Things can get complicated quickly in the world of personal finance. From investing and budgeting to estate planning and insurance, there are multiple ways to accomplish what you need to get done.

Let’s take investing for example. There are different strategies including but not limited to passive index investing, value buying, the 3-fund portfolio, rental real estate, stock picking, target date funds, 70/30 splits…Honestly, I could rattle off a hundred different options which is why I wouldn’t be surprised if you got overwhelmed by all of the choices.

The more experience I get, the more I realize, that simple is usually better. Although the word simple can mean different things to a lot of people, at the heart of the meaning, it means something is easily understood and easily done.

So how can we simplify money? Well, my friend Peter Lazaroff wrote a whole book about the topic called Making Money Simple and he is on the show today to share some of those tips. In particular, we focus on investing and budgeting.

On the investing side, we discuss why Peter chose to invest his personal portfolio into one index fund although he has gained a ton of knowledge managing six billion dollars as the Chief Investment Officer at Plancorp. And if you hate tracking every dollar you spend, we discuss an alternative to traditional budgeting, the reverse budget, which is a simplified way to make sure your spending is aligned with your income.

Key Takeaways:

• What matters whenever it comes to successfully investing
• Why Peter invests in only one mutual fund
• The most important factor in investing
• How to simplify spending by reverse budgeting
• How to enjoy your money as it grows

Mentions:

Making Money Simple (free book): https://peterlazaroff.com/freebook

How Peter Invests Guide: www.HowPeterInvests.com

More of Peter:

The Long-Term Investor Podcast: https://peterlazaroff.com/podcast

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

There are going to be differences. And these differences are what lead to disagreements.

Imagine a scenario where you and your friends are booking an Airbnb for an upcoming trip. The group isn’t progressing, and you can tell by the tone people are getting frustrated. Half of the group wants a cheap option while the other half wants a nice place closer to the city center.

This kind of situation happens all of the time and if you zoom out, you can probably understand both perspectives. Someone might be trying to pay off their credit card debt, or student loans, or saving for an upcoming wedding but wants to go on the trip if it can fit within their budget. Another person might be buried in work and this is one of the few weeks they have gotten to take off and enjoy. Spending an extra couple of hundred dollars is worth it to them if it means the weekend turns from a good time to an unforgettable trip with their friends.

At the end of the day, both people want to spend time with their friends but there is conflict because they have other goals that need to fit into their plans. This is messy.

Layer on the fact that people make different amounts of money and that our upbringing makes us value money differently, you can see why these aren’t always straightforward decisions.

It’s not just friends either. These kinds of situations happen with our partners, family members, roommates, and more.

So how do we discuss money with these important people in our lives? And how do we stand up for ourselves whenever we are being asked to do something we don’t want to do?

Well, that’s why I interviewed Allie Volpe today. Allie is a senior reporter for Vox and recently covered a story on how to fight without ruining a relationship. The headline immediately caught my attention as I think this topic isn’t discussed enough in personal finance.

If you’re pursuing financial independence, you are probably aggressively saving or at least very aware of how you’re spending your money. There will be moments when you’ll have to make a decision and have an awkward conversation about money with someone close to you. Allie is going to be sharing language you can use during these situations, mistakes to avoid, and what to do whenever you just can’t see eye to eye.

Key Takeaways:

• The difference between a good fight and a bad fight
• Mistakes people make in an argument that leave the other side feeling terrible
• Questions to ask to get to the root of what you’re really arguing about
• How to listen and make someone feel heard
• How to get to a compromise
• Ways to handle your emotions whenever you’re getting upset
• What to do if you can’t see eye to eye

More of Allie:

Twitter: https://twitter.com/allieevolpe

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/

Yes, your path to financial independence is going to take work and sacrifice but it shouldn’t be miserable. Financial independence is not worth it if it means being unhappy for decades of your life. There should be lots of moments of fun because life is precious both before and after you reach FI.

So in today’s episode, Jackie Cummings Koski is back on the podcast to discuss five of her secrets for making your FIRE journey fun.

If you missed episode 64, first download it to listen to after this episode, and second, let me share a little about Jackie with you.

At 49 years old, Jackie reached financial independence and retired from “Corporate America.” This was an impressive feat in itself but even more impressive for someone who grew up poor, became a single mom in her 30s, and never had over a $100,000 salary. Jackie created her first net worth statement at 38 years old and went on a tear for the next decade saving and investing to comfortably retire before 50.

Now Jackie spends much of her time as a personal finance educator and recently wrote the book, FIRE for Dummies to help others retire early on their terms.

So if you want to reach financial independence and have some fun along the way, this episode is for you. I hope you enjoy my conversation with the dealer of $2 bills…Jackie Cummings Koski.

Key Takeaways:

• Where to cut expenses but more importantly, where to not
• Smart ways to integrate what you enjoy into your FIRE plans
• Understanding your why behind FIRE
• Where to start in your journey to FI
• Milestones to celebrate
• Why you don’t have to be flawless

More of Jackie:

FIRE for Dummies: https://www.amazon.com/FIRE-Dummies-Business-Personal-Finance/dp/1394235011

Catching Up to FI: https://catchinguptofi.com/financial-independence-podcast/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Connect with Justin on LinkedIn: https://www.linkedin.com/in/justinleepeters/