1 00:00:00,480 --> 00:00:04,480 Speaker 1: Wealthy people think in systems, not sprints. They don't wake 2 00:00:04,559 --> 00:00:06,360 Speaker 1: up one day and say I'm going to go be 3 00:00:06,440 --> 00:00:12,080 Speaker 1: a billionaire. Wealth is usually built with small, boring, consistent 4 00:00:12,200 --> 00:00:15,480 Speaker 1: moves that run in the background of your life, even 5 00:00:15,480 --> 00:00:19,200 Speaker 1: when you're feeling tired, even when you're feeling distracted. They're 6 00:00:19,280 --> 00:00:23,520 Speaker 1: your insurance against all these outside factors and internal factors 7 00:00:23,520 --> 00:00:26,279 Speaker 1: that can take you off track. Even when you don't 8 00:00:26,280 --> 00:00:29,880 Speaker 1: want to run, they're running for you. Hey, ba fam, 9 00:00:30,080 --> 00:00:33,320 Speaker 1: welcome back to brown Mbision. It's your girl, Mandy Money, 10 00:00:33,360 --> 00:00:35,920 Speaker 1: and I just want to say again, Happy New Year. 11 00:00:36,479 --> 00:00:38,760 Speaker 1: This is a show where we talk about money, career 12 00:00:38,840 --> 00:00:41,440 Speaker 1: and building the life you actually want to live, not 13 00:00:41,560 --> 00:00:44,320 Speaker 1: just one that looks good on paper. So, Ba Fam, 14 00:00:44,360 --> 00:00:46,000 Speaker 1: what am I here to talk about today? While we 15 00:00:46,080 --> 00:00:48,520 Speaker 1: know it's a brand new year and you're being bombarded 16 00:00:48,680 --> 00:00:51,960 Speaker 1: with do more, be more, fix everything by February content, 17 00:00:52,120 --> 00:00:55,800 Speaker 1: And it's not just content we encounter on social media online, 18 00:00:56,000 --> 00:00:59,320 Speaker 1: it's our own minds. We're doing this to ourselves. We 19 00:00:59,400 --> 00:01:01,880 Speaker 1: got to stop them. This is all very cute, but 20 00:01:01,960 --> 00:01:04,800 Speaker 1: it's not very sustainable. So today I thought I would 21 00:01:04,840 --> 00:01:06,720 Speaker 1: come to y'all and take it back to the studs 22 00:01:06,800 --> 00:01:09,680 Speaker 1: take it back to the beginnings of how I myself 23 00:01:09,840 --> 00:01:13,240 Speaker 1: started to build wealth and how I continue building wealth 24 00:01:13,400 --> 00:01:16,240 Speaker 1: even as I go through the same challenges as everybody else, 25 00:01:16,319 --> 00:01:21,680 Speaker 1: fighting inflation, stuck in a starter home, kids, childcare expenses, 26 00:01:22,400 --> 00:01:27,039 Speaker 1: entrepreneurial challenges. But I was thinking about a few fundamental 27 00:01:27,120 --> 00:01:30,520 Speaker 1: changes that I made early in my money journey and 28 00:01:30,560 --> 00:01:34,080 Speaker 1: continue to practice today that I know, no matter what, 29 00:01:34,400 --> 00:01:37,040 Speaker 1: I got me and these are three habits that will 30 00:01:37,040 --> 00:01:39,640 Speaker 1: make sure that no matter what happens, we're going to 31 00:01:39,720 --> 00:01:42,120 Speaker 1: be okay, and we're going to continue growing and becoming 32 00:01:42,160 --> 00:01:45,479 Speaker 1: wealthier even as we face these challenges. So I want 33 00:01:45,560 --> 00:01:48,480 Speaker 1: y'all to think of this episode as your permission slip 34 00:01:48,560 --> 00:01:51,840 Speaker 1: to do less but better with your money this year. 35 00:01:52,040 --> 00:01:54,360 Speaker 1: Before we get into these three habits, let's talk about 36 00:01:54,400 --> 00:01:58,960 Speaker 1: why habits matter even more than resolutions. Y'all know resolutions 37 00:01:59,000 --> 00:02:01,960 Speaker 1: are big, dramatic goals we set when we're feeling motivated, 38 00:02:02,080 --> 00:02:04,640 Speaker 1: like I'm going to max out all of my accounts, 39 00:02:04,680 --> 00:02:07,040 Speaker 1: I'm going to pay off every dime of debt, I'm 40 00:02:07,040 --> 00:02:09,160 Speaker 1: going to start five side house souls, and I'm going 41 00:02:09,200 --> 00:02:11,040 Speaker 1: to cook at home six nights a week. Because it 42 00:02:11,080 --> 00:02:12,720 Speaker 1: sounds like stuff that I had said I was going 43 00:02:12,800 --> 00:02:15,760 Speaker 1: to do and actually never accomplished because life happens, the 44 00:02:15,840 --> 00:02:19,200 Speaker 1: kids get sick, work ramps up, a random bill hits you. 45 00:02:19,800 --> 00:02:21,840 Speaker 1: I already told you about the thousand dollars plumbing deal 46 00:02:21,880 --> 00:02:23,960 Speaker 1: that I got hit with last week. By the way, 47 00:02:24,080 --> 00:02:27,520 Speaker 1: update on that, my husband's really earning his keep because 48 00:02:27,720 --> 00:02:30,720 Speaker 1: with a couple of YouTube videos, this man was able 49 00:02:30,720 --> 00:02:34,240 Speaker 1: to fix one of the broken faucets in our house, 50 00:02:34,280 --> 00:02:36,720 Speaker 1: so now we have a working shower and bathtub. Again, 51 00:02:36,880 --> 00:02:38,960 Speaker 1: he wasn't able to fix the second one, but still 52 00:02:38,960 --> 00:02:41,480 Speaker 1: I'm going to say that's a five hundred dollars savings 53 00:02:41,960 --> 00:02:44,240 Speaker 1: because if he wanted to, he would, and he did, 54 00:02:44,360 --> 00:02:48,320 Speaker 1: Thank goodness. I digress. So while all this happens, we're 55 00:02:48,360 --> 00:02:51,639 Speaker 1: not just abandoning the plan. We can start telling ourselves 56 00:02:51,639 --> 00:02:55,200 Speaker 1: stories like I'm bad with money, or I'll just try 57 00:02:55,200 --> 00:02:58,919 Speaker 1: again next year. But think about it this way. If 58 00:02:58,960 --> 00:03:02,400 Speaker 1: you really want to build waalth, think like wealthy people do. 59 00:03:03,080 --> 00:03:07,079 Speaker 1: Wealthy people think in systems, not sprints. They don't wake 60 00:03:07,200 --> 00:03:09,720 Speaker 1: up one day and say I'm gonna go be a billionaire. 61 00:03:09,919 --> 00:03:15,720 Speaker 1: Wealth is usually built with small, boring, consistent moves that 62 00:03:15,880 --> 00:03:18,440 Speaker 1: run in the background of your life, even when you're 63 00:03:18,440 --> 00:03:22,720 Speaker 1: feeling tired, even when you're feeling distracted. They're your insurance 64 00:03:22,880 --> 00:03:26,440 Speaker 1: against all these outside factors and internal factors that can 65 00:03:26,480 --> 00:03:29,399 Speaker 1: take you off track. Even when you don't want to run, 66 00:03:29,520 --> 00:03:32,520 Speaker 1: they're running for you. So back to these three habits 67 00:03:32,520 --> 00:03:35,280 Speaker 1: were talking about today. These are designed to work with 68 00:03:35,320 --> 00:03:38,560 Speaker 1: your real life, not your fantasy level of time and energy. 69 00:03:39,160 --> 00:03:42,400 Speaker 1: They're designed to be easy so you can keep doing 70 00:03:42,400 --> 00:03:45,800 Speaker 1: them even when you're not feeling motivated, and they're going 71 00:03:45,880 --> 00:03:48,560 Speaker 1: to help you move forward. Whether you're someone making fifty 72 00:03:48,600 --> 00:03:51,440 Speaker 1: thousand dollars a year or two hundred and fifty thousand 73 00:03:51,440 --> 00:03:55,520 Speaker 1: dollars a year, these strategies can help you. Number one 74 00:03:55,760 --> 00:03:59,840 Speaker 1: is automating savings to at least one account. And if 75 00:03:59,840 --> 00:04:02,840 Speaker 1: you already have your savings automated to one account, can 76 00:04:02,880 --> 00:04:06,240 Speaker 1: we increase the amount of savings we're already putting into 77 00:04:06,240 --> 00:04:10,360 Speaker 1: that one account. Number two very simple. If you are 78 00:04:10,440 --> 00:04:12,840 Speaker 1: lucky enough to receive a four to oh one K 79 00:04:13,600 --> 00:04:16,680 Speaker 1: or have access to another retirement savings account like a 80 00:04:16,680 --> 00:04:19,080 Speaker 1: four H three B, we're going to go into our 81 00:04:19,120 --> 00:04:22,080 Speaker 1: accounts today this week. As you're hearing this, after you're 82 00:04:22,120 --> 00:04:26,360 Speaker 1: hearing this and increase your contribution to one percent of 83 00:04:26,400 --> 00:04:31,000 Speaker 1: your income. And number three, get comfortable tracking your spending 84 00:04:31,080 --> 00:04:34,280 Speaker 1: and savings at least once a month using I mean, 85 00:04:34,279 --> 00:04:36,600 Speaker 1: there's a bevy of online tools we can talk about. 86 00:04:36,680 --> 00:04:39,200 Speaker 1: You can also take it back to basics with a spreadsheet. 87 00:04:39,279 --> 00:04:42,200 Speaker 1: So let's dig into habit number one. Habit number one 88 00:04:42,760 --> 00:04:46,800 Speaker 1: automate savings to at least one account. If you only 89 00:04:46,800 --> 00:04:49,599 Speaker 1: did one thing differently with your money in twenty twenty six, 90 00:04:49,720 --> 00:04:53,080 Speaker 1: let it be this BAVAM. When you automate savings, you're 91 00:04:53,080 --> 00:04:57,640 Speaker 1: doing two powerful things. One you're paying yourself first instead 92 00:04:57,640 --> 00:05:01,240 Speaker 1: of waiting to see what's left. And two, you're removing 93 00:05:01,240 --> 00:05:04,200 Speaker 1: willpower and vibes from the equation. In other words, you 94 00:05:04,240 --> 00:05:08,480 Speaker 1: are reducing the possibility that you're gonna sabotage yourself right 95 00:05:08,880 --> 00:05:11,800 Speaker 1: that you're gonna have that money in your account and 96 00:05:11,839 --> 00:05:14,000 Speaker 1: find some way to spend it and kind of lose 97 00:05:14,000 --> 00:05:18,520 Speaker 1: sight of whatever savings goal. You may have. Another addition 98 00:05:18,800 --> 00:05:21,480 Speaker 1: or bonus you can add to this habit of automating 99 00:05:21,520 --> 00:05:23,800 Speaker 1: savings to at least one account is if you have 100 00:05:23,920 --> 00:05:27,640 Speaker 1: the ability to name your savings accounts within your bank, 101 00:05:27,680 --> 00:05:30,000 Speaker 1: you can you can check and see. Many banks will 102 00:05:30,080 --> 00:05:32,840 Speaker 1: let you open up several different savings accounts and then 103 00:05:32,839 --> 00:05:34,760 Speaker 1: you can name them different things. You may have an 104 00:05:34,800 --> 00:05:39,479 Speaker 1: emergency savings account, you may have a vacation savings account, 105 00:05:39,480 --> 00:05:43,560 Speaker 1: a holiday spending savings account, a debt payoff savings account, 106 00:05:43,640 --> 00:05:46,159 Speaker 1: whatever it may be. Put a name to it, because 107 00:05:46,160 --> 00:05:49,040 Speaker 1: that can also help you as you're automating it, remember 108 00:05:49,160 --> 00:05:51,200 Speaker 1: what the money is for, and that you're not just 109 00:05:51,279 --> 00:05:54,320 Speaker 1: saving for savings sake, but you are saving toward that 110 00:05:54,400 --> 00:05:57,760 Speaker 1: rainy day, toward that goal, toward that beach vacation that 111 00:05:57,800 --> 00:06:01,359 Speaker 1: you're gonna desperately need later this year. So here's a 112 00:06:01,400 --> 00:06:04,920 Speaker 1: simple way to do it. First, pick your priority account. 113 00:06:05,120 --> 00:06:07,719 Speaker 1: This could be a hiled savings account, we love an 114 00:06:07,760 --> 00:06:11,920 Speaker 1: account that you use for a specific goal. Don't overthink it. 115 00:06:12,240 --> 00:06:15,160 Speaker 1: Just choose one thing that would make you breathe easier 116 00:06:15,200 --> 00:06:18,920 Speaker 1: this year, and then pick your number. So how much 117 00:06:18,920 --> 00:06:21,000 Speaker 1: are you going to be contributing to that account? If 118 00:06:21,000 --> 00:06:24,680 Speaker 1: you already are automating a savings contribution to this account, 119 00:06:25,040 --> 00:06:29,120 Speaker 1: think about increasing it five percent, ten percent more. You 120 00:06:29,120 --> 00:06:30,919 Speaker 1: can think of it as like maybe an extra one 121 00:06:31,000 --> 00:06:34,800 Speaker 1: hundred dollars, fifty dollars whatever it may be, start small 122 00:06:34,880 --> 00:06:36,960 Speaker 1: enough so it's not going to break your budget. The 123 00:06:37,000 --> 00:06:38,880 Speaker 1: point of this is that you're going to be contributing 124 00:06:38,920 --> 00:06:40,760 Speaker 1: money to this account, but you're not even going to 125 00:06:40,880 --> 00:06:43,919 Speaker 1: miss it necessarily. So that could be twenty five dollars 126 00:06:43,960 --> 00:06:47,400 Speaker 1: a paycheck, one hundred dollars a month, it could be 127 00:06:47,720 --> 00:06:50,960 Speaker 1: think about the cost of a couple of door dash deliveries. 128 00:06:51,000 --> 00:06:52,680 Speaker 1: If you've got a family of four, like I do, 129 00:06:52,880 --> 00:06:56,520 Speaker 1: they can easily be fifty sixty dollars even at the 130 00:06:56,560 --> 00:06:59,960 Speaker 1: most budget friendly restaurant. So it's not necessarily the number 131 00:07:00,120 --> 00:07:03,600 Speaker 1: that matters. It's about the repetition. It's about the fact 132 00:07:03,600 --> 00:07:06,159 Speaker 1: that it's going to be automatic, and of course you 133 00:07:06,200 --> 00:07:09,359 Speaker 1: can always increase it later. So if twenty five, one 134 00:07:09,400 --> 00:07:11,960 Speaker 1: hundred and sixty seems too much, pick a number that 135 00:07:11,960 --> 00:07:16,240 Speaker 1: seems doable for you, and then automate it on payday. 136 00:07:16,520 --> 00:07:19,360 Speaker 1: If you're someone who's a nine to five worker and 137 00:07:19,400 --> 00:07:22,920 Speaker 1: you're able to go into your paycheck system, whatever it 138 00:07:22,960 --> 00:07:26,120 Speaker 1: may be at your company, and tell the company with 139 00:07:26,200 --> 00:07:29,120 Speaker 1: your paycheck how to divvy it up, you can can 140 00:07:29,280 --> 00:07:32,400 Speaker 1: get them to automatically withhold certain amount of money from 141 00:07:32,400 --> 00:07:35,600 Speaker 1: your paycheck and put it into a specific account. If 142 00:07:35,640 --> 00:07:38,760 Speaker 1: you're someone who'd rather do it manually, you can set 143 00:07:38,840 --> 00:07:42,080 Speaker 1: up a recurring transfer right in your own bank account 144 00:07:42,120 --> 00:07:46,840 Speaker 1: from checking after your paycheck hits to savings. To be 145 00:07:46,880 --> 00:07:49,600 Speaker 1: on the safe side, maybe set that recurring transfer up 146 00:07:49,640 --> 00:07:53,240 Speaker 1: for the day after your typical payday, and then you 147 00:07:53,280 --> 00:07:57,160 Speaker 1: can even label that transfer as pay myself first, or 148 00:07:57,320 --> 00:08:00,240 Speaker 1: the name of the goal that you are saving for, 149 00:08:00,400 --> 00:08:02,640 Speaker 1: so you remember what it's for each month and you're 150 00:08:02,680 --> 00:08:05,200 Speaker 1: not just like, oh wait, who's stealing fifty bucks from me? 151 00:08:05,240 --> 00:08:07,840 Speaker 1: Oh wait, it's me. I'm paying myself. That's all good. 152 00:08:08,720 --> 00:08:11,200 Speaker 1: So what does this actually do over time? Is fifty 153 00:08:11,240 --> 00:08:15,080 Speaker 1: bucks a paycheck really going to change your life this month? Like? No, okay, 154 00:08:15,560 --> 00:08:19,720 Speaker 1: But it's about incremental changes over time. That is how 155 00:08:19,960 --> 00:08:25,280 Speaker 1: real true wealth is made. So fifty bucks times twenty 156 00:08:25,320 --> 00:08:29,080 Speaker 1: six paychecks a year, that's about thirteen hundred dollars, all right. 157 00:08:29,440 --> 00:08:31,840 Speaker 1: If you bump that up to one hundred dollars times 158 00:08:31,880 --> 00:08:35,160 Speaker 1: twenty six paychecks per year, that's two thousand, six hundred dollars. 159 00:08:35,200 --> 00:08:39,800 Speaker 1: That's real, meaningful money. That's before interest or any future 160 00:08:39,840 --> 00:08:42,959 Speaker 1: increases that you may decide to add too. So if 161 00:08:42,960 --> 00:08:45,439 Speaker 1: you're lucky enough or smart enough to have a high 162 00:08:45,480 --> 00:08:48,280 Speaker 1: yield savings account that can be even more once you 163 00:08:48,360 --> 00:08:51,600 Speaker 1: accrue interest on it. But the real magic is every 164 00:08:51,640 --> 00:08:55,439 Speaker 1: time that transfer runs, you are basically casting a vote 165 00:08:55,440 --> 00:08:58,000 Speaker 1: for Okay, I'm the kind of person who's going to 166 00:08:58,080 --> 00:09:01,960 Speaker 1: take care of future me. Identity shift that you embrace 167 00:09:02,040 --> 00:09:05,480 Speaker 1: with this type of change, that's what's changing everything else now. 168 00:09:05,480 --> 00:09:08,280 Speaker 1: I used to do the most early in my savings journey, 169 00:09:08,280 --> 00:09:10,280 Speaker 1: when I was in my twenties. I think I had 170 00:09:10,360 --> 00:09:13,280 Speaker 1: I even did a full Yahoo Finance segment about this 171 00:09:13,320 --> 00:09:16,079 Speaker 1: where I was like, I have seven different bank accounts, 172 00:09:16,120 --> 00:09:19,480 Speaker 1: seven different savings accounts, and they were, I mean very 173 00:09:19,800 --> 00:09:21,920 Speaker 1: I think I was still paying down student loan debt. 174 00:09:22,280 --> 00:09:25,040 Speaker 1: I definitely had a couple of different vacation funds. I 175 00:09:25,080 --> 00:09:27,720 Speaker 1: had a fund for my down payment on a house someday. 176 00:09:27,760 --> 00:09:29,960 Speaker 1: I had a fund to buy a car. It was 177 00:09:30,000 --> 00:09:32,040 Speaker 1: a bunch, and then I would sort of divvy up 178 00:09:32,040 --> 00:09:34,640 Speaker 1: money into each of them. That was a little munch. Okay. 179 00:09:34,760 --> 00:09:37,040 Speaker 1: I could have really just had one or two or 180 00:09:37,080 --> 00:09:40,720 Speaker 1: three bank accounts, but I was excited, and it was 181 00:09:40,760 --> 00:09:42,680 Speaker 1: also like a novelty for me that I could have 182 00:09:42,760 --> 00:09:46,920 Speaker 1: that many different accounts. But truly that automated savings habit 183 00:09:47,000 --> 00:09:49,600 Speaker 1: that I started at a young age, relatively in my 184 00:09:49,640 --> 00:09:53,440 Speaker 1: mid twenties, That's how I ended up, you know, having 185 00:09:53,600 --> 00:09:56,000 Speaker 1: multi six figure net worth by the time I was 186 00:09:56,040 --> 00:10:00,439 Speaker 1: thirty and being able to buy you know, four hundred 187 00:10:00,440 --> 00:10:04,080 Speaker 1: thousand dollars house in what was I twenty nine, twenty 188 00:10:04,160 --> 00:10:06,800 Speaker 1: nine or thirty, I was able to pay for my 189 00:10:06,800 --> 00:10:10,160 Speaker 1: wedding and cash How much did my wedding cost? God, 190 00:10:10,160 --> 00:10:12,120 Speaker 1: I've forgot now. I want to say it was like 191 00:10:12,800 --> 00:10:16,320 Speaker 1: thirty five thousand dollars that we were able to pay 192 00:10:16,360 --> 00:10:20,240 Speaker 1: out of pocket because I automated my savings and saved 193 00:10:20,320 --> 00:10:23,720 Speaker 1: up toward that goal. And I'll talk about another time 194 00:10:23,800 --> 00:10:28,800 Speaker 1: how I drastically reduced my my expenses as well by 195 00:10:28,840 --> 00:10:30,640 Speaker 1: moving in with my in laws and said story for 196 00:10:30,720 --> 00:10:33,520 Speaker 1: another day, But I'm just saying it's a it's a 197 00:10:33,559 --> 00:10:36,440 Speaker 1: habit that I definitely started in my early twenties, and 198 00:10:36,800 --> 00:10:38,880 Speaker 1: this is something that I am taking on board as well, 199 00:10:38,960 --> 00:10:40,920 Speaker 1: because I'm not just talking about it, y'all. I'm going 200 00:10:40,960 --> 00:10:43,240 Speaker 1: to go into my own savings account, my own bank 201 00:10:43,280 --> 00:10:47,439 Speaker 1: account later today and make sure that I am increasing 202 00:10:47,559 --> 00:10:51,280 Speaker 1: what I am currently contributing for me, it's rebuilding our 203 00:10:51,760 --> 00:10:55,040 Speaker 1: emergency fund, building it back up. We had some unexpected 204 00:10:55,080 --> 00:10:57,800 Speaker 1: expenses and we had to use the account this year, 205 00:10:57,920 --> 00:11:01,120 Speaker 1: and I'm like, hell, yeah, that's how actually great, that's 206 00:11:01,120 --> 00:11:03,800 Speaker 1: what the money is for. But now I'm like, Okay, 207 00:11:04,120 --> 00:11:07,080 Speaker 1: we used it, did its job. Let's start, you know, 208 00:11:07,120 --> 00:11:10,160 Speaker 1: beefing it backups that we're ready for the next you know, 209 00:11:10,520 --> 00:11:15,600 Speaker 1: the next emergency or next unexpected situation. Okay, let's move 210 00:11:15,640 --> 00:11:19,000 Speaker 1: on to habit number, to increasing your four to one 211 00:11:19,080 --> 00:11:23,320 Speaker 1: K contribution by one percent. Now, a lot of people like, 212 00:11:23,360 --> 00:11:26,000 Speaker 1: don't freeze. Don't freeze when I say retirement. It may 213 00:11:26,040 --> 00:11:29,000 Speaker 1: sound huge, it may sound far away, but you know, 214 00:11:29,720 --> 00:11:33,040 Speaker 1: most plans make it incredibly easy for you to sneak 215 00:11:33,120 --> 00:11:36,400 Speaker 1: in there and invest more without even really feeling it. 216 00:11:36,760 --> 00:11:39,040 Speaker 1: We're not talking about maxing out your four one k. 217 00:11:39,160 --> 00:11:41,720 Speaker 1: That's a huge goal for the year. That's an admirable goal. 218 00:11:42,120 --> 00:11:44,160 Speaker 1: But let's just break it down to this. What if 219 00:11:44,200 --> 00:11:49,280 Speaker 1: I just contributed starting today one percent more? Okay, one 220 00:11:49,320 --> 00:11:52,400 Speaker 1: percent can matter. Like, let's say you're earning seventy thousand 221 00:11:52,440 --> 00:11:54,920 Speaker 1: dollars a year and you get paid every two weeks. 222 00:11:54,920 --> 00:11:57,960 Speaker 1: One percent of your salary is about seven hundred dollars 223 00:11:57,960 --> 00:12:01,959 Speaker 1: per year, that's only twenty seven dollars per paycheck before tax, 224 00:12:02,440 --> 00:12:05,439 Speaker 1: and depending on your tax situation, the hit to your 225 00:12:05,480 --> 00:12:08,040 Speaker 1: take home pay it might feel more like fifteen to 226 00:12:08,080 --> 00:12:10,920 Speaker 1: twenty bucks per check. But if you invest it consistently, 227 00:12:11,080 --> 00:12:14,040 Speaker 1: that is going to compound over time. And if your 228 00:12:14,040 --> 00:12:17,559 Speaker 1: employeeer offers a match even better, you're you're going to 229 00:12:17,640 --> 00:12:20,240 Speaker 1: be bumping up your contribution and that could even mean 230 00:12:20,360 --> 00:12:22,800 Speaker 1: free money that you do not want to leave on 231 00:12:22,880 --> 00:12:25,280 Speaker 1: the table. So here's how you're going to do it. 232 00:12:25,559 --> 00:12:27,760 Speaker 1: You're going to log into your four one K or 233 00:12:27,760 --> 00:12:31,560 Speaker 1: wherever you have your retirement portal at work. You're going 234 00:12:31,640 --> 00:12:34,839 Speaker 1: to find where it lists your contribution percentage. And if 235 00:12:34,840 --> 00:12:37,200 Speaker 1: you're at you better not be at zero percent. But okay, 236 00:12:37,240 --> 00:12:40,199 Speaker 1: even if you are, no shame, no judgment, let's make 237 00:12:40,200 --> 00:12:42,720 Speaker 1: that one percent. Okay, if you're at zero, I would 238 00:12:42,720 --> 00:12:44,560 Speaker 1: say let's make that in like five percent at leads. 239 00:12:44,600 --> 00:12:47,960 Speaker 1: But anyway, like, let's say you're at ten percent right now, 240 00:12:48,040 --> 00:12:50,600 Speaker 1: let's increase that to eleven. If you have five percent 241 00:12:50,679 --> 00:12:53,600 Speaker 1: right now, let's increase that to six percent. If your 242 00:12:53,640 --> 00:12:57,680 Speaker 1: plan allows it, you can even make this annual increase 243 00:12:57,720 --> 00:12:59,880 Speaker 1: something that you do every year, so you can check 244 00:13:00,080 --> 00:13:03,600 Speaker 1: box that says increased by and it'll give you the 245 00:13:03,600 --> 00:13:05,520 Speaker 1: option to say how much you want to increase it 246 00:13:05,520 --> 00:13:09,480 Speaker 1: by every year. That's even better because that's even taking 247 00:13:09,480 --> 00:13:12,040 Speaker 1: out the possibility that next year you're going to forget 248 00:13:12,080 --> 00:13:14,920 Speaker 1: to do this, or you're going to you know, you're 249 00:13:14,920 --> 00:13:17,000 Speaker 1: going to wait too long, or whatever. It's going to 250 00:13:17,040 --> 00:13:20,280 Speaker 1: do it automatically. I love that if you don't have 251 00:13:20,360 --> 00:13:23,640 Speaker 1: access to a four to one K through work, your 252 00:13:23,720 --> 00:13:27,240 Speaker 1: version of this habit may be that you open up 253 00:13:27,440 --> 00:13:30,320 Speaker 1: or you already have an IRA or like me, a 254 00:13:30,400 --> 00:13:34,080 Speaker 1: solo four one K, and you add an additional one 255 00:13:34,200 --> 00:13:37,560 Speaker 1: percent to whatever you're setting aside in that retirement account. 256 00:13:37,840 --> 00:13:41,360 Speaker 1: It can also mean increasing the automatic amount that you 257 00:13:41,440 --> 00:13:44,320 Speaker 1: send to an existing investment account, even if you have 258 00:13:44,440 --> 00:13:47,679 Speaker 1: just like a brokerage account outside of your retirement savings. 259 00:13:48,200 --> 00:13:51,280 Speaker 1: Increasing however much you are automating to that account by 260 00:13:51,280 --> 00:13:55,760 Speaker 1: a small small is the key here. Specific number. The 261 00:13:55,760 --> 00:14:01,000 Speaker 1: theme is the same. This year future you gets a raise. 262 00:14:01,400 --> 00:14:06,160 Speaker 1: Think of it that way. Increasing my retirement contribution is 263 00:14:06,240 --> 00:14:10,280 Speaker 1: like giving future me a race, giving future me a 264 00:14:10,400 --> 00:14:15,240 Speaker 1: chance to indulge live a little bit more luxuriously because 265 00:14:15,240 --> 00:14:18,439 Speaker 1: of the extra funds we're putting in future me's account today, 266 00:14:19,040 --> 00:14:21,840 Speaker 1: And y'all know, when it comes to investing, that money 267 00:14:21,880 --> 00:14:24,480 Speaker 1: is going to grow over time, all right, have it 268 00:14:24,720 --> 00:14:28,840 Speaker 1: Number three? Track your money at least once a month. 269 00:14:29,200 --> 00:14:32,440 Speaker 1: So this is the glue to sticking all of your 270 00:14:32,440 --> 00:14:35,600 Speaker 1: strategies together. It's how you're going to stay on top 271 00:14:35,640 --> 00:14:37,840 Speaker 1: of your progress. It's how you're going to be able 272 00:14:37,880 --> 00:14:43,040 Speaker 1: to celebrate your progress towards your goals and also keep 273 00:14:43,200 --> 00:14:47,920 Speaker 1: tabs on the little sneaky sucks on our finances that 274 00:14:47,960 --> 00:14:50,760 Speaker 1: can take us off track, the little ways that we 275 00:14:50,920 --> 00:14:55,640 Speaker 1: diverge from the plan, and tracking our money is just essential. 276 00:14:55,840 --> 00:14:59,000 Speaker 1: The only times when I have struggled financially, what has 277 00:14:59,080 --> 00:15:01,560 Speaker 1: happened is that I have stop paying attention to what's 278 00:15:01,600 --> 00:15:03,680 Speaker 1: coming in and what's going out, and I've let that 279 00:15:04,240 --> 00:15:07,960 Speaker 1: anxiety build over checking things, and then I take my 280 00:15:08,040 --> 00:15:10,920 Speaker 1: eye off the wheel. And that's when you drive yourself 281 00:15:10,960 --> 00:15:12,720 Speaker 1: right off a cliff. Okay, I mean not to be 282 00:15:12,720 --> 00:15:14,680 Speaker 1: too dramatic about it. This doesn't mean that you're going 283 00:15:14,760 --> 00:15:18,200 Speaker 1: to obsess over every single coffee you buy or make 284 00:15:18,240 --> 00:15:22,440 Speaker 1: yourself feel bad it's just about having visibility and trusting 285 00:15:22,480 --> 00:15:25,240 Speaker 1: yourself that you can handle this, that you can make 286 00:15:25,280 --> 00:15:29,240 Speaker 1: smart decisions. You can catch issues early, and you can 287 00:15:29,360 --> 00:15:32,800 Speaker 1: redirect where you're going. Like if you think about you're 288 00:15:32,840 --> 00:15:36,120 Speaker 1: the captain of a ship, you have to check your latitude, 289 00:15:36,160 --> 00:15:39,720 Speaker 1: your longitude, where you're at toward your destination and if 290 00:15:39,720 --> 00:15:42,640 Speaker 1: some bad weather comes through or I don't know, an 291 00:15:42,640 --> 00:15:46,320 Speaker 1: iceberg or whatever could be out there, you can redirect. 292 00:15:46,480 --> 00:15:50,920 Speaker 1: You can make changes and pivot to get back on course. Now, 293 00:15:51,000 --> 00:15:53,920 Speaker 1: once a month, it's all we're talking about here. If 294 00:15:54,000 --> 00:15:56,760 Speaker 1: daily tracking overwhelms you, like you're not alone, that's just 295 00:15:56,800 --> 00:15:59,800 Speaker 1: a little too much obsessiveness for me. Once a month 296 00:16:00,120 --> 00:16:02,240 Speaker 1: can still give you a clear picture of where your 297 00:16:02,240 --> 00:16:05,440 Speaker 1: money is actually going. It's the chance to course correct 298 00:16:05,480 --> 00:16:08,080 Speaker 1: before things snowball, like I said, And it's going to 299 00:16:08,080 --> 00:16:10,960 Speaker 1: help you build that motivation because you can see your 300 00:16:10,960 --> 00:16:13,520 Speaker 1: progress in black and white. So think of it like 301 00:16:13,560 --> 00:16:16,320 Speaker 1: a money date with yourself. So how you can or 302 00:16:16,400 --> 00:16:18,320 Speaker 1: with your partner. If you have a partner, they have 303 00:16:18,400 --> 00:16:20,560 Speaker 1: to be included in this. I know they can get 304 00:16:20,640 --> 00:16:23,440 Speaker 1: like frustrating because then it becomes like a you spent 305 00:16:23,480 --> 00:16:26,320 Speaker 1: what on? What you did? This where. But let's get 306 00:16:26,360 --> 00:16:28,720 Speaker 1: all that out of the way, okay, especially if you 307 00:16:28,720 --> 00:16:32,960 Speaker 1: guys are new to tracking your finances as a partnership 308 00:16:33,000 --> 00:16:35,480 Speaker 1: as a couple, like it's going to be a little 309 00:16:35,480 --> 00:16:37,480 Speaker 1: bit of that in the beginning, but as much as 310 00:16:37,480 --> 00:16:39,200 Speaker 1: you can, try not to go into it with a 311 00:16:39,200 --> 00:16:43,280 Speaker 1: lot of finger pointing or judgment. It's about transparency and 312 00:16:43,360 --> 00:16:45,880 Speaker 1: everyone being on the same page. And I'm sorry, I 313 00:16:45,920 --> 00:16:49,440 Speaker 1: don't care how trustworthy your spouse is or how on 314 00:16:49,520 --> 00:16:53,000 Speaker 1: top of everything you think they are. Having a one 315 00:16:53,080 --> 00:16:56,200 Speaker 1: stop shop dashboard where all of y'all's accounts are in 316 00:16:56,240 --> 00:16:59,400 Speaker 1: one place, and there's full and total transparency, and you're 317 00:16:59,400 --> 00:17:01,960 Speaker 1: going to walk through everything together at least once a month. 318 00:17:02,160 --> 00:17:06,239 Speaker 1: That is a real test of love and loyalty and 319 00:17:06,320 --> 00:17:09,280 Speaker 1: trust in a relationship. And you can tell a lot 320 00:17:09,440 --> 00:17:12,639 Speaker 1: by the health of your relationship by how this conversation goes. 321 00:17:12,680 --> 00:17:14,840 Speaker 1: And I'm not saying it's like a make up breaking thing. 322 00:17:14,880 --> 00:17:17,440 Speaker 1: Believe me, We've had our own fair share of arguments 323 00:17:17,440 --> 00:17:21,000 Speaker 1: over finances, but it does help reveal where there's some 324 00:17:21,000 --> 00:17:25,920 Speaker 1: communication issues, where there's a divergence in what you value 325 00:17:25,960 --> 00:17:29,280 Speaker 1: and what they value, and those areas of conflict can 326 00:17:29,280 --> 00:17:32,479 Speaker 1: be resolved with conflict resolution and like coming together and 327 00:17:32,520 --> 00:17:35,400 Speaker 1: talking things through. It's just so much better to get 328 00:17:35,400 --> 00:17:38,760 Speaker 1: on top of that than letting it faster and trusting 329 00:17:38,840 --> 00:17:41,480 Speaker 1: that you know, oh, it'll work itself out, when actually 330 00:17:41,560 --> 00:17:43,760 Speaker 1: what it needs is to be dealt with head on. 331 00:17:44,640 --> 00:17:47,320 Speaker 1: So here's how you can make this habit actually work. 332 00:17:47,440 --> 00:17:50,880 Speaker 1: Pick an app. Spreadsheets are cool, but with this day 333 00:17:50,920 --> 00:17:53,520 Speaker 1: and age with technology, like, why are we not just 334 00:17:53,640 --> 00:17:55,679 Speaker 1: using one of these great apps. I have a couple 335 00:17:55,880 --> 00:17:59,880 Speaker 1: that I typically recommend. One is Monarch Money, and I've 336 00:18:00,200 --> 00:18:03,119 Speaker 1: both of these. One is Monarch Money, one is Rocket Money. 337 00:18:03,280 --> 00:18:07,000 Speaker 1: Rocket Money also has that beautiful feature of really helping 338 00:18:07,040 --> 00:18:10,639 Speaker 1: you narrow in on recurring bills subscriptions that you may 339 00:18:10,680 --> 00:18:13,560 Speaker 1: be able to cut, and they do offer in some 340 00:18:13,640 --> 00:18:17,480 Speaker 1: cases that they can go and on your behalf contact 341 00:18:17,560 --> 00:18:21,480 Speaker 1: those companies and cancel your subscriptions. I've had like a 342 00:18:21,600 --> 00:18:25,440 Speaker 1: ten percent success rate, to be honest, with that cancelation feature. 343 00:18:25,880 --> 00:18:28,000 Speaker 1: I feel like maybe they were able to cancel one 344 00:18:28,119 --> 00:18:30,000 Speaker 1: or two things that I had, but a bunch of 345 00:18:30,040 --> 00:18:32,600 Speaker 1: things that I wanted to cancel, they weren't able to 346 00:18:32,600 --> 00:18:35,720 Speaker 1: where it needed like extra inputs on my end. But 347 00:18:36,359 --> 00:18:40,320 Speaker 1: still effectively. It helps you identify these recurring expenses and 348 00:18:40,680 --> 00:18:43,040 Speaker 1: take care of them, and you'll know there's so many 349 00:18:43,080 --> 00:18:45,880 Speaker 1: of those can start piling up. Monarch money is also 350 00:18:45,920 --> 00:18:48,240 Speaker 1: a great one. It can also help you identify recurring 351 00:18:48,280 --> 00:18:51,040 Speaker 1: expenses as well. But the point is you get all 352 00:18:51,119 --> 00:18:55,080 Speaker 1: of your and I mean everything. Put your retirement accounts 353 00:18:55,080 --> 00:18:57,239 Speaker 1: in there. Yes, put your checking and savings in there 354 00:18:57,280 --> 00:19:01,080 Speaker 1: as well. Make sure that your partners there as well, 355 00:19:01,280 --> 00:19:04,480 Speaker 1: all of them, all of them. I don't care. I 356 00:19:04,520 --> 00:19:07,399 Speaker 1: don't believe in I don't believe in secret accounts. Or 357 00:19:07,960 --> 00:19:10,920 Speaker 1: it's fine to do a yours mine and ours approach 358 00:19:11,040 --> 00:19:14,480 Speaker 1: to you know, finances, but I definitely believe that we 359 00:19:14,600 --> 00:19:17,560 Speaker 1: need to see what's yours, mine and ours like it 360 00:19:17,600 --> 00:19:20,520 Speaker 1: needs to be visible to all of us. So pick 361 00:19:20,560 --> 00:19:22,760 Speaker 1: your tool for however you're going to be. Oh, there's 362 00:19:22,760 --> 00:19:25,040 Speaker 1: also you need a budget. It's another one I've talked about. 363 00:19:25,080 --> 00:19:27,760 Speaker 1: I haven't personally used you need a budget, but I 364 00:19:27,800 --> 00:19:30,560 Speaker 1: hear that it's good. Just don't overthink it. Pick an 365 00:19:30,600 --> 00:19:34,840 Speaker 1: app get going. Then pick a recurring day. So let's 366 00:19:34,840 --> 00:19:37,760 Speaker 1: say it's the first Sunday every month, or Friday after 367 00:19:37,800 --> 00:19:40,400 Speaker 1: you get a paycheck. Just put it on your calendar 368 00:19:40,520 --> 00:19:44,200 Speaker 1: as an appointment money date thirty minutes. We're going to 369 00:19:44,240 --> 00:19:47,520 Speaker 1: look at everything and track our progress. So for a 370 00:19:47,680 --> 00:19:51,199 Speaker 1: check in script, think about these questions. Where did our 371 00:19:51,240 --> 00:19:53,440 Speaker 1: money go last month? Or if you're on your own, 372 00:19:53,440 --> 00:19:56,879 Speaker 1: where did my money go last month? Did my automatic 373 00:19:56,920 --> 00:20:00,719 Speaker 1: savings and K contributions happen? Is there a anything I 374 00:20:00,760 --> 00:20:03,679 Speaker 1: want to adjust for next month? Is there something I 375 00:20:03,720 --> 00:20:05,840 Speaker 1: can cut? Is there something coming up that I know 376 00:20:06,040 --> 00:20:08,040 Speaker 1: is going to eat up more of my budget than usual? 377 00:20:08,160 --> 00:20:10,560 Speaker 1: Is there one thing I can celebrate? Don't be like 378 00:20:10,600 --> 00:20:12,320 Speaker 1: that and look at all the things that you wish 379 00:20:12,400 --> 00:20:15,560 Speaker 1: you had done differently, but find something positive from your 380 00:20:15,640 --> 00:20:19,840 Speaker 1: money budget from the picture of your finances to celebrate. 381 00:20:20,640 --> 00:20:23,359 Speaker 1: You're not writing a thesis here, okay. You're just making 382 00:20:23,400 --> 00:20:26,360 Speaker 1: sure that your money is doing what you told it 383 00:20:26,400 --> 00:20:29,720 Speaker 1: to do. So these are the three wealthy habits that 384 00:20:30,000 --> 00:20:32,720 Speaker 1: I want to encourage y'all to adopt this year and 385 00:20:33,119 --> 00:20:36,960 Speaker 1: for always and every year. Just to recap. Number one, 386 00:20:37,160 --> 00:20:41,440 Speaker 1: automate savings to at least one account. Number two, increase 387 00:20:41,520 --> 00:20:45,880 Speaker 1: your retirement contribution by one percent. Number three, track your 388 00:20:45,920 --> 00:20:49,680 Speaker 1: spending and savings of goals at least once a month. Now, 389 00:20:49,720 --> 00:20:52,199 Speaker 1: notice what I did not include on this list. No 390 00:20:52,359 --> 00:20:58,399 Speaker 1: talk about perfection, shame, or overnight transformation. You absolutely can 391 00:20:58,560 --> 00:21:01,200 Speaker 1: layer on more later. I know we didn't even mention 392 00:21:01,280 --> 00:21:05,280 Speaker 1: anything about high interest debt. You know, different types of investing, 393 00:21:05,480 --> 00:21:10,000 Speaker 1: hunting for a higher paying opportunity job, freelance work. But 394 00:21:10,160 --> 00:21:13,639 Speaker 1: these three moves that we've talked about, these three habits, 395 00:21:14,080 --> 00:21:16,880 Speaker 1: they can help you build your emergency cushion, grow your 396 00:21:16,920 --> 00:21:20,080 Speaker 1: retirement money in the background, and keep you honest and 397 00:21:20,119 --> 00:21:25,320 Speaker 1: informed about your finances without needing to be toxically obsessed 398 00:21:25,320 --> 00:21:28,480 Speaker 1: with them. Now, if you're listening to this and you're thinking, oh, 399 00:21:28,560 --> 00:21:32,240 Speaker 1: I'm already behind, or should it done this years ago? Listen, 400 00:21:32,440 --> 00:21:35,520 Speaker 1: there's this saying that I heard. The best time to 401 00:21:35,560 --> 00:21:39,000 Speaker 1: plant a tree was twenty years ago. The second best 402 00:21:39,040 --> 00:21:42,080 Speaker 1: time to plant a tree is right now. Okay, who 403 00:21:42,119 --> 00:21:44,160 Speaker 1: cares we didn't plant a tree twenty years ago. Let's 404 00:21:44,160 --> 00:21:47,760 Speaker 1: plant one now, all right, you are not late. The 405 00:21:47,760 --> 00:21:50,520 Speaker 1: best time to start twenty years ago, sure, the second 406 00:21:50,520 --> 00:21:54,280 Speaker 1: best time today? All right? Plus you got me. You 407 00:21:54,320 --> 00:21:57,479 Speaker 1: got broad ambition community in your corner. So pick, if 408 00:21:57,520 --> 00:22:00,000 Speaker 1: you want to start small, pick one of these habits 409 00:22:00,080 --> 00:22:02,560 Speaker 1: to set up this week and then add the others 410 00:22:02,680 --> 00:22:05,639 Speaker 1: over the next few weeks, a month or two. Just 411 00:22:05,720 --> 00:22:11,360 Speaker 1: remind yourself wealth is built in small, boring, loving decisions 412 00:22:11,359 --> 00:22:15,840 Speaker 1: that you keep making for yourself. Wealthy people don't work 413 00:22:15,960 --> 00:22:19,439 Speaker 1: in sprints. They work with systems, and this is a 414 00:22:19,480 --> 00:22:22,720 Speaker 1: system that can spell success for you all. I be 415 00:22:22,760 --> 00:22:25,640 Speaker 1: a fan of this episode. Helped you inspired, you got 416 00:22:25,680 --> 00:22:28,320 Speaker 1: you thinking. Please share it with a friend who's also 417 00:22:28,359 --> 00:22:31,639 Speaker 1: feeling overwhelmed by finances and may just need a simple 418 00:22:31,680 --> 00:22:35,160 Speaker 1: starting point for twenty twenty six. If y'all want more support, 419 00:22:35,240 --> 00:22:38,360 Speaker 1: you have questions, want to be featured on an upcoming 420 00:22:38,359 --> 00:22:42,480 Speaker 1: episode of the BAQA, please subscribe to the show, connect 421 00:22:42,480 --> 00:22:45,520 Speaker 1: with me on ig at Brand Ambition Podcast, or you 422 00:22:45,520 --> 00:22:48,240 Speaker 1: can send your questions to me for an update an 423 00:22:48,280 --> 00:22:51,520 Speaker 1: upcoming BAQ and a episode. You can also email me 424 00:22:51,760 --> 00:22:55,320 Speaker 1: Brand Ambition Podcast at gmail dot com. Y'all got this, 425 00:22:55,560 --> 00:22:57,920 Speaker 1: We got this. We're gonna make twenty twenty six the 426 00:22:58,000 --> 00:23:00,560 Speaker 1: year that we build wealth in a way that actually 427 00:23:00,600 --> 00:23:05,080 Speaker 1: feels sustainable. I'll see y'all next week. Thank you, ba fam. 428 00:23:05,280 --> 00:23:05,680 Speaker 1: Take care