My goal with this show is to help you improve your financial life by bringing you deep, revealing conversations around the taboo topic of money with my money nerd friends who aren’t afraid to share.
Who is Tiffany Aliche?
Alright, let’s meet today’s Master of Money. Tiffany “The Budgetnista” Aliche is quickly becoming America’s favorite, personal financial educator. Tiffany is the founder of the LIVE RICHER Challenge, a free online challenge that’s reached over 200,000 women.
Tiffany is a teacher turned financial expert with a very interesting turn around (twice!) story. She has a very positive, infectious personality, is passionate about improving her own financial life and helping you do the same. I know you’re going to love this interview.
Listen to This Episode with Tiffany Aliche
- Listen to it on iTunes.
- Stream by clicking here.
- Download as an MP3 by right-clicking here and choosing “save as.”
I hope you enjoyed that. A big thank you to Tiffany for giving us the gold today.
[01:20] Tiffany’s Dad helped her focus on the “little things”.
[03:10] Saving percentages she uses and her bank account setup.
[06:40] Allocating saving to retirement (10%) vs a wealth building fund (10%).
[09:40] How she pays her financial advisor(s). “He who pays the piper…”
[11:00] The “money team” she’s established to help her have success.
[12:30] What to do if you aren’t detailed with your finances like her.
[13:20] Tiffany’s entertaining and inspiring story of moving out on her own (aka becoming a master of her money).
[18:00] The importance of finding financial independence before you start a family.
[18:50] The one area of her finances where she still struggles.
[19:50] Saving ~$50,000 for a down payment in just two years on a teacher’s salary.
[22:45] Starting over. Losing her job and her home and moving back home.
[26:50] Making the transition to “risky” entrepreneurship.
[31:00] Making the most of the 1 client out of 300 leads that wanted to work with her.
[33:45] Tiffany’s charitable foundation idea. What she’ll do with half of her 10% giving fund.
[36:05] Tools and services she uses to manage her money.
[37:45] How long it took to match her old teacher’s salary with her online teaching business and how much she’ll make this year.
[40:30] What she spends her money on now that she’s increased her income.
[42:30] Tiffany’s future financial and business goals.
[46:00] How Tiffany feels about her financial journey now looking back.
[48:45] PT’s three major takeaways
This episode was sponsored by our list of The Best Automatic Savings Apps (to Grow Your Wealth). Visit ptmoney.com/autosave/ for more information and to get started for free.
Links from the Show
- LIVE RICHER Challenge
- The Budgetnista Blog
- Ally Bank
- How to Budget When You Don’t Have a Regular Paycheck
- SEP IRA
- Taxable Brokerage Account
- Passbook Savings Book
- Richest Man in Babylon
- David Bach
- YNAB (You Need a Budget)
- Fred Rogers Documentary, Mr Rogers & Me
3 Takeaways from My Interview with Tiffany Aliche
1. Create a money team.
Even though she’s certainly reached “master” status with her financial life, Tiffany is still humble enough to rely on other professionals to achieve her goals.
She’s created a “money team” made up of her financial advisor, accountant, and even considers members of her family as part of this team.
I like that Tiffany specifically chose money team members that like to educate vs just do the work for her. And of course, she’s maintained the posture of being open to advice from her team.
Who do you have in your life that you’d consider a part of your money team? If you can’t discuss these things with your family or close friends (and even if you can) then it’s likely a good idea to establish a relationship with a financial advisor.
This doesn’t have to be a long term commitment. A few years ago I sat down with a financial advisor for a one-time fee to check my current situation and hear some suggestions for optimizing my efforts.
Surround yourself with a ‘money team’ of advisors who can challenge you and help you grow. @TheBudgetnista #mastersofmoney #podcastClick to tweet
2. Automation is the new discipline.
You guys know I love this one.
You don’t have to be as obsessed about the details of your finances like Tiffany is to have success. You just need to take the time to setup the systems that will create wealth for you: automate and separate.
The tools we have access to nowadays continue to make this easier and easier. Have you stopped down to automate your spending, short-term savings, and retirement savings. Do it today!
“Automation is the new discipline.” – Tiffany Aliche @TheBudgetnista #mastersofmoney #podcastClick to tweet
3. Your skills usually can translate into entrepreneurship.
Tiffany loved teaching but not the school system she was a part of. She also ended up not liking the risk involved with relying on one employer.
Instead of giving up her passion for teaching, she found a way to continue teaching on her own terms – through her financial education classes.
What skills do you possess that could be used towards a business idea?
Your skills usually can translate into entrepreneurship. They did for @TheBudgetnista #mastersofmoney #podcastClick to tweet
Watch the Video
Have a question? Leave a comment below or use my contact form.
Thanks for listening to this episode. If you like what you hear, please subscribe to the show on iTunes. I want to improve the show, so please leave a rating. Tell me what you like and how I could improve.
This show is part of the FinCon Podcast Network and was produced by Steve Stewart.
Sign up for free and I’ll email you when a new episode is live. I’ll also send you my free e-book and getting started series, along with monthly curated digests from the site and beyond.