Speaker 1: Episode three eighty four is episode two thirteen, how to
Speaker 1: Save your first one hundred thousand dollars.
Speaker 2: Welcome to the Frugal Friends podcast, where you'll learn to
Speaker 2: save money, embrace simplicity, and liver with your life. Here
Speaker 2: your host Jen and Jill.
Speaker 1: Welcome to the Frugal Friends podcast. My name is Jen,
Speaker 1: my name is Jill, and today we are continuing in
Speaker 1: the theme of our six week roth Ira Challenge with how
Speaker 1: to save your first one hundred thousand dollars.
Speaker 3: Mm and it sounds like a lofty goal, but we're
Speaker 3: here with you. There's steps along the way, and I
Speaker 3: think having that tangible goal, the why is this the
Speaker 3: amount that we are aiming at is going to get
Speaker 3: explained in this episode.
Speaker 4: Yeah.
Speaker 1: At the end of our six week roth Ira Challenge
Speaker 1: episode which if you haven't listened to that you should
Speaker 1: go back and listen, I ended the episode with a
Speaker 1: challenge to not think about becoming a millionaire. Sometimes we
Speaker 1: can think I don't need to become a millionaire. I'm
Speaker 1: perfectly happy working. I'm perfectly happy living on you know,
Speaker 1: not a lot, or working till I die, which is
Speaker 1: what Jill said, but I probably will, honestly, everyone should
Speaker 1: pursue becoming a millionaire, not for the sake of having
Speaker 1: a million dollars, not for the sake of saying you're
Speaker 1: a millionaire, not for vanity. But when good people hold wealth,
Speaker 1: good things happen. Wealth is going to be there, The
Speaker 1: money is going to be there, and the question is
Speaker 1: who's going to hold it? All right? Are you going
Speaker 1: to let your employer hold it because you're not asking
Speaker 1: for a rays, are you going to let target hold
Speaker 1: it because you're not controlling your impulse spending, or are
Speaker 1: you going to control it by pursuing the raises, controlling
Speaker 1: your spending, and putting your money into your investment accounts.
Speaker 3: It's also letting the math math. One million dollars sounds
Speaker 3: like a lot, but when it's for the purpose of retirement,
Speaker 3: you're living off of that money for X number of years,
Speaker 3: and it's a helpful metric to aim at that for
Speaker 3: most people, that amount of money will be sufficient or
Speaker 3: in the ballpark of sufficient to live off of in
Speaker 3: retirement so that you can be work optional if your
Speaker 3: circumstances demand it, or it's what you desire. So that's
Speaker 3: the reason for kind of all these aims to be
Speaker 3: a good person holding wealth and to just be able
Speaker 3: to provide for yourself too. So wherever you fall on
Speaker 3: the spectrum of the whys behind it, I think we
Speaker 3: can find ourselves having this as a beneficial aim. But
Speaker 3: just starting with one hundred K can really set us
Speaker 3: on the right trajectory to finding ourselves in an excellent
Speaker 3: place come retirement.
Speaker 1: Yeah, it is definitely the place where we want you
Speaker 1: to start. Because one million, yes, overwhelming, but when you
Speaker 1: think about compound interest, theoretically your money doubles every ten years.
Speaker 1: I said this at the episode to at the end
Speaker 1: of that episode too, right, So if you're looking to
Speaker 1: get to a million dollars, all you have to do
Speaker 1: is start thinking about the first one hundred and twenty
Speaker 1: five thousand. I know that's a little more than one
Speaker 1: hundred K, which is what this episode talks about, But
Speaker 1: think about it. When you have one hundred and twenty
Speaker 1: five thousand dollars invested, if you don't touch your accounts
Speaker 1: ever again, in ten years, that's going to double to
Speaker 1: two fifty. In ten more years, that's going to double
Speaker 1: to five hundred and then in ten more years. So
Speaker 1: after thirty total years of you not looking your your
Speaker 1: investment accounts. That could good double again to one million dollars.
Speaker 1: So it's a rule of thumb. It's not a hard rule,
Speaker 1: but after playing with the numbers and some calculators, it's,
Speaker 1: you know, close enough to where if you just think
Speaker 1: about getting to that first one hundred and twenty five thousand,
Speaker 1: that's that's the main hurdle go, that's the big thing.
Speaker 1: And so that's what this episode is trying to get
Speaker 1: you past that barrier.
Speaker 3: Jen loves her some compound interest. Her mind gets blown,
Speaker 3: but she still talks about it.
Speaker 4: Don't understand it.
Speaker 3: But first, this episode is brought to you by something special.
Speaker 3: It's what you are and it's what we all love.
Speaker 3: And right now we've got a little something special going
Speaker 3: on for our friend Letter subscribers. We're doing a one
Speaker 3: thousand dollars debt payoff giveaway. We've already been talking about
Speaker 3: it all month long in the friend Letter. Sorry for
Speaker 3: those of you, sorry not sorry for those of you
Speaker 3: who don't have the friend Letter. And this giveaway is
Speaker 3: for our friend Letters scribers only, but we do want
Speaker 3: to let all you listeners in on the tee as well,
Speaker 3: So if you could use an extra one thousand dollars
Speaker 3: to pay down debt, or get one step closer to
Speaker 3: any other financial goals one step closer to that one
Speaker 3: hundred thousand dollars mark. Then get the newsletter at Frugal
Speaker 3: friendspodcast dot com. So you've got three more days to
Speaker 3: register to sign up for the newsletter before we announce
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Speaker 3: too late. So if you want to be notified as
Speaker 3: well when we do more things like this. We've been
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Speaker 3: gone really really well. Real people are getting money and
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Speaker 3: that money towards. Then stay subscribed to the friend letter
Speaker 3: so Frugal friendspodcast dot com and you can sign up
Speaker 3: and you could possibly get a thousand bucks.
Speaker 1: Yes, yeah, the last one goes out tomorrow before the
Speaker 1: giveaway ends, So today is your last day to say
Speaker 1: sign up for the friend letter and get the link
Speaker 1: to sign up for that giveaway. And we we are
Speaker 1: running this giveaway, so we're not like selling these email
Speaker 1: addresses or sending you spam. This isn't like a third
Speaker 1: party thing. This is our thing with our personal finance friends,
Speaker 1: and we just want to help some of our collective
Speaker 1: community pay our debtor or whatever financial goal you have
Speaker 1: this year. If this goes well, we could do more
Speaker 1: of them. So this is just a test for us,
Speaker 1: and somebody benefits.
Speaker 4: By winning one thousand dollars.
Speaker 1: So all right, So before we get into this one,
Speaker 1: we have had some other episodes play that are really
Speaker 1: great since releasing this one. Episode three sixty two the
Speaker 1: Multiple Forms of Capital to Earn and Build Wealth, that
Speaker 1: was another rerun with Laura ol Daney, and this one
Speaker 1: is really really great. That one will be helpful for
Speaker 1: you if maybe you do feel a little behind on
Speaker 1: your savings but you want to build wealth and maybe
Speaker 1: you prioritize Main Street over Wall Street. That's a really
Speaker 1: good one. And then episode three oh five Intentional Strategies
Speaker 1: to increase your income with Rich Jones. That's going to
Speaker 1: be a really good one if you've been going to
Speaker 1: work and you haven't been pursuing promotions, raises, looking for
Speaker 1: jobs that pay more. Again, somebody is getting the money, right,
Speaker 1: it's either your employer who is withholding it from you,
Speaker 1: you know, because you haven't pursued it. Or it's you
Speaker 1: because you are doing the things to increase your income.
Speaker 1: And so episode three oh five is a really good
Speaker 1: one to listen to if if that one is for you.
Speaker 3: That's a standout interview. But let's do this one again.
Speaker 1: What we're going to be talking about today is a
Speaker 1: little bit different from what we talk about one sixty
Speaker 1: five that both are kind of essential. And then episode
Speaker 1: two oh four how to transition from spender to saver
Speaker 1: because that's a skill you're going to need if you
Speaker 1: want to save one hundred thousand dollars. But now, now, Heine,
Speaker 1: let's let's get into our articles for the week. This
Speaker 1: first one is from four Pillar Freedom and it's called
Speaker 1: the Math that explains why net Worth goes crazy after the.
Speaker 4: First one hundred k.
Speaker 1: So we wanted to put it first out why it's
Speaker 1: so hard, why it's so important, and some of the
Speaker 1: math that goes behind it.
Speaker 4: What'd you think of this one, Jill?
Speaker 3: So I have a confession to make to you, Jen,
Speaker 3: and I'm going to do it publicly on this podcast
Speaker 3: that this article opened my eyes to We were talking
Speaker 3: a while back about our membership that we have that
Speaker 3: we get to enjoy just more relationship more community over
Speaker 3: in that membership, and you were expressing a goal at
Speaker 3: one point that you want to help women get to
Speaker 3: their first one hundred thousand dollars in savings, and I
Speaker 3: was so on board. I'm like, how beautiful, Jen, this
Speaker 3: is amazing. You know, that sounds so cool helping women
Speaker 3: get to one hundred k in savings or net worth. Awesome,
Speaker 3: let's do it. But to me, it kind of felt
Speaker 3: like just a cool, arbitrary number, like, sure, we found
Speaker 3: we were aiming at six figures. That sounds like something
Speaker 3: people might want to do. Let's go for it. I
Speaker 3: support you, and I don't think it was until I
Speaker 3: read this article that there's actual math and reasoning behind
Speaker 3: that six figure number. And I really like how this
Speaker 3: particular article explains that in the beginning that they notice
Speaker 3: this trend of people who saved their first one hundred
Speaker 3: thousand dollars. Now they're talking about savings and investments, but
Speaker 3: how they didn't really see exponential growth in that or
Speaker 3: huge dent in their savings until they got to that
Speaker 3: six figure mark. So saving up until that point is
Speaker 3: still valuable and worthwhile, but we're not really going to
Speaker 3: see the benefit of compound interest until that one hundred
Speaker 3: thousand mark, until we see the scales start to turn.
Speaker 3: So it's not just an arbitrary number. There's a reason
Speaker 3: to aim at that number in order to see a
Speaker 3: noticeable impact in the wealth building and what our future
Speaker 3: can look like, and what a remarkable aim to put
Speaker 3: our frugal skill set to to be able to notice
Speaker 3: something profound for our future. And it doesn't even have
Speaker 3: to be that distant of a future if we can
Speaker 3: start aiming at this now. So that's my confession and
Speaker 3: my reaction to this article that it really helps something
Speaker 3: click for me of oh, this is why, this is
Speaker 3: why it's a decent aim it's at that point that
Speaker 3: we really see a big shift in our ability to
Speaker 3: make more money.
Speaker 1: I don't always do a good job of explaining why
Speaker 1: I think things are important. I just am really good
Speaker 1: at telling you things are important. But yeah, so it's
Speaker 1: not just an arbitrary number. But part of it is,
Speaker 1: like you do get a mindset shift because we are
Speaker 1: used to seeing numbers in like five digits, like annual
Speaker 1: salaries or like bonuses. That's kind of like five digits
Speaker 1: are kind of the max for most people. We are
Speaker 1: not conditioned to see six figure numbers, and so the
Speaker 1: first time you see a six figure number, not only
Speaker 1: does the math click, but your reality shifts as well,
Speaker 1: because it's a number that people don't get to until
Speaker 1: maybe later in life, until they don't have all of
Speaker 1: the time for compound interest to build. So if we
Speaker 1: can make that shift earlier with our money and our
Speaker 1: mindset and get used to six figure numbers, then the
Speaker 1: change doesn't just compound in the accounts, but it can
Speaker 1: change in our minds as well, and that's that's a
Speaker 1: big reason why that six figure number is so important,
Speaker 1: But it is also the hardest to get because of
Speaker 1: the math. And if you're in our membership, you'll see
Speaker 1: in the Personal Finance Simplified course that we have in there,
Speaker 1: we actually have a lesson about compound interest and investing,
Speaker 1: and you can see that it's what James clear refers
Speaker 1: to as like the plateau of latent potential. And you
Speaker 1: think that your growth is going to be this linear path,
Speaker 1: it's just going to go like straight up, but what
Speaker 1: we see is that really it's if you zoom out,
Speaker 1: the first ten, fifteen, twenty years is pretty pretty flat.
Speaker 1: You're going up a little bit, a little bit, a
Speaker 1: little bit, and then once you hit that ten fifteen
Speaker 1: year mark, you still to make like crazy growth. And
Speaker 1: once you hit the twenty year mark, it doesn't even
Speaker 1: go like you know, east west anymore.
Speaker 4: It's just going straight north. Like that. That line looks
Speaker 4: like it's going straight up.
Speaker 3: It's a slide. You don't want to go down.
Speaker 1: Right, Yeah, so it is, but you have to get
Speaker 1: through that first ten to fifteen years where the progress
Speaker 1: looks pretty flat. And that's where this one hundred thousand
Speaker 1: mark is. And we have a graph where it shows
Speaker 1: you on the path to a million, what that first
Speaker 1: hundred thousand looks like, and it's the shift is kind
Speaker 1: of crazy.
Speaker 3: For anyone who has a mortgage, it's a similar concept.
Speaker 3: Those first few years it's primarily interest, and then the
Speaker 3: last years it's primarily principal. And yeah, that's not quite
Speaker 3: the way that we want to work towards wealth, but
Speaker 3: it's that kind of concept where there's a lot of
Speaker 3: heavy lifting at the front and then you just see
Speaker 3: amazing results towards the end, but even better with saving
Speaker 3: and investing than with paying down interest on your house.
Speaker 3: But with the way that they break down the math.
Speaker 3: I think it was helpful for me to digest and
Speaker 3: felt attainable, and I also liked how they gave a
Speaker 3: realistic expectation for how long this would take. So they
Speaker 3: give a basic example of someone investing ten thousand dollars
Speaker 3: annually with an interest rate of seven percent. Obviously, you're
Speaker 3: not always guaranteed that. This is just the numbers that
Speaker 3: they're working. With interest rate of seven percent, it would
Speaker 3: take a little over seven years for you to reach
Speaker 3: that one hundred thousand dollars mark. But I would say
Speaker 3: investing saving ten thousand dollars a year is relatively attainable
Speaker 3: for the average person. Your average salary could potentially do this.
Speaker 3: Maybe you'd have to add in a side hustle, maybe
Speaker 3: it would take you a few years to get to
Speaker 3: that point, and that's fine too, But it also felt
Speaker 3: pretty typical, pretty average, if you were going, you know,
Speaker 3: decently hard at saving that amount of money, which, again
Speaker 3: I like attainable. I like what can be sought after
Speaker 3: for the typical average person. You know, if the average
Speaker 3: household is earning collectively sixty thousand dollars, then this is possible. Obviously,
Speaker 3: there are people who that's not the case, and it
Speaker 3: will take longer, but recognize, you know, seven years isn't short.
Speaker 3: So even if it's ten years, fifteen years, it's still
Speaker 3: worth aiming at because, like we're describing here, you're going
Speaker 3: to see exponential growth once you hit that mark. Ten
Speaker 3: fifteen years might feel like a long time, but let's
Speaker 3: still get after it because once you reach that ten
Speaker 3: fifteen years, the amount of time that it takes to
Speaker 3: reach the next one hundred thousand dollars is going to
Speaker 3: be even shorter than that. So that was helpful for
Speaker 3: me that bite size understanding of oh, here's how I
Speaker 3: can break it down into smaller goals.
Speaker 1: Yeah, and we don't want to minimize ten thousand dollars
Speaker 1: a year for somebody who's never invested before, that's a lot.
Speaker 1: You don't have to start there. It's totally okay.
Speaker 3: I'm not doing it yet. I'll clarify I'm not doing
Speaker 3: it yet. It just felt like, oh, okay, in one year,
Speaker 3: it's less than one thousand dollars a month.
Speaker 1: Yeah, so you can start with ten dollars a month
Speaker 1: and work your way up. I think ten years to
Speaker 1: get to one hundred thousand dollars is a totally reasonable goal.
Speaker 1: And typically when you set your eyes on something that's
Speaker 1: ten years away, you end up doing it in a
Speaker 1: fraction of the time as well. So if you set
Speaker 1: a ten year goal, you're likely going to reach it
Speaker 1: in that seven point eight four that we're that we're
Speaker 1: seeing here, or even less. You just have to start
Speaker 1: working towards it. But yeah, so seven point eight four
Speaker 1: is what they are, and I love the I use
Speaker 1: the seven percent when I calculate retirement savings too, because
Speaker 1: a diversified portfolio will usually return that. So seven point
Speaker 1: eight four and then your next one hundred k. This
Speaker 1: is the hypothetical Shannon. Shannon is our hypothetical friend who
Speaker 1: invests ten thousand dollars a year. If Shannon changes nothing
Speaker 1: and keeps investing for the next ten years or for
Speaker 1: the next like however many, she reaches her second one
Speaker 1: hundred thousand dollars in five point one years. And so
Speaker 1: how does that happen? It's because of compound interest. Every
Speaker 1: time your money can build on other money, it's going
Speaker 1: to grow faster, and so that's why it always takes.
Speaker 1: When you're starting at zero, you have nothing to compound.
Speaker 1: That's why the first hundred k is going to take
Speaker 1: the longest, and then it's going to get shorter every
Speaker 1: hundred k from there. So we get five just over
Speaker 1: five years to double the money essentially, and then for
Speaker 1: the next we go down to three point seven eight years,
Speaker 1: then we go down to three years, and then we
Speaker 1: go down to one hundred thousand dollars in two and
Speaker 1: a half years.
Speaker 4: So that's over.
Speaker 1: Our hypothetical friend Shannon has gone from zero to half
Speaker 1: a million dollars in twenty two years. But that path,
Speaker 1: and you can even see right on this graph, it
Speaker 1: has not been linear. The first seven point eight four
Speaker 1: of that year's was the flattest, and then we get
Speaker 1: a little bit more curve up for the next hundred
Speaker 1: k and a little bit more curve up, and then
Speaker 1: once we get to a million, that graph.
Speaker 4: Just starts shooting up.
Speaker 1: But I thought it was really even like for somebody
Speaker 1: that has saved it, to see those time blocks get
Speaker 1: shorter and shorter on this graph is super eye opening
Speaker 1: and encouraging, especially when I feel like my saving is
Speaker 1: kind of arbitrary at this point.
Speaker 3: Yeah, I also really enjoyed the graph that showed what
Speaker 3: growth on our savings and investing would look like at
Speaker 3: different interest rates, because I think that's always the hole
Speaker 3: that we want to poke in this of oh, well,
Speaker 3: you're not going to get twelve percent interest, you're not
Speaker 3: gonna get ten percent interests, You're gonna be seven percent interest.
Speaker 3: So it's helpful to see what the growth looks like.
Speaker 3: Obviously it's less growth if it's a three percent interest,
Speaker 3: but it's helpful for my brain to see that chart.
Speaker 4: Yeah.
Speaker 1: I also liked that graph because sometimes people will use six,
Speaker 1: sometimes people will use eight, so you can see depending.
Speaker 1: I mean, the interest rate is arbitrary because you can't
Speaker 1: control it, but you can kind of see the difference.
Speaker 1: Or actually I would say, like the not big difference
Speaker 1: like how fast you're going to save, But I it's
Speaker 1: less important to focus on the rate of return and
Speaker 1: more important to focus on the rate of saving, which
Speaker 1: is kind of where we get into going through in
Speaker 1: these like these next charts.
Speaker 4: Let's see yeah.
Speaker 1: And then the author just says, like the math works
Speaker 1: at every level. So yeah, and the magic of compound
Speaker 1: interest doesn't tend to reveal itself until you cross the
Speaker 1: one hundred thousand net worth mark, but then you get
Speaker 1: to see it at every level beyond there.
Speaker 3: So let's talk about how to do this. What are
Speaker 3: some of the key components If we were to say
Speaker 3: this is a great aim I want to do this,
Speaker 3: how do we do it? And so Investipedia has a
Speaker 3: really great article breaking some of that down that we're
Speaker 3: going to go through. Jen would you think So?
Speaker 1: I liked this article because it was a little different
Speaker 1: than all the other ones, Like, yes, you're gonna get
Speaker 1: lower your expenses and increase your income.
Speaker 4: Duh.
Speaker 1: Every article is going to say that, but there's a
Speaker 1: few unique perspectives that I think you don't really hear
Speaker 1: about or think about unless you're like entrenched in the
Speaker 1: personal finance world.
Speaker 4: So I really wanted to like go through all of
Speaker 4: these two.
Speaker 1: To make sure that you know that it's not just
Speaker 1: about lower your expenses and increasing your income. Obviously those
Speaker 1: are the two biggest things, but there is more to it.
Speaker 1: So the first one here is the right mindset. This
Speaker 1: was actually the first one on most of the articles,
Speaker 1: which just brings like back home the point that your
Speaker 1: mindset is not just like a woo woo thing that
Speaker 1: you don't have to think about. It is something that
Speaker 1: directly impacts your ability to do the concrete actions, and
Speaker 1: so for most people, saving, like what I said in
Speaker 1: the beginning, saving your first one hundred thousand dollars is
Speaker 1: difficult because we don't think in six figure numbers. We
Speaker 1: don't think that we are capable of those numbers because
Speaker 1: we have not reached them ourselves. We do not have
Speaker 1: people close to us that have reached them, or people
Speaker 1: in our outer network that have six figure savings, at
Speaker 1: least that we know of. I would argue that there
Speaker 1: are probably people with six figure savings that just don't
Speaker 1: talk about it because they think it seems like they're
Speaker 1: being better than other people, and so they think. That's
Speaker 1: another reason why we need to expand the personal finance conversation,
Speaker 1: because if you have one hundred thousand dollars saved, you
Speaker 1: should feel more free talking about that in a way
Speaker 1: that lifts other people up and doesn't lift yourself up.
Speaker 4: And they're for sure are.
Speaker 1: Ways to do that, but yeah, we need to have
Speaker 1: the right mindset and believe that a six figure or
Speaker 1: seven figure net worth is not only attainable, but it
Speaker 1: is simple to achieve and it is necessary to achieve. Honestly,
Speaker 1: one hundred thousand dollars is not going to get you
Speaker 1: anywhere in retirement.
Speaker 4: So it is like.
Speaker 1: Minimal requirement to get to six figures, and it's just
Speaker 1: the earlier you get there, the better off you are
Speaker 1: down the road.
Speaker 3: Similar to debt payoff, saving your first one hundred thousand
Speaker 3: dollars is not going to happen accidentally. So we certainly
Speaker 3: have to have a mindset that corresponds with an ability
Speaker 3: to do this and the why behind it, why we're
Speaker 3: doing it, that's going to keep us sustained because at
Speaker 3: best it's going to take over set like a little
Speaker 3: over seven years, and for those of us who live
Speaker 3: on a little bit lower incomes, it's going to take
Speaker 3: even longer than that. So that's a marathon, that's not
Speaker 3: a sprint. It's gonna take a while. So we're gonna
Speaker 3: have to have a good framework in our in our
Speaker 3: thought life and how we're gonna get after this goal.
Speaker 3: Of course, the next thing, like we said, it's gonna
Speaker 3: be on all of these articles, but it's worth the
Speaker 3: reminder that we're gonna need to keep costs low. Again,
Speaker 3: this is gonna be in a sustainable way. This cannot
Speaker 3: just be rice and beans forever. And always because again
Speaker 3: we're talking seven to fifteen years that this could take
Speaker 3: us to get to this point, usually after we've paid
Speaker 3: off debt, unless you're combining debt payoff with savings and investing.
Speaker 3: This is this is long term, So keeping costs low
Speaker 3: but in a way that's going to work for you
Speaker 3: long term. Some of this could mean looking at, of course,
Speaker 3: your variable expenses, your food. It's a big expense every month,
Speaker 3: and so certainly make it the smaller shifts like dinner
Speaker 3: at home, not eating out as much. I know it
Speaker 3: sounds relatively minimal, but over the over a year, over
Speaker 3: two years, ten years, that is going to add up
Speaker 3: to thousands of dollars of money savings that if we've
Speaker 3: got that mindset to support it can go towards that
Speaker 3: savings and investing. Yeah, looking at transportation costs, housing costs,
Speaker 3: so of course you want to look at the big
Speaker 3: expenses and the little expenses and trying to keep it
Speaker 3: as low as possible.
Speaker 1: I was just thinking, so we say it's a marathon
Speaker 1: to get to one hundred thousand dollars, but you can
Speaker 1: run a marathon in a day like you can run
Speaker 1: it in a day. A marathon and when you're trained,
Speaker 1: like if you're a regular runner. Even I don't run marathons,
Speaker 1: but I'm a regular runner, Like I could run a
Speaker 1: marathon in a month or two, like a twenty six
Speaker 1: point two miles, I could do that in like two
Speaker 1: months easily. Like this is like a marathon is nothing
Speaker 1: compared to this? So like about that when you're using
Speaker 1: the terminology like it's it's not a sprint, it's not
Speaker 1: a marathon, it's like a lifelong like this.
Speaker 4: Is a haul, like I don't even know.
Speaker 1: Yeah, yeah, this is for Tria, Like get the magnitude
Speaker 1: of it, Like this isn't I know like fire bloggers
Speaker 1: and like all these other people will make it seem
Speaker 1: like it's easy to save money. It's it is a
Speaker 1: life like journey mission.
Speaker 4: I think it's a mission. I think that's the word
Speaker 4: I'm gonna go with.
Speaker 3: But yeah, so a mission, yes, yeah, So like.
Speaker 1: These changes that you make in your lifestyle to reduce
Speaker 1: your expenses, is that is significant because you're not This
Speaker 1: isn't just a I'm gonna eat rice and beans for
Speaker 1: six months and sprint to see you challenge myself to
Speaker 1: see how much debt I can pay off I love
Speaker 1: I love that idea, but this is longer, and you
Speaker 1: need to develop a system of values based spending and
Speaker 1: understand yourself and what you want because that's the only
Speaker 1: way that you're going to make this, say, this type
Speaker 1: of saving sustainable. So yes, we love these tips. We've
Speaker 1: got over two hundred of them in our Modern Frugal
Speaker 1: Living ebook that I'm sure a lot of you've seen.
Speaker 1: Those are just the start, Like those are the foundation
Speaker 1: really identifying your values and creating a values based spending system.
Speaker 1: That's the goal, Like, that's the goal, that's the tool
Speaker 1: to get here. So I think, I think that's like
Speaker 1: an important perspective that I like literally just came realized
Speaker 1: on the spot. The second one I really appreciated the
Speaker 1: way this one was worded. The second one is to
Speaker 1: reduce your interest burden. I appreciate this line so much
Speaker 1: because typically you would see pay off your debt, But
Speaker 1: this is like a mindset shift of why are we.
Speaker 4: Paying off our debt? What's the point?
Speaker 1: Like, yeah, we hear, yeah, I shouldn't have any debt,
Speaker 1: let me pay it off. It's evil, it's not. But
Speaker 1: the reason we pay off our debt is because it
Speaker 1: is charging us interest. It is costing us to have
Speaker 1: that money. If it was not costing us to borrow
Speaker 1: that money, no one would pay.
Speaker 4: Off their debt.
Speaker 1: Nobody's paid off their student loans in the last two years,
Speaker 1: their federal student loans. Like nobody has done that. Well,
Speaker 1: I'm sure, I'm so sorry if you have, I don't
Speaker 1: want to exclude you, but like most people haven't, if
Speaker 1: it's not costing you, you won't pay it off. And
Speaker 1: so the real thing that we're doing by paying off
Speaker 1: debt is reducing our interest burden. And we want to
Speaker 1: specifically focus on interest burdens that are higher then the
Speaker 1: returns that we could get through investing. And so that
Speaker 1: is a big distinction to make. Where there are camps
Speaker 1: where it's like I only want to pay off debt
Speaker 1: and then I'll invest or. I only want to invest
Speaker 1: I don't want to pay off debt, or somewhere in
Speaker 1: the middle. The real point of paying off debt is
Speaker 1: to reduce your interest burden. And I like the number
Speaker 1: seven percent when calculating return like long term investment returns
Speaker 1: for a diversified portfolio, and so really.
Speaker 4: Anything I know.
Speaker 1: David Bach of the Latte effect, he says anything under
Speaker 1: anything over five percent. So anything over that five to
Speaker 1: seven percent, that is a heavy interest burden and should
Speaker 1: definitely be eliminated. Anything under five percent is kind of
Speaker 1: like less pants on fire and more like sitting on
Speaker 1: hot coals sort of thing. So you can if you're
Speaker 1: thinking about maybe I should have gone with heavy things
Speaker 1: versus fire, I can't think of anything right now. But
Speaker 1: and so yeah, if you're thinking about your burden as
Speaker 1: being fire, things that are above what you would get
Speaker 1: in the in your long term investment, is that's pants
Speaker 1: on fire, get rid of it, and then.
Speaker 4: Below is hot coals.
Speaker 1: It's definitely diminishing your returns, but it's not like you're
Speaker 1: not dumb for not getting rid of it.
Speaker 3: Like, so, we've got so many images, so much imagery
Speaker 3: happening here, picturing people hopping around taking their pants off.
Speaker 1: I do notwhere in my mind did people take their
Speaker 1: pants off Jill nowhere.
Speaker 3: You said, if your pants are on fire, you want
Speaker 3: to get out of that.
Speaker 4: Don't want to get out of that.
Speaker 1: That would be like like consolidating your dead your fiery pants. No,
Speaker 1: put the fire out, Jill, Gosh, your mindset needs to
Speaker 1: be shifted. We don't want to take the pill. We
Speaker 1: want to put the fire out on the pants because
Speaker 1: we like the pants.
Speaker 3: Okay, Well, eventually the pants will need to get changed
Speaker 3: because move on. The next one is invest in. Okay,
Speaker 3: and I refuse to use this word just I mean same.
Speaker 3: It's better than the word cheap, but I'm not using
Speaker 3: it invest in. I'm going to say efficient vehicles and products.
Speaker 3: They savvy. Yeah, I don't know what understands what that is,
Speaker 3: so we're not using it. So invest in efficient smart
Speaker 3: vehicles and products. So, once you have begun to ramp
Speaker 3: up your savings and investing, you've got a plan. You
Speaker 3: want to make sure that you're putting your money in
Speaker 3: the smartest possible place. So they list out a few
Speaker 3: things to be considering. We want vehicles and products that
Speaker 3: are going to help us save on taxes. Some of
Speaker 3: these tax sheltered investment options include your traditional four oh one, Hey,
Speaker 3: your traditional IRA. These are things that help to protect
Speaker 3: and buffer us from some of that tax burden. They
Speaker 3: will be helpful vehicles for investing.
Speaker 1: Yeah, it's it's helpful. We're not talking about cars, We're
Speaker 1: talking about investment vehicles and investment products.
Speaker 3: This is not cars on fire on fire.
Speaker 1: Yeah, so I think what a lot of people miss.
Speaker 1: We talk a lot about low cost investments. We really
Speaker 1: love index funds and ETFs because they're very affordable and
Speaker 1: user friendly investment options. But people don't think about how
Speaker 1: much their taxes are. Taxes are higher. They are a
Speaker 1: higher percentage quote unquote fee than any brokerage or managed
Speaker 1: fund will charge you. So that's kind of the first
Speaker 1: thing that you want to look at, and you don't
Speaker 1: get that on the actual investment that's on the account.
Speaker 1: So that's why we love the tax advantage retirement accounts,
Speaker 1: your iras and your employer sponsored so those are best
Speaker 1: if you are So we had this in our our
Speaker 1: Q and A with our membership last night, Like, if
Speaker 1: you have a IRA and you're maxing that out and
Speaker 1: you want to invest more and you don't have an
Speaker 1: employer sponsored plan where you go, well, one of your
Speaker 1: options is if you have your own business, you can
Speaker 1: actually open your own like solo for one K or
Speaker 1: something like that. You'd have to see with a W two.
Speaker 1: There are several different types of quote unquote employer sponsored plans.
Speaker 1: You can open yourself if you have like your own
Speaker 1: side hustle. You just have to see how that conflicts
Speaker 1: with what your W two employer does and doesn't offer.
Speaker 1: But if you cannot open some kind of ESP employer
Speaker 1: sponsored plan, then you go to brokerage account, like a
Speaker 1: traditional regular brokerage account as your last resort. But it's
Speaker 1: going to be you're you're paying taxes on what you've
Speaker 1: already earned, You're paying capital gains taxes, You're you know,
Speaker 1: paying taxes later. Like it's not it's still better than
Speaker 1: a savings account for shore, especially long term, but it
Speaker 1: is taxed higher than an IRA or a fur one
Speaker 1: k or comparable. So taxes are important. Pay attention to them.
Speaker 3: Also along the lines of investing in the right types
Speaker 3: of vehicles. The vehicle again not a car that you're driving,
Speaker 3: but it's what run.
Speaker 4: Cars for a second.
Speaker 3: Is that's amazing?
Speaker 1: I know?
Speaker 3: Is the manager risk appropriately? I know we talk about
Speaker 3: you hear this a lot, like what's your level of risk?
Speaker 3: And sometime we don't know, But generally it's going to
Speaker 3: be considering how much time you have, how old are you,
Speaker 3: how much time do you have until you retire. That's
Speaker 3: going to dictate some of the risk that you might take.
Speaker 3: But also how much you know about the investment. Do
Speaker 3: your own research. Don't just take the information from one
Speaker 3: person who's doing something that sounds too good to be true.
Speaker 3: I know way too many people and I'm not going
Speaker 3: to say what it was or who it was, but
Speaker 3: just invested in some very risky because it wasn't even
Speaker 3: something to be investing in. Didn't know much about it,
Speaker 3: just knew that someone who sounded kind of smart is
Speaker 3: doing this thing, and so like I might as well
Speaker 3: do it too, and lost a lot of money. And
Speaker 3: that's not just unlucky, that's like we didn't do our research.
Speaker 3: So that's what we mean when we say manage rest. Yeah,
Speaker 3: know what you're investing in, and know how you are
Speaker 3: and how much time you have yes to be investing.
Speaker 1: So I was listening to Scamfluencers the podcast, and they
Speaker 1: were talking about this Hollywood scam which ended up being
Speaker 1: a Ponzi scheme, but essentially the guy was taking investments
Speaker 1: from his friends and then instead of investing it into
Speaker 1: the actual business he said he had, he was paying
Speaker 1: off earlier investors and that's a Ponzi scheme. And they
Speaker 1: were saying in the podcast that people invested their life
Speaker 1: savings into this, like everything they had, parents, grandparents, friends,
Speaker 1: because this person they thought was their friend, this person
Speaker 1: they knew, they just thought they trusted. And I was
Speaker 1: so sad because this. Obviously, investing in businesses is a
Speaker 1: great way to get a higher return than the stock market,
Speaker 1: but the people that do that know that they could
Speaker 1: lose everything, and like venture capital funds effect only twenty
Speaker 1: percent of their investments to make back a return, they
Speaker 1: just expect those twenty percent to make back all of
Speaker 1: the eighty percent of losses.
Speaker 4: Like that's how it works.
Speaker 1: You have to have money to lose if you're going
Speaker 1: to get these bigger gains from these like obscure investments.
Speaker 1: If you ain't got the money to lose, do it
Speaker 1: in a safe, safe space. And for all that it's worth,
Speaker 1: the stock market is a safer space than so many
Speaker 1: other types of investments, especially if you are in a
Speaker 1: well diversified You have a well diversified portfolio. So that's
Speaker 1: that's what I learned from scamfluencers this week. But the
Speaker 1: next is to maximize employee benefits. And so first we
Speaker 1: think of the matching on the four oh one K,
Speaker 1: which is always something you should get I think. So
Speaker 1: we have like a chart in our membership in the
Speaker 1: investing lesson that gives you savings plans for one hundred thousand,
Speaker 1: like a five, ten, and fifteen year plan, and I
Speaker 1: think the ten year plan, one of the ten year
Speaker 1: plans is just it's five eighty five a month, and
Speaker 1: you could do five hundred in an IRA and eighty
Speaker 1: five in your employer sponsored plan, and typically that's going
Speaker 1: to be like they'll match that too, so it's going
Speaker 1: to be you'll get to it even faster. But yeah,
Speaker 1: so take that for sure. But there are other employee
Speaker 1: benefits that can help you as well, such as discounts
Speaker 1: at places, they'll help you lower your expenses. Health savings accounts.
Speaker 1: This is a great thing if you don't have maybe
Speaker 1: an employer sponsored plan, but you do have a high
Speaker 1: deductible healthcare plan through your employer that has a health
Speaker 1: savings account, because this can be used kind of exactly
Speaker 1: like a four oh one K, but with a a little.
Speaker 4: More flexible, much lower limit.
Speaker 1: So you can save like pre tax just like a
Speaker 1: four oh one K, and you can use it throughout
Speaker 1: your life on any qualified medical expenses. But if you
Speaker 1: don't and you use it like a four oh one K,
Speaker 1: then at gosh, I think it's fifty nine and a half.
Speaker 1: I could be wrong. I think it might be seventy.
Speaker 4: I don't know.
Speaker 1: Check my math, check my facts. It converts to a
Speaker 1: regular retirement account. So yeah, that health savings account is
Speaker 1: a great option if you have access to that and
Speaker 1: not like a four oh one K or something. But yeah,
Speaker 1: maximize your employee benefits and whenever you're looking for new
Speaker 1: jobs to increase your income, compare employee benefits as well.
Speaker 1: Like ask to look at their four oh one K
Speaker 1: plan and look in the investments inside of it, see
Speaker 1: what the fees are on them, ask about their health
Speaker 1: savings ca options like these are things that are also
Speaker 1: going to impress whoever you're interviewing with because it means
Speaker 1: you know your stuff.
Speaker 3: These last two I'm going to combine because I think
Speaker 3: that they can go hand in hand. And also, you've
Speaker 3: heard of this, you know this. This is just your
Speaker 3: friendly reminder to create short term goals and generate additional income.
Speaker 3: We are going to be far more likely to get
Speaker 3: at big, lofty goals if we break them down into
Speaker 3: bite sized, manageable, attainable pieces. That allow us to experience
Speaker 3: wins along the way, celebrate, see the successes, see that
Speaker 3: we can do it, build our resilience, have muscle memory.
Speaker 3: Break it down into short term savings goals. And when
Speaker 3: those savings goals, even in the short term, feel a
Speaker 3: little bit too beyond your reach, generate additional income. I mean,
Speaker 3: even if they're not beyond your reach, Generate additional income
Speaker 3: because then you can reach all those short term goals faster.
Speaker 3: So whether that means talking with your current employer, changing jobs,
Speaker 3: or starting a side hustle, you name it, it's always
Speaker 3: going to be a fantastic thing to aim at in
Speaker 3: how can I increase my income? We're not saying to
Speaker 3: push yourself to the point of stress, overwhelmed, fatigue, but
Speaker 3: are there creative ways to be bringing in more income
Speaker 3: that's going to help us get out these short term
Speaker 3: saving schools and the long term saving schools, get us
Speaker 3: to that one hundred thousand dollars and then just see
Speaker 3: the growth from there. And we're here for you along
Speaker 3: the way. And you know what else, we're also here.
Speaker 4: For I have a follow up statement.
Speaker 1: We're here for my follow up statement, jil Okay, I
Speaker 1: just wanted to say, like, it's it's no longer an
Speaker 1: option to only have one stream of income, like the
Speaker 1: world is volatile, inflation is insane, and it's no longer
Speaker 1: acceptable for us to have one dream of income. Like
Speaker 1: I think we all know that at this point, even
Speaker 1: if we're trying to avoid the fact. Is it okay?
Speaker 1: Is it just debatable? Like probably not. But we can
Speaker 1: sit around and wait for things to change outside of
Speaker 1: our control, or we can do something about it that's
Speaker 1: inside of our control now. And if you wait five years,
Speaker 1: you're gonna wish that you had started five years ago
Speaker 1: when you heard this. And so I think it's it's important.
Speaker 1: It's more important than just like, oh, let me get
Speaker 1: on uber or uber eats and make some quick cash.
Speaker 1: I think we all need to be focused on how
Speaker 1: do I generate additional income long term? And that's all
Speaker 1: I have to say about that.
Speaker 3: So I think a consideration your capacity, I'm going to
Speaker 3: be I'm holding the tension. I'm holding the tension of
Speaker 3: those ten sticks on all sides because I know that
Speaker 3: there are some people who work eighty hours a week,
Speaker 3: even sixty hours a week, and recognize your life season
Speaker 3: recognize as your capacity. But certainly I agree, have your
Speaker 3: sights on this. Whether that means that's not sustainable even
Speaker 3: if you stay in that job. So that could mean
Speaker 3: a change in employment that generates additional income, or it
Speaker 3: could mean, yes, that we find ways that don't overwhelm
Speaker 3: or overburden us that could bring in additional income. Just
Speaker 3: the permission for creativity in this space, that we don't
Speaker 3: have to stay in one place and think this is
Speaker 3: just what I have to base my life around. Make
Speaker 3: what you set your hands to also work for you. You
Speaker 3: know what, we also make work for us.
Speaker 1: Jill, You're never gonna be there. It's never gonna be there.
Speaker 1: I okay, it's nan.
Speaker 3: The bill of the week.
Speaker 2: That's right, It's time for the best minute of your
Speaker 2: entire week.
Speaker 3: And baby was born and his name is Williams.
Speaker 2: Maybe you've paid off your mortgage, maybe your car died
Speaker 2: and you're happy to not have to pay that bill anymore.
Speaker 2: Fuck bills, butffalo bills, Bill Clinton, this is the Bills
Speaker 2: of the week.
Speaker 3: Hello.
Speaker 5: So I'm Grace from Maryland, and I first off love
Speaker 5: the podcast, But my bill up the week is that
Speaker 5: I was like looking at my budget and everything I
Speaker 5: was like, okay, well I could cancel my digital only
Speaker 5: weight Watcher subscription. It's like yeah, they advertise other things
Speaker 5: in the program as well, like little things you go
Speaker 5: buy too, So I'm like, how was that really different
Speaker 5: than my Fitness Pal, which is free.
Speaker 3: You know.
Speaker 5: I'm like, okay, I just I'll cancel that. I'll switch
Speaker 5: over to my Fitness Pal. I mean, I'm sure I
Speaker 5: enjoy the community and weight Watchers, but I'm gonna make
Speaker 5: do save the money. And then as I'm like going
Speaker 5: through the cancelation process and everything, it's like, oh, this
Speaker 5: discounted price thirteen dollars a month, and I'm like no, no, no, no, cancel,
Speaker 5: can't it's like two free months. I'm like, okay, so
Speaker 5: that's my bill of the week. I got two free
Speaker 5: months of weight Watchers because I was like, nah, I'm
Speaker 5: going to cancel, so I give them the fake out,
Speaker 5: although I was actually serious. Anyway, that's my bill of
Speaker 5: the week. Bute.
Speaker 1: That's hilarious. I'm so glad that we could help you
Speaker 1: get that.
Speaker 3: I love the it was serious, but then it turned
Speaker 3: into a fake out and the benefit that you can
Speaker 3: receive from that. So that is both a tip for
Speaker 3: someone who wants to try and reduce expenses to see
Speaker 3: what is the company going to give you, because they'd
Speaker 3: rather have your loyalty than lose you. But also I
Speaker 3: would encourage you once those two free months are up,
Speaker 3: see what your life is like without it. Are there
Speaker 3: things that you can implement beyond that that you don't
Speaker 3: have to pay for that subscription? Again, when we're talking
Speaker 3: about getting that some debt payoff or long term savings goals,
Speaker 3: those are the things that are really going to help us,
Speaker 3: not keeping those ten dollars thirteen dollars, twenty dollars twenty
Speaker 3: eight dollars subscriptions, but really honing in on our budget
Speaker 3: and figuring out free alternatives. We're here for you. We're
Speaker 3: celebrating that bill. If you all listening, have a bill,
Speaker 3: whether it's a fake out or a real out, or
Speaker 3: your pants are on fire, we want to hear it.
Speaker 3: Visit Frugal Friends podcast dot com, slash bill, leave us
Speaker 3: your bill, and now it's time for learning.
Speaker 1: You think that's how their pants got on fire, they
Speaker 1: were hit by lightning.
Speaker 3: Possibly, Gosh, they'd have more problems than their pants being
Speaker 3: on fire. Fided so true.
Speaker 1: Well, in this episode of questions that Goldie has given
Speaker 1: us to get vulnerable with you. I like this one.
Speaker 1: What is the most challenging part of saving for you?
Speaker 3: Chill competing goals. I have so many things that I
Speaker 3: want to do with my money, and I have made
Speaker 3: more money. I have generated additional income, which is so
Speaker 3: amazing to see that it's possible. From twenty eighteen to
Speaker 3: twenty twenty two, We've really done it. We've done it,
Speaker 3: and I hope that we keep doing it. But the
Speaker 3: goals keep increasing, and the part of that could be
Speaker 3: lifestyle inflation for sure. But I've got so many things
Speaker 3: that I want to do and that I want to
Speaker 3: do right now that it can be tough to get
Speaker 3: at that one thing of ten thousand dollars a year.
Speaker 3: I'm not doing that. I'd love to get to the
Speaker 3: point of doing that, but I also want to cash
Speaker 3: flow renovations. I also want to not get into further debt.
Speaker 3: And the reality is is that, well, I want to
Speaker 3: avoid a scarcity mindset. My resources are not unlimited. I
Speaker 3: don't have unlimited money. I'm still like a very typical person.
Speaker 3: I don't I don't crazy amounts of money. I mean
Speaker 3: more than I did five years ago, but I still
Speaker 3: have to be really thoughtful about what am I gonna
Speaker 3: do with this? So some of that has to do
Speaker 3: with all, right, can I give myself grace, freedom and
Speaker 3: permission to take time to even get to that ten
Speaker 3: thousand dollars of savings idea? But also can I generate
Speaker 3: more income? And so some of this cash flowing renovations
Speaker 3: is what's going to allow us to generate more income
Speaker 3: through having short term rentals. So there's a I have
Speaker 3: to keep reminding myself of why am I doing what
Speaker 3: I'm doing? How is this helping me get to my goal?
Speaker 3: I can't do it all everything at once. Is this
Speaker 3: still the best thing to be doing with my time,
Speaker 3: energy resources? Okay, keep going nice. That's my little self talk.
Speaker 1: I will say, you may have gone first, but I
Speaker 1: wrote down my answer first, and mine is also goals.
Speaker 4: So mine is.
Speaker 1: Specifically having on crete goals I have. Yeah, I mean
Speaker 1: competing goals as I think most people's going to be
Speaker 1: most people's answers, like, there are so many things pulling
Speaker 1: for our money, and with every increase in income, we
Speaker 1: have another financial goal to add somehow. But I think
Speaker 1: for me, I am still a little burnt out from
Speaker 1: our debt payoff journey. I know it's been like five years,
Speaker 1: but those two years were very traumatizing and I have
Speaker 1: I don't know, and then we just we saved like
Speaker 1: so fast for our to get to that first hundred K.
Speaker 1: So I think it hasn't been challenging like stalking away money,
Speaker 1: because our frugality allows us to naturally spend under what
Speaker 1: we make. We pay less attention to our budget if
Speaker 1: we have one, because we know what we make and
Speaker 1: what we want and we just save the excess. And
Speaker 1: so having a concrete goal, though, does help us save more.
Speaker 1: Like with the buying the new house, that was like
Speaker 1: a big thing for us, so a big savings goal.
Speaker 1: So I would say, yeah, having the concrete goal, having
Speaker 1: the one goal. I think we can sum this lightning
Speaker 1: round up by saying, like, focus on one goal, which
Speaker 1: is what we always say, focus on one goal at
Speaker 1: a time. And so if you are paying off debt
Speaker 1: and you still want to get the clock running on
Speaker 1: your compound interest, you don't have to choose one or
Speaker 1: the other, but choose one is your primary goal and
Speaker 1: then just maybe do a little excess here and there
Speaker 1: at the other and for most people listening, that's usually
Speaker 1: going to be like, focus on paying off the debt,
Speaker 1: especially if it is a heavy interest burden, and then
Speaker 1: get your employer match every month if you have one,
Speaker 1: or do one hundred dollars into a roth IRA every month,
Speaker 1: money that you won't miss that won't make a big
Speaker 1: difference in your debt payoff, so that you can start
Speaker 1: to get that ball rolling. But it doesn't feel like
Speaker 1: these goals are competing.
Speaker 3: Yeah, having something on in the background that you're not
Speaker 3: thinking about the auto payment into that savings, so that
Speaker 3: your real time energy attention goes to the things that
Speaker 3: are going to be necessary for whatever the main goal
Speaker 3: is at the time. All right, man, that lightning round
Speaker 3: is still true for me. I still have competing goals.
Speaker 3: That's always my problem. That is not unlimited resources. Yeah,
Speaker 3: I know that is everybody. Well it's not everybody. There's
Speaker 3: a few billions.
Speaker 1: Okay, everyone listening to our show. We all are goal
Speaker 1: oriented overachievers who have compete goals, and unfortunately we don't
Speaker 1: have unlimited resources. I think that's probably if we were
Speaker 1: supposed to define our listener avatar, that might be her.
Speaker 1: So if it sounds like you You're in the right place, still.
Speaker 3: Struggling with the same thing two years later.
Speaker 1: I know, I know it. It is hard to program,
Speaker 1: like reprogram your brain to work differently. So I am
Speaker 1: a lot better at really honing it on one goal
Speaker 1: at a time, but I want to pursue multiple goals
Speaker 1: at a time always, so, and I think I still,
Speaker 1: I mean, I still struggle with like defining my concrete goal.
Speaker 1: Like I have goals, but sometimes it's scary for me
Speaker 1: to say them out loud because then I have to
Speaker 1: pursue that. I know, So I think that's that's why I.
Speaker 3: Make my goals like super realistic.
Speaker 1: I want to save one hundred dollars.
Speaker 3: My goal is to eat this chocolate bar by the
Speaker 3: end of the month.
Speaker 1: That is a legitimate goal for you, Jill, because you
Speaker 1: can take a chocolate bar and literally eat one square.
Speaker 3: Yeah.
Speaker 1: The rest of us are like, I don't need that
Speaker 1: goal because I've finished it. I so the guys working
Speaker 1: on our house brought a chocolate bar in for Kai
Speaker 1: to be nice. Oh, I ate it that by the
Speaker 1: end of the day the chocolate bar was gone.
Speaker 3: You know what, you needed it more than he did.
Speaker 3: I did I that's what that says. Well, this episode,
Speaker 3: We hope it was helpful for you all. I still
Speaker 3: think back on this one as a helpful marker for me.
Speaker 3: You know, those different guide posts that you experienced throughout
Speaker 3: life that helped to define what your aim even should be.
Speaker 3: I would say that, yes, I still don't have unlimited resources,
Speaker 3: but I think in part because of this episode, I've
Speaker 3: I've got a more refined goal and an idea of
Speaker 3: where we should be heading and what to build upon,
Speaker 3: and the tools and resources to utilize to build upon
Speaker 3: those goals. So while we are still talking about some
Speaker 3: of the same things and the same things still hold
Speaker 3: up and ring true, there's growth that's happening along the
Speaker 3: way too. So hopefully this has been inspirational for you
Speaker 3: to also experience some growth. Thanks for being here with us.
Speaker 1: Yes, absolutely, I hope it's it's continuing to make saving
Speaker 1: and investing more accessible to you. And we love, love,
Speaker 1: love reading your reviews and emails when you say that
Speaker 1: we have made things more accessible to you. Kind of
Speaker 1: like Beck two two five three two who says, super fave,
Speaker 1: I count down the days until each episode is released,
Speaker 1: not only because of the quality entertainment, but also because
Speaker 1: I always come away with awesome tips for living more frugally.
Speaker 1: It's clear that these ladies have solid values to ground them,
Speaker 1: which creates a genuine, wholesome listening experience.
Speaker 3: Love it, oh Back two two five three two.
Speaker 1: I don't know who you're listening to. Jill is not wholesome.
Speaker 3: I was gonna say, I'm talking you. I was just
Speaker 3: gonna say, I don't think I've ever been called wholesum.
Speaker 3: I love it. I'm basking in that adjective and Jenna
Speaker 3: is ripping it away from me.
Speaker 5: Wow.
Speaker 1: Thank things back for your perspective on a lifetime opportunity
Speaker 1: to be wholesome.
Speaker 3: If you do are enjoying this wholesome, genuine listening.
Speaker 1: Someperienced family fun for the whole church.
Speaker 3: We gotta wrap this in, please do feel free to
Speaker 3: leave us a review and rating. We read them, Potential
Speaker 3: new listeners read them to. It's how they can to
Speaker 3: find their wholesome experience and get the friend letter for
Speaker 3: womenspodcast dot Com.
Speaker 4: Thank You Bye.
Speaker 1: Frugal Friends is produced by Eric sirianni.
Speaker 3: Oh Man. What's something that's wholesome whole wholesome grains is
Speaker 3: that a word that you might find on food packaging.
Speaker 1: Whole grains, possibly wholesome grains, wholesome.
Speaker 3: When I think of a wholesome person, they're probably wearing
Speaker 3: a dress.
Speaker 1: I think everything that I think of as wholesome has
Speaker 1: been ruined by someone who's made a horror film. That's
Speaker 1: so true, you know, like if I can think wholesome
Speaker 1: like Teddy Bears, and then I think, oh no, Teddy
Speaker 1: Bears have definitely been ruined ted it's not wholesome. It's
Speaker 1: not horror film. But yeah, I don't know. I don't
Speaker 1: know what's wholesome.
Speaker 3: It's probably what pres are, probably not peers that we're
Speaker 3: so jaded.
Speaker 1: We're not.
Speaker 3: We don't believe anything wholesome.
Speaker 1: We're not adjacent to wholesome. So that's why we can't
Speaker 1: think of anything.
Speaker 3: We don't curse on the podcast because wholesome, because we
Speaker 3: actually have funny things to say.
Speaker 1: We don't need to rest on profanity to be funny.
Speaker 3: Off the mic, though I love me, she doesgen does.
Speaker 1: I'm going to just project it on her though or
Speaker 1: innocent clean she's reading the dictionary definition.
Speaker 3: Wholesome things examples.
Speaker 1: We have to google it because we don't know.
Speaker 3: What is the most wholesome thing you've seen? There's a
Speaker 3: New York Times that pay for it to read it.
Speaker 1: You got to pay for a dollar a week.
Speaker 3: Wholesome, they're extortions.
Speaker 1: Have some an unwholesome to say about the New York Times.
Speaker 3: Oh, animals, that's true. Babies and animals babies together, when
Speaker 3: babies and animals are getting along, or just mostly when
Speaker 3: animals and animals are getting along.
Speaker 1: Yeah, we do love an animal Instagram account. What's your
Speaker 1: favorite animal Instagram like animal themed Instagram account? Mind's raccoons.
Speaker 3: Oh, there's one that I watch. I forget what it's called,
Speaker 3: but this guy does voiceovers on animals doing crazy stuff.
Speaker 1: I love that. Oh, I love the voiceover guy for
Speaker 1: the pigeons in Australia.
Speaker 3: Yes, but that's not wholesome. No, it's not allSome.
Speaker 1: Day it back to the drawing board.
Speaker 3: It is funny though,