Welcome back to the Minority Money Podcast! I'm your host, Emlen Miles-Mattingly, and it's been an incredible four-year journey. We've reached listeners worldwide, and I want to express my heartfelt gratitude for your support. 

Recently, I took the opportunity to revisit our very first episode, and it struck me how much has changed since then. Reflecting on the growth and transformations that have occurred, both personally and professionally, I am overwhelmed with gratitude. Throughout the years, we have had the privilege of learning from exceptional guests, including my own wife and daughters, who have contributed their unique insights. I extend a special shout-out to everyone who has played a part in making this podcast a success.

However, I have an important announcement to make. We will be discontinuing the Minority Money Podcast, but fear not—we're starting a new podcast called Hello Retirement, focused on retirement planning. Thank you for joining us on this ride, and stay tuned for exciting things to come.

If you loved this episode, you have to listen to these episodes as well: 

>> Welcome to the Minority Money Podcast!

>> Building Dreams through Business with Hope Newsome

>> Getting Ready For Retirement

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Want to chat with a fee-only financial planner? Shoot me an email at emlen@minoritymoneypodcast.com I Can't wait to meet you.

We often get caught up in the idea of making big purchases without fully considering the costs associated with them.

In this episode we will explore the difference between price and cost through a conversation with my 15-year-old daughter about buying a car. While my daughter was focused on the price of the car and how to pay for it, I wanted to highlight the additional costs associated with owning a car, such as insurance, maintenance, and the cost of time spent away from other important activities. Understanding the difference between price and cost can also be applied to other significant purchases, such as buying a home. 

As the summer approaches and people begin to explore new purchases, it is crucial to fully consider the cost of ownership before making any large financial decisions.

Key Points:

[01:25] #1 Calculation of cost of owning a car

[04:27] #2 Illustration of buying a $500,000 home

[06:15] #3 Importance of accounting for all costs associated with a purchase

[07:06] #4 Trade-offs when making a financial decision

If you loved this episode, you have to listen to these episodes as well: 

>> Life Planning: Looking Beyond Finances with George Kinder

>> Motivation vs Commitment

>> Success for Minority Teens with Carlos Gomez

I’m sure you’re getting tons of value from the podcast! Don’t forget to subscribe on Apple Podcasts (https://apple.co/3jN77Mv), Spotify (https://spoti.fi/3jParH0), Google Podcasts (https://bit.ly/3n3i8vb), or on your favorite podcast app and SHARE THIS 👉 (https://bit.ly/3l18yWQ) with a friend.

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Want to chat with a fee-only financial planner? Shoot me an email at emlen@minoritymoneypodcast.com I Can't wait to meet you.

What financial advice would you give to your younger self or your children?

In this episode, I’ll discuss principles for teaching young people about money. These include paying oneself first, not spending more than one makes, investing early and frequently, never stop learning, and managing debt effectively. It is very important to have open conversations with family members about money and building a healthy relationship with it.

Build healthy financial habits and ensure that future generations are equipped to make informed financial decisions. Listen now!

Key Points:

[02:40] #1 Pay yourself first

[05:39] #2 Don’t spend more money than you make

[07:32] #3 Invest early

[09:54] #4 Never stop learning

[10:51] #5 Manage your debt

If you loved this episode, you have to listen to these episodes as well: 

>> Spring Cleaning Your Finances: Tips for a Financial Fresh Start

>> Monitoring your Financial Plan with Dr. Preston Cherry [Step 7 of Financial Planning]

>> Implementing the Plan with Shawn Tydlaska [Step 6 of Financial Planning]

I’m sure you’re getting tons of value from the podcast! Don’t forget to subscribe on Apple Podcasts (https://apple.co/3jN77Mv), Spotify (https://spoti.fi/3jParH0), Google Podcasts (https://bit.ly/3n3i8vb), or on your favorite podcast app and SHARE THIS 👉 (https://bit.ly/3l18yWQ) with a friend.

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Want to chat with a fee-only financial planner? Shoot me an email at emlen@minoritymoneypodcast.com I Can't wait to meet you.