Best Personal Finance & Other Podcasts


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Best Personal Finance Podcasts

The only thing more vital to carry than cash in New York City is a pair of headphones. Odds are you’re spending at least an hour a day walking, getting herded into subway cars, and commuting. And unless you enjoy the mouth breathing of the guy standing behind you on the train or the never-ending sounds of sirens, jackhammers, or scam artists (tourists take note: never ever buy show tickets, CDs, or anything else for that matter on the street — ever), you’ll want to have something to listen to.

I’ve substituted my music for podcasts to get a little more mental stimulation out of my commute. I hate wasting time and so podcasts are a nice, passive means of keeping my brain moving and entertained as I move around the city. Below you’ll find a list of some of my current favorites and recommendations.

MONEY STUFF

Yes, the personal finance blogger listens to personal finance podcasts. Surprised? That being said, it only makes up a small portion of my listening diet, as evidenced by the small representation for the category below.

The Dave Ramsey Show

Okay, so this is really just Dave Ramsey’s daily radio show, but if you’re like me and never catch anything live and just want it available on the go, get the podcast. Whenever I need to repent of my non-budgeting ways, I return to the Church of Ramsey and worship… or just listen. If you need a financial motivation pick-me-up, hit this up.

Planet Money

With a name like Planet Money, this podcast very rarely discusses the type of money that you and me dish about around this blog. Instead of budgeting and Roth IRAs, this NPR-produced podcast dives deep into topics that are loosely about money: skill-based gambling, betting against the USA (aka shorting the stock market), rose farming around Valentine’s Day, etc. Always fun, informative, and random.

ENTREPRENUERSHIP

What a terrible, terrible word. Both to spell and say. It’s so affected — entre-PRE (notice the “r” in front of the “e”… straight up snobbery)-neuurrrrrrr (as much nasal-ness as possible)-ship. It’s also such a buzzword that just by subscribing to the idea you sound naive and aloof and looking for the easy way out of work. I digress… while I don’t think I’m a self-proclaimed entrepreneur, I like learning about others’ side gigs, ways to optimize our income streams, and reliving the adrenaline rush of a big idea. These help satisfy that itch.

The Tim Ferriss Show

Tim Ferriss is one of my favorite people out there. He wrote the Four Hour Work Week and is a fascinating dude who is obsessed with hacking every aspect of his life. His podcast is mostly lengthy, in-depth interviews with similarly interesting people. Tim does a great job asking unconventional questions that help shed layer after layer of his interview subjects and how they became who they are. Inspiring, educational, and slightly neurotic.

StartUp Podcast

This is my favorite podcast right now. StartUp is a podcast that follows the start up journey of former-NPR podcaster Alex Blumberg and his podcast company. So a start up podcast about starting a start up that is a podcast company. Meta enough for you? Season one follows that story from the very first bungled investor pitch to the eventual successful funding of his company. Now in season two, the podcast is following a dating service start up and is already highly entertaining.

The Smart Passive Income Podcast

This is straight up Side Gig 101. Pat Flynn is a successful online entrepreneur who brings other successful business-minded folks on his show to share their success stories and learnings along the way. If you’re interested in learning more about earning passive income or learning the ropes of online businesses, this is a great place to start.

STORYTELLING

This category is the main reason I’ve stuck with podcasting. They call radio the “theater of the mind” and podcasting is no different. There’s something oddly magical about sitting for 30 minutes to an hour just listening and letting your brain crank its own filmstrip. If you haven’t given podcasting a try, this category is the place to start.

Serial

This is the podcast that launched a million listening earbuds. This NPR-produced podcast dissects a “closed” murder case from the late 90’s that offers more questions than it does answers about the crime. It is podcasting at its finest. Descriptive storytelling, rich sound effects and music, and gripping dialogue. Joanna and I would eagerly await Thursdays when new episodes would come out and wait until Sally was asleep to listen to it together. We were like giddy children of the ’50s tuning into our favorite live radio program. If you want a good podcast to get your feet wet with, start here. And if you’re already a Serial listener, then please do yourself a favor and watch this incredible SNL spoof.

Reply All

Remember the StartUp podcast I mentioned up above about starting a podcast company? Reply All is the second show of said start up, Gimlet Media. This podcast takes a random Internet/tech-related story and follows it down the rabbit hole, from the shady aftermarket of domains to a guy who has spent a good portion of his adult life fixing very specific repeated grammatical errors on Wikipedia. These are great when I don’t want to think and just want to be entertained on my subway ride to work.

BONUS: Mystery Show

This is the third produced podcast of Gimlet Media and started just last week. I don’t know if it’s worth recommending yet, but given the quality of the other Gimlet podcasts and the strength of the first episode, this will probably be worth subscribing to. The premise is pretty simple: the host solves random mysteries. In the first episode, she helps a woman return a VHS to a video store that mysteriously disappeared the day after she rented it. Fun.

Who else out there is a podcast junkie? Share some of your favorites with us and give us more ear goodness for our daily commutes.

OFB Interviews… Budgeting & Jurrasic Park


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OFB Interviews Jessica M

We’re super excited to be kicking off this new series of interviews with readers who have a financial story to share. We’re starting off with Jessica M. who has a husband in school, a temporary 60% decrease in household income, and yet feels more financial freedom than ever. She has a great story, and we feel lucky to be sharing it today!

Tell us your story.

We were married at 22 and 23, and I graduated with a teaching degree and started teaching a year before we had our first baby. My husband’s parents owned a collection agency where he (Nick) was working. He hated it (who wouldn’t love calling people up and telling them they owed money!), but it was good pay for someone with only a high school diploma. His parents decided to retire in 2013 and sell the company. Nick had a year to find a new job. He looked and applied and interviewed but it didn’t take long to figure out that with a high school diploma your options are limited to crappy hours and decent pay, good hours and little pay, or intense physical labor. In the end, we decided going to college would be the best option. A 4-year sacrifice to a better future.

Because Nick worked in collections, he knew the evils of debt. So when we decided on the college route, we wanted to do it without going into debt. During the summer before his first semester, we sold our extra Jeep, sold our camper trailer and sold our 2010 Dodge truck, which completely got us out of debt (except for our modest 100-year-old home). And we had enough in savings to cover tuition for 4 years at our local university!

After one semester of working part time and barely passing all his classes, it became apparent that this college stuff needed to be a full-time gig. We calculated and figured that we could squeak by on one income — barely and only if Nick could watch our 2 kids part time to lower daycare costs.

During my Christmas break of 2013 I went to the library and checked out 3–4 budgeting/money books to prep myself for the start of my husband’s next semester when we would just be living off my teacher salary. After reading a couple of them, Dave Ramsey’s The Total Money Makeover struck me the hardest and we jumped in — envelope budgeting and all. A blessing occurred during this time when a new grant was awarded to our school to help students with kids take care of daycare costs. We applied and were awarded with 90% of our daycare costs being covered through this grant! What a huge blessing!

We are now 2 years into the college thing. Nick is studying Wildlife Science and is looking forward to ditching desk jobs once and for all for studying the migration pattern of elk or the life cycle of beavers or the mating calls of moose. Because we are able to live off of one income (thanks to our freaking budget) and are blessed with the daycare grant, he is also able to get in countless hours of volunteer work with our Department of Natural Resources. He is working with his future bosses and coworkers already, giving him a huge networking advantage once he graduates.

We are kicking ourselves that we “wasted” 6 years of our marriage to poor money management. Four of those years we were both working and making well over $75,000 (but still feeling like money was tight!). We can’t imagine the extra savings, the paid off house, the cushy retirement we could have had, had we started doing a budget earlier in our marriage.

So walk us through some specifics: how do you plan on making it to graduation without encountering the Debt Monster?

Dave Ramsey said, “The average college student pays $5,000 more per year to live and eat off-campus than to live in the dorm and eat cafeteria food. Student loans were needed not to earn their degree but only to look good while getting it.”

We’re going to college to get an education, to get a better career to support ourselves and our family, and we’re sacrificing the “looking good” part until then. Our cars are old but dependable, and we shop yard sales, Facebook classifieds, and thrift shops for clothes and such. We meal plan, only buy things that are on sale, and price match whatever we can at Walmart. Our Eating Out budget holds enough to eat out maybe twice a month at a fast-food-type place. We can scrimp and save for 4 relatively short years (if you look at the grand scheme of it all) if it means we’ll end up with a degree that will get us a better job with no harmful side effects.

You mentioned a budget has made so many things possible for you two. Why do you attribute your success to a budget?

Even when we were making over $75,000, we felt like money was tight and we couldn’t afford vacations or new furniture or a new pair of shoes even. Now that we are down well over half of that and budgeting, we feel like we are in the exact same position. We don’t feel like we are living off of way less than what we were doing before. In fact, in some ways, we feel like we have been given a raise. I don’t exactly know how that works, but somehow, because we have budget categories and stick to them, we have more money. And it’s great!

Before budgeting, the money would be in the account and the money would leave the account, and we would be scrimping by at the end of the month, wondering where it all went and we would have NO idea! If I worked extra hours or did summer school, or if Nick got a bonus, it really didn’t affect us because it would just go into our bill pay account and somehow get used up. Now that we are budgeting, that “extra” money feels extra and can be used for extra fun or extra savings.

What budgeting tools (apps, spreadsheets, strategies, etc.) are you using?

Good old envelopes have worked for us so far. There may be a time when we “graduate” from this, but it is working so well for us right now that I don’t see it being anytime in the near future.

A couple of my favorite envelope categories are our Car Maintenance and Yearly Expenses envelopes. I calculated how much we spend on our cars in a year — including oil changes, state inspections, registrations, etc. — and divided that by 12. We now put that much each month into the Car Maintenance envelope. Coming up with the extra money for state inspections and registrations could really hurt, but now we just pull it from the Car Maintenance envelope and it doesn’t hurt at all.

The yearly expenses, which we actually call “Random Savings” envelope works similarly. Last year I took note of the random, once-a-year things that come up expectedly, unexpectedly, and the same time every year that cost a substantial amount. Amazon Prime memberships, birthdays/holidays, fishing license renewals, yearly insurance dues, Christmas, etc. I added all that up (yikes) and divided it by 12 (not so yikes), and we put that much away each month into the envelope. So when those crappy once-a-year things come up, we’re not pulling from our grocery or personal money to pay for them. With the help of this envelope category, this is also the first time we’ve ever started in January saving for Christmas! Which means when we see an awesome deal on an item in July or September that would be a great Christmas gift, we have cash to pay for it!

What’s your husband planning on doing with his degree? Is he going to start a real-life Jurassic Park (please say yes)?

He is basically going to be a tree hugging/animal kissing person. He is leaning towards big game research (elk, deer, moose), but really anything in Natural Resources he would love. He volunteers a ton with the person who traps and returns the deer that come down into our valley during the winter and do damage to people’s homes and yards. He also enjoys picking up the dead game that were hit on the side of the road. Weird, I know.

As far as Jurassic Park goes, after watching the first 2, he has decided that they have an inadequate closure system that seems to be unreliable. He does not fancy the idea of sitting on a john and being torn in half while he’s reading the best hunting magazine he’s ever read. Due to that, and our lack of genetic understanding, he thinks he’ll stick to picking up dead skunks off the road.

Thanks again, Jessica! It’s so incredible to hear how something as simple as keeping a budget can change people’s lives and make the impossible possible. I especially loved reading about how, even on one income, they have more money because they’re sticking to a budget. It sounds crazy, but it’s so true.

We’re excited to share more of these interviews soon! Stay tuned!

Monthly Baby Costs: Month One


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sallyandwynn-9

We did it! We survived the first month of parenting for the second time! And… it was actually pretty fun. Okay, fun is a relative term, but the heart eye emoji (😍) times a billion pretty much sums up how we feel about our little one-month-old. For Sally’s first year,…

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