Episode 11 - Couples, Money and Kids

Couples and Finances

 

It’s not always easy to get two people on the same financial page. Timika and I can attest, with our own husbands it took a significant amount of time leading by example before getting each of them to come around and see the "FI light".  

Each couple has their own unique set of challenges to work through when it comes to finances, but when the work is done, the rewards can be magnificent.

Knowing the unique challenges of marital finances, we just had to find an expert to speak to our House of FI family.  We found the information you need in our interview with Ericka Young.

Who is Ericka Young

When Ericka Young and her husband began their marital journey, they blindly followed the usual path through college debt, first jobs and new home purchases.  This faulty path led them to a place where they were feeling overburdened by their debt and completely out of control in their spending. With some prodding from her husband, Ericka decided enough was enough, and she got to work learning all that she could about personal finance.  She soon realized she had found her calling, and she became a Certified Financial Coach.  

 

Today, Ericka is a speaker, an author, a business owner, a financial coach and a mother!  She has blessed us with so much information aimed at helping us tackle the areas of budgeting, side hustling, kids, college and working together as a family to reach financial independence.  

It’s not often that a person with such success and expertise is willing to openly share the information so candidly.

 

Topics We Talked About Ericka’s New Book

Naked and Unashamed is Ericka’s informative book that leads couples through forming budgets and overhauling their financial situations. Ericka hired a writing coach to help her overcome her hesitations about writing this book, and the results are well worth the leap of faith.  In the book Ericka moves through various stages of financial development, and leads readers on a journey that includes an exploration of their money past, and their money future.

 

Ericka’s Thoughts on Starting a business  

When is the best time to start a side hustle?  Ericka says “right now!” We were able to go over some of the interesting ways that Ericka was able to start her own business without spending much money at all.  

 

Ericka’s College Hacks

 

We are all wondering how we will overcome college costs when the time comes, so we were excited to speak with Ericka about her daughter’s recent departure to college.  Ericka and her husband were able to talk their daughter through the process of making a wise financial choice for her Undergraduate University. Ericka talks to us about college costs, and various life hacks that she was able to capitalize on in order to help her daughter secure a full scholarship!!  You HAVE to listen to this cool tip!

 

Ericka’s Answers to Our Final Questions Money Lessons  

Always have cash on hand (thanks to her grandfather’s teachings).  The cash will keep you out of the debt that will rob you of your financial future.

Life Hacks for Parents With the high price of college, and with spending money on our kids for 18 years, college has to be something that we approach with wisdom and forethought.  You do not have to pay for college, especially if you still have debt and still need to save for your own future. Sharing a nanny  is another way to cut the high cost of child care, one client is saving $400 per month by doing this! To put this savings amount into perspective, $400 could fund $4800 of an IRA! Find Ericka  

Ericka offers many services including coaching calls in 30 minutes increments,  a free download ebook called “Tailor Made Teens” that’s ready for you to download and read, and she has her book, Naked and Unashamed.  You can also contact her directly at [email protected]

 

Stay Tuned For Our Next Episode…

 

Join us in the next episode when Grumpus Maximus of the GrumpusMaximus blog shares his in depth knowledge about pensions, military benefits.  We also dive deep into steps to staying at a job even when you don’t want to!  This is a show you want to listen to - Grumpus shared from the heart!

 

What was one thing you learned by listening to Ericka? Let us know in the comment section below or continue the discussion in Our Facebook Group!

 

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If you’d like to be a guest on the show, please contact us on HouseOfFi.com