”: Franchising isn’t a magic bullet to wealth. It’s a business model with its own set of complexities and challenges.It’s Not Just a Sign-Up: Before jumping in, be prepared for a thorough application process, including fees and scrutiny of your financial standing.You’ll be juggling more than just your own employees. Franchise ownership means navigating a symphony of stakeholders, including sales teams, operations support, and vendors.Location, Location, Location: The hype often centers around “prime” locations, but the reality is most franchises operate in less-than-ideal spots. Demand generation is crucial, and you’ll need to build your own customer base.Beyond the Honeymoon Phase: The initial excitement of a franchise can fade quickly as you face the day-to-day realities of running a business within the constraints of a corporate model.Deep Pockets & Deep Relationships: You'll need financial stability to handle unexpected costs and a strong network to navigate challenges and find reliable help. Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow

You've heard of the Snowball and Avalanche methods, but which one is right for you? In this episode, we discuss the nuances of these popular debt payoff strategies, exploring the psychology behind each and how they might affect your financial journey.We're not here to shame you about debt. Let’s be real, in this economy, it's practically a badge of honor to have survived the last few years without getting buried in debt. But, when you're ready to take charge, knowing the right approach can be the difference between a successful debt-free journey and a cycle of frustration.We'll break down the pros and cons of each approach, sharing insights on how your mindset can play a crucial role in success. Because let's face it, sometimes even the best strategy falls short if you're not mentally prepared for the challenges ahead.TakeawaysThe snowball method involves paying off the smallest debt first, providing quick wins and motivationThe avalanche method focuses on paying off the debt with the highest interest rate, resulting in less interest paid over timeYour mindset is just as important as the math. Choosing a debt payoff strategy depends on personal preferences and financial goalsUsing windfall money and balance transfers can accelerate debt payoffThink of it like chicken soup. Do you want to pop open a can of Campbell's? It's quick, easy, and gets the job done, but lacks the depth and soul of homemade. Or, are you willing to invest a little more time and effort to craft a broth that will simmer in your heart (and stomach) for days?Focus on making progress over the next 90 days to reduce debt before the holiday seasonReassess, adjust, and celebrate. Don't get stuck in a rut. If one method isn't working, switch it up. And remember to celebrate every milestone, even the small ones.Links: Episode 93 - credit card balance transfersEpisode 142 - how we paid off $200,000 in debt Episode 138 - Tips to avoid holiday overspending Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life. Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by ForbesIf you would like to learn more about investing, check out our newest class, Making Money Grow