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    "I Want To Drop $10K on Tattoos... Can I Afford It?" (Listener Intervention)

    enJune 07, 2024

    Podcast Summary

    • Airbnb hostingAirbnb hosting can be a lucrative and easy side hustle for monetizing underutilized living spaces. It can help offset travel expenses and is a simple way to earn extra income.

      Airbnb hosting can be a lucrative and easy side hustle for monetizing what you already have. The speaker shared her personal experience of using Airbnb to write in remote cabins while earning income from renting out her home. She emphasized the ease of getting started with Airbnb and the potential value of underutilized living spaces. Additionally, Airbnb hosting can help offset travel expenses, making vacations more affordable. Overall, the speaker encouraged listeners to explore the opportunity of Airbnb hosting as a simple yet effective way to earn extra income.

    • Retirement savings vs. unexpected expensesUnexpected expenses or desires can challenge retirement savings, requiring individuals to balance long-term financial goals with short-term desires. Seeking advice and making informed decisions can help navigate these complexities.

      No matter how early or consistently one starts investing for retirement, unexpected expenses or desires can still arise, challenging one's financial plans. In the discussion, the hosts and their guest, Money Rehabber Adam, touched upon the topic of retirement savings and the desire to spend $10,000 on tattoos. Despite having been an investor since the age of 18 and contributing 26% of his income towards retirement, Adam faced the dilemma of deciding whether to splurge on tattoos or stick to his long-term financial goals. The conversation also highlighted the influence of financial experts and personal preferences in shaping one's financial journey. The hosts shared their contrasting views on financial advice, with one preferring a more traditional approach and the other embracing a new perspective. Moreover, the discussion brought attention to the unpredictability of life and the importance of balancing short-term desires with long-term financial objectives. It underscored the significance of making informed decisions and considering all factors before committing to major financial choices. In essence, the conversation emphasized the importance of being mindful of one's financial situation while also allowing for flexibility and enjoyment in life. It served as a reminder that everyone's financial journey is unique and that seeking advice and making informed decisions can help navigate the complexities of managing money.

    • Financial PrioritiesAim to save 26% of income for retirement, review savings goals and consider increasing contributions, seek expert advice for personal financial planning

      It's essential to understand personal financial priorities and seek expert advice to make informed decisions. The speaker expresses her struggle with determining how much to spend on cosmetic procedures while also saving for retirement. She feels guilty about spending money and wonders if her savings goals are adequate. The expert suggests that she should aim to save 26% of her income for retirement, which would be $12,600 per year based on her $50,000 salary. The speaker currently saves $5,000 in her Roth IRA and $5,000 in her 401k at work, but she could increase her contributions. She also has $43,000 in a savings account, which the expert advises against since interest rates are low. Overall, the conversation emphasizes the importance of having a solid financial plan, seeking advice, and being mindful of savings goals while also allowing for some discretionary spending.

    • Emergency FundSave enough for unexpected expenses to ensure financial security, aim for a year's worth of living expenses in an easily accessible account, and consider breaking it down into smaller, named accounts for organization and motivation.

      Having an emergency fund is crucial for financial security, especially for those with precarious income sources. Aiming for a year's worth of living expenses in an easily accessible savings account is a good starting point. Breaking it down into smaller, named accounts can help with organization and motivation. For instance, creating a "tattoo savings account" within your bank for your emergency fund can make it more tangible and easier to save towards. While a year's worth of expenses might be generous for some, the peace of mind it provides is worth considering. Ultimately, the goal is to have enough savings to cover unexpected expenses and allow you to sleep better at night.

    • Budgeting for personal indulgencesAllocate 15% of income towards personal expenses and set up a separate savings account for them, while ensuring essential expenses are covered.

      Creating a well-balanced budget involves setting aside funds for both essential expenses and personal indulgences. The speaker suggests allocating around 70% of income towards essentials, 15% towards long-term goals, and 15% towards personal expenses. In this case, the personal expense is getting a tattoo sleeve, which the speaker values highly. The speaker recommends calculating the cost of the tattoo sleeve and setting up a separate savings account to pay for it, while also ensuring that essential expenses are covered. The speaker emphasizes the importance of finding a balance between saving and enjoying life, and encourages people to prioritize personal happiness within their budgets.

    • Automatic savings transfers, Airbnb incomeSetting up automatic savings transfers from your paycheck and exploring alternative income streams like Airbnb can help individuals save money effortlessly and boost their income.

      Setting up automatic savings transfers from your paycheck into a designated sub-saving account is an effective and simple way to save money without even thinking about it. This method, often referred to as "set it and forget it," can help individuals overcome feelings of guilt or intimidation when it comes to saving or spending money. Additionally, exploring alternative income streams, such as hosting a space on Airbnb, can provide an additional financial boost by monetizing what you already own. By implementing these strategies, individuals can safeguard their savings and improve their overall financial well-being.

    • Airbnb hosting, LinkedIn JobsAirbnb hosting can help individuals offset travel expenses and turn their home into an asset. LinkedIn Jobs offers businesses access to a vast pool of highly qualified professionals, expanding their hiring possibilities.

      Hosting on Airbnb and using LinkedIn Jobs can bring significant financial benefits. For those considering hosting on Airbnb, it can help offset the cost of personal travel expenses. The speaker shared their personal experience of feeling guilt-ridden before taking vacations due to travel expenses but found a solution by hosting guests on Airbnb. This not only helped them enjoy vacations but also turned their home into an asset. On the other hand, for businesses looking to hire top talent, LinkedIn Jobs can provide access to a vast pool of highly qualified professionals who might not be actively seeking new jobs. With over a billion professionals on the platform, LinkedIn Jobs offers a unique advantage in finding the perfect candidate. In summary, Airbnb hosting can help individuals offset travel expenses, while LinkedIn Jobs can help businesses find highly qualified candidates who might not be actively looking for new opportunities.

    • Mindset and MoneyOur mindset towards money significantly impacts our financial management. Focusing on both logical steps and improving our mindset can lead to better financial outcomes.

      Our mindset plays a crucial role in managing our finances. Money itself can be a mind game, whether we have it or not. It's essential to work on both the logical aspects of managing our finances and our mindset towards spending and saving. For someone like Adam, who has a substantial net worth and saves a significant portion of his income, it's important to allow himself to enjoy the fruits of his labor. Our self-talk and thoughts about money matter significantly. Nicole praised Adam for his financial responsibility and encouraged him to continue his good work while also allowing himself some treats. For those who struggle with finances, focusing on improving their mindset towards money can be just as important as logistical steps.

    • Bartering for tattoosBartering can save money or gain value when getting tattoos by offering valuable items or services in exchange for a discount or even a free tattoo, but always respect the artist's value.

      Bartering can be an effective way to save money or gain value in various situations, including getting tattoos. This is not an outdated practice, but a still-relevant one. You never know what you might be able to negotiate or exchange for a product or service, especially if you have something valuable to offer in return. For instance, if you're getting a tattoo, you might be able to offer tattoo artist some hours of your time or a valuable item in exchange for a discount or even a free tattoo. However, it's essential to respect the value of the service you're receiving and not undervalue it or try to haggle unreasonably. The speaker shared a personal experience of using bartering to get their first sleeve tattoo in exchange for eight hours of tattoo time. Overall, bartering can be a creative and mutually beneficial way to acquire goods or services, and it's always worth considering as an option.

    • Creative saving methodsExplore dividing your 15% spending plan on extras into smaller percentages dedicated to your goals, like setting up a sub-savings account and contributing a recurring amount.

      When it comes to saving for your goals, every little bit counts. Just like how my ex got her tattoo done in exchange for cleaning an artist's house, you can also explore creative ways to save for your special something by dividing your 15% spending plan on extras into smaller percentages dedicated to your goals. For instance, if you're saving for a tattoo or another expense, consider setting up a sub-savings account and contributing a recurring amount that fits within that 15%. You can even allocate one quarter of your savings for that goal, depending on the cost and timeline. Money Rehab, a production of iHeart Media, emphasizes the importance of investing in yourself and encourages listeners to make every penny count towards their dreams.

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