Tailor-Made Budgets with Ericka Young

02/25/19 • 30 min

Chain of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Erika has gone from 100,000 of debt to debt free in 5 years! Her and her husband decided early on that it was time to take hold of their financial life together. After paying off her debt, she realized how passionate she is about helping people better their lives, thus Tailor Made Budgets was born!

Welcome!

[:] You have quite an interesting story when it comes to your personal life and debt. What position were you in? How did you work your way out of it?

Didn’t start at $100k, but Ericka got married young with about $65k worth of debt.
She and her husband started buying goods like cars, even though they weren’t unreasonable it pushed them over the edge.
After just over a year they realized how much debt they were in, especially with a new born baby.
Got a second job.

[:] Where do you see people, mostly millennials making their biggest mistakes? Not paying off debt? Not investing?

The amount of student debt that is allowed to be taken on and people actually take it on and not pay it off.
People don’t realize the impact of their debt

[:] So you and your husband paid off 100,000 worth of debt together- what advice do you have for anyone in a relationship or will be in one someday when it comes to working as a team and your money?

You won’t always see eye to eye.
Where do you want to be as a couple then figure out what you want to do.
Ericka and her husband decided they wanted to take charge as a couple together

[:] Go ahead and give us the 30 second elevator speech for tailor made budgets

Help couples get on the same page and achieve financial independence

[:] Value Link Round

[:] What is your saving or retirement plan?

Long terms person- mutual funds
Accelerating the house payment plan (sell house to buy something cheaper for cash)

[:] Favorite Quote?

Sacrifice is giving up something good for something better
The best preparation for the future is the present well tended

[:] Parting piece of advice?

The finances are hard, be easy on yourself we all make mistakes

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Welcome!

[:] You have quite an interesting story when it comes to your personal life and debt. What position were you in? How did you work your way out of it?

Didn’t start at $100k, but Ericka got married young with about $65k worth of debt.
She and her husband started buying goods like cars, even though they weren’t unreasonable it pushed them over the edge.
After just over a year they realized how much debt they were in, especially with a new born baby.
Got a second job.

[:] Where do you see people, mostly millennials making their biggest mistakes? Not paying off debt? Not investing?

The amount of student debt that is allowed to be taken on and people actually take it on and not pay it off.
People don’t realize the impact of their debt

[:] So you and your husband paid off 100,000 worth of debt together- what advice do you have for anyone in a relationship or will be in one someday when it comes to working as a team and your money?

You won’t always see eye to eye.
Where do you want to be as a couple then figure out what you want to do.
Ericka and her husband decided they wanted to take charge as a couple together

[:] Go ahead and give us the 30 second elevator speech for tailor made budgets

Help couples get on the same page and achieve financial independence

[:] Value Link Round

[:] What is your saving or retirement plan?

Long terms person- mutual funds
Accelerating the house payment plan (sell house to buy something cheaper for cash)

[:] Favorite Quote?

Sacrifice is giving up something good for something better
The best preparation for the future is the present well tended

[:] Parting piece of advice?

The finances are hard, be easy on yourself we all make mistakes

Previous Episode

The Basics of Retirement

One of the most important life goals many of us want to achieve is to have the best retirement experience. Whether it's for personal or financial perspective, retirement requires a lot of preparation and planning. Please join us as we share our experience.

Welcome!

[:] When do you start getting that retirement plan?
● Start as early as you can
● Stop thinking that retirement is not gonna happen soon. That's the worse idea.

[:] What's your advice? Where can people start?
● Start contributing now
● Make sure you are contributing enough

[:] Quick takeaways
● Don't rely your retirement on your social security
● Start contributing on your 401k
● Use IRA as an alternative

Next Episode

What You Should Know About Your 401k

Here's what you should and shouldn't be doing with your 401k. Based on the recent poll we did, you guys wanted to know about 401k as a retirement plan so here are the eye opening facts from our research.

Welcome!

[:] Things to always be mindful of
● Don't withdraw 401k early mainly to avoid penalties
● The value of your money now will considerably grow in the next 20-30 years from now
● It can be disastrous to use your 401k money to payoff loans

[:] What you should do with your 401k account
● Decide wisely on how much your contribution amount should be
● Check your available investment options

[:] What to expect on 401k fees and taxes
● All contributions toward your 401k are pre-taxed
● Withdrawals made during retirement age will be taxed