Happy Tuesday, happy people!

Quote of the week:

“It’s easier to put on slippers, than to carpet the whole world” – Al Franken

Translation… Instead of waiting for things to get easier and for life to magically slow down (it never does), try changing your own shoes to match the terrain ahead.

• Rocky times ahead? —> put on some rock climbing shoes.

• Is life raining and storming? –> change into rain boots.

• Headed into unknown territory? —> bring a whole bag of shoe options and be ready to change/adapt on the fly.

Cheers to a flexible and adventurous week ahead!

OK, now onto the money stuff! 👇👇👇

TO DO

Buy it —> use it —> sell it 🛠️

Sharing this cool frugal hack from Reddit…

“Finance hack here. If I need a big power tool for something, I buy it on Facebook Marketplace, use it, and then resell it on Facebook Marketplace. Usually it’s for the same price, but sometimes I get more. For example, my kids wanted an in-ground basketball hoop. I bought an auger for $100, used it, and sold it for $160. I bought a concrete mixer for $150, used it, and sold it for $175. For another project I bought a table saw for $100, used it, and sold it for $100.”

This week: What can you buy used?…. What can you sell used? And can you do both? Oh, and don’t forget about local tool banks either.

SAVING

How To Crush It As a Single Saver 💪

Last week we talked about how couples can save more money by teaming up.

But what if you’re a single person!?

It’s only fair that we cover some of the advantages single folks have for saving money. Without needing to make any lifestyle or money compromises, they can attack goals with laser focus.

Here are a few ways to save more money if you’re single and ready to cha-chingle! 💰 (sorry, cheesy Dad joke. But I am a cheesy Dad after all!)

• Surround yourself with good influences: The people you spend the most time with will influence your behavior and emotions. If you choose positive friends who are motivated and responsible, those good traits will inevitably rub off on you.

• Meal prep for 1: It can be easy to grab some takeout on your drive home, but those $ 20-a-pop meals add up quickly. Meal prepping can help keep your food costs down (plus save you time every week).

• Rethink your transportation: You probs already know this, but your car is a total money suck. Single folks take on the full weight of car costs and maintenance, so it’s even more important to scrutinize every facet of ownership and usage. Remember to buy used cars in cash, shop around your insurance, walk or bike when you can, or even live car-free for a few years if possible. 

• House hack: Having roommates or paying tenants can generate major savings on housing costs. House hacking is one strategy, where you buy a place and rent out part of it. You could also rent a larger place and split living costs with roommates, which is cheaper than renting solo. 

• Hit up thrift stores: Without anyone to judge you, you can unleash your inner tightwad! Secondhand decor and furniture, lightly used clothes, and even thoughtful gifts can be found at Goodwill, Habitat for Humanity, etc. 

• Don’t delay: When you’re single it can be tempting to think, “I’ll start saving money when I meet someone I want to build a life with.” But this mentality handicaps you later. Saving early gives you a huge investing advantage (plus, it puts you and your future boo in a better position financially vs starting from scratch)

It’s tough trying to build wealth as a single saver. No doubt.

But, with no one to focus on but yourself, you can hone in on the biggest savings areas and lowest-hanging fruit that propels you toward those big financial goals.

You got this! 💪

Related stuff:

• 👨‍💻 Full post: How to save more money when you’re single

• 🤷‍♂️ Feel completely lost?: Where to start if you’ve never been told anything about money.

TOGETHER WITH FACET*

Retirement Planning Made Easy!

Figuring out how much money you need to retire is no small task…

There are so many variables that affect how much money you’ll need to retire. Which makes it nearly impossible to take a “one size fits all” approach to planning your ideal retirement.

That’s where getting some help from the pros can come in. 

Facet’s dynamic financial planning services help to ensure that your retirement planning grows and changes alongside your goals over the years. With their flat-fee membership model, members have access to a team of CFP® professionals and experts that can help navigate retirement planning, tax strategy, estate planning and more. 

Facet is building the future of financial planning by making it affordable and easy to get guidance from CFP® professionals, always fiduciaries.

Head to facet.com/howtomoney to learn more about which membership option is best for you.

*Disclosure: Joel and Matt are not members of Facet. They have an incentive to endorse Facet, as they receive cash compensation for introducing you to Facet. All opinions are their own and not a guarantee of a similar outcome.

MINDSET

Thinking like an Investor 😎

I love being an investor.

Every day, billions of people around the world buy goods and services…

And a teeny tiny portion of all the dollars spent gets put into my pocket. (I own a microscopic slither of every single publicly traded company in the world via index funds).

Here’s an oversimplified version of how I view the world…

Yes, I am also a consumer myself… I spend money and buy stuff like everyone else for my family to survive and be happy.

But, approaching life with an investor mindset has completely changed the way I spend, save, and even donate money.

If you’re new to investing or just getting started, here’s a few things that might help change your money mindset…

• Evaluate purchases as investments: Before buying anything, ask yourself, “who is making the profit when I purchase this stuff?” Would you rather own the product, or some stock in the company selling the stuff?

• Start small: These days you can invest with as little as $1. Don’t fall into the trap of waiting until you have thousands to invest. Just start with what you have, then grow slowly from there.

• Keep learning: Yes, investing can be confusing (and boring). But, the more you learn, the more you start to think like an investor and less like a consumer. Also, hang out with other investors for encouragement and perpetual learning.

• Index & chill: Trying to pick which stocks will be winners and losers is like trying to guess who will win The Bachelor after only watching episode 1 (not that I know how hard that is because I promise I don’t watch that show 🤫). Instead, index funds takes the guessing and stress out of investing. You always win in the long run.

• Track your net worth: Seeing is believing! Watching your investments grow and seeing your dollars make more dollars is very motivating.

We’re all consumers, and that’s OK. But gradually shifting your mindset from consumer to investor paves the way for more wealth building.

More stuff:

• 📚 Book rec: The Cash Machine: A Tale of Passion, Persistence, and Financial Independence (It reads like a romance novel, not a traditional money book 😉)

• 🧳 Podcast Ep #320 : Mind Altering Effects of Simple Money Tricks

ICYMI

Noteworthy news…

Holiday Travel ✈️
According to Google’s travel trends report, the best time to book Thanksgiving travel is early October (NOW!) and for Christmas it’s the back-half of October. FYI for those of you who haven’t nailed down your flights yet!

Banks 🏦
Vox just published an article warning people about using apps like Venmo or Cash App as their primary checking account. These are great apps for sending/recieving money but not suitable for long term cash storage. Plus, they don’t pay any interest!

Hating Money 😡
For those of you that “hate” money tasks and get so annoyed to the point of putting off important things, read this post from Sherwood Media. It’s OK to hate money!… You can still set up systems to chug through those tasks, and slowly make progress.

Scams 😬
Great reminders from Humble Dollar — Stay Safe Out There! “You are reading a financial blog right now, which means that you are likely in the top 20% of people in terms of financial sophistication. But, what about your friends? What about your family? What about your broader community? They aren’t as financially sophisticated as you are, yet they are the ones being targeted!"

Apolitical 📈
Remember, compound interest is apolitical. Don’t get freaked out by the upcoming election and change your investing strategy out of fear. The stock market keeps going up over the long term so keep saving and investing those dollars!

HOW *YOU* MONEY

Pete and Liza, Springfield, OR 🏕️

Occupations: Marketing & Project Manager
Salary: Total combined is $204k / $17k/month

Paycheck deductions: $7.6k/month, including maxing out both 401k's.
Housing: $3.3k/month includes extra principal. We own a wood A-frame chalet on a mountain in a rural area and both work from home.
Other Debts: None!
Living expenses: ~$4.6k/month

Leftover savings each month: ~$1.5k/month

How are you investing your excess savings each month?
1) Max out both our Roth IRAs. 2) Contribute to a shared brokerage account.

Biggest “craft beer equivalent” splurge:
A new puppy, very high-quality groceries, and one big trip per year.

Best savings hack/advice:
I would not recommend to any of our friends that they purchase a home right now. It worked out for us only because it's a dream home. Otherwise, we would have buyer remorse. The pro-mortgage "cabal" needs to cool down a bit because suggestible individuals outside financial advice communities still get that pro-mortgage messaging - and little else. Homes are not investments. The house (mortgage company) always wins. Period. You can be evicted either way so you're really renting either way.

Biggest money challenge right now?
We're working through unhelpful emotional attachment styles with money. Survival/poverty mindset was helpful early on to go from 0 to stable, but I think this attachment style will hold us back in our 30s and 40s. We are trying to pivot to seeing money as a tool - something to USE - instead of something that gives us emotional stability - something to HOARD. I think long-term the tool lens will be both less emotionally volatile as well as free us up to focus on higher-value activities and creatively follow our interests.

Recent money win and how did you celebrate?
In 2023 we occasionally Airbnb'ed our home. We did everything ourselves and made $12k over the course of only 15 weekends --> achieving Superhost status.

Anything else you want to share?
If you have a habit of checking anything money-related 1+ times a day, check yourself. Rethink that habit. It feels good to feel in control. But what else could you be doing to create joy? This is where I'm at and I'm trying to re-sort my values and spend my time more mindfully.

**This HYM segment is a fan favorite! But, for us to keep sharing more of these we need more people to fill out this form and share their story! (don’t worry, we won't publish anything without you approving it first — and if you want to use an alias for your name & hide your pic, that’s ok too!)**

Cheers for reading and have a great week ahead! Remember to change your shoes to match your current terrain. 👟

Best friends out! 🍻