Matt Becker - GenY Success ShowAbout This Episode

Click To Tweet: “Financial independence is (the ability) to make choices based on what makes you happy instead of what makes you money.”

Matt Becker is the founder of MomandDadMoney.com where he helps new parents build happy families by making money simple. Matt is a fee-only financial planner and works with many millennials to help them manage their money better.

The reason why I wanted to get Matt on the show is because many millennials are either starting families right now or about to start them…and have no idea what to expect from a financial standpoint! We discuss Matt’s story, the best way to automate your finances, what you should be budgeting for and the most effective ways to pay off debt.

>> Access Matt’s Free eBook HereMomandDadMoney.com/genysuccess <<

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Ways You Can Listen To This Episode

Stream with player here:

GenY Success - iTunes GenY Success - Stitcher

Key Points

  • Matt started Mom and Dad Money out of necessity…there weren’t any resources out there for managing your finances with a new family
  • What a financial planner is and what it means to work with a “fee-only” financial planner
  • Matt looks at money as just a tool to give you the financial freedom to do what makes you happy
  • Why Matt is not a proponent of “budgeting” but instead “tracking” your finances
    • Know “why” you’re saving money and what you want to use it for (this is big!)
    • Know what is going in and out of your account every month (Matt recommends using Mint.com)
    • Look for expenses you can easily cut (negotiating utilities, cell phone, etc.)
    • Look for opportunities to increase your income (side hustles, negotiating raises, getting a higher paying job, etc.)
  • Why a combination of “cutting spending” and finding ways to make more money is necessary for your finances
  • Matt shares his script for negotiating your cell phone bill and utilities
  • If you have extra money, you should start with an emergency fund
  • Savings accounts that give great interests rates…here are a few online savings accounts options:
  • How to automate your bank accounts to do the work for you each month (learn more about how to do that here)
  • Insurance 101 (health, disability and life insurance)
    • The lowest premiums are not always the best option
    • Deductibles are second…make sure you can handle the worst case scenario
  • Matt gives his thoughts on retirement and why he doesn’t agree with the traditional definition of the word
  • How to tackle student loan debt and lower your monthly payments
  • How to tackle credit card debt
    • Make sure to call in and ask what your interest rates are so you can prioritize your payments
    • Automate your payments
    • When you one card is paid off, take that money and put it towards another card…and automate it

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