Welcome to "Moore Money Less Problems'', the podcast that helps you navigate the world of personal finance. In this episode, our hosts GMoney, George The Third, and Dr. Dimonde, will discuss 401ks and IRA investment accounts.
As many of us know, saving for retirement can be daunting, but it's never too early or late to start planning for your future. Our hosts will delve into the differences between 401k's and IRA's and the benefits of each. They will also explore the various types of IRAs, including traditional and Roth IRAs, and discuss the pros and cons of each.
GMoney, George The Third, and Dr. Dimonde will share their personal experiences with these investment accounts and provide tips and advice on maximizing your contributions and investments. They will discuss the importance of diversification and the potential risks and rewards associated with different investment strategies.
Join us for this insightful and informative episode of "Moore Money Less Problems." Whether you're a seasoned investor or just starting out, you won't want to miss this discussion on 401ks and IRA investment accounts.

The time value of money: the idea that an amount of money received earlier is worth more than that same amount of money received later. In other words, a dollar received today is worth more than a dollar received tomorrow. Money received earlier is worth more because the sooner you have money, the sooner you can invest that money, and the longer your investment has to grow in value. The important part of what I just said is the sooner you can invest that money.

Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. Thought to have originated in 17th-century Italy, compound interest can be thought of as "interest on interest," and will make a sum grow at a faster rate than simple interest, which is calculated only on the principal amount.

Step 4:  Track Spending and Align your Spending and values

It Helps You Stick to Your Budget, because after you set up a budget, you should track expenses daily to ensure you are staying on that budget. If you don't track your money, you won't know when to stop spending in a given category (food or clothing, for example).

It's not enough to stick to your budget if you don't also make strides toward important saving goals. Whether you set a goal to build an emergency fund, pay down debt, set aside money for retirement, or save for college, vacation, or other short-term goals, you're more likely to achieve these goals if you budget for them, create a savings plan, and then track your spending to ensure that your spending matches your priorities.

Step 5: Use the power of extra payments

There are two monetary benefits to making extra loan payments: saving on interest and shortening the loan term, which means you get out of debt sooner.

Step 6: Consider Consolidation:

Debt consolidation rolls multiple debts, typically high-interest debt such as credit card bills, into a single payment. Debt consolidation might be a good idea for you if you can get a lower interest rate. That will help you reduce your total debt and reorganize it so you can pay it off faster.

Step 1: Make a budget 

Building a budget is key to any financial plan, but especially so when you’re paying off debt. To repay your debt, start by tracking your income and expenses with a monthly budget. A budget is an easy way to get organized at the start of debt repayment.

Step 2: Debit Payment Strategy

The snowball method: Pay the smallest debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next smallest debt. A quick payoff is a quick win and can be a confidence booster.

Debt avalanche: Pay the largest or highest interest rate debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next highest debt. Paying off a big debt can boost a feeling of control and gets rid of big interest, too.

Step 3: Side hustle

A Side Hustle is work you do on the side of your regular job to make additional income. · The benefits of a side hustle are increase income, pay of debt faster and increased savings.

Step 2: Side hustle

Step 3: Track spending and Align your Spending and values

Step 4: Use the power of extra payments

Step 5: Consider Consolidation and settlements:

Step 6: Know your WHY:

Research indicates that there are 4 primary ways to become a multi-millionaire: Saver-Investors, Corporate Climbers, Virtuosos, and Dreamers. The Saver-Investor is by far the easiest path and if you start very early you are almost guaranteed to build a significant net worth. The only requirements are living within your means by saveing 20% or more of your income by living off of 80% or less of your income, and consistently and prudently invest your savings.

To get out of debt you must/should make the most of every dollar; get a side hustle; track spending; use the power of extra payments; consider consolidation and settlements. Building a budget is critical to any financial plan, but especially so when you’re paying off debt.  A budget is an easy way to get organized at the start of debt repayment, becuase it helps you track your income and expenses. 

The time value of money is the idea that an amount of money received earlier is worth more than that same amount of money received later. In other words, a dollar received today is worth more than a dollar received tomorrow. Money received earlier is worth more because the sooner you have money, the sooner you can invest that money, and the longer your investment has to grow in value. 

Future value of money (FV) = Present value of money (PV) x [ 1 + [Interest rate(i) divided by # of compounding periods per year (n)] (# of compounding periods per year times (x) the number of years (t)

FV = PV x [1+(i/n)] (n X t)

Financial literacy is the ability to understand and make use of a variety of financial skills, including personal financial management, budgeting, and investing. It also means comprehending certain financial principles and concepts, such as the time value of money, compound interest, managing debt, rule of 72, and financial planning. Achieving financial literacy can help individuals avoid making poor financial decisions and help them become self-sufficient and achieve financial stability. Key steps to attaining financial literacy include learning how to create a budget, track spending, pay off debt, and plan for retirement. Educating yourself on these topics also involves learning how money works, setting and achieving financial goals, becoming aware of unethical/discriminatory financial practices, and managing financial challenges that life throws your array.

Trends in the United States indicate that Americans’ financial literacy is declining. The Financial Industry Regulatory Authority (FINRA) found that only 34% of particpants could answer four out of five questions correctly rthat test a consumers’ knowledge about interest, compounding, inflation, diversification, and bond prices. Making informed financial decisions is more important than ever. It’s clear that financial literacy is a must for making thoughtful and informed decisions, avoiding unnecessary levels of debt, helping family members through these complex decisions, and having adequate income in retirement.