MM001: Breaking the Rules of Retirement: A Manifesto

On today’s inaugural episode, we talk about the goals and objectives the podcast, household budgeting, the difference between "retirement" and "personal finance" one of the first tools I used while getting a handle on our personal finances and I'll give you a little background info as we chart our household's journey to Modest Millions.

02 Aug 13:05

MM002: How to Set Up a Budget

Today, we tackle how to set up a budget, the cornerstone of any personal finance plan. The household budget is where it all starts, and without a firm foundation in place, it's easy for our long-term savings and retirement goals to slip from our grasp. That changes today when we work to conquer the household budget keep more of our hard-earned dollars. Budget nerds, unite!

02 Aug 13:05

MM003: The New Retirement Model and the Goldilocks Goal

"Retirement" is such a dated term. It conjures images of senior citizens who have worked their whole life, only to retire with nothing to do. What if, instead, people gained financial independence so they could have the option to put their life skills to work and supplement their retirement income, allowing them to "retire" much earlier in life?

02 Aug 13:05

MM004: What is the 4% Rule and is it Right for Me?

Have you heard about the 4% Rule and how you can use it to safely make withdrawals from your savings in retirement? It can be a simple rule of thumb to make sure you're able to withdraw enough money to cover your retirement expenses without needing to worry about running out of money before you run out of retirement. That would not be good.

02 Aug 13:05

MM005: Understanding Retirement Accounts: Traditional 401(k)

You've heard of 401(k)s at work, and heck you might (hopefully!) contribute to one. But do you really know how they work and how they can maximize your retirement savings? Let's dive in and learn more about the Traditional 401(k) account.

02 Aug 13:05

MM006: Understanding Retirement Accounts: IRAs

Sometimes you don't have access to a 401(k). Sometimes you want to have more control over which funds you're investing in. Sometimes you just want to have more retirement savings vehicles available to you. The IRA is the unheralded hero of the modern-day retirement savings plan. Find out why.

02 Aug 13:05

MM007: Tax Day Takeaways

Today is Tax Day in the U.S. It’s a day dreaded by many, but hopefully this year's tax season was relatively stress-free and free of any major surprises for you. As we wrap up one tax year and plan for the next, it's time to look back at what you would have done differently and make some Tax Year's Resolutions for this coming year.

02 Aug 13:05

MM008: Roth vs. Traditional IRA Which is Right for Me?

What do you do when you have the option to contribute to either a Roth IRA or a traditional IRA? Is it better to take the tax break now in the hopes that the added investment juice and a projected lower tax rate in retirement leads to a larger nest egg? Or, is it better to use post-tax dollars now and not pay any taxes in retirement. We break it down and compare Roth vs traditional IRAs in this week's episode.

02 Aug 13:05

MM009: Being Happy with “Having Enough”

Society encourages us to work hard so we can keep working our way up the corporate ladder so we can ultimately find success at the top. Along the way, we'll see our income increase and almost inevitably so will our lifestyle. But, as we're chasing happiness and always looking for more, what happens when we realize that happiness might have been at our heels the entire time. It's time to put our personal and financial goals ahead of what society tells us our goals should be.

02 Aug 13:05

MM010: Setting SMART Personal Finance Goals

That which is measured improves. Easier said than done when you're trying to figure out your personal finance goals for the next 30 years. So how do you keep you personal finance goals on track? It all starts with SMART goal setting. In this episode we'll work through the foundations of setting big and small SMART personal finance goals so you can stay on track to reach your modest millions.

02 Aug 13:05

MM011: A Tribute to Moms

Let's take a quick departure from our regularly scheduled personal finance programming to talk about moms, specifically about the two most important moms in my life, Mama Modest and Mrs. Modest. It's because of the money management principles that my mom (tried) to instill in me early on in life that set the foundation for my interest in personal finance and money management. So, today's episode is a quick tribute you, Mom.

02 Aug 13:05

MM012: Price is What You Pay Value is What You Get

As a proud budgeteer, I'll be the first to admit that I say "no" more often than I say "yes" when it comes to budget decisions. But sometimes, you need (or want) to flex your budget to make room for various purchases. So, how do you figure out the best option? It's easy to look at the bottom line and make a decision from there, but it's more important to make a decision based on what's the best value, rather than the best price.

02 Aug 13:05

MM013: The Power of Small Dollars for Personal Finance

There's this misperception out there that you need to have a bunch of money socked away before you can invest in either a retirement account or taxable account. Some of this advice comes from popular pundits who promote a debt-free-first lifestyle, some of it comes from the legacy model of investment advisors that only work with clients with a minimum threshold of investable funds. The fact is, the sooner you start investing, no matter how small that number is, the more exponential the growth of your nest egg. The math is crazy!

02 Aug 13:05

MM014: The Simple Math of Calculating Inflation in Retirement

Figuring out how to calculate how inflation affects your retirement savings is made out to be a super-complicated process, requiring advanced math skills. What's frustrating is that calculating how your retirement savings is impacted by inflation isn't all that difficult. In today's episode, we talk about the simple math of calculating inflation in retirement. 

02 Aug 13:05

MM015: How to Create a Money Binder

If you manage your family's personal finances, what would happen if the worst happened and you were no longer "available" to manage the household finances? In our house, I manage the finances, and Mrs. Modest is perfectly okay with that. If something happened to me, I don't know if my wife would know the location of all our assets. Enter, the money binder. In today's episode we talk about the importance of a money binder and how to create one today.

02 Aug 13:04

MM016: How to Find Your Side Hustle

I’ve been known to have an idea or two for a side hustle. Some are ridiculous ideas. Some are impossible ideas. Some ideas are so far-fetched I don't know how in the world I came up with them. And then some ideas are solid, feasible, actionable and ambitious. These are my favorite. The fact is, when you've got a side hustle you're working on, you have more options that can help fund your future. Today's episode covers some rules to follow and a few idea starters so you know how to find your side hustle.

02 Aug 13:04

MM017: How We Cut the Cord Without Losing Our Sanity

Almost exactly a year ago, we cut the cord and ditched our cable. Along the way, we learned a few things that might be helpful to you as you consider cutting the cord. The fact is, nobody needs a 200-channel cable package; you're just paying for extra channels that you're never going to watch. So, why not streamline your budget and only pay for the TV that you actually watch. Come join the groundswell of cord cutters that are challenging the status quo and getting the same series, sports and movies they were used to, but for only a fraction of what they were paying to the cable company. This episode talks about how to do it.

02 Aug 13:04

MM018: The Importance of Reflecting at Year’s End

This time of year, specifically during the week between Christmas and New Year’s, I always like to take a beat to reflect on the previous year and do some heavy planning for the upcoming year. It’s usually pretty quiet at work and at home (with the exception of school kids running around the house), but my headspace is usually pretty clear. So, I wanted to talk through some of my own reflections in the hope that they might inspire your self-reflections as well.

02 Aug 13:04

MM019: 15 Personal Finance Resolutions for the New Year

We come into January energized and refreshed to conquer the world. We set ambitious resolutions so we can better ourselves and achieve our goals. And then, almost as quickly as we made the resolutions, our resolve falters and we give up on our New Year's Resolutions. But, WHY do we have a hard time sticking to our resolutions? HOW can we set ourselves up to accomplish our resolutions? And WHAT are some attainable personal finance goals that we can strive for this year? That, and more, in this episode!

02 Aug 13:04

MM020: Surviving COVID-19…and the Coming Recession

"What a month this week has been?!" COVID-19 has forced "non-essential" businesses have been ordered to shut down. People are confined to their homes and advised to stay home. The economy is in a free-fall. It's a crazy time to be alive right now. Even crazier, it could get much worse before it gets better. So what steps can you take now to protect your personal finances? How can you protect your family not only from the COVID-19 pandemic but also from the coming recession that could result from all of this economic unrest? Let's dive in and talk defense.

02 Aug 13:04