126: 16 Money Skills They Didn't Teach You In High School with Scott & Mindy

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 25 May 2020

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions. Today, Scott & Mindy sit down to share some of the big money moves you should make - as well as some of the big money mistakes you should avoid. These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come. They also discuss relationships, and how those can also have a huge impact on your finances. Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score. Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing. Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants. This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom. In This Episode We Cover: Decision-making process after highschool The difference between subsidized and unsubsidized student loans The importance of calculating total student loans Everything you need to know about credit scores The difference between good and bad debt How relationships impact money and the importance of prenup Wants vs. needs Roth IRAs, traditional IRAs, and 401(k)s How to set up automatic investments And SO much more! Links from the Show BiggerPockets Money Facebook Group Mindy's Post on BiggerPockets Money Facebook Group BiggerPockets Money Podcast 44 with Tinian Crawford BiggerPockets Money Podcast 22 with Travis Hornsby Which to Borrow: Subsidized vs. Unsubsidized Student Loans Student Loan Calculator BiggerPockets Money Podcast 64 with Zach Gautier BiggerPockets Money Podcast 35 with Craig Curelop BiggerPockets Money Podcast 81 with Erin Lowry Fidelity Investments Vanguard Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pocket's Money Podcast, show number 126, where Scott and I share all the things
0:06.2	that you should know about money by the time you graduate high school.
0:09.7	Hello, hello, hello. My name is Mindy Jensen and with me as always is my nice and happy co-host
0:14.9	Scott Trench. And my 10-year-old gave me those descriptions of Scott because she thinks
0:19.7	the world of you Scott.
0:21.6	And that description absolutely made by day. Thank you.
0:24.0	Scott and I are here to make financial independence less scary, less just for
0:29.4	somebody else and show you that by following the proven steps you can put yourself on the road to
0:34.1	early financial freedom and get money out of the way so you can lead your best life.
0:39.4	That's right. Whether you want to retire early and travel the world, go on to make big time investments in assets like real estate, start your own business, or simply learn the fundamentals of finance, just starting out in life.
0:49.0	We'll help you build a position capable of launching yourself towards those dreams.
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	...

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