This Financial Life with Andrew M.

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Listen Money Matters

Careers, Business, Investing, Education

4.4 • 2.3K Ratings

🗓️ 6 July 2015

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today we dissect listener Andrew’s finances. What is he doing right, what is he doing wrong, and what can he do better. This financial life. Andrew is a long time listener and today he shares his financial situation with us to get some advice. Before Andrew found LMM he had student loan debt, credit card debt, high fees on what investments he had, no budget AND he bought a new car. Andrew recently married and brought about $75,000 of debt into the marriage while his wife had about $22,000 from student loans. They have paid off about $20,000 in a short amount of time. He moved his investments over to Vanguard to save on fees, and set up a budget. Andrew lives in Minnesota and the couple make about $100,000 a year. They pay just $600 a month in rent on a two bedroom apartment. The monthly living expenses are about $2,000. They want to buy a house but are first working to build their emergency fund and pay off debt. The student loans have a high interest rate, over 6%. He is paying $2,300 a month in loan payments. Andrew should speak to CommonBond about getting a lower interest rate. He is currently using the snow ball method to pay his debt but we recommend the stack method. Andrew has a Roth IRA and is working toward maxing that out by the end of the year. Once the debt is paid off, in about four years, Andrew would like to travel before buying a home. Buying a home should not be a given. A lot of people just do it because it’s the next thing you do but it’s not for everyone. Because he likes his job, Andrew is not in a big hurry to retire early. But it’s not if you don’t have to work no matter how great your job. We’re glad that we were able to help Andrew take control of his finances. Show Notes Sebago Bump: A rich, black ale. Mint: The easy way to budget. Betterment: The smart way to invest. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everybody, welcome to Listen Money Matters, investing yourself. Your career is the engine
0:09.3	of your wealth. My name is Thomas and I'm here as always with my friend Andrew. Andrew,
0:13.9	how are you and what are you drinking today? Oh good dude, I'm drinking a sabago bump.
0:19.9	There's a black L and it is fine. Doing this one in the glass huh? No no, I just have
0:26.9	the bottle. I'm drinking in my mechelle and friends glass. Very nice. I also have a beer glass,
0:34.0	but I'm drinking some ice water. Very sophisticated. My cat loves that. That's good. You put ice in
0:43.5	your cat's water. That's like her favorite. Yeah. Oh, back for real? I thought you were just kidding.
0:47.8	No, seriously. It's like sink first, then ice water. Oh, your cat's like always jumping all over
0:54.4	the place anyway and drinking from the sink. I know. She just runs through the apartment, jumps
0:58.2	onto the sink and waits for you. It starts meowing. Like you should know. I'm really glad that
1:05.0	Arc had has not learned that. So I'm going to get to the catcher's stuff, but I just notice that our
1:10.9	guest is drinking a new glarest and I'm really jealous. So am I correct in assuming that you're
1:18.2	from Wisconsin then? Originally from Wisconsin. I do live in Minnesota, but I can see Wisconsin.
1:24.3	From my window. Okay. So you might along. Go get it from there. Yep. Pretty much. I just jump
1:30.2	across the river. It's like two miles from the nearest liquor store or pick it up. Come back.
1:35.0	I'm super jealous. I really wish I could get some of that. New glasses of Wisconsin only beer for
1:42.4	anyone who doesn't know. And it's really good. I mean, I guess they call it what do they call
1:46.6	spot a cow? The spot a cow. Yeah. I think like Wisconsinites will generally tell you the other
1:52.8	brews they have are better, but a spot a cow is the most popular and I love it. Very good.
1:59.0	But yeah, so our guest today is a fan of the show. His name is Andrew Molliver and we're going to
2:03.4	be doing a this financial life. We will lay your finances bare for all the world to see and judge
2:10.3	them. Oh, yeah, let's get into it, man. I guess first, like, how'd you discover the show?
	...

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