Personal finance tips for millennial: How to build wealth and achieve financial freedom
Chan with a Plan
English - May 25, 2021 06:00 - 37 minutes - 68.6 MB - ★★★★★ - 9 ratingsSelf-Improvement Education Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
EPISODE SUMMARY
In this episode of Chan With A Plan, host Max Chan speaks with Kirsten Granados, Founder of Grow & Arrow based in Irvine, California. Kirsten discusses a wide range of fundamental personal finance topics such as investment options, credit scores and financial planning to buy your 1st home. Kirsten also discusses a framework on how to evaluate purchase decisions as well as having the right financial mindset for long term wealth.
QUOTES
“One of the things I would encourage them to keep in mind [when it comes to spending money], is just, when you make a choice or you make a decision is it because you're doing it to gain the approval of others or is it because it is going to serve you and honoring your truth and be aligned with your goals.” - Kirsten Granados [11:02]
“Underestimating the impact of inflation is something so toxic because with money it’s either growing or it’s dying” - Kirsten Granados [15:06]
“The maximum you can lower your expenses is 0, but the one thing that has no limit is your potential for increasing your revenue.” - Kirsten Granados [16:48]
TIMESTAMPS
[1:08] Meet Kirsten
[5:29] Common questions and struggles that professionals age 25-35 have when it comes to personal finance
[6:16] Investment options with your earned income
[7:48] Guideline for allocating your paycheck properly and effectively
[8:34] Types of taxes that are applied to your income and some things you can do to reduce it
[10:28] Tips to stop the temptation of lifestyle inflation and stay the course on your financial roadmap
[12:21] The benefits of the principle of compounding interest when it comes to financial investments
[13:56] The long term negative consequences of inflation and what happens to your money if you don’t start making your money work for you
[15:45] Tips on paying down your student loan faster
[17:28] The trend of 9 to 5 professionals getting more into side hustles and the common ones that Kirsten has seen getting built
[19:19] Financial tips on helping you plan effectively to buy that 1st home as well as finding the best mortgage rate that’s right for you
[23:39] The long term consequences of paying only the monthly minimum on your credit card and tips on how to pay down your credit card debt faster
[24:40] Making the right choice when it comes to financing or leasing a car
[26:14] Common purchases that you should reduce or cut out to reach your financial goals faster
[28:18] How Kirsten’s financial habits and mindset have changed from when she started as a Financial Consultant to now
[30:52] Changing your financial mindset from scarcity to abundance to live a better life
[32:19] Kirsten’s biggest tip on how to improve your financial life immediately
[34:16] Contacting Kirsten
[34:50] Outro
RESOURCES & RELEVANT LINKS