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Speaker 1: Welcome to How the Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're talking about beating down the biggest money obstacles

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Speaker 1: you face, dude, a beat down. You're talking all all

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Speaker 1: violet over here. It's like folks are gonna think you're

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Speaker 1: into mixed martial arts or or something like. No. I mean,

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Speaker 1: I hear good things. It sounds like fun, but too

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Speaker 1: intense for my lessons. It sounds like fun until you

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Speaker 1: get clocked in the face, like my neighbor did. He's

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Speaker 1: really into it, and he was, you know, grappling with

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Speaker 1: a guy. I think that's the term grappling. There's no

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Speaker 1: there's no punching right, there's no strikes. But he said

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Speaker 1: he was trying to get out of a hold and

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Speaker 1: the guy he was grappling with swung his arm back

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Speaker 1: at the same time that he quickly moved his head

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Speaker 1: to try to evade, to try to escape or whatever,

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Speaker 1: and he caught an elbow right above his eye. He said,

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Speaker 1: its swelled up to the size of a tennis ball.

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Speaker 1: But when I saw him, the swelling went down, but

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Speaker 1: the blood had flown from his head to his eyeball.

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Speaker 1: So he looked very, very evil. He looked you look terrible. Yeah,

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Speaker 1: so that that's probably that's gonna be at least my

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Speaker 1: excuse why I'm avoiding jiu jitsu because I gotta keep

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Speaker 1: his face looking pretty kind of keep that money money

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Speaker 1: maker looking freshman. We're podcasters, so it's not necessarily my

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Speaker 1: money maker. But but you know, I still don't want

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Speaker 1: to get clocked in the face. That it doesn't sound

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Speaker 1: like fun nor do I mean literally, that's the reason

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Speaker 1: I work out is to avoid getting hurt, and so

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Speaker 1: to put myself in harm's way. It sounds like the

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Speaker 1: opposite of what I personally want to do. Although there

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Speaker 1: are others out there who I'm sure really enjoy makes

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Speaker 1: martial arts. But that's what we're gonna be doing today.

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Speaker 1: When it when it comes to your money, that there

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Speaker 1: are different obstacles that just like pop out of nowhere oftentimes,

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Speaker 1: and we want you to completely destroy these obstacles so

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Speaker 1: that you can achieve your financial goals. And and it

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Speaker 1: makes me think of ways mad how waves will be. Like, hey,

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Speaker 1: up in the future, there's this thing if you're gonna

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Speaker 1: encounter in road, there's a police up there and half

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Speaker 1: a mile, like moment is a little down it would

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Speaker 1: be funny. Ways actually changed his voice like that. It's

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Speaker 1: like obstacle in road. Well, there's a there's a cop

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Speaker 1: up there on the ride, you might want to slow down, Joel,

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Speaker 1: stop in an idiot and but yeah, those obstacles up

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Speaker 1: if you can have someone point them out to you,

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Speaker 1: these are the kind of things that are probably gonna

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Speaker 1: impact your personal finances. Negatively, look out for them, start

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Speaker 1: thinking about how you would react if you were to

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Speaker 1: encounter that. That's kind of what we're gonna do on

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Speaker 1: on today's episode. But Matt, quickly, before we get to that,

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Speaker 1: I wanted to mention I. I talked about the upgrading

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Speaker 1: to a new phone, and I had hoped on holding

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Speaker 1: out longer, which, by the way, did did you ever

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Speaker 1: get a case for your phone? Still? Okay, so you're

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Speaker 1: still caseless? What you think about this? Right here? Oh

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Speaker 1: that looks good. Finally, so I've had my phone for

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Speaker 1: a year. Finally got a case nice and still nice

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Speaker 1: and thin. Yeah, I got the screen protector on there.

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Speaker 1: Making better cases, thinner cases. These they used to be

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Speaker 1: like these giant hunking You have to get the autter

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Speaker 1: box and made your phone three times the size, right,

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Speaker 1: which terrible. I mentioned that Google was going to hit

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Speaker 1: me two and sixty two dollars before my old phone

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Speaker 1: that i've for and I was like, that's pretty good,

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Speaker 1: thanks Google. But they ended up paying me three for

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Speaker 1: that phone. I sent it in and they said, actually,

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Speaker 1: you underestimated the value. Will give you three hundred bucks.

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Speaker 1: The same with my wife phone, which also had just

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Speaker 1: this even more even worse cracks than than mine. So

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Speaker 1: you can thank the semiconductor shorteras for that one. Friends,

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Speaker 1: it's like supply chain problems. I think it was pain

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Speaker 1: it is my game. I think it was less that

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Speaker 1: they're paying for the actual value of the phone, and

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Speaker 1: they're more just kind of trying to build customer loyalty

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Speaker 1: because there's no way they're gonna be able to make

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Speaker 1: their money back on that phone, Like no way at all, right, um,

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Speaker 1: and so so really because everyone else was saying, we'll

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Speaker 1: give you eighty bucks for it or ninety bucks, and

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Speaker 1: so that's definitely above the market value. But you know,

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Speaker 1: Google got me to trade on my own one that

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Speaker 1: was busted for one that's just you know, not busted,

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Speaker 1: and that's a sweet deal, dude. Yeah, just to get

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Speaker 1: more money than you're expecting. Just feels like, I don't

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Speaker 1: know prayer emoji hands. I'm just like thankful, blest hashtag

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Speaker 1: blest due. That's enough to almost make me consider switching

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Speaker 1: switching over to a pixel, but not quite because I

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Speaker 1: don't want to be the green text guy. I know. Yeah,

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Speaker 1: that's your role. Literally get a crap for that last

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Speaker 1: night from a friend and he's like, I would text

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Speaker 1: you back, but I'm like, dude, come on, I was

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Speaker 1: thinking about liking it, but then I realized that I couldn't,

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Speaker 1: and instead it was gonna not give it the thumbs

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Speaker 1: up and instead would have typed that out. I'm not

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Speaker 1: gonna do it. Well, you know me, I'm a dent extrovert.

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Speaker 1: So if I realized that this phone is inhibiting my

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Speaker 1: ability to make friends, I might have to make a

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Speaker 1: sorry we told you that. I like that. I would

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Speaker 1: text you more. Yeah, but I get enough time with

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Speaker 1: you already. But if it's inhibiting other friendships, maybe I'll

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Speaker 1: make Yeah, we get enough of that face to face time. Well,

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Speaker 1: let's mention the beer we're having on today's episode. This

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Speaker 1: one is called Bibo. It's by Creature Comforts, one of

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Speaker 1: our favorite Georgia Brewery's it's straight up pills nurse. We'll

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Speaker 1: give our thoughts on this beer at the end of

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Speaker 1: the episode, but let's move on, mat Let's get to

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Speaker 1: the topic at hand. We are talking about money, obstacles,

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Speaker 1: how to beat them down, And I'm not sure if

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Speaker 1: our gen Z listeners are going to get this reference.

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Speaker 1: But when I was thinking about beat down, so thinking

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Speaker 1: about American Gladiators, which was the o G American Ninja

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Speaker 1: Warrior right, thinking about them with the giant what is it? Yeah,

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Speaker 1: Like that's that's the most beat down people would get

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Speaker 1: is when they're just standing there on that pedalestal, just

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Speaker 1: getting just hitting hammered, getting whacked in the head over

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Speaker 1: and over again until they just fall off. Still, just

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Speaker 1: a fantastic show if you go, if you go um

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Speaker 1: back back and watch it. What was it? It It was

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Speaker 1: late eighties, early nineties something. Yeah, And so just the style,

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Speaker 1: the look, kind of the field of the show is

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Speaker 1: just kind of fun, fun nostalgia to partake in. But

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Speaker 1: I could see some hipster breweries being like, all we

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Speaker 1: do just play American Gladiators on TV. Like one of

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Speaker 1: our favorite breweries always shows like these idyllic sheep, hurting scenes,

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Speaker 1: throw whatever over In Europe, it's just their thing. For

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Speaker 1: whatever reason. They like their show show like the European Countryside,

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Speaker 1: but there should be another brewery and all they do

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Speaker 1: is just show American glad Well, if we ever start one,

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Speaker 1: that's gonna be our amout. I would be all about

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Speaker 1: that well. And so when I was in college there,

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Speaker 1: for some reason, one of the dining halls that's all

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Speaker 1: they played was American Gladiator rerun at least when I went, like,

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Speaker 1: that's what was on TV, and so I just remember

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Speaker 1: that's that was where my affinity for American Gladiators started.

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Speaker 1: But yeah, if you don't know the show, basically a

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Speaker 1: couple fairly fit young folks. They would compete to win money.

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Speaker 1: They would uh. The only thing standing in their way though,

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Speaker 1: was some incredibly ripped dudes and females who wanted to

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Speaker 1: punish them physically. And so the Gladiators basically is what

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Speaker 1: they were known as. They were always throwing obstacles in

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Speaker 1: your way, slamming you down or to knock you up

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Speaker 1: a pedestal, shooting stuff at you, literally tackling you. I mean,

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Speaker 1: whatever it took to prevent you from scoring points. And

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Speaker 1: so yeah, real life, it's not really like American Gladiators, sadly,

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Speaker 1: I guess in a lot of ways because it would

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Speaker 1: be pretty cool. But but obstacles are reality in basically

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Speaker 1: every arena of life. And that's just that's incredibly true

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Speaker 1: when we're talking about the area of personal finance. And

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Speaker 1: today we're gonna talk about, you know, those gladiators, like

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Speaker 1: obstacles standing in your way that are trying to prevent

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Speaker 1: you from reaching your goals. We're gonna like put those

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Speaker 1: on the horizon, tell you which ones might be coming,

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Speaker 1: and and also talk about how to beat down those

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Speaker 1: obstacles you can succeed with your money. Yeah, because chances

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Speaker 1: are it hasn't been only smooth sailing, you know, on

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Speaker 1: your route to paying off debts or investing for your

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Speaker 1: for your future. Getting stuck and not being able to

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Speaker 1: make progress as a problem that I think all of

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Speaker 1: us has have faced at times. Uh. And so yeah,

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Speaker 1: we're gonna spend this episode running through some of the

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Speaker 1: different obstacles that are attempting to derail you on your

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Speaker 1: path to financial freedom, uh, and then specifically what to

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Speaker 1: do about them. But Joel, you know, like going back

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Speaker 1: to the American Gladiators, I think one of the best

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Speaker 1: parts of the show were the gladiator's names, like like

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Speaker 1: Elektra or like Laser. Those are a couple that that

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Speaker 1: stand out in my mind. But similarly, it is important

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Speaker 1: to name and identify these financial obstacles as well, because

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Speaker 1: you know, if they're lurking in the shadows without you

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Speaker 1: even realizing that they're there, you're gonna get completely blindsided.

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Speaker 1: And that is what we're trying to avoid today. Yeah,

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Speaker 1: and I'm gonna guess Malibu was your favorite of the

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Speaker 1: Gladiator which I don't. I don't, which had like the

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Speaker 1: really long hair California guy, but still like super Bike,

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Speaker 1: you I do remember that they're all super they're all

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Speaker 1: totally ripped. YEA. Well, it turns out that we all

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Speaker 1: have varying degrees of control over the financial obstacles that

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Speaker 1: we face. So maybe let's let's start Matt with some

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Speaker 1: of the obstacles that are going to feel the most unexpected,

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Speaker 1: the most out of our hands. And so one of

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Speaker 1: those things that we're feeling acutely right now is rising prices. Right,

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Speaker 1: and no matter how much we complain, none of us

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Speaker 1: are gonna be able to have an impact on something

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Speaker 1: like the cost of eggs. So part of that is

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Speaker 1: just general grocery inflationship and then part of its the

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Speaker 1: Avian flu going around, and so now eggs are a

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Speaker 1: lot more expensive than they were just twelve months ago,

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Speaker 1: and so but it's still a very affordable way to

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Speaker 1: get high mus a protein. To get that protein. Agree, Man,

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Speaker 1: we're talking a lot about physical films. It was tough

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Speaker 1: to get. Like the other day, getting a dozen eggs

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Speaker 1: for three bucks, I was like, man, this used to

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Speaker 1: be a dollar fifty nine. And so it's it's tough

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Speaker 1: to stomach that, but you're right when you think about

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Speaker 1: it logically, it's like it's yeah, yeah, exactly. Well, but

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Speaker 1: the reality of rapidly increasing costs basically everywhere return is

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Speaker 1: something that none of us could have expected just a

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Speaker 1: couple of years ago. It's it's been forty years where

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Speaker 1: we've had pretty stable inflation along the lines of two

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Speaker 1: percent a year. It's kind of been like clockwork, and

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Speaker 1: so we've we've we know that inflation is occurring, but

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Speaker 1: most of us don't feel it in any meaningful way,

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Speaker 1: and so we don't think about it. But you know,

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Speaker 1: that this experience can actually be helpful, I would say,

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Speaker 1: in making us realize that there are more possible unknowns

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Speaker 1: than we had previously considered. I mean, the pandemic is

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Speaker 1: is just a perfect example of that, Matt. When we

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Speaker 1: talk about obstacles that we have to overcome, some obstacles

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Speaker 1: we can predict. Other obstacles we can't. They're unknown, and

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Speaker 1: we still have to be prepared for unknown potential obstacles too.

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Speaker 1: That's right. And the lesson from these obstacles, these things

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Speaker 1: that are completely out of our control, is that being prepared,

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Speaker 1: even for things that we can't fully imagine like that,

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Speaker 1: that is still an important thing to do. And specifically

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Speaker 1: this means saving and spending our money so that we

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Speaker 1: have some financial margin. This is going to be incredibly important.

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Speaker 1: And so if you're spending every single dollar that you

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Speaker 1: make and you're living paycheck to paycheck, then the financial

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Speaker 1: impacts of something like inflation right of rising prices, it's

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Speaker 1: going to have a much more severe impact on your

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Speaker 1: life than someone who's only you know, spending like half

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Speaker 1: of their paycheck. If you're you're spending less than you make,

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Speaker 1: then it shouldn't take long for you to have a

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Speaker 1: degree of margin within your life, because man, if you

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Speaker 1: are living on the edge, if you do not have

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Speaker 1: any of that margin. Uh, as expenses continue to get

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Speaker 1: more expensive, well, where does that put you? Right? Like

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Speaker 1: that put you on the on this precipice of falling

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Speaker 1: into this abyss where you might even be reliant on

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Speaker 1: credit cards, right on debt in order for you to

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Speaker 1: just maintain the standard of living. It was maybe feasible

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Speaker 1: for you to do that yesterday, but today, with prices

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Speaker 1: being where they are, it's a lot more difficult. Yeah, man,

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Speaker 1: I agree. I think margin is one of those important

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Speaker 1: words in personal finance. You want to have more of it,

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Speaker 1: even though you don't necessarily know the scenario that you're

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Speaker 1: preparing for. Having more margin allows you to pivot in

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Speaker 1: the moment, even when something unexpected, because it's the best practice. Yes,

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Speaker 1: I would say, yes, it is. And shifting from like

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Speaker 1: the macro to the micro because inflation is this macro

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Speaker 1: thing that affects all of us. Well, let's kind of

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Speaker 1: talk a little more personal finances because you know, unexpected

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Speaker 1: expenses that we experience in day to day life are

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Speaker 1: obstacles that can mess us up in a big way.

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Speaker 1: So this is not something that's affecting every single one

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Speaker 1: of us in a very similar way. This is what

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Speaker 1: if the you you suddenly find that some of the

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Speaker 1: pipes are leaking in your house, or that your crawl

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Speaker 1: space is taking on water. You know, those are tough

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Speaker 1: obstacles that cost real money to remedy. Man I was

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Speaker 1: actually doing some research for an upcoming interview, and she

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Speaker 1: was talking about some some housing issues she had had

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Speaker 1: on whatever YouTube videos and how she it cost her

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Speaker 1: some real money to to prevent some of those water

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Speaker 1: issues from from messing up her her investment property. And

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Speaker 1: so basically like, if you turn a blind eye to

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Speaker 1: these issues, you're gonna find yourself in a worse situation. Right,

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Speaker 1: if you don't put in the French train, uh and

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Speaker 1: you flood the basements, you find yourself in a worse

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Speaker 1: situation tsking you even more money, or even something like

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Speaker 1: car issues, right, even though you're you're probably not assuming

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Speaker 1: that your transportation is gonna bite the dust tomorrow, being

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Speaker 1: prepared is still important. I had a Subaru back in

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Speaker 1: the day. Suber is a great cars, but for some reason,

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Speaker 1: my engine just crapped out on the freeway and it

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Speaker 1: was one of those things where it was a really

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Speaker 1: really expensive fix. I wasn't planning on that, Like, it

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Speaker 1: wasn't something where I was like, cool, I think this

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Speaker 1: could happen sometime in the next six months, but it

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Speaker 1: was still something I was financially prepared for, even though

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Speaker 1: it hurts, like the dickens to pay for that fix. Yeah.

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Speaker 1: Medical debt is another example of one of these you know,

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Speaker 1: some of these stumbling blocks that people don't plan for.

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Speaker 1: But it can be debilitating on multiple fronts, right Like,

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Speaker 1: not only can medical expenses cost you a ton of money,

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Speaker 1: but there's a chance that something has happened that might

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Speaker 1: keep you from being able to work, which would keep

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Speaker 1: you potentially from earning an income, right Like, it hits

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Speaker 1: you on the way in and on the way out.

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Speaker 1: This is one of those problems that exists across our

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Speaker 1: society that we need to find and a better way

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Speaker 1: of addressing. But there are some ways of preventing possible

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Speaker 1: medical issues. Specifically, there are personal physical steps that we

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Speaker 1: can take, like not smoking, eating well, actually exercising from

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Speaker 1: time to time. Maybe not the jiu jitsure though, yeah,

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Speaker 1: which causes uh increased medical medical bils, but there are

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Speaker 1: other ways to push back against medical debts that is

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Speaker 1: egregious as well. We talked about that in episode for

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Speaker 1: nine with Marshall Allen. But aside from some of the

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Speaker 1: I guess financial steps that you can take to keep

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Speaker 1: medical debt from becoming this obstacle that's going to take

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Speaker 1: you out, there are some of these smaller additional ones

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Speaker 1: as well. And the reason we highlight medical debt because

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Speaker 1: with it being the number one reason for personal bankruptcy,

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Speaker 1: it is something that you should be thinking about. Yeah,

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Speaker 1: and we often don't think about those little steps that

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Speaker 1: we can take ahead of time, but those are crucial, right,

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Speaker 1: So if you want to avoid health problems, like just

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Speaker 1: going for a walk around your neighborhood four or five

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Speaker 1: days a week for twenty minutes is gonna be like

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Speaker 1: this preventative health step that's going to have a positive

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Speaker 1: tacon on your body and on your ability to withstand

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Speaker 1: future hurdles that life throws at you from a physical stance.

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Speaker 1: But but so often we discount those things and we

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Speaker 1: don't think of them as important even though they are.

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Speaker 1: And you know, it makes me think about this, uh,

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Speaker 1: this Mike Tyson quote Matt that I think I think

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Speaker 1: this was something he said. He basically said, everybody has

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Speaker 1: a plan until they get punched in the mouth. So

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Speaker 1: he's talking about his opponents typically who got rocked pretty

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Speaker 1: hard because they're like, oh, this is all I'm gonna

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Speaker 1: beat Mike, and then they get punched in the face

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Speaker 1: one time and they're planning shifts dramatically, um typically into

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Speaker 1: survival mode. But so even though you don't know which

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Speaker 1: setback you're gonna face, whether you're gonna face we're gonna

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Speaker 1: face something on a macro level, or you're gonna face

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Speaker 1: some sort of micro economic catastrophe in your life, planning

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Speaker 1: head is so important, and building up that emergency fund

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Speaker 1: is really what we're talking about here. It's gonna give

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Speaker 1: you the ability to endure those setbacks without completely derailing

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Speaker 1: your progress and crumbling your goals in the process, because

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Speaker 1: you've got cash to back you up. When those problems

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Speaker 1: do arise, like and they're gonna happen for all of us, right,

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Speaker 1: you can't prevent them from happening, but you can minimize

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Speaker 1: their impact on your psyche and on your finances, and

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Speaker 1: that is so important. So partly what we're talking about

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Speaker 1: here is is having that base emergency fund set up. Matt,

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Speaker 1: we you and I we've always given the number two thousand,

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Speaker 1: four hundred and sixties seven dollars as being the base

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Speaker 1: amount to shoot for. If you don't have an emergency

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Speaker 1: fund in place yet, or you have less than that,

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Speaker 1: that's the number you want to hit because that's going

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Speaker 1: to allow you to to overcome a lot of those

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Speaker 1: financial obstacles that your mind the counter without going broke

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Speaker 1: or without taking on debt, and then you know the

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Speaker 1: next goal is to have somewhere between three and six

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Speaker 1: months of expenses saved up. Once you get to a

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Speaker 1: place like that, those obstacles they feel a lot smaller,

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Speaker 1: They don't feel like as big of a deal because

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Speaker 1: in your bank account, you've got enough money to be

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Speaker 1: able to handle that, and then you can work to

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Speaker 1: replenish that you're not just immediately screwed when something unexpected occurs.

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Speaker 1: That's right, And I think it's good too that we

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Speaker 1: started with margin, right, How how we talked about how

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Speaker 1: that's the solution oftentimes, uh, and then we moved on

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Speaker 1: to an emergency fund, because in order to create an

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Speaker 1: emergency fund, you need to have margin within your life

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Speaker 1: when you have some small amounts of margin like that

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Speaker 1: will allow you to overcome something like inflation, that that

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Speaker 1: allows you to overcome small price increases. But what we're

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Speaker 1: talking about with an emergency fund is the ability to

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Speaker 1: overcome some of these larger hurdles, some of these bigger

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Speaker 1: expenses that are going to crop up in our lives

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Speaker 1: that do have the potential to to derail us. And

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Speaker 1: so it's important, uh, not only to have margin, but

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Speaker 1: then to beyond that, be working towards having, like you said,

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Speaker 1: ultimately three to six months worth of living expenses in

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Speaker 1: the bank. But you we actually are going to get

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Speaker 1: to several other obstacles that get in our way when

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Speaker 1: it comes to handling our money. Well ways for us

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Speaker 1: to beat down those obstacles, and in particular, we're gonna

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Speaker 1: get to a couple that are within the realm of

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Speaker 1: our social lives. And so we will get to those

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Speaker 1: plus others right after this. Alright, let's keep let's keep going.

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Speaker 1: Let's keep talking about money obstacles and and how our

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Speaker 1: listeners can beat them down in order to continue making

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Speaker 1: financial progress. And some of these goes again with this

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Speaker 1: violent rhetoric, punch it in the face. You know, like, uh, yeah,

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Speaker 1: you have thinking of those of the pants, those of

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Speaker 1: the clown things that I had when I was a kid,

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Speaker 1: and you you could punch it and it would pop back up,

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Speaker 1: and oh yeah, I love those things. I think about

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Speaker 1: your money obstacles kind of like that. Well, And and

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Speaker 1: some of our listeners, you know, they're gonna face We're

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Speaker 1: gonna face mac or we're gonna face micro challenges. We're

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Speaker 1: gonna face like the our own particular set of obstacles.

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Speaker 1: So it's not gonna be one size fits all necessarily,

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Speaker 1: and we're gonna talk about internal and external obstacles which

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Speaker 1: all have just kind of different impacts and they need

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Speaker 1: different reactions from us. But but some of our listeners

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Speaker 1: might be saying, you know what my obstacle is, I

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Speaker 1: don't make enough money. And that's a real obstacle to that.

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Speaker 1: Some people face a lack of income, which is reality

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Speaker 1: for a decent chunk of folks. And the reality is

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Speaker 1: we're just talking about rising prices that you know, it's

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Speaker 1: gotten harder to put it on the table and to

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Speaker 1: pay rent, especially as both of those items in particular

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Speaker 1: have become more expensive. Inflation is eating into the real

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Speaker 1: wages of lots of people too, making it feel like

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Speaker 1: they're they're earning less than they used to. Even if

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Speaker 1: their paycheck's got up a little, it's like, yeah, but

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Speaker 1: it doesn't go as far on the things that I'm buying.

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Speaker 1: And and even if that person are that listener recently

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Speaker 1: got a raise. And it is true that making more

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Speaker 1: money isn't going to solve all of your financial problems.

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Speaker 1: But and there there are way too many folks living

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Speaker 1: paycheck to paycheck who makes six figures, but finding ways

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Speaker 1: to make more would help a lot of people. And

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Speaker 1: and that's that's an important solution to this personal finance

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Speaker 1: opticle on this right. But that being said, it is

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Speaker 1: easier said than done. Some folks who are employed and

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Speaker 1: in a high demand field, like it could just entail

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Speaker 1: negotiating effectively, you know, with your current employer, or maybe

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Speaker 1: applying for jobs with other businesses in the industry that

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Speaker 1: that are going to pay you a little bit more.

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Speaker 1: But for others, it's gonna mean maybe doing something that's

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Speaker 1: gonna rec are a little more work, like starting a business,

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Speaker 1: like a business on the side, or acquiring some some

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Speaker 1: new skills in order to increase their earnings. And by

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Speaker 1: the way, going to college paying lots and lots of

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Speaker 1: money in order to acquire those skills is not necessary. Yeah,

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Speaker 1: I mean it might be the best route for some folks,

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Speaker 1: but it's it's not some sort of slam dunk. Oh

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Speaker 1: if I go do this, it's gonna quickly mean I'm

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Speaker 1: gonna earn a lot more money. It's just not that

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Speaker 1: simple exactly. Yeah, And so you know, we we say

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Speaker 1: all this because like, not earning enough, it can be

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Speaker 1: a significant hurdle, but there is definitely a way to

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Speaker 1: lower maybe the height of that hurdle through some savvy

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Speaker 1: personal action where you are focusing on maybe one of

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Speaker 1: the largest obstacles within your personal financeance, which might be

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Speaker 1: uh an income that could be a bit bigger. Yeah,

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Speaker 1: and mat another another obstacle that people face is spending

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Speaker 1: too much money, and that just a lot of people

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Speaker 1: just can't control their spending. They find it massively difficult,

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Speaker 1: and the biggest culprits are often your largest recurring expenses.

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Speaker 1: Maybe you bought a house and the monthly payment is

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Speaker 1: just outside to your comfort zone. Well, that means you're

428
00:20:02,080 --> 00:20:05,639
Speaker 1: gonna be constantly stressed about where your other dollars are

429
00:20:05,640 --> 00:20:08,080
Speaker 1: going because you've got this fixed payment and it's too much.

430
00:20:08,320 --> 00:20:10,719
Speaker 1: And so now you're fretting about every single other purchase

431
00:20:11,000 --> 00:20:13,960
Speaker 1: because you don't have enough discretion your income to pay

432
00:20:14,000 --> 00:20:16,040
Speaker 1: for all the things that you that you want or need.

433
00:20:16,400 --> 00:20:18,919
Speaker 1: And lord, let's say you bought a nicer car than

434
00:20:18,960 --> 00:20:21,199
Speaker 1: you really should have bought, but you spread those payments

435
00:20:21,200 --> 00:20:23,400
Speaker 1: out over extra years, taking out that seven or eight

436
00:20:23,440 --> 00:20:26,119
Speaker 1: year car loan that we hate. That is also going

437
00:20:26,119 --> 00:20:28,679
Speaker 1: to impact your ability to reach other financial goals in

438
00:20:28,680 --> 00:20:31,360
Speaker 1: your life. And so, yeah, one of our suggestions would

439
00:20:31,400 --> 00:20:34,760
Speaker 1: be if you spend far less on the items that

440
00:20:34,920 --> 00:20:38,480
Speaker 1: are most impactful to your budget, on the biggest line items, well,

441
00:20:38,520 --> 00:20:40,159
Speaker 1: the great thing is you won't need to sweat the

442
00:20:40,200 --> 00:20:42,399
Speaker 1: small stuff and nearly as much. You're gonna be less stressed.

443
00:20:42,440 --> 00:20:45,440
Speaker 1: You might not live in as awesome of an apartment

444
00:20:45,680 --> 00:20:48,399
Speaker 1: or a house, or your car might be, you have

445
00:20:48,440 --> 00:20:50,800
Speaker 1: a few more things and dents, but the reality is

446
00:20:50,800 --> 00:20:53,000
Speaker 1: it's going to make you far less stressed out about

447
00:20:53,040 --> 00:20:55,879
Speaker 1: all those other purchases you make in a month. And uh,

448
00:20:55,960 --> 00:20:57,720
Speaker 1: there's a lot to be said for that. Yeah, well,

449
00:20:57,800 --> 00:21:00,520
Speaker 1: even if your housing costs are lesson say five percent

450
00:21:00,560 --> 00:21:04,280
Speaker 1: of your monthly income. Like, folks can find themselves spending

451
00:21:04,400 --> 00:21:08,480
Speaker 1: in more frivolous ways, right, which might mean maybe you've

452
00:21:08,480 --> 00:21:11,000
Speaker 1: gotten too cozy with credit cards or you know with that,

453
00:21:11,320 --> 00:21:14,080
Speaker 1: maybe you're using the buy now, pay later services because

454
00:21:14,119 --> 00:21:16,320
Speaker 1: they make it easier to get more of the stuff

455
00:21:16,359 --> 00:21:19,680
Speaker 1: you want quickly, where you don't even realize how that's

456
00:21:19,720 --> 00:21:23,880
Speaker 1: impacting your long term personal finances. The Internet, online retailers,

457
00:21:23,920 --> 00:21:26,239
Speaker 1: social media even have made it so easy for us

458
00:21:26,280 --> 00:21:30,760
Speaker 1: to become consumption machines. I swear every other post now

459
00:21:30,880 --> 00:21:32,760
Speaker 1: on Instagram, like when you're flipping through your stories, that's

460
00:21:32,800 --> 00:21:34,439
Speaker 1: where I feel like I've noticed it the most. Is

461
00:21:34,480 --> 00:21:37,919
Speaker 1: an ad and they are showing me something that I

462
00:21:37,920 --> 00:21:41,639
Speaker 1: could buy, something that is perfectly curated for something that

463
00:21:41,680 --> 00:21:44,239
Speaker 1: I would like. The mat they know me well, they

464
00:21:44,240 --> 00:21:45,680
Speaker 1: don't want They just want you to buy stuff. It's

465
00:21:45,680 --> 00:21:47,080
Speaker 1: gonna make you happy. And I'm like, well, let me

466
00:21:47,119 --> 00:21:48,560
Speaker 1: just go and click through and see what they see

467
00:21:48,600 --> 00:21:50,000
Speaker 1: what they've got going on, like what kind of sale

468
00:21:50,160 --> 00:21:53,119
Speaker 1: do they have going on? And obviously that just feeds

469
00:21:53,840 --> 00:21:55,560
Speaker 1: feeds the beast, feeds the beast. Yeah, it gives them

470
00:21:55,560 --> 00:21:57,800
Speaker 1: even more information. They're like, oh, he liked that, may

471
00:21:57,880 --> 00:22:00,320
Speaker 1: not have made a purchase. But now we've got our

472
00:22:00,400 --> 00:22:03,000
Speaker 1: we've got our hooks even deeper. They will, they will

473
00:22:03,040 --> 00:22:06,040
Speaker 1: jud it to you into sumission. I'm gonna yeah, hopefully

474
00:22:06,080 --> 00:22:07,919
Speaker 1: not have to tap out. But so okay. How do

475
00:22:07,920 --> 00:22:11,040
Speaker 1: you deal with this obstacle though? And one way is

476
00:22:11,080 --> 00:22:13,680
Speaker 1: by budgeting or if you don't like to be word,

477
00:22:13,680 --> 00:22:16,000
Speaker 1: at the very least, it means tracking where your money

478
00:22:16,240 --> 00:22:19,840
Speaker 1: is going. We would suggest using software like wine app.

479
00:22:19,960 --> 00:22:21,840
Speaker 1: You need a budget is what that stands for. And

480
00:22:21,880 --> 00:22:24,080
Speaker 1: you might hear us say that and think, wait a minute,

481
00:22:24,119 --> 00:22:26,439
Speaker 1: doesn't wine app cost money? Yes, it does. It does

482
00:22:26,520 --> 00:22:28,679
Speaker 1: cost money. But if if it takes you spending like

483
00:22:28,720 --> 00:22:30,920
Speaker 1: a small amount of money every single month in order

484
00:22:30,960 --> 00:22:33,040
Speaker 1: to save a ton of money, well guess what the

485
00:22:33,680 --> 00:22:35,199
Speaker 1: net result is going to be. It's gonna be you

486
00:22:35,240 --> 00:22:37,879
Speaker 1: coming out ahead. Or maybe that's you might need to

487
00:22:37,960 --> 00:22:39,720
Speaker 1: join a gym in order to get fit. Yes you

488
00:22:39,800 --> 00:22:41,800
Speaker 1: might not. You don't need to, that's for sure, But

489
00:22:41,800 --> 00:22:43,359
Speaker 1: if that's what it takes, that's what it takes. If

490
00:22:43,400 --> 00:22:46,040
Speaker 1: that's what is going to cause you to actually work out.

491
00:22:46,080 --> 00:22:48,480
Speaker 1: By going with a friend to a gym, the cost

492
00:22:48,560 --> 00:22:51,520
Speaker 1: bucks a month it's like cool, Yeah, it's it's worth

493
00:22:51,520 --> 00:22:53,119
Speaker 1: the money if you're gonna be a whole lot healthier

494
00:22:53,119 --> 00:22:55,760
Speaker 1: because of it, exactly. Or maybe you just need some

495
00:22:55,760 --> 00:22:58,359
Speaker 1: guidance and something as simple as just searching for a

496
00:22:58,400 --> 00:23:01,280
Speaker 1: budget within Google sheets or something that you can download

497
00:23:01,800 --> 00:23:04,679
Speaker 1: a personal budget within Excel. Uh, that might be the

498
00:23:04,680 --> 00:23:06,680
Speaker 1: path for you to take. But bottom line, if you

499
00:23:06,680 --> 00:23:08,840
Speaker 1: don't know where your money is going, then you know

500
00:23:08,920 --> 00:23:10,679
Speaker 1: you're not going to be able to make progress with

501
00:23:10,680 --> 00:23:13,040
Speaker 1: your money. Uh. And we're talking about kind of some

502
00:23:13,119 --> 00:23:15,560
Speaker 1: of these steps that you can take to alleviate some

503
00:23:15,640 --> 00:23:17,920
Speaker 1: of those frivolous spending, some of those small purchases every

504
00:23:17,920 --> 00:23:20,400
Speaker 1: single month, but like you're talking about some of these

505
00:23:20,600 --> 00:23:23,360
Speaker 1: big ticket items, right, like these recurring large expenses every

506
00:23:23,400 --> 00:23:26,639
Speaker 1: single month. And it's worth pointing out that we're not

507
00:23:26,720 --> 00:23:30,400
Speaker 1: afraid to consider making some drastic cuts in our lives. Right.

508
00:23:30,480 --> 00:23:32,560
Speaker 1: And so if you are in a house that's no

509
00:23:32,600 --> 00:23:34,760
Speaker 1: longer bringing you value, maybe like maybe you've got this

510
00:23:34,800 --> 00:23:37,560
Speaker 1: fancy place and it's not bringing you joy, it's not

511
00:23:37,640 --> 00:23:40,360
Speaker 1: fulfilling you in the way that you thought. I mean,

512
00:23:40,680 --> 00:23:42,800
Speaker 1: there's a lot of things to consider here, but I

513
00:23:42,840 --> 00:23:46,000
Speaker 1: am not beyond you sailing that home. It's it would

514
00:23:46,040 --> 00:23:48,480
Speaker 1: be a lot easier if you're renting and saying, okay,

515
00:23:48,520 --> 00:23:50,199
Speaker 1: maybe the next place we rent will just be a

516
00:23:50,200 --> 00:23:54,000
Speaker 1: lot more affordable. Obviously much easier to to sell a

517
00:23:54,080 --> 00:23:56,560
Speaker 1: vehicle than a home because there's so many costs associated

518
00:23:56,600 --> 00:23:59,359
Speaker 1: with with selling a home. But I mentioned that because

519
00:23:59,400 --> 00:24:01,720
Speaker 1: I think pretty much all expenses should be on the

520
00:24:01,720 --> 00:24:04,320
Speaker 1: table when it comes to us achieving our financial goals.

521
00:24:04,640 --> 00:24:07,320
Speaker 1: And if that home is no longer kind of helping

522
00:24:07,320 --> 00:24:09,440
Speaker 1: you get in the direction you want to go, it

523
00:24:09,800 --> 00:24:11,359
Speaker 1: might be time to scrap it and go and pivot

524
00:24:11,520 --> 00:24:14,480
Speaker 1: right into a different direction. Well, and that you mentioned budgeting,

525
00:24:14,480 --> 00:24:17,800
Speaker 1: and you mentioned wine app and Google sheets, and you

526
00:24:17,800 --> 00:24:22,200
Speaker 1: actually have maybe your budget public for how the money listeners,

527
00:24:22,240 --> 00:24:24,440
Speaker 1: not not all of your details, but you you've you've

528
00:24:24,480 --> 00:24:27,280
Speaker 1: basically your template. They can download it and we'll link

529
00:24:27,320 --> 00:24:28,720
Speaker 1: to that in the show notes for this episode, and

530
00:24:28,760 --> 00:24:30,280
Speaker 1: we will do that because I know a lot of

531
00:24:30,280 --> 00:24:33,040
Speaker 1: people like it's helpful to have a place to get started,

532
00:24:33,320 --> 00:24:35,680
Speaker 1: and I feel like your budget template is is you

533
00:24:35,720 --> 00:24:37,720
Speaker 1: can help a lot of people. Fair warning, I overthink

534
00:24:37,720 --> 00:24:40,560
Speaker 1: everything and so it might be more detailed than a

535
00:24:40,560 --> 00:24:42,439
Speaker 1: lot of folks out there might be needing you might

536
00:24:42,440 --> 00:24:44,320
Speaker 1: want to take. For all the nerds out there, modify

537
00:24:44,320 --> 00:24:46,639
Speaker 1: and simplify. Yeah, for all the nerds out there, you

538
00:24:47,080 --> 00:24:49,600
Speaker 1: might be thinking, oh, this is exactly what I need. Yeah. Well,

539
00:24:49,640 --> 00:24:53,280
Speaker 1: and let's talk about another obstacle to making good financial decisions,

540
00:24:53,320 --> 00:24:56,200
Speaker 1: and that can be your friends. That's right. Cut them

541
00:24:56,200 --> 00:24:59,040
Speaker 1: all out of your life because they're ruining your ability

542
00:24:59,080 --> 00:25:01,560
Speaker 1: to make financial progress. Friends are just too expensive, that's right.

543
00:25:01,640 --> 00:25:03,560
Speaker 1: So Matt, this is uh where we break up the

544
00:25:03,640 --> 00:25:06,680
Speaker 1: zory part ways my friends, Um, just kidding and and

545
00:25:06,480 --> 00:25:09,080
Speaker 1: and that's certainly not true, right that that you need

546
00:25:09,160 --> 00:25:12,240
Speaker 1: to lose most of your friends. But the reality is

547
00:25:12,280 --> 00:25:14,720
Speaker 1: that people you spend the most time with, they're going

548
00:25:14,760 --> 00:25:18,320
Speaker 1: to have an inordinate influence on who you're becoming, both

549
00:25:18,320 --> 00:25:20,960
Speaker 1: for good and for bad. And uh, what are the

550
00:25:20,960 --> 00:25:23,719
Speaker 1: author Jim Rone? He says that you become the average

551
00:25:23,720 --> 00:25:26,040
Speaker 1: of the five folks you spend the most time with.

552
00:25:26,080 --> 00:25:27,520
Speaker 1: This right, or if you want to go even more

553
00:25:27,520 --> 00:25:30,120
Speaker 1: old school, Matt, the Bible. The Bible puts in another way,

554
00:25:30,320 --> 00:25:33,439
Speaker 1: bad company corrupts good character. And so you know, as

555
00:25:33,480 --> 00:25:35,119
Speaker 1: best friends, you and I, we can attest to the

556
00:25:35,160 --> 00:25:38,520
Speaker 1: reality that we we've both had significant impacts on each other.

557
00:25:39,119 --> 00:25:42,320
Speaker 1: I think mostly for good, I hope. Okay, I'm sure

558
00:25:42,359 --> 00:25:45,439
Speaker 1: there's some negative parts of it, but again, what's the

559
00:25:45,480 --> 00:25:49,520
Speaker 1: net results? Net results, mostly possible, way way way positive. Yeah,

560
00:25:49,560 --> 00:25:51,560
Speaker 1: but the the other people that we choose to spend

561
00:25:51,560 --> 00:25:55,800
Speaker 1: time with and do life with are majorly impactful to

562
00:25:55,840 --> 00:25:59,679
Speaker 1: who we're becoming as well. The more thoughtful, intentional, and

563
00:26:00,000 --> 00:26:02,560
Speaker 1: google our friends are, the more likely we're going to

564
00:26:02,640 --> 00:26:06,080
Speaker 1: take on those characteristics ourselves. So yeah, but the people

565
00:26:06,119 --> 00:26:08,600
Speaker 1: that you spend the most time with, are they do

566
00:26:08,680 --> 00:26:11,000
Speaker 1: they have the most characters? Are they? Are they the

567
00:26:11,080 --> 00:26:13,200
Speaker 1: kind of people you want to become? I think those

568
00:26:13,200 --> 00:26:15,680
Speaker 1: are good questions to ask, because I don't want to

569
00:26:15,680 --> 00:26:17,800
Speaker 1: make it it sounds like it's all your friends fault

570
00:26:17,840 --> 00:26:20,000
Speaker 1: and and they're ruining your finances. I don't think that's

571
00:26:20,040 --> 00:26:22,679
Speaker 1: the case. But again, who you're surrounding yourself with is

572
00:26:22,840 --> 00:26:24,960
Speaker 1: indicative of who you're going to become, and so that

573
00:26:25,080 --> 00:26:27,320
Speaker 1: is an important thing to be thinking about. That's right. Yeah,

574
00:26:27,320 --> 00:26:28,840
Speaker 1: it actually makes me think of the fact that we mean,

575
00:26:28,880 --> 00:26:31,439
Speaker 1: with us having moved recently, what that means is that

576
00:26:31,440 --> 00:26:33,199
Speaker 1: we're getting to meet a lot of new folks were

577
00:26:33,240 --> 00:26:39,600
Speaker 1: meeting new neighbors, making new friends, which is like positive, right, Um, However,

578
00:26:40,000 --> 00:26:41,719
Speaker 1: it also means that we are meeting folks who may

579
00:26:41,720 --> 00:26:44,280
Speaker 1: not necessarily share the same goals as us, right, and

580
00:26:44,359 --> 00:26:46,640
Speaker 1: so in our old neighborhood, in our old life, and

581
00:26:46,720 --> 00:26:49,280
Speaker 1: certainly we interacted with folks who we don't necessarily see

582
00:26:49,320 --> 00:26:51,840
Speaker 1: eye to eye with on everything. But it is really

583
00:26:51,840 --> 00:26:54,679
Speaker 1: interesting meeting new folks and realizing based on what they're

584
00:26:54,680 --> 00:26:56,880
Speaker 1: talking about, based on how does they spend their time,

585
00:26:57,520 --> 00:26:59,560
Speaker 1: based on what they're spending their money on that Oh,

586
00:26:59,600 --> 00:27:02,080
Speaker 1: I don't think we necessarily share the share the same

587
00:27:02,119 --> 00:27:04,439
Speaker 1: share the same goals. And again that doesn't mean that

588
00:27:04,440 --> 00:27:06,280
Speaker 1: we can't be friends and we can't say hey, be

589
00:27:06,320 --> 00:27:08,760
Speaker 1: friendly and all those types of things, but it does

590
00:27:08,840 --> 00:27:11,280
Speaker 1: mean I think that there is a level of intentionality

591
00:27:11,400 --> 00:27:15,439
Speaker 1: that comes with making these relationships. It's important to be

592
00:27:15,520 --> 00:27:17,919
Speaker 1: aware of the influence that other people can can have

593
00:27:18,040 --> 00:27:20,000
Speaker 1: on you. Uh, and you know, I think this is

594
00:27:20,040 --> 00:27:23,040
Speaker 1: why my community, specifically, why that's such an important part

595
00:27:23,240 --> 00:27:26,120
Speaker 1: of the how the money philosophy. They always say that

596
00:27:26,320 --> 00:27:28,520
Speaker 1: it takes a friend to make a friend, right, and

597
00:27:28,520 --> 00:27:31,119
Speaker 1: so the impetus is going to be on us to

598
00:27:31,200 --> 00:27:33,720
Speaker 1: find these folks and to get the ball rolling. And

599
00:27:33,760 --> 00:27:36,760
Speaker 1: we've found specifically that that churches and schools there are

600
00:27:36,800 --> 00:27:40,960
Speaker 1: places that are ripe for cross cultural friendships. Um. Actually

601
00:27:40,960 --> 00:27:42,800
Speaker 1: backing us up, there's a new study recently that was

602
00:27:42,800 --> 00:27:46,520
Speaker 1: published in uh Nature that found that the key for

603
00:27:46,560 --> 00:27:48,959
Speaker 1: folks who grew up with very little money that they

604
00:27:48,960 --> 00:27:50,720
Speaker 1: were able to move up the income scale because of

605
00:27:50,720 --> 00:27:53,560
Speaker 1: the friendships that they developed future incomes I think shut

606
00:27:53,600 --> 00:27:57,600
Speaker 1: up by something for lower income kids who spent significant

607
00:27:57,600 --> 00:28:01,199
Speaker 1: amounts of time with wealthier kids. And so, you know,

608
00:28:01,640 --> 00:28:03,320
Speaker 1: like we're not saying that you should only hang out

609
00:28:03,320 --> 00:28:06,240
Speaker 1: with like elite wealthy folks. I'm not slinding into elon

610
00:28:06,320 --> 00:28:09,400
Speaker 1: musty m right now. I'm not keen on like schmoozing

611
00:28:09,400 --> 00:28:11,320
Speaker 1: and hanging out with like the private jet crowd. But

612
00:28:11,400 --> 00:28:13,640
Speaker 1: your friends can be an obstacle to who you want

613
00:28:13,680 --> 00:28:15,520
Speaker 1: to become. So this is a reminder that you can

614
00:28:15,560 --> 00:28:19,320
Speaker 1: be intentional about who you are letting influence you without

615
00:28:19,320 --> 00:28:21,800
Speaker 1: cutting friends you know who don't share the same goals

616
00:28:21,800 --> 00:28:24,679
Speaker 1: completely out of your life. Yeah, we definitely don't want

617
00:28:24,680 --> 00:28:27,720
Speaker 1: to sound like a heartless jerk who's like eradicate those

618
00:28:27,720 --> 00:28:30,080
Speaker 1: fools who you've been friends with since high school because

619
00:28:30,280 --> 00:28:32,440
Speaker 1: they're they're holding you back from reaching your financial goals.

620
00:28:32,480 --> 00:28:34,640
Speaker 1: Sounds like you share different goals now, yeah, and it's

621
00:28:34,640 --> 00:28:37,280
Speaker 1: easy you could potentially use what we just said and

622
00:28:37,680 --> 00:28:40,520
Speaker 1: make your friends into a scapegoat and say like sorry

623
00:28:40,680 --> 00:28:43,400
Speaker 1: Billy or sorry Jenny, um, it's your fault while I'm

624
00:28:43,400 --> 00:28:47,280
Speaker 1: not making more progress of my money. And the reality

625
00:28:47,360 --> 00:28:49,520
Speaker 1: is there's more onus on you than on your friends.

626
00:28:49,800 --> 00:28:53,240
Speaker 1: But there's also a truth to the fact that that

627
00:28:53,320 --> 00:28:55,200
Speaker 1: the people you you spend the most time around are

628
00:28:55,240 --> 00:28:57,840
Speaker 1: going to influence you, oftentimes even in subtle ways. And

629
00:28:57,840 --> 00:29:01,480
Speaker 1: so it's important to think about that not too completely

630
00:29:01,520 --> 00:29:03,760
Speaker 1: get rid of important friendships that you've had for a

631
00:29:03,800 --> 00:29:05,760
Speaker 1: long time just because they don't think about money the

632
00:29:05,800 --> 00:29:08,360
Speaker 1: same way, but to be more intentional about the positive

633
00:29:08,400 --> 00:29:10,640
Speaker 1: side of that. The friendships you can develop, they're gonna

634
00:29:10,680 --> 00:29:12,680
Speaker 1: push you in the right direction. And it also doesn't

635
00:29:12,680 --> 00:29:14,600
Speaker 1: mean that you have to be completely pragmatic about all

636
00:29:14,600 --> 00:29:17,160
Speaker 1: of your relationship right like like in particular, like the

637
00:29:17,160 --> 00:29:18,720
Speaker 1: stage of life that we're in when we're meeting a

638
00:29:18,760 --> 00:29:20,280
Speaker 1: lot of folks sometimes like we're gonna hang out with

639
00:29:20,320 --> 00:29:22,760
Speaker 1: them just because we like them. And I think that's

640
00:29:23,160 --> 00:29:25,959
Speaker 1: core to a friendship, right, Like there's something that you

641
00:29:26,000 --> 00:29:28,080
Speaker 1: see and that other person, there's like a spark there,

642
00:29:28,120 --> 00:29:31,520
Speaker 1: there's other shared common interests. But if you were to

643
00:29:31,520 --> 00:29:34,400
Speaker 1: go into every single relationship thinking is this person wealthier

644
00:29:34,400 --> 00:29:37,640
Speaker 1: than me? Like, that's just a cold hearted, like hard

645
00:29:37,680 --> 00:29:41,240
Speaker 1: nosed way to approach relationships that we are not recommending.

646
00:29:41,600 --> 00:29:44,680
Speaker 1: And it's not just bigger house, more more income, more

647
00:29:44,720 --> 00:29:47,120
Speaker 1: successful career like those are those are That's not what

648
00:29:47,120 --> 00:29:48,680
Speaker 1: we're talking about. You know, we're talking about some more

649
00:29:48,680 --> 00:29:51,240
Speaker 1: of those intangible things and and are your friends supporting

650
00:29:51,280 --> 00:29:53,760
Speaker 1: you in those ways? Are they influencing you in those

651
00:29:53,760 --> 00:29:55,880
Speaker 1: ways to help you become the kind of person you

652
00:29:55,960 --> 00:29:58,440
Speaker 1: want to be? Uh and Matt on that on that vein.

653
00:29:58,640 --> 00:30:01,600
Speaker 1: I know social media takes a b but it's another obstacle, right,

654
00:30:01,640 --> 00:30:05,160
Speaker 1: this stands always. You talked about how big tech and

655
00:30:05,320 --> 00:30:07,000
Speaker 1: UH and big business is trying to get you to

656
00:30:07,000 --> 00:30:10,520
Speaker 1: spend money on Instagram through all the ads that you're seeing. Well,

657
00:30:10,920 --> 00:30:12,959
Speaker 1: it's true, right that there's there's a reality of that.

658
00:30:13,360 --> 00:30:16,520
Speaker 1: Uh TikTok is ratching up the comparison game just with

659
00:30:16,760 --> 00:30:20,040
Speaker 1: as influencers are kind of taking over, and we're getting

660
00:30:20,080 --> 00:30:21,840
Speaker 1: more and more of our content that way as opposed

661
00:30:21,880 --> 00:30:26,640
Speaker 1: to traditional media. And uh. A new survey found by

662
00:30:26,640 --> 00:30:30,240
Speaker 1: bank rate found that social media makes half of gen

663
00:30:30,360 --> 00:30:33,520
Speaker 1: z ears feel bad about their finances. So people in

664
00:30:33,560 --> 00:30:36,000
Speaker 1: their twenties, almost half of them walk around feeling like

665
00:30:36,040 --> 00:30:38,720
Speaker 1: crap because of social media. And it turns out it

666
00:30:38,720 --> 00:30:41,320
Speaker 1: makes people feel bad more more than just about their finances,

667
00:30:41,320 --> 00:30:43,640
Speaker 1: makes them feel bad about their appearance or the hobbies

668
00:30:43,720 --> 00:30:46,200
Speaker 1: that they that they participate in, like disc golf not

669
00:30:46,240 --> 00:30:48,680
Speaker 1: so cool on TikTok, I don't think you know. And

670
00:30:48,720 --> 00:30:52,360
Speaker 1: so now there's there's there's definitely discolf influences golfers on

671
00:30:52,480 --> 00:30:55,240
Speaker 1: Instagram because I get fed them like crushing these like

672
00:30:55,320 --> 00:30:57,760
Speaker 1: massive drives, and I'm like, I don't even play discolf

673
00:30:57,800 --> 00:31:01,120
Speaker 1: that much, but maybe Instagram saying that I should. Well,

674
00:31:01,160 --> 00:31:04,280
Speaker 1: I think in that way, Instagram would be right. But uh,

675
00:31:04,320 --> 00:31:06,520
Speaker 1: but a lot of us are spending meaningful amounts of

676
00:31:06,520 --> 00:31:08,520
Speaker 1: time on these sites, and what they're doing is they're

677
00:31:08,560 --> 00:31:11,160
Speaker 1: dragging us down. They're making us feel bad. And it's

678
00:31:11,200 --> 00:31:13,200
Speaker 1: not like this drill sergeant kind of feel bad where

679
00:31:13,240 --> 00:31:15,040
Speaker 1: we end up taking immediate action right where we're like,

680
00:31:15,320 --> 00:31:16,920
Speaker 1: dang it, you're right, I will drop down and give

681
00:31:16,960 --> 00:31:20,040
Speaker 1: you fifty push ups. It usually induces more in action.

682
00:31:20,240 --> 00:31:23,520
Speaker 1: I would say, it's not this motivational kind of feel

683
00:31:23,520 --> 00:31:26,080
Speaker 1: bad exactly. And there's a difference between those two, right,

684
00:31:26,120 --> 00:31:29,800
Speaker 1: And we all know this right in our brains. We

685
00:31:29,800 --> 00:31:32,120
Speaker 1: we've seen some of these studies. A lot of us

686
00:31:32,160 --> 00:31:34,520
Speaker 1: watched the Social Dilemma back in the day on Netflix.

687
00:31:34,840 --> 00:31:38,959
Speaker 1: But social media media, it's it's truly creating unrealistic expectations

688
00:31:39,320 --> 00:31:41,360
Speaker 1: and so using it far less is going to put

689
00:31:41,360 --> 00:31:45,400
Speaker 1: some wind in your sales from an emotional and financial perspective. Yeah,

690
00:31:45,440 --> 00:31:47,120
Speaker 1: so if you actually think about it, like it's literally

691
00:31:47,120 --> 00:31:49,320
Speaker 1: in the name right, Like, so social media, you're being

692
00:31:49,320 --> 00:31:51,840
Speaker 1: fed what your friends are doing. So that's the social

693
00:31:51,840 --> 00:31:54,120
Speaker 1: side of things. Uh, And it's being force fed to

694
00:31:54,160 --> 00:31:55,760
Speaker 1: you like you're watching the news. And so I think

695
00:31:55,760 --> 00:31:59,280
Speaker 1: that's that has a large impact on how passive we

696
00:31:59,320 --> 00:32:01,040
Speaker 1: are as we can ume this. We're just sitting there.

697
00:32:01,280 --> 00:32:02,840
Speaker 1: It's being fed to us. We don't have to lift

698
00:32:03,560 --> 00:32:05,760
Speaker 1: literally without the hardly lift a finger. You just kind

699
00:32:05,760 --> 00:32:08,120
Speaker 1: of like swipe it on your screen or whatever. But

700
00:32:08,400 --> 00:32:10,440
Speaker 1: the reality is that much of what you see on

701
00:32:10,480 --> 00:32:13,480
Speaker 1: social media is just fake, which you know this is

702
00:32:13,520 --> 00:32:16,479
Speaker 1: no surprise to anybody out there, but like influences, what

703
00:32:16,200 --> 00:32:18,480
Speaker 1: are you talking about, Like they literally do crap like

704
00:32:18,560 --> 00:32:20,520
Speaker 1: running a seat like in a private jet just to

705
00:32:20,520 --> 00:32:22,200
Speaker 1: take a selfie to to make you think that their

706
00:32:22,400 --> 00:32:25,760
Speaker 1: jet setting somewhere somewhere cool. And even if it's not fake,

707
00:32:25,840 --> 00:32:28,400
Speaker 1: most of what you're ingesting is going to be unhealthy.

708
00:32:28,800 --> 00:32:30,560
Speaker 1: We we you know, we talk about the hot of

709
00:32:30,560 --> 00:32:33,120
Speaker 1: Money Facebook group a decent bit. We feel that it's

710
00:32:33,160 --> 00:32:36,280
Speaker 1: this bashtion of goodness and the like this medium that's

711
00:32:36,320 --> 00:32:39,000
Speaker 1: just fraught with peril. And so if you're gonna stay

712
00:32:39,040 --> 00:32:41,960
Speaker 1: on these sites like like Facebook, we'd recommend that you

713
00:32:42,000 --> 00:32:45,160
Speaker 1: take some steps to lessen their impact. The Joel you

714
00:32:45,240 --> 00:32:49,040
Speaker 1: always talk about the news feed eradicator plug in, Um,

715
00:32:49,080 --> 00:32:51,560
Speaker 1: how that's a game changer. But the ability that we

716
00:32:51,600 --> 00:32:53,800
Speaker 1: have to be able to skip some of the crappy

717
00:32:53,840 --> 00:32:55,920
Speaker 1: aspects of social media like the news feed and go

718
00:32:56,000 --> 00:32:58,600
Speaker 1: straight to specific groups where we are going to be

719
00:32:58,640 --> 00:33:01,440
Speaker 1: intentional with our time, or the ability to go straight

720
00:33:01,480 --> 00:33:03,440
Speaker 1: to the straight to marketplace because you're you're selling a

721
00:33:03,440 --> 00:33:06,000
Speaker 1: bunch of stuff. That is what we want to encourage

722
00:33:06,000 --> 00:33:08,600
Speaker 1: folks to do. Cal Newport talks about doing that in

723
00:33:08,640 --> 00:33:11,520
Speaker 1: his book Digital Minimalism, where we set up these rules

724
00:33:11,760 --> 00:33:14,520
Speaker 1: and how it is that we interact with social media. Uh.

725
00:33:14,560 --> 00:33:17,000
Speaker 1: He wants you to use social media like a professional,

726
00:33:17,280 --> 00:33:19,320
Speaker 1: like you're going in with a purpose, You're gonna do

727
00:33:19,400 --> 00:33:20,760
Speaker 1: the thing, and then you're gonna get out of there.

728
00:33:20,880 --> 00:33:24,680
Speaker 1: It can be a powerful tool for our good for

729
00:33:24,760 --> 00:33:28,280
Speaker 1: awesome things, for the sell yourself challenge, Like we're not luddites,

730
00:33:28,280 --> 00:33:30,200
Speaker 1: we're not trying to get you to step away from

731
00:33:30,200 --> 00:33:33,880
Speaker 1: all technology, but the technology is using you and that's

732
00:33:33,920 --> 00:33:35,240
Speaker 1: what we're trying. And you can also be like, but

733
00:33:35,240 --> 00:33:36,920
Speaker 1: I gotta do this sell your stuff challenge and if

734
00:33:36,920 --> 00:33:39,600
Speaker 1: I'm not on Facebook, then I can't help that, and

735
00:33:39,640 --> 00:33:41,160
Speaker 1: then I'm not we need to do that, And then

736
00:33:41,280 --> 00:33:43,360
Speaker 1: and then you could you could be like, well, yeah,

737
00:33:43,400 --> 00:33:45,120
Speaker 1: so I need to stay on social media for that reason.

738
00:33:45,320 --> 00:33:48,920
Speaker 1: But the reality is you're you're consuming more than you're

739
00:33:48,920 --> 00:33:51,640
Speaker 1: even getting rid of, Like you're you're spending more, you're

740
00:33:51,640 --> 00:33:54,120
Speaker 1: wasting more money and time. Then you are saving it

741
00:33:54,560 --> 00:33:57,320
Speaker 1: and you're using that as an excuse, and so we're

742
00:33:57,360 --> 00:33:59,280
Speaker 1: okay with you being on social media. I think it's

743
00:33:59,360 --> 00:34:00,920
Speaker 1: I think it's okay to be on there a little bit,

744
00:34:01,000 --> 00:34:02,840
Speaker 1: but if you're letting it use you, that's the problem.

745
00:34:02,920 --> 00:34:04,960
Speaker 1: And it's really really hard to use it the other

746
00:34:04,960 --> 00:34:07,200
Speaker 1: way around, to use it profitably, to use it in

747
00:34:07,480 --> 00:34:11,319
Speaker 1: a way strategically. Yeah, it's really difficult to accomplish, but

748
00:34:11,440 --> 00:34:13,960
Speaker 1: it's possible, and something like that a plug in like

749
00:34:14,000 --> 00:34:16,759
Speaker 1: the Facebook news feed eradicator plug in can help you

750
00:34:16,800 --> 00:34:19,239
Speaker 1: do that. Um. But the more ways that you can

751
00:34:19,280 --> 00:34:23,680
Speaker 1: implement just time limits and what you're seeing on social media,

752
00:34:23,840 --> 00:34:25,800
Speaker 1: it's going to be a positive impact and it's gonna

753
00:34:25,840 --> 00:34:28,320
Speaker 1: prevent social media from being such a such a meaningful

754
00:34:28,320 --> 00:34:32,160
Speaker 1: obstacle to you gaining grounds with your money, a time suck. Yeah, Like,

755
00:34:32,280 --> 00:34:34,920
Speaker 1: use this strategically, Like specifically, we've been using it more

756
00:34:34,960 --> 00:34:36,680
Speaker 1: recently because we're meeting a lot of folks again, like

757
00:34:36,719 --> 00:34:39,719
Speaker 1: I said, And the ability to make these connections on

758
00:34:39,719 --> 00:34:43,160
Speaker 1: Facebook too then foster uh interactions in real life. Right.

759
00:34:43,360 --> 00:34:44,880
Speaker 1: And that's something else that Kyle talks about in this

760
00:34:45,000 --> 00:34:49,000
Speaker 1: book that's so huge, is embracing doing things for real

761
00:34:49,760 --> 00:34:51,839
Speaker 1: and you're not doing things on social media. We've talked

762
00:34:51,840 --> 00:34:53,759
Speaker 1: about our how the money we don't we're not really

763
00:34:53,800 --> 00:34:55,400
Speaker 1: on the social as a whole lot. We we have

764
00:34:55,440 --> 00:34:57,320
Speaker 1: an Instagram feed and you're welcome to go join it,

765
00:34:57,400 --> 00:34:59,560
Speaker 1: check it out, follow it, but we don't do much

766
00:34:59,560 --> 00:35:01,839
Speaker 1: with it, and at times it's like, man, we could

767
00:35:01,840 --> 00:35:06,000
Speaker 1: do better. We could be like massive personal finance influencers

768
00:35:06,000 --> 00:35:08,560
Speaker 1: on the socials if we wanted to post in seven

769
00:35:08,719 --> 00:35:11,200
Speaker 1: just like here's me. Okay, here's the deal I got

770
00:35:11,239 --> 00:35:13,080
Speaker 1: on the tooth baste, right, but it does not watch

771
00:35:13,120 --> 00:35:15,000
Speaker 1: me brush my teeth. But it doesn't jive with how

772
00:35:15,040 --> 00:35:16,600
Speaker 1: we want to live life and kind of with how

773
00:35:16,640 --> 00:35:18,600
Speaker 1: we feel about social media and tough man, it's a

774
00:35:19,040 --> 00:35:20,840
Speaker 1: it's a it's a balance that we're trying to strike there.

775
00:35:20,840 --> 00:35:22,480
Speaker 1: All right, Well, let's let's keep moving mat like we

776
00:35:22,480 --> 00:35:24,879
Speaker 1: we've talked about a lot of external influences, but after

777
00:35:24,920 --> 00:35:27,200
Speaker 1: the break, let's talk more about internal obstacles and how

778
00:35:27,239 --> 00:35:30,879
Speaker 1: we're moving Removing some of those can have major ramifications

779
00:35:30,880 --> 00:35:33,319
Speaker 1: on our ability to take positive action with our money.

780
00:35:33,360 --> 00:35:44,960
Speaker 1: We'll get to that right after this. We are back

781
00:35:44,960 --> 00:35:47,480
Speaker 1: from the break, and again we are talking about beating

782
00:35:47,520 --> 00:35:50,919
Speaker 1: down these biggest financial obstacles in our lives. And Joel,

783
00:35:50,960 --> 00:35:53,040
Speaker 1: you alluded to this before the break, but let's talk

784
00:35:53,040 --> 00:35:55,840
Speaker 1: about you that you Joel specifically, but all the listeners

785
00:35:55,840 --> 00:35:58,000
Speaker 1: out there, and let's talk about me um. Let's talk

786
00:35:58,040 --> 00:36:01,120
Speaker 1: about everyone out there as individual rules. Because it's easy.

787
00:36:02,080 --> 00:36:03,799
Speaker 1: We think it's easy to point out, you know, all

788
00:36:03,840 --> 00:36:05,759
Speaker 1: of these other reasons why it is that we're not

789
00:36:05,840 --> 00:36:08,360
Speaker 1: as far along as we'd like to be with our finances.

790
00:36:08,680 --> 00:36:10,759
Speaker 1: And it's not that those things aren't true, you know,

791
00:36:10,880 --> 00:36:13,440
Speaker 1: or that they haven't impacted us negatively, all the different

792
00:36:13,480 --> 00:36:15,960
Speaker 1: things that pop up in our lives, but you might

793
00:36:15,960 --> 00:36:18,680
Speaker 1: be tempted to continue down a path of playing the

794
00:36:18,680 --> 00:36:21,640
Speaker 1: blame game when you're just pointing fingers, you know, the

795
00:36:21,680 --> 00:36:25,279
Speaker 1: things that might seem out of your control, or you

796
00:36:25,280 --> 00:36:27,640
Speaker 1: could like really take yourself out of the driver's seat

797
00:36:27,640 --> 00:36:31,120
Speaker 1: and adopt more of a victim mentality when ultimately so

798
00:36:31,200 --> 00:36:34,839
Speaker 1: much of your future is dependent on you taking responsibility

799
00:36:34,840 --> 00:36:37,800
Speaker 1: for our actions, seeing these obstacles and then doing something

800
00:36:37,840 --> 00:36:39,920
Speaker 1: about them. We think that that is crucial, and that's

801
00:36:39,920 --> 00:36:42,440
Speaker 1: why we're talking about this today. Yeah, you're right, Mad,

802
00:36:42,440 --> 00:36:44,319
Speaker 1: I mean, it's it's it's not that some people aren't

803
00:36:44,360 --> 00:36:46,319
Speaker 1: dealt a worse hand and that they don't have more

804
00:36:46,320 --> 00:36:49,759
Speaker 1: to overcome, but the more you just point to the

805
00:36:50,160 --> 00:36:53,160
Speaker 1: optacles in your path, the less likelyly you are to

806
00:36:53,239 --> 00:36:55,719
Speaker 1: overcome them. And it's not that it's easy, and it's

807
00:36:55,719 --> 00:36:57,759
Speaker 1: not that some people don't have a more difficult path,

808
00:36:58,120 --> 00:36:59,719
Speaker 1: but the onus is still on us in order to

809
00:36:59,719 --> 00:37:03,560
Speaker 1: make progress. And so what are those internal obstacles we

810
00:37:03,600 --> 00:37:05,799
Speaker 1: would say that we've all got to overcome at some point.

811
00:37:06,280 --> 00:37:09,400
Speaker 1: Is not knowing our why, and that's going to continue

812
00:37:09,440 --> 00:37:11,960
Speaker 1: to produce negative results for you. If you if you

813
00:37:12,000 --> 00:37:13,920
Speaker 1: don't know what we call the why behind your money,

814
00:37:14,120 --> 00:37:15,920
Speaker 1: it's just gonna take you more time to accomplish the

815
00:37:15,920 --> 00:37:19,719
Speaker 1: money goals that you've got because you're aimless achieve them

816
00:37:19,719 --> 00:37:22,640
Speaker 1: at all. Yeah, exactly, And so yeah, not knowing what

817
00:37:22,719 --> 00:37:25,640
Speaker 1: you want to accomplish is going to kneecap your efforts regularly,

818
00:37:26,000 --> 00:37:29,719
Speaker 1: more likely to spend too much money, or you're going

819
00:37:29,760 --> 00:37:32,560
Speaker 1: to just be and be aimless. Like I said in

820
00:37:32,560 --> 00:37:35,719
Speaker 1: those short sighted money efforts, if you can't attach a

821
00:37:35,760 --> 00:37:39,520
Speaker 1: why behind those efforts. And yeah, because if you haven't

822
00:37:39,520 --> 00:37:41,799
Speaker 1: really thought through what you want out of life and

823
00:37:41,800 --> 00:37:43,800
Speaker 1: how handling your money more effectively is going to be

824
00:37:43,840 --> 00:37:46,200
Speaker 1: able to get you there, you're gonna be apathetic about

825
00:37:46,200 --> 00:37:48,359
Speaker 1: their your finances. You're just gonna go with the flow

826
00:37:48,600 --> 00:37:50,680
Speaker 1: you're gonna do with the people around you are doing.

827
00:37:51,000 --> 00:37:53,359
Speaker 1: But the more you get in touch and I hope

828
00:37:53,400 --> 00:37:55,000
Speaker 1: this doesn't sound too woo woo, I'm not trying to

829
00:37:55,000 --> 00:37:57,160
Speaker 1: be some sort of Tony Robin style fella here, but

830
00:37:57,560 --> 00:37:59,759
Speaker 1: with your own personal why when you kind of get

831
00:37:59,760 --> 00:38:01,360
Speaker 1: in touch to that, when you figure that out, the

832
00:38:01,400 --> 00:38:03,839
Speaker 1: more you're gonna be able to attach a larger significance

833
00:38:03,880 --> 00:38:06,680
Speaker 1: to the trade offs that you're making now to It's

834
00:38:06,719 --> 00:38:09,239
Speaker 1: gonna feel different to say no to something, to cut

835
00:38:09,239 --> 00:38:12,120
Speaker 1: back your budget in significant ways in order to help

836
00:38:12,160 --> 00:38:14,400
Speaker 1: you achieve those bigger goals, which is gonna lead to

837
00:38:14,400 --> 00:38:17,759
Speaker 1: positive results and actually following through. And we've actually got

838
00:38:17,760 --> 00:38:19,799
Speaker 1: this money Mission Statement math that you and I that

839
00:38:19,840 --> 00:38:22,360
Speaker 1: we've created together, and it's a free resource, just like

840
00:38:22,400 --> 00:38:24,720
Speaker 1: your your budget template, like this is a free resource

841
00:38:24,760 --> 00:38:26,480
Speaker 1: that we want all how the money listeners to have.

842
00:38:26,560 --> 00:38:28,920
Speaker 1: And if you would just spend a half hour answering

843
00:38:28,960 --> 00:38:31,760
Speaker 1: some of these questions, download this PDF and and print

844
00:38:31,760 --> 00:38:34,080
Speaker 1: it out. Think about it. Uh, it's going to have

845
00:38:34,160 --> 00:38:37,360
Speaker 1: a massive impact on overcoming that obstacle from being aimless

846
00:38:37,400 --> 00:38:39,040
Speaker 1: about what you want to do with your money and

847
00:38:39,080 --> 00:38:41,440
Speaker 1: where you want to be years from now to kind

848
00:38:41,440 --> 00:38:43,120
Speaker 1: of having a plan and knowing what you want from

849
00:38:43,120 --> 00:38:44,920
Speaker 1: your life and knowing what you want from your personal

850
00:38:44,920 --> 00:38:47,120
Speaker 1: finances to that's right. Yeah, we'll make sure to link

851
00:38:47,200 --> 00:38:49,400
Speaker 1: to that in the show notes as well. But once

852
00:38:49,680 --> 00:38:51,480
Speaker 1: you know what it is that you want, having a

853
00:38:51,600 --> 00:38:54,160
Speaker 1: you know, a hy to anchor you, you still might

854
00:38:54,160 --> 00:38:56,520
Speaker 1: be missing the how. And of course that comes down

855
00:38:56,560 --> 00:38:58,840
Speaker 1: to the crucial component of knowledge, because you can have

856
00:38:58,880 --> 00:39:01,600
Speaker 1: the right desires while not having the proper information to

857
00:39:01,600 --> 00:39:04,960
Speaker 1: accomplish them. And you know, while the basics of personal

858
00:39:05,000 --> 00:39:07,720
Speaker 1: finance are simple spend less than you make, there's obviously

859
00:39:07,719 --> 00:39:10,799
Speaker 1: a ton more to sustained success and being able to

860
00:39:10,840 --> 00:39:14,240
Speaker 1: achieve even higher level goals. We spend our lifetimes learning,

861
00:39:14,560 --> 00:39:17,400
Speaker 1: so nobody will ever reach the point where they know everything.

862
00:39:17,680 --> 00:39:20,359
Speaker 1: But we would recommend everyone out there to revisit our

863
00:39:20,360 --> 00:39:24,000
Speaker 1: money gears because it should act as a helpful guide

864
00:39:24,080 --> 00:39:27,279
Speaker 1: or or a roadmap regardless of how much money you make,

865
00:39:27,320 --> 00:39:30,719
Speaker 1: regardless of how much money you have invested. That's episode

866
00:39:30,760 --> 00:39:32,680
Speaker 1: three oh two, and we'll make sure to link to

867
00:39:32,719 --> 00:39:34,160
Speaker 1: that as well. Yeah, but if you know your why

868
00:39:34,200 --> 00:39:35,719
Speaker 1: and you know your how, like you're gonna be a

869
00:39:35,719 --> 00:39:37,600
Speaker 1: person on a mission, You're gonna be heading places like

870
00:39:37,640 --> 00:39:40,839
Speaker 1: if you have figured out okay, cool, I I know

871
00:39:40,920 --> 00:39:43,120
Speaker 1: I want to invest my money for the future, or

872
00:39:43,160 --> 00:39:44,400
Speaker 1: I know I want to have more money at some

873
00:39:44,440 --> 00:39:46,959
Speaker 1: point to gain financial independence. Once you're able to figure

874
00:39:46,960 --> 00:39:49,080
Speaker 1: out some of the best levers to pull in order

875
00:39:49,120 --> 00:39:51,680
Speaker 1: to get you there, it's going to make the journey

876
00:39:51,719 --> 00:39:55,040
Speaker 1: that much easier. And another obstacle, though, Matt, that people

877
00:39:55,120 --> 00:39:58,560
Speaker 1: might face, right, another conundrum that comes up is not

878
00:39:58,680 --> 00:40:00,920
Speaker 1: having enough discipline to get where they need to go.

879
00:40:00,960 --> 00:40:02,920
Speaker 1: They might know there why, they might have some of

880
00:40:02,920 --> 00:40:05,480
Speaker 1: that how, but then they're like, but I'm just kind

881
00:40:05,480 --> 00:40:08,280
Speaker 1: of lazy, and I find it really difficult to actually

882
00:40:08,600 --> 00:40:11,799
Speaker 1: follow through on on the things that I know and

883
00:40:11,880 --> 00:40:15,160
Speaker 1: on those internal desires. And so maybe you're all excited

884
00:40:15,200 --> 00:40:17,759
Speaker 1: because you you do have the knowledge and you have

885
00:40:17,800 --> 00:40:21,120
Speaker 1: a y, but you fizzle out because you lack some

886
00:40:21,120 --> 00:40:23,960
Speaker 1: of the discipline to keep going. And I think you're

887
00:40:23,960 --> 00:40:26,880
Speaker 1: not alone, right, because even the most strident among us

888
00:40:26,880 --> 00:40:29,279
Speaker 1: we fall off the wagon from time to time. But

889
00:40:29,600 --> 00:40:32,239
Speaker 1: the key to this, to overcoming this obstacle, is to

890
00:40:32,360 --> 00:40:36,319
Speaker 1: foster a longer term view of our finances. We've talked

891
00:40:36,320 --> 00:40:39,000
Speaker 1: about grit on the show before, Matt and we we

892
00:40:39,160 --> 00:40:41,240
Speaker 1: we actually called it the number one factor to winning

893
00:40:41,239 --> 00:40:43,800
Speaker 1: with your money. And the reality is that grit is

894
00:40:43,880 --> 00:40:45,840
Speaker 1: kind of like living life like it's a marathon and

895
00:40:45,880 --> 00:40:48,560
Speaker 1: not a sprint, although so many of us actually think

896
00:40:48,560 --> 00:40:50,359
Speaker 1: about it like the opposite, at least when it comes

897
00:40:50,400 --> 00:40:53,439
Speaker 1: to how we're spending or using our money and displaying more.

898
00:40:53,480 --> 00:40:57,560
Speaker 1: Grit is is realizing that setbacks that they're bound to happen,

899
00:40:57,920 --> 00:41:00,400
Speaker 1: um that obstacles are gonna pop up, right, But but

900
00:41:00,480 --> 00:41:04,200
Speaker 1: pushing through those annoyances and inconveniences because we have our

901
00:41:04,239 --> 00:41:07,319
Speaker 1: eyes fixed on a specific prize, right, the why that

902
00:41:07,360 --> 00:41:10,600
Speaker 1: we have is important and so lacking discipline it's certainly,

903
00:41:10,880 --> 00:41:13,399
Speaker 1: certainly an obstacle, but and it's one of those things

904
00:41:13,400 --> 00:41:17,840
Speaker 1: it's not overcome quickly. It's overcome through repetition and a

905
00:41:17,880 --> 00:41:21,080
Speaker 1: little bit of mindset shift. Realizing that what you want

906
00:41:21,120 --> 00:41:23,400
Speaker 1: to accomplish, that it's it's not gonna happen, it's not

907
00:41:23,400 --> 00:41:26,440
Speaker 1: gonna occur overnight, right, And if there's a single factor

908
00:41:26,480 --> 00:41:28,560
Speaker 1: that leads to a lack of grid, it's got to

909
00:41:28,600 --> 00:41:32,040
Speaker 1: be shortsightedness, and so this this makes me think of investing. Oftentimes,

910
00:41:32,040 --> 00:41:34,040
Speaker 1: folks are going to fail to invest because they haven't

911
00:41:34,080 --> 00:41:36,759
Speaker 1: thought through the long term impacts that it's going to have. Right,

912
00:41:36,920 --> 00:41:39,000
Speaker 1: like twenty bucks a month, it sounds like appendance, So

913
00:41:39,040 --> 00:41:42,320
Speaker 1: why even get started. But the reality is that because

914
00:41:42,320 --> 00:41:45,440
Speaker 1: of the effects of compounding, even small amounts that you

915
00:41:45,680 --> 00:41:48,959
Speaker 1: regularly set aside, it's gonna, you know, amount to something

916
00:41:49,120 --> 00:41:51,560
Speaker 1: meaningful over time, like you said, Joel, But we can

917
00:41:51,600 --> 00:41:53,640
Speaker 1: be to my opic. We can be too focused on

918
00:41:53,800 --> 00:41:56,800
Speaker 1: tomorrow in order to continue the hard work of spending

919
00:41:56,960 --> 00:41:59,879
Speaker 1: less than you make, of making sacrifices now because you're

920
00:41:59,880 --> 00:42:01,960
Speaker 1: not you're not thinking about the future. All you're doing

921
00:42:02,080 --> 00:42:04,960
Speaker 1: is thinking about now, and so you're not thinking about

922
00:42:05,200 --> 00:42:07,600
Speaker 1: what life could potentially look like oft in the future. Instead,

923
00:42:07,640 --> 00:42:10,040
Speaker 1: you're pulling those dollars into the present from the future,

924
00:42:10,239 --> 00:42:12,560
Speaker 1: and you're spending that money left and right. That's when

925
00:42:12,600 --> 00:42:15,360
Speaker 1: we choose the different modern comforts that we convince ourselves

926
00:42:15,400 --> 00:42:17,800
Speaker 1: that we need today in order to be happy. What

927
00:42:17,880 --> 00:42:20,480
Speaker 1: makes me think about something that you know, we and

928
00:42:20,560 --> 00:42:22,040
Speaker 1: you and I've talked about on the show before when

929
00:42:22,080 --> 00:42:25,440
Speaker 1: it comes to discipline, But also short sighting. This is

930
00:42:25,600 --> 00:42:27,920
Speaker 1: implementing a rule that prevents you from buying stuff on

931
00:42:27,920 --> 00:42:30,200
Speaker 1: a whim. Say, listen, I've got the seventy two hour

932
00:42:30,280 --> 00:42:32,680
Speaker 1: rule and I'm gonna wait to buy that item. And

933
00:42:32,719 --> 00:42:34,480
Speaker 1: I had to do this just the other day with

934
00:42:34,520 --> 00:42:36,280
Speaker 1: my with my nine year old Matt, we were at Costco.

935
00:42:36,400 --> 00:42:39,280
Speaker 1: She saw this like plushy, stuffy creature and she already

936
00:42:39,280 --> 00:42:41,800
Speaker 1: has like so many stuffed animals it's not even funny.

937
00:42:41,920 --> 00:42:43,920
Speaker 1: But she also has her own money and it's okay

938
00:42:43,920 --> 00:42:45,480
Speaker 1: for her to buy the stuff that she wants, as

939
00:42:45,520 --> 00:42:49,319
Speaker 1: we talk about, right, But what we what we're able

940
00:42:49,360 --> 00:42:52,000
Speaker 1: to convince of in our last visit to Costco, was

941
00:42:52,440 --> 00:42:55,000
Speaker 1: that she's going to have this seventy two hour rule too.

942
00:42:55,360 --> 00:42:57,400
Speaker 1: It's okay if you actually want this item, but do

943
00:42:57,400 --> 00:42:59,520
Speaker 1: you want it three days from now? Right? And so

944
00:42:59,719 --> 00:43:01,759
Speaker 1: she was like, oh, okay, all right, then I will

945
00:43:01,760 --> 00:43:06,920
Speaker 1: wait for right now, although unhappily, and we'll see if

946
00:43:06,920 --> 00:43:08,520
Speaker 1: I still want this thing three days from now. And

947
00:43:08,560 --> 00:43:10,319
Speaker 1: you know what, I have not heard a peepe from her.

948
00:43:11,680 --> 00:43:14,239
Speaker 1: There are other things though, back to Costco since then,

949
00:43:14,320 --> 00:43:16,440
Speaker 1: No we haven't, but there but if she brought it

950
00:43:16,480 --> 00:43:17,920
Speaker 1: up we're like, we will take you back there and

951
00:43:18,000 --> 00:43:19,560
Speaker 1: we'll take you to buy it. And there are other

952
00:43:19,560 --> 00:43:21,319
Speaker 1: things that she has continued to talk about, like she's

953
00:43:21,360 --> 00:43:23,719
Speaker 1: wanted to watch four weeks and weeks and weeks, and

954
00:43:23,760 --> 00:43:28,000
Speaker 1: so we're like, you've wanted this for a while to

955
00:43:28,000 --> 00:43:30,279
Speaker 1: each other. Well, actually, happily for me, this was not

956
00:43:30,320 --> 00:43:32,359
Speaker 1: one of those where they can message their friends. But

957
00:43:32,880 --> 00:43:34,640
Speaker 1: it does do it like a little tracking and stuff

958
00:43:34,680 --> 00:43:37,040
Speaker 1: like that, steps and all that, which I still can

959
00:43:37,160 --> 00:43:39,200
Speaker 1: message you like while they're at with like the pre

960
00:43:39,239 --> 00:43:41,920
Speaker 1: can responses. I don't think it's even got that. Okay, yeah,

961
00:43:41,960 --> 00:43:44,279
Speaker 1: but um well at least tracking is good. Yeah, but

962
00:43:44,400 --> 00:43:47,080
Speaker 1: I I personally hate those kind of watches. But she

963
00:43:47,120 --> 00:43:49,399
Speaker 1: really wanted one, and it was one of those things

964
00:43:49,400 --> 00:43:51,080
Speaker 1: where it was like, cool, we waited more than seventy

965
00:43:51,080 --> 00:43:53,319
Speaker 1: two hours. You really wanted it, and they want it,

966
00:43:53,400 --> 00:43:55,560
Speaker 1: and it's your money, so you can buy it. But

967
00:43:55,680 --> 00:43:58,759
Speaker 1: even still, like, let's have the long view. Is this

968
00:43:58,840 --> 00:44:00,839
Speaker 1: something that we're gonna want that we don't just want

969
00:44:00,920 --> 00:44:03,359
Speaker 1: right now, but we were actually gonna want it days

970
00:44:03,440 --> 00:44:05,160
Speaker 1: or weeks from now, and that will help us make

971
00:44:05,200 --> 00:44:07,799
Speaker 1: better decisions that are more in our best long term

972
00:44:07,800 --> 00:44:09,799
Speaker 1: interest as opposed to just buying the thing because it's

973
00:44:09,840 --> 00:44:11,520
Speaker 1: in front of us, right, And of course that's harder

974
00:44:11,560 --> 00:44:13,880
Speaker 1: to do with kids, but as adults it's hard to

975
00:44:13,920 --> 00:44:16,279
Speaker 1: do as well, and we have to remind ourselves of

976
00:44:16,280 --> 00:44:18,560
Speaker 1: those long term, long long term goals. And you know,

977
00:44:18,560 --> 00:44:21,400
Speaker 1: one of our favorite quotes comes from Frederick Nietzsche. He

978
00:44:21,560 --> 00:44:24,280
Speaker 1: who has a why to live for can bear almost

979
00:44:24,360 --> 00:44:27,640
Speaker 1: any how. And you know, a lot of these internal

980
00:44:27,680 --> 00:44:31,720
Speaker 1: and personal obstacles are really symptoms of an ultimate obstacle

981
00:44:31,800 --> 00:44:34,640
Speaker 1: that that we already mentioned, knowing your why you know,

982
00:44:34,840 --> 00:44:38,040
Speaker 1: or knowing your final end, as Thomas Aquanas calls it.

983
00:44:38,320 --> 00:44:40,520
Speaker 1: But this is just so foundational for us to make

984
00:44:40,560 --> 00:44:43,960
Speaker 1: any substantive and you know, like durable progress in our lives.

985
00:44:44,400 --> 00:44:46,399
Speaker 1: We can make some changes now, but if we don't

986
00:44:46,480 --> 00:44:48,040
Speaker 1: have that why, we're not going to stick with it.

987
00:44:48,280 --> 00:44:50,359
Speaker 1: You know, it's difficult to have a desire to learn

988
00:44:50,400 --> 00:44:53,000
Speaker 1: more about personal finances when you don't even know why

989
00:44:53,080 --> 00:44:56,120
Speaker 1: you're reading a book right, Like it's it's incredibly challenging

990
00:44:56,160 --> 00:44:58,640
Speaker 1: to continue to pull yourself up by your bootstraps when

991
00:44:58,640 --> 00:45:00,840
Speaker 1: you're wondering why it that you should even get up.

992
00:45:00,840 --> 00:45:05,000
Speaker 1: It's tempting uh to be shortsighted and choose ease and

993
00:45:05,080 --> 00:45:08,080
Speaker 1: comfort when you don't have that long term vision of

994
00:45:08,120 --> 00:45:09,799
Speaker 1: what you went your life to look like. And so

995
00:45:09,840 --> 00:45:13,400
Speaker 1: while figuring out your why, it's simultaneously the most amorphous

996
00:45:13,400 --> 00:45:16,000
Speaker 1: and unclear task at the same time, I think it's

997
00:45:16,040 --> 00:45:18,760
Speaker 1: likely the most important stuff that too many folks skip

998
00:45:18,760 --> 00:45:21,520
Speaker 1: out on because it's so difficult to wrap our heads

999
00:45:21,560 --> 00:45:23,760
Speaker 1: around it, because it requires us to sit in silence

1000
00:45:24,040 --> 00:45:26,719
Speaker 1: and think about like it causes us to ask some

1001
00:45:26,760 --> 00:45:29,200
Speaker 1: of these bigger questions in our lives. And it's just

1002
00:45:29,239 --> 00:45:31,799
Speaker 1: not something that we've been trained to do. It's not

1003
00:45:31,880 --> 00:45:35,400
Speaker 1: something that we allow ourselves the space, uh nor the

1004
00:45:35,520 --> 00:45:37,799
Speaker 1: environment to allow ourselves to do that. Yeah, And and

1005
00:45:37,880 --> 00:45:39,719
Speaker 1: one one little thing you can do, I think to

1006
00:45:39,719 --> 00:45:42,080
Speaker 1: help you visualize maybe it's it's hard to sympathize with

1007
00:45:42,160 --> 00:45:45,080
Speaker 1: your older self. And and if you can take to

1008
00:45:45,120 --> 00:45:47,560
Speaker 1: get on the face app and literally take a picture

1009
00:45:47,600 --> 00:45:50,000
Speaker 1: and make yourself look thirty years older, there's something visceral

1010
00:45:50,080 --> 00:45:52,040
Speaker 1: that you feel about that. Like Fidelity actually did a

1011
00:45:52,040 --> 00:45:54,680
Speaker 1: study and they found that people who did this and

1012
00:45:54,719 --> 00:45:58,080
Speaker 1: saw themselves uh thirty or forty years older near retirement age,

1013
00:45:58,280 --> 00:46:01,319
Speaker 1: sympathized with that older version of themselves and begin to

1014
00:46:01,360 --> 00:46:03,239
Speaker 1: invest more of their money for the future. And so

1015
00:46:03,280 --> 00:46:06,120
Speaker 1: I think maybe that's a litteral, a little step that

1016
00:46:06,160 --> 00:46:08,759
Speaker 1: you can take that might have an impact on your

1017
00:46:08,760 --> 00:46:10,279
Speaker 1: ability to say, you know what, if you're more of

1018
00:46:10,320 --> 00:46:13,239
Speaker 1: a visual I'm not gonna forever and at some point

1019
00:46:13,280 --> 00:46:15,440
Speaker 1: one of these days I'm gonna be sixty five, seventy,

1020
00:46:15,560 --> 00:46:17,720
Speaker 1: and I I want to make sure that I'm thinking

1021
00:46:17,719 --> 00:46:20,440
Speaker 1: about older me too. I'm being kind and generous to

1022
00:46:20,680 --> 00:46:23,799
Speaker 1: future Joel uh to future whatever your name is and

1023
00:46:24,040 --> 00:46:25,640
Speaker 1: uh so, Yeah, I think the face app is one

1024
00:46:25,640 --> 00:46:27,440
Speaker 1: of those like it's it's just like a little tangible

1025
00:46:27,440 --> 00:46:29,400
Speaker 1: thing you can do that might make a small difference.

1026
00:46:29,400 --> 00:46:31,520
Speaker 1: But really, Matt, Yeah, you're right. Knowing your why and

1027
00:46:31,600 --> 00:46:34,040
Speaker 1: going through the money mission statement that we have I

1028
00:46:34,040 --> 00:46:36,399
Speaker 1: think can be helpful and things. It's so important. Yeah,

1029
00:46:36,400 --> 00:46:38,040
Speaker 1: it's heelpful too. When you do the face app picture,

1030
00:46:38,280 --> 00:46:40,200
Speaker 1: choose a picture where you're wearing like a cardigan, because

1031
00:46:40,239 --> 00:46:43,600
Speaker 1: it'll really like match up with the with the old look. Yeah, exactly. Yeah,

1032
00:46:43,600 --> 00:46:47,000
Speaker 1: you want to make yourself look really well, maybe some spectacles, Yeah,

1033
00:46:47,200 --> 00:46:49,160
Speaker 1: don't wear the punk rock t shirt that you have on.

1034
00:46:49,200 --> 00:46:52,799
Speaker 1: It's gonna look weird. Uh yeah, all right, Well, we'll

1035
00:46:52,800 --> 00:46:54,600
Speaker 1: make sure the links to all of those resources in

1036
00:46:54,600 --> 00:46:56,959
Speaker 1: our show notes. But let's get back to the beer

1037
00:46:57,120 --> 00:46:59,000
Speaker 1: that you and I enjoy During this episode, we both

1038
00:46:59,080 --> 00:47:03,040
Speaker 1: had a Bibo, which is a pilsner by Creature Comforts,

1039
00:47:03,320 --> 00:47:05,120
Speaker 1: and I'm gonna go ahead and read the They've got

1040
00:47:05,120 --> 00:47:06,520
Speaker 1: a few words here on the side of the can,

1041
00:47:06,560 --> 00:47:10,880
Speaker 1: and it says crisp and dry, classic noble. Do you

1042
00:47:10,920 --> 00:47:13,759
Speaker 1: agree with those? Those were all for the adjectives I

1043
00:47:13,760 --> 00:47:17,680
Speaker 1: was gonna use. You should work with the branding on

1044
00:47:17,760 --> 00:47:20,640
Speaker 1: Creature Company. I should know it. Really it really was crisp,

1045
00:47:20,719 --> 00:47:23,839
Speaker 1: and it just really tasted in light. Yes, for sure,

1046
00:47:24,000 --> 00:47:27,240
Speaker 1: it tastes like your uncle's beer, but better like what

1047
00:47:27,239 --> 00:47:29,759
Speaker 1: what he was drinking, Like the High Life, but a

1048
00:47:29,840 --> 00:47:32,600
Speaker 1: much improved version of it that just has like a

1049
00:47:33,120 --> 00:47:36,520
Speaker 1: taste touch more spice, yeah, less metallic. Um, you know,

1050
00:47:36,560 --> 00:47:38,120
Speaker 1: like some of those beers have like a I don't

1051
00:47:38,200 --> 00:47:41,880
Speaker 1: just a metallic macro produced beers. Yeah, just not uh smo.

1052
00:47:42,960 --> 00:47:45,200
Speaker 1: But I like I love the taste of just kind

1053
00:47:45,200 --> 00:47:48,840
Speaker 1: of like beer, right, um. But it's just not often

1054
00:47:48,880 --> 00:47:52,360
Speaker 1: that you have a good beer. Uh that that's just

1055
00:47:52,440 --> 00:47:55,040
Speaker 1: kind of in the classic style. Um, but a lot

1056
00:47:55,080 --> 00:47:58,240
Speaker 1: more breweries now are are making good pilsners, good loggers

1057
00:47:58,520 --> 00:48:00,720
Speaker 1: that taste kind of like that old school beer taste,

1058
00:48:00,920 --> 00:48:03,520
Speaker 1: but just like elevated, and this is definitely one of those,

1059
00:48:03,680 --> 00:48:06,160
Speaker 1: that's right. And if you just heard Joel say pilseners

1060
00:48:06,200 --> 00:48:07,920
Speaker 1: and loggers, if you're wondering what a pilsener is, a

1061
00:48:07,960 --> 00:48:11,000
Speaker 1: pilsner is a type of lagger. And so oftentimes pilseners

1062
00:48:11,120 --> 00:48:15,280
Speaker 1: have more hops added to the beer, and so oftentimes

1063
00:48:15,280 --> 00:48:17,480
Speaker 1: that's what gives it that lift. Well, oftentimes it's the

1064
00:48:17,520 --> 00:48:19,160
Speaker 1: Noble hop, right. I think that's actually the name of

1065
00:48:19,160 --> 00:48:23,759
Speaker 1: the hop, which I was just because of like nobility,

1066
00:48:24,000 --> 00:48:27,239
Speaker 1: like you think of like this old school pilsener. I mean,

1067
00:48:27,400 --> 00:48:29,160
Speaker 1: there's so many hot varieties now, but that's one of

1068
00:48:29,160 --> 00:48:31,440
Speaker 1: the most classic ones that they in a bunch of

1069
00:48:31,440 --> 00:48:34,200
Speaker 1: those originally and stuff like that. Originally pilsener like it was,

1070
00:48:34,320 --> 00:48:36,960
Speaker 1: it was a logger that was made in a city

1071
00:48:37,040 --> 00:48:40,120
Speaker 1: like maybe Pilsen or something, is that right, Germany, Germany

1072
00:48:40,160 --> 00:48:42,960
Speaker 1: or Belgium or something like that. Maybe it was in Chechoslakia,

1073
00:48:42,960 --> 00:48:45,279
Speaker 1: I don't know, but somewhere over there in Europe. What's

1074
00:48:45,320 --> 00:48:47,799
Speaker 1: where this beer was originally? This the style of beer

1075
00:48:47,880 --> 00:48:50,200
Speaker 1: was originally made, but it was a delicious, easy to

1076
00:48:50,280 --> 00:48:51,719
Speaker 1: drink beer, and I'm glad you and I got to

1077
00:48:51,880 --> 00:48:55,120
Speaker 1: enjoy one today on the show. And listeners can find

1078
00:48:55,160 --> 00:48:57,040
Speaker 1: our show notes up on the website at how to

1079
00:48:57,160 --> 00:49:00,120
Speaker 1: money dot com and awesome times, we don't have a

1080
00:49:00,200 --> 00:49:01,840
Speaker 1: ton of stuff in the show notes, but today it

1081
00:49:01,840 --> 00:49:03,360
Speaker 1: feels like there's a little more, so you should. Definitely

1082
00:49:03,480 --> 00:49:06,080
Speaker 1: there are some resources there for you. Definitely, so yeah,

1083
00:49:06,120 --> 00:49:08,000
Speaker 1: go go check it out. But buddy, that's gonna be

1084
00:49:08,040 --> 00:49:10,400
Speaker 1: it for today. Until next time. Best Friends Out, Best

1085
00:49:10,440 --> 00:49:11,279
Speaker 1: Friends Out.