69: From Near Death To Debt Free With Liz from Chief Mom Officer

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 22 April 2019

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Liz has always been a frugal gal and self-proclaimed personal finance nerd. Discovering The Wealthy Barber as a teen cemented her course down the financial independence path, even if there wasn’t a formal name for it at that time. And it’s a good thing for her family that she was so frugal - a botched surgery for her husband turned a routine procedure into a nightmare that involved a coma, a month in the hospital and years of recovery. Without her financial savvy, her family could have been financially ruined! Now, 7 years later, she has paid off her house and replenished her emergency fund using a Tiered Emergency fund that allows her maximum liquidity while also maximizing her earnings on those funds. Her unique plan combines online savings with CD ladders, savings bonds and money market funds. Liz explains just how important it is to her family to have the peace of mind a paid-off mortgage can provide, and how planning for unforeseen events is truly the best course of action. In This Episode We Cover: Liz’s background story On being smart with money throughout her 20s and 30s What happened after her husband's surgery On her work and immediate debt consequences while working towards financial independence On having the mindset of saving for retirement, for college, and for an emergency fund Having various accounts: Flexible Spending Account, High-Deductible Health Plan, Health Savings Account, & Health Reimbursement Account Learning financial independence through the book "The Tightwad Gazette" How she cuts off their expenses and the free entertainment they did Paying off their house for financial security The importance of not depending on stocks Tiered emergency plan On the concept called college compact Her philosophy on paying his son's college Financial independence retirement elective And SO much more! Links from the Show Mad Fientist HSA - The Ultimate Retirement Account BiggerPockets Money Podcast 64: Scholarships and Other Ways to Pay for College with Zach Gautier Harvard Business Review - Case Study BiggerPockets Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the BiggerPockets Money Podcast, Show Number 69, where we interview Liz from chief mom officer.org.
0:07.0	That's one of the benefits of constantly saving money and having a practice of constantly saving and investing money is that if something bad happens in your life
0:14.4	you can dial back on saving money and basically instantly create extra room in your budget to cover
0:21.2	some of these emergency expenses.
0:22.8	Whereas when you live paycheck to paycheck, you can't because there is no extra room
0:27.1	that you've been investing.
0:28.1	It's time for a new American dream, one that doesn't involve working in a cubicle for 40 years, barely scraping by.
0:35.0	Whether you're looking to get your financial house in order, invest the money you already have, or
0:38.9	discover new paths for wealth creation.
0:41.4	You're in the right place. this show is for anyone who has money
0:44.9	or wants more this is the bigger pockets money podcast
0:49.1	how's it going everybody I'm Scott Trench and I'm here with my co-host
0:51.5	Miss Mindy Jenson how you doing today Mindy Scott I'm here with my co-host Miss Mindy Jenson. How you doing today Mindy?
0:53.4	Scott I'm having a great day. I am super excited for Liz to come on this show today.
0:59.4	I can't say I like her story because it involves her husband almost dying after a surgery gone wrong.
1:07.7	So that's not something to get excited about, yay, you know, but the fact that that massive life event changed her whole outlook on finances and job and just in general how she runs her life is a really great story and you know if you've never been
1:25.6	through something so traumatic like that you really don't know how difficult it is to
1:30.0	get through and it just makes financial independence so much more rewarding when you realize hey
1:36.3	now I do have the time to spend with my family and now I can really focus on things that matter the most to me and going through that from a
1:44.0	position of not financial independence but from a position of financial
1:48.1	strength really helped her get through this in the first place.
1:51.2	Yeah you know one of the things I took away from the show today is how difficult the situation
	...

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