Dealing with COVID has been tough enough, but many have to consider the effects of COVID on the economy. Some people are interesting in buying or selling a home, and others are looking for investment opportunities because of the low interest rates. Wendy Mays share her real estate experience with us about the current housing climate. Is it a good time to buy? Or sell? For first-time homebuyers as well as seasoned investors, here's how to navigate the real estate market today. - Is it safe to buy a home only using a virtual showing of a property? - Considerations for first-time home buyers - How government involvement will affect the housing market in the near future - Some things you can do to prepare for a home purchase - Is it a good time to refinance your mortgage? Resources: https://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options https://houseoffi.com/money-foundations
133. Money, Mental Health, and Hope w/Melanie Lockert, Wendy Mays, Diania Merriam, and Jennifer Mah
Earn & Invest
These amazing guests talk of their struggles with mental and financial health. As both content producers and consumers, Jennifer Mah, Melanie Lockert, Wendy Mays, and Diania Merriam provide us hope that we can get wrangle both our minds and money into shape.
Ep 10: Wiping out six-figure debt with Wendy Mays of House of FI
Money Career & Motherhood Podcast
So many mothers seem to have it all – the high-paying professional job, the great family, a nice house – but on the inside, they’re struggling. Just a few years ago, that was the story of Wendy Mays. While Wendy was a high-income earner at the time, the six-figure student debt and even bigger mortgage Wendy and her husband had accumulated were keeping her from living and raising her family the way she wanted to. While Wendy loved her career as an attorney, her priorities changed when Wendy and her husband adopted four little boys, some with special needs. As the primary breadwinner for the family, Wendy couldn’t just decide to stay home at that time. She was facing extreme burnout, depression, and the overwhelming feeling of being stuck in a lifestyle she no longer wanted. Through an internet search at home one night, Wendy came across the MAD FIentist. She was shocked to learn about everyday people who were saving significant portions of their income - and ultimately retiring early. This epiphany resulted in a dramatic shift in Wendy and her husband’s finances, family, and Wendy’s career. Listen in on this inspiring story to learn: What is the FIRE movement How Wendy and her husband have managed to eliminate $650,000 in debt in just a few years How Wendy’s children reacted when they changed to a more frugal lifestyle How it’s never too late to improve your financial situation About the Guest: Wendy is a mompreneur...former criminal defense attorney - turned - turned Podcaster and Blogger. She hosts a top-ranking podcast and YouTube Channel that aim to inspire and encourage families of all shapes and demographics to Dump Debt, Build Wealth and Budget Better while living a joy-filled life. In three years, she and her husband have eliminated $650,000.00 from their lives, have begun real estate investing and plan to reach Financial Independence by the time they reach 55. She and her husband reside in San Diego with their 6 children and 2 German Shepherds. You can learn more about Wendy on the House of FI website, YouTube channel, and podcast. About the Host: Janice Scholl has spent her entire career talking about money and business. Through her time as a commercial banker, consultant and mentor to budding entrepreneurs, she helped clients create solid business and financial strategies to help propel their business to success. While working with aspiring female entrepreneurs, Janice noticed that the same four themes kept repeating: Many women are uncomfortable with finance, both in their business and in their personal life. Women want access to more women mentors and advisors. Women often start businesses because they feel the corporate world doesn’t fit their lifestyle. Few are motivated by purely financial reasons. Mothers didn’t want money to drive their family decisions. From these themes The Money, Career & Motherhood Podcast was born. Now Janice spends her time helping mothers gain confidence and understanding about money, career, and business topics as they relate to motherhood and family – the way many women actually think about money. Janice loves helping mothers implement business and financial strategies within their families to help each family member thrive. IG @moneycareermotherhood FB facebook.com/moneycareermotherhood/ Money Career & Motherhood FB Community www.facebook.com/groups/moneycareermotherhood Website www.moneycareermotherhood.com Thanks for listening! Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page. Do you have some feedback or questions about this episode? Leave a comment in the section below! Subscribe to the podcast If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on iTunes or Stitcher. You can also subscribe from the podcast app on your mobile device. Leave us an iTunes review Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on iTunes, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on iTunes.
Climbing Out Of $1,000,000 of Debt to Achieve Financial Independence - with Wendy Mays
Marriage Kids and Money
Being neck-deep in debt can make you feel like all the odds are stacked against you, especially when you reach almost the seven figures! Today, Andy talks to Wendy Mays on how her family is climbing out of nearly $1,000,000 of student loans, home mortgages, car loans, and other consumer debt. Wendy is the host of the House of FI podcast, a part-time work-from-home lawyer and a mother to six children. We talk about how she and her husband accumulated their debt, the turning point that led them to fix their situation and their progress on their journey to financial independence so far. https://youtu.be/oM965CZVM3Q How they accumulated their debt Wendy and her husband went to college and amassed a huge amount of student loan debt. They started their marriage with six-figures of debt, believing that they would eventually be able to pay it all off. Wendy went to private law school and her husband earned degrees to support his teaching career. When it was all said and done, their total student loan debt was $330,000. Every time they made more money, they would spend it. They ended up getting a beautiful house in San Diego with a $550,000 mortgage. On top of that, they had a few car loans and borrowed money to renovate their house. By the time they reached their 40's, this brought their total debt to nearly $1,000,000. What made them want to improve their financial situation After adopting four children, Wendy realized she wanted a lifestyle change so she could stay at home with the kids. Wendy Mays with her husband Curtis and their six children But she couldn’t figure out a way. Without her income, they wouldn’t be able to pay the debt. She felt very stuck and hopeless. Her situation led her to Google a “laptop lifestyle”. One thing led to another and she discovered The Mad Fientist. After doing her research and learning as much as she could about financial independence, she figured out how she could save 50% of her income and improve her situation. What steps they took to fix their situation The first step was to reduce expenses. Wendy knew they had to be intentional with their spending. They eventually cut $10,000 from their monthly budget, while she was living on her lawyer's salary of $180,000 - $200,000 per year. Here's how they did it. Build a Budget and Question Every Expense To cut their spending down, they need to get aggressive. This meant looking at every dollar they were spending and finding ways to reduce it or eliminate it. By budgeting their monthly spending, this process became a lot clearer. Reduced Spending on Food Spending less on groceries and eating out became one of the first areas that they tackled. Their family, even with 8 family members, spent around $2,000 per month on food. It was too much in Wendy's opinion. Erase the Debt They attacked their debt with the Debt Snowball, and then they switched to Debt Avalanche for 2-3 years. The debt really took a huge cut after selling their house. Once the house was sold, the plan was to pay off all of their debt outside of their student loans and take what was left and get into real estate investing. They are now saving $1,100 per month on housing expenses by renting the place they live as opposed to buying another home. Related Interview: 15 Ways to Save More Money When You’re Living Paycheck to Paycheck Bringing the family on board Was Wendy's family happy with this plan? At first, Wendy’s husband was reluctant. But they had some important conversations about their future and eventually got on the same page. By sitting down and understanding their goals, they were able to work together. How about the kids? Wendy and her husband have been teaching them about how to use money as a tool, about passive income and valuing experiences over material objects. By having little conversations here and there and talking about saving, she hopes they will grow up to be more financially aware. Related Interview: 5 Steps to Getting on the Same Financial Page as your Spouse Their progress so far When they first started out, their savings rate was 5-7%. Now it’s at a healthy 30%, with a goal to be retired at the age of 55. They receive regular cash flow from their real estate properties (around $1,100 a month) and want to leave their retirement accounts as a legacy for their children. Why real estate and not some other investment strategy? Because they found the financial independence movement in their mid-40s and realized that real estate investing would be the fastest method to get them to financial independence. In November 2019, Wendy retired from work (or semi-retired, since she has one client!) and is able to stay at home with her kids. Although they still have debt, it’s now their tenants that are helping them pay their student loans. Related Interview: How We Paid Off $300,000 of Student Loans in 6 Years – with Okeoma Moronu Wendy's advice for others tackling huge debt If you’re someone struggling with a lot of debt, Wendy’s recommendation is to attack it as soon as possible. Look at your situation, evaluate your expenses and be willing to think outside the box. What is she hoping for her kids? She wants them to be able to get an education without drowning in student loans. She wants them to understand that saving is important and that you don’t need to spend everything you’ve got. Wendy and her husband had a huge amount of debt but were able to fix their situation with intentional spending, careful planning and clever financial strategies. Their path to financial independence is now clear. CLICK “PLAY” AT THE TOP OF THE POST TO LISTEN TO THIS INTERVIEW OR LISTEN ON: Show Sponsors FLO BY MOEN Receive 20% off by using discount code “Marriage20“. Learn more here. Fetch rewards Earn when you sign up here (use code “MKM”). MKM Podcast Resources Thriving Families Facebook Group: Join our new FREE Facebook Community! Young Family Wealth Playbook (FREE): 7-Steps to Solidifying Your Family’s Future Wealth Support this Show If you enjoyed this episode, here are some excellent ways to support the show: Leave a review for the show on Apple Podcasts or Stitcher Leave a comment below Check out my Recommended Resources Page Subscribe to the show on Apple Podcasts, YouTube, Spotify, Google Podcasts or Stitcher Join our Thriving Families Facebook Community – learn and help other families grow their wealth I truly appreciate the support everyone! Questions? I’d love to hear from you! If you’d like your question featured on the show, reach out and let me know. It would be my honor to support you in your journey toward financial freedom. Leave me a voicemail or connect with me on Instagram, Twitter and Facebook. Carpe Diem Quote "All the adversity I've had in my life, all my troubles and obstacles, have strengthened me." Walt Disney SUBSCRIBE TO THE PODCAST TODAY (IT’S FREE): Are you pursuing financial independence? Please let us know in the comments below.
Starting Over at 40 with Six Kids, with Wendy Mays
#196: When Wendy Mays was in her early 20’s, she earned $12 an hour working as the office manager of a pest control company. She wanted higher income, so she enrolled in college at age 22. By the time she finished her undergraduate degree, she was 26, married, with a child. Her husband worked low-paying jobs to make ends meet. They struggled to pay the bills. Wendy decided to enroll in law school, so that she could bring in more money. She graduated around age 30, and became the primary breadwinner for the household. She opened her own law practice. The couple starting bringing in a combined household income of around $200,000 annually. They bought a large house, with a swimming pool. Sounds like the American Dream, right? Except it was all financed. By age 38, Wendy and her husband accrued nearly $800,000 in debt. Around $480,000 came in the form of mortgage debt. Another $20,000 comprised of vehicle loans. The other $300,000 came in the form of student loans. They lived paycheck-to-paycheck. They decided to expand their family through adoption. Rather quickly, Wendy and her husband had six children. They realized they needed to repay their debt in order to give their family a more stable home life. At age 38, Wendy and her husband committed to repaying their debt, building their retirement accounts, and getting themselves onto a smart financial track. How did they re-start their financial life at age 38, with six children and $800,000 in debt? Find out in today’s episode. For more information, visit the show notes at https://affordanything.com/episode196
Learning More about the FI/RE (Financial Independence/Retire Early) Movement with Wendy Mays
The Money Millhouse
On this episode of The Money Millhouse, Bethany and Ellie talk about purchasing homes and what Bethany is learning as she goes through Financial Peace University with her husband, Travis. They are joined by Wendy Mays, mompreneur, former criminal defense attorney - turned Realtor - turned Podcaster and Blogger. She hosts the top-ranked podcast House of FI with her better-half, Curtis, that aims to inspire and encourage families of all shapes and demographics to achieve financial independence by teaching them to become debt free, build wealth, and increase their income. They talk about how someone (like Wendy) can reach Financial Independence by leaving the lucrative life of being an attorney and with six kids in tow. They also talk about ways not only to cut back on expenses, but to make more income as well.
116 | Adoption, FFLC & the House of FI | Wendy Mays
116 | Wendy Mays, from House of FI, tells the story of growing her family from 4 to 8 through adoption all while moving states and changing careers, and ultimately kickstarting her family’s pursuit of financial independence. Wendy and her family first learned about financial independence about 4 years ago. Wendy was commuting from Phoenix, Az., to San Diego, Ca., as her husband was living in California in pursuit of a new teaching job. Wendy now has a family of six children, four of whom are adopted. During her husband’s job search Wendy’s law practice in Phoenix was the family’s primary income, so she made significant changes to balance keeping her job with the family’s logistical challenges, including a shift in the type of legal work she did. In the midst of this hectic commuting lifestyle, Wendy and her husband finalized the adoption of three of their children, including a 4-day-old baby. Once the adoptions finalized, Wendy finally moved fully to San Diego. In March 2017, Wendy started adjusting their financial lifestyle to begin pursuing financial independence. First step was understanding where their money was really going. Wendy dropped her average food/grocery expenses from about $3,500 to about $1,000. By eliminating a few unnecessary big-ticket items, and optimizing smaller expenses, Wendy cut about $6,000 from their monthly expenses. Beginning in 2018, Wendy’s husband maxed out his savings and retirements accounts, increasing their family savings rate to about 28%. In October 2018, Wendy transitioned from legal work in Phoenix to real estate in San Diego. Having a large family impacts Wendy’s financial commitments: Larger housing expenses Larger vehicles – a Suburban Bigger clothing expenses Financially reasonable family activities require creativity. Currently, Wendy’s family is on a 7-year path to financial independence. Making these changes has been really challenging for Wendy, but tracking progress and looking back is encouraging. There are several different types of adoption Domestic private adoption – using courts, lawyers, very expensive Private international adoption – using courts, lawyers, very expensive Adoption via foster care – usually low cost After adopting through foster care, there are ongoing financial assistance programs that help Wendy and her husband to offset the costs associated with raising adopted children. Wendy is hopeful she might pay off her student loan debt in 5 years. For more information, visit the show notes at https://ChooseFI.com/116
E118 – Timika Downes and Wendy Mays – How to Be Financially Independent
Liz on Biz with Liz Theresa
Timika Downes and Wendy Mays are personal finance experts the co-hosts of a popular podcast called, House of FI. Useful links: House of FI (iTunes) House of FI (Email) House of FI (Website) GirlFIday.com (Wendy’s Website) ReluctantFrugal.com (Website) Show notes: Wendy shares her entrepreneurial beginnings – her solo practice as an attorney. Wendy’s foray into RE. … Continued
Listen to Wendy, a criminal defense attorney, talk about how she and her husband Curtis, a special education teacher, decided to expand their family and help children that needed a Forever Family. Wendy and her husband adopted 4 boys through foster care. We talk about their journey through foster care to adopt 3 brothers including some heartbreak about losing siblings of their other son. When they got married and had 2 kids, they didn't set out to adopt, but they felt the calling to expand their family of 4 to a family of 8. We discuss the financial aspects of adopting through foster care including an adoption stipend and healthcare benefits after adoption. Wendy discusses the need for a community to help you as you join the foster care community. Check out www.familymoneycoaching.org for links to the topics we discuss in this podcast. --- Support this podcast: https://anchor.fm/laura-coleman/support
ep 33: I got Bringing Up Baby (with Wendy Mays from Pet Cinematary!)
So it's a show?: keeping up with the Gilmore Girls
We shoulda done this episode in our Katharine Hepburn voices, ‘cause we’re talking as fast as we can to keep up with Howard Hawks over here! Wendy Mays of the Pet Cinematary podcast (#LadyPodSquad) joins us for a conversation about the 1938 classic screwball comedy Bringing Up Baby, starring Hepburn and Cary Grant and directed by Howard Hawks. Listen in as we attempt to explain (and remember) this crazy plot, tell silly stories from the set, and dive into Hepburn’s role as one of the earliest Manic Pixie Dream Girls in cinema. Is Baby a human baby? (Nope.) Do Luke and Lorelai have a Grant and Hepburn dynamic? (Yep.) Would Kyla, Taylor, and Wendy like to hang out with a leopard? (Debatable.) You’ll never know if you don’t listen in—feel free to turn it up to 1.5 speed to make us sound like Hepburn! Other pop culture we ref: Glitter, The Thin Man, The Shining, Elizabethtown, Breakfast at Tiffany’s, (500) Days of Summer, The Awful Truth, Orlando Bloom, If I Stay, Pretty in Pink CHECK OUT WENDY’S PODCAST, PET CINEMATARY The Pet Cinematary podcast website (with links to listen) Pet Cinematary on Facebook Pet Cinematary on Twitter Pet Cinematary on Instagram CHECK OUT THE #LADYPODSQUAD Lady Pod Squad on Twitter