Episode 29: Investing for Frugal Folks with Andrew Wang from Inspired Money

Episode 29: Investing for Frugal Folks with Andrew Wang from Inspired Money

We’re very excited to have the opportunity to talk with Andrew Wang from the Inspired Money podcast about all things investing! Andrew works as a financial planner and managing partner at his family’s firm, and he gives us all the details on making wise financial investment decisions, and how to make the most of your money even as a frugal investor. Whether you are knee deep in debt pay-off and have little clue about investment, or you have a fully functional understanding of your investment options, this episode is for you!

Sponsors:

  • Cook Smarts: It’s a meal planning service that provides recipes, instructions, weekend prep options, and a shopping list for 4 meals per week.
    • You can start with 3 free weeks of meal plans if you sign up at frugalfriendspodcast.com/cs
    • AND use promo code: frugal for 25% off your purchase!
  • Water: It’s necessary to sustain life, not just your life but also your non-plastic plant’s life. It helps you clean stuff so it doesn’t smell and your stuff looks newer longer. It’s alway the cheapest thing on the menu and the thing your fitness app reminds you you’re never getting enough of. Water, drink it, use it, remember to water your plants.

Notable Notes:

We ask Andrew all the important questions including:

  • Tell us about yourself and what you do as a financial advisor?
  • What’s the difference in all the titles and do we need any of them just to get started investing?
  • What are the benefits of being a frugal investor? Why should we care about low-cost investments?
  • Where do we get these investments and where do we put them?

Questions from community

  • Katherine: After you recognized the importance of investing and want to start investing well, Where can I go to learn? How can I start integrating this into my busy life?”
  • Heidi: “What is a “backdoor Roth”? A lot of people recommend a Roth IRA over a Traditional IRA but I’ve heard there are limitations on the Roth so I don’t have one, I have a traditional”
  • Abbey: “I have no clue about investing, what’s the the best way to start on a suuuper tight budget? And soon I’ll be quitting my job to work for myself so I wants to know the best option for that too”
  • Lauren: “I hear financial bloggers and podcasters talk about saving $18k into retirement accounts, but that’s half my annual take home pay! I put in 4% for the company match. Other than the obvious of finding a better paying job what can I do and how much should I put in, so I can sleep at night knowing I’ll be able to retire?”

Frugal Friends Book Club:

It’s November and we are reading “The More of Less” by Joshua Becker – head over to our Frugal Friends Community to join the discussion!

  • AND We are still giving away 1 book for every 5 reviews we get this month! You can get a free copy of December’s book: “The Millionaire Next Door” by Thomas J. Stanley&William D. Danko!
  • To enter; leave us a review on your podcast listening device (not just Itunes), screenshot the review, and email it to frugalfriendspodcast@gmail.com
  • We’ll select the winners for this book at the end of the month

Thank you so much for hanging out with us today! Hit the subscribe button wherever you’re listening to this episode and we’ll come at you every Friday with more frugal goodness. Until next week!

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