Action Item: Start gathering your tax documents and save them all in one place using Google Drive or Dropbox. Name each document with its form number and account name, keep everything organized in yearly folders, and begin working on your taxes now.

Summary

In this episode, I break down how to make tax season simple instead of stressful. I walk you through my exact system for organizing tax documents, choosing the right software (I use FreeTaxUSA), and filing your taxes with confidence. I explain how you can flip a small tax bill into a refund by contributing to your HSA or traditional IRA before the tax deadline, and I share strategies for planning ahead throughout the year, like capital gain harvesting and updating your W-4 after major life changes. The key takeaway: taxes don't have to be complicated or scary when you have a simple system in place. Plus, I bust the myth about losing money to taxes when you get a raise by explaining marginal versus effective tax rates.

Resources & Links Mentioned

6 Tips for Organizing Your Tax Information: https://blog.taxact.com/organizing-your-tax-information/

How to Do Taxes: A Step-by-Step Guide (Accounting.com): https://www.accounting.com/resources/how-to-do-taxes/

FreeTaxUSA (tax filing software): https://www.freetaxusa.com/

Ten Tax Saving Ideas for Young Professionals and Recent College Grads: https://schwartzaccountants.com/2024/09/ten-tax-saving-ideas-and-opportunities-for-young-professionals-and-recent-college-grads/

We Were NEVER Taught About Taxes (Let’s Fix That) - 9: https://youtu.be/hLrqeDfxTV4

6 Common Mistakes When Filing Taxes (TurboTax article): https://turbotax.intuit.com/tax-tips/irs-tax-return/common-mistakes-when-filing-taxes-that-are-easy-to-avoid/L4WkkAiCT

Timestamps

[03:18] How to organize your tax documents with Google Drive folders

[07:10] My secret strategy: Contributing to last year's IRA or HSA to flip a tax bill into a refund

[08:12] Tax planning for next year: Capital gain and loss harvesting

[09:42] Common tax mistakes to avoid (especially filing too early and over-contributing to your IRA)

[12:21] Alex and Jordan's case study begins: Married couple earning $167K who owed $350 last year

[14:46] What tax documents you actually need (W-2s, 1099s, and form 5498)

[17:25] How to handle capital gains in your brokerage account

[18:32] Using HSA contributions to reduce a tax bill by hundreds of dollars

[21:18] Marginal vs. effective tax rate: Why a raise won't destroy your tax situation

Email me at fpyapod@gmail.com

Action Item: Schedule a call with me to discuss the options to save for your kids' future: https://cal.com/moneytalk/chat

Summary

In this episode, I break down Trump Accounts and whether they're actually worth opening for your kids. I explain how these accounts work (they're basically traditional IRAs for children), why the government is giving away free money, and the tax trap you could be walking into if you're not careful. I walk through custodial taxable brokerage accounts and 529 plans as alternatives that might give you more flexibility without the massive future tax bill. Then I share Alex and Jordan's case study, a couple earning $95k who just had their daughter Sofia and are trying to figure out how much to save and where to put it. The big takeaway: accept the free $1,000, but think carefully before contributing your own money to a Trump Account when other options might work better for your situation.

Resources & Links Mentioned

CBS News: How Trump accounts for kids will work and more key details - https://www.cbsnews.com/news/trump-accounts-kids-explained/

Kitces.com: Why Taxable Custodial Accounts Are Better Than Trump Accounts For Kids' Savings - https://www.kitces.com/blog/taxable-accounts-custodial-kiddie-tax-obbba-trump-accounts-one-big-beautiful-act-roth-rmd-529-plan

Fidelity: Understand the Kiddie tax - https://www.fidelity.com/learning-center/personal-finance/kiddie-tax

Charles Schwab: 6 Financial Planning Tips for New Parents - https://www.schwab.com/learn/story/6-financial-planning-tips-new-parents

Harness: Financial and Tax Planning: 10-Point Checklist for New Parents and Families - https://www.harness.co/articles/tax-and-financial-planning-for-new-parents/

Episode 16: The Complete Emergency Fund Guide for Your 20s and 30s - https://open.spotify.com/episode/2DK8Y2eQ7zw0FZKlGGdVfx?si=ZLY9zxUbTM2x4RddIviGAQ

Episode 4: Estate Planning is Simple and Easy - https://open.spotify.com/episode/4OJMHY6AJ2r5TfA2vfO8GB?si=iJ4BKSkqS9iWGUxjEh_HVA

Timestamps

[02:12] What Trump Accounts really are: traditional IRAs in fancy packaging

[03:16] Who's eligible and how to open a Trump Account

[04:16] Should you contribute your own money?

[04:55] The tax trap: why the government profits from these accounts long-term

[06:30] How custodial taxable accounts can beat Trump Accounts using Kiddie Tax rules

[08:09] Kiddie Tax explained: $2,700 threshold and how it actually works

[09:42] The Roth IRA goldmine opportunity if your kid has earned income

[11:03] Six financial planning tips for new parents (and why retirement comes before college)

[13:32] Case study: Meet Alex and Jordan Martinez and their daughter Sofia

[16:08] Tackling their four big questions about saving for Sofia's future

[18:25] How much to realistically save each month without stressing yourself out

[21:43] The compound interest magic: How $1,000 becomes $304,000 and $20/month becomes $1 million

Email me at fpyapod@gmail.com

Action Item: Find your local library and go visit it this week. If you don't have a library card, get one. If you already have a card, ask the librarian what services beyond books you can access.

Summary

In this episode, I break down why the library is one of the most underrated money-saving tools available to young professionals. I share how the library has saved me hundreds of dollars over the years and explain how it offers way more than just books. From digital content and professional equipment to community events and even state park passes. I walk through Sariah's story, a 24-year-old who moved to Madison, Wisconsin for her first job and was spending $400 a month trying to make friends before discovering the library. She cut her social spending from $400 down to $80 while actually building real community. The library can help you save money, build community, and get away from screens, all for free!

Resources & Links Mentioned

"8 Ways the Library Can Save You Money in 2024" - Natrona County Library: https://www.natronacountylibrary.org/8-ways-the-library-can-save-you-money-in-2024/

"Surprising Library Benefits That Will Save You Money" - Rachel Teodoro: https://www.rachelteodoro.com/2020/02/surprising-library-benefits-that-will.html

"6 Ways Your Local Library Can Save You Money" - The Week: https://theweek.com/personal-finance/6-ways-your-local-library-can-save-you-money

"New ALA Report: Gen Z & Millennials are Visiting the Library & Prefer Print Books": https://www.ala.org/news/2019/12/new-ala-report-gen-z-millennials-are-visiting-library-prefer-print-books

Libby App (for borrowing ebooks and audiobooks): https://libbyapp.com/

Timestamps

[01:22] The problem: feeling like you need to buy everything new from Amazon

[03:00] Four high-impact ways libraries save you money (digital content, professional development, legal resources, studio equipment)

[03:32] How the Libby app works and why waiting isn't actually a drawback

[05:17] My library receipt shows I've saved hundreds of dollars

[07:00] Sariah's case study begins: New grad spending $400/month trying to make friends

[08:27] The moment Sariah discovered free library events while seeing another paid networking ad

[10:12] How Sariah cut her social spending from $400 to $80 by using the library

[11:32] Why Gen Z and millennials prefer physical books (twice as many as digital)

[13:29] The surprise money-saving tip: Borrowing state and national park passes from your library

Email me at fpyapod@gmail.com

Action Item: Write down three financial goals you think you "should" have. Next to each one, write whose voice you hear when you think about it. Is it your parents? Instagram? Your friends? Then circle the one goal that feels like it's truly YOURS. That's where you start.

Summary

In this episode, I tackled one of the biggest questions on every young adult's mind: why does money feel so impossible right now? I shared how my wife and I have been wrestling with the pressure to buy a house and how we finally realized we were chasing goals that weren't even ours. Through my research, I walked through the real data on why things are genuinely harder for our generation, from skyrocketing housing prices to student loan debt that's 13% higher than what Millennials faced. But I also highlighted the advantages we have that previous generations didn't, like access to free financial education, low-cost index funds, and the power of automation.

Then I introduced Stacy, a 27-year-old teacher making $67,000 with $40,000 in student loan debt who feels like she's drowning with only $245 left each month. My guest Dana Thibodeau and I dug into how Stacy (and anyone feeling stuck) can move the needle by focusing on both sides of the financial equation, building momentum with small wins, and shutting down societal pressure about what you're "supposed" to do with your money. Yes, things are harder, but you're not powerless, and your goals should reflect what you value.

Resources & Links Mentioned

Pew Research: "On the Cusp of Adulthood and Facing an Uncertain Future: What We Know About Gen Z So Far" - https://www.pewresearch.org/social-trends/2020/05/14/on-the-cusp-of-adulthood-and-facing-an-uncertain-future-what-we-know-about-gen-z-so-far/

LendingTree Study: "Millennials Better Financially Than Previous Gens" - https://www.lendingtree.com/debt-consolidation/millennials-financial-condition-study/

Newsweek: "Gen Z has a serious debt problem" - https://www.newsweek.com/gen-z-struggling-pay-debt-student-loans-1868611

Bankrate: "Gen Z's Unique Money Mindset And Approach To Financial Wellness" - https://www.bankrate.com/personal-finance/gen-z-money-mindset/#sources-of-financial-stress-for-gen-z

Intuit: "Beyond the Budget: How Younger Generations Are Easing Stress with Financial Wellness Habits" - https://www.intuit.com/blog/innovative-thinking/beyond-the-budget/

Dana Thibodeau's Instagram: https://www.instagram.com/learnmoneywithdana/

Dana Thibodeau's website: https://danathibodeau.com/

Timestamps

[02:30] My personal story: How my wife and I stopped chasing the housing goal that wasn't ours

[07:08] The net worth paradox: Why being "richer on paper" doesn't mean we can afford life

[11:00] Why delaying milestones might actually open up better opportunities

[12:28] The good news: Gen Z's tech savviness and unique money advantages

[13:50] Financial stress affects 61% of 18-35 year olds and why talking about money matters

[18:04] Interview with Dana begins: What young adults have going for them

[20:00] How to take advantage of time and risk when you're young

[22:00] Using technology and automation to build momentum

[25:19] How to avoid getting stuck in the mud of negative financial news

[28:29] Stacy's dilemma: Drowning on a decent salary with competing priorities

[38:31] How Stacy's COVID stimulus win can build momentum going forward

[39:21] Compare down, don't compare up: Celebrating your financial wins

[41:34] Getting started: The power of a financial audit and learning everything you can

Email me at fpyapod@gmail.com

Action Item: Open a high-yield savings account this week and transfer your emergency fund into it, or get started with just $100 today to build momentum.

Summary:

In this episode, I break down everything you need to know about emergency funds without the overwhelming advice that leaves you paralyzed. I share why 54% of Americans don't have enough saved for three months of expenses and how you can break out of that statistic starting today. I walk through the exact process my wife and I used to set up our emergency fund, including which banks to use, how much to actually save (spoiler: it's probably less than you think with a barebones budget), and most importantly, when you should actually use your emergency fund. I also tackle the big question nobody answers: should you invest your emergency fund or keep it in savings?

Resources & Links Mentioned:

Fidelity article on emergency fund guidelines: https://www.fidelity.com/viewpoints/personal-finance/save-for-an-emergency

Goldman Sachs three-question framework for using emergency funds: https://www.marcus.com/us/en/resources/saving/when-to-use-an-emergency-fund

Bankrate emergency savings statistics: https://www.bankrate.com/banking/savings/emergency-savings-report/

Free Emergency Fund Planning Guide: Email me to request

Timestamps:

[01:28] The problem: 24% of Americans have zero emergency savings

[03:16] How to save: Start with $1,000, then build to 3-6 months of expenses

[04:40] Should you invest your emergency fund? Why the answer is no

[05:14] Mental reframe: Think of your emergency fund as a debt you owe yourself

[06:04] The three key questions to decide if you should use your emergency fund

[08:00] Real-world scenario: Imagine making $60k with no emergency fund

[09:29] My implementation process: How my wife and I set up our emergency fund

[11:00] The shortcut to calculate your emergency fund amount without perfect tracking

[12:00] Automation is key: Set up direct deposit straight into your high-yield savings

[13:28] How to actually spend your emergency fund when the time comes

[14:41] My favorite thing: Emergency funds cut your emergencies in half

Email me at fpyapod@gmail.com

Action Item: Start tracking one financial ratio right now. Choose one from the list below, write it down in a note or spreadsheet, and begin monitoring it regularly to see your progress over time.

Summary

In this episode, I break down the seven essential financial ratios that act as your personal financial report card. I explain how tracking these numbers can help you finally know if you're making real progress or just spinning your wheels. Through Sofia's case study, I walk through how a recent grad tracked these ratios from her first job through her first apartment crisis to building over $100,000 in net worth in just three years. These financial thermometers give you a clear dashboard so you know exactly which areas of your money life need attention, and they help your mind naturally start working in your favor to spot opportunities you'd otherwise miss.

Resources & Links Mentioned

• SmartAsset - 5 Financial Milestones to Hit by Age 30: https://smartasset.com/financial-advisor/financial-milestones-by-30
• Clever Girl Finance- 14 Most Useful Personal Finance Ratios And How To Apply Them: https://www.clevergirlfinance.com/personal-finance-ratios/#h-14-of-the-most-useful-personal-finance-ratios

Timestamps

[01:21] The problem with conflicting financial advice and why you need a dashboard

[03:01] Savings ratio explained: Why 10-20% is your target range

[04:30] Debt-to-income ratio: How debt strips opportunity from your life

[05:25] Why Fidelity's "1x salary by 30" advice misses the mark

[07:29] Sofia's case study begins: Starting at -$3,200 net worth

[09:00] Net worth ratio: My favorite number to track (and why it's so powerful)

[10:12] Debt-to-assets ratio: Understanding the safe, moderate, and danger zones

[14:00] August 2021: When Sofia's moving expenses caused her ratios to spike

[16:00] October 2024: Sofia's transformation to $142,000 net worth and $2,400 monthly savings

[18:41] Five financial milestones to hit by age 30

[20:54] The retirement savings trick I've never seen anyone regret

Email me at fpyapod@gmail.com

Schedule a call with me: https://cal.com/moneytalk/chat

Action Item: Subscribe to Financial Planning for Young Adults and tune in every week

In this trailer, I introduce Financial Planning for Young Adults and explain why I created this podcast specifically for our generation. I share my background as a future CFP and financial planner who's actually lived through the challenges we face, including student loans, inflation, conflicting advice, and all the rest. I break down what the show will cover, from setting up realistic financial plans to understanding your values and using money as a tool to build the life you want to live. The show is designed for young adults who are working hard, tired of the status quo, and ready to avoid the financial mistakes they've seen others make.

At the end, I reveal three key ways I'm different from traditional financial advisors!

Resources & Links Mentioned

Financial Planning for Young Adults podcast: https://creators.spotify.com/pod/profile/fpya

YouTube Channel: https://www.youtube.com/@FPYApod

Email me at fpyapod@gmail.com

Action Item: Make a decision on that financial hurdle you've been avoiding. Use what you learned today and make a decision. Progress beats perfection

Summary:

In this episode, I break down the mental and behavioral hurdles we all face with money, specifically the paralysis that comes from having multiple good financial choices. I walk through the psychology behind debt decisions, why budgeting feels restrictive, and how to overcome the fear of starting to invest. You'll learn about the surprising ways your parents' relationship with debt influences your own comfort level, practical behavior modification techniques like the 24-48 hour rule for purchases, and how to avoid common investing traps like analysis paralysis and loss aversion. I also share Alex's case study, a 27-year-old making $75,000 with $500 extra per month, torn between paying off $32,000 in student loans at 5.2% or investing for the future. The key takeaway: it's not always about perfect math. Sometimes the right answer is finding a balance that lets you make progress without the constant anxiety of choosing wrong.

Resources & Links Mentioned:

Why is Personal Finance Dependent Upon Your Behavior (Educounting): https://educounting.com/why-is-personal-finance-dependent-upon-your-behavior/

Navigating The Psychology of Money: A Guide To Behavioural Finance (Holistique Training): https://holistiquetraining.com/en/news/psychology-of-money

The Psychology of Investing: 5 Mental Traps and How to Avoid Them (Gatsby Investment): https://www.gatsbyinvestment.com/education-center/psychology-of-investing

Episode 11: Pausing Retirement Contributions and the 6% Rule: https://youtu.be/k7EbYlCp7DQ

Schedule a free meeting with me: https://cal.com/moneytalk/chat

Timestamps:

[03:00] The surprising connection between your parents' debt comfort and yours

[04:21] The 24-48 hour rule: How waiting before purchases will save you tons of money

[06:34] Three behavior modification techniques: SMART goals, using technology, and reframing budgeting

[08:37] Getting started with investing: Overcoming the fear that it's like gambling

[09:22] Five mental traps in investing and how a simple index fund approach solves most of them

[12:54] The most common objection: Paying down debt versus saving for retirement

[13:32] Alex's case study begins: $75k salary, $500 extra per month, student loans vs. investing

[16:14] The 6% rule: Your guideline for deciding between debt payoff and investing

[17:02] Running the actual numbers: $30k from investing vs. $25k from debt payoff then investing

[18:52] Why it's okay to split the difference and find your mental balance

[20:43] Your action item and how to get help making this decision

Schedule a call with me: https://cal.com/moneytalk/chat

Email me at fpyapod@gmail.com