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Speaker 1: Welcome to Money Making Conversations.

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Speaker 2: It's the show that she is the secrets of success

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Speaker 2: experience firsthand by Marketing and Brandon expert Rashan McDonald. I

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Speaker 2: will know he's giving me advice on many occasions. And

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Speaker 2: in case you didn't notice, I'm not broke. You know

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Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry decision make

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Speaker 2: because it's what he likes to do, it's what he

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Speaker 2: likes to share. Now it's time to hear from my man,

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Speaker 2: Rashan McDonald money Making Conversations.

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Speaker 3: Here we go.

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Speaker 1: Money Making Conversation Master Class is a show that I

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Speaker 1: bring information to you. Is for everyday people and I

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Speaker 1: always tell people, you know, don't let anybody stop you

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Speaker 1: from following your dream. Live your dream, be your dream.

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Speaker 1: Your dream can happen if you want it to happen.

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Speaker 1: That's why I created this show. My next guest is

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Speaker 1: one of the leading people in the financial market. We're

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Speaker 1: going to get into detail about her, but her new

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Speaker 1: book helps younger savers find long term saving success by

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Speaker 1: overcoming their behavioral biases. Please welcome the Money Making Conversation

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Speaker 1: Masterclass and Lester, how are you doing?

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Speaker 4: Ann and I'm great.

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Speaker 1: How about you? Well? And you know I always tell

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Speaker 1: peop when they come on the show, you know, Toalding

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Speaker 1: all this financial knowledge, I need a little background, need

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Speaker 1: a little history. What makes an so financially smart? Talk

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Speaker 1: to us?

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Speaker 4: Oh well, I don't know about smart, but I I

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Speaker 4: guess I managed billions of other people's money for about

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Speaker 4: twenty five years. Did it pretty well according to some

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Speaker 4: folks who gave me some awards for it, Morning Star.

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Speaker 4: But the reason I wrote the book Your Best Financial

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Speaker 4: Life is because I made every single mistake you could make.

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Speaker 4: And you know, it took me a while to figure

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Speaker 4: out how to not make all the mistakes I was making.

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Speaker 4: So for me, the book is really kind of combining

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Speaker 4: what I learned after you know, I guess almost thirty

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Speaker 4: your career in asset management with you know, kind of

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Speaker 4: fifteen years of just stupidity and you know, trying to

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Speaker 4: help people not make those same mistakes.

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Speaker 1: Right, And the book you're talking about is your Best

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Speaker 1: Financial Life? Say smart? Now for the future you want,

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Speaker 1: because we're always talking about the future, is there a

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Speaker 1: I know you have to answer to this, but I

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Speaker 1: just want to hear our public because we always get

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Speaker 1: to a certain point we think we can't save anymore.

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Speaker 1: Is there a lockdown point that people need to just

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Speaker 1: stop talking like that? Because you can save at any

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Speaker 1: age as long as you have a plan. Is that correct?

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Speaker 4: I think it is for most people. But you know,

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Speaker 4: I think we have to be honest, like, at some

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Speaker 4: points in your life you just may not you know,

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Speaker 4: you may just be scraping by to make the rent.

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Speaker 4: And you know, I don't want to say that everybody

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Speaker 4: can just dig a little deeper and squeeze a little harder,

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Speaker 4: because there are some folks I'm sure who are listening

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Speaker 4: to this who can't do that. But one of the

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Speaker 4: things I talk about in my book is you may

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Speaker 4: not be able to do it this second, but you

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Speaker 4: certainly can do it in the future. And the way

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Speaker 4: you get there is to make a commitment. You make

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Speaker 4: a promise yourself that the next time your income goes

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Speaker 4: up a little bit, the next time you get a

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Speaker 4: little bit of money, that's what you save, because sometimes

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Speaker 4: you cannot squeeze it out of where you are right now.

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Speaker 1: You know, It's really interesting because as you go through

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Speaker 1: as you as you gain financial success, we tend not

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Speaker 1: to you know, like instance, if I if I operated

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Speaker 1: on the lifestyle I had while I was going to college,

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Speaker 1: but then I got a job, then I upgraded the

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Speaker 1: car and upgraded the apartment next to the arm in

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Speaker 1: the house. We keep upgrading, We keep upgrading. And when

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Speaker 1: you talk about ways to hack your brain to make

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Speaker 1: saving easier, is that the hacking part to stop the upgrades?

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Speaker 1: And we tend to invite ourselves to when we get

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Speaker 1: certain levels of financial uplift or how do we is that?

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Speaker 1: Is that what we're talking about when you're hacking the brain?

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Speaker 4: That is a big one. Right. Make sure you you

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Speaker 4: know the rule that I give people to save at

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Speaker 4: least half of every raise. And as you say, right,

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Speaker 4: nobody wants to live a life that they were living

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Speaker 4: in college, right or their first job. Right, it's just

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Speaker 4: not very much fun. But if you let yourself take

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Speaker 4: all of your raise and use that on the brand

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Speaker 4: new car, right, you were just talking about Tesla's right,

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Speaker 4: you just want to go buy the fancy Tesla or

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Speaker 4: the fancy whatever, right, And your whole raise goes into

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Speaker 4: that new car payment, you're not getting ahead. And then

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Speaker 4: the next raise you get, you're like, well, I want

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Speaker 4: to remodel the kitchen, and there goes that raise again. Right,

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Speaker 4: So what you need to do is get into the

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Speaker 4: habit of not letting yourself use all of that. You know,

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Speaker 4: I call it consumption creep. Right, Your lifestyle just keeps

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Speaker 4: getting better and better and better, and if you don't

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Speaker 4: increase your savings rate at the same time, you're really

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Speaker 4: creating a world of pain for yourself in the future

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Speaker 4: because you will need to have saved more money to

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Speaker 4: maintain that lifestyle when you retire, except that you're not

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Speaker 4: saving anymore.

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Speaker 1: Well, you know the interesting thing, Like my daughter you

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Speaker 1: called me the other day. She said, Dad, I want

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Speaker 1: to come sit down with you, because I always talk

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Speaker 1: about you know, honey, if you start saving early and

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Speaker 1: your in twenties, it's going to be a fantastic life

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Speaker 1: in your fifties and sixties. There's something people told me,

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Speaker 1: and I kind of did it, and but I didn't

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Speaker 1: do it. You know, I saved, and I took some

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Speaker 1: money out. I saved, took some money out, and so

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Speaker 1: I kept beating up the plane. I had the plan,

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Speaker 1: but I kept beating it up, kept pulling that and

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Speaker 1: diverting it. I guess I should use the word diverting it.

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Speaker 1: And now, now when you sit down, when I sit

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Speaker 1: down with my daughter, and what advice should I initially

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Speaker 1: start communicating with her about the future and money.

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Speaker 4: So this is the same conversation I had with my

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Speaker 4: son when he graduated from college five years ago, which is,

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Speaker 4: you have to start saving. And if you could only

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Speaker 4: save a teeny tinmee little bit, that's fine. And he

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Speaker 4: started working for a startup that didn't offer a four

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Speaker 4: to one K plan and I was like, all right,

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Speaker 4: then build up your emergency fund first. Make sure you

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Speaker 4: get three to six months of your living expenses saved

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Speaker 4: up in that way, if that startup fold, you know

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Speaker 4: you're not going to be freaking out and moving home

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Speaker 4: if done. But you know he didn't want to.

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Speaker 1: We didn't.

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Speaker 4: You know, nobody would have liked that outcome. But right,

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Speaker 4: but you know, if you start, you know the building blocks, right,

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Speaker 4: So that first building block is an emergency savings fund.

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Speaker 4: And if you can only put in twenty five or

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Speaker 4: fifty bucks a week or a month, like just start right.

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Speaker 4: It builds the habit and then you change the way

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Speaker 4: you look at yourself and you're suddenly a person who

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Speaker 4: is a saver. Right, you're a saver, and you suddenly

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Speaker 4: are like, yeah, I can do this, even if it's

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Speaker 4: not a lot. And then the next time you get

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Speaker 4: that first raise, like he got a raise and I

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Speaker 4: was like, all right, you're saving half of that. And

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Speaker 4: then his emergency savingstone was built up I don't know,

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Speaker 4: not that long because he got kind of a nice raise,

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Speaker 4: and so he threw all that news emergency savings fund.

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Speaker 4: And then his company got bought. The company that bought

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Speaker 4: him had a four to one K plan. I'm like,

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Speaker 4: all right, take half of that raise that you just

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Speaker 4: got and start throwing it in your four one K plan. Right,

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Speaker 4: that's how you get going. And if you start in

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Speaker 4: your twenties, you can start really small, like one, two,

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Speaker 4: three percent of your salary, and you know, five years later,

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Speaker 4: suddenly you're saving fifteen or twenty percent of your salary,

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Speaker 4: which is a huge number. But that's really what most

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Speaker 4: people should be targeting out of their paychecks. And you

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Speaker 4: can't do that all at once, like it's just too painful.

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Speaker 1: Okay, cool. So the word we keep using this word

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Speaker 1: is savings, and that Yeah, I want to slow that

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Speaker 1: down because we're not talking about the traditional saving account

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Speaker 1: that you hear that has very little interest return. We're

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Speaker 1: talking about investing type savings or that's when we're referencing

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Speaker 1: right one.

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Speaker 4: Hundred percent, and I use that as a shorthand. But

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Speaker 4: it's a saving and investing. It's a two step process, right,

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Speaker 4: Number One, You've got to save the money and for

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Speaker 4: something like your emergency savings, you could put it in

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Speaker 4: the traditional bank savings account right now, you don't get

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Speaker 4: paid any interest, so that's not great. You should find

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Speaker 4: a high yield savings account for that, but that should

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Speaker 4: be in a place you can access it quickly, and

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Speaker 4: that I would not invest that emergency savings at three

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Speaker 4: to six months. I would not invest that in like

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Speaker 4: the stock market. But your retirement money, right, long term savings.

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Speaker 4: If you think you might want to buy a house

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Speaker 4: in ten years, right, if it's if you're saving money

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Speaker 4: for something that's longer than five years away, you should

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Speaker 4: definitely be investing that in a mix of stocks and bonds.

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Speaker 1: Now, your book or your best financial life save smart

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Speaker 1: now for the future you want now. What I want

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Speaker 1: to also look back on is that you know I'm older,

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Speaker 1: you know and look back on mistakes you can't look

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Speaker 1: back on the spilled milk decisions that you may financially,

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Speaker 1: because that can hurt your decision making in the future.

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Speaker 1: You have to really stay focused on the plan and

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Speaker 1: you put that plan in place. Do you if you're married,

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Speaker 1: do you put the plan in places as a couple

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Speaker 1: and you present it as an individual presented to your

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Speaker 1: your partner? How does that work?

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Speaker 4: I wouldn't do that. I don't think that'll go very well.

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Speaker 4: I think, you know, ideally, this is something you talk

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Speaker 4: about when you're dating. Right, Ideally, you like you have

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Speaker 4: a conversation where you're creating some financial honesty with each

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Speaker 4: other about what debt you might have, right, what kind

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Speaker 4: of lifestyle you like living? You know I talk about

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Speaker 4: in my book, like what kind of spender are you?

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Speaker 3: Like?

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Speaker 4: Are you a saver? Are you a spender? Are you

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Speaker 4: the kind of person? I call them ostriches. It's just

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Speaker 4: like I don't even want to know about it. Don't

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Speaker 4: make me look are you know? Like they're different kinds

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Speaker 4: of behaviors, patterns, personalities, whatever that we all have with money,

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Speaker 4: and that's something that you and your partner should hopefully

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Speaker 4: have a handle on, Like before you tie the knot

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Speaker 4: like before you get married. But I don't think it's

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Speaker 4: ever too late to start having a conversation. The trick

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Speaker 4: is right that money is something that a lot of

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Speaker 4: people feel some shame about, some guilt about. Maybe it's

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Speaker 4: something they never heard, you know, anybody talk about at

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Speaker 4: home without a lot of anger or emotion. So it

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Speaker 4: can get pretty uncomfortable. So, you know, I think it's

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Speaker 4: it's a good idea to to try to talk about

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Speaker 4: what you want to talk about and kind of create

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Speaker 4: a roadmap for the conversation and then ideally so to

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Speaker 4: say here's what I think, here's what I feel, Here's

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Speaker 4: what's important to me. And you know, if one person

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Speaker 4: thinks it's really really important to always you know, have

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Speaker 4: the newest whatever and make sure you're you know, presenting well,

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Speaker 4: like have new clothes, you know, if that's really important

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Speaker 4: to you, and your partner is like, you know what,

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Speaker 4: I don't actually want to spend my money on that.

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Speaker 4: If we're not doing X or Y, Like that's a negotiation,

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Speaker 4: and you've got to figure out how you're going to

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Speaker 4: handle your finances together.

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Speaker 1: That's a great Now I'm now I'm going to tap

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Speaker 1: into your mind, your financial mind. I'm gonna have ask

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Speaker 1: a series of questions that a lot that I that

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Speaker 1: I want to know about. Here's my first one. Three

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Speaker 1: questions to answer before you tap into your emergency savings

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Speaker 1: that you've been talking about. Three of those what what?

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Speaker 1: What are those questions we should we need to answer?

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Speaker 4: So question number one is is is do I have

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Speaker 4: to spend this money? Is it really an emergency? Like, like,

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Speaker 4: is there any way I can avoid dealing with this?

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Speaker 1: Right?

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Speaker 4: And and one of the questions is, you know, is

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Speaker 4: this an unexpected emergency? Is this is this really an emergency?

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Speaker 3: Right?

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Speaker 4: Do I have to spend the money? That's the second one?

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Speaker 4: And then do I have to spend the money now? Right?

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Speaker 4: Because there there could be an expense that's not an emergency,

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Speaker 4: Like you can I don't know your phone battery is dying.

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Speaker 4: I talk about this a little bit in the book,

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Speaker 4: Like you need to brand new phone. You can like

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Speaker 4: limp along and like get a little cheap battery pack

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Speaker 4: and like make a last save up a couple months

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Speaker 4: and then buy a new phone. If you drop it

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Speaker 4: down the sewer, like you need a new phone, Like

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Speaker 4: it blows up, you need a new phone, right, so

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Speaker 4: so it's kind of like, how do you how do

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Speaker 4: you decide what's a real emergency?

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Speaker 1: And that kind of happened to me recently, and you know,

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Speaker 1: because it's called that splurging factor because my phone, you know,

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Speaker 1: and I'm just gonna be honest with everybody. I got

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Speaker 1: one of those fold phones, right, and I in the

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Speaker 1: screen cracked right, and my insurance because they said I

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Speaker 1: dropped it. They said, hey, we're not going to cover that, Okay,

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Speaker 1: so I had to. So this was that emergency talk

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Speaker 1: to you was talking about. So they said, it's going

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Speaker 1: to cost you five hundred and thirty dollars to repair

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Speaker 1: it or two thousand dollars to buy a new phone.

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Speaker 1: That's that decision, Okay, repair new, repair new, And that's

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Speaker 1: the decision that a lot of people come to, going

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Speaker 1: is there guarantee this repair is going to fix the problem. Well,

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Speaker 1: I decided I'm going with the repair saved me roughly

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Speaker 1: fifteen hundred dollars. And that's what you're talking about when

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Speaker 1: you're talking about that emergency savings tapping into is it

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Speaker 1: really an emergency? Is an emergency that you can look

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Speaker 1: at and kind of like look at it on options

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Speaker 1: until you don't tap into it? Is that an example

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Speaker 1: a good example there?

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Speaker 4: Maybe? I mean the way another way to think about

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Speaker 4: it is is it unexpected?

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Speaker 3: Right?

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Speaker 4: Is it unexpected? Right? And you know, is dropping your

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Speaker 4: phone unexpected? Yeah? I guess right, So yeah, is it unexpected?

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Speaker 3: You know?

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Speaker 4: The second question and I'm just going to quote for

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Speaker 4: my book right now, right, am I I don't spend

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Speaker 4: the money?

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Speaker 3: M hm?

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Speaker 4: You know, maybe like you need a phone, right, like

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Speaker 4: you actually need a phone to function in the world.

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Speaker 4: And then the third question is am I screwed if

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Speaker 4: I don't spend the money now?

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Speaker 3: Right?

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Speaker 1: Right?

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Speaker 4: And that's that's like back to that example of the

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Speaker 4: phone with the dying battery, like still works, right.

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Speaker 1: Well, I tell you my phone with De's green was

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Speaker 1: completely going. And I'm telling you I couldn't even see

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Speaker 1: numbers no more. It was pretty ugly there.

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Speaker 4: I was pretty ugly that I think. I think I counted.

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Speaker 4: And then and then you had a decision, right right,

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Speaker 4: And you know, do I how much of this emergency

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Speaker 4: funder like my immediate cash do I want to do

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Speaker 4: I want to spend on this thing? Right? And is

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Speaker 4: it is it going? For the whole brand new phone?

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Speaker 4: Or is it trying to limp along and then maybe

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Speaker 4: knowing all right, I know I'm going to have to

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Speaker 4: replace his phone sooner or later. I better start saving up.

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Speaker 1: Oh wow, it's awesome and we're going to go to

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Speaker 1: a break here. I'm talking to and Lester, the author

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Speaker 1: of Your Best Financial Life, Save Smart Now for the future.

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Speaker 1: You want Money Making Conversation Masterclass, We were Shawn McDonald.

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Speaker 3: We'll be right back with more money Making Conversations Masterclass

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Speaker 3: with Rushawn McDonald. Welcome back to the Money Making Conversations

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Speaker 3: Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass continues

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Speaker 3: online at Moneymakingconversations dot com and follow Money Making Conversations

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Speaker 3: Masterclass on Facebook, Twitter and Instagram.

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Speaker 1: Hi, this is Rushan mc You're listening to an interview

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Speaker 1: with Anne Lester. More than thirty years JP Morgan, Asset

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Speaker 1: Management of Retirement Solutions and former Head of Retirement Solutions

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Speaker 1: JP Morgan Assetment Management, Incredible Award winning speaker business person

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Speaker 1: on my shoulder. Data is talk about breaking down money,

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Speaker 1: money that you're spending, money you need to save, and

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Speaker 1: how you deal with that. Recently, you send us a

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Speaker 1: couple of questions, and one of the questions that popped

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Speaker 1: out of my head I really needed you to explain

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Speaker 1: was called subscription detox. Seven ways to take back your

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Speaker 1: finances from online subscriptions. You may not even know you

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Speaker 1: are paying for it. Please explain to me what that is.

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Speaker 4: So I talk in my book and you can actually

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Speaker 4: take a quiz about this on my website about spending types. Right,

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Speaker 4: So one of the first ones I talk about, I

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Speaker 4: think the first one in fact, is called the over subscriber.

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Speaker 4: So you might not know that, you may not be,

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Speaker 4: you know, feeling like you're spending a lot of money,

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Speaker 4: you know, wasting it. But you also may not have

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Speaker 4: any idea how many subscriptions you have, right, how many

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Speaker 4: streaming services do you have? How many apps? Did you

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Speaker 4: sign up for something without even knowing it? So I

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Speaker 4: have a whole checklist of things you can think about

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Speaker 4: to start getting your arms around this. So Number one,

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Speaker 4: avoid auto renew, Just avoid it, don't do it. If

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Speaker 4: you can sign up for a service you think you need,

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Speaker 4: if you're allowed to not have it automatically renew, don't

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Speaker 4: do it. That's the easiest one. Another one that I

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Speaker 4: like a lot and I use it myself if you

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Speaker 4: happen to have more than one credit card, and please

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Speaker 4: do not go get a second credit card if you

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Speaker 4: do not already have one. But if you have more

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Speaker 4: than one, when you sign up for a new subscription service,

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Speaker 4: use the credit card that's going to expire sooner, because

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Speaker 4: that way you'll get prompted to update your credit card information.

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Speaker 4: And that's just an automatic break. Right. It's a point

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Speaker 4: where you can ask yourself, do I really need this anymore?

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Speaker 4: How many times did I watch a show like what

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Speaker 4: am I? You know, you may find that you're subscribing

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Speaker 4: to all kinds of stuff like I just went into

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Speaker 4: my theory. If you have an Apple phone, you can

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Speaker 4: go in there and you know, really quickly look at

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Speaker 4: all the things that are that you subscribe to on apps.

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Speaker 4: And sometimes you look at these things and go, I

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Speaker 4: don't even remember signing up for this. I don't use

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Speaker 4: this app. I deleted it from my phone. What you know,

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Speaker 4: what the heck is this bill doing? You can go

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Speaker 4: through your monthly credit card statements and just see what's

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Speaker 4: popping up there and just go, really, like, why am

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Speaker 4: I getting charged this? Think about a subscription in terms

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Speaker 4: of its annual cost when you sign up right. A

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Speaker 4: lot of times they'll say it's only whatever, nine to

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Speaker 4: ninety nine a month at a zero, like multiplying by

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Speaker 4: twelve is a little tricky. If it's nine ninety nine,

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Speaker 4: it's over ninety nine bucks a year, like do you

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Speaker 4: really need to spend that money? It's one hundred and

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Speaker 4: twenty bucks, Like do you really need to spend that money?

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Speaker 4: I think a great one for streaming is rotating your

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Speaker 4: streaming services, so you know, subscribe to one, watch all

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Speaker 4: the shows, cancel it, go on to another one, right anymore,

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Speaker 4: you do not need all of them at the same time.

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Speaker 4: If you really feel like this is the place a

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Speaker 4: lot of your money is going, just try, you know,

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Speaker 4: unsubscribing from one thing a month and see what happens.

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Speaker 4: Like you may not know that you really did it,

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Speaker 4: you may not miss miss having it, and then you know,

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Speaker 4: last but not least, there's some free subscription services out

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Speaker 4: there that can help you get you know, you can

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Speaker 4: link up your credit card statement to it and they'll

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Speaker 4: show you what you're doing and maybe make it more

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Speaker 4: easy for you to cancel those things automatically. It's a

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Speaker 4: way to track your spending and see what you're actually doing.

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Speaker 3: I like that.

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Speaker 4: Those you know, I don't off the top of my

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Speaker 4: head and see, really, honest, I'm trying not to recommend thing.

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Speaker 1: You know, when you peak my veriality, I gotta go

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Speaker 1: there because I'm gonna tell you, honestly, I'm dealing with that.

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Speaker 1: I'm dealing with you know, I'm a guy several credit cards.

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Speaker 1: I'm gonna just tell you, not saying I'm bragging, but

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Speaker 1: you know, you get these credit cards for business, you

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Speaker 1: get the credit cards for personal. I have a daughter,

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Speaker 1: my wife, and the another mistake I made is I

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Speaker 1: may have a subscription on this credit card. I may

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Speaker 1: have a subscription on that credit card, and so I

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Speaker 1: can't track them. I can't hold everything. Like I might

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Speaker 1: have my utility bills on this card. I might have

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Speaker 1: my business utility bills on that card. So and hearing

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Speaker 1: your advice is absolutely correct when I look at it.

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Speaker 1: If I had to do it all over again, I

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Speaker 1: would make sure that if I had any subscriptions, I

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Speaker 1: would only put it on one card. I would make

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Speaker 1: sure onlyn put it on one card. That way I

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Speaker 1: can track it and understand it. But bad habits you're

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Speaker 1: trying to get Apple, or you're trying to get Prime,

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Speaker 1: and you just are Amazon or what any of these

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Speaker 1: companies that require subscriptions. You just give them a card,

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Speaker 1: and that can be a problem because you have to

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Speaker 1: eventually track them down and sometimes you're paying for stuff

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Speaker 1: that you really don't need.

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Speaker 4: Are you absolutely? I think I think we all are right.

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Speaker 4: It's really hard to stay on top of that stuff.

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Speaker 4: And you know, sometimes I sign up for the monthly

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Speaker 4: subscription just to make it easier to cancel, even though

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Speaker 4: it's more expensive, because I'm like, I don't know if

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Speaker 4: I really want this, let me try. And they're like,

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Speaker 4: you know, it's cheaper, and I'm like, yeah, but I don't.

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Speaker 4: I'm going to sign up for the annual thing and

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Speaker 4: then I'm going to totally forget about it, and then

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Speaker 4: the bill's going to happen. Then I will have paid it,

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Speaker 4: and then you know, some of the good ones like

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Speaker 4: remind you that it's coming up, but not all of

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Speaker 4: it do.

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Speaker 1: And you know, then the big number one trick move

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Speaker 1: is you know, and is like, you know, these subscriptions

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Speaker 1: say free sign up, but they want your credit card information,

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Speaker 1: so it's not really a free sign up because if

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Speaker 1: you forget, then the charge is going to hit your

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Speaker 1: credit card.

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Speaker 4: I tell you, what I've just started doing is putting

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Speaker 4: a note in my calendar like calendar entry, cancel this right,

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Speaker 4: Like I I just signed up for one right after

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Speaker 4: the New year, and now I was just like it's

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Speaker 4: I checked the date that the subscription was going to

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Speaker 4: kick it, and I actually put a calendar note three

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Speaker 4: days before. That's saying you got to cancel this because

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Speaker 4: I wasn't sure I needed it, and I didn't need it,

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Speaker 4: so I ended up doing it. But you know, if

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Speaker 4: I hadn't put the calendar entry, and I totally would

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Speaker 4: have forgotten to do it right.

435
00:21:06,520 --> 00:21:08,680
Speaker 1: It was another note that really popped my eye into

436
00:21:08,720 --> 00:21:13,040
Speaker 1: how student loan payments boost your credit score. I never

437
00:21:13,119 --> 00:21:15,120
Speaker 1: would have thought that, please help me out.

438
00:21:16,080 --> 00:21:21,840
Speaker 4: Well, you know, credit scores are based on how responsibly

439
00:21:21,920 --> 00:21:24,560
Speaker 4: you pay your bills. So if you've got a lease

440
00:21:24,600 --> 00:21:26,679
Speaker 4: and you're paying rent, that can show up on your

441
00:21:26,680 --> 00:21:29,760
Speaker 4: credit cards. If you are, you know, you have student

442
00:21:29,880 --> 00:21:33,720
Speaker 4: loans that can show up and actually boost your you know,

443
00:21:34,160 --> 00:21:39,160
Speaker 4: your credit credit rating. So it actually makes a lot

444
00:21:39,200 --> 00:21:42,359
Speaker 4: of sense to think about all of the things that

445
00:21:42,520 --> 00:21:46,280
Speaker 4: you're paying routinely, that can be reported and that absolutely

446
00:21:46,320 --> 00:21:50,920
Speaker 4: gets tracked. So you know, especially if you're in a

447
00:21:51,000 --> 00:21:53,760
Speaker 4: financial pinch, you know, it doesn't make sense to start

448
00:21:53,840 --> 00:21:56,639
Speaker 4: skipping some payments like that because it can really damage everything.

449
00:21:57,320 --> 00:21:59,920
Speaker 1: Well, here's an interesting thing. I know I mentioned your book,

450
00:22:00,080 --> 00:22:03,200
Speaker 1: Your Best Financial Life, Save Smart Now for the future

451
00:22:03,240 --> 00:22:04,680
Speaker 1: you want? Do you have a website?

452
00:22:04,760 --> 00:22:07,480
Speaker 4: And I certainly do, thank you for asking. It's my

453
00:22:07,640 --> 00:22:10,359
Speaker 4: name and Leicester dot com. So it's a N N

454
00:22:10,480 --> 00:22:12,159
Speaker 4: E L E S T E R.

455
00:22:12,440 --> 00:22:14,600
Speaker 1: Now, when you go to your website, what's available on there?

456
00:22:14,680 --> 00:22:18,560
Speaker 1: Is it financial advice or is it like newsletter information?

457
00:22:18,720 --> 00:22:19,560
Speaker 1: What's on that website?

458
00:22:20,240 --> 00:22:22,199
Speaker 4: You can sign up for a newsletter. I've actually got

459
00:22:22,240 --> 00:22:25,280
Speaker 4: a quiz that helps you understand your spending type, and

460
00:22:25,359 --> 00:22:26,800
Speaker 4: I share some of those hacks. Like you take a

461
00:22:26,840 --> 00:22:29,240
Speaker 4: little quiz you see are you an oversubscriber? Are you

462
00:22:29,960 --> 00:22:33,600
Speaker 4: like a crypto bro? Are you a firefly? Are you

463
00:22:33,760 --> 00:22:36,959
Speaker 4: an ostrich? Then give you a couple of hacks uh

464
00:22:37,480 --> 00:22:39,359
Speaker 4: to figure out how to get get your arms around

465
00:22:39,359 --> 00:22:42,760
Speaker 4: your saving and spending behavior. And then you can also

466
00:22:42,800 --> 00:22:44,800
Speaker 4: sign up for my newsletter and then I'll be building

467
00:22:44,880 --> 00:22:48,159
Speaker 4: out some more resources and I will in fact be

468
00:22:48,240 --> 00:22:51,520
Speaker 4: adding some you know, again with no personal recommendation, but

469
00:22:51,680 --> 00:22:53,280
Speaker 4: just you know, these are some resources out there that

470
00:22:53,359 --> 00:22:55,359
Speaker 4: you may be able to check out and find useful.

471
00:22:55,440 --> 00:22:58,159
Speaker 4: So I will be building that in sood wow there today,

472
00:22:58,200 --> 00:22:58,760
Speaker 4: but it will.

473
00:22:58,680 --> 00:23:01,760
Speaker 1: Be yeah and so oh bottom line writing this book?

474
00:23:01,840 --> 00:23:03,240
Speaker 1: Why why did you write the book?

475
00:23:05,119 --> 00:23:05,320
Speaker 3: You know?

476
00:23:05,920 --> 00:23:09,639
Speaker 4: I wrote it honestly for like, it's the book I

477
00:23:09,680 --> 00:23:11,560
Speaker 4: wish I had had when I was in my twenties.

478
00:23:12,160 --> 00:23:15,880
Speaker 4: I grew up like my dad was a college professor.

479
00:23:16,160 --> 00:23:18,880
Speaker 4: But you know, there was always enough money. I don't

480
00:23:19,000 --> 00:23:20,480
Speaker 4: I don't think they had a lot of money. But

481
00:23:23,160 --> 00:23:25,639
Speaker 4: my parents were born in the early thirties, right, and

482
00:23:26,440 --> 00:23:28,920
Speaker 4: they just like the thought of like budgeting and talking

483
00:23:28,960 --> 00:23:31,240
Speaker 4: about like financial habits never occurred to them because you

484
00:23:31,320 --> 00:23:34,040
Speaker 4: just didn't spend money on stuff, like you just didn't.

485
00:23:34,200 --> 00:23:37,760
Speaker 4: And so I never grew up with any like allowance

486
00:23:37,920 --> 00:23:40,719
Speaker 4: or like sense of fixed monies. I just grew up

487
00:23:40,760 --> 00:23:42,360
Speaker 4: with like, if my parents thought it was a good

488
00:23:42,359 --> 00:23:43,800
Speaker 4: thing to spend money on, they spent the money, and

489
00:23:43,840 --> 00:23:45,359
Speaker 4: if they didn't, they didn't. And I was like, there

490
00:23:45,440 --> 00:23:48,639
Speaker 4: was never any conversation about you have one hundred dollars

491
00:23:48,800 --> 00:23:50,639
Speaker 4: you have to figure out how to spend it on X,

492
00:23:50,760 --> 00:23:52,760
Speaker 4: Y and Z, like you have to make choices. So

493
00:23:53,640 --> 00:23:55,040
Speaker 4: and then I got a credit card and it was

494
00:23:55,119 --> 00:23:58,680
Speaker 4: just terrible. So I made all these mistakes, and I

495
00:23:59,320 --> 00:24:02,480
Speaker 4: it took me years and years and years to stop

496
00:24:02,520 --> 00:24:06,680
Speaker 4: beating myself up right and feeling shame and blaming myself

497
00:24:06,720 --> 00:24:10,320
Speaker 4: for making these decisions. And I just don't. It's so unnecessary,

498
00:24:10,400 --> 00:24:12,960
Speaker 4: Like people should not feel ashamed of the decisions they made.

499
00:24:13,000 --> 00:24:15,399
Speaker 4: You said it really well earlier. You know, you just

500
00:24:15,520 --> 00:24:19,359
Speaker 4: have to accept what happened and move on. So for me,

501
00:24:19,600 --> 00:24:25,720
Speaker 4: the key is our brains are wired to grab stuff

502
00:24:25,760 --> 00:24:27,840
Speaker 4: in front of us. Our brains are not wired to

503
00:24:27,920 --> 00:24:31,199
Speaker 4: help us make rational long term financial decisions, right right

504
00:24:31,320 --> 00:24:33,159
Speaker 4: If they're wired to help us run away from the

505
00:24:33,160 --> 00:24:37,440
Speaker 4: saber tooth tiger. So and you know we're hunting, is

506
00:24:37,560 --> 00:24:39,080
Speaker 4: we're supposed to grab what's in front of us and

507
00:24:39,160 --> 00:24:42,040
Speaker 4: ron we're not supposed to say what's the rational choice here? Right?

508
00:24:42,160 --> 00:24:46,400
Speaker 4: So just knowing that to me help me understand why

509
00:24:46,560 --> 00:24:48,879
Speaker 4: I kept fighting myself, Right, I know I shouldn't do this,

510
00:24:49,080 --> 00:24:52,960
Speaker 4: but so and then hack yourself, right, So I wrote

511
00:24:53,000 --> 00:24:54,720
Speaker 4: it for me. I wrote it for my kids. I

512
00:24:54,800 --> 00:24:56,800
Speaker 4: wrote it for my kids' friends, like I really want

513
00:24:56,840 --> 00:24:59,320
Speaker 4: to help people not make these mistakes so they don't

514
00:24:59,359 --> 00:24:59,840
Speaker 4: have to make them.

515
00:25:00,240 --> 00:25:00,480
Speaker 3: Love it.

516
00:25:00,880 --> 00:25:02,680
Speaker 1: And thank you for coming on my show. And also

517
00:25:02,760 --> 00:25:04,440
Speaker 1: I like to believe that I can bring you back

518
00:25:04,520 --> 00:25:07,399
Speaker 1: because I try to. You know, you know your advice

519
00:25:07,600 --> 00:25:09,720
Speaker 1: is dead on and I have a lot more questions

520
00:25:09,760 --> 00:25:12,840
Speaker 1: I could have asked, but time, well, you know time

521
00:25:13,000 --> 00:25:14,680
Speaker 1: is what time is. But I want to thank you

522
00:25:14,760 --> 00:25:16,159
Speaker 1: for coming on my show and now good luck with

523
00:25:16,240 --> 00:25:18,720
Speaker 1: your book, and thank you for promoting your website and

524
00:25:19,080 --> 00:25:20,440
Speaker 1: allowing us to be able to reach out to you

525
00:25:20,520 --> 00:25:21,680
Speaker 1: in the future. I appreciate you.

526
00:25:22,119 --> 00:25:23,800
Speaker 4: Thank you so much. I appreciate that.

527
00:25:24,160 --> 00:25:26,080
Speaker 1: Fantastic and thank you everybody for listening to the show

528
00:25:26,160 --> 00:25:29,000
Speaker 1: money Making Conversation Master Class as usual. I'll be back

529
00:25:29,080 --> 00:25:30,960
Speaker 1: next week and you can listen to my show on

530
00:25:31,520 --> 00:25:33,000
Speaker 1: Moneymaking Conversation dot com.

531
00:25:33,480 --> 00:25:39,200
Speaker 3: Thank you, thank you for joining us for this edition

532
00:25:39,320 --> 00:25:44,840
Speaker 3: of Money Making Conversations Masterclass. Money Making Conversations Masterclass with

533
00:25:45,000 --> 00:25:48,600
Speaker 3: rough Shan McDonald is produced by thirty eight fifteen Media Inc.

534
00:25:48,880 --> 00:25:52,720
Speaker 3: More information about thirty eight fifteen Media Inc. Is available

535
00:25:52,840 --> 00:25:56,639
Speaker 3: at thirty eight fifteen media dot Com. And always remember

536
00:25:56,920 --> 00:25:58,240
Speaker 3: to lead with your gifts

537
00:26:00,400 --> 00:26:04,640
Speaker 4: Intention