The whole point of It Doesn’t Make Cents is to look at different ways to do money. There are so many different strategies you can use to manage your finances.
So we asked some friends what they do with their money—and you might be surprised at how it’s a little different.
Quirky money moves
Stick with your day job: Rather than quitting as soon as his side business made enough money to live on, Tom Drake kept his regular job for years. He kept banking bucks and growing his business until he was ready to quit on his terms. We talk about some of the tradeoffs and how not everyone can do both. And, frankly, not everyone needs to be a full-time business owner.
Automate your finances: Lee Huffman makes it a point to automate his finances so he doesn’t have to wonder whether he’s missed a bill constantly. We talk about the things we automate, as well as the fact that automation doesn’t mean you should lose connection with your money. Consider checking in on occasion.
Go ahead, move to that HCOL: One of the biggest things we’re told to do in order to FIRE or save or whatever is to move from a high cost of living (HCOL) to a low cost of living (LCOL) area. But Eric Rosenberg decided that didn’t work for him. He moved to an area where he’s closer to family and has access to amenities. We discuss how sometimes there’s a reason a LCOL area is that way.
Use your points and miles on the cheapest hotels: The world of travel hacking is one of luxury and first-class seats. Kevin Payne does it different, though. He doesn’t get the “recommended” points and miles cards. Instead, he’s realistic about what his family of six can realistically expect and tailors his strategy around budget stays. We also discuss some alternate ways to travel with others and how to view points and miles.
Season 2 is on its way: ditch the prescribed money journey and figure out your own path
We’re tired of everyone telling you that there’s a set path you’re “supposed to” follow to be successful. You know the one. Go to college, get a job, get married, buy a house, have kids. There’s nothing wrong with all of that—if that’s what you want. But have you thought about how following the old money advice might actually be financially damaging?
For season 2, we’re looking at the cost of everything “they” tell you to do in order to be a “real” grown up, or what the “gurus” are telling you to do for “financial freedom”:
College
Marriage
Buy a house
Have kids
Get a job, but then try to “escape the rat race” ASAP
Alternative career paths
Productivity
Geoarbitrage
We’re ready to give all the hot takes.
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Miranda and Sarah Rant About Some Money Stuff (With the Help of Some Friends)