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EPISODE 3 - BUDGETS! MY FAVORITE TOPIC. LEARN WHY!

budgeting debt podcast Aug 01, 2019

Do you have a budget?  Lost on what a budget is or how to start one?  Look no further!  Tiffany talks about her favorite topic, budgets, and easy ways to put one together.  You will learn why she loves budgets so much and why you should come to the dark side!  Muahahaha

Transcription

Welcome to the Money Talk with Tiff (MTWT) Podcast. MTWT is a podcast where we discuss everything about money – from tips and tricks to current events. Follow me on my journey to become debt-free, and meet other cool people along the way. I am your host, Tiffany Grant, now let’s talk money.

Introduction

Budgets! This is my favorite topic ever; I love budgeting and I love teaching people about budgeting. You know what? Without a budget, you really cannot get to any of the next steps of financial independence, of financial freedom, because you have to know how your money is coming in and then, going out.

Importance of Budgeting

I love to use the ship analogy. So,...

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EPISODE 1 - INTRO TO MONEY TALK WITH TIFF

credit debt podcast Aug 01, 2019

Get motivated on your financial journey as you follow money nerd and financial coach, Tiffany Grant, on her journey to be debt-free by 30!

She makes complex financial topics surprisingly simple. You will get practical tips and tricks with an inside look at the strategies she uses on a daily basis. Tiffany gives you straight talk on all things money.

 

Episode Transcript:

 Welcome to Money Talk With Tiff, a podcast where we discuss everything money, from tips and tricks to current events. Follow me on my journey to become debt-free, and meet other cool people along the way. I am your host, Tiffany Grant, now let's talk money.

So, I wanted this first episode to just briefly go over what Money Talk With Tiff is how it got started a little background history about myself, and then what you can expect from the Money Talk With Tiff podcast. So, Money Talk With Tiff began as a blog. I started it in December of 2017. And it was just a way for me to get financial literacy out to the...

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EPISODE 2 - YOUR RELATIONSHIP WITH MONEY AND HOW TO CHANGE IT

In this episode, we discuss emotions and how they affect our money decisions.  Will you do things differently or the same?  How has your family affected your relationship with money?  These are some questions to explore as you listen to this episode.

 

Episode Transcription:

Welcome to Money Talk With Tiff, a podcast where we discuss everything money from tips and tricks to current events, follow me on my journey to become debt-free and meet other cool people along the way. I am your host, Tiffany Grant now let's talk money. 

I want to talk about something extremely personal. And that's relationships with money. Everybody's experiences with money and their role models with money are different from person to person. So a little bit about how I got interested in money. Growing up, I didn't really have solid financial role models. Everybody in my family is a spender. So, I had to learn how to be a saver, rather than following the same path as everyone else....

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CASH FLOW

Uncategorized Jul 31, 2019
 

Definition

Cash flow is how money flows in and out of your account and/or business

Why It's Important

Cash flow is crucial to financial freedom. If you aren't sure how money is coming in and going out, it is virtually impossible to get your financial footing. You will always blow in the wind without making any headway on goals. A budget is an absolute necessity to help you figure out cash flow. Let me give you an example...

I was speaking with a client not to long ago and they did not have a budget. We sat down and put all of their numbers in black and white. Not only were they making more than they thought, they were also spending more than they thought! We found that they were spending a TON on insurance policies and the cash flow wasn't there to cover it. My recommendation: Get rid of some insurance policies to free up monthly cash flow.  Once they did that, they immediately had more money to pay off debt and/or save. It's that simple!

So,...

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FEDERAL FUNDS RATE

Uncategorized Jul 24, 2019

Definition

The federal funds rate is set by the Federal Reserve and guides the interest rates used by financial institutions. As of Today, it is 0.25%

Why It's Important

When you hear that the "Fed has decreased interest rates", this is the rate they are referring to. They are not talking about your savings account or your credit card (at least not directly). The Fed Funds Rate is the interest rate that the government charges financial institutions. Financial institutions then use that rate to establish loan rates, savings rates, and even student loan rates. So, this is a big deal! 

Pay attention to those announcements because they also affect the market. When the Fed rate goes down, stocks tend to go up. Why? Because loans become cheaper for businesses to get so they are able to invest more in their operation which in turn (should) increase profits. Savings also tend to go up. Why? Because financial institutions are able to raise their savings...

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APR

Uncategorized Jul 17, 2019

Definition

APR, also known as Annualized Percentage Rate, is the annual rate charged for borrowing or earned through investment.

Why It's Important

APR is typically used when you are borrowing money while APY (annual percentage yield) is used when talking about interest (getting money) from accounts. DO NOT GET THESE CONFUSED! 

APR does not take into consideration compounding (remember that? If not, click here) APR is only the simple interest rate. APY, on the other hand, is the compound interest rate. The APY rate will tend to be higher than the APR on the same loan for that reason.

So, be careful when shopping around for interest rates. You want to make sure that you are comparing APR -> APR and not APR -> APY because it could be misleading!

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I'M GOING TO FINCON 2019 BABY!

Uncategorized Jul 17, 2019

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I am so excited! I was blessed enough to get a full scholarship to FinCon this year. Not familiar with what FinCon is? You can read about it here: https://finconexpo.com. I have been wanting to go for years but either didn't have the money or couldn't take off. This year, I have no barriers and I am going! I was also able to secure funding for my lodging so all I have to do is pay for gas and parking. Wow!

I plan on meeting as many people as I can while I'm there. I hope to meet some of my favorite bloggers and podcasters so I can tell them in person how much of an inspiration they have been to me. I can't wait to finally meet the people from the different blogging and podcasting communities I'm a member of. We have been supportive of one another without even meeting in person. It’s amazing!

I also hope to get closer to perfecting my craft. FinCon will have breakout sessions on everything blogging, podcasting, vlogging, etc. and I want to take it all in. Is there a way to...

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CERTIFICATE OF DEPOSIT

Uncategorized Jul 10, 2019

Definition

Certificates of deposit, also called CDs, are savings vehicles that have a fixed maturity date and a fixed interest rate

Why It's Important

CDs generally have higher interest rates than a regular savings account or money market at the bank. But, there is a catch! Remember, in the definition, CDs have a fixed maturity date so your money is tied up until that date. If you want to access your funds early, they will penalize you by charging an early withdrawal penalty. Typically, the farther the CD maturity date is away, the more interest they are willing to pay you. For instance, currently, these are the CD rates at Ally Bank:

  • 3-month 0.75%
  • 9-month 1.25%
  • 18-month 2.35%
  • 5 year 2.85%



So, as you can see, you get rewarded for having your money tied up for longer periods of time.

Use caution: The interest rate on Ally's regular savings account is 2.10%, so would it really make sense to get a 3 month or 9 month CD? Probably not. You are getting more yield having the money in a...

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CANCELLATION OF DEBT

Uncategorized Jun 26, 2019

Definition

A cancellation of debt may occur if the creditor can't collect, or gives up on collecting, an amount you were obligated to pay.

Why It's Important

You may be thinking "Oh, this is awesome! Cancel all my debt, please and thank you!" But, not so fast. When a creditor forgives or discharges your debt for less than what you owe, it triggers a taxable event. The amount forgiven is then reported to the government as income from the creditor. You are required to report the canceled debt on your tax return for that year. You will receive a 1099-C from the creditor which gives you all the information you need for your taxes. 

If the creditor sends you a 1099-C, they can no longer try to collect the debt. It is over with! If they still try to collect the debt after sending a 1099-C, do not put it on your taxes and give the creditor a call.

If the debt was secured by property and they take the property as a result of not paying the debt, the IRS looks at it as you sold the property...

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FEDERAL HOUSING ADMINISTRATION

Uncategorized Jun 12, 2019

Definition

A government entity that operates under the U.S. Department of Housing and Urban Development

Why It's Important

The Federal Housing Administration has been making FHA loans available since 1934. These are special home loans backed by the government giving more people access to buy their first house. In comparison to a conventional loan, FHA loans have lower thresholds for qualifying. They also allow low down payment amounts (as low as 3.5%) and lower closing costs. 

I am an advocate for FHA loans and believe that if you can't qualify for a conventional loan, you should definitely take advantage of the opportunity. Most lenders do provide both conventional and FHA options. Be sure to ask!

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