Wisdom with Money - a podcast by Coleen Sharp & Rachel Miller

Theology Gals | Episode 110

This week Coleen and Angela address being wise with our money. Below you'll find an outline of the topics discussed.

Budgeting


Budgeting software options
Work on your budget together as a couple
Budget for everything


Getting out of debt

Pay off highest interest debts first
Pay more than the minimum
If you aren't carrying a balance on your credit card DON'T START!




Saving


Emergency Funds
Saving for bigger purchases

Christmas
Vacations
Home improvements
Cars


Saving for retirement (which will tie in with investing)


Investing

Types of investments

Debt (bonds)
Real Estate
Equity (stocks)
Derivative investments (options, hedges, other very complex instruments)


Why Invest

Inflation
Lifetime avg return on the market


Basics

Start early
Max it out, get every match dollar
Diversify (talk about risk)

Individual stocks >40
Mutual funds
Diversify across asset type as well


Shift strategy with age






Not so great financial decisions


MLMs
Credit cards
Buying too much house
Viewing a car as an investment
Not saving for retirement
Whole life insurance


Giving


Teaching children to be wise.


Young children
Teenagers

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