Investor Mama

Show Notes

 Connect with the Investor Mama Tribe

 

 Tiffany’s Bio

Tiffany Grant is a single millennial and money strategist. She has successfully juggled completing her MBA and studying for the Certified Financial Planner certification all while taking care of two young boys. She has been budgeting for years and, as a result, was able to buy her first house at the age of 26. Tiffany has also paid off over $50,000 in debt in a little over one year! She loves talking about money and encourages others to do the same. In December of 2017, Tiffany launched the Money Talk With Tiff blog with the sole purpose of helping other people increase their financial literacy and take control of their money. She is on a mission to be debt-free by 30 and wants to help others along the way.

Tiffany Grant has received a BS in Business Administration with a concentration in Management, a Master of Business Administration, a Society of Human Resource Management Certified Professional certification, and a Lean Six Sigma certification. She possesses a broad range of knowledge in many different industries and sectors.

 

Debt Pay Down Strategies 

1. Debt  Avalanche Method 

The avalanche method is when you look at what has, the highest interest rate and you pay that down first. Then you use the amount you were paying on that, and roll it over to the next one. So you go from from the largest interest rate to the smallest and then you just keep rolling it down.

 

2. Debt Snowball Method What is a 529 Plan?

The snowball method is when you take the lowest balance first, it doesn’t matter what the interest rate is, just the lowest balance, and  you pay that one off first.  Then you use the amount you were paying on that one and put it toward the into the next highest and the next highest, and so forth.

The snowball method is more psychological. When you start seeing those debts being paid off you’re like, oh my gosh, I got this, and it propels you to the next one, because with the avalanche method, what if your highest interest rate is the biggest amount as well? Then you’re going to feel like you’re paying forever and might get discouraged. So that’s why she did a combination of the two, just depending on what the debt was.

 

 

 What is a 529 Plan?

A five to nine is an educational savings account, that you can open for anyone. It doesn’t only have to be for your kids. It can be for yourself, grandchildren,  be nieces, nephews. It doesn’t matter who you open it for, but you can use it for any education expense including tuition, room and board supplies, things like that. And also they made it so that you can use it for K through 12 education as well. You can open it in any state. You don’t have to open it with your state’s 529 if you don’t get any tax benefits for doing so. 

 

Lightning Round

1. What is one fun fact about you that not that many people know?

Tiffany is a gamer and loves guns.

 

 

2. Who inspires you the most and why? 

Her two boys

 

3. What books are you reading now or have read and loved that you’d recommend?

I will Teach You To be Rich by Ramit Sethi
Think and Grow Rich by Napolean Hill

4. What is one actionable tip or piece of advice that you can tell our mom’s out there to the help them on their financial independence journey?

Just start. It doesn’t matter where you are just get going.  Especially as moms, we get into this analysis paralysis, like we have to make sure we get everything right. When it comes to raising our kids, when it comes to tackling our finances, or when it comes to being a good spouse or partner or girlfriend, whatever you are. We feel like we have to get it right all the time. And the thing is, if you just start, if you just do it, and then learn as you go, you’ll make more progress than if you were to just analyze everything and wait. And then get started. So that’s the philosophy I live on.

 

Connect with Tiffany

Facebook

Money Talk with Tiff

Money Talk with Tiff Podcast

 

Additional Resources

Tiffany’s Episode on ways your student loans can be discharged or forgiven. 

Show Partner

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