Minority Money

Welcome back to the Minority Money Podcast! I'm your host, Emlen Miles-Mattingly, and it's been an incredible four-year journey. We've reached listeners worldwide, and I want to express my heartfelt gratitude for your support. 

Recently, I took the opportunity to revisit our very first episode, and it struck me how much has changed since then. Reflecting on the growth and transformations that have occurred, both personally and professionally, I am overwhelmed with gratitude. Throughout the years, we have had the privilege of learning from exceptional guests, including my own wife and daughters, who have contributed their unique insights. I extend a special shout-out to everyone who has played a part in making this podcast a success.

However, I have an important announcement to make. We will be discontinuing the Minority Money Podcast, but fear not—we're starting a new podcast called Hello Retirement, focused on retirement planning. Thank you for joining us on this ride, and stay tuned for exciting things to come.

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We often get caught up in the idea of making big purchases without fully considering the costs associated with them.

In this episode we will explore the difference between price and cost through a conversation with my 15-year-old daughter about buying a car. While my daughter was focused on the price of the car and how to pay for it, I wanted to highlight the additional costs associated with owning a car, such as insurance, maintenance, and the cost of time spent away from other important activities. Understanding the difference between price and cost can also be applied to other significant purchases, such as buying a home. 

As the summer approaches and people begin to explore new purchases, it is crucial to fully consider the cost of ownership before making any large financial decisions.

Key Points:

[01:25] #1 Calculation of cost of owning a car

[04:27] #2 Illustration of buying a $500,000 home

[06:15] #3 Importance of accounting for all costs associated with a purchase

[07:06] #4 Trade-offs when making a financial decision

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What financial advice would you give to your younger self or your children?

In this episode, I’ll discuss principles for teaching young people about money. These include paying oneself first, not spending more than one makes, investing early and frequently, never stop learning, and managing debt effectively. It is very important to have open conversations with family members about money and building a healthy relationship with it.

Build healthy financial habits and ensure that future generations are equipped to make informed financial decisions. Listen now!

Key Points:

[02:40] #1 Pay yourself first

[05:39] #2 Don’t spend more money than you make

[07:32] #3 Invest early

[09:54] #4 Never stop learning

[10:51] #5 Manage your debt

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As we near the end of the year's first quarter, let’s reflect on the goals we have accomplished and those we still aim to achieve. 

In this episode, we’ll talk about removing obstacles and distractions in our lives that prevent us from reaching our financial goals. We will also explore the concept of body budgeting and how it ties into the brain's function in the body's ability to budget. 

Spring has arrived, and it's time to freshen up more than just your home! Why not give your finances a much-needed clean-up? 

Join me in this episode as we dive into the benefits of spring cleaning your finances and discover how Gen X Wealth's Jumpstart Your Finances Bootcamp can help you reach your financial goals. 

Let's make this season the start of a new, financially savvy you!

Key Points:

[1:45] #1 Jumpstart Your Finances Bootcamp by Gen X Wealth

[2:14] #2 Key areas covered in Gen X Wealth's Bootcamp

[4:21] #3 Tips on managing retirement accounts after being laid off or changing jobs

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