The Rational Reminder Podcast | Erica Alini: Personal Finance Tactics for the Real World | Rational Reminder 242 @rationalreminder | Uploaded March 2023 | Updated October 2024, 6 hours ago.
The intersection between economics and psychology makes the subject of personal finance complex. To help us elucidate this topic is personal finance reporter at the Globe and Mail and the author of the bestselling book "Money Like You Mean It, Personal Finance Tactics for the Real World", Erica Alini. . Her journey into finance journalism began when she started working for the Wall Street Journal immediately after the financial crisis of 2007/08. Since then, Erica has become an accomplished writer and journalist, having worked for many respected organizations. She is also the author of a best-selling book, Money Like You Mean It, which provides readers with a nuanced understanding of the economic forces that shape financial struggles and how to overcome them. In this conversation, we talk to Erica about the importance of knowing yourself and your debt, the money bucket system, and the definition of financial abuse. We also discuss the various types of debt traps people should avoid, the dangers of micropayments, and what to be aware of when looking for a mortgage, as well as advice for finding a reliable mortgage broker, the avalanche versus the snowball model, and much more. Tune in to discover how to take back control of your finances and avoid the burden of debt with personal finance expert, Erica Alini.
Timestamps:
0:00 Intro
2:43 Why Canadians have so much household debt
5:50 Strategies to avoid falling into the debt trap
10:13 Erica's thoughts on budgeting as a tool to manage spending
17:04 How couples should share expenses
20:41 Signs of an unhealthy financial relationship between partners
26:00 How much people should keep in emergency savings
37:52 Downsides of buy-now-pay-later micropayments
41:11 Pitfalls of mortgage shopping based solely on interest rates
46:18 Independent mortgage brokers vs going to a bank
48:26 What people need to understand about credit scores
54:50 How people should approach the rent vs buy decision
1:08:49 The risk of investing in stocks
1:13:22 Erica defines success in her life
Extra: Questions to ask a mortgage broker:
1. What kind of penalty will you have to pay for breaking your contract?
2. Is the cap on your lump-sum payments 10 percent or 20 percent of your mortgage balance?
3. Will you be able to make lump-sum payments any time or just once a year?
4. Can you double your payments?
Participate in our 23 in 23 Reading Challenge:
23 in 23 Reading Challenge — rationalreminder.ca/23in23
23 in 23 Reading Challenge on Beanstalk — pwlcapital.beanstack.org
Participate in our Community Discussion about this Episode:
community.rationalreminder.ca/t/episode-242-erica-alini-personal-finance-tactics-for-the-real-world-discussion-thread/22326
Book From Today’s Episode:
Money Like You Mean It — dundurn.com/books_/t22117/a9781459748675-money-like-you-mean-it
Links From Today’s Episode:
Rational Reminder on iTunes — itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — rationalreminder.ca
Shop Merch — shop.rationalreminder.ca
Join the Community — community.rationalreminder.ca
Follow us on Twitter — twitter.com/RationalRemind
Follow us on Instagram — @rationalreminder
Benjamin on Twitter — twitter.com/benjaminwfelix
Cameron on Twitter — twitter.com/CameronPassmore
Erica Alini on Twitter — twitter.com/ealini
The intersection between economics and psychology makes the subject of personal finance complex. To help us elucidate this topic is personal finance reporter at the Globe and Mail and the author of the bestselling book "Money Like You Mean It, Personal Finance Tactics for the Real World", Erica Alini. . Her journey into finance journalism began when she started working for the Wall Street Journal immediately after the financial crisis of 2007/08. Since then, Erica has become an accomplished writer and journalist, having worked for many respected organizations. She is also the author of a best-selling book, Money Like You Mean It, which provides readers with a nuanced understanding of the economic forces that shape financial struggles and how to overcome them. In this conversation, we talk to Erica about the importance of knowing yourself and your debt, the money bucket system, and the definition of financial abuse. We also discuss the various types of debt traps people should avoid, the dangers of micropayments, and what to be aware of when looking for a mortgage, as well as advice for finding a reliable mortgage broker, the avalanche versus the snowball model, and much more. Tune in to discover how to take back control of your finances and avoid the burden of debt with personal finance expert, Erica Alini.
Timestamps:
0:00 Intro
2:43 Why Canadians have so much household debt
5:50 Strategies to avoid falling into the debt trap
10:13 Erica's thoughts on budgeting as a tool to manage spending
17:04 How couples should share expenses
20:41 Signs of an unhealthy financial relationship between partners
26:00 How much people should keep in emergency savings
37:52 Downsides of buy-now-pay-later micropayments
41:11 Pitfalls of mortgage shopping based solely on interest rates
46:18 Independent mortgage brokers vs going to a bank
48:26 What people need to understand about credit scores
54:50 How people should approach the rent vs buy decision
1:08:49 The risk of investing in stocks
1:13:22 Erica defines success in her life
Extra: Questions to ask a mortgage broker:
1. What kind of penalty will you have to pay for breaking your contract?
2. Is the cap on your lump-sum payments 10 percent or 20 percent of your mortgage balance?
3. Will you be able to make lump-sum payments any time or just once a year?
4. Can you double your payments?
Participate in our 23 in 23 Reading Challenge:
23 in 23 Reading Challenge — rationalreminder.ca/23in23
23 in 23 Reading Challenge on Beanstalk — pwlcapital.beanstack.org
Participate in our Community Discussion about this Episode:
community.rationalreminder.ca/t/episode-242-erica-alini-personal-finance-tactics-for-the-real-world-discussion-thread/22326
Book From Today’s Episode:
Money Like You Mean It — dundurn.com/books_/t22117/a9781459748675-money-like-you-mean-it
Links From Today’s Episode:
Rational Reminder on iTunes — itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — rationalreminder.ca
Shop Merch — shop.rationalreminder.ca
Join the Community — community.rationalreminder.ca
Follow us on Twitter — twitter.com/RationalRemind
Follow us on Instagram — @rationalreminder
Benjamin on Twitter — twitter.com/benjaminwfelix
Cameron on Twitter — twitter.com/CameronPassmore
Erica Alini on Twitter — twitter.com/ealini
