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

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Speaker 1: Matt and today we're discussing essential habits for financial success. Alright, Joel,

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Speaker 1: you know this is gonna be a great episode, in particular,

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Speaker 1: a great episode to follow up our conversation that we

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Speaker 1: had on on Monday with economist Katie Milkman. During that convo,

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Speaker 1: she dived into the science behind why it is that

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Speaker 1: there are certain decisions, certain changes that we're able to

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Speaker 1: make that we stick with, and why there are other

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Speaker 1: changes that we make and when the first bump in

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Speaker 1: the road comes along, we just immediately fall off that wagon,

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Speaker 1: throwing the towel exactly. But the fact is, when it

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Speaker 1: comes to some of the larger financial goals that we

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Speaker 1: have in our lives, there aren't a lot of folks

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Speaker 1: that have like this grand tenure plan. They're like, I

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Speaker 1: don't know, like I don't even know what I want

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Speaker 1: to do by the end of this year, let alone

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Speaker 1: at the end of ten years. But they do know

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Speaker 1: that they need to make some healthy changes in their lives.

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Speaker 1: When it comes to how it is that they handle

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Speaker 1: their money. They don't know exactly where they want to go,

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Speaker 1: but they know they need to start taking some positive steps,

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Speaker 1: you know. And this is exactly where this episode comes in.

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Speaker 1: This is this episode is especially for the folks who

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Speaker 1: are saying, like, just tell me what to do, Like

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Speaker 1: I don't exactly know what it is I'm pursuing, like

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Speaker 1: the big things are gonna bring about happiness in my life,

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Speaker 1: but I do know I need to be smarter with

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Speaker 1: my money. Tell me what I need to do. I

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Speaker 1: think this episode is definitely going to connect with those folks,

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Speaker 1: but just for for everyone out there who is looking

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Speaker 1: to get better with their money as well. They might

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Speaker 1: not have like a big, hairy, audacious goal of achieving

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Speaker 1: fire by the time their thirty three or something like that,

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Speaker 1: but it doesn't mean that they don't want to make

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Speaker 1: progress and leave themselves more options. And so yeah, we

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Speaker 1: think these these habits, implementing some some of the habits

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Speaker 1: that we're gonna talk about today are going to help

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Speaker 1: put you on the right path, even if you don't

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Speaker 1: know where that path is going to lead exactly. But

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Speaker 1: before before you get to that, man, I wanted to

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Speaker 1: mention something in one of our listeners told us about

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Speaker 1: the other day via email. Thanks thanks to listener Nate,

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Speaker 1: by the way a listener who has some inside knowledge

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Speaker 1: when it comes to how the insurance industry works. Yeah,

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Speaker 1: and so he is an independent insurance agent himself. And

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Speaker 1: and you and I always talked about how great independent

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Speaker 1: insurance agents can be for individual consumers because they're not

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Speaker 1: beholding to a specific company. And so instead of saying, like, yeah,

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Speaker 1: let me quote you prices from Progressive only or All

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Speaker 1: States only or whatever it might be, they say, no,

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Speaker 1: I'm gonna I have the ability to shop with eight

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Speaker 1: or nine companies on your behalf, and I'll tell you

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Speaker 1: what the best prices are, which I think is super valuable,

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Speaker 1: including a bunch of companies you've never heard of. Because

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Speaker 1: they don't put any money towards marketing, right, they're also

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Speaker 1: able to offer sometimes the best rates. Yeah, they don't

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Speaker 1: have a cute green get go or something like that, like,

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Speaker 1: which means they can offer you better rate sometimes because

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Speaker 1: they're not spending so much on marketing exactly. And the

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Speaker 1: website that Nate mentioned, I've not heard of this website before.

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Speaker 1: We've talked about finding an independent local insurance agent, but

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Speaker 1: he mentioned the site trusted choice dot com, which is

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Speaker 1: a great site for finding a local agent. Where you are.

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Speaker 1: So if you're like, hey, one of my goals this

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Speaker 1: year is to save money on insurance. I know, like

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Speaker 1: my insurance cost just went up big time. How am

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Speaker 1: I going to be able to lower that cost in

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Speaker 1: a meaningful way? Well, one of the easiest ways to

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Speaker 1: do that is to find a local independent agents and so, yeah,

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Speaker 1: we will link to that site in the show notes

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Speaker 1: for this episode. But finding a local agent having them

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Speaker 1: shop on your behalf is one of the easy things

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Speaker 1: that you can do to potentially save hundreds or maybe

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Speaker 1: even a thousand dollars or more in the coming year

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Speaker 1: on on insurance costs, definitely without giving up a ton

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Speaker 1: in coverage in order to do so. About exactly that,

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Speaker 1: that's where we don't want you to cut corners in

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Speaker 1: order to save There are other ways and one of

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Speaker 1: the reasons he pointed out to local agents oftentimes they

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Speaker 1: know the specific nuances and the laws associated with the

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Speaker 1: state where you live, and so they oftentimes can provide

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Speaker 1: better coverage because they know exactly what it is that

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Speaker 1: you are going to be required to have, but then

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Speaker 1: also what you don't necessarily need to have, and uh,

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Speaker 1: they'll probably ask more about your specific situation sometimes, and

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Speaker 1: I think that's helpful totally. All right, let's introduce the

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Speaker 1: beer that you and I are going to enjoy during

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Speaker 1: this episode. Uh, this is a liquid Hop Magma. This

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Speaker 1: is our last beer donated to the show by Mutation Brewing.

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Speaker 1: A big thanks to Jack and all of our friends

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Speaker 1: over there at the brewery. But I'm looking forward to

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Speaker 1: enjoying this one and we will share what we think

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Speaker 1: about it at the end of the episode. For sure,

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Speaker 1: we're like happy beers. We'll keep our thoughts on this

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Speaker 1: one in just a bit. But Matt, but let's get

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Speaker 1: onto the subject at hand. Let's talk about the essential

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Speaker 1: habits for financial success. And it just makes me think

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Speaker 1: of high school for some reason that like, remember we

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Speaker 1: were always told back to school essentials, right, remember, well

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Speaker 1: kids are going back to school for the second semester

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Speaker 1: in just a couple of days. But like, uh, in

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Speaker 1: high school, we were always told that we needed to

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Speaker 1: get good grades. But it always thought a little arbitrary

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Speaker 1: to me, like nobody was connecting the dots and so

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Speaker 1: I was. I personally was more than happy to trade

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Speaker 1: like hours of studying for a solid be instead of

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Speaker 1: like busting my butt to getting it always felt like

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Speaker 1: the gap in effort needed between getting a B in

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Speaker 1: an A was significant, so I was just always content

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Speaker 1: to get a slightly lower grade, but it was still

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Speaker 1: solid right, And I think I choked it up to

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Speaker 1: the fact that I had no desire to attend a

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Speaker 1: prestigious school like the IVY leagues were out of the

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Speaker 1: question for me. No, no Yale for Joel Little Little

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Speaker 1: High School JOLS. No. I wasn't thinking about Yale or

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Speaker 1: Harvard or Standford or any of that stuff. But it

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Speaker 1: turns out, though, I think there were good reasons that

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Speaker 1: my parents were pushing me to try harder, even though

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Speaker 1: I wasn't planning on going to Colgate or one of

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Speaker 1: those nice schools. Right, and better grades meant a wider

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Speaker 1: range of options and the potential for more financial aid

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Speaker 1: to no matter what school I went to. It makes

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Speaker 1: me think recently, I was talking to my wife Emily

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Speaker 1: one of her cousins, and he talked told me about

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Speaker 1: getting a thirty two on his A. C T took

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Speaker 1: it three times and he just couldn't get past that

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Speaker 1: that mark. But if he'd gotten a thirty three, he

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Speaker 1: would have gotten all his housing paid for at the

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Speaker 1: school he went to. So it's just like one point

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Speaker 1: man costs him a lot of money. But he said, man,

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Speaker 1: I just I couldn't stomach taking that test again at

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Speaker 1: that point in time. And I don't think he realized

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Speaker 1: at the time, when he was eighteen how much it

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Speaker 1: was gonna cost him. And so both his parents and

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Speaker 1: my parents, I think, could see past our lethargy, my

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Speaker 1: you know, lack of focus and dedication and his lack

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Speaker 1: of wanting to take that test again, and they knew

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Speaker 1: that that trying just a bit harder would have long

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Speaker 1: term positive financial consequences for both of us, not to

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Speaker 1: mention a stronger work ethic right that would provide dividends

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Speaker 1: for years to come. So your parents wanted to see

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Speaker 1: your full potential, Joe. They knew that you were capable

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Speaker 1: of so much more. But but but what you're saying, though,

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Speaker 1: is like, I mean, you're not just going to focus

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Speaker 1: on getting good grades because you know that you have

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Speaker 1: to achieve a certain g p A to get into

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Speaker 1: a specific school, Like that is not the only reason

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Speaker 1: that you're doing it. And you know, when it comes

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Speaker 1: to like the big financial goals that we have in life,

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Speaker 1: it can be overwhelming, you know, like when you hear

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Speaker 1: Life Grows out there saying that like, you've got to

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Speaker 1: start with the end in mind. And I'm pretty sure

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Speaker 1: that that's something we've even said before, even though we

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Speaker 1: don't at all consider ourselves gurus. And the reason though

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Speaker 1: that that can be overwhelming, I think is because sometimes

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Speaker 1: you just have no idea what end it is that

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Speaker 1: you're actually pursuing. And plus, you know, we think this

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Speaker 1: is also a great way to tackle the new year,

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Speaker 1: because you know, you may not even know what you

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Speaker 1: want to accomplish by the end of three let alone

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Speaker 1: by the end of the decade. You might not have

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Speaker 1: a specific crystallized goal yet. And that's okay, But it's

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Speaker 1: about moving in the right direction. It's about getting that

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Speaker 1: momentum started, getting that ball rolling, even if the end

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Speaker 1: goal is subject to change. And so just like with you, Joel,

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Speaker 1: so you didn't know exactly where it was that you

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Speaker 1: wanted to go to college, but by having a good

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Speaker 1: g p A, by giving it your best shot on

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Speaker 1: the on the s a T. That was going to

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Speaker 1: open up the potential for you to go to some

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Speaker 1: different schools that you might have changed your mind to

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Speaker 1: down the road and developing the right financial habits. We

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Speaker 1: think that that will similarly help folks to start moving

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Speaker 1: in the right direction, even if you don't know what

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Speaker 1: your ultimate destination is going to be. Yeah, And the

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Speaker 1: truth is that most of us have goals that are

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Speaker 1: subject to change right now. None of our goals are

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Speaker 1: are very few of our goals are set in stone.

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Speaker 1: This is and we know them on like a multi

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Speaker 1: decade long timeline, and life throws us curveballs and we

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Speaker 1: have to adapt. That doesn't necessarily mean that you've failed, right.

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Speaker 1: It's often that as you grow up and evolve as

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Speaker 1: a person that what you want out of life changes,

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Speaker 1: which is totally fine and totally understandable, and it's actually

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Speaker 1: a good thing. What it feels like we live a

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Speaker 1: new life, something like every seven years, we're turning over

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Speaker 1: a new leaf. Matt. There are certain things that people

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Speaker 1: might have told me three years ago, but pre pandemic,

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Speaker 1: and they would have said, Hey, you're gonna end up

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Speaker 1: doing this, this and this, making these choices. You're even

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Speaker 1: gonna move from the neighborhood that you can love so

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Speaker 1: much right now, and you're gonna end up in a

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Speaker 1: new place and I would have been like, you're crazy,

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Speaker 1: like there's no way out of your mind. But life

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Speaker 1: here we are throws us her balls. We have to

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Speaker 1: react accordingly. And you and I we moved our families

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Speaker 1: right last year, but we want you to have the

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Speaker 1: financial ability to be able to make those changes without

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Speaker 1: freaking out. And the earlier you adopt the financial habits

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Speaker 1: that we're gonna cover in today's episode, the quicker, you're

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Speaker 1: gonna be on your way to increase levels of margin

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Speaker 1: and financial flexibility, which directly equates to the likelihood that

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Speaker 1: money isn't going to be the thing holding you back

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Speaker 1: from the lifestyle you want to lead and the changes

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Speaker 1: you want to make. Man, it would have been so

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Speaker 1: much more stressful if we felt like we wanted to

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Speaker 1: move our families somewhere else, but we didn't have the

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Speaker 1: financial backstop to make that decision exactly. And so that's

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Speaker 1: what we want for people. Like, as goals start to crystallize,

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Speaker 1: you're like, Hey, the habits I've been implementing are you know,

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Speaker 1: have gotten me to the place where I can now

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Speaker 1: achieve that without having to to fret, without having to

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Speaker 1: like freak out that you don't have the financial wherewithal

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Speaker 1: to to make those decisions you want to make. That's right, man, Yeah,

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Speaker 1: I can agree. More so let's get into it. Where

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Speaker 1: do you start? And we would argue that gathering the

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Speaker 1: facts that that is step number one. Uh, and that

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Speaker 1: means tracking your spending. We think that this is the

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Speaker 1: number one habit that folks who handle their money do

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Speaker 1: without fail. Last month, actually we talked about how people

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Speaker 1: underestimate what it is that they spend on their monthly subscriptions,

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Speaker 1: and not just by like a little bit of money,

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Speaker 1: like almost always it was by at least a hundred bucks.

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Speaker 1: And so the reason I bring that up is we is,

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Speaker 1: if you don't know where your money is going, it

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Speaker 1: becomes really easy to let those precious dollars slip through

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Speaker 1: the cracks, and that makes it harder to actually reach

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Speaker 1: whatever goals it is that you are either currently pursuing

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Speaker 1: or that you might end up pursuing at some point.

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Speaker 1: Every dollar counts when we're looking to make changes, uh.

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Speaker 1: And if you don't track where those dollars are going,

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Speaker 1: it's like you're on a ship with a perpetual leak.

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Speaker 1: You gotta fix that leak in order to get where

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Speaker 1: you're trend to go. It makes me think of that.

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Speaker 1: So the conversation we had with Katie on Monday, one

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Speaker 1: of the things she wrote about in the book, she

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Speaker 1: one of the similarities between Benjamin Franklin and Jerry Seinfeld

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Speaker 1: was that they were incredibly disciplined in tracking their progress.

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Speaker 1: There were changes that they both I would say probably

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Speaker 1: very different changes that they both wanted to implement in

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Speaker 1: their lives. Uh, and they were both able to basically

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Speaker 1: chart their progress and that allowed them to achieve the

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Speaker 1: results much faster. And specific to Jerry Seinfeld, one of

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Speaker 1: the things she said that he would often do um

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Speaker 1: is that he would maintain these streaks, and so I

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Speaker 1: think maybe it was something like every night he was

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Speaker 1: trying to do and like an open mic nights somewhere

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Speaker 1: in order to just hone his craft. And once he

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Speaker 1: got that going, he didn't want to stop, specifically because

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Speaker 1: he didn't want to break break the streak that he

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Speaker 1: had going to like in a sense, he was almost

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Speaker 1: kind of gamifying it. And when I read that, I

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Speaker 1: realized that's one of the reasons why I track my

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Speaker 1: spending every single penny, every single month, and I've done

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Speaker 1: that since two thousand and seven. Like literally, for I'm on,

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Speaker 1: I'm on like a fifteen year streak where every single

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Speaker 1: month that that is something I've been able to maintain.

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Speaker 1: There's no way I'm gonna break that streak. I'm not

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Speaker 1: gonna let a busy month allow me to not do

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Speaker 1: this thing that I've done for so long that has

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Speaker 1: allowed me to achieve the financial progress and the financial

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Speaker 1: success that I have. And you're living up now to

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Speaker 1: the moniker that everyone has for you, which is the

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Speaker 1: Jerry Seinfelder personal finance if only No, I think you're right.

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Speaker 1: I mean, I think those things, those things matter, right,

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Speaker 1: And the longer we do something, the more habitual it becomes.

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Speaker 1: But something as simple as tracking your money is crucial,

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Speaker 1: Like it's it's like the first building block really personal

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Speaker 1: finding so many ways, and if you're not doing that

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Speaker 1: basic thing, the likelihood of you being able to achieve

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Speaker 1: bigger goals that you've set out for yourself becomes a

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Speaker 1: lot more unlikely if you're not willing to do the

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Speaker 1: small stuff. Exactly. Yeah, I think I mean that's worth

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Speaker 1: sharing too, because I think they're gonna are saying, oh great,

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Speaker 1: how the money, guys, They're they're talking about tracking or spending,

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Speaker 1: but like, this is something that folks who have accomplished

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Speaker 1: a lot in their lifetimes. This is what they do.

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Speaker 1: This is where you start. Yeah, and it sounds basic,

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Speaker 1: but the realities most people don't do it, and so

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Speaker 1: they don't know where the leaks are. They don't know

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Speaker 1: how to go about plugging them. And the truth is

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Speaker 1: there are lots of ways to track. Right. You can

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Speaker 1: go old school spreadsheet like you do, Matt, and we

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Speaker 1: can link to your budget spreadsheet that people can copy

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Speaker 1: and use however they like. In the show notes for

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Speaker 1: this episode, if you're like, hey, I do like I

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Speaker 1: do like the Matt's grandpa approach to budgeting and tracking.

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Speaker 1: That's cool. Feel free you go use it. Or you

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Speaker 1: can use a software like Mint or wineap. If you're like,

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Speaker 1: I'm hip, I'm with it, then go for that, like

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Speaker 1: sign up for one of those sites Mints free, wineap

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Speaker 1: costs money, But whatever system works best for you is

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Speaker 1: all good with us. But if you opt to avoid

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Speaker 1: tracking your spending, your progress, it's just it's gonna be stunted.

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Speaker 1: Just like if Jerry Sinnel wasn't if he wasn't tracking

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Speaker 1: those open mic nights, and he's like, I think I've

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Speaker 1: done it like the last thirteen days, but I'm not

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Speaker 1: a shure. There's something about, yeah, documenting it that helps

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Speaker 1: keep that progress alive. And then the next step after

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Speaker 1: tracking is budgeting. It was once you know you know

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Speaker 1: where those funds are going, it's so much easier to

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Speaker 1: then tweak your spending to better align with your values,

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Speaker 1: and you start asking questions like do my current expenses

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Speaker 1: makes sense for what I care about? How do I

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Speaker 1: feel about the money that I'm spending? Do I feel

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Speaker 1: good about it? And if not, it's time to readirect

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Speaker 1: where those dollars are going? And again like they're you know,

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Speaker 1: excellent software packages to help you out with this, but

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Speaker 1: you don't need software to help you do this either,

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Speaker 1: like pen and paper write. It can be as simple

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Speaker 1: as that. But yeah, tracking and budgeting are like two

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Speaker 1: unavoidable p's in a pod if you're doing those things consistently.

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Speaker 1: We actually we have a new article up on our

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Speaker 1: website at how money dot com. There's like different budgeting

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Speaker 1: methods I think that work better for different personality types,

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Speaker 1: and so will link to that so you can hopefully

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Speaker 1: find a budgeting method that works for you how you

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Speaker 1: think about money, and then kind of like how you

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Speaker 1: personally handle it. It's not necessarily it doesn't have to

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Speaker 1: be a one size fits all approach. That's right, And

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Speaker 1: I will say I'll give a slight caveat because I

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Speaker 1: said that this is something that everybody who's successful with

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Speaker 1: their money, this is something that they do. And while

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Speaker 1: I think it would be helpful for the majority of folks,

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Speaker 1: I will say, there are folks out there who don't

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Speaker 1: budget as much. I mean, I think you would even

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Speaker 1: kind of fall into that camp. But that's actually the

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Speaker 1: fourth budgeting style in that article I referencing is is

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Speaker 1: people who don't budget. But like my favorite budgeting style

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Speaker 1: is to not budget. But what I wanted to say though,

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Speaker 1: is you, I think initially it is incredibly helpful. Yes,

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Speaker 1: like maybe in the day to day, like the month

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Speaker 1: a month, you're not you know, you're not doing like

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Speaker 1: a zero some budget where you're tracking every single penny,

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Speaker 1: which is one of the other ones in there. But

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Speaker 1: I think initially, at least at the very beginning, like

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Speaker 1: you gotta face the facts, you know, like you got

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Speaker 1: to face the music and be shocked with the reality

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Speaker 1: of your spending because you might think that you've got

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Speaker 1: a certain level of spending, you know, going on in

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Speaker 1: your life, but guess what. Lifestyle inflation happens in conjunction

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Speaker 1: with actual inflation, which is caused a lot of are

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Speaker 1: are spending to increase. And so I think it's so

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Speaker 1: important to truly face the facts, and at the very

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Speaker 1: least doing that once at the beginning can help you

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Speaker 1: to get sort of like, uh, I don't like, almost

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Speaker 1: like a tune up, Like when you go into and

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Speaker 1: you take your car in, if you take it to

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Speaker 1: somebody who knows what they're doing, they're hopefully able to

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Speaker 1: give you a good diagnosis. Uh. And I think that

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Speaker 1: that I can tell you what you can do, what's

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Speaker 1: coming up with your carly Hey in maybe like a

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Speaker 1: few thousand miles, those front brakes might need to be

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Speaker 1: looked at again. And I don't know, maybe you're gonna

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Speaker 1: need that ninety mile check up where we do this,

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Speaker 1: this and this, prepare for it. Yeah, exactly, start thinking ahead,

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Speaker 1: which is great, And I think that's what kind of

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Speaker 1: tracking and budgeting can do for Yousolutely. It's also true

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Speaker 1: that somebody like Jerry Seinfeld doesn't need to do an

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Speaker 1: open mic night every single night at this point because

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Speaker 1: of all the work he's put in throughout the years.

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Speaker 1: So exactly, if you're that far along, you don't need

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Speaker 1: to necessarily feel guilted into continuing a system that helps

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Speaker 1: set you up for success, and it might continue to

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Speaker 1: help you be success. But he also might not need

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Speaker 1: it in the same way that somebody's just starting. Yeah,

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Speaker 1: I mean it's trade offs because like simultaneously, like even

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Speaker 1: the best coaches out there and the best players, they're

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Speaker 1: watching tape, you know, like they are reviewing and looking

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Speaker 1: back over their performances and like, and so I think

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Speaker 1: even Jamaican a sports reference. But yeah, I don't want

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Speaker 1: to do that off. But I get I think even

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Speaker 1: the folks who are crushing their financial goals would see

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Speaker 1: an increased level of performance were they to track and budget.

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Speaker 1: It's just it just kind of comes down to whether

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Speaker 1: or not that that is enough of a priority for

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Speaker 1: them to want to do that. I remember seeing a

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Speaker 1: Kobe Bryant interview where he talked about just out working

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Speaker 1: everybody else, and he's like, they's say, the average athlete

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Speaker 1: works out, has two good workouts in a day. Well,

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Speaker 1: what if I wake up earlier in the morning, and

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Speaker 1: I'm getting somewhere between three and four workouts in every

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Speaker 1: single day. He's like, it doesn't matter if they were

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Speaker 1: their butt off over the summer, because for the last

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Speaker 1: five years, I've been doing an additional workout or two

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Speaker 1: more than they have for years now, which in compounds. Yeah,

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Speaker 1: and it's like those the kind of things, those actions

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Speaker 1: really matter, right, That's a that's a habit that he

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Speaker 1: got into that paid massive dividends, making him one of

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Speaker 1: the best basketball players of all time. But you gotta

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Speaker 1: you gotta let your body rest, though, too, write like,

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Speaker 1: aren't you faced with like the reality of science? Yeah,

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Speaker 1: I think that now that I've been working out. I mean,

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Speaker 1: the guys that's a guy to work for Kobe, I'm

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Speaker 1: gonna trust it. But there's there's certain guys that like

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Speaker 1: work out every single day. I'm just like, how are

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Speaker 1: you not sore the next day? Like when I work out,

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Speaker 1: I can't I feel like I can't do Jack squad

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Speaker 1: the next day. But we definitely don't need to turn

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Speaker 1: this into physical fitness sports metaphor of an episode. We're

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Speaker 1: going to continue to talk about the essential habits for

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Speaker 1: financial success. And we have a handful more of different

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Speaker 1: habits that we are going to cover right after this.

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Speaker 1: All right, Matt, let's keep going. Of course, you and

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Speaker 1: I we want everybody listening to this. We want them

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Speaker 1: to be financially successful. We want them And that doesn't

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Speaker 1: mean and you and I've talked to talk about this

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Speaker 1: all the time. That doesn't mean having like Bill Gates

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Speaker 1: levels of wealth. That doesn't mean being on the four

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Speaker 1: List or something like that, like that is uber insanely

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Speaker 1: rich and wealthy. That we don't care about that. But

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Speaker 1: we do want people to have more choice in our lives.

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Speaker 1: We do want people to have more money in their

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Speaker 1: bank account to allow them to have more choice over

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Speaker 1: over the years, more autonomy over their lives and the

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Speaker 1: decisions that they're able to make in the future. And

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Speaker 1: so that often means having better habits, making better choices,

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Speaker 1: even if the end goal isn't and for most of

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Speaker 1: us probably isn't going to be to be, you know,

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Speaker 1: to become one of the uber wealthy elites. But another

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Speaker 1: habit that's successful financial nerds partake in is to regularly

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Speaker 1: assess and cut their spending. And so this kind of

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Speaker 1: aligns with tracking your spending. But it's a little different

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Speaker 1: because this is like when you're actually not just seeing

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Speaker 1: the holes in the boat, but you start plugging the

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Speaker 1: leaks and you make it a habit. We would say

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Speaker 1: to institute a waiting period before buying something, something like

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Speaker 1: a forty eight hour rule where you're shopping and you

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Speaker 1: see something and you're like, oh, I need that. Well,

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Speaker 1: if you have a forty eight hour rule, you don't

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00:18:57,720 --> 00:18:59,560
Speaker 1: buy it, and maybe you forget about it, or maybe

432
00:18:59,560 --> 00:19:01,720
Speaker 1: you come back to it knowing, hey, that's actually something

433
00:19:01,720 --> 00:19:03,480
Speaker 1: I really want to buy. Or if you're shopping around

434
00:19:03,520 --> 00:19:05,240
Speaker 1: for items that you're definitely going to purchase, you know

435
00:19:05,320 --> 00:19:07,560
Speaker 1: you want that thing, you've been like thinking about it

436
00:19:07,560 --> 00:19:10,960
Speaker 1: for a while, Compare prices before you actually take the

437
00:19:11,000 --> 00:19:14,040
Speaker 1: plunge and buy that item and add it into your

438
00:19:14,080 --> 00:19:16,560
Speaker 1: life as well. Also, you know, work to spend less

439
00:19:16,560 --> 00:19:20,040
Speaker 1: on recurring expenses. These are all habits that you're going

440
00:19:20,080 --> 00:19:22,639
Speaker 1: to want to develop in order to grow the gap

441
00:19:23,040 --> 00:19:26,080
Speaker 1: in your life between incoming and outgoing. So we would

442
00:19:26,119 --> 00:19:29,359
Speaker 1: say start with those big expenses, right like housing. What

443
00:19:29,400 --> 00:19:31,240
Speaker 1: are some ways that you can keep this one to

444
00:19:31,280 --> 00:19:33,720
Speaker 1: a minimum. Do you really need a big, fancy apartment

445
00:19:33,720 --> 00:19:35,800
Speaker 1: for all the stuff you're tired of keeping up with.

446
00:19:35,920 --> 00:19:37,720
Speaker 1: Or let's say you own a house, maybe it's time

447
00:19:37,720 --> 00:19:40,200
Speaker 1: to start house hacking. Can you, uh, can you rent

448
00:19:40,240 --> 00:19:42,680
Speaker 1: out a room in your house to turn that expense

449
00:19:43,040 --> 00:19:45,719
Speaker 1: into less of an expense or maybe maybe even into

450
00:19:45,760 --> 00:19:48,120
Speaker 1: a little bit of profit. How can you trim um

451
00:19:48,160 --> 00:19:50,560
Speaker 1: what you're spending on transportation? Can you get rid of

452
00:19:50,600 --> 00:19:52,800
Speaker 1: a car from your life? Matt? How are big advocates

453
00:19:52,800 --> 00:19:54,600
Speaker 1: for this? If there's a lot more people who could

454
00:19:54,640 --> 00:19:56,560
Speaker 1: afford to ditch your car then think they can. In

455
00:19:56,600 --> 00:20:00,080
Speaker 1: the average price of owning one single car for a

456
00:20:00,000 --> 00:20:02,240
Speaker 1: a year or something like ten thousand dollars, that's insane.

457
00:20:02,280 --> 00:20:03,960
Speaker 1: That's a lot of money. Can you cut that back

458
00:20:04,000 --> 00:20:06,480
Speaker 1: in your life? Also, like shop insurance rates, we talked

459
00:20:06,480 --> 00:20:08,760
Speaker 1: about that at the beginning of that episode. They're all

460
00:20:08,800 --> 00:20:11,240
Speaker 1: of these little leaks that are in our lives, these

461
00:20:11,280 --> 00:20:14,480
Speaker 1: ways that we can address them. But the habit that's

462
00:20:14,480 --> 00:20:17,680
Speaker 1: important to develop is to regularly assess and cut. Assessing

463
00:20:17,680 --> 00:20:20,800
Speaker 1: and cutting spending is going to go a long way

464
00:20:20,800 --> 00:20:23,359
Speaker 1: when it comes to moving the needle creating more margin,

465
00:20:23,400 --> 00:20:25,480
Speaker 1: more financial margin in your life. Yeah, but don't forget

466
00:20:25,480 --> 00:20:27,639
Speaker 1: about the all those little leaks as well, you know,

467
00:20:27,680 --> 00:20:30,040
Speaker 1: because like the successful money habits, like like saving in

468
00:20:30,119 --> 00:20:32,720
Speaker 1: small ways, that is also going to propel you down

469
00:20:32,720 --> 00:20:35,480
Speaker 1: the path of financial success as well. I'm starting to

470
00:20:35,520 --> 00:20:37,720
Speaker 1: sound like Ben Franklin. A penny saved as a penny earned,

471
00:20:38,320 --> 00:20:40,439
Speaker 1: you know, I feel like, uh me have been Franklin,

472
00:20:40,440 --> 00:20:43,520
Speaker 1: would we would have gotten alone. But like, you know,

473
00:20:43,560 --> 00:20:46,040
Speaker 1: just like the small tweaks that were able to make right, Like,

474
00:20:46,080 --> 00:20:49,240
Speaker 1: as we adopt, say a more positive view of frugality,

475
00:20:49,440 --> 00:20:51,439
Speaker 1: I think that's the cherry on top as we're working

476
00:20:51,480 --> 00:20:54,359
Speaker 1: to optimize our money. Uh, and these are moves that

477
00:20:54,480 --> 00:20:56,959
Speaker 1: most any anyone out there can do. We're talking about

478
00:20:57,040 --> 00:20:59,639
Speaker 1: things like biking more often as opposed to getting in

479
00:20:59,640 --> 00:21:01,159
Speaker 1: the car, Like that's one of the ways that you

480
00:21:01,200 --> 00:21:04,800
Speaker 1: are able to downsize the second largest line item on

481
00:21:05,359 --> 00:21:10,560
Speaker 1: the Americans monthly budget. But then something as simple as saving, storing,

482
00:21:10,640 --> 00:21:13,640
Speaker 1: and actually eating your leftovers. I'm I'm like the King

483
00:21:13,640 --> 00:21:16,719
Speaker 1: of leftovers, man, don't just scrape it into the garbage can.

484
00:21:17,000 --> 00:21:20,080
Speaker 1: Like literally today my leftovers I had, um, there's just

485
00:21:20,119 --> 00:21:21,880
Speaker 1: like too much brown rice in there. And so I

486
00:21:22,000 --> 00:21:25,359
Speaker 1: like the pork and the mushrooms and the spinach, but

487
00:21:25,720 --> 00:21:27,760
Speaker 1: I scraped the rice back into the container. That's like

488
00:21:27,880 --> 00:21:30,280
Speaker 1: that back in the fridge because now I've got leftovers

489
00:21:30,280 --> 00:21:34,000
Speaker 1: of leftovers and later this week I'll be able to

490
00:21:34,040 --> 00:21:37,080
Speaker 1: bring some vegetables, some protein, uh and complete that meal.

491
00:21:37,720 --> 00:21:39,880
Speaker 1: But you know, even something as basic as we're using

492
00:21:39,880 --> 00:21:43,040
Speaker 1: as the black bags, financially successful folks realize the value

493
00:21:43,119 --> 00:21:45,600
Speaker 1: of a dollar and like they're just always doing just

494
00:21:45,640 --> 00:21:48,639
Speaker 1: the little things that add up. And you kind of

495
00:21:48,720 --> 00:21:50,760
Speaker 1: you touch on this a little bit, but like finding

496
00:21:50,840 --> 00:21:53,719
Speaker 1: ways to keep those smaller recurring expenses minimal as important

497
00:21:53,720 --> 00:21:56,240
Speaker 1: as well, because you're not looking to bring in new

498
00:21:56,280 --> 00:21:59,560
Speaker 1: expenses into your life just on a whim, right, because

499
00:21:59,600 --> 00:22:01,960
Speaker 1: those that's that's how those small expenses really add up

500
00:22:02,080 --> 00:22:04,640
Speaker 1: when you multiply times twelve and you get you kind

501
00:22:04,640 --> 00:22:07,080
Speaker 1: of get used to the action of doing those little

502
00:22:07,119 --> 00:22:10,040
Speaker 1: things and not thinking a thing of it, and they grow.

503
00:22:10,200 --> 00:22:12,359
Speaker 1: Like it's not just the one ten dollar subscription, but

504
00:22:12,359 --> 00:22:14,520
Speaker 1: it's the fact that, like you're the kind of person

505
00:22:14,640 --> 00:22:17,439
Speaker 1: however many years that you did that, that you maintain

506
00:22:17,480 --> 00:22:19,520
Speaker 1: that subscription. But then just what you're talking about, Yeah,

507
00:22:19,560 --> 00:22:21,920
Speaker 1: the frame of mind that you enter into as a consumer,

508
00:22:22,240 --> 00:22:24,320
Speaker 1: and it's like, now, cool, Yeah, that's not if ten

509
00:22:24,359 --> 00:22:26,400
Speaker 1: dollars isn't a big deal, the next time the twenty

510
00:22:26,400 --> 00:22:28,800
Speaker 1: dollar decision isn't a big deal, and then we need

511
00:22:28,840 --> 00:22:31,080
Speaker 1: to make them big deals in our lives, right, yeah, Keeping,

512
00:22:31,800 --> 00:22:33,719
Speaker 1: we want you to basically keep this recurring payments as

513
00:22:33,760 --> 00:22:35,720
Speaker 1: low as possible because that's going to open up the

514
00:22:36,040 --> 00:22:39,119
Speaker 1: widest range of financial possibilities for you in the future,

515
00:22:39,119 --> 00:22:40,879
Speaker 1: and that's what we want for you. And plus, you know,

516
00:22:40,960 --> 00:22:43,960
Speaker 1: keeps your stress levels lower, which is massively underrated. We're

517
00:22:44,000 --> 00:22:46,120
Speaker 1: not even gonna talk about stress and mental health. We're

518
00:22:46,119 --> 00:22:48,000
Speaker 1: just talking about like the nuts and bolts today, but

519
00:22:48,119 --> 00:22:49,840
Speaker 1: keep that in mind as well. Yeah, it's like these

520
00:22:49,840 --> 00:22:53,720
Speaker 1: habits do have a ramification on your mental acuity right

521
00:22:53,720 --> 00:22:55,840
Speaker 1: on the bandwidth that you have to tackle other more

522
00:22:55,880 --> 00:22:58,960
Speaker 1: important things in life. That's not the focus of this episode,

523
00:22:59,000 --> 00:23:02,280
Speaker 1: but it's h Yeah, it literally loads your key points

524
00:23:02,920 --> 00:23:04,480
Speaker 1: having a lot of debt on hand. Right, there's like

525
00:23:04,520 --> 00:23:07,080
Speaker 1: studies the show that it's something like a twelve to

526
00:23:07,160 --> 00:23:10,439
Speaker 1: fourteen point i Q drop and we want you to

527
00:23:10,480 --> 00:23:12,760
Speaker 1: avoid that because we want you to be smart and happy.

528
00:23:12,840 --> 00:23:15,199
Speaker 1: But another habit that you're gonna want to adopt is

529
00:23:15,240 --> 00:23:18,199
Speaker 1: to avoid high inter straight debt like the plague. And

530
00:23:18,240 --> 00:23:20,560
Speaker 1: so yeah, when you when you take on debt, what

531
00:23:20,680 --> 00:23:24,000
Speaker 1: you're doing is you're giving your future self fewer options.

532
00:23:24,320 --> 00:23:26,439
Speaker 1: And so you want to be darn sure that the

533
00:23:26,480 --> 00:23:29,000
Speaker 1: debt you're taking on is fueling the future you want,

534
00:23:29,359 --> 00:23:34,359
Speaker 1: not preventing future possibilities. And the problem is most debt sucks, right.

535
00:23:34,440 --> 00:23:38,640
Speaker 1: Personal loans, revolving credit card debt, car loans like these

536
00:23:38,640 --> 00:23:41,119
Speaker 1: are the kind of things that allow you to consume

537
00:23:41,160 --> 00:23:44,080
Speaker 1: more now, leaving future you though on the hook for

538
00:23:44,119 --> 00:23:47,520
Speaker 1: those payments potentially seven, eight, nine years in the future.

539
00:23:47,560 --> 00:23:50,520
Speaker 1: When you're talking about something like all those kinds of debt,

540
00:23:50,520 --> 00:23:52,240
Speaker 1: but spec like, say car loans, there's a lot of

541
00:23:52,280 --> 00:23:54,480
Speaker 1: people taking out eight nine year car loans now, Matt,

542
00:23:54,760 --> 00:23:57,560
Speaker 1: and so like, yeah, by the time you're done with

543
00:23:57,560 --> 00:24:00,760
Speaker 1: that car, hate it, you're halfway through the car payments

544
00:24:00,960 --> 00:24:03,600
Speaker 1: and not sending you up for the opposite of financial success.

545
00:24:03,600 --> 00:24:05,919
Speaker 1: And so yeah, savvy financial folks they make it a

546
00:24:05,920 --> 00:24:08,320
Speaker 1: habit to avoid all the above debts. They don't want

547
00:24:08,320 --> 00:24:09,880
Speaker 1: to mess with any of them, and they don't want

548
00:24:09,880 --> 00:24:11,480
Speaker 1: to play with fire because they don't want to get burned.

549
00:24:11,720 --> 00:24:14,439
Speaker 1: So we also stress on this show that not all

550
00:24:14,480 --> 00:24:17,399
Speaker 1: debt is bad. It's possible to use debt wisely to

551
00:24:17,440 --> 00:24:20,720
Speaker 1: give yourself more options in the future. For talking about

552
00:24:20,760 --> 00:24:25,000
Speaker 1: like a smart mortgage or a reasonable amount of student

553
00:24:25,000 --> 00:24:27,680
Speaker 1: loans to get a degree that's going to improve your

554
00:24:27,680 --> 00:24:30,879
Speaker 1: earning potential. Those things, you know, those aren't bad versions

555
00:24:30,880 --> 00:24:33,480
Speaker 1: of debt. But avoiding the worst debts and keeping even

556
00:24:33,560 --> 00:24:36,960
Speaker 1: the potentially helpful debt in check is a wise habit

557
00:24:37,000 --> 00:24:39,840
Speaker 1: to get into. Honestly, another reason too that it's good

558
00:24:39,880 --> 00:24:42,080
Speaker 1: to avoid debt. And we we've talked about this towards

559
00:24:42,119 --> 00:24:43,680
Speaker 1: the end of last year when we were talking about

560
00:24:44,040 --> 00:24:46,720
Speaker 1: pursuing happiness in all the wrong ways. We're just poor

561
00:24:46,760 --> 00:24:48,720
Speaker 1: predictors of what it is that is going to make

562
00:24:48,760 --> 00:24:50,719
Speaker 1: us happy. We think that this is going to be

563
00:24:50,760 --> 00:24:53,200
Speaker 1: something that's gonna make us happy, it's gonna make us fulfilled.

564
00:24:53,600 --> 00:24:57,280
Speaker 1: And when those items oftentimes uh that we have to

565
00:24:57,320 --> 00:25:00,239
Speaker 1: purchase when we finance them, we are stick in our

566
00:25:00,320 --> 00:25:03,000
Speaker 1: future selves. Like you said, Joel, with those payments, we

567
00:25:03,040 --> 00:25:06,560
Speaker 1: are like, I don't trust myself today to make something

568
00:25:06,680 --> 00:25:08,760
Speaker 1: like the right decision on when it comes to taking

569
00:25:08,800 --> 00:25:11,520
Speaker 1: on debt oftentimes, so still be something that I think

570
00:25:11,600 --> 00:25:13,120
Speaker 1: is going to be worth it down the road. It's

571
00:25:13,160 --> 00:25:16,479
Speaker 1: it's I mean, that's why student loans and mortgages are

572
00:25:16,480 --> 00:25:18,879
Speaker 1: typically the only things that we like to see financed.

573
00:25:19,000 --> 00:25:20,880
Speaker 1: If there's one thing I feel like I've learned about

574
00:25:20,920 --> 00:25:22,520
Speaker 1: myself over the years is that I changed my mind

575
00:25:22,720 --> 00:25:26,960
Speaker 1: sometimes and again there's it's I've had this one path

576
00:25:27,000 --> 00:25:28,760
Speaker 1: in my mind and I think, oh, this is gonna

577
00:25:28,760 --> 00:25:30,560
Speaker 1: make me happier. Oh, this is gonna make life easier.

578
00:25:30,720 --> 00:25:34,159
Speaker 1: But then as time progresses, as I'm mature, as different

579
00:25:34,160 --> 00:25:37,080
Speaker 1: events present themselves and the facts on the ground change, well,

580
00:25:37,160 --> 00:25:41,280
Speaker 1: oftentimes that warrants changed the game plan as well. And

581
00:25:41,359 --> 00:25:44,560
Speaker 1: anytime you are looking to take on any serious amount

582
00:25:44,560 --> 00:25:46,879
Speaker 1: of debt, we think you should probably think long and

583
00:25:47,000 --> 00:25:49,960
Speaker 1: hard about bringing that debt into your life. Yeah. I

584
00:25:49,960 --> 00:25:53,800
Speaker 1: think that the habit of reflexively avoiding debt is a

585
00:25:53,840 --> 00:25:56,959
Speaker 1: good one to get into. It's not that, like we said, occasionally,

586
00:25:57,040 --> 00:25:59,320
Speaker 1: some kinds of debts and small amounts aren't you know,

587
00:25:59,359 --> 00:26:03,000
Speaker 1: they're they're not rible for you. But kind of not

588
00:26:03,440 --> 00:26:07,480
Speaker 1: buying into the popular American notion that taking on debt

589
00:26:07,520 --> 00:26:09,440
Speaker 1: isn't that big of a deal is a good thing. Yeah,

590
00:26:09,480 --> 00:26:11,920
Speaker 1: we're saying no is probably like a good knee jerk

591
00:26:11,920 --> 00:26:14,080
Speaker 1: reaction when it comes to take taking on debt. So

592
00:26:14,119 --> 00:26:16,159
Speaker 1: I feel like that we've kind of covered them, like

593
00:26:16,200 --> 00:26:18,600
Speaker 1: the frugal portion of our episode where we're just talking

594
00:26:18,600 --> 00:26:22,080
Speaker 1: about cutting expenses and saying no to yourself and uh,

595
00:26:22,119 --> 00:26:26,280
Speaker 1: but that being said, we're not opposed to splurging occasionally, right,

596
00:26:26,320 --> 00:26:29,240
Speaker 1: finding your craft beer equivalent in finding ways to amplify

597
00:26:29,400 --> 00:26:32,560
Speaker 1: the joy that you receive from certain expenses in your life.

598
00:26:32,720 --> 00:26:35,760
Speaker 1: Let's move on from expenses and shift our focus to investing,

599
00:26:35,800 --> 00:26:39,760
Speaker 1: because another habit that financially successful folks emblement in their

600
00:26:39,800 --> 00:26:43,440
Speaker 1: lives is to invest with regularity, right, Like, they don't

601
00:26:43,440 --> 00:26:45,600
Speaker 1: care much about what the market is doing with what

602
00:26:45,600 --> 00:26:48,320
Speaker 1: it did yesterday, what is doing today, but they want

603
00:26:48,359 --> 00:26:52,679
Speaker 1: to take advantage of the market's wealth generating capabilities over time.

604
00:26:53,000 --> 00:26:55,600
Speaker 1: And so with that mind, they suck money away with

605
00:26:55,920 --> 00:26:59,120
Speaker 1: each and every paycheck into an employer sponsored retirement plan

606
00:26:59,160 --> 00:27:03,200
Speaker 1: like a four one K, or by contributing without fail

607
00:27:03,520 --> 00:27:06,720
Speaker 1: to their own retirement account, their individual retirement account, their IRA,

608
00:27:07,359 --> 00:27:10,560
Speaker 1: and doing that regularly means that they're often opting for

609
00:27:10,600 --> 00:27:13,480
Speaker 1: the dollar cost averaging approach, which you know, ensures that

610
00:27:13,520 --> 00:27:16,280
Speaker 1: you're doing the right thing on repeat, no matter what

611
00:27:16,400 --> 00:27:19,720
Speaker 1: the current micro trends are going on in the financial world.

612
00:27:19,960 --> 00:27:21,760
Speaker 1: And so when it comes to the specific types of

613
00:27:21,800 --> 00:27:24,040
Speaker 1: investments that we once you invested, we're not talking about

614
00:27:24,040 --> 00:27:26,400
Speaker 1: single stock investing, we're not talking about crypto. We want

615
00:27:26,400 --> 00:27:29,399
Speaker 1: to make sure that you're invested in widely diversified, low cost,

616
00:27:29,560 --> 00:27:33,040
Speaker 1: if not free, index funds that represent the entire market,

617
00:27:33,160 --> 00:27:35,479
Speaker 1: or or something like the SMP five funder, which is

618
00:27:35,600 --> 00:27:39,080
Speaker 1: where like percent of my all of my investing dollars

619
00:27:39,080 --> 00:27:41,920
Speaker 1: are in are in different indexes that track the SMP. Yeah,

620
00:27:42,400 --> 00:27:47,000
Speaker 1: and I think it's important to make investing a regular habit,

621
00:27:47,160 --> 00:27:49,240
Speaker 1: and that is what is going to lead to financial

622
00:27:49,240 --> 00:27:52,520
Speaker 1: success down the road. As those dollars compound on top

623
00:27:52,600 --> 00:27:54,720
Speaker 1: of each other, that's what's gonna help you build wealth.

624
00:27:54,880 --> 00:27:58,040
Speaker 1: Just like it's the small lends constantly overtime, Well, it's

625
00:27:58,040 --> 00:27:59,640
Speaker 1: gonna do a whole lot more. Not that having money

626
00:27:59,680 --> 00:28:01,680
Speaker 1: to say, news account isn't important, but it's gonna do

627
00:28:01,720 --> 00:28:03,680
Speaker 1: a whole lot more because your money is going to

628
00:28:03,720 --> 00:28:08,600
Speaker 1: grow into much more, much quicker pace being invested in

629
00:28:08,720 --> 00:28:11,280
Speaker 1: the economy as a whole as opposed to just sitting

630
00:28:11,320 --> 00:28:13,840
Speaker 1: there in static saving stuff. Right, Yeah, we want we

631
00:28:13,840 --> 00:28:16,040
Speaker 1: want to move you beyond being a saver and instead

632
00:28:16,040 --> 00:28:18,440
Speaker 1: of taking those dollars and actually investing. Yeah yeah, but

633
00:28:18,480 --> 00:28:20,800
Speaker 1: automating your investments is is one of the most surefire

634
00:28:20,840 --> 00:28:23,040
Speaker 1: ways to actually be able to achieve that success. And

635
00:28:23,040 --> 00:28:25,520
Speaker 1: and so I like this. We are going back, going

636
00:28:25,520 --> 00:28:28,120
Speaker 1: back to referencing our episode with Katie on Monday. But

637
00:28:28,240 --> 00:28:30,440
Speaker 1: it means you're able to take action one time and

638
00:28:30,480 --> 00:28:31,920
Speaker 1: then you don't really have to think about it again

639
00:28:32,080 --> 00:28:34,760
Speaker 1: or revisit that choice really like you set it and

640
00:28:34,800 --> 00:28:37,400
Speaker 1: forget it. And so automation helps us do the right

641
00:28:37,400 --> 00:28:40,520
Speaker 1: thing without having to continue to decide to do that thing,

642
00:28:40,720 --> 00:28:42,880
Speaker 1: which I think is really important. It makes us less

643
00:28:42,920 --> 00:28:45,040
Speaker 1: reliant on our own discipline. It sets us up for

644
00:28:45,360 --> 00:28:48,960
Speaker 1: success when we'd otherwise be much more likely to become

645
00:28:48,960 --> 00:28:52,040
Speaker 1: our own worst enemy. Automation is just crucial on the

646
00:28:52,080 --> 00:28:55,080
Speaker 1: investing front, so that you don't have to Like, habits

647
00:28:55,120 --> 00:28:58,120
Speaker 1: are great, but uh, a habit that you can set

648
00:28:58,120 --> 00:29:00,480
Speaker 1: and forget so that you don't have to tenually have

649
00:29:00,480 --> 00:29:03,440
Speaker 1: the willpower to push yourself in the right direction is

650
00:29:03,680 --> 00:29:06,960
Speaker 1: massively important to exactly, and that's where setting that percentage

651
00:29:07,000 --> 00:29:09,640
Speaker 1: of your paycheck that comes out every two weeks that too,

652
00:29:09,720 --> 00:29:12,840
Speaker 1: to go into investments is definitely the easiest way to

653
00:29:13,000 --> 00:29:14,720
Speaker 1: go about it. But then for all the folks who

654
00:29:14,760 --> 00:29:17,160
Speaker 1: don't have a work sponsored retirement account, I think one

655
00:29:17,160 --> 00:29:20,000
Speaker 1: of the best nuggets of advice that Katie was able

656
00:29:20,040 --> 00:29:22,280
Speaker 1: to give us on Monday, based on research is to

657
00:29:22,280 --> 00:29:24,120
Speaker 1: make it fun and that jold this is like one

658
00:29:24,120 --> 00:29:25,719
Speaker 1: of the things I think this was your big takeaway

659
00:29:25,760 --> 00:29:28,480
Speaker 1: from that episode. But find a way to to transform

660
00:29:28,520 --> 00:29:32,120
Speaker 1: something that feels like drudgery or even as like deprivation. Right,

661
00:29:32,160 --> 00:29:34,400
Speaker 1: it's like you're thinking, oh, this is money that I'm

662
00:29:34,400 --> 00:29:37,880
Speaker 1: not able to spend on the fun things here and now. Well, hey,

663
00:29:37,920 --> 00:29:40,720
Speaker 1: remind yourself that this is actually something that you are

664
00:29:40,760 --> 00:29:43,400
Speaker 1: doing for future you. But there are very small ways

665
00:29:43,400 --> 00:29:45,640
Speaker 1: that you can make investing that money fun in the

666
00:29:45,720 --> 00:29:47,920
Speaker 1: here and now where you are able to take advantage

667
00:29:47,960 --> 00:29:50,520
Speaker 1: of that sort of immediate gratification that you would realize.

668
00:29:50,800 --> 00:29:52,360
Speaker 1: And like, one of the things that Kate and I

669
00:29:52,480 --> 00:29:54,160
Speaker 1: do is at the beginning of every single year that

670
00:29:54,200 --> 00:29:55,959
Speaker 1: like we don't do dollar cost averaging, we saved out

671
00:29:55,960 --> 00:29:58,000
Speaker 1: the previous year. That way, we're able to release those

672
00:29:58,040 --> 00:30:00,760
Speaker 1: dollars now basically at the beginning of every single year.

673
00:30:01,160 --> 00:30:03,520
Speaker 1: And we just did that recently, and we mark the

674
00:30:03,520 --> 00:30:07,160
Speaker 1: occasion by me going out and buying an extra fancy beer.

675
00:30:07,400 --> 00:30:09,000
Speaker 1: And that night, after we put the kids down, we

676
00:30:09,000 --> 00:30:11,280
Speaker 1: correct that bad Boy open and Kate was just like, Okay,

677
00:30:11,280 --> 00:30:15,040
Speaker 1: why we what's what's what's the special occasion? And I

678
00:30:15,080 --> 00:30:17,840
Speaker 1: remind her that, like, hey, this is knocks out this

679
00:30:17,160 --> 00:30:19,840
Speaker 1: or this is what we just did, and it's just

680
00:30:19,920 --> 00:30:22,600
Speaker 1: a very small way just to mark the occasion. Um.

681
00:30:22,600 --> 00:30:25,880
Speaker 1: But also by associating this fun thing that we do,

682
00:30:26,120 --> 00:30:28,440
Speaker 1: it's not again, just this thing that works in the

683
00:30:28,480 --> 00:30:31,760
Speaker 1: background without us realizing that is happening, is something that

684
00:30:31,840 --> 00:30:35,240
Speaker 1: we are actually enjoying and partaking in the here and now,

685
00:30:35,480 --> 00:30:38,200
Speaker 1: just via something like a delicious craft beer. Yeah. I

686
00:30:38,360 --> 00:30:41,040
Speaker 1: do think that attachment to fund is important, but and

687
00:30:41,080 --> 00:30:43,400
Speaker 1: I think it's important to mention too that automation it

688
00:30:43,440 --> 00:30:45,480
Speaker 1: doesn't just apply to investing, like I think that is

689
00:30:45,760 --> 00:30:50,400
Speaker 1: one of the best easiest places to implement automation into

690
00:30:50,400 --> 00:30:52,200
Speaker 1: your life, but it also applies to paying your bills

691
00:30:52,240 --> 00:30:54,360
Speaker 1: on time hopeful as well. Right, because if you have

692
00:30:54,440 --> 00:30:56,480
Speaker 1: to manually pay your credit card bill every month, there's

693
00:30:56,480 --> 00:30:58,680
Speaker 1: a chance that you're going to forget right, which might

694
00:30:58,840 --> 00:31:01,200
Speaker 1: incur you penalties and rist and so for a lot

695
00:31:01,240 --> 00:31:03,320
Speaker 1: of folks, it's gonna best to set up recurring payments

696
00:31:03,320 --> 00:31:06,040
Speaker 1: that pay off the statement in full, right. And so

697
00:31:06,120 --> 00:31:08,120
Speaker 1: the more we automate, the less we have to rely

698
00:31:08,240 --> 00:31:11,760
Speaker 1: on our flawed selves to make smart decisions. Habits, they're important,

699
00:31:11,840 --> 00:31:14,040
Speaker 1: but automation is just the best tool for folks who

700
00:31:14,080 --> 00:31:16,920
Speaker 1: who think of themselves as weak willed, which I do, Matt,

701
00:31:17,000 --> 00:31:19,160
Speaker 1: I'm not. I don't feel like I've gotten the most

702
00:31:19,160 --> 00:31:21,560
Speaker 1: discipline guy in the world. I certainly no James clear

703
00:31:21,600 --> 00:31:23,840
Speaker 1: who wrote the book Atomic Habits and well, and even

704
00:31:23,960 --> 00:31:26,680
Speaker 1: for the most strong willed person, they're always gonna be

705
00:31:26,720 --> 00:31:29,160
Speaker 1: times when they fail. Yeah, you know, you just that's

706
00:31:29,160 --> 00:31:30,920
Speaker 1: just how it is, forget right, which happens, which is

707
00:31:30,960 --> 00:31:32,560
Speaker 1: one of the things we talked about as well on Monday.

708
00:31:32,680 --> 00:31:35,360
Speaker 1: But while I'm all for cultivating better habits in my life,

709
00:31:35,840 --> 00:31:37,760
Speaker 1: I'm certainly I'm more than open to taking those easy

710
00:31:37,760 --> 00:31:40,720
Speaker 1: automation wins wherever I can. Sure, But with that in mind,

711
00:31:41,680 --> 00:31:43,760
Speaker 1: I think I think this is gonna sound like the

712
00:31:43,800 --> 00:31:47,160
Speaker 1: exact opposite of what you just said about automation. Nothing.

713
00:31:47,240 --> 00:31:49,400
Speaker 1: It's not contrarian, I promise us not. But we also

714
00:31:49,480 --> 00:31:52,640
Speaker 1: want you to revisit the things that you've automated, and

715
00:31:52,680 --> 00:31:54,960
Speaker 1: often times on an annual basis, because we don't want

716
00:31:55,120 --> 00:31:58,640
Speaker 1: you to over rely on automation. And the reason for

717
00:31:58,680 --> 00:32:00,520
Speaker 1: that is because, like mostly so they you can crank

718
00:32:00,600 --> 00:32:03,080
Speaker 1: up at that savings in that investing rate, right and so,

719
00:32:03,120 --> 00:32:07,040
Speaker 1: for instance, going back to the work sponsor retirement account,

720
00:32:07,080 --> 00:32:11,160
Speaker 1: if you're contributing three automatically now and you're not getting

721
00:32:11,160 --> 00:32:13,200
Speaker 1: the full match, well, we want you to have a

722
00:32:13,200 --> 00:32:15,000
Speaker 1: plan to raise that in the coming months and in

723
00:32:15,040 --> 00:32:18,320
Speaker 1: the coming years. Uh. And so automation is great, but

724
00:32:18,520 --> 00:32:20,560
Speaker 1: we just don't want you to completely forget about it

725
00:32:20,640 --> 00:32:23,440
Speaker 1: to the point that you're never increasing those amounts, that

726
00:32:23,480 --> 00:32:26,800
Speaker 1: you're never challenging yourself to sock away more for retirement.

727
00:32:27,040 --> 00:32:29,000
Speaker 1: That being said, there are some for win K providers

728
00:32:29,040 --> 00:32:32,040
Speaker 1: actually that uh that lets you schedule increases in advance

729
00:32:32,080 --> 00:32:34,880
Speaker 1: as well, which is super cool. You can automate your

730
00:32:34,880 --> 00:32:39,640
Speaker 1: automation exactly. It's got this escalator built in. And so

731
00:32:39,720 --> 00:32:41,960
Speaker 1: that's the downside of automation. On the investing front. But

732
00:32:42,280 --> 00:32:45,160
Speaker 1: there's the downside when it comes to your expenses as well,

733
00:32:45,520 --> 00:32:48,400
Speaker 1: because if you have automatic payments, you're also to a

734
00:32:48,440 --> 00:32:52,640
Speaker 1: certain extent, you're being insulated from fluctuations that you might

735
00:32:52,680 --> 00:32:54,479
Speaker 1: see in your bill. And this is specifically, let's say,

736
00:32:54,520 --> 00:32:56,920
Speaker 1: on utilities, which is something I still have it set

737
00:32:56,960 --> 00:32:58,720
Speaker 1: up on automatic payment, but I look at that bill

738
00:32:58,760 --> 00:33:00,520
Speaker 1: every month because I want to know my want to

739
00:33:00,560 --> 00:33:02,320
Speaker 1: feel that pain. I want to feel the pain even

740
00:33:02,360 --> 00:33:05,040
Speaker 1: though I'm still auto paying it. I don't just like

741
00:33:05,280 --> 00:33:07,880
Speaker 1: forget that it exists exactly and forget how much I'm spending.

742
00:33:07,880 --> 00:33:10,880
Speaker 1: And this is kind of an argument again for tracking

743
00:33:11,000 --> 00:33:14,640
Speaker 1: and budgeting again because because I too all of my

744
00:33:14,720 --> 00:33:16,800
Speaker 1: utilities are set up on auto pay that way, I'm

745
00:33:16,840 --> 00:33:19,440
Speaker 1: never going to get a late payment, uh, any sort

746
00:33:19,440 --> 00:33:21,760
Speaker 1: of fee associated with not paying that on time. But

747
00:33:22,120 --> 00:33:24,640
Speaker 1: because I manually enter all my expenses into the budget,

748
00:33:24,720 --> 00:33:26,920
Speaker 1: that allows me again to to kind of feel that pain.

749
00:33:27,320 --> 00:33:29,360
Speaker 1: Um And because of that, like, this is something I

750
00:33:29,400 --> 00:33:32,360
Speaker 1: did recently, Joel, like once it's started getting cold a

751
00:33:32,400 --> 00:33:35,080
Speaker 1: few months ago, and I was shocked to see the

752
00:33:35,120 --> 00:33:38,120
Speaker 1: amount that we're paying when it came to gas, our

753
00:33:38,160 --> 00:33:40,560
Speaker 1: our energy bill and so since we've been in the

754
00:33:40,560 --> 00:33:43,960
Speaker 1: new house, I've never uh programmed the thermostat. But you

755
00:33:43,960 --> 00:33:47,080
Speaker 1: know what, seeing that bill caused me to say, oh,

756
00:33:47,240 --> 00:33:49,160
Speaker 1: it's time to fit. And partly it is because it's

757
00:33:49,160 --> 00:33:51,840
Speaker 1: not a nest thermostat, which makes it so stink and

758
00:33:51,880 --> 00:33:53,840
Speaker 1: easy to like schedule the week. It's one of the

759
00:33:53,840 --> 00:33:56,000
Speaker 1: traditional ones where you have to like go to program

760
00:33:56,040 --> 00:33:59,480
Speaker 1: it are wake up time, leave home, arrive at home, sleep,

761
00:33:59,520 --> 00:34:02,320
Speaker 1: like that whole thing. They don't make it easybe at

762
00:34:02,320 --> 00:34:05,000
Speaker 1: some point you replace. But but that they said that

763
00:34:05,080 --> 00:34:06,560
Speaker 1: caused me to be like, you know what, I'm going

764
00:34:06,680 --> 00:34:08,439
Speaker 1: to spend a few minutes figure the stupid thing out

765
00:34:08,600 --> 00:34:12,600
Speaker 1: and guess what. The next month's gas bill reflected that change.

766
00:34:12,600 --> 00:34:14,640
Speaker 1: There you go. I like it well. And okay, so

767
00:34:14,680 --> 00:34:17,319
Speaker 1: we talked about investing in automation here, but we say,

768
00:34:17,440 --> 00:34:22,000
Speaker 1: like another habit that financially successful people partake in is

769
00:34:22,360 --> 00:34:26,400
Speaker 1: investing in themselves, right, which that would say that contributes

770
00:34:26,440 --> 00:34:28,600
Speaker 1: to a whole lot of financial success over time. And

771
00:34:28,680 --> 00:34:31,279
Speaker 1: this this doesn't mean that you've got to fork over

772
00:34:31,360 --> 00:34:33,920
Speaker 1: like forty or fifty dollars for an advanced degree. That

773
00:34:33,960 --> 00:34:35,759
Speaker 1: doesn't mean you got to go back to school for

774
00:34:35,760 --> 00:34:37,759
Speaker 1: three more years. I mean that time for that n

775
00:34:37,800 --> 00:34:39,480
Speaker 1: b A. I mean that might be what you opt

776
00:34:39,520 --> 00:34:41,239
Speaker 1: to do, and that might be the best choice for you,

777
00:34:41,440 --> 00:34:44,800
Speaker 1: but we're also talking about spending the time, the energy,

778
00:34:45,080 --> 00:34:47,520
Speaker 1: and sometimes the cash to grow as a person and

779
00:34:47,560 --> 00:34:49,239
Speaker 1: to learn the skills that are going to allow you

780
00:34:49,280 --> 00:34:52,160
Speaker 1: to earn more money. Investing in yourself it's not just

781
00:34:52,239 --> 00:34:55,240
Speaker 1: good for your bottom line, but it's also super rewarding

782
00:34:55,320 --> 00:34:57,200
Speaker 1: right at the most basic human level. It feeds your

783
00:34:57,239 --> 00:35:00,120
Speaker 1: thirst for knowledge and growth, and not to mention, it's

784
00:35:00,200 --> 00:35:03,799
Speaker 1: fun because it means often making new social connections, which

785
00:35:03,840 --> 00:35:06,399
Speaker 1: allows you to widen your network. And so we would

786
00:35:06,400 --> 00:35:09,000
Speaker 1: say make it a habit to find multiple ways each

787
00:35:09,080 --> 00:35:10,719
Speaker 1: year to grow as a person, and that can be

788
00:35:11,040 --> 00:35:13,520
Speaker 1: something directly related to your current career or the one

789
00:35:13,600 --> 00:35:16,000
Speaker 1: you want, or just embarking on a new hobby, because

790
00:35:16,280 --> 00:35:18,759
Speaker 1: stretching yourself in new ways is a game changer for

791
00:35:18,840 --> 00:35:22,720
Speaker 1: us as humans. And this is the habit, this stretching

792
00:35:22,719 --> 00:35:25,600
Speaker 1: yourself habits and growing yourself and investing in yourself that

793
00:35:25,719 --> 00:35:29,160
Speaker 1: we think is is something worth continually partaking in. And

794
00:35:29,200 --> 00:35:31,680
Speaker 1: plus I think folks would be surprised too at what

795
00:35:32,000 --> 00:35:35,759
Speaker 1: i'll call the spillover effect, which is they start participating

796
00:35:35,760 --> 00:35:37,799
Speaker 1: and like it's like maybe a hobby that they think

797
00:35:37,920 --> 00:35:41,480
Speaker 1: is completely unrelated to their nine to five, but then

798
00:35:41,520 --> 00:35:43,600
Speaker 1: they find there are certain little lessons that they're learning

799
00:35:43,640 --> 00:35:46,239
Speaker 1: from their new hobby, or there's certain new friendships that

800
00:35:46,280 --> 00:35:48,839
Speaker 1: are able to be made while they're working out, Like

801
00:35:48,880 --> 00:35:53,160
Speaker 1: there are all these additional unexpected in direct ways that

802
00:35:53,360 --> 00:35:56,239
Speaker 1: ultimately it really can boost your bottom line and it

803
00:35:56,360 --> 00:35:58,920
Speaker 1: really can boost your income over time. But similar to

804
00:35:58,960 --> 00:36:01,360
Speaker 1: investing in yourself in order to make more money, we

805
00:36:01,400 --> 00:36:05,280
Speaker 1: think it's also important to prioritize financial education as well.

806
00:36:05,600 --> 00:36:08,480
Speaker 1: And so you know, whether that's doing exactly what you're

807
00:36:08,480 --> 00:36:10,920
Speaker 1: doing right now, which is listening to a personal finance

808
00:36:10,960 --> 00:36:14,160
Speaker 1: podcast a few times a week, or like just picking

809
00:36:14,239 --> 00:36:17,200
Speaker 1: up one money book to read each and every quarter

810
00:36:17,239 --> 00:36:19,200
Speaker 1: of the year. But folks who are successful with their

811
00:36:19,200 --> 00:36:23,200
Speaker 1: finances are all about regularly upping their knowledge. It's interesting

812
00:36:23,200 --> 00:36:25,319
Speaker 1: because money it's his fascinating space because it's not like

813
00:36:25,440 --> 00:36:27,440
Speaker 1: there are a bunch of like new rules, Like there's

814
00:36:27,480 --> 00:36:28,759
Speaker 1: not a bunch of new things that you need to

815
00:36:28,840 --> 00:36:31,520
Speaker 1: learn on an ongoing basis. It's not constantly changing or

816
00:36:31,560 --> 00:36:34,000
Speaker 1: something No, Yeah, it's it's it's kind of like astronomy.

817
00:36:34,040 --> 00:36:37,040
Speaker 1: It's like maybe every now and then they're gonna decide

818
00:36:37,080 --> 00:36:39,279
Speaker 1: that Pluto is not a plane anymore, uh, and then

819
00:36:39,320 --> 00:36:42,600
Speaker 1: they'll change it back port Pluto. I miss it. But

820
00:36:42,680 --> 00:36:44,440
Speaker 1: you can go far, you know, just by knowing and

821
00:36:44,440 --> 00:36:47,359
Speaker 1: practicing the fundamentals. But that doesn't mean that the world

822
00:36:47,440 --> 00:36:51,880
Speaker 1: of personal finance isn't isn't changing and involving uh in particular,

823
00:36:51,960 --> 00:36:55,680
Speaker 1: whether that's like the focus on like the behavioral psychology

824
00:36:55,719 --> 00:36:57,720
Speaker 1: of personal finance. I feel like that's something that's gotten

825
00:36:57,760 --> 00:37:00,239
Speaker 1: a lot more attention given to it over the the

826
00:37:00,280 --> 00:37:04,080
Speaker 1: past few years. But yeah, continuing education and looking at

827
00:37:04,120 --> 00:37:07,359
Speaker 1: the different sources of personal finance information out there, it'll

828
00:37:07,360 --> 00:37:10,160
Speaker 1: allow you to just make some subtle changes that will

829
00:37:10,200 --> 00:37:13,239
Speaker 1: help you in your progress. So we're going out all

830
00:37:13,239 --> 00:37:16,239
Speaker 1: these different sports and analogy sports analogies, Joel, But just

831
00:37:16,280 --> 00:37:18,960
Speaker 1: like like sports go through different phases like this as well,

832
00:37:19,200 --> 00:37:20,759
Speaker 1: Like makes in the NBA, like back in the day,

833
00:37:20,800 --> 00:37:23,399
Speaker 1: you're looking for these dudes that could freaking dunk the ball,

834
00:37:23,480 --> 00:37:25,560
Speaker 1: Like do you go down the lane? Is it go

835
00:37:25,640 --> 00:37:26,880
Speaker 1: up the lane? Is that? Is that how it goes

836
00:37:26,920 --> 00:37:29,640
Speaker 1: in the paint maybe, yeah, But like I know, down

837
00:37:29,719 --> 00:37:32,400
Speaker 1: voters were all the rage twenty years ago, and now

838
00:37:32,480 --> 00:37:34,319
Speaker 1: it's more of the shooting guard. You're looking at the

839
00:37:34,320 --> 00:37:36,399
Speaker 1: guides that can that can shoot the three pointers. Well.

840
00:37:36,520 --> 00:37:40,440
Speaker 1: Personal finance also has some similar shifts that we've seen recently.

841
00:37:40,480 --> 00:37:42,799
Speaker 1: For instance, for years, if you were a saver, it

842
00:37:42,880 --> 00:37:46,640
Speaker 1: felt like, uh, you were totally getting the shaft. But

843
00:37:46,719 --> 00:37:49,040
Speaker 1: now there are a lot of different places that savers

844
00:37:49,080 --> 00:37:51,160
Speaker 1: can put their money, and like, specifically I'm thinking about

845
00:37:51,200 --> 00:37:53,960
Speaker 1: I bonds, the different high yield savings accounts that are

846
00:37:54,000 --> 00:37:56,160
Speaker 1: available to a lot of savers out there. Given the

847
00:37:56,280 --> 00:38:00,279
Speaker 1: high amount of inflation, uh that we are now experience. Ye,

848
00:38:00,400 --> 00:38:03,680
Speaker 1: spend less than you earn is like duh, right, And

849
00:38:03,680 --> 00:38:06,040
Speaker 1: that's like basic, the most basic of basic personals in

850
00:38:06,080 --> 00:38:09,400
Speaker 1: the middle. Yeah, but you're right, as different things change,

851
00:38:09,920 --> 00:38:12,839
Speaker 1: as inflation soars in one area and not as much

852
00:38:12,840 --> 00:38:15,000
Speaker 1: in another, like it should influence our habits, how we

853
00:38:15,040 --> 00:38:18,200
Speaker 1: buy things, and it should influence how we save and

854
00:38:18,239 --> 00:38:20,680
Speaker 1: where we save and stuff like that too. So you're right.

855
00:38:20,760 --> 00:38:24,760
Speaker 1: It's like it's not like the the uh generic advice changes,

856
00:38:24,800 --> 00:38:27,520
Speaker 1: but sometimes the specific actions that we take do need

857
00:38:27,560 --> 00:38:29,960
Speaker 1: to shift based on what's happening so totally. I think

858
00:38:29,960 --> 00:38:32,560
Speaker 1: it's a good point. But there's some less tactical habits

859
00:38:32,560 --> 00:38:34,120
Speaker 1: that are worth implementing as well, that are going to

860
00:38:34,200 --> 00:38:36,920
Speaker 1: help I think our listeners in massive ways in the

861
00:38:36,920 --> 00:38:39,240
Speaker 1: coming years when it comes to achieving their financial goals.

862
00:38:39,440 --> 00:38:41,440
Speaker 1: Let's get to those. We'll talk about that right after this.

863
00:38:50,920 --> 00:38:53,759
Speaker 1: All right, we are that, Joel, and you know, we're

864
00:38:53,760 --> 00:38:57,040
Speaker 1: continuing our discussion on the essential habits for financial success,

865
00:38:57,520 --> 00:38:59,600
Speaker 1: and so let's kind of keep that gravy train roll man.

866
00:38:59,640 --> 00:39:03,080
Speaker 1: Another thing that financially successful folks do is they hang

867
00:39:03,120 --> 00:39:05,759
Speaker 1: out with like minded folks. And not only that, but

868
00:39:05,800 --> 00:39:09,879
Speaker 1: they also avoid comparing themselves to folks who they don't

869
00:39:09,920 --> 00:39:12,840
Speaker 1: want to be like. The folks we spend most of

870
00:39:12,880 --> 00:39:14,759
Speaker 1: our lives with are going to influence us more than

871
00:39:14,800 --> 00:39:18,040
Speaker 1: we think we are. We're social beings, and you know

872
00:39:18,040 --> 00:39:20,799
Speaker 1: what we think of just as normal day to day

873
00:39:20,840 --> 00:39:24,919
Speaker 1: decisions and our world views like they're often a construction

874
00:39:25,000 --> 00:39:27,000
Speaker 1: of what the like the four or five people that

875
00:39:27,040 --> 00:39:29,040
Speaker 1: were closest to what it is that they are doing,

876
00:39:29,080 --> 00:39:30,920
Speaker 1: what it is that they think about those things. And

877
00:39:30,960 --> 00:39:33,440
Speaker 1: so if our best friends are downsizing their car fleets,

878
00:39:33,440 --> 00:39:35,640
Speaker 1: in order to save money. Well, guess what, that's gonna

879
00:39:35,640 --> 00:39:38,520
Speaker 1: influence us in a positive way as well, helping helping

880
00:39:38,600 --> 00:39:42,520
Speaker 1: us to curb consumption. But on the contrary, if they're

881
00:39:42,560 --> 00:39:45,640
Speaker 1: buying a lake house that's out of the price range

882
00:39:45,680 --> 00:39:47,080
Speaker 1: and they're buying a boat or something like that, if

883
00:39:47,080 --> 00:39:48,799
Speaker 1: they're draining the four oh n K in order to

884
00:39:48,840 --> 00:39:51,880
Speaker 1: make expenses like that happen, while we're also going to

885
00:39:51,960 --> 00:39:53,960
Speaker 1: be more likely to follow suit. And so it's just

886
00:39:53,960 --> 00:39:55,880
Speaker 1: important to keep that in mind. Right, It's not that

887
00:39:55,920 --> 00:39:59,040
Speaker 1: we can't be friends with folks who think about the

888
00:39:59,080 --> 00:40:02,239
Speaker 1: world definitely, who handled money differently than we do, but

889
00:40:02,320 --> 00:40:04,959
Speaker 1: just make it a habit to spend maybe more time

890
00:40:04,960 --> 00:40:08,080
Speaker 1: with folks who handled their money well and who will

891
00:40:08,160 --> 00:40:11,360
Speaker 1: also motivate you to do the same. I just recently

892
00:40:11,440 --> 00:40:12,960
Speaker 1: hung out with a friend who hadn't seen in quite

893
00:40:13,000 --> 00:40:16,880
Speaker 1: a while. And you have other friend I know, right, shock,

894
00:40:17,200 --> 00:40:21,440
Speaker 1: but it's not allowed. But he has a brand new

895
00:40:21,560 --> 00:40:24,880
Speaker 1: Ribby and sub we have talked, we have talked on

896
00:40:24,880 --> 00:40:27,160
Speaker 1: this show that there's like only eight and something of

897
00:40:27,239 --> 00:40:30,160
Speaker 1: them in existence, and so goodness, it was pretty impressive

898
00:40:30,200 --> 00:40:33,080
Speaker 1: to see, Like I've been obsessed with ribbians for ever

899
00:40:33,120 --> 00:40:35,040
Speaker 1: since I heard about them. Basically, I think they're now

900
00:40:35,040 --> 00:40:36,920
Speaker 1: you're gonna get one, right, one of the most beautifully

901
00:40:36,920 --> 00:40:39,000
Speaker 1: designed vehicles in the world. And so I was like, man,

902
00:40:39,040 --> 00:40:40,439
Speaker 1: I'm excited to hang out with him, but I'm also

903
00:40:40,440 --> 00:40:43,400
Speaker 1: excited to use in this far and they are dope.

904
00:40:43,400 --> 00:40:44,719
Speaker 1: I got a chance to write in it, and I

905
00:40:44,760 --> 00:40:47,600
Speaker 1: was like, man, if I hung out with this buddy

906
00:40:48,040 --> 00:40:51,880
Speaker 1: too much, I would be so enticed to do to

907
00:40:51,920 --> 00:40:54,239
Speaker 1: spend the money differently to buy a fancy new car.

908
00:40:54,320 --> 00:40:56,040
Speaker 1: But I actually walked away from that being like, man,

909
00:40:56,560 --> 00:40:59,120
Speaker 1: it's I'm not I don't care anymore, Like like, I'm

910
00:40:59,120 --> 00:41:02,799
Speaker 1: so glad that we're not closer. I'm so glad that

911
00:41:02,840 --> 00:41:04,200
Speaker 1: I made about not to see him again for at

912
00:41:04,239 --> 00:41:06,520
Speaker 1: LEAs two more years. You got to get your ratios

913
00:41:06,520 --> 00:41:08,520
Speaker 1: and check right. But it's I mean, it's cool, but

914
00:41:08,680 --> 00:41:12,719
Speaker 1: I get I totally understood after that hang how just

915
00:41:13,040 --> 00:41:15,320
Speaker 1: spending more time together would lead me down this path.

916
00:41:15,480 --> 00:41:16,960
Speaker 1: And so you have to be cognizant of who you're

917
00:41:16,960 --> 00:41:19,160
Speaker 1: spending time with because it does impact the decisions that

918
00:41:19,200 --> 00:41:22,000
Speaker 1: you make. And and part of that means I think, uh,

919
00:41:22,239 --> 00:41:24,000
Speaker 1: we need to be we need to be making it

920
00:41:24,000 --> 00:41:26,160
Speaker 1: a habit to talk about money more in general. And

921
00:41:26,200 --> 00:41:28,719
Speaker 1: it is like it's obviously it's a taboo topic for

922
00:41:28,760 --> 00:41:30,480
Speaker 1: a lot of people. Most people try to avoid it.

923
00:41:30,600 --> 00:41:31,960
Speaker 1: Most of your friends probably don't want to talk to

924
00:41:31,960 --> 00:41:33,359
Speaker 1: you about money if you try to bring it up.

925
00:41:33,480 --> 00:41:35,800
Speaker 1: But whether you're making it something like a formal monthly

926
00:41:35,840 --> 00:41:39,439
Speaker 1: conversation amongst friends over a beer, like a money club, yeah,

927
00:41:39,640 --> 00:41:42,040
Speaker 1: something like that. Yeah, I mean, however you can, you

928
00:41:42,040 --> 00:41:46,520
Speaker 1: can even use that name. It can be like formal

929
00:41:46,640 --> 00:41:48,680
Speaker 1: or informal, like however you want to tackle it. But

930
00:41:48,680 --> 00:41:51,000
Speaker 1: we would say like having money conversations is going to

931
00:41:51,080 --> 00:41:53,920
Speaker 1: move the needle for you over time. So offer it

932
00:41:54,000 --> 00:41:57,000
Speaker 1: up an opinion, share a struggle, or discuss the money

933
00:41:57,040 --> 00:41:58,960
Speaker 1: goal that you're trying to achieve this year with some

934
00:41:59,000 --> 00:42:01,040
Speaker 1: people you care about, some people that are close to you.

935
00:42:01,040 --> 00:42:04,480
Speaker 1: You might find encouragement, accountability, or insight that you'd otherwise

936
00:42:04,480 --> 00:42:06,480
Speaker 1: be missing out on. But I think that's a habit

937
00:42:06,880 --> 00:42:09,600
Speaker 1: that also has lasting impacts. The more we kind of

938
00:42:09,640 --> 00:42:11,920
Speaker 1: avoid this topic, the more it's like an elephant in

939
00:42:11,960 --> 00:42:15,080
Speaker 1: the room that we just like never ever brooch broach

940
00:42:15,160 --> 00:42:18,239
Speaker 1: the subject of the more we relegate it to like

941
00:42:18,480 --> 00:42:20,960
Speaker 1: and never being spoken of, the less likely we are

942
00:42:21,040 --> 00:42:23,400
Speaker 1: to to make progress in our own lives. I think

943
00:42:24,040 --> 00:42:26,440
Speaker 1: we it just shows how uncomfortable we are with money

944
00:42:26,680 --> 00:42:29,600
Speaker 1: as a whole. Totally. Yeah, I mean, And while like,

945
00:42:29,640 --> 00:42:31,279
Speaker 1: if you're listening to the show, like there's a chance

946
00:42:31,320 --> 00:42:33,919
Speaker 1: that you might make pretty decent decisions when it comes

947
00:42:33,960 --> 00:42:36,000
Speaker 1: to your money, if you're not opting to talk about

948
00:42:36,000 --> 00:42:38,560
Speaker 1: it with your friends who aren't listening to our show,

949
00:42:38,600 --> 00:42:40,319
Speaker 1: there's a good chance that they're going to make poor

950
00:42:40,440 --> 00:42:43,520
Speaker 1: decisions because of that. They say that, like sunshine is

951
00:42:43,520 --> 00:42:46,160
Speaker 1: the best disinfectant, right, and so in that way, we

952
00:42:46,200 --> 00:42:49,120
Speaker 1: want to bring these financial conversations to light. And we

953
00:42:49,400 --> 00:42:51,799
Speaker 1: I mean, we talked a lot about this, like during

954
00:42:51,840 --> 00:42:53,640
Speaker 1: the early days of our podcasts. By the way, this

955
00:42:53,680 --> 00:42:55,279
Speaker 1: does not mean beating your friend over the head with

956
00:42:55,320 --> 00:42:57,399
Speaker 1: the book or something like that, but it does mean,

957
00:42:57,440 --> 00:42:59,439
Speaker 1: like like I said, there's all sorts of soft ways

958
00:42:59,480 --> 00:43:02,120
Speaker 1: to get discuss, casual ways to go about it. And

959
00:43:02,160 --> 00:43:05,120
Speaker 1: we just want folks to talk more about money because

960
00:43:04,960 --> 00:43:07,160
Speaker 1: the more you talk about it, the more interesting is

961
00:43:07,160 --> 00:43:08,640
Speaker 1: going to become, and the more you'll be able to

962
00:43:08,719 --> 00:43:11,560
Speaker 1: challenge each other to make wiser financial decisions. Like there's

963
00:43:11,560 --> 00:43:14,799
Speaker 1: a degree of accountability and honestly, just the ability for

964
00:43:14,840 --> 00:43:18,480
Speaker 1: you to provide a differing opinion. You know, like somebody

965
00:43:18,560 --> 00:43:20,959
Speaker 1: they might be surrounded by their four or five people

966
00:43:20,960 --> 00:43:23,720
Speaker 1: in their neighborhood and they're being encouraged to make certain

967
00:43:23,719 --> 00:43:25,440
Speaker 1: purchases in life because that's just what everybody in the

968
00:43:25,480 --> 00:43:27,600
Speaker 1: neighborhood is doing. But what they really need is that

969
00:43:27,680 --> 00:43:31,560
Speaker 1: frugal contrarian that you might be. Uh, that might be

970
00:43:31,719 --> 00:43:34,040
Speaker 1: the role that you need to play in their life,

971
00:43:34,040 --> 00:43:37,000
Speaker 1: and that's going to allow them to perhaps get much

972
00:43:37,000 --> 00:43:39,480
Speaker 1: fur their along with the different financial goals that they've

973
00:43:39,520 --> 00:43:42,160
Speaker 1: got in their life. Yeah, I mean, I think the

974
00:43:42,200 --> 00:43:44,840
Speaker 1: truth is we're social beings, right, and there's there's a

975
00:43:44,840 --> 00:43:46,520
Speaker 1: reason that lots of folks have to work out at

976
00:43:46,520 --> 00:43:48,640
Speaker 1: the gym instead of at home. There's a reason folks

977
00:43:48,640 --> 00:43:49,920
Speaker 1: whore willing to pay a ton of money to go

978
00:43:50,000 --> 00:43:53,439
Speaker 1: to a concert or to go see like, uh, let's

979
00:43:53,440 --> 00:43:56,760
Speaker 1: say an NFL playoff game, right, how much how expensive?

980
00:43:56,840 --> 00:43:58,919
Speaker 1: Or Super Bowl tickets every year they're they're not cheap.

981
00:43:59,680 --> 00:44:01,319
Speaker 1: And part of that is not just seeing the game,

982
00:44:01,320 --> 00:44:04,560
Speaker 1: but it's it's being around like a bunch of people

983
00:44:04,880 --> 00:44:07,239
Speaker 1: cheering in the same direction that you are and that

984
00:44:07,280 --> 00:44:08,880
Speaker 1: can be kind of an experience. And I think the

985
00:44:08,880 --> 00:44:11,719
Speaker 1: same is true of money progress, right, There's something magical

986
00:44:11,760 --> 00:44:15,560
Speaker 1: about incorporating other humans even as we're striving towards accomplishing

987
00:44:15,880 --> 00:44:19,480
Speaker 1: distinctly personal and unique goals with our money. There's something

988
00:44:19,480 --> 00:44:22,719
Speaker 1: about the accountability, but also like being able to make

989
00:44:22,719 --> 00:44:27,320
Speaker 1: progress forward together together. Ye dude, absolutely, Like I'm gonna butcher,

990
00:44:27,719 --> 00:44:29,320
Speaker 1: I'm not. I don't have a specific quote here, but

991
00:44:29,320 --> 00:44:32,160
Speaker 1: I think it's it was C. S. Lewis who actually

992
00:44:32,239 --> 00:44:34,880
Speaker 1: was speaking about friendship in this way. I think it

993
00:44:34,960 --> 00:44:36,680
Speaker 1: was him, uh, And one of the things he said

994
00:44:36,719 --> 00:44:38,560
Speaker 1: was that, like, what is at the core of our

995
00:44:38,600 --> 00:44:41,399
Speaker 1: friendship is being able to stand next to somebody and

996
00:44:41,800 --> 00:44:43,479
Speaker 1: for both of you to look at something and point

997
00:44:43,480 --> 00:44:45,880
Speaker 1: to that and be like, oh, look at that. Isn't

998
00:44:45,920 --> 00:44:49,560
Speaker 1: that awesome to kind of have a shared interest or

999
00:44:49,560 --> 00:44:52,680
Speaker 1: passion about something you're basically both agreeing that the thing

1000
00:44:52,719 --> 00:44:55,239
Speaker 1: you're looking at is lovely. Uh. And you know this

1001
00:44:55,280 --> 00:44:58,360
Speaker 1: sounds maybe a little too mushy and poetic, but you

1002
00:44:58,400 --> 00:45:00,439
Speaker 1: can also do that about money, Like that is something

1003
00:45:00,440 --> 00:45:02,759
Speaker 1: that you can do with your friends, with your coworkers.

1004
00:45:03,000 --> 00:45:04,759
Speaker 1: And I think that's that's just super cool. It's just

1005
00:45:04,800 --> 00:45:06,759
Speaker 1: really and that doesn't mean lording your fur oh one

1006
00:45:06,800 --> 00:45:11,360
Speaker 1: k balance over them. Look at how gross way of

1007
00:45:11,400 --> 00:45:13,400
Speaker 1: doing it. You know, it's other way, better ways of

1008
00:45:13,480 --> 00:45:15,080
Speaker 1: doing We've talked about that in the past, maybe lining

1009
00:45:15,080 --> 00:45:16,880
Speaker 1: to that episode in the show notes. But yeah, you

1010
00:45:16,960 --> 00:45:19,279
Speaker 1: don't have to give even specific numbers. There's ways to

1011
00:45:19,320 --> 00:45:23,160
Speaker 1: have that money conversation without being like, look at my income,

1012
00:45:23,239 --> 00:45:24,960
Speaker 1: here's my pace stub, and instead you can talk about

1013
00:45:25,040 --> 00:45:27,759
Speaker 1: instead of specific numbers, percentages. That's a great way of

1014
00:45:27,840 --> 00:45:30,480
Speaker 1: talking about the general habit and the behavior without getting

1015
00:45:30,560 --> 00:45:33,120
Speaker 1: overly specific or goals or maybe a piece of personal

1016
00:45:33,120 --> 00:45:35,000
Speaker 1: finance content you've come across that kind of change your

1017
00:45:35,000 --> 00:45:37,520
Speaker 1: perspective on something. Those are good ways to initiate the

1018
00:45:37,520 --> 00:45:40,400
Speaker 1: conversation without making someone else who's not where you are

1019
00:45:40,520 --> 00:45:43,400
Speaker 1: feel like an idiot exactly. But another financial habit we

1020
00:45:43,400 --> 00:45:47,399
Speaker 1: would say would be important to implement this year would

1021
00:45:47,400 --> 00:45:50,600
Speaker 1: be to write your goals down because in this habit

1022
00:45:50,600 --> 00:45:52,560
Speaker 1: really can make a massive change when it comes to

1023
00:45:52,600 --> 00:45:54,839
Speaker 1: actually take the action. If you're putting pen to paper,

1024
00:45:54,880 --> 00:45:57,759
Speaker 1: if you're outlining what you're working towards, the likelihood that

1025
00:45:57,760 --> 00:46:01,000
Speaker 1: you're going to prioritize that thing goes up substantially. There's

1026
00:46:01,000 --> 00:46:03,479
Speaker 1: something about like penda paper and how it affects our memory,

1027
00:46:03,600 --> 00:46:05,640
Speaker 1: Like if you're listening to someone speak and you're taking notes,

1028
00:46:05,920 --> 00:46:08,640
Speaker 1: you're going to retain more information. And it's the same

1029
00:46:08,640 --> 00:46:10,239
Speaker 1: thing when you write down your goals, like there's no

1030
00:46:10,560 --> 00:46:13,359
Speaker 1: waffling and guessing what you should be doing when extra

1031
00:46:13,360 --> 00:46:16,279
Speaker 1: money comes into your account. Let's say another stimulus check

1032
00:46:16,600 --> 00:46:18,880
Speaker 1: worre to occur unlikely, but let's say let's say did

1033
00:46:19,000 --> 00:46:21,360
Speaker 1: or a tax refund that's kind of similar for a

1034
00:46:21,360 --> 00:46:23,360
Speaker 1: lot of people. That's like an annual stimulus check that

1035
00:46:23,360 --> 00:46:25,319
Speaker 1: comes along. A lot of people make or get like

1036
00:46:25,520 --> 00:46:28,920
Speaker 1: a multi thousand dollar tax refund, and that is a

1037
00:46:28,920 --> 00:46:31,400
Speaker 1: way for you to jump start financial progress in your life.

1038
00:46:31,520 --> 00:46:34,160
Speaker 1: But being in tune with the goals to the point

1039
00:46:34,160 --> 00:46:36,920
Speaker 1: that you have committed them to writing is a method

1040
00:46:36,920 --> 00:46:39,960
Speaker 1: of personal accountability. It shows that you take your own

1041
00:46:39,960 --> 00:46:42,320
Speaker 1: hopes and dreams seriously. And like we said earlier, a

1042
00:46:42,320 --> 00:46:44,719
Speaker 1: lot of these habits can be implemented even if you're

1043
00:46:44,760 --> 00:46:47,360
Speaker 1: unsure about your larger money goals. But this one is

1044
00:46:47,480 --> 00:46:49,239
Speaker 1: a game changer. Once you've kind of started to figure

1045
00:46:49,239 --> 00:46:52,160
Speaker 1: out those out. Once you've decided where it is you

1046
00:46:52,160 --> 00:46:55,120
Speaker 1: want your money to go, like writing that goal down,

1047
00:46:55,320 --> 00:46:58,120
Speaker 1: and it almost ensures that your money is gonna follow

1048
00:46:58,160 --> 00:47:00,279
Speaker 1: suit us. Right, But you also want to limit the

1049
00:47:00,440 --> 00:47:03,000
Speaker 1: number of goals that you're striving after as well, right,

1050
00:47:03,000 --> 00:47:06,600
Speaker 1: because yeah, like successful financial nerves, they set goals, but

1051
00:47:06,680 --> 00:47:09,840
Speaker 1: not too many of them, because it's gonna be hard

1052
00:47:10,080 --> 00:47:14,120
Speaker 1: to achieve thirty two different goals that you've got set in.

1053
00:47:14,120 --> 00:47:16,440
Speaker 1: In fact, the person I think who sets a fewer

1054
00:47:16,440 --> 00:47:18,520
Speaker 1: goals is more likely to then accomplish the goals that

1055
00:47:18,560 --> 00:47:21,399
Speaker 1: they didn't call out from the from the outset. Right.

1056
00:47:21,400 --> 00:47:24,080
Speaker 1: And so just simply by limiting your scope by by

1057
00:47:24,160 --> 00:47:27,520
Speaker 1: narrowing your focus that that laser like attention on on

1058
00:47:27,640 --> 00:47:30,520
Speaker 1: just like one, two, three different goals that that you

1059
00:47:30,560 --> 00:47:32,160
Speaker 1: have on, you know, on the biggest wins that you

1060
00:47:32,200 --> 00:47:34,440
Speaker 1: want to see that is going to translate to a

1061
00:47:34,520 --> 00:47:37,160
Speaker 1: higher success rate, uh, and you know, to doing it

1062
00:47:37,200 --> 00:47:38,640
Speaker 1: more quickly, I think, so that you can then just

1063
00:47:38,680 --> 00:47:42,320
Speaker 1: move on to the other goals that you have more quickly.

1064
00:47:42,600 --> 00:47:44,359
Speaker 1: And one of the other things that that Katie had

1065
00:47:44,400 --> 00:47:48,120
Speaker 1: talked about was basically implementing a plan to achieve these

1066
00:47:48,120 --> 00:47:50,600
Speaker 1: different goals, because we don't want you to just stop

1067
00:47:50,600 --> 00:47:52,640
Speaker 1: at writing down your goal, but literally right out some

1068
00:47:52,680 --> 00:47:55,799
Speaker 1: of the steps necessary in order to break down that big,

1069
00:47:55,880 --> 00:48:00,000
Speaker 1: so somewhat overwhelming goal down into small, bite size actions.

1070
00:48:00,440 --> 00:48:03,399
Speaker 1: Right those enlist those things, those steps out as well.

1071
00:48:03,760 --> 00:48:05,440
Speaker 1: So for instance, if you're thinking, by the end of

1072
00:48:05,440 --> 00:48:07,840
Speaker 1: this year, I want to have a fully funded emergency

1073
00:48:07,840 --> 00:48:10,960
Speaker 1: fund set up, cool, what does that leaven look like?

1074
00:48:11,520 --> 00:48:13,040
Speaker 1: That's a great goal to have. I bet you can

1075
00:48:13,120 --> 00:48:18,359
Speaker 1: have five, six, seven steps easily take absolutely ward. Step one,

1076
00:48:18,360 --> 00:48:21,040
Speaker 1: track your expenses. Figure out how much it's it costs

1077
00:48:21,120 --> 00:48:23,600
Speaker 1: for you to survive on this planet over a thirty

1078
00:48:23,640 --> 00:48:26,960
Speaker 1: day period. Step two, uh, multiply that by three or

1079
00:48:27,160 --> 00:48:29,040
Speaker 1: four or five or six, depending on how many months

1080
00:48:29,360 --> 00:48:31,920
Speaker 1: of reserves that you want to have. But then beyond that,

1081
00:48:32,000 --> 00:48:34,080
Speaker 1: right like figuring out how much you need to sit aside,

1082
00:48:34,120 --> 00:48:36,160
Speaker 1: Like divide that out by twelve uh, so that you

1083
00:48:36,200 --> 00:48:38,120
Speaker 1: know that each paycheck, I want to make sure I

1084
00:48:38,160 --> 00:48:41,359
Speaker 1: set this amount of money aside. But figure out and

1085
00:48:41,719 --> 00:48:45,000
Speaker 1: literally start solving the problems. Start cracking that nut now

1086
00:48:45,040 --> 00:48:46,840
Speaker 1: by not just writing up the goal, but some of

1087
00:48:46,840 --> 00:48:48,600
Speaker 1: the specific steps that are going to allow you to

1088
00:48:48,680 --> 00:48:52,360
Speaker 1: achieve that ultimate goal, and like the truth is ultimately

1089
00:48:52,400 --> 00:48:55,239
Speaker 1: matt like habits make or break us, and uh, it's

1090
00:48:55,480 --> 00:48:57,760
Speaker 1: it's not the self discipline is dumb or a waste

1091
00:48:57,760 --> 00:49:00,759
Speaker 1: of time. But thinking that greater levels of willpower are

1092
00:49:00,760 --> 00:49:02,200
Speaker 1: going to elevate us to where we want to be,

1093
00:49:02,960 --> 00:49:05,000
Speaker 1: it's kind of naive, right. It's one of those things

1094
00:49:05,040 --> 00:49:07,319
Speaker 1: where I've said that a lot over the years, like

1095
00:49:07,360 --> 00:49:09,520
Speaker 1: hoping that I would rise to the occasion. You can't

1096
00:49:09,520 --> 00:49:12,759
Speaker 1: just will it into existence, like the emergency fund, like no,

1097
00:49:12,960 --> 00:49:15,480
Speaker 1: like there are very some very practical steps as opposed

1098
00:49:15,520 --> 00:49:17,879
Speaker 1: to just being like I gotta figure that out. Yes,

1099
00:49:17,960 --> 00:49:19,799
Speaker 1: it's like, well, well what does that mean? Like that

1100
00:49:19,880 --> 00:49:23,000
Speaker 1: is a response and and we've all had at different times,

1101
00:49:23,280 --> 00:49:25,640
Speaker 1: especially on the subject of money, where it feels like

1102
00:49:25,719 --> 00:49:28,359
Speaker 1: we need more information where we can always say like

1103
00:49:28,400 --> 00:49:31,040
Speaker 1: we don't know enough, or there's all sorts of excuses

1104
00:49:31,080 --> 00:49:32,759
Speaker 1: we can give for not doing the thing that we

1105
00:49:32,800 --> 00:49:34,759
Speaker 1: need to do and for not implementing the tactics that

1106
00:49:34,800 --> 00:49:36,160
Speaker 1: are gonna help us get where we want to be.

1107
00:49:36,640 --> 00:49:38,840
Speaker 1: But like we would say, implementing just a few of

1108
00:49:38,880 --> 00:49:40,840
Speaker 1: these habits, it's gonna put you on the path to progress,

1109
00:49:41,200 --> 00:49:43,200
Speaker 1: making it so much more likely that you're going to

1110
00:49:43,280 --> 00:49:45,279
Speaker 1: take strides, and you're gonna take them more quickly. You

1111
00:49:45,320 --> 00:49:48,200
Speaker 1: don't even have to have specific goals like ac crewing

1112
00:49:48,200 --> 00:49:50,040
Speaker 1: a million dollar net worth by the time you're forty

1113
00:49:50,040 --> 00:49:52,000
Speaker 1: five or something like that. It doesn't have to be

1114
00:49:52,640 --> 00:49:56,319
Speaker 1: that intense or that ridiculous. But those goals are going

1115
00:49:56,360 --> 00:49:58,719
Speaker 1: to come into focus as you habitually make smart moves

1116
00:49:58,719 --> 00:50:00,359
Speaker 1: and gain confidence. I think that's actually going to give

1117
00:50:00,400 --> 00:50:03,520
Speaker 1: you the confidence to make and set goals that are

1118
00:50:03,520 --> 00:50:07,000
Speaker 1: bigger and more audacious. And uh a quote that stuck

1119
00:50:07,000 --> 00:50:09,200
Speaker 1: out to me about from James clear Actually he said,

1120
00:50:09,280 --> 00:50:12,600
Speaker 1: tell it to me. Action relieves anxiety. And I think

1121
00:50:12,640 --> 00:50:15,759
Speaker 1: that the habits that we choose to implement are directly there,

1122
00:50:15,760 --> 00:50:18,799
Speaker 1: directly under our control, and implementing even just one or

1123
00:50:18,800 --> 00:50:21,520
Speaker 1: two of those could really kick start a financial transformation

1124
00:50:21,880 --> 00:50:25,560
Speaker 1: in our lives. So action is the key getting these

1125
00:50:25,560 --> 00:50:28,759
Speaker 1: habits started, at least a few of them. Is. You know,

1126
00:50:28,800 --> 00:50:30,200
Speaker 1: we might look back at the end of this year

1127
00:50:30,200 --> 00:50:32,640
Speaker 1: and say, Wow, those three habits took me a long way.

1128
00:50:32,840 --> 00:50:34,279
Speaker 1: It took me a long way towards the goals I

1129
00:50:34,320 --> 00:50:36,440
Speaker 1: wanted to I wanted to reach. That's right, man. Yeah,

1130
00:50:36,440 --> 00:50:39,520
Speaker 1: hopefully folks have been encouraged to take some practical steps,

1131
00:50:39,920 --> 00:50:42,759
Speaker 1: steps that lead to action when it comes to their

1132
00:50:42,800 --> 00:50:47,120
Speaker 1: personal finances. Let's shift back to the beer during this episode,

1133
00:50:47,120 --> 00:50:51,920
Speaker 1: You and I enjoy it a liquid hop Magma Austin

1134
00:50:51,920 --> 00:50:55,000
Speaker 1: Powers reference. What were your thoughts on this beer? Uh?

1135
00:50:55,120 --> 00:50:57,680
Speaker 1: So this one leaned in the fruity direction, I say,

1136
00:50:57,719 --> 00:50:59,799
Speaker 1: and I pa, that's definitely more fruit forward, even though

1137
00:50:59,840 --> 00:51:03,000
Speaker 1: done have fruit in the making of this beer. It's like, literally,

1138
00:51:03,040 --> 00:51:05,640
Speaker 1: that's what I'm all constantly amazed at hops and how

1139
00:51:05,680 --> 00:51:09,440
Speaker 1: different combinations of those hops can can create a completely

1140
00:51:09,480 --> 00:51:12,160
Speaker 1: different flavor profile and and and it kind of makes

1141
00:51:12,160 --> 00:51:14,320
Speaker 1: me think of is it the different jelly beans where

1142
00:51:14,480 --> 00:51:16,480
Speaker 1: they've got all the different flavors, but by the different

1143
00:51:16,480 --> 00:51:19,000
Speaker 1: combinations of putting together you can make like different dishes.

1144
00:51:19,520 --> 00:51:22,319
Speaker 1: Uh yeah, that's right, that kind of I think. Let's

1145
00:51:22,320 --> 00:51:23,920
Speaker 1: combine this hop with this op with this hop, and

1146
00:51:23,960 --> 00:51:25,960
Speaker 1: all of a sudden it tastes like a key line.

1147
00:51:26,040 --> 00:51:28,480
Speaker 1: That's true. I mean yeah, And that's that's what's crazy

1148
00:51:28,480 --> 00:51:31,319
Speaker 1: about these little green They like Brussels sprouts, but somehow

1149
00:51:31,360 --> 00:51:33,840
Speaker 1: they make beers taste fantastic, and this one was like

1150
00:51:33,880 --> 00:51:36,760
Speaker 1: more passion fruit. Um, I'm notes that I'm getting way

1151
00:51:36,800 --> 00:51:39,880
Speaker 1: more citrusy. Yeah, for sure, So I will say I

1152
00:51:39,920 --> 00:51:43,040
Speaker 1: liked it. It was fantastic. And this is probably even

1153
00:51:43,080 --> 00:51:44,880
Speaker 1: more up your alley because you like the sweet the

1154
00:51:44,960 --> 00:51:46,759
Speaker 1: sweet or yeah, this is I mean it's not like

1155
00:51:46,760 --> 00:51:48,640
Speaker 1: an orange cream sickle or anything like that, but it

1156
00:51:48,640 --> 00:51:50,960
Speaker 1: definitely kind of had those smooth, creamy vibes going on.

1157
00:51:51,280 --> 00:51:53,200
Speaker 1: And this is our last beer that we are going

1158
00:51:53,239 --> 00:51:56,239
Speaker 1: to enjoy from Mutation. But more than anything, man, I

1159
00:51:56,280 --> 00:51:59,080
Speaker 1: am just glad that we have yet another fantastic craft

1160
00:51:59,120 --> 00:52:01,840
Speaker 1: brewery here in the city of the Atlanta. The merrier

1161
00:52:02,000 --> 00:52:04,360
Speaker 1: the more, the merrier, for sure. The guys over at

1162
00:52:04,440 --> 00:52:08,879
Speaker 1: Mutation are doing a great job and we still look

1163
00:52:08,880 --> 00:52:11,399
Speaker 1: forward to heading up. I mean they just opened up, yeah,

1164
00:52:11,520 --> 00:52:13,279
Speaker 1: just a few months ago. Go soon. It hasn't been

1165
00:52:13,280 --> 00:52:14,960
Speaker 1: that long. I will say, we haven't been there yet.

1166
00:52:14,960 --> 00:52:16,480
Speaker 1: We need to make it a habit to go to

1167
00:52:16,480 --> 00:52:18,840
Speaker 1: more breweries, but we've already made it a habit to

1168
00:52:18,880 --> 00:52:20,759
Speaker 1: drink beer on the show, and we've had something close

1169
00:52:20,760 --> 00:52:23,600
Speaker 1: to five beers on How the Money Now in our

1170
00:52:23,600 --> 00:52:25,799
Speaker 1: five years, five plus years of existence, so it makes

1171
00:52:25,840 --> 00:52:28,400
Speaker 1: it sound like romaniacs, but but we're not. What do

1172
00:52:28,440 --> 00:52:29,800
Speaker 1: you think, Well, that's the thing is like when you

1173
00:52:29,880 --> 00:52:32,919
Speaker 1: break it down into smaller increments, that's two beers a week. Alright, guys,

1174
00:52:33,000 --> 00:52:36,560
Speaker 1: that's not that's not intense, that's not overwhelming. But we

1175
00:52:36,640 --> 00:52:38,399
Speaker 1: are thankful that we get to do this job every

1176
00:52:38,440 --> 00:52:40,279
Speaker 1: single week, that we get to hang out with each

1177
00:52:40,280 --> 00:52:43,040
Speaker 1: other talk about money and and really it's you, listeners

1178
00:52:43,040 --> 00:52:45,880
Speaker 1: who make this podcast possible. So thank you and we

1179
00:52:45,920 --> 00:52:49,840
Speaker 1: wish you the best of success this year informing salad

1180
00:52:50,120 --> 00:52:52,600
Speaker 1: money habits that are going to change your future. That's

1181
00:52:52,600 --> 00:52:54,120
Speaker 1: what we want to see for you. That's right, and

1182
00:52:54,160 --> 00:52:56,920
Speaker 1: we would love for you to hear our next episode,

1183
00:52:56,960 --> 00:52:59,080
Speaker 1: which comes out on Friday. So if you are not

1184
00:52:59,160 --> 00:53:01,880
Speaker 1: already a subs griber, mash that subscribe button so you

1185
00:53:01,920 --> 00:53:04,120
Speaker 1: don't miss the next episode. But if you are a

1186
00:53:04,160 --> 00:53:06,960
Speaker 1: long time listener and you haven't left us a solid

1187
00:53:06,960 --> 00:53:09,839
Speaker 1: review yet, head over to Apple Podcasts or wherever you listen,

1188
00:53:09,920 --> 00:53:12,920
Speaker 1: give us a solid rating, solid review over there, and

1189
00:53:12,960 --> 00:53:15,160
Speaker 1: a big thank you in advance for that. Will make

1190
00:53:15,200 --> 00:53:17,200
Speaker 1: sure to link to any of the different resources that

1191
00:53:17,200 --> 00:53:19,400
Speaker 1: we mentioned up on our website at how to money

1192
00:53:19,520 --> 00:53:21,840
Speaker 1: dot Com Joel, it's going to be a buddy for

1193
00:53:22,000 --> 00:53:25,399
Speaker 1: this episode until next time. Best Friends out, Best Friends Out,