Personal Finance Masterclass

Section Introduction Preview 00:56

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering budgets, savings, and reducing expenses.

Why Your Savings Rate is Very Important Preview 02:30

In this lecture of the Personal Finance Masterclass, you'll learn why your savings rate is so important.  Mike discusses why it's more important than how much exactly you save and even the return on your investments!  

Budgeting the Smart Way Preview 05:45

In this lecture of the Personal Finance Masterclass, you'll learn how to do budgets the smart way. 

• What is a budget?
• Why do I budget?
• How to budget the smart way.

Tools to Help You Track Your Spending Preview 01:05

In this lecture of the Personal Finance Masterclass, you'll learn 3 tools that we use to track our spending.

How to Budget with Mint.com - Full Tutorial Preview 12:52

In this lecture of the Personal Finance Masterclass, you'll learn how to do your budget with Mint.com. We'll show you how to create categories and set prices for your categories You'll then learn how to put each of your transactions into the right category and see your monthly budget.

Budgeting with Microsoft Excel - Free Download Preview 13:29

Learn how to budget using a spreadsheet like Microsoft Excel. We provide a template for you to use and follow along with.

Why Cut Out the $5 Latte (Reducing Expenses vs. Increasing Income Part 1) Preview 05:24

In this lecture of the Personal Finance Masterclass, you'll learn whether reducing expenses or increasing income is better.

• People often wonder why they should cut out the $5 latte or $10 fast food meal. It doesn’t seem like doing that can make much of a difference.
• Before we look at some easy ways to reduce expenses, we need to understand why reducing expenses is important and why the small stuff matters.

Easy Ways to Reduce Expenses Preview 02:24

In this lecture of the Personal Finance Masterclass, you'll learn some of our favorite ways to reduce expenses, including:

• Having a shopping lists - we buy and waste so much food. Stick to a list that your write beforehand.
• Pack your lunch - this saves hundreds each month if you typically eat out.
• Buy things used - Craigslist and ebay are my favorite places to shop.
• Ride a bike - If you can’t ride your bike to work, use a bike or walk to other places within a mile or two of your house. In the long term, think about living somewhere close to stores and activities.
• Be a better drive - driving 70 mph versus 55, driving with under inflated tires, and having a bunch of junk in your car can decrease fuel efficiency by up to 20 percent. That’s 1 wasted gallon of gas for every 5 you purchase.

3 Biggest Budget Busters (Pinching Pennies vs. Big Wins) Preview 03:48

In this lecture of the Personal Finance Masterclass, you'll learn where people spend most of their money.  Yes you could pinch pennies and clip coupons.  But you'd be much better off if you first get your housing, transportation, and food spending under control.  

The Emergency Fund: What is it? Preview 03:31

In this lecture of the Personal Finance Masterclass, you'll learn about emergency funds. An emergency fund is an account that holds liquid funds available in case of emergencies. This lesson will show you how much you need to save in your emergency fund, and where to keep the money.

Choosing a Bank vs. Credit Union Preview 04:58

In this lecture of the Personal Finance Masterclass, you'll learn the difference between traditional banks and local credit unions.  More than anything else the difference is ownership.  Traditional banks are owned by shareholders, credit unions are owned by it's members. 

Automating Your Finances Preview 05:48

In this lecture of the Personal Finance Masterclass, you'll learn about automating your finances.  We think this is one of the best ways to get your spending under control and meet your long term goals. 

Fun Frugal Activities to Save You More Money Preview 02:25

In this lecture of the Personal Finance Masterclass, you'll learn some fun frugal activities that will save you money including:

• You can find many lists of frugal activities online for whoever you are (family, dates, kids). Here are some of my favorite activities.
• Getting out in nature. Nature is typically free. Going on walks, bike rides, exploring the world is fun for people of all ages. Pack a picnic!
• Date night at home. Swapping a fancy dinner and movie for a home-cooked meal and redbox can save tons of money.
• Making gifts. Remember the good-old mix tape? Making gifts instead of buying individual gifts can save money throughout the year. Food items are always a hit!
• Use your library! Reading books seems to be somewhat of an old-fashioned activity. My wife and I try to have a book we’re reading at all times. And I try to consciously replace TV-time with reading time. We get our books from the local library for free.
• Learn to fix things! Being able to do simple repairs around the house or the car can be fun and will save you money.

Section Wrap Up & Resources Preview 00:22

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:00

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering how to grow your income with things like getting a raise, getting a better-paying job, having a side income, and making money online.

Increasing Income Versus Reducing Expenses Preview 04:04

In this lecture of the Personal Finance Masterclass, you'll learn the flip side of increasing income vs. reducing expenses. This video talks about why increasing income is better (or at least a really good thing).

How Much Do You Value Your time? Preview 03:32

In this lecture of the Personal Finance Masterclass, you'll learn about valuing your time.  Is it as simple as applying your hourly wage to your free time?  We think you should consider whether you enjoy the task and if you'll learn a new skill before hiring a professional to complete a chore.  

Get a Better-Paying Job Preview 04:06

In this lecture of the Personal Finance Masterclass, you'll learn about getting a better paying job.  Mike offers a few tips for those on a dedicated career path and those who lack marketable skills. 

Side Income: Make Money Outside of the Office Preview 02:58

In this lecture of the Personal Finance Masterclass, you'll learn about side income. What is a side hustle? What side hustles are there? How do you start a side hustle?

• Side income is one way to increase income if you can’t get a better job right now or a promotion.
• Side hustles as I call them can be done at night or on the weekend.

Turning Hobbies into Profit Preview 03:58

In this lecture of the Personal Finance Masterclass, you'll learn about turning hobbies into profit.  Whether it's buying and selling for profit or selling your own products online, there are many ways to turn your hobbies into a side business. 

Have a Better Work / Life Balance Preview 02:38

In this lecture of the Personal Finance Masterclass, you'll learn about the importance of having a great work / life balance. Some of the keys to success are:

• Be careful about maintaining a good work/life balance
• Set hours to work on your side business (or full business)
• Keep weekends/evening for social time

How to Make Money Online Preview 04:03

In this lecture of the Personal Finance Masterclass, you'll learn about making money online. One of the ways that I dramatically increased my income was by building an online business that works semi-passively.

What is passive income? Passive income is making money without trading time. Online, you can make passive income by selling digital products. This could be something like an ebook, online course, or audio guide. You can make money from advertisements on a website or YouTube video. You can be an affiliate for products where you make money for referring people to purchase a certain item.

There’s not secret to how to make money online. What you need to do is create something of value that people want and figure out a way to sell it.

Section Wrap Up & Resources Preview 00:22

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 00:41

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering credit card - how they work, how to build up a good credit score, and why it is important.

What is a Credit Score? Do You Need One? Preview 04:46

In this lecture of the Personal Finance Masterclass, you'll learn what your credit score actually means.  Do you need a credit score? What's a credit report?  Who looks at my credit score? Mike discusses the best way to maintain your credit score without being in debt. 

Credit Card Rewards: Picking the Best Credit Card Preview 03:52

In this lecture of the Personal Finance Masterclass, you'll learn how to maximize your credit card rewards.  What's the difference between cash back, points and miles?  How do people acquire millions of air miles without spending millions of dollars?  What bother with credit card rewards at all?  Mike discusses the pros and cons of rewards and how best to acquire and utilize them. 

Credit Cards vs. Debit Cards Preview 02:39

In this lecture of the Personal Finance Masterclass, you'll learn about the difference between debit and credit.  Should you use your PIN or signature at checkout.  For the most protection, you should use a credit card and pay off the balance at the end of each month.  

Section Wrap Up & Resources Preview 00:13

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:19

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering loans, debt, and how to reduce debt. We'll show you a step-by-step for getting rid of your debt.

What is a Loan? Preview 01:53

In this lecture of the Personal Finance Masterclass, you'll learn about what a loan is and how they work. 

A loan is the act of giving money, property, or other material goods to another party in exchange for future repayments.

Why Taking Out Loans Can Be a Good Thing Preview 03:37

In this lecture of the Personal Finance Masterclass, you'll learn about when you should take out loans.

Loans can be a good thing. Reasonably-priced education and buying a house are two times when I think loans are a good idea. Why? Because investing in yourself with education is probably a good idea in the long run. You’ll make more money and it will quickly pay for itself (unless you’re taking on mountains of debt like I did for expensive private school education).

What Does It Mean to Be in Debt? Preview 07:35

In this lecture of the Personal Finance Masterclass, you'll learn what it means to be in debt. Are you in debt? I have been in debt in the past. Let’s talk about Phil's debt story and what it means to be in debt.

Basics of Debt Reduction Preview 05:13

In this lecture of the Personal Finance Masterclass, you'll learn how to get rid of your debt in 5 steps.

• Step 1. Stop creating new debt.
• Step 2. Rank your debt by interest rate.
• Step 3. Ask for lower interest rates (you can sometimes move credit cards to other banks with lower interest).
• Step 4. Look at your budget (income/expenses)
• Step 5. Choose the stack or snowball method and kill your debt!

How I Would Pay Down Debt (without making a lot of money) Preview 04:05

In this lecture of the Personal Finance Masterclass, you'll learn how Mike and Lauren would pay down down.  Although most people accept debt as a normal way of life, we feel a little bit differently.  Although it might not be a popular opinion, we would treat debt as if getting out of it were an emergency.

Debt Consolidation: What is It? Should You do It? Preview 03:24

In this lecture of the Personal Finance Masterclass, you'll learn about debt consolidation.  If you're behind on a few payments you've probably received calls from "debt relief" companies, but is it a good idea?  For most people the answer is no.  That's because debt consolidation treats the symptom (debt) and not the root cause (your spending problem).  

Collections: What Are Collections? Preview 04:48

In this lecture of the Personal Finance Masterclass, you'll learn about debt collections and how you can STOP abusive collection practices.  

Secured vs. Unsecured Debt Preview 02:52

In this lecture of the Personal Finance Masterclass, you'll learn the difference between secured and unsecured debt. Unsecured debt (like credit cards) do not require collateral in the event that you do not pay back the loan.  Secured debt (like mortgages) require a physical asset the bank can take away if you default on your loan. 

Why Co-Signing a Loan is so Dangerous Preview 02:56

In this lecture of the Personal Finance Masterclass, you'll learn why co-signing a loan is almost never a good idea.  As a co-signer you share 100% of the responsibility with none of the benefit.  If a bank has predetermined someone is not creditworthy, you put yourself at serious risk.  

Section Wrap Up & Resources Preview 00:19

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:06

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering investing. You'll learn how investing works, why it is important, and the smart way to invest.

Investing 101 - Stocks, Bonds, Mutual Funds Preview 05:36

In this lecture of the Personal Finance Masterclass, you'll learn about the basics of investing.  What is a stock?  What is a bond?  How do you actually make money in the stock market?

Alternative Investments - Options, Futures, Gold, Real Estate, etc. Preview 03:28

In this lecture of the Personal Finance Masterclass, you'll learn about alternative investments.  While most people are happy with stocks and bonds, there are alternative investments like options, futures, gold, and real estate that can help diversify your portfolio.  These types of investments are inherently more complex and require thorough research before you consider them.

What Should I Invest In? Preview 03:50

In this lecture of the Personal Finance Masterclass, Mike covers a few "rules of thumb" to consider before you start investing in stocks and bonds.  There isn't a one-size-fits-all approach to investing in the stock market.  However, it makes sense for most people to invest in low cost index funds rather than individual stocks.  

3 Graphs that Show the Power of Investing When You're Young Preview 04:38

In this lecture of the Personal Finance Masterclass, you'll learn the power of investing when you're young. We show you 3 graphs that will blow your mind!

Compound Interest (Used for or Against You) Preview 03:12

In this lecture of the Personal Finance Masterclass, you'll learn about the power of compound interest.  As Albert Einstein puts it, “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

Be Suspicious of Financial 'Advisors' Preview 03:18

In this lecture of the Personal Finance Masterclass, you'll learn why most people should be suspicious of financial advisors.  Although many advisors are nice people, they're often paid a commision based on the investment advice they give you.  This creates a conflict of interest that puts their best interest ahead of yours.  

Types of Investment Accounts : Taxable & Tax Advantaged Preview 04:01

In this lecture of the Personal Finance Masterclass, you'll learn about the different types of investment accounts - tax exempt, tax advantaged, and taxable.

Target Date Funds Preview 01:42

In this lecture of the Personal Finance Masterclass, you'll learn about what a target date fund. Basically, it's a mix of assets (stocks, bonds)  that automatically adjusts depending on the time frame of a particular investor.

Why I Use Vanguard Preview 02:36

In this lecture of the Personal Finance Masterclass, you'll learn why Phil likes to use Vanguard for investing in index funds.

Section Wrap Up & Resources Preview 00:15

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:22

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering retirement. How does retirement work? How can you start saving for retirement? How do you know if you have enough money for retirement?

What is the 4% Rule? Preview 05:24

In this lecture of the Personal Finance Masterclass, you'll learn more about the 4% rule. This is a good introduction to retirement, and how it should work.

How Does Retirement Work? Preview 07:44

In this lecture of the Personal Finance Masterclass, you'll learn how retirement works (and doesn't work).

Retirement Account Basics: 401(k), 403(b), Roth IRA, Traditional IRA, More Preview 04:37

In this lecture of the Personal Finance Masterclass, you'll learn why retirement accounts are great - they're places to save money until retirement age, typically 59.5 -  65 with tax advantages.

In this lesson, we'll learn about the following accounts:

• 401(k)
• 403(b)
• Roth IRA
• Traditional IRA
• SEP IRA
• SIMPLE IRA
• Profit-Sharing
• Solo 401(k)

What is a Pension? Preview 01:40

In this lecture of the Personal Finance Masterclass, you'll learn about pensions. A pension is a retirement account that an employer maintains and gives you a fixed payout when you retire. Let's learn why it's a great option for retirement.

How Can I Start Investing for Retirement? Preview 05:05

In this lecture of the Personal Finance Masterclass, you'll learn the steps to saving for retirement.

Should I Invest in a Bad 401(k)? Preview 03:02

In this lecture of the Personal Finance Masterclass, you'll learn why it's probably worth investing in your 401(k), even if it comes with high fees.  The company match and tax deductions often make up for all the fees.  Lauren also shares a few tips about changing your 401(k) so you get the low cost options you'd like.  

Social Security - Should You Count on it? Preview 02:29

In this lecture of the Personal Finance Masterclass, you'll learn if you can count on Social Security in retirement.  The question is not whether or not Social Security will run out, but whether benefits will be cut.  As of a recent report, benefits are likely to be cut to around 75% when the trust fund reserves run out in 2034.  That's the bad news.  The good news is that you should at least receive something. 

Section Wrap Up & Resources Preview 00:19

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 02:13

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering early retirement. Mike and Lauren are on a path towards early retirement, and they show you how to retire early.

Early Retirement vs. Financial Freedom Preview 03:14

In this lecture of the Personal Finance Masterclass, you'll learn about the difference between financial independence and early retirement.  Are the two words synonymous?  What about early retirement?  While there is no definitive answer, Lauren shares her thoughts about "retirement" means to her. 

Determining What 'Retirement' Looks Like for You Preview 02:05

In this lecture of the Personal Finance Masterclass, you'll learn how to quickly determine how much money you'll need for your dream retirement.  

Self-Reliance & Adaptability Preview 03:08

In this lecture of the Personal Finance Masterclass, you'll see why self-reliance and adaptability are two of the most important skills every retiree should learn. 

Calculating your Net Worth Preview 02:40

In this lecture of the Personal Finance Masterclass, you'll learn how to calculate your net work. We'll cover what to include in your assets and liabilities.

How Do I Get My Money When I Retire? Preview 01:52

In this lecture of the Personal Finance Masterclass, you'll learn how you actually get your money when you retire.  Lauren discusses capital appreciation and dividends, two ways you earn money from your investments. 

Section Wrap Up & Resources Preview 00:13

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:12

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering real estate, mortgages, and other big ticket purchases like buying a car. We'll give you a step-by-step process for buying and saving up for a home. We'll also talk about buying a car.

How Buying a House Work Preview 06:48

In this lecture of the Personal Finance Masterclass, you'll learn the process of buying a home. While this isn't a real estate course, it's important to understand how to buy a work.

How to Save for a House Down Payment Preview 03:55

In this lecture of the Personal Finance Masterclass, you'll learn how to save for a house down payment. Here are the basic steps:

• Establish your goal & timeframe
• Create a monthly budget
• Separate your housing budget savings
• Make savings automatic with automatic direct transfers
• Put any extra money in your down payment savings
• Save on big once per year things like travel/vacations
• Move to a smaller place to save
• Work more & side hustle
• Keep saving for retirement

Investing vs. Paying Off the House Preview 03:16

In this lecture of the Personal Finance Masterclass, you'll learn what's better - to pay off your house mortgage or to invest your money and pay the minimum on your mortgage.

How Buying a Car Works Preview 04:33

In this lecture of the Personal Finance Masterclass, you'll learn about the basics of buying a car.  New vs. used, lease vs. purchase, dealer vs. private party, etc.  These are questions you need to answer before starting your car search. 

How Much Car Can I Afford? Preview 05:23

In this lecture of the Personal Finance Masterclass, you'll learn how to determine how much car you can actually afford. By applying the 20-4-20 rule, you can buy a car without breaking the budget. 

Should You Take Out a Loan for a Car? Preview 04:57

In this lecture of the Personal Finance Masterclass, you'll learn how to minimize the impact of a car loan on your finances.  Mike also shares a few tips to save interest and fees on your car purchase.  

Help! I'm Upside Down on My Car Loan Preview 01:49

In this lecture of the Personal Finance Masterclass, you'll learn what happens when you owe more on your car loan than the car is worth.  It's called being upside down on the loan, and it's very difficult to get out from underneath.

Section Wrap Up & Resources Preview 00:18

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:19

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering taxes. What are taxes and how do they work? How do you reduce your taxes?

What are Taxes? Preview 01:47

In this lecture of the Personal Finance Masterclass, you'll learn about what taxes are and why we pay them.

A Higher Tax Bracket is NOT a Bad Thing! Preview 01:48

In this lecture of the Personal Finance Masterclass, you'll learn why a higher tax bracket is not a bad thing.  You cannot take home less by earning more!

Why You Don't Want a Tax Refund Preview 01:59

In this lecture of the Personal Finance Masterclass, you'll learn why you don't want a tax refund.  Ideally, you neither owe money nor be owed a refund from the IRS.  In this video, Mike shows you how to adjust your withholdings. 

Do I Have to Pay a Penalty if I Don't Have Health Insurance? Preview 01:56

In this lecture of the Personal Finance Masterclass, you'll learn about the penalty you'll have to pay if you don't have health insurance.

Capital Gains Tax Preview 02:35

In this lecture of the Personal Finance Masterclass, you'll learn about capital gains tax.  By holding on to your investments for longer than 1 year, you can significantly reduce your tax burden.  

Should I Do My Taxes Myself? Preview 03:01

In this lecture of the Personal Finance Masterclass, you'll learn about doing your taxes yourself.  Mike outlines the pros and cons of using free tax software vs. hiring a professional. 

Section Wrap Up & Resources Preview 00:12

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 02:22

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering love and money. You'll learn how to have a better financial life with your partner.

Dating Someone with Bad Financial Habits Preview 03:21

In this lecture of the Personal Finance Masterclass, you'll learn about dating someone with bad financial habits.  Mike offers a few tips for getting your partner on the same page financially.  

How Do Kids Affect Your Finances? Preview 02:37

In this lecture of the Personal Finance Masterclass, you'll learn how kids affect your finances.  Although the USDA reports the average child will cost $242,000 dollars by the time they turn 18, Lauren shares tips for keeping your housing, childcare, and transportation budget in check. 

Combining Finances with Your Loved One Preview 05:29

In this lecture of the Personal Finance Masterclass, you'll learn about combining finances with your loved one.  Mike discusses the PROs and CONs of joint vs. separate accounts. 

Health Insurance Preview 04:05

In this lecture of the Personal Finance Masterclass, you'll learn about the basics of health insurance.  How much is too much?  What's the difference between the metal tiers?  Is copay different than co-insurance?

Life Insurance Preview 04:39

In this lecture of the Personal Finance Masterclass, you'll learn about life insurance.  Mike discusses the pros and cons of term vs. permanent life insurance.  For most people, term life insurance is the best and most affordable option. 

Loaning Money to Friends or Family Preview 04:15

In this lecture of the Personal Finance Masterclass, you'll learn about loaning money to friends and family.

Divorce and Your Finances Preview 03:40

In this lecture of the Personal Finance Masterclass, you'll learn about divorce and it's affect on your finances.  Mike also shares a few tips to get your finances back on track after a messy divorce.  Even if you're in a healthy relationship, you should be aware the legal ramifications of divorce. 

Section Wrap Up & Resources Preview 00:15

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 02:49

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering money for kids and teens. Being great at personal finance starts when you're young. So let's learn the basics of investing and being smart about money when you're young.

Investing for Teenagers Preview 02:01

In this lecture of the Personal Finance Masterclass, you'll learn how Mike and Lauren suggest teenagers invest in the stock market.  This is a highly debatable and personal choice, but it's the advice we plan on giving our son. 

I Want to Move Out of My Parents Preview 05:17

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering youth & money. This is a great module for kids, teens, or parents who want to understand some great money tips for our youth.

Parents Kicked Me Out, Now What? Preview 02:34

In this lecture of the Personal Finance Masterclass, you'll learn what to do if you or someone you know gets kicked out by their parents.  

I Just Received an Inheritance, What Should I Do with It? Preview 03:33

In this lecture of the Personal Finance Masterclass, you'll learn what to do if you receive an inheritance or large windfall.  

Student Loans & Other Survival Tips Preview 06:29

In this lecture of the Personal Finance Masterclass, you'll learn about Phil's college loan experience - and get some other great tips for saving money during college.

Forget College, Learn a Trade Preview 02:36

In this lecture of the Personal Finance Masterclass, you'll learn about an alternative to college...learning a trade.  Although studies show that college graduates earn more over their lifetime, that doesn't mean it's right for everyone. 

Section Wrap Up & Resources Preview 00:14

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:38

Welcome to a new module in the Personal Finance Masterclass. In this section, we'll be covering psychology and money. You'll learn what money problems to look out for and how to tackle them.

Lifestyle Inflation and Status Symbols Preview 05:15

In this lecture of the Personal Finance Masterclass, you'll learn about lifestyle inflation and the danger of 'keeping up with the Joneses.'

The Human Tendency to Buy High and Sell Low Preview 04:47

In this lecture of the Personal Finance Masterclass, you'll learn about the human tendency to buy high and sell low when we should be doing the opposite.  Although the media will try and convince you otherwise, following the herd is not the best way to build wealth. 

That's Not Saving Money! (Malleable Mental Accounting) Preview 02:58

In this lecture of the Personal Finance Masterclass, you'll learn about mental accounting.  Have you ever saved money on a product or service and then rewarded yourself somewhere else in the budget?  Often we do this over and over again, resulting in a net expense rather than savings.

Dealing with Compulsive Spending Preview 02:03

In this lecture of the Personal Finance Masterclass, you'll learn about compulsive spending and gambling.  If you you or someone you know suffers from compulsive spending or gambling, please seek professional help. 

Section Wrap Up & Resources Preview 00:13

At the end of each section, we give you some resources (websites, calculators, guides) that will help you understand the content from this section even better.

Section Introduction Preview 01:40

Let's learn some basic personal finance definitions. In this video, Phil explains what basic personal finance terms mean in plain english.

401(k) Preview 02:59

Let's learn some basic personal finance definitions. In this video, Phil explains what a 401(k) is in plain english.

403(b) Preview 00:45

Let's learn some basic personal finance definitions. In this video, Phil explains what a 403(b)is in plain english.

Adjustable Rate Preview 01:26

Let's learn some basic personal finance definitions. In this video, Phil explains what an adjustable rate is in plain english.

AGI - Adjusted Gross Income Preview 00:49

Let's learn some basic personal finance definitions. In this video, Phil explains what an AGI or adjusted gross income is in plain english.

Amortization Preview 01:20

Let's learn some basic personal finance definitions. In this video, Phil explains what amortization is in plain english.

APR - Annual Percentage Rate Preview 01:46

Let's learn some basic personal finance definitions. In this video, Phil explains what APR or annual percentage rate is in plain english.

ARM - Adjustable Mortgage Rate Preview 02:32

Let's learn some basic personal finance definitions. In this video, Phil explains what an ARM or adjustable mortgage rate is in plain english.

Asset Preview 01:14

Let's learn some basic personal finance definitions. In this video, Phil explains what an asset is in plain english.

Asset Allocation Preview 00:48

Let's learn some basic personal finance definitions. In this video, Phil explains what asset allocation is in plain english.

Auto Insurance Preview 03:06

Let's learn some basic personal finance definitions. In this video, Phil explains what auto insurance is in plain english.

Bankruptcy Preview 01:58

Let's learn some basic personal finance definitions. In this video, Phil explains what bankruptcy is in plain english.

Bonds Preview 01:04

Let's learn some basic personal finance definitions. In this video, Phil explains what bonds are in plain english.

Borrower Preview 00:58

Let's learn some basic personal finance definitions. In this video, Phil explains what a borrower is in plain english.

Capital Gains Preview 01:06

Let's learn some basic personal finance definitions. In this video, Phil explains what capital gains are in plain english.

CD - Certificate of Deposit Preview 01:22

Let's learn some basic personal finance definitions. In this video, Phil explains what a CD or certificate of deposit is in plain english.

Co-Signer Preview 00:45

Let's learn some basic personal finance definitions. In this video, Phil explains what a co-signer is in plain english.

Compound Interest Preview 01:27

Let's learn some basic personal finance definitions. In this video, Phil explains what compound interest is in plain english.

Credit Report Preview 01:59

Let's learn some basic personal finance definitions. In this video, Phil explains what a credit report is in plain english.

Credit Score Preview 02:38

Let's learn some basic personal finance definitions. In this video, Phil explains what a credit score is in plain english.

Credit Union Preview 01:24

Let's learn some basic personal finance definitions. In this video, Phil explains what a credit union is in plain english.

Creditor Preview 00:33

Let's learn some basic personal finance definitions. In this video, Phil explains what creditor is in plain english.

Debt Consolidation Preview 01:46

Let's learn some basic personal finance definitions. In this video, Phil explains what debt consolidation is in plain english.

Debtor Preview 00:21

Let's learn some basic personal finance definitions. In this video, Phil explains what a debtor is in plain english.

Defined-Benefit Plan Preview 01:23

Let's learn some basic personal finance definitions. In this video, Phil explains what a definited-benefit plan is in plain english.

Defined-Contribution Plan Preview 01:24

Let's learn some basic personal finance definitions. In this video, Phil explains what a defined-contribution plan is in plain english.

Dependent Preview 00:40

Let's learn some basic personal finance definitions. In this video, Phil explains what a dependent is in plain english.

Disability Insurance Preview 00:44

Let's learn some basic personal finance definitions. In this video, Phil explains what disability insurance is in plain english.

Dividends Preview 01:41

Let's learn some basic personal finance definitions. In this video, Phil explains what dividends are in plain english.

Escrow Preview 01:20

Let's learn some basic personal finance definitions. In this video, Phil explains what escrow is in plain english.

FICO Score Preview 01:00

Let's learn some basic personal finance definitions. In this video, Phil explains what a FICO score is in plain english.

Fixed Rate Preview 00:27

Let's learn some basic personal finance definitions. In this video, Phil explains what a fixed rate is in plain english.

Interest Rate Preview 01:08

Let's learn some basic personal finance definitions. In this video, Phil explains what an interest rate is in plain english.

IRA - Individual Retirement Account Preview 03:13

Let's learn some basic personal finance definitions. In this video, Phil explains what an IRA or individual retirement account is in plain english.

Lender Preview 00:17

Let's learn some basic personal finance definitions. In this video, Phil explains what a lender is in plain english.

Liabilities Preview 00:31

Let's learn some basic personal finance definitions. In this video, Phil explains what a liability is in plain english.

Mortgage Preview 00:55

Let's learn some basic personal finance definitions. In this video, Phil explains what a mortgage is in plain english.

Mutual Fund Preview 01:32

Let's learn some basic personal finance definitions. In this video, Phil explains what a mutual fund is in plain english.

NASDAQ Preview 01:54

Let's learn some basic personal finance definitions. In this video, Phil explains what the NASDAQ is in plain english.

Net Worth Preview 00:53

Let's learn some basic personal finance definitions. In this video, Phil explains what net worth is in plain english.

NYSE Preview 00:36

Let's learn some basic personal finance definitions. In this video, Phil explains what the NYSE is in plain english.

Payday Loan Preview 00:46

Let's learn some basic personal finance definitions. In this video, Phil explains what a payday loan is in plain english.

PMI - Private Mortgage Insurance Preview 01:51

Let's learn some basic personal finance definitions. In this video, Phil explains what PMI or private mortgage insurance is in plain english.

Promissory Note Preview 00:41

Let's learn some basic personal finance definitions. In this video, Phil explains what a promissory note is in plain english.

Rebalancing Preview 01:34

Let's learn some basic personal finance definitions. In this video, Phil explains what rebalancing is in plain english.

Roth IRA Preview 00:28

Let's learn some basic personal finance definitions. In this video, Phil explains what a Roth IRA is in plain english.

Security Preview 00:28

Let's learn some basic personal finance definitions. In this video, Phil explains what a security is in plain english.

Standard Deduction Preview 02:04

Let's learn some basic personal finance definitions. In this video, Phil explains what a standard deduction is in plain english.

Stock Preview 00:43

Let's learn some basic personal finance definitions. In this video, Phil explains what stock is in plain english.

Stock Options Preview 01:43

Let's learn some basic personal finance definitions. In this video, Phil explains what a stock option is in plain english.

Variable Rate Preview 01:21

Let's learn some basic personal finance definitions. In this video, Phil explains what variable rate is in plain english.

Yield Preview 00:33

Let's learn some basic personal finance definitions. In this video, Phil explains what yield means in plain english.

Thank You Preview 01:10

Thank you for taking this course! Here is just a quick message to express our gratitude!

Bonus Lecture: Learn More from Phil + Video School Preview 00:29