1 00:00:00,080 --> 00:00:02,760 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt. 2 00:00:03,080 --> 00:00:26,360 Speaker 1: Today we're discussing designing smarter money goals. Angel the a 3 00:00:26,480 --> 00:00:30,240 Speaker 1: student podcast listener, may have noticed that smarter was written 4 00:00:30,240 --> 00:00:32,599 Speaker 1: in all caps on our outline or maybe in their 5 00:00:32,600 --> 00:00:35,159 Speaker 1: podcatcher where we have this episode. But a lot of 6 00:00:35,159 --> 00:00:37,800 Speaker 1: folks have seen smarter maybe within a business context, you know, 7 00:00:37,800 --> 00:00:42,080 Speaker 1: when it comes to different business metrics that their employer 8 00:00:42,200 --> 00:00:44,720 Speaker 1: is trying to reach. But I'm not sure a lot 9 00:00:44,720 --> 00:00:47,400 Speaker 1: of folks have thought about smarter goals when it comes 10 00:00:47,440 --> 00:00:49,800 Speaker 1: to their their personal finances, when it comes to our 11 00:00:49,880 --> 00:00:52,080 Speaker 1: own goals when it comes to our money, And that's 12 00:00:52,080 --> 00:00:54,279 Speaker 1: exactly what we're gonna talk about this episode, buddy. Yeah, 13 00:00:54,320 --> 00:00:56,520 Speaker 1: it's like a method that can help us, I think, 14 00:00:56,600 --> 00:00:59,880 Speaker 1: be more effective in our goal planning. And you know it, 15 00:01:00,040 --> 00:01:03,480 Speaker 1: sometimes in the in the work context, smarter goals or 16 00:01:03,520 --> 00:01:06,880 Speaker 1: smart goals have not been great, I think, and and 17 00:01:06,959 --> 00:01:09,960 Speaker 1: sometimes that's like a communication issue or a bureaucracy issue. 18 00:01:10,200 --> 00:01:11,840 Speaker 1: But I think in our own personal lives, when it's 19 00:01:11,880 --> 00:01:13,720 Speaker 1: like us in our goals, that it can be an 20 00:01:13,720 --> 00:01:17,399 Speaker 1: effective method for actually achieving greater things when it comes 21 00:01:17,440 --> 00:01:19,320 Speaker 1: to our money. So yeah, we'll talk about that on 22 00:01:19,360 --> 00:01:21,400 Speaker 1: this episode, Matt. Before we get to that, though, I 23 00:01:21,440 --> 00:01:24,440 Speaker 1: wanted to mention that I saw this interesting article and 24 00:01:24,520 --> 00:01:28,240 Speaker 1: consumer reports about dash cameras that you put in your car, 25 00:01:28,720 --> 00:01:31,959 Speaker 1: and you can get those for bucks something like that. 26 00:01:32,000 --> 00:01:34,600 Speaker 1: They're not really terribly expensive for a cheap one. Well, yeah, 27 00:01:34,640 --> 00:01:36,920 Speaker 1: twenty bucks. I'm not gonna spend twenty bucks get like 28 00:01:36,920 --> 00:01:38,880 Speaker 1: a FO dash game. I don't know if you're gonna 29 00:01:38,880 --> 00:01:41,160 Speaker 1: if you're gonna get him, man, go all in get 30 00:01:41,160 --> 00:01:44,520 Speaker 1: that primo dash cam. Why well, if you're actually gonna 31 00:01:44,520 --> 00:01:46,039 Speaker 1: go through getting one, I mean, what would be more 32 00:01:46,080 --> 00:01:48,640 Speaker 1: frustrating than actually not being able to see what it 33 00:01:48,680 --> 00:01:50,320 Speaker 1: is that you need to see? And you did spend 34 00:01:50,360 --> 00:01:52,440 Speaker 1: some money on the actual item. I'm not saying go 35 00:01:52,480 --> 00:01:54,200 Speaker 1: out and like spend all of your hard savings on, 36 00:01:54,720 --> 00:01:56,880 Speaker 1: you know, a FO one, but maybe not a twenty 37 00:01:56,920 --> 00:01:59,560 Speaker 1: dollar one. Yeah, I probably wouldn't go with it. Yeah, 38 00:01:59,720 --> 00:02:01,920 Speaker 1: I find on a sale it's a two dollar camera normally, 39 00:02:01,960 --> 00:02:04,720 Speaker 1: but no, it's twenty dollars. I would give you my 40 00:02:04,720 --> 00:02:07,840 Speaker 1: stamp of approval, my two thumbs upright, that was you. Well, 41 00:02:07,880 --> 00:02:10,280 Speaker 1: I'm not up for spending like massive amounts on something 42 00:02:10,480 --> 00:02:13,400 Speaker 1: that like a dash cam necessarily, but I think like 43 00:02:13,480 --> 00:02:15,639 Speaker 1: even a cheap dash cam can actually give you what 44 00:02:15,720 --> 00:02:17,960 Speaker 1: you're looking for in regards to like, you know what, 45 00:02:18,000 --> 00:02:20,880 Speaker 1: this article was saying that it's helpful for and actually 46 00:02:21,200 --> 00:02:24,000 Speaker 1: for insurance purposes. I guess yeah. And actually it's interesting 47 00:02:24,000 --> 00:02:27,239 Speaker 1: that insurers don't offer their customers free dash camps, because 48 00:02:27,280 --> 00:02:29,280 Speaker 1: I think it helps insurance companies most of all. But 49 00:02:29,400 --> 00:02:31,480 Speaker 1: in this article they referenced a guy who was driving 50 00:02:31,520 --> 00:02:33,720 Speaker 1: got pulled over for talking on the phone. He wasn't 51 00:02:33,800 --> 00:02:35,959 Speaker 1: talking on the phone, and his dash camera could prove 52 00:02:36,000 --> 00:02:38,960 Speaker 1: it because it takes video of outside the car and 53 00:02:38,960 --> 00:02:41,600 Speaker 1: then inside the car at the same time. So three 54 00:02:41,680 --> 00:02:43,560 Speaker 1: six action. Yeah, I bet you can't get that with 55 00:02:43,600 --> 00:02:46,399 Speaker 1: the twenty dollar dash came Maybe maybe that's the eighty 56 00:02:46,440 --> 00:02:49,320 Speaker 1: dollar one, but but yeah, like that's huge for him. 57 00:02:49,320 --> 00:02:51,079 Speaker 1: He just was able to go down to the courthouse 58 00:02:51,080 --> 00:02:53,560 Speaker 1: and say, hey, I've got video and I wasn't on 59 00:02:53,560 --> 00:02:56,359 Speaker 1: my phone, take a look, and they dropped all charges. 60 00:02:56,400 --> 00:02:58,280 Speaker 1: And so that's the kind of thing where like a 61 00:02:58,320 --> 00:03:01,480 Speaker 1: small amount of money could actually prevent um us having 62 00:03:01,480 --> 00:03:03,360 Speaker 1: to come out of pocket for a lot more money 63 00:03:03,440 --> 00:03:05,600 Speaker 1: later on down the road. Yeah, I would definitely install 64 00:03:05,639 --> 00:03:08,000 Speaker 1: one of those if my insure was providing one for free. 65 00:03:08,480 --> 00:03:10,560 Speaker 1: If you're driving all the time, like like your dad, 66 00:03:10,560 --> 00:03:12,480 Speaker 1: he's on the road a lot for work, I think 67 00:03:12,520 --> 00:03:14,520 Speaker 1: it could make a lot of sense for someone like him. 68 00:03:14,600 --> 00:03:16,679 Speaker 1: But man, like these days, seriously, I feel like I'm 69 00:03:16,680 --> 00:03:20,040 Speaker 1: biking just as often as I am driving, which actually 70 00:03:20,040 --> 00:03:23,320 Speaker 1: makes me think. Didn't you win a bike cam that 71 00:03:23,360 --> 00:03:25,120 Speaker 1: you're that you like stick on your bike or something 72 00:03:25,120 --> 00:03:28,040 Speaker 1: like that Streets Alive last year. So it's a bike 73 00:03:28,080 --> 00:03:30,280 Speaker 1: festival here in Atlanta. It's like a dash cam pour 74 00:03:30,360 --> 00:03:32,800 Speaker 1: my bike. Yeah, yeah, that way, if there's a motorist 75 00:03:32,800 --> 00:03:35,440 Speaker 1: that cuts you off or you know, God forbid hits 76 00:03:35,480 --> 00:03:38,120 Speaker 1: you something like that, you have proof that they did that. 77 00:03:38,480 --> 00:03:40,680 Speaker 1: But what's the deal. I haven't seen that on your bike, 78 00:03:40,760 --> 00:03:42,800 Speaker 1: and I remember you talking about it, but yeah, give 79 00:03:42,840 --> 00:03:44,000 Speaker 1: me an update on that. No, it was on my 80 00:03:44,080 --> 00:03:45,880 Speaker 1: rad Wagon and then I sold my rad Wagon waiting 81 00:03:45,920 --> 00:03:47,880 Speaker 1: on the next iteration. So yeah, yeah, I never saw 82 00:03:47,960 --> 00:03:49,960 Speaker 1: in action. Yeah, well, dang it, it's pretty slick. You 83 00:03:49,960 --> 00:03:51,400 Speaker 1: should have taken that off and like given it to 84 00:03:51,440 --> 00:03:53,080 Speaker 1: me or held on to it for your next bike. 85 00:03:53,080 --> 00:03:54,520 Speaker 1: I'm glad I won that one. Because that one was 86 00:03:54,560 --> 00:03:57,480 Speaker 1: like a four camera something that really you included it 87 00:03:57,520 --> 00:03:59,840 Speaker 1: on the bike? No, no, no no, no, I kept that. No, 88 00:03:59,880 --> 00:04:01,360 Speaker 1: I up the camera. Oh I thought you said you 89 00:04:01,360 --> 00:04:03,040 Speaker 1: had it on your Okay, I did took it off. 90 00:04:03,080 --> 00:04:06,920 Speaker 1: I'm gonna put it on the next iteration. But yeah, 91 00:04:07,000 --> 00:04:09,160 Speaker 1: if if you need convincing that a dash cam might 92 00:04:09,200 --> 00:04:11,760 Speaker 1: be appropriate for you, we'll post a link to a 93 00:04:11,840 --> 00:04:15,440 Speaker 1: YouTube video of the craziest like dash cam accidents in 94 00:04:15,480 --> 00:04:17,680 Speaker 1: our show. Notes Man, I think a lot of them 95 00:04:17,720 --> 00:04:21,080 Speaker 1: are like Eastern European videos, but there's some crazy stuff 96 00:04:21,120 --> 00:04:23,440 Speaker 1: that happens over there, and dash cams are documented like 97 00:04:23,520 --> 00:04:25,880 Speaker 1: a lot of weirdness, a lot of hitting runs, a 98 00:04:25,880 --> 00:04:28,320 Speaker 1: lot of crazy like natural disasters, cows flying through the 99 00:04:28,360 --> 00:04:32,680 Speaker 1: air in a tornado like whatever. This isn't Twister from 100 00:04:32,720 --> 00:04:34,560 Speaker 1: the nineties. Yea, all right, maybe I made that one up, 101 00:04:34,600 --> 00:04:37,120 Speaker 1: but there's a lot of crazy stuff in those videos. Well, 102 00:04:37,160 --> 00:04:39,160 Speaker 1: I think there would be just as much craziness going 103 00:04:39,200 --> 00:04:41,600 Speaker 1: on if we had those mandatory in the US. I 104 00:04:41,600 --> 00:04:44,760 Speaker 1: think they're actually mandatory in Russia because of all of 105 00:04:44,800 --> 00:04:47,640 Speaker 1: the fraud that goes on when it comes to insurance claims. 106 00:04:47,680 --> 00:04:49,800 Speaker 1: But but certainly, I mean That's the biggest reason for it, 107 00:04:49,839 --> 00:04:51,720 Speaker 1: I think would be if you were involved in an 108 00:04:51,760 --> 00:04:53,680 Speaker 1: accident and you had somebody that was trying to make 109 00:04:53,680 --> 00:04:57,160 Speaker 1: an insurance claim and they're falsifying it, right, well, that's 110 00:04:57,160 --> 00:04:59,480 Speaker 1: gonna come back and hurt you. If you're insured, has 111 00:04:59,480 --> 00:05:01,839 Speaker 1: to pay for that, and so it's great, you know, 112 00:05:01,839 --> 00:05:03,839 Speaker 1: in that case, would be amazing to have some actual 113 00:05:03,960 --> 00:05:05,920 Speaker 1: video footage to back it up, to back up your 114 00:05:05,920 --> 00:05:08,159 Speaker 1: side of the story. That would totally be an instance 115 00:05:08,160 --> 00:05:10,200 Speaker 1: where it would be worth it. Have you ever actually 116 00:05:10,240 --> 00:05:12,880 Speaker 1: been in an accident where there is a disagreement on 117 00:05:12,880 --> 00:05:15,560 Speaker 1: actually what happened between me and the motorists, but not 118 00:05:15,680 --> 00:05:18,520 Speaker 1: between like the police and what actually happened. Yeah, oh yeah, 119 00:05:18,760 --> 00:05:20,120 Speaker 1: I had literally had a dude, I was in the 120 00:05:20,160 --> 00:05:22,560 Speaker 1: far right lane. Guy, I was two lanes over on 121 00:05:22,600 --> 00:05:24,760 Speaker 1: the left, cuts across all lanes to try to take 122 00:05:24,760 --> 00:05:27,159 Speaker 1: a right and yeah, and and then he was like, 123 00:05:27,200 --> 00:05:30,840 Speaker 1: you ran into me. What are you talking about? So, yeah, 124 00:05:30,880 --> 00:05:32,120 Speaker 1: I didn't need a dash cam for that, but it 125 00:05:32,160 --> 00:05:34,040 Speaker 1: probably would have helped at least. Yeah, That's what I'm 126 00:05:34,040 --> 00:05:36,080 Speaker 1: talking about. Man. Uh So, I've never had an instance 127 00:05:36,120 --> 00:05:38,440 Speaker 1: like that myself, but yeah, if you happen to do 128 00:05:38,480 --> 00:05:41,240 Speaker 1: a lot of driving, certainly something to consider. It would 129 00:05:41,240 --> 00:05:43,520 Speaker 1: also be amazing too if insurers took that into account 130 00:05:43,600 --> 00:05:45,520 Speaker 1: and you know, to give you a discount on your insurance, 131 00:05:45,600 --> 00:05:47,440 Speaker 1: you know, because you had that proof. Yeah, like having 132 00:05:47,440 --> 00:05:49,760 Speaker 1: a security system at your home, you typically get a discount. 133 00:05:49,920 --> 00:05:51,720 Speaker 1: Having something like a dash cam on your car makes sense. 134 00:05:51,760 --> 00:05:53,880 Speaker 1: You should get a discount, absolutely, But you should buy 135 00:05:53,880 --> 00:05:57,240 Speaker 1: the ones. That's all I'm saying. Yeah, get get that 136 00:05:57,320 --> 00:06:00,000 Speaker 1: nice one on sale. All right, man, this episode, were 137 00:06:00,120 --> 00:06:03,720 Speaker 1: drinking in Alpha Abstraction Double I p A Volume thirteen 138 00:06:04,279 --> 00:06:08,120 Speaker 1: and this is my Wild Leap brew company out of Lagrange, Georgia. 139 00:06:08,200 --> 00:06:10,560 Speaker 1: We've had a couple of their beers before on the show. 140 00:06:10,760 --> 00:06:12,360 Speaker 1: I'm looking forward to enjoying this one with you, man, 141 00:06:12,440 --> 00:06:14,680 Speaker 1: and we will share our thoughts on this brew at 142 00:06:14,680 --> 00:06:16,839 Speaker 1: the end of the episode. Sounds good man, All right, Well, 143 00:06:16,880 --> 00:06:18,560 Speaker 1: let's get onto the topic at hand. We're talking about 144 00:06:18,600 --> 00:06:22,000 Speaker 1: designing smarter money goals, and Matt, there were just like 145 00:06:22,080 --> 00:06:24,839 Speaker 1: so many ways that we can evaluate ourselves for how 146 00:06:24,920 --> 00:06:26,880 Speaker 1: we're doing in life. Yeah, like how much you can 147 00:06:26,920 --> 00:06:29,679 Speaker 1: afford to spend with a nice dash cam? You Richie 148 00:06:29,760 --> 00:06:32,120 Speaker 1: rich Over there all of a sudden, Man, I'm just 149 00:06:32,200 --> 00:06:33,640 Speaker 1: in a weird mood. I don't know why I'm I'm 150 00:06:33,680 --> 00:06:35,320 Speaker 1: harping all about these dash caams. I'm gonna take your 151 00:06:35,320 --> 00:06:37,240 Speaker 1: credit cards away because you are in an interesting mood today. 152 00:06:37,279 --> 00:06:39,359 Speaker 1: I don't want you spending anything you regret. I have 153 00:06:39,760 --> 00:06:42,360 Speaker 1: wanted a go pro before, Like I've kind of gone 154 00:06:42,400 --> 00:06:45,000 Speaker 1: through these phases where picture having a go pro, like 155 00:06:45,120 --> 00:06:47,280 Speaker 1: especially on vacation, and just how fun that would be, 156 00:06:47,360 --> 00:06:50,200 Speaker 1: you know, like just take in the ocean, coming in 157 00:06:50,240 --> 00:06:51,919 Speaker 1: and out of the water with the kids. I don't know, 158 00:06:52,040 --> 00:06:53,760 Speaker 1: you'd be a better version of yourself with a go pro. 159 00:06:54,080 --> 00:06:56,320 Speaker 1: I just like cameras. You know, I'm a photographer. Maybe 160 00:06:56,360 --> 00:06:58,640 Speaker 1: that's the part of it that I'm drawn to. Like, 161 00:06:58,800 --> 00:07:00,600 Speaker 1: I got cameras here, you know, my house. I got 162 00:07:00,640 --> 00:07:02,360 Speaker 1: cameras on my phone. I when it camera in my car, 163 00:07:03,080 --> 00:07:06,320 Speaker 1: Well get them all, man, have cameras everywhere. But again, 164 00:07:06,400 --> 00:07:08,560 Speaker 1: we digress, We digress, all right, Let's get back to it. 165 00:07:08,640 --> 00:07:11,000 Speaker 1: So often we're measuring ourselves in so many different ways 166 00:07:11,000 --> 00:07:13,400 Speaker 1: in life, and and I think obviously money is just 167 00:07:13,520 --> 00:07:16,040 Speaker 1: one thing that we measure kind of how we're doing 168 00:07:16,200 --> 00:07:19,160 Speaker 1: by And it's certainly not like the most important measurement 169 00:07:19,360 --> 00:07:21,720 Speaker 1: of how we're doing. Typically, there are other categories that 170 00:07:21,760 --> 00:07:25,560 Speaker 1: we place more importance on, right, like wellness or you know, 171 00:07:25,560 --> 00:07:27,960 Speaker 1: our relationship status is and how how those are going, 172 00:07:28,320 --> 00:07:31,040 Speaker 1: and generally are like our overall happiness and well being, 173 00:07:31,120 --> 00:07:32,960 Speaker 1: that's what we're really concerned with. But money is something 174 00:07:33,040 --> 00:07:35,000 Speaker 1: that can be used intentionally to aid us in some 175 00:07:35,040 --> 00:07:38,120 Speaker 1: of these other important categories. But on the opposite side 176 00:07:38,120 --> 00:07:40,320 Speaker 1: of the spectrum, it can kind of turn into an 177 00:07:40,320 --> 00:07:42,560 Speaker 1: idol of sorts, right, I think, and have this opposite effect, 178 00:07:43,080 --> 00:07:44,720 Speaker 1: and it can lead us down kind of a path 179 00:07:44,720 --> 00:07:47,200 Speaker 1: that never satisfies because when is enough enough? Right? And 180 00:07:47,240 --> 00:07:48,680 Speaker 1: that's a thing that any of us who have tried 181 00:07:48,720 --> 00:07:50,360 Speaker 1: to get good with our money have had to combat 182 00:07:50,440 --> 00:07:52,320 Speaker 1: and had to think about as well. Matt I saw 183 00:07:52,320 --> 00:07:55,360 Speaker 1: this article and it talked about how actor and comedian 184 00:07:55,400 --> 00:07:58,040 Speaker 1: Martin Short actually came up with nine categories that he 185 00:07:58,080 --> 00:08:01,400 Speaker 1: evaluates every single years. Yeah, And I was like, man, 186 00:08:01,440 --> 00:08:04,840 Speaker 1: I was really impressed, because I think that looking at 187 00:08:04,840 --> 00:08:07,240 Speaker 1: all of those non categories could be really helpful to 188 00:08:07,440 --> 00:08:10,240 Speaker 1: kind of have an overall evaluation for for how I'm 189 00:08:10,240 --> 00:08:13,239 Speaker 1: doing as a person too. And the categories were self, 190 00:08:13,520 --> 00:08:16,960 Speaker 1: immediate family, original family, which meant his friends from growing up, 191 00:08:17,320 --> 00:08:23,120 Speaker 1: his current friends, money, career, which means like doing fulfilling work, creativity, discipline, 192 00:08:23,120 --> 00:08:26,720 Speaker 1: and lifestyle. And I mean I think like sometimes we 193 00:08:26,800 --> 00:08:29,320 Speaker 1: as humans tend to be kind of like ships where 194 00:08:29,320 --> 00:08:32,560 Speaker 1: our rudders turned just slightly, and then you know, just 195 00:08:32,600 --> 00:08:34,680 Speaker 1: a few years down the road, we could be Uh, 196 00:08:34,720 --> 00:08:36,080 Speaker 1: we could be a heck of a lot more off 197 00:08:36,080 --> 00:08:39,000 Speaker 1: course than we thought we would be. We can end 198 00:08:39,040 --> 00:08:40,480 Speaker 1: up in a place that we didn't intend to be. 199 00:08:40,600 --> 00:08:42,000 Speaker 1: So yeah, I think we can find ourselves in a 200 00:08:42,040 --> 00:08:43,760 Speaker 1: state of drift and it can have a massive impact 201 00:08:43,800 --> 00:08:45,800 Speaker 1: on our happiness. And the same thing with our money, 202 00:08:45,840 --> 00:08:47,520 Speaker 1: like we can we can find ourselves in a state 203 00:08:47,520 --> 00:08:50,600 Speaker 1: of drift over spending in certain areas, and it's time 204 00:08:50,640 --> 00:08:54,000 Speaker 1: to reevaluate. It's time then to to rethink our money goals, 205 00:08:54,280 --> 00:08:57,240 Speaker 1: designed some smarter ones that that we can actually stick 206 00:08:57,280 --> 00:08:59,640 Speaker 1: to and that we can consistently implement. Yeah. You know, 207 00:08:59,679 --> 00:09:01,679 Speaker 1: on the the topic of happiness, I think a lot 208 00:09:01,720 --> 00:09:04,800 Speaker 1: of people have heard of this twenty twin Princeton study 209 00:09:04,800 --> 00:09:07,920 Speaker 1: where they found that happiness how it doesn't necessarily increase 210 00:09:07,960 --> 00:09:10,400 Speaker 1: a lot once you earn more than seventy five dollars 211 00:09:10,400 --> 00:09:12,600 Speaker 1: a year. Well, guess what, there's this new study that 212 00:09:12,600 --> 00:09:14,840 Speaker 1: that seems to disagree and the points to the fact 213 00:09:14,840 --> 00:09:17,240 Speaker 1: that people with incomes over a hundred thousand are a 214 00:09:17,240 --> 00:09:19,360 Speaker 1: good deal happier than folks who make less. And it 215 00:09:19,400 --> 00:09:23,160 Speaker 1: also shows that the correlation between income and happiness has 216 00:09:23,200 --> 00:09:26,400 Speaker 1: steadily risen over the years. Maybe that's due to inflation, 217 00:09:26,520 --> 00:09:29,319 Speaker 1: who knows about. The methodology was different in these studies, 218 00:09:29,360 --> 00:09:31,080 Speaker 1: and obviously you know that plays a role. But the 219 00:09:31,080 --> 00:09:33,240 Speaker 1: reason I bring this up, though, is it is important 220 00:09:33,280 --> 00:09:36,920 Speaker 1: to see that money and having financial security it does 221 00:09:37,160 --> 00:09:40,080 Speaker 1: play a role in our happiness, even though it isn't 222 00:09:40,080 --> 00:09:42,680 Speaker 1: necessarily the end all be all right. I think the 223 00:09:42,720 --> 00:09:45,680 Speaker 1: real problem is when we confuse having lots of money 224 00:09:45,840 --> 00:09:48,680 Speaker 1: with the things or the experiences that the money can 225 00:09:48,720 --> 00:09:52,080 Speaker 1: afford us. Nobody sets out to hoard money, you know, 226 00:09:52,120 --> 00:09:54,000 Speaker 1: like we all laugh at the idea of becoming scroogement 227 00:09:54,080 --> 00:09:56,200 Speaker 1: ducks where swimming and skiing down all of our you know, 228 00:09:56,240 --> 00:09:59,559 Speaker 1: all of our gold. But that can easily become our 229 00:09:59,679 --> 00:10:03,720 Speaker 1: def vults when we don't identify and reevaluate our larger 230 00:10:03,800 --> 00:10:06,760 Speaker 1: money goals. Yeah, man, we actually got an email recently 231 00:10:06,880 --> 00:10:09,320 Speaker 1: from listeners Shay that actually, I think kind of spurred 232 00:10:09,320 --> 00:10:12,160 Speaker 1: on our idea for this episode, and she wrote, I 233 00:10:12,160 --> 00:10:15,400 Speaker 1: had never heard the term financial independence before listening to 234 00:10:15,440 --> 00:10:18,040 Speaker 1: how the money then and the current COVID situation has 235 00:10:18,080 --> 00:10:21,040 Speaker 1: made my husband and I realized it's okay to slow down, reevaluate, 236 00:10:21,240 --> 00:10:23,600 Speaker 1: and think about our true values. She says, hint, we'd 237 00:10:23,640 --> 00:10:25,880 Speaker 1: give away our cars before we gave away our six 238 00:10:25,920 --> 00:10:28,800 Speaker 1: little chickens. And she says, I came up with a 239 00:10:28,840 --> 00:10:31,120 Speaker 1: manter to reflect this newfound wisdom, and I've put it 240 00:10:31,440 --> 00:10:33,160 Speaker 1: on the bottom of my computer. I'm looking at it 241 00:10:33,240 --> 00:10:35,439 Speaker 1: right now and on my two credit cards. I just 242 00:10:35,520 --> 00:10:37,080 Speaker 1: wanted to share it, and I think your listeners might 243 00:10:37,120 --> 00:10:39,720 Speaker 1: benefit from coming up with our own mantra and placing 244 00:10:39,720 --> 00:10:42,080 Speaker 1: it around their house, on their credit cards or even 245 00:10:42,080 --> 00:10:44,880 Speaker 1: on their computer every time I try to shop online 246 00:10:44,920 --> 00:10:46,960 Speaker 1: or might be wasting time instead of working on my 247 00:10:47,040 --> 00:10:50,160 Speaker 1: side gigs. I asked myself this question. Does this support 248 00:10:50,240 --> 00:10:53,800 Speaker 1: my journey to financial independence in a simple, liberated life? 249 00:10:54,040 --> 00:10:57,679 Speaker 1: She says, it does. Wonders seeing that before she goes 250 00:10:57,679 --> 00:11:00,160 Speaker 1: shopping online or before she makes a big purchase, and 251 00:11:00,200 --> 00:11:02,240 Speaker 1: I love that idea. Of as we're making these goals, 252 00:11:02,400 --> 00:11:05,160 Speaker 1: putting those goals front and center, sending them in front 253 00:11:05,200 --> 00:11:06,959 Speaker 1: of us, like on the things that we see the most, 254 00:11:06,960 --> 00:11:08,680 Speaker 1: whether it's your mirror as you're getting ready in the 255 00:11:08,679 --> 00:11:11,160 Speaker 1: morning or on your computer, to remind you of what 256 00:11:11,400 --> 00:11:14,200 Speaker 1: is indeed valuable and meaningful, because like, once you've got 257 00:11:14,200 --> 00:11:16,280 Speaker 1: that goal and you've got that kind of simple mission statement, 258 00:11:16,440 --> 00:11:19,719 Speaker 1: it can really guide you in in the follow through. Yeah, exactly, man, 259 00:11:19,720 --> 00:11:22,360 Speaker 1: I love that she totally has the right mindset here 260 00:11:22,840 --> 00:11:25,480 Speaker 1: for her. It's it's not about amassing huge sums of wealth. 261 00:11:25,760 --> 00:11:29,120 Speaker 1: It's about continually realizing what is actually important. You know, 262 00:11:29,160 --> 00:11:31,400 Speaker 1: in her case, that's a simple and liberated life with 263 00:11:31,480 --> 00:11:34,199 Speaker 1: some chickens. Maybe even she'll get a goat someday, or 264 00:11:34,240 --> 00:11:36,720 Speaker 1: maybe not because that's too complicated. Whatever she wants to do, 265 00:11:36,760 --> 00:11:38,839 Speaker 1: it's up to her. But you know, taking these small 266 00:11:38,880 --> 00:11:42,400 Speaker 1: steps to remind her of that helps to enforce behavior 267 00:11:42,480 --> 00:11:45,480 Speaker 1: that will help her to continue in that direction. Basically 268 00:11:45,520 --> 00:11:48,000 Speaker 1: sort of like you're saying earlier, Joel, SHA's rudder, it 269 00:11:48,040 --> 00:11:50,440 Speaker 1: seems to be working perfectly. You know, it's pointing her 270 00:11:50,440 --> 00:11:52,840 Speaker 1: in the right direction that she knows that she wants 271 00:11:52,880 --> 00:11:55,240 Speaker 1: to go. So that's what this episode is gonna be 272 00:11:55,240 --> 00:11:57,880 Speaker 1: all about. We're gonna talk about re evaluating our current 273 00:11:57,880 --> 00:12:00,280 Speaker 1: money goals so that we can pursue more of what 274 00:12:00,440 --> 00:12:03,640 Speaker 1: actually and really matters in our lives. So we'll get 275 00:12:03,679 --> 00:12:05,800 Speaker 1: into the specifics of what that means for you right 276 00:12:05,880 --> 00:12:16,240 Speaker 1: after the break. All right, we're back from a break 277 00:12:16,240 --> 00:12:18,960 Speaker 1: and we're talking about designing smarter money goals. We're gonna 278 00:12:18,960 --> 00:12:21,800 Speaker 1: get to kind of the smarter system and how to 279 00:12:22,320 --> 00:12:24,240 Speaker 1: come up with your own money goals because they're different 280 00:12:24,280 --> 00:12:26,120 Speaker 1: for all of us. Right, we just talked about listeners. 281 00:12:26,120 --> 00:12:28,080 Speaker 1: SA one of the most important things in her life 282 00:12:28,200 --> 00:12:30,600 Speaker 1: was her six little chickens, and that's so cool. So 283 00:12:30,600 --> 00:12:33,040 Speaker 1: it's probably not like the specific chickens, although maybe I'm 284 00:12:33,040 --> 00:12:34,719 Speaker 1: sure she loves them dearly, but it's probably if you 285 00:12:34,760 --> 00:12:37,200 Speaker 1: dig a little bit deeper, it's what the chickens represent 286 00:12:37,480 --> 00:12:41,480 Speaker 1: in her life, right, which is maybe self sustainability, the 287 00:12:41,520 --> 00:12:43,760 Speaker 1: pace of her life, you know, maybe her connection with 288 00:12:43,800 --> 00:12:45,760 Speaker 1: the earth. I think a lot of times, Uh, these 289 00:12:45,800 --> 00:12:48,640 Speaker 1: different things in our lives represent something deeper than what 290 00:12:48,720 --> 00:12:50,600 Speaker 1: you can actually just you know, see with your eye, Yeah, 291 00:12:50,679 --> 00:12:52,360 Speaker 1: for sure, And we're about to get to kind of 292 00:12:52,360 --> 00:12:54,800 Speaker 1: maybe a system that can help. But before we get 293 00:12:54,800 --> 00:12:58,160 Speaker 1: to that, matt Um, it's so tough to reevaluate goals 294 00:12:58,520 --> 00:13:01,360 Speaker 1: that you haven't even really gun to create, right to 295 00:13:01,559 --> 00:13:03,880 Speaker 1: design smarter goals if you don't have money goals in 296 00:13:03,880 --> 00:13:06,120 Speaker 1: the first place. And so like, the first step that 297 00:13:06,160 --> 00:13:08,160 Speaker 1: I think you and I would would recommend for folks 298 00:13:08,200 --> 00:13:11,160 Speaker 1: is to spend some time in introspection. So much of 299 00:13:11,480 --> 00:13:15,480 Speaker 1: creating money goals comes with knowing yourself better. And say 300 00:13:15,559 --> 00:13:18,040 Speaker 1: obviously knows herself, she knows what's most important to her. 301 00:13:18,240 --> 00:13:21,280 Speaker 1: She'd give away certain high price items before she gave 302 00:13:21,320 --> 00:13:24,440 Speaker 1: away her access to taking care of awesome little chickens 303 00:13:24,440 --> 00:13:26,960 Speaker 1: in her backyard. It's pretty hard to create proper goals 304 00:13:26,960 --> 00:13:30,120 Speaker 1: without really knowing yourself. And you think it might even 305 00:13:30,160 --> 00:13:32,680 Speaker 1: be easier to do this given some of the social 306 00:13:32,679 --> 00:13:34,880 Speaker 1: distancing constraints that have been placed on many of our lives. 307 00:13:35,520 --> 00:13:37,480 Speaker 1: But we're pretty inventive when it comes to ways to 308 00:13:37,520 --> 00:13:40,600 Speaker 1: distract ourselves from doing the things that truly matter. So 309 00:13:40,600 --> 00:13:42,400 Speaker 1: while most of us have a little more time, a 310 00:13:42,440 --> 00:13:44,880 Speaker 1: little more space to actually do some of this introspection 311 00:13:44,920 --> 00:13:46,280 Speaker 1: to figure out what do we want our lives to 312 00:13:46,320 --> 00:13:49,160 Speaker 1: truly look like many of us have avoided it, and 313 00:13:49,200 --> 00:13:52,160 Speaker 1: COVID feels like the perfect excuse to avoid it, even 314 00:13:52,160 --> 00:13:54,360 Speaker 1: though it is actually the perfect excuse to pursue some 315 00:13:54,400 --> 00:13:56,680 Speaker 1: of those things. It's the perfect time to slow down 316 00:13:56,679 --> 00:13:59,080 Speaker 1: and actually look inside yourself a little bit. But instead 317 00:13:59,200 --> 00:14:02,360 Speaker 1: we've we turned to flicks. Yeah, and also we like, 318 00:14:02,400 --> 00:14:04,079 Speaker 1: we don't just turn to entertainment, but we looked at 319 00:14:04,080 --> 00:14:05,760 Speaker 1: to other people. You know, so many of us are 320 00:14:05,760 --> 00:14:07,880 Speaker 1: are used to making decisions based on what we see 321 00:14:07,920 --> 00:14:11,160 Speaker 1: our neighbors, what our friends or coworkers doing and whatever 322 00:14:11,160 --> 00:14:13,240 Speaker 1: it is up they're buying, or maybe like we're even 323 00:14:13,280 --> 00:14:15,600 Speaker 1: following the lead of whatever media companies are feeding to us. 324 00:14:15,640 --> 00:14:18,560 Speaker 1: You know, we're showing a constant stream of goods based 325 00:14:18,600 --> 00:14:22,440 Speaker 1: on digital marketing algorithms. Uh. And unfortunately we haven't taken 326 00:14:22,560 --> 00:14:25,520 Speaker 1: enough time to figure out if this is actually adding 327 00:14:25,560 --> 00:14:28,480 Speaker 1: to our happiness in our our own satisfaction. We went 328 00:14:28,640 --> 00:14:30,920 Speaker 1: pretty in depth on this on an episode way back 329 00:14:30,920 --> 00:14:33,000 Speaker 1: in the day called The Why Behind Our Money? This 330 00:14:33,040 --> 00:14:36,400 Speaker 1: is episode twelve, and figuring out your own personal you 331 00:14:36,400 --> 00:14:38,920 Speaker 1: know why behind your money is so crucial to helping 332 00:14:38,960 --> 00:14:41,560 Speaker 1: you accomplish those goals. Yeah, it's so much harder to 333 00:14:41,600 --> 00:14:43,160 Speaker 1: stick with a goal if there's not like a really 334 00:14:43,160 --> 00:14:46,600 Speaker 1: good solid why that you've thought through behind what you're doing. 335 00:14:47,120 --> 00:14:49,440 Speaker 1: And Matt, it just makes me think of like in 336 00:14:49,440 --> 00:14:51,680 Speaker 1: in school when we would get busy work from a 337 00:14:51,720 --> 00:14:54,600 Speaker 1: teacher and I didn't care about those assignments, and I 338 00:14:54,640 --> 00:14:56,240 Speaker 1: know most of the kids around me knew that it 339 00:14:56,320 --> 00:14:58,640 Speaker 1: was just busy work. Also, busy works the worst, yeah, 340 00:14:58,720 --> 00:15:00,640 Speaker 1: and and like you have to get this done, but 341 00:15:00,680 --> 00:15:02,320 Speaker 1: you don't care at all, You don't put much effort 342 00:15:02,320 --> 00:15:04,280 Speaker 1: into it. And I think that's the way it works 343 00:15:04,280 --> 00:15:06,480 Speaker 1: sometimes when we set goals but we don't have a 344 00:15:06,480 --> 00:15:09,240 Speaker 1: good why behind it, there's just less of an attachment 345 00:15:09,480 --> 00:15:12,120 Speaker 1: and less of an interest in pursuing it. Well, the 346 00:15:12,160 --> 00:15:14,840 Speaker 1: busy work wasn't necessarily helping you get where you needed 347 00:15:14,840 --> 00:15:16,840 Speaker 1: to go. It was just to keep you occupied. And 348 00:15:16,880 --> 00:15:18,400 Speaker 1: I think it's the same thing with with some of 349 00:15:18,400 --> 00:15:20,520 Speaker 1: our goals. If we don't have a strong and healthy 350 00:15:20,520 --> 00:15:23,480 Speaker 1: attachment to those goals that are pushing us in a 351 00:15:23,520 --> 00:15:26,120 Speaker 1: direction that we definitely want to go, that it's easy 352 00:15:26,200 --> 00:15:28,040 Speaker 1: to fall off the wagon for sure. Yeah, you know, 353 00:15:28,120 --> 00:15:30,880 Speaker 1: on the flip side, the best teachers gave assignments and 354 00:15:30,920 --> 00:15:34,119 Speaker 1: they're able to explain well the why behind the assignment, 355 00:15:34,440 --> 00:15:36,760 Speaker 1: and knowing that why can make all the difference in 356 00:15:36,960 --> 00:15:39,600 Speaker 1: terms of motivation. In a similar way, it right, not 357 00:15:39,680 --> 00:15:41,760 Speaker 1: many of us aspire to have, uh, you know, Warren 358 00:15:41,800 --> 00:15:44,320 Speaker 1: buffet like wealth, and if we're honest about the real 359 00:15:44,320 --> 00:15:46,960 Speaker 1: priorities in our lives, it would actually mean shaking things up, 360 00:15:46,960 --> 00:15:49,680 Speaker 1: maybe living our lives a little differently. Uh and you know, 361 00:15:49,720 --> 00:15:52,880 Speaker 1: spending our money in incredibly different ways. In order to 362 00:15:52,920 --> 00:15:55,880 Speaker 1: figure out your why in your goals, it's vital to 363 00:15:56,040 --> 00:15:59,280 Speaker 1: not be inhibited by what you see around you, you know, 364 00:15:59,320 --> 00:16:01,640 Speaker 1: but by what you're being fed by media or by 365 00:16:01,640 --> 00:16:03,400 Speaker 1: what your friends are doing. Instead, we want you to 366 00:16:03,680 --> 00:16:06,480 Speaker 1: think big about what your life could look like and 367 00:16:06,520 --> 00:16:11,320 Speaker 1: realize that you can make meaningful changes by consistently taking action. Now, yeah, Matt, 368 00:16:11,320 --> 00:16:13,160 Speaker 1: When I initially kind of went through the why behind 369 00:16:13,240 --> 00:16:15,040 Speaker 1: money exercise in my own life, I found it to 370 00:16:15,040 --> 00:16:17,200 Speaker 1: be so helpful. It clarified a lot of things for me, 371 00:16:17,640 --> 00:16:19,240 Speaker 1: and it changed some of the things that I was 372 00:16:19,280 --> 00:16:22,160 Speaker 1: actually pursuing. So let's get specific here, Matt. When I 373 00:16:22,200 --> 00:16:24,640 Speaker 1: was young, first starting out in my career, you consistently 374 00:16:24,640 --> 00:16:28,680 Speaker 1: took some action I well, honestly, the the introspection, the 375 00:16:28,720 --> 00:16:31,520 Speaker 1: thinking about the why behind my money had a massive influence. 376 00:16:31,640 --> 00:16:33,080 Speaker 1: There were things that I thought were out of reach 377 00:16:33,120 --> 00:16:36,360 Speaker 1: for me. But when I did do this exercise and 378 00:16:36,400 --> 00:16:38,680 Speaker 1: I took the time to see that, you know what, 379 00:16:38,760 --> 00:16:41,320 Speaker 1: my money wasn't necessarily aligning with my actions in every way. 380 00:16:41,320 --> 00:16:43,240 Speaker 1: And if I did do a little more of that, 381 00:16:43,640 --> 00:16:45,680 Speaker 1: then I could pursue some of those things that I 382 00:16:45,680 --> 00:16:48,520 Speaker 1: thought I couldn't afford, like traveling to really cool places. 383 00:16:48,560 --> 00:16:50,320 Speaker 1: I had to make some sacrifices to be able to 384 00:16:50,360 --> 00:16:51,960 Speaker 1: go on a cool trip to a place like Shanghai 385 00:16:52,000 --> 00:16:55,560 Speaker 1: or Norway. Those didn't come easily right. Um, But at 386 00:16:55,600 --> 00:16:58,680 Speaker 1: the same time, you're living in a sub hundred thousand 387 00:16:58,720 --> 00:17:00,800 Speaker 1: dollar home with a roommate to help pay most of 388 00:17:00,800 --> 00:17:03,000 Speaker 1: the bills. Was totally worth it. Yeah, man, you do 389 00:17:03,040 --> 00:17:05,560 Speaker 1: some house acking, you can definitely do some international travel. Yeah. 390 00:17:05,560 --> 00:17:07,240 Speaker 1: And I think it would have been easy to see 391 00:17:07,400 --> 00:17:09,800 Speaker 1: what my friends around me were doing and try to 392 00:17:09,840 --> 00:17:13,240 Speaker 1: imitate that, like living in a fancy apartment complex with 393 00:17:13,280 --> 00:17:16,480 Speaker 1: all the great amenities, but without that like intentional look inward, 394 00:17:16,640 --> 00:17:19,440 Speaker 1: writing these things down, doing some real soul searching, I 395 00:17:19,440 --> 00:17:21,119 Speaker 1: would have found myself missing out on some of those 396 00:17:21,160 --> 00:17:23,440 Speaker 1: great opportunities, and I probably would have spent my money 397 00:17:23,440 --> 00:17:25,560 Speaker 1: in a way that that really didn't resonate with what 398 00:17:25,600 --> 00:17:28,280 Speaker 1: I actually wanted to achieve. Yeah, and for you, Joel, 399 00:17:28,320 --> 00:17:29,960 Speaker 1: it sounds like you were able to be a little 400 00:17:30,000 --> 00:17:32,600 Speaker 1: more intentional about that time, right. You're able to think 401 00:17:32,640 --> 00:17:34,720 Speaker 1: through what it was that was making you happy. Like, 402 00:17:34,760 --> 00:17:37,040 Speaker 1: I don't necessarily remember a specific time where I sat down, 403 00:17:37,080 --> 00:17:38,920 Speaker 1: but I did know that this is what I wanted 404 00:17:38,960 --> 00:17:41,280 Speaker 1: my life to look like, right, Like, there weren't specific 405 00:17:41,280 --> 00:17:43,080 Speaker 1: things that I knew I wanted to except that I 406 00:17:43,119 --> 00:17:44,840 Speaker 1: did know I didn't want to necessarily have to go 407 00:17:44,880 --> 00:17:47,439 Speaker 1: into a like a traditional nine to five job, and 408 00:17:47,480 --> 00:17:49,880 Speaker 1: I was tempted to, right because health insurance is expensive, 409 00:17:49,880 --> 00:17:52,199 Speaker 1: and especially to when when you're looking at growing a family, 410 00:17:52,240 --> 00:17:55,320 Speaker 1: it's it's certainly something you consider. You get a corporate gig, 411 00:17:55,400 --> 00:17:58,040 Speaker 1: you get a normal quote unquote normal job, and you 412 00:17:58,119 --> 00:18:00,320 Speaker 1: got your benefits covered, you got health insurance. But I 413 00:18:00,400 --> 00:18:02,639 Speaker 1: knew I really didn't want that. That just wasn't It's 414 00:18:02,680 --> 00:18:04,320 Speaker 1: just not a part of I guess who I am. 415 00:18:04,720 --> 00:18:06,520 Speaker 1: I didn't want that. Kate didn't want that for us 416 00:18:06,520 --> 00:18:08,600 Speaker 1: as well. We just love the flexibility that we had 417 00:18:09,000 --> 00:18:11,840 Speaker 1: from working for ourselves. But the problem there was that 418 00:18:11,880 --> 00:18:15,080 Speaker 1: our income was inconsistent, and so for us, one of 419 00:18:15,080 --> 00:18:17,879 Speaker 1: the big steps we took in order to maintain that 420 00:18:17,920 --> 00:18:20,760 Speaker 1: work flexibility and kind of control over our time was 421 00:18:20,800 --> 00:18:22,080 Speaker 1: that we saved up a lot of money and we 422 00:18:22,080 --> 00:18:24,439 Speaker 1: invested that money in real estate. By by having long 423 00:18:24,560 --> 00:18:26,880 Speaker 1: term renalms man, that allowed us to kind of diversify 424 00:18:26,880 --> 00:18:29,040 Speaker 1: our streams of income so that even though we were 425 00:18:29,040 --> 00:18:31,800 Speaker 1: self employed, those ups and downs, you know, throughout the years, 426 00:18:32,040 --> 00:18:34,280 Speaker 1: that wouldn't have an impact as much on us. And 427 00:18:34,359 --> 00:18:36,400 Speaker 1: so in our case, it was something that we identified 428 00:18:36,440 --> 00:18:38,359 Speaker 1: and it wasn't like a specific thing like like you know, 429 00:18:38,359 --> 00:18:39,639 Speaker 1: with you as traveling, you're like, I want to be 430 00:18:39,680 --> 00:18:42,159 Speaker 1: able to travel every single year, going these awesome trips. 431 00:18:42,640 --> 00:18:43,920 Speaker 1: For us, it was kind of like the opposite. I 432 00:18:43,960 --> 00:18:44,879 Speaker 1: was just like, I just want to be able to 433 00:18:44,880 --> 00:18:48,760 Speaker 1: stay home and not go outside. Uh, and before us 434 00:18:48,800 --> 00:18:51,679 Speaker 1: to commute to work. So obviously everyone's motivation is going 435 00:18:51,720 --> 00:18:54,359 Speaker 1: to be different, and even arriving to that motivation can 436 00:18:54,440 --> 00:18:56,560 Speaker 1: look different for different folks as well. You know, so 437 00:18:56,640 --> 00:18:58,520 Speaker 1: if you haven't done that before, right, if you haven't 438 00:18:58,560 --> 00:19:00,760 Speaker 1: taken the time to figure out know what the y 439 00:19:00,920 --> 00:19:03,560 Speaker 1: is behind your money. Seriously, there's no better time than now, 440 00:19:04,000 --> 00:19:06,120 Speaker 1: and so for real, like right now, grab a pin 441 00:19:06,160 --> 00:19:08,520 Speaker 1: and a piece of paper, switch your phone to airplane mode, 442 00:19:08,760 --> 00:19:11,199 Speaker 1: and just take fifteen minutes to think through what you 443 00:19:11,240 --> 00:19:13,320 Speaker 1: want your life to look like. If you are in 444 00:19:13,320 --> 00:19:15,560 Speaker 1: your twenties, think through what it is that you want 445 00:19:15,560 --> 00:19:17,760 Speaker 1: to spend your time on when you're thirty. Maybe if 446 00:19:17,760 --> 00:19:19,320 Speaker 1: you're in your thirties, like, think about what you want 447 00:19:19,320 --> 00:19:20,760 Speaker 1: to be spending your money on by the time you're 448 00:19:20,760 --> 00:19:23,960 Speaker 1: forty years old. Think through what you want your typical 449 00:19:24,000 --> 00:19:26,439 Speaker 1: mornings to look like, what you want your vacations to 450 00:19:26,520 --> 00:19:28,240 Speaker 1: look like. We want to encourage you to think through 451 00:19:28,240 --> 00:19:30,760 Speaker 1: what your ideal life would look like, so you know, 452 00:19:30,840 --> 00:19:32,280 Speaker 1: right now you can go ahead and hit pause on 453 00:19:32,280 --> 00:19:34,280 Speaker 1: this episode. We're serious. We're also going to take a 454 00:19:34,280 --> 00:19:37,080 Speaker 1: break ourselves, but when we come back, we'll outline how 455 00:19:37,119 --> 00:19:40,560 Speaker 1: to make sure you're actually achieving goals to get you 456 00:19:40,640 --> 00:19:43,040 Speaker 1: to that ideal life, and we'll get to that right 457 00:19:43,080 --> 00:19:54,359 Speaker 1: after this break. All right, we're back from the break 458 00:19:54,400 --> 00:19:57,320 Speaker 1: and hopefully back from your break thinking about your fifteen 459 00:19:57,320 --> 00:20:00,679 Speaker 1: minutes of introspection exactly, which is I'll really take right now. 460 00:20:00,960 --> 00:20:03,520 Speaker 1: And sometimes you know you might need to meet with 461 00:20:03,600 --> 00:20:07,280 Speaker 1: your partner or significant other or a good friend to 462 00:20:07,440 --> 00:20:09,520 Speaker 1: bounce some of these things off of You're typically not 463 00:20:09,520 --> 00:20:12,440 Speaker 1: gonna get it done in fifteen minutes solo, but maybe 464 00:20:12,480 --> 00:20:13,840 Speaker 1: maybe you did, and at least I think you can 465 00:20:13,840 --> 00:20:17,600 Speaker 1: get somewhere. And hopefully you realize too that the things 466 00:20:17,600 --> 00:20:19,399 Speaker 1: that you wrote down, the things that are the most important, 467 00:20:19,480 --> 00:20:21,600 Speaker 1: many of them don't cost that much money. Some of 468 00:20:21,640 --> 00:20:24,600 Speaker 1: them might be closer to getting a used chicken coop 469 00:20:24,640 --> 00:20:26,920 Speaker 1: on Facebook, getting those six chickens and starting your own 470 00:20:26,920 --> 00:20:29,240 Speaker 1: little urban farm. It doesn't really cost that much money 471 00:20:29,520 --> 00:20:31,520 Speaker 1: in order to make that happen. But Matt, let's keep 472 00:20:31,520 --> 00:20:33,600 Speaker 1: going on from there. Having a Y is like this 473 00:20:33,720 --> 00:20:36,639 Speaker 1: essential motivation that can influence the goals that you end 474 00:20:36,720 --> 00:20:38,840 Speaker 1: up coming up with. It will influence how much you're saving, 475 00:20:38,880 --> 00:20:40,639 Speaker 1: how much you're investing, all that kind of stuff. But 476 00:20:40,720 --> 00:20:42,879 Speaker 1: you can't just stop at the motivations. It's time to 477 00:20:42,920 --> 00:20:45,600 Speaker 1: get practical, and I think that's where the smart or 478 00:20:45,680 --> 00:20:48,320 Speaker 1: smarter approach can be really helpful. And I mentioned at 479 00:20:48,320 --> 00:20:50,320 Speaker 1: the beginning of the episode that the smart goal system. 480 00:20:50,880 --> 00:20:53,480 Speaker 1: We've had it actually in my workplace for a lot 481 00:20:53,480 --> 00:20:56,080 Speaker 1: of years, and I've actually seen it fail in a 482 00:20:56,080 --> 00:20:58,600 Speaker 1: lot of ways. In the corporate context, the follow through 483 00:20:58,640 --> 00:21:01,199 Speaker 1: is not often good. The intentionality when it comes to 484 00:21:01,280 --> 00:21:03,159 Speaker 1: coming up with these goals and all that great, and 485 00:21:03,160 --> 00:21:05,160 Speaker 1: I think that's where the disconnect is. But I do 486 00:21:05,280 --> 00:21:08,560 Speaker 1: think that on an individual level, or a familiar level, 487 00:21:08,640 --> 00:21:11,240 Speaker 1: this system can actually work to help us create goals 488 00:21:11,280 --> 00:21:14,560 Speaker 1: that we can follow through with and that are meaningful 489 00:21:14,680 --> 00:21:17,520 Speaker 1: enough that that it's worth pursuing. Yeah, and the goal, 490 00:21:17,720 --> 00:21:20,760 Speaker 1: you know, for taking this smarter approach is to essentially 491 00:21:20,840 --> 00:21:24,440 Speaker 1: link this big y you know, like hopefully you've identified 492 00:21:24,440 --> 00:21:26,399 Speaker 1: it already, but if not, over time you'll kind of 493 00:21:26,480 --> 00:21:28,960 Speaker 1: develop what it is that drives you your motivation, like 494 00:21:29,040 --> 00:21:31,560 Speaker 1: Joel said, But we have to find a way to 495 00:21:31,680 --> 00:21:35,159 Speaker 1: link those bigger goals to our daily actions, to the 496 00:21:35,160 --> 00:21:37,080 Speaker 1: things that we we do every day. On the RAG, 497 00:21:37,520 --> 00:21:41,159 Speaker 1: we're trying to bridge that gap between the theoretical the 498 00:21:41,160 --> 00:21:43,240 Speaker 1: things that we think will make us happy in our minds, 499 00:21:43,520 --> 00:21:46,160 Speaker 1: to the practical the things that we do every single day. 500 00:21:46,359 --> 00:21:48,399 Speaker 1: So let's go ahead and talk through this man so smarter. 501 00:21:48,720 --> 00:21:52,160 Speaker 1: It's an acronym right, each letter of smarter stays for something, 502 00:21:52,200 --> 00:21:53,720 Speaker 1: and that's what we're gonna talk through. Now, we're gonna 503 00:21:53,760 --> 00:21:56,919 Speaker 1: talk through how these different terms apply to us and 504 00:21:56,960 --> 00:22:00,399 Speaker 1: our money. And we're gonna start with S. Let's go 505 00:22:00,440 --> 00:22:04,720 Speaker 1: on H. S is for specific while identifying your why. 506 00:22:04,960 --> 00:22:06,640 Speaker 1: You know, we talked how that can be great motivation. 507 00:22:07,000 --> 00:22:09,399 Speaker 1: It can be pretty vague when it comes to money goals, 508 00:22:09,480 --> 00:22:10,960 Speaker 1: you know. So for example, if you know that you 509 00:22:11,000 --> 00:22:13,680 Speaker 1: want to save a lot more money, well, getting specific 510 00:22:13,760 --> 00:22:17,399 Speaker 1: and then saying that I'm going to save up for 511 00:22:17,480 --> 00:22:19,720 Speaker 1: a down payment on my first house, that's gonna be 512 00:22:19,760 --> 00:22:22,720 Speaker 1: a lot more successful because you're being specific. You're telling 513 00:22:22,720 --> 00:22:26,160 Speaker 1: it to a very clear and identifiable goal. Uh. If 514 00:22:26,200 --> 00:22:28,560 Speaker 1: we just set out to save more money, well you 515 00:22:28,600 --> 00:22:30,360 Speaker 1: can't really put your finger on that, but you can 516 00:22:30,480 --> 00:22:32,679 Speaker 1: put your money on a specific dollar amount, yeah, or 517 00:22:32,720 --> 00:22:34,399 Speaker 1: even just I'm going to save up a down payment 518 00:22:34,440 --> 00:22:37,200 Speaker 1: for a home, and yet there's nothing else going on there. 519 00:22:37,400 --> 00:22:39,680 Speaker 1: I think that specific number creates something tangible. It creates 520 00:22:39,720 --> 00:22:42,000 Speaker 1: a real goal worth achieving, as opposed to yeah, I'm 521 00:22:42,000 --> 00:22:44,040 Speaker 1: gonna funel more towards saving up for the down payment, 522 00:22:44,200 --> 00:22:46,960 Speaker 1: but not getting specific with it. And the next letter 523 00:22:47,040 --> 00:22:49,960 Speaker 1: is M, which stands for measurable and it's it's pretty 524 00:22:49,960 --> 00:22:52,920 Speaker 1: closely related to specific, but oftentimes when it comes to 525 00:22:52,960 --> 00:22:55,479 Speaker 1: our personal finances, there are two factors that we need 526 00:22:55,520 --> 00:22:57,879 Speaker 1: to make sure are measurable, uh, the time and the 527 00:22:57,960 --> 00:23:01,160 Speaker 1: dollar amount. So let's tell about the downpayment again, Matt, 528 00:23:01,600 --> 00:23:05,080 Speaker 1: fifty dollars. That's a great specific goal, but the measurable 529 00:23:05,160 --> 00:23:07,400 Speaker 1: part of that goal is what's the time period I'm 530 00:23:07,400 --> 00:23:09,560 Speaker 1: gonna be able to achieve that in. If it's saving 531 00:23:09,720 --> 00:23:12,480 Speaker 1: up fifty dollars in the savings account in the next 532 00:23:12,560 --> 00:23:15,240 Speaker 1: four years, then it's measurable, like, did I hit my goal? 533 00:23:15,560 --> 00:23:17,720 Speaker 1: Did I get it in the timeframe that I was 534 00:23:17,760 --> 00:23:19,720 Speaker 1: aiming for? And that's where the M and the S 535 00:23:19,840 --> 00:23:22,720 Speaker 1: kind of work together really well. It's a specific number 536 00:23:22,800 --> 00:23:25,240 Speaker 1: in a measurable time frame, which really helps you zero 537 00:23:25,359 --> 00:23:27,680 Speaker 1: in on that goal that you're aiming for. Yeah, man, 538 00:23:27,680 --> 00:23:31,480 Speaker 1: that data needs to be quantifiable. Uh. So the next 539 00:23:31,560 --> 00:23:35,520 Speaker 1: letter is A. UH. Within the Smarter acronym, A is 540 00:23:35,560 --> 00:23:38,480 Speaker 1: for attainable, right. Uh. We don't want you to necessarily 541 00:23:38,480 --> 00:23:40,560 Speaker 1: shoot for the moon like we want you to stretch yourself, 542 00:23:40,760 --> 00:23:43,320 Speaker 1: but make sure that you're being realistic about what you 543 00:23:43,359 --> 00:23:45,639 Speaker 1: can achieve, as well as the time frame which you 544 00:23:45,680 --> 00:23:47,760 Speaker 1: can do it in, so that you don't immediately give 545 00:23:47,880 --> 00:23:49,919 Speaker 1: up on the goal. You know, a good place to 546 00:23:49,960 --> 00:23:52,480 Speaker 1: start is by looking at what you've been able to 547 00:23:52,480 --> 00:23:55,119 Speaker 1: accomplish in the past and then go from there. So, 548 00:23:55,200 --> 00:23:57,680 Speaker 1: for example, you can look at how much you previously 549 00:23:57,720 --> 00:24:00,359 Speaker 1: saved every single month, and then you can channel yourself 550 00:24:00,359 --> 00:24:03,080 Speaker 1: to maybe save a little bit more. You're basing that 551 00:24:03,160 --> 00:24:06,560 Speaker 1: number on something that you know is certainly doable because 552 00:24:06,600 --> 00:24:08,960 Speaker 1: you have done it before. You're not just shooting from 553 00:24:08,960 --> 00:24:10,920 Speaker 1: the hip saying that like I'm gonna say three thousand 554 00:24:10,960 --> 00:24:12,760 Speaker 1: dollars every single month. You know, like that's not going 555 00:24:12,800 --> 00:24:15,080 Speaker 1: to be very attainable. There's a similar advice to to 556 00:24:15,119 --> 00:24:16,879 Speaker 1: what we say when we're when we're talking about budgeting, right, 557 00:24:16,880 --> 00:24:19,320 Speaker 1: and we talk about starting like before you budget, start 558 00:24:19,400 --> 00:24:21,680 Speaker 1: with tracking your money, because if you're able to set 559 00:24:21,680 --> 00:24:24,439 Speaker 1: a budget based on what you have set previously, you 560 00:24:24,480 --> 00:24:26,640 Speaker 1: are going to be more likely to be successful. Yeah, 561 00:24:26,680 --> 00:24:29,560 Speaker 1: it makes me think about our podcast goals and aiming for, 562 00:24:29,640 --> 00:24:33,200 Speaker 1: like Joe Rogan download numbers. That's unattainable, man, that's just ridiculous. 563 00:24:33,320 --> 00:24:35,560 Speaker 1: Don't even include that you want something that that is 564 00:24:35,560 --> 00:24:39,000 Speaker 1: actually within your reach. With this within your grasp, So 565 00:24:39,080 --> 00:24:41,840 Speaker 1: don't overshoot, because that's a recipe for ditching your goals 566 00:24:41,840 --> 00:24:46,320 Speaker 1: altogether when they become depression or depression. Yeah, it's so 567 00:24:46,359 --> 00:24:49,280 Speaker 1: easy to ditch goals because they're unreachable. So it definitely 568 00:24:49,280 --> 00:24:51,719 Speaker 1: has to be something that you can attain, all right. 569 00:24:51,800 --> 00:24:54,120 Speaker 1: The r and the Smarter goal system is for relevant. 570 00:24:54,520 --> 00:24:56,160 Speaker 1: Do you ever go back to it to do list 571 00:24:56,200 --> 00:24:59,679 Speaker 1: and add items that you've already completed? Guilty yet just 572 00:24:59,720 --> 00:25:01,280 Speaker 1: so and cross it off and you're like, oh, yeah, 573 00:25:01,280 --> 00:25:04,000 Speaker 1: I got it, feel a little sense of accomplishment. Yeah, 574 00:25:04,040 --> 00:25:06,520 Speaker 1: and it does add that, right, But this point is 575 00:25:06,560 --> 00:25:08,560 Speaker 1: for people like that, people like you, Matt, and make 576 00:25:08,600 --> 00:25:12,000 Speaker 1: sure that your immediate financial goals are moving you towards 577 00:25:12,080 --> 00:25:14,800 Speaker 1: the true bigger goal of the why behind money. This 578 00:25:14,880 --> 00:25:17,439 Speaker 1: goal has to be relevant to what you're actually pursuing. 579 00:25:17,480 --> 00:25:19,600 Speaker 1: So we just gave the example of a down payment 580 00:25:19,640 --> 00:25:22,280 Speaker 1: on a home. Maybe you don't care about homeownership, and 581 00:25:22,280 --> 00:25:24,239 Speaker 1: in fact, you don't need to care about homeownership. We've 582 00:25:24,240 --> 00:25:25,840 Speaker 1: talked about that on the show before. It's not best 583 00:25:25,880 --> 00:25:28,720 Speaker 1: for everybody, although it works great for some people. And 584 00:25:28,760 --> 00:25:31,520 Speaker 1: so this goal not only needs to be specific, measurable, 585 00:25:31,520 --> 00:25:33,520 Speaker 1: and attainable, it needs to be relevant to the things 586 00:25:33,520 --> 00:25:36,560 Speaker 1: that you're actually trying to pursue, what you want to 587 00:25:36,600 --> 00:25:39,920 Speaker 1: become your reality essentially of what the good life looks 588 00:25:39,960 --> 00:25:42,560 Speaker 1: like in the coming years. Yeah, and when it comes 589 00:25:42,560 --> 00:25:44,119 Speaker 1: to some of the smaller goals that you might be 590 00:25:44,160 --> 00:25:46,199 Speaker 1: crossing off your list, that's where in my mind that 591 00:25:46,200 --> 00:25:47,919 Speaker 1: you need to make sure that you're moving towards that 592 00:25:48,000 --> 00:25:51,160 Speaker 1: larger goal. Right. I understand the need for a psychological 593 00:25:51,200 --> 00:25:53,159 Speaker 1: win here and there, but it's really important to make 594 00:25:53,160 --> 00:25:56,600 Speaker 1: sure that the small money wins align with that larger 595 00:25:56,720 --> 00:25:58,880 Speaker 1: money goal. Um. And that's actually where our next point 596 00:25:58,960 --> 00:26:01,800 Speaker 1: kind of plays into that stands for timely. This is 597 00:26:01,840 --> 00:26:04,680 Speaker 1: where we're acknowledging that smaller goals that you can reach 598 00:26:04,760 --> 00:26:07,840 Speaker 1: on a shorter timeline, how they are just really crucial 599 00:26:07,880 --> 00:26:10,600 Speaker 1: for success, you know, just the the bigger goal, the 600 00:26:10,640 --> 00:26:13,240 Speaker 1: longer it's going to take you to actually achieve that goal. 601 00:26:13,560 --> 00:26:15,600 Speaker 1: So we know that it's important to aim for bite 602 00:26:15,600 --> 00:26:18,320 Speaker 1: size goals that will create momentum and keep you on track. 603 00:26:18,680 --> 00:26:20,040 Speaker 1: And so we keep bringing up, you know, this down 604 00:26:20,080 --> 00:26:22,320 Speaker 1: payment example, because a lot of folks have a goal 605 00:26:22,359 --> 00:26:26,639 Speaker 1: of owning a home. Some don't, some do, But in 606 00:26:26,680 --> 00:26:29,359 Speaker 1: full years that might seem really overwhelming, and it might 607 00:26:29,400 --> 00:26:31,240 Speaker 1: be easy for someone to kind of get off track 608 00:26:31,640 --> 00:26:34,399 Speaker 1: of that saving his goal, Like how do you actually 609 00:26:34,400 --> 00:26:36,400 Speaker 1: go about saving that much money up in four years? 610 00:26:36,480 --> 00:26:37,920 Speaker 1: You know? But if you break it down, what you're 611 00:26:37,920 --> 00:26:40,040 Speaker 1: looking at is setting aside, you know, a little more 612 00:26:40,040 --> 00:26:43,200 Speaker 1: than a thousand bucks every single month. It's very clearly defined. 613 00:26:43,280 --> 00:26:45,840 Speaker 1: It's it's set at smaller intervals of time, and it 614 00:26:45,880 --> 00:26:47,920 Speaker 1: will be a lot more difficult for you to get 615 00:26:47,960 --> 00:26:51,119 Speaker 1: off track saving up that fifty grand for that down payment, 616 00:26:51,240 --> 00:26:53,200 Speaker 1: you know, by breaking it up into into monthly bites. 617 00:26:53,320 --> 00:26:55,000 Speaker 1: Until I know, even when it comes to our budgeting, 618 00:26:55,280 --> 00:26:57,240 Speaker 1: if I don't check and update our budget like a 619 00:26:57,240 --> 00:26:59,000 Speaker 1: couple at least a couple of times a month, I 620 00:26:59,040 --> 00:27:00,520 Speaker 1: know what that means is that at the end of 621 00:27:00,560 --> 00:27:03,760 Speaker 1: the month, we're eating literally like beans and rice and leftovers, 622 00:27:03,840 --> 00:27:06,800 Speaker 1: because we'll blow through our grocery budget. We'll blow through 623 00:27:06,800 --> 00:27:09,280 Speaker 1: our entertainment budget. So we're not going to be eating 624 00:27:09,359 --> 00:27:11,040 Speaker 1: nice cuts of meat, We're not going to be going 625 00:27:11,040 --> 00:27:13,160 Speaker 1: out to eat, going out on a nice fancied date. 626 00:27:13,560 --> 00:27:15,560 Speaker 1: The last week, maybe even the last two weeks of 627 00:27:15,560 --> 00:27:17,399 Speaker 1: the month if I haven't done a good job of 628 00:27:17,640 --> 00:27:19,600 Speaker 1: staying on top of that budget. And so I'm not 629 00:27:19,640 --> 00:27:22,000 Speaker 1: necessarily going to advocate for, you know, moving to a 630 00:27:22,040 --> 00:27:25,159 Speaker 1: weekly budget, but I do know that's important for us 631 00:27:25,160 --> 00:27:27,359 Speaker 1: to kind of set these small little milestones throughout the 632 00:27:27,400 --> 00:27:30,800 Speaker 1: month where we were able to update our budget numbers. Yeah, 633 00:27:30,880 --> 00:27:33,399 Speaker 1: I mean Rome wasn't built in a day. Uh what 634 00:27:33,440 --> 00:27:35,240 Speaker 1: do they say if you want to eat something like 635 00:27:35,240 --> 00:27:37,400 Speaker 1: like a huge animal, it's one bite at a time, 636 00:27:37,520 --> 00:27:39,520 Speaker 1: Like that's the way you do it, Like an elephant, 637 00:27:39,520 --> 00:27:41,960 Speaker 1: I believe. Yeah, yeah, an elephant like you, You're not 638 00:27:42,000 --> 00:27:44,360 Speaker 1: gonna eat it in one sitting, like super quickly. Why 639 00:27:44,400 --> 00:27:46,800 Speaker 1: would people want to eat an elephant? Anyway? They're gentle creatures, 640 00:27:46,840 --> 00:27:49,760 Speaker 1: are very sweet. But like that is the kind of 641 00:27:49,760 --> 00:27:51,920 Speaker 1: thing that we're getting at here. Is is the timely 642 00:27:52,160 --> 00:27:56,199 Speaker 1: portion of it. You only accomplish these things over a 643 00:27:56,280 --> 00:27:58,560 Speaker 1: period of time going in the same direction. It's like 644 00:27:58,600 --> 00:28:00,480 Speaker 1: that rut or turning just slightly to get you on 645 00:28:00,560 --> 00:28:02,760 Speaker 1: that path to saving a little bit more every month 646 00:28:02,800 --> 00:28:05,240 Speaker 1: to help you reach this goal. But fifty bucks in 647 00:28:05,280 --> 00:28:08,720 Speaker 1: four years seems ridiculous. It seems absurd. Until you break 648 00:28:08,720 --> 00:28:10,879 Speaker 1: it down into those bite sized chunks and then you 649 00:28:10,880 --> 00:28:14,359 Speaker 1: can actually accomplish it. That's the important part of what 650 00:28:14,440 --> 00:28:16,680 Speaker 1: team brings to the table. It actually makes me think 651 00:28:16,680 --> 00:28:18,920 Speaker 1: of you remember the episode when I was talking about 652 00:28:19,000 --> 00:28:22,440 Speaker 1: World Cup tickets because they announced how that how North 653 00:28:22,440 --> 00:28:25,119 Speaker 1: America was going to host World Cup and six I 654 00:28:25,119 --> 00:28:27,320 Speaker 1: think six years from now, hopefully we can watch in 655 00:28:27,359 --> 00:28:30,400 Speaker 1: person soccer matches them by then. I'm sure we will, 656 00:28:30,680 --> 00:28:32,560 Speaker 1: but uh, but yeah, I mean I based the numbers 657 00:28:32,600 --> 00:28:35,280 Speaker 1: on what the tickets in Russia we're going for, and like, 658 00:28:35,359 --> 00:28:38,239 Speaker 1: it's ridiculous. I mean, it's thousands of dollars, and if 659 00:28:38,280 --> 00:28:39,840 Speaker 1: we were to take our whole family, it would be 660 00:28:40,480 --> 00:28:43,080 Speaker 1: a lot of stinking money. And in my mind is like, okay, 661 00:28:43,080 --> 00:28:44,840 Speaker 1: there's no way we would ever go to that. But 662 00:28:45,080 --> 00:28:47,160 Speaker 1: based on some calculations, I figured that if I just 663 00:28:47,160 --> 00:28:49,680 Speaker 1: set aside thirty bucks a month, we would be able 664 00:28:49,720 --> 00:28:52,640 Speaker 1: to attend the World Cup no problem, all six of 665 00:28:52,640 --> 00:28:55,240 Speaker 1: our family members, which is crazy. Yeah, to think that 666 00:28:55,280 --> 00:28:57,680 Speaker 1: we would take that many people. It's like that planning ahead, right, 667 00:28:57,720 --> 00:28:59,680 Speaker 1: And yeah, it just takes planning ahead and just and 668 00:28:59,760 --> 00:29:01,600 Speaker 1: bring can get it up into into the small bytes. 669 00:29:01,680 --> 00:29:04,240 Speaker 1: But now it doesn't feel insurmountable, right, not at all, 670 00:29:04,240 --> 00:29:06,000 Speaker 1: whereas it did. You know when you initially got the 671 00:29:06,000 --> 00:29:07,760 Speaker 1: sticker shock of this is how much it would take 672 00:29:07,800 --> 00:29:09,840 Speaker 1: to go to one World Cup match. It's like, that's crazy, 673 00:29:09,880 --> 00:29:12,440 Speaker 1: that's not gonna happen. But breaking it down makes it 674 00:29:12,560 --> 00:29:15,200 Speaker 1: possible totally. Alright, let's get down to the e R. 675 00:29:15,280 --> 00:29:17,240 Speaker 1: So smart goals are kind of the way it's typically 676 00:29:17,240 --> 00:29:19,280 Speaker 1: talked about, but you can add this e R onto 677 00:29:19,280 --> 00:29:22,080 Speaker 1: the end smarter and and and that's what we're doing. 678 00:29:22,240 --> 00:29:25,280 Speaker 1: And I think that helps even more because our goals 679 00:29:25,320 --> 00:29:29,160 Speaker 1: need to be continually evaluated and reevaluated. That's the e ER. 680 00:29:29,640 --> 00:29:31,280 Speaker 1: I know, some of the goals that I said back 681 00:29:31,280 --> 00:29:33,520 Speaker 1: in the day just aren't relevant to my life anymore. 682 00:29:33,760 --> 00:29:35,880 Speaker 1: For instance, travel, I'm really glad I've gotten to see 683 00:29:35,880 --> 00:29:39,560 Speaker 1: a lot of the places that I've been, but international 684 00:29:39,560 --> 00:29:41,960 Speaker 1: travel as a family just isn't as important to me. 685 00:29:42,000 --> 00:29:43,800 Speaker 1: And so our goals have changed in a lot of ways. 686 00:29:44,000 --> 00:29:46,560 Speaker 1: So it's important to evaluate and then re evaluate those 687 00:29:46,560 --> 00:29:48,680 Speaker 1: goals along the way. Your goals are going to look 688 00:29:48,720 --> 00:29:51,480 Speaker 1: different as you grow and as you change. I would say, 689 00:29:51,480 --> 00:29:53,440 Speaker 1: just like Martin Short, who we mentioned at the beginning 690 00:29:53,440 --> 00:29:56,120 Speaker 1: of the episode, he evaluates himself on an annual basis 691 00:29:56,160 --> 00:29:58,360 Speaker 1: according to those kind of nine markers of how he's 692 00:29:58,400 --> 00:30:00,040 Speaker 1: doing it and what his life looks like and and 693 00:30:00,040 --> 00:30:01,680 Speaker 1: if that's what he wants it to look like. So 694 00:30:01,720 --> 00:30:05,240 Speaker 1: maybe revisiting your goals on an annual basis can give 695 00:30:05,280 --> 00:30:08,400 Speaker 1: you that ability to see whether they're still meaningful or 696 00:30:08,400 --> 00:30:10,240 Speaker 1: whether you want to pivot and go in another direction. 697 00:30:10,520 --> 00:30:12,600 Speaker 1: Are you still trying to go to Mexico for an 698 00:30:12,600 --> 00:30:15,920 Speaker 1: all inclusive vacation with your with your partner, that to 699 00:30:16,040 --> 00:30:18,840 Speaker 1: Loom to to Loom, that's like the hotspot or it 700 00:30:19,000 --> 00:30:20,760 Speaker 1: was like last year, a couple of years ago, I'd 701 00:30:20,760 --> 00:30:23,280 Speaker 1: go to Koom, I'd hit that up. Yeah. But but 702 00:30:23,360 --> 00:30:25,840 Speaker 1: maybe now you're expecting a baby and you're like, no, 703 00:30:26,120 --> 00:30:29,360 Speaker 1: that's not our goal anymore. No, now we're saving up 704 00:30:29,400 --> 00:30:31,960 Speaker 1: money to do some home renovations to make it feel 705 00:30:32,240 --> 00:30:34,080 Speaker 1: like a better space to bring our baby home to. 706 00:30:34,560 --> 00:30:37,000 Speaker 1: It's important to be intentional, and I think using a 707 00:30:37,080 --> 00:30:40,120 Speaker 1: system kind of like the Smarter Goal system can be helpful. 708 00:30:40,120 --> 00:30:42,320 Speaker 1: But it's also only really helpful if we continue to 709 00:30:42,400 --> 00:30:44,560 Speaker 1: look at those goals that we've set and make some 710 00:30:44,680 --> 00:30:47,040 Speaker 1: changes when they just don't fit into our plan like 711 00:30:47,080 --> 00:30:49,280 Speaker 1: they used to. Yeah, so there we go, Joel, that's 712 00:30:49,320 --> 00:30:52,000 Speaker 1: the smarter system when it comes to our personal finances 713 00:30:52,000 --> 00:30:54,080 Speaker 1: and goal setting. But man, you know what, we're not 714 00:30:54,120 --> 00:30:56,320 Speaker 1: always going to get it right, and so we feel 715 00:30:56,320 --> 00:30:58,680 Speaker 1: it's important to note that, like, we have to be 716 00:30:58,720 --> 00:31:01,040 Speaker 1: able to give ourselves a break, you know, when we fail. 717 00:31:01,520 --> 00:31:03,400 Speaker 1: We're not gonna always get it right the first time. 718 00:31:03,680 --> 00:31:05,960 Speaker 1: But at the same time, don't be afraid to immediately 719 00:31:06,040 --> 00:31:09,160 Speaker 1: hit reset and set another goal straight away. There might 720 00:31:09,160 --> 00:31:11,840 Speaker 1: be an unexpected bill and that could derail your savings 721 00:31:11,840 --> 00:31:14,400 Speaker 1: for the month, but that's okay. You don't have to 722 00:31:14,400 --> 00:31:17,000 Speaker 1: throw in the towel altogether. You know. You just were 723 00:31:17,000 --> 00:31:21,160 Speaker 1: talking about evaluating and re evaluating. Continue to do that regularly, uh, 724 00:31:21,200 --> 00:31:23,720 Speaker 1: and and just stay committed to the larger money goals 725 00:31:23,760 --> 00:31:26,479 Speaker 1: that you have by revisiting the different things that are 726 00:31:26,480 --> 00:31:28,640 Speaker 1: going to be important to you. Yeah. Mat At the 727 00:31:28,680 --> 00:31:30,280 Speaker 1: beginning of the episode, you kind of talked about a 728 00:31:30,320 --> 00:31:33,280 Speaker 1: couple of different studies that talked about the impact of 729 00:31:33,440 --> 00:31:36,560 Speaker 1: money on our happiness and there's not a direct correlation 730 00:31:36,880 --> 00:31:39,560 Speaker 1: after a certain point in time. The idea of just 731 00:31:39,680 --> 00:31:42,920 Speaker 1: building massive amounts of wealth in order to hoard it 732 00:31:42,960 --> 00:31:45,160 Speaker 1: for ourselves. That doesn't appeal to many of us. It 733 00:31:45,200 --> 00:31:47,440 Speaker 1: doesn't appeal to you and I, right, But it is 734 00:31:47,480 --> 00:31:50,479 Speaker 1: important though, to identify what it is that truly will 735 00:31:50,520 --> 00:31:53,600 Speaker 1: make us happy. Right And in many instances, saving well, 736 00:31:53,720 --> 00:31:56,240 Speaker 1: investing well, being more thoughtful with our money does make 737 00:31:56,240 --> 00:31:59,120 Speaker 1: a difference, does make a drastic difference in helping us 738 00:31:59,160 --> 00:32:01,360 Speaker 1: to be able to achieve of things that actually do matter, 739 00:32:01,680 --> 00:32:05,000 Speaker 1: many of which aren't even terribly money dependent, but so 740 00:32:05,120 --> 00:32:07,480 Speaker 1: much if it starts with knowing ourselves and then implementing 741 00:32:07,680 --> 00:32:10,440 Speaker 1: something like the Smarter Goal system. You can obviously choose 742 00:32:10,480 --> 00:32:12,560 Speaker 1: to go a different route when it comes to implementation, 743 00:32:12,960 --> 00:32:15,520 Speaker 1: but I hope that thinking through how we assess and 744 00:32:15,520 --> 00:32:18,600 Speaker 1: then implement money goals for ourselves and how that kind 745 00:32:18,600 --> 00:32:20,760 Speaker 1: of fits into the broader context of our lives was 746 00:32:21,080 --> 00:32:24,280 Speaker 1: helpful for everyone today. Yeah, and Joel on a related note, 747 00:32:24,560 --> 00:32:26,720 Speaker 1: away that you and I that we are able to 748 00:32:26,800 --> 00:32:31,040 Speaker 1: implement uh a goal, albeit a pretty small goal, into 749 00:32:31,040 --> 00:32:33,160 Speaker 1: our lives, and even on the show is craft Beer. 750 00:32:33,400 --> 00:32:35,120 Speaker 1: You know, this is sort of like Shay. This isn't 751 00:32:35,120 --> 00:32:37,600 Speaker 1: a major thing, it doesn't cost a ton of money 752 00:32:37,680 --> 00:32:40,200 Speaker 1: like her chickens. Right. Craft beer doesn't cost a ton 753 00:32:40,280 --> 00:32:42,200 Speaker 1: of money, but it's something that we are able to 754 00:32:42,280 --> 00:32:45,480 Speaker 1: enjoy and it moves the needle a lot for us. Uh. 755 00:32:45,480 --> 00:32:47,600 Speaker 1: And so every episode we have a craft beer man. 756 00:32:47,680 --> 00:32:50,959 Speaker 1: This episode we enjoyed an Alpha Abstraction, volume number thirteen 757 00:32:51,360 --> 00:32:54,480 Speaker 1: by wild Leap. What were your thoughts on this brew? Yeah, 758 00:32:54,520 --> 00:32:56,720 Speaker 1: this is another I p A in a long list 759 00:32:56,800 --> 00:32:58,720 Speaker 1: of I p A s by Wild Leap, who's just 760 00:32:58,760 --> 00:33:01,600 Speaker 1: around the corner from Atlanta, and this one packed massive 761 00:33:01,960 --> 00:33:05,200 Speaker 1: melon flavors in the hops. It was super sweet, Like 762 00:33:05,240 --> 00:33:06,720 Speaker 1: a lot of their I p s are actually just 763 00:33:06,880 --> 00:33:10,160 Speaker 1: incredibly sweet and sometimes a little too sweet for my 764 00:33:10,160 --> 00:33:11,760 Speaker 1: my palette. I don't love it when an I p 765 00:33:11,880 --> 00:33:14,360 Speaker 1: A is this sweet, But I like what they're up to. 766 00:33:14,440 --> 00:33:16,560 Speaker 1: I like the direction they're going in. Even though this 767 00:33:16,640 --> 00:33:19,440 Speaker 1: isn't like top ten for me, it's still a really, 768 00:33:19,440 --> 00:33:21,720 Speaker 1: really solid I p A from a great brewery just 769 00:33:21,760 --> 00:33:23,600 Speaker 1: around the corner. Yeah, I'm with you man as far 770 00:33:23,600 --> 00:33:25,720 Speaker 1: as the melon flavors, but I feel like, in my opinion, 771 00:33:25,760 --> 00:33:29,840 Speaker 1: it balances really well with the bitterness that accompanies those hops. 772 00:33:29,880 --> 00:33:32,479 Speaker 1: You know, It's like they included the cantelope, but they 773 00:33:32,480 --> 00:33:34,720 Speaker 1: also included like some of the skin as well, and 774 00:33:34,720 --> 00:33:37,880 Speaker 1: you have to also eat that, right, But in my opinion, 775 00:33:37,920 --> 00:33:40,240 Speaker 1: it's a nice balance. It's a really juicy beer, and 776 00:33:40,280 --> 00:33:42,480 Speaker 1: we'd recommend for you to swing by that brewery if 777 00:33:42,520 --> 00:33:45,400 Speaker 1: you're heading down the interstate here in Georgia. Maybe you 778 00:33:45,480 --> 00:33:47,360 Speaker 1: might even see Joe and I there. We have yet 779 00:33:47,520 --> 00:33:49,560 Speaker 1: to hit them up, but we will one of these days. 780 00:33:49,560 --> 00:33:51,560 Speaker 1: It's gotta make it happen for sure. All right, that's 781 00:33:51,600 --> 00:33:53,800 Speaker 1: gonna be it for this episode. Our listeners can find 782 00:33:53,840 --> 00:33:56,600 Speaker 1: our show notes up on the website at How's money 783 00:33:56,760 --> 00:33:59,080 Speaker 1: dot com. Yeah, and just a quick reminder, put your 784 00:33:59,120 --> 00:34:01,640 Speaker 1: money where your goals are and then put those goals 785 00:34:01,680 --> 00:34:04,160 Speaker 1: in plain sight, put them on your computer. Whatever it 786 00:34:04,200 --> 00:34:06,280 Speaker 1: takes in order to remind you consistently of the things 787 00:34:06,280 --> 00:34:08,440 Speaker 1: that actually matter and the things that you're trying to pursue, 788 00:34:08,800 --> 00:34:11,680 Speaker 1: and maybe it helps you avoid spending money in an 789 00:34:11,800 --> 00:34:14,080 Speaker 1: errant way. So all right, Matt, that's gonna be it 790 00:34:14,320 --> 00:34:17,319 Speaker 1: until next time. Best Friends Out, Best Friends Out.