The 3rd Decade Podcast: Recent Episodes
3rd Decade
Join us as we invite various individuals to share philosophies on personal finance, helpful tips for navigating saving and investing, and other finance related topics.
Money can bring couples closer—or quietly build tension over time. In this episode, Nikita & Adam Van Deusen dive into one of the biggest relationship questions: Should we combine our finances? And if so, what's the best approach for us?
They explore the three main approaches couples take (fully combined, partially combined, or fully separate), break down the pros and cons of each, and share tips for navigating this conversation with curiosity and mutual respect. You’ll also hear practical tools and ideas—from budget apps to financial agreements—to help you and your partner stay on the same page.
Whether you’re just moving in or years into a long-term partnership, this episode is your guide to building trust and making money work together.
Resources:
- Common Cents: Bank Account Structure and Couples’ Relationship Dynamics
- Money for Couples (By Ramit Sethi)
They say money can’t buy happiness… but is that really true? In this episode, Nikita & Adam Van Deusen explore the complicated relationship between money and well-being — from what the research says to how our everyday spending choices shape our joy.
They break down findings from landmark studies, explore the difference between emotional well-being and life satisfaction, and ask a deeper question: Are you spending your money in a way that aligns with the life you actually want?
You’ll also hear how money can reduce stress and increase freedom—but only if you’re intentional with how you use it. From prioritizing experiences over stuff to giving generously and buying back your time, they share practical ways to use money as a tool for more meaning and happiness.
Resources:
- Income and emotional well-being: A conflict resolved
- Happy Money: The Science of Smarter Spending
In this episode, Nikita & Katherine Chatmon (3rd Decade Volunteer Mentor), discuss how a scarcity mindset & trauma around money impact our financial beliefs, progress, and wellbeing. This discussion includes: how it shows up, root causes, and ways to heal/rewrite your money script.
Resources:
- "Money Story" worksheet download
- Financial Archetype Quiz
In this episode, Nikita & Katherine Chatmon (3rd Decade Volunteer Mentor), discuss lifestyle creep. We all experience some amount of this as our income rises, but this episode covers: personal examples, how to recognize when it's happening, why it matters, prevention techniques, and ways to manage it.
Resources:
- Avoiding Lifestyle Creep (Presentation by Kohler Credit Union)
- NerdWallet – What Is Lifestyle Creep and How Can You Avoid It?
- Book: Your Money or Your Life by Vicki Robin & Joe Dominguez
- The Minimalists (blog, podcast, and Netflix documentary)
- r/BuyItForLife
In this Episode, Nikita welcomes Co-founder & CEO of Waterlily, Lily Vittayarukskul, on to discuss the need for Long-Term Care Planning. Lily's professional path was redirected after she experienced first-hand the financial and familial stress that long-term care costs put on her family when her family member became ill. In this episode, they discuss what average costs are for care, what types of care may be needed in old age, why it matters, and ways to plan for its potential financial impact.
Lily's company uses AI to help analyze your own likelihood for needing care, and which type of insurance policy may be most suitable for you.
Resources:
- Waterlily
- Waterlily Waitlist
- Genworth Cost of Care Survey
- LongTermCare.gov
Nikita is joined by Adam Van Deusen (Volunteer Mentor & CFP®) for a discussion on the steps you can take for a higher credit score.
Furthermore, this episode covers:
- What a credit score is
- What makes up a credit score
- Accessing credit reports
- Myths
Resources:
- Annual Credit Report
- FICO
Nikita is joined by Adam Van Deusen (Volunteer Mentor & CFP®) for a discussion on how a person can make money on credit cards and dip their toes into the world of "travel hacking".
Furthermore, this episode covers:
- Who is a good candidate for these strategies
- Types of credit card rewards
- Categories of spending
- Sign-up bonuses
- When/if to cancel or downgrade
- Premium cards
- Travel perks beyond free flights
- Pitfalls to avoid
Resources:
- Frequent Miler Blog
- Skyscanner
- PointsYeah
Nikita & Joe'Mar discuss the importance of solid financial planning when it comes to having or starting a family. Each brings their own perspective (Nikita: inviting 2 new members for the first time; Joe'Mar: having 2 older children).
In this episode, they discuss:
- Short & long-term goal setting
- Values-based budgeting
- Tracking income & expenses, and adjusting when needed
- Different levels of mixed finances
- Reducing & avoiding debt
- Building an appropriately sized emergency fund
- Health insurance
- 529 plans & UTMA accounts
Resources:
Infant Expense Sheet
What's the real cost of having a baby? (Two Cents: YouTube)
UTMA vs 529: Which Investing Account is Better? (YouTube Video)
Financial Transitions That Come with Marriage (3rd Decade Podcast)
Combining Finances (3rd Decade Podcast)
Financially Literate Homes (Part 1) (3rd Decade Podcast)
Financially Literate Homes (Part 2) (3rd Decade Podcast)
Monthly Budgeting Template
3rdDecade.org
Nikita & Joe'Mar demystify life insurance by discussing what type of policies are out there, as well as which policies to avoid.
Furthermore, this episode covers:
- What factors affect your premiums
- How to find a good insurance company
- Calculating the amount needed for a policy
Resources:
Life Insurance Calculator (Spreadsheet)
Life Insurance Calculator (Bankrate Online Calculator)
Life Insurance Policy Comparison
Insurance Company Ratings
3rdDecade.org
In this solo episode, Nikita covers the basics of stocks & bonds; how they are traded & the relative risks associated with investing in them.
If you already understand the basics of investing, consider sharing this podcast with a friend or family member who could use a little primer.
Join Nikita for a conversation with Diana, the founder of All The Colors. Diana is a CFP© and Registered Life Planner™, and uses her personal values to drive her work as a money coach to financially empower others, with a particular focus on supporting women of color who are entrepreneurs.
Join Nikita for a conversation with 3rd Decade Alumni, Kyle Mittan, on a discussion around his history with budgeting (or lack thereof) and how he became the diligent budgeter that he is today. We hope if you've been procrastinating on using a budget that this episode inspires you to get started.
Some resources if you're interested in YNAB include:
- YNAB's YouTube Channel
- The "Get Started" Playlist
- Their Guide to Using YNAB on a Bi-Monthly Pay Schedule
- Their Guide on Sinking Funds
- Their Guide on Managing Fluctuating Expenses
YNAB also offers a great selection of written guides, organized by topic, that anyone can use for free regardless of their subscription status.
Join 3rd Decade Alumni, Rose (she/her) & Nikita (she/her) for a heartfelt conversation around the positive impact that budgeting has had in Rose's life.
As a former "checking-balance-budgeter", Rose shares how building this habit into her life has actually allowed her to think less about money, and has also enabled her to support the causes near to her heart and create a meaningful impact.
For anyone interested in connecting with Rose, you can do so here.
In today's episode, Nikita speaks with Mary Cantor & Jacob Wingate, two of 3rd Decade's Alumni, on the financial transitions that come with marriage. Merging two adult's financial lives can be a significant challenge in a new marriage. Mary and Jacob share openly about their individual financial upbringings, how that impacted their relationship with money in adulthood, and ultimately what they've done to come together to form a healthy relationship around shared finances that honors their individual interests as well as their strengths.
3rd Decade Alum, Sarah Ventre, shares in detail how she hustled her way through unpaid internships & temp jobs in her 20s and ultimately built herself a successful career in the audio journalism and production industry. If you need inspiration or someone to relate to if you're currently walking that path, look no further.
To find more of her work, you can visit her website at sarahventre.com
Join Nikita & Nina as they discuss the many factors to consider when determining what car to buy (and whether to seek a new or used car).
When making a purchase, it's essential to weigh the pros and cons of both options to ensure that you make the right decision for your needs and budget. We'll give you some guidelines to determine what you can afford, as well as some thoughts on how your values, needs, and priorities might influence the decision.
We'll explore the benefits of buying new, including the warranty and the peace of mind that often comes with a new purchase. We'll also consider the advantages of buying used, such as lower prices and the potential for finding a car that can be worked on outside of a dealership.
Ultimately, the decision to buy new or used comes down to personal preference and individual circumstances. Join us as we explore the factors to consider when making this decision, and how to ensure you make the best choice for your needs and budget.
Join Nikita & Nina (3rd Decade's Arizona Serve VISTA Program & Operations Coordinator) as they discuss alternatives to a 4-year degree after high school.
In this episode, they discuss:
-
of Americans affected by student loans
- Alternative paths into college (community college)
- Tech Schools
- Work alternatives
- AmeriCorps
- & more workplace readiness items
In this episode, Nikita discusses how our upbringing informs our money mindset, and ways that (if this is holding us back), we can use budgeting to help us improve it. She goes over 5 different methods for budgeting, and speaks personally on value-based spending as well, and how budgets can serve as a way to give ourselves the permission to spend when we tend to save every penny out of anxiety.
To respond directly to anything in this episode, you can write to Nikita at nikita.wolff@3rddecade.org
In this episode, Nikita covers all the basics of understanding investing. Many people struggle to differentiate different account names and tax treatment. This is a great starting place to build a solid foundation in your investment knowledge.
Topics covered:
- What we consider "investing for retirement"
- Account types (401(k), 403(b), 457(b), IRA, Roth IRA)
- Tax-treatment (Roth vs. Traditional)
- General guidelines for how much to invest
- Notoriously low-fee custodians
Join Nikita for this mini-episode on choosing the college that's right for you. In this episode, she discusses different factors to consider when making your selection. Including things like: college credentials, networking, location, cost, resources, and more.
Nikita Wolff is joined by 3rd Decade graduate, Leroy Adams, to discuss how he's changing generational money habits within his own family. Throughout this episode, they discuss:
- Leroy's background
- Expensive mistakes
- How he's tackling these conversations
- Overcoming shame
- Tips on getting started
- & a lot in-between!
Nikita Wolff is joined by Cayla Vertreese, a 3rd Decade graduate, anda21 year old recent graduate of Northwest Missouri State University. Cayla received her Bachelors in Human Services and Minor in Psychology. Following her college graduation in May of 2021, she moved to Mesa, Arizona where she currently works for Mindfulness First, a nonprofit that offers scientifically-informed programs based on trauma-informed Mindful Awareness and Social-Emotional Learning which equitably support children, educators, and communities with tools to manage stress and navigate life’s challenges.In this episode, they discuss mental health, coping mechanisms, mindfulness, breathing methods, and much more. More specifically, Cayla shares some of the tools she uses in managing anxiety around finances.
Resources:National Suicide Prevention Lifeline
Crisis Text Line
mindfulnessfirst.org
4-second box breathing
STOP
Mindful finance routine
Dan Siegel - Flipping Your Lid
Citations:National Emergency in Child and Adolescent Mental Health
Advisory on Protecting Youth Mental Health
1 in 5 Americans will experience a mental illness in a given year
Nikita is joined by Co-Hosts Mary Rossi & Nolan DiFrancesco from Your World, Your Money, a podcast produced by the Global Thinking Foundation, which is a nonprofit focused on building a world free from economic abuses, where accessible, informed, and equitable economic participation is available to all.
In this episode, we cover:
- How economic abuse is defined
- Who we see suffering from it most commonly
- Ways this might show up in intimate partner relationships
- Barriers for getting out
- What changes would benefit the "system"
- How to help a loved one
- How to get help if you find yourself in this situation
Resources:
- National Domestic Violence Hotline: 800-799-7233
- National Network to End Domestic Violence
Nikita is joined by Co-Hosts of Black & Brown Make Green Podcast, Natasha & Damian Carrillo. In this episode, we learn more about their own finance story, talk about what generational wealth can mean, and discuss how to talk to your children about finances.
Joe'Mar Hooper is 3rd Decade's new Executive Director. He joins our team with 20 years of leadership experience in government and the non-profit sector. In his role with 3rd Decade, he will be charged with overseeing the delivery of 3rd Decade's mission, while ensuring the overall health of the organization.
Together, Joe'Mar & Nikita discuss his journey here, the vision he has for 3rd Decade, and some more about his background and how it shaped his passion for 3rd Decade's mission.
Joe'Mar's email is: joemar.hooper@3rddecade.org
Welcome to Season 2!
Join our new host Nikita Wolff & Co-Worker Nicole as they discuss behavioral finance; particularly what the main components of it are and how we can avoid falling into common psychological traps.
In this episode, they discuss:
- Mental Accounting
- Herd Behavior
- The Emotional Gap
- Anchoring
- Self-Attribution
- Confirmation Bias
- The Relativity Trap
- Irrational Exuberance
- The Superiority Trap
Join Scott Bennett & Jennifer Edwards as they discuss some of the expected changes with PSLF (Public Service Loan Forgiveness).
In this episode, they go over:
- Who this does and doesn't apply to.
- The types of loans that can apply for PSLF.
- What the specific (positive) changes are.
This is the final episode in this season, as well as Scott Bennett's final podcast episode as our host, as he is embarking on a new adventure in a role as a Financial Advisor with TCI Wealth. Stay tuned for new episodes in Spring 2022.
Join Scott & Nikita for this off-beat episode, sharing some of the best & worst financial advice received by those who are part of the 3rd Decade community.
Some topics covered in this episode pertain to:
- Student Loans
- Paying down debt vs investing
- Credit Cards
- "Looking" rich
- Speculative investments
- Social Security
- FIRE
- Setting it & forgetting it
- Paying for cars in cash
- Maxing out retirement accounts
- Signing up for our beloved program (awwwww!)
We hope you enjoy this episode & feel a sense of relief that you are far from the only one who's heard some outrageous financial advice (and that there really are people out there that give good advice, too!).
In this episode, Scott & Nikita discuss at a high level what the differences are between "Term" and "Whole" Life Insurance policies.
This episode covers:
- Larger-scale differences
- Who might benefit from Whole Life Insurance
- The premium differences between "Term" & "Whole"
- Why most of our students are better suited for "Term Life Insurance" policies
- How "Whole Life Insurance" builds in an investing component
Our recommendation is to consult with a "fee-only" advisor if you are looking for personalized guidance on this, since they would not be earning commissions on what they sell to you.
In this short solo episode, Nikita goes over the topic of combining (or not combining) finances in a relationship. She goes over common approaches to navigating finances in a partnership, and what experts tend to agree on as the "best approach".
Additionally, Nikita covers how to navigate joint finances if one partner isn't working (especially in cases of raising children), when incomes are lopsided, and the logistics of how to split things equitably rather than equally.
You may see this change for yourself & your relationship over time, but this episode covers some questions that might help lead you towards the answer that's right for you in this season of life.
In this episode, Scott discusses what 529 Plans are.
Some topics covered:
- Benefits
- Limitations
- How to navigate your options
3rd Decade Program Manager, Nikita Wolff & Lead Financial Mentor, Jennifer Edwards discuss the dilemma between renting or buying (depending on your situation).
In this episode, they cover:
- Tax benefits (or the myth of them to the common tax payer)
- Hidden costs
- The 5% rule as an easy way to find equivalent rents/mortgages
- Recommended Debt to Income Ratios (that are more sensible than industry standards)
- General advice to future homeowners
- Pros & Cons of both renting & buying
We hope this episode serves as a resource to show you that owning a home is not the right choice for everyone, and that you don't need a home to be financially successful.
In this episode, Scott & Nikita discuss refinancing.
Often times refinancing is sold as a "no brainer" if you can lower your monthly payment. There are, however, some additional aspects to consider.
Including, but not limited to:
- If you used a first-time home buyers program with special clauses
- What your closing costs on the new loan will be
- How long you want to be in the house
- If you're investing your extra money now or just spending more and extending your loan
If you're evaluating this decision for yourself, these tools may be useful:
- Loan Comparison Excel Template
- Refinance Comparison Calculator
In this episode, Scott discusses Rollover IRAs: what they are, when they're relevant, & their benefits.
Common reasons for establishing a Rollover IRA are:
- Consolidating where your accounts are held
- Lower fees than 401ks
- More control over your money
If you have an old retirement account from a previous job, you may want to consider this for yourself. Scott points out some of the things to keep on your radar, how to start this process, and the benefits of doing a "direct transfer" to a Rollover account to avoid any potential penalties or taxes.
Join Scott Bennett & Dan Otter for today's episode on 403bwise; an organization that Dan founded to help K-12 educators navigate and make the best of a very flawed 403b system. In this episode, they discuss different resources available, things to look out for in your plan, and questions to ask your plan administrators - insights that can be applied to not just 403b's, but all employer sponsored plans.
403bwise.org
Join Scott Bennett & veterinarian Dr. Sarah Neuser as they discuss some of the costs associated with owning pets, in addition to how you can minimize certain expenses through preventative care. Additionally, Dr. Neuser goes over some of the benefits of holding Pet Insurance, as well as what to look for when price shopping and selecting your plan.
As a sequel to our last episode, Part 2 focuses on a conversation between Jennifer Edwards & Nikki Wolff. They discuss how she addressed these subjects in her own home, when she introduced certain concepts, and what she learned along the way.
Join us today for part one of a two-part podcast on Financially Literate Homes. 3rd Decade's Lead Financial Mentor, Jennifer Edwards, made financially literacy a big part of her children's upbringing. For this episode, her 3 children came on to discuss what this looked like for them growing up, how it's shaped them, and what they plan to implement in their own families some day.
For our next episode, you will hear Jennifer share her personal insights behind why she did what she did, when she began the conversation, and much more.
Join Scott and Nikki as they converse with 3rd Decade team member, Nicole, about how she's incorporated no-spend challenges into her life, as well as other ways she and her husband have financially, mentally, and physically challenged themselves and made discretion a huge part of their lives.
A few notes from Nicole:
- A no-spend month isn’t a replacement for tracking your spending and setting a proper budget, but it is one way to see just how much of your spending is ‘discretionary’ which roughly translated means unnecessary.
- Ask yourself what your motive is for the no-spend challenge and approach it with the right mindset
- Prepare in advance and communicate well with your partner/household (or any family/friends who may be affected)
A resource that may help in getting started (especially for those who aren't already used to cooking at home):
The 4 hour Chef
List of free activities to do:
- Go for a hike
- Look for free local events
- Schedule “play dates” for the kids at the house
- Play card games
- Play board games
- Go to the beach
- Read a book
- Go to a state park
- Camp in the backyard
- Ride bikes
- Go to the library
- Deep clean
- Declutter the house
- Do a craft project
Join Nikki for a short episode on Grocery Budgeting; a common topic that comes up in financial discussions. Topics covered in this episode include: general guidelines for how much to spend on food, reducing food waste, and ways to reduce costs.
Resources:
Mr. Money Mustache - Killing Your $1000 Grocery Bill
USDA Cost of Food Chart
How Much Should I Budget for Groceries Each Month?
Budget Friendly Meal Plans
Join Scott Bennett & Sam Swift as they reflect on this last year. Sam shares openly how even he had a moment of doubt in 2020, and how he was able to get his mind back on course and look at the data to ease the anxiety many of us were experiencing. Ultimately proving once again that staying the course serves the patient people well.
Join Scott Bennett & Nikki Wolff as they discuss the intersection between minimalism and finances. Nikki discusses how she defines minimalism, as well as a few of the misconceptions about it. They share their team member Nicole's philosophy surrounding goal setting and discuss how someone might be able to determine what their values are and how that might affect the way they spend their money.
Scott, Nikki & Bob discuss current trending events in the stock market to bring clarity to what’s happening, as well as to answer some questions many of us might be asking ourselves.
Join Scott Bennett & Nikita Wolff as they discuss negotiating bills, including: ways to prepare for it, personal stories, and strategies for doing so.
Join Nikita Wolff & Scott Bennett as they discuss having children and how to financially plan for it. Nikita takes over as host for this episode to give Scott an opportunity to share his first-hand experience as a parent to 2 children.
In this episode, they discuss:
-What they had in place beforehand that made them feel ready
-Saving up ahead of time
-The surprising expenses
-Ways to reduce some of the "expected" costs of growing your family
-Engaging in free services
-529 plans
Resources:
SavingForCollege.com
Vanguard 529 Plan
Join Scott Bennett (Executive Director at 3rd Decade) and Ashley Ilardo (Regional Director at Dimensional Fund Advisors) as they discuss 3rd Decade's new partnership with Dimensional Fund Advisors. In this episode, Ashley & Scott discuss the history of Dimensional, how this partnership will roll out, why we decided to partner together, how we align, and where we're expanding to in the coming months.
To learn more about Dimensional, visit:
https://us.dimensional.com/
Join Scott Bennett and Jennifer Edwards as they discuss ways to approach the decision of furthering your education, especially as it pertains to taking out student debt. Jennifer suggests different ways to help hone in on the direction you'd like to go, as well as if it's experience and knowledge, or a specific credential that will help you meet your goals.
Audio correction: 29:13 "I feel sad when I see situations where somebody graduates with a degree that didn't have a lot of value in the workplace, and they're made promises that you can take these [loans] out and you can have any kind of life you want right out of college"
Resources:
https://collegescorecard.ed.gov/
https://www.edx.org/
https://www.coursera.org/
https://www.udemy.com/
https://moneythink.org/our-work/decided/
https://www.peacecorps.gov/volunteer/university-programs/https://www.nationalservice.gov/programs/americorps/segal-americorps-education-award/use-your-education-award
https://www.military.com/education/money-for-school/tuition-assistance-ta-program-overview.htmlhttps://www.estudentloan.com/blog/10-companies-will-help-pay-college
Join Scott and Nikki as they co-host this episode focused on making the decision to buy a house. One of the common questions we receive is "what are some indicators for me to know when I'm in a good place to buy a home?"
Some of the additional topics addressed in this episode are:
First-time home buyers programs (pros & cons)
The true cost of home ownership
The inevitable unplanned home expense
Things to have in order prior to making the decision to purchase
Who to take advice from
PMI
Join Scott & Beth as they discuss what inspired the creation of "Budget Bytes". In this conversation, they discuss: eating on a budget, reducing food waste, and dispelling the myth that eating healthy is expensive.
To see more, visit:
budgetbytes.com
Join Scott Bennett & Diane Darling as they discuss Couples & Money. It's no secret that finances are one of the leading stressors in relationships. Tune in to listen to suggested methods of managing money for the health of both individuals as well as the health of the relationship.
Scott is joined by Yanely Espinal, the Director of Educational Outreach at NextGen Personal Finance, to discuss financial education for those not quite in their 3rd Decade. Yanely shares what NextGen is doing to make an impact on how (and if) personal finance is taught in schools across the country.
https://www.ngpf.org/
https://www.missbehelpful.com/
Join Scott Bennett and Rebecca Hildenbrand as they discuss the real ways Rebecca applied 3rd Decade's principles to her own life in order to meet her goals of becoming consumer-debt free, as well as what her next steps are.
Scott talks with Kyle Larson, CFP®, an Associate Advisor with TCI Wealth Advisors and mentor with the 3rd Decade about a few of the more technical topics we touch on in our curriculum - ETFs and Mutual Funds. Kyle breaks down some of the similarities and differences between the two investment vehicles, along with why someone might choose one over the other.
Special FAQ Episode:
"Will Social Security be around when I retire?"
"Should I make it part of my financial plan?"
"How closely are the economy and the stock market tied to one another?"
Join Scott and Bob as they discuss some of the most common questions we've been receiving recently, and how to make decisions based on logic rather than fear.
Join Scott Bennett & Nikita Wolff as they discuss the role of Money & Shame, ways to begin breaking down those barriers, and some theories of what spurs this on in the first place.
"Nikki" is a 3rd Decade Alumni, and now serves as the Program Manager for 3rd Decade. Having spent much of her life living below the poverty line, she applied the concepts she was raised with of "living within your means" and worked hard to develop the tools and habits that she needed to in order to get through college without taking on any debt. She has since leaned on the knowledge of others around her in order to take her financial practices to the next level and secure a comfortable financial future, and is now dedicated to providing the same openness to help others.
Join Scott Bennett & Courtney Klein as they discuss entrepreneurship, fluctuating income, and ways to manage finances within that space. Courtney shares her background and what pushed her to pursue her dream, and what she does to plan accordingly for her finances while also living the life truest to her values.
Join Scott and Jeff Locke (former NFL Punter) as they discuss money management within the NFL, some common misconceptions, and how the basics of responsible money management apply whether you're a teacher or an NFL player.
Join Scott & Jen as they discuss Student Loans in terms of Repayment (one of the most widely misunderstood and confusing topics within student loans).
Some repayment methods discussed in this episode are: 10-year Standard Repayments, Income-Driven Repayment, and Public Service Loan Forgiveness (PSLF).
Resources:https://studentaid.gov/ https://www.vin.com/studentdebtcenter/
Join us this week as we learn more about socially responsible investing with Lily Styrmoe. ESG investing (also known as: socially conscious, "green", or ethical investing) is a strategy that allows individuals to invest their money in companies that align with their values.
Resources coming soon.
On this week's episode, Scott talks frugality with past 3rd Decade participant TK. TK and his wife have been, by far, the most successful students to pass through the 3rd Class as far as consistent net worth increases over the past four years. In fact, we often exclude their numbers, so as not to overstate the stats, when describing the improvement seen by the average 3rd Decade participant.
Him and his wife paid their way through college and graduated debt free, purchased a home in their mid-twenties and paid it off by their early thirties. They recently paid cash for a wedding ceremony and a three-week honeymoon touring all over Italy. They now live comfortably, debt free, maintaining a 70-80% savings rate and maxing out their retirement accounts. They accomplished this with two average salaries and an exceptionally savvy and precise use of the 3rd Decade principles to manage their personal finances.
Whether you find yourself at a place where frugality is a necessity or a tool to reach other goals you have set for yourself, TK discusses some of his best tips for making it a reality for yourself.
Resources recommended by TK:Books:
- *The Simple Path to Wealth by JL Collins
- The Millionaire Next Door by Dr. Thomas Stanley
- The Coffeehouse Investor by Bill Shultheis
- The Automatic Millionaire by David Bach
- Early Retirement Extreme by Jacob Lund Fisker
- I Will Teach You to be Rich by Ramit Sethi
Banking:
- *USAA (best bank in the world if you have access)
- Capital One 360
Tracking Spending:
- *mint.com (free)
- https://www.madfientist.com/financial-independence-spreadsheet/ (free)
- personalcapital.com (free)
- Quicken
Blogs / Podcasts:
- *mrmoneymustache.com
- 3rd Decade (blog and podcast) (obviously!)
- madfientist.com (blog and podcast)
- Dave Ramsey’s radio show and his “Baby Steps”
- jlcollinsnh.com
- earlyretirementextreme.com
- affordanything.com (blog and podcast)
- Biggerpockets Money Podcast
- Choose FI Podcast
- Radical Personal Finance Podcast
- You Need a Budget Podcast
Join Scott and Laura as they discuss strategies for budgeting amidst emergencies and emergency preparedness, as well as ways that they can serve as peace of mind and permission to safely spend.
Laura is one of our founding team members, who has worked with hundreds of 3rd Decaders on reclaiming their lives through sound financial decision-making. As many of us are seeing a change in our hours, and in some cases even job loss, this year has been a wakeup call to many individuals living paycheck to paycheck. When you have an emergency savings in place, it allows to reduce some of the panic from uncertainty or unexpected changes. And more importantly than having a budget, is actually tracking how you stick to it. Budgets can be liberating, and allow you the peace of mind for when you do want to make a larger purchase – knowing that you’ve planned for it and that it won’t throw you off track.
Resources: What Is the 50/30/20 Budget Rule?
Preview:
"50%: Needs
Needs are those bills that you absolutely must pay and are the things necessary for survival. These include rent or mortgage payments, car payments, groceries, insurance, health care, minimum debt payment, and utilities. These are your "must-haves." The "needs" category does not include items that are extras, such as HBO, Netflix, Starbucks, and dining out.
Half of your after-tax income should be all that you need to cover your needs and obligations. If you are spending more than that on your needs, you will have to either cut down on wants or try to downsize your lifestyle, perhaps to a smaller home or more modest car. Maybe carpooling or taking public transportation to work is a solution, or cooking at home more often.
30%: Wants
Wants are all the things you spend money on that are not absolutely essential. This includes dinner and movies out, that new handbag, tickets to sporting events, vacations, the latest electronic gadget, and ultra-high-speed Internet. Anything in the "wants" bucket is optional if you boil it down. You can work out at home instead of going to the gym, cook instead of eating out, or watch sports on TV instead of getting tickets to the game.
This category also includes those upgrade decisions you make, such as choosing a costlier steak instead of a less expensive hamburger, buying a Mercedes instead of a more economical Honda, or choosing between watching television using an antenna for free or spending money to watch cable TV. Basically, wants are all those little extras you spend money on that make life more enjoyable and entertaining.
20%: Savings
Finally, try to allocate 20% of your net income to savings and investments. This includes adding money to an emergency fund in a bank savings account, making IRA contributions to a mutual fund account, and investing in the stock market. You should have at least three months of emergency savings on hand in case you lose your job or an unforeseen event occurs. After that, focus on retirement and meeting other financial goals down the road.
Savings can also include debt repayment. While minimum payments are part of the "needs" category, any extra payments reduce principal and future interest owed, so they are savings."
Join our host Scott Bennett as he and 3rd Decade Founder, Bob Swift discuss market volatility and the potential impact of COVID-19 for near-future and long-term.
Note: It is our intention to hold podcast recordings in-person with professional equipment when it is safe to do so, but in an effort to begin sharing our messages in these trying times, we are temporarily utilizing phone-call recordings.
The average person who invests their money has ~6 of these events throughout their lives. Why does it always feel like “this time is different”? Well, because many times it is. What’s important is to keep yourself informed on patterns throughout history. Investing is a long-term commitment, and selling when things go bad is guaranteeing your loss. Continue with your long-term plan, and don’t waste your time trying to time the market. Remember what this feels like; take record of it – because if you are in this for the long-haul, you have at least a few more events like this ahead of you in your lifetime, and it’s good to prepare yourself to be resilient to that panic we all initially feel in a market downturn.
Some positives we predict might happen because of these circumstances:
-People are seeing just how valuable it is to have an emergency fund
-We are already seeing a change in the pace of life, and in some ways a decrease in materialism.
-Millennials have now lived through 2 major financial crises, and that serves as practice for how to strategically navigate and make it through these situations while not harming your financial future.
-Index funds become an increasingly attractive option for diversifying (i.e. who would have predicted that airlines and cruise lines would have suffered so much during the pandemic).
-The potential for SSI being a larger part of retirement planning.