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Hey, guys. Are you ready for some money

1:11

rehab?

1:14

Wall Street has been completely upended

1:16

by an unlikely player. GameStop.

1:19

Game should I have A401 cake? Did

1:21

I ever do it? No. I know.

1:24

Okay. I think the whole work will work around you

1:26

on your money. a

1:29

charge for wasting our

1:31

time. will take

1:33

a check with a baby shower.

1:36

You recognize sir from anchoring on CNN,

1:39

CNBC, and Bloomberg. The

1:41

only financial expert you don't need

1:43

a dictionary to understand. The

1:45

cold lap in. This is a

1:47

super

1:48

special day because today

1:50

marks the four hundredth episode

1:52

of Money Rehab. four hundred

1:54

episodes. Can you believe it? If

1:56

I think back to when I recorded the

1:58

pilot for this show

1:59

in my car in the pouring rain, true

2:02

story, I can hardly believe of

2:04

myself, but the proof is

2:06

in the montage.

2:06

So let's do it. Over

2:08

the last three hundred and ninety nine episodes,

2:11

we have covered a lot of

2:13

ground. We've nailed some money

2:15

basics.

2:15

the

2:16

Now we're going to make your

2:19

rum roll,

2:21

please.

2:24

Budget. I know it

2:26

sounds like a bad word.

2:27

You probably hate this word. I hated

2:29

this word before. That's why I

2:31

like to call it a spending plan because

2:33

it doesn't feel as scary. And

2:36

leveled up to Varsity status topics,

2:39

At the start of the pandemic, every

2:41

person on Twitter was deaming me

2:44

about hot stocks they

2:46

were like, Nicole, should I buy

2:48

Zoom? What are your thoughts on Peloton?

2:50

Netflix is killing it right now with

2:52

everyone's stuck at home watching it? Should

2:54

I buy their stock? To

2:57

all of those folks who said it was their

2:59

first time getting into investing, I

3:01

said hell to the No.

3:04

no investing in individual stocks,

3:06

and I repeated the title of this episode

3:09

to them. Index Funds and

3:11

Chill. We've heard from

3:13

some inspiring changemakers. I

3:17

mean, when I saw that check for million dollars,

3:19

it was like, holy shit.

3:22

And financial insiders, and

3:24

how many people have you helped through

3:26

bankruptcy?

3:27

Oh, you know what, while

3:30

our guests would be about seven thousand.

3:32

And my personal favorite, we've

3:35

had interventions with amazing

3:37

listeners.

3:37

I've been

3:38

struggling with debt for, like, over ten years.

3:40

So, like, that's all I've known as being

3:42

a grown up. So

3:44

now I'm just, like, we what do I do now?

3:46

Like, you know, I'm saving and I'm starting to

3:48

put more money in like my 401k. And

3:51

after four hundred episodes coming

3:54

to you daily, it's time for us

3:56

to take a break.

3:57

And I'll be honest because it's the only

3:59

way I know

3:59

how to be. I'm not sure when

4:02

we're coming back. But here's what I can tell

4:04

you. Whether money rehab comes back

4:06

as you know and love it or I come back

4:08

with something a little shinier and new,

4:10

I'll be using this time to workshop, So

4:13

the next thing that hits your ears is

4:15

bigger and better than ever before.

4:17

But make no mistake. Even though money

4:19

rehab is taking a little break, I

4:21

am not. I'm still gonna be decoding

4:23

the most important financial headlines

4:26

for you and answering your questions on

4:28

all my other platforms. So if you

4:30

haven't yet, please subscribe to my site

4:32

on bulletin, which I've linked in the

4:34

show notes and follow me on the gram,

4:36

Nicole Lapin. My DMs are

4:38

always open for your questions. Because

4:40

here's the thing. Just because money rehab

4:42

is hitting a little pause doesn't mean the

4:44

financial

4:44

world will do the same.

4:45

Money never sleeps baby, Even if

4:48

you're not starting your day with money rehab, you

4:50

should still carve out a little time to

4:52

rehab your finances every day.

4:54

To make this easier, I'll distill the most

4:56

important tips you've heard on the show

4:58

thus far. Number

4:59

one.

5:00

Start an emergency

5:02

fund. I don't know if I need to explain why

5:04

emergency funds are important after

5:06

the last three years of pandemic madness

5:08

and lay off school war. But just in

5:10

case, here's the deal. If God forbid,

5:13

something happens to you or you lose

5:15

your job, you're gonna find that Even

5:17

though you don't have any income,

5:19

you still have expenses. And you

5:21

can't pay for your groceries with an asset.

5:23

And by asset, I mean something that you

5:25

own outright that you could

5:27

sell if you needed to bring in extra money,

5:29

like a car, a house, or a

5:31

boat. Although a house could be

5:33

worth cold, hard cash if you sold it,

5:35

it's just not cash now. Is

5:37

it? When you check out at the grocery store, the

5:39

cashier asks you credit or

5:41

debit. You can't say house

5:43

or boat. Right? You'd need to

5:45

sell that house for cash, which

5:47

isn't a feasible way to get cash

5:50

fast. So you need some money squirled

5:52

away. A doomsday fund, a

5:54

treasure chest, an o shit fund,

5:56

a break in case of emergency fund,

5:58

whatever you wanna call it, you need

6:00

one. Number two. Glow

6:04

up your credit score. Your credit score

6:06

is super important.

6:06

Think of it like the grades you get

6:08

on your financial report card. And

6:10

maybe your report card wasn't all that

6:12

important once you got out of school, but in

6:14

the money world, your financial

6:16

transcript is very important.

6:19

If you're not acing your credit report, you're

6:21

gonna pay a higher interest rate on your credit

6:23

card. When you're buying at home, it will

6:25

screw you with your mortgage and closing

6:27

costs. and it can be the deciding

6:29

factor in whether or not you get a mortgage at

6:31

all. Plus, if you need to take out a loan

6:33

for something important, banks will look at

6:35

your credit

6:35

score to approve you or

6:38

not.

6:38

It's basically supposed

6:40

to tell people who are looking at it like a

6:42

lender just how trustworthy you are

6:44

and how likely you are to pay

6:46

them back. But you are in

6:48

luck. Unlike a transcript with your

6:50

final end of your grades, there's

6:52

no final credit report. You

6:54

can always change your credit

6:56

score if you put in the work.

6:58

Number three. Sign

7:01

up for a brokerage account. A common misconception

7:03

is that the best way to build

7:05

wealth is to make lots and lots

7:07

of money. That's actually false.

7:10

The best way to build wealth is to

7:12

make your money work for you, and

7:14

the best way to do that is to

7:16

invest it, index funds and

7:18

chill. Am I right? SPOILER

7:20

Alert? Yes. I am right.

7:22

Number four, i

7:24

and i Bond. The series i

7:26

Bond is the MVP of all bonds

7:29

right now. Right now, the semi annual

7:31

rate based on inflation is four

7:33

point eight one percent. So

7:35

annualized, you get a composite rate

7:37

of nine point six two percent.

7:40

That's an amazing ROI.

7:42

And with a potential recession looming

7:44

and in a bear market, stellar

7:46

ROIs are hard to come by. So

7:48

do your future self a solid and

7:50

put an eye in eye bonds.

7:52

Number five. Open

7:54

a rock of irate. Like most people,

7:56

money has been a source of anxiety in

7:58

my life. But I'm

7:59

proud to say

7:59

that it's something I've gotten a handle on.

8:02

But one thing that still brings me

8:04

big dress is thinking about the thirty

8:06

seven percent of Americans that are

8:08

not saving for retirement. So

8:11

please, if you haven't already

8:13

start a Roth IRA. But don't

8:15

do it for me. Do it for your

8:17

future, retire. Queue will

8:19

winkly self. Ready to dive into these

8:21

five good financial habits? Well,

8:23

great because I've linked five episodes

8:26

in the show notes that will help you work on

8:28

each of those. And even while we're taking a

8:30

break, again, I am always here, so don't

8:32

be a stranger. I do want to take this

8:34

opportunity to save this.

8:36

Of the last three hundred and

8:38

ninety nine episodes, each

8:40

and everyone has closed

8:42

with me thanking you for investing

8:44

in yourself so that you can finally

8:46

get it together and get it

8:48

all. You are the reason I

8:50

do this. because trust me,

8:52

putting out an episode every single

8:54

day is not a walk in the park. There have

8:56

been days where I've lost

8:58

my voice, where crowns have

9:00

literally fallen out of my mouth.

9:02

My dog pod my cornea.

9:04

I had just gotten into a car accident,

9:07

five AM morning, three AM

9:09

nights. but all through it, I have

9:11

loved every moment of

9:12

making this show for you.

9:14

Your

9:14

emails, your DMs,

9:17

your

9:17

reviews have meant the world

9:19

to me, and more than I could

9:21

ever say. And hearing updates of

9:23

your progress on the road to financial

9:26

freedom is really and

9:28

truly why I got out of bed in the morning.

9:30

Believe me when I say I am

9:32

so so proud of you and all

9:34

the prop grussy you've made and will continue to

9:36

make. So I just wanna say for

9:38

the four hundredth time.

9:40

Thank

9:40

you. And for

9:41

the four thousandth time,

9:44

even though that's not enough. Thank you

9:46

to Morgan LaVoy and Mike Coscarelli.

9:48

You are the ultimate dream team.

9:51

This ambitious undertaking would have

9:53

never been possible without you. Your

9:55

talent is only rivaled

9:57

by your character. You are the

9:59

Roth to

9:59

my IRA, the

10:00

yield to my bond, the ROI

10:03

to my every investment. In

10:05

other words, you are the best part

10:07

of anything I touch. I

10:09

love you, like Warren Buffet, loves his

10:11

Vanguard s and p five hundred, index funds. I

10:13

love you, like a crypto bro, loves his

10:16

Coinbase account, I love you for loving

10:18

financial jokes and puns as much

10:20

as I do and for so many other

10:22

reasons that will make me cry like

10:24

the Fed did at the side of the last inflation

10:26

numbers. When

10:26

everyone else listens to this show, they

10:29

hear me. But whenever I

10:31

listen to it, I have and

10:33

will,

10:33

oh, base. Hear you.

10:36

Hi. This is Morgan. And this is

10:38

Mike Cascarelli. And

10:39

we're the producers on money rehab.

10:41

We know how much Nicole

10:43

appreciates all of you, the listeners,

10:45

but we could not end this

10:47

historic money rehab episode without flipping

10:49

the script and thanking Nicole.

10:51

We thought we were geniuses for

10:53

sneaking a thank you into the episode without her

10:55

hearing it first before it goes

10:57

live, but she did it first because of

10:59

course she did. She's always five hundred

11:00

steps ahead. So if you've been

11:03

listening, you

11:03

know from her listener interventions that

11:05

Nicole makes a big impact on

11:08

people, but that's just the tip

11:10

of iceberg. Nicole really

11:12

and truly does change people's

11:14

lives. and Mike and I know that

11:16

firsthand. When I started working on the

11:18

show four hundred episodes

11:20

ago, I was pretty broke

11:22

I had never invested and I was an associate

11:24

producer doing the work of a producer.

11:27

Nicole inspired me to make my money

11:29

work for me and to start

11:31

investing, and it's been

11:33

honestly an out of body experience to

11:35

watch that money grow. As someone

11:37

who grew up raised by a single mom

11:39

who's never had a financial safety net

11:41

or a trust fund, I didn't think the

11:43

investment world was for me.

11:45

but she showed me it could be. And

11:47

the only reason now I have that

11:49

sweet producer title in my email

11:51

signature is because she taught me how to

11:53

advocate for myself and how

11:55

negotiation can be the most fun type of

11:57

cardio. Nicole is truly the role

11:59

model I've always needed, and I

12:01

to love her like a CryptoPRO loves this Coinbase

12:04

account. And because I've been working

12:06

for her for the last year, I now get

12:08

that reference. So

12:09

I started working on the show a little bit later

12:11

than four hundred episodes ago.

12:13

Probably a couple episodes

12:15

in. At

12:18

that

12:18

time, I did not have a whole lot of money. I

12:20

opened up a couple of index funds. I bought

12:22

some stocks. I made a few investments

12:24

and wouldn't you know it? I'm a

12:26

fucking millionaire. I

12:30

got a little ways to go. But

12:32

working with Nicole, has

12:34

been an amazing experience just

12:37

beyond actual financial

12:39

advice. Nicole is one of the best people that I've

12:41

ever worked for one of the best people that I've ever

12:43

known. She never hesitates to help you

12:45

if she can as you guys might

12:47

have heard the episode where she

12:49

helped me negotiate my my rent

12:51

for the my first apartment where I was

12:53

living alone. You know,

12:55

she didn't even blank when I asked for

12:57

help on how to do

12:59

that. Now granted we did turn it into

13:01

content, but Nicole is just somebody that

13:03

I know and Morgan knows that we can

13:05

just go to in in in any situation

13:08

and get great advice and

13:12

a loving touch and a level of

13:14

warmth that you don't get from most people.

13:16

So although the financial advice has been

13:18

great and it has helped me

13:21

develop an an adult financial

13:23

portfolio, which I didn't have

13:25

before working with her. It's

13:27

just been an honor and a privilege

13:29

to work with the team that's so great

13:31

and and a person that's just so

13:33

wonderful. And let me tell you some of the people you've

13:35

been lucky to get this free

13:37

financial advice for four hundred

13:39

episodes And

13:40

now will be more to come at some point,

13:43

but man, oh man. We're

13:44

already for a break. But you

13:47

should

13:47

use this time to brush up on the things that we've

13:49

already put out there for because,

13:51

I mean, Nicole's the best there is. If

13:53

you just follow some of these steps,

13:55

you too can turn your financial life

13:57

around. So for today's tip you can take

13:59

straight to

13:59

the bank. Use the links in the show

14:02

notes to keep up with all of the exciting

14:04

things Nicole is working on because

14:05

the ROI will be worth it.

14:07

you can take it from us. Yeah. Send it

14:10

up. Follow me on

14:12

Instagram at my cascarello.

14:19

Money

14:19

rehab is a production of iHeartRadio. I'm

14:21

your host, Nicole Lappen. Our producers

14:23

are Morgan LaVoy and Mike Coscarelli,

14:26

executive producers are Nikki Etor

14:28

and Will Pearson. Our mascots

14:29

are Penny and

14:32

Mindy. Huge thanks to o money

14:34

rehab team and Michelle Lands for her

14:36

development work, Catherine Law for her

14:38

production and writing the magic

14:40

and Brandon Dicker for his editing,

14:42

engineering, and sound sign. And as

14:44

always, thanks

14:45

to you for finally

14:46

investing in yourself so

14:48

that you can get

14:49

it together and get it

14:57

Music

14:57

is such an important part of my Jamie

14:59

routine. I am always listening

15:02

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15:04

songs and playlists for

15:05

basically every mood and

15:06

purpose. JBL gets that. For

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15:21

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15:23

on the go, play your music,

15:25

whenever, wherever, and live

15:27

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