How kids change you can be delightfully surprising. But they'll change your financial plan, too, in ways that might be challenging if you don't know how to adjust.  In what is probably news to no one, things change when you have kids. You know your responsibilities will shift. Your schedule will probably get upended. The smaller your children are, the less personal freedom you may have. How you experience all this, however, is unknowable. The process itself alters who you are now, and how you perceive and react to your life with kids in ways that you could not have even imagined when you were childfree. If you yourself are changed, you can expect your financial plan will need some adjustments too! You’re going to have new goals. Your regular, ongoing expenses increase. You’re financially responsible for more; more can go wrong simply because there are more variables in the form of another human being in your life that you must care for and protect.  We dig into all this and more in this episode, where we share: The trickiest part of transformative experiences on our lives Our suggestion for solving the "wild problems" we all encounter  (from the decision to have kids to any other major life choice or transition) How having a child changed each of us personally Updates you might need to make to your goals or priorities after having children The impacts kids can make on your present-day cash flow as well as your long-term financial objectives What strategies might need to shift within your financial plan to accomodate a growing family Why saving what you can when you can is so critical What you need to consider if generational wealth is important to you

You asked - now we answer your specific financial questions and try to provide clarity on some money situations that lots of folks tend to find themselves in. We share our insights on: What to do with your money once you pay off debt, max out your retirement accounts, and aren't sure what to prioritize next How to think through a decision like investing in rental real estate properties What counts (and what DOESN'T) when talking about savings rates Where to put your cash if you want it to grow Which financial planning benchmarks you can use to determine if you're on track, ahead of the curve, or falling behind with your personal finances Have a question you want featured on a future episode? Email [email protected]

In the last episode of our 3-part series on strategic planning for your finances is all about protecting family wealth. If you're working hard to build assets, you need to protect that growing net worth - and part of that is making sure you and your family will be financially stable no matter what curveballs you may face along the way. Instead of just running through "insurance 101" or defining parts of an estate plan, we're pulling back the curtain and showing you what a financial planner has for his personal finances and why he has it. We'll discuss the types of insurance policies we personally have, and walk through the documents that make up our estate plan. Expect to hear: -- Why we have to have this conversation in the first place - because it's not enough to build wealth. You have to protect it (and yourself, and your family) too! -- What we looked for in a health insurance plan -- The property & casualty insurance you have to have, and a separate, additional policy you might want to consider as well -- What kind of life insurance we each have and what purpose it serves -- The importance of disability insurance for professional couples -- How we've protected ourselves, our family, and our stuff with a comprehensive estate plan, what an estate plan actually does (it's WAY more than just wills!), and why almost everyone needs some type of estate plan for themselves, regardless of how much money you have If you've made it this far, you know the importance of putting financial goals and decisions in the context of your values so you can sort through competing priorities. You know you need to build a financial plan that uses specific strategies to address your particular challenges and opportunities. And you understand that planning is key - but investing is critical, if you want to build real wealth. Once that wealth-building machine is in motion, don't leave it vulnerable. Start here to understand the steps you can take to start protecting family wealth - which includes you and your loved ones, too.

Welcome back to our series on strategic planning for your personal finances. Today's episode is part II, and we're covering all things investment management. We'll talk through what you need to do to put together a sound investment strategy for yourself, and the to-dos any investment manager should take (whether that's you as a DIYer, or an advisor who you hire to manage your assets for you).  This episode covers: Assessing risk tolerance and risk capacity (and the difference between the two) Understanding your investment time horizon Allocating your assets correctly (which does NOT just mean what percentage of your portfolio should be in stocks vs. bonds) Selecting investments and coordinating account types Diversifying your investments - in all kinds of ways! Diversification of specific assets, across asset classes, with the specific vehicles you use (and what specific assets you put into each account or vehicle you use) Considering tax impacts of your investment choices (and the tax planning you should do for your investment portfolio) Calibrating your portfolio for the return you need (which includes knowing reasonable return expectaions) Remembering fees and expense ratios - and other basics like rebalancing Explaining why tax loss harvesting is not right for everyone (sorry) Doing ongoing due dilligence to understand if and when you should replace assets in your portfolio Choosing contribution strategies Setting up standard rules to guide your ongoing decisions and complete maintenance over time Ultimately, you should understand your investment stategy and why you set it, so you can stick to it when things get wonky in the markets (which is inevitable over time). Finally, we'll give you the most important strategic planning advice for going through the process of setting up an investment management system that works for you: a good strategy, stuck with over time, is better than the "best" strategy you found only after trying multiple different things and interrupting your progress with each change. Let's dive in and get into some investment management!

You've heard the term "financial plan" or "financial planning" a million times. But what does it actually look like to go through that process? Today we're sharing how we construct strategic plans for personal finances. We'll take you to the inner workings of the framework and systems we use at Beyond Your Hammock to help people use their money as a tool to get more of what they want in life - now and into the future. This is part one of our series that will explain the 5 stages of the financial planning process: Setting goals, clarifying priorities, and stating values Building out iteration one of a formal plan and choosing specific strategies to implement Developing investment strategies to serve as the engine of financial growth over time Protecting yourself, your family, and your assets Measuring, managing, and maintaining the complete financial plan over time Our first episode will cover stages 1 & 2. Let's get planning!

Do you earn bonuses, commissions, grants of equity comp, or other types of variable income? Then you better know not just how to manage it, but also how to optimize these lump sum cash inflows to help you achieve your goals and grow your wealth. In this episode, we'll explain how to do it. Join us as we discuss: What counts as "variable income," or what lump sums of money you may receive over time The number-one thing to do if you receive a lump sum of cash, from any source Two main methods to manage cash flow for solid but unpredictable income streams The mistakes to avoid when you receive any kind of lump sum payment Why you have to invest some of these cash inflows For our financial planning clients, managing lump sum cash inflows is a constant conversation. Getting this right becomes especially important when we're talking about total incomes of $500,000 or more, when half or more of that sum will hit quarterly, semi-annually, or even once a year. Managing big lump sums like that is a skill; cash flow management can get complex not just due to the size of these cash infusions, but due to timing. This episode will help you strategize and plan around your variable income so you can achieve your most important financial goals.

New rules and regulations pushed forward by the SECURE 2.0 Act might impact how your manage your money right now, and into the future. Here's what you need to know. The SECURE 2.0 Act is a 1.7 trillion dollar spending bill passed by Congress in 2022. This legislation's scope went far beyond "let's adjust how retirement plans work," but the details within the bill did change many rules relating to retirement plans Therefore, it changed the strategies you need to consider for managing yours as part of your overall financial plan. This conversation proves the point we make all the time: you have to build a plan that can flex and bend with changing realities. In this case, those changes include: Removing the requirement to choose between student loan debt repayment and saving for retirement Increasing the options you have for how you use 529 plan savings... and giving you an avenue to roll that money into Roth accounts in the future Giving business owners and freelancers the option to choose between traditional and Roth retirement plans Adjusting the age you must begin making required minimum distributions from retirement accounts in the future (which can drastically change your savings strategy in the present) Letting employees have more control over how they receive employer contributions into retirement plans If you're ready to check and see if your financial plan needs an update, join us in this conversation about what the SECURE 2.0 Act changed and how it affects your personal finances.

Money and marriage is a serious topic, if only because getting it wrong can lead to devastating results: 48% of people report fighting about money; 60% of those fights tend to be about spending. 41% of Gen Xers and 29% of baby boomers surveyed by TD Ameritrade report that money was a direct cause of a divorce, and some research shows that disagremeents about money are a leading predictor of future divorce. So today, we're not just talking about money. We might be saving your marriage, too! We'll share the best strategies for managing money as a couple. We'll not just provide some big-picture tactics you can use - but also share the details on what we do and how we divide the responsibilities of financial planning and management in our own household. Money touches every aspect of your life. And everyone has different money mindsets, perspectives, experiences. It's almost like a setup for an argument. It's inescapable, and it's also very likely that you are going to disagree on the right course of action more than just occasionally. So how do you work it out? How can you effectively manage money together? Tune in for our tips - and our specific recommendation on whether you should combine or separate your finances within your married life.

In this episode, we're sharing our 4-step framework to help you hone in on a savings rate that's right for you. If you ask 10 different people how much you need to save per year to set yourself up for a secure financial future, you will probably get at least 15 different answers. It's confusing! And even if you go with the most common answer to "how much do I need to save," which may be 10 to 15 percent of your gross income each year, that might still not get you to the right answer FOR YOU. (Spoiler alert: 10 to 15 percent probably isn't going to be enough.) So how DO you figure out this complicated, confusing question that EVERYONE, regardless of income or financial status or goals that they have, needs to ask and answer? Tune in to get the framework, and join in on the conversation as we walk through some specific savings rates to discuss why they do or don't work.  

It's your money, and you need it now! In this episode, we discuss the best short-term investments when you want to earn a return from your cash - without exposing it to a risk of loss. We cover: How current events may drive people to make bad investment decisions Why you have to start the short-term investment convo with an understanding of risk and reward What to look for when considering a short-term investment (and what you should expect) Red flags to avoid when presented with investment opportunities Specific investment vehicles to consider for your cash when you want some kind of return, but also need to keep that money safe We wrap up the conversation with a lightning round of dos-and-don'ts, questions-and-answers on the best short-term investments you might want to consider for your own cash - and a warning on why it's almost never "different this time."

The only constant variable that you can truly rely on is change. This is what makes financial planning so hard.  An actual plan that you put down on paper is outdated before the ink is even dry, because every single piece of new information will throw your charts and your projections and your linear action steps out of whack.  Plus, there's no one variable that you can plug in to account for "change." You cannot pin it down or make it more concrete. It's inherently unknowable, usually unpredictable, and rarely attributable to any one thing. And yet you have to deal with it anyway. In this episode, we discuss a few strategies for working with change (rather than having it work against your plans), including: The biggest factor that people don't want to account for in their finances - but that is critical to consider The importance of giving yourself permission to change (and the costs of failing to do so) Ways to accept change and how to prepare for the unpredictable Why you must stay open, flexible, and, most importantly, connected with other people How to use your money to create a positive feedback loop that teaches you about yourself and your values The dangers of ignoring the reality of "the only constant"

Massive layoffs at Facebook and Amazon. Stumbles at Google and Lyft. A shaky year in the stock market for the tech giants - all capped off by a tremendously spectacular blowup at crypto platform FTX. The idea that "current success is the biggest indicator of an upcoming failure" seems especially resonate these days amid headline after headline about highly-regarded companies that missed the mark on sustainable growth. So what can these tech industry giants teach us about our personal finances? Join us in this episode as we walk through the takeaways we can apply to our own lives and personal financial situations. We explain the importance of setting reasonable expectations for yourself and your money, the dangers of believing in silver-bullet solutions, how to layer in stabilizing features into your financial plan when you construct it, why you need to properly assess risks (and how those risks aren't limited to what you personally choose to be involved in, but how you can be impacted by factors you didn't see coming), how to properly make a speculative bet in any financial market to protect yourself from too much downside, and much more.

Want to pay less in taxes? Who doesn't! In this episode of the show, we're talking through 5 ways that you can significantly reduce your tax exposure, and therefore save money by not sending so much of it off to the IRS. Today, we're discussing strategies to: 1. Create liquidity from investments without triggering taxable events 2. Grow tax-free wealth 3. Pay less on investment gains 4. Get more money into tax-advantaged retirement accounts (even when you make too much to contirbute to those accounts directly) 5. Avoid paying income tax entirely If you're ready to learn (legally!) how to pay less taxes, this tactical episode is for you.

It might sound a bit odd coming from the finance pros, but it's true: it's irresponsible to use math alone to build a financial plan. That's because money isn't a math problem. Too often we think we can just plug numbers into a formula and rely on the answer that it generates, but that leaves out a lot of variables that often matter more than the baseline numbers. So what DO we look at instead? We share three major considerations: -- Understanding your financial reality and respecting what the numbers say about TODAY -- Adding color and context that reflects the fact that your financial decisions are made with the long-term in mind... but that you actually have to live your life in the day-to-day moments -- Managing the emotional challenges that come with trying to align your money, your time, and your energy in a way that allows you to get more of what you want We'll cover the 3-step framework we use to navigate the complex thought process that's required when making money decisions that actually work in real life... and along the way, we'll explain why spreadsheets and calculations only play a supportive role rather than a starring one.

As financial planners, we spend every day working to build foolproof financial plans. A foolproof financial plan is one that you can stick to, that you can execute, consistently over time - even through challenging times or unexpected setbacks.  In this episode of the podcast, we're discussing 7 key aspects that we look at when trying to create plans that can withstand the wear and tear (and unpredictability) of everyday life: Constructing a baseline plan with high likelihood of success Identifying actions you can take consistently over time (in almost any circumstance) Choosing assumptions carefully Avoiding reliance on any one factor or variable to work out perfectly in order for the entire plan to work Saving 25 percent of your income (or more!) Frontloading your savings and taking advantage of the power time gives you when it comes to compounding returns Keeping your spending in check (and using other rules of thumb to keep cash flow under control, like limiting your total annual housing costs to 20 percent of your gross income) Following these 7 steps can help you construct a foolproof financial plan that provides freedom and flexibility both right now and into the future. And freedom with our finances means access to the ultimate marker of success: having the choice and flexibility in how we spend our time. Ready to get your foolproof financial plan in place so you can enjoy these benefits? Jump into this episode now!

If you don't know how much you can really put into a 401(k), you may be missing out. We shine a light on the 401(k)s facts most people don't know, and uncover opportunities to save more so you can accelerate your progress toward your financial goals. Today on the show, we explain: - The real maximum you can contribute to a 401(k) each year - and it's not just $20,500! - The critical elements you need to look for within a 401(k) plan document, including what contributions are allowed, if employers make discretionary contributions, special withdrawal rules and conversions, and details on vesting schedules. - The overfunding mistakes we see clients make, and the manual math it takes to correct those. - The two main strategies to consider if you want to use your 401(k) to retire early - and access your money without penalties. - The role tax planning plays in getting the most from your 401(k)... whether you want to retire early or not. ...and more. Most people take their 401(k)s for granted, and don't ask enough questions about how to optimize those plans. If you're ready to correct that mistake and start maximizing what you can do with your 401(k) - or even use it to help you retire early - this episode is for you.

Having a baby or adding more children to the family is a big decision - and there are some major financial implications to this life milestone. On today's episode, we're sharing our own experience of the financial planning considerations we took into account when deciding if we wanted children - and how we financially prepared once we knew we wanted to have a baby. We discuss the practical considerations, from health insurance to cash flow and emergency funds, as well as how kids might impact your long-term financial plan (and whether or not those are tradeoffs you want to accept).  We also look at - regardless of where you fall on the having-kids or child-free debate - you need to create wiggle room and the ability to make an unexpected left turn int oyour financial plan (as well as how to do just that).

49: Leveraging equity compensation is one of the potential avenues we previously highlighted for use on the road to building wealth. But to enjoy the rewards, you have to know how to manage the risks along the way. Many industries offer a piece of ownership to company employees through equity compensation packages. If you receive equity, you might get incentive stock options (ISOs), non-qualified stock options (NQSOs), restricted stock, restricted stock units (RSUs), or have the ability to participate in an employer stock purchase plan (ESPP). Any type of equity compensation can supercharge your ability to grow your assets in a short period of time. But with high potential for reward comes the real threat of risk and loss. Successfully leveraging your equity compensation will require you to strike the right balance between reaping the benefits and protecting against the downsides. Today on the show, we provide a general overview of equity compensation and how to manage it to your advantage. We cover: Why companies might offer equity comp to employees Common types of equity we most often see our wealth management clients receive from their companies The benefits of receiving equity (and why pursuing a position with a company who offers it as part of their compensation packages might be a worthwhile effort) The downside risks of any equity comp package and the common mistakes we see people make Why even the opportunity to hit a home run with a rising company stock price is probably not worth chasing (and what you can do instead that will still increase your wealth without sacrificing your ability to achieve your goals) Baseline strategies you can use to manage your equity compensation over time

48: Lots of people think they're good DIY investors. But they miss a lot of nuance, and make a lot of mistakes. Here's what it really takes to manage investments well. If you invested in the market over the last 10 years… it was easy to win. The markets climbed up and up, with the longest bull market in history running from 2009 to 2020. Even a global pandemic wasn’t enough to keep the markets down in the spring of 2020. Stocks cratered and lost 30% of value in March — but had you not paid attention in the spring and only looked at market performance around August of that year, you might not know anything happened at all as the big indices hit record highs once more by late summer. The real question, especially for DIY investors who have had success and see themselves as good at portfolio management, is this: Will you keep seeing these same results going forward? Knowing the mistakes DIY investors make, there’s no guarantee you’ll keep winning unless you know what pitfalls to look out for and avoid. In this episode, we’re looking at the common areas in which average investors consistently misstep. We’re also sharing our perspective as professional investment managers on what makes or breaks a DIY investor. The bottom line? Hiring a professional to manage your assets for you or going the DIY route are both good options. The right choice for you depends on precisely who you are and whether or not you have the skills, time, and expertise to avoid the mistakes we cover today. Today, we’re looking at: Why “investment management” is not just about asset allocation. (Yes, that’s an important component – but that’s barely the tip of the iceberg!) What good asset management looks like, either when done by a pro or by a DIY investor (hint: investment management should be a complete process and a system – not a handful of to-dos to cross off a list. Good management is ongoing, proactive, and comprehensive.) The killer mistakes we see investors make when they invest without guidance, including failing to eliminate cash drag, taking the “set it and forget it” philosophy a little too far, and failing to properly execute complex strategies like backdoor Roth conversions or making strategic tax moves within brokerage accounts. How market timing will kill your returns, and why average investors tend to miss the best-performing days in the market. And more. This is a big one, and a must-listen for anyone considering how they can better manage their own portfolio… or for anyone who doesn’t understand why you’d ever hire an investment manager. If you think investment management is just asset allocation and picking an index fund or two, there’s a lot you might be missing. Get in the loop by queuing up this episode of the show.

47: Today on the show, we discuss a key strategy in making your money goals easier to achieve, faster. It's all about the FPA framework: focus, prioritize, and act. In this episode, we cover: How to determine if you're making progress... or just looking busy but not actually getting anywhere Where most people go wrong with financial goal-setting (and how to avoid their mistakes) Why creating wiggle room and a buffer in your finances - with everything from your goals to your overall plan - is a critical component to success that most people skip How to make decision-making around spending and saving much easier Where our brains fail us when it comes to understanding probability (and how to plan around that shortcoming) The kinds of goals you may want to avoid, because they're more likely to hold you back or distract you from making real progress when it comes to building wealth The strategies and tips you can use to set goals that better align with your values, and are actually easier to achieve We also share our number-one personal financial goal and priority that we set each year, and how you can accomplish it yourself if you want to work toward it with us.

46: People aren't just born being good with money. They take the time to build good financial habits —and you can, too. What usually makes the difference between someone who seems to manage money well and someone who consistently struggles? It's all about our good financial habits (or lack thereof). Instead of feeling like you have to change who you are, or beating yourself up for what you feel are weaknesses or shortcomings, you can simply focus on building better money habits if you want to improve your financial situation. Good financial habits do take time and effort to build, but it is possible to achieve — and today on the show, we're outlining 5 specific ways that you can do just that. Try some of these activities and exercises that can help you optimize your money management skills and level up your financial life.

45: You earn good income, have enough money to pay pills and contribute to savings, and feel like you made it. Do you REALLY need to keep up with a budget once you're financially secure? Uh, yeah. Because budgeting isn't a bad word. It's a mindfulness exercise for your finances. Although it might feel like budgeting is basic personal finance 101, or that it's only something you do when money is tight and you need to carefully manage every last penny, a budget is always a useful tool for your cash flow. In fact, the more money you earn and need to manage, the important it is to pay close attention. A budget can help you do just that as you spend more time handling your increasingly complex financial life. Without a budget, you may miss opportunities to optimize and maximize the dollars you have. It also leaves you without critical data that you need to make fully informed spending and saving decisions. In this episode, we explore why budgeting is not a basic financial function -- and why the more successful you become and the more money you earn, the bigger the role a great budget can play in your continued prosperity. We also share how we personally budget, the money meetings we have each quarter, some of the complexities of our own cash flow, and we provide a few tips on employing the same bucketing strategy that we use to ensure we save and invest appropriately so we can spend freely and without guilt.

44: Do you know what ACTUALLY impacts your credit score? And how much does it really matter anyway if your score drops by a few points? What should you do to raise your score -- and what isn't worth trying at all? In this episode of the show, we bust some very common but total misconceptions around what goes into your credit score and how to maintain a high one. We also talk about the facts for the best way to manage your credit so you can secure the best interest rates when it's time to finance a purchase. We cover: What factors determine your score When it's a GOOD idea to close a credit card account The surprising things that can hurt your score that people usually don't think about Good credit habits to maintain Why credit card points might not be all they're cracked up to be (and how to make the most of credit card rewards without shooting yourself in the financial foot over them) and more. Join us in this conversation to reveal the truth and bust the myths that commonly surround what we think about our credit scores.

43: You don't need a coach, right? You can just train yourself! That's what we tell ourselves a lot of the time. And too often, it's just not true and we sell ourselves short when we fail to recognize the value of coaching. A recent experience with a running coach made Kali realize how important it is to have an expert there to guide you -- and how equally important it is that a coach is not someone who gives you prescriptive advice and tells you precisely what to do. The best coaches are the ones that set up guardrails, point you in the right direction, and then motivate you to drive forward on your own terms while providing feedback so you can improve along the way. In this episode, we discuss how coaching can make a difference, how it applies to your financial life, what to look for in a good coach, and when to know it's time to hire someone to help elevate your game (or your finances, or your training, or your life) so you can reach your highest potential.

42: Most people assume they just need to earn a high income, and then they'll be wealthy. Unfortunately, building wealth (especially when you're doing it on your own from scratch) is not always so simple.  In this episode, we discuss why only focusing on your income as a measure of financial success is a big mistake that most people make. We also explain what you should do instead, and what's even more critical to create for yourself if you want to build significant wealth and reach financial freedom.

41: A broad-based, globally diversified portfolio is hands-down the right answer when it comes to growing wealth for the long term. But that doesn't mean other, more speculative and risky investments are always a bad move... They're just not a great idea most of the time. Today, we're looking at some alternative ways to invest outside of a globally diversified portfolio, including stock-picking, placing sector bets, private equity and private placement investments, and more. Generally speaking, these kinds of vehicles are big no-nos for most people. Although it's easy to get swept up into the allure of hitting a home run and scoring an outsized return, the reality is most people swing and miss with investments like this. In fact, speculative bets are just that: bets in the market, and your odds of winning big are usually not in your favor. That doesn't mean you can't ever explore investing outside of your trusty diversified portfolio designed to build wealth over the long run, but you must understand all the caveats, pitfalls, and risks you take when you reach out from that core strategy. In this episode, we explain: Why most people can't afford to take on speculative investments, even if they promise the potential for a big return What you must consider the next time you hear about a "too good to be true" investment opportunity (hint: it sounds too good to be true because it's too good to be true) The questions to ask yourself before you walk out on a limb and take a big risk with an alternative investment The checklist you should be able to complete before you even think about putting your money into high-risk vehicles, as well as helpful rules and guidelines to follow if you want to explore these risky options If you're curious about investments beyond your globally diversified stock market portfolio, this episode will help you better understand the options that are out there... and why there is no easy way to wealth when it comes to building it yourself.

In the wake of the pandemic, many people have scrambled to take out insurance policies. But before you buy, make sure you understand the real purpose of a policy so you can choose the best option for your needs. Insurance is, as Kali puts it, something that can make you go "eurrrgh." It's a product you buy hoping you'll never have to use, which is frustrating enough... but combine it with the fact it forces us to have some really emotional conversations, and it can be tough to think logically about the decision to get a policy. Today, we're giving you an overview of what to think about as you start protection planning. Specifically, we're taking a look at disability and life insurance, and explaining: The purpose of this insurance, and what it's designed to protect How disability insurance works (and why you may not need short-term, but long-term disability can be critical) Things to consider before buying your disability policy, including elimination periods and riders Who needs life insurance and why What to think through when determining how much life insurance coverage is adequate The kinds of life insurance that are probably most suitable for you (and what's not necessary) What to watch out for when doing financial planning or buying life insurance (here's a hint: if someone offers you "free" financial planning, run!) We also talk through the policies we have personally, and our thought process on why they were important to put in place — and we make a movie reference or two along the way. Ready to educate yourself so you can feel empowered to make strategic, sound decisions around the insurance you need (and the coverage you don't)? Tune in now.

39: Buying a house is an intensive (and stressful) process in the best of times. Throw in a crashing economy and global pandemic — and the fact we don't do anything the "normal" way — and our recent experience got pretty interesting. Okay, to be fair, the pandemic didn't dramatically change much about the process of buying our first home, mainly because we were already in the middle of trying to close on it (so we had already looked for and found the property that we put an offer on and the sellers accepted). But that's kind of the bigger point: we believe in our planning so much that not even a global pandemic made us change our minds about the long-term decisions that we were making. In today's episode, we invite you to learn about all the unique, outside-the-box thinking and actions we took to buy our first home together. In this conversation, we'll cover: Our thought process on getting the most bang for our buck when we decided to purchase real estate What we prioritized before we agreed we could buy a property and why we still see massive value in renting even now that we're officially home owners Why we didn't buy in Boston (or anywhere near where we currently live and still rent) The difference between real estate as an investment, and real estate as a utility — and which one this house is for us The distinction between luck and skill/smart planning, and what will get the credit if the house ends up being a great investment in 30 years The financial criteria we had to meet before buying a house was feasible and worked for our financial plan Finally, we leave you with the biggest lesson we hope you can learn from our experience with the process of buying a house. Curious about what it is? You'll have to tune in to find out.

38: You've likely at least heard of Robert Frost's famous poem, The Road Not Taken... and you might be just as likely to misinterpret it. In today's episode, we take a look at the REAL meaning behind one of the best-known pieces of poetry in American history — and explain 3 ways in which it can help us better understand how we look about and think through our personal finances and money management.  It might sound crazy, but jump into this convo with us to learn why Frost's original meaning got lost and what in the heck any of this has to do with how you deal with and make decisions on your money.

37: Let's go beyond the basics to look at how you can optimize your savings, get strategic with debt, and level up how you invest to grow wealth. There’s no shortage of podcasts or blogs that cover simple pieces of advice and the same basic money moves to make: pay down debt, save up cash, invest for the future, and so on. So today, we want to kick it up a notch and help you see how you can go from good money move, to BETTER move, to best, most optimized strategy to use in your financial plan. We're going to look at 5 good pieces of financial advice… and then tell you how to optimize each aspect of your financial life. We'll cover: How to pay off debt in the most efficient way and what you should know before you refinance — and when you might want to leverage debt to grow wealth instead. The steps to take with your retirement accounts (beyond just saving enough to get the employer match) and how to create a big pool of money in your retirement plan that won't be taxed when you withdraw your funds. Why you need to balance the temporal weight of your tax liability across present and future. What you can do to make sure you're truly diversified when you invest, and how to make your investments more tax-efficient (so you keep more of your return in your pocket). The specific actions you need to take to optimize your investment portfolio. Things to think through when it comes to maximizing how much money you can earn, through a corporate job or on your own in self-employment. Ready to optimize your finances and do more with your money?

36: There's a lot of fear and uncertainty in the air right now — which means, if you're following Warren Buffett's advice, it's a good time to get greedy in the stock market. In this episode of the show, we discuss the opportunity you might want to capitalize on and at the very least, why you should NOT stop making your regular contributions to the market. Most importantly, we also lay out our argument for why feeling optimistic about the future makes sense for long-term investors. Join us to get some perspective to remember that "right now" does not mean "forever" hear plenty of reasons to feel good about the future.

Here's what you need to know to determine how much cash you actually need on hand — and what to do with extra funds if you have them. Most people think you can't have too much cash on hand or in the bank. Cash is king, right? Cash is safe! The reality is holding too much cash comes with its own set of risks, and you might actually be losing money because of it. Today on the podcast, we explain: The formula to use to determine how much cash is appropriate to keep on hand How we chose the exact amount to keep in our emergency fund (and why it's pretty low) Why too much cash can pose a risk to your long-term goals The cost of waiting to get your cash working for you as hard as you worked to earn it Why right now (or when markets are dropping) can be a great opportunity for long-term investors who have extra cash to invest How loss aversion can stop you from capitalizing on wealth-building opportunities The perspective you might need to put tough economic times into a more realistic context (which is hard to do when you're going through it) The right way to deploy cash into the market if you have some extra, but feel afraid of investing when the market is dropping This episode will explain what you need to know so you can more effectively manage your money to grow your wealth.

34: We share a few ideas for better dealing with the coronavirus scare and the current market volatility before diving into this episode that is all about handling these exact kinds of issues that can cause you to lose sight of the forest for the trees. Most people make short-term and limited decisions without considering how these choices impact things to the right, when only looking left. In this rebroadcast, we revisit how to solve that problem. Financial success is a long-term game, and to win, you need to learn how to maintain your view of the forest that is your entire time horizon of many decades — rather than just pressing your nose up against the tree of today and failing to see anything else but what’s right in front of you.

33: When it comes to making financial decisions, most of us want to get things exactly RIGHT. It's your money, after all, and you probably don't want to screw it up! But aiming for perfection can actually hamstring your progress—and even lead you AWAY from the best financial choices for your goals and the life you would most enjoy experiencing. In this episode, we talk through what's truly important to understand if you want to improve the quality of the financial decisions you make every day and for the long term. Find full show notes at www.BeyondYourHammock.com/33

32: What if the pursuit of financial freedom actually leaves you with fewer options and feeling more stuck than ever before? The idea of financial independence sounds nice, but it comes with a lot of potential pitfalls that big fans of the "FIRE" movement don't like to talk about. Today, we're explaining the downsides of financial freedom — and proposing a different strategy that will help you enjoy and experience more in life today AND tomorrow.  It's all about financial POWER. We explore what that means, how it's more effective, and what you can do to build more power into your financial life. 

31: It's extremely simple in theory — but could require a lifetime of experience to answer: What is enough? The biggest challenge in financial planning lies in striking a balance between living well today (and using your money to accomplish that aim) and planning responsibly for tomorrow (which means saving your money to ensure future financial security). If you know what “enough” is, then you know how to balance your need to save and invest for your future with the reality that you live your life day by day. Your money is a tool that can be used to achieve BOTH purposes. We explain more in this episode, and also discuss: Why frugality isn't an effective operating system forever How your mindset impacts your ability to financially plan for success The importance of actually testing ideas, goals, and dreams out and experiencing as much as possible to better understand what you actually want in the future And more. Jump into the episode to join the conversation and learn how to establish what "enough" is for you.

30: The most common thing that stops people from achieving their highest financial potential? Themselves. "Learned helplessness" is a phenomenon that can stop you from making the progress you're capable of, and it happens when you experience struggle or suffering that you feel is out of your control — and if you practice this subconscious habit, it can prevent you from seeing, and acting on, what you can control to make your financial situation better. We all face hard times and difficult choices in our lives. What often makes the difference between someone who pushes through and carries on to an eventual positive outcome and someone who tends to stay stuck and struggling is how we interpret the things that happen to us. Today, we discuss the most common mental roadblocks we see that stop capable people with a lot of potential from reaching the financial success within their power to achieve — as well as how you can address your own mental blocks to clear your path to your goals and the life you really want to live.

29: In this replay of our very first podcast episode, we revisit what it means to be able to freely enjoy your money today — while still taking the necessary steps to build your wealth and plan responsibly for the future. Tune in to learn: How you can spend better to fully experience life now What you should set aside for future financial security Why you can save TOO much, and how to avoid it The biases that can get in our way, and how we can combat irrational thinking with self-awareness ...plus much more that will help you enjoy life today while still planning responsibly for the future.

28: In this episode, we share 6 major considerations you can use to help guide your year-end financial planning — along with a few suggestions for what to focus on in 2020 to make it a financially successful year. We dive into the importance of the following year-end planning topics, and explain exactly how to execute on each one: Reflect on the progress you’ve made in the last 12 months Make plans for the new year, personally and professionally, and make sure the priorities you set last year are still in line with what's important to you moving forward Max out your retirement accounts and make sure you hit your savings rate goals Evaluate your investment accounts (and make adjustments if necessary) Understand how you can make the most of your charitable giving, and know the right moves to make for tax benefits Use year-end planning as a trigger to start conversations and brainstorms about what you want the next year to hold As a bonus, we're also throwing out some suggestions of clear, useful resolutions for your finances in 2020 if you're not sure where to start to make progress.

27: You've heard renting is throwing money away and a house is always a good investment. But is it true? The answer is it depends -- and today, we're giving you what you need to get to a solid recommendation on what's best for your personal situation. Forget general rules of thumb; forget what you feel pressured to do; forget what you've heard about buying always being better or renting never being a good idea. This episode is all about helping you settle the rent vs buy debate as it applies to your life, so you can confidently decide to keep renting or to start house-hunting.

26: An HSA is one of our favorite tools for growing wealth — but the problem is, most people have no idea how beneficial they are OR how to leverage them for maximum financial advantage. We're changing that with this episode of the show, and explaining everything you need to know about HSAs, why they're so powerful, how they can help you pay less in taxes, and what you need to do to turn this little account into a giant financial advantage.

25: Do you know how much money you save right now? How much is enough to save and invest for the long term?  Your savings rate is one of the most important metrics you can track as you manage and measure your progress toward financial success — because if you have big, ambitious goals, you need to make sure you're doing what it takes to achieve them. In this episode, we share how we save 50 percent of our income right now, why we're making that effort, and the strategy we use to make sure we still balance our long-term goals with the ability to enjoy life today. Full show notes at www.beyondyourhammock.com/25

24: Most of us have much more than just one thing we want to do, have, enjoy, or accomplish. But we all have limited resources (time, money, and energy) to use toward achieving our multiple goals. How can you start managing competing priorities so that you can improve your chances of successfully doing what you want with your money and your life? By following the 4-step process we lay out in this episode. We explain the exact actions to take in order to know what you want, organize your goals, and understand what your financial priorities really are. To paraphrase the great Ron Swanson, this is the show you need if you want to stop half-assing a lot of stuff that seems important — and start whole-assing the essential priorities that mean the most to you.

23: Conversations about budgeting and saving money don't have to translate as "here's what you have to give up." We want to make sure we can enjoy life now AND plan responsibly for tomorrow, and in this episode, we talk through three (stupidly simple) ideas for actually making that possible to do. These tips will give you easy-to-implement ways to create wiggle room in your budget so you can enjoy more choice over how you use your money -- and so you can get more of what you REALLY want.

22: Life can get complicated when you hit 30. You might be in the middle of countless transitions, like moving up in your career, starting a business, buying a home, getting married, growing your family — and a whole lot more. And oh yeah, now is the PRIME TIME to get your finances right if you want to create and build your own wealth. No pressure. To help you stay successful and maybe even get rich, we're sharing key principles you NEED to know to make the best moves with your money (while stressing less about it).

Ep 21: Find out exactly what to do in the face of a downturn, learn why market timing is a loser's game, and pick up our tips on how to recession-proof your life. There has been a lot of talk and media coverage around the question of, “is this the next recession?” There's a lot of implication that it’s this big, looming thing that’s about to happen -- and we’re all totally screwed when it does. But this is an emotionally-charged takeaway, to say the least. Is it true? To figure out what to make of recent headlines and recession fears, we take a step back in this episode to focus on a few key facts: We don’t know WITH CERTAINTY when the next recession will start We don’t know EXACTLY how much it might impact the market or economy We don’t know PRECISELY when it will end and a new expansion will begin What we do know is: Recessions are normal parts of market cycles and should be expected Market volatility is also normal, and also to be expected Market timing doesn’t work… but investing for the long term with a diversified portfolio appropriately allocated to your goals, needs, and time horizon can work very well In this show, we look at both what we know -- and what we don't -- and explain what you should make of each so you can feel confident about your investments, your finances, and what to do if a recession strikes tomorrow (or in a few years). Full show notes with all links to data and stats discussed in this episode here: http://www.beyondyourhammock.com/21

20: After 12 years, 130,000 miles, and many seasons sitting out on the streets of Boston being pelted by salt trucks and/or really bad parallel parking jobs, it was time to trade in our old Mazda and upgrade. So we bought a new car! But first, we had to figure out how to do it and not spend This process brought up a WHOLE lot of questions for us, like: How do you determine when you really need a new car... and when it's just a luxury? Is it better to buy new or used? Pay in cash or get a loan? (Spoiler alert: we paid in cash and saved up before we seriously thought about buying.) Are you an idiot if you buy a new car even though you know how much they depreciate the nanosecond you sign the paperwork and claim it as yours? How do you avoid getting screwed at a dealership? ...and more, including the most important question of all: How do I get a great deal on a new car? We did the research, went through the process ourselves, and snagged the exact car we wanted at a verified "great" price (according to the pros at sites like CarGurus). In this episode of the show, we're sharing exactly what we learned so you can leverage this knowledge for yourself and score your next car at not just at a low price, but for an overall good deal on what you actually want.

19: You don’t have to be born into money to have money now. Today, we lay out a few different paths to explore if you want to become a self-made millionaire. We cover: -- Becoming a high-income earner with a company or employer -- Starting a business or freelancing -- The importance of investing (and multiple ways to do it). We’ll tell you which path we’re on, discuss the pros/cons of each, and provide some insight on how you can make more money now. Full show notes at www.beyondyourhammock.com/19

18: In Part II of our series on student loan debt, we look beyond the topic of general student loan forgiveness and explore what you can do right NOW to better manage the burden of the student debt you have to carry. In this episode, we cover: -- How to make a debt repayment plan (and implement it) -- What makes up a customized plan, including looking at your complete financial situation, evaluating your options, developing the best financial strategy for dealing with your loans without sacrificing your goals or future financial success, and giving you an objective plan to follow -- The factors that indicate you need to work with a professional to help you get the BEST plan for you in place -- Potential options like refinancing or consolidating your student debt (and why they're NOT the same thing!) -- Resources you can use to help you better manage your student debt As always, full show notes at www.beyondyourhammock.com/18

17: Total student loan forgiveness is a hot topic right now and everyone has an opinion about whether it's good or bad. But what should you actually DO about it -- and the loans you have right now? In PART ONE of this two-part episode series on student loans, we talk about: The current headlines and what people are chatting about What student loan forgiveness already exist and are available for you to use (as well as if it makes sense for you to take advantage of these) The differences between forgiveness and discharge What you need to understand about federal versus private loans Things you should think about before you feel swayed, one way or another, about the current news surrounding total student loan forgiveness What you can do right now to improve your financial situation and reduce the burden of your student loan debt -- regardless of whatever happens in the political arena Why, ultimately, total student loan forgiveness doesn't even matter if you're not going to work on your money mindsets and habits NOW For links and more resources, check out the full show notes at www.beyondyourhammock.com/17

16: What you only think you know can definitely hurt you -- and cause you to lose a lot of money in the market. The reality is most of us do not consistently make excellent financial choices on our own, in a vacuum. Part of the problem is that we're plagued by misconceptions around money and the market, and we act on faulty information. Start to solve this problem by educating yourself on the real deal and understand what's really going on when we talk about things like diversification, index funds, the S&P 500, portfolio performance, and more... ...including what might be the biggest misconception of them all: that you definitely know what you're doing and make great financial decisions all the time.

15: Most people make short-term and limited decisions without considering how these choices impact things to the right when you’re only looking left. Here’s how to solve that problem If we could compare life to walking through a forest, we could say that you pass a lot of trees along the way. And most people tend to obsess over the nearest tree. It’s just human nature: you focus on the tree nearest to you and you lose sigh of that entire forest that is your life. In this episode of the podcast, we explore how proper planning, deliberation, and insight allows you to step back, see more, and better understand where you are now in relation to where you want to go. The decisions you make right now should be in the context of everything that’s happening now and the future. You need to understand that the way in which you use your money and the choices you make impact you life now and down the road. Looking at the forest means taking a step back and understanding how everything is interconnected — and how to make decisions around that. Don’t obsess over tactics. This show will explain how to take a step back and build a strategy first.

14: You asked us about student loans, credit cards, IPOs, retirement savings, and budgeting. Here are our answers. A few podcast episodes ago, we asked for you to send us some of your money questions that you wanted our perspective on -- now we're answering! We cover the following questions in this first "ask me anything" styled show: How much do I need to save for retirement? What's the best credit card to use? How do you budget? What should I do if my company is about to go through an IPO? Is student loan forgiveness going to last? Big thank you to everyone who submitted questions. You are always welcome to send in your money question, too! Email us at [email protected] with your questions -- about money or even more. Ask us anything and if we get enough of your Qs, we'll do another AMA-type episode to answer.

13: Ever wondered how much most people spend on housing, travel, restaurants, and more? And have you ever wondered how YOU compare?  We dive into some of these numbers in this episode, sharing what the average person spends, what we think you need to save, and how to fit YOUR spending around these data points.  We also talk about how to set up a budget in a way that feels freeing, not restrictive, and explain a 3-step process for cash flow management to help you reach your goals without depriving yourself of enjoying using your money today.

12: Getting married and planning your wedding is a big deal. But that doesn't justify spending more than you can afford... or sabotaging all your other savings goals for the sake of throwing one giant party for hundreds of people.  People were really interested to know how much Eric, as a financial planner, would spend on his own wedding -- so we decided to start talking about it to give people a new perspective on how much to spend and the WHY behind that rational. In this episode, Kali and Eric both shared some of their thoughts on how they planned their wedding, how much they spent on it, and why they determined the budget they set was the right one for them.  Pair this podcast with the blog post that gets into these details too: www.beyondyourhammock.com/spending-on-a-wedding/ Or check out full show notes at www.beyondyourhammock.com/12

11: Get some guidelines that will help you invest smarter so you can make your money work for you (while avoiding silly mistakes along the way). “…but in this world nothing can be said to be certain, except death and taxes,” wrote Ben Franklin. He could have added something like “and the fact that inflation will eat away the buying power of your cash over time” and likely still would have had a point. It’s this fact that makes investing — especially when you’re young and have a long time horizon to when you need to start tapping the nest egg you can begin building today — a critical step to take if you want to walk the path to wealth. In this episode, we lead an investing 101 conversation and cover some of the most important topics you need to think about before you invest, including: How to set up a truly diversified portfolio What to think about when it comes to risk Ways to set up your asset allocation (and keep it in balance) The right mindset to have around your investments How to manage your emotions around the markets …and more. Full show notes at www.beyondyourhammock.com/11

10: Mo money mo problems. And not just for OGs. When you start making a significant amount of income, you're probably going to be able to buy what you want at any given point in time. And that can pose a unique kind of problem. Earning more actually makes it harder to manage your money in many ways, primarily because you have more and more choice as your income goes up and up. With less inherit restrictions or limitations to face, it becomes increasingly on you to be disciplined enough to focus on what matters. In this episode, we're walking you what to think about when you reach the point where you no longer have to ask "can I afford this?" The answer is probably yes -- so now your challenge is optimizing where your money goes so you can get maximum happiness and satisfaction from it. Full show notes at www.beyondyourhammock.com/10

9: What if you dropped your limitations, allowed yourself to daydream, and considered what's possible for your life? On the show today, we're encouraging your to stretch your mind, imagine a world with no limits, and brainstorm what your life could look like if "can't" weren't part of your vocabulary. We're sharing some ideas and structures to use for thought experiments and daydreaming sessions that will help jolt you out of your day-to-day routine and into the realm of what's possible to build in your life.  Full show notes at www.beyondyourhammock.com/9

8: Kali's favorite thing to do is travel. Eric's favorite thing to do is save money. This is how we manage to do a lot of both. It seems like most of us in our 20s, 30s, & 40s wants to see the world, experience new things, try all the foods, and of course, have some really great photos for the 'Gram. But a ton of travel gets pricey, fast. So how do you balance the need to save with the desire to explore? Tune in to learn how we manage it ourselves. Full show notes at www.beyondyourhammock.com/8

7: We see a TON of people missing out on great opportunities to keep more money in their pockets and grow their wealth because they're not paying attention to a few simple aspects of their financial plan. Today, we dive into some really simple but easy-to-miss opportunities to grow your wealth. Tune in to learn about these 5 things that you could be leveraging to your benefit -- and then make sure you're taking advantage if you can. Full show notes can be found at www.beyondyourhammock.com/7

6: Recently, someone asked Kali and Eric why they're "good with money." The answer? Ultimately, they agreed it came down to this one thing: they keep their money and their emotions separate. That inspired today's episode of Beyond Finances, which is all about why we don't talk about money, how emotions can get in our way, and what we can do to solve the potential problems that arise when you make highly charged, emotional money moves. Full show notes at www.beyondyourhammock.com/6

5: Not everyone is in a position to reach financial freedom. "Just save more" or "be frugal!" are not adequate pieces of advice for everyone. Sometimes, you need to do more than just cut back on consumerism. We're continuing the financial independence conversation and taking a look at how people of varying financial means can approach the goal of financial independence. We also share some basic steps to get you started on this journey. Show notes available at www.beyondyourhammock.com/5

4: Today, we're taking on the idea of financial freedom - and how we suggest redefining it to better fit your life. We're pushing back against the idea that the solution to all life's problems can be found via financial independence. Life is not that black and white, and we believe striking a balance between living well today while planning responsibly for tomorrow may provide even more happiness than the traditional take on "financial freedom." Full show notes at www.beyondyourhammock.com/4

3: We're tackling the third key variable to financial success: focus. Specifically, we're diving into developing the ability to focus on what you can control. There's a lot of noise and distraction out there, which means finding financial success requires you to zero in on what really matters. And once you find THAT, you then have to go a step further and sort through what's in your power to do something about, and what you may need to let go of. Show notes at https://beyondyourhammock.com/3

2: Today, we're talking all about how to make intentional decisions with your money and in your life. We explain what it takes to be intentional, how to think through financial choices both big and small, and how this whole process hinges on understanding what you value. Get full show notes here: https://beyondyourhammock.com/2

1: Welcome to Beyond Finances! In this very first episode of our brand-new podcast, we want to kick off the conversation by looking at three essential elements of financial success: Balance, Intention, and Focus. First up, we're tackling balance -- and exploring what it means to enjoy your life today while still planning responsibly for tomorrow (and how you can pull this financial feat off for yourself). For more, see full show notes at https://beyondyourhammock.com/1/