In this episode of the Smart and Simple Matters (SASM) show, I tap into the amazing resources of a professional Daily Money Manager.
I'm consumed with getting the unglamorous nuances of day-to-day money matters right. And in pursuit of this, I'm happy to welcome Carole Evenchik – my go-to resource for all things Daily Money Management – to the SASM show.
In Carole's 30+ years in the financial industry, she's seen it all and has a wealth of experience to masterfully help her clients.
Through her business, EvenChecks & Balances, Carole helps seniors, busy professionals, non-traditional households, and everyone else under the sun. It's a gift to interview someone who can talk about the philosophy of a financially sound life and explain the practical steps for achieving one.
What You'll Learn
There's a ton of wisdom to absorb and take action on in this edition of SASM.
In this podcast episode you'll learn about:
- Why money works for some people and against others.
- A story of joy and loss behind a $185,000.00 life insurance check.
- Confidently managing debt when you're first starting out…and allowing yourself to still have fun.
- How to move towards auto-pilot in your day-to-day finances.
- Having a healthy relationship with money without understanding where your feelings about it came from.
- Being empowered up to your capacity … and beyond.
- The one question you need to ask to stick with a budget.
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Resources and Items Mentioned in This Episode Include:
- Website: Mint.com
- Website: Society of Financial Service Professionals
- Website: American Association of Daily Money Managers
- Personal Finance Product: Quicken
- Author: Ruth Hayden (recommended by Carole but not discussed)
- Newsletter: Value of Simple
- Carole's Website: EvenChecks & Balances
Topics
- [02:33] Topics covered
- [03:25] Carole's background and “the insurance bug”
- [06:40] Her financial moment of truth at age 28
- [08:25] A professional's definition of Daily Money Management and its principles
- [13:45] Emotions and our relationship with money
- [16:26] Empowering clients up to their capacity…and beyond
- [19:59] Free resources for dynamite budgeting and personal finance
- [25:42] Getting your money matters right when you're young and (maybe) foolish
Awesome Ways to Subscribe to the Show
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- Click here to subscribe with iTunes
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Transcript
- Click here to download the transcript
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I can’t wait to listen to this episode! It sounds really helpful and informative. My iPod got a little wet, though, so it’s currently sitting in a container of rice in the hopes that it will recover. If it still works when I take it out tomorrow, I’ll be listening! If not, well…I’ll be listening on the computer, I suppose 🙂
Bummer Erin. The container of rice trick is a good one though so I’m glad you know about it. I’ve only needed to use it once and it added another 6 months of use to a cell phone. If you listen on your computer, you’ll at least be more efficient with another trick, my VLC one to speed up the rate of the playback. 🙂
True! I can do that on my iPod, but if I do have to use my computer, I’ll give VLC a try. Happy to hear the rice trick revived your cell phone!
Carole sounds like such a warm and approachable person, definitely someone I would love to help me out. You can tell she really loves and believes in what she’s doing.
I love hearing from these experts, Joel. Keep it up!
Carole radiates warmth in just about any way it can manifest itself. Cold calling her up almost three years ago when I was interested in becoming a Daily Money Manager was one of the best things I’ve done in a long time. The relationship that’s grown from it is really valuable in a number of ways.
It was a true honor and pleasure to be able to interview her and give her a platform to spread her message wider than the one she brings to our local community.
these podcasts are turning out great.. very well put together.
On to the topic at hand…
Money is my least fav. subject. Just because there’s SO many ways to manage it, invest it, spend it, and waste it. I get so over-whelmed with finances in general.
Carole sounds like she has good wisdom to share. I wonder what advice she would have for someone with very un-steady income.
And I love the final thought there… about not being too proud to ask. I think that’s common when it comes to money – not wanting to ask for help, and wanting to appear like we have it under control in that department.
Hey Denise,
I know Carole has worked with people that have unpredictable income streams. What specific questions would you want me to ask her in a follow up?
Too funny! Well, I know the intent of the podcast/transcript wasn’t to provide humor, but in my case I laughed more than a few times.
“Get my finances in order?”
Yes, I’ll try to do that… not sure it’s possible while I’m loosing $1,000/month though 🙂
“Automate my savings?”
Yes, I’ll try to do that… not sure it’s possible when I have an income of $0/month though 🙂
More seriously, I use mint, and it has been helpful – I never realized how much money I spend on miscellaneous things. But my parents think mint is unsafe or a scam. Ah, the older generation. Thanks again for providing a transcript!
Maybe Carole should come back and do a segment on tips and advice for people with no fixed income!
Hi Amit,
I’ve told people that if I fail to educate or inspire, then the least I can do is entertain. I’m glad you got some laughs out of this. Unintentional comedy is the best!
Seriously though, I’m glad you’re using something like Mint to track your debits and credits. Just the simple awareness of where your money comes from and goes to is hugely important. Knowing how much is kind of important too.
Great podcast, Joel. I signed up for Mint a while ago, but honestly haven’t looked at it in a while…I guess it’s only helpful if you use it. 😉 Maybe I’ll go check it..
Anyway, some useful tips there. I liked the one about having 2 separate accounts – I was doing that and loved it, until my bank decided they’d start charging fees for extra accounts. Lame.
Hey Kaylee,
I’ve also run up against banks who ding you just for the privilege of having an account open with them. Like they’re doing me a favor to make money off my money! That’s why I turned to my local credit union for most of my money storage and movement needs. And what’s not there is with Ally Bank, which seems to be one of the last hold outs in truly free, no minimum balance accounts.
So you can have two separate accounts again without the extra fees and without a lot of work. But you need to be comfortable banking online or at a local credit union to get it in most places.
Hi Joel,
Thanks for providing the transcript!
I use Mint.com all the time, I think it is great, easy for me to check all my accounts at one time. I have just started using the budgeting function to trend certain areas that I am thinking I can limit to help me pay off my debt faster.
still working out the details of that though… it is a process.
You know, I think I need to crack open Mint again. I’m so happy with Quicken that I’ve neglected to see how Mint has evolved since I last used it. At the very least, I owe it to this community to see what the best free alternative looks like and perhaps help people out by becoming knowledgeable about it.
If you beat me to a good process of using Mint to get your personal finance needs met, let me know.
Hi Joel,
Great podcast and thanks for providing the transcript! Carole sounds like a wonderful person and has many easy, practical tips for those of us who are just a little, uh, money un-savvy!
Great podcast – thank you. The nerd in me is intrigued with money matters. Saving it, paying down debt and making small changes to earn more, etc. Loved this. Thanks. Both you and Carol sound so warm and natural – just like talking with friends.
Hi Jane,
Well, Carole and I are actually friends. Which could explain why it sounds like just two friends having a chat. 🙂
I’ve found through talking with people in all walks of live that most are intrigued with money matters. But only a small fraction actually take the time to learn about the various facets of it and then act on their good intentions. I guess that could be said for anything in life though, right?