1 00:00:00,040 --> 00:00:02,759 Speaker 1: Welcome to Kind of Money. I'm Joel and I'm Matt, 2 00:00:02,960 --> 00:00:06,360 Speaker 1: and today we're talking about the financial habits that determine 3 00:00:06,400 --> 00:00:27,480 Speaker 1: your future. Yeah, Joel, did you know that it takes 4 00:00:27,520 --> 00:00:31,680 Speaker 1: over two months to solidify a behavior as an automatic 5 00:00:31,720 --> 00:00:34,000 Speaker 1: habit that you really don't even have to think about. Yeah, 6 00:00:34,040 --> 00:00:35,880 Speaker 1: habits take a while to form, right, So these aren't 7 00:00:35,880 --> 00:00:37,879 Speaker 1: things that you can do overnight, make one change and 8 00:00:37,880 --> 00:00:39,919 Speaker 1: think that you're good to go. Sixty days, that's how 9 00:00:39,920 --> 00:00:41,479 Speaker 1: long I've heard it takes to kick a bad habits. 10 00:00:41,520 --> 00:00:44,360 Speaker 1: So hopefully in this episode we can talk about forming 11 00:00:44,440 --> 00:00:46,879 Speaker 1: some positive habits. Yeah, before we kick it off, man, 12 00:00:46,960 --> 00:00:51,200 Speaker 1: let's talk about this Google Chrome extension called Time Well Spent. 13 00:00:51,640 --> 00:00:54,200 Speaker 1: This was tweeted at us by David Clark, and he 14 00:00:54,200 --> 00:00:56,880 Speaker 1: actually sent us some coffee and some beer way back 15 00:00:56,920 --> 00:00:58,920 Speaker 1: in the day. He's been he's been listening for a while, 16 00:00:59,120 --> 00:01:02,160 Speaker 1: a long time listener, first time tweeter. Which no, that's 17 00:01:02,160 --> 00:01:04,200 Speaker 1: not even true, because he actually tweeted us when he 18 00:01:04,280 --> 00:01:06,520 Speaker 1: made that spreadsheet for the cost of his vehicle that 19 00:01:06,600 --> 00:01:09,320 Speaker 1: the total cost of ownership versus biking and finding other 20 00:01:09,400 --> 00:01:12,320 Speaker 1: forms of transportation. And this is something else very cool 21 00:01:12,319 --> 00:01:14,120 Speaker 1: that he found but yeah, it's called time well spent. 22 00:01:14,280 --> 00:01:16,440 Speaker 1: And what this thing does is when you turn this 23 00:01:16,560 --> 00:01:20,240 Speaker 1: extension on when you're shopping online, it turns all the 24 00:01:20,280 --> 00:01:23,720 Speaker 1: dollar amounts into time, and so it turns it into 25 00:01:23,760 --> 00:01:25,560 Speaker 1: the time that it would take you to work in 26 00:01:25,680 --> 00:01:28,320 Speaker 1: order to actually earn that product. So do you just 27 00:01:28,400 --> 00:01:31,200 Speaker 1: have to input your hourly wage and then it computes 28 00:01:31,200 --> 00:01:33,000 Speaker 1: it for you. Yeah, you either enter in your hourly 29 00:01:33,080 --> 00:01:36,399 Speaker 1: rates or your annual salary after tax, and yeah, that's it. 30 00:01:36,400 --> 00:01:39,720 Speaker 1: It automatically computes it for you. Super fascinating and I 31 00:01:39,760 --> 00:01:42,679 Speaker 1: will say I was shocked at the effect that it 32 00:01:42,680 --> 00:01:44,560 Speaker 1: had on me because I was messing around with it 33 00:01:44,640 --> 00:01:47,560 Speaker 1: some and my reaction though to it wasn't oh man, 34 00:01:47,640 --> 00:01:50,000 Speaker 1: this is gonna take so long to earn this. Unfortunately, 35 00:01:50,080 --> 00:01:54,200 Speaker 1: my reaction was thirty minutes for for this. I'm sort 36 00:01:54,240 --> 00:01:56,640 Speaker 1: of a living paradox to to what I'm talking about here, 37 00:01:56,680 --> 00:01:59,240 Speaker 1: but it's difficult for me to to manage my time. 38 00:01:59,720 --> 00:02:01,600 Speaker 1: And I think this is an example of where I 39 00:02:01,600 --> 00:02:04,080 Speaker 1: would see my time laid out in front of me, 40 00:02:04,120 --> 00:02:05,640 Speaker 1: you know, next to our product, and think cool, I 41 00:02:05,640 --> 00:02:07,440 Speaker 1: can work an hour for that, or I can work 42 00:02:07,440 --> 00:02:09,320 Speaker 1: a full day for that. Yeah, I think for me 43 00:02:09,400 --> 00:02:13,280 Speaker 1: and for most folks that would install this on their browser, 44 00:02:13,560 --> 00:02:15,720 Speaker 1: I would think we would have the effect of curbing spending. 45 00:02:15,800 --> 00:02:18,320 Speaker 1: And hopefully that is the case for most folks, right yeah, 46 00:02:18,360 --> 00:02:20,399 Speaker 1: Because for for most of us, as we we see 47 00:02:20,400 --> 00:02:22,600 Speaker 1: the dollar sign, we we are put we're putting it 48 00:02:22,639 --> 00:02:24,360 Speaker 1: on plastic. We don't have to pay for it for 49 00:02:24,400 --> 00:02:26,480 Speaker 1: thirty days, and hopefully folks that are listening to the 50 00:02:26,480 --> 00:02:28,480 Speaker 1: show are paying their credit card balances in full at 51 00:02:28,480 --> 00:02:31,079 Speaker 1: the end of every month. But still there's this kind 52 00:02:31,120 --> 00:02:34,600 Speaker 1: of frictionless effect to making a purchase. And I think, 53 00:02:34,600 --> 00:02:36,360 Speaker 1: for me, I'm gonna try this out. I'm gonna install it, 54 00:02:36,400 --> 00:02:39,079 Speaker 1: so big thanks to David for sending us extension our way, 55 00:02:39,280 --> 00:02:41,440 Speaker 1: but I'm gonna install it, and I'm gonna see how 56 00:02:41,480 --> 00:02:44,480 Speaker 1: it affects my spending, because I have a feeling that's 57 00:02:44,520 --> 00:02:47,440 Speaker 1: seeing not just a dollar sign on the screen, but 58 00:02:47,520 --> 00:02:49,320 Speaker 1: seeing the hours of my life that it's going to 59 00:02:49,400 --> 00:02:51,160 Speaker 1: take to buy this product as opposed to just a 60 00:02:51,200 --> 00:02:53,280 Speaker 1: straight dollar amount. I have a feeling that that's gonna 61 00:02:53,480 --> 00:02:56,800 Speaker 1: actually make a difference in in curbing my spending. So 62 00:02:56,840 --> 00:02:58,639 Speaker 1: it's a great idea and I think it's so clever, 63 00:02:58,919 --> 00:03:00,360 Speaker 1: and I really do think it could help a lot 64 00:03:00,400 --> 00:03:02,720 Speaker 1: of folks too. Yeah, super smart. I I really don't 65 00:03:02,720 --> 00:03:05,040 Speaker 1: know what that says about me, Like maybe I think 66 00:03:05,040 --> 00:03:06,480 Speaker 1: I'm just gonna live forever and I've got all the 67 00:03:06,480 --> 00:03:09,040 Speaker 1: time in the world, but I don't. And I will 68 00:03:09,040 --> 00:03:11,120 Speaker 1: say one of the what I would recommend you to do, though, 69 00:03:11,160 --> 00:03:13,120 Speaker 1: is going to Amazon and look at your previous orders, 70 00:03:13,160 --> 00:03:15,079 Speaker 1: because it will change all of those numbers as well, 71 00:03:15,320 --> 00:03:16,600 Speaker 1: and then you can be like, was that worth It 72 00:03:16,639 --> 00:03:19,280 Speaker 1: was that word exactly, But again in my case, I 73 00:03:19,400 --> 00:03:21,560 Speaker 1: ordered some cables and some other stuff that I needed 74 00:03:21,600 --> 00:03:23,240 Speaker 1: to do, and it was literally it was twelve minutes 75 00:03:23,280 --> 00:03:25,160 Speaker 1: worth of time that it would have taken me to 76 00:03:25,320 --> 00:03:27,200 Speaker 1: have earned that. And so my thoughts to myself, oh yeah, 77 00:03:27,240 --> 00:03:30,280 Speaker 1: ten minutes, that's just a few emails to think that, Okay, 78 00:03:30,280 --> 00:03:32,640 Speaker 1: while I'm sending their emailing, then I win this price. 79 00:03:32,720 --> 00:03:36,040 Speaker 1: It's like, oh sweet. Something about attaching that time does 80 00:03:36,120 --> 00:03:39,040 Speaker 1: something tangible for me makes it almost seem more worth it. 81 00:03:39,360 --> 00:03:42,080 Speaker 1: But again, hopefully most folks are not like me, and 82 00:03:42,120 --> 00:03:44,200 Speaker 1: I think for the vast majority of folks who install this, 83 00:03:44,400 --> 00:03:47,360 Speaker 1: and again it was called time well spent that hopefully 84 00:03:47,480 --> 00:03:49,360 Speaker 1: would allow them to curb their spending or at least 85 00:03:49,360 --> 00:03:51,880 Speaker 1: give them pause. I hope this time well Spent extension 86 00:03:51,960 --> 00:03:54,800 Speaker 1: would work for like cracking my mortgage or let's say, 87 00:03:54,800 --> 00:03:56,880 Speaker 1: tracking someone's car payment too. It could really I think 88 00:03:57,200 --> 00:03:59,760 Speaker 1: that would be actually really painful, right if I actually 89 00:03:59,800 --> 00:04:02,160 Speaker 1: log into the bank or the credit union, and yeah, 90 00:04:02,200 --> 00:04:04,680 Speaker 1: I think that would be a bit more painful to think. Okay, wow, 91 00:04:04,800 --> 00:04:07,000 Speaker 1: is it even worth me to to work that long 92 00:04:07,080 --> 00:04:09,160 Speaker 1: just to have a place to live? Right right? Or 93 00:04:09,440 --> 00:04:12,400 Speaker 1: it's this fancy new car, but it's taking up seven 94 00:04:12,480 --> 00:04:16,080 Speaker 1: days of my month essentially that I have to dedicate 95 00:04:16,120 --> 00:04:17,760 Speaker 1: to work in order to pay for it. That's a 96 00:04:17,800 --> 00:04:20,599 Speaker 1: big shift in mindset. That just the three fifty dollar payment. 97 00:04:20,680 --> 00:04:22,280 Speaker 1: So I'm not sure if it does that, I'm gonna 98 00:04:22,279 --> 00:04:24,800 Speaker 1: look into this time well Spent extension. All right, let's 99 00:04:24,800 --> 00:04:26,800 Speaker 1: get onto the beer that we're having on the show today. 100 00:04:27,040 --> 00:04:30,239 Speaker 1: Listener Cameron super Cool Dude donated a couple of beers 101 00:04:30,279 --> 00:04:34,800 Speaker 1: from his recent trip to Vermont, Vermont. Yeah, that's good news. Well, 102 00:04:34,880 --> 00:04:38,360 Speaker 1: Vermont is happy. It's like beer Mecca. Really Vermont kind 103 00:04:38,360 --> 00:04:40,560 Speaker 1: of started at all. I think there's actually more micro 104 00:04:40,600 --> 00:04:44,240 Speaker 1: breweries per capita in Vermont than in any other Yeah. Yeah, 105 00:04:44,279 --> 00:04:46,760 Speaker 1: they're They're super into their craft beer in Vermont. So 106 00:04:46,839 --> 00:04:49,680 Speaker 1: this one is the best of the best. It is 107 00:04:49,880 --> 00:04:52,279 Speaker 1: Vermont's finest, and Vermont has so many good beers, so 108 00:04:52,320 --> 00:04:55,280 Speaker 1: this is a big champagne of beers something like that. Yeah, 109 00:04:55,640 --> 00:04:59,159 Speaker 1: somebody else took that slogan. Not quite. This beer is 110 00:04:59,160 --> 00:05:03,640 Speaker 1: called Hetty Topper and it's by the Alchemist Brewery in Waterbury, Vermont. 111 00:05:03,960 --> 00:05:06,120 Speaker 1: And this beer just has a cult following. It basically 112 00:05:06,200 --> 00:05:09,039 Speaker 1: changed the way that people started to think about drinking. 113 00:05:09,160 --> 00:05:11,600 Speaker 1: I p a. S. So really excited to drink this 114 00:05:11,640 --> 00:05:13,800 Speaker 1: one with you today, buddy, and we'll let you know 115 00:05:13,920 --> 00:05:15,960 Speaker 1: our thoughts on this beer at the end of the episode. 116 00:05:16,200 --> 00:05:19,360 Speaker 1: Yes we will, all right, Matt, onto the subject at hand. 117 00:05:19,400 --> 00:05:21,840 Speaker 1: We're talking about habits, the habits that you are able 118 00:05:21,880 --> 00:05:25,560 Speaker 1: to develop now become ingrained, and the small things that 119 00:05:25,640 --> 00:05:28,080 Speaker 1: we do day after day they shape who we are. 120 00:05:28,600 --> 00:05:31,960 Speaker 1: Simple routines can be life changing for us because they 121 00:05:32,000 --> 00:05:34,599 Speaker 1: help us to be able to do the actual things 122 00:05:34,600 --> 00:05:37,600 Speaker 1: that we want to do without having to think about it. 123 00:05:37,600 --> 00:05:40,360 Speaker 1: It really is amazing how just a small habit can 124 00:05:40,440 --> 00:05:43,040 Speaker 1: change your morning, can get you into a routine can 125 00:05:43,120 --> 00:05:45,960 Speaker 1: change your finances, can change your workout, life can change 126 00:05:45,960 --> 00:05:49,359 Speaker 1: so many different things. Just developing a couple of important 127 00:05:49,360 --> 00:05:53,200 Speaker 1: habits can make massive differences in the way things look 128 00:05:53,200 --> 00:05:54,920 Speaker 1: for you down the road. And so we want to 129 00:05:54,960 --> 00:05:57,760 Speaker 1: talk today about money habits, the ones that are important, 130 00:05:57,760 --> 00:05:59,960 Speaker 1: and how you can go about developing them so they 131 00:06:00,080 --> 00:06:03,440 Speaker 1: you can be better off financially without having to constantly 132 00:06:03,440 --> 00:06:05,600 Speaker 1: think about it, just sending these things in motion, so 133 00:06:05,720 --> 00:06:08,239 Speaker 1: they are a part of the way you live. Yeah, Joelan, 134 00:06:08,279 --> 00:06:09,839 Speaker 1: what's so key, I think is is that you said 135 00:06:09,880 --> 00:06:12,280 Speaker 1: setting it an emotion. It's not that we're trying to 136 00:06:12,400 --> 00:06:15,440 Speaker 1: avoid thinking about these things altogether. We do want to 137 00:06:15,440 --> 00:06:17,359 Speaker 1: think about them. We want to be intentional, but we 138 00:06:17,400 --> 00:06:19,360 Speaker 1: want to think about them once and make a decision 139 00:06:19,400 --> 00:06:21,560 Speaker 1: and kind of move on with life. These aren't decisions 140 00:06:21,600 --> 00:06:25,440 Speaker 1: that we want to revisit daily or even monthly, right, 141 00:06:25,480 --> 00:06:26,880 Speaker 1: Like I don't want to have to make the decision 142 00:06:26,960 --> 00:06:29,640 Speaker 1: of should I invest my money this month? Well, no, 143 00:06:29,880 --> 00:06:31,960 Speaker 1: we've decided that we are going to do this, and 144 00:06:32,240 --> 00:06:34,320 Speaker 1: there's not a judgment call. It's just a matter of 145 00:06:34,400 --> 00:06:37,560 Speaker 1: executing the decision that you have already decided. So this year, 146 00:06:37,600 --> 00:06:39,520 Speaker 1: both of our girls are in school, and so we 147 00:06:39,560 --> 00:06:41,359 Speaker 1: had to kind of change our morning routine. Would it 148 00:06:41,360 --> 00:06:44,280 Speaker 1: looked like? And if I had to decide every night 149 00:06:44,360 --> 00:06:46,000 Speaker 1: what time I was going to wake up the next morning, 150 00:06:46,520 --> 00:06:48,560 Speaker 1: I would waffle back and forth so much. I would 151 00:06:48,600 --> 00:06:50,719 Speaker 1: have the hardest time. Some days I would do it well, 152 00:06:50,760 --> 00:06:53,360 Speaker 1: other days I would do it really poorly. And I 153 00:06:53,400 --> 00:06:55,080 Speaker 1: just decided on the time I was gonna wake up 154 00:06:55,320 --> 00:06:57,800 Speaker 1: six o'clock every single morning. I'm basically ready for the 155 00:06:57,839 --> 00:06:59,480 Speaker 1: day when the girls get up. And it's made such 156 00:06:59,480 --> 00:07:01,719 Speaker 1: a big different it's for me. It wasn't easy. It 157 00:07:01,720 --> 00:07:03,880 Speaker 1: didn't come naturally, but it was this habit that I 158 00:07:03,920 --> 00:07:06,000 Speaker 1: kind of had to get into and develop in order 159 00:07:06,040 --> 00:07:08,440 Speaker 1: to make my morning flow well. So, yeah, these habits 160 00:07:08,480 --> 00:07:11,000 Speaker 1: have this ability to take that decision making out of 161 00:07:11,000 --> 00:07:13,720 Speaker 1: the process. You make the decision kind of once you 162 00:07:13,800 --> 00:07:16,200 Speaker 1: implement it, and then it's not something that has to 163 00:07:16,520 --> 00:07:19,160 Speaker 1: be on your radar all the time, playing whack a mole, 164 00:07:19,200 --> 00:07:21,200 Speaker 1: deciding whether or not you're gonna do it. It's something 165 00:07:21,240 --> 00:07:23,960 Speaker 1: that you prioritize, it gets done, and then it gets 166 00:07:24,000 --> 00:07:26,560 Speaker 1: off of your mental plate because that habit kicks in 167 00:07:26,600 --> 00:07:29,280 Speaker 1: and it becomes more or less effortless. So question for you, 168 00:07:29,360 --> 00:07:31,960 Speaker 1: do you get up still at six on the weekends? Nope, No, 169 00:07:32,040 --> 00:07:34,240 Speaker 1: I do not, although I probably I think it would 170 00:07:34,280 --> 00:07:36,040 Speaker 1: probably help if I submitted it on the weekends to 171 00:07:36,240 --> 00:07:38,800 Speaker 1: make Mondays a little bit easier. We still tried to 172 00:07:38,800 --> 00:07:41,640 Speaker 1: get up earlier than we normally would. Natural mats just 173 00:07:41,680 --> 00:07:43,960 Speaker 1: wants to sleep in because I'm a night owl, and 174 00:07:44,080 --> 00:07:46,360 Speaker 1: I would sleep in every single day and stay up 175 00:07:46,440 --> 00:07:48,840 Speaker 1: late every single day. That's just how I am. But yeah, again, 176 00:07:48,840 --> 00:07:50,720 Speaker 1: with the kids in school, let's we're the same way, 177 00:07:50,880 --> 00:07:53,680 Speaker 1: trying to maintain some of that consistency. So what we 178 00:07:53,720 --> 00:07:56,800 Speaker 1: want to introduce now are some main money habits. These 179 00:07:56,800 --> 00:07:59,600 Speaker 1: are some financial habits that you will want to prioritize. 180 00:08:00,120 --> 00:08:02,480 Speaker 1: Some of them you might already be kicking but at 181 00:08:02,520 --> 00:08:05,040 Speaker 1: and others just may not yet be on your radar. 182 00:08:05,200 --> 00:08:07,200 Speaker 1: While others still you might even think, yeah, like I 183 00:08:07,240 --> 00:08:10,680 Speaker 1: should be doing that, but I haven't gotten around even 184 00:08:10,760 --> 00:08:13,120 Speaker 1: starting those. And so here are some of the big 185 00:08:13,160 --> 00:08:16,640 Speaker 1: sort of overarching financial habits to implement. Joel, you want 186 00:08:16,640 --> 00:08:18,680 Speaker 1: to kick this off, Yeah, sure, man, Yeah. We We've 187 00:08:18,680 --> 00:08:20,680 Speaker 1: got a lot of thoughts, by the way, on how 188 00:08:20,760 --> 00:08:23,880 Speaker 1: to actually get a habit started. We're gonna get into 189 00:08:23,920 --> 00:08:25,320 Speaker 1: that a little bit later in the episode, but first 190 00:08:25,360 --> 00:08:27,600 Speaker 1: we wanted to talk about some of those big financial habits. 191 00:08:27,680 --> 00:08:29,120 Speaker 1: They you need to make front and center if you're 192 00:08:29,160 --> 00:08:31,120 Speaker 1: just getting started. So the first one is really to 193 00:08:31,160 --> 00:08:34,840 Speaker 1: pay yourself first. And most people end up saving with 194 00:08:34,960 --> 00:08:37,439 Speaker 1: what's left over every month, and typically there's not a 195 00:08:37,480 --> 00:08:40,240 Speaker 1: whole lot left over, so saving not only just doesn't 196 00:08:40,280 --> 00:08:43,480 Speaker 1: get prioritized, it gets left out of the equation altogether. 197 00:08:43,840 --> 00:08:47,080 Speaker 1: Paying yourself first is really this ultimate financial habit that 198 00:08:47,200 --> 00:08:50,080 Speaker 1: everything else hangs on. And if you can prioritize paying 199 00:08:50,080 --> 00:08:52,800 Speaker 1: yourself first, well you can start that emergency fund, you 200 00:08:52,800 --> 00:08:56,000 Speaker 1: can prioritize actually contributing to your four O one K 201 00:08:56,200 --> 00:08:57,960 Speaker 1: or I ra A, and you can also get rid 202 00:08:58,000 --> 00:09:01,240 Speaker 1: of pesky debt that's lingering. But that's an intentional decision, 203 00:09:01,440 --> 00:09:04,120 Speaker 1: that's a habit that needs to be formed, paying yourself first, 204 00:09:04,160 --> 00:09:06,559 Speaker 1: making that kind of a hallmark of how you handle 205 00:09:06,600 --> 00:09:09,800 Speaker 1: your finances. If you can reorder your priorities and develop 206 00:09:09,840 --> 00:09:12,280 Speaker 1: the habit of paying yourself first, that's one of those 207 00:09:12,559 --> 00:09:15,600 Speaker 1: major achievements that's going to serve you well for years 208 00:09:15,600 --> 00:09:18,120 Speaker 1: and years to come. Yeah, certainly, man like that's one 209 00:09:18,120 --> 00:09:19,320 Speaker 1: of the ones that's kind of at the top of 210 00:09:19,320 --> 00:09:21,200 Speaker 1: the food chain, right, and I don't want to gloss 211 00:09:21,240 --> 00:09:23,480 Speaker 1: over some of these other points that you mentioned right 212 00:09:23,840 --> 00:09:26,360 Speaker 1: in and of itself, Starting that emergency fund is a 213 00:09:26,400 --> 00:09:28,480 Speaker 1: great habit to have, right, because that allows you to 214 00:09:28,520 --> 00:09:31,240 Speaker 1: have that financial margin to where it feels like you're 215 00:09:31,280 --> 00:09:33,800 Speaker 1: not actually living paycheck to paycheck. And then when you 216 00:09:33,840 --> 00:09:36,080 Speaker 1: have that extra money that you can contribute towards retirement, 217 00:09:36,240 --> 00:09:39,000 Speaker 1: You've got to contribute to retirement because Social Security, guess what, 218 00:09:39,040 --> 00:09:40,400 Speaker 1: it's not going to cut it by the time you 219 00:09:40,440 --> 00:09:42,079 Speaker 1: get older. And then of course you're going to be 220 00:09:42,120 --> 00:09:44,679 Speaker 1: able to achieve both of those things more efficiently if 221 00:09:44,720 --> 00:09:47,520 Speaker 1: you don't have debt weighing you down. I think another 222 00:09:47,520 --> 00:09:49,640 Speaker 1: way to think of sort of those things too, is 223 00:09:49,679 --> 00:09:52,360 Speaker 1: like spending less than you actually make, because when you 224 00:09:52,400 --> 00:09:54,120 Speaker 1: have money in the bank, that gives you options to 225 00:09:54,120 --> 00:09:55,520 Speaker 1: do what it is that you want to do with 226 00:09:55,520 --> 00:09:58,160 Speaker 1: your money, like whatever that happens to be, it gives 227 00:09:58,200 --> 00:10:00,199 Speaker 1: you the ability to do that. And so, yeah, that's 228 00:10:00,200 --> 00:10:02,440 Speaker 1: another sort of broad way to think about it. Spend 229 00:10:02,520 --> 00:10:04,960 Speaker 1: less than you make. Yeah, another habit that's good to 230 00:10:05,080 --> 00:10:07,080 Speaker 1: form when it comes to how you handle your money. 231 00:10:07,160 --> 00:10:09,920 Speaker 1: One of the big ones is tracking your incoming and 232 00:10:10,000 --> 00:10:12,920 Speaker 1: your outgoing money. If you don't know where your money 233 00:10:13,000 --> 00:10:16,320 Speaker 1: is going, it's hard to course correct. By tracking and 234 00:10:16,440 --> 00:10:20,120 Speaker 1: eventually getting into having a budget, you can spend your 235 00:10:20,120 --> 00:10:23,120 Speaker 1: money more mindfully. You become in charge of your money 236 00:10:23,160 --> 00:10:25,880 Speaker 1: as opposed to your money ruling the decisions you make. 237 00:10:26,280 --> 00:10:28,800 Speaker 1: We've talked about some of the best methods for tracking 238 00:10:28,800 --> 00:10:31,360 Speaker 1: and budgeting. We love mint, it's great for tracking. Whine 239 00:10:31,440 --> 00:10:34,599 Speaker 1: App is this amazing budgeting app, and dollar Bird is 240 00:10:34,640 --> 00:10:37,320 Speaker 1: another cool app that you can download to track your spending. 241 00:10:37,600 --> 00:10:40,920 Speaker 1: If you've had trouble developing the habit of tracking, well, 242 00:10:41,080 --> 00:10:42,880 Speaker 1: use one of those tools to help you out. But 243 00:10:43,000 --> 00:10:46,400 Speaker 1: tracking where your money goes is one of those essential 244 00:10:46,440 --> 00:10:48,439 Speaker 1: habits that you have to form. Yeah, so when you 245 00:10:48,520 --> 00:10:52,000 Speaker 1: have these specific numbers that allows you to set specific goals, right, Like, 246 00:10:52,040 --> 00:10:55,160 Speaker 1: you could still, for instance, save money without tracking your 247 00:10:55,160 --> 00:10:57,559 Speaker 1: income and your expenses. But it's sort of this amorphous 248 00:10:57,720 --> 00:10:59,800 Speaker 1: blob and that you're trying to kind of tackle the wall. 249 00:11:00,040 --> 00:11:03,480 Speaker 1: It's gonna be difficult versus if you're using software, if 250 00:11:03,520 --> 00:11:05,280 Speaker 1: you're even if you're writing out your expenses on a 251 00:11:05,360 --> 00:11:07,760 Speaker 1: legal pad. Right, you still have hard numbers and you 252 00:11:07,800 --> 00:11:09,560 Speaker 1: can literally take that legal pad and pin that to 253 00:11:09,600 --> 00:11:12,320 Speaker 1: the wall and say, cool, we are this close to 254 00:11:12,360 --> 00:11:14,720 Speaker 1: achieving our goal. Like we're this close to hitting that number. 255 00:11:14,800 --> 00:11:16,880 Speaker 1: You're gonna really be able to whip your finances into 256 00:11:16,960 --> 00:11:21,000 Speaker 1: shape if you are tracking and budgeting in. Another big 257 00:11:21,200 --> 00:11:24,280 Speaker 1: overarching money habit that we think is important is to 258 00:11:24,559 --> 00:11:27,480 Speaker 1: work on being content with what you have. We are 259 00:11:27,520 --> 00:11:29,559 Speaker 1: a money podcast, and I think this isn't going to 260 00:11:29,679 --> 00:11:33,080 Speaker 1: be something that you hear often, right, contentment, gratitude, these 261 00:11:33,120 --> 00:11:35,840 Speaker 1: are things that you typically here. But taking the time 262 00:11:35,880 --> 00:11:38,640 Speaker 1: to be thankful for the things you have, right, maybe 263 00:11:38,679 --> 00:11:42,360 Speaker 1: your car or say you have a tiny apartment, but 264 00:11:42,440 --> 00:11:45,000 Speaker 1: that can make you happy with what you have. Wanting 265 00:11:45,080 --> 00:11:48,240 Speaker 1: less is really key and important to saving more. So 266 00:11:48,360 --> 00:11:51,560 Speaker 1: we would really suggest making gratitude a habit that you 267 00:11:51,559 --> 00:11:54,120 Speaker 1: try to cultivate daily. Yeah. I think there are so 268 00:11:54,160 --> 00:11:57,360 Speaker 1: many ways that you can incorporate gratitude into your life, 269 00:11:57,400 --> 00:11:59,400 Speaker 1: whether it's taking a few minutes in the morning to 270 00:11:59,640 --> 00:12:02,600 Speaker 1: just realize to look around you and to be truly 271 00:12:02,600 --> 00:12:06,760 Speaker 1: thankful for friends, family, health, health, yeah, space where you live, 272 00:12:07,000 --> 00:12:08,560 Speaker 1: a car that gets you to and fro even if 273 00:12:08,559 --> 00:12:10,600 Speaker 1: it's not ideal, even if it's a little beat up. 274 00:12:10,800 --> 00:12:13,080 Speaker 1: There are all these things that we have and we 275 00:12:13,160 --> 00:12:17,280 Speaker 1: forget to be thankful, and that thankfulness can severely curb 276 00:12:17,360 --> 00:12:19,840 Speaker 1: our desire to spend and be a major influence on 277 00:12:19,880 --> 00:12:22,000 Speaker 1: what we're able to save. And the next step that 278 00:12:22,040 --> 00:12:25,360 Speaker 1: I think even enhances this ability to be content with 279 00:12:25,360 --> 00:12:27,640 Speaker 1: what you have is is to give away a portion 280 00:12:27,760 --> 00:12:29,840 Speaker 1: of what you make. It sounds like the opposite of 281 00:12:29,840 --> 00:12:32,680 Speaker 1: saving money, Joel, but it is this and we've talked 282 00:12:32,679 --> 00:12:34,760 Speaker 1: about this before, Matt quite a while back on the show, 283 00:12:35,000 --> 00:12:37,760 Speaker 1: but there is this thing that happens as you begin 284 00:12:37,880 --> 00:12:40,200 Speaker 1: to not only give of your time and get but 285 00:12:40,280 --> 00:12:42,920 Speaker 1: also to give of your money that gives you kind 286 00:12:42,920 --> 00:12:45,400 Speaker 1: of a healthy detachment from your money. It makes it 287 00:12:45,440 --> 00:12:48,000 Speaker 1: easier to be content with less. It makes it easier 288 00:12:48,040 --> 00:12:50,079 Speaker 1: not to focus on the things that you want or 289 00:12:50,120 --> 00:12:53,000 Speaker 1: the things that you don't have, but to actually truly 290 00:12:53,040 --> 00:12:55,040 Speaker 1: be content with the things that you have as you 291 00:12:55,080 --> 00:12:58,200 Speaker 1: see your money go to work in beautiful ways in 292 00:12:58,280 --> 00:13:02,040 Speaker 1: the community around you, in on profits that are serving others. 293 00:13:02,280 --> 00:13:04,160 Speaker 1: In my mind, that is one of the biggest habits 294 00:13:04,320 --> 00:13:06,600 Speaker 1: that we can cultivate to basically just help us to 295 00:13:06,840 --> 00:13:09,360 Speaker 1: have a healthier view of money overall. Man. You know, 296 00:13:09,360 --> 00:13:11,440 Speaker 1: anytime we talk about this, I can't help but to 297 00:13:11,480 --> 00:13:15,040 Speaker 1: think of Gollum right from the Probbit Lord of the Rings, Yes, yeah, 298 00:13:15,280 --> 00:13:17,160 Speaker 1: or Schniegel right, like, we don't want to be the 299 00:13:17,200 --> 00:13:20,160 Speaker 1: person who is so obsessed and infatuated with our treasure. 300 00:13:20,360 --> 00:13:23,760 Speaker 1: Are precious our our money to where it dictates our 301 00:13:23,840 --> 00:13:25,959 Speaker 1: life and it controls who we are, and it doesn't 302 00:13:25,960 --> 00:13:28,040 Speaker 1: allow us to be generous, and so where that becomes 303 00:13:28,040 --> 00:13:30,439 Speaker 1: the focus of our life. On the surface, that seems 304 00:13:30,440 --> 00:13:33,280 Speaker 1: like a podcast that Gollum would love, right, But I 305 00:13:33,320 --> 00:13:35,559 Speaker 1: think it's important for us to step back and reframe 306 00:13:35,640 --> 00:13:37,360 Speaker 1: every now and then and to remind ourselves to hold 307 00:13:37,400 --> 00:13:40,640 Speaker 1: onto our possessions loosely with with open hands, because there's 308 00:13:40,640 --> 00:13:43,000 Speaker 1: no guarantee that will continue, that we will be able 309 00:13:43,000 --> 00:13:45,880 Speaker 1: to maintain that wealth or that money. Yeah. I don't 310 00:13:45,880 --> 00:13:48,040 Speaker 1: know if Gollum's a listener. I hope he is, But yeah, 311 00:13:48,040 --> 00:13:50,840 Speaker 1: I think the cool thing about working on being content 312 00:13:50,880 --> 00:13:53,400 Speaker 1: with what you have, developing that as a habit in 313 00:13:53,400 --> 00:13:56,240 Speaker 1: your life. It's something that anyone can do. It doesn't 314 00:13:56,320 --> 00:13:58,520 Speaker 1: matter if you are living paycheck to paycheck, and we 315 00:13:58,520 --> 00:14:01,439 Speaker 1: talked about that in episode seventy three. But but basically, 316 00:14:01,520 --> 00:14:03,560 Speaker 1: the idea of being content with what you have and 317 00:14:03,600 --> 00:14:06,600 Speaker 1: giving away at least a tiny portion of what you have, well, 318 00:14:06,640 --> 00:14:08,959 Speaker 1: that can even just mean your time, and that can 319 00:14:09,000 --> 00:14:12,040 Speaker 1: put you on a trajectory to doing more and more 320 00:14:12,160 --> 00:14:15,319 Speaker 1: over time as you get your finances in a healthier place. 321 00:14:15,640 --> 00:14:17,120 Speaker 1: So it's not that you have to have a massed 322 00:14:17,120 --> 00:14:18,599 Speaker 1: a certain amount in order for this to be a 323 00:14:18,640 --> 00:14:21,280 Speaker 1: reality in your life. You can prioritize these things as 324 00:14:21,320 --> 00:14:24,360 Speaker 1: a habit, paying yourself first, tracking your spending, and working 325 00:14:24,360 --> 00:14:26,760 Speaker 1: on being content with what you have now, no matter 326 00:14:26,760 --> 00:14:29,040 Speaker 1: where you are on the financial spectrum. So I find 327 00:14:29,080 --> 00:14:31,880 Speaker 1: that to be encouraging. Yeah, that's so great. We're gonna 328 00:14:31,920 --> 00:14:35,240 Speaker 1: talk more. We're gonna talk how to specifically create lasting, 329 00:14:35,480 --> 00:14:38,120 Speaker 1: life changing habits. But first let's take a quick break. 330 00:14:47,960 --> 00:14:49,880 Speaker 1: All right, Matt, we're back, and we just talked about 331 00:14:49,880 --> 00:14:53,200 Speaker 1: some of those major overarching financial habits that need to 332 00:14:53,200 --> 00:14:55,360 Speaker 1: be implemented to kind of get the ball rolling. And 333 00:14:55,360 --> 00:14:57,120 Speaker 1: now let's talk about kind of connecting some of the 334 00:14:57,160 --> 00:15:00,040 Speaker 1: knowledge that we already have and how we implement and 335 00:15:00,160 --> 00:15:01,920 Speaker 1: some of those things in our lives. Yeah, and not 336 00:15:01,960 --> 00:15:04,840 Speaker 1: just implementing it into our lives, but doing that regularly, right, Like, 337 00:15:04,880 --> 00:15:06,640 Speaker 1: that's what makes that habit is when we're able to 338 00:15:06,680 --> 00:15:09,760 Speaker 1: do that just day after day after day. Yeah, totally. 339 00:15:09,760 --> 00:15:11,400 Speaker 1: And so one of the first things that you might 340 00:15:11,440 --> 00:15:14,080 Speaker 1: be thinking, well, you might have some bad habits that 341 00:15:14,120 --> 00:15:16,680 Speaker 1: you need to get rid of, and I think sitting 342 00:15:16,720 --> 00:15:19,280 Speaker 1: down taking the time to recognize some of the bad 343 00:15:19,320 --> 00:15:21,760 Speaker 1: habits the way some of your major money issues flare 344 00:15:21,840 --> 00:15:23,520 Speaker 1: up in your life because of some of the habits 345 00:15:23,520 --> 00:15:26,400 Speaker 1: you've formed along the way. Maybe if you've had a 346 00:15:26,400 --> 00:15:28,520 Speaker 1: bad day, you soothe that over by going on a 347 00:15:28,560 --> 00:15:30,760 Speaker 1: shopping spree. I'm not sure what that looks like in 348 00:15:30,760 --> 00:15:33,840 Speaker 1: your life, but seeing and identifying is that first step 349 00:15:33,880 --> 00:15:35,640 Speaker 1: to changing. And so one of the things that we 350 00:15:35,720 --> 00:15:38,760 Speaker 1: mentioned earlier was to track your spending. That is one 351 00:15:38,800 --> 00:15:41,640 Speaker 1: of the easiest ways to recognize some of those bad 352 00:15:41,680 --> 00:15:43,920 Speaker 1: habits that you've incurred in your life. And once you're 353 00:15:43,960 --> 00:15:46,280 Speaker 1: able to see those like in black and white on paper, 354 00:15:46,560 --> 00:15:49,120 Speaker 1: then it makes it so much easier to actually start 355 00:15:49,200 --> 00:15:52,280 Speaker 1: to change those bad habits that have become ingrained. Yeah, 356 00:15:52,320 --> 00:15:54,480 Speaker 1: like you said earlier, man, you can't course correct unless 357 00:15:54,560 --> 00:15:57,160 Speaker 1: you can actually see where you currently are. And that's 358 00:15:57,160 --> 00:15:59,600 Speaker 1: why I love budgets and tracking you're spending so much, 359 00:15:59,640 --> 00:16:01,960 Speaker 1: is that you can so clearly see, like it really 360 00:16:02,000 --> 00:16:04,160 Speaker 1: is black and white. You can see the difference between 361 00:16:04,160 --> 00:16:05,960 Speaker 1: a good month and a bad month, or when you've 362 00:16:05,960 --> 00:16:08,560 Speaker 1: gone over budget and entertainment. That's why I love tracking 363 00:16:08,600 --> 00:16:10,800 Speaker 1: so much. But there are also things that we have 364 00:16:10,880 --> 00:16:14,120 Speaker 1: in our lives that are a little more difficult to identify. 365 00:16:14,160 --> 00:16:15,600 Speaker 1: And these are things that you're not going to see 366 00:16:15,640 --> 00:16:17,800 Speaker 1: on your monthly budget or in your spending. What I'm 367 00:16:17,800 --> 00:16:20,520 Speaker 1: thinking of here are maybe just attitudes that folks might 368 00:16:20,600 --> 00:16:23,240 Speaker 1: have towards let's just say investing, Like if you have 369 00:16:23,360 --> 00:16:26,120 Speaker 1: sort of a mistrust or a fear towards investing, and 370 00:16:26,160 --> 00:16:27,640 Speaker 1: that's kind of in the back of your mind, right, 371 00:16:27,640 --> 00:16:29,840 Speaker 1: Like that's how you view money in general, and that's 372 00:16:29,840 --> 00:16:31,760 Speaker 1: how you view the stock market because maybe you had 373 00:16:31,760 --> 00:16:33,960 Speaker 1: a bad experience at some point, or you know somebody 374 00:16:34,000 --> 00:16:36,600 Speaker 1: that did well. A bad habit that might form out 375 00:16:36,600 --> 00:16:39,440 Speaker 1: of that is you're afraid to invest in the stock market, 376 00:16:39,720 --> 00:16:42,520 Speaker 1: and that's probably a really bad habit for you to have. 377 00:16:42,880 --> 00:16:44,600 Speaker 1: We need to be invested in the stock market, we 378 00:16:44,680 --> 00:16:47,520 Speaker 1: need to be exposing ourselves to the ups and downs 379 00:16:47,520 --> 00:16:49,600 Speaker 1: of the market now while we're building our wealth for 380 00:16:49,640 --> 00:16:51,920 Speaker 1: the long term. Yeah. Man, it makes me think about 381 00:16:51,960 --> 00:16:54,760 Speaker 1: our interview that we did with her Meat Sadie and 382 00:16:55,000 --> 00:16:57,200 Speaker 1: he talked about these money scripts that have been ingrained 383 00:16:57,200 --> 00:17:01,200 Speaker 1: in our heads, sometimes from from youth, sometimes experiences with 384 00:17:01,200 --> 00:17:03,520 Speaker 1: with parents, things that were said at the dinner table. 385 00:17:03,800 --> 00:17:06,040 Speaker 1: Maybe it's the experience of a friend who lost it 386 00:17:06,080 --> 00:17:08,600 Speaker 1: all in some sort of crazy venture starting a business, 387 00:17:08,920 --> 00:17:13,040 Speaker 1: and and then you assume entrepreneurship equals bad, or someone 388 00:17:13,119 --> 00:17:15,360 Speaker 1: that you know who invested in a single stock lost 389 00:17:15,400 --> 00:17:19,000 Speaker 1: at all, investing therefore equals bad. And those experiences that 390 00:17:19,040 --> 00:17:22,840 Speaker 1: we've had in the past haven't direct influence on how 391 00:17:22,880 --> 00:17:24,880 Speaker 1: we handle our money now, Yeah, they shape us. Yeah, 392 00:17:24,920 --> 00:17:27,280 Speaker 1: and so we have to develop habits. And part of 393 00:17:27,280 --> 00:17:29,359 Speaker 1: that course correction involves a little bit of knowledge and 394 00:17:29,400 --> 00:17:31,439 Speaker 1: a little bit of understanding the right way to go 395 00:17:31,480 --> 00:17:33,560 Speaker 1: about some of those things. Right, investing in a single 396 00:17:33,600 --> 00:17:37,199 Speaker 1: stock is typically bad, and investing in something like uh 397 00:17:37,280 --> 00:17:39,560 Speaker 1: total stock market index fund is a much better way 398 00:17:39,560 --> 00:17:42,800 Speaker 1: to go. But yes, recognizing those bad habits, those money scripts, 399 00:17:42,840 --> 00:17:45,920 Speaker 1: will have massive effects on your ability to actually develop 400 00:17:46,200 --> 00:17:49,120 Speaker 1: meaningful habits that will help you in your money life. Yeah, 401 00:17:49,160 --> 00:17:51,520 Speaker 1: and again to do that, it just takes time. Right, 402 00:17:51,840 --> 00:17:53,720 Speaker 1: tracking your spending like, that's easy, you can do that 403 00:17:53,800 --> 00:17:55,840 Speaker 1: quickly and you see the numbers on paper. But some 404 00:17:55,880 --> 00:17:59,600 Speaker 1: of these more maybe deeper seated beliefs and those instances, 405 00:17:59,640 --> 00:18:02,280 Speaker 1: it might just take some time, some self reflection. And 406 00:18:02,280 --> 00:18:04,280 Speaker 1: I know it's hard for us these days to afford 407 00:18:04,280 --> 00:18:07,639 Speaker 1: ourselves some time to sit and be seemingly unproductive, but 408 00:18:07,760 --> 00:18:09,520 Speaker 1: that's just so important and that really might be what 409 00:18:09,600 --> 00:18:12,240 Speaker 1: it takes. Yes, So another way to create lasting, life 410 00:18:12,320 --> 00:18:15,440 Speaker 1: changing habits is to start easy. Biting off more than 411 00:18:15,480 --> 00:18:18,919 Speaker 1: you can chew is definitely a recipe for failure or 412 00:18:18,920 --> 00:18:23,000 Speaker 1: sliding back into old, unhelpful habits that you've had. For instance, 413 00:18:23,040 --> 00:18:26,479 Speaker 1: let's say you have a problem with impulse purchases. So 414 00:18:26,520 --> 00:18:29,120 Speaker 1: start easy with a twenty four hour rule and say, 415 00:18:29,119 --> 00:18:30,840 Speaker 1: you know what, if I put this in my card, 416 00:18:31,080 --> 00:18:33,320 Speaker 1: I have to wait twenty four hours before I can 417 00:18:33,320 --> 00:18:35,880 Speaker 1: actually follow through and make the purchase. That's kind of 418 00:18:35,920 --> 00:18:38,240 Speaker 1: an easy method, a twenty four hour method, but work 419 00:18:38,520 --> 00:18:41,479 Speaker 1: towards instituting a seventy two hour rule before you make 420 00:18:41,520 --> 00:18:44,479 Speaker 1: your purchase. That is an even bigger hurdle to climb, 421 00:18:44,640 --> 00:18:46,800 Speaker 1: it's a little bit harder to do. So anyway that 422 00:18:46,880 --> 00:18:50,120 Speaker 1: you can start easy in developing a habit, go small 423 00:18:50,160 --> 00:18:52,560 Speaker 1: in the beginning. It's going to make it much more 424 00:18:52,600 --> 00:18:54,840 Speaker 1: likely that that habit is going to stick, and you 425 00:18:54,840 --> 00:18:58,080 Speaker 1: can kind of intensify that habit further on down the line. 426 00:18:58,080 --> 00:19:00,440 Speaker 1: It doesn't have to be all or nothing, yeah, Jule. 427 00:19:00,480 --> 00:19:02,919 Speaker 1: Another example I'm thinking of is we talk all the 428 00:19:03,000 --> 00:19:05,600 Speaker 1: time of how important it is to save for retirement. 429 00:19:05,840 --> 00:19:07,920 Speaker 1: The problem is, though, is that it's a little more 430 00:19:08,000 --> 00:19:10,879 Speaker 1: complicated to save towards retirement, to open that i ra A, 431 00:19:11,040 --> 00:19:13,600 Speaker 1: to enroll in your work sponsored four ohn k. It's 432 00:19:13,720 --> 00:19:15,760 Speaker 1: a little more complicated to do those things than it 433 00:19:15,840 --> 00:19:17,560 Speaker 1: is to just put a little bit of money aside 434 00:19:17,600 --> 00:19:20,160 Speaker 1: in a savings account. So again, start small. Just start 435 00:19:20,240 --> 00:19:22,000 Speaker 1: chipping away a little bit of money off of your 436 00:19:22,040 --> 00:19:24,520 Speaker 1: paycheck every single pay period, and before you know it, 437 00:19:24,520 --> 00:19:26,520 Speaker 1: you're gonna have a couple thousand dollars that you are 438 00:19:26,560 --> 00:19:28,680 Speaker 1: going to want to invest. Because you have seen the 439 00:19:28,720 --> 00:19:31,280 Speaker 1: aggregation of these small games. You've seen all these small 440 00:19:31,359 --> 00:19:33,679 Speaker 1: winds pile up into something big, and that's the kind 441 00:19:33,680 --> 00:19:35,880 Speaker 1: of encouragement. I know that I need that really hammers 442 00:19:35,920 --> 00:19:38,159 Speaker 1: home and solidify as a habit. And yeah, man, and 443 00:19:38,160 --> 00:19:39,920 Speaker 1: there are so many great apps out there. We've talked 444 00:19:39,920 --> 00:19:43,040 Speaker 1: about Acorns before on the show. That's a perfect example, right, Yeah, 445 00:19:43,119 --> 00:19:45,520 Speaker 1: I think Bank of America has something similar called Keep 446 00:19:45,520 --> 00:19:47,760 Speaker 1: the Change. There are all sorts of different apps out 447 00:19:47,760 --> 00:19:49,639 Speaker 1: there that can help you with this. If you need 448 00:19:49,680 --> 00:19:51,440 Speaker 1: a little help and you find it hard to get 449 00:19:51,440 --> 00:19:53,879 Speaker 1: the motivation, just signing up for Acorns and making something 450 00:19:53,920 --> 00:19:56,440 Speaker 1: like that happen is a fantastic way to start small 451 00:19:56,680 --> 00:19:59,400 Speaker 1: and make it easy for yourself, So Joel, another way 452 00:19:59,400 --> 00:20:01,480 Speaker 1: that we can still to defy these habits and make 453 00:20:01,520 --> 00:20:04,639 Speaker 1: them lifelong habits is to try to adapt a behavior 454 00:20:04,720 --> 00:20:07,520 Speaker 1: to your own way of seeing the world. Maybe you 455 00:20:07,520 --> 00:20:09,760 Speaker 1: can identify a goal and there can be a number 456 00:20:09,800 --> 00:20:12,440 Speaker 1: of different ways to achieve that goal. Right, we want 457 00:20:12,440 --> 00:20:14,359 Speaker 1: you to be creative. It could be that you've never 458 00:20:14,359 --> 00:20:16,959 Speaker 1: seen it done in a thoughtful way. Just because it 459 00:20:17,000 --> 00:20:19,720 Speaker 1: looks one way for others, right, that doesn't mean it 460 00:20:19,760 --> 00:20:21,840 Speaker 1: has to look that way for you. I'm thinking of 461 00:20:21,880 --> 00:20:24,480 Speaker 1: the interview we had with Andy Hill and how the 462 00:20:24,480 --> 00:20:26,000 Speaker 1: way he was able to get his wife on board 463 00:20:26,320 --> 00:20:28,720 Speaker 1: was that instead of having these budget meetings, what they 464 00:20:28,760 --> 00:20:30,960 Speaker 1: would have and what they continue to have now our 465 00:20:31,000 --> 00:20:33,360 Speaker 1: budget parties, And I'm pretty sure he said they would 466 00:20:33,359 --> 00:20:35,640 Speaker 1: crack open a bottle of wine. They sit down there. 467 00:20:35,640 --> 00:20:38,160 Speaker 1: You know, it's fun. It's not like this. It's not drudgery, 468 00:20:38,200 --> 00:20:40,120 Speaker 1: it's not monotonous. It's a lot of fun for them. 469 00:20:40,320 --> 00:20:42,640 Speaker 1: And so because of that, that allowed for those meetings 470 00:20:42,680 --> 00:20:45,760 Speaker 1: to become fun, and also it changed how they viewed budgets. Basically, 471 00:20:45,800 --> 00:20:48,480 Speaker 1: what you're doing is reframing, and you're essentially spinning it 472 00:20:48,520 --> 00:20:50,240 Speaker 1: a little bit too, to make it more fun. Yeah, 473 00:20:50,240 --> 00:20:53,600 Speaker 1: if you can get rid of the negative connotations associated 474 00:20:53,680 --> 00:20:56,879 Speaker 1: with how you view money, how you view budgeting, in 475 00:20:56,920 --> 00:20:59,840 Speaker 1: the ingrained habits that you have that are correlated to 476 00:20:59,880 --> 00:21:03,080 Speaker 1: my me, then you have such a better chance of 477 00:21:03,200 --> 00:21:05,920 Speaker 1: adapting your behavior to make a change that's gonna last 478 00:21:05,960 --> 00:21:08,280 Speaker 1: and it's gonna make a real impact on your financial future. 479 00:21:08,520 --> 00:21:10,399 Speaker 1: But yeah, so many of us have this idea that 480 00:21:10,440 --> 00:21:12,920 Speaker 1: budgets have to be terrible, and a conversation about money 481 00:21:12,920 --> 00:21:14,800 Speaker 1: with our spouse has to be a fight or has 482 00:21:14,840 --> 00:21:16,840 Speaker 1: to be hard, And I think something like the way 483 00:21:16,880 --> 00:21:19,639 Speaker 1: Andy handles it with his wife. The way they approach 484 00:21:19,680 --> 00:21:22,159 Speaker 1: it together, it's a game changer. It's just gonna be 485 00:21:22,200 --> 00:21:24,800 Speaker 1: easier to get together, to actually have that conversation, and 486 00:21:24,840 --> 00:21:27,600 Speaker 1: you're bound to make more progress because you're having fun 487 00:21:27,600 --> 00:21:29,440 Speaker 1: while you're doing it. Do you think that's also why 488 00:21:29,480 --> 00:21:31,360 Speaker 1: we have beer when we have re quod Our episodes? 489 00:21:31,400 --> 00:21:33,760 Speaker 1: Dull oh? Most definitely. It's more fun to talk about 490 00:21:33,760 --> 00:21:35,639 Speaker 1: money when you're having a beer, right, Yeah, Well, I 491 00:21:35,680 --> 00:21:38,119 Speaker 1: mean except for with us. I mean beer and money 492 00:21:38,119 --> 00:21:40,320 Speaker 1: are both fun. So for us, it's like this upward 493 00:21:40,359 --> 00:21:44,760 Speaker 1: spiral of goodness. Yeah, man. And for me, just another 494 00:21:44,760 --> 00:21:47,199 Speaker 1: example of the way I've been able to adapt a 495 00:21:47,240 --> 00:21:50,959 Speaker 1: behavior to to fit my lifestyle is biking to work. Right, 496 00:21:51,040 --> 00:21:53,840 Speaker 1: I don't have the desire to go to the gym 497 00:21:53,880 --> 00:21:56,280 Speaker 1: and workout like it's just honestly, it's not gonna happen. 498 00:21:56,280 --> 00:21:58,520 Speaker 1: And so if I don't bike to work, I'm essentially 499 00:21:58,560 --> 00:22:00,960 Speaker 1: not going to get any exercise that week. So biking 500 00:22:00,960 --> 00:22:02,960 Speaker 1: to work. And another thing that I'm trying to implement 501 00:22:03,000 --> 00:22:05,520 Speaker 1: now into my rides is stopping at this point in 502 00:22:05,560 --> 00:22:07,480 Speaker 1: the park where there's a pull up bar, doing a 503 00:22:07,520 --> 00:22:10,040 Speaker 1: few pull ups, hopping back on my bike and keeping 504 00:22:10,080 --> 00:22:12,040 Speaker 1: on riding into work. Look at you, right, I know. 505 00:22:12,280 --> 00:22:14,200 Speaker 1: So it's these kind of things that my boy Joe 506 00:22:14,280 --> 00:22:17,720 Speaker 1: is getting swollen. Yeah, it's gonna be a while, but 507 00:22:17,800 --> 00:22:19,680 Speaker 1: it is just habit, right that I'm trying to develop. 508 00:22:20,000 --> 00:22:22,520 Speaker 1: And it's just one of those things that is so 509 00:22:22,640 --> 00:22:25,120 Speaker 1: much easier if I adapted in the way that's actually 510 00:22:25,200 --> 00:22:27,600 Speaker 1: going to work for me, as opposed to trying to 511 00:22:27,600 --> 00:22:29,720 Speaker 1: fit a square peg in a round hole and doing 512 00:22:29,760 --> 00:22:32,119 Speaker 1: what everyone else says works for them. I have to 513 00:22:32,200 --> 00:22:34,280 Speaker 1: kind of figure out the way that it works for 514 00:22:34,359 --> 00:22:36,960 Speaker 1: me because that's the only way it's actually gonna get done. 515 00:22:37,080 --> 00:22:38,800 Speaker 1: I love that, man. I think that's great, And I 516 00:22:38,800 --> 00:22:40,360 Speaker 1: know that's true for you because I know that you've 517 00:22:40,400 --> 00:22:42,840 Speaker 1: mentioned seeing those dudes before doing pull ups on the 518 00:22:42,840 --> 00:22:45,200 Speaker 1: way to work, and so obviously it's something that resonated 519 00:22:45,200 --> 00:22:46,640 Speaker 1: with you. Right, Like you're riding your bike, you see 520 00:22:46,640 --> 00:22:48,359 Speaker 1: them working out, and it's not that they're doing it 521 00:22:48,400 --> 00:22:50,919 Speaker 1: in public to show off, but like they're utilizing the 522 00:22:51,000 --> 00:22:53,520 Speaker 1: equipment that's there in the park. It's it's equipment that 523 00:22:53,560 --> 00:22:56,080 Speaker 1: the city has installed. It's a part of our landscape. 524 00:22:56,280 --> 00:22:58,159 Speaker 1: It's on the way to work. This is something that 525 00:22:58,200 --> 00:22:59,680 Speaker 1: you want to do, like all these things are lining 526 00:22:59,720 --> 00:23:01,800 Speaker 1: up and makes so much sense to hop off the 527 00:23:01,840 --> 00:23:04,199 Speaker 1: bike do some pull ups versus signing up for a 528 00:23:04,200 --> 00:23:06,600 Speaker 1: gym membership, which you wouldn't take advantage of evidence that 529 00:23:06,760 --> 00:23:09,160 Speaker 1: you'd just be wasting your money. I think that's great. Yeah, totally. 530 00:23:09,480 --> 00:23:11,800 Speaker 1: So another thing that we would suggest to make meaningful 531 00:23:11,800 --> 00:23:15,320 Speaker 1: habits is to focus on the schedule, not the deadline. 532 00:23:15,480 --> 00:23:17,159 Speaker 1: And what I mean by that is that the end 533 00:23:17,160 --> 00:23:20,480 Speaker 1: goal can sometimes be really daunting, and instead we want 534 00:23:20,480 --> 00:23:23,760 Speaker 1: you to break those down into bite size steps. Speaking 535 00:23:23,760 --> 00:23:25,920 Speaker 1: of bite size Matt talk, let's talk about meal planning. 536 00:23:26,760 --> 00:23:28,600 Speaker 1: So if you know that you need to be eating 537 00:23:28,600 --> 00:23:31,639 Speaker 1: more meals at home because dining out is crushing your budget, 538 00:23:31,640 --> 00:23:34,360 Speaker 1: You're spending way too much money every month because you 539 00:23:34,800 --> 00:23:38,080 Speaker 1: last minute decide there's nothing in the fridge. Oh man, 540 00:23:38,119 --> 00:23:39,720 Speaker 1: I didn't think it had I didn't plan a meal. 541 00:23:39,800 --> 00:23:42,000 Speaker 1: I I can't cook tonight, and because of that, you 542 00:23:42,080 --> 00:23:44,359 Speaker 1: got to eat well. Meal planning is a game changer. 543 00:23:44,440 --> 00:23:46,840 Speaker 1: It basically gives you the ability to create just a 544 00:23:46,840 --> 00:23:48,880 Speaker 1: couple of steps that are going to help you form 545 00:23:48,920 --> 00:23:51,560 Speaker 1: a habit of being able to eat meals at home. 546 00:23:51,880 --> 00:23:53,919 Speaker 1: So let's say you sit down on Saturday morning to 547 00:23:53,960 --> 00:23:55,560 Speaker 1: map out what you want to eat for the rest 548 00:23:55,600 --> 00:23:57,879 Speaker 1: of the week, and then you do some grocery shopping 549 00:23:57,960 --> 00:24:00,680 Speaker 1: Saturday afternoon. You could even make a few of your 550 00:24:00,720 --> 00:24:03,240 Speaker 1: meals for that week on Sunday in order to have 551 00:24:03,359 --> 00:24:05,200 Speaker 1: them ready for the first few days of the week. 552 00:24:05,320 --> 00:24:07,680 Speaker 1: Eat leftovers on Thursday, and make Friday you're going out 553 00:24:07,720 --> 00:24:10,480 Speaker 1: to eat night. Like we just mentioned, adapt this behavior 554 00:24:10,520 --> 00:24:12,919 Speaker 1: to the way that best fits you. But thinking your 555 00:24:12,960 --> 00:24:16,080 Speaker 1: head working on a schedule can allow you to implement 556 00:24:16,119 --> 00:24:19,200 Speaker 1: a habit like this that's going to save you money. Yeah, 557 00:24:19,359 --> 00:24:21,359 Speaker 1: meal planning for the week that sounds like something I 558 00:24:21,440 --> 00:24:23,000 Speaker 1: do not want to do. It's it sounds like a 559 00:24:23,040 --> 00:24:26,600 Speaker 1: task that almost seems insurmountable, But breaking those up into small, 560 00:24:26,640 --> 00:24:29,399 Speaker 1: doable tasks is key to success. But something else to 561 00:24:29,440 --> 00:24:31,680 Speaker 1: consider is what's your plan if you end up failing? 562 00:24:31,800 --> 00:24:34,600 Speaker 1: Right and so, in this example, when you inevitably forgets 563 00:24:34,600 --> 00:24:36,840 Speaker 1: to plan a meal and you end up going out 564 00:24:36,840 --> 00:24:39,240 Speaker 1: to eat, what are you gonna do? Like? What are 565 00:24:39,280 --> 00:24:41,199 Speaker 1: you gonna do next? We think it's important that you 566 00:24:41,240 --> 00:24:43,640 Speaker 1: make in a mantra to make sure to not do 567 00:24:43,680 --> 00:24:46,399 Speaker 1: it twice. You mess up once, but don't be yourself 568 00:24:46,480 --> 00:24:48,840 Speaker 1: up about it. We're human. We make mistakes. I think 569 00:24:48,880 --> 00:24:52,240 Speaker 1: what's important here is that we avoid the trap of perfectionism, 570 00:24:52,280 --> 00:24:54,840 Speaker 1: because oftentimes when we make one mistake, we think, oh, 571 00:24:54,960 --> 00:24:57,000 Speaker 1: you know, that's it, it's over the s throw in 572 00:24:57,040 --> 00:24:59,479 Speaker 1: the towel. I'm not gonna do it anymore, dude. For me, 573 00:24:59,600 --> 00:25:02,000 Speaker 1: this is a serious problem that I have because I 574 00:25:02,000 --> 00:25:04,119 Speaker 1: tend to be very binary, like things are either black 575 00:25:04,160 --> 00:25:06,520 Speaker 1: and white, and so for me, it's hard to identify 576 00:25:06,640 --> 00:25:08,840 Speaker 1: things in the middle, like that kind of gray, murky area. 577 00:25:09,119 --> 00:25:11,199 Speaker 1: And so because that, it's easier for me just to 578 00:25:11,240 --> 00:25:13,639 Speaker 1: say no, I'm either doing this or I'm not doing it, 579 00:25:13,760 --> 00:25:16,000 Speaker 1: yes or no. But guess what, if you're actually trying 580 00:25:16,040 --> 00:25:19,199 Speaker 1: to move forward towards a positive habit, you have to 581 00:25:19,200 --> 00:25:22,960 Speaker 1: get past those small little screw ups and keep moving forward. Yeah, Man, 582 00:25:23,040 --> 00:25:25,760 Speaker 1: if you miss a day of working out or you 583 00:25:25,800 --> 00:25:27,879 Speaker 1: screw up on your diet, it's so easy to go 584 00:25:27,960 --> 00:25:31,119 Speaker 1: down this slippery slope of saying whatever, Man, Okay, I 585 00:25:31,119 --> 00:25:32,879 Speaker 1: guess I'm not doing that anymore. Had a little bit 586 00:25:32,920 --> 00:25:35,919 Speaker 1: ice cream. I guess I'm gonna eat the whole cart exactly. 587 00:25:36,119 --> 00:25:38,600 Speaker 1: That's such an easy that's how I think. It's like, 588 00:25:38,640 --> 00:25:40,439 Speaker 1: no joke, Well, that's such an easy thing for us 589 00:25:40,440 --> 00:25:41,879 Speaker 1: to do as humans. I think all of us, right, 590 00:25:41,960 --> 00:25:44,639 Speaker 1: you me, any of us, even I feel like we're 591 00:25:44,680 --> 00:25:46,879 Speaker 1: completely different in this. I see the whole world in 592 00:25:46,880 --> 00:25:49,600 Speaker 1: shades of gray. I'm not very black and white. But still, 593 00:25:49,640 --> 00:25:51,919 Speaker 1: at the same time, if I were to mess up 594 00:25:51,960 --> 00:25:54,160 Speaker 1: at something that I'm trying to do, it's really easy 595 00:25:54,200 --> 00:25:55,919 Speaker 1: for me to go down a path of saying, you 596 00:25:55,960 --> 00:25:58,520 Speaker 1: know what, Okay, I guess I'm just giving in. And 597 00:25:58,560 --> 00:26:01,080 Speaker 1: I think it's an inherently human trait. And so we 598 00:26:01,119 --> 00:26:03,760 Speaker 1: have to be able to a forgive ourselves and be 599 00:26:03,960 --> 00:26:05,840 Speaker 1: get back on the horse. So we have to kind 600 00:26:05,840 --> 00:26:08,119 Speaker 1: of have a plan for what we do when we fail. 601 00:26:08,359 --> 00:26:10,880 Speaker 1: And if you can devise a method for getting yourself 602 00:26:11,200 --> 00:26:13,080 Speaker 1: back on the horse, Let's say, if you did go 603 00:26:13,080 --> 00:26:14,800 Speaker 1: out to eat let's say three times that week and 604 00:26:14,800 --> 00:26:17,160 Speaker 1: he totally screwed up on meal planning, if you have 605 00:26:17,320 --> 00:26:19,520 Speaker 1: a reset button that you can hit that helps you 606 00:26:19,560 --> 00:26:22,440 Speaker 1: that following Saturday to actually make sure that the next 607 00:26:22,480 --> 00:26:26,440 Speaker 1: week is different. That's crucial in establishing habits and making 608 00:26:26,480 --> 00:26:28,280 Speaker 1: sure that you kind of hit that sixty day length 609 00:26:28,280 --> 00:26:30,520 Speaker 1: of time that we're shooting for in order to make 610 00:26:30,560 --> 00:26:33,560 Speaker 1: sure that that habit sticks for the long term. All right, Joel, 611 00:26:33,560 --> 00:26:35,640 Speaker 1: We're gonna talk about some more ways that you can 612 00:26:35,720 --> 00:26:38,480 Speaker 1: make good financial habits that will help determine a healthy 613 00:26:38,520 --> 00:26:42,160 Speaker 1: financial future, including one that involves your best buddy. Oh, 614 00:26:42,200 --> 00:26:45,120 Speaker 1: I know, best buddy right across from me. Uh, let's 615 00:26:45,119 --> 00:26:56,760 Speaker 1: stick around, all right, Matt, Well back, we're talking about 616 00:26:56,800 --> 00:26:59,960 Speaker 1: financial habits. And we mentioned early on that habits becoming 617 00:27:00,119 --> 00:27:02,960 Speaker 1: grain the small things we do day after day, they 618 00:27:02,960 --> 00:27:05,720 Speaker 1: shape who we are, They shape who we become. And 619 00:27:05,760 --> 00:27:09,199 Speaker 1: so sometimes creating a good habit might mean breaking a 620 00:27:09,240 --> 00:27:11,800 Speaker 1: bad one. And I can't say the words breaking in 621 00:27:11,840 --> 00:27:13,920 Speaker 1: bad in the same sentence. You're gonna do this without 622 00:27:13,920 --> 00:27:16,600 Speaker 1: referencing my favorite television show of all time, probably That 623 00:27:16,640 --> 00:27:19,480 Speaker 1: and Arrested Development top two. And apparently Netflix is making 624 00:27:19,480 --> 00:27:21,720 Speaker 1: a new movie, a Breaking Bad movie, which I'm a 625 00:27:21,720 --> 00:27:23,760 Speaker 1: little worried about. I gotta be honest, because those five 626 00:27:23,760 --> 00:27:26,159 Speaker 1: seasons of Breaking Bad, we're kind of under perfection, and 627 00:27:26,200 --> 00:27:28,240 Speaker 1: I know there's a chance that they might ruin it. 628 00:27:28,359 --> 00:27:30,880 Speaker 1: So I'm hoping that doesn't happen. But the problem there, though, 629 00:27:31,000 --> 00:27:33,480 Speaker 1: is didn't you just recently cancel Netflix, So you're gonna 630 00:27:33,480 --> 00:27:35,600 Speaker 1: have to sign up for that new customer sign up 631 00:27:35,600 --> 00:27:37,919 Speaker 1: bonus where you get to not pay for six months, right, 632 00:27:37,960 --> 00:27:39,600 Speaker 1: just because you're a new member. But I don't think 633 00:27:39,600 --> 00:27:42,760 Speaker 1: Netflix has a six month free trial, but hey, you 634 00:27:42,760 --> 00:27:44,800 Speaker 1: can give it a shot. If they did, that'd be awesome. 635 00:27:44,880 --> 00:27:46,480 Speaker 1: Just put a new email addressing there. They won't know 636 00:27:46,480 --> 00:27:47,959 Speaker 1: the difference. I think it's like seven I think it's 637 00:27:48,000 --> 00:27:50,480 Speaker 1: like seven days. But okay, seven days whatever, seven days, 638 00:27:50,520 --> 00:27:52,879 Speaker 1: six months, it's all the same to me. I'll remember 639 00:27:52,880 --> 00:27:55,919 Speaker 1: I don't understand time, all right. So the key to 640 00:27:56,000 --> 00:27:59,919 Speaker 1: breaking bad habits is replacement. Let's take, for example, on 641 00:28:00,000 --> 00:28:02,200 Speaker 1: line spending that that might be a bad habit for you. 642 00:28:02,520 --> 00:28:06,040 Speaker 1: Often there's a queue and a craving associated with that habit, 643 00:28:06,359 --> 00:28:09,320 Speaker 1: and you get a rush by purchasing something online. Maybe 644 00:28:09,320 --> 00:28:12,280 Speaker 1: you have a tendency to browse the internet for deals 645 00:28:12,640 --> 00:28:15,240 Speaker 1: when you've had a bad day, and so instead of 646 00:28:15,359 --> 00:28:18,040 Speaker 1: hopping on the internet and buying some things to compensate 647 00:28:18,080 --> 00:28:21,120 Speaker 1: for having a tough day, we'll maybe replace it with 648 00:28:21,200 --> 00:28:23,040 Speaker 1: a text to an old friend or colleague that you've 649 00:28:23,080 --> 00:28:25,399 Speaker 1: meant to keep in touch with, instead of doing something 650 00:28:25,440 --> 00:28:28,000 Speaker 1: negative and that also affects your finances in a bad way. 651 00:28:28,280 --> 00:28:31,120 Speaker 1: What you're doing is you're replacing that with something positive, 652 00:28:31,240 --> 00:28:34,679 Speaker 1: with a conversation, with relationship building. So much of getting 653 00:28:34,760 --> 00:28:38,120 Speaker 1: rid of bad habits is replacement. It's taking out the bad, 654 00:28:38,440 --> 00:28:40,960 Speaker 1: replacing it with something good. And then the next time 655 00:28:41,000 --> 00:28:42,720 Speaker 1: that q hits, the next time you have a bad day, 656 00:28:42,920 --> 00:28:46,360 Speaker 1: you instantaneously, based on habit, decide to text or call 657 00:28:46,520 --> 00:28:49,160 Speaker 1: someone that you care about instead of the negative reaction 658 00:28:49,200 --> 00:28:52,280 Speaker 1: that you previously pursued. And the added bonus of that too, 659 00:28:52,320 --> 00:28:54,200 Speaker 1: is it kind of pulls you out of yourself, right, 660 00:28:54,240 --> 00:28:56,120 Speaker 1: Like instead of just you being focused on your own 661 00:28:56,160 --> 00:28:58,400 Speaker 1: stuff and your own things and your own money, you're 662 00:28:58,400 --> 00:29:01,320 Speaker 1: doing something positive that's kind of outward facing. And I 663 00:29:01,400 --> 00:29:04,200 Speaker 1: love that. I mean, in an obvious non financial example 664 00:29:04,240 --> 00:29:06,080 Speaker 1: to you, man, is I'm thinking of like smoking, right, 665 00:29:06,120 --> 00:29:08,760 Speaker 1: anyone that's trying to quit smoking, it's hard to actually 666 00:29:08,960 --> 00:29:11,360 Speaker 1: quit cold turkey. Isn't that why a lot of times 667 00:29:11,360 --> 00:29:14,200 Speaker 1: previous smokers like they chew a lot of gum, Because 668 00:29:14,360 --> 00:29:17,000 Speaker 1: like you need sort of like that oral fixation, something 669 00:29:17,040 --> 00:29:19,600 Speaker 1: there to replace that habit, something there that you can 670 00:29:19,680 --> 00:29:22,160 Speaker 1: kind of revert to anytime you sort of feel that urge, 671 00:29:22,480 --> 00:29:25,080 Speaker 1: it's more natural and easier just to slot in that 672 00:29:25,200 --> 00:29:27,719 Speaker 1: new habit. Yeah. Trying to kick that habit cold turkey 673 00:29:27,960 --> 00:29:30,680 Speaker 1: and not offering any sort of replacement for yourself, well, 674 00:29:30,720 --> 00:29:33,680 Speaker 1: it just makes kicking the bad habit so much harder. Man. 675 00:29:33,680 --> 00:29:36,440 Speaker 1: In one of the best ways to solidify positive financial 676 00:29:36,480 --> 00:29:39,160 Speaker 1: habits is to consider joining up with a friend, right, 677 00:29:39,240 --> 00:29:43,520 Speaker 1: join forces were stronger together, you mean specifically, buddy, because 678 00:29:43,560 --> 00:29:45,880 Speaker 1: we we hold each other accountable. Right, I'm thinking of 679 00:29:46,120 --> 00:29:48,760 Speaker 1: a non financial example is working out. You hear of 680 00:29:48,800 --> 00:29:51,640 Speaker 1: the benefits of cross fit, and not just cross fit, 681 00:29:51,680 --> 00:29:53,640 Speaker 1: but any type of working out. Any time you're able 682 00:29:53,680 --> 00:29:55,880 Speaker 1: to do a behavior like that with a friend, with 683 00:29:55,960 --> 00:29:58,320 Speaker 1: somebody that's gonna hold you accountable, with someone you have 684 00:29:58,360 --> 00:30:01,600 Speaker 1: to answer to, there's a much better chance of you succeeding. 685 00:30:01,840 --> 00:30:03,680 Speaker 1: While initially that might start out as sort of this 686 00:30:03,840 --> 00:30:08,200 Speaker 1: external pressure, over time, once those habits form, it becomes internalized, 687 00:30:08,400 --> 00:30:11,400 Speaker 1: and that accountability just becomes icing on top. At that point, 688 00:30:11,400 --> 00:30:14,440 Speaker 1: it's just a bonus. Yeah, Man, our friendship we've been 689 00:30:14,480 --> 00:30:17,320 Speaker 1: able to to spare each other on as we discuss 690 00:30:17,440 --> 00:30:20,080 Speaker 1: different money topics. Right, And doing something with a friend 691 00:30:20,360 --> 00:30:23,080 Speaker 1: can just make swallowing that pill so much easier. So, 692 00:30:23,160 --> 00:30:26,040 Speaker 1: for instance, let's say monthly money meetings. If you have 693 00:30:26,200 --> 00:30:29,480 Speaker 1: a partner, looking at the previous month's income and planning 694 00:30:29,680 --> 00:30:33,160 Speaker 1: the next month's expenses together in a monthly money meeting 695 00:30:33,520 --> 00:30:36,640 Speaker 1: is so helpful. It's such a good habit to develop together, 696 00:30:36,960 --> 00:30:39,440 Speaker 1: not just the monthly monotony of making it happen, but 697 00:30:39,440 --> 00:30:42,760 Speaker 1: but dreaming big and beginning to talk about money with 698 00:30:42,840 --> 00:30:46,200 Speaker 1: your partner is crucial to dreaming big about the goals 699 00:30:46,280 --> 00:30:49,400 Speaker 1: that you have and then setting about achieving those goals. 700 00:30:49,640 --> 00:30:51,680 Speaker 1: And if the two of you have the same focus, 701 00:30:51,920 --> 00:30:54,720 Speaker 1: if you are set in the same direction, the chances 702 00:30:54,760 --> 00:30:58,280 Speaker 1: of you achieving the goal that you've set out towards together, man, 703 00:30:58,320 --> 00:31:01,040 Speaker 1: there's just such a greater chance of it happening. That's 704 00:31:01,040 --> 00:31:03,760 Speaker 1: true in like a marriage or a long term partnership. 705 00:31:03,920 --> 00:31:06,320 Speaker 1: And it can also be true if you're attempting your 706 00:31:06,360 --> 00:31:08,640 Speaker 1: own goal but you have someone else there to to 707 00:31:08,680 --> 00:31:11,160 Speaker 1: back you up who is also shooting for the same 708 00:31:11,240 --> 00:31:13,720 Speaker 1: kind of thing. And if sharing with a friend makes 709 00:31:13,760 --> 00:31:17,400 Speaker 1: you maybe a little bit uncomfortable, well just know that 710 00:31:17,440 --> 00:31:20,840 Speaker 1: you're not alone. They are probably pretty nervous too, but 711 00:31:20,960 --> 00:31:23,800 Speaker 1: challenging yourself to have more meaningful conversations can lead to 712 00:31:24,240 --> 00:31:28,400 Speaker 1: a deeper friendship in addition to having those strong financial habits. 713 00:31:28,880 --> 00:31:31,040 Speaker 1: I'm sure that we've all seen that with the various 714 00:31:31,040 --> 00:31:34,560 Speaker 1: types of relationships we have. Anytime we're able to dive deeper, right, 715 00:31:34,720 --> 00:31:36,320 Speaker 1: and we're we're not just staying on the surface. It 716 00:31:36,360 --> 00:31:38,840 Speaker 1: just leads to a better outcome in general. All Right, Matt, 717 00:31:38,840 --> 00:31:41,280 Speaker 1: I want to know what is the financial habit that 718 00:31:41,320 --> 00:31:44,240 Speaker 1: you've implemented in your life that has made the most difference. Man, 719 00:31:44,320 --> 00:31:47,040 Speaker 1: You know, I feel that I should say that teaming 720 00:31:47,120 --> 00:31:49,360 Speaker 1: up with a buddy, right, I feel like you're setting 721 00:31:49,360 --> 00:31:51,120 Speaker 1: me up here. You don't have to say that. You 722 00:31:51,160 --> 00:31:53,720 Speaker 1: don't have to say that pressure because like it's true though, 723 00:31:53,760 --> 00:31:56,040 Speaker 1: like you and me being able to have these money conversations, 724 00:31:56,080 --> 00:31:58,400 Speaker 1: that's why we started this podcast. Every time we got together, 725 00:31:58,440 --> 00:32:01,080 Speaker 1: we're talking about our finances, We're talking talking about personal finance, 726 00:32:01,120 --> 00:32:03,760 Speaker 1: we're talking about ways that we can hopefully be frugal 727 00:32:03,800 --> 00:32:05,880 Speaker 1: and not cheat. Those have all been ways that have 728 00:32:05,960 --> 00:32:08,200 Speaker 1: made this way more fun. But for me, man, the 729 00:32:08,440 --> 00:32:11,240 Speaker 1: thing that has had the largest impact is not only 730 00:32:11,280 --> 00:32:14,880 Speaker 1: tracking my spending, but budgeting every single month. Having started 731 00:32:14,880 --> 00:32:17,320 Speaker 1: that over a decade ago, I can't imagine this sort 732 00:32:17,320 --> 00:32:21,520 Speaker 1: of compounding benefits that I've realized over the years by 733 00:32:21,640 --> 00:32:23,840 Speaker 1: being able to whip my finances into shape by giving 734 00:32:23,880 --> 00:32:26,760 Speaker 1: every single dollar a name. For me and Kate, that 735 00:32:26,800 --> 00:32:29,680 Speaker 1: truly has been life changing for us. But yeah, what 736 00:32:29,720 --> 00:32:32,840 Speaker 1: about you? Yeah, I mean, I think, honestly, and I 737 00:32:32,880 --> 00:32:36,280 Speaker 1: don't want to sound altruistic or anything like that, but 738 00:32:36,360 --> 00:32:38,280 Speaker 1: for me, giving away a portion of what we have 739 00:32:38,400 --> 00:32:41,440 Speaker 1: every single month and creating the habit of doing that 740 00:32:41,880 --> 00:32:44,840 Speaker 1: has really helped my attachment to money, because I think 741 00:32:44,840 --> 00:32:46,760 Speaker 1: I mentioned this on the show before, I had like 742 00:32:46,840 --> 00:32:49,720 Speaker 1: an unhealthy attachment towards money. I think for a while 743 00:32:50,040 --> 00:32:52,240 Speaker 1: I was overly frugal and tried to hang on to 744 00:32:52,280 --> 00:32:55,240 Speaker 1: everything I got, and so developing a habit of giving 745 00:32:55,280 --> 00:32:57,080 Speaker 1: away a portion of what I had helped me to 746 00:32:57,120 --> 00:32:59,560 Speaker 1: see money in a better light as the tool that 747 00:32:59,600 --> 00:33:01,520 Speaker 1: it is and as something that can be used in 748 00:33:01,520 --> 00:33:04,360 Speaker 1: a positive way in the lives of people around me. 749 00:33:04,560 --> 00:33:06,760 Speaker 1: And so for me, I think that's honestly been the 750 00:33:06,800 --> 00:33:09,760 Speaker 1: most important money habit that I've developed over the years. 751 00:33:09,960 --> 00:33:11,719 Speaker 1: But I know it's gonna be different for everyone, and 752 00:33:11,800 --> 00:33:13,200 Speaker 1: so I think there are a lot of good things 753 00:33:13,360 --> 00:33:15,840 Speaker 1: for people to to strive towards based on what we've 754 00:33:15,840 --> 00:33:17,720 Speaker 1: talked about in this episode, and I hope this is 755 00:33:17,720 --> 00:33:20,880 Speaker 1: helpful as people try to implement money habits into their 756 00:33:20,920 --> 00:33:24,440 Speaker 1: lives to create a more robust financial future for themselves. 757 00:33:24,680 --> 00:33:26,440 Speaker 1: You know, this has been a fun episode, but the 758 00:33:26,440 --> 00:33:27,920 Speaker 1: fund is not over. I'm gonna kick it back to 759 00:33:27,920 --> 00:33:30,280 Speaker 1: the beer because we're gonna talk about the Heaty Topper 760 00:33:30,320 --> 00:33:32,400 Speaker 1: that you and I were able to share. This is 761 00:33:32,440 --> 00:33:35,320 Speaker 1: by the Alchemists and donated to the show by Cameron 762 00:33:35,600 --> 00:33:37,320 Speaker 1: here in Atlanta. He lives over on the West Side. 763 00:33:37,360 --> 00:33:39,840 Speaker 1: He said, Man, he's over there by the money Like Garage. 764 00:33:40,080 --> 00:33:41,720 Speaker 1: There's a lot of great breweries that are popping up 765 00:33:41,720 --> 00:33:43,800 Speaker 1: over there. So so Cameron, I'm a little jealous of you, 766 00:33:43,920 --> 00:33:46,440 Speaker 1: but thank you so much for donating this beer to 767 00:33:46,480 --> 00:33:49,800 Speaker 1: the show. Joel, what were your thoughts on hetty Topper? Well, first, 768 00:33:49,800 --> 00:33:52,959 Speaker 1: I have to say we deliberately disobeyed the Alchemist's orders. 769 00:33:53,320 --> 00:33:55,479 Speaker 1: On the top of the can, it says drink from 770 00:33:55,520 --> 00:33:58,000 Speaker 1: the can, and you know what, we poured it in 771 00:33:58,040 --> 00:34:01,320 Speaker 1: a glass. So we gotta share these though we're we're 772 00:34:01,360 --> 00:34:04,000 Speaker 1: rebels without a cost. Dude, I feel bad, but I'm 773 00:34:04,000 --> 00:34:05,640 Speaker 1: not gonna be passing this can back and forth. So 774 00:34:05,640 --> 00:34:08,320 Speaker 1: we definitely we definitely poured the beer. But it was 775 00:34:08,400 --> 00:34:10,800 Speaker 1: really good. Man. This was a somewhat floral I p 776 00:34:10,920 --> 00:34:13,840 Speaker 1: a fruit forward in my opinion, but with no fruit 777 00:34:13,880 --> 00:34:16,720 Speaker 1: in it. It's just the hops giving it those fruit 778 00:34:16,719 --> 00:34:19,400 Speaker 1: and notes. And it had this really nice slightly bitter 779 00:34:19,400 --> 00:34:22,640 Speaker 1: finished not overly bitter. It was just a super well 780 00:34:22,760 --> 00:34:25,560 Speaker 1: rounded I p A that had just a tremendous amount 781 00:34:25,560 --> 00:34:27,920 Speaker 1: of flavor, a beer that you can tell that was 782 00:34:28,040 --> 00:34:31,080 Speaker 1: just brewed with a lot of passion. It truly is 783 00:34:31,160 --> 00:34:33,640 Speaker 1: an epic beer, no wonder it's got a cult following. 784 00:34:33,719 --> 00:34:36,920 Speaker 1: And this was super tasty. Yeah, this is a legendary beer. 785 00:34:37,280 --> 00:34:39,600 Speaker 1: The hot presence that it had, it really was wave 786 00:34:39,680 --> 00:34:42,080 Speaker 1: after a wave of different hot flavors. When I first 787 00:34:42,120 --> 00:34:46,680 Speaker 1: took the sip, I think I made three different uh Like, 788 00:34:46,760 --> 00:34:49,279 Speaker 1: there's just these multiple waves of flavor that kind of 789 00:34:49,320 --> 00:34:51,560 Speaker 1: cascaded onto my tongue and I love that. With it 790 00:34:51,640 --> 00:34:53,480 Speaker 1: being a double, I felt like it was pretty bitter, 791 00:34:53,719 --> 00:34:56,200 Speaker 1: but it was super balanced at the same time. There 792 00:34:56,239 --> 00:34:57,880 Speaker 1: was just that a lot of that hot flavor going on. 793 00:34:58,000 --> 00:34:59,719 Speaker 1: I'm with you. It did almost have sort of a 794 00:34:59,719 --> 00:35:01,960 Speaker 1: fruit eatness to it, but it was like a fruity 795 00:35:02,120 --> 00:35:05,000 Speaker 1: dankness that I was picking up from the hops. Yeah, Joel, 796 00:35:05,000 --> 00:35:07,000 Speaker 1: this was a great one. I'm really happy that we 797 00:35:07,000 --> 00:35:09,680 Speaker 1: were able to share this one together on the podcast. 798 00:35:09,760 --> 00:35:11,799 Speaker 1: So do you have some final thoughts for us? Yeah, Matt, 799 00:35:11,840 --> 00:35:14,960 Speaker 1: financial habits such an important conversation, and just really quickly, 800 00:35:15,000 --> 00:35:17,360 Speaker 1: just want to remind folks that it's important to figure 801 00:35:17,400 --> 00:35:20,719 Speaker 1: out which financial habits you want to prioritize and then 802 00:35:20,920 --> 00:35:24,400 Speaker 1: take meaningful steps to implementing those habits. Don't forget to 803 00:35:24,480 --> 00:35:26,479 Speaker 1: start easy, don't bite off more than you can chew, 804 00:35:26,719 --> 00:35:29,040 Speaker 1: so that those habits actually stick and they don't fall 805 00:35:29,120 --> 00:35:31,800 Speaker 1: by the wayside. Yeah, and then don't forget to join 806 00:35:31,920 --> 00:35:34,080 Speaker 1: up with a buddy. When you have that accountability there 807 00:35:34,120 --> 00:35:36,360 Speaker 1: for you, you're going to be much more likely to 808 00:35:36,480 --> 00:35:39,960 Speaker 1: achieve your financial goals. So, Joel Man, that's gonna be it. 809 00:35:40,040 --> 00:35:41,879 Speaker 1: I think for this episode, this has been a fun one. 810 00:35:42,080 --> 00:35:44,040 Speaker 1: You can find our show notes up on our website 811 00:35:44,040 --> 00:35:46,440 Speaker 1: at how to money dot com. Yeah, and if you've 812 00:35:46,440 --> 00:35:48,040 Speaker 1: been listening to the show for a while and you 813 00:35:48,080 --> 00:35:49,759 Speaker 1: found it helpful. We would love it if you would 814 00:35:49,760 --> 00:35:52,600 Speaker 1: consider leaving a review on Apple Podcasts. All right, Matt, 815 00:35:52,680 --> 00:35:55,680 Speaker 1: Until next time, Best Friends Out, Best Friends Out,