Money Mastermind After Hours: Answering Questions from a Viewer

One of the cool things about doing a live web show via Google’s Hangouts on Air is that it’s possible for viewers to ask questions. We had some good questions from viewers, and some of them, unfortunately, are not questions that we got to during the show.

However, after we finished last week’s show on automating your finances, we talked about audience interaction, and some of the questions we were asked, but didn’t get really get to, since they weren’t exactly related to our topic. One viewer in particular asked a number of questions that, while not directly related to automating finances, were still good questions, and they come with interesting answers. In fact, we like these questions enough that we might even do a whole show on each of them!

First of all, let’s get the bottom question out of the way. Matt didn’t get a LMM logo on the bottom left because he’s not a regular panelist. In some cases, non-regular guests do have logos like ours, but that’s because Peter Anderson, a regular panelist and a graphic artist, also runs a business in which he creates Logos for Websites.

Incidentally, Peter created all of the logos for our panelists’ sites, so it was easy for him to create consistent custom lower thirds for our Hangout. If a guest happens to have hired Peter to create a logo for his or her site, it’s easy for him to just pop it in a lower third template and make the magic happen. This wasn’t the case here, so no LMM logo for Matt.

Coping With Financial Stress and Fear

It can be difficult to overcome financial stress and fear. However, there are some quick tips to help you get beyond financial stress:

  1. Create a plan: Having a plan can help you navigate your fears, and help you get beyond your stress, since you know what you need to do. This can work in a financial emergency as well.
  2. Focus on your goals: Make sure that you look ahead to your goals. While you need to make a plan to reach your goals, don’t get too caught up in the worries of making it happen. Take time to focus on the end result, and how good you’ll feel when it’s over.
  3. Prioritize: Too often, stress results when we don’t know our own priorities. Consider cutting out the things that aren’t important. Applying minimalist principles to your life and your finances can help you simplify, and make better decisions, since you know your priorities.
  4. Get help: You don’t have to do it alone. You can use financial software to help you better picture and plan your finances, and there are great programs and apps like ReadyForZero that can help you tackle your debt and make other plans. You can also turn to your in-person support system for help.

There are resources that can help you get beyond your financial stress, and move forward in a way that will help you build a better financial future.

Getting Ready for Baby

The only permanent panelist without a child is Kyle. The rest of us have children. Getting ready for baby is all about planning ahead and getting down to essentials. First of all, modern medicine makes it possible for you to more effectively time your child, so that you are able to be as ready as possible for children. (There’s no way to be completely ready, ever, but you can do your best.)

One of the best things to do is to plan ahead by saving up. Create an account meant for paying baby-related expenses. The good news is that you probably don’t need to spend as much as “they” say it will cost to raise a child. Do what you can to prepare ahead of time by saving for emergencies. If you are going to drop to one income with the arrival of a child, you need to start cutting expenses and trying to get to the point where you are living on that one income before baby arrives and changes your financial situation.

Be realistic about what you truly need for the baby (hint: there are a ton of luxury goods you don’t need), and let others know that you’re willing to accept hand-me-downs. Prioritize the important items, and start buying what you need little by little. That way, you spread out the cost.

Do any readers have answers to this viewer’s questions? Leave a comment!

Also, watch the Money Mastermind Show LIVE every Wednesday night at 10 p.m. Eastern. We’d love for you to join us and ask a question that we can answer on the show.

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