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Ep11: Taking Action With Technology – with Pluto Money

Ep11: Taking Action With Technology – with Pluto Money




Download This Episode Bios: Tim Yu and Susie Kim are the co-founders of Pluto Money, a mobile app making personal finance doable, engaging and approachable for the Snapchat generation. They met while at UCLA, and were inspired to start Pluto upon graduating because of the financial struggles they endured as college students. They’re on a mission to financially empower college students and other young people across the nation by leveraging technology, design and behavioral science.

Tim Yu - GoPluto FounderSusie Kim - GoPluto FounderShow Description: Today I talk with Pluto Money co-founders Susie Kim and Tim Yu’s financial troubles in college, and where they idea for Pluto Money came from. We talk about behavior around spending habits in College. We don’t start saving for retirement while we’ve got student debt and loans and school to pay for? So why do we save? What’s the purpose of it. GoPluto is an app being created by millennials for millennials, with the purpose of changing around you and your habits. As you age, you’re naturally going to have changes in your lifestyle and goals with your money. We talk about how Pluto helps you reach goals, manage your spending money, and start saving towards goals now, and future goals when you get there.

Join Tim and Susie on their first ever podcast, and also my first time having two guests simultaneously!

Shownotes:

  • Susie’s turning down acceptance to her dream Arts & Language program in London/Italy and why
  • Tim’s amazing internship with Expedia, and not saving any of it for the next school year
  • Pluto’s Target – Younger people with smaller amounts of Discretionary Income to spend better
  • 6:00 – The Mission of Pluto Money
  • 7:25 – Goal Based Saving
  • 8:20 – What Is Your Saving For?
  • 9:00 – Bite-Sized Steps to Reach Goals
  • 10:30 – Behavioural Finance
  • 12:00 – Motivation and Meditation
  • 13:20 – Where to Start – Don’t Get Overwhelmed, Keep it to One Thing At A Time
  • 15:00 – Opportunity Costs – Because You Can, Does It Mean You Should?
  • 17:05 – You Don’t Have To Know It All To Start
  • 18:26 – Pluto Money – Money around Millennial Lifestyle and Goals
  • 19:45 – Are College Kids Broke? It’s A Fallacy. We have 209 Billion dollars, just in college students
  • 20:15 – Details in How Pluto Works for You
  • 23:30 – Understanding Fixed and Variable Expenses
  • 24:45 – Realistic Goals for College Students (Don’t Save For Retirement in College, DUH)
  • 25:14 – Managing Money Is About Putting It Where It Matters
  • 26:15 –  Starting With Baby Steps
  • 27:18 – How Pluto Money App Works – The Heavy Lifting Done For You
  • 29:40 – Tips and Tricks behind Money from Tim and Susie For College Age / Recent Grads

Money Maxim

GoPluto - Maxim #30

“Spending To Be Happy Today Ain’t A Bad Thing, As Long As You’ve Got Enough To Be Happy Tomorrow” – Pluto Money

Action Items

  •  Stop saving money because you’re supposed to! Save for a pre-meditated purpose. Comment below with what you’re saving for! Or share it in in the Financial Ginger Facebook Group!
  • If you want to do better with money, First consider Why Do I Want to Be Better With Money? Write the answer down and put it somewhere you’ll see. Tweet it at me @FinancialGinger @GoPluto_io
  • What is something you want to take action on? Consider how much do you need to know to get started? Get that base amount and get going on it.
  • Start investing somewhere with a few dollars to get some practice in investing. Simple places to start include PlutoMoney along with -WealthFront, Betterment, Stash, and Acorns.
  • Finish your Degree!

Sign up here for GoPluto to get notified when Pluto’s invite-only beta launches on the App Store soon! Pluto truly simplifies how you manage your money. Automatically save for your goals when you complete simple, personalized challenges based on your finances Money Muscle

-Here’s an exclusive app invite code for you awesome TheFinancialGinger Podcast listeners: GOGINGER 

Contact and Links from Show

https://gopluto.io

[email protected] – Open to any questions, feedback, ideas or even just a hello!

Brian J Fog – Stanford Behavioural Research (creating habits)

Connect with Tim and Susie on:

Facebook – www.facebook.com/plutomoney

Twitter – www.twitter.com/gopluto_io

 

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Trends of The Financially Stable

Episode #10: Trends of The Financially Stable



Read more and listen more at JacobBradJohnson.com

Download This Episode

Today: I talk about the trends of those who are financially stable, and give you all the first taste of Jacob on a rant!

I talk about 4 trailing indicators of people who are good with their money

  • They have a vision, and a way to actively track their progress towards their goals
  • They know who they are – and can put what they want, and why they do what they do into a concise set of words
  • They make plans to increase their income
  • They incorporate their spending habits into areas of self-improvement
  • They actively progress: Spiritually/Emotionally, Physically/ Dietary, Educationally / Work Relatedly, and  Socially (Relationships too).

Do you have a plan to achieve these things?

Do you want to get better? Take action.

Join me on Facebook , and get involved in the community!

 

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EP9: A Dollar From Your Pocket – with Paul Vasey of Cash Crunch Games

Episode 9: A Dollar From Your Pocket – with Paul Vasey of Cash Crunch Games




Download This Episode

 

Bio: Paul Vasey, former teacher of business from the Uk, who is now living in the US working on financial literacy games after noticing that there was such a need for this overlooked and under rated life skill. Money is everywhere, we use it every day and are expected to be experts. If that was the case, there would be very little student debt credit card debt, fore closures and so on.

Currently has 2 games in the market – CashCrunch Junior – a physical board game for 7 to 12 year olds & CashCrunch 101 -an online game for ages 13 and upwards. Both games focus on learning the value of money, saving first, cashflow, budgets and making smarter decisions.

Show Description: Paul Vasey and I discuss Money Habits and some of the basic ideology of building savings and wealth. Simply Save First, Spend Later. We discuss Cash Crunch Games for kids and young adults and even college students and some practical ways to think about and spend in a more cognizant manner.

ShowNotes:

  • 1:03 – What is Cash Crunch Games?
  • 4:00 – Money Habits: Basic Money Skills People Learn
  • 4:30 – Basic Ideology of Passive Income
  • Over 50% of households can’t afford an unexpected bill of $500 of more
  • 40% of Americans spend more than their income each month
  • 5:35 – Join the Club: Save First, Spend Later
  • 6:45 – The Simplicity of Saving: A Dollar in Pocket
  • 8:18 – Anchoring: Mindset in Savings
  • 9:50 – Reasons We Overspend: Money Habits
  • 10:45 – How to Change Over Spending to Healthy Spending
  • 12:20 – Formula to Calculate Your Hourly Wage Quickly
  • 12:45 – The Question: Is It Worth My Time for This, Not Is It Worth This Money
  • 14:23 – Savings Is Investing Your Time In Yourself
  • 14:40 – Attitude “Spending Time” or “Investing Time”
  • 16:05 – Saving Is A Habit And Muscle, Strengthened Like A Gym
  • 17:45 – Start with little things. Empty your pockets!
  • 18:10 – It’s Not About the Number, It’s About the Habit
  • 19:50 – The Power of Habit Explained
  • 21:02-22:11 – An Exercise With Your Money: Try This At Home!
  • 23:00 – Cash Crunch Junior: Applied Learning Tools for Kids
  • 24:30 – Basic Principles Of Finance
  • 27:15 – Teaching Life Skills

Money Maxim

Save First Spend Later

 

“You Can’t Spend The Same Dollar Twice” – Paul Vasey

Action Items

  • Start saving $100 (or your choice, $10, $25, $50, $500) a month more than you currently are. Create a second bank account, or an extra checking account for that money. Make it a challenge with a friend to see who can save the most in a set period of time! (Loser pays for bowling!)
  • Quickly calculate your hourly wage. Take 3 zeros off the end and divide in 2. ($60,000 a year = 60 /2 = $30 an hour roughly).
  • Consider your next few purchases with that wage in mind. Is it worth that much of your time for this object/experience?
  • Consciously think about time you “Spend”, start thinking about how you’re “Investing” that time. Comment what that means to you below!
  • Take Your Monthly Income in Monopoly Money and Show Your Kids Where It Goes. (Physically show them!) It’ll help them learn about money.
  • Try Out Cash Crunch Games Online Version of their game!
Save First, Spend Later – Paul Vasey @CashCrunchGames Click To Tweet

Contacts and Links from the Show

Cash Crunch Games – WebsitePlay The Simple Online Version

CashCrunch Connect:

Rich Dad Poor Dad – Book

7Twelve Portfolio – Craig D Israelson

The No-Cash Allowance – Teaching Your Children How To Manage Money Practically

 

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EP8: Big Rocks & Making Money Personal With Desirae Odjick of Half Banked

Episode #8: BigRocks & Making Money Personal with Desirae Odjick of Half Banked




Download This Episode

Desirae-OdjickBio: This one time, Desirae Odjick decided to try saving half of her income on whim, and decided to write about it on the internet – because why not, right? That’s how her blog, Half Banked, got started, and these days she focuses more on helping other millennials achieve the financial goals that really matter to them (without giving up lattes, obviously). She’s the creator of the Quick Budget Fix, a freelance writer, and a certifiable crazy dog lady.

Your Mom Was Probably Right @Half_Banked Click To Tweet

Show Description: Desirae and I discuss Big Rocks, and other prioritization concerns with money, and other important mind games with money that are essential for millennials to know. We then translate the big rocks into actual skills we can utilize to be awesome with money!

ShowNotes:

Big Rocks

  • 1:07- Budget: there’s a better word
  • 1:45 – Big Rocks: The Key of a Natural Budget
  • 2:45 – Time Budgets: Taking out the Big Rocks
  • 3:25 – Our Roles: Identifying our Big Rocks
  • 4:20 – Living the Good Life : The purpose of our Roles
  • 5:00 – connecting our Money to our Roles

Make It Personal

  • 6:10 – Investing in ourselves
  • 6:50 – The Power of Books : Role in Role Improvement
  • 8:50 – How Desirae works with people
  • 9:20 – Desirae’s free budgeting course
  • 10:00 – Cash Flow: more than investing and accounting
  • 11:10 – Commitments role in controlling time
  • 12:55 – Accountability partners
  • 13:15 – Dollars should Vote for your dreams
  • 13:30 – Using money Intentionally

Getting to the Goals

  • 14:00 – Desirae shares how she set the goal to save 50%, and started halfbanked
  • 14:30 – finding creative ways to reach financial goals
  • 15:15 – Books: Just implement one idea, power (article below)
  • 16:00 – The Psychological impact of reaching and setting goals
  • 17:22 – When you “Fail” : Conscientious Goals
  • 18:50 – Priorities: putting goals in perspective
  • 20:25 – The most fluid part of Desirae’s budget goals : Not what you’d expect
  • 22:00 – How FinancialGinger was born

Making Money

  • 23:35 – 2 ways to fix the budget -IWT
  • 24:45 – Desirae shares skills she’s developed to make her money
  • 26:00 – RPF – Entrepreneurial mindset podcast (Link below)
  • 27:15 – Desirae’s Resource Library (Link)
  • 27:45 – Basic calculator: What’s too much to spend on housing, food, etc
  • 29:45 – You Mom Was Probably Right – Money Maxim

Money Maxim

Your Mom Was Probably Right @Half_Banked Click To Tweet

28-Desirae-ep8 -

Action Items

  • Take time to identify your Roles by Spiritual, Mental/Educational, Physical, Social Relationships. What are the Big Rocks to do in these roles each week?
  • Identify Monetary costs associated with your Roles
  • Consider where money is going that may not align with your Roles, Needs, or most important wants
  • Consider a role commitment you need and share it with your social media tag @FinancialGinger and @Half_Banked! – We can follow up with you!
  • Get an Accountability partner for one goal you have. Help them with one goal they have! You’re 70% more likely to work on and achieve (a realistic goal) with an accountability partner.
  • What is a skill you have that people would be willing to pay for? Consider implementing or starting that business you’ve been thinking about.
  • When you “fail” your next goal – consider why you failed it, maybe the reason was good.
Live Like No-One Else Does Now, So You Can Live Like No-One Else Can Later Click To Tweet

Contacts and Links from the Show

How Desirae Cut Books from her budget

Desirae’s Resource Library

Teaching your 8-year old to earn with job skills – Radical Personal Finance

Connect with Desirae

Twitter: @Half_Banked –  Facebook: halfbanked facebook – Blog: HalfBanked.com

If you made and extra $100 a month, you wouldn’t have to cut out $100 @Ramit Click To Tweet