Start100K

How do you define enough I know for me this is kind of a difficult question and it's something that I wanna get into a little bit deeper this month with some of my other writing and I just think about this in terms of so many things um you know I mean is this money is it time is it lifestyle is it freedom and you know for me I think there's a little components of all of that I think that whenever it comes down to you know enough or we'll call it enoughness then you know we're we're looking at or at least I'm looking at you know there is a money component to that because there's a certain amount of money that I'm going to need to have in order to set myself up in a way that I think I need to be happy but yet there's also so many other examples of people that have so much less than me and they seem to be happy there's an incredible amount of variance in you know what human beings think is enough and what it takes for us to each individually be happy and so I think I just wrestle with this idea quite a bit because I I guess maybe I don't feel like I've achieved enough or I've experienced enough so it's hard to really define exactly what that's gonna be for me I mean I think I have an idea of what that looks like you know for me I think it really boils down to am I able to live in a way that is aligned with what I feel is important in my life so for me and this is you know I'm just speaking for me not for anybody else but for me that really boils down to living a life in a way that I'm able to openly express myself in terms of my faith my creativity my love for others and also be able to just feel safe to express my opinion I think that is one thing that I've really had a hard time with most of the time I've been in the military it's just I've been so throttled you know as far as like opinions and stuff like that like good ideas like actual good ideas not you know the the good idea fairies that we joke about but you know actual creative ideas that actually move the needle toward you know making things better you know those a lot of times get shot down and that's one of those things that yeah I just I don't know I I just get so excited about being outside of that system and and being able to just express myself I mean of course you know I'm able to do stuff like this and things like that but even that with it is within limits you know there's a lot of things that I can't say there's a lot of things that I can't divulge about myself publicly because it could be misconstrued in in a certain way and so I think that's one of the biggest things that I think is going to be good for me and because we have made some good choices I'm gonna be in a pretty good spot to not need you know this not need this JB for a long time but you know I just kind of wonder like what does that look like for you like um you know jail Collins uh I think famously you know created the you know FU money you know which is just you know that concept actually you know it did a episode on it a while back on FSU money and really you know it's just you know the how much do you need to be able to just say no I don't want to do that and able to live in a way that that you want you know so I think you know that's kind of a a first step but then you know beyond that like what is it you know what does it take to to craft the the life that you want to live and so you know that's really just something that you know I've really thought about here lately real quick I guess I'll give you kind of what I currently think is going to give me umm you know all those things you know like what what what do I think enough is going to be for me and honestly I think that enough for me is actually pretty small compared to maybe some other people that I see in the the news and you know other influencers and stuff like that but really I just I wanna have our house paid off I want to have access to woods so I can go and take a walk or run in the woods every day and I want to have the freedom...

Read my article on Enlisted Money If you’re a money nerd like me, you’ll love creating your own little “holiday” for it – Money Day! I originally got this concept from J.D. Roth’s blog, Get Rich Slowly. Our annual Money Day has evolved over the years, but it’s a great forcing function to keep us on track financially. This also serves as an excuse for me to nerd out and annoy my lovely wife with money talk for a day. To be clear, she plays a huge role in Money Day and our financial success – she just doesn’t like talking about money like I do.

It has been years, actually, over a decade since we changed banks for our high-yield savings account (HYSA). But this is the year, I had a bad experience. I’m actually kind of embarrassed about it, but more on that later. Long story short, we were not being valued as loyal customers and I refuse to stay with a bank that treats me unfairly. Housekeeping note: I have no affiliate or partnership relationships with any of the banks mentioned. This is just my own experience and opinion. There are no referral or affiliate links in this article. A Quick Backstory and What Happened Originally, we’d started our first high-yield savings account with a company called ING Direct. I’d spent quite a bit of time researching different banks and settled on ING Direct because they had great rates, I could easily open several accounts, nickname my accounts (this actually wasn’t that common 10+ years ago), and their customer service was great. Fast forward, they were purchased by Capital One and rebranded as CapitalOne 360 Savings. Okay, no problem. Customer service was still great, rates were great (or so I thought), no worries. I was checking my accounts and renaming one for a goal we’ve established in conjunction with Money Day this year. I noticed my interest rate on my accounts was 0.3% - not the 4.35% that Capital One shows on the site. I called and they said I had a “legacy product” and would need to reopen my accounts in order to get the current rates. Needless to say, I was pissed! If I have to open brand new accounts, I’ll be opening them with a different bank. The hunt begins. My Criteria for High-Yield Savings Accounts I am very particular about my high-yield savings accounts – up to a point. I’m very aware of my tendency to analysis paralysis. I’m a natural overthinker, but once I settle on a decision, I generally feel very confident about it. There’s also a couple other reasons why I’m not too particular about some things but more particular about others. Chasing high fees or jumping on the “trendy” HYSAs can get you into trouble or end up not being quite as awesome as the marketing makes it seem. Because I tend to go overboard comparing, I have to set my criteria and not get too wrapped up in the tiny details. In reality, when I set clear criteria, there’s likely only a few banks that will fit the bill. Here’s the main things I look for in a high-yield savings account: 1. Competitive Rates 2. No Fees! 3. Ability to Open Multiple Accounts 4. Checking Account Available at Same Bank 5. Quality Customer Service 6. No Hidden Rules and “Gotchas”

Episode 31 - The Value of Military Pay and Pensions As a service member getting closer and closer to retirement myself, I like to look at and think about how to value my military pension. I recently received my last promotion I plan to get before I retire, so I’m getting a lot more serious about how this fits into our overall plan for financial security and independence. Erik has posted a few different articles that I thought were interesting and he’s also created some nifty spreadsheets (who doesn’t love a good spreadsheet?) that I felt were handy to have. In this episode, I talk with Erik about why he created these tools, how to use them, and what things military members need to think about as they look toward transitioning to civilian life whether you’re retiring or leaving service after your initial enlistment or commission. All the links to resources mentioned in the show are below. Erik’s LinkedIn https://www.linkedin.com/in/erikbaskin/ Erik’s Calculators and Blog https://www.baskinfp.com/post/military-transition-income https://www.baskinfp.com/post/military-retirement Military Pay and Pension Calculators https://militarypay.defense.gov/Calculators/ Kate Horrell’s Checklists https://www.katehorrell.com/military-retirement-checklist/ https://www.katehorrell.com/military-separation-checklist/ Doug Nordman – Don’t Gut It Out To 20: Leave Active Duty For The Reserves Or National Guard https://themilitarywallet.com/leave-active-duty-for-reserves/ Doug Nordman – Military Guide to Financial Independence & Retirement https://militaryfinancialindependence.com/about/books/

Crack money??? Listen in as Zac Spainhour and Brandon talk about what “crack money” is and what to do about it. Hear about ideas to keep your crack money in check while still living life. Simplicity and ease of use are definitely keys to keeping your finances on track and under control. To learn more about Zac Spainhour, please follow him on LinkedIn and check out his YouTube channel! https://www.linkedin.com/in/zspainhour/ https://www.youtube.com/channel/UCuKkqIDPeq1asGzFvZq5iiA Links refenced: https://www.cnbc.com/2019/10/01/those-weekly-splurges-cost-7400-extra-yearly-study-shows.html

My son, Owen asked to record a podcast episode with me, so here you go. Enjoy!

Doug Nordman has been a really positive influence and great mentor for me. He was gracious enough to share some of his thoughts about how junior leaders in the military can take care of those they lead financially. For more from Doug, please visit his website, find him on Facebook, or send him an email at nordsnords@gmail.com. https://militaryfinancialindependence.com/ Be sure to pick up a copy of his books too! https://militaryfinancialindependence.com/about/books/ https://militaryfinancialindependence.com/about/book-money-savvy-family/ Please share this show with someone you know. You can also pick your favorite episode and share it on social media. I’d love to hear from you, shoot me a note at podcast@start100k.com. I read every email you send. Thanks for all your support! Now go get started!

Check out the interview with Monica Scudieri! We discuss her new book: Grab Your Slice of Financial Independence. Monica’s story is really inspiring to really anyone, but especially if you’re working through struggles on your journey to become financially secure and independent. Check out her website and where you can pick up a copy at : https://www.grabyourslice.com/ Please share this show with someone you know. You can also pick your favorite episode and share it on social media. I’d love to hear from you, shoot me a note at podcast@start100k.com. I read every email you send. Thanks for all your support! Now go get started! Links: https://www.grabyourslice.com/

Budgeting isn’t particularly fun. We’ve recently started using a simple, homemade Google form to augment our envelopes and automation that we normally use. So far, we’ve had great success with it! Full article: https://start100k.com/google-forms-budgeting/ Even if you try and change the name to spending plan or whatever, its still a budget. It’s not fun. So I attempted to make it as simple as possible to track spending as we go. Please share this show with someone you know. You can also pick your favorite episode and share it on social media. I’d love to hear from you, shoot me a note at podcast@start100k.com. I read every email you send. Thanks for all your support! Now go get started!

When you have a lot of goals in life, but only so much time and resources, you can suffer from burnout. I have a continual battle with this in my life. I'm working on it. I hope this is helpful. Regardless, please share your thoughts and feedback with me. Shoot me a note at podcast@start100k.com

It gets really hard to evaluate things objectively sometimes. This is true for investments, large purchases, and even career opportunities. I want to talk a little today about how I like to think about things in a way that lets me separate my emotions temporarily in order to evaluate things more objectively. Here’s the “trick” if you want to call it that. Remove the names and labels of whatever you’re talking about. For example, if we were going to talk about investing in real estate, stocks, or treasury bonds, we could simply call them all investment A, B, and C. This takes one layer of emotion away – names. Please share this show with someone you know. You can also pick your favorite episode and share it on social media. I’d love to hear from you, shoot me a note at podcast@start100k.com. I read every email you send. Thanks for all your support!

I believe that it is impossible to feel better about yourself by comparing yourself to other people. What does feel good? Comparing yourself to who you used to be. I talk about my personal mission statement of perpetual improvement in Episode 10. I work hard to improve every person, project, or organization I’m involved with. This includes myself. If I look back in time, I should be able to see that I’ve improved immensely over time. When I look back 5 or 10 years, I hardly recognize the person I was then. My personality is much the same, my personal drive to help others is still the same, but my education level, habits, accomplishments, and experiences have shaped me into someone I could not have dreamed up 10 years ago. Now, I love to dream about what kind of person I’ll be in the next 5 or 10 years. I honestly have no idea, but I have a couple rules to help me direct my curiosities and some questions that I use to help keep myself from stretching myself too far either. I’d love to hear your thoughts on this, shoot me a note at podcast@start100k.com. Action Items: Lastly, please share the show with someone else. Better yet, pick your favorite episode and share it on social media. Thanks for all your support! Now go get started! Links: The Psychology of Money by Morgan Housel https://www.morganhousel.com/ You’re Not That Great by Dr. Daniel Crosby https://www.amazon.com/gp/product/B00A6DDBFW/ref=dbs_a_def_rwt_bibl_vppi_i2 Standard Deviations Podcast https://www.standarddeviationspod.com/episodes

Have you ever purchased an extended vehicle warranty? Have you later decided you didn't want that warranty anymore? If so, take a listen to this short tip on how you might be able to get some of your money back!

Hear about monetary benefits of military service including how to get paid to go to college and evaluating what kind of a pay cut you might get when exiting military service. To ask a question, email podcast@start100k.com and I’ll be happy to address your questions in a future episode. To contact David, please email: david@ dreamfinancialcoaching.com/ Now go get started! Links: https://mycaa.militaryonesource.mil/mycaa/get-started https://skillbridge.osd.mil/ https://helmetstohardhats.org/ https://hireourheroes.org/ http://dreamfinancialcoaching.com/

Is getting a tax refund a good thing? I used to think so, but now I feel a little bit differently. Here’s how I try to imagine the process of how we pay taxes in the US. Basically, we have what I like to think of as an imaginary cookie jar that you are filling up as the year goes on. You know that you have to give Uncle Sam a few of the cookies you made over the course of the year, but you’re not exactly sure how many he needs. Either we paid exactly what we were supposed to, which is highly unlikely, or one of two things happens. We give a few more cookies to Uncle Sam to properly fill the cookie jar or he gives us a few back. Regardless, the cookie jar gets emptied and we start all over for next year. So what’s really happening is that when you get a refund, you are getting paid back what you already set aside for taxes. If you have any questions, shoot me a note at podcast@start100k.com and I’ll be happy to address your questions in a future episode. Action Items: Now go get started! Links: https://www.irs.gov/individuals/tax-withholding-estimator

Doing it yourself, or DIY, is a common way for people to save money, but is it always the best choice? Let's talk about some wins and fails when it comes to DIY and some rules around how to decide when you should and should not do it yourself. To contact me, please email podcast@start100k.com. Now go get started!

Food is one place we actually spend more on, but we are still pretty frugal. Here’s what I mean. We prioritize health and performance. We buy high quality meats and vegetables. We also use a lot of spices, so that adds a bit to the budget as well. To take advantage of all these tips, you might need to work on your cooking skills a bit. However, that's a very worthwhile goal! Here’s how we save on groceries: Keep an Eye Out For Free Food What's better than free? Obviously, there are some limitations and sometimes there's a good reason why its free. However, there's lot of free food to be had if you know where to look. Buy Nothing Groups We're a huge fan of our local Buy Nothing groups we've been a part of. This doesn't just apply to food though. We've gotten lots of great items for free and gotten rid of lots of things as well. If you like to save money and meet great people, you can't go wrong. Volunteer at Local Food Banks I've done this most of my life. Often once you've served everyone that comes through to get food, you can take what's left home. I like this one because it helps people in need and reduces waste. If you're military, check out your local USO. Sometimes they give away free food too. Plan out a menu and stick to it. And cook at home. Planning out a menu keeps us from buying a bunch of extra stuff. We know what we need to buy and don't buy a bunch of extra food we didn't plan to. This keeps us from buying too much and wasting from buying unnecessary food. Have “Brinner” Once a Week Egg omelets and bacon are pretty cheap for a whole meal. We started doing this because my son likes breakfast food – gets him to eat dinner. I also like a good omelette for dinner, so it's a win-win! Cook Enough for Leftovers We always make sure to cook enough to have leftovers for the next day. I literally split up the leftovers when we serve up food for dinner. This helps so I don’t overeat and makes sure I’ve got lunch for the next day. Keep Cheap Frozen Meals on Hand We keep pulled pork frozen flat in a baggie for nights when we don’t feel like cooking. This is our equivalent of keeping frozen pizza on hand. Make sure it’s pretty flat and you can just break a chunk off as needed. I cook up about 10 pounds at a time, so I only need to do this every so often. Plus, I like to barbecue. Have a Leftovers Night. Pretty self explanatory, but just save up extra leftovers and have that as a meal. Saves on cooking and saves you money! Buy in Bulk Buy in bulk and freeze up meal-sized portions. We buy in bulk at Sam’s or Costco. We currently have both because we’re trying to compare Sam’s and Costco. So far, we like Sam’s better, FYI. Shop at ALDI Seriously. They have surprisingly good food at generally great prices. I have no affiliation with them or get compensated in any way. We just like them. Grow Your Own Food Grow and can your own vegetables. We also got a ton of green beans from the food bank once and canned them all. Kept them from going to the trash and kept us fed. Action Items https://start100k.com/saving-money-on-groceries/(opens in a new tab) To contact me, please email podcast@start100k.com.

Episode 17 – How Income Tax Brackets Work Have you ever wondered how the U.S. federal income tax brackets work? You might be surprised at what you didn’t know. Today, I’ll explain how income tax brackets work and why that’s important to understand as you unlock your earning potential. Action Items: To contact me, please email podcast@start100k.com. Now go get started! Links: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022

Creating a budget for the first time can be so intimidating, but it doesn’t have to be! Whether you know a little or a lot about personal finances, having a budget is vital. No matter what, you need to make a plan that works for you and others that you share a budget with. If you don’t have anything else to start with, you can use a simple budget template in Excel or Google Sheets and get started. We’ve got budget templates that you can download for free here. We won’t ask for your email or anything else – it’s yours without strings attached. That’s the Start100K way! Full article: https://start100k.com/how-to-make-a-budget/