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    • Exploring the Fascination with Money QuizzesPeople enjoy taking money quizzes for self-discovery and entertainment, fueled by childhood training and easily accessible platforms like BuzzFeed.

      People's fascination with quizzes, including those related to money, stems from a desire to learn about themselves and the training they received growing up, whether it be from teen magazines or the education system. This obsession with self-diagnosis, coupled with the ease and accessibility of quizzes through platforms like BuzzFeed, has made them a popular pastime for many. While some may find value in the results, others see it as a fun and engaging way to pass the time. Regardless, quizzes continue to capture the attention of individuals seeking to understand themselves better. So grab a drink, take a quiz, and enjoy the journey of self-discovery. And who knows, you might just learn something new about yourself or your favorite condiment.

    • Understanding Budgeting through a Starbucks Spending QuizThrough a Starbucks spending quiz, we practiced budgeting and discovered the importance of making conscious choices to stay within a budget, while also acknowledging the potential for excessive quiz-taking and time spent online.

      People, including us, can get carried away when presented with various options, especially when it comes to spending money. In the discussion, we tried a Starbucks spending quiz where the goal was to buy five items under $20. We both managed to do so, but it might not be feasible in real life due to additional costs like tax. The quiz was a fun exercise in budgeting, and it showed that we both have a good understanding of how to make choices to stay within a budget. However, the quiz also revealed that 96% of BuzzFeed users finish a quiz after starting one, indicating a potential for excessive quiz-taking and time spent online. The discussion also showed that people have different preferences when it comes to food and sauces, with some preferring simple options like ketchup, while others go for more complex choices like barbecue sauce. Overall, the conversation highlighted the importance of being mindful of spending habits and making conscious choices to stay within a budget.

    • Assessing financial security with a quizA financial security quiz can provide insight into one's habits and offer a sense of comparison, encouraging individuals to improve their financial situation.

      Understanding your financial situation and striving for improvement is important, regardless of where you currently stand. This idea was emphasized in a discussion about a quiz designed to help individuals assess their financial security. The quiz, which consists of ten yes or no questions, aims to provide insight into an individual's financial habits and provide a sense of where they stand compared to others. The quiz was contrasted with AI-generated quizzes, which were noted for their potential to produce personalized results. However, it was also emphasized that the human-made quiz serves as a checkpoint rather than a definitive judgement, and that everyone has the ability to improve their financial situation. It was also mentioned that people are often curious about their financial standing in relation to others, and that this curiosity can drive individuals to seek out tools like quizzes to gain a better understanding of their financial situation. The quiz serves as a reminder that financial security is a journey, and that everyone can make progress towards improving their financial situation.

    • Growing up without open discussions about money can put us at a disadvantageRecognize the impact of upbringing, educate yourself and improve financial literacy and habits

      The way we were raised and educated about money plays a significant role in our financial situation as adults. If we didn't have open discussions about personal finance growing up, it can put us at a disadvantage. However, it's never too late to learn and make adjustments. For instance, if our parents didn't discuss money or if we didn't take a personal finance course in school, we can still educate ourselves. It's essential to recognize the impact of our upbringing and use that knowledge to improve our financial literacy and habits. The good news is that more high schools are now offering personal finance courses, which will help equip the next generation with the necessary skills to manage their finances effectively.

    • Financial literacy: Budgeting, Emergency funds, and Debt managementBudgeting with apps, having a $1,000 emergency fund, and paying off credit card balances in full each month contribute to financial peace and stability.

      Financial literacy is crucial for managing personal finances effectively. It's great to see that many states are mandating it. A good curriculum to consider is the Ramsey Foundation's Personal Finance curriculum, regardless of bias. Budgeting is a powerful tool to move from financial stress to control. It's not about being in debt, but planning for the future. I started budgeting at 24, and it's now easier than ever with apps like EveryDollar. Another essential step is having a $1,000 emergency fund to avoid turning to debt in case of unexpected expenses. Lastly, paying off credit card balances in full each month is a goal to strive for, even though fewer than half of Americans do so. These financial habits can help individuals achieve financial peace and stability.

    • Impact of Credit Cards on Spending HabitsUsing credit cards for everyday spending can lead to unnecessary spending and poor financial habits due to the psychological effect of immediate purchases and potential car loan interest costs.

      Using credit cards for everyday spending, even if you pay them off in full each month, can lead to unnecessary spending and a poor financial habit. The psychological impact of immediately paying for purchases versus receiving a bill at the end of the month can influence spending behavior. Additionally, carrying a car loan on a depreciating asset, such as a car, can result in paying significantly more than the initial purchase price due to interest. It's recommended to consider paying cash for cars whenever possible and focusing on saving and spending wisely.

    • Buying used and driving it till the wheels fall offPride and responsibility from owning things outright leads to better financial management. Save on housing, repay debt, save, invest, and have an emergency fund.

      Owning things outright, whether it's a car or a home, instills a sense of pride and responsibility that leads to better financial management. This principle, known as "buying used and driving it till the wheels fall off," can help individuals save up and invest in their future. Another crucial step is ensuring that no more than 25% of take-home pay goes towards housing, leaving room for other financial priorities like debt repayment, savings, and investments. Additionally, having a fully funded emergency fund is essential for financial security. By following these steps, individuals can set themselves up for long-term financial success.

    • Achieving Financial SecuritySave enough for living expenses, pay off student loans, be proactive, and make intentional choices for financial security.

      Financial security brings peace of mind and freedom from the constant worry of bills and debts. Having enough savings to cover living expenses for several months and paying off student loans within a reasonable timeframe are key steps towards achieving this security. The discussion also emphasized the importance of being proactive and not relying on others to solve financial problems. Additionally, the game "Tapple" was suggested as a fun way to engage with financial literacy and learn new terms related to money. Overall, the conversation highlighted the importance of taking control of one's financial situation and making intentional choices to secure a better future.

    • Intentional budgeting with EveryDollarUsing EveryDollar for budgeting can lead to financial growth and enjoyment. Avoid unhelpful quizzes for self-improvement.

      Being intentional with your money through budgeting using the app EveryDollar can lead to financial growth and enjoyment. Rachel and Dave Ramsey strongly recommend this app for those looking to improve their financial situation. Quizzes, on the other hand, while entertaining, can be unhelpful and potentially harmful to self-worth. The discussion also touched upon a unique and complex drink called a Crown Stag, which initially may be off-putting but eventually grows on you. The drink consists of Chambord raspberry liqueur, Jagermeister, and vodka, and costs around $3.20 per serving. Overall, the episode emphasized the importance of intentionality, whether it's in budgeting, relationships, or even taking quizzes.

    • Personal preferences shape taste ratingsIndividuals have unique taste preferences, and ratings can vary. Try recipes for yourself to form your own opinions.

      Taste is subjective and can vary greatly from person to person. In the discussion, two individuals expressed their opinions on a drink, with one rating it a 7 out of 10 and the other a 5 out of 10. Despite their differing opinions, they both agreed that people should try the recipe for themselves and form their own conclusions. The importance of individual preferences was emphasized throughout the conversation. Additionally, the hosts encouraged listeners to subscribe, leave reviews, and engage with the show to share their thoughts and experiences. Overall, the conversation highlighted the importance of personal taste and the value of trying new things.

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    For more info click here for our show notes.

    Meet The Trainers

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    Financial Literacy with Soledad Fernandez

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    Her Financial Literacy journey started while she was on sick leave from work by reading books and watching YouTube videos which gave her the information to create wealth.

    Some of Soledad's major achievements were: paying off over $23K in debt from Student Loans, creating a six-month emergency fund and maxing out her husband's 401 K and IRA's for both of them.

    Soledad's tips to achieve financial wellness as a family:

    • Creating a emergency fund 
    • Being intentional about money coming our way and coming out
    • Investing for retirement

    She also shares about the financial habits she has taught her children:

    • Budgeting
    • Delaying gratification
    • Taking good care of the things they have
    • Building credit history (for her godson who is 13 years old)

    She decided to create a support system by creating a community Wealth para Todos to find other people that would talk Dinero to learn together about creating wealth.

    #DebtFree #FIREJourney #FIRECommunity

    Soledad's main takeaways from her journey:

    • Start investing as soon as you can
    • Get comfortable with fear and failure

    Follow Soledad on IG @wealthtodos or visit her website wealthparatodos.com

    If you enjoyed this episode, please consider subscribing to this podcast so you don't miss a beat! 

    It would also mean the world to me if you support this podcast by rating it and leaving a review on Apple Podcasts!

    We hope you join us for our next episodes!