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Speaker 1: Some people will say it's ghosh to talk about money,

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Speaker 1: which is probably why I feel so ill prepared when

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Speaker 1: it comes to really tackling my financial tracking and budgeting.

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Speaker 1: And I know I'm not alone. As inflation continues to rise,

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Speaker 1: though albeit at a slower rate now, it can feel

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Speaker 1: like each year you're struggling to stay out of the

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Speaker 1: red when it comes to your finances. In a recent

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Speaker 1: survey from the personal finance website bank rate, Americans said

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Speaker 1: they feel like they'd need to earn roughly two hundred

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Speaker 1: and thirty three thousand dollars a year to feel secure

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Speaker 1: with their finances. But according to the US Census Bureau,

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Speaker 1: the average annual income for a full time worker is

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Speaker 1: still shy of seventy five thousand dollars. So what do

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Speaker 1: we do? Prices are increasing, and another pull from bank

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Speaker 1: rate reported that thirty six percent of US adults have

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Speaker 1: more credit card debt than emergency savings. Until we hit

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Speaker 1: the lottery or land our dream salary. The best option

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Speaker 1: to take hold of our finances is to start tracking

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Speaker 1: all of the ins and outs and budgeting. But where

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Speaker 1: do we start. How much should we have in our

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Speaker 1: savings and what counts as a necessity under the fifty

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Speaker 1: twenty thirty rule of budgeting. Start taking notes, because this.

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Speaker 2: Is grown up Stuff.

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Speaker 1: Hello to all my friends and grown ups out there listening.

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Speaker 1: Welcome to another episode of grown Up Stuff How to Adult,

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Speaker 1: the podcast where we try to answer all the important

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Speaker 1: life questions about being grown, like what's a budget? And

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Speaker 1: do I really need one? This is me Molly, a

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Speaker 1: fellow passenger on this crazy train of adult life, and

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Speaker 1: as always I'm joined by my money minded and financially

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Speaker 1: responsible friend and co host, Matt Stillo. If you have

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Speaker 1: been listening to this show at all over the past

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Speaker 1: two seasons, then two things are very clear to you.

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Speaker 1: One I am very clueless about a lot of things.

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Speaker 1: And two, Matt kind of loves money like he loves

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Speaker 1: talking about it, reading about it, and researching financial trends.

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Speaker 1: He's investing, he's trading, he's saving, he's budgeting. He does

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Speaker 1: it all. So, Matt, before I ask you about your

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Speaker 1: experiences of money, I want to let our dear, smart,

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Speaker 1: cherished listeners know that I remain your ever vigilant but

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Speaker 1: sweet summer child. I will not let this episode go

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Speaker 1: over your heads, because my eyes genuinely start to glaze

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Speaker 1: over when someone starts talking about investments or budgeting just

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Speaker 1: gives me hives. But you know what, I'm dedicated to

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Speaker 1: overcoming this fear here and now, and you know what,

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Speaker 1: who knows, maybe I'll even end up making myself ah

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Speaker 1: a budget. I don't even like that word. Why is

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Speaker 1: that word so hard for me to say? Makes me ill?

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Speaker 1: But Matt, now over to you. Were you always this way?

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Speaker 1: Did you enter into this world reading books about financial planning?

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Speaker 2: You know it's funny as you were describing me as

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Speaker 2: someone who budgets and reads about finance and is saving

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Speaker 2: and investing. My entire family is listening to this podcast, going.

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Speaker 3: Is she what?

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Speaker 1: Matt?

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Speaker 2: Is she talking about the same math too that they

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Speaker 2: encouraged to go to finance school? And he was like, no,

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Speaker 2: I hate finances. I'll never learn. I don't wanna.

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Speaker 1: One year, my.

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Speaker 2: Dad was trying to explain something about my taxes to me,

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Speaker 2: and I was like, Dad, I would pay you to

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Speaker 2: never have to know about this ever again. I was

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Speaker 2: so financial. I was like, I don't get it. I

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Speaker 2: don't want to know. Money freaks me out. I don't

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Speaker 2: want to think about it forever. For the longest time

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Speaker 2: I hated finance years of my life, I just coasted

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Speaker 2: by on vibes. I was like, it feels like I've

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Speaker 2: spent probably about as much money as I have until

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Speaker 2: I looked at my Chase balance and I was like,

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Speaker 2: doing well this month, I got fifty bucks left. So

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Speaker 2: for anyone who's listening to this, I really you were

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Speaker 2: in good hands because like I was exactly that way

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Speaker 2: if you feel that you're that way for a very

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Speaker 2: very long time. And what I will say is I'm

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Speaker 2: lucky because I have a very very generous friend who's

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Speaker 2: our first guest on this podcast. His name is Joana Batista,

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Speaker 2: who is very kind. He's very smart, and he's very

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Speaker 2: generous with his time and his words, and he kind

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Speaker 2: of gave me like a come to Jesus moment and

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Speaker 2: he explained to me in very simple terms like what

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Speaker 2: I could be doing, what I should be doing, and

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Speaker 2: he didn't judge me. He was like, Matt, I love you,

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Speaker 2: I'm here for you, and like I worry about you

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Speaker 2: and I want you to like have these tools that

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Speaker 2: I that I've spent my life like learning about so

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Speaker 2: that you can be good because I want you to

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Speaker 2: be good because you're my friend, so let Molly and

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Speaker 2: I be that friend for you. Right now, let's talk

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Speaker 2: about your situation.

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Speaker 1: I don't like to budget because it stresses me out,

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Speaker 1: but I track my expenses. I currently have no credit

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Speaker 1: card debt, which is a big deal, so I can't

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Speaker 1: have to worry about that.

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Speaker 2: Ye's so huge.

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Speaker 1: But I've had some really big expenses in the last

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Speaker 1: year that have dwindled my savings, and it's stressful as

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Speaker 1: hell to not have that same cushion anymore. So I'm

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Speaker 1: really hoping our very special guest today can and help

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Speaker 1: me find the best path to get to more understanding

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Speaker 1: and less stress about it.

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Speaker 2: I think they will. Today we are joined by personal

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Speaker 2: finance experts Janice Torres and Austin Hankwitz. Janie is the

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Speaker 2: host of the personal finance podcast Yokiero Dinero and the

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Speaker 2: author of the brand new book financially Lit, The Modern

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Speaker 2: Latina's Guide to level up your d naro and become

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Speaker 2: financially Bodorosa.

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Speaker 1: Austin is a personal finance TikToker and creator of the

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Speaker 1: popular personal finance newsletter The Rate of Return. He also

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Speaker 1: co hosts the financial literacy podcast Rich Habits Jennie Torres

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Speaker 1: and Austin Hankwitz. Thank you so much for joining us

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Speaker 1: on growing up Stuff how to Adults. You and I

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Speaker 1: work together on another podcast called Mind the Business small

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Speaker 1: Business success Stories, and that's in partnership with QuickBooks. Anyone

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Speaker 1: out there with a small business please go and listen.

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Speaker 1: So that's a great project that I know you both from.

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Speaker 1: But today we're going to step out of your expertise

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Speaker 1: as small business owners and into your expertise of personal finance,

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Speaker 1: because you both are experts in personal finance, and here's

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Speaker 1: where I want to start. You're both very successful and

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Speaker 1: have your financial shit together. Can you tell us a

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Speaker 1: little bit about your journey and becoming just more fiscally

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Speaker 1: responsible Denise, I'll start with you.

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Speaker 3: Yeah. I love that because that was the complete opposite

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Speaker 3: of my situation for the majority of my twenties. I

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Speaker 3: thought I had my financial shit together, and I thought

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Speaker 3: that just meant like knowing how to make money. So

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Speaker 3: I was on this pursuit in my twenties to make

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Speaker 3: one hundred thousand dollars a year by the time I

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Speaker 3: turned thirty. This was like the pinnacle of success for

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Speaker 3: me in my head. And then when I turned thirty

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Speaker 3: and I was making one hundred K. I was still

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Speaker 3: leaving paycheck to paycheck, and I was like, wait a minute.

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Speaker 3: I thought this magical number was going to resolve all

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Speaker 3: my financial issues. And I quickly realized that it's not

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Speaker 3: about how much you make, it's about actually telling your

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Speaker 3: money what to do so that you don't find yourself

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Speaker 3: in a situation where you're making a ton of money

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Speaker 3: but literally have nothing to show for it. So I

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Speaker 3: started listening to podcasts, reading a lot of books. I

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Speaker 3: found out about the financial independence movement or the Fire movement,

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Speaker 3: and slowly but surely I created a plan to get

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Speaker 3: out of student loan debt, get out of credit card debt,

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Speaker 3: and I was able to pay off thirty nine thousand

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Speaker 3: dollars of debt in seventeen months, and that set me

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Speaker 3: onto trajectory where now I am investing for early retirement.

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Speaker 3: I am fully self employed. I was able to quit

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Speaker 3: my job just because knowing that you don't owe anybody

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Speaker 3: money and being debt free is a very powerful position

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Speaker 3: to be. That gives you a lot of options.

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Speaker 1: And for our listeners who are unfamiliar with the Fire movement,

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Speaker 1: it's an acronym for financial independence, retire early so you know,

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Speaker 1: save now so you don't have to work forever. Yeah, right, Austin,

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Speaker 1: how about you.

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Speaker 4: I'm right there with you, Janie. Being debt free and

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Speaker 4: having control of your income is one of the most

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Speaker 4: powerful places to be. And I started this journey actually

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Speaker 4: in high school. Weirdly enough, I was visited by Dave

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Speaker 4: Ramsey Kinway High School because his headquarters is here in Franklin, Tennessee,

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Speaker 4: and the state of Tennessee is the number one state

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Speaker 4: for bankruptcy per capita, which, if you guys mean that

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Speaker 4: or not, I did not wow. And so once Dave

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Speaker 4: saw that statistic back in like twenty ten, He's like, oh,

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Speaker 4: I'm going to just you know, start the kids early,

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Speaker 4: meet him allut their high schools, and teach them about

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Speaker 4: the baby steps. And that was my first foray and

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Speaker 4: just understanding, wait, what is debt, what is investing? What

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Speaker 4: are finances? And then I took that to college. So

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Speaker 4: I went to the University of Tennessee and I studied

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Speaker 4: finance and economics. I am a self proclaimed super nerd.

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Speaker 4: And after I graduated, you know, I got my first

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Speaker 4: job and I was like, Okay, I'm ready. I'm ready

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Speaker 4: to start budgeting. And I saw Dave was talking investing.

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Speaker 4: I want to get to investing, right. That sounds sexy

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Speaker 4: and fun, and then once you know you go through it,

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Speaker 4: you're like, wait a second, lifestyle creep is real, healthcare

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Speaker 4: is real, transportation costs and food and all these other

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Speaker 4: different things like this is real, Like I really need

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Speaker 4: to figure this out. So that was my first foray

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Speaker 4: into sort of personal finance and investing, and that has

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Speaker 4: since now exploded. Back in March of twenty twenty, I

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Speaker 4: decided to stop doing this by myself and instead bring

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Speaker 4: people along with me. So by that, I mean I

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Speaker 4: was posting videos on TikTok, so instead of like lip

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Speaker 4: syncing and dancing, I was talking about how to build

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Speaker 4: my credit score or you know, aspire to go buy

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Speaker 4: my first house one day, invest to her retirement, things

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Speaker 4: of that nature. And that has since now allowed me

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Speaker 4: to be a content creator and podcaster. But the journey

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Speaker 4: to becoming financially independent has been a roller coaster and

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Speaker 4: I can't wait to dig in.

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Speaker 2: So much of what you guys said resonates with me,

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Speaker 2: and I think that that's one of the most important

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Speaker 2: things for people to hear genius is like, it does

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Speaker 2: not matter how much money you make, but like the

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Speaker 2: biggest thing is is how much you're you're saving.

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Speaker 1: Yeah, So what does it mean to be financially aware?

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Speaker 1: To the both of you, I.

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Speaker 3: Think the first step to becoming financially aware is to

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Speaker 3: know your overall financial situation aka knowing your net worth.

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Speaker 3: So when I first calculated that number, which is essentially

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Speaker 3: all of your assets minus all of your liabilities, if

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Speaker 3: that number is positive, then that means you have more

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Speaker 3: assets than debt essentially, so you have some positive network equity. Yeah, right.

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Speaker 3: And then if the number is negative, then that basically

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Speaker 3: means you have more debts than you have assets. And

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Speaker 3: so when I did that calculation, I was like a

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Speaker 3: negative a four hundred and fifty thousand dollars between a

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Speaker 3: mortgage and student loan debt and credit cards and card notes.

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Speaker 3: And I'm like, oh my god, this is the first

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Speaker 3: time I'm seeing just the culmination of all my financial

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Speaker 3: decisions in one place. And it was a very stark

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Speaker 3: realization where I'm like, if I don't do something about this,

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Speaker 3: I'm literally going to be working until I died pay

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Speaker 3: off this debt, right, And so it's very easy in

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Speaker 3: that moment to just like put your head in the

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Speaker 3: sand and be like, well, whatever, you know, it's fine.

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Speaker 3: The world revolves around debt. This is just normal. And

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Speaker 3: I could have had that approach, but for me, the

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Speaker 3: idea of being in debt meant something a lot more.

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Speaker 3: I was very unsatisfied in my engineering career at the time,

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Speaker 3: and so I knew I wanted to make a career pivot,

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Speaker 3: potentially go off and work for myself. And that number

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Speaker 3: represented I got to keep working this damn job until

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Speaker 3: I get out of this debt. So the faster I

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Speaker 3: can get out of this debt, the more options I

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Speaker 3: have to reinvent my career. And so yeah, calculating that

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Speaker 3: number was the first wake up call for me. I

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Speaker 3: used a tool that used to be called Personal Capital,

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Speaker 3: it's now called Empower. It's a free app. You literally

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Speaker 3: link all of your investment, banking accounts, credit accounts, and

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Speaker 3: it gives you that calculation and that first bird's eye

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Speaker 3: view I think is really important part of becoming financially aware.

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Speaker 2: And Austin for you, what does like financial awareness mean

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Speaker 2: to you?

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Speaker 4: I think becoming financially aware where means you understand opportunity cost.

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Speaker 4: And it's so funny too, because as people begin to

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Speaker 4: understand investing in compound growth and how much inflation is

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Speaker 4: eating at their purchasing power, becoming financially aware means that

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Speaker 4: I know if I take one hundred dollars, one hundred

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Speaker 4: and fifty dollars, twenty five dollars, whatever that number is

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Speaker 4: for you, and I'm investing it rather than spending it

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Speaker 4: on lifestyle creep or spending it on some sort of

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Speaker 4: variable expense is what I call it in the budget,

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Speaker 4: something that is like a pair of shoes or a shirt,

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Speaker 4: or an experience or something that I don't need to

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Speaker 4: survive and be happy, but I'm doing that just because

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Speaker 4: I want to. And the opportunity cost of not investing

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Speaker 4: that money turns into thousands of dollars throughout your life.

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Speaker 4: So I think coming to one the conclusion of Okay,

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Speaker 4: I understand now I'm aware enough to know that I

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Speaker 4: can either spend money or I can invest money. Right,

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Speaker 4: so if I'm spending it, I'm not investing it for

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Speaker 4: my future. And if I'm not in a place where

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Speaker 4: my future is rock solid, which is a place that

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Speaker 4: I want everyone to obviously be, and I think that

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Speaker 4: that is a place a lot of people can get

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Speaker 4: to if they have the right tools and resources. But also,

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Speaker 4: unfortunately Joanees, including myself, we all start with a negative

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Speaker 4: net worth, and I think the biggest thing people need

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Speaker 4: to realize is one, it's okay to start there, because

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Speaker 4: we're all there, right But two, now is time to

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Speaker 4: make the decisions of do I want to move in

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Speaker 4: the right direction if that means investing or paying off debt,

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Speaker 4: or do I want to sort of move laterally, which

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Speaker 4: is staying exactly where I am, kind of just marinating

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Speaker 4: in my bad decisions. And yeah, I think being financially

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Speaker 4: aware is having that realization that you can make a

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Speaker 4: change and there are steps to take.

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Speaker 2: There's this really wonderful book that I'm probably gonna reference

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Speaker 2: a lot, and I wonder if you fret. It's called

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Speaker 2: Your Money or Your Life that I just absolutely love,

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Speaker 2: and it's talking about the more aware you can be

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Speaker 2: and not judge yourself for where you are, the more

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Speaker 2: that you have the tools and the knowledge to start

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Speaker 2: building back in the other direction.

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Speaker 4: Unfortunately, a lot of people drift with their money. They

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Speaker 4: don't really have any like direction, right, They're not taking

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Speaker 4: the action where we take action with our career. We

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Speaker 4: take action with our friendships and our relationships and you know,

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Speaker 4: our family life. We take action with a lot of

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Speaker 4: these different things in our life to move forward and

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Speaker 4: progress towards something, but we don't with our money. And

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Speaker 4: so having the realization of I don't know where I am,

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Speaker 4: but I know I need to take action and I

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Speaker 4: know I need to make that first step is so

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Speaker 4: so important.

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Speaker 2: And Instagram isn't life, you know, like see like I

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Speaker 2: think people see like, oh, my friends are going on

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Speaker 2: Like I deserve to go on vacations too, Like, oh

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Speaker 2: my friend is a car I should Like it's just

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Speaker 2: like to realize, like those people are probably going into debt,

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Speaker 2: Like they're probably just throwing money on their credit card

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Speaker 2: and they're going to Fiji and whatever, and like they

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Speaker 2: don't actually have the money.

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Speaker 1: You've heard us mention lifestyle creep a few times now.

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Speaker 1: Even if you haven't heard this term, you may be

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Speaker 1: doing it and not realizing it. Essentially, it's an increase

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Speaker 1: in your spending, and most commonly, lifestyle creep happens when

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Speaker 1: you get a raise or a pay bump and instead

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Speaker 1: of pocketing all that additional income and to savings, you

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Speaker 1: increase your standard of living and just start spending more.

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Speaker 1: Instead of building your emergency fund or paying off your debt,

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Speaker 1: you opt for the nicer apartment, or you decide to

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Speaker 1: get the new car, or maybe it's as sneaky and

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Speaker 1: small as a lavender almond milk macha late every morning

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Speaker 1: from your favorite coffee shop. I'm super guilty of this,

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Speaker 1: but apparently I'm not alone. The website MarketWatch found twenty

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Speaker 1: twenty four data from the US Bureau of Economic Analysis

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Speaker 1: that showed that even though wages have increased over the

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Speaker 1: last four years, personal savings rates have actually decreased. Speaking

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Speaker 1: of lifestyle creep, which I am completely susceptible to, we

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Speaker 1: are seeing just record inflation rates right now, or at

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Speaker 1: least what feels like record inflation rates, and it's slowing,

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Speaker 1: but it's still rising. According to a bank Rate survey,

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Speaker 1: sixty three percent of Americans say that high inflation is

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Speaker 1: keeping them from being financially comfortable or secure. What advice

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Speaker 1: do you have for those of us? And I include

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Speaker 1: myself in that because I just feel like I'm spending

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Speaker 1: because everything else is more expensive So, what advice do

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Speaker 1: you have for those of us who feel like the

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Speaker 1: cost of living is getting higher and higher but our

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Speaker 1: paychecks aren't changing.

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Speaker 3: Yeah. Well, I don't think that it's a coincidence that

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Speaker 3: the inflation rate is at an all time high and

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Speaker 3: the amount of credit card debt that Americans are getting

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Speaker 3: into is also at an all time high. It's actually

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Speaker 3: surpassed any other kind of debt at this point because

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Speaker 3: a lot of folks are literally having to rely on

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Speaker 3: credit cards for like everyday living expenses. I going to

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Speaker 3: buy groceries, which is insane for me. I realized that

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Speaker 3: I was treading water financially even though I had a

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Speaker 3: six figure paycheck because of all the debt that I was,

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Speaker 3: you know, continuing to rack up, and you know, with

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Speaker 3: things like vacations where I didn't have a plan for

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Speaker 3: how I was going to pay for them. I just said,

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Speaker 3: I'll put it on a credit card and we'll deal

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Speaker 3: with it later, right, And then you have that spending

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Speaker 3: hangover after the fact, and it just becomes this vicious cycle.

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Speaker 3: So for me, the most important thing that I did

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Speaker 3: to kind of mitigate the cost of living was finding

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Speaker 3: different ways to make money, you know, at the end

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Speaker 3: of the day, there's only so much that your job

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Speaker 3: is going to pay you. You know, most of us

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Speaker 3: will not be able to negotiate a fifty percent raise

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Speaker 3: just with a simple conversation with your boss saying, hey,

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Speaker 3: you know, life is expensive, I need to pay my

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Speaker 3: bills and you give me more money. Right, That's usually

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Speaker 3: not how it works. But I think a lot of

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Speaker 3: us have skills that we can potentially turn into a

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Speaker 3: side hustle. And I'm really a big proponent of figuring

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Speaker 3: out how to diversify your income because money is one

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Speaker 3: of those things where when you learn how to create it,

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Speaker 3: it can potentially become an infinite resource. Yeah.

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Speaker 2: You know, for the people who out there who would say, like, well,

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Speaker 2: I've got a checking accounts and I've got my debit card,

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Speaker 2: or I've got a credit card and my credit card account,

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Speaker 2: what does budgeting do that simply like looking at my

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Speaker 2: bank state and every week or every month doesn't do.

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Speaker 3: Yeah.

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Speaker 4: Something I want people to think about whenever they use

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Speaker 4: the word budgeting is wealthy. People don't use the word budgeting.

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Speaker 4: They use forecasting because they're looking forward, not reacting to

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Speaker 4: a mistake they made. They're forecasting for what they want

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Speaker 4: to spend, and they're giving every dollar in assignment.

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Speaker 3: Right.

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Speaker 4: So for example, I use Dave Ramsey's budgeting app called

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Speaker 4: every Dollar, and before the month even starts, I've already

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Speaker 4: done this for the month of June. Here I forecasted

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Speaker 4: what I would spend in June. But I want people

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Speaker 4: to not think about budgeting as like this knotty word

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Speaker 4: that makes them feel gross inside. Like I want them

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Speaker 4: to think like budgeting is a way to reimagine that

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Speaker 4: into a way to forecast the future, and it kind

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Speaker 4: of gives you the sense of empowerment.

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Speaker 2: I think that's a great mindset shift to think about it.

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Speaker 2: And the other thing that I think is interesting for

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Speaker 2: people who are starting budgeting is I mean, looking back

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Speaker 2: can also be kind of helpful to and again there's

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Speaker 2: no vari you shouldn't judge your past. But like, since

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Speaker 2: Mint went away, I've started using just an Excel spreadsheet

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Speaker 2: that I found on at scene, and I actually, whereas

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Speaker 2: I did enjoy how automated Mint was. What I love

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Speaker 2: about the spreadsheet is that, like I have to physically

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Speaker 2: input every expense. By doing I'm like, yep, spend that

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Speaker 2: much money there and then it kind of allocates where

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Speaker 2: everything's going. You can look at it in categories, and

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Speaker 2: so when you can kind of like amass all that together,

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Speaker 2: you can go like, WHOA, I'm spending so much money

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Speaker 2: on going out and maybe that's fine. So it can

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Speaker 2: be a great way to look back and go, Wow,

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Speaker 2: where can I change?

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Speaker 1: Yeah.

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Speaker 3: I like that approach Matt too, because I feel like

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Speaker 3: the mistake that a lot of people make with budgeting,

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Speaker 3: especially when they have like a specific savings or investing goal,

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Speaker 3: is they will you pay the bills, they will see

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Speaker 3: what's left over and then try to save from what's

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Speaker 3: left over, versus treating your savings goal like a bill.

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Speaker 3: And so this is why I'm a really big fan

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Speaker 3: of what's called the anti budget or the pay yourself first.

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Speaker 3: So the pay yourself first method is the method that

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Speaker 3: I use to budget, and essentially what that means is

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Speaker 3: I make sure that I am automating the money that

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Speaker 3: needs to go towards my fixed expenses, so we're talking

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Speaker 3: rent anything that's like it's a must. And then I

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Speaker 3: actually have automated my savings and investing goals as well,

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Speaker 3: so I know I want to invest five hundred dollars here.

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Speaker 3: I want to save two hundred dollars here, and that

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Speaker 3: stuff is all automated. So essentially what's happening is like,

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Speaker 3: whatever's left over is what I have to play with.

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Speaker 3: And let's say, you know, I have to have a

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Speaker 3: lean month because what's left over is not going to

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Speaker 3: let me go buck wild and go to brunch, you know,

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Speaker 3: every Sunday. But at least I know future Genie is

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Speaker 3: taken care of, and current Genie is just going to

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Speaker 3: have to figure out how to survive with what's leftover.

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Speaker 4: I love that so much. Let's be intentional with our money.

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Speaker 4: And to your point too, Matt, that I love that

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Speaker 4: you said, if you want to enjoy that five hundred,

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Speaker 4: six hundred dollars a month going out and eating and drinking,

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Speaker 4: I love that for you. I'm the exact same way.

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Speaker 4: But because of that, I don't really buy new shoes

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Speaker 4: that often. Right, I have to bring something out of

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Speaker 4: a different line item so I can enjoy that thing.

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Speaker 4: And so intentionality with budgeting and forecasting is so important

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Speaker 4: because it allows us to feel happier with the decisions

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Speaker 4: we're making and how we're spending our money.

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Speaker 1: Well, I'm wearing a lot. Besides keeping track of the

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Speaker 1: ins and outs of your money, are there other things

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Speaker 1: we should be tracking or aware of in our finances

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Speaker 1: that people are losing out on money or opportunities to save.

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Speaker 3: I think so absolutely. One of the things that I'm like,

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Speaker 3: why is this still a secret in twenty twenty four

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Speaker 3: is a high yield savings account. It's the easiest way

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Speaker 3: for folks to literally get paid for saving money. A

436
00:21:30,040 --> 00:21:33,200
Speaker 3: lot of accounts that you'll find online. These are typically

437
00:21:33,240 --> 00:21:35,440
Speaker 3: online only accounts, so you won't be able to open

438
00:21:35,440 --> 00:21:39,840
Speaker 3: them at like traditional banks. Typically, these online accounts offer

439
00:21:40,040 --> 00:21:42,440
Speaker 3: much higher interest rates because they don't have the physical

440
00:21:42,480 --> 00:21:44,960
Speaker 3: infrastructure and all of the expenses that come with running

441
00:21:44,960 --> 00:21:47,800
Speaker 3: a traditional bank. And you can get like four percent

442
00:21:47,920 --> 00:21:50,199
Speaker 3: or more right now with the current interest rates just

443
00:21:50,240 --> 00:21:53,240
Speaker 3: for having your money in these accounts. So if folks

444
00:21:53,240 --> 00:21:55,960
Speaker 3: are afraid of like let's say, you know, you know

445
00:21:56,000 --> 00:21:58,160
Speaker 3: you should be investing, but you're a little freaked out

446
00:21:58,280 --> 00:22:00,320
Speaker 3: just because you don't know what to invest in. Put

447
00:22:00,359 --> 00:22:01,919
Speaker 3: some of your money in there. You know, you can

448
00:22:02,040 --> 00:22:04,280
Speaker 3: use it to save your emergency fund, you can use

449
00:22:04,280 --> 00:22:06,840
Speaker 3: it to save a down payment fund, and it's literally

450
00:22:06,920 --> 00:22:09,880
Speaker 3: just free money for putting your money in a bank account.

451
00:22:09,880 --> 00:22:12,320
Speaker 3: So I think that's one thing that everybody should be doing,

452
00:22:12,520 --> 00:22:15,600
Speaker 3: because if you're using a traditional savings account, you're earning

453
00:22:15,640 --> 00:22:17,760
Speaker 3: little to no interest in these accounts, and it's like,

454
00:22:17,880 --> 00:22:19,520
Speaker 3: what's the point if there's another option.

455
00:22:21,480 --> 00:22:24,800
Speaker 1: CNBC Select reported last year that a whopping eighty two

456
00:22:24,880 --> 00:22:28,120
Speaker 1: percent of the population does not have a high yield

457
00:22:28,160 --> 00:22:32,040
Speaker 1: savings account, and currently I'm included in the step. When

458
00:22:32,080 --> 00:22:34,360
Speaker 1: you put money in a high yield savings account, you're

459
00:22:34,400 --> 00:22:37,960
Speaker 1: letting your money grow with interest. It's what's known as APY,

460
00:22:38,080 --> 00:22:41,280
Speaker 1: or annual percentage yield. Now, when you're looking to take

461
00:22:41,280 --> 00:22:45,000
Speaker 1: out a loan, then it becomes an APR, and you'll

462
00:22:45,000 --> 00:22:48,119
Speaker 1: want to find the lowest APR because that indicates how

463
00:22:48,200 --> 00:22:51,800
Speaker 1: much additional interest you're paying on top of what you borrowed.

464
00:22:52,440 --> 00:22:54,920
Speaker 1: But for things like a high yield savings account or

465
00:22:55,000 --> 00:22:58,840
Speaker 1: a treasury bill, it's an APY and you are essentially

466
00:22:58,880 --> 00:23:01,919
Speaker 1: the lender. So you want to find an account that

467
00:23:01,960 --> 00:23:04,080
Speaker 1: will give you the highest APY possible because that's how

468
00:23:04,160 --> 00:23:08,840
Speaker 1: much interest you're owed. This is free money. Honestly, what

469
00:23:08,920 --> 00:23:10,880
Speaker 1: are we doing with standard savings accounts?

470
00:23:14,119 --> 00:23:16,480
Speaker 2: Well, and I'm also curious to get your perspective then

471
00:23:16,640 --> 00:23:19,879
Speaker 2: on how much money do you think should be in

472
00:23:19,920 --> 00:23:23,280
Speaker 2: an emergency fund and what is the best place to

473
00:23:23,320 --> 00:23:26,119
Speaker 2: park it? Because you know, genius, you talked about savings accounts,

474
00:23:26,119 --> 00:23:28,800
Speaker 2: but there's also money market funds and I don't know

475
00:23:28,840 --> 00:23:30,560
Speaker 2: if either of you get involved in that, but would

476
00:23:30,560 --> 00:23:31,320
Speaker 2: love to hear about that.

477
00:23:31,840 --> 00:23:35,240
Speaker 3: So for me, you know, the standard practice for folks

478
00:23:35,240 --> 00:23:37,479
Speaker 3: who have and I do this in air quotes, a

479
00:23:37,520 --> 00:23:41,560
Speaker 3: stable career. You have little to no fear of, you know,

480
00:23:41,600 --> 00:23:44,760
Speaker 3: potentially losing your job anytime soon. I think three to

481
00:23:44,800 --> 00:23:49,200
Speaker 3: six months of expenses is a reasonable amount. I, as

482
00:23:49,200 --> 00:23:54,159
Speaker 3: an entrepreneur, operate from a place of cautiousness, and so

483
00:23:54,400 --> 00:23:56,800
Speaker 3: I like to have a year's worth of my expenses

484
00:23:56,800 --> 00:24:00,680
Speaker 3: saved because obviously my income is very variable. And so

485
00:24:00,880 --> 00:24:02,600
Speaker 3: that's what it looks like for me. But I think

486
00:24:02,680 --> 00:24:06,680
Speaker 3: folks need to take into account several things like how

487
00:24:06,920 --> 00:24:10,040
Speaker 3: stable is your career, what is the likelihood that if

488
00:24:10,040 --> 00:24:11,720
Speaker 3: you were to lose your job, how long would it

489
00:24:11,800 --> 00:24:14,160
Speaker 3: take you to replace that job? A lot of those

490
00:24:14,160 --> 00:24:16,000
Speaker 3: things have to factor in as well as like are

491
00:24:16,040 --> 00:24:19,320
Speaker 3: you partnered, are you single? Do you have children? It's

492
00:24:19,400 --> 00:24:21,960
Speaker 3: your career flexible where you could make a quick move

493
00:24:22,000 --> 00:24:24,160
Speaker 3: to a lower cost of living area if you were

494
00:24:24,200 --> 00:24:27,280
Speaker 3: to experience some sort of income hit. So there's just

495
00:24:27,320 --> 00:24:29,520
Speaker 3: a lot of things to factor in. I think, err

496
00:24:29,560 --> 00:24:30,399
Speaker 3: on the side of caution.

497
00:24:31,160 --> 00:24:32,800
Speaker 4: I'm right there with the three to six months of

498
00:24:32,840 --> 00:24:36,320
Speaker 4: expenses For me, I keep between six and eight months.

499
00:24:36,560 --> 00:24:38,880
Speaker 4: For people who are literally just getting started. I would

500
00:24:38,920 --> 00:24:41,439
Speaker 4: feel really good if all my friends and family have

501
00:24:41,560 --> 00:24:44,040
Speaker 4: ten thousand saved for their emergency fund.

502
00:24:44,480 --> 00:24:47,080
Speaker 3: I'm considering They say that, like the average person can't

503
00:24:47,080 --> 00:24:49,800
Speaker 3: weather like a what is it a four hundred dollars, Yeah,

504
00:24:49,800 --> 00:24:53,199
Speaker 3: I can see or something. It's like, oh, yeah, you know,

505
00:24:53,600 --> 00:24:55,399
Speaker 3: anything's better than that at this point.

506
00:25:00,160 --> 00:25:03,080
Speaker 1: Not far off. A recent poll from Forbes Advisor found

507
00:25:03,080 --> 00:25:05,840
Speaker 1: that one in four Americans had less than one thousand

508
00:25:05,920 --> 00:25:08,800
Speaker 1: dollars in a savings account. If you're going by generations,

509
00:25:08,840 --> 00:25:11,600
Speaker 1: the percentage is a smidge higher for millennials and gen z,

510
00:25:12,240 --> 00:25:15,480
Speaker 1: and this year, forty nine percent expect to save the

511
00:25:15,600 --> 00:25:18,560
Speaker 1: same amount or less than they did the previous year.

512
00:25:19,280 --> 00:25:22,080
Speaker 1: Nerd Wallet recommends that if you're starting off, set aside

513
00:25:22,200 --> 00:25:25,960
Speaker 1: enough money that would cover an unexpected but essential bill

514
00:25:26,040 --> 00:25:29,280
Speaker 1: like a car repair, payment or a medical bill. Maybe

515
00:25:29,280 --> 00:25:31,720
Speaker 1: that number is four or five hundred. Start there, but

516
00:25:31,920 --> 00:25:34,560
Speaker 1: keep going until you have about six months worth of

517
00:25:34,640 --> 00:25:37,399
Speaker 1: average expenses saved.

518
00:25:39,720 --> 00:25:43,880
Speaker 4: Yeah, So an emergency fund is insurance against you doing

519
00:25:43,920 --> 00:25:47,520
Speaker 4: something stupid with your money, which means, oh my gosh,

520
00:25:47,600 --> 00:25:49,960
Speaker 4: I popped my tires, I've got to go buy a

521
00:25:50,000 --> 00:25:52,480
Speaker 4: new set, or my dish washer broke. I gotta go

522
00:25:52,520 --> 00:25:55,199
Speaker 4: do something, but I don't have the cash. Therefore I'm

523
00:25:55,200 --> 00:25:57,560
Speaker 4: going to swipe a credit card at thirty percent. Or

524
00:25:58,080 --> 00:26:00,399
Speaker 4: my dad just died and the funeral is going to

525
00:26:00,440 --> 00:26:02,959
Speaker 4: cost fifteen thousand dollars and I don't have any of

526
00:26:02,960 --> 00:26:04,280
Speaker 4: that money. I got to go get a four to

527
00:26:04,280 --> 00:26:07,320
Speaker 4: one k loan. Right, bad things don't do those things.

528
00:26:07,600 --> 00:26:10,280
Speaker 4: So that's the point of an emergency fund. It's insurance.

529
00:26:10,280 --> 00:26:13,159
Speaker 4: It's not an investment. It's literally wiggle room between you

530
00:26:13,240 --> 00:26:16,600
Speaker 4: and life. Right, So keeping that mindset, now places to

531
00:26:16,680 --> 00:26:19,080
Speaker 4: park it. I think two places are great, and one

532
00:26:19,160 --> 00:26:21,520
Speaker 4: Finance is what I use. I also use public dot

533
00:26:21,520 --> 00:26:24,679
Speaker 4: COM's highield cash account paying five point one percent. So

534
00:26:24,880 --> 00:26:28,439
Speaker 4: how do these high yield savings accounts that Genie was

535
00:26:28,480 --> 00:26:30,320
Speaker 4: just talking about, how are they able to pay you

536
00:26:30,400 --> 00:26:33,800
Speaker 4: four percent five percent on your money. They do that

537
00:26:34,000 --> 00:26:37,680
Speaker 4: because they take your money and they buy treasury bills

538
00:26:37,840 --> 00:26:40,880
Speaker 4: with your money, six month, nine month treasury bills. These

539
00:26:40,880 --> 00:26:43,800
Speaker 4: are short term debt instruments that are issued by the

540
00:26:43,880 --> 00:26:46,440
Speaker 4: US government pretty much saying lend us money for six

541
00:26:46,480 --> 00:26:48,840
Speaker 4: months and will pay you, you know that five percent

542
00:26:48,880 --> 00:26:51,399
Speaker 4: on an annualized basis, and they take a spread of like,

543
00:26:51,480 --> 00:26:53,280
Speaker 4: you know, a very little bit, which is how they

544
00:26:53,280 --> 00:26:55,080
Speaker 4: make their money. So you know, they're happy when more

545
00:26:55,080 --> 00:26:57,640
Speaker 4: people give them money. But we're happy because we don't

546
00:26:57,680 --> 00:27:00,439
Speaker 4: have to directly communicate with the government to try and

547
00:27:00,440 --> 00:27:02,640
Speaker 4: buy their debt. We're just like you know, parkting it in,

548
00:27:03,040 --> 00:27:05,320
Speaker 4: you know, in whatever these yield savings accounts are. And

549
00:27:05,359 --> 00:27:07,520
Speaker 4: so the money market funds that you're alluding to, Matt,

550
00:27:07,520 --> 00:27:09,440
Speaker 4: those are very similar accounts.

551
00:27:09,480 --> 00:27:09,720
Speaker 3: Right.

552
00:27:09,920 --> 00:27:13,639
Speaker 4: The way they do that is either through CDs, treasury bills,

553
00:27:14,080 --> 00:27:17,400
Speaker 4: things of that nature, and they're all just debt instruments CDs.

554
00:27:17,040 --> 00:27:18,920
Speaker 1: Like compact discs. I used to use those.

555
00:27:19,680 --> 00:27:23,400
Speaker 5: I think it's some deposit okay, thanks to NISE and

556
00:27:23,800 --> 00:27:25,920
Speaker 5: they're able to do you know, it's the exact same stuff,

557
00:27:25,920 --> 00:27:28,359
Speaker 5: and so they are incentivized to get as many people

558
00:27:28,359 --> 00:27:30,080
Speaker 5: as possible to give them money because they make a

559
00:27:30,119 --> 00:27:32,639
Speaker 5: little bit of a spread there on let's call it

560
00:27:32,680 --> 00:27:35,880
Speaker 5: the five point five percent, and they earn five point

561
00:27:35,920 --> 00:27:38,840
Speaker 5: five percent, which is interest, and then they pay you

562
00:27:38,960 --> 00:27:41,080
Speaker 5: five percent, so they kind of keep that half percent

563
00:27:41,600 --> 00:27:42,280
Speaker 5: for themselves.

564
00:27:42,280 --> 00:27:44,400
Speaker 4: And that's why a lot of these technology companies we've

565
00:27:44,400 --> 00:27:47,400
Speaker 4: seen Public, dot Com and so Fine, now, Robinhood even,

566
00:27:47,560 --> 00:27:49,639
Speaker 4: you know, all these random companies are getting into these

567
00:27:49,720 --> 00:27:51,600
Speaker 4: high yield savings. Well there's a lot of money in

568
00:27:51,640 --> 00:27:53,360
Speaker 4: it for them, for sure, if they're able to attract

569
00:27:53,400 --> 00:27:54,600
Speaker 4: the right kind of customers.

570
00:27:54,880 --> 00:27:56,760
Speaker 2: But the important thing is that your emergency fund should

571
00:27:56,760 --> 00:27:59,199
Speaker 2: be liquid, meaning that you can pull it out in

572
00:27:59,280 --> 00:28:02,160
Speaker 2: a second and use it as quickly as possible, because

573
00:28:02,280 --> 00:28:04,119
Speaker 2: if it were tied up in a like let's say

574
00:28:04,160 --> 00:28:06,480
Speaker 2: you're using your four one K or any other sort

575
00:28:06,520 --> 00:28:08,879
Speaker 2: of investment count as your emergency fund, well, you can't

576
00:28:09,040 --> 00:28:11,600
Speaker 2: get that money right away. Let's say, or maybe your

577
00:28:11,600 --> 00:28:14,359
Speaker 2: house is your insurance, like, you cannot get that money immediately.

578
00:28:15,160 --> 00:28:17,359
Speaker 2: So the important thing about the emergency fund is that

579
00:28:17,400 --> 00:28:19,600
Speaker 2: you can grab that money exactly when you need it.

580
00:28:19,640 --> 00:28:22,119
Speaker 4: And what happens here To come back to this idea

581
00:28:22,119 --> 00:28:24,560
Speaker 4: that Molly talked about of inflation. Right, everything right now

582
00:28:24,600 --> 00:28:26,800
Speaker 4: is between thirty and fifty percent more expensive than it

583
00:28:26,840 --> 00:28:29,880
Speaker 4: was January of twenty twenty. So by not parking your

584
00:28:29,920 --> 00:28:32,720
Speaker 4: savings when you do not earn this five percent four

585
00:28:32,760 --> 00:28:36,040
Speaker 4: percent in these different types of funds, you are just

586
00:28:36,200 --> 00:28:37,800
Speaker 4: giving your money away to inflation.

587
00:28:37,960 --> 00:28:38,120
Speaker 3: Right.

588
00:28:38,160 --> 00:28:40,840
Speaker 4: To keep up with inflation, you must be using these

589
00:28:40,880 --> 00:28:43,200
Speaker 4: types of accounts to ensure you have the same amount

590
00:28:43,200 --> 00:28:46,080
Speaker 4: of purchasing power Matt one year later now as you

591
00:28:46,120 --> 00:28:48,480
Speaker 4: did last year, because inflation is going to be eating

592
00:28:48,480 --> 00:28:50,000
Speaker 4: away at that regardless of what you do with.

593
00:28:49,960 --> 00:28:52,880
Speaker 1: Your money now real quick like money market funds, So

594
00:28:53,000 --> 00:28:55,240
Speaker 1: I take that as investing. Am I also going to

595
00:28:55,320 --> 00:28:56,840
Speaker 1: risk losing my money then too?

596
00:28:57,640 --> 00:29:00,840
Speaker 3: Now those accounts are FDAC insured, just like a regular

597
00:29:00,880 --> 00:29:02,720
Speaker 3: savings or checking account, so you don't have to worry

598
00:29:02,720 --> 00:29:05,760
Speaker 3: about that. And also there's another type of account that

599
00:29:05,800 --> 00:29:07,440
Speaker 3: a lot of folks are not aware of that are

600
00:29:07,440 --> 00:29:10,840
Speaker 3: available at like major brokerage firms like Charles Schwab and Fidelity,

601
00:29:10,840 --> 00:29:13,800
Speaker 3: which are called cash management accounts. And so these accounts

602
00:29:13,840 --> 00:29:17,200
Speaker 3: can typically offer similar rates to a high old savings account,

603
00:29:17,320 --> 00:29:20,280
Speaker 3: but instead of having the restriction on how many times

604
00:29:20,280 --> 00:29:22,600
Speaker 3: you can withdraw in a month, because typically savings accounts

605
00:29:22,640 --> 00:29:26,400
Speaker 3: have a six time withdrawal limit in a thirty day period,

606
00:29:26,440 --> 00:29:28,760
Speaker 3: and if you go beyond that, you can potentially pay

607
00:29:28,760 --> 00:29:31,800
Speaker 3: a fee. Cash management accounts operate very similar to a

608
00:29:31,880 --> 00:29:33,760
Speaker 3: checking account, so you can get a debit card that's

609
00:29:33,800 --> 00:29:36,200
Speaker 3: associated with them, and you can withdraw your money through

610
00:29:36,240 --> 00:29:40,400
Speaker 3: an ATM. So it's another way to potentially have your

611
00:29:40,400 --> 00:29:43,120
Speaker 3: emergency fund saved. And what's cool, like, let's say you

612
00:29:43,200 --> 00:29:46,200
Speaker 3: have an account with Fidelity and you invest through Fidelity.

613
00:29:46,240 --> 00:29:48,400
Speaker 3: You can have your cash management account linked to your

614
00:29:48,440 --> 00:29:51,760
Speaker 3: investment portfolio and then just like put money in your

615
00:29:51,760 --> 00:29:55,760
Speaker 3: investment accounts. That's access funds, that's savings, and it's just

616
00:29:55,840 --> 00:29:58,320
Speaker 3: a really seamless process for you to continue to bulk

617
00:29:58,400 --> 00:30:00,240
Speaker 3: up your investments and having all your stuff in the

618
00:30:00,280 --> 00:30:03,400
Speaker 3: same brokerage firm.

619
00:30:03,920 --> 00:30:06,800
Speaker 1: Coming up on grownup stuff, how to adults.

620
00:30:07,120 --> 00:30:10,280
Speaker 3: I just had to work five hours to get these shoes.

621
00:30:10,360 --> 00:30:12,760
Speaker 3: When you think about it, it's like do I really

622
00:30:12,760 --> 00:30:14,960
Speaker 3: need the shoes.

623
00:30:15,720 --> 00:30:22,640
Speaker 1: We'll be right back after a quick break, and we're

624
00:30:22,760 --> 00:30:26,360
Speaker 1: back with more grown up stuff how to adults.

625
00:30:27,960 --> 00:30:29,880
Speaker 2: When it comes to budgeting, Like we've heard a lot

626
00:30:29,880 --> 00:30:31,640
Speaker 2: about this fifty thirty twenty budget, and I think that

627
00:30:31,640 --> 00:30:33,800
Speaker 2: can be a really great system for when people do

628
00:30:34,280 --> 00:30:35,960
Speaker 2: look through the ins and outs of the finance, how

629
00:30:36,040 --> 00:30:38,040
Speaker 2: much money is coming in, how much is going out,

630
00:30:38,320 --> 00:30:41,320
Speaker 2: and then put those into buckets. So around fifty percent

631
00:30:41,400 --> 00:30:43,920
Speaker 2: should be used for what you need, thirty percent for

632
00:30:43,960 --> 00:30:45,160
Speaker 2: your wants if you want to go to the movie,

633
00:30:45,160 --> 00:30:47,520
Speaker 2: you want to go, get some food, and twenty percent

634
00:30:47,760 --> 00:30:50,000
Speaker 2: you should be saving. I'm curious what you guys think

635
00:30:50,040 --> 00:30:52,160
Speaker 2: of this fifty thirty twenty rule, and if what other

636
00:30:52,240 --> 00:30:55,200
Speaker 2: sort of systems you guys put in place, like pay

637
00:30:55,240 --> 00:30:57,960
Speaker 2: yourself first that people can kind of cling on to

638
00:30:57,960 --> 00:30:59,640
Speaker 2: to start their budgeting journey.

639
00:31:00,400 --> 00:31:02,719
Speaker 3: I mean, I think it sounds nice on paper, but like,

640
00:31:02,800 --> 00:31:05,080
Speaker 3: let's be honest. You guys live in New York City,

641
00:31:05,120 --> 00:31:07,280
Speaker 3: and I know most people in New York City are

642
00:31:07,360 --> 00:31:09,840
Speaker 3: using way more than fifty percent of their income on

643
00:31:09,960 --> 00:31:11,160
Speaker 3: their basic necessities.

644
00:31:11,920 --> 00:31:14,560
Speaker 1: I would say, like most of that fifty probably eighty

645
00:31:14,600 --> 00:31:16,680
Speaker 1: percent is just rent for me, eighty ninety percent is

646
00:31:16,720 --> 00:31:17,040
Speaker 1: just rent.

647
00:31:17,120 --> 00:31:21,280
Speaker 3: There you go. So those percentages, I think when people

648
00:31:21,320 --> 00:31:23,200
Speaker 3: first see them, they're kind of just like, Okay, well

649
00:31:23,200 --> 00:31:25,320
Speaker 3: that's great, but that's ridiculous. You know, how am I

650
00:31:25,320 --> 00:31:28,360
Speaker 3: supposed to do that supporting a family of four on

651
00:31:28,520 --> 00:31:31,440
Speaker 3: like seventy five thousand dollars a year. And so I

652
00:31:31,480 --> 00:31:34,040
Speaker 3: think the first thing is to realize that the numbers

653
00:31:34,080 --> 00:31:37,320
Speaker 3: are a suggestion, and obviously you need to customize them

654
00:31:37,440 --> 00:31:40,239
Speaker 3: to fit what makes sense. There's like a lot of

655
00:31:40,240 --> 00:31:43,560
Speaker 3: things that factor into this stuff, and so I think

656
00:31:43,600 --> 00:31:46,920
Speaker 3: sometimes if you are looking at your numbers and they

657
00:31:46,960 --> 00:31:49,200
Speaker 3: just are not adding up, the math is not mathing

658
00:31:49,240 --> 00:31:51,640
Speaker 3: as they say, you're gonna have to start getting a

659
00:31:51,640 --> 00:31:54,240
Speaker 3: little creative and you're gonna maybe have to start making

660
00:31:54,240 --> 00:31:57,440
Speaker 3: some short term sacrifices for some folks that might be

661
00:31:58,080 --> 00:32:01,680
Speaker 3: taking roommates, you know, that might be using your home

662
00:32:01,720 --> 00:32:05,320
Speaker 3: as an airbnb. There might be opportunities for you to

663
00:32:05,400 --> 00:32:09,000
Speaker 3: like rent out your car on touro, or start taking

664
00:32:09,000 --> 00:32:11,640
Speaker 3: on some gig economy work to like boost your income,

665
00:32:11,720 --> 00:32:14,000
Speaker 3: to pay off some debt and free up some savings.

666
00:32:14,000 --> 00:32:17,880
Speaker 3: So I think it's okay to come to the cool

667
00:32:17,920 --> 00:32:19,720
Speaker 3: conclusion that you know, we're gonna have to make some

668
00:32:19,760 --> 00:32:22,440
Speaker 3: short term sacrifices, but there is a long term perspective

669
00:32:22,440 --> 00:32:25,920
Speaker 3: that's going to help keep us motivated during that transition period.

670
00:32:26,320 --> 00:32:27,600
Speaker 2: And I also just wanted to say, like, you know,

671
00:32:27,640 --> 00:32:29,800
Speaker 2: if we're going to set aside twenty percent for savings,

672
00:32:29,920 --> 00:32:31,360
Speaker 2: like that could mean a lot of things. You know

673
00:32:31,440 --> 00:32:34,040
Speaker 2: that you're putting money into your emergency fund. That could

674
00:32:34,080 --> 00:32:36,120
Speaker 2: be that you're putting money into your four one K plant,

675
00:32:36,160 --> 00:32:38,480
Speaker 2: or you're investing. That could also mean like if you

676
00:32:38,520 --> 00:32:40,880
Speaker 2: don't have that much money and you're setting aside money

677
00:32:40,880 --> 00:32:43,160
Speaker 2: for like maybe a trip for the weekend for you

678
00:32:43,200 --> 00:32:45,720
Speaker 2: and your kids, as long as you were taking twenty

679
00:32:45,760 --> 00:32:48,640
Speaker 2: percent and you were using it to save for whatever

680
00:32:48,880 --> 00:32:50,920
Speaker 2: is the most immediate goal for you, whether it's paying

681
00:32:50,920 --> 00:32:52,880
Speaker 2: down your debt or anything like that. Like, there's a

682
00:32:52,920 --> 00:32:55,160
Speaker 2: lot of different ways to save, but the important thing

683
00:32:55,160 --> 00:32:57,680
Speaker 2: is that you're putting a name or a number to

684
00:32:57,840 --> 00:33:00,520
Speaker 2: that much money, and you're you know where you're putting

685
00:33:00,520 --> 00:33:01,240
Speaker 2: it totally.

686
00:33:01,640 --> 00:33:05,880
Speaker 3: I think the important part, too, is taking the manual

687
00:33:06,240 --> 00:33:09,560
Speaker 3: decision making process out of this as much as possible,

688
00:33:09,680 --> 00:33:13,200
Speaker 3: because human nature is like, if you see the money,

689
00:33:13,600 --> 00:33:15,160
Speaker 3: you're not gonna want to save it. You're going to

690
00:33:15,200 --> 00:33:17,040
Speaker 3: want to do something with it. But if you can

691
00:33:17,120 --> 00:33:19,360
Speaker 3: automate it so that when you get paid, if your

692
00:33:19,400 --> 00:33:22,200
Speaker 3: employer offers this where you can split your payroll and

693
00:33:22,240 --> 00:33:24,680
Speaker 3: you can have a certain amount of money going automatically

694
00:33:24,760 --> 00:33:28,000
Speaker 3: into your high old savings account, or you can automatically

695
00:33:28,080 --> 00:33:30,600
Speaker 3: increase the percentage that's going into your four oh one

696
00:33:30,640 --> 00:33:34,760
Speaker 3: K every six months or something like that. That automation

697
00:33:35,240 --> 00:33:38,400
Speaker 3: will help you get so much further because it's like,

698
00:33:39,200 --> 00:33:42,000
Speaker 3: think about how many times you've told yourself, I'm going

699
00:33:42,040 --> 00:33:44,640
Speaker 3: to the gym today and then something happens and you

700
00:33:44,680 --> 00:33:47,520
Speaker 3: don't go to the gym. But if you know there's

701
00:33:47,560 --> 00:33:50,200
Speaker 3: an uber that schedule to take you to the gym,

702
00:33:50,640 --> 00:33:52,640
Speaker 3: and if you cancel it, they're going to charge you

703
00:33:52,680 --> 00:33:54,960
Speaker 3: a fee, you're gonna go to the gym, right, So

704
00:33:55,040 --> 00:33:57,000
Speaker 3: it's just like set it up so that you have

705
00:33:57,080 --> 00:33:59,600
Speaker 3: a greater chance of success because you don't have to

706
00:33:59,640 --> 00:34:01,480
Speaker 3: think about it, cause there's a million decisions we have

707
00:34:01,520 --> 00:34:03,960
Speaker 3: to make every day and you having to go in,

708
00:34:04,080 --> 00:34:07,240
Speaker 3: log into your bank account, transfer this money, make sure

709
00:34:07,240 --> 00:34:09,239
Speaker 3: that it happens. Like, there's just so many things that

710
00:34:09,280 --> 00:34:11,160
Speaker 3: can get in the way of that happening, So automate

711
00:34:11,280 --> 00:34:12,160
Speaker 3: as much as possible.

712
00:34:12,760 --> 00:34:15,000
Speaker 2: I love that. There's another great book. It's called Atomic

713
00:34:15,080 --> 00:34:17,280
Speaker 2: Habit's by James clear, and he calls that a commitment

714
00:34:17,320 --> 00:34:21,040
Speaker 2: device that you know, by setting aside like twenty percent

715
00:34:21,080 --> 00:34:23,440
Speaker 2: of your pretext income to go into your four one K,

716
00:34:23,800 --> 00:34:25,880
Speaker 2: that is a commitment device. And yeah, I love the

717
00:34:25,920 --> 00:34:28,200
Speaker 2: idea of like, don't give me money I can't spend.

718
00:34:29,000 --> 00:34:29,840
Speaker 3: Yeah, I don't want.

719
00:34:29,719 --> 00:34:30,120
Speaker 1: To see it.

720
00:34:30,760 --> 00:34:33,440
Speaker 3: I know you mentioned the book Your Money, Your Life,

721
00:34:33,480 --> 00:34:37,040
Speaker 3: which I'm obsessed with because that book is the whole

722
00:34:37,280 --> 00:34:41,000
Speaker 3: origin of the financial independence movement. And when they talk

723
00:34:41,040 --> 00:34:45,680
Speaker 3: about this concept of understanding how many hours of your

724
00:34:45,719 --> 00:34:50,120
Speaker 3: time you're trading for something? Right, like that one hundred

725
00:34:50,160 --> 00:34:53,040
Speaker 3: and fifty dollars pair of shoes. I just had to

726
00:34:53,080 --> 00:34:56,040
Speaker 3: work five hours to get these shoes. When you think

727
00:34:56,080 --> 00:34:58,680
Speaker 3: about it, it's like do I really need the shoes?

728
00:34:59,120 --> 00:35:01,920
Speaker 3: This has five hour This is a long time, you know.

729
00:35:02,120 --> 00:35:04,840
Speaker 3: And so just like having that value based approach, where

730
00:35:05,239 --> 00:35:07,160
Speaker 3: is this worth the amount of time to buy these

731
00:35:07,200 --> 00:35:07,840
Speaker 3: damn shoes?

732
00:35:08,320 --> 00:35:10,959
Speaker 1: And I do the opposite effect where I'll be like, hmm,

733
00:35:11,719 --> 00:35:16,200
Speaker 1: how much is my time worth that it's worth paying

734
00:35:16,280 --> 00:35:18,160
Speaker 1: for the delivery service?

735
00:35:19,640 --> 00:35:21,640
Speaker 3: Yes, I absolutely agree with you. I think there's a

736
00:35:21,680 --> 00:35:26,919
Speaker 3: benefit to convenience. I'm a big proponent of buying convenience

737
00:35:27,200 --> 00:35:31,520
Speaker 3: investing in convenience, because the less that you're doing activities

738
00:35:31,600 --> 00:35:35,440
Speaker 3: that are basically just time sucking but are not adding

739
00:35:35,440 --> 00:35:37,920
Speaker 3: to your bottom line, the more you can open up

740
00:35:37,960 --> 00:35:39,919
Speaker 3: space for what I talked about earlier, which is side

741
00:35:39,960 --> 00:35:43,279
Speaker 3: hustles Molly. And so I think just reframing how you're

742
00:35:43,320 --> 00:35:45,279
Speaker 3: spending your time is a really good way to then

743
00:35:45,400 --> 00:35:47,279
Speaker 3: be able to optimize it so you can work on

744
00:35:47,320 --> 00:35:48,879
Speaker 3: those things that are going to help you make more money.

745
00:35:49,000 --> 00:35:51,279
Speaker 1: Okay, I feel a little bit better about myself. And

746
00:35:51,400 --> 00:35:55,520
Speaker 1: speaking of feeling better, I will say, if I'm being

747
00:35:55,560 --> 00:35:59,319
Speaker 1: honest with myself, doing the research and preparation for this

748
00:35:59,440 --> 00:36:02,840
Speaker 1: interview and just thinking about the general economy right now

749
00:36:03,520 --> 00:36:07,440
Speaker 1: sends me into minor panic territory. How do I calm

750
00:36:07,480 --> 00:36:11,000
Speaker 1: myself down about my financial situation while being responsible and

751
00:36:11,040 --> 00:36:14,480
Speaker 1: not just like straight up becoming a hermit and never

752
00:36:14,600 --> 00:36:17,080
Speaker 1: doing anything. Well.

753
00:36:17,120 --> 00:36:19,920
Speaker 3: I think you have to just decide what you're going

754
00:36:20,000 --> 00:36:21,840
Speaker 3: to prioritize, you know. I think there can be this

755
00:36:21,920 --> 00:36:23,879
Speaker 3: idea that once you start getting into like the world

756
00:36:23,880 --> 00:36:26,279
Speaker 3: of personal finance, you want to do everything. I gotta

757
00:36:26,320 --> 00:36:28,279
Speaker 3: do a budget. I got to say my emergency fund.

758
00:36:28,360 --> 00:36:31,000
Speaker 3: I have to invest for retirement, I have to renegotiate

759
00:36:31,040 --> 00:36:34,040
Speaker 3: all my credit card debt. And it's just like, relax,

760
00:36:34,560 --> 00:36:36,960
Speaker 3: Let's pick one thing to tackle. Let's pick the thing

761
00:36:37,000 --> 00:36:39,640
Speaker 3: that is holding you back the most right now. Focus

762
00:36:39,640 --> 00:36:42,120
Speaker 3: on that because there will always be something else to

763
00:36:42,160 --> 00:36:44,799
Speaker 3: deal with when it comes to money. So just get

764
00:36:44,840 --> 00:36:47,440
Speaker 3: to a place where you make a priority list of

765
00:36:47,480 --> 00:36:49,719
Speaker 3: what is most important, what is going to get you

766
00:36:49,840 --> 00:36:54,440
Speaker 3: to the next goal, and relax because we're all navigating

767
00:36:54,480 --> 00:36:57,279
Speaker 3: the world of money and it's a lifelong journey, so

768
00:36:57,320 --> 00:36:58,560
Speaker 3: you don't have to do everything right now.

769
00:36:59,080 --> 00:37:00,480
Speaker 2: And it's also like an a lot of peop don't

770
00:37:00,480 --> 00:37:02,040
Speaker 2: talk about this. Money is really emotional.

771
00:37:02,200 --> 00:37:04,960
Speaker 1: Yes, this is why I'm having panic. We'll talk about

772
00:37:05,000 --> 00:37:05,680
Speaker 1: it right now.

773
00:37:05,760 --> 00:37:08,520
Speaker 2: Because they feel well, they feel shame, they feel like,

774
00:37:08,600 --> 00:37:10,320
Speaker 2: you know, they're always comparing themselves to their friends or

775
00:37:10,320 --> 00:37:12,759
Speaker 2: their family or whoever, and like it is so so

776
00:37:12,960 --> 00:37:16,080
Speaker 2: incredibly important too, especially if you're in a relationship to

777
00:37:16,200 --> 00:37:19,400
Speaker 2: have the discussion about money, because you know, if your

778
00:37:19,440 --> 00:37:21,399
Speaker 2: partner's doing something that you're not aware of and they're

779
00:37:21,400 --> 00:37:23,640
Speaker 2: taking your credit card, you know, there just needs to

780
00:37:23,640 --> 00:37:25,759
Speaker 2: be like a mutual understanding about it. And so I'm

781
00:37:25,760 --> 00:37:28,160
Speaker 2: also curious, like if you guys have any advice for

782
00:37:28,200 --> 00:37:30,520
Speaker 2: people who like they want to talk about money, but

783
00:37:30,520 --> 00:37:33,040
Speaker 2: they're maybe afraid to do it or to discuss it

784
00:37:33,080 --> 00:37:35,360
Speaker 2: with their partner, Like, if any advice for people in

785
00:37:35,400 --> 00:37:36,160
Speaker 2: those situations.

786
00:37:36,840 --> 00:37:39,040
Speaker 3: Yeah, I wrote a whole chapter of this in my book,

787
00:37:39,120 --> 00:37:41,680
Speaker 3: because honestly, this is one of those things that people,

788
00:37:42,080 --> 00:37:44,560
Speaker 3: especially when you start talking about like pre nups and

789
00:37:44,920 --> 00:37:46,920
Speaker 3: you know, how do you find out about somebody else's debt.

790
00:37:47,560 --> 00:37:49,840
Speaker 3: I'm a big fan of money dates, so you know,

791
00:37:49,880 --> 00:37:52,040
Speaker 3: if you're in a partnership and you guys are already

792
00:37:52,080 --> 00:37:54,279
Speaker 3: living together and you just want to like feel like

793
00:37:54,280 --> 00:37:57,480
Speaker 3: you're working on something collectively. Monthly money dates are a

794
00:37:57,520 --> 00:38:01,040
Speaker 3: really good idea. Not after a stressful day work, not

795
00:38:01,360 --> 00:38:04,240
Speaker 3: after the kids have been like you know, driving you insane.

796
00:38:04,680 --> 00:38:06,799
Speaker 3: You want to like take some time out, go to

797
00:38:06,800 --> 00:38:10,279
Speaker 3: a neutral spot, maybe get a margarita, sit down, talk

798
00:38:10,280 --> 00:38:12,920
Speaker 3: about what the goals are, talk about things in a

799
00:38:12,960 --> 00:38:17,359
Speaker 3: way that are positive, that are not accusatory, because most

800
00:38:17,400 --> 00:38:20,239
Speaker 3: of the time people are not actually doing things maliciously

801
00:38:20,280 --> 00:38:23,000
Speaker 3: with money. You know, you just have two different philosophies,

802
00:38:23,239 --> 00:38:26,320
Speaker 3: you have two different upbringings, you have different money trauma,

803
00:38:26,840 --> 00:38:28,799
Speaker 3: and those are things that you have to figure out

804
00:38:28,880 --> 00:38:30,799
Speaker 3: how to coexist peacefully.

805
00:38:31,400 --> 00:38:33,480
Speaker 4: I couldn't have said it better myself. I think the

806
00:38:33,560 --> 00:38:37,279
Speaker 4: biggest thing that helped me after I graduated college move

807
00:38:37,400 --> 00:38:41,759
Speaker 4: forward from a financial perspective was having my accountabil buddy. Right,

808
00:38:42,239 --> 00:38:45,360
Speaker 4: Having someone that can walk with you in that journey

809
00:38:45,640 --> 00:38:48,320
Speaker 4: romantically that's great too, but just having a friend that

810
00:38:48,480 --> 00:38:50,440
Speaker 4: is around there to hold you accountable and say, hey,

811
00:38:50,440 --> 00:38:52,279
Speaker 4: wait a second, you said that you were not going

812
00:38:52,280 --> 00:38:54,320
Speaker 4: to rack up more credit card debt. I see you

813
00:38:54,360 --> 00:38:56,280
Speaker 4: want to go on that vacation. What are we doing here, buddy?

814
00:38:56,360 --> 00:38:56,560
Speaker 1: You know.

815
00:38:57,040 --> 00:38:59,560
Speaker 4: So just having that accountability and having a friend there

816
00:38:59,560 --> 00:39:00,719
Speaker 4: that's going to be in your corner, I think it

817
00:39:00,800 --> 00:39:01,200
Speaker 4: was great too.

818
00:39:01,840 --> 00:39:03,879
Speaker 2: And I think people are like, you know, maybe it's

819
00:39:03,880 --> 00:39:05,480
Speaker 2: a scary thing, but on the other side of it

820
00:39:05,480 --> 00:39:08,040
Speaker 2: can actually you can bring you closer together. Like my

821
00:39:08,080 --> 00:39:10,680
Speaker 2: wife and I have had many many financial discussions about

822
00:39:10,760 --> 00:39:13,399
Speaker 2: our future, about where we're at in our careers, about

823
00:39:13,440 --> 00:39:15,040
Speaker 2: our goals, about what you want to buy a house,

824
00:39:15,080 --> 00:39:18,520
Speaker 2: and like being on the same page and working together

825
00:39:18,640 --> 00:39:21,240
Speaker 2: towards those goals has brought us so much closer together.

826
00:39:21,480 --> 00:39:23,000
Speaker 2: And if there are people in your life who are

827
00:39:23,080 --> 00:39:25,160
Speaker 2: good with money, are very financially on top of it,

828
00:39:25,280 --> 00:39:27,239
Speaker 2: or like they're progressing their career, like talk to them

829
00:39:27,239 --> 00:39:29,920
Speaker 2: about how they got there. Because through me talking with

830
00:39:29,960 --> 00:39:31,800
Speaker 2: my friend about where I'm at and like my fears

831
00:39:31,800 --> 00:39:34,080
Speaker 2: and my worries, like, they brought us closer together and

832
00:39:34,120 --> 00:39:35,560
Speaker 2: I learned so much too.

833
00:39:36,120 --> 00:39:38,640
Speaker 1: And that is why I also brought in Jenise and

834
00:39:38,680 --> 00:39:40,520
Speaker 1: Austin because they are my friends as well, or I

835
00:39:40,560 --> 00:39:42,640
Speaker 1: like to consider them my friends, and they know way

836
00:39:42,680 --> 00:39:44,719
Speaker 1: more about this stuff than I do. So I and

837
00:39:44,760 --> 00:39:47,160
Speaker 1: listen Jenny's and Austin. I'm going to be seeing you

838
00:39:47,200 --> 00:39:49,319
Speaker 1: next month, so be prepared for me to ask you

839
00:39:49,320 --> 00:39:51,799
Speaker 1: more questions for asking for a friend, of course, asking

840
00:39:51,840 --> 00:39:52,879
Speaker 1: for a friend, it's a date.

841
00:39:54,560 --> 00:39:56,239
Speaker 2: I'm curious, you know, we talked a little bit about

842
00:39:56,280 --> 00:39:58,920
Speaker 2: your financial journeys up top. I'm curious to hear about

843
00:39:59,000 --> 00:40:01,160
Speaker 2: kind of what resource is that we're out there that

844
00:40:01,239 --> 00:40:04,040
Speaker 2: really helped you that you enjoy sharing with people. Like

845
00:40:04,120 --> 00:40:05,880
Speaker 2: for me, it's I don't know if either of you

846
00:40:05,960 --> 00:40:09,000
Speaker 2: are on Reddit, but there is a subreddit called personal finance.

847
00:40:09,280 --> 00:40:12,560
Speaker 2: It has an incredible amount of resources. It's been huge

848
00:40:12,600 --> 00:40:14,279
Speaker 2: for me, and that's where I found out about your

849
00:40:14,280 --> 00:40:16,919
Speaker 2: money or your life, and also The Simple Path to Wealth,

850
00:40:16,960 --> 00:40:19,799
Speaker 2: which is another green book on investing. So are the

851
00:40:19,880 --> 00:40:21,600
Speaker 2: resources that both of you love that are out there

852
00:40:21,600 --> 00:40:23,640
Speaker 2: that you typically find yourself sharing with people.

853
00:40:24,239 --> 00:40:27,080
Speaker 3: So I'm an audio file so I am a lover

854
00:40:27,239 --> 00:40:29,879
Speaker 3: podcast when it comes to learning, just because I'm a multitasker.

855
00:40:30,080 --> 00:40:32,240
Speaker 3: I have them on all the time. I'm always learning

856
00:40:32,280 --> 00:40:34,960
Speaker 3: on the go. So some of my favorite podcasts when

857
00:40:35,000 --> 00:40:37,600
Speaker 3: it comes to learning about personal finance are So Money

858
00:40:37,640 --> 00:40:40,840
Speaker 3: by Far, New Sharabi, Journey to Launch by Jimilisu Front,

859
00:40:41,280 --> 00:40:46,080
Speaker 3: and I am a big Wall Street Journal podcast fan.

860
00:40:46,200 --> 00:40:48,200
Speaker 3: So just like staying in touch with what's going on

861
00:40:48,239 --> 00:40:51,600
Speaker 3: in the money world, it makes you feel empowered, you know,

862
00:40:51,640 --> 00:40:54,640
Speaker 3: and knowledge is power. So find the creators, find the

863
00:40:54,640 --> 00:40:57,520
Speaker 3: folks who you feel inspired by, and just make it

864
00:40:57,520 --> 00:40:58,200
Speaker 3: a habit.

865
00:40:58,440 --> 00:41:01,360
Speaker 4: One hundred percent, you know, think what could really be useful.

866
00:41:01,560 --> 00:41:03,480
Speaker 4: And it certainly helped me back in the day when

867
00:41:03,520 --> 00:41:05,960
Speaker 4: I was really listening to Dave Ramsey all the time

868
00:41:06,000 --> 00:41:07,879
Speaker 4: and just hearing the people call in and talk about

869
00:41:07,920 --> 00:41:10,879
Speaker 4: their own situations. There's a YouTuber, Caleb Hammer that does

870
00:41:10,960 --> 00:41:13,640
Speaker 4: these really cool sort of one on one interviews he

871
00:41:13,680 --> 00:41:16,359
Speaker 4: calls them the financial audits, So he'll have someone on

872
00:41:16,400 --> 00:41:20,520
Speaker 4: his show and he'll go through all of their checking, transactions,

873
00:41:20,600 --> 00:41:24,080
Speaker 4: their savings, if they have any credit card, debt, investments, everything,

874
00:41:24,480 --> 00:41:27,480
Speaker 4: And it's really cool, I think from a resource perspective,

875
00:41:27,480 --> 00:41:30,319
Speaker 4: to see how other people are handling their money, both

876
00:41:30,320 --> 00:41:33,240
Speaker 4: good and bad, as well as getting his professional opinion

877
00:41:33,400 --> 00:41:36,279
Speaker 4: on what to do about it. I think Copilot is

878
00:41:36,280 --> 00:41:38,920
Speaker 4: an awesome app for people who are looking to create

879
00:41:38,920 --> 00:41:41,799
Speaker 4: the budget. They do all the automations on the back

880
00:41:41,880 --> 00:41:43,759
Speaker 4: end somewhere how mits would have kind of plugs it

881
00:41:43,800 --> 00:41:47,360
Speaker 4: in like that, And if you're trying to think about

882
00:41:47,920 --> 00:41:51,920
Speaker 4: investing or how to approach that, The Little Book of

883
00:41:51,920 --> 00:41:54,840
Speaker 4: Common Sense Investing by John C. Bogel is a really

884
00:41:54,920 --> 00:41:58,160
Speaker 4: really good book. He founded Vanguard small company, who know

885
00:41:58,719 --> 00:42:01,200
Speaker 4: if you know anything about them, but it's a little

886
00:42:01,200 --> 00:42:04,000
Speaker 4: Book of common sense investing and it is a very

887
00:42:04,080 --> 00:42:09,120
Speaker 4: straightforward beginner's guide to just thinking about how to perceive

888
00:42:09,160 --> 00:42:11,600
Speaker 4: opportunity cost as it relates to investing, twit retirement.

889
00:42:12,120 --> 00:42:14,960
Speaker 2: That's fantastic. Last thing is anything that we didn't cover

890
00:42:15,000 --> 00:42:17,280
Speaker 2: today that you guys wanted to mention to the listeners

891
00:42:17,280 --> 00:42:18,120
Speaker 2: before we hop.

892
00:42:17,960 --> 00:42:21,799
Speaker 4: Off you are exactly where you need to be. Do

893
00:42:21,960 --> 00:42:26,400
Speaker 4: not overstress, Do not feel like you are having a

894
00:42:26,400 --> 00:42:29,080
Speaker 4: panica Tachnic Volley was alluding to earlier, you were doing

895
00:42:29,160 --> 00:42:32,320
Speaker 4: everything correct. Inflation sucks. We're all right there with you.

896
00:42:32,400 --> 00:42:35,480
Speaker 4: Figure out ways to have fun on a budget. That

897
00:42:35,600 --> 00:42:38,000
Speaker 4: might mean just going outside, have a bagel, walk around

898
00:42:38,000 --> 00:42:41,920
Speaker 4: your neighborhood. Don't think that Instagram is reality. And oh,

899
00:42:42,320 --> 00:42:47,359
Speaker 4: wealth happens when intentionality and discipline meet. So if you're

900
00:42:47,440 --> 00:42:50,480
Speaker 4: intentional with your money and you stay disciplined with that

901
00:42:50,600 --> 00:42:53,640
Speaker 4: sort of process, you will build wealth. It is inevitable

902
00:42:54,239 --> 00:42:55,719
Speaker 4: love that Austin beautifully put.

903
00:42:56,280 --> 00:42:57,759
Speaker 2: So where can people find you if they want to

904
00:42:57,800 --> 00:42:59,640
Speaker 2: learn more about what you do and how they can

905
00:42:59,760 --> 00:43:01,080
Speaker 2: learn from your journeys.

906
00:43:01,719 --> 00:43:04,960
Speaker 3: So you can find me at Jociero dinetto podcast wherever

907
00:43:05,000 --> 00:43:08,000
Speaker 3: you're listening to grown up stuff how to adult. And

908
00:43:08,040 --> 00:43:10,520
Speaker 3: you can find out more about my book at financially

909
00:43:10,600 --> 00:43:11,640
Speaker 3: litbook dot com.

910
00:43:12,120 --> 00:43:15,440
Speaker 4: That was a really good plug. I don't have a book.

911
00:43:16,160 --> 00:43:18,400
Speaker 4: I do a podcast, though, Rich Habits Podcast. We're a

912
00:43:18,400 --> 00:43:21,520
Speaker 4: top ten business podcast on Spotify. Tens of thousands of

913
00:43:21,520 --> 00:43:24,239
Speaker 4: people tune in every Monday and Thursday to check us out,

914
00:43:24,280 --> 00:43:27,279
Speaker 4: so super grateful. There again, that's Rich Habits podcast, and

915
00:43:27,640 --> 00:43:31,360
Speaker 4: I'm on TikTok and Instagram at Austin Hankwitz and I

916
00:43:31,400 --> 00:43:34,160
Speaker 4: post short form videos about personal finance and investing. So

917
00:43:34,360 --> 00:43:37,160
Speaker 4: if you thought this budgeting stuff was nerdy, you're gonna

918
00:43:37,520 --> 00:43:38,800
Speaker 4: hate my content.

919
00:43:41,239 --> 00:43:42,080
Speaker 2: Really dive deep.

920
00:43:42,440 --> 00:43:45,040
Speaker 1: Thank you both Jenny's and Austin so much for being

921
00:43:45,120 --> 00:43:48,160
Speaker 1: with us today on the podcast. I have learned so

922
00:43:48,239 --> 00:43:50,480
Speaker 1: much from you and we might be asking you to

923
00:43:50,480 --> 00:43:52,960
Speaker 1: come back and share more insights with us than not

924
00:43:53,040 --> 00:43:53,920
Speaker 1: too distant future.

925
00:43:54,160 --> 00:43:55,000
Speaker 4: Looking forward to it.

926
00:43:55,400 --> 00:43:57,320
Speaker 2: Yeah, thank you both so much. This has been wonderful.

927
00:43:57,520 --> 00:43:58,120
Speaker 4: Thanks everyone.

928
00:43:58,280 --> 00:43:58,680
Speaker 3: Thank you.

929
00:44:03,719 --> 00:44:06,520
Speaker 1: Denise and Austin together, you are both such a calming

930
00:44:06,560 --> 00:44:09,839
Speaker 1: presence on a topic that really deeply stresses me out.

931
00:44:10,160 --> 00:44:13,640
Speaker 1: I am forever grateful, along with a newfound sense of calm.

932
00:44:13,800 --> 00:44:16,120
Speaker 1: Here's what else I'm taking with me on my financial

933
00:44:16,160 --> 00:44:19,680
Speaker 1: journey from this conversation. Knowing your net worth is crucial

934
00:44:19,719 --> 00:44:23,319
Speaker 1: for financial awareness. Just knowing where you're starting is half

935
00:44:23,360 --> 00:44:26,680
Speaker 1: the battle. And don't be ashamed. Know that this is

936
00:44:26,800 --> 00:44:30,359
Speaker 1: just the beginning of taking control of your finances, trying

937
00:44:30,400 --> 00:44:33,399
Speaker 1: to accomplish all of your financial goals at once. Can

938
00:44:33,440 --> 00:44:36,279
Speaker 1: be overwhelming, so know where you're at and try to

939
00:44:36,320 --> 00:44:38,960
Speaker 1: focus on one goal at a time, and if you

940
00:44:38,960 --> 00:44:43,640
Speaker 1: have debt, focus on that first and foremost, Pay yourself first.

941
00:44:44,040 --> 00:44:45,920
Speaker 1: After you pay your rent and your mortgage and all

942
00:44:45,920 --> 00:44:48,920
Speaker 1: of the other essentials, put money into your savings and

943
00:44:49,120 --> 00:44:51,680
Speaker 1: use what's left over for the rest of your expenses.

944
00:44:52,080 --> 00:44:54,040
Speaker 1: You can often choose to have a portion of your

945
00:44:54,080 --> 00:44:57,560
Speaker 1: paycheck automatically go into a savings account. This can help

946
00:44:57,600 --> 00:45:01,359
Speaker 1: you achieve your financial goals. It money into a high

947
00:45:01,480 --> 00:45:04,880
Speaker 1: yield savings account or a money market fund. They offer

948
00:45:05,000 --> 00:45:07,160
Speaker 1: high interest rates and can be a good place to

949
00:45:07,239 --> 00:45:10,880
Speaker 1: park your emergency fund and help grow your money. Remember

950
00:45:11,000 --> 00:45:13,759
Speaker 1: that interest on it is free money. Don't leave it

951
00:45:13,840 --> 00:45:17,840
Speaker 1: on the table. Open communication about money is important, whether

952
00:45:18,000 --> 00:45:20,560
Speaker 1: it's with a partner or a friend. It can also

953
00:45:20,600 --> 00:45:24,680
Speaker 1: really bring you closer together. Consider taking on a financial

954
00:45:24,680 --> 00:45:27,400
Speaker 1: accountability buddy to help you stay on track with your budgeting.

955
00:45:28,120 --> 00:45:31,680
Speaker 1: And finally, knowledge is power. Knowing your options and what

956
00:45:31,719 --> 00:45:35,760
Speaker 1: information is available about personal finance is empowering, not scary.

957
00:45:36,440 --> 00:45:40,680
Speaker 1: Resources like podcasts and books can provide valuable insights and guidance.

958
00:45:41,600 --> 00:45:43,440
Speaker 1: Matt I saw a fire and a passion in you

959
00:45:43,520 --> 00:45:46,279
Speaker 1: when you talked about money in this episode. I feel

960
00:45:46,320 --> 00:45:49,520
Speaker 1: like I'm seeing another universe where maybe you did not

961
00:45:49,640 --> 00:45:53,080
Speaker 1: go into theater or sound engineering or podcasting, and you

962
00:45:53,160 --> 00:45:55,520
Speaker 1: listen to your parents and went to school for finance,

963
00:45:56,000 --> 00:45:58,960
Speaker 1: but you've never considered that route today or in the past.

964
00:45:59,640 --> 00:46:02,759
Speaker 2: I mean, look, I don't want to look back in

965
00:46:02,800 --> 00:46:04,759
Speaker 2: my life and say I have regrets. We're in a

966
00:46:04,840 --> 00:46:06,840
Speaker 2: very cool place, we have a cool job, this is fun,

967
00:46:07,680 --> 00:46:11,560
Speaker 2: this is but I do want to continued learning and

968
00:46:11,640 --> 00:46:15,080
Speaker 2: growing in my financial life because the older I've gotten,

969
00:46:15,120 --> 00:46:17,799
Speaker 2: the more I've realized how important it is. Not that

970
00:46:17,840 --> 00:46:19,640
Speaker 2: you have to be super involved in it, but it's

971
00:46:19,680 --> 00:46:21,440
Speaker 2: so important to know how it works so you can

972
00:46:21,480 --> 00:46:22,920
Speaker 2: take care of yourself and your family.

973
00:46:23,080 --> 00:46:26,440
Speaker 1: It's very important stuff. And honestly, it did give me

974
00:46:26,480 --> 00:46:29,160
Speaker 1: a little anxiety hearing about it. I won't lie to you,

975
00:46:29,760 --> 00:46:33,200
Speaker 1: but I'm feeling motivated in maybe like a shameful way,

976
00:46:33,200 --> 00:46:36,239
Speaker 1: but I think it's still motivation nonetheless to use some

977
00:46:36,280 --> 00:46:39,439
Speaker 1: of the tools that Cheni's and Austin talked about. But Matt,

978
00:46:39,480 --> 00:46:42,080
Speaker 1: what's next on GUS, which is what we like to

979
00:46:42,120 --> 00:46:46,400
Speaker 1: sometimes call the show for short, Sometimes it reminds me

980
00:46:46,400 --> 00:46:48,200
Speaker 1: of that plump little mouse and Cinderella and it makes

981
00:46:48,239 --> 00:46:50,160
Speaker 1: me smile. But what is our next episode?

982
00:46:50,120 --> 00:46:52,239
Speaker 2: Reminds me of the Father from my Big Fat Greek

983
00:46:52,239 --> 00:46:55,400
Speaker 2: Wedding and oh that's right, Gus, which is one of

984
00:46:55,400 --> 00:46:56,040
Speaker 2: my favorite movies.

985
00:46:56,160 --> 00:46:56,640
Speaker 3: Great film.

986
00:46:57,480 --> 00:47:00,319
Speaker 2: Well next up on Gus, not wind X. But we

987
00:47:00,400 --> 00:47:03,040
Speaker 2: are going to be in the kitchen learning some basics

988
00:47:03,040 --> 00:47:04,960
Speaker 2: of cooking like an adult. We'll figure out what you

989
00:47:04,960 --> 00:47:07,279
Speaker 2: should always have in stock in the fridge, pantry and

990
00:47:07,320 --> 00:47:09,480
Speaker 2: spice rack. What are some of the basic go to

991
00:47:09,600 --> 00:47:11,719
Speaker 2: dishes and techniques that will set you up for success

992
00:47:11,760 --> 00:47:12,439
Speaker 2: at meal time?

993
00:47:12,760 --> 00:47:16,760
Speaker 1: Matt, you may have money on lock, but I really

994
00:47:16,800 --> 00:47:18,919
Speaker 1: feel like I can bring something to the table. Pun

995
00:47:19,080 --> 00:47:21,760
Speaker 1: very much intended in this next episode.

996
00:47:22,000 --> 00:47:24,920
Speaker 2: Stay hungry and join us again in two weeks on

997
00:47:25,000 --> 00:47:27,319
Speaker 2: our season two finale of Grown Up Stuff, How to

998
00:47:27,360 --> 00:47:30,080
Speaker 2: Adult And if you're enjoying the show, don't forget to

999
00:47:30,200 --> 00:47:32,680
Speaker 2: follow or subscribe wherever you are listening so you don't

1000
00:47:32,680 --> 00:47:34,920
Speaker 2: miss an episode. We also want to hear from you,

1001
00:47:35,040 --> 00:47:36,800
Speaker 2: so go ahead and leave us a rating or review

1002
00:47:37,040 --> 00:47:39,280
Speaker 2: on your podcast player of choice.

1003
00:47:39,080 --> 00:47:41,520
Speaker 1: Or you can send us an email tell us what

1004
00:47:41,600 --> 00:47:43,799
Speaker 1: kind of adulting stuff you're trying to figure out and

1005
00:47:43,840 --> 00:47:45,839
Speaker 1: want us to cover on the show. You can send

1006
00:47:45,920 --> 00:47:49,960
Speaker 1: us an email or voice note to grown Upstuffpod at

1007
00:47:50,000 --> 00:47:52,879
Speaker 1: gmail dot com. You might hear us say ging you

1008
00:47:53,000 --> 00:47:56,840
Speaker 1: on an upcoming episode. And remember you might not be

1009
00:47:56,880 --> 00:48:00,200
Speaker 1: graded in life, but it never hurts to do your homework.

1010
00:48:00,920 --> 00:48:03,719
Speaker 2: This is a production from Ruby Studio from iHeartMedia. Our

1011
00:48:03,760 --> 00:48:05,400
Speaker 2: executive producers are Molly.

1012
00:48:05,239 --> 00:48:10,360
Speaker 1: Sosia and Matt Stillo. This episode was engineered by Matt Stillo.

1013
00:48:10,239 --> 00:48:11,840
Speaker 2: And written by Molly Sosha.

1014
00:48:12,040 --> 00:48:14,160
Speaker 1: This episode was edited by Sierra

1015
00:48:14,200 --> 00:48:17,000
Speaker 2: Spree and special thanks to our teammates at Ruby Studio,

1016
00:48:17,040 --> 00:48:20,160
Speaker 2: including Ethan Fixel, Rachel Swan Krasnoff and Bra Smith, Deborah

1017
00:48:20,200 --> 00:48:30,640
Speaker 2: Garrett and Andy Kelly.