Life is Life

When cell phones first burst onto the scene they were for people who loved the latest technology and or could afford such luxuries. Fast forward a decade or so later and the "mobile device" is a tool that most everyone has and cannot do without. It's not just for communicating by talking to someone directly, it does that and so much more. It is our link to information, communication and so much more. This includes how we shop, make financial decisions, bank and even do our budgets. The Talk Wealth to Me crew discusses how this little device has changed everything we knew about our finances.

Research has found that most of our money habits, including spending and saving, are largely ingrained in us by age seven based on the money relationships we’ve witnessed firsthand. Yet  most of us rarely discuss our financial situation with our family. What does this have to do with the hit and Emmy winning series Schitt's Creek? This CBC/PopTV series made famous internationally on the Netflix platform brought to light the very human side of money and power. 

What can a show about a family that losses everything teach us about our own personal finances. This episode we discuss the lessons, financial and otherwise, from the show.

Buyers remorse, a term most of us have felt many times in our lives. If you haven't, well, you may not be human. In all seriousness buyers remorse is most likely the direct result of an impulse purchase. Impulse purchases (buys) are not uncommon but they do come in very different sizes, shapes and costs. We have worked with many people that drive off the parking lot and on the way home start to have a panic attack because of what they had just done (true story!). Most the time we can take it back to the place we purchased it from unless of course it's food. They don't take that back!

The Talk Wealth To Me crew discusses a very recent situation they found themselves in.

FYI... all good! Ha

As a man of true integrity with infectious energy, Bob Wheeler’s crusade for personal growth has cross-pollinated with his accounting practice to create a new approach to personal finances. His passion is to help others gain insights about how their emotions trigger financial decisions. Bob Joins the Talk Wealth To Me crew to give his inspiring outlook on life and finances. A professional CPA by trade Bob noticed that many of his clients had many of same emotional traits when it came to their knowledge of money management.

We also touch on how climbing a mountain brought a financial epiphany. 

Math, science, social studies, history, english are of course , the core of studies our children learn in school from the time they start in kindergarten all the way through 12th grade. These subjects and others as they grow are crucial in the development of our kids as they prepare for college or the real world. But what about a skill that every single one of will have to use on a daily basis at some point?

In todays episode Chase and Felipe discuss the age old question that has again found itself in the news. Who should teach our kids about money?

Gasoline, bacon, produce, vehicles, you name it and the cost has most definitely increased in 2022. The word we have all been hearing since we were kids but was never part of the daily conversation until now... inflation. Inflation is at its highest since 1981 and a some guy named Reagan was President. Why? Well the Talk Wealth To Me team sat went to its economics expert Professor Jim Charkins. Jim is the former Executive Director of the California Council on Economic Education (CCEE) and Professor of Economics at California State University, San Bernardino. He received his Ph.D. in economics from the University of North Carolina, Chapel Hill. He has taught at the University of Nairobi in Kenya, the Florida State University, Purdue University, and CSUSB as well as fellow California Jump $tart Coalition board member. He has many distinguished awards in the world of economics and once again Jim breaks it down so even we could understand.

It has been a crazy number of years and the housing market in all corners of the country is riding that wave. The Federal Reserve has raised interest rates recently to try and combat the rising inflation we are seeing from coast to coast. What affect has that had on the housing market and where is it going? One Trust Mortgage Regional V.P., Kelly Kline of San Diego, CA onetrusthomeloans.com/lo/kkline joins the Talk Wealth to Me crew about those questions and more in this week's Talk Wealth to Me Podcast.

"I want to save for a rainy day but I have credit card debt, what should I do first?", is one of the most common questions we get. The common answer is you need to pay off that debt before you can try to accumulate wealth because debt can be a drain on your resources. But the real answer is, It depends. Don't get me wrong, you should always pay off debt but it doesn't have to be an either or situation. This week the Talk Wealth To Me crew discusses the different scenarios of putting together an emergency savings and paying off the high interest rate credit card debt. 

Plus they discuss other choices we make that affect us financially!

A financial budget is obviously the foundation from which your personal finances can flourish. The trouble is budgets can be, if not followed, just a road map that is ignored. Most of us men understand that reference as we don't need or GPS's to find our destinations right? Well of course we might get to our eventual destination but did we get there in most timely and efficient manner we could have? Probably not! The same can be said of of our budgets, if not all the information is included we are not going to be making the right decisions.

In this episode we discuss a list of common expenses for most people that we may forget to include in our monthly budget. We also discuss a few of them that get a bad wrap! Looking at you @Starbucks!

We will not have a new episode today our team decided they would rather watch the NCAA tournament than record . We know it’s selfish but it is what it is.

April Fools!

For this April Fools’ Day edition we talk about gambling in sports not only during the madness of college basketball but year round. When does gambling go from fun to problematic and where you can find help. 

We also talk about the financial implications of one of country music’s biggest names Eric Church canceling a sold out show in San Antonio to go watch the North Carolina v.s. Duke Basketball game. 

Twitter can be a very tough outlet and a person can take a lot of heat for their opinion, experience, take or what ever you want to call it. One thing for sure is it is full of opinions. Recently a tweet went viral in the personal finance world when a car salesman posted this tweet..

Just sold a 2015 Audi to a 26 year old whose main concerns were paying 0 down and having something “better than a nissan.”

Monthly $835 and she’s hype. APR 28% and she didn’t even ask

Unfortunately this is a scenario we have seen time and again. The Talk Wealth to Me crew breakdown this tweet and the responses that followed.

GAS PRICES!!!! Yes, if you drive a car you are aware of the meteoric rise of gas prices. There are a few reasons for that but does it matter why it is happening to those of us who have to commute, take kids to practices, etc? Maybe that's great for debate with friends and family but really all that matters is what it's doing to our bank accounts and budgets! Today the Talk Wealth To Me crew with Katie, discuss the pain at the pump but also how to save yourself as much as possible.

Youth sports is a billion dollar business that has completely changed the landscape of how our kids participate. Sports used to be seasonal, soccer in the fall, basketball in the winter, baseball and softball in the spring; enjoy your summer break. Not anymore, kids are starting earlier and playing longer seasons. Parents can pay as much $1,200 for six year olds to play soccer year round.

Chase just got back from a volleyball qualifying tournament in Salt Lake City and has two children in three travel/club sports and one pop warner. The Talk Wealth To Me Crew discusses the financial impact that families will take on to have their kids participate in sports. Is it for the right reasons?

Losing weight and eating healthy can be expensive but does it have to be? The U.S. weight loss market came in at a record $78 billion dollars in 2019. If some of that was your money you are not alone, we contributed to it as well. 

In this episode we talk personal finance and eating healthy. Can we take care of both our health and budget simultaneously?

We also learn about our own Phil's new goal to lose 50 pounds by the end of the year. His plan? Applying the principles of budgeting to calories.  Also how he plans to make a profit during his weight loss journey. 

Gaming has become a part of our fabric. It's not just kids and teens spending endless hours staring at a screen. Video games have been popular since the Ralph Baer, licensed his console to Magnavox which sold to consumers as the Odyssey in 1972, according to History.com. From Intelevision to Atari,  Nintendo to Sega and Xbox to Play Station the video game Industry blown up and generations are playing every day. Parents struggle with how much is enough and what kind of games should they be aloud to play? But the cost of these systems, games, downloads, equipment and downloads can add up quickly. It's not going away, so why not learn a life lesson or two on the way? This week Felipe and a reluctant Chase, discuss how gaming can be a great tool to teach personal finance and financial responsibility.

It’s safe to say that during the pandemic even some of the most disciplined spenders made an impulse buy or two. What happens when that impulse buy is the largest purchase of your life? With the boom in the housing market many took a leap and purchased a home. Now as the dust is settling are there regrets? 

The team sits down to talk about a story in the New Your Times about individuals who looking back feel it may have been better to wait. One example in particular got the debate going. Is it possible to be house poor after being able to buy a $1.45 million home? How over budget is too over budget?

Chase also asks Katie and Felipe about their experience and how they feel in the year after they took the leap and became first time home buyers in 2021.

The home purchase and rental market in cities across the U.S. has seen prices increase drastically over the last number of years making it difficult for a lot of Americans to find affordable safe housing. This week we sit down with Windermere Homes and Estates and the Bannister Group, Mike Bannister who brings 25 plus years experience in the real estate industry which means he has seen major shifts in the market through the years.

Mike and the boys discuss the reasons for the sellers market we are in today, how we got here and what you can do if you are the seller, buyer or even a renter. 

Every year in February the eyes of the sporting world, at least here in America, tune in to watch a football game. But are they all tuning in to watch the actual game? Some, including Felipe, once again could care less about who wins the game. Instead once a year Felipe watches television for the commercials? He is not alone and companies from all industries know millions will be watching so they spend a small fortune to try and grab your attention.

This episode we ask ourselves. Do these often funny and entertaining ads really get us to go out and spend more? Could skipping the game and ads that go with it be beneficial for our budget? 

Both Chase and Felipe recently had children sent home from school due to COVID or exposure to COVID and that got them thinking. What extra financial burdens is this causing parents who can't work from home to care for their children? What about people who's job requires them to be in person? Are there laws to protect the worker? 

Also, a special thank you to all of those who keep the things running!  

Saving for ones own retirement and financial goals is hard enough. When that responsibility is added to the cost of being a parent and caring for ones own parents you get the Sandwich Generation. This situation can be a financial burden to most people's budget but are all sandwiches created equal? What can you do to avoid ending up financially unprepared?  How do you break the cycle? Grab a bite to eat and enjoy the conversation.