Money Map: Investing The Right Way
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
18 min
3 speakers
3 chapters
transcribed 1 month ago
Transcript
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Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back. Ladies and gentlemen, you're listening to another edition of DIY Money. DIY Money. Hey, if you're not hitting us up on YouTube yet, please do. You can just search DIY Money on YouTube. You'll see our beautiful faces and we've got some shorts, whatever that is. I don't know, little snippets or something. Instagram, DIY Money Podcast, The Tribe in Facebook, DIY Money. All sorts of good stuff happening out there. A podcast a couple weeks ago, I was like, yeah, hit us up on the blog. We got all sorts of blog pieces.
We have no new content up there. We got to work on that. We're going to work on that, slowly but surely. But again, we are going to be getting back to questions. So if you've been new to the show and you've loved the content, that's wonderful. But we will go back to audio questions. So send us those audio files. Hop on your phone. Hit record. Send us a question. Email that to podcast at diymoney.org. That's podcast at diymoney.org. If we use it on the show, we'll give you a $25 Amazon gift card. It is a very, very simple process. I want to give a shout out to our sponsor, our primary sponsor, Juul Financial. We still are fiduciary advisors. We work in that business every day. If you have a complex situation, need a second opinion, hit us up on a web, Juul, J-O-U-L-E, financial.com.
Maybe reach out. We'd love to have a meeting, learn about your situation. If we can help you, great. What were we talking about today, Logan? This is a unique kind of episode in that we're transitioning from more of the psychological, like the last show, which I absolutely loved, is kind of who was on our journey with us and so forth, and now we're going to move more to the practical, the actual application. That's right.
We've talked for the last six, seven episodes about how to get your financial house in order, how to follow the DIY money steps, get your emergency fund, pay off debt. We've walked through all these different things. We haven't talked about investments, which is what we do every day. We're going to talk about getting started in the investment world. It is hugely important. And you need to keep it simple. I mean, there are so many people out there that make this so complex and they try to do all these different things. You just need to get started for one.
And then number two, keep it very simple and keep it easy.
So we're going to start with the very fundamental basics. How do you start investing? How do you start saving? Number one, I'm going to let you speak a little bit to this. Utilize the resources that are probably already in your life. And that starts with the 401k, 403b, an employee retirement plan through your employer that you can go in and you can put money and start saving on a paycheck to paycheck basis.
I tell kids at the university there's two non-negotiables, in my opinion, when you're looking for a job or a career. One is a health insurance plan, and the other is a retirement plan, preferably with a match. And so I tell them those are the two non-negotiables, in my opinion. If you are looking for a reputable career or business and they don't have those two things, it's a non-starter. It's not even – you look elsewhere. And the reason is because when you're young and starting out, obviously, you relatively most of the time have good health, but you're going to cover any unforeseen issues. So health insurance is obviously critically important. But the second thing is you'll never get that time back from an investment standpoint.
And if you have ever read the DIY Money book or understand the DIY Money steps, there's an interesting caveat, and I want to make clear right now, that even though you might have credit card debt, student loan debt, auto debt, and no emergency fund, and you want to get the fast cash going and all those things, When you are offered a match, that is step number one.
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