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Get A Financial Life Personal Finance In Your 20s And 30 From Bet Kobliner · Arroe Collins Like It's Live

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  Speaker 1: Have you been to the podcast network at Aro dot
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  Speaker 1: net A r r oe dot net. Not just one podcast,
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  Speaker 1: it's twenty different podcasts that puts you in a state
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  Speaker 1: of what's the power of choice? One of the top
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  Speaker 1: podcasts That Voice. I've spent over ten years with those
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  Speaker 1: who have performed on NBC's The Voice. Now, let's go
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  Speaker 1: back and listen to the conversations as they were making
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  Speaker 1: their way through that giant musical mountain. That voice only
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  Speaker 1: on Arrow dot net A r r oe dot net.
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  Speaker 1: Enjoy your exploration. Hello, and good morning. How are you
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  Speaker 1: doing today, Beth?
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  Speaker 2: I'm great Arrow. How are you?
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  Speaker 1: Absolutely fantastic? Looking forward to sharing a conversation with you,
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  Speaker 1: because I know the book is, you know, kind of
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  Speaker 1: pointed at the twenty and thirty year olds. But I
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  Speaker 1: was with my financial advisor last night and he's telling
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  Speaker 1: me they're having to go back to school because they've
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  Speaker 1: got to learn more about these new social Security rules
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  Speaker 1: and things. These people that are in their twenties and thirties.
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  Speaker 1: And I don't mean these people, I mean really, if
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  Speaker 1: I would have had this kind of coaching that you
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  Speaker 1: put in this book in my twenties and thirties, oh,
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  Speaker 1: my god, God, I would be financially better than what
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  Speaker 1: I am today.
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  Speaker 2: Thank you, Erro. You know what, it's a passion. I've
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  Speaker 2: done it my entire career. I work for Money Magazine.
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  Speaker 2: I kind of been there for a very very long time.
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  Speaker 2: And rewriting this book for this generation, people who are
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  Speaker 2: graduating from college, now graduating from high school, starting first jobs.
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  Speaker 2: It is so important now more than ever because times
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  Speaker 2: are tougher and there's a lot of confusing information and
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  Speaker 2: messages on social media that are trying to lure kids
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  Speaker 2: into things that don't really make sense.
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  Speaker 1: Well, one of the things that doesn't make sense people
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  Speaker 1: that are having to pay a lot of money for
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  Speaker 1: rent and they don't understand he ain't getting a tax break,
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  Speaker 1: so therefore, do whatever you can to get into home
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  Speaker 1: of your own. And number two, this is the one
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  Speaker 1: thing that I'm facing today right here in Charlotte, and
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  Speaker 1: that is these homeowners that forgot to put something into
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  Speaker 1: to make the monthly payment, and now they're all being
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  Speaker 1: penalized this week because the people that take it through
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  Speaker 1: Western Union, they forgot to put something in there, a
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  Speaker 1: little fee, extra fee, and now they're having to pay
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  Speaker 1: two and three times more because it's looked upon as being.
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  Speaker 2: Like, wow, it's so tricky, you know, it's just very tricky.
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  Speaker 2: And that's why I think people now more than ever
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  Speaker 2: have to kind of try to There's so much noise
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  Speaker 2: out there there buy now, pay later deals, they are
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  Speaker 2: credit cards with twenty two percent interest, they're gambling sites
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  Speaker 2: that are prevalent. We have to say, let's push that
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  Speaker 2: all aside and let's look at the basics. And no
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  Speaker 2: matter what age you are, you need to figure out
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  Speaker 2: how do you get out of high rate debt. That's
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  Speaker 2: the first thing to do. If you have a credit
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  Speaker 2: card debt charging twenty two percent, pay that down. If
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  Speaker 2: you can put money into a high rate savings account,
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  Speaker 2: higher yield savings account, you could find one. Why get
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  Speaker 2: the tenth of one percent when you can get three
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  Speaker 2: percent three and a half percent, and then put your
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  Speaker 2: money into the stock market. Look at ETFs, index funds, Vanguard, Fidelity.
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  Speaker 2: I don't get any kickbacks from anything I recommend, and
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  Speaker 2: these are companies that allow you to start investing in
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  Speaker 2: the stock market for very small amounts of money, and
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  Speaker 2: particularly when you're young, it makes a lot of sense
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  Speaker 2: to do that. Even if it's tiny amount.
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  Speaker 1: See how do we get people to understand that? Because
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  Speaker 1: if I would not have done that back in my
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  Speaker 1: late twenties, I wouldn't be where I am today, where
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  Speaker 1: I can just do whatever I want to do. I
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  Speaker 1: don't have a job. I have a choice, and I
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  Speaker 1: want everybody to have that power of choice. But what
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  Speaker 1: they're doing is they're investing in in the cash app,
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  Speaker 1: the chime app. I think that this is the instigator
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  Speaker 1: in the enabler of going to credit cards, because when
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  Speaker 1: the money is not in those cash apps, where are
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  Speaker 1: they going. They're going to go get a Dan credit
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  Speaker 1: card because they made it so easy.
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  Speaker 2: Yeah, that's brilliant. You're absolutely right. You know, it's all
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  Speaker 2: it's all effortless and mindless. We top to pay, we're
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  Speaker 2: not even paying. It's like a magic wand And I
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  Speaker 2: think that mentality. You know, if you have your money
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  Speaker 2: in many of these payment apps, you're not getting interest
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  Speaker 2: and that money and by the way, that money isn't
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  Speaker 2: federally insured in most cases. So you want a savings account,
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  Speaker 2: Let's just look at where can I get a savings account?
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  Speaker 2: You can go to an online savings account. Ally is
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  Speaker 2: one Again, I don't get kickbacks or anything. But go
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  Speaker 2: to get a high rate savings account, one that's federally insured.
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  Speaker 2: I think that's very important, and then start building that
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  Speaker 2: up a little bit. And if you have a four
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  Speaker 2: one K at work. The simplest thing that many now companies,
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  Speaker 2: thank goodness, are signing people up automatically, but make sure
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  Speaker 2: you save up to the match. If you have a
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  Speaker 2: company for on K and they put in fifty cents
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  Speaker 2: for every dollar you put in, that's an immediate fifty
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  Speaker 2: percent return on your money guarantee.
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  Speaker 1: Please do not move. We'll be right back with Beth,
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  Speaker 1: the name of her book, Get a Financial Life, Personal
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  Speaker 1: Finance in your twenties and thirties. We are back with
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  Speaker 1: author and fully experienced Beth code Liner. There's a company, Coinstar,
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  Speaker 1: that's offering bitcoin to everybody. Everybody is lost. How can
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  Speaker 1: we convince people through your book Bigcoin. I'm sure it's
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  Speaker 1: going to happen, It's going to be the big thing,
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  Speaker 1: but my financial guy won't go that route. What is
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  Speaker 1: your gut on this, because I mean, if I could
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  Speaker 1: invest it into it when in my twenties, my god,
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  Speaker 1: I would have done something like that if there was
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  Speaker 1: a surety into.
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  Speaker 2: It right, and there is no surety like Bitcoin lost
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  Speaker 2: almost fifty percent since October twenty twenty five high, so
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  Speaker 2: there are ups and downs, and it's very tempted to
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  Speaker 2: see people online talking about how great gamble, how much
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  Speaker 2: of the money they made gambling and prediction markets. These
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  Speaker 2: are possibilities that are ninety percent of the time you're
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  Speaker 2: going to lose. So just be aware that people who
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  Speaker 2: invested in the S and P five hundred Indix fund
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  Speaker 2: for at least a fifteen year period have made money
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  Speaker 2: over ninety eight percent of the time. So look at like,
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  Speaker 2: just be rational and think about how do I how
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  Speaker 2: do I want to maximize my future And it's not
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  Speaker 2: going to be a fortunately on some gambling site, because
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  Speaker 2: if that were the case, then everyone would be doing
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  Speaker 2: that and people are losing, not winning.
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  Speaker 1: On those Kudos to you and you're publishing company in
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  Speaker 1: the design of this book cover, because what I see
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  Speaker 1: and what I felt after going through this book and
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  Speaker 1: really really updating myself on where it is, this book
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  Speaker 1: cover is a green light to enjoy life, but it
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  Speaker 1: comes with the rules, and the rules are inside these pages.
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  Speaker 1: I just love what you guys did with the green
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  Speaker 1: on this book.
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  Speaker 2: Aha, thank you, thank you so much. You know, it
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  Speaker 2: really is like you said, it's not that you can't
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  Speaker 2: enjoy life. Young people have a very tough time, but
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  Speaker 2: they have to realize. And I have a lot of
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  Speaker 2: faith in this generation. I feel like in some ways
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  Speaker 2: they have some of the values of the depression generation.
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  Speaker 2: It's been through hard things. I've been through COVID.
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  Speaker 1: And they know.
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  Speaker 2: I think they're going to come out of this and
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  Speaker 2: I think they'll be a backlash against the quick, easy
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  Speaker 2: dollar and we'll know that you got to do things
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  Speaker 2: in a methodical way. Even if you're earning thirty thousand dollars,
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  Speaker 2: you're earning twenty five thousand dollars putting away. Could you
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  Speaker 2: put away a dollar into an index ETF? I think
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  Speaker 2: so and so, and that's what it takes to get
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  Speaker 2: started into those So there really are ways to be
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  Speaker 2: smart about money and set up those tools that when
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  Speaker 2: you start earning a little more, you'll start putting away
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  Speaker 2: even more.
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  Speaker 1: Wow, you got to come back to this show anytime
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  Speaker 1: in the future. The door is always going to be
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  Speaker 1: open for you, Beth.
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  Speaker 2: Thank you, Arrow. I would love to.
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  Speaker 1: Will you be brilliant today?
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  Speaker 2: Okay, thank you you too have a great day.
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  Speaker 1: Thank you,