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Speaker 1: Well, well, well it isn't the birthday.

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Speaker 2: Boy.

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Speaker 1: We skipped last week and because it was a weird week,

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Speaker 1: we just felt like, energy wise, we didn't want a

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Speaker 1: part of it. No, we just knew either way that

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Speaker 1: the election went, it was going to be a very

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Speaker 1: intense week for people, and so Chip and I were like,

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Speaker 1: you know what, we feel like layla this week and

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Speaker 1: here we are. We're back again. But because of that,

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Speaker 1: last Tuesday was Chip's birthday, and so we didn't get

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Speaker 1: to wish you a happy birthday. So happy birthday, Chip, thank.

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Speaker 3: You, I've already forgotten about it.

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Speaker 1: You have, well, yeah, really quickly for Big One. Necessarily

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Speaker 1: we were kind of talking about that, like the one

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Speaker 1: right before the big Big One is always a little

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Speaker 1: bit awkward and weird.

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Speaker 2: Right, yeah, it's like, what's the point of celebrating big Yeah.

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Speaker 1: So anyway, we went to dinner and we celebrated with

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Speaker 1: all our friends. But it was fun and I'm sure

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Speaker 1: all the podcast listeners wish a very happy birthday.

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Speaker 3: Well, thank you everybody, So thank you?

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Speaker 4: Did you?

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Speaker 1: I love that. I was pissed because at the dinner

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Speaker 1: that Chip and I went to, we both wore these

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Speaker 1: black and white striped shirts look like criminals. Yeah, which

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Speaker 1: I also have one right now. It's a different one.

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Speaker 1: I just love black and white stripes. But I'm meant

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Speaker 1: to take a picture to post to celebrate your birthday.

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Speaker 1: Totally spaced. I'm not in the influencer mode anymore.

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Speaker 3: No, no even.

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Speaker 1: Come to me.

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Speaker 2: I just.

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Speaker 1: Put the phones away and just enjoy the moment. But anyway,

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Speaker 1: happy birthday, Chip, We're so grateful to you. This week

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Speaker 1: on the podcast on Wednesday, I talked to Elizabeth Ralph.

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Speaker 1: Her title is a spiritual investor, and if you guys

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Speaker 1: haven't listened to that one yet, we really got into

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Speaker 1: money as energy and I was telling you, Chip, it's

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Speaker 1: such an interesting concept for me to think about self

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Speaker 1: love and self worth and how that connects to like

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Speaker 1: how I feel comfortable investing in wealth or receiving money,

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Speaker 1: or just my relationship with money in general. And you

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Speaker 1: kind of had some ideas about that too. You were like, oh,

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Speaker 1: that is an interesting thought. Do you want to tell

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Speaker 1: the listeners what you were telling me about? Right before

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Speaker 1: we started talking, you said, oh, this topic coming up, Well,

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Speaker 1: maybe go do this.

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Speaker 3: Yeah.

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Speaker 2: So in the hour leading up to this, I started

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Speaker 2: looking through and I rarely do this, which is weird,

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Speaker 2: but I got my credit card statement and I have

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Speaker 2: started recently like looking through and checking off making sure

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Speaker 2: that there aren't any errant charges because, by the way,

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Speaker 2: I've caught the parking company in Nashville randomly charging me

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Speaker 2: when I wasn't.

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Speaker 1: Eating down yourself all the time.

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Speaker 2: So I've started doing that. And then I noticed in it,

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Speaker 2: like my all of my recurring things, and I was like,

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Speaker 2: you know what, I need to put this in an

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Speaker 2: Excel spreadsheet and add up to see what it is.

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Speaker 2: My monthly nut is just on things that are recurring costs.

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Speaker 1: And I'm not even does she just say a monthly nut?

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Speaker 4: Yes, that is a.

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Speaker 3: Term that's not sexual, but it's we just made it sexual.

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Speaker 1: I'm just confused. I've never heard it.

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Speaker 3: You've never heard of that, what I mean?

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Speaker 2: So, and these are all things that like, of course

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Speaker 2: I know I'm spending, but I don't think about it

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Speaker 2: because it's not like you necessarily get a reminder like oh,

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Speaker 2: your Netflix is getting paid tomorrow, blah blah blah.

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Speaker 3: It just you're just used to it going out of

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Speaker 3: the door.

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Speaker 2: And first of all, before I even get to the number,

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Speaker 2: which I'm not going to share because I'm too embarrassed.

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Speaker 2: Just the length of the list is shocking to me.

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Speaker 2: I have no idea I had that many recurring things.

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Speaker 1: Like what what are you spending money?

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Speaker 3: Like dog insurance? Dog food?

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Speaker 1: Wait? What is dog insurance?

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Speaker 2: Like so insurance, which is yeah, if they if they

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Speaker 2: have I mean, I pay for the highest amount of

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Speaker 2: coverage because anytime they go to the VAT unless it's routine,

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Speaker 2: and some some places cover routine. But like I've had

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Speaker 2: two dogs die of cancer and it gets really expensive

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Speaker 2: and I get all the money back, but you spend

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Speaker 2: a fortune leading into it. So it's like I should

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Speaker 2: probably do a calls benefit analysis to see how much

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Speaker 2: I spent on the insurance just to get the thing back,

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Speaker 2: because it might come out in the wash.

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Speaker 3: You know.

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Speaker 1: Assurance is so funny that way, isn't it? Like I

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Speaker 1: always bitch about this, But do you ever have a

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Speaker 1: car issue? Or like I had one recently and I

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Speaker 1: had gotten a wreck two years before, and I email

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Speaker 1: my car lady and I'm like, oh, can I file this?

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Speaker 1: I hit a pole in a parking garage and she's like, well,

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Speaker 1: that would count as two recks in two years and

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Speaker 1: so you might lose your insurance or your remim will

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Speaker 1: definitely go up. And I'm like, what the fuck is

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Speaker 1: the point of me paying all everyone?

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Speaker 3: I mean, it's crazy.

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Speaker 2: I don't know how I talked about it on here,

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Speaker 2: but I got a letter from State Farm I'll call

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Speaker 2: them out motherfuckers. Oh, we're my homeowner's insurance.

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Speaker 3: And I got a letter from them one day.

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Speaker 2: It was in August, I believe of last year, and

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Speaker 2: it said like they had drone photos of my roof

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Speaker 2: or actually not drone satellite images of my roof, which

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Speaker 2: at the time was ten years old, which is not

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Speaker 2: an old roof, and it said that it looked like

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Speaker 2: it was in disrepair and they were dropping my insurance.

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Speaker 4: And I was like, I called my.

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Speaker 2: Insurance guy and I was like, hey, a question. If

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Speaker 2: I've been paying them to ensure this house, what's preventing

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Speaker 2: me from making a claim so that they have to

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Speaker 2: pay for this fucking new roof if they think I've

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Speaker 2: got such a bad roof. And he was like, I

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Speaker 2: liked the what you think, but it doesn't really work

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Speaker 2: that way. And I was like, well, it's not like

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Speaker 2: I'm like, this isn't user error, this is just a roof.

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Speaker 1: Wait they did that without you asking?

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Speaker 2: Yeah, and they said they were like, you're at the

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Speaker 2: end of your at the end of your I mean,

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Speaker 2: I guess that's what they do versus sending people out.

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Speaker 3: I'd paid through October.

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Speaker 4: And then I had to find new insurance.

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Speaker 1: So basically, they take all your money for a certain

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Speaker 1: amount of years. Then they're like, hmm, his roof is

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Speaker 1: probably getting kind of old. Let's go check it out.

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Speaker 1: And the second they figure out it's getting old, they're like, yeah,

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Speaker 1: all the money that you've paid doesn't come back to

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Speaker 1: you at all.

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Speaker 3: Correct.

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Speaker 2: And And you know, it's funny because I had a

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Speaker 2: couple you know, we have storms here in Nashville, so

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Speaker 2: when can obviously damage a roof, And a couple of

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Speaker 2: people on my street had major damage from storms, like

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Speaker 2: trees falling onto the roof or whatever. And I guarantee

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Speaker 2: you the insurers watched as claims were happening on my

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Speaker 2: street and that's why they checked. But I'm just like,

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Speaker 2: this is crazy, Like, what's the point.

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Speaker 1: Did you ever think that we would go and talk

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Speaker 1: about sex? And like.

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Speaker 3: People are wet over this conversation.

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Speaker 1: Show me you're a year older without telling me you're

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Speaker 1: your old.

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Speaker 3: As I'm like saving my budget spreadsheet.

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Speaker 1: Oh my god, we have really lost herle.

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Speaker 2: But yeah, but I will say this, we can move

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Speaker 2: on from my budget spreadsheet. I highly recommend everyone do

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Speaker 2: this because it was really eye opening, and I mean

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Speaker 2: there are simple things that like I could do to

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Speaker 2: cut back and save a couple hundred dollars a month easily.

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Speaker 2: Like I have so many different streaming logins platforms that

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Speaker 2: I mean, honestly, it's like there's nothing good on any

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Speaker 2: of them.

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Speaker 1: One or two.

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Speaker 4: Yeah, I'm just thinking like shows.

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Speaker 2: Yeah, or make a list of the shows that I

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Speaker 2: want and pay for Netflix for that month and just

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Speaker 2: binge and then you know what I mean, and cancel

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Speaker 2: it and then go.

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Speaker 3: Over to Max.

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Speaker 1: Yeah, it's like cheating the system.

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Speaker 3: I cheat that system.

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Speaker 1: I mean, I told you so. This is not an ad,

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Speaker 1: but hey, if anyone works at Rocket Money and you

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Speaker 1: want it to be, let us know. I got this

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Speaker 1: app Rocket Money, which is kind of counterintuitive to what

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Speaker 1: I'm about to say because it's an app that you

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Speaker 1: pay for, but it's like four ninety nine a month,

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Speaker 1: and I'm going to use it for a couple of

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Speaker 1: months while I just kind of get a budget set

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Speaker 1: up because me and the word budget just don't work together.

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Speaker 1: Like I just don't think that way. I'm not a

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Speaker 1: numbers girl. I just like to buy what I want

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Speaker 1: to buy, Like I just don't think about what I'm

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Speaker 1: spending a lot of times. But then I told you

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Speaker 1: it's like if I do want to start investing in

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Speaker 1: something like a big purchase, or I need to be

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Speaker 1: really like you know, like you want to think about

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Speaker 1: retirement and all of those things, making sure you're saving

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Speaker 1: up and all that. I just felt like, okay, let

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Speaker 1: me just like check in the same thing I literally

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Speaker 1: get on I have all these apps on my phone

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Speaker 1: that I'm getting charged for every month that I can't

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Speaker 1: even remember.

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Speaker 4: The last time.

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Speaker 3: What is this?

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Speaker 1: I didn't even know what it was, right, I was

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Speaker 1: like what is that? And a lot of times it's

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Speaker 1: like different camera apps that I would use for like

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Speaker 1: one shot and then I never use again, but I'm

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Speaker 1: still paying for it. And then the same as you,

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Speaker 1: I have every streaming service and it's like I'm definitely

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Speaker 1: not using them, Uber Eats all that stuff, Like I think, okay,

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Speaker 1: this is so convenient, Like I'm such a person of

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Speaker 1: convenience and making things easy. But like that stuff adds

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Speaker 1: up to the up charge on like delivery fees, tip

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Speaker 1: if you order groceries like I do, Like you're getting

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Speaker 1: you know, paying a lot for for that. And I

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Speaker 1: was just realizing it and it's like, whoa.

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Speaker 3: I'm not reminding me.

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Speaker 2: I got to add Instacart because I did just pay

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Speaker 2: for that for a year.

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Speaker 1: Oh yeah, you so you have an automatic Yeah, well

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Speaker 1: I just.

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Speaker 3: I did it.

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Speaker 2: I like did the membership because it makes it you

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Speaker 2: have savings if you use it. So I paid for

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Speaker 2: a full year, so I'll just divide that by twelve then.

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Speaker 3: You know, yeah, figure out what I what I owe.

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Speaker 1: But it's just the mindlessness for me, that's really kind

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Speaker 1: of been a thing. And I was telling you before

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Speaker 1: the podcast, like my mentality is always like, well I

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Speaker 1: got to go make more money and blah blah blahlah blah.

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Speaker 1: Never look at well how are you spending your money?

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Speaker 1: And like is that how you actually want to be

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Speaker 1: doing it? And that was kind of something Elizabeth and

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Speaker 1: I talked about. When you really are investing in yourself

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Speaker 1: and all these other levels, like you're really working on

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Speaker 1: your energy, all the stuff we talk about on the podcast,

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Speaker 1: like growth, mindset kind of things. It's really interesting that

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Speaker 1: a lot of times I never consider money to be

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Speaker 1: one of those places to think about, and it's probably

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Speaker 1: one of the most important.

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Speaker 2: I think all of us unless you have a ton

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Speaker 2: of money, and I don't even know if we can

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Speaker 2: exclude those people, but I think it's really easy to

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Speaker 2: have a love hate relationship with it and put a

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Speaker 2: lot of your self worth in it.

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Speaker 1: That is what she was saying, is the self worth piece.

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Speaker 1: And I know for me, like I say this on

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Speaker 1: the podcast, but like as a woman, I think receiving

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Speaker 1: and I don't know if it's a maybe it's a

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Speaker 1: woman a creative. I think because I'm a freelancer, there's

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Speaker 1: a little bit of a scarcity mindset I deal with

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Speaker 1: sometimes that there's just some blocks with money, like energetically,

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Speaker 1: and it's so tied to how you value yourself and

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Speaker 1: your worth and my is energy at the end of

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Speaker 1: the day. It's like, if you believe in yourself and

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Speaker 1: you believe you're worthy of X amount of things or

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Speaker 1: X amount of money, usually you can go out and

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Speaker 1: get it. But if you don't, you'll just receive that back,

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Speaker 1: so you might be getting like smaller amounts, or you know,

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Speaker 1: you don't have enough to go invest into something else,

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Speaker 1: or to save a way, or to like go plug

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Speaker 1: into your future. And it's such a mental emotional connection

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Speaker 1: thing that I just would have never tied to that.

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Speaker 2: Yeah, it's funny too, because I'm very different than my parents,

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Speaker 2: who my mother was like, I mean, still balances her checkbook.

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Speaker 2: You said that the other day that she will call

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Speaker 2: you know, a medical billing place and be like, this

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Speaker 2: is wrong by thirteen cents, and she'll stay on the

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Speaker 2: phone for forty five minutes to get that thirteen cents,

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Speaker 2: because I mean, to her, it's more of a matter

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Speaker 2: of principle, and to me, I'm like, well that forty

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Speaker 2: five minutes cost you more than thirteen cents, Like you

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Speaker 2: could have been doing something that was a lot more valuable.

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Speaker 3: And so I don't know why I didn't, you know,

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Speaker 3: adopt that.

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Speaker 4: Mindset because they've been really good about.

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Speaker 2: Saving and I'm not great about saving. And I make

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Speaker 2: substantially more than my parents ever did, and they're probably

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Speaker 2: better off than I would be at there at you know,

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Speaker 2: if it was apples to apples and I'm getting to

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Speaker 2: the age where I really do need to start a

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Speaker 2: thinking about like changing my habits.

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Speaker 4: And it's funny when you brought up this.

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Speaker 2: Conversation, I started digging around a little bit to see, like,

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Speaker 2: I mean, first I was it was more like I

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Speaker 2: wanted to explore whether or not, like in terms of relationships, yeah,

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Speaker 2: you know, a spender and a saver were compatible, and

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Speaker 2: they often are. But it does it does also bring

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Speaker 2: up a lot of sort of emotional baggage too, because

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Speaker 2: when the conversation happens about sharing finances and things like that,

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Speaker 2: like we instantly go to like, oh, it needs to

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Speaker 2: be fifty to fifty on everything because we're in this together.

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Speaker 2: But what a lot of couples do is they'd say, oh,

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Speaker 2: well I make four times what you make, okay, so

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Speaker 2: i'll pay for or like you'll pay one time, I'll

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Speaker 2: pay four times. So it's like based on you know,

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Speaker 2: the difference in salary. I don't know what the mathematical

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Speaker 2: term is, but in doing my research, because that was

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Speaker 2: kind of a hard topic to really narrow down, I

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Speaker 2: did find a list of different types of spenders, which

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Speaker 2: is funny because it's like the enneagram of spenders.

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Speaker 3: You know, it's not like but it's right.

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Speaker 2: So there's the save aurexic and the same And this,

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Speaker 2: by the way, is an article from a website called

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Speaker 2: The Broke Generation. A save eresic is a balls to

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Speaker 2: the wall budgeter. They mole over every last dollar and

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Speaker 2: never spend a cent more than they need to. And

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Speaker 2: basically it sounds like, you know, if you're not a

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Speaker 2: savor that sounds amazing, Like God, I wish I could

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Speaker 2: do that, but it almost it's like some psychologists compare

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Speaker 2: it to anorexia.

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Speaker 3: It's like a loss.

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Speaker 2: Of control and you they need to hold onto every

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Speaker 2: penny because they feel like if they spend something that's

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Speaker 2: not necessary, then they're losing control of their finances.

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Speaker 1: That is so interesting. I have a friend who I

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Speaker 1: think might have this, And when I watch her even

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Speaker 1: talk about spending certain things. There are things she'll spend on,

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Speaker 1: but like it has to make so much sense in

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Speaker 1: her brain. And then if it doesn't, even if it's

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Speaker 1: like a little bit like let's say a one hundred

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Speaker 1: dollars difference on a big, big, big purchase, if it

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Speaker 1: doesn't make sense, I watch her literally have to be

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Speaker 1: like like it's like a deep breath, like it really

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Speaker 1: throws her off, and most of the time she won't

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Speaker 1: do it. And I've often looked at certain things in

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Speaker 1: her life and felt thought, isn't it like deprivation that

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Speaker 1: she's doing to herself because she could actually afford those things,

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Speaker 1: but because maybe it seems like a sense of control,

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Speaker 1: like you're saying, it's like she feels like she has

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Speaker 1: to deprive herself experiencing it because for whatever reason, her

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Speaker 1: mind talks her out of it, which I can see

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Speaker 1: is very similar to anarexia.

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Speaker 2: Yeah, yeah, well, and what the website suggest is that

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Speaker 2: you need to start if you're a save erectsic that

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Speaker 2: you need to start thinking of you need to train

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Speaker 2: yourself to not think of spending as bad, and what

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Speaker 2: you can do to help yourself overcome it is.

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Speaker 3: You know, save eretics.

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Speaker 2: Are probably the type that are really like budget conscious,

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Speaker 2: so they probably like know what they're spending a month.

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Speaker 2: They need to build in a line for like fun money,

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Speaker 2: and then that way, yeah, that way you're accounting for

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Speaker 2: it in advance, and then you know what you have

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Speaker 2: and when something comes up that you want, then you've

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Speaker 2: got this pile of fun money that you're like, okay,

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Speaker 2: and then you don't feel bad about.

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Speaker 1: It because it's in the budget.

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Speaker 3: It's in the budget, you've already accounted for it.

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Speaker 2: Then the next one is the self esteem spender, and

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Speaker 2: they say the self esteem spender may often refer to

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Speaker 2: themselves as terrible with money or a shopaholic and says

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Speaker 2: it's as.

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Speaker 4: I fell further down the rabbit hole on.

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Speaker 2: Financial psychology, I uncovered some interesting facts about the concept

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Speaker 2: of shopoholism, which is actually a word. So shopaholism is

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Speaker 2: also kind of like gambling or like, you know, some

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Speaker 2: sort of addiction. I me and but you know, a

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Speaker 2: self esteem spender seems to end up spending money anywhere

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Speaker 2: they go. This is kind of like me, Like if

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Speaker 2: I go into the grocery store for one thing, I

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Speaker 2: leave with twenty that I don't need. I just feel

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Speaker 2: like I need to spend some money. If I stop

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Speaker 2: for gas, I go in there and think I need

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Speaker 2: to buy something like and it's it's a self esteem thing.

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Speaker 4: It's like because I can.

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Speaker 2: Gum or gum a red bull, like a bottle of water,

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Speaker 2: like it's just something you know, Yeah, So it's I mean,

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Speaker 2: I think that is it's like something just to kind

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Speaker 2: of make yourself feel good.

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Speaker 1: It's yeah, it's also kind of maybe tied to like

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Speaker 1: emotional spending, right you know, Like I know, for me,

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Speaker 1: a lot of times when I'm like, for instance, in Nashville,

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Speaker 1: now the time has changed, it gets dark at like

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Speaker 1: for something, and it can be kind of depressing. After

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Speaker 1: a couple of months, and I'll find myself shopping more.

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Speaker 1: It's like I'm almost trying to find something to like

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Speaker 1: give me a dopamine hit, do you know what I mean,

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Speaker 1: instead of like figuring out healthy ways to do it.

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Speaker 1: I actually caught myself doing that. I love to spend

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Speaker 1: money on shopping too, so I mean it's definitely where

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Speaker 1: a spend of money.

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Speaker 2: So well, what they recommend for this type of spender

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Speaker 2: is to identify the things that you are that are

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Speaker 2: you're frequently spending money on unnecessarily and make a conscious

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Speaker 2: effort to not spend any money on them for thirty

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Speaker 2: days to teach yourself have it, to teach yourself how

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Speaker 2: unnecessary it was and that you can live without it.

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Speaker 1: So like for me, it would be black and white striped.

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Speaker 2: Shirts probably, Yeah, mine are like Converse now, like how

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Speaker 2: many pairs of white converse do I need? I know

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Speaker 2: they get dirty? I know, yeah, all right. The next

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Speaker 2: one is the splasher. The splasher is someone who gets

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Speaker 2: validation from spending money, often on other people or in

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Speaker 2: front of other people. When you see a splasher picking

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Speaker 2: up drinks bills or showing their partner with showering their

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Speaker 2: partner with expensive gifts, it's often not a habit born

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Speaker 2: from wealth, but alsive need to be seen.

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Speaker 3: Spending Oh that is interesting.

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Speaker 2: Do it because they want to be well liked or like,

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Speaker 2: you know, like people. They're in a new relationship and

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Speaker 2: they're trying to like dangle.

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Speaker 4: Carrots or whatever.

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Speaker 2: So we all have that friend that's always like, i'll

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Speaker 2: get the checked, I'll get the check.

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Speaker 1: You know, I'll pay for They don't make more money

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Speaker 1: than you, and so you're like, wait, you don't.

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Speaker 4: You don't have to solicious it.

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Speaker 1: Yeah, totally okay.

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Speaker 2: And what they say to that one is, if you're

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Speaker 2: a splasher, you need to look at what you're spending

398
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Speaker 2: excessively and think about all the people that you're saving

399
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Speaker 2: money for other than yourself, Because if you're the one

400
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Speaker 2: always paying for the uber or someone else is getting rich.

401
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Speaker 3: Around with you.

402
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Speaker 1: I actually think I do that sometimes, but it's not

403
00:18:43,480 --> 00:18:45,879
Speaker 1: mine isn't like you just said the uber. It's what

404
00:18:45,920 --> 00:18:47,800
Speaker 1: made me think of that. It's like I always want

405
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Speaker 1: to make sure that I'm paying my way and it's

406
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Speaker 1: not landing on someone else. Like if the group has

407
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Speaker 1: a bunch of people, like our group is very generous,

408
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Speaker 1: I feel like we all kind of do that where

409
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Speaker 1: we're like, oh, I got this, either.

410
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Speaker 4: It comes out in the wash, yeah yeah, or.

411
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Speaker 1: Like whatever, and I'll find myself. Like one time our friend,

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Speaker 1: one of our friends said, well, I haven't gotten anything tonight,

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Speaker 1: and I was like, oh really, Like I hadn't thought

414
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Speaker 1: about it. I had bought drinks the uber or whatever.

415
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Speaker 1: She was like, no, I need to get this, and

416
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Speaker 1: I'm like, oh shit. But it was just unconscious, like

417
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Speaker 1: I just wasn't thinking about it, and I wanted to

418
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Speaker 1: make sure that I wasn't being the freeloads. You're overcompensating, Yeah, yeah,

419
00:19:23,880 --> 00:19:26,159
Speaker 1: I was overcompensating. Yeah, so I do try to just

420
00:19:26,400 --> 00:19:29,840
Speaker 1: I think equal is always good. Like self what is

421
00:19:29,840 --> 00:19:33,120
Speaker 1: that word they use in twelve Step? It's like, God,

422
00:19:33,160 --> 00:19:35,600
Speaker 1: I'm my brain is dead today, but it's yeah, basically

423
00:19:35,640 --> 00:19:38,439
Speaker 1: like everyone just pays for themselves kind of thing autonomy,

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Speaker 1: you know, yeah, just like you pay your way, I

425
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Speaker 1: pay my way.

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Speaker 2: You know. Restaurants don't make it easy when they're like

427
00:19:45,000 --> 00:19:47,719
Speaker 2: two cards max, you know. But now we do have

428
00:19:47,840 --> 00:19:49,840
Speaker 2: Venmo and things like that where you can in the

429
00:19:49,880 --> 00:19:52,159
Speaker 2: moment be like, okay, everyone owes me fifty dollars.

430
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Speaker 1: What's that? We use a lot on trips.

431
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Speaker 3: Split Wise Yeah, that's foot Wise is amazing.

432
00:19:57,320 --> 00:19:59,080
Speaker 2: They have a free level and but you can only

433
00:19:59,080 --> 00:20:02,520
Speaker 2: insert so many expenses a day. But if you want

434
00:20:02,520 --> 00:20:04,719
Speaker 2: to split if you want to use split wise pro,

435
00:20:04,880 --> 00:20:05,520
Speaker 2: it's like six.

436
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Speaker 3: Ninety nine a month or something.

437
00:20:06,840 --> 00:20:14,480
Speaker 2: So gotcha to save money, you got to spend it sometimes.

438
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Speaker 2: So the next one is a stasher. A stasher tends

439
00:20:21,359 --> 00:20:23,800
Speaker 2: to hoard money for fear of running out. They're pretty

440
00:20:23,920 --> 00:20:26,280
Speaker 2: risk averse, and while they make they may have lots

441
00:20:26,320 --> 00:20:28,600
Speaker 2: of in savings, the money could be better invested in

442
00:20:29,080 --> 00:20:31,680
Speaker 2: shares or property. The stasher is a type of person

443
00:20:31,680 --> 00:20:33,040
Speaker 2: who will say that they're saving up to buy a

444
00:20:33,040 --> 00:20:35,920
Speaker 2: house in cash foolish because the property could be accumulating

445
00:20:36,000 --> 00:20:38,760
Speaker 2: value while you're saving hundreds of thousands of dollars at

446
00:20:38,800 --> 00:20:42,480
Speaker 2: two percent interest, So you know, you think that you're

447
00:20:42,600 --> 00:20:44,320
Speaker 2: you're going to get a better deal in cash, but

448
00:20:44,400 --> 00:20:47,280
Speaker 2: it's not necessarily true. You could be borrowing the money

449
00:20:47,320 --> 00:20:49,919
Speaker 2: living in the house while it's accumulating value.

450
00:20:49,960 --> 00:20:51,360
Speaker 3: Like for example, my house.

451
00:20:51,320 --> 00:20:54,760
Speaker 2: Doubled in value in the pandemic and I've lived here

452
00:20:54,760 --> 00:20:57,760
Speaker 2: now ten years and there's not a savings account on.

453
00:20:57,720 --> 00:20:59,760
Speaker 3: Earth that would match that.

454
00:21:00,080 --> 00:21:01,960
Speaker 2: And I didn't know that this is my first time

455
00:21:01,960 --> 00:21:05,360
Speaker 2: buying a house, like I rented for a million years, and.

456
00:21:05,320 --> 00:21:07,080
Speaker 4: I wish that that was something that someone had taught

457
00:21:07,080 --> 00:21:07,520
Speaker 4: me when I.

458
00:21:07,480 --> 00:21:11,240
Speaker 1: Was younger, which part, what do you mean that, like.

459
00:21:11,520 --> 00:21:14,120
Speaker 2: Actually purchasing a house is a great way to grow

460
00:21:14,160 --> 00:21:16,840
Speaker 2: your money, Like it seems like you're biting off a

461
00:21:16,920 --> 00:21:19,640
Speaker 2: really big I mean, and look, this is obviously I'm

462
00:21:19,640 --> 00:21:22,080
Speaker 2: saying this from a position where I got to a

463
00:21:22,080 --> 00:21:23,400
Speaker 2: place where I could afford.

464
00:21:23,080 --> 00:21:23,600
Speaker 4: To buy one.

465
00:21:23,840 --> 00:21:28,000
Speaker 2: Sure, putting down the down payment is obviously hard, And

466
00:21:28,000 --> 00:21:30,200
Speaker 2: now I live in a market where it's incredibly expensive.

467
00:21:30,200 --> 00:21:32,440
Speaker 2: So I hear people complaining all the time, like I'll

468
00:21:32,440 --> 00:21:34,120
Speaker 2: never be able to buy a house in Nashville. Now

469
00:21:34,400 --> 00:21:37,760
Speaker 2: I happen to move here when it's still affordable, But

470
00:21:37,840 --> 00:21:40,239
Speaker 2: if you live in a market where you know you

471
00:21:40,240 --> 00:21:42,679
Speaker 2: can buy a house for two hundred thousand dollars, still

472
00:21:42,720 --> 00:21:45,560
Speaker 2: like you should seriously be thinking about saving the money

473
00:21:45,600 --> 00:21:48,640
Speaker 2: for a down payment, because yes, you're paying an interest,

474
00:21:48,680 --> 00:21:51,359
Speaker 2: you're paying interest on it, but you're putting all of

475
00:21:51,359 --> 00:21:53,719
Speaker 2: the principle and everything right back into your own pocket.

476
00:21:53,760 --> 00:21:56,600
Speaker 2: You own the house, and every set that you make

477
00:21:56,680 --> 00:21:58,520
Speaker 2: on that appreciation you get.

478
00:21:58,760 --> 00:22:00,159
Speaker 3: So it's a great tame thing.

479
00:22:00,200 --> 00:22:02,159
Speaker 1: I ever did buy a house, Like, I was so

480
00:22:02,280 --> 00:22:05,160
Speaker 1: scared because again, as a freelancer, it's like my job

481
00:22:05,240 --> 00:22:07,679
Speaker 1: and how much I'm gonna work year to year is

482
00:22:07,720 --> 00:22:10,600
Speaker 1: so different, and that some years I'm killing it and

483
00:22:10,640 --> 00:22:13,119
Speaker 1: then some years it's slow, and so sometimes you have

484
00:22:13,200 --> 00:22:15,640
Speaker 1: to prepare for that. But it's like, then we also

485
00:22:15,720 --> 00:22:17,639
Speaker 1: hit a pandemic. I bought my house, and we went

486
00:22:17,680 --> 00:22:21,120
Speaker 1: into a pandemic like the next six months, right, yeah,

487
00:22:21,200 --> 00:22:24,720
Speaker 1: like oh my god, yeah, maybe it was the next year.

488
00:22:24,720 --> 00:22:28,080
Speaker 1: But still it was very stressful. However, I will say,

489
00:22:28,119 --> 00:22:29,800
Speaker 1: like you you made a good point. It is a

490
00:22:29,840 --> 00:22:33,080
Speaker 1: lot of money up front, and it's scary because you're like, oh,

491
00:22:33,440 --> 00:22:36,240
Speaker 1: this is just a big chunk of money I'm giving away.

492
00:22:36,840 --> 00:22:39,000
Speaker 1: Best thing I ever did though, Yeah, and I mean

493
00:22:39,040 --> 00:22:41,080
Speaker 1: I know we again were in a growing market, so

494
00:22:41,200 --> 00:22:43,600
Speaker 1: same thing for me, Like it's already doubled, but like

495
00:22:44,320 --> 00:22:47,439
Speaker 1: I think, if you can, that's something I always suggest

496
00:22:47,480 --> 00:22:49,600
Speaker 1: to because rent is just like going out the window.

497
00:22:49,760 --> 00:22:53,720
Speaker 1: It's yeah, and this is actually putting into something that

498
00:22:53,800 --> 00:22:55,800
Speaker 1: you get to keep once it's paid off.

499
00:22:56,160 --> 00:22:57,840
Speaker 3: Yeah, or you sell it and maybe.

500
00:22:57,720 --> 00:22:59,040
Speaker 1: Sell it, yeah, exactly.

501
00:22:59,680 --> 00:23:03,200
Speaker 2: For the stasher, they recommend, they say, you're halfway there

502
00:23:03,240 --> 00:23:05,760
Speaker 2: between connecting being liquid. Having access to cash is a

503
00:23:05,760 --> 00:23:08,600
Speaker 2: smart idea. We all need a rainy day fund, but

504
00:23:08,800 --> 00:23:11,359
Speaker 2: understanding where to put your money is the next best step.

505
00:23:11,600 --> 00:23:12,720
Speaker 3: Okay, So they.

506
00:23:12,600 --> 00:23:14,720
Speaker 2: Recommend that if you have a bunch of money, it

507
00:23:14,800 --> 00:23:18,040
Speaker 2: might be good to go see a financial advisor who

508
00:23:18,040 --> 00:23:20,399
Speaker 2: may be able to help you grow it faster, or

509
00:23:20,440 --> 00:23:22,440
Speaker 2: tell you, hey, you have enough for a down payment.

510
00:23:22,600 --> 00:23:25,679
Speaker 2: Let's get the house and let that start appreciating, and

511
00:23:25,720 --> 00:23:27,600
Speaker 2: then we can invest some of this other money that

512
00:23:27,640 --> 00:23:31,040
Speaker 2: you have sitting around, so have it all grow.

513
00:23:31,600 --> 00:23:33,800
Speaker 3: And then the last one is the ignorer.

514
00:23:34,280 --> 00:23:36,920
Speaker 4: The ignorer has no bloody clue.

515
00:23:36,600 --> 00:23:37,960
Speaker 3: About their financial situation.

516
00:23:38,240 --> 00:23:40,360
Speaker 2: They've got some money and some debt, but they don't

517
00:23:40,359 --> 00:23:42,480
Speaker 2: know how to manage it and don't even ask them

518
00:23:42,480 --> 00:23:45,720
Speaker 2: how much is in their bank. They probably have some

519
00:23:45,800 --> 00:23:48,399
Speaker 2: dodgy spending habits, but their head is too buried in

520
00:23:48,440 --> 00:23:52,160
Speaker 2: the sand to identify with their behavioral patterns. Ignorers can

521
00:23:52,200 --> 00:23:55,200
Speaker 2: be time poor and work in highly stressful jobs, leaving

522
00:23:55,240 --> 00:23:56,960
Speaker 2: little energy left for the end of the day to

523
00:23:56,960 --> 00:24:01,679
Speaker 2: sort through finances. They may be relatively time poor, is

524
00:24:01,720 --> 00:24:02,880
Speaker 2: that you don't have a lot of time.

525
00:24:03,000 --> 00:24:03,320
Speaker 3: Okay.

526
00:24:03,640 --> 00:24:06,120
Speaker 2: They may also be relatively well paid, so that their

527
00:24:06,160 --> 00:24:10,280
Speaker 2: ignorance is resulted in wasted money and opportunities, but they're

528
00:24:10,320 --> 00:24:12,720
Speaker 2: not necessarily in a dangerous financial place.

529
00:24:13,560 --> 00:24:15,160
Speaker 1: I think I do this sometimes too.

530
00:24:15,520 --> 00:24:17,720
Speaker 4: Yeah, me too. I kind of just like put it

531
00:24:17,760 --> 00:24:18,200
Speaker 4: on the card.

532
00:24:18,680 --> 00:24:21,120
Speaker 1: Yeah, but the season. The thing for me with the

533
00:24:21,119 --> 00:24:23,960
Speaker 1: thing I just explained is that like there's seasons, and

534
00:24:24,000 --> 00:24:25,760
Speaker 1: there's sometimes where I'm making a lot of money and

535
00:24:25,800 --> 00:24:27,560
Speaker 1: it comes in big chunks, and so I'm just not

536
00:24:27,600 --> 00:24:31,240
Speaker 1: paying attention to what I'm spending at all, right right.

537
00:24:31,880 --> 00:24:35,200
Speaker 2: Oh oh, and then that they say get financially woke,

538
00:24:35,520 --> 00:24:38,320
Speaker 2: you know, higher financial planner if you're an ignorer, and

539
00:24:38,480 --> 00:24:40,800
Speaker 2: also get to know your bank statement, like you have

540
00:24:40,880 --> 00:24:44,080
Speaker 2: to start looking at it to understand your patterns.

541
00:24:44,160 --> 00:24:47,000
Speaker 1: Yeah, I mean I get notifications from them too of

542
00:24:47,080 --> 00:24:49,400
Speaker 1: like this, like this was a big chunk of money

543
00:24:49,440 --> 00:24:51,880
Speaker 1: spent today, Like was that? Did you mean to do that?

544
00:24:52,080 --> 00:24:54,440
Speaker 1: What was? And it makes me think about it at least,

545
00:24:54,480 --> 00:24:59,120
Speaker 1: so I'm like, oh, okay, yeah, just just being aware.

546
00:24:59,320 --> 00:25:01,760
Speaker 1: It's like it's it's literally like anything else. I think

547
00:25:01,800 --> 00:25:04,000
Speaker 1: that's what's so fascinating about this topic of money. And

548
00:25:04,359 --> 00:25:06,480
Speaker 1: I think we could do a whole other podcast on

549
00:25:07,160 --> 00:25:10,720
Speaker 1: money in relationships because it's like so interesting to know

550
00:25:10,840 --> 00:25:14,199
Speaker 1: people's different dynamics and like the saver versus a spender

551
00:25:14,240 --> 00:25:17,200
Speaker 1: and how does that play out. Also, just the psychology

552
00:25:17,440 --> 00:25:20,400
Speaker 1: of money, Like you don't think about that, but there

553
00:25:20,440 --> 00:25:23,399
Speaker 1: really is so much, too so much. Everything you just

554
00:25:23,440 --> 00:25:25,320
Speaker 1: said is a psychological issue.

555
00:25:25,800 --> 00:25:28,800
Speaker 2: Yeah, And you know, I know people that have a

556
00:25:28,800 --> 00:25:31,639
Speaker 2: lot of money and are not happy. You know, I

557
00:25:31,680 --> 00:25:33,879
Speaker 2: know people that don't have any money and are not happy,

558
00:25:34,240 --> 00:25:37,040
Speaker 2: and I know versions of both that are very happy.

559
00:25:37,480 --> 00:25:41,040
Speaker 2: It's a real psychological fuck, like money is, yeah, because

560
00:25:41,080 --> 00:25:42,120
Speaker 2: we put so much.

561
00:25:42,000 --> 00:25:42,840
Speaker 3: Of our worth in it.

562
00:25:43,000 --> 00:25:46,560
Speaker 2: And some of my favorite nights of my life are

563
00:25:46,640 --> 00:25:51,119
Speaker 2: sitting around a campfire laughing with my friends, not spending

564
00:25:51,200 --> 00:25:54,359
Speaker 2: a penny wearing sweatsuits, you know what I mean. And

565
00:25:54,400 --> 00:25:58,359
Speaker 2: it's like yes, so and you know you can you

566
00:25:58,359 --> 00:26:01,639
Speaker 2: can make fire with and a magnifying glass, you know

567
00:26:01,720 --> 00:26:03,200
Speaker 2: what I mean, Like are a match.

568
00:26:03,720 --> 00:26:07,200
Speaker 3: So it doesn't cost much to like feel good.

569
00:26:08,000 --> 00:26:09,920
Speaker 2: But you know, we live in a world where we're

570
00:26:10,040 --> 00:26:12,760
Speaker 2: constantly being advertised and social media.

571
00:26:13,320 --> 00:26:15,240
Speaker 1: I mean that's like I have a whole business that's

572
00:26:15,240 --> 00:26:18,080
Speaker 1: like you need this, yeah, And I mean I do

573
00:26:18,160 --> 00:26:19,960
Speaker 1: want to tell people what I use on stuff. But

574
00:26:19,960 --> 00:26:22,520
Speaker 1: at the same time, I'm not like, like you are

575
00:26:22,520 --> 00:26:25,760
Speaker 1: not not enough because you don't buy certain things or

576
00:26:25,800 --> 00:26:28,520
Speaker 1: certain clothes or whatever. And so that's such an interesting

577
00:26:28,600 --> 00:26:32,439
Speaker 1: like balance to find between sense of self worth and

578
00:26:32,440 --> 00:26:35,159
Speaker 1: then also just like treating yourself like that's such a

579
00:26:35,240 --> 00:26:38,160
Speaker 1: back and forth, like not to really put too much

580
00:26:38,200 --> 00:26:41,240
Speaker 1: weight into the outside things. Anyway, at the end of

581
00:26:41,280 --> 00:26:43,760
Speaker 1: the day, I do think money is energy, and I'm

582
00:26:43,800 --> 00:26:46,720
Speaker 1: really trying to like focus on it in that way,

583
00:26:46,760 --> 00:26:49,600
Speaker 1: in the same way we do everything else, especially on

584
00:26:49,640 --> 00:26:52,600
Speaker 1: this podcast. Everything else we talk about is literally of

585
00:26:52,640 --> 00:26:55,480
Speaker 1: this vein. So now I'm adding money to the list,

586
00:26:55,480 --> 00:26:57,919
Speaker 1: so we'll probably be talking about this again. Yeah, but

587
00:26:57,960 --> 00:27:00,920
Speaker 1: I want to know Yeah, oh, my god, we're about

588
00:27:00,920 --> 00:27:01,800
Speaker 1: to get so rich.

589
00:27:03,000 --> 00:27:04,159
Speaker 4: Then what are we going to spend it on?

590
00:27:05,200 --> 00:27:08,080
Speaker 1: There we go. Okay, it's a full circle. Anyway, what

591
00:27:08,119 --> 00:27:09,879
Speaker 1: are your guys thoughts on this? Email us at the

592
00:27:10,080 --> 00:27:12,400
Speaker 1: Edge at velvetedge dot com. You can always slide into

593
00:27:12,480 --> 00:27:14,919
Speaker 1: our d MS. I'm glad you guys did on Chip's birthday.

594
00:27:14,920 --> 00:27:19,160
Speaker 1: That's so sweet. My instagram is at Velvet's Edge Chip.

595
00:27:19,320 --> 00:27:22,240
Speaker 4: I'm at Chip doorsht H I P D O R

596
00:27:22,359 --> 00:27:23,320
Speaker 4: S C H.

597
00:27:23,440 --> 00:27:25,520
Speaker 1: And as you guys go into the weekend and you're

598
00:27:25,560 --> 00:27:27,600
Speaker 1: living on the edge spending all your money, I hope

599
00:27:27,600 --> 00:27:28,520
Speaker 1: you always remember it too.

600
00:27:30,040 --> 00:27:33,879
Speaker 4: Casule added something new there, so it's fancy. Thank you.

601
00:27:34,520 --> 00:27:39,600
Speaker 1: Bye,