E81 – Penny from She Picks Up Pennies

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Pro Tip: Timestamps below are clickable. Click on the time below in the brackets and the audio will start playing at that part of the show.

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!

Welcome!
[2:36]聽What big money mistakes have you made?
路聽聽聽聽聽 Yes, and no.
路聽聽聽聽聽 Graduated without student loan debt
路聽聽聽聽聽 However, spending everything Penny was earning
路聽聽聽聽聽 Penny had bought over 200 pairs of shoes!
路聽聽聽聽聽 Had a realization of 鈥渨hat are you doing with your life鈥

[10:0]聽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?
路聽聽聽聽聽 鈥淪trategy might be generous鈥
路聽聽聽聽聽 Starting in 2015, contributed extra $34.04 towards mortgage
路聽聽聽聽聽 Any extra income has gone towards the mortgage since

[13:20]聽What advice do you have for another teacher, firefighter or the like who is in a financial mess and doesn鈥檛 know where to start?
路聽聽聽聽聽 First of all- 鈥淭hank you!鈥
路聽聽聽聽聽 A lot of teachers put their job before themselves and have so much other going on
路聽聽聽聽聽 Know where your money is going!
路聽聽聽聽聽 Don鈥檛 be afraid to ask questions from your benefits coordinator!
路聽聽聽聽聽 Asking questions is key

[17:47]聽What advice do you have for new parents when it comes to budgeting?
路聽聽聽聽聽 There is a lot of false information about how inexpensive children are
路聽聽聽聽聽 It can throw a wrench in your plans financially if you are not prepared
路聽聽聽聽聽 It鈥檚 a good idea to horde away money in preparation
路聽聽聽聽聽 Motherhood tax is real!

[23:30]聽What is your investment philosophy?
路聽聽聽聽聽 Start yesterday and don鈥檛 look back!
路聽聽聽聽聽 Don鈥檛 wait too long to get in the market
路聽聽聽聽聽 Take the emotions out of investing
路聽聽聽聽聽 Vanguard accounts are great!

[27:0]聽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?
路聽聽聽聽聽 Don鈥檛 squirrel money in your savings accounts
路聽聽聽聽聽 Terminology is weird you 鈥渟ave鈥 for retirement, or 鈥渟ave鈥 for a rainy day- people should say invest
路聽聽聽聽聽 Setup Roth IRAs from a young age
路聽聽聽聽聽 Do a search for 鈥淰anguard鈥 and find different blogs that write about their own experience
路聽聽聽聽聽 Don鈥檛 be afraid to call people and talk to them

Sponsor

[31:19]聽If you鈥檙e looking for ways to聽track your spending聽check out Katie鈥檚 post all about budgeting!

Value Link Round

[31:50]聽Why do you think people struggle to achieve their dreams?
路聽聽聽聽聽 We value perfection over progress
路聽聽聽聽聽 People achieve more of their dreams than they realize

[33:1]聽Do you have a favorite book or podcast?
路聽聽聽聽聽 Harry Potter
路聽聽聽聽聽 Your Money or Your Life
路聽聽聽聽聽 The Loss of More
路聽聽聽聽聽 The Year of Loss

[33:57]聽What is your favorite quote?
路聽聽聽聽聽 Kindness costs nothing

[34:25]聽Any last advice?
路聽聽聽聽聽 Everyone should take some time to do one thing on your to-do list, pick one thing and get it done

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