The Power of Community

We’re going to do something a little different today.
As this community has grown (and it’s getting pretty big!) I’ve had the opportunity to hear from a lot of you individually. Through email, on the phone, over Skype, we’ve talked about your biggest life goals, your biggest financial questions, and how to get started moving forward on both.
Those conversations have been one of the best parts of running this business. And honestly, a lot of you have shared some really interesting ideas that have made me think a little bit differently about my own life and how I’m approaching my personal financial situation.
Basically, you guys are awesome. And instead of keeping you to myself, I’d like to give you all the chance to share that awesomeness with each other.
Harnessing the power of community
We all have things that we’re struggling with. Every single one of us.
And we also all have ideas, experiences and knowledge that could help someone else through their own struggles.
So today, instead of giving my advice on a topic, I’d like tap into the power of this awesome community and let you share your own thoughts directly with each other.
Here’s what I’d like you to do in order to make this work:
- Read the question below.
- Answer the question in the comments section of this post.
- Read the other comments and if you have any advice or support to offer, please feel free to do so.
You don’t have to use your real name if you’re worried about sharing personal information. You can use a fake name or stay anonymous. All I ask is that you be honest, helpful and supportive of others.
My hope is that by working together we can ultimately help each other reach our biggest goals.
Let’s do it!
Here’s the question I’d like you to answer. It’s actually two questions, but they’re directly related.
What’s one financial move you know you need to make but haven’t done yet? What’s keeping you from doing it?
I already put my own answer in the comments below, so let’s hear yours!
And if you have any thoughts for any of the other commenters, please feel free to reply to them as well.
Thanks guys! I can’t wait to hear what you have to say!
Quick note: My comment system automatically flags any new commenters for review, so you may not see your comment appear immediately. I’ll be keeping a close eye on things today though, so it should show up quickly. If it doesn’t, just shoot me an email at matt@momandddmoney.com and I’ll handle it.

Ever since I switched over to self-employment at the end of 2013, I’ve needed to open up a retirement account for myself through my business. It didn’t really matter much last year since my income was still ramping up and I couldn’t have contributed much anyways. But this year I can, and I need to get on it.
What’s keeping me from doing it? I guess it’s mostly a lack of urgency. I have until the end of the year to do it and there’s always something else that feels like it needs to get done right now. But I’m the guy who preaches the importance of saving early and often, and it’s probably time to take some of my own medicine…
I need to find new employment. While that isn’t a financial decision, it is one that I have been putting off due to medical reasons. A Roth IRA is something I need to do as well.
Thanks for sharing. I know that when I was in the position of potentially needing to find a new job about a year and a half ago, it was a nerve-wracking place to be. If there’s anything I can do to help, just let me know. And good luck!
I need to update my will. My child is 2 years old now and we’ve figured out everything we need to change…we just haven’t put pen to paper (or fingers to keyboard) and done it. Maybe admitting that here will make me do it.
That’s a pretty common one Lindy! It’s not a fun task to handle, so a lot of people end up putting it off. Here’s a post I wrote a little while back that may be helpful: The Basics of Estate Planning. Are you planning on doing it yourself, hiring a lawyer, or using one of the online tools?
I have a balance in a 401(k) from an old job that I need to do something with. For some reason I just haven’t made the phone call to roll it over into an IRA or something.
I have a bajillion other things I need to do, but that seems to be the smallest, most simple, item on my to do list.
Thanks Beth! Here’s a good resource that walks through your various options here, including some things to watch out for: http://www.bogleheads.org/wiki/401(k)#Rollovers.
And of course, please don’t hesitate to reach out directly if you have any questions. I’m always happy to help!
I need to meet with a financial planner before pulling the trigger on leaving the workforce. Ideally, well ahead of that. 🙂
Well, you’ve come to the right place!
Haha, in all seriousness, whenever you’re ready I would look at the financial planners associated with the XY Planning Network. They’re all fee-only and specialize in working with Gen X/Gen Y clients. I know many of them personally and they’re great. And of course, my doors are always open as well 😉
Need to finish setting up my HSA, and see what of our current expenses can become tax-exempt.
What’s stopping me? Because I’ve never set one up before, it seems confusing and I think it may take a chunk of time to sort out. Probably just building it up in my head.
Keep up the good work, Matt!
Nice! HSAs are pretty awesome. Unfortunately there isn’t a lot of information out there about them, which can make it tough to figure out how to set one up.
Here’s a good search tool for finding an HSA provider: http://www.hsasearch.com. And if you’re looking to invest the money for the long-term, I’m a big fan of the account at HSA Administrators, though again there are plenty of options.
I have been thinking of starting own business. Where can I get more details on starting own business ?
Great question Roy! I have two resources for you.
The first is a post I wrote that might be helpful: 6 First Steps to Starting a Business You Love.
The second is a podcast I absolutely love, The Fizzle Show. I would actually recommend starting from the beginning and working your way through. You will get a TON of great advice and good ideas from that. It’s a resource I’ve relied on heavily.
Hope that helps!
I’ve officially entered the workforce (this april) and I would really like to start saving in order to put my personal projects in motion.
However, i’m stuck investing on different things (fixing my car, buying clothes for work, etc) and I keep on trying to find a good savings account for me. I have in mind an interesting one we have in our country, it’s basically a savings account that receives the same returns as the retirement funds that people in my country are forced to invest in (by law).
Thanks Javier! This is a great point. There can definitely be some upfront costs to starting a job and/or going out on your own, and those can make it difficult to save. So here’s what I would say:
1. Try to limit your expenses to only what’s absolutely necessary. For example, be thoughtful about how many clothes you really need for work and err on the side of getting less until you find yourself in a position where you really do need more. That will help limit some of those upfront costs.
2. Start saving whatever you can now, even if it’s small, and just work on increasing it over time once some of these upfront costs are behind you. This is a long-term process and the fact that you’re starting now puts you way ahead of the game.
Hope that helps! Good luck Javier!
Thanks for the advice and the quick answer! I’ve been reading the blog for some months, but this is the first time that I post. Keep up the good work, your posts are always very easy to read and I feel like I learn a LOT.
No problem Javier! Thanks for reading and please feel free to comment/reach out any time. I’m always happy to hear from you!