Penny is a teacher by day and a personal finance blogger by night. Her and her husband have paid over $85,000 on 2 teacher salaries while starting a family.
She has been featured all over the place including Rockstar Finance, Modest Money and was a Plutus Award Finalist!
[2:36] What big money mistakes have you made?
· Yes, and no.
· Graduated without student loan debt
· However, spending everything Penny was earning
· Penny had bought over 200 pairs of shoes!
· Had a realization of “what are you doing with your life”
[10:0] You have paid off over $85,000 on two teacher salaries and had a baby. What has been your strategy? Have you had to make any huge cut backs?
· “Strategy might be generous”
· Starting in 2015, contributed extra $34.04 towards mortgage
· Any extra income has gone towards the mortgage since
[13:20] What advice do you have for another teacher, firefighter or the like who is in a financial mess and doesn’t know where to start?
· First of all- “Thank you!”
· A lot of teachers put their job before themselves and have so much other going on
· Know where your money is going!
· Don’t be afraid to ask questions from your benefits coordinator!
· Asking questions is key
[17:47] What advice do you have for new parents when it comes to budgeting?
· There is a lot of false information about how inexpensive children are
· It can throw a wrench in your plans financially if you are not prepared
· It’s a good idea to horde away money in preparation
· Motherhood tax is real!
[23:30] What is your investment philosophy?
· Start yesterday and don’t look back!
· Don’t wait too long to get in the market
· Take the emotions out of investing
· Vanguard accounts are great!
[27:0] Where should you put your savings- meaning why should someone invest in the stock market or another savings vehicle rather than just keeping a ton of money in their savings account? What resources can they use to get a start?
· Don’t squirrel money in your savings accounts
· Terminology is weird you “save” for retirement, or “save” for a rainy day- people should say invest
· Setup Roth IRAs from a young age
· Do a search for “Vanguard” and find different blogs that write about their own experience
· Don’t be afraid to call people and talk to them
Value Link Round
[31:50] Why do you think people struggle to achieve their dreams?
· We value perfection over progress
· People achieve more of their dreams than they realize
[33:1] Do you have a favorite book or podcast?
· Harry Potter
· Your Money or Your Life
· The Loss of More
· The Year of Loss
[33:57] What is your favorite quote?
· Kindness costs nothing
[34:25] Any last advice?
· Everyone should take some time to do one thing on your to-do list, pick one thing and get it done