84: Investing With Friends w/ Kemi Onabanjo-Joseph

Its the last episode on 2023 and in similar fashion, I am answering your questons and they came in hot. In this episode of the podcast, I answer listener questions across Career, Finances, Personal Reflections and so on. In this episode I answer question on

1. One thing I'm most proud of in 2023
2. What I'm looking forward to in 2024
3. My biggest financial lesson of 2023
4. I'm terrible at tracking my spending in different categories, What works for you?
5. The financial impact of friendships
6. Ex-husband owes $5,000, should I let it go or go to small claims court
7. What to do about Christmas gifts when paying debt and saving?
8. How Do you make time for learning and development ? What does this look like for you?
9.How do you cope with or manage burnout?
10. New to a new country and 8 months into a new job. I've received good feedback but Im not yet the star girl and that makes me anxious. How long does it take?

I answer these questions and so much more. I hope you listen!

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

Hot takes are so freaking popular and they're clickbaitey (is that a word) but they seem to work. The thing is though, they are hardly ever 100% true and there's always nuance to things in the world of personal finance. 

In this week's episode of the podcast, I respond to 6 hot takes and share my personal opinions/thoughts. Again, am I always right? No! 

This is not financial advice, just me sharing my nuanced views. Personal finance is personal, always sort through information with your own internal filter! 

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

The Holiday season is here and this episode is inspired by the OG podcaster, Myliek. In a recent episode, she briefly touched on boundaries over the holiday season and my brain went...pingggg and here we are.  This got me thinking about how often we hear or even we talk about getting through the holiday season and that does not sound enjoyable. 

So this episode is a reminder for all of us to set the following boundaries especially this season:

1. Set Boundaries with yourself and pour into yourself
2. Set boundaries at work this season
3. Set boundaries with your family
4. Set financial boundaries NOW
5. Schedule time with your chosen family
6. Embrace the Joy of Missing Out

Have a wonderful holiday season, with your boundaries out in full force! 

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

In this episode, I use a recent hilarious real life experience to analogize how lifestyle creep can happen. In this episode I talk about

1. How I recently adjusted to a new level of convenience without knowing it
2. What lifestyle creep/inflation is
3. How I avoided lifestyle creep early on in my career but also honestly shared how I have allowed for some conveniences since then
4. I share about the different extremes we can turn to as our incomes increase
5. Four ways to keep lifestyle creep/inflation in check
6. I wrap up the episode with a reminder to compare monthly expenses to what they used to be before the end of the year.  Are there intentional lifestyle improvements or have things crept up on you? Let me know what you find

They say lifestyle inflation is a silent killer of budgets. Don't let lifestyle inflation have you sabotaging yourself!

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

You've probably seen something about someone scaling a side hustle to six figures and beyond. Side hustles are not new but they've gotten a sexy makeover in recent years. In addition, with rising costs, side hustles are a necessity for many.  But is a side hustle right for you?

In this episode of the podcast, I talk about:

1. Stats around side hustles according to a recent survey and McKinsey report
2. My parents and their side hustles
3. My side hustle history as a student
4. When a side hustle may be a good idea
5. When a side hustle might not be a good idea
6. Landing somewhere in the middle
7. Do I Plan to side hustle now?
8. Toxicity of the side hustle culture

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

We did it Joe!  After two years of having it as a goal, I finally opened a 529 college savings account for my unborn child(ren). In this episode, I share my experience breaking down the conversation into the following:

What is a 529 account
Why this account versus other investment vehicles
Why I opened it without having a kid
How im able to open an account pre-kid
What Happens IF I Make more than one kid?
How I actually opened the account
How much do you need to put away to afford college?
What happens if I don't have kids

I havent fugured it all out but I figured it out well enough to start and I always want to share that part.. the journey. Some resources I found are

www.savingforcollege.com 
www.upromise.com

Please share this episode with a parent or aspiring parent in your life

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

Its my birthweek and in this episode of the podcast, I chose to start a new tradition here. I share lessons i've learned or that have been reaffirmed in the past year. Happy Birthday to my fellow virgo/September babies!! 

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

You heard/read that right. I'm still in shock and I don't think it'll sink in that I now live here for a while. In this episode, I talk about:

1. My move from Minneapolis USA to Tokyo, Japan a week ago
2. Why Japan
3. What the move means for this platform
4.  How I'm feeling from when it came up, to leading up to the move, to 5 days in Tokyo
5. How this move feels different from other moves and ways moving abroad will humble you
6. What this move means for my house
7. How I've prepared for this move (financially, emotionally)
8. My hope for this next chapter
9. What I'm most excited about

This immigrant has moved again and this was not at all a move I planned or expected this time last year. Here's to taking steps in faith! Can't wait to see what lies on the other side and can't wait to bring you along. 

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

I'll be honest, this topic has been on my mind since I bought my home a year ago. I'm simply one of those people that aren;t comfortable owning a certain amount of money. I figured I'm not the only one that has these thoughts so lets talk about how to pay off your mortgage faster.. In this episode, we talk about:

• 2 situations where  it might not be the best idea to accelerate paying down a mortgage
• Four ways to pay down a mortgage faster than scheduled
• Pitfalls to avoid when paying down a mortgage faster than scheduled
  • Allocating the extra payment to principal
  • Asking about any prepayment penalties
  • Looking into recasting

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

I'm so excited to finally have this part of my conversation with one of my best friends about money and friendships. 

In this conversation, Kemi and I not only model money conversation, but we tackle insightful aspects of money and friendships. Our conversation covers: 

• Her first financial aha moment
• Graduating from her MBA with student loans and how she started her path to paying them off
• How and why she decided to pay off debt and still invest at the same time
• What a money circle is and her first experience getting into a money circle
• Money circle  vs forums 
• Important traits for a successful money circle
• When to put a legal framework in place before investing with friends
• How she joined of her first formal investment club and the power of investing collectively (stronger purchase power, pooling capital, access to information, access to network)
• Importance of taking action and personal responsibility
• What makes her advance vs. retreat during  money conversations?
• Our experience with investing together - how we did it,  how it went awry, what we learnt from it, and how it impacted our friendship
• How the diaspora can find opportunities to invest at home/on the continent and beyond

Kemi is on Instagram at kemionabanjo! Please let her know if you found this conversation insightful.

Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'