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The Free Financial Advisor

You are here: Home / Podcast / 2 Guys & Your Money Episode #6: Top 5 Investment for New Investors

2 Guys & Your Money Episode #6: Top 5 Investment for New Investors

August 13, 2012 by Average Joe 6 Comments

Just when you thought the show couldn’t get any better, we bring you another awesome episode!

Barbara Friedberg joins our normal roundtable of Carrie Smith and Dominique Brown for “case analysis” on a hypothetical couple with student loans, children and credit card debt.

PK from DQYDJ.NET discusses the Monty Hall problem, and how you can apply it to your life and decision making.

Finally, OG & I top off the program with a look at our Top 5 Investment Options for New Investors. I think you’ll be surprised by our discussion!

<> Open, Welcome back to OG.

<>

<> On the Blog: Emergency Funds, do you need one?

<> PK from DQYDJ.NET: The Money Haul Problem

<> Let’s Give Something Away! Congrats to Lance at MoneyLifeAndMore.com, who won our free copy of Keith Ferrazzi’s Never Eat Alone!

<> Roundtable, Featuring Barbara Friedberg of Barbara Friedberg Personal Finance

The situation:

Mickey & Minnie
Ages – 32 and 28. Mickey makes 45k and Minnie makes 30k. Both are teachers.
They both have 403b retirement plans available.
They have 25k in student loans at an 8% interest rate. They break down this way:
Mickey:
8k loan, $110 per month
$500 loan, $20 per month
Minnie
$10k loan, $140 per month
$200 loan, $40 per month
$6,300 loan, $185 per month
Total monthly debt service: $495/month
They also have $8k in credit card debt:
Victoria Secret – $3k at 22.5%
Visa (get airline miles) – $5k at 18.5%
They have children, ages 3 and 6. The 3 year old is in daycare. They pay $500 per week in daycare expense.
They both have Universal Life insurance policies through a big name company. They pay $300 per month into these plans.
They have 2x salary through the school system in term insurance.
They have disability coverage, but aren’t sure how much.
They have car insurance through a big firm and homeowners through another big firm.
They have Roth IRAs with $3,000 in them. Mickey has three stocks: GE, Disney and Ford. Minnie has the Growth Fund of America through American Funds.
They have $15k in their 403b plans. Mickey has his in the interest income fund. He’s worried about the upcoming fiscal cliff. Minnie has hers in the Vanguard Asset Allocation fund based on her age.
There is no savings for college.
They own will planning software, but have no wills.

<> Top 5 Investment Types for New Investors

(I’m on the road Monday from Michigan, so more detailed show notes will follow on Tuesday)

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Filed Under: Podcast Tagged With: 2 guys and your money, American Funds, Carrie Smith, Keith Ferrazzi, Monty Hall, Never Eat Alone: And Other Secrets to Success One Relationship at a Time, podcast, Roth IRA, two guys and your money

Comments

  1. Lance@MoneyLife&More says

    August 13, 2012 at 2:05 pm

    Woohoo I won something! I always wanted to read this book but never picked a copyup. Now that it is being delivered to me I ha e to read it. Glad the podcast is BA k this week and I look forward to listening!

    Reply
  2. John @ Married (with Debt) says

    August 13, 2012 at 3:14 pm

    Another great show, guys. Wait…after-show content? Sweet. This was useful for me as a “new investor.”

    Reply
    • Average Joe says

      August 13, 2012 at 11:52 pm

      What’s an “after-show?”

      Reply
  3. Barbara Friedberg says

    August 14, 2012 at 12:02 am

    Thank you for having me, it was so much fun!! Hope to be on again 🙂

    Reply

Trackbacks

  1. DOES SUCCESS OF OTHERS MOTIVATE OR DEPRESS YOU? | Barbara Friedberg Personal Finance says:
    August 13, 2012 at 12:18 pm

    […] Average Joe, The Free Financial Advisor invited my to participate in his weekly podcast last week. It’s available on iTunes for downloading. I had more fun talking money than I could have imagined with other premier bloggers! I hope to be a frequent guest! I’m a personal finance expert in episode 6 […]

    Reply
  2. To Outlet Mall or Not to Outlet Mall | The Millionaire Nurse Blog says:
    August 14, 2012 at 6:01 am

    […] forget to check out the latest Two Guys and Your Money Podcast.  Dean had audio problems (did you know microphones can just plain die?) right at taping time that […]

    Reply

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